Loomis Sayles Small Cap Growth Fund Class N (LSSNX) N-CSR Certified 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: September 30, 2015

Item 1. Reports to Stockholders.

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

ANNUAL REPORT

September 30, 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 23

Financial Statements  page  49

Notes to Financial Statements  page 68

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

Market Conditions

Falling commodity prices and a strengthening U.S. dollar characterized the 12-month reporting period. For the first nine months of the period, global equity markets performed reasonably well, while core government bond yields remained near historic lows. In mid-August, however, concerns about commodity prices, emerging market currencies and the economic health of China led to a widely felt correction, with many equity markets declining 10% or more for the first time since 2011. Although the magnitude of China’s currency devaluation was small, it generated concerns about possible further negative adjustments. This, coupled with uncertainty linked to China’s stock market decline and economic slowdown, led to a broad decline among global stocks. The sell-off resulted in major markets turning negative for the year, with Japan close to flat, the S&P 500^® Index down mid-single digits and emerging markets down in the mid-teens. Though central bankers around the world remained accommodative, investors were uncertain as to their next steps. Europe and Japan remained on their current course of monetary easing, while the Federal Reserve (the Fed) delayed a rate hike.

Performance Results

For the 12 months ended September 30, 2015, Class A shares of Loomis Sayles Global Equity and Income Fund returned -0.91% at net asset value. The Fund held up better than its primary benchmark, the Morgan Stanley Capital International (MSCI) World Index, which returned -4.57%. The Fund also outpaced its secondary benchmark, the Citigroup World Government Bond Index, which returned -3.83%.

Explanation of Fund Performance

The Fund started the year off with approximately 70% in equities and 30% in fixed income. As equities valuations started to become fairly valued, the Fund scaled back its exposure and redeployed some of its assets to fixed income where valuations started to look more attractive. This allowed the Fund to weather the market volatility.

Within the Fund’s equity component, positive stock selection, particularly in Europe and North America and within the consumer discretionary, financials and information technology sectors, contributed to performance. Autozone, a leading auto parts retailer,

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continued to deliver impressive sales growth, expand margins and successfully deploy capital in a manner consistent with its long-term track record. The company was a major contributor to the Fund’s performance and remains a high-conviction holding. Autozone continues to make bolt-on acquisitions, which we believe will strengthen the firm further, and initiate stock buybacks. Valeant Pharmaceuticals, a specialty drug company, also contributed to Fund performance. We believe our ongoing investment thesis continues to be supported as the company demonstrated strong and focused business development, a diversified product portfolio operating in a decentralized environment and a highly favorable tax structure. Valeant successfully integrated its key investments of the past year, including Salix Pharmaceuticals and Solta Holdings, while deals completed more than a year ago (including Bausch and Lomb) continued to grow. Amazon, the web retailer, delivered strong top-line growth and impressive margin improvement, allocated capital wisely and increased the transparency of its financial divisions. Amazon Prime delivered impressive results, and the platform continued to build customer loyalty. We believe the stock remains undervalued relative to our expectations for future cash flow per share.

Within fixed income, the positioning along the longer end of the U.S. yield curve (a curve that shows the relationship among bond yields across the maturity spectrum) added value as the yield curve flattened throughout the period. Our allocation to longer-dated euro zone sovereigns also lifted results, as yields fell near the end of the reporting period due to Greece’s debt crisis moving out of the headlines. Although security selection detracted overall, we were able to find pockets of positive performance among retail, consumer goods and healthcare issuers – particularly among names with longer durations (greater price sensitivity to interest rate changes). Additionally, selected intermediate-maturity issuers from emerging market countries less vulnerable to the oil price decline, such as Hungary and India, also contributed positively. Elsewhere, a general bias toward the U.S. dollar was beneficial as the dollar rallied for the majority of the period. Although the dollar rally peaked during the second quarter of 2015, it maintained most of its strength throughout the final months of the fiscal year. Additionally, currency forwards, which are contracts that lock in exchange rates on future dates, were used to actively manage currency exposure and aided results.

Not surprisingly, energy was the largest detractor within the Fund’s equity component, as lower commodity prices continued to pressure energy stocks. A small out-of-Benchmark allocation to emerging markets also held back performance. Alibaba, the Chinese e-commerce company, detracted from results. The company’s stock struggled on concerns about deteriorating macroeconomic conditions in China, the banning of online lottery offerings, a declining monetization rate, bad press around fraud management and increased competition from JD.com. We believe these risks are more than adequately reflected in the stock’s valuation and the company is taking steps to deliver strong results in 2016. Genesee & Wyoming, a regional freight railroad company, performed poorly due to weakening end markets in coal, energy and iron ore. This pressure resulted in a reduction in forward earnings and cash flow estimates and muted the positive impact of the Freightliner acquisition announced earlier this year. We continue to see long-term value in the company’s rail and logistics assets. Lower oil prices forced Noble Energy to ration capital, which negatively affected growth in production and cash flow. In addition, increased scrutiny from the Israeli Antitrust Commissioner toward Noble and its partners in Israel

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LOOMIS SAYLES GLOBAL EQUITY AND INCOME FUND

introduced material risk around the timing and economic value of the proposed Leviathan development. As a result, we exited the position during the first quarter of 2015.

Within fixed income, exposure to emerging markets currencies weighed on performance, specifically the currencies of commodity-driven countries such as Brazil, Mexico and Indonesia. Holdings in the New Zealand dollar, British pound, Canadian dollar and Norwegian krone also detracted due to U.S. dollar strength. Our allocation to corporate bonds had a negative effect on performance as spreads (the difference in yield between U.S. Treasury and non-Treasury securities of similar maturity) widened to multi-year highs due, in part, to increasing new issuance. Equity market volatility and concerns about global growth also played a role, creating a challenging environment for spread (non-Treasury) products. Security selection among energy and basic industry companies detracted, as industries sensitive to commodity prices generally underperformed. Additionally, the high-yield names held within these sectors faced intense selling pressure.

Outlook

We believe the Fed will slowly raise rates over the next year, with the first hike still on the table for 2015. However, the Fed may once again delay due to subdued U.S. inflation and increasing deflation risks from abroad. We believe equity investors have largely built in an initial rate hike and further rate increases will be considered at a deliberate pace. Rate hikes associated with a healthy economy are generally not considered a negative for stocks, and we expect the equity markets to take measured policy actions in stride. We expect the U.S. dollar to remain near current levels or strengthen modestly, as Fed policy diverges from that of other leading central banks, with the Bank of England the possible exception.

We believe energy earnings will continue to drag on U.S. aggregate earnings in 2016. However, healthy earnings growth outside of energy should continue. We anticipate that 2016 aggregate earnings growth may be in the mid-single digits. U.S. equity fundamentals remain supported by healthy dividend growth, ongoing shareholder activism and continued mergers and acquisitions (M&A) activity. High-yield bonds, on the other hand, could suffer if oil prices do not gain traction or higher U.S. rates trigger additional outflows. We believe there are pockets of opportunity in less vulnerable sectors, including finance and healthcare, or where market weakness has created attractive issuer-specific valuations.

We believe the global credit cycle favors developed over emerging markets. Emerging markets face challenges unlikely to abate in the near term, including deleveraging and a manufacturing slowdown in China, waning global trade and lower commodity prices. Emerging market currencies should recover at some point, but we do not expect short-term conditions to be broadly supportive.

Potential risks to our equity view include reversing global economic fundamentals, commodity price swings, volatility related to U.S. rate increases and geopolitics. Still, moderate price corrections should create selective buying opportunities for discerning investors. The primary risks for our fixed-income view include the potential for a more hawkish Fed, increasingly aggressive corporate behavior and further commodity weakness on continued negative China news flow.

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Growth of $10,000 Investment in Class A Shares^1,5

September 30, 2005 through September 30, 2015

See notes to chart on page 5.

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LOOMIS SAYLES GLOBAL EQUITY AND INCOME FUND

Average Annual Total Returns — September 30, 2015⁵

	1 Year			5 Years			10 Years
Class A (Inception 2/1/06)1
NAV		-0.91	%		7.53	%		7.49	%
With 5.75% Maximum Sales Charge		-6.62			6.26			6.86
Class C (Inception 2/1/06)1
NAV		-1.66			6.71			6.69
With CDSC2		-2.59			6.71			6.69
Class Y (Inception 5/1/96)
NAV		-0.72			7.78			7.75
Comparative Performance
MSCI World Index3		-4.57			8.89			5.31
Citigroup World Government Bond Index4		-3.83			-0.19			3.37

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

Market Conditions

Despite achieving steady gains through much of the twelve months ending September 30, 2015, large-cap U.S. equities ended the period in negative territory. The U.S. led global equity performance until January, when aggressive accommodative actions from central banks in Europe and Japan helped those markets pull ahead. The U.S. market stabilized in February and continued on a path of respectable gains until August, with only a brief interruption in June, which was tied to Greek debt challenges. However, equities fell sharply in August, with the S&P 500^® Index experiencing a 10% correction for the first time since 2011. The sell-off was triggered by concerns over the health of China’s economy, sharply falling commodity prices and a generally uncertain outlook for global growth. U.S. equities remained challenged through the end of the period as negative investor sentiment overshadowed healthy dividend yields, continued mergers and acquisitions activity (M&A), and more attractive valuations.

Performance Results

For the 12 months ended September 30, 2015, Class A shares of Loomis Sayles Growth Fund returned 5.30% at net asset value. The Fund outperformed its benchmark, the Russell 1000^® Growth Index, which returned 3.17%.

Explanation of Fund Performance

Positions in Amazon, Monster Beverage and Visa drove the Fund’s absolute return. While our lower-than-benchmark allocation to the consumer discretionary sector weighed on results, strong stock selection in the sector significantly aided performance. Stock selection in industrials and our allocation to consumer staples also supported relative return. Positions in Alibaba, Qualcomm and Schlumberger detracted from performance, as did stock selection in information technology and healthcare.

Online retailer Amazon became a top contributor after rebounding from lows early in the period when we added to our position. The company reported strong revenue growth and better-than-expected margins and free cash flow growth, even as it continued strategic investments in key growth areas. High-margin third-party sales, today just 17% of total revenue, have been growing nearly three times faster than Amazon’s first-party sales and represented one of the largest drivers of expanding gross margins. With estimated gross

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LOOMIS SAYLES GROWTH FUND

merchandise volume (GMV) growth nearly double the U.S. e-commerce industry, Amazon continued to take market share. The company began disclosing Amazon Web Services results during the period, reporting impressive growth and margins that were much higher than market expectations.

Energy drink company Monster Beverage was also a top contributor and reported solid global sales growth during the period. Monster’s strategic partnership with Coca-Cola, announced in August 2014, closed in June 2015. International sales growth generally outpaced U.S. growth, but each region experienced pockets of short-term weakness as global distribution was transitioned to Coke. We expect the deal will allow Monster to realize faster global expansion and profitability, which led us to increase our initial appraisal of intrinsic value (our estimate of the true worth of a business, which we define as the present value of all expected future net cash flows to the company). Gross margins increased each quarter compared to the year-ago quarter, due to scale gains in new markets, an increase in lower cost local production, and a positive mix of product sales and lower quarterly operating expenses.

Another top contributor, Visa, the leader in global digital payments technology, reported strong results that were above market expectations. The company’s low double-digit growth in payment volumes exceeded the increase in global consumer spending, demonstrating the strength of the long-term secular growth in the global shift from cash to electronic payments. Through its initiatives such as Visa Checkout, Token Services and Apple Pay, Visa is also aggressively pursuing growth in online and digital transactions. We believe attractive and improving margins, impressive free cash flow growth and the ability to implement a recent price increase reflect the strength of Visa’s business model.

China-based e-commerce company Alibaba reported fundamentally strong results during the period with the GMV increasing at a higher rate than the growth in China’s retail commerce. Mobile platform GMV increased by triple digits each quarter during the period compared to the year-ago quarter and accounted for 55% of the company’s total GMV. Most recently, Alibaba reported 367 million active monthly users with 307 million active monthly mobile users, a 63% increase compared with last year. Alibaba generated attractive operating margins and strong free cash flow. Although near-term macroeconomic concerns negatively affected its share price, we believe Alibaba is well positioned to potentially benefit from long-term structural growth in China’s e-commerce market. Based on this outlook, we took advantage of the price weakness to add to our position.

Shares of Qualcomm, a mobile device chip designer and manufacturer, were under pressure due to near-term slowdowns in the company’s licensing and chipset businesses. The implementation of new licensing agreements and improved device reporting and royalty payments progressed more slowly than anticipated following the company’s settlement with Chinese antitrust regulators. In Qualcomm’s chipset business, we believe the loss of market share in the premium tier market and higher-than-expected share in the low tier market will negatively skew the near-term sales mix. During the most recent quarter, the company announced the commencement of a strategic review to improve shareholder value. We

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believe the market remains focused on the recent volatility of Qualcomm’s chipset business performance, ignoring the reaffirmation of its licensing and royalty business, which generates more than 60% of operating profits and an even greater portion of the company’s free cash flow. Therefore, we took advantage of current price weakness to add to our position.

Although Schlumberger reported solid fundamentals early in the period, increased oil production by OPEC countries coupled with weakening global demand triggered a sharp decline in oil prices and a slowdown in demand for Schlumberger’s oilfield services, particularly in North America. Accordingly, company revenues, margins and earnings declined significantly year-over-year. However, Schlumberger’s margins, especially internationally, proved more resilient than market expectations, and in the most recent quarter, Schlumberger generated $1.5 billion of free cash flow, representing 132% of earnings. We believe these results highlight the company’s high-quality characteristics, its strong execution and its proactive management of costs and resources. We believe current global production levels will not be sufficient to meet the increasing long-term global demand for oil. With its strong competitive advantages, we believe Schlumberger is well positioned to weather the downturn and capitalize on services demand when the market normalizes. We added to our position based on near-term price weakness.

Outlook

Our investment process is characterized by bottom-up, fundamental research and a long-term investment time horizon. The nature of the process leads to a lower-turnover portfolio in which sector positioning is the result of stock selection. The Fund ended the year with overweight positions in the information technology, consumer staples and energy sectors and underweight positions in the consumer discretionary, industrials, healthcare and financials sectors. We did not have positions in the materials, telecommunication services and utilities sectors.

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LOOMIS SAYLES GROWTH FUND

Growth of $10,000 Investment in Class A Shares³

September 30, 2005 through September 30, 2015

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Average Annual Total Returns — September 30, 2015³

	1 Year			5 Years			10 Years			Life of Class N
Class A (Inception 12/31/96)
NAV		5.30	%		14.38	%		5.25	%		—	%
With 5.75% Maximum Sales Charge		-0.79			13.05			4.63			—
Class B (Inception 9/12/03)
NAV		4.55			13.54			4.46			—
With CDSC1		-0.45			13.30			4.46			—
Class C (Inception 9/12/03)
NAV		4.44			13.56			4.47			—
With CDSC1		3.44			13.56			4.47			—
Class N (Inception 2/1/13)
NAV		5.65			—			—			13.43
Class Y (Inception 5/16/91)
NAV		5.59			14.67			5.59			—
Comparative Performance
Russell 1000® Growth Index2		3.17			14.47			8.09			13.83

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

Market Conditions

Despite steady gains for most of the one-year period, large-cap U.S. equities landed in negative territory, as equity markets worldwide came under increasing pressure toward the end of the period. Given mounting concerns about China’s growth, falling commodity prices and uncertainty around the timing of the Federal Reserve’s (the Fed) first interest rate increases, market volatility spiked in August and triggered a broad equity market correction, with many benchmarks declining 10% or more for the first time since 2011. Therefore, despite positive U.S. economic data, major domestic indices erased strong performance for the year during the third quarter of 2015.

Performance Results

For the 12 months ended September 30, 2015, Class A shares of Loomis Sayles Value Fund returned -5.59% at net asset value. The Fund underperformed its benchmark, the Russell 1000^® Value Index, which returned -4.42%.

Explanation of Fund Performance

The healthcare, materials and consumer staples sectors contributed meaningfully to the Fund’s absolute performance, reflecting the steady equity market performance for much of the period. Stock selection was also strong within these sectors. Falling oil prices pressured the energy sector, and while the Fund was underweight, our energy holdings detracted from results given their higher relative volatility. Individual stock underperformance in the financials and industrials sectors also weighed on return, especially as the latter had a very difficult earnings season.

In terms of individual holdings, the strongest contributors to performance were United Health Group, Vulcan Materials Company and Eli Lilly. United Health Group, a managed care company, contributed significantly to results because of stronger-than-expected earnings and an improving growth outlook, particularly in its Medicare Advantage and Optum health care services businesses. Vulcan Materials Company, a producer of construction aggregates, benefited from improving volumes and accelerating pricing gains in its core markets due to strengthening U.S. residential and non-residential construction.

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Several strong earnings reports, a positive analyst day and a U.S.-centric business model also supported results. Eli Lilly, a pharmaceutical company, also performed well due to strong new product launches in its diabetes and oncology franchises. The stock price also benefited from increased investor optimism regarding its late-stage pipeline of potential new therapies in the areas of immunology, cholesterol management and Alzheimer’s.

Energy companies Marathon Oil, National Oilwell Varco and Hess Corporation were the largest laggards. Not surprisingly, all three companies underperformed as oil prices declined approximately 50% during the 12-month period. Investors were also concerned that Marathon Oil would reduce its dividend to boost liquidity. Fears that the offshore oilfield equipment market has entered a protracted downturn also put additional pressure on National Oilwell Varco, a worldwide provider of oil and gas equipment.

Outlook

Investors are unclear if the Fed will raise rates by year-end 2015 or early 2016. We believe that once initiated, the Fed will hike rates at a very deliberate pace as they assess global market conditions and economic data. We expect stocks to take policy actions in stride.

We believe energy earnings will continue to drag on U.S. aggregate earnings in 2016. However, healthy earnings growth outside of energy should continue, and we anticipate 2016 earnings growth to be in the mid-single digits. Domestic equity fundamentals remain supported by healthy dividend growth, growing shareholder activism and continued mergers and acquisitions (M&A) activity.

Despite the rapid pace of the August sell-off, we continue to focus on security selection to populate our portfolio. The pullback provided potential opportunities to adjust the position sizes of our current holdings. As always, we define our opportunities by our risk/reward analysis, regardless of the direction of the markets.

Potential risks include reversing global economic fundamentals, commodity price swings, volatility related to U.S. rate increases and geopolitics. Still, valuations appear attractive after the correction in August, which we believe has created opportunities for discerning investors.

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LOOMIS SAYLES VALUE FUND

Growth of $10,000 Investment in Class A Shares^1,4

September 30, 2005 through September 30, 2015

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Average Annual Total Returns — September 30, 2015⁴

	1 Year			5 Years			10 Years			Life of Class N
Class A (Inception 6/30/06)1
NAV		-5.59	%		12.02	%		6.62	%		—	%
With 5.75% Maximum Sales Charge		-11.03			10.71			5.99			—
Class B (Inception 6/1/07)1
NAV		-6.32			11.18			5.79			—
With CDSC2		-10.58			10.92			5.79			—
Class C (Inception 6/1/07)1
NAV		-6.30			11.19			5.80			—
With CDSC2		-7.14			11.19			5.80			—
Class N (Inception 2/1/13)
NAV		-5.23			—			—			9.54
Class Y (Inception 5/13/91)
NAV		-5.37			12.30			6.92			—
Admin Class (Inception 2/1/10)1
NAV		-5.83			11.77			6.34			—
Comparative Performance
Russell 1000® Value Index3		-4.42			12.29			5.71			9.54

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 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

The views expressed in this report reflect those of the portfolio managers as of the dates indicated. The managers’ views are subject to change at any time without notice based on changes in market or other conditions. References to specific securities or industries should not be regarded as investment advice. Because the Funds are actively managed, there is no assurance that they will continue to invest in the securities or industries mentioned.

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, 2015 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 April 1, 2015 through September 30, 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 4/1/2015		ENDING ACCOUNT VALUE 9/30/2015		EXPENSES PAID DURING PERIOD* 4/1/2015 – 9/30/2015
Class A
Actual		$1,000.00		$952.00		$5.77
Hypothetical (5% return before expenses)		$1,000.00		$1,019.15		$5.97
Class C
Actual		$1,000.00		$948.40		$9.43
Hypothetical (5% return before expenses)		$1,000.00		$1,015.39		$9.75
Class Y
Actual		$1,000.00		$952.70		$4.50
Hypothetical (5% return before expenses)		$1,000.00		$1,020.46		$4.66

* Expenses are equal to the Fund's annualized expense ratio: 1.18%, 1.93% and 0.92% for Class A, C and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), divided by 365 (to reflect the half-year period).

|  16

LOOMIS SAYLES GROWTH FUND	BEGINNING ACCOUNT VALUE 4/1/2015		ENDING ACCOUNT VALUE 9/30/2015		EXPENSES PAID DURING PERIOD* 4/1/2015 – 9/30/2015
Class A
Actual		$1,000.00		$971.50		$4.55
Hypothetical (5% return before expenses)		$1,000.00		$1,020.46		$4.66
Class B
Actual		$1,000.00		$968.40		$8.19
Hypothetical (5% return before expenses)		$1,000.00		$1,016.75		$8.39
Class C
Actual		$1,000.00		$968.40		$8.24
Hypothetical (5% return before expenses)		$1,000.00		$1,016.70		$8.44
Class N
Actual		$1,000.00		$974.10		$2.57
Hypothetical (5% return before expenses)		$1,000.00		$1,022.46		$2.64
Class Y
Actual		$1,000.00		$973.20		$3.31
Hypothetical (5% return before expenses)		$1,000.00		$1,021.71		$3.40

* Expenses are equal to the Fund's annualized expense ratio (after waiver/reimbursement): 0.92%, 1.66%, 1.67%, 0.52% 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 (183), divided by 365 (to reflect the half-year period).

17  |

LOOMIS SAYLES VALUE FUND	BEGINNING ACCOUNT VALUE 4/1/2015		ENDING ACCOUNT VALUE 9/30/2015		EXPENSES PAID DURING PERIOD* 4/1/2015 – 9/30/2015
Class A
Actual		$1,000.00		$913.90		$4.56
Hypothetical (5% return before expenses)		$1,000.00		$1,020.31		$4.81
Class B
Actual		$1,000.00		$910.20		$8.09
Hypothetical (5% return before expenses)		$1,000.00		$1,016.60		$8.54
Class C
Actual		$1,000.00		$910.50		$8.14
Hypothetical (5% return before expenses)		$1,000.00		$1,016.55		$8.59
Class N
Actual		$1,000.00		$915.60		$2.79
Hypothetical (5% return before expenses)		$1,000.00		$1,022.16		$2.94
Class Y
Actual		$1,000.00		$915.00		$3.36
Hypothetical (5% return before expenses)		$1,000.00		$1,021.56		$3.55
Admin Class
Actual		$1,000.00		$912.60		$5.90
Hypothetical (5% return before expenses)		$1,000.00		$1,018.90		$6.23

* Expenses are equal to the Fund's annualized expense ratio: 0.95%, 1.69%, 1.70%, 0.58%, 0.70% and 1.23% 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 (183), divided by 365 (to reflect the half-year period).

|  18

BOARD APPROVAL OF THE EXISTING

ADVISORY AGREEMENTS

The Board of Trustees of the Trust (the “Board”), including the Independent Trustees, considers matters bearing on each Fund’s advisory agreement (collectively, the “Agreements”) at most of its meetings throughout the year. Each year, usually in the spring, the Contract Review Committee of the Board meets to review the Agreements to determine whether to recommend that the full Board approve the continuation of the Agreements, typically for an additional one-year period. After the Committee has made its recommendation, the full Board, including the Independent Trustees, determines whether to approve the continuation of the Agreements.

In connection with these meetings, the Trustees receive materials that the Funds’ investment adviser (the “Adviser”) believes to be reasonably necessary for the Trustees to evaluate the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Funds and the performance of peer groups of funds and the Funds’ performance benchmarks, (ii) information on the Funds’ advisory fees and other expenses, including information comparing the Funds’ expenses to the fees charged to institutional accounts with similar strategies managed by the Adviser, if any, and to those of peer groups of funds and information about any applicable expense caps and/or fee “breakpoints,” (iii) sales and redemption data in respect of the Funds, (iv) information about the profitability of the Agreements to the Adviser and (v) information obtained through the completion by the Adviser of a questionnaire distributed on behalf of the Trustees. The Board, including the Independent Trustees, also considers other matters such as (i) the Adviser’s financial results and financial condition, (ii) each Fund’s investment objective and strategies and the size, education and experience of the Adviser’s investment staff and its use of technology, external research and trading cost measurement tools, (iii) arrangements in respect of the distribution of the Funds’ shares and the related costs, (iv) the procedures employed to determine the value of the Funds’ assets, (v) the allocation of the Funds’ brokerage, if any, including, if applicable, allocations to brokers affiliated with the Adviser and the use of “soft” commission dollars to pay Fund expenses and to pay for research and other similar services, (vi) the resources devoted to, and the record of compliance with, the Funds’ investment policies and restrictions, policies on personal securities transactions and other compliance policies, (vii) information about amounts invested by the Funds’ portfolio managers in the Funds or in similar accounts that they manage and (viii) the general economic outlook with particular emphasis on the mutual fund industry. Throughout the process, the Trustees are afforded the opportunity to ask questions of and request additional materials from the Adviser.

In addition to the materials requested by the Trustees in connection with their annual consideration of the continuation of the Agreements, the Trustees receive materials in advance of each regular quarterly meeting of the Board that provide detailed information about the Funds’ investment performance and the fees charged to the Funds for advisory and other services. This information generally includes, among other things, an internal performance rating for each Fund based on agreed-upon criteria, graphs showing each Fund’s performance and fee differentials against each Fund’s peer group/category, performance ratings provided by a third-party, total return information for various periods,

19  |

and third-party performance rankings for various periods comparing a Fund against similarly categorized funds. The portfolio management team for each Fund or other representatives of the Adviser make periodic presentations to the Contract Review Committee and/or the full Board, and Funds identified as presenting possible performance concerns may be subject to more frequent board presentations and reviews. In addition, each quarter the Trustees are provided with detailed statistical information about each Fund’s portfolio. The Trustees also receive periodic updates between meetings.

The Board most recently approved the continuation of the Agreements at its meeting held in June 2015. The Agreements were continued for a one-year period for the Funds. In considering whether to approve the continuation of the Agreements, the Board, including the Independent Trustees, did not identify any single factor as determinative. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. Matters considered by the Trustees, including the Independent Trustees, in connection with their approval of the Agreements included, but were not limited to, the factors listed below.

The nature, extent and quality of the services provided to the Funds under the Agreements. The Trustees considered the nature, extent and quality of the services provided by the Adviser and its affiliates to the Funds and the resources dedicated to the Funds by the Adviser and its affiliates.

The Trustees considered not only the advisory services provided by the Adviser to the Funds, but also the monitoring and oversight services provided by NGAM Advisors, L.P. (“NGAM Advisors”). They also considered the administrative services provided by NGAM Advisors and its affiliates to the Funds. For each Fund, the Trustees also considered the benefits to shareholders of investing in a mutual fund that is part of a family of funds that offers shareholders the right to exchange shares of one type of fund for shares of another type of fund, and provides a variety of fund and shareholder services.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the nature, extent and quality of services provided supported the renewal of the Agreements.

Investment performance of the Funds and the Adviser. As noted above, the Trustees received information about the performance of the Funds over various time periods, including information that compared the performance of the Funds to the performance of peer groups and categories of funds and the Funds’ respective performance benchmarks. In addition, the Trustees also reviewed data prepared by an independent third party that analyzed the performance of the Funds using a variety of performance metrics, including metrics that also measured the performance of the Funds on a risk adjusted basis.

With respect to each Fund, the Board concluded that the Fund’s performance or other relevant factors supported the renewal of the Agreement relating to that Fund. In the case of the Loomis Sayles Value Fund, the performance of which lagged that of a relevant peer group median and/or category median for certain (although not all) periods, the Board concluded that other factors relevant to performance supported renewal of the Agreements. These factors included the following: (1) that the underperformance was attributable, to a significant extent, to investment decisions (such as security selection or sector allocation) by the Adviser that were reasonable and consistent with the Fund’s investment objective and

|  20

policies; and (2) that the Fund’s long-term performance was competitive when compared to relevant performance benchmarks or peer groups.

The Trustees also considered the Adviser’s performance and reputation generally, the performance of the fund family generally, and the historical responsiveness of the Adviser to Trustee concerns about performance and the willingness of the Adviser to take steps intended to improve performance.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the performance of the Funds and the Adviser supported the renewal of the Agreements.

The costs of the services to be provided and profits to be realized by the Adviser and its affiliates from their respective relationships with the Funds. The Trustees considered the fees charged to the Funds for advisory services as well as the total expense levels of the Funds. This information included comparisons (provided both by management and also by an independent third party) of the Funds’ advisory fees and total expense levels to those of their peer groups and information about the advisory fees charged by the Adviser to comparable accounts (such as institutional separate accounts), as well as information about differences in such fees and the reasons for any such differences. In considering the fees charged to comparable accounts, the Trustees considered, among other things, management’s representations about the differences between managing mutual funds as compared to other types of accounts, including the additional resources required to effectively manage mutual fund assets and the greater regulatory costs associated with the management of such assets. In evaluating each Fund’s advisory fee, the Trustees also took into account the demands, complexity and quality of the investment management of such Fund and the need for the Adviser to offer competitive compensation and to expend additional resources as the Funds grow in size. The Trustees considered that over the past several years, management had made recommendations regarding reductions in advisory fee rates, implementation of advisory fee breakpoints and the institution of advisory fee waivers and expense caps for various funds in the fund family. They noted that all three of the Funds included in this report have expense caps in place, and the Trustees considered that the current expenses of each Fund are below the cap.

The Trustees also considered the compensation directly or indirectly received by the Adviser and its affiliates from their relationships with the Funds. The Trustees reviewed information provided by management as to the profitability of the Adviser’s and its affiliates’ relationships with the Funds, and information about the allocation of expenses used to calculate profitability. They also reviewed information provided by management about the effect of distribution costs and changes in asset levels on Adviser profitability, including information regarding resources spent on distribution activities. When reviewing profitability, the Trustees also considered information about court cases in which adviser compensation or profitability were issues, the performance of the relevant Funds, the expense levels of the Funds, and whether the Adviser had implemented breakpoints and/or expense caps with respect to such Funds.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the advisory fee charged to each of the Funds was fair and reasonable, and that the costs of these services generally and

21  |

the related profitability of the Adviser and its affiliates in respect of their relationships with the Funds supported the renewal of the Agreements.

Economies of Scale. The Trustees considered the existence of any economies of scale in the provision of services by the Adviser and whether those economies are shared with the Funds through breakpoints in their investment advisory fees or other means, such as expense waivers or caps. The Trustees also discussed with management the factors considered with respect to the implementation of breakpoints in investment advisory fees or expense waivers or caps for certain funds. Management explained that a number of factors are taken into account in considering the possible implementation of breakpoints or an expense cap for a fund, including, among other things, factors such as a fund’s assets, the projected growth of a fund, projected profitability and a fund’s fees and performance. With respect to economies of scale, the Trustees noted that each of the Funds was subject to an expense cap or waiver. In considering these issues, the Trustees also took note of the costs of the services provided (both on an absolute and a relative basis) and the profitability to the Adviser and its affiliates of their relationships with the Funds, as discussed above.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the extent to which economies of scale were shared with the Funds supported the renewal of the Agreements.

The Trustees also considered other factors, which included but were not limited to the following:

· The effect of recent market and economic events on the performance, asset levels and expense ratios of each Fund.

· Whether each Fund has operated in accordance with its investment objective and the Fund’s record of compliance with its investment restrictions, and the compliance programs of the Funds and the Adviser. They also considered the compliance-related resources the Adviser and its affiliates were providing to the Funds.

· Plans for maintaining continuity of portfolio management where that was thought to be a potential issue.

· The nature, quality, cost and extent of administrative and shareholder services performed by the Adviser and its affiliates, both under the Agreements and under separate agreements covering administrative services.

· So-called “fallout benefits” to the Adviser, such as the engagement of affiliates of the Adviser to provide distribution, administrative and brokerage services to the Funds, and the benefits of research made available to the Adviser by reason of brokerage commissions (if any) generated by the Funds’ securities transactions. The Trustees also considered the benefits to the parent company of NGAM Advisors from the retention of the Adviser. The Trustees considered the possible conflicts of interest associated with these fallout and other benefits, and the reporting, disclosure and other processes in place to disclose and monitor such possible conflicts of interest.

· The Trustees’ review and discussion of the Funds’ advisory arrangements in prior years, and management’s record of responding to Trustee concerns raised during the year and in prior years.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Trustees, including the Independent Trustees, concluded that each of the existing Agreements should be continued through June 30, 2016.

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Portfolio of Investments – as of September 30, 2015

Loomis Sayles Global Equity and Income Fund

Shares		Description	Value (†)
	Common Stocks — 61.7% of Net Assets
		Belgium — 1.5%
	176,024	Anheuser-Busch InBev SA/NV	$	18,721,113
		Canada — 1.4%
	479,600	CGI Group, Inc., Class A(b)		17,376,291
		China — 2.7%
	339,283	Alibaba Group Holding Ltd., Sponsored ADR(b)		20,007,518
	1,362,500	Hengan International Group Co. Ltd.		13,313,947
				33,321,465
		Denmark — 1.2%
	279,074	Novo Nordisk AS, Class B		15,060,105
		France — 1.5%
	258,257	Thales S.A.		18,006,952
		Germany — 0.3%
	78,663	Brenntag AG		4,244,166
		Hong Kong — 1.4%
	3,278,000	AIA Group Ltd.		17,048,044
		India — 2.3%
	940,386	HCL Technologies Ltd.		14,103,053
	724,642	HDFC Bank Ltd.		14,232,396
				28,335,449
		Italy — 0.7%
	132,237	Luxottica Group S.p.A.		9,164,625
		Japan — 3.1%
	326,000	Asahi Group Holdings Ltd.		10,576,501
	2,286,600	Mitsubishi UFJ Financial Group, Inc.		13,816,182
	373,670	Nomura Research Institute Ltd.		14,344,149
				38,736,832
		Netherlands — 1.5%
	1,340,209	ING Groep NV		18,987,413
		Philippines — 0.7%
	2,202,650	Universal Robina Corp.		9,056,184
		Sweden — 1.6%
	440,273	Assa Abloy AB		7,896,638
	519,588	Atlas Copco AB, A Shares		12,495,579
				20,392,217
		Switzerland — 1.9%
	32,589	Geberit AG, (Registered)		9,969,484
	49,881	Roche Holding AG		13,241,987
				23,211,471
		United Kingdom — 2.7%
	4,468,565	Legal & General Group PLC		16,112,604
	461,989	London Stock Exchange Group PLC		16,933,849
				33,046,453

See accompanying notes to financial statements.

23  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Global Equity and Income Fund – (continued)

Shares		Description	Value (†)
		United States — 37.2%
	113,632	Alexion Pharmaceuticals, Inc.(b)	$	17,770,908
	110,482	Allergan PLC(b)		30,030,112
	35,840	Amazon.com, Inc.(b)		18,346,138
	45,839	AutoZone, Inc.(b)		33,179,643
	316,052	Comcast Corp., Class A		17,977,038
	237,422	Facebook, Inc., Class A(b)		21,344,238
	94,140	FactSet Research Systems, Inc.		15,044,513
	211,847	Genesee & Wyoming, Inc., Class A(b)		12,515,921
	97,473	Goldman Sachs Group, Inc. (The)		16,936,908
	35,729	Google, Inc., Class A(b)		22,808,322
	24,420	Google, Inc., Class C(b)		14,857,616
	955	Hawaiian Telcom Holdco, Inc.(b)		19,845
	556,441	Jarden Corp.(b)		27,198,836
	512,886	Kinder Morgan, Inc.		14,196,684
	106,695	M&T Bank Corp.		13,011,455
	20,465	Priceline Group, Inc. (The)(b)		25,312,340
	198,742	Schlumberger Ltd.		13,707,236
	81,842	Signet Jewelers Ltd.		11,141,151
	241,176	Texas Instruments, Inc.		11,943,036
	137,777	TransDigm Group, Inc.(b)		29,265,213
	170,467	Travelers Cos., Inc. (The)		16,966,581
	163,321	UnitedHealth Group, Inc.		18,946,869
	174,729	Valeant Pharmaceuticals International, Inc.(b)		31,168,159
	63,461	W.W. Grainger, Inc.		13,644,750
	295,611	Wells Fargo & Co.		15,179,625
				462,513,137
		Total Common Stocks (Identified Cost $694,312,966)		767,221,917
Principal Amount (‡)
	Bonds and Notes — 32.1%
	Non-Convertible Bonds — 31.4%
		Argentina — 0.2%
$	382,136	Transportadora de Gas del Sur S.A., 9.625%, 5/14/2020, 144A		381,181
	1,755,000	YPF S.A., 8.750%, 4/04/2024, 144A		1,551,069
				1,932,250
		Australia — 0.1%
	110,000	Incitec Pivot Finance LLC, 6.000%, 12/10/2019, 144A		120,380
	500,000	Macquarie Bank Ltd., 6.625%, 4/07/2021, 144A		560,443
	95,000	Sydney Airport Finance Co. Pty Ltd., 3.375%, 4/30/2025, 144A		91,666
	120,000	Sydney Airport Finance Co. Pty Ltd., 5.125%, 2/22/2021, 144A		131,861
	950,000	Telstra Corp. Ltd., 3.125%, 4/07/2025, 144A		921,908
				1,826,258

See accompanying notes to financial statements.

|  24

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Belgium — 0.0%
	350,000	Anheuser-Busch InBev SA/NV, EMTN, 6.500%, 6/23/2017, (GBP)	$	568,813
		Brazil — 1.1%
	800,000	Banco do Brasil S.A., 3.875%, 10/10/2022		617,000
	600,000	Banco Santander Brasil S.A., 4.625%, 2/13/2017, 144A		598,200
	2,239,815	Banco Votorantim S.A., 6.250%, 5/16/2016, 144A, (BRL)		518,366
	800,000	Braskem Finance Ltd., 5.750%, 4/15/2021, 144A		656,000
	6,600(††)	Brazil Letras do Tesouro Nacional, Zero Coupon, 7/01/2016, (BRL)(c)		1,496,486
	2,250(††)	Brazil Notas do Tesouro Nacional, Series F, 10.000%, 1/01/2019, (BRL)		491,169
	1,115(††)	Brazil Notas do Tesouro Nacional, Series F, 10.000%, 1/01/2021, (BRL)		228,887
	2,300,000	BRF S.A., 7.750%, 5/22/2018, 144A, (BRL)		472,821
	1,000,000	CIMPOR Financial Operations BV, 5.750%, 7/17/2024, 144A		671,000
	400,000	Cosan Luxembourg S.A., 5.000%, 3/14/2023, 144A		300,000
	240,000	Embraer Netherlands Finance BV, 5.050%, 6/15/2025		222,060
	800,000	Gerdau Trade, Inc., 5.750%, 1/30/2021, 144A		696,000
	226,000	GTL Trade Finance, Inc., 5.893%, 4/29/2024, 144A		187,580
	915,000	Itau Unibanco Holding S.A., 2.850%, 5/26/2018, 144A		857,081
	300,000	Itau Unibanco Holding S.A., 6.200%, 12/21/2021, 144A		284,250
	100,000	LPG International, Inc., 7.250%, 12/20/2015		100,847
	1,205,000	Oi S.A., 9.750%, 9/15/2016, 144A, (BRL)		204,496
	1,825,000	Petrobras Global Finance BV, 4.375%, 5/20/2023(c)		1,190,812
	320,000	Petrobras Global Finance BV, 5.375%, 1/27/2021		232,800
	775,000	Petrobras Global Finance BV, 5.750%, 1/20/2020		578,111
	1,125,000	Petrobras Global Finance BV, 6.850%, 6/05/2115		717,188
	300,000	Petrobras Global Finance BV, 6.875%, 1/20/2040		195,000
	800,000	Samarco Mineracao S.A., 4.125%, 11/01/2022, 144A		636,000
	500,000	Tupy Overseas S.A., 6.625%, 7/17/2024, 144A		440,000
	1,106,000	Vale Overseas Ltd., 6.875%, 11/21/2036(c)		868,321
	470,000	Vale S.A., 5.625%, 9/11/2042		321,950
				13,782,425
		Canada — 0.5%
	1,085,000	Air Canada, 7.625%, 10/01/2019, 144A, (CAD)		863,853
	3,000,000	Canadian Government, 1.250%, 9/01/2018, (CAD)(c)		2,293,466
	2,065,000	Canadian Government, 3.000%, 12/01/2015, (CAD)(c)		1,553,678
	1,335,000	Institutional Mortgage Securities Canada, Inc., Series 2014-5A, Class A2, 2.616%, 7/12/2047, 144A, (CAD)		1,019,892
	600,000	Telus Corp., Series CG, 5.050%, 12/04/2019, (CAD)		498,187
				6,229,076
		Chile — 0.5%
	1,450,000	Banco de Credito e Inversiones, 3.000%, 9/13/2017, 144A(c)		1,463,048
	200,000	Celulosa Arauco y Constitucion S.A., 4.750%, 1/11/2022		203,158
	300,000,000	Chile Government International Bond, 5.500%, 8/05/2020, (CLP)(c)		445,883
	1,160,000	CODELCO, Inc., 4.500%, 9/16/2025, 144A		1,114,324
	550,000	Corpbanca S.A., 3.125%, 1/15/2018		547,862
	250,000	E.CL S.A., 5.625%, 1/15/2021, 144A		272,805
	800,000	Inversiones CMPC S.A., 4.375%, 5/15/2023, 144A		781,909
	1,120,000	Transelec S.A., 4.250%, 1/14/2025, 144A(c)		1,103,052

See accompanying notes to financial statements.

25  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Chile — continued
$	400,000	VTR Finance BV, 6.875%, 1/15/2024, 144A	$	363,000
				6,295,041
		China — 0.4%
	800,000	Baidu, Inc., 2.250%, 11/28/2017		799,192
	700,000	Baidu, Inc., 3.250%, 8/06/2018		713,510
	400,000	China Resources Gas Group Ltd., 4.500%, 4/05/2022, 144A		414,143
	1,200,000	CNOOC Finance 2013 Ltd., 3.000%, 5/09/2023(c)		1,123,969
	485,000	CNOOC Finance 2015 Australia Pty Ltd., 2.625%, 5/05/2020		478,056
	480,000	CNOOC Finance 2015 USA LLC, 3.500%, 5/05/2025		456,791
	1,000,000	Parkson Retail Group Ltd., 4.500%, 5/03/2018		895,579
				4,881,240
		Colombia — 0.3%
	555,000	Colombia Telecomunicaciones S.A. E.S.P., 5.375%, 9/27/2022, 144A		490,897
	610,000	Ecopetrol S.A., 4.125%, 1/16/2025		513,925
	600,000	Ecopetrol S.A., 5.875%, 9/18/2023(c)		577,500
	490,000	Ecopetrol S.A., 5.875%, 5/28/2045		373,625
	1,265,000,000	Emgesa S.A. E.S.P., 8.750%, 1/25/2021, 144A, (COP)		413,773
	2,140,000,000	Empresas Publicas de Medellin E.S.P., 8.375%, 2/01/2021, 144A, (COP)		694,120
	1,220,000	Pacific Exploration and Production Corp., 5.125%, 3/28/2023, 144A		420,900
	580,000	Pacific Exploration and Production Corp., 5.625%, 1/19/2025, 144A		202,826
	200,000,000	Republic of Colombia, 7.750%, 4/14/2021, (COP)		65,419
				3,752,985
		Dominican Republic — 0.1%
	1,410,000	Dominican Republic International Bond, 5.500%, 1/27/2025, 144A		1,360,650
	425,000	Dominican Republic International Bond, 8.625%, 4/20/2027, 144A		491,938
				1,852,588
		France — 0.3%
	425,000	Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		420,750
	15,000	Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028		15,000
	200,000	AXA S.A., 7.125%, 12/15/2020, (GBP)		351,611
	435,000	Credit Agricole S.A., 4.375%, 3/17/2025, 144A		417,870
	390,000	Credit Agricole S.A., (fixed rate to 6/23/2026, variable rate thereafter), 7.500%, (GBP)(d)		568,367
	2,080,000	Societe Generale S.A., 4.250%, 4/14/2025, 144A		1,974,898
	475,000	Societe Generale S.A., (fixed rate to 4/07/2021, variable rate thereafter), 6.750%, (EUR)(d)		520,149
				4,268,645
		Germany — 0.0%
	515,000	Volkswagen Group of America Finance LLC, 2.400%, 5/22/2020, 144A		477,770
		Hong Kong — 0.1%
	355,000	AIA Group Ltd., 3.200%, 3/11/2025, 144A		340,714
	400,000	Hutchison Whampoa International 11 Ltd., 3.500%, 1/13/2017, 144A		410,217
				750,931

See accompanying notes to financial statements.

|  26

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Hungary — 0.2%
$	1,330,000	Hungary Government International Bond, 5.375%, 3/25/2024	$	1,443,050
	980,000	Hungary Government International Bond, 5.750%, 11/22/2023		1,090,250
				2,533,300
		Iceland — 0.1%
	1,000,000	Republic of Iceland, 5.875%, 5/11/2022, 144A(c)		1,138,846
		India — 0.5%
	550,000	Axis Bank Ltd., 3.250%, 5/21/2020, 144A		550,982
	1,155,000	Bharti Airtel International BV, 5.125%, 3/11/2023, 144A(c)		1,217,924
	990,000	Bharti Airtel International BV, 5.350%, 5/20/2024, 144A		1,059,828
	1,400,000	ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 6.375%, 4/30/2022, 144A		1,418,166
	750,000	Reliance Holdings USA, Inc., 5.400%, 2/14/2022, 144A		818,386
	700,000	State Bank of India/London, 4.125%, 8/01/2017, 144A		723,654
				5,788,940
		Indonesia — 0.7%
	300,000	Indonesia Government International Bond, 4.125%, 1/15/2025, 144A		278,013
	725,000	Indonesia Government International Bond, 5.125%, 1/15/2045, 144A		636,067
	3,500,000,000	Indonesia Government International Bond, 9.500%, 7/15/2023, (IDR)		234,815
	781,000,000	Indonesia Government International Bond, 11.500%, 9/15/2019, (IDR)		56,463
	12,100,000,000	Indonesia Treasury Bond, 6.125%, 5/15/2028, (IDR)		604,149
	24,000,000,000	Indonesia Treasury Bond, 7.875%, 4/15/2019, (IDR)(c)		1,555,708
	14,000,000,000	Indonesia Treasury Bond, 8.375%, 3/15/2024, (IDR)(c)		883,176
	400,000	Listrindo Capital BV, 6.950%, 2/21/2019, 144A		405,000
	2,800,000	Pertamina Persero PT, 4.300%, 5/20/2023, 144A(c)		2,554,575
	545,000	Republic of Indonesia, 2.875%, 7/08/2021, 144A, (EUR)		583,101
	500,000	TBG Global Pte Ltd., 4.625%, 4/03/2018, 144A		486,250
				8,277,317
		Italy — 0.7%
	440,000	Italy Buoni Poliennali Del Tesoro, 1.500%, 6/01/2025, (EUR)		482,470
	2,860,000	Italy Buoni Poliennali Del Tesoro, 4.500%, 8/01/2018, (EUR)(c)		3,572,863
	2,295,000	Italy Buoni Poliennali Del Tesoro, 4.750%, 8/01/2023, 144A, (EUR)(c)		3,184,358
	725,000	UniCredit SpA, EMTN, 6.950%, 10/31/2022, (EUR)		927,504
	870,000	Wind Acquisition Finance S.A., 7.375%, 4/23/2021, 144A		859,125
				9,026,320
		Jamaica — 0.1%
	665,000	Jamaica Government International Bond, 6.750%, 4/28/2028		668,325
		Japan — 0.3%
	940,000	Bank of Tokyo-Mitsubishi UFJ Ltd., 2.150%, 9/14/2018, 144A		946,325
	900,000	Bank of Tokyo-Mitsubishi UFJ Ltd. (The), 1.700%, 3/05/2018, 144A		894,702
	1,165,000	Nomura Holdings, Inc., GMTN, 2.750%, 3/19/2019(c)		1,183,337
	850,000	SoftBank Group Corp., 4.500%, 4/15/2020, 144A		823,140
				3,847,504
		Korea — 0.7%
	3,700,000	Export-Import Bank of Korea, 3.000%, 5/22/2018, 144A, (NOK)		449,401

See accompanying notes to financial statements.

27  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Korea — continued
$	600,000	Hyundai Capital Services, Inc., 3.500%, 9/13/2017, 144A	$	618,461
	600,000	Hyundai Steel Co., 4.625%, 4/21/2016, 144A		609,609
	600,000	Industrial Bank of Korea, 2.375%, 7/17/2017, 144A		608,065
	400,000	KEB Hana Bank, 4.000%, 11/03/2016, 144A		411,068
	400,000	Kia Motors Corp., 3.625%, 6/14/2016, 144A(c)		405,348
	400,000	Korea Development Bank (The), 4.625%, 11/16/2021		443,442
	400,000	Korea National Oil Corp., 3.125%, 4/03/2017, 144A		409,000
	2,589,140,000	Korea Treasury Bond, 2.750%, 9/10/2017, (KRW)(c)		2,234,198
	1,125,000	Minera y Metalurgica del Boleo S.A. de CV, 2.875%, 5/07/2019, 144A(c)		1,141,863
	950,000	Shinhan Bank, 2.250%, 4/15/2020, 144A		945,060
	140,000	SK Telecom Co. Ltd., 6.625%, 7/20/2027, 144A		181,216
	200,000	Woori Bank, 5.875%, 4/13/2021, 144A		229,025
				8,685,756
		Luxembourg — 0.2%
	500,000	Altice Luxembourg S.A., 7.750%, 5/15/2022, 144A		455,000
	970,000	ArcelorMittal, 7.500%, 3/01/2041		780,850
	430,000	INEOS Group Holdings S.A., 5.750%, 2/15/2019, (EUR)		461,339
	500,000	Millicom International Cellular S.A., 4.750%, 5/22/2020, 144A		477,600
				2,174,789
		Mexico — 1.2%
	10,000,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		563,683
	300,000	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander, 4.125%, 11/09/2022, 144A		296,220
	640,000	Cemex Finance LLC, 6.000%, 4/01/2024, 144A		582,400
	300,000	Cemex SAB de CV, 4.375%, 3/05/2023, 144A, (EUR)		301,698
	505,000	Cemex SAB de CV, 5.700%, 1/11/2025, 144A		451,975
	10,000,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		499,584
	746,500(†††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/10/2021, (MXN)(c)		4,624,009
	186,200(†††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/09/2022, (MXN)(c)		1,142,294
	395,000(†††)	Mexican Fixed Rate Bonds, Series M-10, 8.500%, 12/13/2018, (MXN)(c)		2,589,886
	135,113(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		900,673
	196,000	Mexico Government International Bond, 4.000%, 3/15/2115, (EUR)		180,410
	780,000	Petroleos Mexicanos, 4.250%, 1/15/2025, 144A		713,700
	625,000	Petroleos Mexicanos, 5.625%, 1/23/2046, 144A		508,656
	135,000(†††)	Petroleos Mexicanos, 7.470%, 11/12/2026, (MXN)		735,585
	925,000	Unifin Financiera S.A.P.I. de CV SOFOM ENR, 6.250%, 7/22/2019, 144A		867,187
				14,957,960
		Morocco — 0.1%
	965,000	OCP S.A., 4.500%, 10/22/2025, 144A		902,275
	590,000	OCP S.A., 6.875%, 4/25/2044, 144A		590,590
				1,492,865
		Netherlands — 0.2%
	870,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands, 4.375%, 8/04/2025		872,923
	1,335,000	Neptune Finco Corp., 10.875%, 10/15/2025, 144A(e)		1,350,019

See accompanying notes to financial statements.

|  28

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Netherlands — continued
$	500,000	Shell International Finance BV, 3.250%, 5/11/2025	$	494,428
				2,717,370
		New Zealand — 0.5%
	2,887,150	New Zealand Government Bond, 3.000%, 9/20/2030, (NZD)(c)		2,020,933
	2,340,000	New Zealand Government Bond, 5.000%, 3/15/2019, (NZD)(c)		1,612,239
	2,590,000	New Zealand Government Bond, 5.500%, 4/15/2023, (NZD)		1,935,265
	120,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) S.A., 9.875%, 8/15/2019		124,200
				5,692,637
		Norway — 0.3%
	13,275,000	Norway Government Bond, 2.000%, 5/24/2023, 144A, (NOK)		1,639,584
	13,760,000	Norway Government Bond, 4.500%, 5/22/2019, 144A, (NOK)(c)		1,837,975
				3,477,559
		Panama — 0.1%
	300,000	Autoridad del Canal de Panama, 4.950%, 7/29/2035, 144A(e)		299,037
	680,000	Banco Latinoamericano de Comercio Exterior S.A., 3.250%, 5/07/2020, 144A		674,900
	300,000	Banco Latinoamericano de Comercio Exterior S.A., 3.750%, 4/04/2017, 144A		303,563
				1,277,500
		Peru — 0.2%
	580,000	Southern Copper Corp., 3.875%, 4/23/2025		524,181
	1,050,000	Transportadora de Gas del Peru S.A., 4.250%, 4/30/2028, 144A		983,062
	1,050,000	Union Andina de Cementos SAA, 5.875%, 10/30/2021, 144A		1,010,625
				2,517,868
		Philippines — 0.1%
	40,000,000	Philippine Government International Bond, 3.900%, 11/26/2022, (PHP)		830,039
	30,000,000	Philippine Government International Bond, 4.950%, 1/15/2021, (PHP)		653,081
	175,000	Philippine Long Distance Telephone Co., EMTN, 8.350%, 3/06/2017		189,437
				1,672,557
		Poland — 0.5%
	17,080,000	Poland Government Bond, 4.000%, 10/25/2023, (PLN)(c)		4,893,676
	3,210,000	Poland Government Bond, 5.500%, 10/25/2019, (PLN)		951,221
				5,844,897
		Portugal — 0.1%
	400,000	EDP Finance BV, 4.125%, 1/15/2020, 144A		405,446
	225,000	EDP Finance BV, EMTN, 2.000%, 4/22/2025, (EUR)		229,155
	380,000	Portugal Obrigacoes do Tesouro OT, 4.100%, 2/15/2045, 144A, (EUR)		478,584
				1,113,185
		Singapore — 0.2%
	495,000	BOC Aviation Pte Ltd., 3.000%, 3/30/2020		490,944
	2,000,000	DBS Bank Ltd., (fixed rate to 9/21/2017, variable rate thereafter), 3.625%, 9/21/2022, 144A(c)		2,046,072
				2,537,016

See accompanying notes to financial statements.

29  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		South Africa — 0.4%
$	895,000	Eskom Holdings SOC Ltd., 7.125%, 2/11/2025, 144A	$	842,132
	930,000	MTN (Mauritius) Investments Ltd., 4.755%, 11/11/2024, 144A		925,927
	500,000	Myriad International Holdings BV, 6.000%, 7/18/2020, 144A		534,580
	11,500,000	South Africa Government Bond, Series 2023, 7.750%, 2/28/2023, (ZAR)		804,506
	8,500,000	South Africa Government Bond, Series R186, 10.500%, 12/21/2026, (ZAR)		703,135
	600,000	South Africa Government International Bond, 5.875%, 9/16/2025		639,000
	285,000	South Africa Government International Bond, EMTN, 4.500%, 4/05/2016, (EUR)		324,561
	700,000	Transnet SOC Ltd., 4.000%, 7/26/2022, 144A		646,625
				5,420,466
		Spain — 0.3%
	430,000	Spain Government Bond, 1.600%, 4/30/2025, 144A, (EUR)		471,286
	2,115,000	Spain Government Bond, 4.300%, 10/31/2019, 144A, (EUR)(c)		2,708,129
	800,000	Spain Government Bond, 4.400%, 10/31/2023, 144A, (EUR)(c)		1,079,296
				4,258,711
		Supranationals — 0.3%
	840,000	Central American Bank for Economic Integration, 3.875%, 2/09/2017, 144A		863,405
	1,115,000	Corporacion Andina de Fomento, 4.375%, 6/15/2022(c)		1,210,198
	1,140,000	International Bank for Reconstruction & Development, 2.500%, 3/12/2020, (AUD)		799,190
	70,000,000	International Finance Corp., 7.800%, 6/03/2019, (INR)(c)		1,101,431
				3,974,224
		Sweden — 0.0%
	2,450,000	Sweden Government Bond, 5.000%, 12/01/2020, (SEK)		367,314
		Switzerland — 0.1%
	1,075,000	Xstrata Finance Canada Ltd., 5.550%, 10/25/2042, 144A		790,125
		Thailand — 0.2%
	1,010,000	Siam Commercial Bank PCL (The), 3.500%, 4/07/2019, 144A		1,034,841
	950,000	Thai Oil PCL, 3.625%, 1/23/2023, 144A		937,499
				1,972,340
		Turkey — 0.5%
	445,000	Akbank TAS, 4.000%, 1/24/2020, 144A		418,803
	800,000	Arcelik AS, 5.000%, 4/03/2023, 144A		709,520
	545,000	Export Credit Bank of Turkey, 5.000%, 9/23/2021, 144A		520,823
	920,000	TC Ziraat Bankasi AS, 4.250%, 7/03/2019, 144A		890,781
	2,745,000	Turkey Government Bond, 6.300%, 2/14/2018, (TRY)		817,734
	600,000	Turkiye Garanti Bankasi AS, 4.000%, 9/13/2017, 144A		596,250
	490,000	Turkiye Halk Bankasi AS, 4.750%, 2/11/2021, 144A		458,703
	800,000	Turkiye Is Bankasi, 3.875%, 11/07/2017, 144A		794,840
	875,000	Yapi ve Kredi Bankasi, 5.250%, 12/03/2018, 144A		878,587
				6,086,041
		United Arab Emirates — 0.2%
	850,000	DP World Ltd., 3.250%, 5/18/2020, 144A		846,813
	600,000	Dubai Electricity & Water Authority, 6.375%, 10/21/2016, 144A		631,080

See accompanying notes to financial statements.

|  30

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United Arab Emirates — continued
$	545,000	Mubadala GE Capital Ltd., 3.000%, 11/10/2019, 144A	$	540,705
				2,018,598
		United Kingdom — 0.6%
	600,000	Anglo American Capital PLC, 2.625%, 9/27/2017, 144A		561,194
	525,000	Barclays PLC, 3.650%, 3/16/2025		500,551
	400,000	Barclays PLC, (fixed rate to 9/15/2019, variable rate thereafter), 7.000% , (GBP)(d)		580,896
	470,000	British Telecommunications PLC, 5.750%, 12/07/2028, (GBP)		853,260
	150,000	Imperial Tobacco Finance PLC, EMTN, 6.250%, 12/04/2018, (GBP)		253,913
	400,000	Lloyds Banking Group PLC, 4.500%, 11/04/2024		402,100
	400,000	Old Mutual PLC, EMTN, 8.000%, 6/03/2021, (GBP)		668,600
	1,130,000	Royal Bank of Scotland Group PLC, 6.000%, 12/19/2023(c)		1,203,074
	950,000	Royal Bank of Scotland Group PLC, (fixed rate to 8/10/2020, variable rate thereafter), 7.500%(d)		946,438
	350,000	Santander UK Group Holdings PLC, 4.750%, 9/15/2025, 144A		347,072
	250,000	Standard Chartered PLC, EMTN, (fixed rate to 10/21/2020, variable rate thereafter), 4.000%, 10/21/2025, (EUR)		271,480
	130,000	Virgin Media Finance PLC, 4.500%, 1/15/2025, 144A, (EUR)		131,500
	115,000	Virgin Media Finance PLC, 6.375%, 10/15/2024, 144A, (GBP)		173,044
	100,000	WPP PLC, 6.000%, 4/04/2017, (GBP)		160,659
				7,053,781
		United States — 18.2%
	15,000	21st Century Fox America, Inc., 6.400%, 12/15/2035		17,413
	9,890,000	AbbVie, Inc., 2.500%, 5/14/2020(c)		9,835,368
	45,000	AECOM, 5.750%, 10/15/2022, 144A		45,253
	45,000	AECOM, 5.875%, 10/15/2024, 144A		45,338
	500,000	AES Corp. (The), 4.875%, 5/15/2023		438,750
	475,000	AES Corp. (The), 5.500%, 3/15/2024		421,088
	975,000	Alcoa, Inc., 5.900%, 2/01/2027		940,875
	8,000,000	Ally Financial, Inc., 3.750%, 11/18/2019		7,840,000
	745,000	Ally Financial, Inc., 5.125%, 9/30/2024		735,687
	129,000	Ally Financial, Inc., 8.000%, 12/31/2018		142,223
	1,728,000	Ally Financial, Inc., 8.000%, 11/01/2031		2,001,784
	180,087	American Airlines Pass Through Trust, Series 2013-1, Class A, 4.000%, 1/15/2027		182,957
	51,000	American International Group, Inc., (fixed rate to 5/15/2038, variable rate thereafter), 8.175%, 5/15/2068		67,448
	7,145,000	Amgen, Inc., 2.125%, 5/01/2020(c)		7,051,751
	400,000	Antero Resources Corp., 5.125%, 12/01/2022		344,000
	175,000	Antero Resources Corp., 5.375%, 11/01/2021		154,000
	6,901	Atlas Air Pass Through Trust, Series 1998-1, Class B, 7.680%, 1/02/2016(f)		7,129
	495,000	Atrium Windows & Doors, Inc., 7.750%, 5/01/2019, 144A		362,588
	925,000	Aviation Capital Group Corp., 6.750%, 4/06/2021, 144A		1,038,312
	95,000	Avon Products, Inc., 8.700%, 3/15/2043		67,260
	200,000	Bank of America Corp., 5.490%, 3/15/2019		219,703
	115,000	Bank of America Corp., MTN, 4.250%, 10/22/2026		113,691

See accompanying notes to financial statements.

31  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	50,000	Beazer Homes USA, Inc., 7.250%, 2/01/2023	$	45,875
	15,000	Boston Scientific Corp., 5.125%, 1/12/2017		15,661
	6,320,000	California Resources Corp., 5.000%, 1/15/2020		4,064,518
	670,000	California Resources Corp., 5.500%, 9/15/2021		408,700
	90,000	California Resources Corp., 6.000%, 11/15/2024		53,606
	1,995,000	CenturyLink, Inc., 6.450%, 6/15/2021		1,825,425
	510,000	CenturyLink, Inc., 7.650%, 3/15/2042		390,150
	55,000	CenturyLink, Inc., Series G, 6.875%, 1/15/2028		45,375
	605,000	CenturyLink, Inc., Series P, 7.600%, 9/15/2039		458,288
	1,025,000	Chemours Co. (The), 6.625%, 5/15/2023, 144A		689,312
	190,000	Chemours Co. (The), 7.000%, 5/15/2025, 144A		124,925
	2,030,000	Chesapeake Energy Corp., 4.875%, 4/15/2022		1,324,575
	135,000	Chesapeake Energy Corp., 5.750%, 3/15/2023		88,045
	495,000	Chesapeake Energy Corp., 6.125%, 2/15/2021		344,953
	190,000	Chesapeake Energy Corp., 6.625%, 8/15/2020		141,193
	95,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		69,825
	100,000	Chesapeake Energy Corp., 7.250%, 12/15/2018		82,750
	1,635,000	Cimarex Energy Co., 4.375%, 6/01/2024		1,591,879
	1,470,000	Clear Channel Worldwide Holdings, Inc., 7.625%, 3/15/2020		1,473,675
	155,000	Cleaver-Brooks, Inc., 8.750%, 12/15/2019, 144A		146,475
	265,000	Constellation Brands, Inc., 4.750%, 11/15/2024		267,650
	1,005,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		1,042,687
	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		227,106
	25,000	Continental Resources, Inc., 4.500%, 4/15/2023		21,709
	155,000	Cummins, Inc., 5.650%, 3/01/2098		165,640
	181,325	Delta Air Lines Pass Through Trust, Series 2007-1, Class B, 8.021%, 2/10/2024		204,897
	42,000	Dillard’s, Inc., 6.625%, 1/15/2018		45,420
	50,000	Dillard’s, Inc., 7.000%, 12/01/2028		56,675
	8,000	Dillard’s, Inc., 7.750%, 7/15/2026		9,365
	300,000	Discovery Communications LLC, 1.900%, 3/19/2027, (EUR)		286,911
	395,000	DISH DBS Corp., 5.000%, 3/15/2023		330,813
	1,370,000	DISH DBS Corp., 5.875%, 11/15/2024		1,163,644
	315,000	DPL, Inc., 6.750%, 10/01/2019		326,813
	310,000	DR Horton, Inc., 4.375%, 9/15/2022		307,675
	235,000	DS Services of America, Inc., 10.000%, 9/01/2021, 144A		269,956
	1,121,000	First Data Corp., 10.625%, 6/15/2021		1,228,896
	150,000	Foot Locker, Inc., 8.500%, 1/15/2022(f)		164,657
	25,000	Ford Motor Co., 6.375%, 2/01/2029		27,880
	50,000	Ford Motor Co., 6.625%, 2/15/2028		56,487
	2,105,000	Ford Motor Co., 6.625%, 10/01/2028		2,463,648
	40,000	Ford Motor Co., 7.125%, 11/15/2025		47,585
	560,000	Ford Motor Co., 7.400%, 11/01/2046		709,375
	5,000	Ford Motor Co., 7.500%, 8/01/2026		6,038
	5,000,000	Ford Motor Credit Co. LLC, 2.459%, 3/27/2020		4,895,920

See accompanying notes to financial statements.

|  32

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	1,000,000	Ford Motor Credit Co. LLC, 5.000%, 5/15/2018	$	1,063,587
	905,000	Forethought Financial Group, Inc., 8.625%, 4/15/2021, 144A		1,051,699
	2,370,000	Freeport-McMoRan, Inc., 3.875%, 3/15/2023		1,762,687
	475,000	Freeport-McMoRan, Inc., 5.450%, 3/15/2043		330,125
	865,000	Frontier Communications Corp., 6.875%, 1/15/2025		683,350
	205,000	FTS International, Inc., 6.250%, 5/01/2022		63,550
	50,000	General Electric Capital Corp., GMTN, 3.100%, 1/09/2023		51,123
	600,000	General Electric Capital Corp., Series A, (fixed rate to 6/15/2022, variable rate thereafter), 7.125%(d)		693,000
	5,000,000	General Motors Financial Co., Inc., 2.400%, 4/10/2018		4,961,570
	240,000	General Motors Financial Co., Inc., 3.450%, 4/10/2022		230,853
	195,000	Genworth Holdings, Inc., 4.800%, 2/15/2024		146,250
	500,000	Genworth Holdings, Inc., 4.900%, 8/15/2023		390,000
	215,000	Genworth Holdings, Inc., 6.500%, 6/15/2034		167,700
	3,435,000	Georgia-Pacific LLC, 7.250%, 6/01/2028(c)		4,439,593
	105,000	Georgia-Pacific LLC, 7.375%, 12/01/2025		133,133
	180,000	Georgia-Pacific LLC, 7.750%, 11/15/2029		240,579
	315,000	Georgia-Pacific LLC, 8.875%, 5/15/2031		452,641
	800,000	Goldman Sachs Group, Inc. (The), 3.375%, 2/01/2018, (CAD)		619,396
	2,295,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		2,737,747
	3,045,000	Goodyear Tire & Rubber Co. (The), 7.000%, 5/15/2022		3,235,312
	165,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		172,425
	70,000	GS Mortgage Securities Corp. II, Series 2007-GG10, Class AM, 5.989%, 8/10/2045(g)		70,237
	425,000	Halcon Resources Corp., 8.875%, 5/15/2021		127,500
	410,000	Hanover Insurance Group, Inc. (The), 6.375%, 6/15/2021		473,761
	1,000,000	HCA Holdings, Inc., 6.250%, 2/15/2021		1,065,000
	20,000	HCA, Inc., 4.750%, 5/01/2023		20,070
	225,000	HCA, Inc., 7.050%, 12/01/2027		232,875
	245,000	HCA, Inc., 7.190%, 11/15/2015		245,919
	90,000	HCA, Inc., 7.500%, 12/15/2023		100,350
	820,000	HCA, Inc., 7.500%, 11/06/2033		865,100
	1,500,000	HCA, Inc., 7.690%, 6/15/2025		1,665,000
	395,000	HCA, Inc., 8.360%, 4/15/2024		456,225
	195,000	HCA, Inc., MTN, 7.580%, 9/15/2025		213,525
	75,000	HCA, Inc., MTN, 7.750%, 7/15/2036		79,500
	855,000	Hecla Mining Co., 6.875%, 5/01/2021		688,275
	585,000	Hercules, Inc., 6.500%, 6/30/2029		539,662
	310,000	Hexion, Inc., 7.875%, 2/15/2023(h)		164,300
	470,000	Highwoods Properties, Inc., 5.850%, 3/15/2017		500,270
	450,000	International Lease Finance Corp., 4.625%, 4/15/2021		452,250
	1,250,000	International Lease Finance Corp., 6.250%, 5/15/2019		1,331,250
	745,000	INVISTA Finance LLC, 4.250%, 10/15/2019, 144A		718,925
	45,000	iStar, Inc., 3.875%, 7/01/2016		44,550
	145,000	iStar, Inc., 4.875%, 7/01/2018		140,288
	3,460,000	iStar, Inc., 5.000%, 7/01/2019		3,287,000
	70,000	iStar, Inc., 5.850%, 3/15/2017		71,400
	200,000	iStar, Inc., 7.125%, 2/15/2018		204,500

See accompanying notes to financial statements.

33  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	48,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036	$	33,240
	5,000	J.C. Penney Corp., Inc., 7.625%, 3/01/2097		3,475
	665,000	Jefferies Group LLC, 5.125%, 4/13/2018		698,081
	30,000	Jefferies Group LLC, 5.125%, 1/20/2023		30,059
	1,070,000	Jefferies Group LLC, 6.250%, 1/15/2036		1,009,105
	685,000	Jefferies Group LLC, 6.450%, 6/08/2027		710,670
	1,410,000	Jefferies Group LLC, 6.875%, 4/15/2021		1,584,634
	15,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021		10,575
	110,000	K. Hovnanian Enterprises, Inc., 7.000%, 1/15/2019, 144A		80,300
	165,000	K. Hovnanian Enterprises, Inc., 8.000%, 11/01/2019, 144A		118,388
	1,665,000	KB Home, 8.000%, 3/15/2020		1,764,900
	190,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.375%, 10/01/2017		190,950
	55,000	Lennar Corp., Series B, 6.500%, 4/15/2016		56,100
	140,000	Level 3 Communications, Inc., 5.750%, 12/01/2022		137,375
	330,000	Level 3 Financing, Inc., 5.125%, 5/01/2023, 144A		314,738
	760,000	Level 3 Financing, Inc., 5.375%, 5/01/2025, 144A		721,521
	135,000	Level 3 Financing, Inc., 7.000%, 6/01/2020		139,725
	1,435,000	Level 3 Financing, Inc., 8.625%, 7/15/2020		1,499,575
	95,000	MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 4.875%, 6/01/2025		87,381
	165,000	Masco Corp., 6.500%, 8/15/2032		169,125
	865,000	Masco Corp., 7.750%, 8/01/2029		966,637
	2,700,000	Merrill Lynch & Co., Inc., 6.110%, 1/29/2037		3,105,648
	460,000	Micron Technology, Inc., 5.500%, 2/01/2025		422,050
	610,000	Micron Technology, Inc., 5.625%, 1/15/2026, 144A		549,000
	825,000	Morgan Stanley, 2.125%, 4/25/2018		829,858
	220,000	Morgan Stanley, 2.500%, 1/24/2019		223,003
	450,000	Morgan Stanley, 3.750%, 2/25/2023		460,905
	725,000	Morgan Stanley, 5.750%, 1/25/2021		826,845
	500,000	Morgan Stanley, GMTN, 7.625%, 3/03/2016, (AUD)		357,886
	3,150,000	Morgan Stanley, MTN, 4.100%, 5/22/2023		3,188,156
	600,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		721,084
	100,000	Morgan Stanley, Series F, MTN, 0.737%, 10/18/2016(g)		99,803
	3,000,000	Navient Corp., 5.000%, 10/26/2020		2,514,900
	95,000	Navient Corp., 5.875%, 10/25/2024		74,575
	175,000	Navient LLC, 4.875%, 6/17/2019		159,250
	915,000	Navient LLC, 5.500%, 1/25/2023		725,705
	1,600(††††)	Navient LLC, 6.000%, 12/15/2043		27,435
	40,000	Navient LLC, MTN, 4.625%, 9/25/2017		39,275
	60,000	Navient LLC, MTN, 5.500%, 1/15/2019		55,763
	1,130,000	Navient LLC, MTN, 7.250%, 1/25/2022		988,750
	10,000	Navient LLC, Series A, MTN, 5.000%, 6/15/2018		9,550
	2,560,000	Navient LLC, Series A, MTN, 5.625%, 8/01/2033(h)		1,657,600
	360,000	Navient LLC, Series A, MTN, 8.450%, 6/15/2018		370,123
	4,457,000	New Albertson’s, Inc., 7.450%, 8/01/2029		4,367,860
	245,000	New Albertson’s, Inc., 7.750%, 6/15/2026		233,975
	4,155,000	New Albertson’s, Inc., 8.000%, 5/01/2031		4,071,900

See accompanying notes to financial statements.

|  34

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	2,110,000	New Albertson’s, Inc., 8.700%, 5/01/2030	$	2,131,100
	315,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		270,900
	365,000	Newell Rubbermaid, Inc., 4.000%, 12/01/2024		371,061
	20,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		16,800
	1,970,000	Noble Energy, Inc., 5.625%, 5/01/2021		1,981,820
	135,000	Oasis Petroleum, Inc., 6.875%, 3/15/2022		106,961
	220,000	Oasis Petroleum, Inc., 6.875%, 1/15/2023		170,500
	290,000	Oasis Petroleum, Inc., 7.250%, 2/01/2019		255,925
	420,000	Old Republic International Corp., 4.875%, 10/01/2024		440,290
	55,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 5.250%, 2/15/2022		54,931
	140,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 5.875%, 3/15/2025		142,450
	7,000	Owens Corning, 6.500%, 12/01/2016		7,470
	535,000	Owens Corning, 7.000%, 12/01/2036		626,645
	2,965,000	Owens-Brockway Glass Container, Inc., 5.375%, 1/15/2025, 144A		2,846,400
	540,000	PulteGroup, Inc., 6.000%, 2/15/2035		529,200
	785,000	PulteGroup, Inc., 6.375%, 5/15/2033		806,587
	220,000	PulteGroup, Inc., 7.875%, 6/15/2032		253,000
	255,000	Quicken Loans, Inc., 5.750%, 5/01/2025, 144A		239,381
	1,335,000	Qwest Capital Funding, Inc., 6.500%, 11/15/2018		1,391,737
	650,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		549,250
	400,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		422,000
	60,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		55,200
	476,000	Qwest Corp., 6.875%, 9/15/2033		459,562
	115,000	Qwest Corp., 7.250%, 9/15/2025		128,297
	480,000	R.R. Donnelley & Sons Co., 7.000%, 2/15/2022		465,600
	200,000	Rain CII Carbon LLC/CII Carbon Corp., 8.250%, 1/15/2021, 144A		160,000
	230,000	Range Resources Corp., 4.875%, 5/15/2025, 144A		204,988
	850,000	Range Resources Corp., 5.000%, 8/15/2022		752,250
	220,000	Range Resources Corp., 5.000%, 3/15/2023		194,563
	1,075,000	Regency Energy Partners LP/Regency Energy Finance Corp., 5.000%, 10/01/2022		1,049,576
	230,000	Regency Energy Partners LP/Regency Energy Finance Corp., 5.500%, 4/15/2023		222,525
	80,000	Reynolds American, Inc., 6.750%, 6/15/2017		86,603
	970,000	Santander Holdings USA, Inc., 2.650%, 4/17/2020		952,380
	25,000	Sealed Air Corp., 4.875%, 12/01/2022, 144A		24,719
	640,000	Sealed Air Corp., 5.500%, 9/15/2025, 144A		649,600
	760,000	Shearer’s Foods LLC/Chip Finance Corp., 9.000%, 11/01/2019, 144A		805,600
	135,000	Springleaf Finance Corp., 5.250%, 12/15/2019		131,963
	330,000	Springleaf Finance Corp., 7.750%, 10/01/2021		352,275
	130,000	Springleaf Finance Corp., 8.250%, 10/01/2023		141,700
	400,000	Springleaf Finance Corp., MTN, 5.750%, 9/15/2016		406,480
	300,000	Springleaf Finance Corp., Series I, MTN, 5.400%, 12/01/2015		300,000
	2,349,000	Sprint Capital Corp., 6.875%, 11/15/2028		1,685,407
	2,240,000	Sprint Capital Corp., 8.750%, 3/15/2032		1,741,600
	26,000	Sprint Communications, Inc., 6.000%, 12/01/2016		25,626

See accompanying notes to financial statements.

35  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	1,720,000	Sprint Communications, Inc., 6.000%, 11/15/2022	$	1,294,300
	120,000	Sprint Corp., 7.125%, 6/15/2024		92,352
	2,840,000	Sprint Corp., 7.875%, 9/15/2023		2,298,625
	2,910,000	SUPERVALU, Inc., 6.750%, 6/01/2021		2,822,700
	610,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.125%, 11/15/2019, 144A		547,475
	235,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.000%, 1/15/2018, 144A		223,838
	1,365,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.750%, 3/15/2024, 144A		1,303,575
	520,000	Tenet Healthcare Corp., 5.000%, 3/01/2019		503,100
	100,000	Tenet Healthcare Corp., 6.750%, 6/15/2023		99,250
	1,360,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		1,224,000
	820,000	Textron, Inc., 5.950%, 9/21/2021		950,732
	90,000	Time Warner Cable, Inc., 4.500%, 9/15/2042		71,156
	565,000	Time Warner Cable, Inc., 5.250%, 7/15/2042, (GBP)		737,559
	945,000	Toys “R” Us, Inc., 7.375%, 10/15/2018		604,209
	171,000	TransDigm, Inc., 6.500%, 7/15/2024		160,714
	185,000	TransDigm, Inc., 6.500%, 5/15/2025, 144A		173,900
	90,000	TRI Pointe Holdings, Inc., 4.375%, 6/15/2019		88,200
	5,000	TRI Pointe Holdings, Inc., 5.875%, 6/15/2024		4,900
	5,000,000	U.S. Treasury Note, 0.250%, 2/29/2016(c)		5,002,345
	3,785,000	U.S. Treasury Note, 0.250%, 5/15/2016		3,785,246
	7,500,000	U.S. Treasury Note, 0.375%, 3/31/2016(c)		7,507,327
	8,530,000	U.S. Treasury Note, 0.375%, 10/31/2016(c)		8,528,115
	8,520,000	U.S. Treasury Note, 0.500%, 11/30/2016(c)		8,526,211
	9,545,000	U.S. Treasury Note, 0.875%, 7/15/2017		9,589,871
	5,555,000	U.S. Treasury Note, 1.000%, 3/15/2018(i)		5,583,858
	15,291	UAL Pass Through Trust, Series 2009-1, 10.400%, 5/01/2018		16,389
	630,000	United Continental Holdings, Inc., 6.375%, 6/01/2018		661,500
	295,000	United Rentals North America, Inc., 7.625%, 4/15/2022		312,700
	1,940,000	United States Steel Corp., 6.650%, 6/01/2037		1,378,370
	770,000	United States Steel Corp., 7.500%, 3/15/2022		608,300
	120,695	US Airways Pass Through Trust, Series 2012-1A, Class A, 5.900%, 4/01/2026		133,368
	64,862	US Airways Pass Through Trust, Series 2012-1B, Class B, 8.000%, 4/01/2021		72,808
	458,780	US Airways Pass Through Trust, Series 2012-2A, Class A, 4.625%, 12/03/2026		474,057
	230,000	USG Corp., 9.750%, 1/15/2018		255,875
	110,000	Verizon Pennsylvania, Inc., 6.000%, 12/01/2028		119,934
	60,000	Weyerhaeuser Co., 6.950%, 10/01/2027		71,844
	315,000	Weyerhaeuser Co., 7.375%, 3/15/2032		395,928
	625,000	Whiting Petroleum Corp., 5.000%, 3/15/2019		543,750
	400,000	Whiting Petroleum Corp., 6.500%, 10/01/2018		375,000
	965,000	Windstream Services LLC, 7.500%, 4/01/2023		714,100
	500,000	WPX Energy, Inc., 5.250%, 1/15/2017		497,500

See accompanying notes to financial statements.

|  36

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	125,000	Xerox Corp., 6.750%, 2/01/2017	$	133,062
	20,000	Xerox Corp., MTN, 7.200%, 4/01/2016		20,586
				226,869,880
		Total Non-Convertible Bonds (Identified Cost $410,711,326)		390,872,013
	Convertible Bonds — 0.7%
		United States — 0.7%
	495,000	Brocade Communications Systems, Inc., 1.375%, 1/01/2020, 144A		484,791
	565,000	Chesapeake Energy Corp., 2.500%, 5/15/2037		485,900
	185,000	Ciena Corp., 3.750%, 10/15/2018, 144A		231,366
	530,000	Hologic, Inc., (accretes to principal after 3/01/2018), 2.000%, 3/01/2042(j)		714,837
	225,000	Iconix Brand Group, Inc., 1.500%, 3/15/2018		178,875
	1,125,000	Intel Corp., 3.250%, 8/01/2039		1,697,344
	275,000	KB Home, 1.375%, 2/01/2019		255,406
	83,000	Macquarie Infrastructure Corp., 2.875%, 7/15/2019		94,205
	2,200,000	Old Republic International Corp., 3.750%, 3/15/2018		2,541,000
	1,450,000	Priceline Group, Inc. (The), 0.900%, 9/15/2021, 144A		1,425,531
	345,000	Rovi Corp., 0.500%, 3/01/2020, 144A		266,081
	40,000	RPM International, Inc., 2.250%, 12/15/2020		44,575
	90,000	Trinity Industries, Inc., 3.875%, 6/01/2036		106,144
		Total Convertible Bonds (Identified Cost $7,308,877)		8,526,055
	Municipals — 0.0%
		United States — 0.0%
	415,000	State of Illinois, 5.100%, 6/01/2033		388,772
	130,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046		99,719
		Total Municipals (Identified Cost $452,450)		488,491
		Total Bonds and Notes (Identified Cost $418,472,653)		399,886,559
	Senior Loans — 0.3%
		United States — 0.3%
	1,828,125	Fairpoint Communications, Inc., Refi Term Loan, 7.500%, 2/14/2019(g)		1,832,312
	1,065,000	Flying Fortress, Inc., New Term Loan, 3.500%, 4/30/2020(g)		1,063,339
	448,354	PowerTeam Services LLC, 1st Lien Term Loan, 4.250%, 5/06/2020(g)		442,377
	120,000	PowerTeam Services LLC, 2nd Lien Term Loan, 8.250%, 11/06/2020(g)		114,000
	14,464	SuperMedia, Inc., Exit Term Loan, 11.600%, 12/30/2016(g)		7,738
	900,355	Supervalu, Inc., Refi Term Loan B, 4.500%, 3/21/2019(g)		900,733
		Total Senior Loans (Identified Cost $4,369,081)		4,360,499

See accompanying notes to financial statements.

37  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Global Equity and Income Fund – (continued)

Shares		Description	Value (†)
	Preferred Stocks — 0.1%
	Convertible Preferred Stocks — 0.1%
		United States — 0.1%
	2,585	Alcoa, Inc., Series 1, 5.375%	$	86,339
	460	Chesapeake Energy Corp., 5.000%		23,173
	40	Chesapeake Energy Corp., 5.750%		15,800
	650	Chesapeake Energy Corp., 5.750%		259,187
	100	Chesapeake Energy Corp., Series A, 5.750% 144A		39,500
		Total Convertible Preferred Stocks (Identified Cost $563,659)		423,999
	Non-Convertible Preferred Stock — 0.0%
		United States — 0.0%
	341	Ally Financial, Inc., Series G, 7.000% 144A (Identified Cost $75,329)		342,076
		Total Preferred Stocks (Identified Cost $638,988)		766,075
Principal Amount (‡)
	Short-Term Investments — 4.7%
$	40,504	Repurchase Agreement with State Street Bank and Trust Company, dated 9/30/2015 at 0.000% to be repurchased at $40,504 on 10/01/2015 collateralized by $40,600 U.S. Treasury Note, 1.500% due 8/31/2018 valued at $41,338 including accrued interest (Note 2 of Notes to Financial Statements)		40,504
	58,739,401	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2015 at 0.010% to be repurchased at $58,739,417 on 10/01/2015 collateralized by $56,725,000 U.S. Treasury Bond, 3.125% due 2/15/2042 valued at $59,915,781 including accrued interest (Note 2 of Notes to Financial Statements)		58,739,401
		Total Short-Term Investments (Identified Cost $58,779,905)		58,779,905
		Total Investments — 98.9% (Identified Cost $1,176,573,593)(a)		1,231,014,955
		Other assets less liabilities — 1.1%		13,381,378
		Net Assets — 100.0%	$	1,244,396,333
	(‡)	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.
	(†††)	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.

|  38

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Global Equity and Income Fund – (continued)

(a)	Federal Tax Information:
	At September 30, 2015, the net unrealized appreciation on investments based on a cost of $1,174,528,149 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	$	125,848,575
	Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(69,361,769	)
	Net unrealized appreciation	$	56,486,806
(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)	Perpetual bond with no specified maturity date.
(e)	When-issued/delayed delivery. See Note 2 of Notes to Financial Statements.
(f)	Fair valued by the Fund’s adviser. At September 30, 2015, the value of these securities amounted to $171,786 or less than 0.1% of net assets. See Note 2 of Notes to Financial Statements.
(g)	Variable rate security. Rate as of September 30, 2015 is disclosed.
(h)	Illiquid security. At September 30, 2015, the value of these securities amounted to $1,821,900 or 0.1% of net assets. Illiquid securities are deemed to be fair valued pursuant to the Fund’s pricing policies and procedures. See Note 2 of Notes to Financial Statements.
(i)	A portion of this security has been pledged as collateral for open forward foreign currency contracts.
(j)	Coupon rate is a fixed rate for an initial period then resets at a specified date and 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 September 30, 2015, the value of Rule 144A holdings amounted to $102,731,538 or 8.3% 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

See accompanying notes to financial statements.

