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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-06241

Loomis Sayles Funds II

(Exact name of Registrant as specified in charter)

399 Boylston Street, Boston, Massachusetts 02116

(Address of principal executive offices) (Zip code)

Coleen Downs Dinneen, Esq.

NGAM Distribution, L.P.

399 Boylston Street

Boston, Massachusetts 02116

(Name and address of agent for service)

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

Date of fiscal year end: September 30

Date of reporting period: March 31, 2016

Item 1. Reports to Stockholders.

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

SEMIANNUAL REPORT

March 31, 2016

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 8

Financial Statements  page  35

Notes to Financial Statements  page 52

LOOMIS SAYLES GLOBAL EQUITY AND INCOME FUND

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

Objective

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

Average Annual Total Returns — March 31, 2016⁴

	6 Months			1 Year			5 Years			10 Years
Class A (Inception 2/1/06)
NAV		3.18	%		-1.78	%		5.75	%		6.96	%
With 5.75% Maximum Sales Charge		-2.78			-7.41			4.51			6.33
Class C (Inception 2/1/06)
NAV		2.77			-2.53			4.95			6.15
With CDSC1		1.79			-3.46			4.95			6.15
Class Y (Inception 5/1/96)
NAV		3.35			-1.53			6.02			7.23
Comparative Performance
MSCI World Index2		5.42			-2.90			7.12			4.86
Citigroup World Government Bond Index3		5.78			5.92			1.16			4.19

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

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

3 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.

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

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LOOMIS SAYLES GROWTH FUND

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

Objective

The Fund seeks long-term growth of capital

Average Annual Total Returns — March 31, 2016³

	6 Months			1 Year			5 Years			10 Years			Life of Class N
Class A (Inception 12/31/96)
NAV		9.05	%		5.94	%		13.80	%		5.54	%		—	%
With 5.75% Maximum Sales Charge		2.81			-0.13			12.46			4.92			—
Class C (Inception 9/12/03)
NAV		8.71			5.27			12.95			4.76			—
With CDSC1		7.71			4.27			12.95			4.76			—
Class N (Inception 2/1/13)
NAV		9.22			6.39			—			—			14.35
Class Y (Inception 5/16/91)
NAV		9.14			6.21			14.09			5.89			—
Comparative Performance
Russell 1000® Growth Index2		8.11			2.52			12.38			8.28			14.30

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 C shares assumes a 1% contingent deferred sales charge (“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 C	LSCVX
Loomis, Sayles & Company, L.P.	Class N	LSVNX
	Class Y	LSGIX
	Admin Class	LSAVX

Objective

The Fund seeks long-term growth of capital and income

3  |

Average Annual Total Returns — March 31, 2016⁴

	6 Months			1 Year			5 Years			10 Years			Life of Class N
Class A (Inception 6/30/06)1
NAV		3.20	%		-5.69	%		8.72	%		5.89	%		—	%
With 5.75% Maximum Sales Charge		-2.72			-11.11			7.44			5.26			—
Class C (Inception 6/1/07)1
NAV		2.83			-6.38			7.91			5.09			—
With CDSC2		2.01			-7.12			7.91			5.09			—
Class N (Inception 2/1/13)
NAV		3.41			-5.32			—			—			9.13
Class Y (Inception 5/13/91)
NAV		3.37			-5.42			9.00			6.19			—
Admin Class (Inception 2/1/10)1
NAV		3