39  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Global Equity and Income Fund – (continued)

NZD	New Zealand Dollar
PHP	Philippine Peso
PLN	Polish Zloty
SEK	Swedish Krona
TRY	Turkish Lira
ZAR	South African Rand

At September 30, 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		12/16/2015	Australian Dollar		1,543,000	$	1,078,741	$	588
Sell1		12/09/2015	Brazilian Real		10,010,000		2,465,482		80,944
Buy1		12/16/2015	British Pound		3,740,000		5,655,925		(112,052	)
Sell1		12/08/2015	Canadian Dollar		2,895,000		2,168,701		9,162
Buy2		12/16/2015	Euro		24,250,000		27,131,423		(97,811	)
Sell3		10/15/2015	Indonesian Rupiah		39,600,000,000		2,689,532		214,332
Buy1		12/16/2015	Japanese Yen		2,276,500,000		19,000,309		(22,123	)
Sell4		12/16/2015	Mexican Peso		107,500,000		6,321,429		55,933
Sell1		12/16/2015	New Zealand Dollar		8,162,000		5,190,257		(59,951	)
Sell4		12/16/2015	Norwegian Krone		4,200,000		492,771		15,900
Sell3		12/16/2015	Polish Zloty		24,720,000		6,491,010		41,414
Sell4		10/28/2015	Swedish Krona		3,100,000		370,582		(10,308	)
Total								$	116,028

At September 30, 2015, the Fund had the following open forward cross currency contracts:

Settlement Date	Deliver/Units of Currency			Receive/Units of Currency				Unrealized Appreciation (Depreciation)
10/28/2015		Norwegian Krone	14,180,000		Euro	1	1,581,371	$	102,769

¹ Counterparty is Credit Suisse International

² Counterparty is Morgan Stanley & Co.

³ Counterparty is Citibank N.A.

⁴ Counterparty is UBS AG

See accompanying notes to financial statements.

|  40

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Global Equity and Income Fund – (continued)

Industry Summary at September 30, 2015

Pharmaceuticals	8.6	%
Treasuries	8.3
Internet Software & Services	6.3
Banks	6.1
Banking	4.3
Insurance	4.1
Aerospace & Defense	4.0
IT Services	3.7
Specialty Retail	3.6
Internet & Catalog Retail	3.5
Beverages	2.3
Household Durables	2.2
Government Owned – No Guarantee	2.0
Other Investments, less than 2% each	35.2
Short-Term Investments	4.7
Total Investments	98.9
Other assets less liabilities (including forward foreign currency contracts)	1.1
Net Assets	100.0	%

Currency Exposure Summary at September 30, 2015

United States Dollar	70.4	%
Euro	6.6
British Pound	3.2
Japanese Yen	3.1
Hong Kong Dollar	2.5
Indian Rupee	2.4
Canadian Dollar	2.0
Other, less than 2% each	8.7
Total Investments	98.9
Other assets less liabilities (including forward foreign currency contracts)	1.1
Net Assets	100.0	%

See accompanying notes to financial statements.

41  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Growth Fund

Shares		Description	Value (†)
	Common Stocks — 98.6% of Net Assets
		Air Freight & Logistics — 6.6%
	982,343	Expeditors International of Washington, Inc.	$	46,219,238
	419,902	United Parcel Service, Inc., Class B		41,440,129
				87,659,367
		Beverages — 11.6%
	1,294,766	Coca-Cola Co. (The)		51,946,012
	452,656	Monster Beverage Corp.(b)		61,171,932
	736,515	SABMiller PLC, Sponsored ADR		42,172,849
				155,290,793
		Biotechnology — 2.2%
	211,490	Amgen, Inc.		29,253,297
		Capital Markets — 3.5%
	146,414	Greenhill & Co., Inc.		4,168,406
	875,834	SEI Investments Co.		42,241,474
				46,409,880
		Communications Equipment — 8.8%
	2,622,138	Cisco Systems, Inc.		68,831,123
	902,333	QUALCOMM, Inc.		48,482,352
				117,313,475
		Consumer Finance — 1.2%
	214,346	American Express Co.		15,889,469
		Energy Equipment & Services — 2.6%
	510,368	Schlumberger Ltd.		35,200,081
		Food Products — 3.8%
	4,076,430	Danone, Sponsored ADR		51,363,018
		Health Care Equipment & Supplies — 3.9%
	444,386	Varian Medical Systems, Inc.(b)		32,786,799
	204,770	Zimmer Biomet Holdings, Inc.		19,234,046
				52,020,845
		Hotels, Restaurants & Leisure — 2.4%
	400,650	Yum! Brands, Inc.		32,031,967
		Household Products — 3.5%
	649,262	Procter & Gamble Co. (The)		46,707,908
		Internet & Catalog Retail — 5.4%
	140,423	Amazon.com, Inc.(b)		71,881,129
		Internet Software & Services — 13.6%
	752,099	Alibaba Group Holding Ltd., Sponsored ADR(b)		44,351,278
	756,796	Facebook, Inc., Class A(b)		68,035,960
	55,785	Google, Inc., Class A(b)		35,611,471
	55,924	Google, Inc., Class C(b)		34,025,280
				182,023,989

See accompanying notes to financial statements.

|  42

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Growth Fund – (continued)

Shares		Description	Value (†)
		IT Services — 5.8%
	149,738	Automatic Data Processing, Inc.	$	12,032,946
	949,462	Visa, Inc., Class A		66,139,523
				78,172,469
		Pharmaceuticals — 8.5%
	386,813	Merck & Co., Inc.		19,104,694
	469,340	Novartis AG, ADR		43,141,733
	956,996	Novo Nordisk AS, Sponsored ADR		51,907,463
				114,153,890
		Semiconductors & Semiconductor Equipment — 2.7%
	110,561	Analog Devices, Inc.		6,236,746
	704,798	ARM Holdings PLC, Sponsored ADR		30,482,513
				36,719,259
		Software — 11.0%
	648,123	Autodesk, Inc.(b)		28,608,149
	156,642	FactSet Research Systems, Inc.		25,032,958
	748,652	Microsoft Corp.		33,135,338
	1,665,751	Oracle Corp.		60,166,926
				146,943,371
		Specialty Retail — 1.5%
	293,788	Lowe’s Cos., Inc.		20,247,869
		Total Common Stocks (Identified Cost $1,231,997,441)		1,319,282,076
Principal Amount
	Short-Term Investments — 4.1%
$	54,314,835	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2015 at 0.010% to be repurchased at $54,314,850 on 10/01/2015 collateralized by $55,265,000 U.S. Treasury Note, 1.750% due 2/28/2022 valued at $55,403,163 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $54,314,835)		54,314,835
		Total Investments — 102.7% (Identified Cost $1,286,312,276)(a)		1,373,596,911
		Other assets less liabilities — (2.7)%		(35,799,056	)
		Net Assets — 100.0%	$	1,337,797,855
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information:
		At September 30, 2015, the net unrealized appreciation on investments based on a cost of $1,286,351,875 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	$	148,684,813
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(61,439,777	)
		Net unrealized appreciation	$	87,245,036

See accompanying notes to financial statements.

43  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Growth Fund – (continued)

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

Industry Summary at September 30, 2015

Internet Software & Services	13.6	%
Beverages	11.6
Software	11.0
Communications Equipment	8.8
Pharmaceuticals	8.5
Air Freight & Logistics	6.6
IT Services	5.8
Internet & Catalog Retail	5.4
Health Care Equipment & Supplies	3.9
Food Products	3.8
Household Products	3.5
Capital Markets	3.5
Semiconductors & Semiconductor Equipment	2.7
Energy Equipment & Services	2.6
Hotels, Restaurants & Leisure	2.4
Biotechnology	2.2
Other Investments, less than 2% each	2.7
Short-Term Investments	4.1
Total Investments	102.7
Other assets less liabilities	(2.7	)
Net Assets	100.0	%

See accompanying notes to financial statements.

|  44

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Value Fund

Shares		Description	Value (†)
	Common Stocks — 98.1% of Net Assets
		Aerospace & Defense — 4.7%
	238,190	Honeywell International, Inc.	$	22,554,211
	137,411	Northrop Grumman Corp.		22,803,355
	263,628	United Technologies Corp.		23,460,256
				68,817,822
		Automobiles — 2.1%
	575,017	General Motors Co.		17,262,010
	250,475	Harley-Davidson, Inc.		13,751,078
				31,013,088
		Banks — 12.8%
	2,097,528	Bank of America Corp.		32,679,486
	623,897	Citigroup, Inc.		30,951,530
	1,411,376	Fifth Third Bancorp		26,689,120
	703,426	JPMorgan Chase & Co.		42,887,883
	236,538	PNC Financial Services Group, Inc. (The)		21,099,190
	632,460	Wells Fargo & Co.		32,476,821
				186,784,030
		Beverages — 1.6%
	242,559	PepsiCo, Inc.		22,873,314
		Biotechnology — 1.2%
	311,618	AbbVie, Inc.		16,955,135
		Capital Markets — 3.4%
	196,473	Ameriprise Financial, Inc.		21,441,098
	324,629	Legg Mason, Inc.		13,507,813
	211,601	State Street Corp.		14,221,703
				49,170,614
		Chemicals — 1.3%
	398,757	E.I. du Pont de Nemours & Co.		19,220,087
		Communications Equipment — 2.7%
	798,764	Cisco Systems, Inc.		20,967,555
	346,980	QUALCOMM, Inc.		18,643,235
				39,610,790
		Construction Materials — 1.6%
	262,118	Vulcan Materials Co.		23,380,926
		Consumer Finance — 2.8%
	222,018	American Express Co.		16,458,194
	471,564	Discover Financial Services		24,516,613
				40,974,807
		Containers & Packaging — 1.5%
	482,374	Sealed Air Corp.		22,613,693
		Diversified Telecommunication Services — 1.3%
	444,880	Verizon Communications, Inc.		19,356,729
		Electric Utilities — 1.3%
	195,455	NextEra Energy, Inc.		19,066,635

See accompanying notes to financial statements.

45  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Value Fund – (continued)

Shares		Description	Value (†)
		Electrical Equipment — 1.3%
	364,074	Eaton Corp. PLC	$	18,676,996
		Electronic Equipment, Instruments & Components — 1.0%
	779,276	Knowles Corp.(b)		14,362,057
		Energy Equipment & Services — 2.3%
	644,811	Halliburton Co.		22,794,069
	293,920	National Oilwell Varco, Inc.		11,066,088
				33,860,157
		Food & Staples Retailing — 1.3%
	192,654	CVS Health Corp.		18,587,258
		Food Products — 1.6%
	548,147	Mondelez International, Inc., Class A		22,950,915
		Health Care Equipment & Supplies — 1.5%
	330,120	Medtronic PLC		22,098,233
		Health Care Providers & Services — 4.8%
	262,551	Express Scripts Holding Co.(b)		21,256,129
	208,748	HCA Holdings, Inc.(b)		16,148,745
	277,754	UnitedHealth Group, Inc.		32,222,242
				69,627,116
		Independent Power & Renewable Electricity Producers — 0.7%
	715,134	Calpine Corp.(b)		10,440,956
		Insurance — 7.3%
	451,730	American International Group, Inc.		25,667,299
	549,047	FNF Group		19,474,697
	487,875	MetLife, Inc.		23,003,306
	196,521	Travelers Cos., Inc. (The)		19,559,735
	590,183	Unum Group		18,933,071
				106,638,108
		Internet & Catalog Retail — 1.1%
	603,855	Liberty Interactive Corp./QVC Group, Class A(b)		15,839,117
		Machinery — 2.1%
	272,282	Ingersoll-Rand PLC		13,823,757
	330,676	Pentair PLC		16,877,703
				30,701,460
		Media — 4.5%
	436,759	Comcast Corp., Class A		24,842,852
	288,984	Liberty Global PLC, Class A(b)		12,408,973
	261,131	Omnicom Group, Inc.		17,208,533
	265,571	Viacom, Inc., Class B		11,459,388
				65,919,746
		Multi-Utilities — 1.2%
	335,865	PG&E Corp.		17,733,672
		Oil, Gas & Consumable Fuels — 5.8%
	245,065	Chevron Corp.		19,330,727
	315,598	Hess Corp.		15,798,836
	1,090,376	Marathon Oil Corp.		16,791,791

See accompanying notes to financial statements.

|  46

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Value Fund – (continued)

Shares		Description	Value (†)
		Oil, Gas & Consumable Fuels — continued
	362,508	Royal Dutch Shell PLC, Sponsored ADR	$	17,179,254
	262,259	Valero Energy Corp.		15,761,766
				84,862,374
		Pharmaceuticals — 9.5%
	66,341	Allergan PLC(b)		18,032,147
	347,080	Eli Lilly & Co.		29,047,125
	529,933	Merck & Co., Inc.		26,173,391
	1,056,462	Pfizer, Inc.		33,183,472
	236,953	Sanofi, ADR		11,248,159
	385,777	Teva Pharmaceutical Industries Ltd., Sponsored ADR		21,780,969
				139,465,263
		REITs – Diversified — 1.1%
	593,076	Weyerhaeuser Co.		16,214,698
		Road & Rail — 1.4%
	270,579	Norfolk Southern Corp.		20,672,236
		Software — 3.6%
	806,679	Microsoft Corp.		35,703,612
	867,921	Symantec Corp.		16,898,422
				52,602,034
		Specialty Retail — 1.3%
	266,523	Lowe’s Cos., Inc.		18,368,765
		Technology Hardware, Storage & Peripherals — 2.6%
	169,891	Apple, Inc.		18,738,977
	801,407	EMC Corp.		19,361,993
				38,100,970
		Textiles, Apparel & Luxury Goods — 1.4%
	169,099	Ralph Lauren Corp.		19,980,738
		Tobacco — 1.3%
	238,897	Philip Morris International, Inc.		18,951,699
		Wireless Telecommunication Services — 1.1%
	529,931	Vodafone Group PLC, Sponsored ADR		16,820,010
		Total Common Stocks (Identified Cost $1,263,418,025)		1,433,312,248
Principal Amount
	Short-Term Investments — 1.2%
$	17,234,812	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2015 at 0.010% to be repurchased at $17,234,817 on 10/01/2015 collateralized by $17,540,000 U.S. Treasury Note, 1.750% due 2/28/2022 valued at $17,583,850 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $17,234,812)		17,234,812
		Total Investments — 99.3% (Identified Cost $1,280,652,837)(a)		1,450,547,060
		Other assets less liabilities — 0.7%		10,687,693
		Net Assets — 100.0%	$	1,461,234,753

See accompanying notes to financial statements.

47  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Value Fund – (continued)

(†)	See Note 2 of Notes to Financial Statements.
(a)	Federal Tax Information:
	At September 30, 2015, the net unrealized appreciation on investments based on a cost of $1,285,894,265 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	$	277,617,465
	Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(112,964,670	)
	Net unrealized appreciation	$	164,652,795
(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 September 30, 2015

Banks	12.8	%
Pharmaceuticals	9.5
Insurance	7.3
Oil, Gas & Consumable Fuels	5.8
Health Care Providers & Services	4.8
Aerospace & Defense	4.7
Media	4.5
Software	3.6
Capital Markets	3.4
Consumer Finance	2.8
Communications Equipment	2.7
Technology Hardware, Storage & Peripherals	2.6
Energy Equipment & Services	2.3
Automobiles	2.1
Machinery	2.1
Other Investments, less than 2% each	27.1
Short-Term Investments	1.2
Total Investments	99.3
Other assets less liabilities	0.7
Net Assets	100.0	%

See accompanying notes to financial statements.

|  48

Statements of Assets and Liabilities

September 30, 2015

	Global Equity and Income Fund		Growth Fund			Value Fund
ASSETS
Investments at cost	$	1,176,573,593	$	1,286,312,276		$	1,280,652,837
Net unrealized appreciation		54,441,362		87,284,635			169,894,223
Investments at value		1,231,014,955		1,373,596,911			1,450,547,060
Cash		27,014		—			78,962
Foreign currency at value (identified cost $9,604,261, $0 and $0, respectively)		9,553,066		—			—
Receivable for Fund shares sold		4,576,325		4,319,912			3,746,158
Receivable for securities sold		2,295,800		—			16,467,476
Collateral received for open forward foreign currency contracts (Notes 2 and 4)		270,000		—			—
Dividends and interest receivable		6,156,412		918,645			1,521,358
Unrealized appreciation on forward foreign currency contracts (Note 2)		521,042		—			—
Tax reclaims receivable		339,511		3,537			—
TOTAL ASSETS		1,254,754,125		1,378,839,005			1,472,361,014
LIABILITIES
Payable for securities purchased		5,023,786		39,278,581			8,662,915
Payable for when-issued/delayed delivery securities purchased (Note 2)		1,628,196		—			—
Payable for Fund shares redeemed		911,649		911,255			1,324,268
Unrealized depreciation on forward foreign currency contracts (Note 2)		302,245		—			—
Foreign taxes payable (Note 2)		1,094,252		—			—
Due to broker (Note 2)		270,000		—			—
Management fees payable (Note 6)		776,779		530,280			610,848
Deferred Trustees’ fees (Note 6)		125,486		146,055			329,144
Administrative fees payable (Note 6)		44,996		46,048			53,099
Payable to distributor (Note 6d)		11,829		12,970			18,255
Other accounts payable and accrued expenses		168,574		115,961			127,732
TOTAL LIABILITIES		10,357,792		41,041,150			11,126,261
NET ASSETS	$	1,244,396,333	$	1,337,797,855		$	1,461,234,753
NET ASSETS CONSIST OF:
Paid-in capital	$	1,119,097,664	$	1,263,386,498		$	977,273,467
Undistributed net investment income		7,742,946		6,076,156			16,118,141
Accumulated net realized gain (loss) on investments and foreign currency transactions		64,080,393		(18,949,434	)		297,948,922
Net unrealized appreciation on investments and foreign currency translations		53,475,330		87,284,635			169,894,223
NET ASSETS	$	1,244,396,333	$	1,337,797,855		$	1,461,234,753

See accompanying notes to financial statements.

49  |

Statements of Assets and Liabilities (continued)

September 30, 2015

	Global Equity and Income Fund		Growth Fund			Value Fund
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	246,370,809	$	122,202,598		$	124,661,695
Shares of beneficial interest		13,356,703		12,340,724			5,198,611
Net asset value and redemption price per share	$	18.45	$	9.90		$	23.98
Offering price per share (100/94.25 of net asset value) (Note 1)	$	19.58	$	10.50		$	25.44
Class B shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	—	$	22,370		$	60,207
Shares of beneficial interest		—		2,434			2,454
Net asset value and offering price per share	$	—	$	9.19		$	24.54	*
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	393,416,364	$	41,421,057		$	15,070,707
Shares of beneficial interest		21,625,751		4,510,263			636,116
Net asset value and offering price per share	$	18.19	$	9.18		$	23.69
Class N shares:
Net assets	$	—	$	1,400		$	554,945,890
Shares of beneficial interest		—		133			23,035,081
Net asset value, offering and redemption price per share	$	—	$	10.52	*	$	24.09
Class Y shares:
Net assets	$	604,609,160	$	1,174,150,430		$	681,108,811
Shares of beneficial interest		32,584,906		111,510,695			28,258,630
Net asset value, offering and redemption price per share	$	18.55	$	10.53		$	24.10
Admin Class shares:
Net assets	$	—	$	—		$	85,387,443
Shares of beneficial interest		—		—			3,585,874
Net asset value, offering and redemption price per share	$	—	$	—		$	23.81

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

See accompanying notes to financial statements.

|  50

Statements of Operations

For the Year Ended September 30, 2015

	Global Equity and Income Fund			Growth Fund			Value Fund
INVESTMENT INCOME
Dividends	$	10,642,923		$	16,209,231		$	39,646,061
Interest		17,904,158			2,614			4,683
Less net foreign taxes withheld		(614,812	)		(392,799	)		(455,025	)
		27,932,269			15,819,046			39,195,719
Expenses
Management fees (Note 6)		9,385,904			5,802,901			9,462,497
Service and distribution fees (Note 6)		4,459,808			588,393			1,018,361
Administrative fees (Note 6)		533,866			495,189			807,293
Trustees’ fees and expenses (Note 6)		33,771			32,260			38,332
Transfer agent fees and expenses (Notes 6 and 7)		1,055,306			1,096,667			1,644,494
Audit and tax services fees		60,467			40,292			40,272
Custodian fees and expenses		244,811			46,350			53,953
Legal fees		14,083			12,407			21,793
Registration fees		101,164			132,287			205,981
Shareholder reporting expenses		102,958			54,181			107,793
Miscellaneous expenses		48,869			31,356			58,025
Total expenses		16,041,007			8,332,283			13,458,794
Less waiver and/or expense reimbursement (Note 6)		—			(144	)		—
Net expenses		16,041,007			8,332,139			13,458,794
Net investment income		11,891,262			7,486,907			25,736,925
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain on:
Investments		65,593,516			102,347,346			324,209,929
Foreign currency transactions		2,128,654			—			—
Net change in unrealized appreciation (depreciation) on:
Investments		(93,596,095	)		(62,314,445	)		(400,601,216	)
Foreign currency translations		(448,257	)		—			—
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(26,322,182	)		40,032,901			(76,391,287	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(14,430,920	)	$	47,519,808		$	(50,654,362	)

See accompanying notes to financial statements.

51  |

Statements of Changes in Net Assets

	Global Equity and Income Fund						Growth Fund
	Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2015			Year Ended September 30, 2014
FROM OPERATIONS:
Net investment income	$	11,891,262		$	16,654,633		$	7,486,907		$	5,925,597
Net realized gain on investments and foreign currency transactions		67,722,170			63,034,029			102,347,346			37,751,773
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(94,044,352	)		30,721,127			(62,314,445	)		73,439,555
Net increase (decrease) in net assets resulting from operations		(14,430,920	)		110,409,789			47,519,808			117,116,925
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(2,404,233	)		(4,662,019	)		(382,515	)		(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	)		(6,342,015	)		(1,924,183	)
NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 12)		84,205,723			9,166,416			198,516,181			369,196,723
Net increase (decrease) in net assets		(2,828,241	)		84,758,570			239,693,974			484,389,465
NET ASSETS
Beginning of the year		1,247,224,574			1,162,466,004			1,098,103,881			613,714,416
End of the year	$	1,244,396,333		$	1,247,224,574		$	1,337,797,855		$	1,098,103,881
UNDISTRIBUTED NET INVESTMENT INCOME	$	7,742,946		$	9,047,574		$	6,076,156		$	4,934,562

See accompanying notes to financial statements.

|  52

Statements of Changes in Net Assets (continued)

	Value Fund
	Year Ended September 30, 2015			Year Ended September 30, 2014
FROM OPERATIONS:
Net investment income	$	25,736,925		$	46,159,044
Net realized gain on investments and foreign currency transactions		324,209,929			193,094,685
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(400,601,216	)		118,580,388
Net increase (decrease) in net assets resulting from operations		(50,654,362	)		357,834,117
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(10,401,685	)		(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		(257,744,620	)		(122,560,495	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 12)		(524,658,028	)		96,928,660
Net increase (decrease) in net assets		(833,057,010	)		332,202,282
NET ASSETS
Beginning of the year		2,294,291,763			1,962,089,481
End of the year	$	1,461,234,753		$	2,294,291,763
UNDISTRIBUTED NET INVESTMENT INCOME	$	16,118,141		$	38,569,726

See accompanying notes to financial statements.

53  |

Financial Highlights

For a share outstanding throughout each period.

	Global Equity and Income Fund—Class A
	Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of the period	$	19.77		$	18.57		$	17.07		$	14.24		$	14.72
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.21			0.28			0.32	(b)		0.35	(c)		0.22
Net realized and unrealized gain (loss)		(0.37	)		1.49			1.45			2.71			(0.45	)
Total from Investment Operations		(0.16	)		1.77			1.77			3.06			(0.23	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.20	)		(0.33	)		(0.27	)		(0.23	)		(0.25	)
Net realized capital gains		(0.96	)		(0.24	)		—			—			—
Total Distributions		(1.16	)		(0.57	)		(0.27	)		(0.23	)		(0.25	)
Net asset value, end of the period	$	18.45		$	19.77		$	18.57		$	17.07		$	14.24
Total return(d)		(0.91	)%		9.62	%		10.54	%(b)		21.75	%(c)		(1.67	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	246,371		$	237,167		$	251,211		$	216,209		$	111,589
Net expenses		1.18	%		1.17	%		1.18	%		1.21	%		1.24	%(e)
Gross expenses		1.18	%		1.17	%		1.18	%		1.21	%		1.24	%(e)
Net investment income		1.06	%		1.46	%		1.82	%(b)		2.16	%(c)		1.41	%
Portfolio turnover rate		48	%		49	%		58	%		29	%		65	%

(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) Includes fee/expense recovery of 0.02%.

See accompanying notes to financial statements.

|  54

Financial Highlights (continued)

For a share outstanding throughout each period.

	Global Equity and Income Fund—Class C
	Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of the period	$	19.51		$	18.36		$	16.90		$	14.10		$	14.59
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.06			0.14			0.19	(b)		0.22	(c)		0.10
Net realized and unrealized gain (loss)		(0.36	)		1.45			1.45			2.70			(0.44	)
Total from Investment Operations		(0.30	)		1.59			1.64			2.92			(0.34	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.06	)		(0.20	)		(0.18	)		(0.12	)		(0.15	)
Net realized capital gains		(0.96	)		(0.24	)		—			—			—
Total Distributions		(1.02	)		(0.44	)		(0.18	)		(0.12	)		(0.15	)
Net asset value, end of the period	$	18.19		$	19.51		$	18.36		$	16.90		$	14.10
Total return(d)		(1.66	)%		8.72	%		9.77	%(b)		20.83	%(c)		(2.42	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	393,416		$	377,001		$	340,561		$	251,366		$	145,369
Net expenses		1.93	%		1.92	%		1.93	%		1.96	%		1.99	%(e)
Gross expenses		1.93	%		1.92	%		1.93	%		1.96	%		1.99	%(e)
Net investment income		0.31	%		0.71	%		1.07	%(b)		1.40	%(c)		0.64	%
Portfolio turnover rate		48	%		49	%		58	%		29	%		65	%

(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) Includes fee/expense recovery of 0.02%.

See accompanying notes to financial statements.

55  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Global Equity and Income Fund—Class Y
	Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of the period	$	19.89		$	18.68		$	17.15		$	14.31		$	14.78
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.25			0.33			0.37	(b)		0.40	(c)		0.26
Net realized and unrealized gain (loss)		(0.37	)		1.49			1.47			2.71			(0.45	)
Total from Investment Operations		(0.12	)		1.82			1.84			3.11			(0.19	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.26	)		(0.37	)		(0.31	)		(0.27	)		(0.28	)
Net realized capital gains		(0.96	)		(0.24	)		—			—			—
Total Distributions		(1.22	)		(0.61	)		(0.31	)		(0.27	)		(0.28	)
Net asset value, end of the period	$	18.55		$	19.89		$	18.68		$	17.15		$	14.31
Total return		(0.72	)%		9.87	%		10.90	%(b)		21.96	%(c)		(1.42	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	604,609		$	633,057		$	570,694		$	460,103		$	216,136
Net expenses		0.93	%		0.92	%		0.93	%		0.96	%		0.99	%(d)
Gross expenses		0.93	%		0.92	%		0.93	%		0.96	%		0.99	%(d)
Net investment income		1.30	%		1.69	%		2.07	%(b)		2.44	%(c)		1.65	%
Portfolio turnover rate		48	%		49	%		58	%		29	%		65	%

(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) Includes fee/expense recovery of 0.02%.

See accompanying notes to financial statements.

|  56

Financial Highlights (continued)

For a share outstanding throughout each period.

	Growth Fund—Class A
	Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of the period	$	9.45		$	8.07		$	6.50		$	5.24		$	5.14
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.05			0.05			0.04			0.04			0.01
Net realized and unrealized gain (loss)		0.45			1.34			1.59			1.23			0.09
Total from Investment Operations		0.50			1.39			1.63			1.27			0.10
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	$	9.90		$	9.45		$	8.07		$	6.50		$	5.24
Total return(b)		5.30	%		17.23	%		25.23	%		24.22	%		1.95	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	122,203		$	63,682		$	50,248		$	33,663		$	26,716
Net expenses		0.92	%		0.94	%		1.03	%		1.07	%		1.14	%
Gross expenses		0.92	%		0.94	%		1.03	%		1.07	%		1.14	%
Net investment income		0.45	%		0.55	%		0.57	%		0.61	%		0.23	%
Portfolio turnover rate		27	%		14	%		6	%		16	%		16	%

(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.

See accompanying notes to financial statements.

57  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Growth Fund—Class B
	Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of the period	$	8.79		$	7.56		$	6.09		$	4.94		$	4.87
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.03	)		(0.02	)		(0.01	)		(0.01	)		(0.03	)
Net realized and unrealized gain (loss)		0.43			1.25			1.48			1.16			0.10
Total from Investment Operations		0.40			1.23			1.47			1.15			0.07
LESS DISTRIBUTIONS FROM:
Net investment income		—			—			—			—			—
Net realized capital gains		—			—			—			—			—
Total Distributions		—			—			—			—			—
Net asset value, end of the period	$	9.19		$	8.79		$	7.56		$	6.09		$	4.94
Total return(b)		4.55	%		16.27	%		24.14	%		23.28	%		1.44	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	22		$	428		$	1,422		$	1,908		$	2,609
Net expenses		1.66	%		1.69	%		1.78	%		1.82	%		1.89	%
Gross expenses		1.66	%		1.69	%		1.78	%		1.82	%		1.89	%
Net investment loss		(0.34	)%		(0.25	)%		(0.14	)%		(0.12	)%		(0.54	)%
Portfolio turnover rate		27	%		14	%		6	%		16	%		16	%

(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.

See accompanying notes to financial statements.

|  58

Financial Highlights (continued)

For a share outstanding throughout each period.

	Growth Fund—Class C
	Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of the period	$	8.79		$	7.55		$	6.09		$	4.94		$	4.87
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.03	)		(0.02	)		(0.01	)		(0.01	)		(0.03	)
Net realized and unrealized gain (loss)		0.42			1.26			1.48			1.16			0.10
Total from Investment Operations		0.39			1.24			1.47			1.15			0.07
LESS DISTRIBUTIONS FROM:
Net investment income		—			—			(0.01	)		—			—
Net realized capital gains		—			—			—			—			—
Total Distributions		—			—			(0.01	)		—			—
Net asset value, end of the period	$	9.18		$	8.79		$	7.55		$	6.09		$	4.94
Total return(b)		4.44	%		16.42	%		24.21	%		23.28	%		1.44	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	41,421		$	29,837		$	20,798		$	10,489		$	10,262
Net expenses		1.67	%		1.69	%		1.78	%		1.82	%		1.89	%
Gross expenses		1.67	%		1.69	%		1.78	%		1.82	%		1.89	%
Net investment loss		(0.29	)%		(0.20	)%		(0.20	)%		(0.13	)%		(0.53	)%
Portfolio turnover rate		27	%		14	%		6	%		16	%		16	%

(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.

See accompanying notes to financial statements.

59  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Growth Fund—Class N
	Year Ended September 30, 2015			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)		0.08			0.05			0.03
Net realized and unrealized gain (loss)		0.49			1.42			0.95
Total from Investment Operations		0.57			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	$	10.52		$	10.01		$	8.56
Total return(b)		5.65	%		17.21	%		12.93	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1		$	1		$	1
Net expenses(d)		0.55	%		0.95	%		0.95	%(e)
Gross expenses		9.82	%		3.45	%		3.50	%(e)
Net investment income		0.71	%		0.52	%		0.60	%(e)
Portfolio turnover rate		27	%		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.

|  60

Financial Highlights (continued)

For a share outstanding throughout each period.

	Growth Fund—Class Y
	Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of the period	$	10.04		$	8.57		$	6.90		$	5.56		$	5.43
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.07			0.08			0.05			0.06			0.03
Net realized and unrealized gain (loss)		0.49			1.42			1.69			1.30			0.10
Total from Investment Operations		0.56			1.50			1.74			1.36			0.13
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	$	10.53		$	10.04		$	8.57		$	6.90		$	5.56
Total return		5.59	%		17.51	%		25.49	%		24.57	%		2.21	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,174,150		$	1,004,157		$	541,245		$	102,688		$	70,177
Net expenses		0.67	%		0.69	%		0.77	%		0.82	%		0.89	%
Gross expenses		0.67	%		0.69	%		0.77	%		0.82	%		0.89	%
Net investment income		0.69	%		0.79	%		0.68	%		0.87	%		0.49	%
Portfolio turnover rate		27	%		14	%		6	%		16	%		16	%

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

See accompanying notes to financial statements.

61  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Value Fund—Class A
	Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of the period	$	28.47		$	25.59		$	20.86		$	16.04		$	16.78
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.29			0.45	(b)		0.31			0.27			0.20
Net realized and unrealized gain (loss)		(1.58	)		4.00			4.70			4.78			(0.72	)
Total from Investment Operations		(1.29	)		4.45			5.01			5.05			(0.52	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.53	)		(0.27	)		(0.28	)		(0.23	)		(0.22	)
Net realized capital gains		(2.67	)		(1.30	)		—			—			—
Total Distributions		(3.20	)		(1.57	)		(0.28	)		(0.23	)		(0.22	)
Net asset value, end of the period	$	23.98		$	28.47		$	25.59		$	20.86		$	16.04
Total return(c)		(5.59	)%		17.97	%(b)		24.35	%		31.71	%		(3.28	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	124,662		$	580,092		$	171,327		$	129,572		$	126,789
Net expenses		0.95	%		0.96	%		0.97	%		0.98	%		0.98	%
Gross expenses		0.95	%		0.96	%		0.97	%		0.98	%		0.98	%
Net investment income		1.07	%		1.63	%(b)		1.31	%		1.45	%		1.09	%
Portfolio turnover rate		20	%		28	%		24	%		25	%		29	%

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

See accompanying notes to financial statements.

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Financial Highlights (continued)

For a share outstanding throughout each period.

	Value Fund—Class B
	Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of the period	$	28.76		$	25.77		$	20.95		$	16.05		$	16.77
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.08			0.32	(b)		0.14			0.13			0.06
Net realized and unrealized gain (loss)		(1.63	)		3.97			4.75			4.81			(0.73	)
Total from Investment Operations		(1.55	)		4.29			4.89			4.94			(0.67	)
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	$	24.54		$	28.76		$	25.77		$	20.95		$	16.05
Total return(c)		(6.32	)%		17.08	%(b)		23.42	%		30.79	%		(4.05	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	60		$	672		$	1,143		$	1,534		$	2,037
Net expenses		1.69	%		1.71	%		1.72	%		1.73	%		1.73	%
Gross expenses		1.69	%		1.71	%		1.72	%		1.73	%		1.73	%
Net investment income		0.29	%		1.16	%(b)		0.59	%		0.71	%		0.32	%
Portfolio turnover rate		20	%		28	%		24	%		25	%		29	%

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

See accompanying notes to financial statements.

63  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Value Fund—Class C
	Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of the period	$	28.14		$	25.33		$	20.65		$	15.85		$	16.58
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.10			0.31	(b)		0.13			0.13			0.06
Net realized and unrealized gain (loss)		(1.57	)		3.89			4.68			4.74			(0.71	)
Total from Investment Operations		(1.47	)		4.20			4.81			4.87			(0.65	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.31	)		(0.09	)		(0.13	)		(0.07	)		(0.08	)
Net realized capital gains		(2.67	)		(1.30	)		—			—			—
Total Distributions		(2.98	)		(1.39	)		(0.13	)		(0.07	)		(0.08	)
Net asset value, end of the period	$	23.69		$	28.14		$	25.33		$	20.65		$	15.85
Total return(c)		(6.30	)%		17.07	%(b)		23.41	%		30.78	%		(4.00	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	15,071		$	16,958		$	15,158		$	9,104		$	8,996
Net expenses		1.70	%		1.71	%		1.72	%		1.73	%		1.73	%
Gross expenses		1.70	%		1.71	%		1.72	%		1.73	%		1.73	%
Net investment income		0.40	%		1.15	%(b)		0.55	%		0.70	%		0.33	%
Portfolio turnover rate		20	%		28	%		24	%		25	%		29	%

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

See accompanying notes to financial statements.

|  64

Financial Highlights (continued)

For a share outstanding throughout each period.

	Value Fund—Class N
	Year Ended September 30, 2015			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)		0.42			0.63	(b)		0.25
Net realized and unrealized gain (loss)		(1.61	)		3.94			2.81
Total from Investment Operations		(1.19	)		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	$	24.09		$	28.58		$	25.65
Total return		(5.23	)%		18.43	%(b)		13.55	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	554,946		$	392,811		$	260,643
Net expenses		0.57	%		0.57	%		0.57	%(d)
Gross expenses		0.57	%		0.57	%		0.57	%(d)
Net investment income		1.55	%		2.28	%(b)		1.50	%(d)
Portfolio turnover rate		20	%		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.

65  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Value Fund—Class Y
	Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of the period	$	28.58		$	25.65		$	20.91		$	16.08		$	16.82
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.37			0.60	(b)		0.36			0.32			0.25
Net realized and unrealized gain (loss)		(1.60	)		3.94			4.72			4.78			(0.73	)
Total from Investment Operations		(1.23	)		4.54			5.08			5.10			(0.48	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.58	)		(0.31	)		(0.34	)		(0.27	)		(0.26	)
Net realized capital gains		(2.67	)		(1.30	)		—			—			—
Total Distributions		(3.25	)		(1.61	)		(0.34	)		(0.27	)		(0.26	)
Net asset value, end of the period	$	24.10		$	28.58		$	25.65		$	20.91		$	16.08
Total return		(5.37	)%		18.27	%(b)		24.65	%		32.05	%		(3.05	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	681,109		$	1,303,492		$	1,513,807		$	1,240,093		$	957,584
Net expenses		0.70	%		0.71	%		0.72	%		0.73	%		0.74	%
Gross expenses		0.70	%		0.71	%		0.72	%		0.73	%		0.74	%
Net investment income		1.36	%		2.19	%(b)		1.56	%		1.68	%		1.34	%
Portfolio turnover rate		20	%		28	%		24	%		25	%		29	%

(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%.

See accompanying notes to financial statements.

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Financial Highlights (continued)

For a share outstanding throughout each period.

	Value Fund—Admin Class
	Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of the period	$	28.34		$	25.51		$	20.79		$	16.00		$	16.74
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.26			0.30	(b)		0.24			0.22			0.17
Net realized and unrealized gain (loss)		(1.61	)		4.07			4.71			4.77			(0.73	)
Total from Investment Operations		(1.35	)		4.37			4.95			4.99			(0.56	)
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	$	23.81		$	28.34		$	25.51		$	20.79		$	16.00
Total return		(5.83	)%		17.68	%(b)		24.08	%		31.43	%		(3.48	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	85,387		$	268		$	12		$	2		$	1
Net expenses		1.23	%		1.21	%		1.19	%		1.24	%		1.17	%
Gross expenses		1.23	%		1.21	%		1.19	%		1.24	%		1.17	%
Net investment income		1.03	%		1.07	%(b)		1.01	%		1.17	%		0.90	%
Portfolio turnover rate		20	%		28	%		24	%		25	%		29	%

(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%.

See accompanying notes to financial statements.

67  |

Notes to Financial Statements

September 30, 2015

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.

See Note 14 for changes that take effect subsequent to September 30, 2015.

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

|  68

Notes to Financial Statements (continued)

September 30, 2015

Value Fund Class A, Class B, Class C and Admin Class (for 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 year-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, except as disclosed in Note 14.

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

69  |

Notes to Financial Statements (continued)

September 30, 2015

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 of September 30, 2015, securities of the funds included in net assets (reflected at absolute value) were fair valued as follows:

Fund	Equity securities1		Percentage of Net Assets			Illiquid securities2		Percentage of Net Assets			Other fair valued securities3		Percentage of Net Assets
Global Equity and Income Fund	$	253,092,575		20.3	%	$	1,821,900		0.1	%	$	171,786		Less than 0.1	%

¹  Certain foreign equity securities were 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.

²  Illiquid securities are deemed to be fair valued pursuant to the Fund’s pricing policies and procedures.

³  Fair valued by the Fund’s adviser.

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

|  70

Notes to Financial Statements (continued)

September 30, 2015

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

c.  Foreign Currency Translation.  The books and records of the Funds are maintained in U.S. dollars. The values of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income and expenses are translated 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 dividends, interest and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains 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

71  |

Notes to Financial Statements (continued)

September 30, 2015

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.  Due to Broker.  Transactions and positions in certain forward foreign currency contracts are maintained and cleared by registered U.S. broker/dealers pursuant to customer agreements between a Fund and the various broker/dealers. The due to broker 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.  When-Issued and Delayed Delivery Transactions.  The Funds may enter into when-issued or delayed delivery transactions. When-issued refers to transactions made conditionally because a security, although authorized, has not been issued. Delayed delivery refers to transactions for which delivery or payment will occur at a later date, beyond the normal settlement period. The price of when-issued and delayed delivery securities and the date when the securities 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 value of the security may vary with market fluctuations during the time before the Funds take delivery of the security. No interest accrues to the Funds until the transaction settles.

Delayed delivery transactions include those designated as To Be Announced (“TBAs”) in the Portfolios of Investments. For TBAs, the actual security that will be delivered to fulfill the transaction is not designated at the time of the trade. The security is “to be announced” 48 hours prior to the established trade settlement date. Certain transactions require the Funds 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.

Purchases of when-issued or delayed delivery securities may have a similar effect on the Funds’ NAV 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.

g.  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

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Notes to Financial Statements (continued)

September 30, 2015

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 September 30, 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 twelve 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 where reclaims have been or will be filed 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.

h.  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 gains and losses, paydown gains and losses, contingent payment debt instruments, capital gain and return of capital distributions received, deferred Trustees’ fees, convertible bonds, redemption-in-kind, distribution re-designations 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

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September 30, 2015

amortization, contingent payment debt instruments, capital gain tax, convertible bonds 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 years ended September 30, 2015 and 2014 were as follows:

	2015 Distributions Paid From:						2014 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total		Ordinary Income		Long-Term Capital Gains		Total
Global Equity and Income Fund	$	29,430,584	$	43,172,460	$	72,603,044	$	23,348,919	$	11,468,716	$	34,817,635
Growth Fund		6,342,015		—		6,342,015		1,924,183		—		1,924,183
Value Fund		56,748,378		200,996,242		257,744,620		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, 2015, the components of distributable earnings on a tax basis were as follows:

	Global Equity and Income Fund		Growth Fund			Value Fund
Undistributed ordinary income	$	11,929,161	$	6,222,212		$	16,447,285
Undistributed long-term capital gains		57,954,573		—			303,190,350
Total undistributed earnings		69,883,734		6,222,212			319,637,635
Capital loss carryforward:
Expires:
September 30, 2018		—		(18,909,834	)		—
Total capital loss carryforward		—		(18,909,834	)		—
Unrealized appreciation		55,563,732		87,245,036			164,652,795
Total accumulated earnings	$	125,447,466	$	74,557,414		$	484,290,430
Capital loss carryforward utilized in the current year	$	—	$	27,363,638		$	—

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Notes to Financial Statements (continued)

September 30, 2015

i.  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 September 30, 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.

j.  Securities Lending.  The Funds have entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Funds, to lend securities to certain designated borrowers. The loans are collateralized with cash or securities in an amount equal to at least 105% or 102% of the market value (including accrued interest) of the loaned international or domestic securities, respectively, when the loan is initiated. Thereafter, the value of the collateral must remain at least 102% of the market value (including accrued interest) of loaned securities for U.S. equities and U.S. corporate debt; at least 105% of the market value (including accrued interest) of loaned securities for non-U.S. equities; and at least 100% of the market value (including accrued interest) of loaned securities for U.S. Government securities, sovereign debt issued by non-U.S. Governments and non-U.S. corporate debt. In the event that the market value of the collateral falls below the required percentages described above, the borrower will deliver additional collateral on the next business day. As with other extensions of credit, the Funds 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 year ended September 30, 2015, none of the Funds had loaned securities under this agreement.

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

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September 30, 2015

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 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.

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Notes to Financial Statements (continued)

September 30, 2015

The following is a summary of the inputs used to value the Funds’ investments as of September 30, 2015, at value:

Global Equity and Income Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Common Stocks
Belgium	$	—	$	18,721,113	$	—		$	18,721,113
China		20,007,518		13,313,947		—			33,321,465
Denmark		—		15,060,105		—			15,060,105
France		—		18,006,952		—			18,006,952
Germany		—		4,244,166		—			4,244,166
Hong Kong		—		17,048,044		—			17,048,044
India		14,232,396		14,103,053		—			28,335,449
Italy		—		9,164,625		—			9,164,625
Japan		—		38,736,832		—			38,736,832
Netherlands		—		18,987,413		—			18,987,413
Philippines		—		9,056,184		—			9,056,184
Sweden		—		20,392,217		—			20,392,217
Switzerland		—		23,211,471		—			23,211,471
United Kingdom		—		33,046,453		—			33,046,453
All Other Common Stocks(a)		479,889,428		—		—			479,889,428
Total Common Stocks		514,129,342		253,092,575		—			767,221,917
Bonds and Notes
Non-Convertible Bonds
United States		27,435		226,670,659		171,786	(b)		226,869,880
All Other Non-Convertible Bonds(a)		—		164,002,133		—			164,002,133
Total Non-Convertible Bonds		27,435		390,672,792		171,786			390,872,013
Convertible Bonds(a)		—		8,526,055		—			8,526,055
Municipals(a)		—		488,491		—			488,491
Total Bonds and Notes		27,435		399,687,338		171,786			399,886,559
Senior Loans(a)		—		4,360,499		—			4,360,499
Preferred Stocks
Convertible Preferred Stocks(a)		86,339		337,660		—			423,999
Non-Convertible Preferred Stock(a)		342,076		—		—			342,076
Total Preferred Stocks		428,415		337,660		—			766,075
Short-Term Investments		—		58,779,905		—			58,779,905
Total Investments		514,585,192		716,257,977		171,786			1,231,014,955

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Notes to Financial Statements (continued)

September 30, 2015

Global Equity and Income Fund (continued)

Asset Valuation Inputs (continued)

Description	Level 1		Level 2			Level 3		Total
Forward Foreign Currency Contracts (unrealized appreciation)	$	—	$	521,042		$	—	$	521,042
Total	$	514,585,192	$	716,779,019		$	171,786	$	1,231,535,997
Liability Valuation Inputs
Description	Level 1		Level 2			Level 3		Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—	$	(302,245	)	$	—	$	(302,245	)

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

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

A preferred stock valued at $45,080 was transferred from Level 1 to Level 2 during the period ended September 30, 2015. At September 30, 2014, this security was valued at the last sale price. At September 30, 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.

Growth Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	1,319,282,076	$	—	$	—	$	1,319,282,076
Short-Term Investments		—		54,314,835		—		54,314,835
Total	$	1,319,282,076	$	54,314,835	$	—	$	1,373,596,911

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

For the year ended September 30, 2015, there were no transfers among Levels 1, 2 and 3.

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Notes to Financial Statements (continued)

September 30, 2015

Value Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	1,433,312,248	$	—	$	—	$	1,433,312,248
Short-Term Investments		—		17,234,812		—		17,234,812
Total	$	1,433,312,248	$	17,234,812	$	—	$	1,450,547,060

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

For the year ended September 30, 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 September 30, 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
Korea	$	4,567,994		$	—	$	18,693		$	(43,564	)	$	—
United States		2,546,713			1,992		707			(2,076	)		—
Total	$	7,114,707		$	1,992	$	19,400		$	(45,640	)	$	—
Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of September 30, 2015			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at September 30, 2015
Bonds and Notes
Non-Convertible Bonds
Korea	$	(911,424	)	$	—	$	(3,631,699	)	$	—		$	—
United States		(5,145	)		—		(2,370,405	)		171,786			(1,278	)
Total	$	(916,569	)	$	—	$	(6,002,104	)	$	171,786		$	(1,278	)

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Notes to Financial Statements (continued)

September 30, 2015

Debt securities valued at $6,002,104 were transferred from Level 3 to Level 2 during the period ended September 30, 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 September 30, 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.

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 an underlying asset, reference rate or index. 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 year ended September 30, 2015, the Fund engaged in forward foreign currency transactions for hedging purposes and to gain exposure to foreign currencies.

The following is a summary of derivative instruments for Global Equity and Income Fund as of September 30, 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		$ 521,042
Liabilities	Unrealized depreciation on forward foreign currency contracts
Over-the-counter liability derivatives
Foreign exchange contracts		$(302,245)

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Notes to Financial Statements (continued)

September 30, 2015

Transactions in derivative instruments for Global Equity and Income Fund during the year ended September 30, 2015 as reflected within the Statements of Operations were as follows:

Net Realized Gain on:	Foreign currency transactions1
Foreign exchange contracts	$	2,983,251
Net Change in Unrealized Appreciation (Depreciation) on:	Foreign currency translations1
Foreign exchange contracts	$	(464,262	)

¹  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 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.

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 year ended September 30, 2015:

Global Equity and Income Fund	Forwards
Average Notional Amount Outstanding		6.43	%
Highest Notional Amount Outstanding		7.62	%
Lowest Notional Amount Outstanding		5.36	%
Notional Amount Outstanding as of September 30, 2015		6.63	%

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

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September 30, 2015

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.

As of September 30, 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.	$	255,746		$	—		$	255,746		$	(255,746	)	$	—
Credit Suisse International		193,463			(193,463	)		—			—			—
UBS AG		71,833			(10,308	)		61,525			—			61,525
	$	521,042		$	(203,771	)	$	317,271		$	(255,746	)	$	61,525
Counterparty	Gross Amounts of Liabilities			Offset Amount			Net Liability Balance			Collateral (Received)/ Pledged			Net Amount
Credit Suisse International	$	(194,126	)	$	193,463		$	(663	)	$	—		$	(663	)
Morgan Stanley & Co.		(97,811	)		—			(97,811	)		97,811			—
UBS AG		(10,308	)		10,308			—			—			—
	$	(302,245	)	$	203,771		$	(98,474	)	$	97,811		$	(663	)

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,

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Notes to Financial Statements (continued)

September 30, 2015

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 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 September 30, 2015:

Maximum Amount of Loss - Gross	Maximum Amount of Loss - Net
$720,071	$	162,743

These amounts include cash received as collateral for Global Equity and Income Fund of $270,000.

5.  Purchases and Sales of Securities.  For the year ended September 30, 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	$	524,990,285	$	543,011,136
Growth Fund		505,227,282		304,720,520
Value Fund		375,837,194		1,108,114,632

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September 30, 2015

For the year ended September 30, 2015, purchases and sales of U.S. Government/Agency securities by the Global Equity and Income Fund were $59,748,527 and $57,172,398, respectively.

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 year ended September 30, 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, organizational and extraordinary expenses such as litigation and indemnification expenses. These undertakings are in effect until January 31, 2016, may be terminated before then only with the consent of the Funds’ Board of Trustees 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 year ended September 30, 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

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Notes to Financial Statements (continued)

September 30, 2015

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 year ended September 30, 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	$	9,385,904	$	—	$	9,385,904		0.75	%		0.75	%
Growth Fund		5,802,901		—		5,802,901		0.50	%		0.50	%
Value Fund		9,462,497		—		9,462,497		0.50	%		0.50	%

No expenses were recovered for any of the Funds during the year ended September 30, 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.

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Notes to Financial Statements (continued)

September 30, 2015

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

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

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

For the year ended September 30, 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	$	611,000	$	—	$	962,202	$	—	$	—	$	2,886,606	$	—
Growth Fund		205,806		522		95,125		—		1,566		285,374		—
Value Fund		746,244		714		42,852		48,927		2,141		128,555		48,928

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)

September 30, 2015

For the year ended September 30, 2015, the administrative fees for each Fund were as follows:

Fund	Administrative Fees
Global Equity and Income Fund	$	533,866
Growth Fund		495,189
Value Fund		807,293

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 year ended September 30, 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	$	989,949
Growth Fund		950,196
Value Fund		1,541,449

As of September 30, 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	$	11,829
Growth Fund		12,970
Value Fund		18,255

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.

87  |

Notes to Financial Statements (continued)

September 30, 2015

e.  Commissions.  Commissions (including CDSCs) on Fund shares retained by NGAM Distribution during the year ended September 30, 2015, were as follows:

Fund	Commissions
Global Equity and Income Fund	$	109,919
Growth Fund		25,373
Value Fund		9,085

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 of Trustees 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, the chairperson of the Contract Review Committee and the chairperson of the Audit Committee each receive 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, Loomis Sayles Funds Trusts and Gateway Trust 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)

September 30, 2015

g.  Affiliated Ownership.  As of September 30, 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		1.27	%		1.14	%		2.41	%
Growth Fund		0.92	%		2.19	%		3.11	%
Value Fund		0.94	%		1.59	%		2.53	%

Additionally, as of September 30, 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 year ended September 30, 2015, NGAM Advisors reimbursed the Fund $144 for transfer agency expenses related to Class N shares.

i.  Payment by Affiliates.  For the year ended September 30, 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 year ended September 30, 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	$	78,138	$	197	$	36,081	$	144	$	982,107	$	—
Value Fund		385,151		363		21,616		1,281		1,208,866		27,217

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.

89  |

Notes to Financial Statements (continued)

September 30, 2015

8.  Line of Credit.  Each Fund, together with certain other funds of Natixis Funds Trusts and Loomis Sayles Funds Trusts, participates in a $150,000,000 committed unsecured line of credit provided by State Street Bank. 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). 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 0.15% 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 year ended September 30, 2015, Value Fund had an average daily balance on the line of credit (for those days on which there were borrowings) of $45,446,091 at a weighted average interest rate of 1.39%. Interest expense incurred (which is reflected in miscellaneous expenses in the Statements of Operations) was $5,264.

Prior to April 16, 2015, the committed unsecured line of credit was $200,000,000 with an individual limit of $125,000,000 for each Fund that participated in the line of credit. In addition, the commitment fee was 0.10% 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 year ended September 30, 2015, amounts rebated under these agreements were as follows:

Fund	Rebates
Global Equity and Income Fund	$	49,146
Growth Fund		26,880
Value Fund		108,334

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 September 30, 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)

September 30, 2015

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
Global Equity and Income Fund		—		—			2.41	%		2.41	%
Growth Fund		2		37.16	%		3.11	%		40.27	%
Value Fund		2		38.42	%		2.53	%		40.95	%

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:

	Year Ended September 30, 2015					Year Ended September 30, 2014
Global Equity and Income Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	4,329,411		$	83,633,755		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	(3,512,804	)		(67,808,443	)	(6,534,023	)		(128,000,618	)
Net change	1,359,964		$	26,024,128		(1,527,635	)	$	(31,620,679	)
Class C
Issued from the sale of shares	5,429,765		$	103,964,870		4,201,270		$	80,327,199
Issued in connection with the reinvestment of distributions	555,784			10,348,688		215,331			4,076,209
Redeemed	(3,679,631	)		(70,272,069	)	(3,650,704	)		(70,124,476	)
Net change	2,305,918		$	44,041,489		765,897		$	14,278,932
Class Y
Issued from the sale of shares	11,734,160		$	227,617,351		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	(12,553,471	)		(243,060,865	)	(8,613,247	)		(167,198,779	)
Net change	750,945		$	14,140,106		1,278,854		$	26,508,163
Increase (decrease) from capital share transactions	4,416,827		$	84,205,723		517,116		$	9,166,416

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Notes to Financial Statements (continued)

September 30, 2015

12.  Capital Shares (continued).

	Year Ended September 30, 2015					Year Ended September 30, 2014
Growth Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	7,627,613		$	76,862,467		3,007,220		$	27,233,233
Issued in connection with the reinvestment of distributions	32,331			321,374		6,400			55,872
Redeemed	(2,055,747	)		(20,446,591	)	(2,503,981	)		(22,914,837	)
Net change	5,604,197		$	56,737,250		509,639		$	4,374,268
Class B
Issued from the sale of shares	342		$	3,298		2,541		$	20,382
Redeemed	(46,536	)		(434,022	)	(141,955	)		(1,161,919	)
Net change	(46,194	)	$	(430,724	)	(139,414	)	$	(1,141,537	)
Class C
Issued from the sale of shares	1,853,819		$	17,439,832		1,212,100		$	10,078,324
Issued in connection with the reinvestment of distributions	—			—		—			—
Redeemed	(738,782	)		(6,915,130	)	(571,652	)		(4,797,966	)
Net change	1,115,037		$	10,524,702		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
Net change	1		$	7		0	*	$	4
Class Y
Issued from the sale of shares	52,581,221		$	564,535,215		49,660,184		$	483,150,619
Issued in connection with the reinvestment of distributions	466,174			4,918,135		174,623			1,617,014
Redeemed	(18,517,808	)		(199,164,033	)	(13,014,287	)		(124,084,003	)
Redeemed in-kind (Note 13)	(23,009,100	)		(238,604,371	)	—			—
Net change	11,520,487		$	131,684,946		36,820,520		$	360,683,630
Increase (decrease) from capital share transactions	18,193,528		$	198,516,181		37,831,193		$	369,196,723

* Amount rounds to less than one share.

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Notes to Financial Statements (continued)

September 30, 2015

12.  Capital Shares (continued).

	Year Ended September 30, 2015					Year Ended September 30, 2014
Value Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	1,738,963		$	46,569,244		15,747,402		$	429,600,872
Issued in connection with the reinvestment of distributions	2,328,240			61,605,209		579,679			15,129,608
Redeemed	(19,246,045	)		(514,711,447	)	(2,644,187	)		(72,446,851	)
Net change	(15,178,842	)	$	(406,536,994	)	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	1,136			30,982		1,686			44,736
Redeemed	(22,159	)		(612,219	)	(24,118	)		(659,371	)
Net change	(20,916	)	$	(578,348	)	(20,985	)	$	(576,225	)
Class C
Issued from the sale of shares	168,212		$	4,489,770		116,820		$	3,134,859
Issued in connection with the reinvestment of distributions	46,757			1,229,708		21,199			550,342
Redeemed	(181,426	)		(4,774,431	)	(133,849	)		(3,668,131	)
Net change	33,543		$	945,047		4,170		$	17,070
Class N
Issued from the sale of shares	12,753,984		$	350,880,527		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	(6,232,756	)		(161,942,813	)	(1,123,644	)		(30,658,707	)
Net change	9,291,501		$	262,377,671		3,583,968		$	96,989,893
Class Y
Issued from the sale of shares	7,557,970		$	201,571,556		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	(28,985,641	)		(786,537,213	)	(25,850,524	)		(708,914,565	)
Net change	(17,353,074	)	$	(476,785,103	)	(13,399,731	)	$	(372,029,818	)
Admin Class
Issued from the sale of shares	3,750,246		$	100,404,741		10,291		$	280,894
Issued in connection with the reinvestment of distributions	8			209		4			96
Redeemed	(173,819	)		(4,485,251	)	(1,317	)		(36,879	)
Net change	3,576,435		$	95,919,699		8,978		$	244,111
Increase (decrease) from capital share transactions	(19,651,353	)	$	(524,658,028	)	3,859,294		$	96,928,660

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Notes to Financial Statements (continued)

September 30, 2015

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 year ended September 30, 2015. This amount is included in realized gain (loss) on the Statements of Operations.

14.  Subsequent Event.  On September 10, 2015, the Board of Trustees approved the following changes: (i) the early conversion of all of the Funds’ remaining Class B shares into Class A shares for Growth Fund and Value Fund, effective at the close of business on January 11, 2016, and (ii) a broadening of eligibility requirements for Class N shares of Growth Fund and Value Fund to include investors with an initial minimum investment of $1,000,000, effective November 2, 2015.

|  94

Report of Independent Registered Public Accounting Firm

To the Trustees of Loomis Sayles Funds II and Shareholders of Loomis Sayles Global Equity and Income Fund, Loomis Sayles Growth Fund and Loomis Sayles Value Fund:

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Loomis Sayles Global Equity and Income Fund, Loomis Sayles Growth Fund and Loomis Sayles Value Fund, each a series of Loomis Sayles Funds II (collectively, the “Funds”) at September 30, 2015, and the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at September 30, 2015 by correspondence with the custodian, agent banks and brokers, and the application of alternative auditing procedures where securities purchased had not been received, provide a reasonable basis for the opinion expressed above.

PricewaterhouseCoopers LLP

Boston, Massachusetts

November 20, 2015

95  |

2015 U.S. Tax Distribution Information to Shareholders (Unaudited)

Corporate Dividends Received Deduction.  For the fiscal year ended September 30, 2015, a percentage of dividends distributed by the Funds listed below qualify for the dividends received deduction for corporate shareholders. These percentages are as follows:

Fund	Qualifying Percentage
Global Equity and Income		21.21	%
Growth		100.00	%
Value		74.20	%

Capital Gains Distributions.  Pursuant to Internal Revenue Section 852(b), the following Funds paid distributions, which have been designated as capital gains distributions for the fiscal year ended September 30, 2015, unless subsequently determined to be different.

Fund	Amount
Global Equity and Income		$43,172,460
Value		200,996,242

Qualified Dividend Income.  For the fiscal year ended September 30, 2015, the Funds below will designate up to the maximum amount allowable pursuant to the Internal Revenue Code as qualified dividend income eligible for reduced tax rates. These lower rates range from 0% to 20% depending on an individual’s tax bracket. If the Funds pay a distribution during calendar year 2015, complete information will be reported in conjunction with Form 1099-DIV.

Fund

Global Equity and Income

Growth

Value

|  96

Trustee and Officer Information

The tables below provide certain information regarding the trustees and officers of Loomis Sayles Funds II (the “Trust”). Unless otherwise indicated, the address of all persons below is 399 Boylston Street, Boston, MA 02116. The Funds’ Statements of Additional Information include additional information about the trustees of the Trust and are available by calling Natixis Funds at 800-225-5478.

Name and Year of Birth	Position(s) Held with the Trust, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INDEPENDENT TRUSTEES
Kenneth A. Drucker (1945)	Trustee since 2008 Chairperson of the Audit Committee and Governance Committee Member	Retired	42 None	Significant experience on the Board and on the boards of other business organizations (including at investment companies); executive experience (including as treasurer of an aerospace, automotive, and metal manufacturing corporation)
Edmond J. English (1953)	Trustee since 2013 Contract Review Committee Member	Chief Executive Officer of Bob’s Discount Furniture (retail)	42 Formerly, Director, BJ’s Wholesale Club (retail); formerly, Director, Citizens Financial Group (bank)	Experience on the Board and significant experience on the boards of other business organizations (including at a retail company and a bank); executive experience (including at a retail company)

97  |

Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trust, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INDEPENDENT TRUSTEES continued
Richard A. Goglia (1951)	Trustee since 2015 Audit Committee Member	Retired; formerly Vice President and Treasurer of Raytheon Company (defense)	42 None	Experience on the Board and executive experience (including his role as vice president and treasurer of a defense company and experience at a financial services company)
Wendell J. Knox (1948)	Trustee since 2009 Audit Committee Member and Governance Committee Member	Director of Abt Associates Inc. (research and consulting)	42 Director, Eastern Bank (bank); Director, The Hanover Insurance Group (property and casualty insurance)	Significant experience on the Board and on the boards of other business organizations (including at a bank and at a property and casualty insurance firm); executive experience (including roles as president and chief executive officer of a research and consulting company)

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Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trust, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INDEPENDENT TRUSTEES continued
Martin T. Meehan (1956)	Trustee since 2012 Contract Review Committee Member	President, University of Massachusetts (formerly, Chancellor and faculty member, University of Massachusetts Lowell)	42 None	Experience on the Board and on the boards of other business organizations; experience as President of the University of Massachusetts; government experience (including as a member of the U.S. House of Representatives); academic experience
Sandra O. Moose (1942)	Chairperson of the Board of Trustees since November 2005 Trustee since 2003 Ex Officio member of the Audit Committee, the Contract Review Committee and the Governance Committee	President, Strategic Advisory Services (management consulting)	42 Director, AES Corporation (international power company); formerly, Director, Verizon Communications (telecommunications company)	Significant experience on the Board and on the boards of other business organizations (including at a telecommunications company, an international power company and a specialty chemicals corporation); executive experience (including at a management consulting company)

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Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trust, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INDEPENDENT TRUSTEES continued
Erik R. Sirri (1958)	Trustee since 2009 Audit Committee Member	Professor of Finance at Babson College	42 None	Significant experience on the Board; experience as Director of the Division of Trading and Markets at the Securities and Exchange Commission; academic experience; training as an economist
Peter J. Smail (1952)	Trustee since 2009 Chairperson of the Contract Review Committee and Governance Committee Member	Retired	42 None	Significant experience on the Board; mutual fund industry and executive experience (including roles as president and chief executive officer for an investment adviser)
Cynthia L. Walker (1956)	Trustee since 2005 Chairperson of the Governance Committee and Contract Review Committee Member	Deputy Dean for Finance and Administration, Yale University School of Medicine	42 None	Significant experience on the Board; executive experience in a variety of academic organizations (including roles as dean for finance and administration)

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Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trust, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INTERESTED TRUSTEES
Kevin P. Charleston3 (1965) One Financial Center Boston, MA 02111	Trustee since 2015	President, Chief Executive Officer and Director; formerly, Chief Financial Officer, Loomis, Sayles & Company, L.P.	42 None	Continuing service as President, Chief Executive Officer and Director of Loomis, Sayles & Company, L.P.
David L. Giunta4 (1965)	Trustee since 2011 President since 2008 and Chief Executive Officer since 2015	President and Chief Executive Officer, NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.	42 None	Experience on the Board; continuing experience as President and Chief Executive Officer of NGAM Advisors, L.P.
John T. Hailer5 (1960)	Trustee since 2003	President and Chief Executive Officer – U.S. and Asia, Natixis Global Asset Management, L.P.	42 None	Significant experience on the Board; continuing experience as President and Chief Executive Officer – U.S. and Asia, Natixis Global Asset Management, L.P.

¹  Each trustee serves until retirement, resignation or removal from the Board. The current retirement age is 75. The position of Chairperson of the Board is appointed for a three-year term. Ms. Moose was appointed to serve an additional three-year term as the Chairperson of the Board on December 13, 2013.

²  The trustees of the Trusts serve as trustees of a fund complex that includes all series of the Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV and Gateway Trust (collectively, the “Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (collectively, the “Loomis Sayles Funds Trusts”) (collectively, the “Fund Complex”).

³  Mr. Charleston is deemed an “interested person” of the Trusts because he holds the following positions with an affiliated person of the Trusts: President, Chief Executive Officer and Director of Loomis, Sayles & Company, L.P.

⁴  Mr. Giunta is deemed an “interested person” of the Trusts because he holds the following positions with an affiliated person of the Trusts: President and Chief Executive Officer of NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.

⁵ Mr. Hailer is deemed an “interested person” of the Trusts because he holds the following positions with an affiliated person of the Trusts: President and Chief Executive Officer – U.S. and Asia, Natixis Global Asset Management, L.P.

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Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trust(s)	Term of Office1 and Length of Time Served	Principal Occupation(s) During Past 5 Years2
OFFICERS OF THE TRUST
Coleen Downs Dinneen (1960)	Secretary, Clerk and Chief Legal Officer	Since September 2004	Executive Vice President, General Counsel, Secretary and Clerk, NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.
Daniel J. Fuss (1933) One Financial Center Boston, MA 02111	Executive Vice President	Since June 2003	Vice Chairman and Director, Loomis, Sayles & Company, L.P.
Russell L. Kane (1969)	Chief Compliance Officer, Assistant Secretary and Anti-Money Laundering Officer	Chief Compliance Officer since May 2006; Assistant Secretary since June 2004; and Anti-Money Laundering Officer since April 2007	Chief Compliance Officer for Mutual Funds, Senior Vice President, Deputy General Counsel, Assistant Secretary and Assistant Clerk, NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.
Michael C. Kardok (1959)	Treasurer, Principal Financial and Accounting Officer	Since October 2004	Senior Vice President, NGAM Advisors, L.P. and NGAM Distribution, L.P.

¹  Each officer of the Trusts serves for an indefinite term in accordance with the Trusts’ current by-laws until the date his or her successor is elected and qualified, or until he or she sooner dies, retires, is removed or becomes disqualified.

²  Each person listed above, except as noted, holds the same position(s) with the Fund Complex. Mr. Fuss is not an officer of the Natixis Funds Trusts. Previous positions during the past five years with NGAM Distribution, L.P., NGAM Advisors, L.P. or Loomis, Sayles & Company, L.P. are omitted, if not materially different from a trustee’s or officer’s current position with such entity.

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Loomis Sayles Small Cap Growth Fund

Loomis Sayles Small Cap Value Fund

Loomis Sayles Small/Mid Cap Growth Fund

Annual Report

September 30, 2015

TABLE OF CONTENTS
Portfolio Review	1
Portfolio of Investments	19
Financial Statements	38
Notes to Financial Statements	50

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.

Market Conditions

Performance in the U.S. equity markets was mixed during the 12-month period ended September 30, 2015, and growth stocks generally outperformed value stocks in the small-cap segment of the market. Though volatility remained relatively muted for the majority of the fiscal year, it did begin to increase in August and September due to concerns over slower global growth. The period closed with negative investor sentiment overshadowing continued mergers-and-acquisition (M&A) activity and more attractive valuations.

Performance Results

For the 12 months ended September 30, 2015, Institutional Class shares of Loomis Sayles Small Cap Growth Fund returned 5.78% at net asset value. The Fund outperformed its benchmark, the Russell 2000^® Growth Index, which returned 4.04%.

Explanation of Fund Performance

Stock selection drove the majority of the Fund’s outperformance, particularly in the healthcare and consumer discretionary sectors. Stock selection in the industrials and consumer staples sectors detracted from relative results.

Among the Fund’s top contributors to performance was biotechnology company Anacor Pharmaceuticals. Sales of the company’s drug Kerydin^® were better than expected. Anacor also announced positive late-stage trial data for a different drug in its pipeline. Another biotechnology company, Receptos, was also a top-performing stock after announcing it would be acquired by Celgene at an attractive premium. Elsewhere in the healthcare sector, Cambrex, a manufacturer of active pharmaceutical ingredients (APIs), also performed well. The company reported a strong quarter, with demand increasing across all of its product categories. Cambrex also announced an expansion of existing facilities to keep up with demand levels.

The plummeting price of oil pressured shares of energy and commodity-related companies, with the benchmark’s energy sector down more than 50% during the fiscal year. Within the Fund, Oasis Petroleum, an oil and natural gas exploration and production company; Forum Energy Technologies, a manufacturer and distributor of products to the oil and natural gas industries; and Flotek Industries, a developer and supplier of oilfield products, services and equipment, were the largest performance detractors.

Outlook

We believe volatility in the small-cap market may persist through the end of 2015. Valuations have trended toward more normal levels relative to large-cap companies, but

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investors remain cautious. The upcoming earnings season will be particularly important for small-cap growth managers. We will continue to seek out strong secular growth companies with high-quality business models that should enable wealth creation for shareholders over time. As investors digest critical economic data, indications of positive trends may favor businesses of a more cyclical nature. Regardless, we always monitor market conditions in order to mitigate volatility and to tightly control position sizes, especially in those holdings most prone to mirror a pullback in the market.

Growth of $100,000 Investment in Institutional Class Shares²

September 30, 2005 through September 30, 2015

Average Annual Total Returns — September 30, 2015²

	1 year			5 years			10 years			Life of Class N
Institutional Class (Inception 12/31/96)		5.78	%		14.41	%		9.52	%		—	%
Retail Class (Inception 12/31/96)		5.58			14.11			9.23			—
Class N (Inception 2/1/13)		5.92			—			—			12.35
Comparative Performance
Russell 2000® Growth Index1		4.04			13.26			7.67			11.32

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.

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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.

Market Conditions

After posting gains through the first three quarters of the fiscal year, stocks generally tumbled during the period’s final quarter. Concerns about the pace of growth in China and elsewhere triggered the late-quarter volatility. The Federal Reserve’s (the Fed’s) decision to hold off raising short-term interest rates added to investors’ unease.

Small-cap stocks broadly outperformed large-cap stocks for the first three quarters of the reporting period but underperformed in the last quarter of the fiscal year. Overall, small-cap stocks outpaced large-cap stocks for the 12-month period. Additionally, growth stocks outperformed value stocks for the entire period but lagged value stocks during the final three months of the fiscal year.

Performance Results

For the 12 months ended September 30, 2015, Institutional Class shares of Loomis Sayles Small Cap Value Fund returned 1.20 % at net asset value. The Fund outperformed its benchmark, the Russell 2000^® Value Index, which returned -1.60%.

Explanation of Fund Performance

Stock selection was mostly positive, with strength in the financials, particularly among real estate investment trusts (REITs), and consumer discretionary sectors. Stock selection lagged in the materials sector. Mergers-and-acquisitions (M&A) activity among portfolio holdings was strong, as eight companies were acquired during the 12-month period.

Top performers included HCC Insurance Holdings, Post Holdings and Euronet Worldwide. Specialty insurance provider HCC Insurance Holdings announced it was being acquired by Tokio Marine Holdings at a significant premium to HCC’s closing price the day before the announcement. Post Holdings, a breakfast cereal company, announced an acquisition and delivered earnings that surpassed analyst expectations. Euronet Worldwide, a provider of payment processing and transaction solutions to financial institutions, retailers and mobile device operators, reported better-than-expected earnings. With 30% of revenues denominated in the euro, core growth remained strong despite the currency headwinds.

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Meanwhile, performance among holdings in the materials sector weighed down results. Main detractors included Helix Energy Solutions Group, SunCoke Energy and Tronox Limited. Helix Energy Solutions is an international offshore energy company that provides development solutions and other key life-of-field services to the energy industry. The energy industry downturn affected the company’s well intervention business more than previously thought. SunCoke Energy produces metallurgical coke, a key ingredient in the production of steel. More than 90% of the metallurgical coke produced is used in the iron and steel industries. SunCoke shares suffered due to energy sector weakness, but the company possesses different characteristics from other, more commodity-sensitive stocks. Tronox is a producer of titanium dioxide pigment, which is used in paints, coatings and plastics. The company’s share price weakened over the fiscal year as the desired improvement in industry volumes and pricing did not materialize.

Outlook

Investors are unclear if the Fed will raise rates by year-end 2015 or early 2016. We believe equity investors have largely built in an initial rate hike. Assuming inflation remains well-contained, further rate increases will be considered at a deliberate pace. Rate hikes associated with a healthy economy are generally not considered a negative for stocks, and we expect stocks to take measured policy actions in stride.

We believe that energy earnings will continue to drag on U.S. aggregate earnings in 2016. However, healthy earnings growth outside of energy should continue. We anticipate that 2016 aggregate earnings growth may be in the mid-single digits. Domestic equity fundamentals remain supported by healthy dividend growth, ongoing shareholder activism and continued M&A activity.

Potential risks include reversing global economic fundamentals, commodity price swings, volatility related to U.S. rate increases, and geopolitics. Still, valuations are attractive after the correction in August, which has created buying opportunities for discerning investors.

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LOOMIS SAYLES SMALL CAP VALUE FUND

Growth of $100,000 Investment in Institutional Class Shares³

September 30, 2005 through September 30, 2015

Average Annual Total Returns — September 30, 2015³

	1 year			5 years			10 years			Life of Class N
Institutional Class (Inception 5/13/91)		1.20	%		12.31	%		7.61	%		—	%
Retail Class (Inception 12/31/96)		0.94			12.03			7.34			—
Admin Class (Inception 1/2/98)		0.71			11.75			7.06			—
Class N (Inception 2/1/13)		1.25			—			—			8.93
Comparative Performance
Russell 2000® Value Index1		-1.60			10.17			5.35			6.37
Russell 2000® Index2		1.25			11.73			6.55			8.81

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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LOOMIS SAYLES SMALL/MID CAP GROWTH FUND

Managers	Symbols
Mark F. Burns, CFA®	Institutional Class	LSMIX
John J. Slavik, CFA®

Objective

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

Market Conditions

Increased, intense equity market volatility characterized the time period from the Fund’s inception on June 30, 2015, through its fiscal year-end on September 30, 2015. After posting strong absolute returns in July, markets reversed course, and returns were generally negative in August and September. During the period, leadership shifted, and small-cap and growth stocks generally underperformed their large-cap and value counterparts.

Performance Results

For the three months ended September 30, 2015, Institutional Class shares of Loomis Sayles Small/Mid Cap Growth Fund returned -9.50%. The Fund held up better than its benchmark, the Russell 2500^® Growth Index, which returned -11.05%.

Explanation of Fund Performance

Though the Fund posted negative absolute results, it outpaced its benchmark during a particularly challenging period for small- and mid-cap stocks. Stock selection accounted for the majority of the Fund’s outperformance, particularly in the healthcare sector, and to a lesser extent, in the information technology sector. Stock selection in the industrials sector detracted the most from relative performance.

Among the Fund’s top contributors to performance was biotechnology company Intra-Cellular, which advanced significantly after announcing positive results from a final-stage trial for its schizophrenia drug. In addition, a position in ZS Pharma, a biopharmaceutical company, was another top-performing stock. Shares increased following reports that Actelion made a preliminary acquisition bid for ZS Pharma. Another leading contributor was Tyler Technologies, a provider of software and services to state and local governments. The company reported a solid quarter with strong software license and royalty sales, further increasing its market share in a large addressable market.

Meanwhile, a position in XPO Logistics, a provider of transportation and logistics services, was a large performance detractor. The company, which historically has operated on an asset-light business model, appeared to shift its strategy with the announced acquisition of a trucking company. Investors reacted negatively, and shares declined. In addition, a position in Astronics Corporation, an aerospace and defense company, was also a major detractor as the company reported weaker-than-expected growth in its aerospace division.

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LOOMIS SAYLES SMALL/MID CAP GROWTH FUND

The Fund’s exposure to Endurance International Group Holdings, a web solutions provider, also weighed on results. While expectations for the stock were high, the company reported in-line quarter results, weaker guidance and flat average revenues per subscriber, which disappointed investors.

Outlook

We believe volatility may persist through the end of the year, given the market uncertainty surrounding global growth and interest rates. Valuations have trended toward more “normal” levels relative to large-cap companies, but investors remain cautious. We will continue to seek out strong secular growth companies with high-quality business models that should enable wealth creation for shareholders over time. Our active risk management has served our clients well during this most recent period of heightened volatility. Risk management and stock selection will remain paramount as we navigate these markets.

Total Returns — September 30, 2015²

	Life of Fund
Institutional Class (Inception 6/30/15)		-9.50	%
Comparative Performance
Russell 2500® Growth Index1		-11.05

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 2500^® Growth Index is an unmanaged index that measures the performance of the small-to-mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500^® companies with higher price-to-book ratios and higher 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.

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ADDITIONAL INFORMATION

The views expressed in this report reflect those of the portfolio managers as of the dates indicated. The managers’ views are subject to change at any time without notice based on changes in market or other conditions. References to specific securities or industries should not be regarded as investment advice. Because the Funds are actively managed, there is no assurance that they will continue to invest in the securities or industries mentioned.

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, 2015 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 April 1, 2015 through

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September 30, 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 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 4/1/2015			Ending Account Value 9/30/2015		Expenses Paid During Period* 4/1/2015 – 9/30/2015
Actual		$1,000.00			$919.30		$4.52
Hypothetical (5% return before expenses)		$1,000.00			$1,020.36		$4.76
Retail Class
Actual		$1,000.00			$918.40		$5.72
Hypothetical (5% return before expenses)		$1,000.00	��		$1,019.10		$6.02
Class N
Actual		$1,000.00			$919.90		$3.99
Hypothetical (5% return before expenses)		$1,000.00			$1,020.91		$4.20
*   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 (183), divided by 365 (to reflect the half-year period).

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Loomis Sayles Small Cap Value Fund

Institutional Class	Beginning Account Value 4/1/2015		Ending Account Value 9/30/2015		Expenses Paid During Period* 4/1/2015 – 9/30/2015
Actual		$1,000.00		$891.70		$4.27
Hypothetical (5% return before expenses)		$1,000.00		$1,020.56		$4.56
Retail Class
Actual		$1,000.00		$890.70		$5.45
Hypothetical (5% return before expenses)		$1,000.00		$1,019.30		$5.82
Admin Class
Actual		$1,000.00		$889.40		$6.63
Hypothetical (5% return before expenses)		$1,000.00		$1,018.05		$7.08
Class N
Actual		$1,000.00		$892.00		$3.94
Hypothetical (5% return before expenses)		$1,000.00		$1,020.91		$4.20
*   Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.90%, 1.15%, 1.40% and 0.83% 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 (183), divided by 365 (to reflect the half-year period).

Loomis Sayles Small/Mid Cap Growth Fund

Institutional Class	Beginning Account Value 4/1/20151		Ending Account Value 9/30/2015		Expenses Paid During Period* 4/1/20151 – 9/30/2015
Actual		$1,000.00		$905.00		$2.041
Hypothetical (5% return before expenses)		$1,000.00		$1,020.81		$4.31*
*   Hypothetical expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement) of 0.85% for Institutional Class, multiplied by the average account value over the period, multiplied by the number of days in the most recent half-year (183), divided by 365 (to reflect the half-year period).
1    Fund commenced operations on June 30, 2015. Actual expenses are equal to the Fund's annualized expense ratio (after waiver/reimbursement) of 0.85% for Institutional Class, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal period (92), divided by 365 (to reflect the partial period).

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BOARD APPROVAL OF ADVISORY AGREEMENTS

The Board of Trustees of the Trusts (the “Board”), including the Independent Trustees, considers matters bearing on each Fund’s advisory agreement (collectively, the “Agreements”) at most of its meetings throughout the year. Each year, usually in the spring, the Contract Review Committee of the Board meets to review the Agreements to determine whether to recommend that the full Board approve the continuation of the Agreements, typically for an additional one-year period. After the Committee has made its recommendation, the full Board, including the Independent Trustees, determines whether to approve the continuation of the Agreements.

In connection with these meetings, the Trustees receive materials that the Funds’ investment adviser (the “Adviser”) believes to be reasonably necessary for the Trustees to evaluate the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Funds and the performance of peer groups and categories of funds and the Funds’ performance benchmarks, (ii) information on the Funds’ advisory fees and other expenses, including information comparing the Funds’ expenses to the fees charged to institutional accounts with similar strategies managed by the Adviser, if any, and to those of peer groups of funds and information about applicable expense caps and/or fee “breakpoints,” (iii) sales and redemption data in respect of the Funds, (iv) information about the profitability of the Agreements to the Adviser and (v) information obtained through the completion by the Adviser of a questionnaire distributed on behalf of the Trustees. The Board, including the Independent Trustees, also considers other matters such as (i) the Adviser’s financial results and/or financial condition, (ii) each Fund’s investment objective and strategies and the size, education and experience of the Adviser’s investment staff and its use of technology, external research and trading cost measurement tools, (iii) arrangements in respect of the distribution of the Funds’ shares and the related costs, (iv) the procedures employed to determine the value of the Funds’ assets, (v) the allocation of the Funds’ brokerage, if any, including, if applicable, allocations to brokers affiliated with the Adviser and the use of “soft” commission dollars to pay Fund expenses and to pay for research and other similar services, (vi) the resources devoted to, and the record of compliance with, the Funds’ investment policies and restrictions, policies on personal securities transactions and other compliance policies, (vii) information about amounts invested by the Funds’ portfolio managers in the Funds or in similar accounts that they manage and (viii) the general economic outlook with particular emphasis on the mutual fund industry. Throughout the process, the Trustees are afforded the opportunity to ask questions of and request additional materials from the Adviser.

In addition to the materials requested by the Trustees in connection with their annual consideration of the continuation of the Agreements, the Trustees receive materials in advance of each regular quarterly meeting of the Board that provide detailed information about the Funds’ investment performance and the fees charged to the Funds for advisory and other services. This information generally includes, among other things, an internal performance rating for each Fund based on agreed-upon criteria, graphs showing each Fund’s performance and fee differentials against each Fund’s peer group/category,

11  |

performance ratings provided by a third-party, total return information for various periods, and third-party performance rankings for various periods comparing a Fund against similarly categorized funds. The portfolio management team for each Fund or other representatives of the Adviser make periodic presentations to the Contract Review Committee and/or the full Board, and Funds identified as presenting possible performance concerns may be subject to more frequent board presentations and reviews. In addition, each quarter the Trustees are provided with detailed statistical information about each Fund’s portfolio. The Trustees also receive periodic updates between meetings.

The Board most recently approved the continuation of the Agreements at its meeting held in June 2015. The Agreements were continued for a one-year period for the Funds. In considering whether to approve the continuation of the Agreements, the Board, including the Independent Trustees, did not identify any single factor as determinative. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. Matters considered by the Trustees, including the Independent Trustees, in connection with their approval of the Agreements included, but were not limited to, the factors listed below.

The nature, extent and quality of the services provided to the Funds under the Agreements. The Trustees considered the nature, extent and quality of the services provided by the Adviser and its affiliates to the Funds and the resources dedicated to the Funds by the Adviser and its affiliates.

The Trustees considered not only the advisory services provided by the Adviser to the Funds, but also the monitoring and oversight services provided by NGAM Advisors, L.P. (“NGAM Advisors”). They also considered the administrative services provided by NGAM Advisors and its affiliates to the Funds. For each Fund, the Trustees also considered the benefits to shareholders of investing in a mutual fund that is part of a family of funds that offers shareholders the right to exchange shares of one type of fund for shares of another type of fund, and provides a variety of fund and shareholder services.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the nature, extent and quality of services provided supported the renewal of the Agreements.

Investment performance of the Funds and the Adviser. As noted above, the Trustees received information about the performance of the Funds over various time periods, including information that compared the performance of the Funds to the performance of peer groups and categories of funds and the Funds’ respective performance benchmarks. In addition, the Trustees also reviewed data prepared by an independent third party that analyzed the performance of the Funds using a variety of performance metrics, including metrics that also measured the performance of the Funds on a risk adjusted basis. With respect to each Fund, the Board concluded that the Fund’s performance or other relevant factors supported the renewal of the Agreement relating to that Fund. Although the Trustees noted that each Fund had performance that lagged that of a relevant peer group median and/or category median of funds for certain (although not necessarily all) periods, the Board concluded that other factors relevant to performance supported renewal of the

|  12

relevant Agreement. These factors included one or more of the following: (1) that the underperformance was attributable, to a significant extent, to investment decisions (such as security selection or sector allocation) by the Adviser that were reasonable and consistent with the Fund’s investment objective and policies; (2) that the Fund’s more recent performance was competitive when compared to relevant performance benchmarks or peer groups; and (3) that the Fund’s long-term performance was competitive when compared to relevant performance benchmarks or peer groups.

The Trustees also considered the Adviser’s performance and reputation generally, the performance of the fund family generally, and the historical responsiveness of the Adviser to Trustee concerns about performance and the willingness of the Adviser to take steps intended to improve performance.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the performance of the Funds and the Adviser supported the renewal of the Agreements.

The costs of the services to be provided and profits to be realized by the Adviser and its affiliates from their respective relationships with the Funds. The Trustees considered the fees charged to the Funds for advisory services as well as the total expense levels of the Funds. This information included comparisons (provided both by management and also by an independent third party) of the Funds’ advisory fees and total expense levels to those of their peer groups and information about the advisory fees charged by the Adviser to comparable accounts (such as institutional separate accounts), as well as information about differences in such fees and the reasons for any such differences. In considering the fees charged to comparable accounts, the Trustees considered, among other things, management’s representations about the differences between managing mutual funds as compared to other types of accounts, including the additional resources required to effectively manage mutual fund assets and the greater regulatory costs associated with the management of such assets. In evaluating each Fund’s advisory fee, the Trustees also took into account the demands, complexity and quality of the investment management of such Fund and the need for the Adviser to offer competitive compensation and to expend additional resources as the Funds grow in size. The Trustees considered that over the past several years, management had made recommendations regarding reductions in advisory fee rates, implementation of advisory fee breakpoints and the institution of advisory fee waivers and expense caps for various funds in the fund family. They noted that both of the Funds in this report have expense caps in place, and they considered the amounts waived or reimbursed by the Adviser for the Loomis Sayles Small Cap Value Fund. The Loomis Sayles Small Cap Growth Fund’s current expenses are below the cap.

The Trustees also considered the compensation directly or indirectly received by the Adviser and its affiliates from their relationships with the Funds. The Trustees reviewed information provided by management as to the profitability of the Adviser and its affiliates’ relationships with the Funds, and information about the allocation of expenses used to calculate profitability. They also reviewed information provided by management about the effect of distribution costs and changes in asset levels on Adviser profitability, including information regarding resources spent on distribution activities. When reviewing

13  |

profitability, the Trustees also considered information about court cases in which adviser compensation or profitability were issues, the performance of the relevant Funds, the expense levels of the Funds, and whether the Adviser had implemented breakpoints and/or expense caps with respect to such Funds.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the advisory fee charged to each of the Funds was fair and reasonable, and that the costs of these services generally and the related profitability of the Adviser and its affiliates in respect of their relationships with the Funds supported the renewal of the Agreements.

Economies of Scale. The Trustees considered the existence of any economies of scale in the provision of services by the Adviser and whether those economies are shared with the Funds through breakpoints in their investment advisory fees or other means, such as expense waivers or caps. The Trustees also discussed with management the factors considered with respect to the implementation of breakpoints in investment advisory fees or expense waivers or caps for certain funds. Management explained that a number of factors are taken into account in considering the implementation of breakpoints or an expense cap for a fund, including, among other things, factors such as a fund’s assets, the projected growth of a fund, projected profitability and a fund’s fees and performance. With respect to economies of scale, the Trustees noted that although neither Fund’s management fee was subject to breakpoints, each Fund’s management fee and overall net expense ratio was below the median fee for a peer group of funds and that each Fund was subject to an expense cap. In considering these issues, the Trustees also took note of the costs of the services provided (both on an absolute and a relative basis) and the profitability to the Adviser and its affiliates of their relationships with the Funds, as discussed above.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the extent to which economies of scale were shared with the Funds supported the renewal of the Agreements.

The Trustees also considered other factors, which included but were not limited to the following:

• the effect of recent market and economic events on the performance, asset levels and expense ratios of each Fund.

• whether each Fund has operated in accordance with its investment objective and the Fund’s record of compliance with its investment restrictions, and the compliance programs of the Funds and the Adviser. They also considered the compliance-related resources the Adviser and its affiliates were providing to the Funds.

• Plans for maintaining continuity of portfolio management where that was thought to be a potential issue.

• the nature, quality, cost and extent of administrative and shareholder services performed by the Adviser and its affiliates, both under the Agreements and under separate agreements covering administrative services.

|  14

• so-called “fallout benefits” to the Adviser, such as the engagement of affiliates of the Adviser to provide distribution, administrative and brokerage services to the Funds, and the benefits of research made available to the Adviser by reason of brokerage commissions (if any) generated by the Funds’ securities transactions. The Trustees also considered the benefits to the parent company of NGAM Advisors from the retention of the Adviser. The Trustees considered the possible conflicts of interest associated with these fallout and other benefits, and the reporting, disclosure and other processes in place to disclose and monitor such possible conflicts of interest.

• the Trustees’ review and discussion of the Funds’ advisory arrangements in prior years, and management’s record of responding to Trustee concerns raised during the year and in prior years.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Trustees, including the Independent Trustees, concluded that each of the existing Agreements should be continued through June 30, 2016.

15  |

BOARD APPROVAL OF THE INITIAL ADVISORY AGREEMENT

The Investment Company Act of 1940, as amended (the “1940 Act”), requires that both the full Board of Trustees of the Trust and a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”), voting separately, initially approve for a two-year term any new investment advisory and sub-advisory agreements for a registered investment company, including newly formed funds such as the Loomis Sayles Small/Mid Cap Growth Fund (the“Fund”). The Trustees, including the Independent Trustees, unanimously approved the proposed investment advisory agreement (the “Agreement”) for the Fund at an in-person meeting held on June 19, 2015.

In connection with this review, Fund management and other representatives of the Fund’s adviser, Loomis, Sayles & Company, L.P. (the “Adviser”), distributed to the Trustees materials including, among other items, (i) information on the proposed advisory fees and other expenses to be charged to the Fund, including information comparing the Fund’s expenses to those of peer groups of funds and information on fees charged to other accounts advised or sub-advised by the Adviser and the proposed expense cap, (ii) the Fund’s investment objective and strategies, (iii) the size, education and experience of the Adviser’s investment staff and the investment strategies proposed to be used in managing the Fund, (iv) proposed arrangements for the distribution of the Fund’s shares, (v) the procedures proposed to be employed to determine the value of the Fund’s assets, (vi) the Fund’s investment policies and restrictions, policies on personal securities transactions and other compliance policies, (vii) information about the Adviser’s performance, and (viii) the general economic outlook with particular emphasis on the mutual fund industry. The Trustees also considered the fact that they oversee other funds advised by the Adviser as well as information about the Adviser they had received in connection with their oversight of those other funds. Because the Fund is newly formed and had not commenced operations at the time of the Trustees’ review, certain information, including data relating to Fund performance, was not available, and therefore could not be distributed to the Trustees. Throughout the process, the Trustees were afforded the opportunity to ask questions of, and request additional materials from, the Adviser.

In considering whether to initially approve the Agreement, the Board of Trustees, including the Independent Trustees, did not identify any single factor as determinative. Individual Trustees may have evaluated the information presented differently from one another, giving weight to various factors. Matters considered by the Trustees, including the Independent Trustees, in connection with their approval of the Agreement included, but were not limited to, the factors listed below:

The nature, extent and quality of the services to be provided to the Fund under the Agreement. The Trustees considered the nature, extent and quality of the services to be provided by the Adviser and its affiliates to the Fund, and the resources to be dedicated to the Fund by the Adviser and its affiliates. The Trustees considered their experience with other funds advised by the Adviser, as well as the affiliation between the Adviser and Natixis Global Asset Management, L.P. (“Natixis US”), whose affiliates provide investment advisory

|  16

services to other funds in the same family of mutual funds. In this regard, the Trustees considered not only the advisory services proposed to be provided by the Adviser to the Fund, but also the monitoring and administrative services proposed to be provided by NGAM Advisors, L.P. (“NGAM Advisors”) and its affiliates to the Fund.

The Trustees also considered the benefits to shareholders of investing in a mutual fund that is part of a family of funds that offers shareholders the right to exchange shares of one type of fund for shares of another type of fund, and provides a variety of fund and shareholder services.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the Agreement, that the scope of the services to be provided to the Fund under the Agreement seemed consistent with the Fund’s operational requirements, and that the Adviser had the capabilities, resources and personnel necessary to provide the advisory services that would be required by the Fund. The Trustees determined that the nature, extent and quality of services proposed to be provided under the Agreement supported approval of the Agreement.

Investment performance of the Fund and the Adviser. Because the Fund had not yet commenced operations, performance information for the Fund was not considered; however, the Board considered the performance of other funds and accounts managed by the Adviser, including accounts managed in accordance with the Fund’s proposed strategies.

The Trustees also considered the Adviser’s performance and reputation generally, the performance of the fund family generally, and the historical responsiveness of the Adviser to Trustee concerns about performance and the willingness of the Adviser to take steps intended to improve performance.

Based on this and other information, the Trustees concluded, within the context of their overall conclusions regarding the Agreement, that these relevant factors supported approval of the Agreement.

The costs of the services to be provided by the Adviser and its affiliates from its relationship with the Fund. Although the Fund had not yet commenced operations at the time of the Trustees’ review of the Agreement, the Trustees reviewed information comparing the proposed advisory fees and estimated total expenses of the Fund’s share classes with the fees and expenses of comparable share classes of comparable funds identified by the Adviser, as well as information about differences in such fees. In evaluating the fees charged to such comparable accounts, the Trustees considered, among other things, management’s representations about the differences between managing mutual funds as compared to other types of accounts, including the additional resources required to effectively manage, and the greater regulatory costs associated with the management of, mutual fund assets. In evaluating the Fund’s proposed advisory fees, the Trustees also took into account the demands, complexity and quality of the investment management of the Fund and the need for the Adviser to offer competitive compensation. The Trustees also noted that the Fund would have an expense cap in place. In addition, the Trustees considered information regarding the administrative fees to be paid by the Fund to the Adviser’s affiliates.

17  |

Because the Fund had not yet commenced operations, historical profitability information with respect to the Fund was not considered. However, the Trustees noted the information provided in court cases in which adviser profitability was an issue, the estimated expense level of the Fund, and that the Fund would be subject to an expense cap.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the Agreement, that the advisory fees and expenses proposed to be charged to the Fund were fair and reasonable, and supported the approval of the Agreement.

Economies of scale. The Trustees considered the extent to which the Adviser may realize economies of scale or other efficiencies in managing the Fund, and whether those economies could be shared with the Fund through breakpoints in the advisory fees or other means, such as expense waivers or caps. The Trustees noted that the Fund will be subject to an expense cap. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the Agreement, that the extent to which economies of scale might be shared with the Fund supported the approval of the Agreement.

The Trustees also considered other factors, which included but were not limited to the following:

• The compliance-related resources the Adviser and its affiliates would provide to the Fund.

• So-called “fallout benefits” to the Adviser, such as the engagement of affiliates of the Adviser to provide distribution and administrative services to the Fund, and the benefits of research made available to the Adviser by reason of brokerage commissions (if any) generated by the Fund’s securities transactions. The Trustees also considered the benefits to the Natixis organization from the retention of the Adviser. The Trustees considered the possible conflicts of interest associated with these fallout and other benefits, and the reporting, disclosure and other processes in place to disclose and monitor such possible conflicts of interest.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Trustees, including the Independent Trustees, concluded that the Agreement should be approved.

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Portfolio of Investments – as of September 30, 2015

Loomis Sayles Small Cap Growth Fund

Shares		Description	Value (†)
	Common Stocks – 96.3% of Net Assets
		Aerospace & Defense – 1.6%
	385,168	DigitalGlobe, Inc.(b)	$	7,325,895
	239,132	Hexcel Corp.		10,727,462
				18,053,357
		Air Freight & Logistics – 0.2%
	112,137	Echo Global Logistics, Inc.(b)		2,197,885
		Auto Components – 1.0%
	254,863	Gentherm, Inc.(b)		11,448,446
		Banks – 5.1%
	365,917	Bank of the Ozarks, Inc.		16,012,528
	260,394	Pinnacle Financial Partners, Inc.		12,866,068
	361,894	PrivateBancorp, Inc.		13,871,397
	902,582	Talmer Bancorp, Inc., Class A		15,027,990
				57,777,983
		Biotechnology – 6.6%
	293,294	Acorda Therapeutics, Inc.(b)		7,775,224
	474,098	Amicus Therapeutics, Inc.(b)		6,632,631
	47,912	Anacor Pharmaceuticals, Inc.(b)		5,639,722
	183,533	Chimerix, Inc.(b)		7,010,961
	447,878	Emergent Biosolutions, Inc.(b)		12,760,044
	218,731	Insys Therapeutics, Inc.(b)		6,225,084
	843,966	MiMedx Group, Inc.(b)		8,144,272
	160,331	Neurocrine Biosciences, Inc.(b)		6,379,570
	72,517	Retrophin, Inc.(b)		1,469,194
	119,242	TESARO, Inc.(b)		4,781,604
	225,483	Zafgen, Inc.(b)		7,204,182
				74,022,488
		Building Products – 1.8%
	240,209	Apogee Enterprises, Inc.		10,725,332
	282,088	Trex Co., Inc.(b)		9,401,993
				20,127,325
		Capital Markets – 2.0%
	315,418	Artisan Partners Asset Management, Inc.		11,112,176
	350,832	HFF, Inc., Class A		11,844,088
				22,956,264
		Commercial Services & Supplies – 1.4%
	459,731	Healthcare Services Group, Inc.		15,492,935
		Communications Equipment – 0.6%
	317,502	Ciena Corp.(b)		6,578,641

See accompanying notes to financial statements.

19  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Small Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Construction & Engineering – 0.8%
	303,063	Granite Construction, Inc.	$	8,991,879
		Consumer Finance – 0.9%
	259,963	Encore Capital Group, Inc.(b)		9,618,631
		Distributors – 1.4%
	211,189	Pool Corp.		15,268,965
		Diversified Consumer Services – 3.6%
	280,292	2U, Inc.(b)		10,062,483
	265,782	Bright Horizons Family Solutions, Inc.(b)		17,073,836
	674,655	Nord Anglia Education, Inc.(b)		13,715,736
				40,852,055
		Diversified Financial Services – 1.3%
	162,701	MarketAxess Holdings, Inc.		15,111,669
		Electronic Equipment, Instruments & Components – 2.0%
	163,779	FEI Co.		11,962,418
	141,511	IPG Photonics Corp.(b)		10,750,591
				22,713,009
		Energy Equipment & Services – 0.8%
	160,293	Dril-Quip, Inc.(b)		9,332,258
		Food Products – 0.5%
	117,016	Calavo Growers, Inc.		5,223,594
		Health Care Equipment & Supplies – 5.6%
	384,091	Cynosure, Inc., Class A(b)		11,538,094
	277,275	Inogen, Inc.(b)		13,461,701
	125,499	Insulet Corp.(b)		3,251,679
	272,390	LDR Holding Corp.(b)		9,405,627
	359,679	Merit Medical Systems, Inc.(b)		8,599,925
	282,542	Natus Medical, Inc.(b)		11,146,282
	314,772	Quidel Corp.(b)		5,942,895
				63,346,203
		Health Care Providers & Services – 6.1%
	178,002	Acadia Healthcare Co., Inc.(b)		11,796,193
	83,254	Adeptus Health, Inc., Class A(b)		6,723,593
	396,949	AMN Healthcare Services, Inc.(b)		11,912,439
	224,119	Amsurg Corp.(b)		17,416,288
	162,845	Ensign Group, Inc. (The)		6,942,082
	267,407	Team Health Holdings, Inc.(b)		14,448,000
				69,238,595
		Health Care Technology – 1.0%
	277,347	Medidata Solutions, Inc.(b)		11,679,082

See accompanying notes to financial statements.

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Portfolio of Investments – as of September 30, 2015

Loomis Sayles Small Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Hotels, Restaurants & Leisure – 6.2%
	330,934	Chuy’s Holdings, Inc.(b)	$	9,398,526
	345,660	Diamond Resorts International, Inc.(b)		8,084,987
	211,476	Popeyes Louisiana Kitchen, Inc.(b)		11,918,787
	364,132	Texas Roadhouse, Inc.		13,545,711
	149,843	Vail Resorts, Inc.		15,685,565
	280,795	Zoe’s Kitchen, Inc.(b)		11,088,595
				69,722,171
		Internet & Catalog Retail – 0.7%
	224,919	Wayfair, Inc., Class A(b)		7,885,660
		Internet Software & Services – 4.7%
	227,279	comScore, Inc.(b)		10,488,926
	315,347	Criteo S.A., Sponsored ADR(b)		11,838,126
	234,606	Demandware, Inc.(b)		12,124,438
	429,633	Q2 Holdings, Inc.(b)		10,620,528
	467,920	Wix.com Ltd.(b)		8,151,166
				53,223,184
		IT Services – 4.4%
	190,924	Blackhawk Network Holdings, Inc.(b)		8,093,268
	188,849	EPAM Systems, Inc.(b)		14,073,027
	242,723	Euronet Worldwide, Inc.(b)		17,983,347
	329,857	InterXion Holding NV(b)		8,932,528
				49,082,170
		Leisure Products – 0.7%
	183,461	Vista Outdoor, Inc.(b)		8,151,172
		Life Sciences Tools & Services – 1.8%
	221,892	Cambrex Corp.(b)		8,804,675
	289,415	INC Research Holdings, Inc., Class A(b)		11,576,600
				20,381,275
		Machinery – 3.0%
	119,817	Middleby Corp. (The)(b)		12,603,550
	206,735	Proto Labs, Inc.(b)		13,851,245
	115,220	RBC Bearings, Inc.(b)		6,882,091
				33,336,886
		Media – 0.9%
	293,581	IMAX Corp.(b)		9,920,102
		Oil, Gas & Consumable Fuels – 1.6%
	131,535	Diamondback Energy, Inc.(b)		8,497,161
	179,675	PDC Energy, Inc.(b)		9,524,572
				18,021,733

See accompanying notes to financial statements.

21  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Small Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Pharmaceuticals – 2.3%
	332,606	Flamel Technologies S.A., Sponsored ADR(b)	$	5,424,804
	269,086	Impax Laboratories, Inc.(b)		9,474,518
	110,525	Intra-Cellular Therapies, Inc.(b)		4,425,421
	102,649	ZS Pharma, Inc.(b)		6,739,933
				26,064,676
		Professional Services – 2.2%
	60,310	Advisory Board Co. (The)(b)		2,746,518
	153,938	CEB, Inc.		10,520,123
	184,395	Huron Consulting Group, Inc.(b)		11,530,219
				24,796,860
		Road & Rail – 0.7%
	138,494	Genesee & Wyoming, Inc., Class A(b)		8,182,225
		Semiconductors & Semiconductor Equipment – 5.9%
	193,877	Cavium, Inc.(b)		11,898,231
	442,419	Inphi Corp.(b)		10,635,753
	862,211	Intersil Corp.		10,087,869
	327,702	MKS Instruments, Inc.		10,987,848
	241,789	Monolithic Power Systems, Inc.		12,379,597
	246,961	Silicon Laboratories, Inc.(b)		10,258,760
				66,248,058
		Software – 8.8%
	27,564	Blackbaud, Inc.		1,546,892
	569,982	Callidus Software, Inc.(b)		9,683,994
	131,885	Ellie Mae, Inc.(b)		8,779,584
	333,161	FleetMatics Group PLC(b)		16,354,874
	384,737	Guidewire Software, Inc.(b)		20,229,472
	173,979	Imperva, Inc.(b)		11,392,145
	221,317	Proofpoint, Inc.(b)		13,349,841
	96,615	Ultimate Software Group, Inc. (The)(b)		17,295,051
				98,631,853
		Specialty Retail – 3.6%
	184,826	Asbury Automotive Group, Inc.(b)		14,998,630
	243,154	Monro Muffler Brake, Inc.		16,425,053
	99,488	Restoration Hardware Holdings, Inc.(b)		9,283,225
				40,706,908
		Textiles, Apparel & Luxury Goods – 3.3%
	221,227	Columbia Sportswear Co.		13,005,935
	161,767	Oxford Industries, Inc.		11,951,346
	338,477	Steven Madden Ltd.(b)		12,395,028
				37,352,309

See accompanying notes to financial statements.

|  22

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Small Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Thrifts & Mortgage Finance – 1.2%
	526,176	Essent Group Ltd.(b)	$	13,075,474
		Total Common Stocks (Identified Cost $960,613,858)		1,084,813,980
	Principal Amount
	Short-Term Investments – 4.7%
$	52,824,100	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2015 at 0.010% to be repurchased at $52,824,114 on 10/01/2015 collateralized by $53,885,000 U.S. Treasury Note, 1.750% due 3/31/2022 valued at $53,885,000 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $52,824,100)		52,824,100
		Total Investments – 101.0% (Identified Cost $1,013,437,958)(a)		1,137,638,080
		Other assets less liabilities—(1.0)%		(11,259,297	)
		Net Assets – 100.0%	$	1,126,378,783
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information:
		At September 30, 2015, the net unrealized appreciation on investments based on a cost of $1,013,771,679 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	$	175,925,721
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(52,059,320	)
		Net unrealized appreciation	$	123,866,401
	(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.

23  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Small Cap Growth Fund – continued

Industry Summary at September 30, 2015

Software	8.8	%
Biotechnology	6.6
Hotels, Restaurants & Leisure	6.2
Health Care Providers & Services	6.1
Semiconductors & Semiconductor Equipment	5.9
Health Care Equipment & Supplies	5.6
Banks	5.1
Internet Software & Services	4.7
IT Services	4.4
Diversified Consumer Services	3.6
Specialty Retail	3.6
Textiles, Apparel & Luxury Goods	3.3
Machinery	3.0
Pharmaceuticals	2.3
Professional Services	2.2
Capital Markets	2.0
Electronic Equipment, Instruments & Components	2.0
Other Investments, less than 2% each	20.9
Short-Term Investments	4.7
Total Investments	101.0
Other assets less liabilities	(1.0	)
Net Assets	100.0	%

See accompanying notes to financial statements.

|  24

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Small Cap Value Fund

Shares		Description	Value (†)
	Common Stocks – 97.9% of Net Assets
		Aerospace & Defense – 1.3%
	317,222	BWX Technologies, Inc.	$	8,361,972
	281,044	DigitalGlobe, Inc.(b)		5,345,457
				13,707,429
		Auto Components – 2.3%
	451,308	Fox Factory Holding Corp.(b)		7,609,053
	195,841	Horizon Global Corp.(b)		1,727,318
	395,941	Metaldyne Performance Group, Inc.		8,318,720
	152,747	Tenneco, Inc.(b)		6,838,483
				24,493,574
		Banks – 17.2%
	494,275	BancorpSouth, Inc.		11,748,917
	204,385	Bryn Mawr Bank Corp.		6,350,242
	499,290	Cathay General Bancorp		14,958,728
	49,434	City National Corp.		4,353,158
	560,734	CVB Financial Corp.		9,364,258
	569,745	First Financial Bancorp		10,870,735
	265,484	First Financial Bankshares, Inc.		8,437,081
	216,203	Home BancShares, Inc.		8,756,221
	182,679	IBERIABANK Corp.		10,633,744
	176,840	LegacyTexas Financial Group, Inc.		5,390,083
	260,649	PacWest Bancorp		11,158,384
	206,760	Pinnacle Financial Partners, Inc.		10,216,012
	299,752	Popular, Inc.		9,061,503
	211,501	Prosperity Bancshares, Inc.		10,386,814
	118,843	Signature Bank(b)		16,348,043
	633,098	Talmer Bancorp, Inc., Class A		10,541,082
	157,054	Texas Capital Bancshares, Inc.(b)		8,232,771
	139,009	Triumph Bancorp, Inc.(b)		2,335,351
	238,400	Wintrust Financial Corp.		12,737,712
				181,880,839
		Beverages – 0.8%
	789,498	Cott Corp.		8,550,263
		Building Products – 1.2%
	139,945	Armstrong World Industries, Inc.(b)		6,680,975
	98,359	Masonite International Corp.(b)		5,958,588
				12,639,563
		Capital Markets – 1.2%
	177,681	Safeguard Scientifics, Inc.(b)		2,761,163
	228,175	Stifel Financial Corp.(b)		9,606,167
				12,367,330

See accompanying notes to financial statements.

25  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Chemicals – 1.1%
	108,174	Cabot Corp.	$	3,413,972
	143,561	Minerals Technologies, Inc.		6,913,898
	344,990	Tronox Ltd., Class A		1,507,606
				11,835,476
		Commercial Services & Supplies – 3.7%
	345,742	KAR Auction Services, Inc.		12,273,841
	235,563	Knoll, Inc.		5,177,675
	208,319	Viad Corp.		6,039,168
	130,366	Waste Connections, Inc.		6,333,180
	388,044	West Corp.		8,692,185
				38,516,049
		Communications Equipment – 1.2%
	203,510	ARRIS Group, Inc.(b)		5,285,155
	523,445	Calix, Inc.(b)		4,077,636
	310,315	Digi International, Inc.(b)		3,658,614
				13,021,405
		Construction & Engineering – 0.9%
	71,594	Argan, Inc.		2,482,880
	275,303	MYR Group, Inc.(b)		7,212,939
				9,695,819
		Construction Materials – 0.4%
	209,429	Summit Materials, Inc., Class A(b)		3,930,982
		Consumer Finance – 0.3%
	14,933	Credit Acceptance Corp.(b)		2,939,860
		Distributors – 0.9%
	143,568	Core-Mark Holding Co., Inc.		9,396,526
		Diversified Financial Services – 1.2%
	633,112	FNFV Group(b)		7,420,073
	58,041	MarketAxess Holdings, Inc.		5,390,848
				12,810,921
		Electric Utilities – 1.5%
	243,095	ALLETE, Inc.		12,273,867
	78,615	UIL Holdings Corp.		3,951,976
				16,225,843
		Electrical Equipment – 1.7%
	62,827	AZZ, Inc.		3,059,047
	431,497	Babcock & Wilcox Enterprises, Inc.(b)		7,249,149
	133,840	EnerSys		7,171,147
				17,479,343

See accompanying notes to financial statements.

|  26

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Electronic Equipment, Instruments & Components – 4.3%
	149,198	Belden, Inc.	$	6,966,055
	147,369	Littelfuse, Inc.		13,432,684
	200,908	Methode Electronics, Inc.		6,408,965
	166,356	Rogers Corp.(b)		8,846,812
	328,817	Vishay Intertechnology, Inc.		3,186,237
	78,665	Zebra Technologies Corp., Class A(b)		6,021,806
				44,862,559
		Energy Equipment & Services – 1.4%
	158,279	Bristow Group, Inc.		4,140,579
	655,627	Helix Energy Solutions Group, Inc.(b)		3,140,453
	211,268	Natural Gas Services Group, Inc.(b)		4,077,472
	1,386,770	Parker Drilling Co.(b)		3,647,205
				15,005,709
		Food & Staples Retailing – 0.8%
	325,761	SpartanNash Co.		8,420,922
		Food Products – 1.9%
	328,780	Boulder Brands, Inc.(b)		2,692,708
	28,478	J & J Snack Foods Corp.		3,236,810
	240,763	Post Holdings, Inc.(b)		14,229,093
				20,158,611
		Health Care Equipment & Supplies – 2.2%
	153,448	Cynosure, Inc., Class A(b)		4,609,578
	221,646	Halyard Health, Inc.(b)		6,303,612
	170,898	SurModics, Inc.(b)		3,732,413
	69,153	Teleflex, Inc.		8,589,494
				23,235,097
		Health Care Providers & Services – 0.5%
	65,656	WellCare Health Plans, Inc.(b)		5,658,234
		Hotels, Restaurants & Leisure – 5.0%
	309,088	Carrols Restaurant Group, Inc.(b)		3,678,147
	106,867	Churchill Downs, Inc.		14,299,873
	26,119	Cracker Barrel Old Country Store, Inc.		3,846,806
	171,951	Del Frisco’s Restaurant Group, Inc.(b)		2,388,399
	329,509	Diamond Resorts International, Inc.(b)		7,707,216
	109,351	J. Alexander’s Holdings, Inc.(b)		1,090,231
	137,191	Marriott Vacations Worldwide Corp.		9,348,195
	231,721	Six Flags Entertainment Corp.		10,608,187
				52,967,054
		Household Durables – 2.2%
	31,629	Helen of Troy Ltd.(b)		2,824,470

See accompanying notes to financial statements.

27  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Household Durables – continued
	183,588	Jarden Corp.(b)	$	8,973,781
	103,531	La-Z-Boy, Inc.		2,749,783
	252,996	Libbey, Inc.		8,250,200
				22,798,234
		Industrial Conglomerates – 0.5%
	301,400	Raven Industries, Inc.		5,108,730
		Insurance – 3.1%
	489,245	Employers Holdings, Inc.		10,905,271
	35,058	HCC Insurance Holdings, Inc.		2,715,943
	181,171	ProAssurance Corp.		8,890,061
	111,529	Reinsurance Group of America, Inc., Class A		10,103,412
				32,614,687
		Internet & Catalog Retail – 1.2%
	123,622	HSN, Inc.		7,076,123
	130,426	Liberty Ventures, Series A(b)		5,262,689
				12,338,812
		IT Services – 6.0%
	321,390	Booz Allen Hamilton Holding Corp.		8,423,632
	390,625	Convergys Corp.		9,027,344
	262,300	CSG Systems International, Inc.		8,078,840
	103,219	DST Systems, Inc.		10,852,446
	166,019	Euronet Worldwide, Inc.(b)		12,300,348
	340,631	Perficient, Inc.(b)		5,255,936
	113,774	WEX, Inc.(b)		9,880,134
				63,818,680
		Life Sciences Tools & Services – 0.8%
	324,561	VWR Corp.(b)		8,337,972
		Machinery – 4.7%
	76,178	Alamo Group, Inc.		3,561,321
	194,753	Albany International Corp., Class A		5,571,883
	174,249	Altra Industrial Motion Corp.		4,028,637
	372,123	John Bean Technologies Corp.		14,233,705
	156,818	RBC Bearings, Inc.(b)		9,366,739
	268,633	TriMas Corp.(b)		4,392,150
	93,820	Wabtec Corp.		8,260,851
				49,415,286
		Marine – 0.5%
	77,157	Kirby Corp.(b)		4,779,876

See accompanying notes to financial statements.

|  28

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Media – 4.0%
	297,021	Carmike Cinemas, Inc.(b)	$	5,967,152
	439,086	E.W. Scripps Co. (The), Class A		7,758,649
	158,806	John Wiley & Sons, Inc., Class A		7,945,064
	549,516	National CineMedia, Inc.		7,374,505
	559,058	New Media Investment Group, Inc.		8,643,037
	258,038	Time, Inc.		4,915,624
				42,604,031
		Metals & Mining – 1.4%
	322,094	Globe Specialty Metals, Inc.		3,907,000
	172,244	Haynes International, Inc.		6,517,713
	289,777	Horsehead Holding Corp.(b)		880,922
	494,790	SunCoke Energy, Inc.		3,849,466
				15,155,101
		Multi-Utilities – 1.1%
	204,934	NorthWestern Corp.		11,031,597
		Multiline Retail – 0.3%
	288,924	Fred’s, Inc., Class A		3,423,749
		Oil, Gas & Consumable Fuels – 0.8%
	295,474	QEP Resources, Inc.		3,702,289
	526,235	Synergy Resources Corp.(b)		5,157,103
				8,859,392
		Pharmaceuticals – 0.7%
	304,594	Catalent, Inc.(b)		7,401,634
		Professional Services – 1.5%
	226,711	FTI Consulting, Inc.(b)		9,410,774
	490,539	RPX Corp.(b)		6,730,195
				16,140,969
		REITs – Apartments – 1.7%
	209,828	American Campus Communities, Inc.		7,604,167
	130,670	Mid-America Apartment Communities, Inc.		10,697,953
				18,302,120
		REITs – Health Care – 0.7%
	127,521	Omega Healthcare Investors, Inc.		4,482,363
	112,953	Sabra Healthcare REIT, Inc.		2,618,251
				7,100,614
		REITs – Hotels – 0.6%
	298,295	Hersha Hospitality Trust		6,759,365

See accompanying notes to financial statements.

29  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		REITs – Office Property – 0.8%
	391,510	BioMed Realty Trust, Inc.	$	7,822,370
		REITs – Shopping Centers – 1.1%
	724,312	Retail Opportunity Investments Corp.		11,980,121
		REITs – Single Tenant – 0.6%
	167,884	National Retail Properties, Inc.		6,089,153
		REITs – Storage – 2.2%
	476,518	CubeSmart		12,966,055
	111,124	Sovran Self Storage, Inc.		10,478,993
				23,445,048
		Road & Rail – 1.5%
	110,195	Avis Budget Group, Inc.(b)		4,813,318
	60,044	Genesee & Wyoming, Inc., Class A(b)		3,547,399
	114,466	Old Dominion Freight Line, Inc.(b)		6,982,426
				15,343,143
		Semiconductors & Semiconductor Equipment – 2.0%
	217,129	Advanced Energy Industries, Inc.(b)		5,710,493
	246,237	Diodes, Inc.(b)		5,262,085
	173,703	Semtech Corp.(b)		2,622,915
	386,510	Teradyne, Inc.		6,961,045
				20,556,538
		Software – 1.3%
	200,858	Synchronoss Technologies, Inc.(b)		6,588,143
	173,981	Verint Systems, Inc.(b)		7,507,280
				14,095,423
		Specialty Retail – 2.3%
	256,610	Barnes & Noble Education, Inc.(b)		3,261,513
	270,990	Barnes & Noble, Inc.		3,281,689
	152,955	Genesco, Inc.(b)		8,729,142
	323,945	MarineMax, Inc.(b)		4,577,343
	202,581	Sally Beauty Holdings, Inc.(b)		4,811,298
				24,660,985
		Thrifts & Mortgage Finance – 0.3%
	138,484	Federal Agricultural Mortgage Corp., Class C		3,590,890
		Trading Companies & Distributors – 0.4%
	276,178	H&E Equipment Services, Inc.		4,617,696
		Transportation Infrastructure – 0.6%
	87,631	Macquarie Infrastructure Corp.		6,542,530
		Total Common Stocks (Identified Cost $794,790,207)		1,034,534,154

See accompanying notes to financial statements.

|  30

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Closed-End Investment Companies – 0.5%
	486,012	Hercules Technology Growth Capital, Inc. (Identified Cost $6,305,502)	$	4,913,581
	Principal Amount
	Short-Term Investments – 1.6%
$	17,043,053	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2015 at 0.010% to be repurchased at $17,043,057 on 10/01/2015 collateralized by $17,345,000 U.S. Treasury Note, 1.750% due 2/28/2022 valued at $17,388,363 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $17,043,053)		17,043,053
		Total Investments – 100.0% (Identified Cost $818,138,762)(a)		1,056,490,788
		Other assets less liabilities—0.0%		294,010
		Net Assets – 100.0%	$	1,056,784,798
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information:
		At September 30, 2015, the net unrealized appreciation on investments based on a cost of $816,167,316 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	$	302,004,555
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(61,681,083	)
		Net unrealized appreciation	$	240,323,472
	(b)	Non-income producing security.
	REITs	Real Estate Investment Trusts

See accompanying notes to financial statements.

31  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Small Cap Value Fund – continued

Industry Summary at September 30, 2015

Banks	17.2	%
IT Services	6.0
Hotels, Restaurants & Leisure	5.0
Machinery	4.7
Electronic Equipment, Instruments & Components	4.3
Media	4.0
Commercial Services & Supplies	3.7
Insurance	3.1
Specialty Retail	2.3
Auto Components	2.3
REITs – Storage	2.2
Health Care Equipment & Supplies	2.2
Household Durables	2.2
Semiconductors & Semiconductor Equipment	2.0
Other Investments, less than 2% each	37.2
Short-Term Investments	1.6
Total Investments	100.0
Other assets less liabilities	0.0
Net Assets	100.0	%

See accompanying notes to financial statements.

|  32

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Small/Mid Cap Growth Fund

Shares		Description	Value (†)
	Common Stocks – 95.6% of Net Assets
		Aerospace & Defense – 3.3%
	1,324	Astronics Corp.(b)	$	53,529
	2,570	Hexcel Corp.		115,290
	655	TransDigm Group, Inc.(b)		139,129
				307,948
		Airlines – 1.0%
	442	Allegiant Travel Co.		95,583
		Auto Components – 1.2%
	2,033	Drew Industries, Inc.		111,022
		Banks – 4.2%
	2,425	First Republic Bank		152,217
	1,031	Signature Bank(b)		141,824
	3,019	Western Alliance Bancorp(b)		92,714
				386,755
		Biotechnology – 3.6%
	2,770	Acorda Therapeutics, Inc.(b)		73,433
	1,789	Alkermes PLC(b)		104,961
	1,692	Cepheid, Inc.(b)		76,478
	1,836	Medivation, Inc.(b)		78,030
				332,902
		Capital Markets – 2.6%
	632	Affiliated Managers Group, Inc.(b)		108,065
	2,777	SEI Investments Co.		133,935
				242,000
		Commercial Services & Supplies – 2.8%
	4,949	Healthcare Services Group, Inc.		166,781
	3,583	Ritchie Bros. Auctioneers, Inc.		92,728
				259,509
		Communications Equipment – 1.3%
	693	Palo Alto Networks, Inc.(b)		119,196
		Consumer Finance – 1.2%
	2,061	PRA Group, Inc.(b)		109,068
		Diversified Consumer Services – 2.5%
	1,551	Bright Horizons Family Solutions, Inc.(b)		99,636
	6,272	Nord Anglia Education, Inc.(b)		127,510
				227,146
		Diversified Financial Services – 1.3%
	1,269	MarketAxess Holdings, Inc.		117,865

See accompanying notes to financial statements.

33  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Small/Mid Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Electrical Equipment – 2.4%
	754	Acuity Brands, Inc.	$	132,387
	2,035	Sensata Technologies Holding NV(b)		90,232
				222,619
		Electronic Equipment, Instruments & Components – 1.1%
	1,373	FEI Co.		100,284
		Energy Equipment & Services – 1.6%
	1,331	Dril-Quip, Inc.(b)		77,491
	1,838	Oceaneering International, Inc.		72,196
				149,687
		Food & Staples Retailing – 1.4%
	1,244	Casey’s General Stores, Inc.		128,032
		Health Care Equipment & Supplies – 4.5%
	2,935	Cantel Medical Corp.		166,414
	1,414	DexCom, Inc.(b)		121,406
	2,290	West Pharmaceutical Services, Inc.		123,935
				411,755
		Health Care Providers & Services – 7.4%
	2,792	Brookdale Senior Living, Inc.(b)		64,104
	3,822	Envision Healthcare Holdings, Inc.(b)		140,612
	1,660	MEDNAX, Inc.(b)		127,472
	2,046	Team Health Holdings, Inc.(b)		110,545
	1,862	VCA, Inc.(b)		98,034
	1,671	WellCare Health Plans, Inc.(b)		144,007
				684,774
		Health Care Technology – 2.1%
	6,329	Evolent Health, Inc., Class A(b)		101,011
	4,273	HealthStream, Inc.(b)		93,194
				194,205
		Hotels, Restaurants & Leisure – 5.6%
	2,895	Dunkin’ Brands Group, Inc.		141,855
	399	Panera Bread Co., Class A(b)		77,171
	4,176	Texas Roadhouse, Inc.		155,347
	1,379	Vail Resorts, Inc.		144,354
				518,727
		Internet Software & Services – 5.0%
	785	CoStar Group, Inc.(b)		135,852
	1,166	j2 Global, Inc.		82,611
	2,076	SPS Commerce, Inc.(b)		140,940
	1,455	Stamps.com, Inc.(b)		107,684
				467,087

See accompanying notes to financial statements.

|  34

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Small/Mid Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		IT Services – 4.3%
	1,742	Gartner, Inc.(b)	$	146,206
	1,295	MAXIMUS, Inc.		77,130
	3,404	Virtusa Corp.(b)		174,660
				397,996
		Leisure Products – 1.4%
	2,751	Brunswick Corp.		131,745
		Life Sciences Tools & Services – 1.5%
	1,940	ICON PLC(b)		137,682
		Machinery – 2.3%
	1,204	Middleby Corp. (The)(b)		126,649
	3,103	Sun Hydraulics Corp.		85,239
				211,888
		Media – 2.4%
	1,452	AMC Networks, Inc., Class A(b)		106,243
	3,321	IMAX Corp.(b)		112,216
				218,459
		Oil, Gas & Consumable Fuels – 1.5%
	1,145	Diamondback Energy, Inc.(b)		73,967
	4,406	Parsley Energy, Inc., Class A(b)		66,398
				140,365
		Pharmaceuticals – 2.7%
	2,017	Intra-Cellular Therapies, Inc.(b)		80,761
	755	Jazz Pharmaceuticals PLC(b)		100,272
	984	ZS Pharma, Inc.(b)		64,609
				245,642
		Professional Services – 1.0%
	1,350	CEB, Inc.		92,259
		Real Estate Management & Development – 2.9%
	996	Jones Lang LaSalle, Inc.		143,195
	2,792	Marcus & Millichap, Inc.(b)		128,404
				271,599
		Road & Rail – 0.8%
	1,232	Genesee & Wyoming, Inc., Class A(b)		72,787
		Semiconductors & Semiconductor Equipment – 1.8%
	2,595	M/A-COM Technology Solutions Holdings, Inc.(b)		75,229
	2,314	Silicon Laboratories, Inc.(b)		96,124
				171,353

See accompanying notes to financial statements.

35  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Small/Mid Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Software – 9.1%
	2,553	Blackbaud, Inc.	$	143,274
	2,777	Fortinet, Inc.(b)		117,967
	3,139	Guidewire Software, Inc.(b)		165,049
	2,713	Paylocity Holding Corp.(b)		81,363
	1,111	Tyler Technologies, Inc.(b)		165,883
	948	Ultimate Software Group, Inc. (The)(b)		169,702
				843,238
		Specialty Retail – 3.7%
	2,511	Aaron’s, Inc.		90,672
	2,506	Penske Automotive Group, Inc.		121,391
	1,348	Restoration Hardware Holdings, Inc.(b)		125,782
				337,845
		Textiles, Apparel & Luxury Goods – 4.1%
	1,234	Carter’s, Inc.		111,850
	2,401	Columbia Sportswear Co.		141,155
	2,042	G-III Apparel Group Ltd.(b)		125,909
				378,914
		Total Common Stocks (Identified Cost $9,612,383)		8,837,936
	Principal Amount
	Short-Term Investments – 5.8%
$	531,621	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2015 at 0.010% to be repurchased at $531,621 on 10/01/2015 collateralized by $545,000 U.S. Treasury Note, 1.750% due 2/28/2022 valued at $546,363 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $531,621)		531,621
		Total Investments – 101.4% (Identified Cost $10,144,004)(a)		9,369,557
		Other assets less liabilities—(1.4)%		(127,387	)
		Net Assets – 100.0%	$	9,242,170
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information:
		At September 30, 2015, the net unrealized depreciation on investments based on a cost of $10,144,746 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	$	122,415
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(897,604	)
		Net unrealized depreciation	$	(775,189	)
	(b)	Non-income producing security.

See accompanying notes to financial statements.

|  36

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Small/Mid Cap Growth Fund – continued

Industry Summary at September 30, 2015

Software	9.1	%
Health Care Providers & Services	7.4
Hotels, Restaurants & Leisure	5.6
Internet Software & Services	5.0
Health Care Equipment & Supplies	4.5
IT Services	4.3
Banks	4.2
Textiles, Apparel & Luxury Goods	4.1
Specialty Retail	3.7
Biotechnology	3.6
Aerospace & Defense	3.3
Real Estate Management & Development	2.9
Commercial Services & Supplies	2.8
Pharmaceuticals	2.7
Capital Markets	2.6
Diversified Consumer Services	2.5
Electrical Equipment	2.4
Media	2.4
Machinery	2.3
Health Care Technology	2.1
Other Investments, less than 2% each	18.1
Short-Term Investments	5.8
Total Investments	101.4
Other assets less liabilities	(1.4	)
Net Assets	100.0	%

See accompanying notes to financial statements.

37  |

Statements of Assets and Liabilities

September 30, 2015

	Small Cap Growth Fund			Small Cap Value Fund		Small/Mid Cap Growth Fund
ASSETS
Investments at cost	$	1,013,437,958		$	818,138,762	$	10,144,004
Net unrealized appreciation (depreciation)		124,200,122			238,352,026		(774,447	)
Investments at value		1,137,638,080			1,056,490,788		9,369,557
Receivable for Fund shares sold		1,108,514			1,994,507		—
Receivable from investment adviser (Note 5)		—			—		5,623
Receivable for securities sold		11,581,599			—		10,762
Dividends and interest receivable		155,314			961,993		1,047
TOTAL ASSETS		1,150,483,507			1,059,447,288		9,386,989
LIABILITIES
Payable for securities purchased		20,498,522			704,313		105,303
Payable for Fund shares redeemed		2,605,807			993,920		—
Management fees payable (Note 5)		732,565			641,246		—
Deferred Trustees’ fees (Note 5)		116,453			174,403		1,922
Administrative fees payable (Note 5)		42,401			38,469		328
Payable to distributor (Note 5d)		13,733			14,059		18
Other accounts payable and accrued expenses		95,243			96,080		37,248
TOTAL LIABILITIES		24,104,724			2,662,490		144,819
NET ASSETS	$	1,126,378,783		$	1,056,784,798	$	9,242,170
NET ASSETS CONSIST OF:
Paid-in capital	$	922,112,871		$	720,229,194	$	10,187,792
Accumulated net investment (loss)/Undistributed net investment income		(5,262,820	)		3,993,205		(1,922	)
Accumulated net realized gain (loss) on investments		85,328,610			94,210,373		(169,253	)
Net unrealized appreciation (depreciation) on investments		124,200,122			238,352,026		(774,447	)
NET ASSETS	$	1,126,378,783		$	1,056,784,798	$	9,242,170
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Institutional Class:
Net assets	$	800,882,509		$	666,106,758	$	9,242,170
Shares of beneficial interest		36,042,937			20,694,801		1,020,804
Net asset value, offering and redemption price per share	$	22.22		$	32.19	$	9.05
Retail Class:
Net assets	$	162,905,617		$	306,360,228	$	—
Shares of beneficial interest		7,781,658			9,640,257		—
Net asset value, offering and redemption price per share	$	20.93		$	31.78	$	—
Admin Class shares:
Net assets	$	—		$	45,762,404	$	—
Shares of beneficial interest		—			1,481,867		—
Net asset value, offering and redemption price per share	$	—		$	30.88	$	—
Class N shares:
Net assets	$	162,590,657		$	38,555,408	$	—
Shares of beneficial interest		7,301,616			1,196,750		—
Net asset value, offering and redemption price per share	$	22.27		$	32.22	$	—

See accompanying notes to financial statements.

|  38

Statements of Operations

For the Year Ended September 30, 2015

	Small Cap Growth Fund			Small Cap Value Fund			Small/Mid Cap Growth Fund(a)
INVESTMENT INCOME
Dividends	$	4,138,298		$	19,547,456		$	7,831
Interest		4,296			1,853			20
Less net foreign taxes withheld		—			(20,869	)		(63	)
		4,142,594			19,528,440			7,788
Expenses
Management fees (Note 5)		8,447,388			8,862,889			18,520
Service and distribution fees (Note 5)		438,180			1,159,361			—
Administrative fees (Note 5)		480,487			504,004			1,049
Trustees’ fees and expenses (Note 5)		32,361			30,909			3,087
Transfer agent fees and expenses (Notes 5 and 6)		1,227,590			1,208,061			41
Audit and tax services fees		40,237			41,111			30,910
Custodian fees and expenses		45,773			38,679			2,524
Legal fees		12,578			13,588			29
Registration fees		107,695			82,965			6,601
Shareholder reporting expenses		49,193			71,578			668
Miscellaneous expenses		29,495			31,912			2,039
Total expenses		10,910,977			12,045,057			65,468
Fee/expense recovery (Note 5)		—			577			—
Less waiver and/or expense reimbursement (Note 5)		—			(261,818	)		(44,478	)
Net expenses		10,910,977			11,783,816			20,990
Net investment income (loss)		(6,768,383	)		7,744,624			(13,202	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		96,389,671			106,149,654			(169,253	)
Net change in unrealized appreciation (depreciation) on:
Investments		(39,045,091	)		(93,246,609	)		(774,447	)
Net realized and unrealized gain (loss) on investments		57,344,580			12,903,045			(943,700	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	50,576,197		$	20,647,669		$	(956,902	)

(a) From commencement of operations on June 30, 2015 through September 30, 2015.

See accompanying notes to financial statements.

39  |

Statements of Changes in Net Assets

	Small Cap Growth Fund						Small Cap Value Fund
	Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2015			Year Ended September 30, 2014
FROM OPERATIONS:
Net investment income (loss)	$	(6,768,383	)	$	(7,845,552	)	$	7,744,624		$	5,191,535
Net realized gain on investments		96,389,671			146,827,349			106,149,654			145,244,540
Net change in unrealized appreciation (depreciation) on investments		(39,045,091	)		(156,740,215	)		(93,246,609	)		(73,587,700	)
Net increase (decrease) in net assets resulting from operations		50,576,197			(17,758,418	)		20,647,669			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)		182,307,468			7,643,805			34,718,995			(26,204,128	)
Net increase (decrease) in net assets		83,774,218			(90,699,200	)		(97,172,462	)		(57,923,866	)
NET ASSETS
Beginning of the year		1,042,604,565			1,133,303,765			1,153,957,260			1,211,881,126
End of the year	$	1,126,378,783		$	1,042,604,565		$	1,056,784,798		$	1,153,957,260
ACCUMULATED NET INVESTMENT (LOSS)/UNDISTRIBUTED NET INVESTMENT INCOME	$	(5,262,820	)	$	(6,062,036	)	$	3,993,205		$	2,845,587

See accompanying notes to financial statements.

|  40

Statements of Changes in Net Assets – continued

	Small/Mid Cap Growth Fund
	Period Ended September 30, 2015(a)
FROM OPERATIONS:
Net investment loss	$	(13,202	)
Net realized loss on investments		(169,253	)
Net change in unrealized appreciation (depreciation) on investments		(774,447	)
Net decrease in net assets resulting from operations		(956,902	)
NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 10)		10,199,072
Net increase in net assets		9,242,170
NET ASSETS
Beginning of the year		—
End of the year	$	9,242,170
ACCUMULATED NET INVESTMENT (LOSS)	$	(1,922	)

(a) From commencement of operations on June 30, 2015 through September 30, 2015.

See accompanying notes to financial statements.

41  |

Financial Highlights

For a share outstanding throughout each period.

	Small Cap Growth Fund—Institutional Class
	Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of the period	$	24.27		$	26.35		$	19.17		$	15.06		$	14.03
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.14	)		(0.16	)(b)		(0.15	)(c)		(0.14	)		(0.13	)
Net realized and unrealized gain (loss)		1.63			(0.09	)		7.33			4.25			1.16	(d)
Total from Investment Operations		1.49			(0.25	)		7.18			4.11			1.03
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	$	22.22		$	24.27		$	26.35		$	19.17		$	15.06
Total return		5.78	%		(1.31	)%(b)		37.45	%(c)		27.29	%		7.34	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	800,883		$	852,131		$	914,000		$	599,469		$	154,313
Net expenses		0.94	%		0.94	%		0.94	%		0.95	%		0.98	%(e)
Gross expenses		0.94	%		0.94	%		0.94	%		0.95	%		0.98	%(e)
Net investment loss		(0.57	)%		(0.63	)%(b)		(0.70	)%(c)		(0.79	)%		(0.78	)%
Portfolio turnover rate		78	%		63	%		56	%		77	%		76	%

(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) 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.

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

See accompanying notes to financial statements.

|  42

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Growth Fund—Retail Class
	Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of the period	$	23.10		$	25.23		$	18.41		$	14.52		$	13.55
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.19	)		(0.22	)(b)		(0.20	)(c)		(0.19	)		(0.18	)
Net realized and unrealized gain (loss)		1.56			(0.08	)		7.02			4.08			1.15	(d)
Total from Investment Operations		1.37			(0.30	)		6.82			3.89			0.97
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	$	20.93		$	23.10		$	25.23		$	18.41		$	14.52
Total return		5.58	%		(1.58	)%(b)		37.05	%(c)		26.79	%(e)		7.16	%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	162,906		$	175,393		$	211,724		$	229,822		$	113,110
Net expenses		1.19	%		1.21	%		1.25	%(f)		1.25	%(g)		1.25	%(g)
Gross expenses		1.19	%		1.21	%		1.25	%(f)		1.28	%		1.27	%
Net investment loss		(0.82	)%		(0.90	)%(b)		(0.99	)%(c)		(1.09	)%		(1.07	)%
Portfolio turnover rate		78	%		63	%		56	%		77	%		76	%

(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) 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.

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

(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.

43  |

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Growth Fund—Class N
	Year Ended September 30, 2015			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)		(0.12	)		(0.14	)(b)		(0.11	)
Net realized and unrealized gain (loss)		1.64			(0.10	)		6.25
Total from Investment Operations		1.52			(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	$	22.27		$	24.29		$	26.36
Total return		5.92	%		(1.27	)%(b)		30.37	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	162,591		$	15,080		$	7,580
Net expenses		0.83	%		0.83	%		0.83	%(d)
Gross expenses		0.83	%		0.83	%		0.83	%(d)
Net investment loss		(0.51	)%		(0.53	)%(b)		(0.63	)%(d)
Portfolio turnover rate		78	%		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.

|  44

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Value Fund—Institutional Class
	Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of the period	$	36.40		$	37.42		$	29.14		$	22.36		$	22.93
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.27			0.20			0.20			0.21			0.09	(b)
Net realized and unrealized gain (loss)		0.49			2.18			8.41			6.62			(0.50	)
Total from Investment Operations		0.76			2.38			8.61			6.83			(0.41	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.22	)		(0.10	)		(0.30	)		(0.05	)		(0.16	)
Net realized capital gains		(4.75	)		(3.30	)		(0.03	)		—			—
Total Distributions		(4.97	)		(3.40	)		(0.33	)		(0.05	)		(0.16	)
Net asset value, end of the period	$	32.19		$	36.40		$	37.42		$	29.14		$	22.36
Total return		1.20	%(c)		6.17	%(c)		29.82	%(c)		30.59	%		(1.88	)%(b)(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	666,107		$	730,901		$	733,512		$	572,776		$	431,761
Net expenses		0.90	%(d)		0.90	%(d)		0.90	%(d)		0.90	%(e)		0.90	%(d)
Gross expenses		0.92	%		0.91	%		0.91	%		0.90	%(e)		0.93	%
Net investment income		0.75	%		0.53	%		0.61	%		0.76	%		0.33	%(b)
Portfolio turnover rate		22	%		23	%		22	%		19	%		42	%

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

(b) 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%.

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

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

See accompanying notes to financial statements.

45  |

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Value Fund—Retail Class
	Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of the period	$	35.98		$	37.03		$	28.84		$	22.14		$	22.71
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.18			0.10			0.12			0.13			0.02	(b)
Net realized and unrealized gain (loss)		0.48			2.16			8.32			6.57			(0.48	)
Total from Investment Operations		0.66			2.26			8.44			6.70			(0.46	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.11	)		(0.01	)		(0.22	)		—			(0.11	)
Net realized capital gains		(4.75	)		(3.30	)		(0.03	)		—			—
Total Distributions		(4.86	)		(3.31	)		(0.25	)		—			(0.11	)
Net asset value, end of the period	$	31.78		$	35.98		$	37.03		$	28.84		$	22.14
Total return(c)		0.94	%		5.90	%		29.48	%		30.26	%		(2.12	)%(b)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	306,360		$	358,698		$	403,475		$	343,480		$	347,759
Net expenses(d)		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Gross expenses		1.17	%		1.20	%		1.22	%		1.22	%		1.22	%
Net investment income		0.50	%		0.28	%		0.37	%		0.49	%		0.08	%(b)
Portfolio turnover rate		22	%		23	%		22	%		19	%		42	%

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

(b) 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%.

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

(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.

See accompanying notes to financial statements.

|  46

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Value Fund —Admin Class
	Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of the period	$	35.06		$	36.24		$	28.22		$	21.72		$	22.30
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.09			0.01			0.04			0.06			(0.04	)(b)
Net realized and unrealized gain (loss)		0.48			2.11			8.15			6.44			(0.49	)
Total from Investment Operations		0.57			2.12			8.19			6.50			(0.53	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(c)		—			(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	$	30.88		$	35.06		$	36.24		$	28.22		$	21.72
Total return(d)		0.71	%		5.63	%		29.17	%		29.93	%		(2.40	)%(b)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	45,762		$	61,791		$	74,892		$	67,853		$	65,500
Net expenses(e)		1.38	%(f)		1.40	%		1.40	%		1.40	%		1.40	%
Gross expenses		1.40	%(f)		1.51	%		1.52	%		1.52	%		1.52	%
Net investment income (loss)		0.28	%		0.02	%		0.11	%		0.24	%		(0.17	)%(b)
Portfolio turnover rate		22	%		23	%		22	%		19	%		42	%

(a) Per share net investment income (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 $(0.06), total return would have been (2.44)% and the ratio of net investment loss to average net assets would have been (0.22)%.

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

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

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

(f) Includes refund of prior year service fee of 0.02%. See Note 5g of Notes to Financial Statements.

See accompanying notes to financial statements.

47  |

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Value Fund—Class N
	Year Ended September 30, 2015			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)		0.27			0.23			0.06
Net realized and unrealized gain (loss)		0.50			2.18			5.30
Total from Investment Operations		0.77			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	$	32.22		$	36.44		$	37.44
Total return		1.25	%		6.25	%(b)		16.71	%(b)(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	38,555		$	2,568		$	1
Net expenses		0.83	%(d)		0.85	%(e)		0.85	%(e)(f)
Gross expenses		0.83	%(d)		0.89	%		14.45	%(f)
Net investment income		0.76	%		0.60	%		0.27	%(f)
Portfolio turnover rate		22	%		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) 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) Includes fee/expense recovery of less than 0.01%.

(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.

(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.

	Small/Mid Cap Growth Fund— Institutional Class
	Period Ended September 30, 2015*
Net asset value, beginning of the period	$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.01	)
Net realized and unrealized gain (loss)		(0.94	)
Total from Investment Operations		(0.95	)
LESS DISTRIBUTIONS FROM:
Net investment income		—
Net realized capital gains		—
Total Distributions		—
Net asset value, end of the period	$	9.05
Total return(b)		(9.50	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	9,242
Net expenses(c)(d)		0.85	%
Gross expenses(d)		2.65	%
Net investment loss(d)		(0.53	)%
Portfolio turnover rate		14	%

* From commencement of operations on June 30, 2015 through September 30, 2015.

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

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

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

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

See accompanying notes to financial statements.

49  |

Notes to Financial Statements

September 30, 2015

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”)

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

The Small/Mid Cap Growth Fund commenced operations on June 30, 2015 via contribution to the Fund by Natixis Global Asset Management, L.P. (“Natixis US”) of $10,000,000.

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. Small Cap Growth Fund and Small Cap Value Fund 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.

Each share class is sold without a sales charge. Retail Class and Admin Class shares pay a Rule 12b-1 fee. Class N shares are primarily intended for employer-sponsored retirement plans. Institutional Class shares are intended for institutional investors with a minimum initial investment of $100,000 for Small Cap Growth Fund and Small Cap Value Fund and $1,000,000 for Small/Mid Cap Growth Fund, though some categories of investors are exempted from the minimum investment amount as outlined in the Fund’s prospectus. Admin Class and Class N shares are offered exclusively through intermediaries.

See Note 11 for changes that take effect subsequent to September 30, 2015.

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 Rule 12b-1 service and distribution fees and for Institutional Class, Retail Class and Admin Class (for the Small Cap Value Fund), collectively, and Class N, individually,

|  50

Notes to Financial Statements – continued

September 30, 2015

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 year-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 except as disclosed in Note 11.

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. 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

51  |

Notes to Financial Statements – continued

September 30, 2015

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 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

|  52

Notes to Financial Statements – continued

September 30, 2015

difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains 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.

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.  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 September 30, 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 twelve 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 where reclaims have been or will be filed 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,

53  |

Notes to Financial Statements – continued

September 30, 2015

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 distributions received, deferred Trustees’ fees, net operating losses and non-deductible expenses. 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 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 years ended September 30, 2015 and 2014 were as follows:

	2015 Distributions Paid From:						2014 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total		Ordinary Income		Long-Term Capital Gains		Total
Small Cap Growth Fund	$	—	$	149,109,447	$	149,109,447	$	—	$	80,584,587	$	80,584,587
Small Cap Value Fund		10,451,269		142,087,857		152,539,126		2,574,013		105,994,100		108,568,113
Small/Mid Cap Growth Fund		—		—		—		—		—		—

As of September 30, 2015, the components of distributable earnings on a tax basis were as follows:

	Small Cap Growth Fund		Small Cap Value Fund		Small/Mid Cap Growth Fund
Undistributed ordinary income	$	—	$	5,506,157	$	—
Undistributed long-term capital gain		85,662,331		90,900,378		—
Total undistributed earnings		85,662,331		96,406,535		—
Capital loss carryforward:
Short-term:
No expiration date		—		—		(168,511	)

|  54

Notes to Financial Statements – continued

September 30, 2015

	Small Cap Growth Fund			Small Cap Value Fund		Small/Mid Cap Growth Fund
Late-year ordinary and post-October capital loss deferrals*	$	(5,146,367	)	$	—	$	—
Unrealized appreciation (depreciation)		123,866,401			240,323,472		(775,189	)
Total accumulated earnings	$	204,382,365		$	336,730,007	$	(943,700	)

* 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 September 30, 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. 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 year ended September 30, 2015, none of the Funds had loaned securities under this agreement.

55  |

Notes to Financial Statements – continued

September 30, 2015

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

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

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

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

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

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

The following is a summary of the inputs used to value the Funds’ investments as of September 30, 2015, at value:

Small Cap Growth Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	1,084,813,980	$	—	$	—	$	1,084,813,980
Short-Term Investments		—		52,824,100		—		52,824,100
Total	$	1,084,813,980	$	52,824,100	$	—	$	1,137,638,080

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

For the year ended September 30, 2015, there were no transfers among Levels 1, 2 and 3.

|  56

Notes to Financial Statements – continued

September 30, 2015

Small Cap Value Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	1,034,534,154	$	—	$	—	$	1,034,534,154
Closed-End Investment Companies		4,913,581		—		—		4,913,581
Short-Term Investments		—		17,043,053		—		17,043,053
Total	$	1,039,447,735	$	17,043,053	$	—	$	1,056,490,788

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

For the year ended September 30, 2015, there were no transfers among Levels 1, 2 and 3.

Small/Mid Cap Growth Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	8,837,936	$	—	$	—	$	8,837,936
Short-Term Investments		—		531,621		—		531,621
Total	$	8,837,936	$	531,621	$	—	$	9,369,557

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

For the period ended September 30, 2015, there were no transfers among Levels 1, 2 and 3.

4.  Purchases and Sales of Securities. For the year ended September 30, 2015, purchases and sales of securities (excluding short-term investments) were as follows:

Fund	Purchases		Sales
Small Cap Growth Fund	$	854,894,956	$	851,461,206
Small Cap Value Fund		249,202,891		356,210,684
Small/Mid Cap Growth Fund		11,093,062		1,311,191

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%
Small/Mid Cap Growth Fund	0.75%

57  |

Notes to Financial Statements – continued

September 30, 2015

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, organizational and extraordinary expenses such as litigation and indemnification expenses. These undertakings are in effect until January 31, 2016, (January 31, 2017 for Small/Mid Cap Growth Fund) may be terminated before then only with the consent of the Funds’ Board of Trustees 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 Statement of Assets and Liabilities as receivable from investment adviser.

For the year ended September 30, 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%
Small/Mid Cap Growth Fund	0.85%	—	—	—

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.

For the year ended September 30, 2015, the management fees for each Fund were as follows:

	Management Fees		Waivers of Management Fees1		Net Management Fees		Percentage of Average Net Assets
Fund							Gross		Net
Small Cap Growth Fund	$	8,447,388	$	—	$	8,447,388		0.75%		0.75%
Small Cap Value Fund		8,862,889		—		8,862,889		0.75%		0.75%
Small/Mid Cap Growth Fund		18,520		18,520		—		0.75%		—

For the year ended September 30, 2015, class-specific expenses have been reimbursed as follows:

	Reimbursement1
Fund	Institutional Class		Retail Class		Admin Class		Class N		Total
Small Cap Value Fund	$	170,510	$	78,388	$	12,920	$	—	$	261,818

In addition, the investment adviser reimbursed non-class specific expenses of Small/Mid Cap Growth Fund in the amount of $25,958 for the year ended September 30, 2015¹.

¹ Expense reimbursements are subject to possible recovery until September 30, 2016.

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Notes to Financial Statements – continued

September 30, 2015

For the year ended September 30, 2015, expense reimbursements related to the prior fiscal year were recovered as follows:

Fund	Class N
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 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.

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Notes to Financial Statements – continued

September 30, 2015

For the year ended September 30, 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	$	—	$	438,180	$	—
Small Cap Value Fund		135,605		876,758		146,998

For the year ended September 30, 2015, NGAM Distribution refunded Small Cap Value Fund $11,393 in connection with an overpayment of prior year Admin Class service fees. Service and distribution fees on the Statements of Operations have been reduced by this amount.

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 year ended September 30, 2015, the administrative fees for each Fund were as follows:

Fund	Administrative Fees
Small Cap Growth Fund	$	480,487
Small Cap Value Fund		504,004
Small/Mid Cap Growth Fund		1,049

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 of Trustees, 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.

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Notes to Financial Statements – continued

September 30, 2015

For the year ended September 30, 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	$	1,206,925
Small Cap Value Fund		1,168,368
Small/Mid Cap Growth Fund		18

As of September 30, 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	$	13,733
Small Cap Value Fund		14,059
Small/Mid Cap Growth Fund		18

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 of Trustees 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, the chairperson of the Contract Review Committee and the chairperson of the Audit Committee each receive 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, Loomis Sayles Funds Trusts and Gateway Trust 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.

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Notes to Financial Statements – continued

September 30, 2015

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.

f.  Affiliated Ownership. As of September 30, 2015, Loomis Sayles Funded Pension Plan and Trust (“Pension Plan”) and Loomis Sayles Employees’ Profit Sharing Retirement Plan (“Retirement Plan”) and Natixis US held shares of the Funds representing the following percentages of the Fund’s net assets:

Fund	Pension Plan	Retirement Plan	Natixis US	Total Affiliated Ownership
Small Cap Growth Fund	0.93%	1.32%	—	2.25%
Small Cap Value Fund	1.59%	2.38%	—	3.97%
Small/Mid Cap Growth	—	—	97.92%	97.92%

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

g.  Payments by Affiliates. For the year ended September 30, 2015, Loomis Sayles reimbursed the Small Cap Value Fund $6,186 for losses incurred in connection with a trading error.

6.  Class-Specific Transfer Agent Fees and Expenses. For the year ended September 30, 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	$	1,022,569	$	204,597	$	—	$	424
Small Cap Value Fund		783,309		363,564		60,873		315
Small/Mid Cap Growth Fund		41		—		—		—

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 $150,000,000 committed unsecured line of credit provided by State Street Bank. 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

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Notes to Financial Statements – continued

September 30, 2015

aggregate do not exceed the $150,000,000 limit at any time). 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 0.15% 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 year ended September 30, 2015, none of the Funds had borrowings under this agreement.

Prior to April 16, 2015, the committed unsecured line of credit was $200,000,000 with an individual limit of $125,000,000 for each Fund that participated in the line of credit. In addition, the commitment fee was 0.10% 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 year ended September 30, 2015, amounts rebated under these agreements were as follows:

Fund	Rebates
Small Cap Growth Fund	$	87,724
Small Cap Value Fund		42,327
Small/Mid Cap Growth Fund		235

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 September 30, 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	2	32.12%	2.25%	34.37%
Small Cap Value Fund	3	24.55%	3.97%	28.52%
Small/Mid Cap Growth	—	—	97.92%	97.92%

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

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Notes to Financial Statements – continued

September 30, 2015

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

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
	Year Ended September 30, 2015						Year Ended September 30, 2014
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		7,265,268		$	175,813,770			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		(11,470,816	)		(274,541,353	)		(10,228,143	)		(257,989,269	)
Net change		928,771		$	18,334,882			423,477		$	17,301,237
Retail Class
Issued from the sale of shares		1,423,680		$	32,677,891			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		(2,397,388	)		(53,969,398	)		(3,240,173	)		(78,525,108	)
Net change		190,102		$	3,753,690			(799,425	)	$	(18,187,003	)
Class N
Issued from the sale of shares		6,907,906		$	165,784,056			426,210		$	10,866,912
Issued in connection with the reinvestment of distributions		119,335			2,724,416			20,604			529,097
Redeemed		(346,462	)		(8,289,576	)		(113,573	)		(2,866,438	)
Net change		6,680,779		$	160,218,896			333,241		$	8,529,571
Increase (decrease) from capital share transactions		7,799,652		$	182,307,468			(42,707	)	$	7,643,805

	Small Cap Value Fund
	Year Ended September 30, 2015						Year Ended September 30, 2014
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		3,379,231		$	118,476,722			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		(5,495,573	)		(195,820,490	)		(5,018,897	)		(188,920,687	)
Net change		614,433		$	16,649,507			477,728		$	17,900,191

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Notes to Financial Statements – continued

September 30, 2015

10.  Capital Shares – continued.

	Small Cap Value Fund
	Year Ended September 30, 2015						Year Ended September 30, 2014
Retail Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		931,124		$	32,655,794			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		(2,618,373	)		(91,431,051	)		(2,862,025	)		(107,131,359	)
Net change		(329,339	)	$	(12,538,432	)		(927,633	)	$	(35,364,508	)
Admin Class
Issued from the sale of shares		314,600		$	10,633,628			613,122		$	22,321,084
Issued in connection with the reinvestment of distributions		179,802			5,960,432			143,514			5,157,882
Redeemed		(774,906	)		(26,217,314	)		(1,060,940	)		(38,817,639	)
Net change		(280,504	)	$	(9,623,254	)		(304,304	)	$	(11,338,673	)
Class N
Issued from the sale of shares		1,179,383		$	42,095,614			95,239		$	3,550,943
Issued in connection with the reinvestment of distributions		26,566			914,684			3			106
Redeemed		(79,684	)		(2,779,124	)		(24,788	)		(952,187	)
Net change		1,126,265		$	40,231,174			70,454		$	2,598,862
Increase (decrease) from capital share transactions		1,130,855		$	34,718,995			(683,755	)	$	(26,204,128	)
	Small/Mid Cap Growth Fund
	Period Ended September 30, 2015(a)
Institutional Class	Shares			Amount
Issued from the sale of shares		1,020,804		$	10,199,072
Issued in connection with the reinvestment of distributions		—			—
Redeemed		—			—
Net change		1,020,804		$	10,199,072
Increase (decrease) from capital share transactions		1,020,804		$	10,199,072

(a) From commencement of operations on June 30, 2015 through September 30, 2015.

65  |

Notes to Financial Statements – continued

September 30, 2015

11.  Subsequent Event. On September 10, 2015, the Board of Trustees approved the broadening of eligibility requirements for Class N shares of Small Cap Value Fund to include investors with an initial minimum investment of $1,000,000, effective November 2, 2015.

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Report of Independent Registered Public Accounting Firm

To the Trustees of Loomis Sayles Funds I and Loomis Sayles Funds II and Shareholders of Loomis Sayles Small Cap Growth Fund, Loomis Sayles Small Cap Value Fund, and Loomis Sayles Small/Mid Cap Growth Fund:

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Loomis Sayles Small Cap Growth Fund, a series of Loomis Sayles Funds II, Loomis Sayles Small Cap Value Fund, a series of Loomis Sayles Funds I, and Loomis Sayles Small/Mid Cap Growth Fund, a series of Loomis Sayles Funds II (collectively, the “Funds”) at September 30, 2015, and the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at September 30, 2015 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where securities purchased had not been received, provide a reasonable basis for the opinion expressed above.

PricewaterhouseCoopers LLP

Boston, Massachusetts

November 20, 2015

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2015 U.S. Tax Distribution Information to Shareholders (Unaudited)

Corporate Dividends Received Deduction. For the fiscal year ended September 30, 2015, a percentage of dividends distributed by the Fund listed below qualifies for the dividends received deduction for corporate shareholders. This percentage is as follows:

Fund	Qualifying Percentage
Small Cap Value		100.00%

Capital Gains Distributions. Pursuant to Internal Revenue Section 852(b), the following Funds paid distributions, which have been designated as capital gains distributions for the fiscal year ended September 30, 2015, unless subsequently determined to be different.

Fund	Amount
Small Cap Growth	$	149,109,447
Small Cap Value		142,087,857

Qualified Dividend Income. For the fiscal year ended September 30, 2015, the Fund below will designate up to the maximum amount allowable pursuant to the Internal Revenue Code as qualified dividend income eligible for reduced tax rates. These lower rates range from 0% to 20% depending on an individual’s tax bracket. If the Fund pays a distribution during calendar year 2015, complete information will be reported in conjunction with Form 1099-DIV.

Fund

Small Cap Value

|  68

Trustee and Officer Information

As of 9/30/15

The tables below provide certain information regarding the trustees and officers of Loomis Sayles Funds I and Loomis Sayles Funds II (the “Trusts”). Unless otherwise indicated, the address of all persons below is 399 Boylston Street, Boston, MA 02116. The Funds’ Statements of Additional Information include additional information about the trustees of the Trusts and are available by calling Natixis Funds at 800-225-5478.

Name and Year of Birth	Position(s) Held with the Trust(s), Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INDEPENDENT TRUSTEES
Kenneth A. Drucker (1945)	Trustee since 2008 Chairperson of the Audit Committee and Governance Committee Member	Retired	42 None	Significant experience on the Board and on the boards of other business organizations (including at investment companies); executive experience (including as treasurer of an aerospace, automotive, and metal manufacturing corporation)
Edmond J. English (1953)	Trustee since 2013 Contract Review Committee Member	Chief Executive Officer of Bob’s Discount Furniture (retail)	42 Formerly, Director, BJ’s Wholesale Club (retail); formerly, Director, Citizens Financial Group (bank)	Experience on the Board and significant experience on the boards of other business organizations (including at a retail company and a bank); executive experience (including at a retail company)
Richard A. Goglia (1951)	Trustee since 2015 Audit Committee Member	Retired; formerly Vice President and Treasurer of Raytheon Company (defense)	42 None	Experience on the Board and executive experience (including his role as vice president and treasurer of a defense company and experience at a financial services company)

69  |

Trustee and Officer Information – continued

Name and Year of Birth	Position(s) Held with the Trust(s), Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INDEPENDENT TRUSTEES – continued
Wendell J. Knox (1948)	Trustee since 2009 Audit Committee Member and Governance Committee Member	Director of Abt Associates Inc. (research and consulting)	42 Director, Eastern Bank (bank); Director, The Hanover Insurance Group (property and casualty insurance)	Significant experience on the Board and on the boards of other business organizations (including at a bank and at a property and casualty insurance firm); executive experience (including roles as president and chief executive officer of a research and consulting company)
Martin T. Meehan (1956)	Trustee since 2012 Contract Review Committee Member	President, University of Massachusetts (formerly, Chancellor and faculty member, University of Massachusetts Lowell)	42 None	Experience on the Board and on the boards of other business organizations; experience as President of the University of Massachusetts; government experience (including as a member of the U.S. House of Representatives); academic experience
Sandra O. Moose (1942)	Chairperson of the Board of Trustees since November 2005 Trustee since 2003 Ex Officio member of the Audit Committee, the Contract Review Committee and the Governance Committee	President, Strategic Advisory Services (management consulting)	42 Director, AES Corporation (international power company); formerly, Director, Verizon Communications (telecommunications company)	Significant experience on the Board and on the boards of other business organizations (including at a telecommunications company, an international power company and a specialty chemicals corporation); executive experience (including at a management consulting company)

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Trustee and Officer Information – continued

Name and Year of Birth	Position(s) Held with the Trust(s), Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INDEPENDENT TRUSTEES – continued
Erik R. Sirri (1958)	Trustee since 2009 Audit Committee Member	Professor of Finance at Babson College	42 None	Significant experience on the Board; experience as Director of the Division of Trading and Markets at the Securities and Exchange Commission; academic experience; training as an economist
Peter J. Smail (1952)	Trustee since 2009 Chairperson of the Contract Review Committee and Governance Committee Member	Retired	42 None	Significant experience on the Board; mutual fund industry and executive experience (including roles as president and chief executive officer for an investment adviser)
Cynthia L. Walker (1956)	Trustee since 2005 Chairperson of the Governance Committee and Contract Review Committee Member	Deputy Dean for Finance and Administration, Yale University School of Medicine	42 None	Significant experience on the Board; executive experience in a variety of academic organizations (including roles as dean for finance and administration)
INTERESTED TRUSTEES
Kevin P. Charleston3 (1965) One Financial Center Boston, MA 02111	Trustee since 2015 President and Chief Executive Officer of Loomis Sayles Funds I since 2015	President, Chief Executive Officer and Director; formerly, Chief Financial Officer, Loomis, Sayles & Company, L.P.	42 None	Continuing service as President, Chief Executive Officer and Director of Loomis, Sayles & Company, L.P.

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Trustee and Officer Information – continued

Name and Year of Birth	Position(s) Held with the Trust(s), Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INTERESTED TRUSTEES – continued
David L. Giunta4 (1965)	Trustee since 2008 President since 2008 and Chief Executive Officer since 2015 of Loomis Sayles Funds II and Executive Vice President of Loomis Sayles Funds I since 2008	President and Chief Executive Officer, NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.	42 None	Experience on the Board; continuing experience as President and Chief Executive Officer of NGAM Advisors, L.P.
John T. Hailer5 (1960)	Trustee since 2000	President and Chief Executive Officer – U.S. and Asia, Natixis Global Asset Management, L.P.	42 None	Significant experience on the Board; continuing experience as President and Chief Executive Officer – U.S. and Asia, Natixis Global Asset Management, L.P.

¹  Each trustee serves until retirement, resignation or removal from the Board. The current retirement age is 75. The position of Chairperson of the Board is appointed for a three-year term. Ms. Moose was appointed to serve an additional three-year term as the Chairperson of the Board on December 13, 2013.

²  The trustees of the Trusts serve as trustees of a fund complex that includes all series of the Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV and Gateway Trust (collectively, the “Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (collectively, the “Loomis Sayles Funds Trusts”)(collectively, the “Fund Complex”).

³  Mr. Charleston is deemed an “interested person” of the Trusts because he holds the following positions with an affiliated person of the Trusts: President and Chief Executive Officer of Loomis, Sayles & Company, L.P.

⁴  Mr. Giunta is deemed an “interested person” of the Trusts because he holds the following positions with an affiliated person of the Trusts: President, Chief Executive Officer and Director of NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.

⁵ Mr. Hailer is deemed an “interested person” of the Trusts because he holds the following positions with an affiliated person of the Trusts: President and Chief Executive Officer – U.S. and Asia, Natixis Global Asset Management, L.P.

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Trustee and Officer Information – continued

Name and Year of Birth	Position(s) Held with the Trust(s)	Term of Office1  and Length of Time Served	Principal Occupation(s) During Past 5 Years2
OFFICERS OF THE TRUST
Coleen Downs Dinneen (1960)	Secretary, Clerk and Chief Legal Officer	Since September 2004	Executive Vice President, General Counsel, Secretary and Clerk, NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.
Daniel J. Fuss (1933) One Financial Center Boston, MA 02111	Executive Vice President of Loomis Sayles Funds I and Loomis Sayles Funds II	Since June 2003	Vice Chairman and Director, Loomis, Sayles & Company, L.P.
Russell L. Kane (1969)	Chief Compliance Officer, Assistant Secretary and Anti-Money Laundering Officer	Chief Compliance Officer since May 2006; Assistant Secretary since June 2004; and Anti-Money Laundering Officer since April 2007	Chief Compliance Officer for Mutual Funds, Senior Vice President, Deputy General Counsel, Assistant Secretary and Assistant Clerk, NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.
Michael C. Kardok (1959)	Treasurer, Principal Financial and Accounting Officer	Since October 2004	Senior Vice President, NGAM Advisors, L.P. and NGAM Distribution, L.P.

¹  Each officer of the Trusts serves for an indefinite term in accordance with the Trusts’ current by-laws until the date his or her successor is elected and qualified, or until he or she sooner dies, retires, is removed or becomes disqualified.

²  Each person listed above, except as noted, holds the same position(s) with the Fund Complex. Mr. Fuss is not an officer of the Natixis Funds Trusts. Previous positions during the past five years with NGAM Distribution, L.P., NGAM Advisors, L.P. or Loomis, Sayles & Company, L.P. are omitted, if not materially different from a trustee’s or officer’s current position with such entity.

73  |

ANNUAL REPORT

September 30, 2015

Loomis Sayles Core Plus Bond Fund

Loomis Sayles High Income Fund

Loomis Sayles Limited Term Government

and Agency Fund

TABLE OF CONTENTS

Financial Statements  page  63

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

Market Conditions

Falling commodity prices and a strengthening U.S. dollar characterized the reporting period. Commodity prices declined significantly, with oil falling approximately 50 percent. The U.S. dollar generally advanced versus most currencies due to global divergence of economic growth and central bank policy. Most emerging market currencies declined versus their developed market counterparts, and commodity exporters were the hardest hit.

In the second half of the period, the world’s two largest economies — the U.S. and China — dominated the landscape. Investors generally expected the Federal Reserve (the Fed) to tighten monetary policy in September, but the Fed kept short-term rates unchanged due to global economic and market turbulence triggered by China’s economic slowdown. The market interpreted the Fed’s decision as confirmation of global growth risks, which further strained commodities, emerging markets and other risk assets.

Developed market government bonds posted positive local currency returns, benefiting from investor risk aversion caused by sluggish global demand and commodity price weakness. Investment grade corporates underperformed government bonds. However, slower growth in China, commodity price pressures and uncertainty about the Fed rate increase weighed more heavily on high yield and emerging market bonds.

Performance Results

For the 12 months ended September 30, 2015, Class A shares of the Loomis Sayles Core Plus Bond Fund returned -3.13% at net asset value. The Fund underperformed its benchmark, the Barclays U.S. Aggregate Bond Index, which returned 2.94%.

Explanation of Fund Performance

The Fund’s holdings denominated in the Brazilian real, Mexican peso and Philippine peso hurt relative performance as the U.S. dollar strengthened during the period. In addition, an out-of-benchmark allocation to high yield holdings, particularly industrials, detracted from performance. Energy-related names were the largest laggards due to the prolonged decline in oil prices. Investment grade corporates also underperformed relative to the benchmark, primarily due to security selection and an overweight allocation to the industrials sector. In

1  |

addition, selected Yankee bonds (U.S. dollar-denominated bonds issued by non-U.S. entities) detracted from results and limited the overall performance of the Fund’s government-related allocation. Meanwhile, security selection among U.S. Treasuries, along with an underweight allocation to the sector, detracted from relative performance.

The Fund’s longer duration (greater price sensitivity to interest rate changes) posture contributed to performance as the yield curve (a curve that shows the relationship among bond yields across the maturity spectrum) flattened with longer-term rates moving lower. Security selection among electric utilities also aided relative performance.

Outlook

We expect the Fed will begin tightening in the fourth quarter of 2015 with one rate hike followed by a 25 basis point increase at every other policy meeting, perhaps until a terminal federal funds rate of 2.50% is reached.

We have sought to position the Fund for continued expansion of the U.S. and global economies, emphasizing securities we believe will benefit from improved global growth. Specifically, the Fund has underweight positions in currently overpriced government bonds and overweight positions in spread (non-nominal Treasury) sectors, including high yield, emerging markets, Yankee corporates, foreign currency (Mexico and Philippines), energy-related bonds and Treasury inflation-protected securities (TIPS).

Within the investment grade credit allocation, the Fund has an underweight position in U.S. securities and an overweight position in Yankee bonds. We believe the U.S. investment grade sector still looks attractive but is approaching the late-expansion cycle, making it vulnerable to releveraging events, including mergers and acquisitions, stock buybacks and increased stock dividends. The Fund is near its maximum allocation to high yield, with a bias toward higher-rated securities in the 5- to 10-year maturity range. We believe investment grade structured products, including asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS), remain sources of high quality, shorter-maturity yield and liquidity.

The Fund has significant direct exposure to the energy sector through investment grade and high yield bonds and indirect exposure through energy-influenced currency and sovereign exposure. The Fund’s non-U.S. dollar allocation is slightly less than 3% in pro-cyclical currencies and offers significant carry and yield advantages. This should mitigate the effects of additional modest U.S. dollar appreciation as markets anticipate the start of Fed tightening. Additionally, the Fund has an underweight position to mortgages, which have provided high quality yield but look relatively expensive and may be vulnerable to a significant duration extension or shortening, should rates rise or fall much beyond recent ranges.

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LOOMIS SAYLES CORE PLUS BOND FUND

Growth of $10,000 Investment in Class A Shares³

September 30, 2005 through September 30, 2015

3  |

Average Annual Total Returns — September 30, 2015³

	1 Year			5 Years			10 Years			Life of Class N
Class A (Inception 11/7/73)
NAV		-3.13	%		3.91	%		5.89	%		—	%
With 4.50% Maximum Sales Charge4		-7.48			2.96			5.40			—
Class B (Inception 9/13/93)
NAV		-3.82			3.14			5.10			—
With CDSC1		-8.50			2.79			5.10			—
Class C (Inception 12/30/94)
NAV		-3.86			3.12			5.09			—
With CDSC1		-4.80			3.12			5.09
Class N (Inception 2/1/13)
NAV		-2.82			—			—			0.99
Class Y (Inception 12/30/94)
NAV		-2.89			4.17			6.16			—
Comparative Performance
Barclays U.S. Aggregate Bond Index2		2.94			3.10			4.64			2.15

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.

4 Effective November 2, 2015, the maximum sales charge was reduced to 4.25%. See Note 12 of Notes to Financial Statements.

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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

Market Conditions

Falling commodity prices and a strengthening U.S. dollar characterized the reporting period. Commodity prices declined significantly, with oil falling approximately 50 percent. The U.S. dollar generally advanced versus most currencies due to global divergence of economic growth and central bank policy. Most emerging market currencies declined versus their developed market counterparts, and commodity exporters were the hardest hit.

In the second half of the period, the world’s two largest economies — the U.S. and China — dominated the landscape. Investors generally expected the Federal Reserve (the Fed) to tighten monetary policy in September, but the Fed kept short-term rates unchanged due to global economic and market turbulence triggered by China’s economic slowdown. The market interpreted the Fed’s decision as confirmation of global growth risks, which further strained commodities, emerging markets and other risk assets.

Developed market government bonds posted positive local currency returns, benefiting from investor risk aversion caused by sluggish global demand and commodity price weakness. Investment grade corporates underperformed government bonds. However, slower growth in China, commodity price pressures and uncertainty about the Fed rate increase weighed more heavily on high yield and commodity-linked bonds.

Performance Results

For the 12 months ended September 30, 2015, Class A shares of the Loomis Sayles High Income Fund returned -4.78%. The Fund underperformed its benchmark, the Barclays U.S. Corporate High Yield Bond Index, which returned -3.43%.

Explanation of Fund Performance

The Fund’s relative underperformance was primarily due to out-of-benchmark allocations. Holdings in non-U.S.-dollar-denominated securities suffered throughout the period due to a strong U.S. dollar, which pressured emerging market currencies. Exposure to the Brazilian real dragged on results and was the largest detractor. A small position in emerging market bonds detracted from performance due to uncertain growth prospects for many emerging market countries. Out-of-benchmark exposure to investment grade corporates also detracted from performance, with industrials the notable laggard. Furthermore, exposure to

5  |

equities and convertibles weighed negatively on results due to equity market volatility. High yield financials and utilities also weighed down return.

Although high yield securities generated mixed results for the period, they generally performed well in the industrial sector. In particular, basic industry and technology securities were the largest contributors to performance. In addition, the Fund’s securitized holdings contributed to results. Residential mortgage-backed securities (RMBS), asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS) produced positive returns. Meanwhile, a small, out-of-benchmark position in U.S. Treasuries, which we held as reserves, contributed to relative performance.

Outlook

We continue to have a positive outlook for the U.S. economy, despite some recent softer data. Steady improvement in employment and consumer sentiment should support consumption trends. We do not believe current low rates reflect the state of the U.S. economy. However, uncertainty about Chinese growth and weakening global economic trends may delay U.S. monetary policy changes. We believe the path for rates, which is likely to be very slow and shallow, is more important than timing. The downside risks to global growth have increased in our view; however, we believe conditions will remain reasonably strong overall.

The steady pace of U.S. economic growth should support risk assets, and we are maintaining exposure to corporate bonds. We view the investment grade and high yield markets as being distorted by global, not U.S., factors, and spread widening over the past 12 months has significantly improved valuations.

Risk profiles in non-U.S. markets should continue to be driven by oil prices, a strengthening U.S. dollar and central bank action. We are monitoring cheaper non-U.S.-dollar asset valuations, but we remain cautious. Since we do not see a positive catalyst at this point, we think it is too early to add exposure.

Our long-term themes remain intact, and we believe we are well positioned for this market environment. We have been investing away from the benchmark in sectors with low or negative correlations to U.S. rates. We are using portfolio flexibility to identify attractive income opportunities, broaden diversification and maintain a higher level of reserves. Our antidote for highly volatile markets is a patient, selective approach that seeks to capture value when investors are mispricing risk.

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LOOMIS SAYLES HIGH INCOME FUND

Growth of $10,000 Investment in Class A Shares⁴

September 30, 2005 through September 30, 2015

7  |

Average Annual Total Returns — September 30, 2015⁴

	1 Year			5 Years			10 Years
Class A (Inception 2/22/84)
NAV		-4.78	%		5.10	%		6.25	%
With 4.50% Maximum Sales Charge5		-9.04			4.15			5.77
Class B (Inception 9/20/93)
NAV		-6.05			4.20			5.40
With CDSC2		-10.48			3.92			5.40
Class C (Inception 3/2/98)
NAV		-5.48			4.31			5.46
With CDSC2		-6.37			4.31			5.46
Class Y (Inception 2/29/08)1
NAV		-4.54			5.37			6.43
Comparative Performance
Barclays U.S. Corporate High-Yield Bond Index3		-3.43			6.15			7.25

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, restated to reflect 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.

5 Effective November 2, 2015, the maximum sales charge was reduced to 4.25%. See Note 12 of Notes to Financial Statements.

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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

Market Conditions

Falling commodity prices and a strengthening U.S. dollar characterized the reporting period. Commodity prices declined significantly, with oil falling approximately 50 percent. The U.S. dollar generally advanced versus most currencies due to global divergence of economic growth and central bank policy. Most emerging market currencies declined versus their developed market counterparts, and commodity exporters were the hardest hit.

In the second half of the period, the world’s two largest economies — the U.S. and China — dominated the landscape. Investors generally expected the Federal Reserve (the Fed) to tighten monetary policy in September, but the Fed kept short-term rates unchanged due to global economic and market turbulence triggered by China’s economic slowdown. The market interpreted the Fed’s decision as confirmation of global growth risks, which further strained commodities, emerging markets and other risk assets.

Developed market government bonds posted positive local currency returns, benefiting from investor risk aversion caused by sluggish global demand and commodity price weakness. Investment grade corporates underperformed government bonds. However, slower growth in China, commodity price pressures and uncertainty about the Fed rate increase weighed more heavily on high yield and emerging market bonds.

Performance Results

For the 12 months ended September 30, 2015, Class A shares of the Loomis Sayles Limited Term Government and Agency Fund returned 1.26% at net asset value. The Fund underperformed its benchmark, the Barclays U.S. 1-5 Year Government Bond Index, which returned 2.05%.

Explanation of Fund Performance

The Fund’s relative underperformance was driven primarily by shorter-than-benchmark duration (price sensitivity to interest rate changes) and yield curve (a curve that shows the relationship among bond yields across the maturity spectrum) positioning. In addition, a small underweight position in U.S. agency securities detracted from relative performance despite generating a positive absolute return.

9  |

The Fund’s sizeable allocation to agency mortgage-backed securities (MBS) was a main driver of positive results. Agency MBS outperformed the benchmark on a duration-adjusted basis, which considers a security’s return relative to similar-duration U.S. Treasuries. The Fund’s agency collateralized-mortgage obligations (CMOs) were also among the leading contributors, considerably outperforming duration-matched Treasuries. Additionally, agency commercial mortgage-backed securities (CMBS) aided the Fund’s relative and absolute performance.

Outlook

Spreads (the difference in yield compared with similar-maturity Treasuries) for agency MBS are narrow on a historical basis, and refinancing risk has recently begun to increase as recently issued mortgages are of relatively high quality compared with earlier years. Therefore, we tend to underweight recently issued 30-year MBS and prefer sectors that are less likely to face refinance risk, such as low loan balance mortgages and home equity conversion mortgages. Within the commercial real estate sector, top-tier assets and markets have generally recovered and are currently at or above prior peak levels. We believe investment grade CMBS remain attractive. We also believe senior AAA-rated ABS currently offer an attractive combination of strong credit quality and enhanced yield. We favor buying bonds of less-frequent issuers, as our analysis indicates the credit risk of these securities is inefficiently priced, offering opportunities for additional yield.

Growth of $10,000 Investment in Class A Shares³

September 30, 2005 through September 30, 2015

See notes to chart on page 11.

|  10

LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND

Average Annual Total Returns — September 30, 2015³

	1 Year			5 Years			10 Years
Class A (Inception 1/3/89)
NAV		1.26	%		1.50	%		3.42	%
With 3.00% Maximum Sales Charge4		-1.79			0.88			3.11
Class B (Inception 9/27/93)
NAV		0.50			0.76			2.65
With CDSC1		-4.48			0.38			2.65
Class C (Inception 12/30/94)
NAV		0.51			0.74			2.66
With CDSC1		-0.49			0.74			2.66
Class Y (Inception 3/31/94)
NAV		1.51			1.77			3.69
Comparative Performance
Barclays U.S. 1-5 Year Government Bond Index2		2.05			1.24			3.19

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 Effective November 2, 2015, the maximum sales charge was reduced to 2.25%. See Note 12 of Notes to Financial Statements.

11  |

ADDITIONAL INFORMATION

The views expressed in this report reflect those of the portfolio managers as of the dates indicated. The managers’ views are subject to change at any time without notice based on changes in market or other conditions. References to specific securities or industries should not be regarded as investment advice. Because the Funds are actively managed, there is no assurance that they will continue to invest in the securities or industries mentioned.

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, 2015 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.

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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 April 1, 2015 through September 30, 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.

13  |

LOOMIS SAYLES CORE PLUS BOND FUND	BEGINNING ACCOUNT VALUE 4/1/2015		ENDING ACCOUNT VALUE 9/30/2015		EXPENSES PAID DURING PERIOD* 4/1/2015 – 9/30/2015
Class A
Actual		$1,000.00		$958.80		$3.63
Hypothetical (5% return before expenses)		$1,000.00		$1,021.36		$3.75
Class B
Actual		$1,000.00		$955.20		$7.30
Hypothetical (5% return before expenses)		$1,000.00		$1,017.60		$7.54
Class C
Actual		$1,000.00		$955.00		$7.30
Hypothetical (5% return before expenses)		$1,000.00		$1,017.60		$7.54
Class N
Actual		$1,000.00		$960.50		$1.97
Hypothetical (5% return before expenses)		$1,000.00		$1,023.06		$2.03
Class Y
Actual		$1,000.00		$960.10		$2.41
Hypothetical (5% return before expenses)		$1,000.00		$1,022.61		$2.48

* Expenses are equal to the Fund’s annualized expense ratio: 0.74%, 1.49%, 1.49%, 0.40% 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 (183), divided by 365 (to reflect the half-year period).

LOOMIS SAYLES HIGH INCOME FUND	BEGINNING ACCOUNT VALUE 4/1/2015		ENDING ACCOUNT VALUE 9/30/2015		EXPENSES PAID DURING PERIOD* 4/1/2015 – 9/30/2015
Class A
Actual		$1,000.00		$942.60		$5.41
Hypothetical (5% return before expenses)		$1,000.00		$1,019.50		$5.62
Class B
Actual		$1,000.00		$934.00		$8.97
Hypothetical (5% return before expenses)		$1,000.00		$1,015.79		$9.35
Class C
Actual		$1,000.00		$939.20		$9.04
Hypothetical (5% return before expenses)		$1,000.00		$1,015.74		$9.40
Class Y
Actual		$1,000.00		$943.70		$4.19
Hypothetical (5% return before expenses)		$1,000.00		$1,020.76		$4.36

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.11%, 1.85%, 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 (183), divided by 365 (to reflect the half-year period).

|  14

LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND	BEGINNING ACCOUNT VALUE 4/1/2015		ENDING ACCOUNT VALUE 9/30/2015		EXPENSES PAID DURING PERIOD* 4/1/2015 – 9/30/2015
Class A
Actual		$1,000.00		$1,002.10		$3.86
Hypothetical (5% return before expenses)		$1,000.00		$1,021.21		$3.90
Class B
Actual		$1,000.00		$999.20		$7.62
Hypothetical (5% return before expenses)		$1,000.00		$1,017.45		$7.69
Class C
Actual		$1,000.00		$998.30		$7.61
Hypothetical (5% return before expenses)		$1,000.00		$1,017.45		$7.69
Class Y
Actual		$1,000.00		$1,004.20		$2.61
Hypothetical (5% return before expenses)		$1,000.00		$1,022.46		$2.64

* Expenses are equal to the Fund’s annualized expense ratio: 0.77%, 1.52%, 1.52% and 0.52% 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 (183), divided by 365 (to reflect the half-year period).

15  |

BOARD APPROVAL OF THE EXISTING ADVISORY AGREEMENTS

The Board of Trustees of the Trusts (the “Board”), including the Independent Trustees, considers matters bearing on each Fund’s advisory agreement and, with respect to the Loomis Sayles Core Plus Bond Fund, its Advisory Administration Agreement (collectively, the “Agreements”) at most of its meetings throughout the year. Each year, usually in the spring, the Contract Review Committee of the Board meets to review the Agreements to determine whether to recommend that the full Board approve the continuation of the Agreements, typically for an additional one-year period. After the Committee has made its recommendation, the full Board, including the Independent Trustees, determines whether to approve the continuation of the Agreements.

In connection with these meetings, the Trustees receive materials that the Funds’ investment adviser (the “Adviser”) believes to be reasonably necessary for the Trustees to evaluate the Agreements. These materials generally include, among other items, (i) information on the investment performance of the Funds and the performance of peer groups of funds and the Funds’ performance benchmarks, (ii) information on the Funds’ advisory fees and other expenses, including information comparing the Funds’ expenses to the fees charged to institutional accounts with similar strategies managed by the Adviser, if any, and to those of peer groups of funds and information about any applicable expense caps and fee “breakpoints,” (iii) sales and redemption data in respect of the Funds, (iv) information about the profitability of the Agreements to the Adviser and (v) information obtained through the completion by the Adviser of a questionnaire distributed on behalf of the Trustees. The Board, including the Independent Trustees, also considers other matters such as (i) the Adviser’s financial results and financial condition, (ii) each Fund’s investment objective and strategies and the size, education and experience of the Adviser’s investment staff and its use of technology, external research and trading cost measurement tools, (iii) arrangements in respect of the distribution of the Funds’ shares and the related costs, (iv) the procedures employed to determine the value of the Funds’ assets, (v) the allocation of the Funds’ brokerage, if any, including, if applicable, allocations to brokers affiliated with the Adviser and the use of “soft” commission dollars to pay Fund expenses and to pay for research and other similar services, (vi) the resources devoted to, and the record of compliance with, the Funds’ investment policies and restrictions, policies on personal securities transactions and other compliance policies, (vii) information about amounts invested by the Funds’ portfolio managers in the Funds or in similar accounts that they manage and (viii) the general economic outlook with particular emphasis on the mutual fund industry. Throughout the process, the Trustees are afforded the opportunity to ask questions of and request additional materials from the Adviser.

In addition to the materials requested by the Trustees in connection with their annual consideration of the continuation of the Agreements, the Trustees receive materials in advance of each regular quarterly meeting of the Board that provide detailed information about the Funds’ investment performance and the fees charged to the Funds for advisory and other services. This information generally includes, among other things, an internal performance rating for each Fund based on agreed-upon criteria, graphs showing each Fund’s performance and fee differentials against each Fund’s peer group/category,

|  16

performance ratings provided by a third-party, total return information for various periods, and third-party performance rankings for various periods comparing a Fund against similarly categorized funds. The portfolio management team for each Fund or other representatives of the Adviser make periodic presentations to the Contract Review Committee and/or the full Board, and Funds identified as presenting possible performance concerns may be subject to more frequent board presentations and reviews. In addition, each quarter the Trustees are provided with detailed statistical information about each Fund’s portfolio. The Trustees also receive periodic updates between meetings.

The Board most recently approved the continuation of the Agreements at its meeting held in June 2015. The Agreements were continued for a one-year period for the Funds. In considering whether to approve the continuation of the Agreements, the Board, including the Independent Trustees, did not identify any single factor as determinative. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. Matters considered by the Trustees, including the Independent Trustees, in connection with their approval of the Agreements included, but were not limited to, the factors listed below.

The nature, extent and quality of the services provided to the Funds under the Agreements. The Trustees considered the nature, extent and quality of the services provided by the Adviser and its affiliates to the Funds and the resources dedicated to the Funds by the Adviser and its affiliates.

The Trustees considered not only the advisory services provided by the Adviser to the Funds, but also the monitoring and oversight services provided by NGAM Advisors, L.P. (“NGAM Advisors”). They also considered the administrative services provided by NGAM Advisors and its affiliates to the Funds.

For each Fund, the Trustees also considered the benefits to shareholders of investing in a mutual fund that is part of a family of funds that offers shareholders the right to exchange shares of one type of fund for shares of another type of fund, and provides a variety of fund and shareholder services.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the nature, extent and quality of services provided supported the renewal of the Agreements.

Investment performance of the Funds and the Adviser. As noted above, the Trustees received information about the performance of the Funds over various time periods, including information that compared the performance of the Funds to the performance of peer groups and categories of funds and the Funds’ respective performance benchmarks. In addition, the Trustees also reviewed data prepared by an independent third party that analyzed the performance of the Funds using a variety of performance metrics, including metrics that also measured the performance of the Funds on a risk adjusted basis. With respect to each Fund, the Board concluded that the Fund’s performance or other relevant factors supported the renewal of the Agreement relating to that Fund.

The Trustees also considered the Adviser’s performance and reputation generally, the performance of the fund family generally, and the historical responsiveness of the Adviser to Trustee concerns about performance and the willingness of the Adviser to take steps intended to improve performance.

17  |

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the performance of the Funds and the Adviser and/or other relevant factors supported the renewal of the Agreements.

The costs of the services to be provided and profits to be realized by the Adviser and its affiliates from their respective relationships with the Funds. The Trustees considered the fees charged to the Funds for advisory services as well as the total expense levels of the Funds. This information included comparisons (provided both by management and also by an independent third party) of the Funds’ advisory fees and total expense levels to those of their peer groups and information about the advisory fees charged by the Adviser to comparable accounts (such as institutional separate accounts), as well as information about differences in such fees and the reasons for any such differences. In considering the fees charged to comparable accounts, the Trustees considered, among other things, management’s representations about the differences between managing mutual funds as compared to other types of accounts, including the additional resources required to effectively manage mutual fund assets and the greater regulatory costs associated with the management of such assets. In evaluating each fund’s advisory fee, the Trustees also took into account the demands, complexity and quality of the investment management of such Fund, as well as the need for the Adviser to offer competitive compensation and to expend additional resources as the Funds grow in size. The Trustees considered that over the past several years, management had made recommendations regarding reductions in advisory fee rates, implementation of advisory fee breakpoints and the institution of advisory fee waivers and expense caps for various funds in the fund family. They noted that the Funds in this report have expense caps in place, although the current expenses of each Fund are below the cap. The Trustees further noted that management had proposed to reduce the expense cap of the Loomis Sayles High Income Fund.

The Trustees also considered the compensation directly or indirectly received or to be received by the Adviser and its affiliates from their relationships with the Funds. The Trustees reviewed information provided by management as to the profitability of the Adviser’s and its affiliates’ relationships with the Funds, and information about the allocation of expenses used to calculate profitability. They also reviewed information provided by management about the effect of distribution costs and changes in asset levels on Adviser profitability, including information regarding resources spent on distribution activities. When reviewing profitability, the Trustees also considered information about court cases in which adviser compensation or profitability were issues and the performance of the relevant Funds, the expense levels of the Funds, whether the Adviser had implemented breakpoints and/or expense caps with respect to such Funds.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the advisory fee charged to each of the Funds was fair and reasonable, and that the costs of these services generally and the related profitability of the Adviser and its affiliates in respect of their relationships with the Funds supported the renewal of the Agreements.

Economies of Scale. The Trustees considered the existence of any economies of scale in the provision of services by the Adviser and whether those economies are shared with the Funds through breakpoints in their investment advisory fees or other means, such as expense

|  18

waivers or caps. The Trustees also discussed with management the factors considered with respect to the implementation of breakpoints in investment advisory fees or expense waivers or caps for certain funds. Management explained that a number of factors are taken into account in considering the possible implementation of breakpoints or an expense cap for a fund, including, among other things, factors such as a fund’s assets, the projected growth of a fund, projected profitability and a fund’s fees and performance. With respect to economies of scale, the Trustees noted that each of the Funds was subject to an expense cap or waiver. The Trustees further noted that management had proposed to reduce the expense cap of the Loomis Sayles High Income Fund. In considering these issues, the Trustees also took note of the costs of the services provided (both on an absolute and a relative basis) and the profitability to the Adviser and its affiliates of their relationships with the Funds, as discussed above.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the extent to which economies of scale were shared with the Funds supported the renewal of the Agreements.

The Trustees also considered other factors, which included but were not limited to the following:

· The effect of recent market and economic events on the performance, asset levels and expense ratios of each Fund.

· Whether each Fund has operated in accordance with its investment objective and the Fund’s record of compliance with its investment restrictions, and the compliance programs of the Funds and the Adviser. They also considered the compliance-related resources the Adviser and its affiliates were providing to the Funds.

· Plans for maintaining continuity of portfolio management where that was thought to be a potential issue.

· The nature, quality, cost and extent of administrative and shareholder services performed by the Adviser and its affiliates, both under the Agreements and under separate agreements covering administrative services.

· So-called “fallout benefits” to the Adviser, such as the engagement of affiliates of the Adviser to provide distribution, administrative and brokerage services to the Funds, and the benefits of research made available to the Adviser by reason of brokerage commissions (if any) generated by the Funds’ securities transactions. The Trustees also considered the benefits to the parent company of NGAM Advisors from the retention of the Adviser. The Trustees considered the possible conflicts of interest associated with these fallout and other benefits, and the reporting, disclosure and other processes in place to disclose and monitor such possible conflicts of interest.

· The Trustees’ review and discussion of the Funds’ advisory arrangements in prior years, and management’s record of responding to Trustee concerns raised during the year and in prior years.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Trustees, including the Independent Trustees, concluded that each of the existing Agreements should be continued through June 30, 2016.

19  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Core Plus Bond Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 97.2% of Net Assets
		ABS Car Loan — 3.2%
$	8,905,000	Ally Master Owner Trust, Series 2014-4, Class A2, 1.430%, 6/17/2019	$	8,920,735
	2,610,915	AmeriCredit Automobile Receivables, Series 2012-5, Class B, 1.120%, 11/08/2017		2,611,500
	2,355,000	AmeriCredit Automobile Receivables Trust, Series 2013-2, Class B, 1.190%, 5/08/2018		2,356,693
	1,860,000	AmeriCredit Automobile Receivables Trust, Series 2013-2, Class C, 1.790%, 3/08/2019		1,868,335
	3,170,000	AmeriCredit Automobile Receivables Trust, Series 2014-2, Class C, 2.180%, 6/08/2020		3,184,297
	2,040,000	AmeriCredit Automobile Receivables Trust, Series 2014-3, Class B, 1.920%, 11/08/2019		2,054,339
	4,415,000	AmeriCredit Automobile Receivables Trust, Series 2014-3, Class C, 2.580%, 9/08/2020		4,453,154
	2,525,000	AmeriCredit Automobile Receivables Trust, Series 2014-4, Class C, 2.470%, 11/09/2020		2,554,914
	17,010,000	AmeriCredit Automobile Receivables Trust, Series 2015-1, Class C, 2.510%, 1/08/2021		17,249,552
	1,950,000	Avis Budget Rental Car Funding AESOP LLC, Series 2012-3A, Class A, 2.100%, 3/20/2019, 144A		1,964,297
	1,535,000	Avis Budget Rental Car Funding AESOP LLC, Series 2013-1A, Class B, 2.620%, 9/20/2019, 144A		1,553,798
	4,040,000	Avis Budget Rental Car Funding AESOP LLC, Series 2013-2A, Class A, 2.970%, 2/20/2020, 144A		4,160,267
	2,000,000	Avis Budget Rental Car Funding AESOP LLC, Series 2015-1A, Class A, 2.500%, 7/20/2021, 144A		2,017,272
	22,707,318	CPS Auto Receivables Trust, Series 2015-A, Class A, 1.530%, 7/15/2019, 144A		22,598,572
	14,792,483	CPS Auto Receivables Trust, Series 2015-B, Class A, 1.650%, 11/15/2019, 144A		14,713,684
	14,900,000	CPS Auto Receivables Trust, Series 2015-C, Class C, 3.420%, 8/16/2021, 144A		14,951,777
	630,000	Credit Acceptance Auto Loan Trust, Series 2014-1A, Class A, 1.550%, 10/15/2021, 144A		629,022
	11,380,000	Credit Acceptance Auto Loan Trust, Series 2014-2A, Class B, 2.670%, 9/15/2022, 144A		11,473,407
	2,000,000	Credit Acceptance Auto Loan Trust, Series 2015-1A, Class A, 2.000%, 7/15/2022, 144A		2,006,288
	10,810,000	DT Auto Owner Trust, Series 2014-3A, Class C, 3.040%, 9/15/2020, 144A		10,936,801
	404,286	Exeter Automobile Receivables Trust, Series 2013-2A, Class A, 1.490%, 11/15/2017, 144A		404,524
	5,000,000	Exeter Automobile Receivables Trust, Series 2014-3A, Class B, 2.770%, 11/15/2019, 144A		5,056,600
	26,750,683	Exeter Automobile Receivables Trust, Series 2015-1A, Class A, 1.600%, 6/17/2019, 144A		26,773,634
	9,285,000	First Investors Auto Owner Trust, Series 2014-3A, Class A3, 1.670%, 11/16/2020, 144A		9,268,816
	3,175,152	Flagship Credit Auto Trust, Series 2014-2, Class A, 1.430%, 12/16/2019, 144A		3,165,643
	3,655,757	Santander Drive Auto Receivables Trust, Series 2012-3, Class C, 3.010%, 4/16/2018		3,676,072

See accompanying notes to financial statements.

|  20

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		ABS Car Loan — continued
$	885,000	Santander Drive Auto Receivables Trust, Series 2012-3, Class D, 3.640%, 5/15/2018	$	901,703
	2,393,475	Santander Drive Auto Receivables Trust, Series 2012-4, Class C, 2.940%, 12/15/2017		2,411,759
	2,090,000	Santander Drive Auto Receivables Trust, Series 2012-5, Class C, 2.700%, 8/15/2018		2,105,017
	2,193,284	Santander Drive Auto Receivables Trust, Series 2012-6, Class C, 1.940%, 3/15/2018		2,200,601
	11,035,000	Santander Drive Auto Receivables Trust, Series 2014-2, Class C, 2.330%, 11/15/2019		11,128,102
	3,185,000	Santander Drive Auto Receivables Trust, Series 2014-3, Class C, 2.130%, 8/17/2020		3,209,381
	3,490,000	Santander Drive Auto Receivables Trust, Series 2014-4, Class C, 2.600%, 11/16/2020		3,535,112
	7,170,000	Santander Drive Auto Receivables Trust, Series 2014-5, Class C, 2.460%, 6/15/2020		7,204,466
				213,300,134
		ABS Credit Card — 0.0%
	480,000	World Financial Network Credit Card Master Trust, Series 2012-A, Class A, 3.140%, 1/17/2023		502,403
		ABS Home Equity — 0.6%
	2,615,000	American Homes 4 Rent, 5.036%, 10/17/2045, 144A		2,644,887
	4,564,848	Colony American Homes, Series 2014-1A, Class A, 1.400%, 5/17/2031, 144A(b)		4,510,417
	200,470	Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 5.115%, 2/25/2035(b)		204,000
	5,586,852	Sequoia Mortgage Trust, Series 2013-5, Class A1, 2.500%, 5/25/2043, 144A(b)		5,341,556
	27,172,871	Towd Point Mortgage Trust, Series 2015-2, Class 1AE2, 2.750%, 11/25/2060, 144A		27,234,281
				39,935,141
		ABS Other — 0.9%
	9,611,700	DB Master Finance LLC, Series 2015-1A, Class A2I, 3.262%, 2/20/2045, 144A		9,669,783
	4,305,327	Global Container Assets Ltd., Series 2013-1A, Class A1, 2.200%, 11/05/2028, 144A		4,303,105
	1,535,000	OneMain Financial Issuance Trust, Series 2014-2A, Class A, 2.470%, 9/18/2024, 144A		1,534,880
	19,945,000	OneMain Financial Issuance Trust, Series 2015-1A, Class A, 3.190%, 3/18/2026, 144A		20,146,006
	8,615,000	Springleaf Funding Trust, Series 2013-BA, Class A, 3.920%, 1/16/2023, 144A		8,615,000
	8,227,083	TAL Advantage V LLC, Series 2014-3A, Class A, 3.270%, 11/21/2039, 144A		8,340,132
	9,569,292	Textainer Marine Containers Ltd., Series 2014-1A, Class A, 3.270%, 10/20/2039, 144A		9,716,860
				62,325,766
		ABS Student Loan — 0.1%
	1,647,954	SoFi Professional Loan Program LLC, Series 2014-A, Class A2, 3.020%, 10/25/2027, 144A		1,677,365

See accompanying notes to financial statements.

21  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		ABS Student Loan — continued
$	5,490,503	SoFi Professional Loan Program LLC, Series 2014-B, Class A2, 2.550%, 8/27/2029, 144A	$	5,516,105
				7,193,470
		Aerospace & Defense — 0.8%
	4,400,000	Bombardier, Inc., 5.750%, 3/15/2022, 144A		3,234,000
	3,965,000	Bombardier, Inc., 6.000%, 10/15/2022, 144A		2,944,013
	1,480,000	Bombardier, Inc., 7.500%, 3/15/2018, 144A		1,376,400
	32,010,000	Embraer Netherlands Finance BV, 5.050%, 6/15/2025		29,617,252
	8,475,000	Huntington Ingalls Industries, Inc., 5.000%, 12/15/2021, 144A		8,644,500
	3,765,000	Textron, Inc., 3.875%, 3/01/2025		3,775,214
				49,591,379
		Airlines — 0.1%
	3,028,307	Continental Airlines Pass Through Certificates, Series 2012-2, Class A, 4.000%, 4/29/2026		3,079,122
	948,565	Continental Airlines Pass Through Trust, Series 2010-1, Class A, 4.750%, 7/12/2022		995,993
				4,075,115
		Automotive — 2.6%
	665,000	American Axle & Manufacturing, Inc., 5.125%, 2/15/2019		665,000
	1,285,000	Ford Motor Credit Co. LLC, 2.375%, 1/16/2018		1,286,439
	25,270,000	Ford Motor Credit Co. LLC, 2.375%, 3/12/2019		25,069,255
	7,885,000	Ford Motor Credit Co. LLC, 5.000%, 5/15/2018		8,386,384
	28,680,000	Ford Motor Credit Co. LLC, 5.750%, 2/01/2021		32,217,506
	17,000,000	Ford Motor Credit Co. LLC, 5.875%, 8/02/2021		19,244,068
	5,585,000	Ford Motor Credit Co. LLC, 6.625%, 8/15/2017(c)		6,029,332
	12,680,000	General Motors Co., 5.000%, 4/01/2035		11,745,801
	11,655,000	General Motors Co., 5.200%, 4/01/2045		10,937,553
	34,495,000	General Motors Co., 6.250%, 10/02/2043		36,691,538
	3,310,000	General Motors Financial Co., Inc., 3.250%, 5/15/2018		3,348,432
	8,160,000	General Motors Financial Co., Inc., 6.750%, 6/01/2018(c)		8,918,570
	4,290,000	Hyundai Capital Services, Inc., 3.500%, 9/13/2017, 144A		4,421,995
				168,961,873
		Banking — 8.8%
	18,380,000	Ally Financial, Inc., 3.500%, 1/27/2019		18,098,602
	47,310,000	Ally Financial, Inc., 3.750%, 11/18/2019		46,363,800
	5,000,000	Ally Financial, Inc., 4.750%, 9/10/2018		5,093,750
	21,355,000	Banco Santander Brasil S.A., 4.625%, 2/13/2017, 144A		21,290,935
	17,780,000	Banco Santander Chile, 3.875%, 9/20/2022, 144A		17,714,463
	12,810,000	Bangkok Bank PCL, 2.750%, 3/27/2018, 144A		12,948,438
	43,640,000	Bangkok Bank PCL, 3.300%, 10/03/2018, 144A		44,753,256
	6,845,000	Bank of America Corp., 2.650%, 4/01/2019		6,922,280
	2,500,000	Bank of America Corp., 5.650%, 5/01/2018		2,727,768
	49,225,000	Bank of America Corp., MTN, 5.000%, 5/13/2021(c)		54,240,141
	61,255,000	Barclays PLC, 2.875%, 6/08/2020		61,260,513
	26,235,000	BBVA Banco Continental S.A., 3.250%, 4/08/2018, 144A		26,464,556

See accompanying notes to financial statements.

|  22

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Banking — continued
$	19,630,000	Citigroup, Inc., 2.500%, 9/26/2018	$	19,890,667
	28,025,000	Citigroup, Inc., 4.050%, 7/30/2022		28,569,133
	5,230,000	Citigroup, Inc., 6.125%, 5/15/2018		5,780,902
	13,860,000	Goldman Sachs Group, Inc. (The), 3.625%, 1/22/2023		14,040,665
	15,400,000	Goldman Sachs Group, Inc. (The), 5.750%, 1/24/2022		17,674,411
	3,985,000	Goldman Sachs Group, Inc. (The), 6.000%, 6/15/2020		4,579,749
	13,930,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		16,617,348
	3,035,000	Goldman Sachs Group, Inc. (The), 7.500%, 2/15/2019		3,547,317
	9,135,000	JPMorgan Chase & Co., 3.200%, 1/25/2023		9,067,995
	9,025,000	JPMorgan Chase & Co., 4.350%, 8/15/2021		9,725,999
	27,965,000	JPMorgan Chase & Co., 4.500%, 1/24/2022(c)		30,173,368
	1,985,000	KEB Hana Bank, 4.250%, 6/14/2017, 144A		2,068,033
	4,350,000	Merrill Lynch & Co., Inc., MTN, 6.875%, 4/25/2018		4,861,717
	8,060,000	Morgan Stanley, 3.700%, 10/23/2024		8,098,446
	20,300,000	Morgan Stanley, 5.750%, 1/25/2021		23,151,663
	14,560,000	Morgan Stanley, GMTN, 5.500%, 1/26/2020		16,278,138
	13,000,000	Morgan Stanley, GMTN, 5.500%, 7/28/2021		14,691,547
	22,550,000	Morgan Stanley, Series F, 3.875%, 4/29/2024		23,032,818
	5,155,000	Morgan Stanley, Series F, GMTN, 6.625%, 4/01/2018		5,740,268
	9,450,000	Santander UK Group Holdings PLC, 5.625%, 9/15/2045, 144A		9,369,892
				584,838,578
		Building Materials — 0.2%
	3,965,000	CRH America, Inc., 3.875%, 5/18/2025, 144A		3,971,166
	8,870,000	Owens Corning, 4.200%, 12/01/2024		8,811,458
	2,860,000	USG Corp., 5.500%, 3/01/2025, 144A		2,852,850
				15,635,474
		Cable Satellite — 2.2%
	2,383,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 2/15/2023		2,198,318
	3,935,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.250%, 3/15/2021		3,875,483
	22,730,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.250%, 9/30/2022		21,309,375
	7,000,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 1/15/2024		6,685,000
	2,965,000	CCO Holdings LLC/CCO Holdings Capital Corp., 6.500%, 4/30/2021		2,979,825
	20,065,000	CCO Safari II LLC, 6.484%, 10/23/2045, 144A		20,242,575
	7,925,000	DISH DBS Corp., 5.000%, 3/15/2023		6,637,187
	27,950,000	DISH DBS Corp., 5.875%, 11/15/2024		23,740,031
	21,385,000	Time Warner Cable, Inc., 4.500%, 9/15/2042		16,907,473
	4,080,000	Time Warner Cable, Inc., 5.500%, 9/01/2041		3,654,097
	2,743,000	Time Warner Cable, Inc., 5.875%, 11/15/2040		2,610,859
	8,750,000	Time Warner Cable, Inc., 6.550%, 5/01/2037		8,597,575
	2,085,000	Time Warner Cable, Inc., 6.750%, 6/15/2039		2,085,494
	10,935,000	Virgin Media Finance PLC, 5.750%, 1/15/2025, 144A		10,278,900
	2,825,000	Virgin Media Finance PLC, 6.375%, 4/15/2023, 144A		2,810,875
	2,535,000	Virgin Media Secured Finance PLC, 5.250%, 1/15/2021		2,642,737
	382,500	Virgin Media Secured Finance PLC, 5.375%, 4/15/2021, 144A		384,891
	5,000,000	Virgin Media Secured Finance PLC, 5.500%, 1/15/2025, 144A		4,850,000
				142,490,695

See accompanying notes to financial statements.

23  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Chemicals — 1.3%
$	29,365,000	Braskem America Finance Co., 7.125%, 7/22/2041, 144A(c)	$	20,496,770
	4,375,000	Methanex Corp., 3.250%, 12/15/2019		4,366,666
	16,185,000	Methanex Corp., 5.250%, 3/01/2022		17,233,594
	10,625,000	Mexichem SAB de CV, 5.875%, 9/17/2044, 144A		8,978,125
	11,565,000	Mexichem SAB de CV, 6.750%, 9/19/2042, 144A(c)		11,218,050
	18,345,000	PolyOne Corp., 5.250%, 3/15/2023		17,345,197
	4,560,000	RPM International, Inc., 3.450%, 11/15/2022		4,438,804
	3,685,000	RPM International, Inc., 6.125%, 10/15/2019		4,126,308
				88,203,514
		Collateralized Mortgage Obligations — 1.0%
	730,214	Government National Mortgage Association, Series 2010-H20, Class AF, 0.522%, 10/20/2060(b)		725,529
	557,873	Government National Mortgage Association, Series 2010-H24, Class FA, 0.542%, 10/20/2060(b)		555,719
	532,723	Government National Mortgage Association, Series 2011-H06, Class FA, 0.642%, 2/20/2061(b)		532,071
	5,189,625	Government National Mortgage Association, Series 2012-H12, Class FA, 0.742%, 4/20/2062(b)		5,207,581
	628,587	Government National Mortgage Association, Series 2012-H18, Class NA, 0.712%, 8/20/2062(b)		629,383
	3,436,203	Government National Mortgage Association, Series 2013-H01, Class FA, 1.650%, 1/20/2063		3,458,510
	4,405,008	Government National Mortgage Association, Series 2013-H03, Class HA, 1.750%, 12/20/2062		4,459,344
	1,906,998	Government National Mortgage Association, Series 2013-H04, Class BA, 1.650%, 2/20/2063		1,919,479
	19,271,323	Government National Mortgage Association, Series 2013-H07, Class DA, 2.500%, 3/20/2063		19,879,141
	27,315,133	Government National Mortgage Association, Series 2015-H10, Class JA, 2.250%, 4/20/2065		27,601,560
				64,968,317
		Consumer Cyclical Services — 0.3%
	17,635,000	Alibaba Group Holding Ltd., 4.500%, 11/28/2034, 144A		16,389,722
	5,980,000	IHS, Inc., 5.000%, 11/01/2022		5,748,275
				22,137,997
		Consumer Products — 0.1%
	3,620,000	Whirlpool Corp., MTN, 4.850%, 6/15/2021		3,974,123
		Diversified Manufacturing — 0.5%
	1,200,000	Crane Co., 6.550%, 11/15/2036		1,438,632
	5,620,000	EnerSys, 5.000%, 4/30/2023, 144A		5,451,400
	37,955,000	Votorantim Cimentos S.A., 7.250%, 4/05/2041, 144A		27,802,038
				34,692,070
		Electric — 2.0%
	20,370,000	AES Corp. (The), 3.324%, 6/01/2019(b)		19,351,500
	2,200,000	AES Corp. (The), 7.375%, 7/01/2021		2,282,500

See accompanying notes to financial statements.

|  24

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Electric — continued
$	33,840,000	Dynegy, Inc., 6.750%, 11/01/2019	$	33,924,600
	20,995,000	EDP Finance BV, 5.250%, 1/14/2021, 144A		22,156,443
	3,485,000	Empresa Nacional de Electricidad S.A., 4.250%, 4/15/2024		3,477,824
	12,390,000	FirstEnergy Corp., 2.750%, 3/15/2018		12,423,812
	1,010,000	Ipalco Enterprises, Inc., 5.000%, 5/01/2018		1,057,975
	17,865,000	National Rural Utilities Cooperative Finance Corp., (fixed rate to 4/30/2023, variable rate thereafter), 4.750%, 4/30/2043		17,713,148
	6,590,000	Talen Energy Supply LLC, 6.500%, 6/01/2025, 144A		5,667,400
	8,715,000	Transelec S.A., 4.250%, 1/14/2025, 144A		8,583,125
	4,380,000	Transelec S.A., 4.625%, 7/26/2023, 144A		4,490,731
				131,129,058
		Finance Companies — 4.4%
	30,145,000	AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, 3.750%, 5/15/2019		29,617,463
	5,275,000	Aircastle Ltd., 5.500%, 2/15/2022		5,327,750
	4,770,000	CIT Group, Inc., 5.250%, 3/15/2018		4,901,175
	17,090,000	CIT Group, Inc., 5.375%, 5/15/2020		17,901,775
	27,670,000	CIT Group, Inc., 5.500%, 2/15/2019, 144A		28,707,625
	13,125,000	International Lease Finance Corp., 3.875%, 4/15/2018		13,092,188
	16,438,000	International Lease Finance Corp., 5.875%, 4/01/2019		17,284,557
	2,450,000	International Lease Finance Corp., 5.875%, 8/15/2022		2,609,250
	19,039,000	International Lease Finance Corp., 6.250%, 5/15/2019		20,276,535
	4,635,000	Navient Corp., 5.875%, 3/25/2021		3,899,194
	7,510,000	Navient Corp., MTN, 6.125%, 3/25/2024		6,008,000
	26,085,000	Navient LLC, 4.875%, 6/17/2019		23,737,350
	27,625,000	Navient LLC, MTN, 5.500%, 1/15/2019		25,673,984
	1,100,000	Navient LLC, MTN, 6.000%, 1/25/2017		1,105,500
	6,560,000	Navient LLC, MTN, 6.250%, 1/25/2016		6,617,662
	14,840,000	Navient LLC, MTN, 8.000%, 3/25/2020		14,209,300
	120,000	Navient LLC, Series A, MTN, 5.000%, 6/15/2018		114,600
	6,960,000	Quicken Loans, Inc., 5.750%, 5/01/2025, 144A		6,533,700
	60,315,000	Springleaf Finance Corp., 5.250%, 12/15/2019		58,957,912
	3,135,000	Springleaf Finance Corp., 6.000%, 6/01/2020		3,146,756
				289,722,276
		Financial Other — 0.5%
	36,870,000	Cielo S.A./Cielo USA, Inc., 3.750%, 11/16/2022, 144A		31,155,150
		Food & Beverage — 0.9%
	8,760,000	Alicorp SAA, 3.875%, 3/20/2023, 144A		8,370,180
	9,775,000	Constellation Brands, Inc., 3.750%, 5/01/2021		9,701,687
	3,500,000	Constellation Brands, Inc., 3.875%, 11/15/2019		3,570,000
	1,340,000	Cosan Luxembourg S.A., 5.000%, 3/14/2023, 144A		1,005,000
	3,490,000	Gruma SAB de CV, 4.875%, 12/01/2024, 144A		3,670,084
	17,770,000	Kraft Heinz Foods Co., 3.950%, 7/15/2025, 144A		18,181,962
	12,530,000	Sigma Alimentos S.A. de CV, 5.625%, 4/14/2018, 144A		13,046,236
	1,230,000	Sigma Alimentos S.A. de CV, 6.875%, 12/16/2019, 144A		1,360,626
				58,905,775

See accompanying notes to financial statements.

25  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Government Owned – No Guarantee — 5.7%
$	2,355,000	Abu Dhabi National Energy Co. PJSC, 2.500%, 1/12/2018, 144A	$	2,352,946
	9,135,000	CEZ AS, 5.625%, 4/03/2042, 144A		10,074,717
	19,995,000	China Resources Gas Group Ltd., 4.500%, 4/05/2022, 144A		20,701,983
	2,045,000	CNPC General Capital Ltd., 3.400%, 4/16/2023, 144A		1,990,623
	17,400,000	CNPC General Capital Ltd., 3.950%, 4/19/2022, 144A		17,742,293
	18,760,000	Dolphin Energy Ltd., 5.500%, 12/15/2021, 144A		21,171,523
	1,665,000	Dubai Electricity & Water Authority, 6.375%, 10/21/2016, 144A		1,751,247
	20,395,000	Ecopetrol S.A., 5.375%, 6/26/2026		17,794,637
	6,310,000	IPIC GMTN Ltd., 6.875%, 11/01/2041, 144A		8,328,039
	19,285,000	OCP S.A., 5.625%, 4/25/2024, 144A		19,671,471
	5,000,000	Ooredoo International Finance Ltd., 3.250%, 2/21/2023, 144A		4,856,450
	1,290,000	Ooredoo International Finance Ltd., 3.875%, 1/31/2028, 144A		1,227,758
	2,895,000	Ooredoo International Finance Ltd., 4.750%, 2/16/2021, 144A		3,161,919
	2,965,000	Ooredoo International Finance Ltd., 7.875%, 6/10/2019, 144A		3,548,008
	49,230,000	Pertamina Persero PT, 5.625%, 5/20/2043, 144A(c)		38,269,728
	3,720,000	Pertamina Persero PT, 6.000%, 5/03/2042, 144A		3,077,764
	8,395,000	Pertamina Persero PT, 6.450%, 5/30/2044, 144A		7,281,479
	43,020,000	Petrobras Global Finance BV, 5.625%, 5/20/2043		26,349,750
	9,705,000	Petrobras Global Finance BV, 6.750%, 1/27/2041		6,332,513
	30,650,000	Petrobras Global Finance BV, 6.850%, 6/05/2115		19,539,375
	8,325,000	Petroleos Mexicanos, 3.125%, 1/23/2019		8,148,094
	1,210,000	Petroleos Mexicanos, 3.500%, 7/18/2018		1,223,310
	10,935,000	Petroleos Mexicanos, 3.500%, 7/23/2020, 144A		10,611,871
	6,470,000	Petroleos Mexicanos, 5.500%, 1/21/2021		6,802,882
	41,622,000	Rio Oil Finance Trust, Series 2014-1, 6.250%, 7/06/2024, 144A		26,638,080
	53,905,000	Tennessee Valley Authority, 3.500%, 12/15/2042(c)		51,713,762
	14,830,000	Tennessee Valley Authority, 4.250%, 9/15/2065		14,903,750
	6,630,000	Tennessee Valley Authority, 4.875%, 1/15/2048		7,738,098
	11,350,000	Tennessee Valley Authority, 5.250%, 9/15/2039		14,081,355
				377,085,425
		Healthcare — 1.6%
	11,450,000	Halyard Health, Inc., 6.250%, 10/15/2022		11,679,000
	1,580,000	HCA Holdings, Inc., 6.250%, 2/15/2021		1,682,700
	5,690,000	HCA, Inc., 5.375%, 2/01/2025		5,633,100
	2,915,000	HCA, Inc., 5.875%, 5/01/2023		3,024,313
	28,295,000	HCA, Inc., 7.500%, 2/15/2022		31,973,350
	575,000	HCA, Inc., 7.500%, 12/15/2023		641,125
	20,490,000	Kindred Healthcare, Inc., 8.000%, 1/15/2020, 144A		21,719,400
	4,451,000	Omnicare, Inc., 4.750%, 12/01/2022		4,807,080
	2,124,000	Omnicare, Inc., 5.000%, 12/01/2024		2,304,540
	3,200,000	PerkinElmer, Inc., 5.000%, 11/15/2021		3,443,434
	10,029,000	Universal Health Services, Inc., 3.750%, 8/01/2019, 144A		10,154,362
	9,410,000	Universal Health Services, Inc., 4.750%, 8/01/2022, 144A		9,598,200
				106,660,604
		Home Construction — 0.1%
	8,630,000	KB Home, 4.750%, 5/15/2019		8,295,588

See accompanying notes to financial statements.

|  26

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Hybrid ARMs — 0.0%
$	115,416	FNMA, 1.922%, 2/01/2037(b)	$	120,707
		Independent Energy — 1.5%
	5,060,000	MEG Energy Corp., 7.000%, 3/31/2024, 144A		4,022,700
	13,973,000	Newfield Exploration Co., 5.375%, 1/01/2026		12,785,295
	10,875,000	Newfield Exploration Co., 5.750%, 1/30/2022		10,548,750
	14,386,000	Pan American Energy LLC/Argentine Branch, 7.875%, 5/07/2021, 144A		14,237,824
	14,100,000	QEP Resources, Inc., 5.250%, 5/01/2023		11,787,600
	8,765,000	QEP Resources, Inc., 5.375%, 10/01/2022		7,450,250
	11,085,000	Range Resources Corp., 5.000%, 8/15/2022		9,810,225
	13,340,000	SM Energy Co., 5.000%, 1/15/2024		11,288,975
	16,580,000	SM Energy Co., 6.125%, 11/15/2022		15,353,080
	1,125,000	SM Energy Co., 6.500%, 11/15/2021		1,068,750
	4,170,000	SM Energy Co., 6.500%, 1/01/2023		3,878,100
				102,231,549
		Industrial Other — 0.6%
	6,131,000	Briggs & Stratton Corp., 6.875%, 12/15/2020		6,621,480
	5,987,000	CBRE Services, Inc., 5.000%, 3/15/2023		6,017,851
	9,170,000	Deluxe Corp., 6.000%, 11/15/2020		9,617,038
	17,370,000	Ferreycorp SAA, 4.875%, 4/26/2020, 144A		16,067,250
				38,323,619
		Integrated Energy — 0.2%
	29,005,000	Pacific Exploration and Production Corp., 5.375%, 1/26/2019, 144A		10,731,850
	6,165,000	Pacific Exploration and Production Corp., 7.250%, 12/12/2021, 144A		2,219,400
				12,951,250
		Leisure — 0.2%
	12,095,000	Regal Entertainment Group, 5.750%, 3/15/2022		11,883,338
		Media Entertainment — 1.0%
	66,000,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		3,297,255
	31,592,000	Myriad International Holdings BV, 6.000%, 7/18/2020, 144A		33,776,903
	4,284,000	Myriad International Holdings BV, 6.375%, 7/28/2017, 144A		4,524,418
	18,985,000	Nielsen Finance LLC/Nielsen Finance Co., 5.000%, 4/15/2022, 144A		18,391,719
	5,840,000	Viacom, Inc., 5.250%, 4/01/2044		5,098,308
				65,088,603
		Metals & Mining — 2.1%
	9,173,000	Anglo American Capital PLC, 3.625%, 5/14/2020, 144A		8,003,800
	22,865,000	Anglo American Capital PLC, 4.875%, 5/14/2025, 144A		18,309,926
	23,235,000	ArcelorMittal, 7.500%, 3/01/2041		18,704,175
	4,630,000	ArcelorMittal, 7.750%, 10/15/2039		3,773,450
	5,280,000	Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas, Inc., 6.875%, 2/15/2023		4,671,480
	15,430,000	Freeport-McMoRan, Inc., 2.375%, 3/15/2018		13,501,250
	13,080,000	Freeport-McMoRan, Inc., 3.550%, 3/01/2022		9,810,000
	11,605,000	Goldcorp, Inc., 2.125%, 3/15/2018		11,469,431
	2,675,000	Samarco Mineracao S.A., 4.125%, 11/01/2022, 144A		2,126,625
	5,460,000	Samarco Mineracao S.A., 5.375%, 9/26/2024, 144A		4,399,395

See accompanying notes to financial statements.

27  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Metals & Mining — continued
$	11,500,000	Samarco Mineracao S.A., 5.750%, 10/24/2023, 144A	$	9,746,250
	38,900,000	Southern Copper Corp., 5.875%, 4/23/2045		31,580,965
	4,150,000	Steel Dynamics, Inc., 5.125%, 10/01/2021		3,932,125
	1,445,000	Steel Dynamics, Inc., 5.250%, 4/15/2023		1,322,175
				141,351,047
		Midstream — 2.0%
	11,050,000	El Paso Pipeline Partners Operating Co. LLC, 4.300%, 5/01/2024		10,087,899
	6,390,000	Energy Transfer Partners LP, 5.950%, 10/01/2043		5,647,552
	23,745,000	Energy Transfer Partners LP, 6.050%, 6/01/2041		21,065,947
	9,345,000	Energy Transfer Partners LP, 6.500%, 2/01/2042		8,575,355
	1,635,000	Energy Transfer Partners LP, 6.625%, 10/15/2036		1,555,554
	3,565,000	Kinder Morgan Finance Co. LLC, 6.000%, 1/15/2018, 144A		3,772,700
	5,035,000	Kinder Morgan, Inc., 5.000%, 2/15/2021, 144A		5,144,980
	19,525,000	Kinder Morgan, Inc., 5.625%, 11/15/2023, 144A		19,143,794
	13,710,000	Regency Energy Partners LP/Regency Energy Finance Corp., 5.000%, 10/01/2022		13,385,758
	343,000	Regency Energy Partners LP/Regency Energy Finance Corp., 5.500%, 4/15/2023		331,852
	12,031,000	Regency Energy Partners LP/Regency Energy Finance Corp., 5.875%, 3/01/2022		12,329,008
	22,580,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.125%, 11/15/2019, 144A		20,265,550
	1,345,000	Tesoro Logistics LP/Tesoro Logistics Finance Corp., 5.500%, 10/15/2019, 144A		1,318,100
	7,200,000	Tesoro Logistics LP/Tesoro Logistics Finance Corp., 6.250%, 10/15/2022, 144A		7,047,000
				129,671,049
		Mortgage Related — 13.4%
	3,717,855	FHLMC, 3.000%, 11/01/2042		3,774,450
	48,488,820	FHLMC, 3.500%, with various maturities from 2043 to 2045(d)		50,635,296
	9,004,111	FHLMC, 4.000%, with various maturities in 2045(d)		9,622,486
	19,614	FHLMC, 5.500%, 12/01/2018		20,658
	22,970	FHLMC, 6.000%, 6/01/2035		26,248
	37,484,771	FNMA, 3.000%, with various maturities from 2043 to 2045(d)		38,032,796
	124,088,937	FNMA, 3.500%, with various maturities from 2042 to 2045(d)		129,700,265
	22,239,464	FNMA, 4.000%, with various maturities from 2042 to 2045(d)		23,823,072
	422,412	FNMA, 6.000%, with various maturities from 2016 to 2037(d)		478,535
	34,665	FNMA, 6.500%, with various maturities from 2029 to 2036(d)		40,016
	56,278	FNMA, 7.000%, with various maturities in 2030(d)		64,062
	45,571	FNMA, 7.500%, with various maturities from 2024 to 2032(d)		52,296
	254,340,000	FNMA (TBA), 3.500%, 11/01/2045(e)		264,750,045
	202,670,000	FNMA (TBA), 4.000%, 11/01/2045(e)		215,788,195
	733,397	GNMA, 2.133%, 9/20/2063(b)		772,366
	167,454	GNMA, 4.144%, 1/20/2063		181,602
	149,422	GNMA, 4.323%, 5/20/2063		163,006
	200,440	GNMA, 4.423%, 7/20/2063		219,991
	1,009,576	GNMA, 4.499%, 12/20/2062		1,097,617
	635,487	GNMA, 4.515%, 7/20/2063		698,007

See accompanying notes to financial statements.

|  28

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Mortgage Related — continued
$	1,113,376	GNMA, 4.522%, 8/20/2062	$	1,205,354
	616,665	GNMA, 4.524%, 5/20/2063		676,926
	5,386,202	GNMA, 4.527%, 1/20/2065		6,031,038
	4,682,875	GNMA, 4.533%, 6/20/2064		5,222,417
	1,089,545	GNMA, 4.538%, 11/20/2062		1,183,882
	6,088,770	GNMA, 4.544%, 12/20/2064		6,807,281
	15,350,071	GNMA, 4.546%, 11/20/2062		16,668,903
	3,158,333	GNMA, 4.551%, 1/20/2065		3,534,352
	20,073,007	GNMA, 4.556%, 12/20/2061(c)		21,482,192
	6,765,549	GNMA, 4.575%, 10/20/2064		7,566,732
	5,346,942	GNMA, 4.581%, 2/20/2065		5,981,522
	4,433,037	GNMA, 4.587%, 12/20/2063		4,902,810
	2,742,564	GNMA, 4.604%, 6/20/2062		2,962,410
	7,229,115	GNMA, 4.608%, 2/20/2065		8,122,352
	2,132,487	GNMA, 4.616%, with various maturities from 2061 to 2062(d)		2,299,590
	4,102,875	GNMA, 4.619%, 3/20/2065		4,605,945
	3,109,621	GNMA, 4.627%, with various maturities from 2061 to 2064(d)		3,381,805
	2,378,917	GNMA 4.631%, 10/20/2062		2,578,765
	7,605,911	GNMA, 4.650%, 1/20/2061		8,032,823
	4,243,516	GNMA, 4.653%, 1/20/2064		4,736,697
	886,793	GNMA, 4.668%, 5/20/2062		952,351
	7,211,816	GNMA, 4.673%, with various maturities from 2062 to 2064(d)		8,076,427
	8,752,662	GNMA, 4.676%, 4/20/2062		9,444,788
	960,047	GNMA, 4.698%, 7/20/2061		1,018,102
	677,172	GNMA, 4.700%, 10/20/2061		720,879
	4,123,395	GNMA, 4.701%, 1/20/2064		4,641,582
	614,108	GNMA, 5.500%, 4/15/2038		689,628
	128,085	GNMA, 6.000%, with various maturities from 2029 to 2038(d)		146,152
	91,689	GNMA, 6.500%, with various maturities from 2029 to 2032(d)		106,358
	95,608	GNMA, 7.000%, with various maturities from 2025 to 2029(d)		101,852
	35,230	GNMA, 7.500%, with various maturities from 2025 to 2030(d)		39,950
	32,842	GNMA, 8.500%, with various maturities from 2017 to 2023(d)		33,144
	321	GNMA, 9.000%, 11/15/2016		322
				883,896,340
		Non-Agency Commercial Mortgage-Backed Securities — 5.6%
	3,421,441	A10 Securitization LLC, Series 2014-1, Class A1, 1.720%, 4/15/2033, 144A		3,414,447
	1,670,000	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2007-2, Class A4, 5.784%, 4/10/2049(b)		1,732,817
	1,051,000	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2007-3, Class A5, 5.377%, 6/10/2049		1,112,855
	1,691,407	Barclays Commercial Mortgage Securities, Series 2015-SLP, Class A, 1.316%, 2/15/2028, 144A(b)		1,670,733
	97,120	Bear Stearns Commercial Mortgage Securities, Series 2007-PW16, Class A2, 5.843%, 6/11/2040(b)		97,424
	913,045	Citigroup Commercial Mortgage Trust, Series 2008-C7, Class A4, 6.349%, 12/10/2049(b)		974,875

See accompanying notes to financial statements.

29  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Non-Agency Commercial Mortgage-Backed Securities — continued
$	26,539,975	Commercial Mortgage Pass Through Certificates, Series 2007-C9, Class A4, 5.989%, 12/10/2049(b)	$	28,137,310
	2,435,000	Commercial Mortgage Pass Through Certificates, Series 2014-KYO, Class A, 1.104%, 6/11/2027, 144A(b)		2,416,772
	8,236,000	Commercial Mortgage Pass Through Certificates, Series 2014-KYO, Class D, 2.204%, 6/11/2027, 144A(b)		8,146,030
	1,025,000	Commercial Mortgage Trust, Series 2010-C1, Class D, 6.188%, 7/10/2046, 144A(b)		1,123,051
	12,295,000	Commercial Mortgage Trust, Series 2014-FL5, Class SV1, 2.048%, 10/15/2031, 144A(b)(g)		12,286,799
	1,885,000	Commercial Mortgage Trust, Series 2014-KYO, Class B, 1.504%, 6/11/2027, 144A(b)		1,864,998
	13,225,000	Commercial Mortgage Trust, Series 2014-SAVA, Class C, 2.607%, 6/15/2034, 144A(b)		13,137,451
	6,010,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C2, Class A3, 5.542%, 1/15/2049(b)		6,278,316
	2,428,511	Credit Suisse Mortgage Capital Certificates, Series 2007-C4, Class A4, 6.147%, 9/15/2039(b)		2,567,572
	14,060,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.695%, 9/15/2040(b)		14,813,897
	5,790,000	Credit Suisse Mortgage Capital Certificates, Series 2008-C1, Class A3, 6.270%, 2/15/2041(b)		6,190,992
	3,161,500	DBUBS Mortgage Trust, Series 2011-LC1A, Class E, 5.735%, 11/10/2046, 144A(b)		3,413,510
	1,334,842	GP Portfolio Trust, Series 2014-GPP, Class A, 1.157%, 2/15/2027, 144A(b)		1,326,917
	3,295,000	GP Portfolio Trust, Series 2014-GPP, Class D, 2.957%, 2/15/2027, 144A(b)		3,272,386
	395,350	Greenwich Capital Commercial Funding Corp., Series 2006-GG7, Class A4, 6.014%, 7/10/2038(b)		399,969
	24,032,149	Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/2039		24,946,380
	11,009,972	Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049		11,558,368
	26,847,047	GS Mortgage Securities Corp. II, Series 2007-GG10, Class A4, 5.989%, 8/10/2045(b)		28,314,667
	1,844,319	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-CB19, Class A4, 5.884%, 2/12/2049(b)		1,934,283
	19,317,206	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2006-LDP9, Class A3, 5.336%, 5/15/2047		19,962,265
	2,275,209	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-C1, Class A4, 5.716%, 2/15/2051		2,405,141
	6,492,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LD11, Class A4, 5.961%, 6/15/2049(b)		6,733,782
	372,429	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LDPX, Class A3, 5.420%, 1/15/2049		386,550
	6,355,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-FL5, Class A, 1.187%, 7/15/2031, 144A(b)		6,310,858
	4,110,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-FL5, Class B, 1.557%, 7/15/2031, 144A(b)		4,110,814

See accompanying notes to financial statements.

|  30

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Non-Agency Commercial Mortgage-Backed Securities — continued
$	2,205,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-FL5, Class C, 2.307%, 7/15/2031, 144A(b)	$	2,193,955
	11,955,000	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2014-PHH, Class A, 1.407%, 8/15/2027, 144A(b)(c)		11,908,172
	7,184,500	LB-UBS Commercial Mortgage Trust, Series 2007-C2, Class A3, 5.430%, 2/15/2040		7,485,890
	5,957,513	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-5, Class A4, 5.378%, 8/12/2048		6,178,942
	14,150,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-6, Class A4, 5.485%, 3/12/2051(b)		14,771,525
	9,795,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-8, Class A3, 6.073%, 8/12/2049(b)		10,389,978
	5,000,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-9, Class A4, 5.700%, 9/12/2049		5,290,065
	90,323	Morgan Stanley Capital I, Series 2007-HQ12, Class A5, 5.902%, 4/12/2049(b)		90,178
	1,756,346	Morgan Stanley Capital I, Series 2007-HQ13, Class A3, 5.569%, 12/15/2044		1,852,272
	4,620,000	Morgan Stanley Capital I, Series 2007-IQ14, Class A4, 5.692%, 4/15/2049(b)		4,820,004
	302,314	Morgan Stanley Capital I, Series 2007-T27, Class A4, 5.821%, 6/11/2042(b)		321,641
	1,043,813	Morgan Stanley Capital I, Series 2008-T29, Class A4, 6.461%, 1/11/2043(b)		1,132,382
	6,399,000	Morgan Stanley Re-REMIC Trust, Series 2010-GG10, Class A4B, 5.989%, 8/15/2045, 144A(b)		6,736,611
	10,200,000	Motel 6 Trust, Series 2015-MTL6, Class B, 3.298%, 2/05/2030, 144A		10,259,272
	11,435,000	Motel 6 Trust, Series 2015-MTL6, Class C, 3.644%, 2/05/2030, 144A		11,450,392
	7,270,000	SCG Trust, Series 2013-SRP1, Class B, 2.707%, 11/15/2026, 144A(b)		7,268,422
	865,313	Wachovia Bank Commercial Mortgage Trust, Series 2006-C28, Class A4, 5.572%, 10/15/2048		886,412
	9,325,000	Wachovia Bank Commercial Mortgage Trust, Series 2007-C30, Class A5, 5.342%, 12/15/2043		9,647,692
	13,839,000	Wachovia Bank Commercial Mortgage Trust, Series 2007-C31, Class A5, 5.500%, 4/15/2047		14,573,546
	2,445,277	Wachovia Bank Commercial Mortgage Trust, Series 2007-C34, Class A3, 5.678%, 5/15/2046		2,581,885
	9,750,000	Wells Fargo Commercial Mortgage Trust, Series 2010-C1, Class D, 5.799%, 11/15/2043, 144A(b)		10,421,268
	6,087,000	WFRBS Commercial Mortgage Trust, Series 2011-C4, Class D, 5.433%, 6/15/2044, 144A(b)		6,432,036
				367,734,769
		Oil Field Services — 1.2%
	9,827,000	Ensco PLC, 4.500%, 10/01/2024		7,259,549
	7,605,000	Ensco PLC, 5.750%, 10/01/2044		5,261,070
	2,535,000	Nabors Industries, Inc., 4.625%, 9/15/2021		2,301,063
	3,557,000	Nabors Industries, Inc., 5.000%, 9/15/2020		3,454,409
	24,480,000	Nabors Industries, Inc., 5.100%, 9/15/2023		21,602,621
	17,580,000	Paragon Offshore PLC, 6.750%, 7/15/2022, 144A		2,285,400
	14,145,000	Paragon Offshore PLC, 7.250%, 8/15/2024, 144A		2,210,156
	8,820,000	Rowan Cos., Inc., 4.750%, 1/15/2024		6,460,976
	14,645,000	Rowan Cos., Inc., 4.875%, 6/01/2022		10,914,538

See accompanying notes to financial statements.

31  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Oil Field Services — continued
$	1,330,000	Rowan Cos., Inc., 7.875%, 8/01/2019	$	1,319,070
	2,295,000	Sidewinder Drilling, Inc., 9.750%, 11/15/2019, 144A(g)(h)		940,950
	7,280,000	Transocean, Inc., 4.300%, 10/15/2022		4,495,400
	12,100,000	Transocean, Inc., 6.500%, 11/15/2020		9,256,500
	575,000	Transocean, Inc., 6.875%, 12/15/2021		428,904
				78,190,606
		Packaging — 0.3%
	5,345,000	Sealed Air Corp., 4.875%, 12/01/2022, 144A		5,284,869
	5,275,000	Sealed Air Corp., 5.250%, 4/01/2023, 144A		5,288,187
	7,925,000	Sealed Air Corp., 6.500%, 12/01/2020, 144A		8,677,875
				19,250,931
		Paper — 0.5%
	6,005,000	Celulosa Arauco y Constitucion S.A., 4.500%, 8/01/2024		5,899,540
	6,920,000	Celulosa Arauco y Constitucion S.A., 4.750%, 1/11/2022		7,029,260
	8,610,000	Celulosa Arauco y Constitucion S.A., 5.000%, 1/21/2021		9,014,662
	9,670,000	Rock-Tenn Co., 4.000%, 3/01/2023		9,923,141
	2,060,000	Rock-Tenn Co., 4.900%, 3/01/2022		2,235,300
				34,101,903
		Pharmaceuticals — 2.0%
	13,575,000	Actavis Funding SCS, 4.550%, 3/15/2035		12,489,828
	2,240,000	Actavis Funding SCS, 4.750%, 3/15/2045		2,033,817
	15,330,000	Actavis Funding SCS, 4.850%, 6/15/2044		13,972,176
	10,290,000	Biogen, Inc., 2.900%, 9/15/2020		10,394,135
	17,165,000	Celgene Corp., 5.000%, 8/15/2045		17,025,929
	13,705,000	Mallinckrodt International Finance S.A./Mallinckrodt CB LLC, 4.875%, 4/15/2020, 144A		13,088,275
	10,705,000	Quintiles Transnational Corp., 4.875%, 5/15/2023, 144A		10,597,950
	21,185,000	Valeant Pharmaceuticals International, 6.375%, 10/15/2020, 144A		21,065,835
	760,000	Valeant Pharmaceuticals International, 6.750%, 8/15/2021, 144A		767,600
	10,755,000	Valeant Pharmaceuticals International, Inc., 5.500%, 3/01/2023, 144A		10,217,250
	16,615,000	Valeant Pharmaceuticals International, Inc., 5.625%, 12/01/2021, 144A		15,784,250
	8,255,000	VRX Escrow Corp., 5.375%, 3/15/2020, 144A		7,997,031
				135,434,076
		Property & Casualty Insurance — 0.1%
	3,285,000	Willis Group Holdings PLC, 5.750%, 3/15/2021		3,674,601
		Refining — 0.8%
	15,900,000	Phillips 66, 5.875%, 5/01/2042		17,209,858
	36,936,000	Thai Oil PCL, 4.875%, 1/23/2043, 144A		34,369,096
				51,578,954
		Retailers — 1.7%
	12,212,000	Asbury Automotive Group, Inc., 6.000%, 12/15/2024		12,639,420
	4,565,000	AutoNation, Inc., 3.350%, 1/15/2021		4,614,074
	17,655,000	CVS Health Corp., 3.875%, 7/20/2025		18,198,915
	11,120,000	CVS Health Corp., 5.125%, 7/20/2045		11,953,477

See accompanying notes to financial statements.

|  32

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Retailers — continued
$	21,794,000	GameStop Corp., 5.500%, 10/01/2019, 144A	$	22,454,358
	25,896,000	Lotte Shopping Co. Ltd., 3.375%, 5/09/2017, 144A(c)		26,476,019
	10,285,000	SACI Falabella, 3.750%, 4/30/2023, 144A		9,909,166
	7,830,000	SACI Falabella, 4.375%, 1/27/2025, 144A		7,727,317
	1,125,000	Wolverine World Wide, Inc., 6.125%, 10/15/2020		1,168,594
				115,141,340
		Sovereigns — 1.4%
	3,475,000	Colombia Government International Bond, 4.000%, 2/26/2024		3,367,275
	50,475,000	Colombia Government International Bond, 4.500%, 1/28/2026		49,086,937
	26,820,000	Indonesia Government International Bond, 5.250%, 1/17/2042, 144A		24,021,306
	14,688,000	Mexico Government International Bond, 4.000%, 3/15/2115, (EUR)		13,519,686
	3,686,000	Mexico Government International Bond, Series A, MTN, 6.050%, 1/11/2040		4,036,170
				94,031,374
		Supranational — 0.1%
	55,370,000	International Bank for Reconstruction & Development, 2.625%, 11/07/2016, (MXN)		3,248,818
	13,630,000	International Bank for Reconstruction & Development, 4.000%, 8/16/2018, (MXN)		807,928
				4,056,746
		Technology — 3.1%
	3,145,000	Dun & Bradstreet Corp. (The), 3.250%, 12/01/2017		3,193,405
	4,046,000	Equifax, Inc., 7.000%, 7/01/2037		4,717,935
	12,275,000	Flextronics International Ltd., 4.750%, 6/15/2025, 144A		11,891,038
	31,310,000	Hewlett Packard Enterprise Co., 3.600%, 10/15/2020, 144A(e)		31,301,233
	17,460,000	Hewlett Packard Enterprise Co., 6.200%, 10/15/2035, 144A(e)		17,449,873
	17,530,000	Hewlett-Packard Co., 2.750%, 1/14/2019		17,805,694
	3,730,000	KLA-Tencor Corp., 3.375%, 11/01/2019		3,826,353
	37,440,000	Micron Technology, Inc., 5.250%, 8/01/2023, 144A		34,437,312
	1,165,000	Micron Technology, Inc., 5.250%, 1/15/2024, 144A		1,068,888
	11,390,000	Molex Electronic Technologies LLC, 2.878%, 4/15/2020, 144A		11,265,416
	7,515,000	Molex Electronic Technologies LLC, 3.900%, 4/15/2025, 144A		7,323,323
	69,000	Motorola Solutions, Inc., 6.625%, 11/15/2037		72,224
	340,000	Motorola Solutions, Inc., 7.500%, 5/15/2025		391,326
	1,995,000	Tencent Holdings Ltd., 2.000%, 5/02/2017, 144A		1,993,651
	3,515,000	Tencent Holdings Ltd., 2.875%, 2/11/2020, 144A		3,488,641
	7,029,000	Tencent Holdings Ltd., 3.375%, 3/05/2018, 144A		7,195,763
	49,305,000	Tencent Holdings Ltd., 3.375%, 5/02/2019, 144A		50,127,950
				207,550,025
		Tobacco — 0.6%
	12,555,000	Reynolds American, Inc., 4.750%, 11/01/2042		12,047,025
	4,365,000	Reynolds American, Inc., 6.150%, 9/15/2043		4,956,763
	18,555,000	Reynolds American, Inc., 7.250%, 6/15/2037		22,956,320
				39,960,108

See accompanying notes to financial statements.

33  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Treasuries — 15.4%
	25,422,933(††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/10/2021, (MXN)(c)	$	157,476,038
	747,000,000	Philippine Government International Bond, 3.900%, 11/26/2022, (PHP)		15,500,969
	222,000,000	Philippine Government International Bond, 4.950%, 1/15/2021, (PHP)		4,832,798
	989,000,000	Philippine Government International Bond, 6.250%, 1/14/2036, (PHP)		23,222,668
	63,475,000	U.S. Treasury Bond, 2.500%, 2/15/2045		58,435,022
	16,385,000	U.S. Treasury Bond, 3.000%, 5/15/2045		16,767,737
	455,000	U.S. Treasury Bond, 3.375%, 5/15/2044		499,374
	1,050,000	U.S. Treasury Bond, 3.625%, 2/15/2044		1,207,473
	5,870,000	U.S. Treasury Bond, 3.750%, 11/15/2043		6,911,162
	120,577,648	U.S. Treasury Inflation Indexed Bond, 0.750%, 2/15/2042(f)(i)		105,527,387
	9,734,379	U.S. Treasury Inflation Indexed Bond, 0.750%, 2/15/2045(i)		8,441,663
	100,669,440	U.S. Treasury Inflation Indexed Bond, 1.375%, 2/15/2044(i)		102,141,429
	76,422,018	U.S. Treasury Inflation Indexed Note, 0.125%, 7/15/2024(i)		72,915,394
	31,734,362	U.S. Treasury Inflation Indexed Note, 0.250%, 1/15/2025(i)		30,416,656
	69,663,589	U.S. Treasury Inflation Indexed Note, 0.625%, 1/15/2024(f)(i)		69,327,044
	19,880,000	U.S. Treasury Note, 0.375%, 3/15/2016		19,899,940
	30,000,000	U.S. Treasury Note, 0.375%, 5/31/2016		30,024,600
	71,435,000	U.S. Treasury Note, 0.500%, 11/30/2016		71,487,076
	27,800,000	U.S. Treasury Note, 0.500%, 1/31/2017		27,810,870
	107,000,000	U.S. Treasury Note, 0.625%, 12/31/2016(c)		107,210,362
	35,000,000	U.S. Treasury Note, 0.625%, 8/31/2017		34,998,635
	35,320,000	U.S. Treasury Note, 0.875%, 11/30/2016		35,498,896
	17,260,000	U.S. Treasury Note, 2.125%, 5/15/2025		17,363,836
				1,017,917,029
		Wireless — 1.6%
	1,475,000	American Tower Corp., 4.700%, 3/15/2022		1,550,647
	20,400,000	Bharti Airtel International BV, 5.125%, 3/11/2023, 144A		21,511,392
	21,725,000	Bharti Airtel Ltd., 4.375%, 6/10/2025, 144A		21,665,539
	10,000,000	MTN (Mauritius) Investments Ltd., 4.755%, 11/11/2024, 144A		9,956,200
	11,460,000	SK Telecom Co. Ltd., 2.125%, 5/01/2018, 144A		11,508,716
	3,165,000	SK Telecom Co. Ltd., 6.625%, 7/20/2027, 144A		4,096,776
	29,560,000	SoftBank Group Corp., 4.500%, 4/15/2020, 144A		28,625,904
	11,980,000	Sprint Capital Corp., 6.875%, 11/15/2028		8,595,650
				107,510,824
		Wirelines — 3.9%
	19,990,000	AT&T, Inc., 4.750%, 5/15/2046		18,316,777
	1,717,000	AT&T, Inc., 5.550%, 8/15/2041		1,742,339
	10,880,000	CenturyLink, Inc., 5.625%, 4/01/2020		10,125,146
	1,885,000	CenturyLink, Inc., Series T, 5.800%, 3/15/2022		1,611,675
	7,175,000	Colombia Telecomunicaciones S.A. E.S.P., 5.375%, 9/27/2022, 144A		6,346,288
	46,943,000	Embarq Corp., 7.995%, 6/01/2036		48,424,521
	12,050,000	Frontier Communications Corp., 6.875%, 1/15/2025		9,519,500
	9,885,000	Frontier Communications Corp., 7.125%, 1/15/2023		8,124,482
	1,575,000	Frontier Communications Corp., 7.875%, 1/15/2027		1,291,500
	5,820,000	Frontier Communications Corp., 8.500%, 4/15/2020		5,659,950
	13,565,000	Frontier Communications Corp., 8.750%, 4/15/2022		12,080,039

See accompanying notes to financial statements.

|  34

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Wirelines — continued
$	415,000	Frontier Communications Corp., 9.000%, 8/15/2031	$	342,375
	9,185,000	Level 3 Financing, Inc., 5.625%, 2/01/2023		9,024,262
	5,160,000	Oi S.A., 5.750%, 2/10/2022, 144A		2,399,400
	1,975,000	Qwest Corp., 6.750%, 12/01/2021		2,089,797
	5,000,000	Telefonica Celular del Paraguay S.A., 6.750%, 12/13/2022, 144A		4,825,000
	4,029,000	Telefonica Emisiones SAU, 5.134%, 4/27/2020		4,439,998
	21,226,000	Telefonica Emisiones SAU, 5.462%, 2/16/2021		23,717,126
	12,004,000	Telemar Norte Leste S.A., 5.500%, 10/23/2020, 144A		6,437,145
	10,803,000	Verizon Communications, Inc., 2.625%, 2/21/2020		10,835,052
	26,115,000	Verizon Communications, Inc., 4.400%, 11/01/2034(c)		24,298,911
	25,610,000	Verizon Communications, Inc., 5.050%, 3/15/2034		25,550,841
	27,760,000	Windstream Services LLC, 7.500%, 4/01/2023		20,542,400
				257,744,524
		Total Bonds and Notes (Identified Cost $6,802,671,007)		6,425,175,237
	Senior Loans — 1.2%
		Automotive — 0.0%
	275,215	KAR Auction Services, Inc., Term Loan B2, 3.500%, 3/11/2021(b)		274,642
	1,487,781	Visteon Corp., Delayed Draw Term Loan B, 3.500%, 4/09/2021(b)		1,477,560
				1,752,202
		Cable Satellite — 0.1%
	3,594,268	Charter Communications Operating LLC, Term Loan E, 3.000%, 7/01/2020(b)		3,547,111
		Diversified Manufacturing — 0.0%
	2,972,646	Ameriforge Group, Inc., 1st Lien Term Loan, 5.000%, 12/19/2019(b)		2,028,831
		Electric — 0.1%
	5,360,032	NRG Energy, Inc., Refi Term Loan B, 2.750%, 7/02/2018(b)		5,235,411
		Food & Beverage — 0.1%
	11,623,000	Aramark Services, Inc., USD Term Loan F, 3.250%, 2/24/2021(b)		11,572,207
		Industrial Other — 0.1%
	4,470,456	Allison Transmission, Inc., New Term Loan B3, 3.500%, 8/23/2019(b)		4,464,376
		Lodging — 0.2%
	11,894,105	Four Seasons Holdings, Inc., New 1st Lien Term Loan, 3.500%, 6/27/2020(b)		11,801,212
		Midstream — 0.2%
	6,263,000	Energy Transfer Equity LP, New Term Loan, 3.250%, 12/02/2019(b)		6,032,584
	7,146,463	Energy Transfer Equity LP, 2015 Term Loan, 4.000%, 12/02/2019(b)		7,021,400
				13,053,984
		Pharmaceuticals — 0.1%
	5,266,200	Valeant Pharmaceuticals International, Term Loan B F1, 4.000%, 4/01/2022(b)		5,206,323
		Retailers — 0.1%
	11,389,614	Staples, Inc., Term Loan B, 4/07/2021(j)		11,322,757

See accompanying notes to financial statements.

35  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Wirelines — 0.2%
$	11,729,000	Level 3 Financing, Inc., 2015 Term Loan B2, 3.500%, 5/31/2022(b)	$	11,621,445
		Total Senior Loans (Identified Cost $83,109,328)		81,605,859
Shares
	Preferred Stocks — 0.3%
		Banking — 0.0%
	28,431	Ally Financial, Inc., Series A, (fixed rate to 5/15/2016, variable rate thereafter), 8.500%		737,216
	266	Ally Financial, Inc., Series G, 7.000%, 144A		266,839
				1,004,055
		Cable Satellite — 0.3%
	18,192,000	NBCUniversal Enterprise, Inc., 5.250%, 144A(c)		19,215,300
		Finance Companies — 0.0%
	5,510	SLM Corp., Series A, 6.970%		243,542
		Total Preferred Stocks (Identified Cost $19,854,851)		20,462,897
Principal Amount (‡)
	Short-Term Investments — 7.3%
$	152,743	Repurchase Agreement with State Street Bank and Trust Company, dated 9/30/2015 at 0.000% to be repurchased at $152,743 on 10/01/2015 collateralized by $153,100 U.S. Treasury Note, 1.500% due 8/31/2018 valued at $155,885 including accrued interest (Note 2 of Notes to Financial Statements)		152,743
	473,669,019	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2015 at 0.010% to be repurchased at $473,669,151 on 10/01/2015 collateralized by $58,670,000 Federal Home Loan Mortgage Corp., 2.375% due 1/13/2022 valued at $60,758,065; $426,360,000 U.S. Treasury Note, 1.500% due 1/31/2022 valued at $422,096,400; $295,000 U.S. Treasury Note, 0.625% due 9/30/2017 valued at $294,631 including accrued interest (Note 2 of Notes to Financial Statements)		473,669,019
	8,940,000	U.S. Treasury Bills, 0.228%, 2/04/2016(k)		8,939,410
		Total Short-Term Investments (Identified Cost $482,754,697)		482,761,172
		Total Investments — 106.0% (Identified Cost $7,388,389,883)(a)		7,010,005,165
		Other assets less liabilities — (6.0)%		(396,488,402	)
		Net Assets — 100.0%	$	6,613,516,763

See accompanying notes to financial statements.

|  36

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Core Plus 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:
	At September 30, 2015, the net unrealized depreciation on investments based on a cost of $7,409,615,674 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	$	22,733,335
	Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(422,343,844	)
	Net unrealized depreciation	$	(399,610,509	)
(b)	Variable rate security. Rate as of September 30, 2015 is disclosed.
(c)	All of this security has been designated to cover the Fund’s obligations under open forward foreign currency contracts or TBA transactions.
(d)	The Fund’s investment in mortgage related securities of Federal Home Loan Mortgage Corporation, Federal National Mortgage Association and Government National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
(e)	When-issued/delayed delivery. See Note 2 of Notes to Financial Statements.
(f)	A portion of this security has been designated to cover the Fund’s obligations under open forward foreign currency contracts or TBA transactions.
(g)	Illiquid security. At September 30, 2015, the value of these securities amounted to $13,227,749 or 0.2% of net assets. Illiquid securities are deemed to be fair valued pursuant to the Fund’s pricing policies and procedures. See Note 2 of Notes to Financial Statements.
(h)	Fair valued by the Fund’s adviser. At September 30, 2015, the value of this security amounted to $940,950 or less than 0.1% of net assets. See Note 2 of Notes to Financial Statements.
(i)	Treasury Inflation Protected Security (TIPS).
(j)	Position is unsettled. Contract rate was not determined at September 30, 2015 and does not take effect until settlement date. Maturity date is not finalized until settlement date.
(k)	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 September 30, 2015, the value of Rule 144A holdings amounted to $1,804,716,300 or 27.3% 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
REMIC	Real Estate Mortgage Investment Conduit
TBA	To Be Announced
EUR	Euro
MXN	Mexican Peso
PHP	Philippine Peso
USD	U.S. Dollar

See accompanying notes to financial statements.

37  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Core Plus Bond Fund – (continued)

At September 30, 2015, the Fund had the following open forward foreign currency contracts:

Contract to Buy/Sell1	Delivery Date		Currency	Units of Currency		Notional Value		Unrealized Appreciation (Depreciation)
Sell		10/14/2015	Euro		12,644,000	$	14,130,871	$	(3,135	)

¹ Counterparty is Bank of America, N.A.

Industry Summary at September 30, 2015

Treasuries	15.4	%
Mortgage Related	13.4
Banking	8.8
Government Owned - No Guarantee	5.7
Non-Agency Commercial Mortgage-Backed Securities	5.6
Finance Companies	4.4
Wirelines	4.1
ABS Car Loan	3.2
Technology	3.1
Automotive	2.6
Cable Satellite	2.6
Midstream	2.2
Metals & Mining	2.1
Pharmaceuticals	2.1
Electric	2.1
Other Investments, less than 2% each	21.3
Short-Term Investments	7.3
Total Investments	106.0
Other assets less liabilities (including forward foreign currency contracts)	(6.0	)
Net Assets	100.0	%

See accompanying notes to financial statements.

|  38

Portfolio of Investments – as of September 30, 2015

Loomis Sayles High Income Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 90.5% of Net Assets
	Non-Convertible Bonds — 85.3%
		ABS Home Equity — 3.1%
$	300,000	American Homes 4 Rent, Series 2014-SFR1, Class E, 2.750%, 6/17/2031, 144A(b)	$	288,108
	228,268	Banc of America Alternative Loan Trust, Series 2003-10, Class 3A1, 5.500%, 12/25/2033		233,498
	152,072	Banc of America Alternative Loan Trust, Series 2003-8, Class 1CB1, 5.500%, 10/25/2033		159,102
	126,824	Banc of America Funding Corp., Series 2007-4, Class 5A1, 5.500%, 11/25/2034		128,703
	176,321	Banc of America Funding Trust, Series 2005-7, Class 3A1, 5.750%, 11/25/2035		180,701
	39,343	Banc of America Mortgage Securities, Inc., Series 2005-A, Class 2A1, 2.646%, 2/25/2035(b)		38,386
	82,798	Citicorp Mortgage Securities Trust, Series 2006-4, Class 1A2, 6.000%, 8/25/2036		83,613
	80,603	Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A4, 2.617%, 5/25/2035(b)		78,476
	453,864	Countrywide Alternative Loan Trust, Series 2004-27CB, Class A1, 6.000%, 12/25/2034		452,659
	288,161	Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-11, Class 4A1, 0.464%, 4/25/2035(b)		250,282
	149,037	Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-HYB7, Class 2A, 2.665%, 11/20/2035(b)		139,323
	250,000	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2013-DN2, Class M2, 4.444%, 11/25/2023(b)		249,869
	53,146	GMAC Mortgage Corp. Loan Trust, Series 2003-J7, Class A7, 5.000%, 11/25/2033		53,402
	335,977	GMAC Mortgage Corp. Loan Trust, Series 2005-AR3, Class 2A1, 2.874%, 6/19/2035(b)		325,856
	244,621	GMAC Mortgage Corp. Loan Trust, Series 2005-AR4, Class 3A1, 3.165%, 7/19/2035(b)		231,754
	68,674	GSR Mortgage Loan Trust, Series 2004-14, Class 3A1, 2.843%, 12/25/2034(b)		66,213
	434,861	GSR Mortgage Loan Trust, Series 2005-AR6, Class 4A5, 2.809%, 9/25/2035(b)		438,961
	158,000	GSR Mortgage Loan Trust, Series 2006-8F, Class 4A17, 6.000%, 9/25/2036		131,399
	85,121	JPMorgan Alternative Loan Trust, Series 2006-A1, Class 5A1, 4.135%, 3/25/2036(b)		69,711
	324,499	Lehman Mortgage Trust, Series 2005-3, Class 1A6, 0.694%, 1/25/2036(b)		211,559
	124,278	Lehman Mortgage Trust, Series 2006-1, Class 3A5, 5.500%, 2/25/2036		119,985
	425,313	MASTR Adjustable Rate Mortgages Trust, Series 2005-2, Class 3A1, 2.751%, 3/25/2035(b)		367,039
	86,685	New York Mortgage Trust, Series 2006-1, Class 2A2, 2.619%, 5/25/2036(b)		78,418
	261,688	Residential Funding Mortgage Securities, Series 2006-S1, Class 1A3, 5.750%, 1/25/2036		268,842

See accompanying notes to financial statements.

39  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		ABS Home Equity — continued
$	515,505	WaMu Mortgage Pass Through Certificates, Series 2006-AR19, Class 2A, 1.909%, 1/25/2047(b)	$	464,580
	98,242	WaMu Mortgage Pass Through Certificates, Series 2007-OA3, Class 2A1A, 0.959%, 4/25/2047(b)		82,831
				5,193,270
		ABS Other — 0.5%
	297,083	AIM Aviation Finance Ltd., Series 2015-1A, Class B1, 5.072%, 2/15/2040, 144A(b)		299,059
	110,053	Sierra Receivables Funding Co. LLC, Series 2011-3A, Class C, 9.310%, 7/20/2028, 144A		116,297
	450,000	Springleaf Funding Trust, Series 2014-AA, Class C, 4.450%, 12/15/2022, 144A		451,907
				867,263
		Aerospace & Defense — 2.3%
	125,000	Huntington Ingalls Industries, Inc., 5.000%, 12/15/2021, 144A		127,500
	355,000	KLX, Inc., 5.875%, 12/01/2022, 144A		345,347
	1,500,000	Meccanica Holdings USA, Inc., 6.250%, 1/15/2040, 144A		1,440,000
	900,000	Meccanica Holdings USA, Inc., 7.375%, 7/15/2039, 144A		949,500
	620,000	TransDigm, Inc., 6.000%, 7/15/2022		578,150
	515,000	TransDigm, Inc., 6.500%, 7/15/2024		484,023
				3,924,520
		Airlines — 0.2%
	110,382	Virgin Australia Pass Through Trust, Series 2013-1B, 6.000%, 4/23/2022, 144A		113,142
	167,752	Virgin Australia Pass Through Trust, Series 2013-1C, 7.125%, 10/23/2018, 144A		170,268
				283,410
		Automotive — 1.0%
	170,000	General Motors Financial Co., Inc., 3.450%, 4/10/2022		163,520
	620,000	Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc., 7.875%, 10/01/2022, 144A		604,500
	310,000	Nexteer Automotive Group Ltd., 5.875%, 11/15/2021, 144A		300,700
	735,000	ZF North America Capital, Inc., 4.750%, 4/29/2025, 144A		673,444
				1,742,164
		Banking — 4.2%
	730,000	Ally Financial, Inc., 4.125%, 2/13/2022		703,538
	1,985,000	Ally Financial, Inc., 4.625%, 3/30/2025		1,875,825
	2,100,000	Banco Santander Brasil S.A., 8.000%, 3/18/2016, 144A, (BRL)		503,216
	725,000	Commerzbank AG, 8.125%, 9/19/2023, 144A		840,717
	470,000	Intesa Sanpaolo SpA, 5.017%, 6/26/2024, 144A		463,795
	900,000	Morgan Stanley, GMTN, 7.625%, 3/03/2016, (AUD)(c)		644,194
	65,000	Royal Bank of Scotland Group PLC, 5.250%, (EUR)(d)		71,905
	740,000	Royal Bank of Scotland Group PLC, 5.500%, (EUR)(d)		822,129
	1,025,000	Royal Bank of Scotland Group PLC, 6.125%, 12/15/2022(c)		1,109,263
				7,034,582

See accompanying notes to financial statements.

|  40

Portfolio of Investments – as of September 30, 2015

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Brokerage — 0.3%
$	535,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 6.875%, 4/15/2022, 144A	$	486,850
		Building Materials — 1.5%
	890,000	Atrium Windows & Doors, Inc., 7.750%, 5/01/2019, 144A		651,925
	556,000	CPG Merger Sub LLC, 8.000%, 10/01/2021, 144A		553,220
	50,000	Masco Corp., 6.500%, 8/15/2032		51,250
	345,000	Masco Corp., 7.750%, 8/01/2029		385,537
	245,000	NCI Building Systems, Inc., 8.250%, 1/15/2023, 144A		256,638
	200,000	Odebrecht Finance Ltd., 4.375%, 4/25/2025, 144A		115,000
	555,000	Vulcan Materials Co., 4.500%, 4/01/2025		543,900
				2,557,470
		Cable Satellite — 5.3%
	795,000	Altice Financing S.A., 6.625%, 2/15/2023, 144A		764,691
	475,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 2/15/2023		438,188
	625,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2023, 144A		576,188
	430,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.250%, 9/30/2022		403,125
	15,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 1/15/2024		14,325
	760,000	CSC Holdings LLC, 5.250%, 6/01/2024		599,450
	75,000	CSC Holdings LLC, 6.750%, 11/15/2021		67,125
	895,000	DISH DBS Corp., 5.125%, 5/01/2020		839,062
	1,620,000	DISH DBS Corp., 5.875%, 11/15/2024		1,375,987
	220,000	Neptune Finco Corp., 10.125%, 1/15/2023, 144A(e)		222,475
	200,000	Neptune Finco Corp., 10.875%, 10/15/2025, 144A(e)		202,250
	155,000	Numericable-SFR, 5.375%, 5/15/2022, 144A, (EUR)		173,564
	1,485,000	Unitymedia GmbH, 6.125%, 1/15/2025, 144A		1,466,437
	515,000	Unitymedia Hessen GmbH & Co.KG/Unitymedia NRW GmbH, 5.000%, 1/15/2025, 144A		484,100
	265,000	Virgin Media Finance PLC, 6.000%, 10/15/2024, 144A		255,063
	485,000	Virgin Media Finance PLC, 6.375%, 4/15/2023, 144A		482,575
	375,000	Virgin Media Secured Finance PLC, 5.500%, 1/15/2025, 144A		363,750
	130,000	Wave Holdco LLC/Wave Holdco Corp., PIK, 8.250%, 7/15/2019, 144A(f)		126,750
				8,855,105
		Chemicals — 1.4%
	1,510,000	Hercules, Inc., 6.500%, 6/30/2029		1,392,975
	1,125,000	TPC Group, Inc., 8.750%, 12/15/2020, 144A		961,875
				2,354,850
		Construction Machinery — 0.5%
	800,000	United Rentals North America, Inc., 5.750%, 11/15/2024		766,000
		Consumer Cyclical Services — 1.2%
	515,000	IHS, Inc., 5.000%, 11/01/2022		495,044
	455,000	Interval Acquisition Corp., 5.625%, 4/15/2023, 144A		448,175
	1,095,000	ServiceMaster Co. LLC (The), 7.450%, 8/15/2027		1,100,475
				2,043,694

See accompanying notes to financial statements.

41  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Electric — 1.9%
$	520,000	AES Corp. (The), 5.500%, 4/15/2025	$	460,200
	525,000	Dynegy, Inc., 7.375%, 11/01/2022		529,594
	1,502,000	Enel SpA, (fixed rate to 9/24/2023, variable rate thereafter), 8.750%, 9/24/2073, 144A(c)		1,723,124
	11,288	Red Oak Power LLC, Series A, 8.540%, 11/30/2019		11,965
	175,000	Talen Energy Supply LLC, 6.500%, 6/01/2025, 144A		150,500
	255,000	TerraForm Power Operating LLC, 5.875%, 2/01/2023, 144A		225,038
	190,000	TerraForm Power Operating LLC, 6.125%, 6/15/2025, 144A		164,350
				3,264,771
		Environmental — 0.2%
	335,000	GFL Environmental, Inc., 7.875%, 4/01/2020, 144A		342,956
		Finance Companies — 6.3%
	740,000	AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, 4.500%, 5/15/2021		739,075
	685,000	AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, 5.000%, 10/01/2021		698,700
	515,000	Aircastle Ltd., 5.500%, 2/15/2022		520,150
	910,000	CIT Group, Inc., 3.875%, 2/19/2019		904,881
	65,000	CIT Group, Inc., 5.000%, 8/15/2022		64,919
	545,000	CIT Group, Inc., 5.000%, 8/01/2023		541,594
	600,000	iStar, Inc., 4.000%, 11/01/2017		577,500
	505,000	iStar, Inc., 5.000%, 7/01/2019		479,750
	1,015,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.875%, 8/01/2021, 144A		949,025
	585,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.375%, 10/01/2017		587,925
	870,000	Navient Corp., 5.000%, 10/26/2020		729,321
	200,000	Navient Corp., 5.875%, 3/25/2021		168,250
	435,000	Oxford Finance LLC/Oxford Finance Co-Issuer, Inc., 7.250%, 1/15/2018, 144A		442,612
	540,000	Provident Funding Associates LP/PFG Finance Corp., 6.750%, 6/15/2021, 144A		511,650
	1,000,000	Quicken Loans, Inc., 5.750%, 5/01/2025, 144A		938,750
	445,000	Springleaf Finance Corp., 5.250%, 12/15/2019		434,988
	1,110,000	Springleaf Finance Corp., 7.750%, 10/01/2021		1,184,925
				10,474,015
		Financial Other — 1.0%
	695,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.875%, 3/15/2019(c)		696,043
	180,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.875%, 2/01/2022		181,125
	804,000	Rialto Holdings LLC/Rialto Corp., 7.000%, 12/01/2018, 144A		816,060
				1,693,228
		Food & Beverage — 0.6%
	1,800,000	BRF S.A., 7.750%, 5/22/2018, 144A, (BRL)		370,034
	600,000	Cosan Luxembourg S.A., 9.500%, 3/14/2018, 144A, (BRL)		118,320
	480,000	WhiteWave Foods Co. (The), 5.375%, 10/01/2022		498,000
				986,354
		Gaming — 1.7%
	100,000	GLP Capital LP/GLP Financing II, Inc., 4.375%, 11/01/2018		100,750
	740,000	GLP Capital LP/GLP Financing II, Inc., 4.875%, 11/01/2020(c)		749,250

See accompanying notes to financial statements.

|  42

Portfolio of Investments – as of September 30, 2015

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Gaming — continued
$	725,000	MGM Resorts International, 6.000%, 3/15/2023	$	704,156
	1,205,000	MGM Resorts International, 6.750%, 10/01/2020		1,244,163
				2,798,319
		Government Owned – No Guarantee — 1.3%
	335,000	Petrobras Global Finance BV, 5.625%, 5/20/2043		205,188
	530,000	Petrobras Global Finance BV, 6.250%, 3/17/2024		385,734
	545,000	Petrobras Global Finance BV, 6.750%, 1/27/2041		355,612
	575,000	Petrobras Global Finance BV, 6.875%, 1/20/2040		373,750
	145,000	Petrobras Global Finance BV, 7.250%, 3/17/2044		96,164
	129,850(††)	Petroleos Mexicanos, 7.470%, 11/12/2026, (MXN)(c)		707,523
				2,123,971
		Health Insurance — 0.6%
	1,025,000	WellCare Health Plans, Inc., 5.750%, 11/15/2020		1,066,000
		Healthcare — 5.1%
	360,000	Amsurg Corp., 5.625%, 7/15/2022		359,550
	1,330,000	CHS/Community Health Systems, Inc., 6.875%, 2/01/2022		1,358,209
	560,000	ExamWorks Group, Inc., 5.625%, 4/15/2023		567,700
	155,000	Fresenius Medical Care U.S. Finance II, Inc., 4.125%, 10/15/2020, 144A		154,613
	145,000	Fresenius Medical Care U.S. Finance II, Inc., 4.750%, 10/15/2024, 144A		143,188
	260,000	HCA, Inc., 5.375%, 2/01/2025		257,400
	170,000	HCA, Inc., 7.050%, 12/01/2027		175,950
	655,000	HCA, Inc., 7.500%, 12/15/2023		730,325
	145,000	HCA, Inc., 7.500%, 11/06/2033		152,975
	590,000	HCA, Inc., 7.690%, 6/15/2025		654,900
	480,000	HCA, Inc., 8.360%, 4/15/2024		554,400
	820,000	HCA, Inc., MTN, 7.580%, 9/15/2025		897,900
	515,000	HCA, Inc., MTN, 7.750%, 7/15/2036		545,900
	305,000	LifePoint Health, Inc., 5.500%, 12/01/2021		308,050
	540,000	Tenet Healthcare Corp., 4.500%, 4/01/2021		531,900
	310,000	Tenet Healthcare Corp., 5.000%, 3/01/2019		299,925
	225,000	Tenet Healthcare Corp., 6.750%, 6/15/2023		223,312
	635,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		571,500
				8,487,697
		Home Construction — 2.0%
	1,200,000	Corporacion GEO SAB de CV, 8.875%, 3/27/2022, 144A(g)		24,000
	750,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021		528,750
	2,005,000	Lennar Corp., 4.750%, 5/30/2025		1,914,775
	915,000	TRI Pointe Holdings, Inc., 4.375%, 6/15/2019		896,700
	200,000	Urbi Desarrollos Urbanos SAB de CV, 9.500%, 1/21/2020, 144A(g)		8,020
	900,000	Urbi Desarrollos Urbanos SAB de CV, 9.750%, 2/03/2022, 144A(g)		36,090
				3,408,335
		Independent Energy — 8.2%
	785,000	Antero Resources Corp., 5.125%, 12/01/2022		675,100
	110,000	Antero Resources Corp., 5.375%, 11/01/2021		96,800
	90,000	Baytex Energy Corp., 5.125%, 6/01/2021, 144A		71,550

See accompanying notes to financial statements.

43  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Independent Energy — continued
$	1,005,000	Baytex Energy Corp., 5.625%, 6/01/2024, 144A	$	793,950
	370,000	Bonanza Creek Energy, Inc., 5.750%, 2/01/2023		240,500
	650,000	Bonanza Creek Energy, Inc., 6.750%, 4/15/2021		453,375
	75,000	California Resources Corp., 5.000%, 1/15/2020		48,234
	845,000	California Resources Corp., 5.500%, 9/15/2021		515,450
	380,000	California Resources Corp., 6.000%, 11/15/2024		226,338
	1,035,000	Chesapeake Energy Corp., 4.875%, 4/15/2022		675,337
	20,000	Chesapeake Energy Corp., 5.750%, 3/15/2023		13,044
	110,000	Chesapeake Energy Corp., 6.125%, 2/15/2021		76,656
	300,000	Chesapeake Energy Corp., 6.625%, 8/15/2020		222,936
	70,000	Concho Resources, Inc., 5.500%, 10/01/2022		66,675
	125,000	Concho Resources, Inc., 5.500%, 4/01/2023		119,063
	335,000	Continental Resources, Inc., 3.800%, 6/01/2024		271,716
	215,000	Continental Resources, Inc., 4.500%, 4/15/2023		186,701
	690,000	Eclipse Resources Corp., 8.875%, 7/15/2023, 144A		555,450
	170,000	Halcon Resources Corp., 8.625%, 2/01/2020, 144A		141,313
	115,000	Halcon Resources Corp., 8.875%, 5/15/2021		34,500
	490,000	Halcon Resources Corp., 9.750%, 7/15/2020		166,600
	220,000	Jones Energy Holdings LLC/Jones Energy Finance Corp., 6.750%, 4/01/2022		174,764
	145,000	Matador Resources Co., 6.875%, 4/15/2023, 144A		139,200
	410,000	MEG Energy Corp., 6.375%, 1/30/2023, 144A		320,825
	180,000	MEG Energy Corp., 6.500%, 3/15/2021, 144A		147,600
	570,000	MEG Energy Corp., 7.000%, 3/31/2024, 144A		453,150
	1,295,000	Noble Energy, Inc., 5.875%, 6/01/2022		1,292,558
	625,000	Oasis Petroleum, Inc., 6.875%, 3/15/2022		495,187
	485,000	Oasis Petroleum, Inc., 7.250%, 2/01/2019		428,012
	400,000	QEP Resources, Inc., 5.250%, 5/01/2023		334,400
	520,000	QEP Resources, Inc., 5.375%, 10/01/2022		442,000
	1,000,000	Rex Energy Corp., 6.250%, 8/01/2022		400,000
	150,000	Rex Energy Corp., 8.875%, 12/01/2020		78,000
	1,025,000	Rice Energy, Inc., 6.250%, 5/01/2022		914,177
	340,000	RSP Permian, Inc., 6.625%, 10/01/2022		326,400
	105,000	RSP Permian, Inc., 6.625%, 10/01/2022, 144A		100,800
	330,000	Sanchez Energy Corp., 6.125%, 1/15/2023		221,100
	70,000	Sanchez Energy Corp., 7.750%, 6/15/2021		51,800
	920,000	SM Energy Co., 5.000%, 1/15/2024		778,550
	35,000	SM Energy Co., 6.125%, 11/15/2022		32,410
	395,000	Southwestern Energy Co., 4.950%, 1/23/2025		353,028
	115,000	Ultra Petroleum Corp., 5.750%, 12/15/2018, 144A		82,800
	55,000	Whiting Petroleum Corp., 5.000%, 3/15/2019		47,850
	455,000	Whiting Petroleum Corp., 5.750%, 3/15/2021		393,802
				13,659,701
		Industrial Other — 0.4%
	265,000	AECOM, 5.750%, 10/15/2022, 144A		266,492
	330,000	Transfield Services Ltd., 8.375%, 5/15/2020, 144A		339,487
				605,979

See accompanying notes to financial statements.

|  44

Portfolio of Investments – as of September 30, 2015

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Integrated Energy — 0.3%
$	100,000	Pacific Exploration and Production Corp., 5.125%, 3/28/2023, 144A	$	34,500
	800,000	Pacific Exploration and Production Corp., 5.375%, 1/26/2019, 144A		296,000
	580,000	Pacific Exploration and Production Corp., 5.625%, 1/19/2025, 144A		202,826
				533,326
		Life Insurance — 0.2%
	340,000	CNO Financial Group, Inc., 5.250%, 5/30/2025		345,100
		Media Entertainment — 1.2%
	470,000	Clear Channel Worldwide Holdings, Inc., 7.625%, 3/15/2020		471,175
	1,000,000	Clear Channel Worldwide Holdings, Inc., Series B, 6.500%, 11/15/2022		1,003,750
	481,000	DreamWorks Animation SKG, Inc., 6.875%, 8/15/2020, 144A		466,570
				1,941,495
		Metals & Mining — 2.3%
	1,395,000	ArcelorMittal, 7.500%, 3/01/2041		1,122,975
	795,000	CONSOL Energy, Inc., 5.875%, 4/15/2022		534,637
	180,000	Constellium NV, 4.625%, 5/15/2021, 144A, (EUR)		168,951
	460,000	Emeco Pty Ltd., 9.875%, 3/15/2019, 144A		241,500
	460,000	Essar Steel Algoma, Inc., 9.500%, 11/15/2019, 144A		253,000
	175,000	First Quantum Minerals Ltd., 7.000%, 2/15/2021, 144A		113,313
	270,000	First Quantum Minerals Ltd., 7.250%, 5/15/2022, 144A		167,400
	1,375,000	Freeport-McMoRan, Inc., 4.550%, 11/14/2024(c)		1,024,375
	245,000	Xstrata Finance Canada Ltd., 5.550%, 10/25/2042, 144A		180,075
				3,806,226
		Midstream — 4.9%
	200,000	Gibson Energy, Inc., 6.750%, 7/15/2021, 144A		192,250
	270,000	MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 4.875%, 12/01/2024		247,050
	365,000	NGL Energy Partners LP/NGL Energy Finance Corp., 6.875%, 10/15/2021		343,100
	405,000	NGL Energy Partners LP/NGL Energy Finance Corp., 5.125%, 7/15/2019		368,550
	445,000	Regency Energy Partners LP/Regency Energy Finance Corp., 4.500%, 11/01/2023		411,382
	295,000	Regency Energy Partners LP/Regency Energy Finance Corp., 5.875%, 3/01/2022		302,307
	385,000	Rose Rock Midstream LP/Rose Rock Finance Corp., 5.625%, 7/15/2022		338,800
	985,000	Sabine Pass Liquefaction LLC, 5.625%, 2/01/2021		913,587
	480,000	Sabine Pass Liquefaction LLC, 5.625%, 3/01/2025, 144A		423,000
	425,000	Sabine Pass Liquefaction LLC, 6.250%, 3/15/2022		395,250
	935,000	Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 5.500%, 8/15/2022		804,100
	1,863,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.125%, 11/15/2019, 144A		1,672,042
	95,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.250%, 11/15/2023		79,088
	640,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.250%, 5/01/2023		568,000
	300,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.375%, 8/01/2022		286,875

See accompanying notes to financial statements.

45  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Midstream — continued
$	15,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.875%, 2/01/2021	$	14,513
	355,000	Tesoro Logistics LP/Tesoro Logistics Finance Corp., 5.500%, 10/15/2019, 144A		347,900
	360,000	Tesoro Logistics LP/Tesoro Logistics Finance Corp., 6.250%, 10/15/2022, 144A		352,350
	180,000	Western Refining Logistics LP/WNRL Finance Corp., 7.500%, 2/15/2023		178,650
				8,238,794
		Non-Agency Commercial Mortgage-Backed Securities — 2.1%
	935,000	BXHTL Mortgage Trust, Series 2015-DRMZ, Class M, 8.392%, 5/15/2018, 144A(b)(h)		935,000
	1,690,000	GS Mortgage Securities Corp. II, Series 2007-GG10, Class AM, 5.989%, 8/10/2045(b)		1,695,719
	805,000	Hilton USA Trust, Series 2013-HLT, Class EFX, 4.602%, 11/05/2030, 144A(b)		812,799
	125,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LDPX, Class AM, 5.464%, 1/15/2049(b)		128,489
				3,572,007
		Oil Field Services — 0.3%
	45,000	Diamond Offshore Drilling, Inc., 4.875%, 11/01/2043		29,427
	285,000	Hercules Offshore, Inc., 8.750%, 7/15/2021, 144A(g)		59,850
	435,000	Paragon Offshore PLC, 6.750%, 7/15/2022, 144A		56,550
	905,000	Paragon Offshore PLC, 7.250%, 8/15/2024, 144A		141,406
	35,000	Parker Drilling Co., 6.750%, 7/15/2022		27,825
	155,000	Pioneer Energy Services Corp., 6.125%, 3/15/2022		87,575
	40,000	Transocean, Inc., 4.300%, 10/15/2022		24,700
				427,333
		Packaging — 0.9%
	755,000	Sealed Air Corp., 6.875%, 7/15/2033, 144A		756,888
	775,000	Signode Industrial Group Lux S.A./Signode Industrial Group U.S., Inc., 6.375%, 5/01/2022, 144A		732,375
				1,489,263
		Pharmaceuticals — 1.4%
	1,540,000	Valeant Pharmaceuticals International, 6.375%, 10/15/2020, 144A		1,531,337
	530,000	Valeant Pharmaceuticals International, 7.250%, 7/15/2022, 144A		539,673
	335,000	VRX Escrow Corp., 5.375%, 3/15/2020, 144A		324,531
				2,395,541
		Property & Casualty Insurance — 0.4%
	786,000	Hockey Merger Sub 2, Inc., 7.875%, 10/01/2021, 144A		750,630
		Retailers — 1.7%
	40,000	Dillard’s, Inc., 7.000%, 12/01/2028		45,340
	435,000	Dillard’s, Inc., 7.750%, 7/15/2026		509,224
	205,000	Dillard’s, Inc., 7.750%, 5/15/2027		240,411
	35,000	Dillard’s, Inc., 7.875%, 1/01/2023		41,639
	280,000	Dollar Tree, Inc., 5.750%, 3/01/2023, 144A		290,500
	1,035,000	GameStop Corp., 5.500%, 10/01/2019, 144A		1,066,361
	280,000	Group 1 Automotive, Inc., 5.000%, 6/01/2022		275,800

See accompanying notes to financial statements.

|  46

Portfolio of Investments – as of September 30, 2015

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Retailers — continued
$	255,000	J.C. Penney Corp., Inc., 5.750%, 2/15/2018	$	245,438
	520,000	Nine West Holdings, Inc., 6.125%, 11/15/2034		182,000
				2,896,713
		Supermarkets — 0.6%
	935,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		804,100
	140,000	SUPERVALU, Inc., 7.750%, 11/15/2022		140,000
				944,100
		Supranational — 3.2%
	30,700,000	European Bank for Reconstruction & Development, GMTN, 6.000%, 3/03/2016, (INR)		464,237
	5,420,000,000	International Bank for Reconstruction & Development, 4.500%, 8/03/2017, (COP)		1,750,026
	458,000,000	International Bank for Reconstruction & Development, EMTN, 4.250%, 2/05/2016, (CLP)(c)		658,177
	21,150,000	International Bank for Reconstruction & Development, Series GDIF, 5.000%, 5/24/2017, (INR)		313,487
	100,890,000	International Finance Corp., 7.800%, 6/03/2019, (INR)(c)		1,587,478
	2,175,000	International Finance Corp., GMTN, 10.500%, 4/17/2018, (BRL)		525,028
				5,298,433
		Technology — 4.6%
	1,545,000	Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		1,529,550
	1,930,000	Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028		1,930,000
	550,000	Blackboard, Inc., 7.750%, 11/15/2019, 144A		462,000
	60,000	CommScope Technologies Finance LLC, 6.000%, 6/15/2025, 144A		57,563
	75,000	CommScope, Inc., 4.375%, 6/15/2020, 144A		74,437
	330,000	CommScope, Inc., 5.000%, 6/15/2021, 144A		322,575
	430,000	Equinix, Inc., 4.875%, 4/01/2020		437,525
	480,000	Equinix, Inc., 5.375%, 1/01/2022		477,600
	260,000	First Data Corp., 10.625%, 6/15/2021		285,025
	510,000	Micron Technology, Inc., 5.250%, 1/15/2024, 144A		467,925
	515,000	Micron Technology, Inc., 5.625%, 1/15/2026, 144A		463,500
	215,000	MSCI, Inc., 5.250%, 11/15/2024, 144A		217,150
	515,000	Open Text Corp., 5.625%, 1/15/2023, 144A		510,816
	405,000	Sabre GLBL, Inc., 5.375%, 4/15/2023, 144A		398,925
				7,634,591
		Transportation Services — 0.4%
	275,000	APL Ltd., 8.000%, 1/15/2024(h)		214,500
	550,000	Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.125%, 6/01/2022, 144A		530,750
				745,250
		Treasuries — 6.0%
	55,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2035, (EUR)(j)		36,025
	55,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2036, (EUR)(j)		35,632

See accompanying notes to financial statements.

47  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Treasuries — continued
	20,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2041, (EUR)(j)	$	12,748
	165,000(††)	Mexican Fixed Rate Bonds, Series M, 4.750%, 6/14/2018, (MXN)(c)		979,653
	131,500(††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/10/2021, (MXN)(c)		814,544
	116,500(††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)(c)		776,597
	151,030(††)	Mexican Fixed Rate Bonds, Series M-20, 10.000%, 12/05/2024, (MXN)(c)		1,138,072
	74,000,000	Philippine Government International Bond, 6.250%, 1/14/2036, (PHP)		1,737,591
	1,050,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)		197,314
	2,250,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)(c)		459,705
	3,785,000	U.S. Treasury Note, 0.875%, 5/15/2017(c)		3,804,171
				9,992,052
		Wireless — 2.2%
	100,000	Altice Luxembourg S.A., 7.250%, 5/15/2022, 144A, (EUR)		105,315
	355,000	Altice Luxembourg S.A., 7.625%, 2/15/2025, 144A		313,509
	785,000	Altice Luxembourg S.A., 7.750%, 5/15/2022, 144A		714,350
	6,000,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		338,210
	6,100,000	America Movil SAB de CV, 8.460%, 12/18/2036, (MXN)		347,727
	786,000	Sprint Capital Corp., 6.875%, 11/15/2028		563,955
	370,000	T-Mobile USA, Inc., 6.125%, 1/15/2022		357,050
	515,000	T-Mobile USA, Inc., 6.731%, 4/28/2022		513,713
	180,000	Wind Acquisition Finance S.A., 3.981%, 7/15/2020, 144A, (EUR)(b)		199,724
	200,000	Wind Acquisition Finance S.A., 4.750%, 7/15/2020, 144A		198,000
				3,651,553
		Wirelines — 1.8%
	705,000	CenturyLink, Inc., 7.650%, 3/15/2042		539,325
	130,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		121,550
	60,000,000	Empresa de Telecomunicaniones de Bogota, 7.000%, 1/17/2023, 144A, (COP)		16,904
	405,000	Frontier Communications Corp., 9.000%, 8/15/2031		334,125
	340,000	Frontier Communications Corp., 10.500%, 9/15/2022, 144A		331,500
	705,000	Level 3 Communications, Inc., 5.750%, 12/01/2022		691,781
	345,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		330,338
	35,000	Telecom Italia Capital S.A., 7.200%, 7/18/2036		36,925
	85,000	Telecom Italia Capital S.A., 7.721%, 6/04/2038		92,225
	450,000	Telecom Italia SpA, 5.303%, 5/30/2024, 144A		439,875
				2,934,548
		Total Non-Convertible Bonds (Identified Cost $156,914,568)		142,617,459
	Convertible Bonds — 5.2%
		Building Materials — 0.7%
	575,000	Lennar Corp., 3.250%, 11/15/2021, 144A		1,182,703
		Consumer Cyclical Services — 0.6%
	875,000	Jarden Corp., 1.125%, 3/15/2034		1,000,781
	115,000	Macquarie Infrastructure Corp., 2.875%, 7/15/2019		130,525
				1,131,306

See accompanying notes to financial statements.

|  48

Portfolio of Investments – as of September 30, 2015

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Consumer Products — 0.4%
$	845,000	Iconix Brand Group, Inc., 1.500%, 3/15/2018	$	671,775
		Energy — 0.4%
	945,000	Hornbeck Offshore Services, Inc., 1.500%, 9/01/2019		701,072
		Leisure — 0.5%
	1,035,000	Rovi Corp., 0.500%, 3/01/2020, 144A		798,244
		Metals & Mining — 0.1%
	95,000	RTI International Metals, Inc., 1.625%, 10/15/2019		99,869
		Midstream — 1.0%
	420,000	Chesapeake Energy Corp., 2.500%, 5/15/2037		361,200
	1,570,000	Whiting Petroleum Corp., 1.250%, 4/01/2020, 144A		1,278,569
				1,639,769
		Pharmaceuticals — 0.7%
	58,000	BioMarin Pharmaceutical, Inc., 0.750%, 10/15/2018		74,929
	644,000	BioMarin Pharmaceutical, Inc., 1.500%, 10/15/2020		865,375
	211,000	Emergent Biosolutions, Inc., 2.875%, 1/15/2021		239,617
				1,179,921
		REITs – Diversified — 0.1%
	105,000	RWT Holdings, Inc., 5.625%, 11/15/2019, 144A		98,437
		REITs – Mortgage — 0.0%
	30,000	Redwood Trust, Inc., 4.625%, 4/15/2018		28,781
		Technology — 0.7%
	306,000	Brocade Communications Systems, Inc., 1.375%, 1/01/2020, 144A		299,689
	140,000	MercadoLibre, Inc., 2.250%, 7/01/2019		136,938
	340,000	Micron Technology, Inc., Series G, 3.000%, 11/15/2043		285,812
	108,000	Nuance Communications, Inc., 1.500%, 11/01/2035		111,173
	386,000	SunEdison, Inc., 2.625%, 6/01/2023, 144A		194,447
	370,000	SunEdison, Inc., 3.375%, 6/01/2025, 144A		188,006
				1,216,065
		Total Convertible Bonds (Identified Cost $10,257,809)		8,747,942
		Total Bonds and Notes (Identified Cost $167,172,377)		151,365,401
	Senior Loans — 1.9%
		Consumer Cyclical Services — 0.3%
	493,569	SourceHov LLC, 2014 1st Lien Term Loan, 7.750%, 10/31/2019(b)		444,829
		Media Entertainment — 0.0%
	88,743	SuperMedia, Inc., Exit Term Loan, 11.600%, 12/30/2016(b)		47,478
		Other Utility — 0.2%
	242,335	PowerTeam Services LLC, 1st Lien Term Loan, 4.250%, 5/06/2020(b)		239,104
	95,000	PowerTeam Services LLC, 2nd Lien Term Loan, 8.250%, 11/06/2020(b)		90,250
				329,354

See accompanying notes to financial statements.

49  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Supermarkets — 0.5%
$	545,972	Albertson’s LLC, Term Loan B4, 5.500%, 8/25/2021(b)	$	545,634
	281,160	New Albertson’s, Inc., Term Loan, 4.750%, 6/27/2021(b)		280,597
				826,231
		Transportation Services — 0.1%
	98,750	OSG Bulk Ships, Inc., Exit Term Loan, 5.250%, 8/05/2019(b)		97,639
		Wirelines — 0.8%
	1,218,750	Fairpoint Communications, Inc., Refi Term Loan, 7.500%, 2/14/2019(b)		1,221,541
	159,324	Integra Telecom, Inc., 2nd Lien Term Loan, 9.750%, 2/21/2020(b)		158,196
				1,379,737
		Total Senior Loans (Identified Cost $3,198,177)		3,125,268
Shares
	Preferred Stocks — 3.6%
	Convertible Preferred Stocks — 2.5%
		Consumer Non-Cyclical Services — 0.5%
	18,265	Tyson Foods, Inc., 4.750%		936,264
		Electric — 0.4%
	5,356	Dominion Resources, Inc., Series B, 6.000%		299,829
	7,126	Dominion Resources, Inc., Series A, 6.125%		394,139
	1,424	Dominion Resources, Inc., 6.375%		70,644
				764,612
		Metals & Mining — 0.7%
	34,097	Alcoa, Inc., Series 1, 5.375%		1,138,840
		Midstream — 0.3%
	988	Chesapeake Energy Corp., 5.750%		393,965
	20	Chesapeake Energy Corp., 5.750%, 144A		7,975
	137	Chesapeake Energy Corp., 5.750%		54,115
				456,055
		Pharmaceuticals — 0.5%
	860	Allergan PLC, Series A, 5.500%		811,376
		REITs – Mortgage — 0.1%
	2,107	iStar, Inc., Series J, 4.500%		112,008
		Total Convertible Preferred Stocks (Identified Cost $5,000,761)		4,219,155
	Non-Convertible Preferred Stocks — 1.1%
		Banking — 0.8%
	32,853	Ally Financial, Inc., Series A, (fixed rate to 5/15/2016, variable rate thereafter), 8.500%		851,878
	483	Ally Financial, Inc., Series G, 7.000%, 144A		484,525
				1,336,403

See accompanying notes to financial statements.

|  50

Portfolio of Investments – as of September 30, 2015

Loomis Sayles High Income Fund – (continued)

Shares		Description	Value (†)
		Finance Companies — 0.3%
	12,925	iStar, Inc., Series E, 7.875%	$	306,322
	7,500	iStar, Inc., Series F, 7.800%		176,325
	550	iStar, Inc., Series G, 7.650%		12,953
				495,600
		Total Non-Convertible Preferred Stocks (Identified Cost $1,701,534)		1,832,003
		Total Preferred Stocks (Identified Cost $6,702,295)		6,051,158
	Common Stocks — 0.7%
		Automobiles — 0.3%
	14,625	General Motors Co.		439,042
		Electric Utilities — 0.1%
	1,973	NextEra Energy, Inc.		192,466
		Oil, Gas & Consumable Fuels — 0.2%
	14,882	Kinder Morgan, Inc.		411,934
		Trading Companies & Distributors — 0.1%
	2,696	United Rentals, Inc.(i)		161,895
		Total Common Stocks (Identified Cost $1,215,367)		1,205,337
	Warrants — 0.0%
	10,360	FairPoint Communications, Inc., Expiration on 1/24/2018 at $48.81(h)(i)(k)		—
	22,512	Kinder Morgan, Inc., Expiration on 5/25/2017 at $40.00(i)		20,711
		Total Warrants (Identified Cost $29,892)		20,711
	Other Investments — 0.6%
		Aircraft ABS — 0.6%
	100	ECAF I Blocker Ltd.(h)(k) (Identified Cost $1,000,000)		1,000,000
Principal Amount (‡)
	Short-Term Investments — 0.9%
$	46,381	Repurchase Agreement with State Street Bank and Trust Company, dated 9/30/2015 at 0.000% to be repurchased at $46,381 on 10/01/2015 collateralized by $46,500 U.S. Treasury Note, 1.500% due 8/31/2018 valued at $47,346 including accrued interest (Note 2 of Notes to Financial Statements)		46,381
	1,047,489	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2015 at 0.010% to be repurchased at $1,047,489 on 10/01/2015 collateralized by $945,000 U.S. Treasury Note, 1.750% due 2/28/2022 valued at $947,363; $125,000 U.S. Treasury Note, 0.625% due 9/30/2017 valued at $124,844 including accrued interest (Note 2 of Notes to Financial Statements)		1,047,489

See accompanying notes to financial statements.

51  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
	Short-Term Investments — continued
$	470,000	U.S. Treasury Bills, 0.160%, 1/28/2016(l)(m)	$	469,982
		Total Short-Term Investments (Identified Cost $1,563,636)		1,563,852
		Total Investments — 98.2% (Identified Cost $180,881,744)(a)		164,331,727
		Other assets less liabilities — 1.8%		2,986,645
		Net Assets — 100.0%	$	167,318,372
	(‡)	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:
		At September 30, 2015, the net unrealized depreciation on investments based on a cost of $180,920,943 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	5,142,031
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(21,731,247	)
		Net unrealized depreciation	$	(16,589,216	)
	(b)	Variable rate security. Rate as of September 30, 2015 is disclosed.
	(c)	All of this security has been designated to cover the Fund’s obligations under open forward foreign currency and futures contracts.
	(d)	Perpetual bond with no specified maturity date.
	(e)	When-issued/delayed delivery. See Note 2 of Notes to Financial Statements.
	(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 September 30, 2015, interest payments were made in cash.
	(g)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
	(h)	Illiquid security. At September 30, 2015, the value of these securities amounted to $2,149,500 or 1.3% of net assets. Illiquid securities are deemed to be fair valued pursuant to the Fund’s pricing policies and procedures. See Note 2 of Notes to Financial Statements.
	(i)	Non-income producing security.
	(j)	Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.
	(k)	Fair valued by the Fund’s adviser. At September 30, 2015, the value of these securities amounted to $1,000,000 or 0.6% of net assets. See Note 2 of Notes to Financial Statements.
	(l)	Interest rate represents discount rate at time of purchase; not a coupon rate.
	(m)	A portion of this security has been pledged as initial margin for open futures contracts.

See accompanying notes to financial statements.

|  52

Portfolio of Investments – as of September 30, 2015

Loomis Sayles High Income Fund – (continued)

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 September 30, 2015, the value of Rule 144A holdings amounted to $50,276,963 or 30.0% 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

At September 30, 2015, the Fund had the following open forward foreign currency contracts:

Contract to Buy/Sell1	Delivery Date		Currency	Units of Currency		Notional Value		Unrealized Appreciation (Depreciation)
Sell		10/30/2015	Euro		1,300,000	$	1,453,229	$	(25,491	)
Buy		10/23/2015	Mexican Peso		88,300,000		5,214,376		(12,994	)
Sell		10/23/2015	Mexican Peso		88,300,000		5,214,376		301,892
Total								$	263,407

¹ Counterparty is Bank of America, N.A.

At September 30, 2015, open short futures contracts were as follows:

Financial Futures	Expiration Date		Contracts	Notional Value		Unrealized Appreciation (Depreciation)
10 Year U.S. Treasury Note		12/21/2015	69	$	8,882,672	$	(100,583	)
30 Year U.S. Treasury Bond		12/21/2015	23		3,618,906		(60,285	)
Total						$	(160,868	)

See accompanying notes to financial statements.

53  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles High Income Fund – (continued)

Industry Summary at September 30, 2015

Independent Energy	8.2	%
Finance Companies	6.6
Midstream	6.2
Treasuries	6.0
Cable Satellite	5.3
Technology	5.3
Healthcare	5.1
Banking	5.0
Supranational	3.2
ABS Home Equity	3.1
Metals & Mining	3.1
Pharmaceuticals	2.6
Wirelines	2.6
Electric	2.3
Aerospace & Defense	2.3
Building Materials	2.2
Wireless	2.2
Consumer Cyclical Services	2.1
Non-Agency Commercial Mortgage-Backed Securities	2.1
Home Construction	2.0
Other Investments, less than 2% each	19.8
Short-Term Investments	0.9
Total Investments	98.2
Other assets less liabilities (including forward foreign currency contracts and futures contracts)	1.8
Net Assets	100.0	%

See accompanying notes to financial statements.

|  54

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Limited Term Government and Agency Fund

Principal Amount		Description	Value (†)
	Bonds and Notes — 97.2% of Net Assets
		ABS Car Loan — 1.7%
$	4,150,000	CPS Auto Receivables Trust, Series 2015-C, Class A, 1.770%, 6/17/2019, 144A	$	4,152,299
	1,165,000	Credit Acceptance Auto Loan Trust, Series 2013-2A, Class A, 1.500%, 4/15/2021, 144A		1,165,861
	2,695,000	Credit Acceptance Auto Loan Trust, Series 2014-2A, Class A, 1.880%, 3/15/2022, 144A		2,695,032
	1,045,000	First Investors Auto Owner Trust, Series 2014-1A, Class A3, 1.490%, 1/15/2020, 144A		1,044,639
	3,500,000	NextGear Floorplan Master Owner Trust, Series 2014-1A, Class A, 1.920%, 10/15/2019, 144A		3,518,326
	2,120,000	Tidewater Auto Receivables Trust, Series 2014-AA, Class A3, 1.400%, 7/15/2018, 144A		2,121,601
				14,697,758
		ABS Home Equity — 0.3%
	2,804,253	Towd Point Mortgage Trust, Series 2015-2, Class 1AE2, 2.750%, 11/25/2060, 144A		2,810,591
		Agency Commercial Mortgage-Backed Securities — 10.6%
	6,000,000	FHLMC Multifamily Structured Pass Through Certificates, Series K006, Class A2, 4.251%, 1/25/2020		6,615,162
	4,305,000	FHLMC Multifamily Structured Pass Through Certificates, Series K014, Class A2, 3.871%, 4/25/2021		4,725,224
	4,000,000	FHLMC Multifamily Structured Pass Through Certificates, Series K015, Class A2, 3.230%, 7/25/2021		4,263,156
	6,625,000	FHLMC Multifamily Structured Pass Through Certificates, Series K017, Class A2, 2.873%, 12/25/2021		6,928,869
	3,535,000	FHLMC Multifamily Structured Pass Through Certificates, Series K703, Class A2, 2.699%, 5/25/2018		3,657,067
	700,000	FHLMC Multifamily Structured Pass Through Certificates, Series K704, Class A2, 2.412%, 8/25/2018		719,838
	2,590,000	FHLMC Multifamily Structured Pass Through Certificates, Series K706, Class A2, 2.323%, 10/25/2018		2,660,013
	7,910,000	FHLMC Multifamily Structured Pass Through Certificates, Series K708, Class A2, 2.130%, 1/25/2019		8,080,508
	34,370,000	FHLMC Multifamily Structured Pass Through Certificates, Series K711, Class A2, 1.730%, 7/25/2019		34,608,769
	681,060	FHLMC Multifamily Structured Pass Through Certificates, Series KF01, Class A, 0.549%, 4/25/2019(b)		679,664
	2,253,042	FHLMC Multifamily Structured Pass Through Certificates, Series KF06, Class A, 0.522%, 11/25/2021(b)		2,246,891
	239,108	Government National Mortgage Association, Series 2003-72, Class Z, 5.249%, 11/16/2045(b)		259,089
	204,548	Government National Mortgage Association, Series 2003-88, Class Z, 4.898%, 3/16/2046(b)		220,674
	13,260,000	Government National Mortgage Association, Series 2013-52, Class KX, 3.929%, 8/16/2051(b)		14,113,679
				89,778,603

See accompanying notes to financial statements.

55  |

Portfolio of Investments – as of September 30, 2015

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

Principal Amount		Description	Value (†)
		Collateralized Mortgage Obligations — 15.7%
$	126,334	Federal Home Loan Mortgage Corp., REMIC, Series 1500, Class FD, 1.670%, 5/15/2023(b)	$	124,076
	83,723	Federal Home Loan Mortgage Corp., REMIC, Series 1552, Class I, 1.470%, 8/15/2023(b)		84,622
	315,988	Federal Home Loan Mortgage Corp., REMIC, Series 2131, Class ZB, 6.000%, 3/15/2029		349,536
	246,422	Federal Home Loan Mortgage Corp., REMIC, Series 2646, Class FM, 0.607%, 11/15/2032(b)		247,200
	1,760,575	Federal Home Loan Mortgage Corp., REMIC, Series 2874, Class BC, 5.000%, 10/15/2019		1,854,225
	2,713,828	Federal Home Loan Mortgage Corp., REMIC, Series 2931, Class DE, 4.000%, 2/15/2020		2,820,493
	2,651,042	Federal Home Loan Mortgage Corp., REMIC, Series 2978, Class JG, 5.500%, 5/15/2035		2,944,435
	3,510,000	Federal Home Loan Mortgage Corp., REMIC, Series 3036, Class NE, 5.000%, 9/15/2035		3,932,186
	1,757,854	Federal Home Loan Mortgage Corp., REMIC, Series 3057, Class PE, 5.500%, 11/15/2034		1,797,144
	4,805,716	Federal Home Loan Mortgage Corp., REMIC, Series 3412, Class AY, 5.500%, 2/15/2038		5,269,669
	2,443,071	Federal Home Loan Mortgage Corp., REMIC, Series 3561, Class W, 3.915%, 6/15/2048(b)		2,480,255
	3,087,434	Federal Home Loan Mortgage Corp., REMIC, Series 3620, Class AT, 4.323%, 12/15/2036(b)		3,239,737
	78,433	Federal Home Loan Mortgage Corp., REMIC, Series 3802, Class BA, 4.500%, 11/15/2028		79,438
	927,995	Federal Home Loan Mortgage Corp., REMIC, Series 4212, Class FW, 2.307%, 6/15/2043(b)		937,923
	1,846,623	Federal National Mortgage Association, REMIC, Series 2003-48, Class GH, 5.500%, 6/25/2033		2,095,953
	95,126	Federal National Mortgage Association, REMIC, Series 1992-162, Class FB, 1.870%, 9/25/2022(b)		97,113
	82,481	Federal National Mortgage Association, REMIC, Series 1994-42, Class FD, 1.620%, 4/25/2024(b)		83,652
	20,876	Federal National Mortgage Association, REMIC, Series 2002-W10, Class A7, 3.767%, 8/25/2042(b)		20,837
	1,397,725	Federal National Mortgage Association, REMIC, Series 2005-100, Class BQ, 5.500%, 11/25/2025		1,526,229
	1,152,304	Federal National Mortgage Association, REMIC, Series 2005-33, Class QD, 5.000%, 1/25/2034		1,194,370
	1,500,624	Federal National Mortgage Association, REMIC, Series 2007-73, Class A1, 0.254%, 7/25/2037(b)		1,410,697
	2,928,554	Federal National Mortgage Association, REMIC, Series 2008-86, Class LA, 3.659%, 8/25/2038(b)		3,148,427
	5,412,360	Federal National Mortgage Association, REMIC, Series 2013-67, Class NF, 1.194%, 7/25/2043(b)		5,249,746
	68,379	Federal National Mortgage Association, REMIC, Series G93-19, Class FD, 1.570%, 4/25/2023(b)		69,174

See accompanying notes to financial statements.

|  56

Portfolio of Investments – as of September 30, 2015

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

Principal Amount		Description	Value (†)
		Collateralized Mortgage Obligations — continued
$	12,777	FHLMC Structured Pass Through Securities, Series T-60, Class 2A1, 3.329%, 3/25/2044(b)	$	13,465
	8,403,981	Government National Mortgage Association, 0.492%, 7/20/2065(b)		8,379,812
	1,490,853	Government National Mortgage Association, Series 2010-H20, Class AF, 0.522%, 10/20/2060(b)		1,481,288
	1,331,200	Government National Mortgage Association, Series 2010-H24, Class FA, 0.542%, 10/20/2060(b)		1,326,061
	1,230,246	Government National Mortgage Association, Series 2011-H06, Class FA, 0.642%, 2/20/2061(b)		1,228,740
	2,569,260	Government National Mortgage Association, Series 2012-124, Class HT, 7.218%, 7/20/2032(b)		2,932,404
	5,912,726	Government National Mortgage Association, Series 2012-H15, Class FA, 0.642%, 5/20/2062(b)		5,923,646
	1,404,127	Government National Mortgage Association, Series 2012-H18, Class NA, 0.712%, 8/20/2062(b)		1,405,903
	7,332,773	Government National Mortgage Association, Series 2012-H29, Class HF, 0.692%, 10/20/2062(b)		7,341,455
	6,921,265	Government National Mortgage Association, Series 2013-H02, Class GF, 0.692%, 12/20/2062(b)		6,931,267
	5,107,925	Government National Mortgage Association, Series 2013-H08, Class FA, 0.542%, 3/20/2063(b)		5,080,986
	4,175,131	Government National Mortgage Association, Series 2013-H10, Class FA, 0.592%, 3/20/2063(b)		4,166,492
	13,098,184	Government National Mortgage Association, Series 2013-H22, Class FT, 0.980%, 4/20/2063(b)		13,293,831
	7,776,056	Government National Mortgage Association, Series 2014-H14, Class FA, 0.692%, 7/20/2064(b)		7,756,017
	5,376,093	Government National Mortgage Association, Series 2014-H15, Class FA, 0.692%, 7/20/2064(b)		5,366,959
	11,172,580	Government National Mortgage Association, Series 2015-H10, Class JA, 2.250%, 4/20/2065		11,289,735
	3,867,734	Government National Mortgage Association, Series 2015-H11, Class FA, 0.442%, 4/20/2065(b)		3,849,277
	470,830	NCUA Guaranteed Notes, Series 2010-A1, Class A, 0.554%, 12/07/2020(b)		470,389
	1,078,026	NCUA Guaranteed Notes, Series 2010-R1, Class 1A, 0.653%, 10/07/2020(b)		1,083,329
	1,593,862	NCUA Guaranteed Notes, Series 2010-R3, Class 1A, 0.763%, 12/08/2020(b)		1,605,009
	101,404	NCUA Guaranteed Notes, Series 2010-R3, Class 2A, 0.763%, 12/08/2020(b)		102,083
				132,085,285
		Hybrid ARMs — 15.5%
	1,331,952	FHLMC, 2.124%, 6/01/2037(b)		1,405,983
	745,868	FHLMC, 2.312%, 11/01/2038(b)		793,115
	1,546,424	FHLMC, 2.368%, 4/01/2036(b)		1,638,043
	967,155	FHLMC, 2.400%, 4/01/2037(b)		1,027,047
	378,881	FHLMC, 2.409%, 9/01/2038(b)		403,264
	4,649,040	FHLMC, 2.419%, 2/01/2036(b)		4,941,925
	2,213,168	FHLMC, 2.426%, 2/01/2036(b)		2,360,825
	1,159,707	FHLMC, 2.433%, 11/01/2038(b)		1,236,085

See accompanying notes to financial statements.

57  |

Portfolio of Investments – as of September 30, 2015

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

Principal Amount		Description	Value (†)
		Hybrid ARMs — continued
$	6,970,887	FHLMC, 2.440%, 3/01/2037(b)	$	7,409,942
	1,733,771	FHLMC, 2.469%, 9/01/2038(b)		1,844,221
	2,735,086	FHLMC, 2.470%, 7/01/2033(b)		2,899,358
	3,904,448	FHLMC, 2.470%, 9/01/2035(b)		4,149,454
	2,178,905	FHLMC, 2.477%, 3/01/2036(b)		2,310,487
	3,137,970	FHLMC, 2.483%, 4/01/2037(b)		3,347,922
	712,493	FHLMC, 2.487%, 2/01/2035(b)		764,524
	1,821,022	FHLMC, 2.522%, 3/01/2038(b)		1,941,463
	778,927	FHLMC, 2.582%, 12/01/2034(b)		830,203
	710,339	FHLMC, 2.805%, 3/01/2037(b)		765,292
	1,317,396	FHLMC, 2.992%, 9/01/2038(b)		1,395,479
	154,304	FHLMC, 4.818%, 12/01/2037(b)		162,027
	263,281	FNMA, 1.922%, 2/01/2037(b)		275,351
	2,594,972	FNMA, 1.936%, 7/01/2035(b)		2,716,597
	4,166,156	FNMA, 2.234%, 4/01/2037(b)		4,392,328
	847,956	FNMA, 2.238%, 10/01/2033(b)		898,811
	4,206,875	FNMA, 2.247%, 7/01/2035(b)		4,452,948
	5,773,005	FNMA, 2.265%, 9/01/2037(b)		6,167,812
	2,330,097	FNMA, 2.282%, 4/01/2037(b)		2,476,326
	1,426,519	FNMA, 2.310%, 1/01/2036(b)		1,521,742
	770,409	FNMA, 2.332%, 9/01/2034(b)		817,436
	785,838	FNMA, 2.349%, 12/01/2034(b)		837,236
	3,757,429	FNMA, 2.364%, 11/01/2033(b)		3,985,916
	970,881	FNMA, 2.380%, 8/01/2038(b)		1,035,034
	5,666,485	FNMA, 2.386%, 4/01/2034(b)		6,016,741
	1,539,441	FNMA, 2.395%, 9/01/2036(b)		1,636,939
	501,723	FNMA, 2.405%, 8/01/2035(b)		532,780
	1,186,907	FNMA, 2.406%, 8/01/2034(b)		1,265,109
	5,345,369	FNMA, 2.426%, 3/01/2037(b)		5,695,971
	3,748,056	FNMA, 2.437%, 9/01/2037(b)		3,986,526
	7,559,953	FNMA, 2.438%, 10/01/2034(b)		8,037,209
	1,635,810	FNMA, 2.445%, 2/01/2047(b)		1,746,882
	1,799,098	FNMA, 2.450%, 6/01/2036(b)		1,918,708
	2,590,727	FNMA, 2.453%, 10/01/2033(b)		2,751,307
	1,759,002	FNMA, 2.453%, 4/01/2034(b)		1,866,410
	910,397	FNMA, 2.454%, 2/01/2037(b)		968,882
	416,166	FNMA, 2.455%, 4/01/2033(b)		441,756
	3,321,880	FNMA, 2.473%, 8/01/2035(b)		3,517,206
	4,846,105	FNMA, 2.530%, 6/01/2037(b)		5,202,758
	1,988,197	FNMA, 2.537%, 6/01/2033(b)		2,106,773
	4,812,687	FNMA, 2.550%, 7/01/2037(b)		5,123,955
	1,522,741	FNMA, 2.679%, 5/01/2035(b)		1,635,228
	418,979	FNMA, 2.682%, 8/01/2033(b)		446,304
	569,391	FNMA, 2.698%, 8/01/2036(b)		608,504
	965,069	FNMA, 2.854%, 7/01/2041(b)		1,011,346
	2,468,688	FNMA, 3.223%, 6/01/2035(b)		2,642,021
				130,363,511

See accompanying notes to financial statements.

|  58

Portfolio of Investments – as of September 30, 2015

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

Principal Amount		Description	Value (†)
		Mortgage Related — 19.3%
$	145,835	FHLMC, 3.000%, 10/01/2026	$	151,995
	1,044,738	FHLMC, 4.000%, with various maturities from 2024 to 2042(c)		1,116,041
	815,780	FHLMC, 4.500%, with various maturities from 2025 to 2034(c)		872,312
	360,504	FHLMC, 5.500%, 10/01/2023		393,191
	33,459	FHLMC, 6.000%, 11/01/2019		35,518
	481,905	FHLMC, 6.500%, with various maturities from 2017 to 2034(c)		557,327
	4,010	FHLMC, 7.000%, 2/01/2016		4,030
	539	FHLMC, 7.500%, 6/01/2026		621
	1,612	FHLMC, 10.000%, 7/01/2019		1,753
	24,352	FHLMC, 11.500%, 4/01/2020		24,805
	200,621	FNMA, 3.000%, 3/01/2042		203,869
	2,869,735	FNMA, 5.000%, with various maturities from 2037 to 2038(c)		3,176,383
	1,443,411	FNMA, 5.500%, with various maturities from 2018 to 2033(c)		1,610,274
	2,292,867	FNMA, 6.000%, with various maturities from 2017 to 2022(c)		2,532,667
	336,868	FNMA, 6.500%, with various maturities from 2017 to 2037(c)		382,576
	19,106	FNMA, 7.000%, 12/01/2022		19,164
	113,436	FNMA, 7.500%, with various maturities from 2017 to 2032(c)		131,013
	561	FNMA, 8.000%, 5/01/2016		564
	4,920,020	GNMA, 1.868%, 2/20/2061(b)		5,127,876
	3,769,552	GNMA, 2.077%, 2/20/2063(b)		3,948,255
	4,660,869	GNMA, 2.352%, 3/20/2063(b)		4,936,261
	2,663,276	GNMA, 2.564%, 2/20/2063(b)		2,832,874
	4,430,433	GNMA, 4.479%, 2/20/2062		4,761,931
	4,612,167	GNMA, 4.521%, 12/20/2061		4,942,334
	6,923,353	GNMA, 4.532%, 12/20/2062		7,547,881
	18,065,706	GNMA, 4.556%, 12/20/2061		19,333,973
	2,291,013	GNMA, 4.560%, 3/20/2062		2,459,991
	12,388,989	GNMA, 4.583%, 11/20/2062		13,461,776
	1,501,360	GNMA, 4.599%, 4/20/2063		1,643,580
	4,341,803	GNMA, 4.604%, 6/20/2062		4,689,846
	1,452,170	GNMA, 4.616%, 8/20/2061		1,544,588
	1,842,992	GNMA, 4.639%, 3/20/2062		1,981,901
	7,782,336	GNMA, 4.659%, 2/20/2062		8,376,245
	9,315,158	GNMA, 4.685%, 8/20/2061		9,859,033
	3,662,786	GNMA, 4.689%, 2/20/2062		3,928,979
	1,891,717	GNMA, 4.698%, 7/20/2061		2,006,111
	8,125,557	GNMA, 4.700%, with various maturities in 2061(c)		8,636,082
	1,785,270	GNMA, 4.717%, 3/20/2061		1,888,762
	1,492,773	GNMA, 4.808%, 8/20/2062		1,599,642
	782,874	GNMA, 5.167%, 4/20/2061		834,156
	21,222	GNMA, 6.000%, 12/15/2031		24,543
	96,304	GNMA, 6.500%, 5/15/2031		113,865
	100,076	GNMA, 7.000%, 10/15/2028		115,811
	4,755,627	Government National Mortgage Association, Series 2015-H04, Class FL, 0.662%, 2/20/2065(b)		4,756,388
	7,152,002	Government National Mortgage Association, Series 2015-H05, Class FA, 0.492%, 4/20/2061(b)		7,125,225

See accompanying notes to financial statements.

59  |

Portfolio of Investments – as of September 30, 2015

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

Principal Amount		Description	Value (†)
		Mortgage Related — continued
$	15,879,318	Government National Mortgage Association, Series 2015-H09, Class HA, 1.750%, 3/20/2065	$	16,047,036
	7,313,506	Government National Mortgage Association, Series 2015-H12, Class FL, 0.422%, 5/20/2065(b)		7,233,043
				162,972,091
		Non-Agency Commercial Mortgage-Backed Securities — 6.4%
	1,199,364	A10 Securitization LLC, Series 2014-1, Class A1, 1.720%, 4/15/2033, 144A		1,196,912
	1,780,000	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2007-2, Class A4, 5.784%, 4/10/2049(b)		1,846,955
	319,287	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2007-5, Class A4, 5.492%, 2/10/2051		335,523
	3,700,000	CDGJ Commercial Mortgage Trust Pass Through Certificates, Series 2014-BXCH, 1.607%, 12/15/2027, 144A(b)		3,676,035
	3,215,000	CG-CCRE Commercial Mortgage Trust, Series 2014-FL1, Class A, 1.148%, 6/15/2031, 144A(b)		3,201,295
	3,040,000	Commercial Mortgage Trust, Series 2014-FL5, Class SV1, 2.048%, 10/15/2031, 144A(b)(d)		3,037,972
	2,981,147	GP Portfolio Trust, Series 2014-GPP, Class A, 1.157%, 2/15/2027, 144A(b)		2,963,448
	4,140,377	Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049		4,346,605
	4,228,779	Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/2039		4,389,650
	5,535,000	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2014-CBM, Class A, 1.107%, 10/15/2029, 144A(b)		5,492,065
	248,913	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2006-CB15, Class A4, 5.814%, 6/12/2043(b)		252,112
	2,380,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-FL5, Class A, 1.187%, 7/15/2031, 144A(b)		2,363,469
	4,115,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2015-SGP, Class A, 1.894%, 7/15/2036, 144A(b)		4,115,000
	1,627,874	LB-UBS Commercial Mortgage Trust, Series 2007-C2, Class A3, 5.430%, 2/15/2040		1,696,163
	1,067,710	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-5, Class A4, 5.378%, 8/12/2048		1,107,395
	375,103	Morgan Stanley Capital I, Series 2007-HQ12, Class A5, 5.902%, 4/12/2049(b)		374,503
	667,774	PFP III Ltd., Series 2014-1, Class A, 1.629%, 6/14/2031, 144A(b)		667,365
	3,420,000	Resource Capital Corp. Ltd., Series 2014-CRE2, Class A, 1.257%, 4/15/2032, 144A(b)		3,396,836
	3,700,000	Starwood Retail Property Trust, Inc., 1.427%, 11/15/2027, 144A(b)		3,668,916
	3,816,030	Wachovia Bank Commercial Mortgage Trust, Series 2006-C28, Class A4, 5.572%, 10/15/2048		3,909,076
	1,402,310	Wachovia Bank Commercial Mortgage Trust, Series 2007-C34, Class A3, 5.678%, 5/15/2046		1,480,651
				53,517,946

See accompanying notes to financial statements.

|  60

Portfolio of Investments – as of September 30, 2015

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

Principal Amount		Description	Value (†)
		Sovereigns — 0.2%
$	1,955,000	U.S. Department of Housing and Urban Development, Series 4, 1.880%, 8/01/2019	$	1,992,829
		Treasuries — 27.5%
	8,060,000	U.S. Treasury Note, 0.625%, 6/30/2017		8,064,618
	8,375,000	U.S. Treasury Note, 0.750%, 3/31/2018		8,363,007
	31,080,000	U.S. Treasury Note, 0.875%, 10/15/2017		31,208,702
	30,745,000	U.S. Treasury Note, 0.875%, 1/15/2018		30,827,458
	12,805,000	U.S. Treasury Note, 1.000%, 12/15/2017		12,884,365
	38,250,000	U.S. Treasury Note, 1.125%, 6/15/2018		38,511,477
	8,120,000	U.S. Treasury Note, 1.250%, 10/31/2018		8,189,361
	23,950,000	U.S. Treasury Note, 1.250%, 1/31/2020		23,924,422
	4,860,000	U.S. Treasury Note, 1.500%, 5/31/2020		4,902,272
	21,810,000	U.S. Treasury Note, 1.625%, 3/31/2019		22,209,843
	2,385,000	U.S. Treasury Note, 1.625%, 8/31/2019		2,425,929
	10,050,000	U.S. Treasury Note, 1.625%, 12/31/2019		10,200,750
	17,125,000	U.S. Treasury Note, 1.625%, 7/31/2020		17,334,165
	6,140,000	U.S. Treasury Note, 1.750%, 9/30/2022		6,136,801
	6,265,000	U.S. Treasury Note, 2.125%, 8/31/2020		6,483,135
				231,666,305
		Total Bonds and Notes (Identified Cost $820,727,322)		819,884,919
	Short-Term Investments — 2.9%
	10,330,000	Federal Home Loan Bank Discount Notes, 0.050%, 11/02/2015(e)		10,329,401
	14,220,457	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2015 at 0.010% to be repurchased at $14,220,461 on 10/01/2015 collateralized by $14,665,000 U.S. Treasury Note, 1.500% due 1/31/2022 valued at $14,508,450 including accrued interest (Note 2 of Notes to Financial Statements)		14,220,457
		Total Short-Term Investments (Identified Cost $24,549,998)		24,549,858
		Total Investments — 100.1% (Identified Cost $845,277,320)(a)		844,434,777
		Other assets less liabilities — (0.1)%		(580,652	)
		Net Assets — 100.0%	$	843,854,125
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information:
		At September 30, 2015, the net unrealized depreciation on investments based on a cost of $845,367,402 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	5,870,425
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(6,803,050	)
		Net unrealized depreciation	$	(932,625	)

See accompanying notes to financial statements.

61  |

Portfolio of Investments – as of September 30, 2015

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

(b)	Variable rate security. Rate as of September 30, 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 September 30, 2015, the value of this security amounted to $3,037,972 or 0.4% of net assets. Illiquid securities are deemed to be fair valued pursuant to the Fund’s pricing policies and procedures. See Note 2 of Notes to Financial Statements.
(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 September 30, 2015, the value of Rule 144A holdings amounted to $51,287,662 or 6.1% 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

Industry Summary at September 30, 2015

Treasuries	27.5	%
Mortgage Related	19.3
Collateralized Mortgage Obligations	15.7
Hybrid ARMs	15.5
Agency Commercial Mortgage-Backed Securities	10.6
Non-Agency Commercial Mortgage-Backed Securities	6.4
Other Investments, less than 2% each	2.2
Short-Term Investments	2.9
Total Investments	100.1
Other assets less liabilities	(0.1	)
Net Assets	100.0	%

See accompanying notes to financial statements.

|  62

Statements of Assets and Liabilities

September 30, 2015

	Core Plus Bond Fund			High Income Fund			Limited Term Government and Agency Fund
ASSETS
Investments at cost	$	7,388,389,883		$	180,881,744		$	845,277,320
Net unrealized depreciation		(378,384,718	)		(16,550,017	)		(842,543	)
Investments at value		7,010,005,165			164,331,727			844,434,777
Cash		177,099			—			94,509
Receivable for Fund shares sold		10,734,646			70,968			9,636,232
Receivable for securities sold		104,101,505			2,364,913			10,322,670
Receivable for when-issued/delayed delivery securities sold (Note 2)		721,865,212			—			—
Collateral received for delayed delivery securities or forward foreign currency contracts (Notes 2 and 4)		1,948,000			278,566			—
Dividends and interest receivable		65,880,437			2,571,514			2,772,449
Unrealized appreciation on forward foreign currency contracts (Note 2)		—			301,892			—
Tax reclaims receivable		15,030			100			—
Receivable for variation margin on futures contracts (Note 2)		—			18,328			—
TOTAL ASSETS		7,914,727,094			169,938,008			867,260,637
LIABILITIES
Payable for securities purchased		16,979,482			1,232,845			18,562,115
Payable for when-issued/delayed delivery securities purchased (Note 2)		1,248,491,798			420,000			—
Payable for Fund shares redeemed		30,456,768			238,359			3,812,999
Unrealized depreciation on forward foreign currency contracts (Note 2)		3,135			38,485			—
Due to brokers (Note 2)		1,948,000			278,566			—
Distributions payable		—			—			329,820
Management fees payable (Note 6)		1,822,532			58,386			248,384
Deferred Trustees’ fees (Note 6)		294,558			133,558			270,830
Administrative fees payable (Note 6)		245,756			6,191			29,563
Payable to distributor (Note 6d)		48,571			4,889			4,333
Other accounts payable and accrued expenses		919,731			208,357			148,468
TOTAL LIABILITIES		1,301,210,331			2,619,636			23,406,512
NET ASSETS	$	6,613,516,763		$	167,318,372		$	843,854,125
NET ASSETS CONSIST OF:
Paid-in capital	$	7,038,551,795		$	183,112,242		$	855,258,532
Undistributed (Distributions in excess of) net investment income		(24,672,798	)		61,927			38,911
Accumulated net realized gain (loss) on investments, futures contracts and foreign currency transactions		(21,843,320	)		609,037			(10,600,775	)
Net unrealized depreciation on investments, futures contracts and foreign currency translations		(378,518,914	)		(16,464,834	)		(842,543	)
NET ASSETS	$	6,613,516,763		$	167,318,372		$	843,854,125

See accompanying notes to financial statements.

63  |

Statements of Assets and Liabilities (continued)

September 30, 2015

	Core Plus Bond Fund		High Income Fund		Limited Term Government and Agency Fund
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	912,661,701	$	37,869,625	$	346,317,011
Shares of beneficial interest		73,970,101		9,493,697		29,931,223
Net asset value and redemption price per share	$	12.34	$	3.99	$	11.57
Offering price per share (100/[100-maximum sales charge] of net asset value) (Note 1)	$	12.92	$	4.18	$	11.93
Class B shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	89,174	$	2,475	$	2,643,128
Shares of beneficial interest		7,187		619		228,721
Net asset value and offering price per share	$	12.41	$	4.00	$	11.56
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	354,284,534	$	12,609,310	$	63,167,138
Shares of beneficial interest		28,722,913		3,153,387		5,454,860
Net asset value and offering price per share	$	12.33	$	4.00	$	11.58
Class N shares:
Net assets	$	2,209,109,859	$	—	$	—
Shares of beneficial interest		177,608,361		—		—
Net asset value, offering and redemption price per share	$	12.44	$	—	$	—
Class Y shares:
Net assets	$	3,137,371,495	$	116,836,962	$	431,726,848
Shares of beneficial interest		252,374,522		29,355,096		37,197,009
Net asset value, offering and redemption price per share	$	12.43	$	3.98	$	11.61

See accompanying notes to financial statements.

|  64

Statements of Operations

For the Year Ended September 30, 2015

	Core Plus Bond Fund			High Income Fund			Limited Term Government and Agency Fund
INVESTMENT INCOME
Interest	$	209,831,815		$	10,007,638		$	15,234,240
Dividends		173,901			678,019			—
Less net foreign taxes withheld		—			(1,031	)		—
		210,005,716			10,684,626			15,234,240
Expenses
Management fees (Note 6)		18,852,460			1,159,904			2,812,348
Service and distribution fees (Note 6)		6,016,587			253,780			1,448,782
Administrative fees (Note 6)		2,462,399			82,447			327,599
Trustees’ fees and expenses (Note 6)		102,201			18,127			23,504
Transfer agent fees and expenses (Note 6 and 7)		3,661,302			200,124			578,014
Audit and tax services fees		53,058			57,144			55,749
Custodian fees and expenses		266,068			51,418			41,073
Legal fees		63,453			2,208			8,522
Registration fees		1,165,592			92,511			109,138
Shareholder reporting expenses		241,067			16,457			45,821
Miscellaneous expenses		78,541			16,351			22,184
Total expenses		32,962,728			1,950,471			5,472,734
Less waiver and/or expense reimbursement (Note 6)		—			(34,189	)		—
Net expenses		32,962,728			1,916,282			5,472,734
Net investment income		177,042,988			8,768,344			9,761,506
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		(41,502,080	)		1,051,322			4,686,019
Futures contracts		—			(207,831	)		—
Foreign currency transactions		(4,124,724	)		576,927			—
Net change in unrealized appreciation (depreciation) on:
Investments		(386,095,386	)		(19,011,656	)		(4,747,808	)
Futures contracts		—			(211,910	)		—
Foreign currency translations		112,686			142,815			—
Net realized and unrealized loss on investments, futures contracts and foreign currency transactions		(431,609,504	)		(17,660,333	)		(61,789	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(254,566,516	)	$	(8,891,989	)	$	9,699,717

See accompanying notes to financial statements.

65  |

Statements of Changes in Net Assets

	Core Plus Bond Fund						High Income Fund
	Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2015			Year Ended September 30, 2014
FROM OPERATIONS:
Net investment income	$	177,042,988		$	50,461,918		$	8,768,344		$	8,288,158
Net realized gain (loss) on investments, futures contracts and foreign currency transactions		(45,626,804	)		24,167,793			1,420,418			4,801,655
Net change in unrealized appreciation (depreciation) on investments, futures contracts and foreign currency translations		(385,982,700	)		20,916,723			(19,080,751	)		619,322
Net increase (decrease) in net assets resulting from operations		(254,566,516	)		95,546,434			(8,891,989	)		13,709,135
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(26,885,360	)		(16,342,911	)		(1,926,317	)		(2,319,281	)
Class B		(7,582	)		(25,257	)		(2,085	)		(10,542	)
Class C		(7,733,753	)		(5,957,503	)		(515,596	)		(607,126	)
Class N		(49,766,784	)		(1,590,647	)		—			—
Class Y		(87,014,555	)		(31,114,909	)		(6,296,139	)		(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		(194,637,149	)		(55,459,938	)		(13,255,599	)		(17,953,254	)
NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		4,746,612,794			959,743,921			6,973,865			17,157,058
Net increase (decrease) in net assets		4,297,409,129			999,830,417			(15,173,723	)		12,912,939
NET ASSETS
Beginning of the year		2,316,107,634			1,316,277,217			182,492,095			169,579,156
End of the year	$	6,613,516,763		$	2,316,107,634		$	167,318,372		$	182,492,095
UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME	$	(24,672,798	)	$	2,265,864		$	61,927		$	(990,073	)

See accompanying notes to financial statements.

|  66

Statements of Changes in Net Assets (continued)

	Limited Term Government and Agency Fund
	Year Ended September 30, 2015			Year Ended September 30, 2014
FROM OPERATIONS:
Net investment income	$	9,761,506		$	9,093,415
Net realized gain on investments		4,686,019			685,538
Net change in unrealized appreciation (depreciation) on investments		(4,747,808	)		(170,093	)
Net increase (decrease) in net assets resulting from operations		9,699,717			9,608,860
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(5,253,842	)		(7,143,858	)
Class B		(29,227	)		(70,496	)
Class C		(503,848	)		(819,006	)
Class Y		(6,898,857	)		(5,695,825	)
Total distributions		(12,685,774	)		(13,729,185	)
NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		141,117,260			24,611,252
Net increase (decrease) in net assets		138,131,203			20,490,927
NET ASSETS
Beginning of the year		705,722,922			685,231,995
End of the year	$	843,854,125		$	705,722,922
UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME	$	38,911		$	(509,665	)

See accompanying notes to financial statements.

67  |

Financial Highlights

For a share outstanding throughout each period.

	Core Plus Bond Fund—Class A
	Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of the period	$	13.18		$	12.71		$	13.52		$	12.71		$	12.75
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.37			0.42			0.44			0.43			0.52
Net realized and unrealized gain (loss)		(0.77	)		0.51			(0.51	)		1.07			0.03	(b)
Total from Investment Operations		(0.40	)		0.93			(0.07	)		1.50			0.55
LESS DISTRIBUTIONS FROM:
Net investment income		(0.36	)		(0.46	)		(0.55	)		(0.50	)		(0.59	)
Net realized capital gains		(0.08	)		(0.00	)(c)		(0.19	)		(0.19	)		—
Total Distributions		(0.44	)		(0.46	)		(0.74	)		(0.69	)		(0.59	)
Net asset value, end of the period	$	12.34		$	13.18		$	12.71		$	13.52		$	12.71
Total return(d)		(3.13	)%		7.43	%		(0.61	)%		12.18	%		4.42	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	912,662		$	642,784		$	436,199		$	479,823		$	237,759
Net expenses		0.74	%		0.79	%(e)		0.79	%		0.82	%		0.87	%
Gross expenses		0.74	%		0.79	%(e)		0.79	%		0.82	%		0.87	%
Net investment income		2.87	%		3.19	%		3.29	%		3.31	%		4.07	%
Portfolio turnover rate		175	%		122	%		107	%		78	%		86	%

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

See accompanying notes to financial statements.

|  68

Financial Highlights (continued)

For a share outstanding throughout each period.

	Core Plus Bond Fund—Class B
	Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of the period	$	13.24		$	12.77		$	13.57		$	12.75		$	12.79
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.26			0.33			0.33			0.34			0.42
Net realized and unrealized gain (loss)		(0.75	)		0.50			(0.50	)		1.07			0.03	(b)
Total from Investment Operations		(0.49	)		0.83			(0.17	)		1.41			0.45
LESS DISTRIBUTIONS FROM:
Net investment income		(0.26	)		(0.36	)		(0.44	)		(0.40	)		(0.49	)
Net realized capital gains		(0.08	)		(0.00	)(c)		(0.19	)		(0.19	)		—
Total Distributions		(0.34	)		(0.36	)		(0.63	)		(0.59	)		(0.49	)
Net asset value, end of the period	$	12.41		$	13.24		$	12.77		$	13.57		$	12.75
Total return(d)		(3.82	)%		6.56	%		(1.32	)%		11.38	%		3.60	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	89		$	678		$	1,180		$	2,386		$	3,092
Net expenses		1.49	%		1.55	%(e)		1.54	%		1.57	%		1.62	%
Gross expenses		1.49	%		1.55	%(e)		1.54	%		1.57	%		1.62	%
Net investment income		2.00	%		2.51	%		2.50	%		2.61	%		3.32	%
Portfolio turnover rate		175	%		122	%		107	%		78	%		86	%

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

See accompanying notes to financial statements.

69  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Core Plus Bond Fund—Class C
	Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of the period	$	13.18		$	12.72		$	13.53		$	12.71		$	12.76
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.27			0.32			0.34			0.33			0.42
Net realized and unrealized gain (loss)		(0.77	)		0.50			(0.51	)		1.08			0.02	(b)
Total from Investment Operations		(0.50	)		0.82			(0.17	)		1.41			0.44
LESS DISTRIBUTIONS FROM:
Net investment income		(0.27	)		(0.36	)		(0.45	)		(0.40	)		(0.49	)
Net realized capital gains		(0.08	)		(0.00	)(c)		(0.19	)		(0.19	)		—
Total Distributions		(0.35	)		(0.36	)		(0.64	)		(0.59	)		(0.49	)
Net asset value, end of the period	$	12.33		$	13.18		$	12.72		$	13.53		$	12.71
Total return(d)		(3.86	)%		6.54	%		(1.36	)%		11.46	%		3.56	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	354,285		$	256,307		$	232,034		$	275,346		$	137,836
Net expenses		1.49	%		1.54	%(e)		1.54	%		1.57	%		1.62	%
Gross expenses		1.49	%		1.54	%(e)		1.54	%		1.57	%		1.62	%
Net investment income		2.11	%		2.46	%		2.54	%		2.55	%		3.32	%
Portfolio turnover rate		175	%		122	%		107	%		78	%		86	%

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

See accompanying notes to financial statements.

|  70

Financial Highlights (continued)

For a share outstanding throughout each period.

	Core Plus Bond Fund—Class N
	Year Ended September 30, 2015			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)		0.42			0.46			0.32
Net realized and unrealized gain (loss)		(0.78	)		0.52			(0.59	)
Total from Investment Operations		(0.36	)		0.98			(0.27	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.40	)		(0.50	)		(0.36	)
Net realized capital gains		(0.08	)		(0.00	)(b)		—
Total Distributions		(0.48	)		(0.50	)		(0.36	)
Net asset value, end of the period	$	12.44		$	13.28		$	12.80
Total return		(2.82	)%		7.81	%		(2.02	)%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	2,209,110		$	105,514		$	19,247
Net expenses		0.40	%		0.46	%		0.44	%(d)
Gross expenses		0.40	%		0.46	%		0.44	%(d)
Net investment income		3.27	%		3.42	%		3.81	%(d)
Portfolio turnover rate		175	%		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.

71  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Core Plus Bond Fund—Class Y
	Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of the period	$	13.27		$	12.80		$	13.61		$	12.78		$	12.82
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.41			0.45			0.47			0.46			0.55
Net realized and unrealized gain (loss)		(0.78	)		0.51			(0.51	)		1.09			0.03	(b)
Total from Investment Operations		(0.37	)		0.96			(0.04	)		1.55			0.58
LESS DISTRIBUTIONS FROM:
Net investment income		(0.39	)		(0.49	)		(0.58	)		(0.53	)		(0.62	)
Net realized capital gains		(0.08	)		(0.00	)(c)		(0.19	)		(0.19	)		—
Total Distributions		(0.47	)		(0.49	)		(0.77	)		(0.72	)		(0.62	)
Net asset value, end of the period	$	12.43		$	13.27		$	12.80		$	13.61		$	12.78
Total return		(2.89	)%		7.65	%		(0.35	)%		12.54	%		4.65	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	3,137,371		$	1,310,824		$	627,617		$	634,946		$	143,215
Net expenses		0.49	%		0.54	%(d)		0.54	%		0.58	%		0.62	%
Gross expenses		0.49	%		0.54	%(d)		0.54	%		0.58	%		0.62	%
Net investment income		3.14	%		3.42	%		3.54	%		3.50	%		4.31	%
Portfolio turnover rate		175	%		122	%		107	%		78	%		86	%

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

See accompanying notes to financial statements.

|  72

Financial Highlights (continued)

For a share outstanding throughout each period.

	High Income Fund—Class A
	Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of the period	$	4.49		$	4.59		$	4.60		$	4.46		$	4.91
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.19			0.21			0.24			0.24			0.28
Net realized and unrealized gain (loss)		(0.39	)		0.17			0.03			0.59			(0.42	)
Total from Investment Operations		(0.20	)		0.38			0.27			0.83			(0.14	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.19	)		(0.22	)		(0.27	)		(0.30	)		(0.31	)
Net realized capital gains		(0.11	)		(0.26	)		(0.01	)		(0.39	)		—
Total Distributions		(0.30	)		(0.48	)		(0.28	)		(0.69	)		(0.31	)
Net asset value, end of the period	$	3.99		$	4.49		$	4.59		$	4.60		$	4.46
Total return(b)		(4.78	)%(c)		8.42	%		6.27	%		20.90	%(c)		(3.30	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	37,870		$	42,630		$	45,791		$	95,876		$	59,907
Net expenses		1.11	%(d)(e)		1.14	%		1.15	%(f)		1.15	%(d)		1.15	%(g)
Gross expenses		1.13	%		1.14	%		1.15	%(f)		1.19	%		1.15	%(g)
Net investment income		4.41	%		4.57	%		5.11	%		5.50	%		5.60	%
Portfolio turnover rate		69	%		59	%		47	%		34	%		67	%

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

(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) Effective July 1, 2015, the expense limit decreased to 1.10%.

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

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

See accompanying notes to financial statements.

73  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	High Income Fund—Class B
	Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of the period	$	4.51		$	4.61		$	4.61		$	4.47		$	4.92
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.16			0.18			0.21			0.21			0.25
Net realized and unrealized gain (loss)		(0.42	)		0.16			0.03			0.58			(0.43	)
Total from Investment Operations		(0.26	)		0.34			0.24			0.79			(0.18	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.14	)		(0.18	)		(0.23	)		(0.26	)		(0.27	)
Net realized capital gains		(0.11	)		(0.26	)		(0.01	)		(0.39	)		—
Total Distributions		(0.25	)		(0.44	)		(0.24	)		(0.65	)		(0.27	)
Net asset value, end of the period	$	4.00		$	4.51		$	4.61		$	4.61		$	4.47
Total return(b)		(6.05	)%		7.51	%		5.66	%		19.93	%(c)		(4.04	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	2		$	122		$	385		$	560		$	738
Net expenses		1.86	%(d)		1.90	%		1.90	%(e)		1.90	%(f)		1.90	%(e)
Gross expenses		1.86	%		1.90	%		1.90	%(e)		1.94	%		1.90	%(e)
Net investment income		3.59	%		3.88	%		4.37	%		4.79	%		4.90	%
Portfolio turnover rate		69	%		59	%		47	%		34	%		67	%

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

(d) Effective July 1, 2015, the expense limit decreased to 1.85%.

(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.

|  74

Financial Highlights (continued)

For a share outstanding throughout each period.

	High Income Fund—Class C
	Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of the period	$	4.50		$	4.61		$	4.61		$	4.47		$	4.92
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.16			0.18			0.21			0.21			0.25
Net realized and unrealized gain (loss)		(0.39	)		0.16			0.04			0.59			(0.43	)
Total from Investment Operations		(0.23	)		0.34			0.25			0.80			(0.18	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.16	)		(0.19	)		(0.24	)		(0.27	)		(0.27	)
Net realized capital gains		(0.11	)		(0.26	)		(0.01	)		(0.39	)		—
Total Distributions		(0.27	)		(0.45	)		(0.25	)		(0.66	)		(0.27	)
Net asset value, end of the period	$	4.00		$	4.50		$	4.61		$	4.61		$	4.47
Total return(b)		(5.48	)%(c)		7.60	%		5.46	%		19.96	%(c)		(4.02	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	12,609		$	14,555		$	15,233		$	16,863		$	15,790
Net expenses		1.86	%(d)(e)		1.89	%		1.90	%(f)		1.90	%(d)		1.90	%(f)
Gross expenses		1.88	%		1.89	%		1.90	%(f)		1.94	%		1.90	%(f)
Net investment income		3.68	%		3.84	%		4.36	%		4.78	%		4.89	%
Portfolio turnover rate		69	%		59	%		47	%		34	%		67	%

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

(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) Effective July 1, 2015, the expense limit decreased to 1.85%.

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

See accompanying notes to financial statements.

75  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	High Income Fund—Class Y
	Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of the period	$	4.48		$	4.59		$	4.59		$	4.46		$	4.90
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.20			0.22			0.25			0.26			0.29
Net realized and unrealized gain (loss)		(0.39	)		0.16			0.04			0.57			(0.41	)
Total from Investment Operations		(0.19	)		0.38			0.29			0.83			(0.12	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.20	)		(0.23	)		(0.28	)		(0.31	)		(0.32	)
Net realized capital gains		(0.11	)		(0.26	)		(0.01	)		(0.39	)		—
Total Distributions		(0.31	)		(0.49	)		(0.29	)		(0.70	)		(0.32	)
Net asset value, end of the period	$	3.98		$	4.48		$	4.59		$	4.59		$	4.46
Total return		(4.54	)%(b)		8.72	%		6.56	%		20.93	%(b)		(2.86	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	116,837		$	125,185		$	108,170		$	110,917		$	38,011
Net expenses		0.86	%(c)(d)		0.89	%		0.90	%(e)		0.90	%(c)		0.90	%(e)
Gross expenses		0.88	%		0.89	%		0.90	%(e)		0.95	%		0.90	%(e)
Net investment income		4.67	%		4.83	%		5.37	%		5.78	%		5.86	%
Portfolio turnover rate		69	%		59	%		47	%		34	%		67	%

(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) 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.

(d) Effective July 1, 2015, the expense limit decreased to 0.85%.

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

See accompanying notes to financial statements.

|  76

Financial Highlights (continued)

For a share outstanding throughout each period.

	Limited Term Government and Agency Fund—Class A
	Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of the period	$	11.61		$	11.68		$	12.04		$	11.87		$	12.02
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.14			0.16			0.13			0.18			0.17
Net realized and unrealized gain (loss)		0.01	(b)		0.01			(0.23	)		0.28			0.03
Total from Investment Operations		0.15			0.17			(0.10	)		0.46			0.20
LESS DISTRIBUTIONS FROM:
Net investment income		(0.19	)		(0.24	)		(0.26	)		(0.29	)		(0.26	)
Net realized capital gains		—			—			(0.00	)(c)		(0.00	)(c)		(0.09	)
Paid-in capital		—			—			(0.00	)(c)		—			—
Total Distributions		(0.19	)		(0.24	)		(0.26	)		(0.29	)		(0.35	)
Net asset value, end of the period	$	11.57		$	11.61		$	11.68		$	12.04		$	11.87
Total return(d)		1.26	%		1.44	%		(0.81	)%		3.94	%(e)		1.71	%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	346,317		$	314,360		$	355,212		$	357,870		$	293,675
Net expenses		0.77	%		0.80	%(f)		0.87	%(g)		0.85	%(h)		0.85	%(h)
Gross expenses		0.77	%		0.80	%(f)		0.87	%(g)		0.90	%		0.92	%
Net investment income		1.21	%		1.35	%		1.11	%		1.54	%		1.44	%
Portfolio turnover rate		48	%		24	%		39	%		56	%		66	%

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

(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 0.84%.

(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.

77  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Limited Term Government and Agency Fund—Class B
	Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of the period	$	11.60		$	11.67		$	12.03		$	11.86		$	12.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.06			0.07			0.04			0.10			0.09
Net realized and unrealized gain (loss)		(0.00	)(b)		0.01			(0.23	)		0.27			0.03
Total from Investment Operations		0.06			0.08			(0.19	)		0.37			0.12
LESS DISTRIBUTIONS FROM:
Net investment income		(0.10	)		(0.15	)		(0.17	)		(0.20	)		(0.17	)
Net realized capital gains		—			—			(0.00	)(b)		(0.00	)(b)		(0.09	)
Paid-in capital		—			—			(0.00	)(b)		—			—
Total Distributions		(0.10	)		(0.15	)		(0.17	)		(0.20	)		(0.26	)
Net asset value, end of the period	$	11.56		$	11.60		$	11.67		$	12.03		$	11.86
Total return(c)		0.50	%		0.69	%		(1.56	)%		3.17	%(d)		1.04	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	2,643		$	4,203		$	5,930		$	8,370		$	10,976
Net expenses		1.53	%		1.55	%(e)		1.62	%(f)		1.60	%(g)		1.60	%(g)
Gross expenses		1.53	%		1.55	%(e)		1.62	%(f)		1.65	%		1.68	%
Net investment income		0.49	%		0.61	%		0.34	%		0.81	%		0.72	%
Portfolio turnover rate		48	%		24	%		39	%		56	%		66	%

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

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

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

(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.

|  78

Financial Highlights (continued)

For a share outstanding throughout each period.

	Limited Term Government and Agency Fund—Class C
	Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of the period	$	11.62		$	11.69		$	12.05		$	11.88		$	12.03
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.05			0.07			0.04			0.10			0.08
Net realized and unrealized gain (loss)		0.01	(b)		0.01			(0.23	)		0.27			0.03
Total from Investment Operations		0.06			0.08			(0.19	)		0.37			0.11
LESS DISTRIBUTIONS FROM:
Net investment income		(0.10	)		(0.15	)		(0.17	)		(0.20	)		(0.17	)
Net realized capital gains		—			—			(0.00	)(c)		(0.00	)(c)		(0.09	)
Paid-in capital		—			—			(0.00	)(c)		—			—
Total Distributions		(0.10	)		(0.15	)		(0.17	)		(0.20	)		(0.26	)
Net asset value, end of the period	$	11.58		$	11.62		$	11.69		$	12.05		$	11.88
Total return(d)		0.51	%		0.69	%		(1.55	)%		3.17	%(e)		0.96	%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	63,167		$	56,936		$	71,963		$	75,522		$	68,776
Net expenses		1.53	%		1.55	%(f)		1.62	%(g)		1.60	%(h)		1.60	%(h)
Gross expenses		1.53	%		1.55	%(f)		1.62	%(g)		1.65	%		1.67	%
Net investment income		0.47	%		0.61	%		0.36	%		0.80	%		0.68	%
Portfolio turnover rate		48	%		24	%		39	%		56	%		66	%

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

(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 1.59%.

(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.

79  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Limited Term Government and Agency Fund—Class Y
	Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of the period	$	11.65		$	11.72		$	12.08		$	11.91		$	12.05
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.17			0.18			0.16			0.21			0.20
Net realized and unrealized gain (loss)		0.01	(b)		0.02			(0.23	)		0.28			0.04
Total from Investment Operations		0.18			0.20			(0.07	)		0.49			0.24
LESS DISTRIBUTIONS FROM:
Net investment income		(0.22	)		(0.27	)		(0.29	)		(0.32	)		(0.29	)
Net realized capital gains		—			—			(0.00	)(c)		(0.00	)(c)		(0.09	)
Paid-in capital		—			—			(0.00	)(c)		—			—
Total Distributions		(0.22	)		(0.27	)		(0.29	)		(0.32	)		(0.38	)
Net asset value, end of the period	$	11.61		$	11.65		$	11.72		$	12.08		$	11.91
Total return		1.51	%		1.70	%		(0.56	)%		4.19	%(d)		2.05	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	431,727		$	330,224		$	252,127		$	220,444		$	130,874
Net expenses		0.52	%		0.55	%(e)		0.62	%(f)		0.60	%(g)		0.60	%(g)
Gross expenses		0.52	%		0.55	%(e)		0.62	%(f)		0.65	%		0.67	%
Net investment income		1.45	%		1.58	%		1.35	%		1.77	%		1.68	%
Portfolio turnover rate		48	%		24	%		39	%		56	%		66	%

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

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

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

(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.

|  80

Notes to Financial Statements

September 30, 2015

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

Each Fund is a 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 Core Plus Bond Fund and High Income 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.

See Note 12 for changes that take effect subsequent to September 30, 2015.

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,

81  |

Notes to Financial Statements (continued)

September 30, 2015

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 year-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 except as disclosed in Note 12.

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

|  82

Notes to Financial Statements (continued)

September 30, 2015

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.

As of September 30, 2015, securities of the funds included in Net Assets (reflected at absolute value) were fair valued as follows:

Fund	Illiquid Securities1		Percentage of Net Assets			Other Fair Valued Securities2		Percentage of Net Assets
Core Plus Bond Fund	$	13,227,749		0.2	%	$	940,950		Less than 0.1	%
High Income Fund		2,149,500		1.3	%		1,000,000		0.6	%
Limited Term Government and Agency Fund		3,037,972		0.4	%		—		—

¹  Illiquid securities are deemed to be fair valued pursuant to the Fund’s pricing policies and procedures.

²  Fair valued by the Fund’s adviser.

83  |

Notes to Financial Statements (continued)

September 30, 2015

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 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 dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains 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. For federal income tax purposes, net realized foreign exchange gains or losses are 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 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.

|  84

Notes to Financial Statements (continued)

September 30, 2015

During the year ended September 30, 2015, the amount of income available to be distributed by Core Plus Bond Fund and High Income Fund was reduced by $47,101,242 and $163,355, respectively, as a result of losses arising from changes in exchange rates.

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 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

85  |

Notes to Financial Statements (continued)

September 30, 2015

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

|  86

Notes to Financial Statements (continued)

September 30, 2015

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 year ended September 30, 2015.

g.  When-Issued and Delayed Delivery Transactions.  The Funds may enter into when-issued or delayed delivery transactions. When-issued refers to transactions made conditionally because a security, although authorized, has not been issued. Delayed delivery refers to transactions for which delivery or payment will occur at a later date, beyond the normal settlement period. The price of when-issued and delayed delivery securities and the date when the securities 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 value of the security may vary with market fluctuations during the time before the Funds take delivery of the security. No interest accrues to the Funds until the transaction settles.

Delayed delivery transactions include those designated as To Be Announced (“TBAs”) in the Portfolios of Investments. For TBAs, the actual security that will be delivered to fulfill the transaction is not designated at the time of the trade. The security is “to be announced” 48 hours prior to the established trade settlement date. Certain transactions require the Funds 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.

Purchases of when-issued or delayed delivery securities may have a similar effect on the Funds’ NAV 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 September 30, 2015 and has concluded that no provisions for income tax are required.

87  |

Notes to Financial Statements (continued)

September 30, 2015

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

i.  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined 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 gains and losses, contingent payment debt instruments, treasury inflation protected bonds, premium amortization, defaulted and/or non-income producing securities, paydown gains and losses, return of capital and capital gain distributions received, convertible bonds, deferred Trustees’ fees and distribution re-designations. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital accounts. Temporary differences between book and tax distributable earnings are primarily due to deferred Trustees’ fees, wash sales, premium amortization, forward foreign currency and futures contracts mark-to-market, dividends payable, straddle deferrals, contingent payment debt instruments, convertible bonds, defaulted and/or non-income producing securities 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.

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Notes to Financial Statements (continued)

September 30, 2015

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the years ended September 30, 2015 and 2014 were as follows:

	2015 Distributions Paid From:						2014 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total		Ordinary Income		Long-Term Capital Gains		Total
Core Plus Bond Fund	$	185,171,010	$	9,466,139	$	194,637,149	$	55,031,227	$	428,711	$	55,459,938
High Income Fund		9,843,443		3,412,156		13,255,599		10,202,315		7,750,939		17,953,254
Limited Term Government and Agency Fund		12,685,774		—		12,685,774		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.

As of September 30, 2015, the components of distributable earnings on a tax basis were as follows:

	Core Plus Bond Fund			High Income Fund			Limited Term Government and Agency Fund
Undistributed ordinary income	$	—		$	873,445		$	639,561
Undistributed long-term capital gains		—			384,263			—
Total undistributed earnings		—			1,257,708			639,561
Capital loss carryforward:		—			—			—
Short-term:
No expiration date		—			—			(2,555,389	)
Long-term:
No expiration date		—			—			(7,955,304	)
Total capital loss carryforward		—			—			(10,510,693	)
Late-year ordinary and post-October capital loss deferrals*		(24,998,903	)		—			—
Unrealized (depreciation)
Investments		(363,985,156	)		(11,875,311	)		(932,625	)
Foreign currency translations		(35,756,415	)		(4,730,391	)		—
Total unrealized (depreciation)		(399,741,571	)		(16,605,702	)		(932,625	)
Total accumulated losses	$	(424,740,474	)	$	(15,347,994	)	$	(10,803,757	)
Capital loss carryforward utilized in the current year	$	—		$	—		$	1,288,133

* 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. Core Plus Bond Fund is deferring foreign currency losses that occurred after October 31, 2014.

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September 30, 2015

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 September 30, 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.

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.

|  90

Notes to Financial Statements (continued)

September 30, 2015

For the year ended September 30, 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).

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

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September 30, 2015

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

The following is a summary of the inputs used to value the Funds’ investments as of September 30, 2015, at value:

Core Plus Bond Fund

Asset Valuation Inputs

Description	Level 1		Level 2			Level 3			Total
Bonds and Notes
Non-Agency Commercial Mortgage-Backed Securities	$	—	$	355,447,970		$	12,286,799	(b)	$	367,734,769
Oil Field Services		—		77,249,656			940,950	(c)		78,190,606
All Other Bonds and Notes(a)		—		5,979,249,862			—			5,979,249,862
Total Bonds and Notes		—		6,411,947,488			13,227,749			6,425,175,237
Senior Loans(a)		—		81,605,859			—			81,605,859
Preferred Stocks(a)		1,247,597		19,215,300			—			20,462,897
Short-Term Investments		—		482,761,172			—			482,761,172
Total	$	1,247,597	$	6,995,529,819		$	13,227,749		$	7,010,005,165
Liability Valuation Inputs
Description	Level 1		Level 2			Level 3			Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—	$	(3,135	)	$	—		$	(3,135	)

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

(b) Valued using broker-dealer bid prices.

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

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Notes to Financial Statements (continued)

September 30, 2015

High Income Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—	$	116,297	$	750,966	(b)	$	867,263
Non-Agency Commercial Mortgage-Backed Securities		—		2,637,007		935,000	(b)		3,572,007
All Other Non-Convertible Bonds(a)		—		138,178,189		—			138,178,189
Total Non-Convertible Bonds		—		140,931,493		1,685,966			142,617,459
Convertible Bonds(a)		—		8,747,942		—			8,747,942
Total Bonds and Notes		—		149,679,435		1,685,966			151,365,401
Senior Loans(a)		—		3,125,268		—			3,125,268
Preferred Stocks
Convertible Preferred Stocks
Midstream		—		456,055		—			456,055
REITs - Mortgage		—		112,008		—			112,008
All Other Convertible Preferred Stocks(a)		3,651,092		—		—			3,651,092
Total Convertible Preferred Stocks		3,651,092		568,063		—			4,219,155
Non-Convertible Preferred Stocks(a)		1,832,003		—		—			1,832,003
Total Preferred Stocks		5,483,095		568,063		—			6,051,158
Common Stocks(a)		1,205,337		—		—			1,205,337
Warrants(d)		20,711		—		—			20,711
Other Investments(a)		—		—		1,000,000	(c)		1,000,000
Short-Term Investments		—		1,563,852		—			1,563,852
Total Investments		6,709,143		154,936,618		2,685,966			164,331,727
Forward Foreign Currency Contracts (unrealized appreciation)		—		301,892		—			301,892
Total	$	6,709,143	$	155,238,510	$	2,685,966		$	164,633,619

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September 30, 2015

High Income Fund (continued)

Liability Valuation Inputs

Description	Level 1			Level 2			Level 3		Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—		$	(38,485	)	$	—	$	(38,485	)
Futures Contracts (unrealized depreciation)		(160,868	)		—			—		(160,868	)
Total	$	(160,868	)	$	(38,485	)	$	—	$	(199,353	)

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

(b) Valued using broker-dealer bid prices.

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

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

A preferred stock valued at $941,666 was transferred from Level 2 to Level 1 during the period ended September 30, 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 September 30, 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.

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	$	—	$	75,664,924	$	14,113,679	(b)	$	89,778,603
Collateralized Mortgage Obligations		—		132,064,448		20,837	(b)		132,085,285
Non-Agency Commercial Mortgage-Backed Securities		—		50,479,974		3,037,972	(b)		53,517,946
All Other Bonds and Notes(a)		—		544,503,085		—			544,503,085
Total Bonds and Notes		—		802,712,431		17,172,488			819,884,919
Short-Term Investments		—		24,549,858		—			24,549,858
Total	$	—	$	827,262,289	$	17,172,488		$	844,434,777

(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.

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Notes to Financial Statements (continued)

September 30, 2015

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 September 30, 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		$	—	$	—		$	—		$	—
Airlines		4,362,720			—		—			—			—
Non-Agency Commercial Mortgage-Backed Securities		—			—		—			(24,175	)		12,310,974
Oil Field Services		—			—		(51,637	)		(1,354,050	)		—
Convertible Bonds
Wirelines		265,482			—		(103,458	)		81,425			—
Total	$	17,251,754		$	—	$	(155,095	)	$	(1,296,800	)	$	12,310,974
Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of September 30, 2015			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at September 30, 2015
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—		$	—	$	(12,623,552	)	$	—		$	—
Airlines		—			—		(4,362,720	)		—			—
Non-Agency Commercial Mortgage-Backed Securities		—			—		—			12,286,799			(24,175	)
Oil Field Services		(83,363	)		2,430,000		—			940,950			(1,354,050	)
Convertible Bonds
Wirelines		(243,449	)		—		—			—			—
Total	$	(326,812	)	$	2,430,000	$	(16,986,272	)	$	13,227,749		$	(1,378,225	)

A debt security valued at $2,430,000 was transferred from Level 2 to Level 3 during the period ended September 30, 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 September 30, 2015, this security was valued at fair value as determined in good faith by the Fund’s adviser as an independent pricing service did not provide a reliable price for the security.

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Notes to Financial Statements (continued)

September 30, 2015

Debt securities valued at $16,986,272 were transferred from Level 3 to Level 2 during the period ended September 30, 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 September 30, 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.

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

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		$	—	$	—		$	6,144		$	310,000
Airlines		4,985			—		934			(1,031	)		—
Non-Agency Commercial Mortgage-Backed Securities		—			—		—			—			935,000
Convertible Bonds
Wirelines		5,740			—		(1,628	)		1,152			—
Other investments
Aircraft ABS		—			—		—			—			1,000,000
Total	$	458,464		$	—	$	(694	)	$	6,265		$	2,245,000
Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of September 30, 2015			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at September  30, 2015
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	(12,917	)	$	—	$	—		$	750,966		$	6,144
Airlines		(4,888	)		—		—			—			—
Non-Agency Commercial Mortgage-Backed Securities		—			—		—			935,000			—
Convertible Bonds
Wirelines		(5,264	)		—		—			—			—
Other investments
Aircraft ABS		—			—		—			1,000,000			—
Total	$	(23,069	)	$	—	$	—		$	2,685,966		$	6,144

|  96

Notes to Financial Statements (continued)

September 30, 2015

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
Non-Convertible Bonds
ABS Car Loan	$	2,694,542		$	—	$	—		$	—		$	—
ABS Home Equity		160,459			—		1,375			1,136			—
Agency Commercial Mortgage-Backed Securities		14,488,062			—		—			(374,383	)		—
Collateralized Mortgage Obligations		604,116			—		10			41			—
Non-Agency Commercial Mortgage-Backed Securities		—			—		—			(5,977	)		3,043,949
Total	$	17,947,179		$	—	$	1,385		$	(379,183	)	$	3,043,949
Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of September 30, 2015			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at September 30, 2015
Bonds and Notes
Non-Convertible Bonds
ABS Car Loan	$	—		$	—	$	(2,694,542	)	$	—		$	—
ABS Home Equity		(162,970	)		—		—			—			—
Agency Commercial Mortgage-Backed Securities		—			—		—			14,113,679			(374,383	)
Collateralized Mortgage Obligations		(3,089	)		—		(580,241	)		20,837			39
Non-Agency Commercial Mortgage-Backed Securities		—			—		—			3,037,972			(5,977	)
Total	$	(166,059	)	$	—	$	(3,274,783	)	$	17,172,488		$	(380,321	)

Debt securities valued at $3,274,783 were transferred from Level 3 to Level 2 during the period ended September 30, 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 September 30, 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.

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Notes to Financial Statements (continued)

September 30, 2015

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 an underlying asset, reference rate or index. Derivative instruments that High Income Fund used during the period include forward foreign currency contracts and futures contracts. Derivative instruments that Core Plus Bond Fund used during the period include forward foreign currency contracts.

High Income Fund and Core Plus Bond Fund are subject to the risk that changes in foreign currency exchange rates will have an unfavorable effect on the value of Fund assets denominated in foreign currencies. The Funds may enter into forward foreign currency contracts for hedging purposes to protect the value of the Funds’ holdings of foreign securities. The Funds may also use forward foreign currency contracts to gain exposure to foreign currencies, regardless of whether securities denominated in such currencies are held in the Funds. During the year ended September 30, 2015, High Income Fund and Core Plus Bond Fund engaged in forward foreign currency transactions for hedging purposes.

High Income Fund is 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 year ended September 30, 2015, High Income Fund used futures contracts to manage duration.

The following is a summary of derivative instruments for Core Plus Bond Fund as of September 30, 2015, as reflected within the Statement of Assets and Liabilities:

Liabilities	Unrealized Depreciation on Forward Foreign Currency Contracts
Over-the-counter liability derivatives Foreign exchange contracts	$	(3,135	)

Transactions in derivative instruments for Core Plus Bond Fund during the year ended September 30, 2015, as reflected within the Statement of Operations, were as follows:

Net Realized Loss on:	Foreign Currency Transactions1
Foreign exchange contracts	$	(495,722	)

Net Change in Unrealized Appreciation (Depreciation) on:	Foreign Currency Translations1
Foreign exchange contracts	$	(3,135	)

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

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Notes to Financial Statements (continued)

September 30, 2015

The following is a summary of derivative instruments for High Income Fund as of September 30, 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	$	301,892		$	—		$	301,892
Liabilities	Unrealized Depreciation on Forward Foreign Currency Contracts			Unrealized Depreciation on Futures Contracts1			Total
Over-the-counter liability derivatives Foreign exchange contracts	$	(38,485	)	$	—		$	(38,485	)
Exchange-traded/cleared liability derivatives Interest rate contracts		—			(160,868	)		(160,868	)
Total liability derivatives	$	(38,485	)	$	(160,868	)	$	(199,353	)

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

Transactions in derivative instruments for High Income Fund during the year ended September 30, 2015, as reflected within the Statement of Operations, were as follows:

Net Realized Gain (Loss) on:	Futures Contracts			Foreign Currency Transactions2
Interest rate contracts	$	(207,831	)	$	—
Foreign exchange contracts		—			664,567
Total	$	(207,831	)	$	664,567

Net Change in Unrealized Appreciation (Depreciation) on:	Futures Contracts			Foreign Currency Translations2
Interest rate contracts	$	(211,910	)	$	—
Foreign exchange contracts		—			141,322
Total	$	(211,910	)	$	141,322

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.

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Notes to Financial Statements (continued)

September 30, 2015

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 year ended September 30, 2015:

Core Plus Bond Fund	Forwards
Average Notional Amount Outstanding	0.12%
Highest Notional Amount Outstanding	0.21%
Lowest Notional Amount Outstanding	0.00%
Notional Amount Outstanding as of September 30, 2015	0.21%

High Income Bond Fund	Forwards	Futures
Average Notional Amount Outstanding	2.84%	4.10%
Highest Notional Amount Outstanding	7.10%	7.47%
Lowest Notional Amount Outstanding	0.71%	2.75%
Notional Amount Outstanding as of September 30, 2015	7.10%	7.47%

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

Unrealized gain and/or loss on open forwards and futures is recorded in the Statements of Assets and Liabilities. The aggregate notional values of 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

|  100

Notes to Financial Statements (continued)

September 30, 2015

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 September 30, 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:

Core Plus Bond Fund
Counterparty	Gross Amounts of Liabilities			Offset Amount			Net Liability Balance			Collateral (Received)/ Pledged			Net Amount
Bank of America, N.A.	$	(3,135	)	$	—		$	(3,135	)	$	—		$	(3,135	)
High Income Fund
Counterparty	Gross Amounts of Assets			Offset Amount			Net Asset Balance			Collateral (Received)/ Pledged			Net Amount
Bank of America, N.A.	$	301,892		$	(38,485	)	$	263,407		$	(263,407	)	$	—
Counterparty	Gross Amounts of Liabilities			Offset Amount			Net Liability Balance			Collateral (Received)/ Pledged			Net Amount
Bank of America, N.A.	$	(38,485	)	$	38,485		$	—		$	—		$	—

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

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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 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 September 30, 2015:

Fund	Maximum Amount of Loss - Gross		Maximum Amount of Loss - Net
High Income Fund	$	515,213	$	213,321

These amounts include U.S. government and agency securities received as collateral for High Income Fund of $278,566. 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 year ended September 30, 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	$	9,669,674,474	$	8,539,268,482	$	4,823,941,311	$	1,110,740,401
High Income Fund		38,571,187		40,779,934		90,755,823		83,667,832
Limited Term Government and Agency Fund		389,959,280		235,812,742		137,682,640		126,999,616

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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. 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	%
Limited Term Government and Agency Fund		0.3750	%		0.3750	%		0.3500	%		0.3000	%

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

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

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

Loomis Sayles has given binding undertakings to the Funds to waive management fees and/or reimburse certain expenses to limit the Funds’ operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes, organizational and extraordinary expenses such as litigation and indemnification expenses. These undertakings are in effect until January 31, 2016 for Core Plus Bond Fund and Limited Term Government and Agency Fund and January 31, 2017 for High Income Fund, may be terminated before then only with the consent of the Funds’ Board of Trustees, 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.

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For the year ended September 30, 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		1.10	%		1.85	%		1.85	%		—			0.85	%
Limited Term Government and Agency Fund		0.80	%		1.55	%		1.55	%		—			0.55	%

Prior to July 1, 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
Fund	Class A			Class B			Class C			Class N		Class Y
High Income Fund		1.15	%		1.90	%		1.90	%		—		0.90	%

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

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

For the year ended September 30, 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	$	9,426,230	$	—	$	9,426,230		0.163	%		0.163	%
High Income Fund		1,159,904		34,189		1,125,715		0.600	%		0.582	%
Limited Term Government and Agency Fund		2,812,348		—		2,812,348		0.366	%		0.366	%

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

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For the year ended September 30, 2015, the advisory administration fees for Core Plus Bond Fund were as follows:

Advisory Administration Fee	Percentage of Average Daily Net Assets
$9,426,230		0.163	%

No expenses were recovered for any of the Funds during the year ended September 30, 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 and Class C shares (the “Class B and Class C Plans”).

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

Under the Class B 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 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, 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 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.

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For the year ended September 30, 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	$	2,386,947	$	972	$	906,438	$	2,916	$	2,719,314
High Income Fund		110,209		164		35,729		491		107,187
Limited Term Government and Agency Fund		823,258		8,396		147,985		25,188		443,955

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 year ended September 30, 2015, the administrative fees for each Fund were as follows:

Fund	Administrative Fees
Core Plus Bond Fund	$	2,462,399
High Income Fund		82,447
Limited Term Government and Agency Fund		327,599

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 of Trustees, 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.

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Notes to Financial Statements (continued)

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For the year ended September 30, 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	$	3,427,448
High Income Fund		164,031
Limited Term Government and Agency Fund		320,818

As of September 30, 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	$	48,571
High Income Fund		4,889
Limited Term Government and Agency Fund		4,333

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

e.  Commissions.  Commissions (including CDSCs) on Fund shares retained by NGAM Distribution during the year ended September 30, 2015 were as follows:

Fund	Commissions
Core Plus Bond Fund	$	277,763
High Income Fund		8,814
Limited Term Government and Agency Fund		50,710

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 of Trustees 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, the chairperson of the Contract Review Committee and the chairperson of the Audit Committee each receive an additional retainer fee at the annual rate of $17,500. The

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September 30, 2015

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, Loomis Sayles Funds Trusts and Gateway Trust 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.

g.  Affiliated Ownership.  As of September 30, 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		0.06	%
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 year ended September 30, 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	$	826,832	$	318	$	312,197	$	2,280	$	2,519,675

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.

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Notes to Financial Statements (continued)

September 30, 2015

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 $150,000,000 committed unsecured line of credit provided by State Street Bank. 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). 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 0.15% 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 year ended September 30, 2015, none of the Funds had borrowings under this agreement.

Prior to April 16, 2015, the committed unsecured line of credit was $200,000,000 with an individual limit of $125,000,000 for each Fund that participated in the line of credit. In addition, the commitment fee was 0.10% per annum, payable at the end of each calendar quarter.

9.  Concentration of Risk.  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.

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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 September 30, 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		6.06	%		0.06	%		6.12	%
High Income Fund		3		27.42	%		—			27.42	%
Limited Term Government and Agency Fund		1		10.35	%		0.14	%		10.49	%

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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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:

	Year Ended September 30, 2015					Year Ended September 30, 2014
Core Plus Bond Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	57,949,399		$	757,297,253		29,795,175		$	393,768,013
Issued in connection with the reinvestment of distributions	1,930,361			24,960,078		1,003,545			13,146,005
Redeemed	(34,689,593	)		(445,393,927	)	(16,328,796	)		(214,096,387	)
Net change	25,190,167		$	336,863,404		14,469,924		$	192,817,631
Class B
Issued from the sale of shares	90		$	1,655		923		$	12,023
Issued in connection with the reinvestment of distributions	527			6,876		1,536			20,111
Redeemed	(44,652	)		(582,052	)	(43,656	)		(574,001	)
Net change	(44,035	)	$	(573,521	)	(41,197	)	$	(541,867	)
Class C
Issued from the sale of shares	15,015,219		$	196,948,567		7,230,506		$	95,528,924
Issued in connection with the reinvestment of distributions	455,968			5,896,096		260,172			3,405,772
Redeemed	(6,190,729	)		(79,756,335	)	(6,291,404	)		(81,808,202	)
Net change	9,280,458		$	123,088,328		1,199,274		$	17,126,494
Class N
Issued from the sale of shares	189,587,048		$	2,500,232,956		7,101,873		$	95,126,708
Issued in connection with the reinvestment of distributions	4,023,156			52,220,483		119,610			1,591,071
Redeemed	(23,949,864	)		(310,530,852	)	(776,670	)		(10,310,123	)
Net change	169,660,340		$	2,241,922,587		6,444,813		$	86,407,656
Class Y
Issued from the sale of shares	237,417,381		$	3,125,367,592		68,813,227		$	914,578,778
Issued in connection with the reinvestment of distributions	6,287,665			81,758,696		1,861,139			24,597,610
Redeemed	(90,106,606	)		(1,161,814,292	)	(20,930,186	)		(275,242,381	)
Net change	153,598,440		$	2,045,311,996		49,744,180		$	663,934,007
Increase (decrease) from capital share transactions	357,685,370		$	4,746,612,794		71,816,994		$	959,743,921

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11.  Capital Shares (continued)

	Year Ended September 30, 2015					Year Ended September 30, 2014
High Income Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	7,165,895		$	31,113,644		5,133,818		$	23,326,417
Issued in connection with the reinvestment of distributions	580,589			2,471,372		971,866			4,324,321
Redeemed	(7,757,369	)		(33,308,895	)	(6,566,505	)		(29,978,953	)
Net change	(10,885	)	$	276,121		(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	790			3,364		4,994			22,266
Redeemed	(27,193	)		(117,824	)	(64,948	)		(299,817	)
Net change	(26,403	)	$	(114,460	)	(56,491	)	$	(261,786	)
Class C
Issued from the sale of shares	649,877		$	2,832,749		504,940		$	2,306,974
Issued in connection with the reinvestment of distributions	166,683			709,594		269,328			1,199,074
Redeemed	(900,836	)		(3,893,227	)	(844,464	)		(3,842,672	)
Net change	(84,276	)	$	(350,884	)	(70,196	)	$	(336,624	)
Class Y
Issued from the sale of shares	28,556,251		$	124,963,285		12,451,931		$	56,610,742
Issued in connection with the reinvestment of distributions	1,781,224			7,571,272		1,946,529			8,656,379
Redeemed	(28,942,559	)		(125,371,469	)	(10,009,792	)		(45,183,438	)
Net change	1,394,916		$	7,163,088		4,388,668		$	20,083,683
Increase (decrease) from capital share transactions	1,273,352		$	6,973,865		3,801,160		$	17,157,058

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11.  Capital Shares (continued)

	Year Ended September 30, 2015					Year Ended September 30, 2014
Limited Term Government and Agency Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	9,649,293		$	111,950,383		10,352,825		$	120,783,887
Issued in connection with the reinvestment of distributions	375,777			4,361,038		509,189			5,940,640
Redeemed	(7,161,541	)		(83,105,890	)	(14,196,566	)		(165,594,450	)
Net change	2,863,529		$	33,205,531		(3,334,552	)	$	(38,869,923	)
Class B
Issued from the sale of shares	4,412		$	51,055		109,804		$	1,281,761
Issued in connection with the reinvestment of distributions	2,463			28,567		5,851			68,193
Redeemed	(140,481	)		(1,628,030	)	(261,431	)		(3,046,644	)
Net change	(133,606	)	$	(1,548,408	)	(145,776	)	$	(1,696,690	)
Class C
Issued from the sale of shares	2,240,435		$	26,003,916		1,307,714		$	15,266,049
Issued in connection with the reinvestment of distributions	27,082			314,602		43,490			507,877
Redeemed	(1,711,009	)		(19,866,952	)	(2,606,942	)		(30,440,808	)
Net change	556,508		$	6,451,566		(1,255,738	)	$	(14,666,882	)
Class Y
Issued from the sale of shares	24,653,312		$	286,964,981		19,913,274		$	232,904,721
Issued in connection with the reinvestment of distributions	339,019			3,946,537		270,399			3,163,665
Redeemed	(16,140,773	)		(187,902,947	)	(13,350,830	)		(156,223,639	)
Net change	8,851,558		$	103,008,571		6,832,843		$	79,844,747
Increase (decrease) from capital share transactions	12,137,989		$	141,117,260		2,096,777		$	24,611,252

12.  Subsequent Event.  On September 10, 2015, the Board of Trustees approved the following changes: (i) the early conversion of all of the Funds’ remaining Class B shares into Class A shares, effective at the close of business on January 11, 2016, (ii) a reduction of the maximum sales charge on purchases of Class A shares of Core Plus Bond Fund and High Income Fund from 4.50% to 4.25% and Limited Term Government and Agency Fund from 3.00% to 2.25% (plus other changes to the sales charge schedule), effective November 2, 2015, and (iii) a broadening of eligibility requirements for Class N shares to include investors with an initial minimum investment of $1,000,000, effective November 2, 2015.

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Report of Independent Registered Public

Accounting Firm

To the Trustees of Natixis Funds Trust I and Shareholders of Loomis Sayles Core Plus Bond Fund and the Trustees of Loomis Sayles Funds II and Shareholders of Loomis Sayles High Income Fund and Loomis Sayles Limited Term Government and Agency Fund:

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Loomis Sayles Core Bond Plus Fund, a series of Natixis Funds Trust I, and Loomis Sayles High Income Fund and Loomis Sayles Limited Term Government and Agency Fund, each a series of Loomis Sayles Funds II (collectively, the “Funds”) at September 30, 2015, and the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at September 30, 2015 by correspondence with the custodian, agent banks and brokers, and the application of alternative auditing procedures where securities purchased had not been received, provide a reasonable basis for the opinion expressed above.

PricewaterhouseCoopers LLP

Boston, Massachusetts

November 20, 2015

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2015 U.S. Tax Distribution Information to

Shareholders (Unaudited)

Corporate Dividends Received Deduction.  For the fiscal year ended September 30, 2015, a percentage of dividends distributed by the Funds listed below qualify for the dividends received deduction for corporate shareholders. These percentages are as follows:

Fund	Qualifying Percentage
Core Plus Bond		0.11	%
High Income		5.80	%

Capital Gains Distributions.  Pursuant to Internal Revenue Section 852(b), the following Funds paid distributions, which have been designated as capital gains distributions for the fiscal year ended September 30, 2015, unless subsequently determined to be different.

Fund	Amount
Core Plus Bond	$	9,466,139
High Income		3,412,156

Qualified Dividend Income.  For the fiscal year ended September 30, 2015, the Funds below will designate up to the maximum amount allowable pursuant to the Internal Revenue Code as qualified dividend income eligible for reduced tax rates. These lower rates range from 0% to 20% depending on an individual’s tax bracket. If the Funds pay a distribution during calendar year 2015, complete information will be reported in conjunction with Form 1099-DIV.

Fund

Core Plus Bond

High Income

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Trustee and Officer Information

The tables below provide certain information regarding the trustees and officers of Natixis Funds Trust I and Loomis Sayles Funds II (the “Trusts”). Unless otherwise indicated, the address of all persons below is 399 Boylston Street, Boston, MA 02116. The Funds’ Statements of Additional Information include additional information about the trustees of the Trusts and are available by calling Natixis Funds at 800-225-5478.

Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INDEPENDENT TRUSTEES
Kenneth A. Drucker (1945)	Trustee since 2008 for Natixis Funds Trust I and Loomis Sayles Funds II Chairperson of the Audit Committee and Governance Committee Member	Retired	42 None	Significant experience on the Board and on the boards of other business organizations (including at investment companies); executive experience (including as treasurer of an aerospace, automotive, and metal manufacturing corporation)
Edmond J. English (1953)	Trustee since 2013 for Natixis Funds Trust I and Loomis Sayles Funds II Contract Review Committee Member	Chief Executive Officer of Bob’s Discount Furniture (retail)	42 Formerly, Director, BJ’s Wholesale Club (retail); formerly, Director, Citizens Financial Group (bank)	Experience on the Board and significant experience on the boards of other business organizations (including at a retail company and a bank); executive experience (including at a retail company)

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Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INDEPENDENT TRUSTEES continued
Richard A. Goglia (1951)	Trustee since 2015 for Natixis Funds Trust I and Loomis Sayles Funds II Audit Committee Member	Retired; formerly Vice President and Treasurer of Raytheon Company (defense)	42 None	Experience on the Board and executive experience (including his role as vice president and treasurer of a defense company and experience at a financial services company)
Wendell J. Knox (1948)	Trustee since 2009 for Natixis Funds Trust I and Loomis Sayles Funds II Audit Committee Member and Governance Committee Member	Director of Abt Associates Inc. (research and consulting)	42 Director, Eastern Bank (bank); Director, The Hanover Insurance Group (property and casualty insurance)	Significant experience on the Board and on the boards of other business organizations (including at a bank and at a property and casualty insurance firm); executive experience (including roles as president and chief executive officer of a research and consulting company)

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Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INDEPENDENT TRUSTEES continued
Martin T. Meehan (1956)	Trustee since 2012 for Natixis Funds Trust I and Loomis Sayles Funds II Contract Review Committee Member	President, University of Massachusetts (formerly, Chancellor and faculty member, University of Massachusetts Lowell)	42 None	Experience on the Board and on the boards of other business organizations; experience as President of the University of Massachusetts; government experience (including as a member of the U.S. House of Representatives); academic experience
Sandra O. Moose (1942)	Chairperson of the Board of Trustees since November 2005 Trustee since 1982 for Natixis Funds Trust I (including its predecessors); and since 2003 for Loomis Sayles Funds II Ex Officio member of the Audit Committee, the Contract Review Committee and the Governance Committee	President, Strategic Advisory Services (management consulting)	42 Director, AES Corporation (international power company); formerly, Director, Verizon Communications (telecommunications company)	Significant experience on the Board and on the boards of other business organizations (including at a telecommunications company, an international power company and a specialty chemicals corporation); executive experience (including at a management consulting company)

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Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INDEPENDENT TRUSTEES continued
Erik R. Sirri (1958)	Trustee since 2009 for Natixis Funds Trust I and Loomis Sayles Funds II Audit Committee Member	Professor of Finance at Babson College	42 None	Significant experience on the Board; experience as Director of the Division of Trading and Markets at the Securities and Exchange Commission; academic experience; training as an economist
Peter J. Smail (1952)	Trustee since 2009 for Natixis Funds Trust I and Loomis Sayles Funds II Chairperson of the Contract Review Committee and Governance Committee Member	Retired	42 None	Significant experience on the Board; mutual fund industry and executive experience (including roles as president and chief executive officer for an investment adviser)
Cynthia L. Walker (1956)	Trustee since 2005 for Natixis Funds Trust I and Loomis Sayles Funds II Chairperson of the Governance Committee and Contract Review Committee Member	Deputy Dean for Finance and Administration, Yale University School of Medicine	42 None	Significant experience on the Board; executive experience in a variety of academic organizations (including roles as dean for finance and administration)

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Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INTERESTED TRUSTEES
Kevin P. Charleston3 (1965) One Financial  Center Boston, MA 02111	Trustee since 2015 for Natixis Funds Trust I and Loomis Sayles Funds II	President, Chief Executive Officer and Director; formerly, Chief Financial Officer, Loomis, Sayles & Company, L.P.	42 None	Continuing service as President, Chief Executive Officer and Director of Loomis, Sayles & Company, L.P.
David L. Giunta4 (1965)	Trustee since 2011 for Natixis Funds Trust I and Loomis Sayles Funds II President and Chief Executive Officer of Natixis Funds Trust I; President since 2008 and Chief Executive Officer since 2015 of Loomis Sayles Funds II	President and Chief Executive Officer, NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.	42 None	Experience on the Board; continuing experience as President and Chief Executive Officer of NGAM Advisors, L.P.
John T. Hailer5 (1960)	Trustee since 2000 for Natixis Funds Trust I; since 2003 for Loomis Sayles Funds II	President and Chief Executive Officer – U.S. and Asia, Natixis Global Asset Management, L.P.	42 None	Significant experience on the Board; continuing experience as President and Chief Executive Officer – U.S. and Asia, Natixis Global Asset Management, L.P.

¹  Each trustee serves until retirement, resignation or removal from the Board. The current retirement age is 75. The position of Chairperson of the Board is appointed for a three-year term. Ms. Moose was appointed to serve an additional three-year term as the Chairperson of the Board on December 13, 2013.

²  The trustees of the Trusts serve as trustees of a fund complex that includes all series of the Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV and Gateway Trust (collectively, the “Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (collectively, the “Loomis Sayles Funds Trusts”) (collectively, the “Fund Complex”).

³  Mr. Charleston is deemed an “interested person” of the Trusts because he holds the following positions with an affiliated person of the Trusts: President, Chief Executive Officer and Director of Loomis, Sayles & Company, L.P.

⁴  Mr. Giunta is deemed an “interested person” of the Trusts because he holds the following positions with an affiliated person of the Trusts: President and Chief Executive Officer of NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.

⁵ Mr. Hailer is deemed an “interested person” of the Trusts because he holds the following positions with an affiliated person of the Trusts: President and Chief Executive Officer – U.S. and Asia, Natixis Global Asset Management, L.P.

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Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trust(s)	Term of Office1 and Length of Time Served	Principal Occupation(s) During Past 5 Years2
OFFICERS OF THE TRUST
Coleen Downs Dinneen (1960)	Secretary, Clerk and Chief Legal Officer	Since September 2004	Executive Vice President, General Counsel, Secretary and Clerk, NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.
Daniel J. Fuss (1933) One Financial Center Boston, MA 02111	Executive Vice President of Loomis Sayles Funds II	Since June 2003	Vice Chairman and Director, Loomis, Sayles & Company, L.P.
Russell L. Kane (1969)	Chief Compliance Officer, Assistant Secretary and Anti-Money Laundering Officer	Chief Compliance Officer since May 2006; Assistant Secretary since June 2004; and Anti-Money Laundering Officer since April 2007	Chief Compliance Officer for Mutual Funds, Senior Vice President, Deputy General Counsel, Assistant Secretary and Assistant Clerk, NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.
Michael C. Kardok (1959)	Treasurer, Principal Financial and Accounting Officer	Since October 2004	Senior Vice President, NGAM Advisors, L.P. and NGAM Distribution, L.P.

¹  Each officer of the Trusts serves for an indefinite term in accordance with the Trusts’ current by-laws until the date his or her successor is elected and qualified, or until he or she sooner dies, retires, is removed or becomes disqualified.

²  Each person listed above, except as noted, holds the same position(s) with the Fund Complex. Mr. Fuss is not an officer of the Natixis Funds Trusts. Previous positions during the past five years with NGAM Distribution, L.P., NGAM Advisors, L.P. or Loomis, Sayles & Company, L.P. are omitted, if not materially different from a trustee’s or officer’s current position with such entity.

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ANNUAL REPORT

September 30, 2015

Loomis Sayles Investment Grade Bond Fund

TABLE OF CONTENTS

Portfolio Review  page 1

Portfolio of Investments  page 12

Financial Statements  page  28

Notes to Financial Statements  page 38

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.

Market Conditions

Falling commodity prices and a strengthening U.S. dollar characterized the reporting period. Commodity prices declined significantly, with oil falling approximately 50%. The U.S. dollar generally advanced versus most currencies due to global divergence of economic growth and central bank policy. Most emerging market currencies declined versus their developed market counterparts, and commodity exporters were the hardest hit.

In the second half of the period, the world’s two largest economies — the United States and China – dominated the landscape. Investors generally expected the Federal Reserve Board (the Fed) to tighten monetary policy in September, but the Fed kept short-term rates unchanged due to global economic and market turbulence triggered by China’s economic slowdown. The market interpreted the Fed’s decision as confirmation of global growth risks, which further strained commodities, emerging markets and other risk assets.

Developed market government bonds posted positive local currency returns, benefitting from investor risk aversion caused by sluggish global demand and commodity price weakness. Pressures from a rising U.S. dollar largely hampered returns for U.S. dollar-based investors. Investment grade corporates underperformed government bonds. However, slower growth in China, commodity price pressures and uncertainty about the Fed rate increase weighed more heavily on high yield and commodity-related bonds.

Performance Results

For the 12 months ended September 30, 2015, Class A shares of the Loomis Sayles Investment Grade Bond Fund returned -4.72% at net asset value. The Fund underperformed its benchmark, the Barclays U.S. Government/Credit Bond Index, which returned 2.73%.

Explanation of Fund Performance

The Fund’s underperformance was primarily due to out-of-benchmark allocations. Non-U.S.-dollar-denominated securities detracted from performance. Given the continued strength of the U.S. dollar and the decline in commodity prices, holdings denominated in the Canadian dollar, Mexican peso, New Zealand dollar, Norwegian krone, Australian

1  |

dollar and Brazilian real weighed negatively on return. In addition, the Fund’s exposure to high yield securities, particularly industrials and financials, hindered performance. Holdings in the metals and mining industry, which suffered along with other commodities, were among the greatest laggards. Meanwhile, the Fund’s significant underweight position in the U.S. Treasury sector weighed on relative performance; we held short-maturity Treasuries as reserves. Furthermore, selected technology names within the convertibles and equity allocations limited relative results.

Our allocation to investment grade bonds generated a positive absolute return and contributed to relative performance. Security selection and an underweight allocation within industrials were the primary drivers of results. Investment grade financials and utilities also lifted the Fund’s relative return. Additionally, selected municipal and Yankee bonds (U.S.-dollar-denominated bonds issued by non-U.S. entities) contributed positively to return. Furthermore, security selection among consumer non-cyclical holdings aided performance.

Outlook

We continue to have a positive outlook for the U.S. economy, despite some recent softer data. Steady improvement in employment and consumer sentiment should support consumption trends. We do not believe current low rates reflect the state of the U.S. economy. However, uncertainty about Chinese growth and weakening global economic trends may delay U.S. monetary policy changes. We believe the path for rates, which is likely to be very slow and shallow, is more important than timing. The downside risks to global growth have increased in our view; however, we believe conditions will remain reasonably strong overall.

The steady pace of U.S. economic growth should support risk assets, and we are maintaining exposure to corporate bonds. We view the investment grade and high yield markets as being distorted by global, not U.S., factors, and spread widening over the past 12 months has significantly improved valuations.

Risk profiles in non-U.S. markets should continue to be driven by oil prices, a strengthening U.S. dollar and central bank action. We are monitoring cheaper non-U.S.-dollar asset valuations, but we remain cautious. Since we do not see a positive catalyst at this point, we think it is too early to add exposure.

Our long-term themes remain intact, and we believe we are well positioned for this market environment. We have been investing away from the benchmark in sectors with low or negative correlations to U.S. rates. We are using portfolio flexibility to identify attractive income opportunities, broaden diversification and maintain a higher level of reserves. Our antidote for highly volatile markets is a patient, selective approach that seeks to capture value when investors are mispricing risk.

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LOOMIS SAYLES INVESTMENT GRADE BOND FUND

Growth of $10,000 Investment in Class A Shares⁴

September 30, 2005 through September 30, 2015

3  |

Average Annual Total Returns — September 30, 2015⁴

	1 Year			5 Years			10 Years			Life of Class N
Class A (Inception 12/31/96)
NAV		-4.72	%		3.43	%		5.71	%		—	%
With 4.50% Maximum Sales Charge5		-9.00			2.49			5.23			—
Class B (Inception 9/12/03)
NAV		-5.46			2.65			4.86			—
With CDSC2		-10.04			2.33			4.86			—
Class C (Inception 9/12/03)
NAV		-5.40			2.66			4.93			—
With CDSC2		-6.31			2.66			4.93			—
Class N (Inception 2/1/13)
NAV		-4.28			—			—			0.33
Class Y (Inception 12/31/96)
NAV		-4.47			3.71			6.00			—
Admin Class (Inception 2/1/10)1
NAV		-4.95			3.18			5.34			—
Comparative Performance
Barclays U.S. Government/Credit Bond Index3		2.73			3.09			4.61			2.01

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 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.

5 Effective November 2, 2015, the maximum sales charge was reduced to 4.25%. See Note 11 of Notes to Financial Statements.

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ADDITIONAL INFORMATION

The views expressed in this report reflect those of the portfolio managers as of the dates indicated. The managers’ views are subject to change at any time without notice based on changes in market or other conditions. References to specific securities or industries should not be regarded as investment advice. Because the Fund is actively managed, there is no assurance that it will continue to invest in the securities or industries mentioned.

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, 2015 is available from the fund’s website and the SEC’s website.

QUARTERLY PORTFOLIO SCHEDULES

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

5  |

UNDERSTANDING 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 April 1, 2015 through September 30, 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.

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LOOMIS SAYLES INVESTMENT GRADE BOND FUND	BEGINNING ACCOUNT VALUE 4/1/2015		ENDING ACCOUNT VALUE 9/30/2015		EXPENSES PAID DURING PERIOD* 4/1/2015 – 9/30/2015
Class A
Actual		$1,000.00		$955.20		$4.07
Hypothetical (5% return before expenses)		$1,000.00		$1,020.91		$4.20
Class B
Actual		$1,000.00		$950.80		$7.68
Hypothetical (5% return before expenses)		$1,000.00		$1,017.20		$7.94
Class C
Actual		$1,000.00		$951.90		$7.73
Hypothetical (5% return before expenses)		$1,000.00		$1,017.15		$7.99
Class N
Actual		$1,000.00		$957.80		$2.26
Hypothetical (5% return before expenses)		$1,000.00		$1,022.76		$2.33
Class Y
Actual		$1,000.00		$956.40		$2.84
Hypothetical (5% return before expenses)		$1,000.00		$1,022.16		$2.94
Admin Class
Actual		$1,000.00		$953.90		$5.29
Hypothetical (5% return before expenses)		$1,000.00		$1,019.65		$5.47

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.83%, 1.57%, 1.58%, 0.46%, 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 (183), divided by 365 (to reflect the half-year period).

7  |

BOARD APPROVAL OF THE EXISTING ADVISORY AGREEMENT

The Board of Trustees of the Trust (the “Board”), including the Independent Trustees, considers matters bearing on the Fund’s advisory agreement (the “Agreement”) at most of its meetings throughout the year. Each year, usually in the spring, the Contract Review Committee of the Board meets to review the Agreement to determine whether to recommend that the full Board approve the continuation of the Agreement, typically for an additional one-year period. After the Committee has made its recommendation, the full Board, including the Independent Trustees, determines whether to approve the continuation of the Agreement.

In connection with these meetings, the Trustees receive materials that the Fund’s investment adviser (the “Adviser”) believes to be reasonably necessary for the Trustees to evaluate the Agreement. These materials generally include, among other items, (i) information on the investment performance of the Fund and the performance of a peer group and category of funds and the Fund’s performance benchmarks, (ii) information on the Fund’s advisory fee and other expenses, including information comparing the Fund’s expenses to the fees charged to institutional accounts with similar strategies managed by the Adviser, if any, and to those of a peer group of funds and information about any applicable expense caps and/or fee “breakpoints,” (iii) sales and redemption data in respect of the Fund, (iv) information about the profitability of the Agreement to the Adviser and (v) information obtained through the completion by the Adviser of a questionnaire distributed on behalf of the Trustees. The Board, including the Independent Trustees, also considers other matters such as (i) the Adviser’s financial results and/or financial condition, (ii) the Fund’s investment objective and strategies and the size, education and experience of the Adviser’s investment staff and its use of technology, external research and trading cost measurement tools, (iii) arrangements in respect of the distribution of the Fund’s shares and the related costs, (iv) the procedures employed to determine the value of the Fund’s assets, (v) the allocation of the Fund’s brokerage, if any, including, if applicable, allocations to brokers affiliated with the Adviser and the use of “soft” commission dollars to pay Fund expenses and to pay for research and other similar services, (vi) the resources devoted to, and the record of compliance with, the Fund’s investment policies and restrictions, policies on personal securities transactions and other compliance policies, (vii) information about amounts invested by the Fund’s portfolio managers in the Fund or in similar accounts that they manage and (viii) the general economic outlook with particular emphasis on the mutual fund industry. Throughout the process, the Trustees are afforded the opportunity to ask questions of and request additional materials from the Adviser.

In addition to the materials requested by the Trustees in connection with their annual consideration of the continuation of the Agreement, the Trustees receive materials in advance of each regular quarterly meeting of the Board that provide detailed information about the Fund’s investment performance and the fees charged to the Fund for advisory and other services. This information generally includes, among other things, an internal performance rating for the Fund based on agreed-upon criteria, graphs showing the Fund’s performance and fee differentials against the Fund’s peer group/category, performance ratings provided by a third-party, total return information for various periods, and third-party performance rankings for various periods comparing the Fund against similarly categorized funds. The

|  8

portfolio management team for the Fund or other representatives of the Adviser make periodic presentations to the Contract Review Committee and/or the full Board, and if the Fund is identified as presenting possible performance concerns it may be subject to more frequent board presentations and reviews. In addition, each quarter the Trustees are provided with detailed statistical information about the Fund’s portfolio. The Trustees also receive periodic updates between meetings.

The Board most recently approved the continuation of the Agreement at its meeting held in June 2015. The Agreement was continued for a one-year period. In considering whether to approve the continuation of the Agreement, the Board, including the Independent Trustees, did not identify any single factor as determinative. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. Matters considered by the Trustees, including the Independent Trustees, in connection with their approval of the Agreement included, but were not limited to, the factors listed below.

The nature, extent and quality of the services provided to the Fund under the Agreement. The Trustees considered the nature, extent and quality of the services provided by the Adviser and its affiliates to the Fund and the resources dedicated to the Fund by the Adviser and its affiliates.

The Trustees considered not only the advisory services provided by the Adviser to the Fund, but also the monitoring and oversight services provided by NGAM Advisors, L.P. (“NGAM Advisors”). They also considered the administrative services provided by NGAM Advisors and its affiliates to the Fund. The Trustees also considered the benefits to shareholders of investing in a mutual fund that is part of a family of funds that offers shareholders the right to exchange shares of one type of fund for shares of another type of fund, and provides a variety of fund and shareholder services.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the Agreement, that the nature, extent and quality of services provided supported the renewal of the Agreement.

Investment performance of the Fund and the Adviser. As noted above, the Trustees received information about the performance of the Fund over various time periods, including information that compared the performance of the Fund to the performance of a peer group and category of funds and the Fund’s performance benchmark. In addition, the Trustees also reviewed data prepared by an independent third party that analyzed the performance of the Fund using a variety of performance metrics, including metrics that also measured the performance of the Fund on a risk adjusted basis.

The Board concluded that the Fund’s performance or other relevant factors supported the renewal of the Fund’s Agreement. The Trustees noted that while the Fund had performance that lagged that of its peer group and/or category for certain (although not all) periods, the Board concluded that other factors relevant to performance supported renewal of the Agreement. These factors included the following: (1) that the underperformance was attributable, to a significant extent, to investment decisions (such as security selection or sector allocation) by the Adviser that were reasonable and consistent with the Fund’s investment objective and policies; and (2) that the Fund’s long-term performance was competitive when compared to relevant performance benchmarks or peer groups.

9  |

The Trustees also considered the Adviser’s performance and reputation generally, the performance of the fund family generally, and the historical responsiveness of the Adviser to Trustee concerns about performance and the willingness of the Adviser to take steps intended to improve performance.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the Agreement, that the performance of the Fund and the Adviser supported the renewal of the Agreement.

The costs of the services to be provided and profits to be realized by the Adviser and its affiliates from their respective relationships with the Fund. The Trustees considered the fees charged to the Fund for advisory services as well as the total expense level of the Fund. This information included comparisons (provided both by management and also by an independent third party) of the Fund’s advisory fee and total expense level to those of its peer group and information about the advisory fees charged by the Adviser to comparable accounts (such as institutional separate accounts), as well as information about differences in such fees and the reasons for any such differences. In considering the fees charged to comparable accounts, the Trustees considered, among other things, management’s representations about the differences between managing mutual funds as compared to other types of accounts, including the additional resources required to effectively manage mutual fund assets and the greater regulatory costs associated with the management of such assets. In evaluating the Fund’s advisory fee, the Trustees also took into account the demands, complexity and quality of the investment management of the Fund, as well as the need for the Adviser to offer competitive compensation and to expend additional resources as the Fund grows in size. The Trustees considered that over the past several years, management had made recommendations regarding reductions in advisory fee rates, implementation of advisory fee breakpoints and the institution of advisory fee waivers and expense caps for various funds in the fund family. They noted that the Fund has an expense cap in place, and the Trustees considered that the current expenses are below the cap.

The Trustees also considered the compensation directly or indirectly received by the Adviser and its affiliates from their relationships with the Fund. The Trustees reviewed information provided by management as to the profitability of the Adviser’s and its affiliates’ relationships with the Fund, and information about the allocation of expenses used to calculate profitability. They also reviewed information provided by management about the effect of distribution costs and changes in asset levels on Adviser profitability, including information regarding resources spent on distribution activities. When reviewing profitability, the Trustees also considered information about court cases in which adviser compensation or profitability were issues, the performance of the Fund, the expense levels of the Fund and whether the Adviser had implemented breakpoints and/or expense caps with respect to the Fund.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the Agreement, that the advisory fee charged to the Fund was fair and reasonable, and that the costs of these services generally and the related profitability of the Adviser and its affiliates in respect of their relationships with the Fund supported the renewal of the Agreement.

Economies of Scale. The Trustees considered the existence of any economies of scale in the provision of services by the Adviser and whether those economies are shared with the Fund

|  10

through breakpoints in its investment advisory fee or other means, such as expense waivers or caps. The Trustees also discussed with management the factors considered with respect to the implementation of breakpoints in investment advisory fees or expense waivers or caps for certain funds. Management explained that a number of factors are taken into account in considering the possible implementation of breakpoints or an expense cap for a fund, including, among other things, factors such as a fund’s assets, the projected growth of a fund, projected profitability and a fund’s fees and performance. With respect to economies of scale, the Trustees noted that the Fund was subject to an expense cap and the Fund’s overall net expense ratio was equal to the median compared to a peer group of funds. The Trustees considered that current expenses are below the cap. In considering these issues, the Trustees also took note of the costs of the services provided (both on an absolute and a relative basis) and the profitability to the Adviser and its affiliates of their relationships with the Fund, as discussed above.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the Agreement, that the extent to which economies of scale were shared with the Fund supported the renewal of the Agreement.

The Trustees also considered other factors, which included but were not limited to the following:

· The effect of recent market and economic events on the performance, asset levels and expense ratios of the Fund.

· Whether the Fund has operated in accordance with its investment objective and the Fund’s record of compliance with its investment restrictions, and the compliance programs of the Fund and the Adviser. They also considered the compliance-related resources the Adviser and its affiliates were providing to the Fund.

· Plans for maintaining continuity of portfolio management where that was thought to be a potential issue.

· The nature, quality, cost and extent of administrative and shareholder services performed by the Adviser and its affiliates, both under the Agreement and under a separate agreement covering administrative services.

· So-called “fallout benefits” to the Adviser, such as the engagement of affiliates of the Adviser to provide distribution, administrative and brokerage services to the Fund, and the benefits of research made available to the Adviser by reason of brokerage commissions (if any) generated by the Fund’s securities transactions. The Trustees also considered the benefits to the parent company of NGAM Advisors from the retention of the Adviser. The Trustees considered the possible conflicts of interest associated with these fallout and other benefits, and the reporting, disclosure and other processes in place to disclose and monitor such possible conflicts of interest.

· The Trustees’ review and discussion of the Fund’s advisory arrangements in prior years, and management’s record of responding to Trustee concerns raised during the year and in prior years.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Trustees, including the Independent Trustees, concluded that the existing Agreement should be continued through June 30, 2016.

11  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Investment Grade Bond Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 93.6% of Net Assets
	Non-Convertible Bonds — 87.8%
		ABS Car Loan — 0.2%
$	20,999,250	Avis Budget Rental Car Funding AESOP LLC, Series 2010-5A, Class B, 5.110%, 3/20/2017, 144A	$	21,203,594
		ABS Other — 2.7%
	57,694,000	Crown Castle Towers LLC, 6.113%, 1/15/2040, 144A		65,016,984
	2,165,706	Diamond Resorts Owner Trust, Series 2011-1, Class A, 4.000%, 3/20/2023, 144A		2,203,352
	56,794,501	FAN Engine Securitization Ltd., Series 2013-1A, Class 1A, 4.625%, 10/15/2043, 144A(b)		56,516,208
	44,878,000	John Deere Owner Trust, Series 2015-A, Class A3, 1.320%, 6/17/2019		45,007,069
	11,600,000	John Deere Owner Trust, Series 2015-A, Class A4, 1.650%, 12/15/2021		11,654,566
	34,385,084	Trinity Rail Leasing LP, Series 2009-1A, Class A, 6.657%, 11/16/2039, 144A		39,706,726
	12,144,361	Trinity Rail Leasing LP, Series 2010-1A, Class A, 5.194%, 10/16/2040, 144A		12,899,109
	3,092,731	Trinity Rail Leasing LP, Series 2012-1A, Class A1, 2.266%, 1/15/2043, 144A		3,056,855
	6,792,153	Trip Rail Master Funding LLC, Series 2011-1A, Class A1A, 4.370%, 7/15/2041, 144A		7,052,768
				243,113,637
		Aerospace & Defense — 1.4%
	2,100,000	Bombardier, Inc., 7.450%, 5/01/2034, 144A		1,407,000
	78,795,000	Textron, Inc., 5.950%, 9/21/2021		91,357,208
	11,040,000	Textron, Inc., EMTN, 6.625%, 4/07/2020, (GBP)		18,935,281
	10,280,000	TransDigm, Inc., 6.500%, 5/15/2025, 144A		9,663,200
				121,362,689
		Airlines — 2.5%
	4,614,033	Air Canada Pass Through Trust, Series 2013-1, Class B, 5.375%, 11/15/2022, 144A		4,740,919
	10,805,211	American Airlines Pass Through Trust, Series 2013-1, Class A, 4.000%, 1/15/2027		10,977,446
	18,340,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		19,027,750
	260,029	Continental Airlines Pass Through Trust, Series 1998-1, Class A, 6.648%, 3/15/2019		266,998
	656,622	Continental Airlines Pass Through Trust, Series 1999-1, Class A, 6.545%, 8/02/2020		706,657
	3,040,289	Continental Airlines Pass Through Trust, Series 2001-1, Class A-1, 6.703%, 12/15/2022		3,184,702
	48,473,423	Continental Airlines Pass Through Trust, Series 2007-1, Class A, 5.983%, 10/19/2023		53,563,132
	10,648,202	Continental Airlines Pass Through Trust, Series 2007-1, Class B, 6.903%, 10/19/2023		11,233,853
	20,048,881	Continental Airlines Pass Through Trust, Series 2009-1, 9.000%, 1/08/2018		21,066,562
	2,443,708	Continental Airlines Pass Through Trust, Series 2012-1, Class B, 6.250%, 10/11/2021		2,547,565
	1,465,586	Delta Air Lines Pass Through Trust, Series 2007-1, Class A, 6.821%, 2/10/2024		1,700,079

See accompanying notes to financial statements.

|  12

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Airlines — continued
$	9,538,621	Delta Air Lines Pass Through Trust, Series 2007-1, Class B, 8.021%, 2/10/2024	$	10,778,642
	21,038,309	Delta Air Lines Pass Through Trust, Series 2009-1, Class A, 7.750%, 6/17/2021		23,983,672
	2,032,473	Delta Air Lines Pass Through Trust, Series 2009-1, Series B, 9.750%, 6/17/2018		2,195,071
	12,873,324	Delta Air Lines Pass Through Trust, Series 2010-1, Class A, 6.200%, 1/02/2020		13,903,190
	19,082,961	UAL Pass Through Trust, Series 2007-1, Class A, 6.636%, 1/02/2024		20,334,804
	249,918	UAL Pass Through Trust, Series 2009-1, 10.400%, 5/01/2018		267,862
	13,638,616	US Airways Pass Through Trust, Series 2011-1, Class A, 7.125%, 4/22/2025		15,854,892
	8,595,631	US Airways Pass Through Trust, Series 2012-2A, Class A, 4.625%, 12/03/2026		8,881,866
	2,372,625	Virgin Australia Pass Through Trust, Series 2013-1A, 5.000%, 4/23/2025, 144A		2,459,273
				227,674,935
		Automotive — 1.0%
	23,581,000	Cummins, Inc., 5.650%, 3/01/2098		25,199,670
	5,274,000	Cummins, Inc., 6.750%, 2/15/2027		6,695,222
	125,000	Ford Motor Co., 6.500%, 8/01/2018		139,381
	255,000	Ford Motor Co., 6.625%, 2/15/2028		288,084
	2,186,000	Ford Motor Co., 7.400%, 11/01/2046		2,769,096
	240,000	Ford Motor Co., 7.500%, 8/01/2026		289,827
	5,000,000	Ford Motor Credit Co. LLC, 5.000%, 5/15/2018		5,317,935
	40,126,000	Ford Motor Credit Co. LLC, 6.625%, 8/15/2017		43,318,344
	2,370,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		2,476,650
				86,494,209
		Banking — 14.4%
	13,792,000	AgriBank FCB, 9.125%, 7/15/2019, 144A		17,036,927
	1,468,000	Ally Financial, Inc., 8.000%, 11/01/2031		1,746,920
	7,200,000	American Express Centurion Bank, Series BKN1, 6.000%, 9/13/2017		7,805,174
	11,400,000	Banco Santander Brasil S.A., 8.000%, 3/18/2016, 144A, (BRL)		2,731,744
	11,641,000	Bank of America Corp., 2.600%, 1/15/2019		11,759,273
	3,590,000	Bank of America Corp., 5.420%, 3/15/2017		3,771,159
	25,627,000	Bank of America Corp., MTN, 3.300%, 1/11/2023		25,431,056
	100,000	Bank of America Corp., MTN, 4.250%, 10/22/2026		98,862
	11,000,000	Bank of America Corp., MTN, 5.000%, 5/13/2021		12,120,702
	17,249,000	Bank of America NA, 5.300%, 3/15/2017		18,119,902
	1,056,000	Barclays Bank PLC, 6.050%, 12/04/2017, 144A		1,142,008
	2,173,000	Bear Stearns Cos., Inc. (The), 4.650%, 7/02/2018		2,324,595
	370,000	BNP Paribas/Australia, 7.000%, 5/24/2016, (AUD)		266,829
	8,994,000	Capital One Financial Corp., 6.150%, 9/01/2016		9,368,528
	56,000,000	Citigroup, Inc., 2.500%, 9/26/2018		56,743,624
	17,000,000	Citigroup, Inc., 3.500%, 5/15/2023		16,549,415
	1,660,000	Citigroup, Inc., 4.500%, 1/14/2022		1,795,433

See accompanying notes to financial statements.

13  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Banking — continued
$	22,960,000	Citigroup, Inc., 5.130%, 11/12/2019, (NZD)	$	15,374,153
	5,445,000	Citigroup, Inc., 6.125%, 5/15/2018		6,018,549
	44,910,000	Citigroup, Inc., 6.250%, 6/29/2017, (NZD)		30,091,039
	21,855,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands, 3.875%, 2/08/2022		23,017,620
	5,265,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands, 3.950%, 11/09/2022		5,287,729
	86,800,000	Goldman Sachs Group, Inc. (The), 3.375%, 2/01/2018, (CAD)		67,204,469
	1,174,000	Goldman Sachs Group, Inc. (The), 6.450%, 5/01/2036		1,370,543
	112,330,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		134,000,479
	6,645,000	Goldman Sachs Group, Inc. (The), GMTN, 5.375%, 3/15/2020		7,412,385
	4,467,000	HBOS PLC, 6.000%, 11/01/2033, 144A		4,967,224
	700,000	ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 6.375%, 4/30/2022, 144A		709,083
	70,245,000	JPMorgan Chase & Co., 4.125%, 12/15/2026		69,967,111
	36,745,000	JPMorgan Chase & Co., 4.250%, 11/02/2018, (NZD)		23,900,902
	2,950,000	JPMorgan Chase & Co., EMTN, 1.068%, 5/30/2017, (GBP)(c)		4,391,209
	16,000,000,000	JPMorgan Chase Bank NA, 7.700%, 6/01/2016, 144A, (IDR)		1,030,334
	100,000	Keybank NA, 6.950%, 2/01/2028		127,262
	9,787,000	Lloyds Bank PLC, EMTN, 4.570%, 10/13/2015, (CAD)		7,338,453
	81,622,000	Lloyds Bank PLC, MTN, 6.500%, 9/14/2020, 144A		94,142,570
	103,309,000	Merrill Lynch & Co., Inc., 6.110%, 1/29/2037		118,830,144
	40,126,000	Merrill Lynch & Co., Inc., Series C, MTN, 6.050%, 6/01/2034(b)		45,407,866
	78,200,000	Morgan Stanley, 2.125%, 4/25/2018		78,660,520
	4,250,000	Morgan Stanley, 3.450%, 11/02/2015		4,259,596
	1,845,000	Morgan Stanley, 4.350%, 9/08/2026		1,854,494
	30,000,000	Morgan Stanley, 4.750%, 11/16/2018, (AUD)		21,849,065
	56,867,000	Morgan Stanley, 5.500%, 7/24/2020		63,841,908
	5,900,000	Morgan Stanley, 5.750%, 1/25/2021		6,728,808
	151,076,000	Morgan Stanley, 7.600%, 8/08/2017, (NZD)		102,982,556
	60,800,000	Morgan Stanley, 8.000%, 5/09/2017, (AUD)		45,785,468
	550,000	Morgan Stanley, EMTN, 5.750%, 2/14/2017, (GBP)		879,162
	24,100,000	Morgan Stanley, GMTN, 7.625%, 3/03/2016, (AUD)		17,250,084
	20,695,000	Morgan Stanley, MTN, 4.100%, 5/22/2023		20,945,679
	38,206,000	Morgan Stanley, Series F, GMTN, 5.625%, 9/23/2019		42,682,024
	2,239,000	Morgan Stanley, Series G & H, GMTN, 5.125%, 11/30/2015, (GBP)		3,408,567
	2,875,000	National City Bank of Indiana, 4.250%, 7/01/2018		3,054,250
	8,638,000	National City Corp., 6.875%, 5/15/2019		9,957,843
	700,000	Santander Central Hispano Issuances Ltd., 7.250%, 11/01/2015		702,603
	16,175,000	Santander Holdings USA, Inc., 4.625%, 4/19/2016		16,482,001
	1,800,000	Santander Issuances SAU, 5.911%, 6/20/2016, 144A		1,842,993
	3,300,000	Standard Chartered Bank, 6.400%, 9/26/2017, 144A		3,551,130
				1,296,120,026
		Brokerage — 0.9%
	50,270,000	Jefferies Group LLC, 5.125%, 1/20/2023		50,369,183
	19,498,000	Jefferies Group LLC, 6.250%, 1/15/2036		18,388,349
	8,760,000	Jefferies Group LLC, 6.450%, 6/08/2027		9,088,281

See accompanying notes to financial statements.

|  14

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Brokerage — continued
$	1,693,000	Jefferies Group LLC, 6.875%, 4/15/2021	$	1,902,685
				79,748,498
		Building Materials — 1.3%
	10,942,000	Masco Corp., 5.850%, 3/15/2017		11,407,035
	6,616,000	Masco Corp., 6.125%, 10/03/2016		6,864,232
	6,058,000	Masco Corp., 6.500%, 8/15/2032		6,209,450
	28,539,000	Masco Corp., 7.125%, 3/15/2020		32,891,197
	5,725,000	Masco Corp., 7.750%, 8/01/2029		6,397,688
	9,300,000	Odebrecht Finance Ltd., 8.250%, 4/25/2018, 144A, (BRL)		1,303,337
	284,000	Owens Corning, 6.500%, 12/01/2016		303,064
	41,379,000	Owens Corning, 7.000%, 12/01/2036		48,467,223
				113,843,226
		Cable Satellite — 1.2%
	17,832,000	Shaw Communications, Inc., 5.650%, 10/01/2019, (CAD)		14,984,893
	13,630,000	Time Warner Cable, Inc., 4.125%, 2/15/2021		14,009,200
	2,800,000	Time Warner Cable, Inc., 4.500%, 9/15/2042		2,213,745
	4,101,000	Time Warner Cable, Inc., 5.850%, 5/01/2017		4,340,265
	64,548,000	Time Warner Cable, Inc., 6.750%, 7/01/2018		71,825,593
				107,373,696
		Chemicals — 0.5%
	50,500,000	INVISTA Finance LLC, 4.250%, 10/15/2019, 144A		48,732,500
		Construction Machinery — 0.1%
	6,787,000	Toro Co., 6.625%, 5/01/2037(b)		7,829,802
		Consumer Products — 0.2%
	7,458,000	Hasbro, Inc., 6.600%, 7/15/2028		8,558,510
	5,525,000	Newell Rubbermaid, Inc., 4.000%, 12/01/2024		5,616,748
				14,175,258
		Diversified Manufacturing — 0.2%
	1,395,000	Ingersoll-Rand Global Holding Co. Ltd., 6.875%, 8/15/2018		1,572,247
	11,754,000	Snap-on, Inc., 6.700%, 3/01/2019		13,518,558
				15,090,805
		Electric — 2.4%
	29,767,079	Alta Wind Holdings LLC, 7.000%, 6/30/2035, 144A		32,994,247
	8,906,393	Bruce Mansfield Unit Pass Through Trust, 6.850%, 6/01/2034		9,219,186
	9,066,000	Cleveland Electric Illuminating Co. (The), 5.700%, 4/01/2017		9,603,514
	30,430,000	EDP Finance BV, 4.125%, 1/15/2020, 144A		30,844,335
	7,215,000	EDP Finance BV, 4.900%, 10/01/2019, 144A		7,507,207
	4,491,000	Empresa Nacional de Electricidad S.A., 7.875%, 2/01/2027		5,843,016
	40,453,000	Enel Finance International NV, 6.000%, 10/07/2039, 144A		45,899,106
	9,007,000	Enel Finance International NV, 6.800%, 9/15/2037, 144A		11,260,813
	5,077,043	Mackinaw Power LLC, 6.296%, 10/31/2023, 144A(b)		5,578,147
	50,026,000	Southwestern Electric Power Co., 6.450%, 1/15/2019		56,903,875
				215,653,446

See accompanying notes to financial statements.

15  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Finance Companies — 4.5%
$	66,384,000	Aviation Capital Group Corp., 6.750%, 4/06/2021, 144A	$	74,516,040
	3,500,000	GE Capital Australia Funding Pty Ltd., 7.000%, 10/08/2015, (AUD)		2,459,088
	1,874,000	GE Capital Australia Funding Pty Ltd., MTN, 6.000%, 3/15/2019, (AUD)		1,448,410
	35,580,000	General Electric Capital Corp., GMTN, 4.250%, 1/17/2018, (NZD)		23,221,576
	14,225,000	General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016, (NZD)		9,400,511
	51,370,000	General Electric Capital Corp., Series A, GMTN, 5.500%, 2/01/2017, (NZD)		33,815,850
	5,305,000	General Electric Capital Corp., Series A, MTN, 0.589%, 5/13/2024(c)		4,967,602
	18,830,000	International Lease Finance Corp., 4.625%, 4/15/2021		18,924,150
	13,365,000	International Lease Finance Corp., 5.875%, 4/01/2019		14,053,297
	1,322,000	International Lease Finance Corp., 5.875%, 8/15/2022		1,407,930
	3,565,000	International Lease Finance Corp., 7.125%, 9/01/2018, 144A		3,921,143
	90,196,000	Navient LLC, 5.500%, 1/25/2023		71,536,252
	62,425(††)	Navient LLC, 6.000%, 12/15/2043		1,070,381
	1,785,000	Navient LLC, MTN, 4.625%, 9/25/2017		1,752,647
	8,895,000	Navient LLC, MTN, 7.250%, 1/25/2022		7,783,125
	641,000	Navient LLC, MTN, 8.000%, 3/25/2020		613,757
	15,792,000	Navient LLC, Series A, MTN, 5.000%, 6/15/2018		15,081,360
	19,496,000	Navient LLC, Series A, MTN, 5.625%, 8/01/2033(b)		12,623,660
	14,625,000	Quicken Loans, Inc., 5.750%, 5/01/2025, 144A		13,729,219
	18,597,000	Springleaf Finance Corp., 5.250%, 12/15/2019		18,178,567
	48,285,000	Springleaf Finance Corp., 7.750%, 10/01/2021		51,544,237
	19,414,000	Springleaf Finance Corp., 8.250%, 10/01/2023		21,161,260
				403,210,062
		Government Guaranteed — 0.4%
	12,910,000	Instituto de Credito Oficial, EMTN, 4.530%, 3/17/2016, (CAD)		9,793,606
	4,000,000	Japan Bank for International Cooperation (Japan), 2.300%, 3/19/2018, (CAD)		3,070,813
	31,142,000	Queensland Treasury Corp., 7.125%, 9/18/2017, 144A, (NZD)		21,475,127
				34,339,546
		Government Owned – No Guarantee — 0.7%
	3,720,000	Abu Dhabi National Energy Co. PJSC, 6.500%, 10/27/2036, 144A		4,557,000
	36,975,000	Abu Dhabi National Energy Co. PJSC, 7.250%, 8/01/2018, 144A		41,707,060
	12,575,000	Pertamina Persero PT, 6.450%, 5/30/2044, 144A		10,907,039
	7,565,000	Petrobras Global Finance BV, 5.625%, 5/20/2043		4,633,563
	1,000,000	Telekom Malaysia Berhad, 7.875%, 8/01/2025, 144A		1,297,391
				63,102,053
		Health Insurance — 0.0%
	1,569,000	Cigna Corp., 7.875%, 5/15/2027		2,111,557
	1,174,000	Cigna Corp., (Step to 8.080% on 1/15/2023), 8.300%, 1/15/2033(d)		1,549,876
				3,661,433
		Healthcare — 1.9%
	7,692,000	Boston Scientific Corp., 6.000%, 1/15/2020		8,626,540
	7,374,000	Covidien International Finance S.A., 6.000%, 10/15/2017		8,053,079
	9,459,000	Express Scripts, Inc., 7.250%, 6/15/2019		11,021,958
	6,440,000	HCA, Inc., 4.750%, 5/01/2023		6,462,540

See accompanying notes to financial statements.

|  16

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Healthcare — continued
$	57,155,000	HCA, Inc., 5.250%, 4/15/2025	$	58,369,544
	1,055,000	HCA, Inc., 5.375%, 2/01/2025		1,044,450
	802,000	HCA, Inc., 5.875%, 3/15/2022		860,145
	52,905,000	HCA, Inc., 5.875%, 5/01/2023		54,888,937
	2,936,000	HCA, Inc., 7.050%, 12/01/2027		3,038,760
	4,119,000	HCA, Inc., 7.500%, 12/15/2023		4,592,685
	1,282,000	HCA, Inc., 7.500%, 11/06/2033		1,352,510
	3,807,000	HCA, Inc., 7.690%, 6/15/2025		4,225,770
	4,164,000	HCA, Inc., 8.360%, 4/15/2024		4,809,420
	1,199,000	HCA, Inc., MTN, 7.580%, 9/15/2025		1,312,905
	3,068,000	HCA, Inc., MTN, 7.750%, 7/15/2036		3,252,080
	2,200,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		1,980,000
				173,891,323
		Home Construction — 0.1%
	9,200,000	PulteGroup, Inc., 6.000%, 2/15/2035		9,016,000
	3,567,000	PulteGroup, Inc., 6.375%, 5/15/2033		3,665,093
				12,681,093
		Independent Energy — 1.0%
	8,105,000	Continental Resources, Inc., 3.800%, 6/01/2024		6,573,909
	610,000	Continental Resources, Inc., 4.500%, 4/15/2023		529,709
	9,787,000	EQT Corp., 8.125%, 6/01/2019		11,499,187
	60,038,000	Equitable Resources, Inc., 6.500%, 4/01/2018		64,933,258
	7,240,000	Newfield Exploration Co., 5.625%, 7/01/2024		6,841,800
				90,377,863
		Integrated Energy — 0.1%
	7,700,000	Reliance Holdings USA, Inc., 5.400%, 2/14/2022, 144A		8,402,094
		Life Insurance — 1.3%
	1,475,000	American International Group, Inc., 4.875%, 6/01/2022		1,627,592
	600,000	AXA S.A., EMTN, (fixed rate to 10/16/2019, variable rate thereafter), 6.772%, (GBP)(e)		960,747
	5,900,000	AXA S.A., EMTN, (fixed rate to 4/16/2020, variable rate thereafter), 5.250%, 4/16/2040, (EUR)		7,216,817
	15,000,000	Forethought Financial Group, Inc., 8.625%, 4/15/2021, 144A		17,431,470
	9,063,000	Mutual of Omaha Insurance Co., 6.800%, 6/15/2036, 144A		11,557,844
	26,914,000	National Life Insurance Co., 10.500%, 9/15/2039, 144A		41,702,059
	6,440,000	NLV Financial Corp., 7.500%, 8/15/2033, 144A		7,447,493
	2,872,000	Penn Mutual Life Insurance Co. (The), 6.650%, 6/15/2034, 144A		3,411,152
	14,489,000	Penn Mutual Life Insurance Co. (The), 7.625%, 6/15/2040, 144A		19,439,573
	4,732,000	Unum Group, 7.125%, 9/30/2016		4,988,995
				115,783,742
		Local Authorities — 2.0%
	37,829,000	New South Wales Treasury Corp., 3.500%, 3/20/2019, (AUD)		27,784,708
	152,895,000	New South Wales Treasury Corp., 6.000%, 2/01/2018, (AUD)		117,128,273
	17,930,000	New South Wales Treasury Corp., Series 17RG, 5.500%, 3/01/2017, (AUD)		13,206,773
	4,171	Province of Alberta, 5.930%, 9/16/2016, (CAD)		3,239

See accompanying notes to financial statements.

17  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Local Authorities — continued
$	489,000	Province of Nova Scotia, 6.600%, 6/01/2027, (CAD)	$	507,325
	29,791,000	Province of Quebec, Canada, Series QC, 6.750%, 11/09/2015, (NZD)		19,117,757
				177,748,075
		Lodging — 0.6%
	52,516,000	Choice Hotels International, Inc., 5.700%, 8/28/2020		56,257,765
	100,000	Wyndham Worldwide Corp., 6.000%, 12/01/2016		104,859
				56,362,624
		Media Entertainment — 0.4%
	4,482,000	21st Century Fox America, Inc., 8.150%, 10/17/2036		6,056,455
	358,000,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		17,885,112
	5,000,000	iHeartCommunications, Inc., 9.000%, 3/01/2021		4,201,250
	1,805,000	R.R. Donnelley & Sons Co., 6.500%, 11/15/2023		1,696,700
	4,445,000	R.R. Donnelley & Sons Co., 7.875%, 3/15/2021		4,622,800
	3,616,000	Viacom, Inc., 6.125%, 10/05/2017		3,908,893
				38,371,210
		Metals & Mining — 2.4%
	1,689,997	1839688 Alberta ULC, PIK, 14.000%, 2/13/2020(b)(f)(g)		540,799
	15,000,000	Alcoa, Inc., 5.400%, 4/15/2021		15,375,000
	15,060,000	Alcoa, Inc., 5.870%, 2/23/2022		15,511,800
	45,700,000	Alcoa, Inc., 5.900%, 2/01/2027		44,100,500
	5,505,000	Alcoa, Inc., 5.950%, 2/01/2037		4,954,500
	5,804,000	Alcoa, Inc., 6.750%, 1/15/2028		5,978,120
	430,000	ArcelorMittal, 6.250%, 3/01/2021		387,804
	4,085,000	ArcelorMittal, 7.000%, 2/25/2022		3,717,350
	47,920,000	ArcelorMittal, 7.500%, 3/01/2041	��	38,575,600
	19,365,000	ArcelorMittal, 7.750%, 10/15/2039		15,782,475
	20,625,000	Barminco Finance Pty Ltd., 9.000%, 6/01/2018, 144A		15,004,687
	15,701,000	Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas, Inc., 6.500%, 11/15/2020		14,160,418
	4,612,000	United States Steel Corp., 6.650%, 6/01/2037		3,276,826
	31,210,000	United States Steel Corp., 7.000%, 2/01/2018		28,010,975
	3,655,000	Vale Overseas Ltd., 6.875%, 11/21/2036		2,869,541
	4,893,000	Worthington Industries, Inc., 6.500%, 4/15/2020		5,569,893
				213,816,288
		Midstream — 2.4%
	650,000	DCP Midstream LP, 6.450%, 11/03/2036, 144A		564,043
	3,328,000	Florida Gas Transmission Co., 7.900%, 5/15/2019, 144A		3,859,864
	14,300,000	IFM U.S. Colonial Pipeline 2 LLC, 6.450%, 5/01/2021, 144A		15,621,935
	14,660,000	Kinder Morgan Energy Partners LP, 3.500%, 9/01/2023		12,970,069
	3,105,000	Kinder Morgan Energy Partners LP, 5.300%, 9/15/2020		3,295,684
	7,461,000	Kinder Morgan Energy Partners LP, 5.800%, 3/01/2021		7,932,334
	303,000	Kinder Morgan Finance Co. LLC, 5.700%, 1/05/2016		306,130
	8,715,000	NGPL PipeCo LLC, 7.119%, 12/15/2017, 144A		8,279,250
	85,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		71,400
	46,655,000	ONEOK Partners LP, 4.900%, 3/15/2025		43,439,071
	9,899,000	Panhandle Eastern Pipeline Co., 6.200%, 11/01/2017		10,703,205

See accompanying notes to financial statements.

|  18

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Midstream — continued
$	47,594,000	Panhandle Eastern Pipeline Co., 7.000%, 6/15/2018	$	53,139,320
	1,404,000	Panhandle Eastern Pipeline Co., 8.125%, 6/01/2019		1,643,337
	1,880,000	Plains All American Pipeline LP, 6.125%, 1/15/2017		1,976,927
	15,683,000	Plains All American Pipeline LP/PAA Finance Corp., 6.500%, 5/01/2018		17,261,855
	525,000	Regency Energy Partners LP/Regency Energy Finance Corp., 4.500%, 11/01/2023		485,338
	4,125,000	Southern Natural Gas Co., 5.900%, 4/01/2017, 144A		4,344,454
	19,574,000	Texas Eastern Transmission LP, 6.000%, 9/15/2017, 144A		21,065,343
	8,405,000	Williams Partners LP, 3.350%, 8/15/2022		7,582,403
				214,541,962
		Mortgage Related — 0.0%
	29,399	FHLMC, 5.000%, 12/01/2031		32,570
	4,525	FNMA, 6.000%, 7/01/2029		5,157
				37,727
		Natural Gas — 0.4%
	1,745,000	NiSource Finance Corp., 6.125%, 3/01/2022		2,032,557
	8,900,000	NiSource Finance Corp., 6.400%, 3/15/2018		9,882,506
	21,614,000	NiSource Finance Corp., 6.800%, 1/15/2019		24,736,402
				36,651,465
		Non-Agency Commercial Mortgage-Backed Securities — 1.6%
	11,450,000	CDGJ Commercial Mortgage Trust Pass Through Certificates, Series 2014-BXCH, 2.707%, 12/15/2027, 144A(c)		11,379,571
	1,066,665	Column Canada Issuer Corp., Series 2006-WEM, Class A1, 4.591%, 1/15/2022, (CAD)		805,622
	3,514,000	Column Canada Issuer Corp., Series 2006-WEM, Class A2, 4.934%, 1/15/2022, (CAD)		2,701,870
	9,785,000	Commercial Mortgage Trust, Series 2014-FL5, Class SV3, 3.148%, 10/15/2031, 144A(b)(c)		9,764,882
	8,515,000	Commercial Mortgage Trust, Series 2014-FL5, Class SV4, 4.348%, 10/15/2031, 144A(b)(c)		8,508,512
	69,500,000	Extended Stay America Trust, Series 2013, Class 7-ESH7, 3.902%, 12/05/2031, 144A		69,912,204
	8,461,985	Institutional Mortgage Securities Canada, Inc., Series 2014-5A, Class A1, 2.003%, 7/12/2047, 144A, (CAD)		6,377,274
	27,000,000	Institutional Mortgage Securities Canada, Inc., Series 2014-5A, Class A2, 2.616%, 7/12/2047, 144A, (CAD)		20,627,029
	9,786,870	Morgan Stanley Re-REMIC Trust, Series 2009-GG10, Class A4B, 5.989%, 8/12/2045, 144A(c)		10,364,843
	2,125,000	WFRBS Commercial Mortgage Trust, Series 2011-C3, Class D, 5.724%, 3/15/2044, 144A(c)		2,254,102
				142,695,909
		Oil Field Services — 0.3%
	5,000,000	Nabors Industries, Inc., 5.100%, 9/15/2023		4,412,300
	23,338,000	Rowan Cos., Inc., 7.875%, 8/01/2019		23,146,208
	587,000	Transocean Ltd., 7.375%, 4/15/2018		557,650
				28,116,158

See accompanying notes to financial statements.

19  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Packaging — 0.1%
$	5,735,000	Sealed Air Corp., 5.500%, 9/15/2025, 144A	$	5,821,025
		Paper — 1.2%
	4,365,000	Celulosa Arauco y Constitucion S.A., 7.250%, 7/29/2019		4,972,097
	23,225,000	Georgia-Pacific LLC, 5.400%, 11/01/2020, 144A		26,024,960
	644,000	Georgia-Pacific LLC, 7.750%, 11/15/2029		860,738
	1,031,000	Georgia-Pacific LLC, 8.875%, 5/15/2031		1,481,501
	7,049,000	International Paper Co., 8.700%, 6/15/2038		9,475,033
	5,270,000	MeadWestvaco Corp., 7.550%, 3/01/2047(b)		6,678,508
	4,273,000	MeadWestvaco Corp., 8.200%, 1/15/2030		5,864,564
	26,007,000	Weyerhaeuser Co., 6.875%, 12/15/2033		30,979,617
	7,374,000	Weyerhaeuser Co., 7.375%, 10/01/2019		8,683,718
	13,539,000	Weyerhaeuser Co., 7.375%, 3/15/2032		17,017,372
				112,038,108
		Property & Casualty Insurance — 0.4%
	2,740,000	Fidelity National Financial, Inc., 5.500%, 9/01/2022		2,931,340
	9,038,000	Liberty Mutual Group, Inc., 6.500%, 3/15/2035, 144A		10,556,239
	3,250,000	Loews Corp., 2.625%, 5/15/2023		3,123,881
	1,889,000	MBIA Insurance Corp., 11.549%, 1/15/2033, 144A(c)(h)		859,495
	5,765,000	Old Republic International Corp., 4.875%, 10/01/2024		6,043,501
	7,609,000	Sirius International Group, 6.375%, 3/20/2017, 144A		7,948,803
	2,212,000	XLIT Ltd., 6.250%, 5/15/2027		2,635,724
	1,043,000	XLIT Ltd., 6.375%, 11/15/2024		1,236,450
				35,335,433
		Railroads — 0.1%
	9,787,000	Canadian Pacific Railway Co., 7.250%, 5/15/2019		11,474,700
	237,000	Missouri Pacific Railroad Co., 4.750%, 1/01/2030(b)		232,984
	1,701,000	Missouri Pacific Railroad Co., 5.000%, 1/01/2045(b)		1,566,386
	191,000	Missouri Pacific Railroad Co., Series A, 4.750%, 1/01/2020(b)		190,998
				13,465,068
		Real Estate Operations/Development — 0.4%
	10,276,000	First Industrial LP, 5.950%, 5/15/2017		10,903,319
	18,869,000	ProLogis LP, 7.375%, 10/30/2019		21,859,548
				32,762,867
		REITs – Apartments — 0.2%
	16,491,000	Camden Property Trust, 5.700%, 5/15/2017		17,557,473
		REITs – Diversified — 0.2%
	380,000	Duke Realty LP, 5.950%, 2/15/2017		402,865
	18,243,000	Duke Realty LP, 6.500%, 1/15/2018		20,046,448
				20,449,313
		REITs – Health Care — 0.1%
	5,972,000	Welltower, Inc., 6.500%, 3/15/2041		7,187,427
		REITs – Office Property — 0.4%
	20,817,000	Highwoods Properties, Inc., 5.850%, 3/15/2017		22,157,698

See accompanying notes to financial statements.

|  20

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		REITs – Office Property — continued
$	11,306,000	Highwoods Properties, Inc., 7.500%, 4/15/2018	$	12,735,587
				34,893,285
		REITs – Shopping Centers — 0.1%
	4,893,000	Equity One, Inc., 6.000%, 9/15/2017		5,275,422
		REITs – Single Tenant — 0.4%
	8,690,000	Realty Income Corp., 5.750%, 1/15/2021		9,821,255
	22,701,000	Realty Income Corp., 6.750%, 8/15/2019		26,279,200
				36,100,455
		Restaurants — 0.1%
	10,320,000	Darden Restaurants, Inc., 6.000%, 8/15/2035		10,366,450
		Retailers — 0.4%
	1,696,000	J.C. Penney Corp., Inc., 5.750%, 2/15/2018		1,632,400
	5,979,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		4,140,458
	5,446,000	J.C. Penney Corp., Inc., 7.625%, 3/01/2097		3,784,970
	10,467,000	Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027		12,770,284
	8,064,000	Marks & Spencer PLC, 7.125%, 12/01/2037, 144A		9,372,795
	3,755,000	Phillips-Van Heusen Corp., 7.750%, 11/15/2023		4,393,350
				36,094,257
		Sovereigns — 0.4%
	33,600,000	Republic of Iceland, 5.875%, 5/11/2022, 144A		38,265,226
		Supermarkets — 0.7%
	23,950,000	Albertson’s Holdings LLC/Safeway, Inc., 7.750%, 10/15/2022, 144A		25,663,622
	1,120,000	Delhaize Group, 5.700%, 10/01/2040		1,184,518
	3,269,000	Kroger Co. (The), 6.400%, 8/15/2017		3,560,157
	6,595,000	New Albertson’s, Inc., 7.450%, 8/01/2029		6,463,100
	7,875,000	New Albertson’s, Inc., 8.000%, 5/01/2031		7,717,500
	989,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		850,540
	17,290,000	SUPERVALU, Inc., 6.750%, 6/01/2021		16,771,300
				62,210,737
		Supranational — 0.3%
	9,640,000	European Investment Bank, MTN, 6.000%, 8/06/2020, (AUD)		7,761,900
	12,982,000	Inter-American Development Bank, EMTN, 6.000%, 12/15/2017, (NZD)		8,822,087
	58,420,000	International Finance Corp., GMTN, 5.000%, 12/21/2015, (BRL)		14,367,386
				30,951,373
		Technology — 1.6%
	4,335,000	Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		4,291,650
	1,028,000	Arrow Electronics, Inc., 6.875%, 6/01/2018		1,124,416
	1,507,000	Avnet, Inc., 6.625%, 9/15/2016		1,576,117
	7,487,000	Corning, Inc., 7.250%, 8/15/2036		9,170,242
	7,051,000	Equifax, Inc., 7.000%, 7/01/2037		8,221,988
	70,969,000	Ingram Micro, Inc., 5.250%, 9/01/2017		74,980,949
	7,795,000	Intuit, Inc., 5.750%, 3/15/2017		8,247,180
	16,735,000	KLA-Tencor Corp., 5.650%, 11/01/2034		16,273,683

See accompanying notes to financial statements.

21  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Technology — continued
$	1,502,000	Motorola Solutions, Inc., 6.625%, 11/15/2037	$	1,572,179
	1,833,000	Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		2,330,817
	5,603,000	Tyco Electronics Group S.A., 6.550%, 10/01/2017		6,139,801
	561,000	Xerox Corp., 6.350%, 5/15/2018		619,281
	7,110,000	Xerox Corp., 6.750%, 2/01/2017		7,568,538
				142,116,841
		Transportation Services — 0.8%
	8,436,000	Erac USA Finance Co., 6.375%, 10/15/2017, 144A		9,212,264
	2,824,000	Erac USA Finance Co., 6.700%, 6/01/2034, 144A		3,386,131
	47,741,000	Erac USA Finance Co., 7.000%, 10/15/2037, 144A		59,367,461
				71,965,856
		Treasuries — 25.6%
	372,145,000	Canadian Government, 0.250%, 5/01/2017, (CAD)		277,640,527
	312,405,000	Canadian Government, 1.000%, 8/01/2016, (CAD)		235,032,968
	209,501,000	Canadian Government, 1.250%, 9/01/2018, (CAD)		160,161,120
	61,795,000	Canadian Government, 1.750%, 9/01/2019, (CAD)		48,231,125
	90,055,000	Canadian Government, 2.750%, 9/01/2016, (CAD)		68,853,441
	156,655,000	Canadian Government, 3.000%, 12/01/2015, (CAD)		117,865,133
	4,159,000	Canadian Government, 4.000%, 6/01/2016, (CAD)		3,188,390
	2,755,000(†††)	Mexican Fixed Rate Bonds, Series M, 7.750%, 5/29/2031, (MXN)		18,106,528
	2,965,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 7.500%, 6/03/2027, (MXN)		19,135,737
	7,555,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		50,362,183
	1,925,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.500%, 5/31/2029, (MXN)		13,437,718
	23,970,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 10.000%, 12/05/2024, (MXN)		180,623,703
	36,850,000	New Zealand Government Bond, 5.000%, 3/15/2019, (NZD)		25,389,311
	109,763,000	New Zealand Government Bond, 6.000%, 12/15/2017, (NZD)		75,364,520
	290,574,000	Norway Government Bond, 3.750%, 5/25/2021, 144A, (NOK)		39,262,714
	974,276,000	Norway Government Bond, 4.250%, 5/19/2017, 144A, (NOK)		121,315,284
	416,760,000	Norway Government Bond, 4.500%, 5/22/2019, 144A, (NOK)		55,668,194
	43,590,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)		8,191,336
	23,848,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		4,872,463
	1,040,764,000	Republic of Iceland, 6.000%, 10/13/2016, (ISK)		5,528,935
	391,985,000	Republic of Iceland, 7.250%, 10/26/2022, (ISK)		2,252,358
	1,195,394,000	Republic of Iceland, 8.750%, 2/26/2019, (ISK)		6,875,097
	132,105,000	U.S. Treasury Note, 0.375%, 3/31/2016		132,234,067
	110,000,000	U.S. Treasury Note, 0.375%, 4/30/2016		110,104,610
	125,000,000	U.S. Treasury Note, 0.500%, 6/30/2016		125,214,875
	250,000,000	U.S. Treasury Note, 0.500%, 1/31/2017		250,097,750
	150,000,000	U.S. Treasury Note, 0.500%, 3/31/2017		149,974,650
				2,304,984,737
		Wireless — 0.5%
	559,910,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		31,561,159
	58,200,000	America Movil SAB de CV, 8.460%, 12/18/2036, (MXN)		3,317,661
	6,373,000	Sprint Capital Corp., 6.875%, 11/15/2028		4,572,627
	612,000	Sprint Capital Corp., 8.750%, 3/15/2032		475,830
	1,609,000	Sprint Communications, Inc., 6.000%, 11/15/2022		1,210,773

See accompanying notes to financial statements.

|  22

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Wireless — continued
$	985,000	Sprint Corp., 7.125%, 6/15/2024	$	758,056
				41,896,106
		Wirelines — 4.7%
	33,710,000	AT&T, Inc., 2.625%, 12/01/2022		32,043,681
	26,815,000	AT&T, Inc., 3.000%, 2/15/2022		26,316,536
	406,000	Bell Canada, MTN, 7.300%, 2/23/2032, (CAD)		391,230
	2,936,000	BellSouth Telecommunications LLC, 5.850%, 11/15/2045		2,872,259
	62,040,000	CenturyLink, Inc., 6.450%, 6/15/2021		56,766,600
	4,990,000	CenturyLink, Inc., Series G, 6.875%, 1/15/2028		4,116,750
	2,708,000	CenturyLink, Inc., Series P, 7.600%, 9/15/2039		2,051,310
	24,103,000	Embarq Corp., 7.995%, 6/01/2036		24,863,691
	825,000	Level 3 Financing, Inc., 7.000%, 6/01/2020		853,875
	5,200,000	Oi S.A., 9.750%, 9/15/2016, 144A, (BRL)		882,472
	8,450,000	Portugal Telecom International Finance BV, EMTN, 4.500%, 6/16/2025, (EUR)		5,547,191
	18,850,000	Portugal Telecom International Finance BV, EMTN, 5.000%, 11/04/2019, (EUR)		16,125,398
	2,755,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		2,327,975
	4,370,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		4,610,350
	3,469,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		3,191,480
	333,000	Qwest Corp., 6.500%, 6/01/2017		355,544
	12,308,000	Qwest Corp., 6.875%, 9/15/2033		11,882,956
	4,668,000	Qwest Corp., 7.200%, 11/10/2026		4,675,936
	9,077,000	Qwest Corp., 7.250%, 9/15/2025		10,126,564
	9,474,000	Qwest Corp., 7.250%, 10/15/2035		9,380,302
	46,411,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		42,930,175
	23,660,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		22,654,450
	525,000	Telefonica Emisiones SAU, 5.134%, 4/27/2020		578,555
	975,000	Telefonica Emisiones SAU, 5.462%, 2/16/2021		1,089,428
	14,375,000	Telefonica Emisiones SAU, 7.045%, 6/20/2036		16,857,864
	4,100,000	Telefonica Emisiones SAU, EMTN, 5.289%, 12/09/2022, (GBP)		6,847,061
	9,100,000	Telefonica Emisiones SAU, EMTN, 5.375%, 2/02/2026, (GBP)		15,364,062
	14,137,000	Telus Corp., 4.950%, 3/15/2017, (CAD)		11,071,141
	54,665,000	Telus Corp., Series CG, 5.050%, 12/04/2019, (CAD)		45,388,950
	32,509,000	Verizon Communications, Inc., 2.450%, 11/01/2022		30,699,614
	2,642,000	Verizon New England, Inc., 7.875%, 11/15/2029		3,377,633
	2,095,000	Verizon Pennsylvania, Inc., 6.000%, 12/01/2028		2,284,195
				418,525,228
		Total Non-Convertible Bonds (Identified Cost $8,084,712,233)		7,890,469,635
	Convertible Bonds — 4.8%
		Consumer Products — 0.1%
	3,905,000	Euronet Worldwide, Inc., 1.500%, 10/01/2044, 144A		4,776,303
		Midstream — 0.4%
	45,925,000	Chesapeake Energy Corp., 2.500%, 5/15/2037		39,495,500

See accompanying notes to financial statements.

23  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Property & Casualty Insurance — 0.9%
$	72,915,000	Old Republic International Corp., 3.750%, 3/15/2018	$	84,216,825
		Technology — 3.4%
	35,120,000	Intel Corp., 2.950%, 12/15/2035		42,648,850
	137,016,000	Intel Corp., 3.250%, 8/01/2039		206,722,890
	11,515,000	Lam Research Corp., Series B, 1.250%, 5/15/2018		14,436,931
	367,170	Liberty Media LLC, 3.500%, 1/15/2031		328,335
	45,525,000	Priceline Group, Inc. (The), 0.900%, 9/15/2021, 144A		44,756,766
				308,893,772
		Total Convertible Bonds (Identified Cost $343,436,993)		437,382,400
	Municipals — 1.0%
		District of Columbia — 0.2%
	14,680,000	Metropolitan Washington Airports Authority, 7.462%, 10/01/2046		18,891,398
		Illinois — 0.6%
	24,640,000	State of Illinois, 5.100%, 6/01/2033		23,082,752
	33,395,000	State of Illinois, Series B, 5.520%, 4/01/2038		29,657,098
				52,739,850
		Michigan — 0.0%
	2,275,000	Michigan Tobacco Settlement Finance Authority Taxable Turbo, Series A, 7.309%, 6/01/2034		1,973,904
		Ohio — 0.1%
	5,075,000	Buckeye Tobacco Settlement Financing Authority, Series A-2, 5.875%, 6/01/2047		4,186,165
		Virginia — 0.1%
	13,605,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046		10,435,987
		Total Municipals (Identified Cost $87,760,418)		88,227,304
		Total Bonds and Notes (Identified Cost $8,515,909,644)		8,416,079,339
	Senior Loans — 0.5%
		Finance Companies — 0.4%
	19,990,283	AWAS Finance Luxembourg 2012 S.A., New Term Loan, 3.500%, 7/16/2018(c)		19,877,937
	13,390,562	AWAS Finance Luxembourg S.A.R.L., Term Loan B, 3.500%, 6/10/2016(c)		13,332,045
				33,209,982
		Supermarkets — 0.1%
	9,003,549	Supervalu, Inc., Refi Term Loan B, 4.500%, 3/21/2019(c)		9,007,331
		Total Senior Loans (Identified Cost $42,376,679)		42,217,313

See accompanying notes to financial statements.

|  24

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Investment Grade Bond Fund – (continued)

Shares		Description	Value (†)
	Common Stocks — 3.9%
		Automobiles — 0.6%
	4,063,816	Ford Motor Co.	$	55,145,983
		Electronic Equipment, Instruments & Components — 3.3%
	17,550,000	Corning, Inc.		300,456,000
		Total Common Stocks (Identified Cost $261,481,587)		355,601,983
	Preferred Stocks — 0.2%
		Metals & Mining — 0.0%
	340,285	ArcelorMittal, 6.000%		2,797,143
		Midstream — 0.0%
	43,031	Chesapeake Energy Corp., 5.000%		2,167,686
		REITs – Diversified — 0.2%
	258,873	Weyerhaeuser Co., Series A, 6.375%		12,350,831
		Total Preferred Stocks (Identified Cost $25,066,559)		17,315,660
Principal Amount (‡)
	Short-Term Investments — 0.6%
$	51,756,899	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2015 at 0.010% to be repurchased at $51,756,913 on 10/01/2015 collateralized by $3,825,000 U.S. Treasury Note, 1.750% due 3/31/2022 valued at $3,825,000; $28,470,000 U.S. Treasury Note, 0.625% due 9/30/2017 valued at $28,434,413; $20,435,000 U.S. Treasury Note, 1.375% due 5/31/2020 valued at $20,537,175 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $51,756,899)		51,756,899
		Total Investments — 98.8% (Identified Cost $8,896,591,368)(a)		8,882,971,194
		Other assets less liabilities — 1.2%		105,810,163
		Net Assets — 100.0%	$	8,988,781,357
	(‡)	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:
		At September 30, 2015, the net unrealized depreciation on investments based on a cost of $9,009,882,985 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	$	669,480,642
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(796,392,433	)
		Net unrealized depreciation	$	(126,911,791	)

See accompanying notes to financial statements.

25  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Investment Grade Bond Fund – (continued)

(b)	Illiquid security. At September 30, 2015, the value of these securities amounted to $155,438,752 or 1.7% of net assets. Illiquid securities are deemed to be fair valued pursuant to the Fund’s pricing policies and procedures. See Note 2 of Notes to Financial Statements.
(c)	Variable rate security. Rate as of September 30, 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 September 30, 2015, interest payments were made in additional debt securities.
(g)	Fair valued by the Fund’s adviser. At September 30, 2015, the value of this security amounted to $540,799 or less than 0.1% of net assets. See Note 2 of Notes to Financial Statements.
(h)	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 September 30, 2015, the value of Rule 144A holdings amounted to $1,492,171,361 or 16.6% 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
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar

See accompanying notes to financial statements.

|  26

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Investment Grade Bond Fund – (continued)

Industry Summary at September 30, 2015

Treasuries	25.6	%
Banking	14.4
Technology	5.0
Finance Companies	4.9
Wirelines	4.7
Electronic Equipment, Instruments & Components	3.3
Midstream	2.8
ABS Other	2.7
Airlines	2.5
Metals & Mining	2.4
Electric	2.4
Local Authorities	2.0
Other Investments, less than 2% each	25.5
Short-Term Investments	0.6
Total Investments	98.8
Other assets less liabilities	1.2
Net Assets	100.0	%

Currency Exposure Summary at September 30, 2015

United States Dollar	71.8	%
Canadian Dollar	12.3
New Zealand Dollar	4.4
Mexican Peso	3.7
Australian Dollar	2.8
Norwegian Krone	2.3
Other, less than 2% each	1.5
Total Investments	98.8
Other assets less liabilities	1.2
Net Assets	100.0	%

See accompanying notes to financial statements.

27  |

Statement of Assets and Liabilities

September 30, 2015

ASSETS
Investments at cost	$	8,896,591,368
Net unrealized depreciation		(13,620,174	)
Investments at value		8,882,971,194
Cash		2,183,604
Foreign currency at value (identified cost $17,235,815)		17,406,361
Receivable for Fund shares sold		13,960,673
Receivable for securities sold		14,411,371
Dividends and interest receivable		98,676,750
TOTAL ASSETS		9,029,609,953
LIABILITIES
Payable for Fund shares redeemed		36,241,048
Management fees payable (Note 5)		3,011,770
Deferred Trustees’ fees (Note 5)		568,359
Administrative fees payable (Note 5)		327,306
Payable to distributor (Note 5d)		144,296
Other accounts payable and accrued expenses		535,817
TOTAL LIABILITIES		40,828,596
NET ASSETS	$	8,988,781,357
NET ASSETS CONSIST OF:
Paid-in capital	$	8,979,738,233
Distributions in excess of net investment income		(38,523,098	)
Accumulated net realized gain on investments and foreign currency transactions		62,269,869
Net unrealized depreciation on investments and foreign currency translations		(14,703,647	)
NET ASSETS	$	8,988,781,357

See accompanying notes to financial statements.

|  28

Statement of Assets and Liabilities (continued)

September 30, 2015

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	1,628,215,572
Shares of beneficial interest		146,640,671
Net asset value and redemption price per share	$	11.10
Offering price per share (100/95.50 of net asset value) (Note 1)	$	11.62
Class B shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	136,543
Shares of beneficial interest		12,352
Net asset value and offering price per share	$	11.05
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	1,219,686,844
Shares of beneficial interest		110,888,150
Net asset value and offering price per share	$	11.00

Class N shares:
Net assets	$	21,850,818
Shares of beneficial interest		1,967,524
Net asset value, offering and redemption price per share	$	11.11
Class Y shares:
Net assets	$	6,081,536,345
Shares of beneficial interest		547,344,600
Net asset value, offering and redemption price per share	$	11.11
Admin Class shares:
Net assets	$	37,355,235
Shares of beneficial interest		3,371,231
Net asset value, offering and redemption price per share	$	11.08

See accompanying notes to financial statements.

29  |

Statement of Operations

For the Year Ended September 30, 2015

INVESTMENT INCOME
Interest	$	429,804,226
Dividends		11,546,121
		441,350,347
Expenses
Management fees (Note 5)		41,910,112
Service and distribution fees (Note 5)		19,326,303
Administrative fees (Note 5)		4,468,550
Trustees’ fees and expenses (Note 5)		157,880
Transfer agent fees and expenses (Notes 5 and 6)		12,394,235
Audit and tax services fees		68,045
Custodian fees and expenses		522,959
Legal fees		120,796
Registration fees		329,933
Shareholder reporting expenses		730,540
Miscellaneous expenses		198,927
Total expenses		80,228,280
Less waiver and/or expense reimbursement (Note 5)		(476	)
Net expenses		80,227,804
Net investment income		361,122,543
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		9,927,890
Foreign currency transactions		(7,626,844	)
Net change in unrealized appreciation (depreciation) on:
Investments		(838,142,132	)
Foreign currency translations		298,597
Net realized and unrealized loss on investments and foreign currency transactions		(835,542,489	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(474,419,946	)

See accompanying notes to financial statements.

|  30

Statement of Changes in Net Assets

	Year Ended September 30, 2015			Year Ended September 30, 2014
FROM OPERATIONS:
Net investment income	$	361,122,543		$	381,334,880
Net realized gain on investments and foreign currency transactions		2,301,046			165,435,720
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(837,843,535	)		37,179,796
Net increase (decrease) in net assets resulting from operations		(474,419,946	)		583,950,396
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(56,457,196	)		(97,103,740	)
Class B		(75,127	)		(240,518	)
Class C		(32,106,690	)		(55,536,557	)
Class N		(471,295	)		(146,112	)
Class Y		(223,960,105	)		(267,549,875	)
Admin Class		(810,779	)		(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		(69,414,542	)		(149,212,926	)
Admin Class		(286,059	)		(529,493	)
Total distributions		(417,650,582	)		(675,556,957	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 10)		(525,645,130	)		159,293,101
Net increase (decrease) in net assets		(1,417,715,658	)		67,686,540
NET ASSETS
Beginning of the year		10,406,497,015			10,338,810,475
End of the year	$	8,988,781,357		$	10,406,497,015
UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME	$	(38,523,098	)	$	17,386,896

See accompanying notes to financial statements.

31  |

Financial Highlights

For a share outstanding throughout each period.

	Class A
	Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of the period	$	12.11		$	12.22		$	12.76		$	12.12		$	12.56
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.40			0.46			0.48			0.51			0.57
Net realized and unrealized gain (loss)		(0.95	)		0.26			(0.30	)		0.86			(0.15	)
Total from Investment Operations		(0.55	)		0.72			0.18			1.37			0.42
LESS DISTRIBUTIONS FROM:
Net investment income		(0.34	)		(0.51	)		(0.60	)		(0.62	)		(0.60	)
Net realized capital gains		(0.12	)		(0.32	)		(0.12	)		(0.11	)		(0.26	)
Total Distributions		(0.46	)		(0.83	)		(0.72	)		(0.73	)		(0.86	)
Net asset value, end of the period	$	11.10		$	12.11		$	12.22		$	12.76		$	12.12
Total return(b)		(4.72	)%		6.04	%		1.34	%		11.74	%		3.47	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,628,216		$	1,932,847		$	2,431,718		$	2,960,119		$	2,705,810
Net expenses		0.83	%		0.83	%		0.83	%		0.84	%		0.81	%
Gross expenses		0.83	%		0.83	%		0.83	%		0.84	%		0.81	%
Net investment income		3.38	%		3.75	%		3.85	%		4.17	%		4.56	%
Portfolio turnover rate		23	%		19	%		30	%		19	%		19	%

(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.

See accompanying notes to financial statements.

|  32

Financial Highlights (continued)

For a share outstanding throughout each period.

	Class B
	Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of the period	$	12.04		$	12.16		$	12.70		$	12.06		$	12.50
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.31			0.37			0.39			0.42			0.47
Net realized and unrealized gain (loss)		(0.94	)		0.24			(0.31	)		0.86			(0.14	)
Total from Investment Operations		(0.63	)		0.61			0.08			1.28			0.33
LESS DISTRIBUTIONS FROM:
Net investment income		(0.24	)		(0.41	)		(0.50	)		(0.53	)		(0.51	)
Net realized capital gains		(0.12	)		(0.32	)		(0.12	)		(0.11	)		(0.26	)
Total Distributions		(0.36	)		(0.73	)		(0.62	)		(0.64	)		(0.77	)
Net asset value, end of the period	$	11.05		$	12.04		$	12.16		$	12.70		$	12.06
Total return(b)		(5.46	)%		5.17	%		0.57	%		10.96	%		2.70	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	137		$	5,220		$	7,972		$	12,507		$	13,549
Net expenses		1.58	%		1.58	%		1.58	%		1.59	%		1.56	%
Gross expenses		1.58	%		1.58	%		1.58	%		1.59	%		1.56	%
Net investment income		2.58	%		3.02	%		3.09	%		3.42	%		3.81	%
Portfolio turnover rate		23	%		19	%		30	%		19	%		19	%

(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.

See accompanying notes to financial statements.

33  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Class C
	Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of the period	$	12.00		$	12.11		$	12.66		$	12.03		$	12.47
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.31			0.36			0.39			0.42			0.47
Net realized and unrealized gain (loss)		(0.94	)		0.27			(0.32	)		0.85			(0.14	)
Total from Investment Operations		(0.63	)		0.63			0.07			1.27			0.33
LESS DISTRIBUTIONS FROM:
Net investment income		(0.25	)		(0.42	)		(0.50	)		(0.53	)		(0.51	)
Net realized capital gains		(0.12	)		(0.32	)		(0.12	)		(0.11	)		(0.26	)
Total Distributions		(0.37	)		(0.74	)		(0.62	)		(0.64	)		(0.77	)
Net asset value, end of the period	$	11.00		$	12.00		$	12.11		$	12.66		$	12.03
Total return(b)		(5.40	)%		5.29	%		0.50	%		10.91	%		2.71	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,219,687		$	1,524,806		$	1,746,822		$	2,281,142		$	2,091,834
Net expenses		1.58	%		1.58	%		1.58	%		1.59	%		1.56	%
Gross expenses		1.58	%		1.58	%		1.58	%		1.59	%		1.56	%
Net investment income		2.63	%		3.00	%		3.10	%		3.42	%		3.81	%
Portfolio turnover rate		23	%		19	%		30	%		19	%		19	%

(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.

See accompanying notes to financial statements.

|  34

Financial Highlights (continued)

For a share outstanding throughout each period.

	Class N
	Year Ended September 30, 2015			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)		0.44			0.50			0.34
Net realized and unrealized gain (loss)		(0.93	)		0.26			(0.46	)
Total from Investment Operations		(0.49	)		0.76			(0.12	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.39	)		(0.55	)		(0.32	)
Net realized capital gains		(0.12	)		(0.32	)		—
Total Distributions		(0.51	)		(0.87	)		(0.32	)
Net asset value, end of the period	$	11.11		$	12.11		$	12.22
Total return		(4.28	)%		6.41	%		(0.95	)%(b)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	21,851		$	6,101		$	41
Net expenses		0.47	%		0.47	%(c)		0.65	%(d)(e)
Gross expenses		0.47	%		0.47	%(c)		0.78	%(e)
Net investment income		3.78	%		4.07	%		4.18	%(e)
Portfolio turnover rate		23	%		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. Periods less than one year are not annualized.

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

(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.

35  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Class Y
	Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of the period	$	12.12		$	12.23		$	12.77		$	12.13		$	12.56
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.43			0.49			0.52			0.54			0.60
Net realized and unrealized gain (loss)		(0.95	)		0.26			(0.31	)		0.86			(0.14	)
Total from Investment Operations		(0.52	)		0.75			0.21			1.40			0.46
LESS DISTRIBUTIONS FROM:
Net investment income		(0.37	)		(0.54	)		(0.63	)		(0.65	)		(0.63	)
Net realized capital gains		(0.12	)		(0.32	)		(0.12	)		(0.11	)		(0.26	)
Total Distributions		(0.49	)		(0.86	)		(0.75	)		(0.76	)		(0.89	)
Net asset value, end of the period	$	11.11		$	12.12		$	12.23		$	12.77		$	12.13
Total return		(4.47	)%		6.30	%		1.60	%		12.01	%		3.81	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	6,081,536		$	6,911,938		$	6,130,700		$	6,817,911		$	4,887,742
Net expenses		0.58	%		0.59	%		0.58	%		0.59	%		0.56	%
Gross expenses		0.58	%		0.59	%		0.58	%		0.59	%		0.56	%
Net investment income		3.63	%		3.99	%		4.11	%		4.41	%		4.81	%
Portfolio turnover rate		23	%		19	%		30	%		19	%		19	%

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

See accompanying notes to financial statements.

|  36

Financial Highlights (continued)

For a share outstanding throughout each period.

	Admin Class
	Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of the period	$	12.09		$	12.20		$	12.74		$	12.11		$	12.55
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.37			0.43			0.45			0.48			0.54
Net realized and unrealized gain (loss)		(0.95	)		0.26			(0.30	)		0.85			(0.15	)
Total from Investment Operations		(0.58	)		0.69			0.15			1.33			0.39
LESS DISTRIBUTIONS FROM:
Net investment income		(0.31	)		(0.48	)		(0.57	)		(0.59	)		(0.57	)
Net realized capital gains		(0.12	)		(0.32	)		(0.12	)		(0.11	)		(0.26	)
Total Distributions		(0.43	)		(0.80	)		(0.69	)		(0.70	)		(0.83	)
Net asset value, end of the period	$	11.08		$	12.09		$	12.20		$	12.74		$	12.11
Total return		(4.95	)%		5.79	%		1.10	%		11.41	%		3.26	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	37,355		$	25,585		$	21,557		$	15,968		$	5,967
Net expenses		1.08	%		1.09	%		1.08	%		1.09	%		1.07	%
Gross expenses		1.08	%		1.09	%		1.08	%		1.09	%		1.07	%
Net investment income		3.14	%		3.49	%		3.62	%		3.89	%		4.32	%
Portfolio turnover rate		23	%		19	%		30	%		19	%		19	%

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

See accompanying notes to financial statements.

37  |

Notes to Financial Statements

September 30, 2015

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.

See Note 11 for changes that take effect subsequent to September 30, 2015.

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, for 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.

|  38

Notes to Financial Statements (continued)

September 30, 2015

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 year-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, except as disclosed in Note 11.

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.

39  |

Notes to Financial Statements (continued)

September 30, 2015

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 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.

As of September 30, 2015, securities of the Fund included in net assets (reflected at absolute value) were fair valued as follows:

Illiquid securities1	Percentage of Net Assets		Other fair valued securities2		Percentage of Net Assets
$155,438,752		1.7%	$	540,799		Less than 0.1%

¹  Illiquid securities are deemed to be fair valued pursuant to the Fund’s pricing policies and procedures.

²  Fair valued by the Fund’s adviser.

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. 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

|  40

Notes to Financial Statements (continued)

September 30, 2015

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 dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains 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. For federal income tax purposes, net realized foreign exchange gains or losses are 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 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.

During the year ended September 30, 2015, the amount of income available to be distributed by the Fund was reduced by $127,094,662 as a result of losses arising from changes in exchange rates.

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

d.  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

41  |

Notes to Financial Statements (continued)

September 30, 2015

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 year ended September 30, 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 September 30, 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 twelve 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 where reclaims have been or will be filed 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

|  42

Notes to Financial Statements (continued)

September 30, 2015

tax purposes of items such as foreign currency gains and losses, paydown gains and losses, capital gain distributions received, premium amortization, deferred Trustees’ fees, contingent payment debt instruments and convertible bonds. 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, convertible bonds, defaulted and/or non-income producing securities, premium amortization and contingent payment debt instruments. 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 years ended September 30, 2015 and 2014 was as follows:

2015 Distributions Paid From:			2014 Distributions Paid From:
Ordinary Income	Long-Term Capital Gains	Total	Ordinary Income	Long-Term Capital Gains	Total
$313,881,192	$103,769,390	$417,650,582	$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.

As of September 30, 2015, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	31,760,997
Undistributed long-term capital gains		97,186,598
Total undistributed earnings		128,947,595
Unrealized appreciation/(depreciation)
Investments		461,702,545
Foreign currency translations		(580,295,234	)
Total unrealized depreciation		(118,592,689	)
Total accumulated earnings	$	10,354,906

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

43  |

Notes to Financial Statements (continued)

September 30, 2015

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 September 30, 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 year ended September 30, 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 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;

|  44

Notes to Financial Statements (continued)

September 30, 2015

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

45  |

Notes to Financial Statements (continued)

September 30, 2015

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2015, at value:

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—	$	141,630,496	$	101,483,141	(b)	$	243,113,637
Finance Companies		1,070,381		402,139,681		—			403,210,062
Metals & Mining		—		213,275,489		540,799	(c)		213,816,288
Non-Agency Commercial Mortgage-Backed Securities		—		124,422,515		18,273,394	(b)		142,695,909
All Other Non-Convertible Bonds(a)		—	$	6,887,633,739		—			6,887,633,739
Total Non-Convertible Bonds		1,070,381		7,769,101,920		120,297,334			7,890,469,635
Convertible Bonds(a)		—		437,382,400		—			437,382,400
Municipals(a)		—		88,227,304		—			88,227,304
Total Bonds and Notes		1,070,381		8,294,711,624		120,297,334			8,416,079,339
Senior Loans(a)		—		42,217,313		—			42,217,313
Common Stocks(a)		355,601,983		—		—			355,601,983
Preferred Stocks(a)		15,147,974		2,167,686		—			17,315,660
Short-Term Investments		—		51,756,899		—			51,756,899
Total	$	371,820,338	$	8,390,853,522	$	120,297,334		$	8,882,971,194

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

(b) Valued using broker-dealer bid prices.

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

A preferred stock valued at $4,217,042 was transferred from Level 1 to Level 2 during the period ended September 30, 2015. At September 30, 2014, this security was valued at the last sale price. At September 30, 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 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 September 30, 2015:

|  46

Notes to Financial Statements (continued)

September 30, 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	$	121,211,469	$	—	$	20,377	$	35,613		$	—
Airlines		272,473,977		—		4,108,302		(5,395,161	)		—
Metals & Mining		1,720,500		16,708		376		(537,732	)		1,624,375
Non-Agency Commercial Mortgage-Backed Securities		—		—		—		(58,786	)		18,332,180
Total	$	395,405,946	$	16,708	$	4,129,055	$	(5,956,066	)	$	19,956,555

Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of September 30, 2015		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at September 30, 2015
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	(4,700,590	)	$	—	$	(15,083,728	)	$	101,483,141	$	344,658
Airlines		(35,406,107	)		—		(235,781,011	)		—		—
Metals & Mining		(2,283,428	)		—		—			540,799		(1,091,448	)
Non-Agency Commercial Mortgage-Backed Securities		—			—		—			18,273,394		(58,786	)
Total	$	(42,390,125	)	$	—	$	(250,864,739	)	$	120,297,334	$	(805,576	)

Debt securities valued at $250,864,739 were transferred from Level 3 to Level 2 during the period ended September 30, 2015. At September 30, 2014, these securities were

47  |

Notes to Financial Statements (continued)

September 30, 2015

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 September 30, 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.

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

4.  Purchases and Sales of Securities.  For the year ended September 30, 2015, purchases and sales of securities (excluding short-term investments and U.S. Government/Agency securities and including paydowns) were $1,338,616,577 and $1,399,732,791, respectively. Purchases and sales of U.S. Government/Agency securities (excluding short-term investments and including paydowns) were $1,024,871,539 and $1,151,798,143, respectively.

5.  Management Fees and Other Transactions with Affiliates.

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

Loomis Sayles has given a binding undertaking to the Fund to waive management fees and/or reimburse certain expenses to limit the Fund’s operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes, organizational and extraordinary expenses such as litigation and indemnification expenses. This undertaking is in effect until January 31, 2016, may be terminated before then only with the consent of the Fund’s Board of Trustees, 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 year ended September 30, 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.

|  48

Notes to Financial Statements (continued)

September 30, 2015

For the year ended September 30, 2015, the management fees for the Fund were $41,910,112 (effective rate of 0.40% of average daily net assets).

No expenses were recovered during the year ended September 30, 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 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.

49  |

Notes to Financial Statements (continued)

September 30, 2015

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 year ended September 30, 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
$4,799,919	$	6,327	$	3,585,436	$	79,665	$	18,982	$	10,756,309	$	79,665

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 year ended September 30, 2015, the administrative fees for the Fund were $4,468,550.

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 of Trustees, 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 year ended September 30, 2015, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statement of Operations) for the Fund were $11,946,647.

|  50

Notes to Financial Statements (continued)

September 30, 2015

As of September 30, 2015, the Fund owes NGAM Distribution $144,296 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 $267,772 for the year ended September 30, 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 of Trustees 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, the chairperson of the Contract Review Committee and the chairperson of the Audit Committee each receive 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, Loomis Sayles Funds Trusts and Gateway Trust 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.

51  |

Notes to Financial Statements (continued)

September 30, 2015

g.  Affiliated Ownership.  As of September 30, 2015, Loomis Sayles Employees’ Profit Sharing Retirement Plan held shares of the Fund representing 0.07% 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 year ended September 30, 2015, NGAM Advisors reimbursed the Fund $476 for transfer agency expenses related to Class N shares.

6.  Class-Specific Transfer Agent Fees and Expenses.  For the year ended September 30, 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	$	2,274,758	$	2,935	$	1,698,450	$	476	$	8,379,683	$	37,933

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 $150,000,000 committed unsecured line of credit provided by State Street Bank. 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). 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 0.15% 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 year ended September 30, 2015, the Fund had no borrowings under this agreement.

Prior to April 16, 2015, the committed unsecured line of credit was $200,000,000 with an individual limit of $125,000,000 for each Fund that participated in the line of credit. In addition, the commitment fee was 0.10% per annum, payable at the end of each calendar quarter.

|  52

Notes to Financial Statements (continued)

September 30, 2015

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 September 30, 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		18.48%		0.07%		18.55%

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.

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:

	Year Ended September 30, 2015						Year Ended September 30, 2014
	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		50,766,517		$	600,413,342			61,980,287		$	757,402,370
Issued in connection with the reinvestment of distributions		5,370,833			63,307,123			11,402,236			137,522,730
Redeemed		(69,121,484	)		(805,049,363	)		(112,771,964	)		(1,382,727,194	)
Net change		(12,984,134	)	$	(141,328,898	)		(39,389,441	)	$	(487,802,094	)
Class B
Issued from the sale of shares		2,376		$	27,982			12,684		$	152,583
Issued in connection with the reinvestment of distributions		6,685			78,892			22,585			270,690
Redeemed		(430,116	)		(5,024,441	)		(257,679	)		(3,138,970	)
Net change		(421,055	)	$	(4,917,567	)		(222,410	)	$	(2,715,697	)

53  |

Notes to Financial Statements (continued)

September 30, 2015

10.  Capital Shares (continued).

	Year Ended September 30, 2015						Year Ended September 30, 2014
	Shares			Amount			Shares			Amount
Class C
Issued from the sale of shares		12,852,371		$	151,180,866			13,814,441		$	167,086,533
Issued in connection with the reinvestment of distributions		2,611,403			30,561,859			5,186,123			61,978,474
Redeemed		(31,658,857	)		(365,540,475	)		(36,110,742	)		(436,564,015	)
Net change		(16,195,083	)	$	(183,797,750	)		(17,110,178	)	$	(207,499,008	)
Class N
Issued from the sale of shares		1,864,131		$	22,024,796			549,445		$	6,730,576
Issued in connection with the reinvestment of distributions		46,286			540,713			17,975			217,415
Redeemed		(446,650	)		(5,162,629	)		(67,008	)		(816,584	)
Net change		1,463,767		$	17,402,880			500,412		$	6,131,407
Class Y
Issued from the sale of shares		185,813,381		$	2,194,472,200			207,507,155		$	2,542,512,176
Issued in connection with the reinvestment of distributions		22,378,908			263,725,134			30,655,508			370,436,791
Redeemed		(231,275,254	)		(2,685,801,589	)		(169,118,479	)		(2,066,048,547	)
Net change		(23,082,965	)	$	(227,604,255	)		69,044,184		$	846,900,420
Admin Class
Issued from the sale of shares		2,406,562		$	28,067,886			1,285,768		$	15,672,285
Issued in connection with the reinvestment of distributions		43,693			512,939			46,748			562,942
Redeemed		(1,195,940	)		(13,980,365	)		(982,879	)		(11,957,154	)
Net change		1,254,315		$	14,600,460			349,637		$	4,278,073
Increase (decrease) from capital share transactions		(49,965,155	)	$	(525,645,130	)		13,172,204		$	159,293,101

11.  Subsequent Event.  On September 10, 2015, the Board of Trustees approved the following changes: (i) the early conversion of all of the Fund’s remaining Class B shares into Class A shares, effective at the close of business on January 11, 2016, (ii) a reduction of the maximum sales charge on purchases of Class A shares from 4.50% to 4.25%, effective November 2, 2015, and (iii) a broadening of eligibility requirements for Class N shares to include investors with an initial minimum investment of $1,000,000, effective November 2, 2015.

|  54

Report of Independent Registered Public Accounting Firm

To the Trustees of Loomis Sayles Funds II and Shareholders of Loomis Sayles Investment Grade Bond Fund:

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Loomis Sayles Investment Grade Bond Fund, a series of Loomis Sayles Funds II (the “Fund”) at September 30, 2015, and the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at September 30, 2015 by correspondence with the custodian and agent banks, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

November 20, 2015

55  |

2015 U.S. Tax Distribution Information to Shareholders (Unaudited)

Corporate Dividends Received Deduction.  For the fiscal year ended September 30, 2015, 5.30% of dividends distributed by Investment Grade Bond Fund qualify for the dividends received deduction for corporate shareholders.

Capital Gains Distributions.  Pursuant to Internal Revenue Section 852(b), the Investment Grade Bond Fund designated $103,769,390 as capital gains distributions for the fiscal year ended September 30, 2015, unless subsequently determined to be different.

Qualified Dividend Income.  For the fiscal year ended September 30, 2015, the Investment Grade Bond Fund will designate up to the maximum amount allowable pursuant to the Internal Revenue Code as qualified dividend income eligible for reduced tax rates. These lower rates range from 0% to 20% depending on an individual’s tax bracket. If the Fund pays a distribution during calendar year 2015 complete information will be reported in conjunction with Form 1099-DIV.

|  56

Trustee and Officer Information

The tables below provide certain information regarding the trustees and officers of Loomis Sayles Funds II (the “Trust”). Unless otherwise indicated, the address of all persons below is 399 Boylston Street, Boston, MA 02116. The Fund’s Statement of Additional Information include additional information about the trustees of the Trust and is available by calling Natixis Funds at 800-225-5478.

Name and Year of Birth	Position(s) Held with the Trust, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INDEPENDENT TRUSTEES
Kenneth A. Drucker (1945)	Trustee since 2008 Chairperson of the Audit Committee and Governance Committee Member	Retired	42 None	Significant experience on the Board and on the boards of other business organizations (including at investment companies); executive experience (including as treasurer of an aerospace, automotive, and metal manufacturing corporation)
Edmond J. English (1953)	Trustee since 2013 Contract Review Committee Member	Chief Executive Officer of Bob’s Discount Furniture (retail)	42 Formerly, Director, BJ’s Wholesale Club (retail); formerly, Director, Citizens Financial Group (bank)	Experience on the Board and significant experience on the boards of other business organizations (including at a retail company and a bank); executive experience (including at a retail company)

57  |

Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trust, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INDEPENDENT TRUSTEES continued
Richard A. Goglia (1951)	Trustee since 2015 Audit Committee Member	Retired; formerly Vice President and Treasurer of Raytheon Company (defense)	42 None	Experience on the Board and executive experience (including his role as vice president and treasurer of a defense company and experience at a financial services company)
Wendell J. Knox (1948)	Trustee since 2009 Audit Committee Member and Governance Committee Member	Director of Abt Associates Inc. (research and consulting)	42 Director, Eastern Bank (bank); Director, The Hanover Insurance Group (property and casualty insurance)	Significant experience on the Board and on the boards of other business organizations (including at a bank and at a property and casualty insurance firm); executive experience (including roles as president and chief executive officer of a research and consulting company)

|  58

Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trust, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INDEPENDENT TRUSTEES continued
Martin T. Meehan (1956)	Trustee since 2012 Contract Review Committee Member	President, University of Massachusetts (formerly, Chancellor and faculty member, University of Massachusetts Lowell)	42 None	Experience on the Board and on the boards of other business organizations; experience as President of the University of Massachusetts; government experience (including as a member of the U.S. House of Representatives); academic experience
Sandra O. Moose (1942)	Chairperson of the Board of Trustees since November 2005 Trustee since 2003 Ex Officio member of the Audit Committee, the Contract Review Committee and the Governance Committee	President, Strategic Advisory Services (management consulting)	42 Director, AES Corporation (international power company); formerly, Director, Verizon Communications (telecommunications company)	Significant experience on the Board and on the boards of other business organizations (including at a telecommunications company, an international power company and a specialty chemicals corporation); executive experience (including at a management consulting company)

59  |

Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trust, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INDEPENDENT TRUSTEES continued
Erik R. Sirri (1958)	Trustee since 2009 Audit Committee Member	Professor of Finance at Babson College	42 None	Significant experience on the Board; experience as Director of the Division of Trading and Markets at the Securities and Exchange Commission; academic experience; training as an economist
Peter J. Smail (1952)	Trustee since 2009 Chairperson of the Contract Review Committee and Governance Committee Member	Retired	42 None	Significant experience on the Board; mutual fund industry and executive experience (including roles as president and chief executive officer for an investment adviser)
Cynthia L. Walker (1956)	Trustee since 2005 Chairperson of the Governance Committee and Contract Review Committee Member	Deputy Dean for Finance and Administration, Yale University School of Medicine	42 None	Significant experience on the Board; executive experience in a variety of academic organizations (including roles as dean for finance and administration)

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Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trust, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INTERESTED TRUSTEES
Kevin P. Charleston3 (1965) One Financial Center Boston, MA 02111	Trustee since 2015	President, Chief Executive Officer and Director; formerly, Chief Financial Officer, Loomis, Sayles & Company, L.P.	42 None	Continuing service as President, Chief Executive Officer and Director of Loomis, Sayles & Company, L.P.
David L. Giunta4 (1965)	Trustee since 2011 President since 2008 and Chief Executive Officer since 2015	President and Chief Executive Officer, NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.	42 None	Experience on the Board; continuing experience as President and Chief Executive Officer of NGAM Advisors, L.P.
John T. Hailer5 (1960)	Trustee since 2003	President and Chief Executive Officer – U.S. and Asia, Natixis Global Asset Management, L.P.	42 None	Significant experience on the Board; continuing experience as President and Chief Executive Officer – U.S. and Asia, Natixis Global Asset Management, L.P.

¹  Each trustee serves until retirement, resignation or removal from the Board. The current retirement age is 75. The position of Chairperson of the Board is appointed for a three-year term. Ms. Moose was appointed to serve an additional three-year term as the Chairperson of the Board on December 13, 2013.

²  The trustees of the Trust serve as trustees of a fund complex that includes all series of the Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV and Gateway Trust (collectively, the “Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (collectively, the “Loomis Sayles Funds Trusts”), (collectively, the “Fund Complex”).

³  Mr. Charleston is deemed an “interested person” of the Trust because he holds the following positions with an affiliated person of the Trust: President, Chief Executive Officer and Director of Loomis, Sayles & Company, L.P.

⁴  Mr. Giunta is deemed an “interested person” of the Trust because he holds the following positions with an affiliated person of the Trust: President and Chief Executive Officer of NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.

⁵ Mr. Hailer is deemed an “interested person” of the Trust because he holds the following positions with an affiliated person of the Trust: President and Chief Executive Officer – U.S. and Asia, Natixis Global Asset Management, L.P.

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Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trust(s)	Term of Office1 and Length of Time Served	Principal Occupation(s) During Past 5 Years2
OFFICERS OF THE TRUST
Coleen Downs Dinneen (1960)	Secretary, Clerk and Chief Legal Officer	Since September 2004	Executive Vice President, General Counsel, Secretary and Clerk, NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.
Daniel J. Fuss (1933) One Financial Center Boston, MA 02111	Executive Vice President	Since June 2003	Vice Chairman and Director, Loomis, Sayles & Company, L.P.
Russell L. Kane (1969)	Chief Compliance Officer, Assistant Secretary and Anti-Money Laundering Officer	Chief Compliance Officer since May 2006; Assistant Secretary since June 2004; and Anti-Money Laundering Officer since April 2007	Chief Compliance Officer for Mutual Funds, Senior Vice President, Deputy General Counsel, Assistant Secretary and Assistant Clerk, NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.
Michael C. Kardok (1959)	Treasurer, Principal Financial and Accounting Officer	Since October 2004	Senior Vice President, NGAM Advisors, L.P. and NGAM Distribution, L.P.

¹  Each officer of the Trust serves for an indefinite term in accordance with the Trust’s current by-laws until the date his or her successorg is elected and qualified, or until he or she sooner dies, retires, is removed or becomes disqualified.

²  Each person listed above, except as noted, holds the same position(s) with the Fund Complex. Mr. Fuss is not an officer of the Natixis Funds Trusts. Previous positions during the past five years with NGAM Distribution, L.P., NGAM Advisors, L.P. or Loomis, Sayles & Company, L.P. are omitted, if not materially different from a trustee’s or officer’s current position with such entity.

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ANNUAL REPORT

September 30, 2015

Loomis Sayles Strategic Income Fund

TABLE OF CONTENTS

Portfolio Review  page 1

Portfolio of Investments  page 12

Financial Statements  page  35

Notes to Financial Statements  page 45

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.

Market Conditions

Falling commodity prices and a strengthening U.S. dollar characterized the reporting period. Commodity prices declined significantly, with oil falling approximately 50%. The U.S. dollar generally advanced versus most currencies due to global divergence of economic growth and central bank policy. Most emerging market currencies declined versus their developed market counterparts, and commodity exporters were the hardest hit.

In the second half of the period, the world’s two largest economies — the U.S. and China — dominated the landscape. Investors generally expected the Federal Reserve (the Fed) to tighten monetary policy in September, but the Fed kept short-term rates unchanged due to global economic and market turbulence triggered by China’s economic slowdown. The market interpreted the Fed’s decision as confirmation of global growth risks, which further strained commodities, emerging markets and other risk assets.

Developed market government bonds posted positive local currency returns, benefiting from investor risk aversion caused by sluggish global demand and commodity price weakness. Pressures from a rising U.S. dollar largely hampered returns for U.S. dollar-based investors. Investment grade corporates underperformed government bonds. However, slower growth in China, commodity price pressures and uncertainty about the Fed rate increase weighed more heavily on high yield and commodity-related bonds.

Performance Results

For the 12 months ended September 30, 2015, Class A shares of the Loomis Sayles Strategic Income Fund returned -6.88% at net asset value. The Fund underperformed its benchmark, the Barclays U.S. Aggregate Bond Index, which returned 2.94%.

Explanation of Fund Performance

The Fund’s underperformance was primarily due to our out-of-benchmark allocations, including non-U.S.-dollar-denominated issues, high yield bonds and common stocks. Within the non-U.S.-dollar allocation, positions denominated in the Canadian dollar were the main laggards, hindered by weak oil and energy prices. A volatile commodities environment and weakening growth in China weighed on positions denominated in the New Zealand dollar, Australian dollar and Mexican peso. High yield bonds were generally

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weak during the 12-month period, and our exposure among industrial issues detracted from results. In addition, equity market volatility hurt performance within our common stock and equity-linked allocations. Technology and energy stocks were the primary laggards. The Fund’s significant underweight positioning in the Treasury sector weighed negatively on relative performance; we held short-maturity Treasuries as reserves.

Our underweight allocation to investment grade industrial issues aided relative results. Holdings in the paper and technology industries generally delivered the best performance within this allocation. Though high yield issues were generally poor performers, a small allocation to high yield utilities contributed modestly to Fund performance.

Outlook

We continue to have a positive outlook for the U.S. economy, despite some recent softer data. Steady improvement in employment and consumer sentiment should support consumption trends. We do not believe current low rates reflect the state of the U.S. economy. However, uncertainty about Chinese growth and weakening global economic trends may delay U.S. monetary policy changes. We believe the path for rates, which is likely to be very slow and shallow, is more important than timing. The downside risks to global growth have increased in our view; however, we believe conditions will remain reasonably strong overall.

The steady pace of U.S. economic growth should support risk assets, and we are maintaining exposure to corporate bonds. We view the investment grade and high yield markets as being distorted by global, not U.S., factors, and spread widening over the past 12 months has significantly improved valuations.

Risk profiles in non-U.S. markets should continue to be driven by oil prices, a strengthening U.S. dollar and central bank action. We are monitoring cheaper non-U.S.-dollar asset valuations, but we remain cautious. Since we do not see a positive catalyst at this point, we think it is too early to add exposure.

Our long-term themes remain intact, and we believe we are well positioned for this market environment. We have been investing away from the benchmark in sectors with low or negative correlations to U.S. rates. We are using portfolio flexibility to identify attractive income opportunities, broaden diversification and maintain a higher level of reserves. Our antidote for highly volatile markets is a patient, selective approach that seeks to capture value when investors are mispricing risk.

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LOOMIS SAYLES STRATEGIC INCOME FUND

Growth of $10,000 Investment in Class A Shares⁵

September 30, 2005 through September 30, 2015

3  |

Average Annual Total Returns — September 30, 2015⁵

	1 Year			5 Years			10 Years			Life of Class N
Class A (Inception 5/1/95)
NAV		-6.88	%		5.36	%		6.42	%		—	%
With 4.50% Maximum Sales Charge6		-11.08			4.40			5.93			—
Class B (Inception 5/1/95)
NAV		-7.62			4.57			5.62			—
With CDSC2		-12.02			4.23			5.62			—
Class C (Inception 5/1/95)
NAV		-7.60			4.57			5.62			—
With CDSC2		-8.48			4.57			5.62			—
Class N (Inception 2/1/13)
NAV		-6.58			—			—			2.43
Class Y (Inception 12/1/99)
NAV		-6.65			5.63			6.69			—
Admin Class (Inception 2/1/10)1
NAV		-7.13			5.11			6.13			—
Comparative Performance
Barclays U.S. Aggregate Bond Index3		2.94			3.10			4.64			2.15
Barclays U.S. Universal Bond Index4		2.33			3.36			4.80			2.15

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.

6 Effective November 2, 2015, the maximum sales charge on purchases of Class A shares was reduced to 4.25%. See Note 10 of Notes to Financial Statements.

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ADDITIONAL INFORMATION

The views expressed in this report reflect those of the portfolio managers as of the dates indicated. The managers’ views are subject to change at any time without notice based on changes in market or other conditions. References to specific securities or industries should not be regarded as investment advice. Because the Fund is actively managed, there is no assurance that it will continue to invest in the securities or industries mentioned.

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, 2015 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.

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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 April 1, 2015 through September 30, 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.

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LOOMIS SAYLES STRATEGIC INCOME FUND	BEGINNING ACCOUNT VALUE 4/1/2015		ENDING ACCOUNT VALUE 9/30/2015		EXPENSES PAID DURING PERIOD* 4/1/2015 – 9/30/2015
Class A
Actual		$1,000.00		$929.70		$4.55
Hypothetical (5% return before expenses)		$1,000.00		$1,020.36		$4.76
Class B
Actual		$1,000.00		$925.80		$8.11
Hypothetical (5% return before expenses)		$1,000.00		$1,016.65		$8.49
Class C
Actual		$1,000.00		$926.00		$8.16
Hypothetical (5% return before expenses)		$1,000.00		$1,016.60		$8.54
Class N
Actual		$1,000.00		$931.20		$3.00
Hypothetical (5% return before expenses)		$1,000.00		$1,021.96		$3.14
Class Y
Actual		$1,000.00		$930.90		$3.34
Hypothetical (5% return before expenses)		$1,000.00		$1,021.61		$3.50
Admin Class
Actual		$1,000.00		$928.40		$5.75
Hypothetical (5% return before expenses)		$1,000.00		$1,019.10		$6.02

* 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 (183), divided by 365 (to reflect the half-year period).

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BOARD APPROVAL OF THE EXISTING ADVISORY AGREEMENT

The Board of Trustees of the Trust (the “Board”), including the Independent Trustees, considers matters bearing on the Fund’s advisory agreement (the “Agreement”) at most of its meetings throughout the year. Each year, usually in the spring, the Contract Review Committee of the Board meets to review the Agreement to determine whether to recommend that the full Board approve the continuation of the Agreement, typically for an additional one-year period. After the Committee has made its recommendation, the full Board, including the Independent Trustees, determines whether to approve the continuation of the Agreement.

In connection with these meetings, the Trustees receive materials that the Fund’s investment adviser (the “Adviser”) believes to be reasonably necessary for the Trustees to evaluate the Agreement. These materials generally include, among other items, (i) information on the investment performance of the Fund and the performance of a peer group of funds and the Fund’s performance benchmarks, (ii) information on the Fund’s advisory fee and other expenses, including information comparing the Fund’s expenses to the fees charged to institutional accounts with similar strategies managed by the Adviser, if any, and to those of a peer group of funds and information about any applicable expense caps and/or fee “breakpoints,” (iii) sales and redemption data in respect of the Fund, (iv) information about the profitability of the Agreement to the Adviser and (v) information obtained through the completion by the Adviser of a questionnaire distributed on behalf of the Trustees. The Board, including the Independent Trustees, also considers other matters such as (i) the Adviser’s financial results and financial condition, (ii) the Fund’s investment objective and strategies and the size, education and experience of the Adviser’s investment staff and its use of technology, external research and trading cost measurement tools, (iii) arrangements in respect of the distribution of the Fund’s shares and the related costs, (iv) the procedures employed to determine the value of the Fund’s assets, (v) the allocation of the Fund’s brokerage, if any, including, if applicable, allocations to brokers affiliated with the Adviser and the use of “soft” commission dollars to pay Fund expenses and to pay for research and other similar services, (vi) the resources devoted to, and the record of compliance with, the Fund’s investment policies and restrictions, policies on personal securities transactions and other compliance policies, (vii) information about amounts invested by the Fund’s portfolio managers in the Fund or in similar accounts that they manage and (viii) the general economic outlook with particular emphasis on the mutual fund industry. Throughout the process, the Trustees are afforded the opportunity to ask questions of and request additional materials from the Adviser.

In addition to the materials requested by the Trustees in connection with their annual consideration of the continuation of the Agreement, the Trustees receive materials in advance of each regular quarterly meeting of the Board that provide detailed information about the Fund’s investment performance and the fees charged to the Fund for advisory and other services. This information generally includes, among other things, an internal performance rating for the Fund based on agreed-upon criteria, graphs showing the Fund’s performance and fee differentials against the Fund’s peer group/category, performance ratings provided by a third-party, total return information for various periods, and third-party performance rankings

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for various periods comparing the Fund against similarly categorized funds. The portfolio management team for the Fund or other representatives of the Adviser make periodic presentations to the Contract Review Committee and/or the full Board, and if the Fund is identified as presenting possible performance concerns it may be subject to more frequent board presentations and reviews. In addition, each quarter the Trustees are provided with detailed statistical information about the Fund’s portfolio. The Trustees also receive periodic updates between meetings.

The Board most recently approved the continuation of the Agreement at its meeting held in June 2015. The Agreement was continued for a one-year period for the Fund. In considering whether to approve the continuation of the Agreement, the Board, including the Independent Trustees, did not identify any single factor as determinative. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. Matters considered by the Trustees, including the Independent Trustees, in connection with their approval of the Agreement included, but were not limited to, the factors listed below.

The nature, extent and quality of the services provided to the Fund under the Agreement. The Trustees considered the nature, extent and quality of the services provided by the Adviser and its affiliates to the Fund and the resources dedicated to the Fund by the Adviser and its affiliates.

The Trustees considered not only the advisory services provided by the Adviser to the Fund, but also the monitoring and oversight services provided by NGAM Advisors, L.P. (“NGAM Advisors”). They also considered the administrative services provided by NGAM Advisors and its affiliates to the Fund. The Trustees also considered the benefits to shareholders of investing in a mutual fund that is part of a family of funds that offers shareholders the right to exchange shares of one type of fund for shares of another type of fund, and provides a variety of fund and shareholder services.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the Agreement, that the nature, extent and quality of services provided supported the renewal of the Agreement.

Investment performance of the Fund and the Adviser. As noted above, the Trustees received information about the performance of the Fund over various time periods, including information that compared the performance of the Fund to the performance of a peer group and category of funds and the Fund’s performance benchmarks. In addition, the Trustees also reviewed data prepared by an independent third party that analyzed the performance of the Fund using a variety of performance metrics, including metrics that also measured the performance of the Fund on a risk adjusted basis. The Board concluded that the Fund’s performance or other relevant factors supported the renewal of the Agreement.

The Trustees also considered the Adviser’s performance and reputation generally, the performance of the fund family generally, and the historical responsiveness of the Adviser to Trustee concerns about performance and the willingness of the Adviser to take steps intended to improve performance.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreement, that the performance of the

9  |

Fund and the Adviser and/or other relevant factors supported the renewal of the Agreement.

The costs of the services to be provided and profits to be realized by the Adviser and its affiliates from their respective relationships with the Fund. The Trustees considered the fees charged to the Fund for advisory services as well as the total expense levels of the Fund. This information included comparisons (provided both by management and also by an independent third party) of the Fund’s advisory fee and total expense levels to those of its peer group and information about the advisory fees charged by the Adviser to comparable accounts (such as institutional separate accounts), as well as information about differences in such fees and the reasons for any such differences. In considering the fees charged to comparable accounts, the Trustees considered, among other things, management’s representations about the differences between managing mutual funds as compared to other types of accounts, including the additional resources required to effectively manage mutual fund assets and the greater regulatory costs associated with the management of such assets. In evaluating the Fund’s advisory fee, the Trustees also took into account the demands, complexity and quality of the investment management of the Fund, as well as the need for the Adviser to offer competitive compensation and to expend additional resources as the Fund grows in size. The Trustees considered that over the past several years, management had made recommendations regarding reductions in advisory fee rates, implementation of advisory fee breakpoints and the institution of advisory fee waivers and expense caps for various funds in the fund family. They noted that the Fund has an expense cap in place, and the Trustees considered that the current expenses are below the cap.

The Trustees also considered the compensation directly or indirectly received by the Adviser and its affiliates from their relationships with the Fund. The Trustees reviewed information provided by management as to the profitability of the Adviser’s and its affiliates’ relationships with the Fund, and information about the allocation of expenses used to calculate profitability. The Trustees also considered information about investments the Adviser had made to support the Fund’s investment strategy. They also reviewed information provided by management about the effect of distribution costs and changes in asset levels on Adviser profitability, including information regarding resources spent on distribution activities. When reviewing profitability, the Trustees also considered information about court cases in which adviser compensation or profitability were issues, the performance of the Fund, the expense levels of the Fund, whether the Adviser had implemented breakpoints and/or expense caps with respect to the Fund and the overall profit margin of the Adviser compared to other investment managers.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the Agreement, that the advisory fee charged to the Fund was fair and reasonable, and that the costs of these services generally and the related profitability of the Adviser and its affiliates in respect of their relationships with the Fund supported the renewal of the Agreement.

Economies of Scale. The Trustees considered the existence of any economies of scale in the provision of services by the Adviser and whether those economies are shared with the Fund through breakpoints in its investment advisory fee or other means, such as expense waivers or caps. The Trustees also discussed with management the factors considered with respect to the implementation of breakpoints in investment advisory fees or expense waivers or caps

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for certain funds. Management explained that a number of factors are taken into account in considering the possible implementation of breakpoints or an expense cap for a fund, including, among other things, factors such as a fund’s assets, the projected growth of a fund, projected profitability and a fund’s fees and performance. With respect to economies of scale, the Trustees noted the Fund is subject to breakpoints in its advisory fee. The Trustees further noted that the Fund was subject to an expense cap. In considering these issues, the Trustees also took note of the costs of the services provided (both on an absolute and a relative basis) and the profitability to the Adviser and its affiliates of their relationships with the Fund, as discussed above.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the Agreement, that the extent to which economies of scale were shared with the Fund supported the renewal of the Agreement.

The Trustees also considered other factors, which included but were not limited to the following:

· The effect of recent market and economic events on the performance, asset levels and expense ratios of the Fund.

· Whether the Fund has operated in accordance with its investment objective and the Fund’s record of compliance with its investment restrictions, and the compliance programs of the Fund and the Adviser. They also considered the compliance-related resources the Adviser and its affiliates were providing to the Fund.

· Plans for maintaining continuity of portfolio management where that was thought to be a potential issue.

· The nature, quality, cost and extent of administrative and shareholder services performed by the Adviser and its affiliates, both under the Agreement and under a separate agreement covering administrative services.

· So-called “fallout benefits” to the Adviser, such as the engagement of affiliates of the Adviser to provide distribution, administrative and brokerage services to the Fund, and the benefits of research made available to the Adviser by reason of brokerage commissions (if any) generated by the Fund’s securities transactions. The Trustees also considered the benefits to the parent company of NGAM Advisors from the retention of the Adviser. The Trustees considered the possible conflicts of interest associated with these fallout and other benefits, and the reporting, disclosure and other processes in place to disclose and monitor such possible conflicts of interest.

· The Trustees’ review and discussion of the Fund’s advisory arrangements in prior years, and management’s record of responding to Trustee concerns raised during the year and in prior years.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Trustees, including the Independent Trustees, concluded that the existing Agreement should be continued through June 30, 2016.

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Portfolio of Investments – as of September 30, 2015

Loomis Sayles Strategic Income Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 70.6% of Net Assets
	Non-Convertible Bonds — 63.1%
		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	$	4,133,586
		ABS Other — 0.5%
	21,886,191	GCA2014 Holdings Ltd., Series 2014-1, Class C, 6.000%, 1/05/2030, 144A(b)(c)		21,886,191
	7,957,381	GCA2014 Holdings Ltd., Series 2014-1, Class D, 7.500%, 1/05/2030, 144A(b)(c)		7,957,381
	42,000,000	GCA2014 Holdings Ltd., Series 2014-1, Class E, Zero Coupon, 1/05/2030, 144A(b)(c)(d)		24,000,834
	12,486,910	Global Container Assets Ltd., Series 2015-1A, Class B, 4.500%, 2/05/2030, 144A		12,636,215
				66,480,621
		Aerospace & Defense — 0.8%
	620,000	Bombardier, Inc., 7.350%, 12/22/2026, 144A, (CAD)		347,865
	11,800,000	Bombardier, Inc., 7.450%, 5/01/2034, 144A		7,906,000
	16,246,000	KLX, Inc., 5.875%, 12/01/2022, 144A		15,804,271
	22,548,000	Meccanica Holdings USA, Inc., 6.250%, 1/15/2040, 144A		21,646,080
	20,755,000	Meccanica Holdings USA, Inc., 7.375%, 7/15/2039, 144A		21,896,525
	5,310,000	Textron Financial Corp., (fixed rate to 2/15/2017, variable rate thereafter), 6.000%, 2/15/2067, 144A		4,261,275
	24,513,000	TransDigm, Inc., 6.500%, 7/15/2024		23,038,543
	17,765,000	TransDigm, Inc., 6.500%, 5/15/2025, 144A		16,699,100
				111,599,659
		Airlines — 3.0%
	13,620,000	Air Canada, 7.625%, 10/01/2019, 144A, (CAD)		10,843,949
	4,614,033	Air Canada Pass Through Trust, Series 2013-1, Class B, 5.375%, 11/15/2022, 144A		4,740,919
	174,725,000	American Airlines Group, Inc., 5.500%, 10/01/2019, 144A		176,646,975
	13,146,340	American Airlines Pass Through Trust, Series 2013-1, Class A, 4.000%, 1/15/2027		13,355,893
	2,389,246	American Airlines Pass Through Trust, Series 2013-1, Class B, 5.625%, 1/15/2021, 144A		2,426,135
	10,288,467	American Airlines Pass Through Trust, Series 2013-2, Class C, 6.000%, 1/15/2017, 144A		10,577,984
	2,823,638	Continental Airlines Pass Through Certificates, Series 2012-2, Class B, 5.500%, 4/29/2022		2,922,946
	21,015,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		21,803,062
	283,816	Continental Airlines Pass Through Trust, Series 1997-4, Class B, 6.900%, 7/02/2018		291,791
	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		540,160

See accompanying notes to financial statements.

|  12

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Airlines — continued
$	1,128,292	Continental Airlines Pass Through Trust, Series 2000-2, Class B, 8.307%, 10/02/2019	$	1,195,990
	1,811,595	Continental Airlines Pass Through Trust, Series 2001-1, Class A-1, 6.703%, 12/15/2022		1,897,646
	1,063,631	Continental Airlines Pass Through Trust, Series 2001-1, Class B, 7.373%, 6/15/2017		1,066,290
	4,141,463	Continental Airlines Pass Through Trust, Series 2007-1, Class B, 6.903%, 10/19/2023		4,369,243
	13,656,810	Continental Airlines Pass Through Trust, Series 2009-1, 9.000%, 1/08/2018		14,350,030
	3,173,232	Continental Airlines Pass Through Trust, Series 2012-1, Class B, 6.250%, 10/11/2021		3,308,095
	814,665	Northwest Airlines, Inc., Series 2002-1, Class G2, (MBIA insured), 6.264%, 5/20/2023		847,741
	14,395,474	UAL Pass Through Trust, Series 2007-1, Class A, 6.636%, 1/02/2024		15,339,817
	351,439	UAL Pass Through Trust, Series 2009-1, 10.400%, 5/01/2018		376,672
	9,585,000	United Airlines Pass Through Trust, Series 2014-1, Class B, 4.750%, 10/11/2023		9,608,963
	10,375,000	United Airlines Pass Through Trust, Series 2014-2, Class B, 4.625%, 3/03/2024		10,323,125
	9,905,714	US Airways Pass Through Trust, Series 2010-1B, Class B, 8.500%, 10/22/2018		10,306,003
	40,645,067	US Airways Pass Through Trust, Series 2011-1B, Class B, 9.750%, 4/22/2020		46,132,152
	6,295,953	US Airways Pass Through Trust, Series 2012-1B, Class B, 8.000%, 4/01/2021		7,067,207
	2,400,341	US Airways Pass Through Trust, Series 2012-1C, Class C, 9.125%, 10/01/2015		2,400,581
	4,447,767	US Airways Pass Through Trust, Series 2013-1, Class B, 5.375%, 5/15/2023		4,592,319
	48,950,000	Virgin Australia Holdings Ltd., 8.500%, 11/15/2019, 144A		50,296,125
	4,996,421	Virgin Australia Pass Through Trust, Series 2013-1B, 6.000%, 4/23/2022, 144A		5,121,332
	7,991,978	Virgin Australia Pass Through Trust, Series 2013-1C, 7.125%, 10/23/2018, 144A		8,111,858
				441,868,185
		Automotive — 0.4%
	1,220,000	Ford Motor Co., 6.625%, 2/15/2028		1,378,283
	2,365,000	Ford Motor Co., 7.125%, 11/15/2025		2,813,449
	1,345,000	Ford Motor Co., 7.500%, 8/01/2026		1,624,237
	29,265,000	General Motors Financial Co., Inc., 4.375%, 9/25/2021		29,879,038
	4,977,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		5,200,965
	25,345,000	Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc., 7.875%, 10/01/2022, 144A		24,711,375
				65,607,347

See accompanying notes to financial statements.

13  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Banking — 5.4%
$	29,332,000	Ally Financial, Inc., 8.000%, 11/01/2031	$	33,979,362
	63,900,000	Banco Santander Brasil S.A., 8.000%, 3/18/2016, 144A, (BRL)		15,312,145
	7,045,000	Bank of America Corp., MTN, 3.300%, 1/11/2023		6,991,134
	265,000	Bank of America Corp., MTN, 4.250%, 10/22/2026		261,983
	1,500,000	Bank of America Corp., Series K, (fixed rate to 1/30/2018, variable rate thereafter), 8.000%(e)		1,567,500
	10,000,000	Bank of Nova Scotia, 2.462%, 3/14/2019, (CAD)		7,658,973
	57,792,000,000	Barclays Financial LLC, EMTN, 3.500%, 11/29/2016, (KRW)		49,738,273
	36,445,000	Citigroup, Inc., 5.130%, 11/12/2019, (NZD)		24,403,789
	22,091,000	Citigroup, Inc., 6.250%, 6/29/2017, (NZD)		14,801,629
	14,330,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands, 3.875%, 2/08/2022		15,092,313
	3,450,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands, 3.950%, 11/09/2022		3,464,894
	25,000,000	Goldman Sachs Group, Inc. (The), 3.550%, 2/12/2021, (CAD)		19,582,990
	9,090,000	ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 6.375%, 4/30/2022, 144A		9,207,952
	40,305,000	Intesa Sanpaolo SpA, 5.017%, 6/26/2024, 144A		39,772,893
	45,620,000	JPMorgan Chase & Co., 4.250%, 11/02/2018, (NZD)		29,673,674
	227,000,000,000	JPMorgan Chase Bank NA, 7.700%, 6/01/2016, 144A, (IDR)		14,617,870
	27,555,000	Lloyds Bank PLC, MTN, 6.500%, 9/14/2020, 144A		31,781,854
	800,000	Merrill Lynch & Co., Inc., Series C, MTN, 6.050%, 6/01/2034(c)		905,306
	36,195,000	Morgan Stanley, 4.350%, 9/08/2026		36,381,259
	35,325,000	Morgan Stanley, 4.750%, 11/16/2018, (AUD)		25,727,274
	185,000,000	Morgan Stanley, 5.000%, 9/30/2021, (AUD)		137,232,685
	74,310,000	Morgan Stanley, 7.600%, 8/08/2017, (NZD)		50,654,199
	100,265,000	Morgan Stanley, 8.000%, 5/09/2017, (AUD)		75,504,604
	950,000	Morgan Stanley, EMTN, 5.750%, 2/14/2017, (GBP)		1,518,553
	79,700,000	Morgan Stanley, GMTN, 7.625%, 3/03/2016, (AUD)		57,046,959
	46,735,000	Morgan Stanley, MTN, 4.100%, 5/22/2023		47,301,101
	10,000,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		12,018,070
	53,095,000	Morgan Stanley, Series MPLE, 3.125%, 8/05/2021, (CAD)		40,561,477
	700,000	Santander Central Hispano Issuances Ltd., 7.250%, 11/01/2015		702,603
	1,800,000	Santander Issuances SAU, 5.911%, 6/20/2016, 144A		1,842,993
				805,306,311
		Brokerage — 1.0%
	5,000,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 6.875%, 4/15/2022, 144A		4,550,000
	22,540,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.500%, 4/15/2021, 144A		21,074,900
	43,025,000	Jefferies Group LLC, 5.125%, 1/20/2023		43,109,889
	20,010,000	Jefferies Group LLC, 6.250%, 1/15/2036		18,871,211
	15,215,000	Jefferies Group LLC, 6.450%, 6/08/2027		15,785,182
	39,040,000	Jefferies Group LLC, 6.875%, 4/15/2021		43,875,260
				147,266,442
		Building Materials — 0.5%
	19,945,000	Atrium Windows & Doors, Inc., 7.750%, 5/01/2019, 144A		14,609,713
	6,995,000	Masco Corp., 6.500%, 8/15/2032		7,169,875

See accompanying notes to financial statements.

|  14

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Building Materials — continued
$	5,320,000	Masco Corp., 7.125%, 3/15/2020	$	6,131,300
	2,630,000	Masco Corp., 7.750%, 8/01/2029		2,939,025
	2,000,000	NCI Building Systems, Inc., 8.250%, 1/15/2023, 144A		2,095,000
	32,100,000	Odebrecht Finance Ltd., 8.250%, 4/25/2018, 144A, (BRL)		4,498,615
	35,980,000	Owens Corning, 7.000%, 12/01/2036		42,143,374
				79,586,902
		Cable Satellite — 1.2%
	850,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2023, 144A		783,615
	975,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.375%, 5/01/2025, 144A		888,469
	3,315,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 1/15/2024		3,165,825
	4,360,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.875%, 5/01/2027, 144A		4,043,900
	17,679,000	DISH DBS Corp., 5.875%, 11/15/2024		15,016,101
	11,620,000	Intelsat Jackson Holdings S.A., 5.500%, 8/01/2023		9,586,500
	3,995,000	Intelsat Luxembourg S.A., 6.750%, 6/01/2018		3,405,737
	28,785,000	Intelsat Luxembourg S.A., 7.750%, 6/01/2021		18,998,100
	16,000,000	Intelsat Luxembourg S.A., 8.125%, 6/01/2023		10,400,000
	25,270,000	Shaw Communications, Inc., 5.650%, 10/01/2019, (CAD)		21,235,321
	4,835,000	Time Warner Cable, Inc., 4.500%, 9/15/2042		3,822,662
	135,000	Time Warner Cable, Inc., 5.875%, 11/15/2040		128,497
	44,800,000	UPC Holding BV, 6.375%, 9/15/2022, 144A, (EUR)		53,313,369
	11,275,000	Videotron Ltd., 5.625%, 6/15/2025, 144A, (CAD)		8,448,857
	7,000,000	Virgin Media Finance PLC, 6.000%, 10/15/2024, 144A		6,737,500
	20,300,000	VTR Finance BV, 6.875%, 1/15/2024, 144A		18,422,250
				178,396,703
		Chemicals — 2.3%
	19,810,000	Aruba Investments, Inc., 8.750%, 2/15/2023, 144A		19,810,000
	99,610,000	Chemours Co. (The), 6.625%, 5/15/2023, 144A		66,987,725
	18,370,000	Chemours Co. (The), 7.000%, 5/15/2025, 144A		12,078,275
	85,854,000	Consolidated Energy Finance S.A., 6.750%, 10/15/2019, 144A		81,132,030
	20,000,000	Eco Services Operations LLC/Eco Finance Corp., 8.500%, 11/01/2022, 144A		17,800,000
	20,070,000	Hercules, Inc., 6.500%, 6/30/2029		18,514,575
	26,164,000	Hexion, Inc., 7.875%, 2/15/2023(c)		13,866,920
	6,010,000	Hexion, Inc., 8.875%, 2/01/2018		4,808,000
	8,757,000	Hexion, Inc., 9.200%, 3/15/2021(c)		5,670,157
	16,660,000	Hexion, Inc./Hexion Nova Scotia Finance ULC, 9.000%, 11/15/2020		9,996,000
	90,205,000	INVISTA Finance LLC, 4.250%, 10/15/2019, 144A		87,047,825
	885,000	TPC Group, Inc., 8.750%, 12/15/2020, 144A		756,675
				338,468,182
		Construction Machinery — 0.1%
	1,425,000	Joy Global, Inc., 6.625%, 11/15/2036		1,331,926
	5,105,000	United Rentals North America, Inc., 5.750%, 11/15/2024		4,888,038
	11,655,000	United Rentals North America, Inc., 7.625%, 4/15/2022		12,354,300
				18,574,264

See accompanying notes to financial statements.

15  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Consumer Cyclical Services — 0.1%
$	670,000	ServiceMaster Co. LLC (The), 7.100%, 3/01/2018	$	676,700
	5,500,000	ServiceMaster Co. LLC (The), 7.450%, 8/15/2027		5,527,500
				6,204,200
		Consumer Products — 0.2%
	11,545,000	Avon Products, Inc., 8.700%, 3/15/2043		8,173,860
	20,395,000	Newell Rubbermaid, Inc., 4.000%, 12/01/2024		20,733,679
				28,907,539
		Electric — 2.0%
	5,093,000	AES Corp. (The), 4.875%, 5/15/2023		4,469,108
	23,940,000	AES Corp. (The), 5.500%, 3/15/2024		21,222,810
	10,185,000	AES Corp. (The), 5.500%, 4/15/2025		9,013,725
	40,736,120	Alta Wind Holdings LLC, 7.000%, 6/30/2035, 144A		45,152,486
	53,605,030	Bruce Mansfield Unit Pass Through Trust, 6.850%, 6/01/2034		55,487,638
	1,680,384	CE Generation LLC, 7.416%, 12/15/2018		1,602,666
	35,784,000	DPL, Inc., 6.750%, 10/01/2019		37,125,900
	34,530,000	Dynegy, Inc., 7.625%, 11/01/2024		34,875,300
	52,140,000	EDP Finance BV, 4.125%, 1/15/2020, 144A		52,849,938
	21,005,000	EDP Finance BV, 4.900%, 10/01/2019, 144A		21,855,702
	3,570,000	Empresa Nacional de Electricidad S.A., 7.875%, 2/01/2027		4,644,749
	555,000	Enersis S.A., 7.400%, 12/01/2016		591,998
	534,288	Red Oak Power LLC, Series A, 8.540%, 11/30/2019		566,345
				289,458,365
		Finance Companies — 4.5%
	18,527,000	Aviation Capital Group Corp., 6.750%, 4/06/2021, 144A		20,796,557
	57,000,000	General Electric Capital Corp., GMTN, 4.250%, 1/17/2018, (NZD)		37,201,512
	79,035,000	General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016, (NZD)		52,229,833
	25,320,000	General Electric Capital Corp., Series A, GMTN, 5.500%, 2/01/2017, (NZD)		16,667,653
	1,435,000	International Lease Finance Corp., 4.625%, 4/15/2021		1,442,175
	10,758,000	International Lease Finance Corp., 5.875%, 8/15/2022		11,457,270
	1,215,000	International Lease Finance Corp., 7.125%, 9/01/2018, 144A		1,336,379
	4,525,000	International Lease Finance Corp., 8.250%, 12/15/2020		5,294,250
	6,095,000	iStar, Inc., 4.875%, 7/01/2018		5,896,913
	14,060,000	iStar, Inc., 5.000%, 7/01/2019		13,357,000
	23,175,000	iStar, Inc., 5.850%, 3/15/2017		23,638,500
	19,240,000	iStar, Inc., 7.125%, 2/15/2018		19,672,900
	19,915,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.375%, 10/01/2017		20,014,575
	2,260,000	Navient Corp., 5.875%, 10/25/2024		1,774,100
	19,155,000	Navient Corp., MTN, 6.125%, 3/25/2024		15,324,000
	23,020,000	Navient LLC, 4.875%, 6/17/2019		20,948,200
	22,945,000	Navient LLC, 5.500%, 1/25/2023		18,198,138
	109,950(††)	Navient LLC, 6.000%, 12/15/2043		1,885,276
	5,910,000	Navient LLC, MTN, 4.625%, 9/25/2017		5,802,881
	7,780,000	Navient LLC, MTN, 5.500%, 1/15/2019		7,230,538

See accompanying notes to financial statements.

|  16

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Finance Companies — continued
$	17,600,000	Navient LLC, MTN, 7.250%, 1/25/2022	$	15,400,000
	2,160,000	Navient LLC, MTN, 8.000%, 3/25/2020		2,068,200
	14,465,000	Navient LLC, Series A, MTN, 5.000%, 6/15/2018		13,814,075
	50,910,000	Navient LLC, Series A, MTN, 5.625%, 8/01/2033(c)		32,964,225
	39,420,000	Navient LLC, Series A, MTN, 8.450%, 6/15/2018		40,528,490
	51,680,000	Springleaf Finance Corp., 5.250%, 12/15/2019		50,517,200
	136,835,000	Springleaf Finance Corp., 7.750%, 10/01/2021		146,071,362
	55,015,000	Springleaf Finance Corp., 8.250%, 10/01/2023		59,966,350
	10,120,000	Springleaf Finance Corp., MTN, 5.750%, 9/15/2016		10,283,944
				671,782,496
		Food & Beverage — 0.1%
	12,300,000	DS Services of America, Inc., 10.000%, 9/01/2021, 144A		14,129,625
	4,880,000	Shearer’s Foods LLC/Chip Finance Corp., 9.000%, 11/01/2019, 144A		5,172,800
				19,302,425
		Government Owned – No Guarantee — 0.2%
	22,160,000	Pertamina Persero PT, 6.450%, 5/30/2044, 144A		19,220,675
	26,120,000	Petrobras Global Finance BV, 5.625%, 5/20/2043		15,998,500
				35,219,175
		Healthcare — 3.4%
	2,160,000	BioScrip, Inc., 8.875%, 2/15/2021		1,663,200
	2,795,000	HCA Holdings, Inc., 6.250%, 2/15/2021		2,976,675
	144,485,000	HCA, Inc., 5.250%, 4/15/2025		147,555,306
	9,960,000	HCA, Inc., 5.875%, 3/15/2022		10,682,100
	74,561,000	HCA, Inc., 5.875%, 5/01/2023		77,357,038
	14,620,000	HCA, Inc., 7.050%, 12/01/2027		15,131,700
	20,447,000	HCA, Inc., 7.500%, 12/15/2023		22,798,405
	24,215,000	HCA, Inc., 7.500%, 11/06/2033		25,546,825
	46,148,000	HCA, Inc., 7.690%, 6/15/2025		51,224,280
	32,745,000	HCA, Inc., 8.360%, 4/15/2024		37,820,475
	15,815,000	HCA, Inc., MTN, 7.580%, 9/15/2025		17,317,425
	9,492,000	HCA, Inc., MTN, 7.750%, 7/15/2036		10,061,520
	955,000	Tenet Healthcare Corp., 4.375%, 10/01/2021		931,125
	1,495,000	Tenet Healthcare Corp., 4.500%, 4/01/2021		1,472,575
	29,130,000	Tenet Healthcare Corp., 5.000%, 3/01/2019		28,183,275
	25,530,000	Tenet Healthcare Corp., 6.750%, 6/15/2023		25,338,525
	32,559,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		29,303,100
				505,363,549
		Home Construction — 0.7%
	3,075,000	Beazer Homes USA, Inc., 7.250%, 2/01/2023		2,821,313
	13,360,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021		9,418,800
	29,735,000	K. Hovnanian Enterprises, Inc., 8.000%, 11/01/2019, 144A		21,334,862
	3,620,000	KB Home, 4.750%, 5/15/2019		3,479,725
	47,260,000	PulteGroup, Inc., 6.000%, 2/15/2035		46,314,800
	13,190,000	PulteGroup, Inc., 6.375%, 5/15/2033		13,552,725
	10,305,000	TRI Pointe Holdings, Inc., 4.375%, 6/15/2019		10,098,900

See accompanying notes to financial statements.

17  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Home Construction — continued
$	195,000	TRI Pointe Holdings, Inc., 5.875%, 6/15/2024	$	191,100
				107,212,225
		Independent Energy — 1.7%
	7,550,000	Baytex Energy Corp., 5.125%, 6/01/2021, 144A		6,002,250
	6,930,000	Baytex Energy Corp., 5.625%, 6/01/2024, 144A		5,474,700
	15,000,000	Bellatrix Exploration Ltd., 8.500%, 5/15/2020, 144A		11,700,000
	1,705,000	Bonanza Creek Energy, Inc., 6.750%, 4/15/2021		1,189,238
	4,945,000	California Resources Corp., 5.000%, 1/15/2020		3,180,228
	81,805,000	California Resources Corp., 5.500%, 9/15/2021		49,901,050
	11,240,000	California Resources Corp., 6.000%, 11/15/2024		6,694,825
	1,310,000	Chesapeake Energy Corp., 4.875%, 4/15/2022		854,775
	55,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		40,425
	7,190,000	Continental Resources, Inc., 3.800%, 6/01/2024		5,831,759
	540,000	Continental Resources, Inc., 4.500%, 4/15/2023		468,923
	19,290,000	Eclipse Resources Corp., 8.875%, 7/15/2023, 144A		15,528,450
	2,990,000	Halcon Resources Corp., 9.250%, 2/15/2022		926,900
	9,700,000	Halcon Resources Corp., 9.750%, 7/15/2020		3,298,000
	1,975,000	Noble Energy, Inc., 5.625%, 5/01/2021		1,986,850
	1,940,000	Oasis Petroleum, Inc., 6.875%, 1/15/2023		1,503,500
	1,545,000	Oasis Petroleum, Inc., 7.250%, 2/01/2019		1,363,462
	7,170,000	Pan American Energy LLC/Argentine Branch, 7.875%, 5/07/2021, 144A		7,096,149
	3,000,000	QEP Resources, Inc., 5.250%, 5/01/2023		2,508,000
	12,635,000	QEP Resources, Inc., 6.875%, 3/01/2021		11,624,200
	14,844,000	Rex Energy Corp., 6.250%, 8/01/2022		5,937,600
	2,343,000	Rex Energy Corp., 8.875%, 12/01/2020		1,218,360
	6,250,000	Rice Energy, Inc., 6.250%, 5/01/2022		5,574,250
	9,700,000	RSP Permian, Inc., 6.625%, 10/01/2022		9,312,000
	17,908,000	Sanchez Energy Corp., 6.125%, 1/15/2023		11,998,360
	9,520,000	Sanchez Energy Corp., 7.750%, 6/15/2021		7,044,800
	8,241,000	SM Energy Co., 5.000%, 1/15/2024		6,973,946
	22,844,000	SM Energy Co., 6.125%, 11/15/2022		21,153,544
	801,000	SM Energy Co., 6.500%, 11/15/2021		760,950
	2,522,000	SM Energy Co., 6.500%, 1/01/2023		2,345,460
	6,283,000	Ultra Petroleum Corp., 5.750%, 12/15/2018, 144A		4,523,760
	45,515,000	Ultra Petroleum Corp., 6.125%, 10/01/2024, 144A		25,943,550
	10,845,000	Whiting Petroleum Corp., 5.000%, 3/15/2019		9,435,150
				249,395,414
		Industrial Other — 0.2%
	7,875,000	AECOM, 5.750%, 10/15/2022, 144A		7,919,336
	8,215,000	AECOM, 5.875%, 10/15/2024, 144A		8,276,613
	11,370,000	Permian Holdings, Inc., 10.500%, 1/15/2018, 144A		6,310,350
	6,880,000	Transfield Services Ltd., 8.375%, 5/15/2020, 144A		7,077,800
				29,584,099
		Integrated Energy — 0.0%
	5,385,000	Pacific Exploration and Production Corp., 5.125%, 3/28/2023, 144A		1,857,825

See accompanying notes to financial statements.

|  18

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Integrated Energy — continued
$	3,125,000	Pacific Exploration and Production Corp., 5.625%, 1/19/2025, 144A	$	1,092,812
				2,950,637
		Life Insurance — 1.0%
	4,190,000	American International Group, Inc., 4.875%, 6/01/2022		4,623,464
	21,175,000	AXA S.A., (fixed rate to 12/14/2036, variable rate thereafter), 6.379%, 144A(e)		22,564,715
	1,000,000	AXA S.A., EMTN, (fixed rate to 10/16/2019, variable rate thereafter), 6.772%, (GBP)(e)		1,601,245
	1,350,000	AXA S.A., EMTN, (fixed rate to 4/16/2020, variable rate thereafter), 5.250%, 4/16/2040, (EUR)		1,651,306
	15,000,000	Forethought Financial Group, Inc., 8.625%, 4/15/2021, 144A		17,431,470
	1,225,000	Genworth Financial, Inc., (fixed rate to 11/15/2016, variable rate thereafter), 6.150%, 11/15/2066		558,906
	3,695,000	Genworth Holdings, Inc., 4.800%, 2/15/2024		2,771,250
	27,200,000	Genworth Holdings, Inc., 4.900%, 8/15/2023		21,216,000
	10,990,000	Genworth Holdings, Inc., 6.500%, 6/15/2034		8,572,200
	1,475,000	MetLife Capital Trust X, 9.250%, 4/08/2068, 144A		2,035,500
	8,145,000	MetLife, Inc., 10.750%, 8/01/2069		12,706,200
	20,000,000	National Life Insurance Co., 10.500%, 9/15/2039, 144A		30,989,120
	8,920,000	NLV Financial Corp., 7.500%, 8/15/2033, 144A		10,315,472
	3,705,000	Penn Mutual Life Insurance Co. (The), 6.650%, 6/15/2034, 144A		4,400,528
				141,437,376
		Local Authorities — 0.9%
	95,480,000	New South Wales Treasury Corp., 4.000%, 4/08/2021, (AUD)		72,423,994
	82,840,000	New South Wales Treasury Corp., 6.000%, 2/01/2018, (AUD)		63,461,239
				135,885,233
		Media Entertainment — 1.0%
	111,590,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		5,574,859
	64,250,000	iHeartCommunications, Inc., 9.000%, 3/01/2021		53,986,063
	33,370,000	iHeartCommunications, Inc., 9.000%, 9/15/2022		27,363,400
	7,180,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 5.250%, 2/15/2022		7,171,025
	17,950,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 5.875%, 3/15/2025		18,264,125
	27,185,000	R.R. Donnelley & Sons Co., 6.000%, 4/01/2024		25,010,200
	2,410,000	R.R. Donnelley & Sons Co., 6.500%, 11/15/2023		2,265,400
	3,730,000	R.R. Donnelley & Sons Co., 7.000%, 2/15/2022		3,618,100
	5,925,000	R.R. Donnelley & Sons Co., 7.875%, 3/15/2021		6,162,000
				149,415,172
		Metals & Mining — 1.6%
	8,202,122	1839688 Alberta ULC, PIK, 14.000%, 2/13/2020(b)(c)(f)		2,624,679
	2,000,000	AK Steel Corp., 7.625%, 10/01/2021		1,075,000
	3,949,000	Alcoa, Inc., 5.870%, 2/23/2022		4,067,470
	5,075,000	Alcoa, Inc., 5.900%, 2/01/2027		4,897,375
	1,405,000	Alcoa, Inc., 5.950%, 2/01/2037		1,264,500

See accompanying notes to financial statements.

19  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Metals & Mining — continued
$	4,330,000	Alcoa, Inc., 6.750%, 1/15/2028	$	4,459,900
	25,271,000	ArcelorMittal, 7.500%, 3/01/2041		20,343,155
	30,695,000	Barminco Finance Pty Ltd., 9.000%, 6/01/2018, 144A		22,330,612
	8,705,000	Barrick North America Finance LLC, 5.750%, 5/01/2043		7,412,725
	8,625,000	Cliffs Natural Resources, Inc., 4.800%, 10/01/2020		2,630,625
	3,980,000	Cliffs Natural Resources, Inc., 4.875%, 4/01/2021		1,213,900
	46,334,000	Cliffs Natural Resources, Inc., 6.250%, 10/01/2040		13,436,860
	20,408,000	Emeco Pty Ltd., 9.875%, 3/15/2019, 144A		10,714,200
	26,350,000	Essar Steel Algoma, Inc., 9.500%, 11/15/2019, 144A		14,492,500
	12,315,000	First Quantum Minerals Ltd., 7.250%, 5/15/2022, 144A		7,635,300
	14,645,000	Lundin Mining Corp., 7.500%, 11/01/2020, 144A		14,169,038
	51,000,000	Lundin Mining Corp., 7.875%, 11/01/2022, 144A		48,960,000
	4,200,000	Rain CII Carbon LLC/CII Carbon Corp., 8.250%, 1/15/2021, 144A		3,360,000
	16,135,000	Russel Metals, Inc., 6.000%, 4/19/2022, 144A, (CAD)		11,909,311
	11,719,000	United States Steel Corp., 6.650%, 6/01/2037		8,326,350
	7,490,000	United States Steel Corp., 6.875%, 4/01/2021		5,692,400
	16,435,000	United States Steel Corp., 7.000%, 2/01/2018		14,750,412
	10,000,000	Worthington Industries, Inc., 6.500%, 4/15/2020		11,383,390
				237,149,702
		Midstream — 0.3%
	8,935,000	IFM U.S. Colonial Pipeline 2 LLC, 6.450%, 5/01/2021, 144A		9,760,978
	23,179,000	NGPL PipeCo LLC, 7.119%, 12/15/2017, 144A		22,020,050
	505,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		424,200
	12,790,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.000%, 1/15/2018, 144A		12,182,475
	3,185,492	Transportadora de Gas del Sur S.A., 9.625%, 5/14/2020, 144A		3,177,528
				47,565,231
		Non-Agency Commercial Mortgage-Backed Securities — 1.0%
	2,820,508	Column Canada Issuer Corp., Series 2006-WEM, Class A1, 4.591%, 1/15/2022, (CAD)		2,130,250
	2,785,000	Column Canada Issuer Corp., Series 2006-WEM, Class A2, 4.934%, 1/15/2022, (CAD)		2,141,351
	27,611,163	Commercial Mortgage Pass Through Certificates, Series 2014-FL4, Class AR1, 1.907%, 5/13/2031, 144A(c)(g)		27,445,414
	12,902,000	Commercial Mortgage Pass Through Certificates, Series 2014-FL4, Class AR2, 2.407%, 5/13/2031, 144A(c)(g)		12,820,872
	8,622,000	Commercial Mortgage Pass Through Certificates, Series 2014-FL4, Class AR3, 2.857%, 5/13/2031, 144A(c)(g)		8,568,337
	16,080,000	Commercial Mortgage Pass Through Certificates, Series 2014-FL4, Class AR4, 3.957%, 5/13/2031, 144A(c)(g)		15,982,394
	35,060,000	GS Mortgage Securities Corp. II, Series 2007-GG10, Class AM, 5.989%, 8/10/2045(g)		35,178,643
	15,530,886	Institutional Mortgage Securities Canada, Inc., Series 2014-5A, Class A1, 2.003%, 7/12/2047, 144A, (CAD)		11,704,667
	30,100,000	Motel 6 Trust, Series 2015-M6MZ, Class M, 8.230%, 2/05/2020, 144A(c)		30,346,820
				146,318,748

See accompanying notes to financial statements.

|  20

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Oil Field Services — 0.5%
$	19,335,000	FTS International, Inc., 6.250%, 5/01/2022	$	5,993,850
	7,120,000	Global Marine, Inc., 7.000%, 6/01/2028		4,058,400
	5,636,000	Hercules Offshore, Inc., 6.750%, 4/01/2022, 144A(d)		1,127,200
	952,000	Hercules Offshore, Inc., 7.500%, 10/01/2021, 144A(d)		190,400
	6,101,000	Hercules Offshore, Inc., 8.750%, 7/15/2021, 144A(j)		1,281,210
	1,053,000	Hercules Offshore, Inc., 10.250%, 4/01/2019, 144A(d)		221,130
	17,482,000	Paragon Offshore PLC, 6.750%, 7/15/2022, 144A		2,272,660
	40,403,000	Paragon Offshore PLC, 7.250%, 8/15/2024, 144A		6,312,969
	18,385,000	Pioneer Energy Services Corp., 6.125%, 3/15/2022		10,387,525
	12,020,000	Precision Drilling Corp., 5.250%, 11/15/2024		9,555,900
	594,000	Precision Drilling Corp., 6.500%, 12/15/2021		504,900
	2,590,000	Precision Drilling Corp., 6.625%, 11/15/2020		2,259,775
	500,000	Sidewinder Drilling, Inc., 9.750%, 11/15/2019, 144A(b)(c)		205,000
	39,300,000	Transocean, Inc., 4.300%, 10/15/2022		24,267,750
	1,500,000	Transocean, Inc., 6.500%, 11/15/2020		1,147,500
	1,320,000	Transocean, Inc., 6.800%, 3/15/2038		818,400
	4,355,000	Transocean, Inc., 6.875%, 12/15/2021		3,248,481
				73,853,050
		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		1,154,925
	1,560,000	Sealed Air Corp., 5.500%, 9/15/2025, 144A		1,583,400
	1,705,000	Signode Industrial Group Lux S.A./Signode Industrial Group U.S., Inc., 6.375%, 5/01/2022, 144A		1,611,225
				4,349,550
		Paper — 0.8%
	13,735,000	Georgia-Pacific LLC, 7.250%, 6/01/2028		17,751,911
	42,475,000	Georgia-Pacific LLC, 7.750%, 11/15/2029		56,769,961
	775,000	Georgia-Pacific LLC, 8.875%, 5/15/2031		1,113,640
	4,865,000	MeadWestvaco Corp., 7.950%, 2/15/2031		6,323,143
	19,700,000	MeadWestvaco Corp., 8.200%, 1/15/2030		27,037,659
	2,840,000	Weyerhaeuser Co., 6.950%, 10/01/2027		3,400,596
				112,396,910
		Property & Casualty Insurance — 0.4%
	14,855,000	Hanover Insurance Group, Inc. (The), 6.375%, 6/15/2021		17,165,175
	5,640,000	Loews Corp., 2.625%, 5/15/2023		5,421,134
	12,510,000	MBIA Insurance Corp., 11.549%, 1/15/2033, 144A(d)(g)		5,692,050
	5,140,000	Old Republic International Corp., 4.875%, 10/01/2024		5,388,308
	11,200,000	Sirius International Group, 6.375%, 3/20/2017, 144A		11,700,170
	3,000,000	Sirius International Group, (fixed rate to 6/30/2017, variable rate thereafter), 7.506%, 144A(e)		3,030,000
	17,870,000	XL Group PLC, (fixed rate to 4/15/2017, variable rate thereafter), 6.500%(e)		14,188,780
	1,020,000	XLIT Ltd., 6.375%, 11/15/2024		1,209,185
				63,794,802

See accompanying notes to financial statements.

21  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)			Description	Value (†)
			Railroads — 0.6%
	90,000,000		Hellenic Railways Organization S.A., EMTN, 0.247%, 5/24/2016, (EUR)(c)(g)	$	85,481,068
	1,153,000		Missouri Pacific Railroad Co., 5.000%, 1/01/2045(c)		1,061,754
					86,542,822
			Restaurants — 0.0%
	1,330,000		Wagamama Finance PLC, 7.875%, 2/01/2020, 144A, (GBP)		2,105,010
			Retailers — 0.7%
	3,325,000		Dillard’s, Inc., 7.000%, 12/01/2028		3,768,907
	1,500,000		Dillard’s, Inc., 7.750%, 7/15/2026		1,755,947
	425,000		Dillard’s, Inc., 7.875%, 1/01/2023		505,616
	10,270,000		Foot Locker, Inc., 8.500%, 1/15/2022(b)		11,273,545
	7,490,000		J.C. Penney Corp., Inc., 5.750%, 2/15/2018		7,209,125
	27,224,000		J.C. Penney Corp., Inc., 6.375%, 10/15/2036		18,852,620
	2,510,000	��	J.C. Penney Corp., Inc., 7.625%, 3/01/2097		1,744,450
	11,000,000		J.C. Penney Corp., Inc., 8.125%, 10/01/2019		11,000,000
	12,275,000		Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027		14,976,138
	6,365,000		Marks & Spencer PLC, 7.125%, 12/01/2037, 144A		7,398,046
	3,910,000		Nine West Holdings, Inc., 6.125%, 11/15/2034		1,368,500
	24,860,000		Toys “R” Us, Inc., 7.375%, 10/15/2018		15,894,863
					95,747,757
			Sovereigns — 2.3%
	317,570,000		Portugal Government International Bond, 5.125%, 10/15/2024, 144A		336,503,523
			Supermarkets — 1.6%
	32,456,000		Albertson’s Holdings LLC/Safeway, Inc., 7.750%, 10/15/2022, 144A		34,778,227
	79,276,000		New Albertson’s, Inc., 7.450%, 8/01/2029		77,690,480
	25,595,000		New Albertson’s, Inc., 7.750%, 6/15/2026		24,443,225
	24,085,000		New Albertson’s, Inc., 8.000%, 5/01/2031		23,603,300
	5,815,000		New Albertson’s, Inc., 8.700%, 5/01/2030		5,873,150
	16,342,000		New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		14,054,120
	34,580,000		SUPERVALU, Inc., 6.750%, 6/01/2021		33,542,600
	23,400,000		SUPERVALU, Inc., 7.750%, 11/15/2022		23,400,000
					237,385,102
			Supranational — 0.4%
	16,375,000		European Bank for Reconstruction & Development, 6.250%, 2/05/2016, (BRL)		4,020,539
	250,500,000,000		European Bank for Reconstruction & Development, 7.200%, 6/08/2016, (IDR)		16,176,315
	24,450,000		Inter-American Development Bank, EMTN, 6.000%, 12/15/2017, (NZD)		16,615,317
	72,900,000		International Finance Corp., GMTN, 5.000%, 12/21/2015, (BRL)		17,928,490
					54,740,661
			Technology — 1.6%
	6,475,000		Advanced Micro Devices, Inc., 7.000%, 7/01/2024		4,014,500
	2,255,000		Advanced Micro Devices, Inc., 7.750%, 8/01/2020		1,460,112
	88,923,000		Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		88,033,770

See accompanying notes to financial statements.

|  22

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Technology — continued
$	5,845,000	Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028	$	5,845,000
	34,955,000	Amkor Technology, Inc., 6.375%, 10/01/2022		32,311,528
	30,531,000	First Data Corp., 11.750%, 8/15/2021		33,889,410
	56,340,000	KLA-Tencor Corp., 4.650%, 11/01/2024		56,299,548
	15,170,000	KLA-Tencor Corp., 5.650%, 11/01/2034		14,751,824
	2,562,000	Motorola Solutions, Inc., 6.625%, 11/15/2037		2,681,707
	195,000	Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		247,959
				239,535,358
		Transportation Services — 0.1%
	10,503,000	APL Ltd., 8.000%, 1/15/2024(c)		8,192,340
	2,829,266	Atlas Air Pass Through Trust, Series 1998-1, Class B, 7.680%, 1/02/2016(b)		2,922,631
	3,082,034	Atlas Air Pass Through Trust, Series 1998-1, Class C, 8.010%, 7/02/2011(b)(h)		3,189,905
	416,160	Atlas Air Pass Through Trust, Series 1999-1, Class A-1, 7.200%, 7/02/2020(b)		416,160
	1,374,422	Atlas Air Pass Through Trust, Series 1999-1, Class B, 7.630%, 7/02/2016(b)		1,374,422
	2,754,305	Atlas Air Pass Through Trust, Series 1999-1, Class C, 8.770%, 7/02/2012(b)(h)		2,836,934
	1,864,358	Atlas Air Pass Through Trust, Series 2000-1, Class B, 9.057%, 7/02/2017(b)		1,892,324
				20,824,716
		Treasuries — 15.8%
	201,485,000	Canadian Government, 0.250%, 5/01/2017, (CAD)		150,318,832
	352,975,000	Canadian Government, 1.000%, 8/01/2016, (CAD)		265,555,167
	317,256,000	Canadian Government, 1.250%, 2/01/2016, (CAD)		238,311,676
	29,490,000	Canadian Government, 1.250%, 9/01/2018, (CAD)		22,544,768
	80,645,000	Canadian Government, 1.750%, 9/01/2019, (CAD)		62,943,589
	89,045,000	Canadian Government, 3.000%, 12/01/2015, (CAD)		66,996,270
	6,710,000	Hellenic Republic Government Bond, 3.375%, 7/17/2017, 144A, (EUR)		6,652,905
	1,010,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2024, (EUR)(i)		788,749
	1,100,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2035, (EUR)(i)		720,497
	4,000,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2036, (EUR)(i)		2,591,384
	4,455,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2037, (EUR)(i)		2,868,880
	5,820,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2038, (EUR)(i)		3,715,251
	4,000,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2039, (EUR)(i)		2,544,051
	4,680,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2040, (EUR)(i)		2,972,837

See accompanying notes to financial statements.

23  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Treasuries — continued
	5,970,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2041, (EUR)(i)	$	3,805,267
	4,000,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2042, (EUR)(i)		2,555,582
	9,710,000(†††)	Mexican Fixed Rate Bonds, Series M, 5.000%, 6/15/2017, (MXN)		58,367,641
	9,930,439(†††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/10/2021, (MXN)		61,511,635
	4,250,000(†††)	Mexican Fixed Rate Bonds, Series M, 7.750%, 5/29/2031, (MXN)		27,932,030
	7,740,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 7.500%, 6/03/2027, (MXN)		49,952,987
	27,224,481(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		181,480,382
	3,035,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.500%, 5/31/2029, (MXN)		21,186,221
	21,700,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 10.000%, 12/05/2024, (MXN)		163,518,329
	252,700,000	New Zealand Government Bond, 5.000%, 3/15/2019, (NZD)		174,107,977
	175,365,000	New Zealand Government Bond, 6.000%, 5/15/2021, (NZD)		130,742,534
	458,725,000	Norway Government Bond, 3.750%, 5/25/2021, 144A, (NOK)		61,983,483
	836,485,000	Norway Government Bond, 4.250%, 5/19/2017, 144A, (NOK)		104,157,770
	658,049,000	Norway Government Bond, 4.500%, 5/22/2019, 144A, (NOK)		87,898,069
	162,850,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)		30,602,409
	55,925,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		11,426,220
	49,120,000	Republic of Brazil, 12.500%, 1/05/2016, (BRL)		12,210,306
	3,842,906,000	Republic of Iceland, 6.000%, 10/13/2016, (ISK)		20,414,981
	1,605,660,000	Republic of Iceland, 7.250%, 10/26/2022, (ISK)		9,226,173
	4,496,156,000	Republic of Iceland, 8.750%, 2/26/2019, (ISK)		25,858,844
	95,000,000	U.S. Treasury Note, 0.375%, 4/30/2016		95,090,345
	35,075,000	U.S. Treasury Note, 0.500%, 6/30/2016		35,135,294
	150,000,000	U.S. Treasury Note, 0.500%, 3/31/2017		149,974,650
				2,348,663,985
		Wireless — 0.6%
	293,000,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		16,515,904
	134,600,000	America Movil SAB de CV, 8.460%, 12/18/2036, (MXN)		7,672,803
	31,041,000	Sprint Capital Corp., 6.875%, 11/15/2028		22,271,917
	6,260,000	Sprint Capital Corp., 8.750%, 3/15/2032		4,867,150
	21,052,000	Sprint Communications, Inc., 6.000%, 11/15/2022		15,841,630
	8,200,000	Sprint Corp., 7.125%, 6/15/2024		6,310,720
	23,641,000	Sprint Corp., 7.250%, 9/15/2021		19,356,069
				92,836,193
		Wirelines — 3.6%
	4,370,000	Bell Canada, MTN, 6.550%, 5/01/2029, 144A, (CAD)		3,982,905
	7,545,000	Bell Canada, Series M-17, 6.100%, 3/16/2035, (CAD)		6,579,613
	72,320,000	CenturyLink, Inc., 6.450%, 6/15/2021		66,172,800
	765,000	CenturyLink, Inc., 7.650%, 3/15/2042		585,225
	7,410,000	CenturyLink, Inc., Series G, 6.875%, 1/15/2028		6,113,250
	2,965,000	CenturyLink, Inc., Series P, 7.600%, 9/15/2039		2,245,988
	350,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		327,250
	10,703,000	Consolidated Communications, Inc., 6.500%, 10/01/2022, 144A		9,579,185
	17,900,000	Eircom Finance Ltd., 9.250%, 5/15/2020, 144A, (EUR)		21,442,197
	5,330,000	Embarq Corp., 7.995%, 6/01/2036		5,498,215

See accompanying notes to financial statements.

|  24

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Wirelines — continued
$	37,225,000	FairPoint Communications, Inc., 8.750%, 8/15/2019, 144A	$	38,714,000
	16,755,000	Frontier Communications Corp., 6.250%, 9/15/2021		13,948,537
	18,725,000	Frontier Communications Corp., 6.875%, 1/15/2025		14,792,750
	38,336,000	Frontier Communications Corp., 7.875%, 1/15/2027		31,435,520
	1,120,000	Koninklijke (Royal) KPN NV, EMTN, 5.750%, 3/18/2016, (GBP)		1,726,403
	25,745,000	Level 3 Communications, Inc., 5.750%, 12/01/2022		25,262,281
	4,667,000	Oi S.A., 5.750%, 2/10/2022, 144A		2,170,155
	16,550,000	Portugal Telecom International Finance BV, EMTN, 4.500%, 6/16/2025, (EUR)		10,864,616
	29,750,000	Portugal Telecom International Finance BV, EMTN, 5.000%, 11/04/2019, (EUR)		25,449,899
	42,460,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		35,878,700
	12,463,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		13,148,465
	32,395,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		29,803,400
	26,401,000	Qwest Corp., 6.875%, 9/15/2033		25,489,268
	3,075,000	Qwest Corp., 7.200%, 11/10/2026		3,080,227
	3,999,000	Qwest Corp., 7.250%, 9/15/2025		4,461,400
	39,171,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		36,233,175
	22,645,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		21,682,587
	4,000,000	Telecom Italia SpA, EMTN, 5.250%, 3/17/2055, (EUR)		4,302,972
	420,000	Telefonica Emisiones SAU, 7.045%, 6/20/2036		492,543
	31,690,000	Telus Corp., 4.950%, 3/15/2017, (CAD)		24,817,461
	18,600,000	Telus Corp., Series CG, 5.050%, 12/04/2019, (CAD)		15,443,784
	29,552,000	Verizon Communications, Inc., 2.450%, 11/01/2022		27,907,195
	3,346,000	Verizon New England, Inc., 7.875%, 11/15/2029		4,277,654
	2,080,000	Verizon Pennsylvania, Inc., 6.000%, 12/01/2028		2,267,841
	1,225,000	Windstream Services LLC, 7.500%, 6/01/2022		924,875
	3,760,000	Windstream Services LLC, 7.500%, 4/01/2023		2,782,400
				539,884,736
		Total Non-Convertible Bonds (Identified Cost $10,505,759,323)		9,369,603,963
	Convertible Bonds — 6.1%
		Building Materials — 0.9%
	19,486,000	KB Home, 1.375%, 2/01/2019		18,097,623
	52,005,000	Lennar Corp., 3.250%, 11/15/2021, 144A		106,967,784
	9,592,000	Ryland Group, Inc. (The), 0.250%, 6/01/2019		8,806,655
				133,872,062
		Chemicals — 0.0%
	4,305,000	RPM International, Inc., 2.250%, 12/15/2020		4,797,384
		Consumer Cyclical Services — 0.2%
	20,848,000	Jarden Corp., 1.125%, 3/15/2034		23,844,900
		Consumer Products — 0.1%
	13,670,000	Euronet Worldwide, Inc., 1.500%, 10/01/2044, 144A		16,720,119

See accompanying notes to financial statements.

25  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Diversified Manufacturing — 0.1%
$	16,727,000	Trinity Industries, Inc., 3.875%, 6/01/2036	$	19,727,405
		Healthcare — 0.1%
	15,025,000	Hologic, Inc., (accretes to principal after 3/01/2018), 2.000%, 3/01/2042(i)		20,264,969
		Leisure — 0.1%
	27,795,000	Rovi Corp., 0.500%, 3/01/2020, 144A		21,436,894
		Midstream — 0.6%
	63,121,000	Chesapeake Energy Corp., 2.250%, 12/15/2038		44,815,910
	49,165,000	Chesapeake Energy Corp., 2.500%, 5/15/2037		42,281,900
				87,097,810
		Pharmaceuticals — 0.1%
	1,195,000	BioMarin Pharmaceutical, Inc., 0.750%, 10/15/2018		1,543,791
	1,655,000	BioMarin Pharmaceutical, Inc., 1.500%, 10/15/2020		2,223,906
	1,810,000	Illumina, Inc., 0.250%, 3/15/2016		3,795,344
				7,563,041
		Property & Casualty Insurance — 0.6%
	72,915,000	Old Republic International Corp., 3.750%, 3/15/2018		84,216,825
		Technology — 3.3%
	7,680,000(††††)	Alcatel-Lucent, Series ALU, 0.125%, 1/30/2020, (EUR)		37,305,498
	7,520,000	Brocade Communications Systems, Inc., 1.375%, 1/01/2020, 144A		7,364,900
	60,405,000	Ciena Corp., 0.875%, 6/15/2017		59,574,431
	7,185,000	Ciena Corp., 3.750%, 10/15/2018, 144A		8,985,741
	2,429,000	Intel Corp., 2.950%, 12/15/2035		2,949,717
	205,005,000	Intel Corp., 3.250%, 8/01/2039		309,301,294
	1,055,000	Lam Research Corp., Series B, 1.250%, 5/15/2018		1,322,706
	5,446,925	Liberty Media LLC, 3.500%, 1/15/2031		4,870,820
	39,460,000	Nuance Communications, Inc., 1.500%, 11/01/2035		40,619,137
	10,415,000	Priceline Group, Inc. (The), 0.900%, 9/15/2021, 144A		10,239,247
	11,570,000	Viavi Solutions, Inc., 0.625%, 8/15/2033		10,796,256
				493,329,747
		Total Convertible Bonds (Identified Cost $738,873,680)		912,871,156
	Municipals — 1.4%
		District of Columbia — 0.0%
	3,850,000	Metropolitan Washington Airports Authority, Series D, 8.000%, 10/01/2047		4,951,023
		Illinois — 0.3%
	47,285,000	State of Illinois, 5.100%, 6/01/2033		44,296,588
		Michigan — 0.1%
	12,220,000	Michigan Tobacco Settlement Finance Authority Taxable Turbo, Series A, 7.309%, 6/01/2034		10,602,683

See accompanying notes to financial statements.

|  26

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Puerto Rico — 0.3%
$	63,900,000	Commonwealth of Puerto Rico, GO, Refunding, Series A, 8.000%, 7/01/2035	$	47,925,000
		Virginia — 0.7%
	123,115,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046		94,437,823
		Total Municipals (Identified Cost $229,259,861)		202,213,117
		Total Bonds and Notes (Identified Cost $11,473,892,864)		10,484,688,236
	Loan Participations — 0.1%
		ABS Other — 0.1%
	13,925,595	Rise Ltd., Series 2014-1, Class B, 6.500%, 2/15/2039(c)(g) (Identified Cost $14,030,037)		13,995,223
	Senior Loans — 2.6%
		Automotive — 0.2%
	22,193,813	IBC Capital Ltd., 1st Lien Term Loan, 4.750%, 9/09/2021(g)		21,158,028
	5,948,124	IBC Capital Ltd., 2nd Lien Term Loan, 8.000%, 9/09/2022(g)		5,620,977
				26,779,005
		Chemicals — 0.3%
	4,752,245	Ascend Performance Materials Operations LLC, Term Loan B, 6.750%, 4/10/2018(g)		4,288,901
	5,631,795	Emerald Performance Materials LLC, New 1st Lien Term Loan, 4.500%, 8/01/2021(g)		5,589,557
	6,147,386	Emerald Performance Materials LLC, New 2nd Lien Term Loan, 7.750%, 8/01/2022(g)		6,075,646
	31,355,000	Houghton International, Inc., New 2nd Lien Term Loan, 9.750%, 12/20/2020(g)		31,041,450
				46,995,554
		Construction Machinery — 0.3%
	44,226,482	Onsite U.S. Finco LLC, Term Loan, 5.500%, 7/30/2021(g)		41,130,628
		Consumer Cyclical Services — 0.5%
	42,193,750	SourceHov LLC, 2014 1st Lien Term Loan, 7.750%, 10/31/2019(g)		38,027,117
	43,000,000	SourceHov LLC, 2014 2nd Lien Term Loan, 11.500%, 4/30/2020(g)		36,980,000
				75,007,117
		Consumer Products — 0.1%
	13,587,044	Visant Corp., New Term Loan, 7.000%, 9/23/2021(g)		12,477,390
		Diversified Manufacturing — 0.1%
	9,930,830	Ameriforge Group, Inc., 1st Lien Term Loan, 5.000%, 12/19/2019(g)		6,777,791
	21,863,132	Ameriforge Group, Inc., 2nd Lien Term Loan, 8.750%, 12/19/2020(g)		12,571,301
				19,349,092

See accompanying notes to financial statements.

27  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Finance Companies — 0.4%
$	60,740,995	iStar Financial, Inc., Add on Term Loan A2, 7.000%, 3/19/2017(g)	$	61,955,816
		Financial Other — 0.1%
	13,077,085	DBRS Ltd., Term Loan, 6.250%, 3/04/2022(g)		13,044,392
		Industrial Other — 0.0%
	4,801,101	Eastman Kodak Co., Exit Term Loan, 7.250%, 9/03/2019(g)		4,589,853
		Media Entertainment — 0.0%
	6,537,105	SuperMedia, Inc., Exit Term Loan, 11.600%, 12/30/2016(g)		3,497,351
		Natural Gas — 0.1%
	10,114,035	Southcross Holdings Borrower LP, Term Loan B, 6.000%, 8/04/2021(g)		7,366,355
		Oil Field Services — 0.1%
	2,618,182	FTS International, Inc., New Term Loan B, 5.750%, 4/16/2021(g)		793,309
	5,426,858	Paragon Offshore Finance Co., Term Loan B, 3.750%, 7/18/2021(g)		2,136,825
	2,947,848	Petroleum Geo-Services ASA, New Term Loan B, 3.250%, 3/19/2021(g)		2,177,723
	2,760,596	UTEX Industries, Inc., 2nd Lien Term Loan 2014, 8.250%, 5/22/2022(g)		2,203,867
				7,311,724
		Other Utility — 0.0%
	1,298,000	PowerTeam Services LLC, 2nd Lien Term Loan, 8.250%, 11/06/2020(g)		1,233,100
		Property & Casualty Insurance — 0.0%
	2,250,800	CGSC of Delaware Holding Corp., 2nd Lien Term Loan C, 8.250%, 10/16/2020(g)		1,890,672
		Retailers — 0.1%
	7,276,773	J.C. Penney Corp., Inc., New Term Loan, 5.000%, 6/20/2019(g)		7,243,008
	2,829,809	Toys ‘R’ Us Property Co. I LLC, New Term Loan B, 6.000%, 8/21/2019(g)		2,575,127
				9,818,135
		Technology — 0.1%
	4,070,400	Aptean, Inc., 2nd Lien Term Loan, 8.500%, 2/26/2021(g)		3,897,408
	9,507,380	IQOR U.S., Inc., 2nd Lien Term Loan, 9.750%, 4/01/2022(g)		7,320,683
				11,218,091
		Transportation Services — 0.0%
	4,364,471	OSG Bulk Ships, Inc., Exit Term Loan, 5.250%, 8/05/2019(g)		4,315,370
		Wireless — 0.0%
	3,384,615	Asurion LLC, New 2nd Lien Term Loan, 8.500%, 3/03/2021(g)		3,032,615
		Wirelines — 0.2%
	17,348,422	Hawaiian Telcom Communications, Inc., Term Loan B, 5.000%, 6/06/2019(g)		17,294,295
	14,998,206	Integra Telecom, Inc., 2nd Lien Term Loan, 9.750%, 2/21/2020(g)		14,892,019
	1,672,963	LTS Buyer LLC, 2nd Lien Term Loan, 8.000%, 4/12/2021(g)		1,652,050
				33,838,364
		Total Senior Loans (Identified Cost $418,079,323)		384,850,624

See accompanying notes to financial statements.

|  28

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Strategic Income Fund – (continued)

Shares		Description	Value (†)
	Common Stocks — 20.3%
		Airlines — 0.0%
	38,455	United Continental Holdings, Inc.(d)	$	2,040,038
		Automobiles — 2.1%
	15,608,933	Ford Motor Co.		211,813,221
	3,379,086	General Motors Co.		101,440,162
				313,253,383
		Banks — 0.4%
	3,979,932	Bank of America Corp.		62,007,341
		Chemicals — 0.4%
	1,364,851	Dow Chemical Co. (The)		57,869,682
		Containers & Packaging — 0.1%
	460,656	Owens-Illinois, Inc.(d)		9,544,792
		Diversified Telecommunication Services — 2.0%
	283,397	Hawaiian Telcom Holdco, Inc.(d)		5,888,990
	607,219	Level 3 Communications, Inc.(d)		26,529,398
	2,511,895	Telecom Italia SpA, Sponsored ADR		25,746,924
	19,550,590	Telefonica S.A., Sponsored ADR		235,389,103
				293,554,415
		Electric Utilities — 0.0%
	94,166	Duke Energy Corp.		6,774,302
		Electronic Equipment, Instruments & Components — 3.7%
	32,000,000	Corning, Inc.		547,840,000
		Household Durables — 0.2%
	477,725	KB Home		6,473,174
	549,450	Lennar Corp., Class A		26,445,028
				32,918,202
		Insurance — 0.8%
	1,510,275	Prudential Financial, Inc.		115,098,058
		IT Services — 1.9%
	2,000,000	International Business Machines Corp.		289,940,000
		Multi-Utilities — 0.0%
	73,618	CMS Energy Corp.		2,600,188
		Oil, Gas & Consumable Fuels — 1.2%
	846,398	Chesapeake Energy Corp.		6,204,097
	5,351,804	Repsol YPF S.A., Sponsored ADR		62,348,517
	2,134,173	Royal Dutch Shell PLC, Sponsored ADR		101,138,459
	141,249	Spectra Energy Corp.		3,710,611
				173,401,684
		Pharmaceuticals — 3.4%
	8,514,190	Bristol-Myers Squibb Co.		504,040,048
		REITs – Apartments — 0.3%
	290,904	Apartment Investment & Management Co., Class A		10,769,266

See accompanying notes to financial statements.

29  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Strategic Income Fund – (continued)

Shares		Description	Value (†)
		REITs – Apartments — continued
	460,000	Equity Residential	$	34,555,200
				45,324,466
		REITs – Diversified — 0.0%
	227,043	NexPoint Residential Trust, Inc.		3,033,294
		REITs – Regional Malls — 0.2%
	123,159	Simon Property Group, Inc.		22,626,771
		REITs – Shopping Centers — 0.0%
	201,557	DDR Corp.		3,099,947
	61,579	WP GLIMCHER, Inc.		718,011
				3,817,958
		Semiconductors & Semiconductor Equipment — 3.5%
	17,300,541	Intel Corp.		521,438,306
		Trading Companies & Distributors — 0.1%
	176,859	United Rentals, Inc.(d)		10,620,383
		Total Common Stocks (Identified Cost $2,590,220,996)		3,017,743,311
	Preferred Stocks — 1.6%
	Convertible Preferred Stocks — 1.5%
		Banking — 0.2%
	19,062	Bank of America Corp., Series L, 7.250%		20,529,774
	8,533	Wells Fargo & Co., Series L, Class A, 7.500%		9,966,544
				30,496,318
		Communications — 0.0%
	10,483	Cincinnati Bell, Inc., 6.750%		502,869
		Electric — 0.1%
	374,593	AES Trust III, 6.750%		18,587,305
		Energy — 0.1%
	242,297	El Paso Energy Capital Trust I, 4.750%		11,872,553
		Metals & Mining — 0.5%
	906,807	Alcoa, Inc., Series 1, 5.375%		30,287,354
	4,549,323	ArcelorMittal, 6.000%		37,395,435
	250,639	Cliffs Natural Resources, Inc., 7.000%		601,533
				68,284,322
		Midstream — 0.4%
	172,972	Chesapeake Energy Corp., 4.500%		10,122,321
	231,033	Chesapeake Energy Corp., 5.000%		11,638,287
	43,178	Chesapeake Energy Corp., 5.750%, 144A		17,217,228
	38,539	Chesapeake Energy Corp., Series A, 5.750%, 144A		15,222,905
				54,200,741
		REITs – Diversified — 0.1%
	29,153	Crown Castle International Corp., Series A, 4.500%		2,969,525

See accompanying notes to financial statements.

|  30

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Strategic Income Fund – (continued)

Shares		Description	Value (†)
		REITs – Diversified — continued
	391,776	Weyerhaeuser Co., Series A, 6.375%	$	18,691,633
				21,661,158
		REITs – Health Care — 0.1%
	116,700	Welltower, Inc., 6.500%		7,087,191
		REITs – Hotels — 0.0%
	167,167	FelCor Lodging Trust, Inc., Series A, 1.950%		4,150,757
		REITs – Mortgage — 0.0%
	38,767	iStar, Inc., Series J, 4.500%		2,060,854
		Total Convertible Preferred Stocks (Identified Cost $341,824,870)		218,904,068
	Non-Convertible Preferred Stocks — 0.1%
		Banking — 0.0%
	154,002	Countrywide Capital IV, 6.750%		3,907,030
		Electric — 0.0%
	393	Entergy New Orleans, Inc., 4.750%		38,637
		Finance Companies — 0.0%
	39,200	iStar, Inc., Series E, 7.875%		929,040
	39,300	iStar, Inc., Series F, 7.800%		923,943
	10,425	iStar, Inc., Series G, 7.650%		245,509
	101,175	SLM Corp., Series A, 6.970%		4,471,935
				6,570,427
		Home Construction — 0.0%
	208,246	Hovnanian Enterprises, Inc., 7.625%(d)		916,282
		REITs – Office Property — 0.0%
	1,596	Highwoods Properties, Inc., Series A, 8.625%		1,945,624
		REITs – Warehouse/Industrials — 0.1%
	116,192	ProLogis, Inc., Series Q, 8.540%		7,436,288
		Total Non-Convertible Preferred Stocks (Identified Cost $16,997,613)		20,814,288
		Total Preferred Stocks (Identified Cost $358,822,483)		239,718,356
	Closed-End Investment Companies — 0.0%
	681,131	NexPoint Credit Strategies Fund (Identified Cost $10,230,352)		3,902,881

See accompanying notes to financial statements.

31  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
	Short-Term Investments — 2.6%
$	2,559,436	Repurchase Agreement with State Street Bank and Trust Company, dated 9/30/2015 at 0.000% to be repurchased at $2,559,436 on 10/01/2015 collateralized by $2,564,000 U.S. Treasury Note, 1.500% due 8/31/2018 valued at $2,610,637 including accrued interest (Note 2 of Notes to Financial Statements)	$	2,559,436
	382,613,018	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2015 at 0.010% to be repurchased at $382,613,124 on 10/01/2015 collateralized by $815,000 U.S. Treasury Note, 0.625% due 9/30/2017 valued at $813,981; $388,485,000 U.S. Treasury Note, 1.750% due 2/28/2022 valued at $389,456,213 including accrued interest (Note 2 of Notes to Financial Statements)		382,613,018
		Total Short-Term Investments (Identified Cost $385,172,454)		385,172,454
		Total Investments — 97.8% (Identified Cost $15,250,448,509)(a)		14,530,071,085
		Other assets less liabilities — 2.2%		327,914,341
		Net Assets — 100.0%	$	14,857,985,426
	(‡)	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:
		At September 30, 2015, the net unrealized depreciation on investments based on a cost of $15,410,697,907 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	$	1,371,519,306
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(2,252,146,128	)
		Net unrealized depreciation	$	(880,626,822	)
	(b)	Fair valued by the Fund’s adviser. At September 30, 2015, the value of these securities amounted to $80,580,006 or 0.5% of net assets. See Note 2 of Notes to Financial Statements.
	(c)	Illiquid security. At September 30, 2015, the value of these securities amounted to $313,974,915 or 2.1% of net assets. Illiquid securities are deemed to be fair valued pursuant to the Fund’s pricing policies and procedures. See Note 2 of Notes to Financial Statements.
	(d)	Non-income producing security.
	(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 September 30, 2015, interest payments were made in additional debt securities.

See accompanying notes to financial statements.

|  32

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Strategic Income Fund – (continued)

(g)	Variable rate security. Rate as of September 30, 2015 is disclosed.
(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)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
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 September 30, 2015, the value of Rule 144A holdings amounted to $2,634,811,111 or 17.7% of net assets.
ABS	Asset-Backed Securities
ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
EMTN	Euro Medium Term Note
GMTN	Global Medium Term Note
GO	General Obligation
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
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.

33  |

Portfolio of Investments – as of September 30, 2015

Loomis Sayles Strategic Income Fund – (continued)

Industry Summary at September 30, 2015

Treasuries	15.8	%
Banking	5.6
Technology	5.0
Finance Companies	4.9
Wirelines	3.8
Electronic Equipment, Instruments & Components	3.7
Healthcare	3.5
Semiconductors & Semiconductor Equipment	3.5
Pharmaceuticals	3.5
Chemicals	3.0
Airlines	3.0
Sovereigns	2.3
Automobiles	2.1
Electric	2.1
Metals & Mining	2.1
Diversified Telecommunication Services	2.0
Other Investments, less than 2% each	29.3
Short-Term Investments	2.6
Total Investments	97.8
Other assets less liabilities	2.2
Net Assets	100.0	%

Currency Exposure Summary at September 30, 2015

United States Dollar	75.2	%
Canadian Dollar	6.8
Mexican Peso	4.0
New Zealand Dollar	3.8
Australian Dollar	2.9
Other, less than 2% each	5.1
Total Investments	97.8
Other assets less liabilities	2.2
Net Assets	100.0	%

See accompanying notes to financial statements.

|  34

Statement of Assets and Liabilities

September 30, 2015

ASSETS
Investments at cost	$	15,250,448,509
Net unrealized depreciation		(720,377,424	)
Investments at value		14,530,071,085
Foreign currency at value (identified cost $140,215,950)		141,607,086
Receivable for Fund shares sold		22,742,348
Receivable for securities sold		37,488,414
Dividends and interest receivable		180,965,409
Tax reclaims receivable		1,318,825
TOTAL ASSETS		14,914,193,167
LIABILITIES
Payable for Fund shares redeemed		46,694,895
Management fees payable (Note 5)		7,034,910
Deferred Trustees’ fees (Note 5)		1,054,764
Administrative fees payable (Note 5)		549,061
Payable to distributor (Note 5d)		144,846
Other accounts payable and accrued expenses		729,265
TOTAL LIABILITIES		56,207,741
NET ASSETS	$	14,857,985,426
NET ASSETS CONSIST OF:
Paid-in capital	$	14,908,450,232
Distributions in excess of net investment income		(11,238,936	)
Accumulated net realized gain on investments and foreign currency transactions		682,497,726
Net unrealized depreciation on investments and foreign currency translations		(721,723,596	)
NET ASSETS	$	14,857,985,426

See accompanying notes to financial statements.

35  |

Statement of Assets and Liabilities (continued)

September 30, 2015

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	3,318,261,523
Shares of beneficial interest		225,679,005
Net asset value and redemption price per share	$	14.70
Offering price per share (100/95.50 of net asset value) (Note 1)	$	15.39
Class B shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	966,924
Shares of beneficial interest		65,063
Net asset value and offering price per share	$	14.86
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	4,295,139,076
Shares of beneficial interest		290,135,431
Net asset value and offering price per share	$	14.80
Class N shares:
Net assets	$	83,404,879
Shares of beneficial interest		5,677,403
Net asset value, offering and redemption price per share	$	14.69
Class Y shares:
Net assets	$	7,018,369,069
Shares of beneficial interest		477,760,594
Net asset value, offering and redemption price per share	$	14.69
Admin Class shares:
Net assets	$	141,843,955
Shares of beneficial interest		9,676,581
Net asset value, offering and redemption price per share	$	14.66

See accompanying notes to financial statements.

|  36

Statement of Operations

For the Year Ended September 30, 2015

INVESTMENT INCOME
Interest	$	748,907,637
Dividends		145,076,068
Less net foreign taxes withheld		(5,234,577	)
		888,749,128
Expenses
Management fees (Note 5)		100,697,086
Service and distribution fees (Note 5)		62,448,916
Administrative fees (Note 5)		7,747,451
Trustees’ fees and expenses (Note 5)		258,432
Transfer agent fees and expenses (Notes 5 and 6)		13,193,531
Audit and tax services fees		69,085
Custodian fees and expenses		1,170,889
Legal fees		209,972
Registration fees		511,842
Shareholder reporting expenses		831,603
Miscellaneous expenses		350,388
Total expenses		187,489,195
Net investment income		701,259,933
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		698,798,847
Foreign currency transactions		(11,359,685	)
Net change in unrealized appreciation (depreciation) on:
Investments		(2,578,085,203	)
Foreign currency translations		788,956
Net realized and unrealized loss on investments and foreign currency transactions		(1,889,857,085	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,188,597,152	)

See accompanying notes to financial statements.

37  |

Statement of Changes in Net Assets

	Year Ended September 30, 2015			Year Ended September 30, 2014
FROM OPERATIONS:
Net investment income	$	701,259,933		$	571,519,078
Net realized gain on investments and foreign currency transactions		687,439,162			453,441,646
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(2,577,296,247	)		415,862,441
Net increase (decrease) in net assets resulting from operations		(1,188,597,152	)		1,440,823,165
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(147,603,925	)		(208,260,687	)
Class B		(357,567	)		(1,352,357	)
Class C		(140,541,036	)		(153,941,242	)
Class N		(2,897,849	)		(1,422,761	)
Class Y		(326,016,878	)		(247,038,167	)
Admin Class		(4,780,012	)		(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		(1,049,511,537	)		(658,443,022	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 9)		(1,677,689,547	)		2,898,606,286
Net increase (decrease) in net assets		(3,915,798,236	)		3,680,986,429
NET ASSETS
Beginning of the year		18,773,783,662			15,092,797,233
End of the year	$	14,857,985,426		$	18,773,783,662
DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME	$	(11,238,936	)	$	(53,367,332	)

See accompanying notes to financial statements.

|  38

Financial Highlights

For a share outstanding throughout each period.

	Class A
	Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of the period	$	16.75		$	15.93		$	15.30		$	14.21		$	14.69
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.64			0.58			0.65			0.72			0.77
Net realized and unrealized gain (loss)		(1.74	)		0.90			0.76			1.21			(0.42	)
Total from Investment Operations		(1.10	)		1.48			1.41			1.93			0.35
LESS DISTRIBUTIONS FROM:
Net investment income		(0.57	)		(0.62	)		(0.78	)		(0.84	)		(0.83	)
Net realized capital gains		(0.38	)		(0.04	)		—			—			—
Total Distributions		(0.95	)		(0.66	)		(0.78	)		(0.84	)		(0.83	)
Net asset value, end of the period	$	14.70		$	16.75		$	15.93		$	15.30		$	14.21
Total return(b)		(6.88	)%		9.34	%		9.43	%		14.02	%		2.20	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	3,318,262		$	4,408,257		$	5,239,885		$	5,155,287		$	5,262,765
Net expenses		0.94	%		0.94	%		0.95	%		0.96	%		0.95	%
Gross expenses		0.94	%		0.94	%		0.95	%		0.96	%		0.95	%
Net investment income		3.95	%		3.44	%		4.14	%		4.84	%		5.10	%
Portfolio turnover rate		23	%		26	%		22	%		30	%		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.

See accompanying notes to financial statements.

39  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Class B
	Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of the period	$	16.88		$	16.05		$	15.41		$	14.30		$	14.78
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.50			0.46			0.54			0.61			0.66
Net realized and unrealized gain (loss)		(1.73	)		0.90			0.76			1.23			(0.43	)
Total from Investment Operations		(1.23	)		1.36			1.30			1.84			0.23
LESS DISTRIBUTIONS FROM:
Net investment income		(0.41	)		(0.49	)		(0.66	)		(0.73	)		(0.71	)
Net realized capital gains		(0.38	)		(0.04	)		—			—			—
Total Distributions		(0.79	)		(0.53	)		(0.66	)		(0.73	)		(0.71	)
Net asset value, end of the period	$	14.86		$	16.88		$	16.05		$	15.41		$	14.30
Total return(b)		(7.62	)%		8.55	%		8.58	%		13.15	%		1.48	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	967		$	30,746		$	57,276		$	89,552		$	107,400
Net expenses		1.68	%		1.69	%		1.70	%		1.70	%		1.70	%
Gross expenses		1.68	%		1.69	%		1.70	%		1.70	%		1.70	%
Net investment income		3.01	%		2.75	%		3.39	%		4.11	%		4.35	%
Portfolio turnover rate		23	%		26	%		22	%		30	%		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.

See accompanying notes to financial statements.

|  40

Financial Highlights (continued)

For a share outstanding throughout each period.

	Class C
	Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of the period	$	16.85		$	16.03		$	15.39		$	14.29		$	14.77
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.52			0.45			0.54			0.61			0.66
Net realized and unrealized gain (loss)		(1.74	)		0.90			0.76			1.23			(0.43	)
Total from Investment Operations		(1.22	)		1.35			1.30			1.84			0.23
LESS DISTRIBUTIONS FROM:
Net investment income		(0.45	)		(0.49	)		(0.66	)		(0.74	)		(0.71	)
Net realized capital gains		(0.38	)		(0.04	)		—			—			—
Total Distributions		(0.83	)		(0.53	)		(0.66	)		(0.74	)		(0.71	)
Net asset value, end of the period	$	14.80		$	16.85		$	16.03		$	15.39		$	14.29
Total return(b)		(7.60	)%		8.54	%		8.61	%		13.18	%		1.42	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	4,295,139		$	5,390,222		$	4,912,727		$	5,064,186		$	4,666,077
Net expenses		1.69	%		1.69	%		1.70	%		1.71	%		1.70	%
Gross expenses		1.69	%		1.69	%		1.70	%		1.71	%		1.70	%
Net investment income		3.20	%		2.68	%		3.39	%		4.08	%		4.35	%
Portfolio turnover rate		23	%		26	%		22	%		30	%		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.

See accompanying notes to financial statements.

41  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Class N
	Year Ended September 30, 2015			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)		0.69			0.61			0.46
Net realized and unrealized gain (loss)		(1.73	)		0.91			0.16
Total from Investment Operations		(1.04	)		1.52			0.62
LESS DISTRIBUTIONS FROM:
Net investment income		(0.62	)		(0.67	)		(0.48	)
Net realized capital gains		(0.38	)		(0.04	)		—
Total Distributions		(1.00	)		(0.71	)		(0.48	)
Net asset value, end of the period	$	14.69		$	16.73		$	15.92
Total return		(6.58	)%		9.70	%		4.01	%(b)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	83,405		$	57,752		$	12,921
Net expenses		0.62	%		0.62	%		0.63	%(c)
Gross expenses		0.62	%		0.62	%		0.63	%(c)
Net investment income		4.33	%		3.62	%		4.38	%(c)
Portfolio turnover rate		23	%		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.

|  42

Financial Highlights (continued)

For a share outstanding throughout each period.

	Class Y
	Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of the period	$	16.73		$	15.92		$	15.29		$	14.20		$	14.68
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.68			0.61			0.69			0.75			0.81
Net realized and unrealized gain (loss)		(1.73	)		0.90			0.76			1.22			(0.43	)
Total from Investment Operations		(1.05	)		1.51			1.45			1.97			0.38
LESS DISTRIBUTIONS FROM:
Net investment income		(0.61	)		(0.66	)		(0.82	)		(0.88	)		(0.86	)
Net realized capital gains		(0.38	)		(0.04	)		—			—			—
Total Distributions		(0.99	)		(0.70	)		(0.82	)		(0.88	)		(0.86	)
Net asset value, end of the period	$	14.69		$	16.73		$	15.92		$	15.29		$	14.20
Total return		(6.65	)%		9.63	%		9.72	%		14.31	%		2.46	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	7,018,369		$	8,747,384		$	4,789,322		$	4,339,240		$	2,807,777
Net expenses		0.69	%		0.69	%		0.70	%		0.71	%		0.70	%
Gross expenses		0.69	%		0.69	%		0.70	%		0.71	%		0.70	%
Net investment income		4.21	%		3.65	%		4.39	%		5.05	%		5.35	%
Portfolio turnover rate		23	%		26	%		22	%		30	%		25	%

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

See accompanying notes to financial statements.

43  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Admin Class
	Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011
Net asset value, beginning of the period	$	16.70		$	15.89		$	15.27		$	14.18		$	14.66
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.60			0.53			0.61			0.67			0.73
Net realized and unrealized gain (loss)		(1.73	)		0.90			0.75			1.23			(0.42	)
Total from Investment Operations		(1.13	)		1.43			1.36			1.90			0.31
LESS DISTRIBUTIONS FROM:
Net investment income		(0.53	)		(0.58	)		(0.74	)		(0.81	)		(0.79	)
Net realized capital gains		(0.38	)		(0.04	)		—			—			—
Total Distributions		(0.91	)		(0.62	)		(0.74	)		(0.81	)		(0.79	)
Net asset value, end of the period	$	14.66		$	16.70		$	15.89		$	15.27		$	14.18
Total return		(7.13	)%		9.12	%		9.12	%		13.79	%		1.98	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	141,844		$	139,423		$	80,666		$	49,486		$	25,424
Net expenses		1.19	%		1.19	%		1.20	%		1.21	%		1.21	%
Gross expenses		1.19	%		1.19	%		1.20	%		1.21	%		1.21	%
Net investment income		3.73	%		3.15	%		3.89	%		4.52	%		4.87	%
Portfolio turnover rate		23	%		26	%		22	%		30	%		25	%

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

See accompanying notes to financial statements.

|  44

Notes to Financial Statements

September 30, 2015

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.

See Note 10 for changes that take effect subsequent to September 30, 2015.

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, for 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

45  |

Notes to Financial Statements (continued)

September 30, 2015

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

2.  Significant Accounting Policies.  The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial 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 year-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 except as disclosed in Note 10.

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.

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Notes to Financial Statements (continued)

September 30, 2015

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.

As of September 30, 2015, securities of the Fund included in Net Assets (reflected at absolute value) were fair valued as follows:

Illiquid securities1	Percentage of Net Assets		Other fair valued securities2		Percentage of Net Assets
$313,974,915		2.1%		$80,580,006		0.5%

¹  Illiquid securities are deemed to be fair valued pursuant to the Fund’s pricing policies and procedures.

²  Fair valued by the Fund’s adviser.

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

47  |

Notes to Financial Statements (continued)

September 30, 2015

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 dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains 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. For federal income tax purposes, net realized foreign exchange gains or losses are 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 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.

During the year ended September 30, 2015, the amount of income available to be distributed by the Fund was reduced by $120,635,103 as a result of losses arising from changes in exchange rates.

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

d.  Federal and Foreign Income Taxes.  The Trust treats each Fund as a separate entity for federal income tax purposes. The Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of the Fund’s tax positions for the open tax years as of September 30, 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

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Notes to Financial Statements (continued)

September 30, 2015

examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next twelve 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 where reclaims have been or will be filed are reflected on the Statement of Assets and Liabilities as tax reclaims receivable. Capital gains taxes paid are included in net realized gain (loss) on investments in the Statement of Operations. Accrued but unpaid capital gains taxes are reflected as foreign taxes payable on the Statement of Assets and Liabilities, if applicable, and reduce unrealized gains on investments. In the event that realized gains on investments are subsequently offset by realized losses, taxes paid on realized gains may be returned to the Fund. Such amounts, if applicable, are reflected as foreign tax rebates receivable on the Statement of Assets and Liabilities and are recorded as a realized gain when received.

e.  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on ex-dividend date. The timing and characterization of certain income and 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 gains and losses, premium amortization, convertible bonds, paydown gains and losses, trust preferred securities, 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, defaulted and/or non-income producing securities, contingent payment debt instruments and convertible bonds. 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.

49  |

Notes to Financial Statements (continued)

September 30, 2015

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the years ended September 30, 2015 and 2014 were as follows:

2015 Distributions Paid From:						2014 Distributions Paid From:
Ordinary Income		Long-Term Capital Gains		Total		Ordinary Income		Long-Term Capital Gains		Total
	$660,241,145	$	389,270,392	$	1,049,511,537	$	617,621,510	$	40,821,512	$	658,443,022

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.

As of September 30, 2015, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	107,423,785
Undistributed long-term capital gains		712,777,816
Total undistributed earnings		820,201,601
Unrealized appreciation (depreciation)
Investments		30,086,766
Foreign currency translations		(894,320,846	)
Total unrealized depreciation		(864,234,080	)
Total accumulated losses	$	(44,032,479	)

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 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

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Notes to Financial Statements (continued)

September 30, 2015

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 September 30, 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 $2,475,961 related to terminated loans with a bankrupt borrower is held by State Street Bank on behalf of the Fund.

For the year ended September 30, 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.

51  |

Notes to Financial Statements (continued)

September 30, 2015

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 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.

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Notes to Financial Statements (continued)

September 30, 2015

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2015, at value:

Asset Valuation Inputs

Description	Level 1			Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—		$	12,636,215	$	53,844,406	(b)	$	66,480,621
Airlines		—			395,736,033		46,132,152	(c)		441,868,185
Finance Companies		1,885,276			669,897,220		—			671,782,496
Metals & Mining		—			234,525,023		2,624,679	(b)		237,149,702
Non-Agency Commercial Mortgage-Backed Securities		—			115,971,928		30,346,820	(c)		146,318,748
Oil Field Services		—			73,648,050		205,000	(b)		73,853,050
Retailers		—			84,474,212		11,273,545	(b)		95,747,757
Transportation Services		—			8,192,340		12,632,376	(b)		20,824,716
All Other Non-Convertible Bonds(a)		—			7,615,578,688		—			7,615,578,688
Total Non-Convertible Bonds		1,885,276			9,210,659,709		157,058,978			9,369,603,963
Convertible Bonds(a)		—			912,871,156		—			912,871,156
Municipals(a)		—			202,213,117		—			202,213,117
Total Bonds and Notes		1,885,276			10,325,743,982		157,058,978			10,484,688,236
Loan Participations(a)		—			—		13,995,223	(c)		13,995,223
Senior Loans(a)		—			384,850,624		—			384,850,624
Common Stocks(a)		3,017,743,311			—		—			3,017,743,311
Preferred Stocks
Convertible Preferred Stocks			��
Midstream		10,122,321			44,078,420		—			54,200,741
REITs – Mortgage		—			2,060,854		—			2,060,854
All Other Convertible Preferred Stocks(a)		162,642,473			—		—			162,642,473
Total Convertible Preferred Stocks		172,764,794			46,139,274		—			218,904,068

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Notes to Financial Statements (continued)

September 30, 2015

Asset Valuation Inputs (continued)

Description	Level 1		Level 2		Level 3		Total
Preferred Stocks (continued)
Non-Convertible Preferred Stocks
Electric	$	—	$	38,637	$	—	$	38,637
Non-Convertible Preferred Stocks (continued)
REITs – Office Property		—		1,945,624		—		1,945,624
REITs –Warehouse/Industrials		—		7,436,288		—		7,436,288
All Other Non-Convertible Preferred Stocks(a)		11,393,739		—		—		11,393,739
Total Non-Convertible Preferred Stocks		11,393,739		9,420,549		—		20,814,288
Total Preferred Stocks		184,158,533		55,559,823		—		239,718,356
Closed-End Investment Companies		3,902,881		—		—		3,902,881
Short-Term Investments		—		385,172,454		—		385,172,454
Total	$	3,207,690,001	$	11,151,326,883	$	171,054,201	$	14,530,071,085

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

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

(c) Valued using broker-dealer bid prices.

Preferred stocks valued at $13,943,684 were transferred from Level 1 to Level 2 during the period ended September 30, 2015. At September 30, 2014, these securities were valued at the last sale price. At September 30, 2015, these securities were valued on the basis of evaluated bids furnished to the Fund by an independent pricing service.

A preferred stock valued at $466,429 was transferred from Level 2 to Level 1 during the period ended September 30, 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 September 30, 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.

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Notes to Financial Statements (continued)

September 30, 2015

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 September 30, 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	$	—	$	—	$	—		$	(10,309,343	)	$	71,177,326
Airlines		270,539,686		97,635		6,393,798			(9,894,759	)		—
Banking		162,624,689		—		—			—			—
Metals & Mining		8,350,160		78,733		2,236			(2,607,845	)		7,882,584
Non-Agency Commercial Mortgage-Backed Securities		—		—		—			246,820			30,100,000
Oil Field Services		—		18,735		—			(94,985	)		281,250
Retailers		11,232,004		37,495		—			4,046			—
Transportation Services		29,689,394		—		2,587,015			(6,229,303	)		—
Convertible Bonds
Wirelines		53,861		—		(21,838	)		17,377			—
Loan Participations		15,059,064		—		(7,246	)		(90,658	)		—
Total	$	497,548,858	$	232,598	$	8,953,965		$	(28,958,650	)	$	109,441,160

55  |

Notes to Financial Statements (continued)

September 30, 2015

Asset Valuation Inputs (continued)

Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of September 30, 2015		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at September 30, 2015
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	(7,023,577	)	$	—	$	—		$	53,844,406	$	(10,309,343	)
Airlines		(90,971,250	)		—		(130,032,958	)		46,132,152		(1,117,738	)
Banking		—			—		(162,624,689	)		—		—
Metals & Mining		(11,081,189	)		—		—			2,624,679		(5,295,046	)
Non-Agency Commercial Mortgage-Backed Securities		—			—		—			30,346,820		246,820
Oil Field Services		—			—		—			205,000		(94,985	)
Retailers		—			—		—			11,273,545		4,046
Transportation Services		(13,414,730	)		—		—			12,632,376		(1,715,712	)
Convertible Bonds
Wirelines		(49,400	)		—		—			—		—
Loan Participations		(965,937	)		—		—			13,995,223		(87,035	)
Total	$	(123,506,083	)	$	—	$	(292,657,647	)	$	171,054,201	$	(18,368,993	)

Debt securities valued at $292,657,647 were transferred from Level 3 to Level 2 during the period ended September 30, 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 September 30, 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.

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

4.  Purchases and Sales of Securities.  For the year ended September 30, 2015, purchases and sales of securities (excluding short-term investments and U.S. Government/Agency securities and including paydowns) were $3,693,918,345 and $3,649,950,883, respectively. Purchases and sales of U.S. Government/Agency securities

|  56

Notes to Financial Statements (continued)

September 30, 2015

(excluding short-term investments and including paydowns) were $415,314,499 and $2,967,635,644 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, organizational and extraordinary expenses such as litigation and indemnification expenses. This undertaking is in effect until January 31, 2016, may be terminated before then only with the consent of the Fund’s Board of Trustees, 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 year ended September 30, 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 year ended September 30, 2015, the management fees for the Fund were $100,697,086 (effective rate of 0.55% of average daily net assets).

No expenses were recovered during the year ended September 30, 2015 under the terms of the expense limitation agreement.

57  |

Notes to Financial Statements (continued)

September 30, 2015

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

|  58

Notes to Financial Statements (continued)

September 30, 2015

securities dealers or financial intermediaries for providing personal services and/or account maintenance for their customers who hold such shares.

For the year ended September 30, 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
$10,458,979		$32,643		$12,781,687		$366,309		$97,928		$38,345,061		$366,309

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 year ended September 30, 2015, the administrative fees for the Fund were $7,747,451.

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 year ended September 30, 2015, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statement of Operations) for the Fund were $12,328,178.

59  |

Notes to Financial Statements (continued)

September 30, 2015

As of September 30, 2015, the Fund owes NGAM Distribution $144,846 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 during the year ended September 30, 2015 amounted to $891,067.

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 of Trustees 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, the chairperson of the Contract Review Committee and the chairperson of the Audit Committee each receive 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, Loomis Sayles Funds Trusts and Gateway Trust 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.

|  60

Notes to Financial Statements (continued)

September 30, 2015

6.  Class-Specific Transfer Agent Fees and Expenses.  For the year ended September 30, 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	$	3,049,222	$	9,319	$	3,729,801	$	928	$	6,296,983	$	107,278

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 $150,000,000 committed unsecured line of credit provided by State Street Bank. 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). 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 0.15% 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 year ended September 30, 2015, the Fund had no borrowings under this agreement.

Prior to April 16, 2015, the committed unsecured line of credit was $200,000,000 with an individual limit of $125,000,000 for each Fund that participated in the line of credit. In addition, the commitment fee was 0.10% 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.

61  |

Notes to Financial Statements (continued)

September 30, 2015

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:

	Year Ended September 30, 2015					Year Ended September 30, 2014
	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	55,230,250		$	895,787,000		96,833,211		$	1,613,333,700
Issued in connection with the reinvestment of distributions	12,108,946			193,880,215		10,982,373			182,518,046
Redeemed	(104,911,251	)		(1,667,771,545	)	(173,467,513	)		(2,943,275,774	)
Net change	(37,572,055	)	$	(578,104,330	)	(65,651,929	)	$	(1,147,424,028	)
Class B
Issued from the sale of shares	13,353		$	217,477		36,090		$	598,526
Issued in connection with the reinvestment of distributions	34,044			554,036		55,643			927,891
Redeemed	(1,803,775	)		(29,572,377	)	(1,838,778	)		(31,002,903	)
Net change	(1,756,378	)	$	(28,800,864	)	(1,747,045	)	$	(29,476,486	)
Class C
Issued from the sale of shares	28,023,664		$	458,267,601		52,092,722		$	875,512,700
Issued in connection with the reinvestment of distributions	9,349,838			150,703,635		5,620,301			93,940,364
Redeemed	(67,101,029	)		(1,075,601,545	)	(44,336,735	)		(744,451,969	)
Net change	(29,727,527	)	$	(466,630,309	)	13,376,288		$	225,001,095
Class N
Issued from the sale of shares	3,222,100		$	51,850,092		2,745,644		$	45,891,917
Issued in connection with the reinvestment of distributions	254,881			4,061,246		85,441			1,433,052
Redeemed	(1,251,091	)		(19,905,109	)	(191,196	)		(3,219,311	)
Net change	2,225,890		$	36,006,229		2,639,889		$	44,105,658
Class Y
Issued from the sale of shares	147,913,821		$	2,394,839,842		288,746,772		$	4,865,529,460
Issued in connection with the reinvestment of distributions	23,049,791			368,639,532		9,613,689			160,340,745
Redeemed	(215,997,923	)		(3,425,312,747	)	(76,423,525	)		(1,273,844,644	)
Net change	(45,034,311	)	$	(661,833,373	)	221,936,936		$	3,752,025,561
Admin Class
Issued from the sale of shares	2,751,269		$	44,257,130		3,718,005		$	61,793,225
Issued in connection with the reinvestment of distributions	426,236			6,794,161		217,039			3,607,944
Redeemed	(1,850,865	)		(29,378,191	)	(661,926	)		(11,026,683	)
Net change	1,326,640		$	21,673,100		3,273,118		$	54,374,486
Increase (decrease) from capital share transactions	(110,537,741	)	$	(1,677,689,547	)	173,827,257		$	2,898,606,286

|  62

Notes to Financial Statements (continued)

September 30, 2015

10.  Subsequent Event.  On September 10, 2015, the Board of Trustees approved the following changes: (i) the early conversion of all of the Fund’s remaining Class B shares into Class A shares, effective at the close of business on January 11, 2016, (ii) a reduction of the maximum sales charge on purchases of Class A shares from 4.50% to 4.25%, effective November 2, 2015, and (iii) a broadening of eligibility requirements for Class N shares to include investors with an initial minimum investment of $1,000,000, effective November 2, 2015.

63  |

Report of Independent Registered Public Accounting Firm

To the Trustees of Loomis Sayles Funds II and Shareholders of Loomis Sayles Strategic Income Fund:

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Loomis Sayles Strategic Income Fund, a series of Loomis Sayles Funds II (the “Fund”) at September 30, 2015, and the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at September 30, 2015 by correspondence with the custodian and agent banks, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

November 20, 2015

|  64

2015 U.S. Tax Distribution Information to Shareholders (Unaudited)

Corporate Dividends Received Deduction.  For the fiscal year ended September 30, 2015, 15.14% of dividends distributed by Strategic Income Fund qualify for the dividends received deduction for corporate shareholders.

Capital Gains Distributions.  Pursuant to Internal Revenue Section 852(b), the Strategic Income Fund designated $389,270,392 as capital gains distributions for the fiscal year ended September 30, 2015, unless subsequently determined to be different.

Qualified Dividend Income.  For the fiscal year ended September 30, 2015, the Strategic Income Fund will designate up to the maximum amount allowable pursuant to the Internal Revenue Code as qualified dividend income eligible for reduced tax rates. These lower rates range from 0% to 20% depending on an individual’s tax bracket. If the Fund pays a distribution during calendar year 2015, complete information will be reported in conjunction with Form 1099-DIV.

65  |

Trustee and Officer Information

The tables below provide certain information regarding the trustees and officers of Loomis Sayles Funds II (the “Trust”). Unless otherwise indicated, the address of all persons below is 399 Boylston Street, Boston, MA 02116. The Fund’s Statement of Additional Information include additional information about the trustees of the Trust and is available by calling Natixis Funds at 800-225-5478.

Name and Year of Birth	Position(s) Held with the Trust, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INDEPENDENT TRUSTEES
Kenneth A. Drucker (1945)	Trustee since 2008 Chairperson of the Audit Committee and Governance Committee Member	Retired	42 None	Significant experience on the Board and on the boards of other business organizations (including at investment companies); executive experience (including as treasurer of an aerospace, automotive, and metal manufacturing corporation)
Edmond J. English (1953)	Trustee since 2013 Contract Review Committee Member	Chief Executive Officer of Bob’s Discount Furniture (retail)	42 Formerly, Director, BJ’s Wholesale Club (retail); formerly, Director, Citizens Financial Group (bank)	Experience on the Board and significant experience on the boards of other business organizations (including at a retail company and a bank); executive experience (including at a retail company)

|  66

Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trust, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INDEPENDENT TRUSTEES (continued)
Richard A. Goglia (1951)	Trustee since 2015 Audit Committee Member	Retired; formerly Vice President and Treasurer of Raytheon Company (defense)	42 None	Experience on the Board and executive experience (including his role as vice president and treasurer of a defense company and experience at a financial services company)
Wendell J. Knox (1948)	Trustee since 2009 Audit Committee Member and Governance Committee Member	Director of Abt Associates Inc. (research and consulting)	42 Director, Eastern Bank (bank); Director, The Hanover Insurance Group (property and casualty insurance)	Significant experience on the Board and on the boards of other business organizations (including at a bank and at a property and casualty insurance firm); executive experience (including roles as president and chief executive officer of a research and consulting company)

67  |

Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trust, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INDEPENDENT TRUSTEES (continued)
Martin T. Meehan (1956)	Trustee since 2012 Contract Review Committee Member	President, University of Massachusetts (formerly, Chancellor and faculty member, University of Massachusetts Lowell)	42 None	Experience on the Board and on the boards of other business organizations; experience as President of the University of Massachusetts; government experience (including as a member of the U.S. House of Representatives); academic experience
Sandra O. Moose (1942)	Chairperson of the Board of Trustees since November 2005 Trustee since 2003 Ex Officio member of the Audit Committee, the Contract Review Committee and the Governance Committee	President, Strategic Advisory Services (management consulting)	42 Director, AES Corporation (international power company); formerly, Director, Verizon Communications (telecommunications company)	Significant experience on the Board and on the boards of other business organizations (including at a telecommunications company, an international power company and a specialty chemicals corporation); executive experience (including at a management consulting company)

|  68

Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trust, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INDEPENDENT TRUSTEES (continued)
Erik R. Sirri (1958)	Trustee since 2009 Audit Committee Member	Professor of Finance at Babson College	42 None	Significant experience on the Board; experience as Director of the Division of Trading and Markets at the Securities and Exchange Commission; academic experience; training as an economist
Peter J. Smail (1952)	Trustee since 2009 Chairperson of the Contract Review Committee and Governance Committee Member	Retired	42 None	Significant experience on the Board; mutual fund industry and executive experience (including roles as president and chief executive officer for an investment adviser)
Cynthia L. Walker (1956)	Trustee since 2005 Chairperson of the Governance Committee and Contract Review Committee Member	Deputy Dean for Finance and Administration, Yale University School of Medicine	42 None	Significant experience on the Board; executive experience in a variety of academic organizations (including roles as dean for finance and administration)

69  |

Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trust, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INTERESTED TRUSTEES
Kevin P. Charleston3 (1965) One Financial Center Boston, MA 02111	Trustee since 2015	President, Chief Executive Officer and Director; formerly, Chief Financial Officer, Loomis, Sayles & Company, L.P.	42 None	Continuing service as President, Chief Executive Officer and Director of Loomis, Sayles & Company, L.P.
David L. Giunta4 (1965)	Trustee since 2011 President since 2008 and Chief Executive Officer since 2015	President and Chief Executive Officer, NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.	42 None	Experience on the Board; continuing experience as President and Chief Executive Officer of NGAM Advisors, L.P.
John T. Hailer5 (1960)	Trustee since 2003	President and Chief Executive Officer – U.S. and Asia, Natixis Global Asset Management, L.P.	42 None	Significant experience on the Board; continuing experience as President and Chief Executive Officer – U.S. and Asia, Natixis Global Asset Management, L.P.

¹  Each trustee serves until retirement, resignation or removal from the Board. The current retirement age is 75. The position of Chairperson of the Board is appointed for a three-year term. Ms. Moose was appointed to serve an additional three-year term as the Chairperson of the Board on December 13, 2013.

²  The trustees of the Trust serve as trustees of a fund complex that includes all series of the Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV and Gateway Trust (collectively, the “Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (collectively, the “Loomis Sayles Funds Trusts”) (collectively, the “Fund Complex”).

³  Mr. Charleston is deemed an “interested person” of the Trust because he holds the following positions with an affiliated person of the Trust: President, Chief Executive Officer and Director of Loomis, Sayles & Company, L.P.

⁴  Mr. Giunta is deemed an “interested person” of the Trust because he holds the following positions with an affiliated person of the Trust: President and Chief Executive Officer of NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.

⁵ Mr. Hailer is deemed an “interested person” of the Trust because he holds the following positions with an affiliated person of the Trust: President and Chief Executive Officer – U.S. and Asia, Natixis Global Asset Management, L.P.

|  70

Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trust(s)	Term of Office1 and Length of Time Served	Principal Occupation(s) During Past 5 Years2
OFFICERS OF THE TRUST
Coleen Downs Dinneen (1960)	Secretary, Clerk and Chief Legal Officer	Since September 2004	Executive Vice President, General Counsel, Secretary and Clerk, NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.
Daniel J. Fuss (1933) One Financial Center Boston, MA 02111	Executive Vice President	Since June 2003	Vice Chairman and Director, Loomis, Sayles & Company, L.P.
Russell L. Kane (1969)	Chief Compliance Officer, Assistant Secretary and Anti-Money Laundering Officer	Chief Compliance Officer since May 2006; Assistant Secretary since June 2004; and Anti-Money Laundering Officer since April 2007	Chief Compliance Officer for Mutual Funds, Senior Vice President, Deputy General Counsel, Assistant Secretary and Assistant Clerk, NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.
Michael C. Kardok (1959)	Treasurer, Principal Financial and Accounting Officer	Since October 2004	Senior Vice President, NGAM Advisors, L.P. and NGAM Distribution, L.P.

¹  Each officer of the Trust serves for an indefinite term in accordance with the Trust’s current by-laws until the date his or her successor is elected and qualified, or until he or she sooner dies, retires, is removed or becomes disqualified.

²  Each person listed above, except as noted, holds the same position(s) with the Fund Complex. Mr. Fuss is not an officer of the Natixis Funds Trusts. Previous positions during the past five years with NGAM Distribution, L.P., NGAM Advisors, L.P. or Loomis, Sayles & Company, L.P. are omitted, if not materially different from a trustee’s or officer’s current position with such entity.

71  |

Item 2. Code of Ethics.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer and persons performing similar functions. There have been no amendments or waivers of the Registrant’s code of ethics during the period.

Item 3. Audit Committee Financial Expert.

The Board of Trustees of the Registrant has established an audit committee. Mr. Kenneth A. Drucker, Mr Richard A. Goglia, Mr. Wendell J. Knox and Mr. Erik R. Sirri are members of the audit committee and have been designated as “audit committee financial experts” by the Board of Trustees. Each of these individuals is also an Independent Trustee of the Registrant.

Item 4. Principal Accountant Fees and Services.

Fees billed by the Principal Accountant for services rendered to the Registrant.

The table below sets forth fees billed by the principal accountant, PricewaterhouseCoopers LLP, for the past two fiscal years for professional services rendered in connection with a) the audit of the Registrant’s annual financial statements and services provided in connection with regulatory filings; b) audit-related services (including services that are reasonably related to the performance of the audit of the Registrant’s financial statements and but not reported under “Audit Fees”); c) tax compliance, tax advice and tax planning and d) all other fees billed for professional services rendered by the principal accountant to the Registrant, other than the services reported as a part of (a) through (c) of this Item.

	Audit fees				Audit-related fees1				Tax fees2				All other fees3
	10/1/13- 9/30/14		10/1/14- 9/30/15		10/1/13- 9/30/14		10/1/14- 9/30/15		10/1/13- 9/30/14		10/1/14- 9/30/15		10/1/13- 9/30/14		10/1/14- 9/30/15
Loomis Sayles Funds II	$	382,158	$	364,796	$	4,886	$	4,574	$	85,916	$	130,087	$	—	$

1. Audit-related fees consist of:

2014 & 2015 – performance of agreed-upon procedures related to the Registrant’s deferred compensation plan.

2. Tax fees consist of:

2014 & 2015 – review of Registrant’s tax returns, tax consulting services and review of liquidating fund distributions.

Aggregate fees billed to the Registrant for non-audit services during 2014 and 2015 were $90,802 and $134,662, respectively.

Fees billed by the Principal Accountant for services rendered to the Adviser and Control Affiliates.

The following table sets forth the fees billed by the Registrant’s principal accountant for non-audit services rendered to Loomis, Sayles & Company, L.P. and entities controlling, controlled by or under common control with Loomis, Sayles & Company, L.P. Registrant (“Control Affiliates”) that provide ongoing services to the Registrant, for engagements that related directly to the operations and financial reporting of the Registrant for the last two fiscal years.

Audit-related fees

Tax fees

All other fees

10/1/13- 9/30/14

10/1/14- 9/30/15

10/1/13- 9/30/14

10/1/14- 9/30/15

10/1/13- 9/30/14

10/1/14- 9/30/15

Control Affiliates

$

—

$

—

$

—

$

—

$

—

$

—

The following table sets forth the aggregate fees billed by the Registrant’s principal accountant for non-audit services rendered to Loomis, Sayles & Company, L.P. and Control Affiliates that provide ongoing services to the Registrant, for the last two fiscal years, including the fees disclosed in the table above.

	Aggregate Non-Audit Fees
	10/1/13- 9/30/14		10/1/14- 9/30/15
Control Affiliates	$	228,621	$	50,066

None of the services described above were approved pursuant to (c)(7)(i)(C) of Regulation S-X.

Audit Committee Pre Approval Policies.

Annually, the Registrant’s Audit Committee reviews the audit, audit-related, tax and other non-audit services together with the projected fees, for services proposed to be rendered to the Trust and/or other entities for which pre-approval is required during the upcoming year. Any subsequent revisions to already pre-approved services or fees (including fee increases) and requests for pre-approval of new services would be presented for consideration quarterly as needed.

If, in the opinion of management, a proposed engagement by the Registrant’s independent accountants needs to commence before the next regularly scheduled Audit Committee meeting, any member of the Audit Committee who is an independent Board member is authorized to pre-approve the engagement, but only for engagements to provide audit, audit related and tax services. This approval is subject to review of the full Audit Committee at its next quarterly meeting. All other engagements require the approval of all the members of the Audit Committee.

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 Registrant’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 were no changes 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)	Code of Ethics required by Item 2 hereof, filed herewith as Exhibit (a)(1).
(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)		Certification 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/ David L. Giunta
Name:	David L. Giunta
Title:	President and Chief Executive Officer
Date:	November 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/ David L. Giunta
Name:	David L. Giunta
Title:	President and Chief Executive Officer
Date:	November 20, 2015
By:	/s/ Michael C. Kardok
Name:	Michael C. Kardok
Title:	Treasurer
Date:	November 20, 2015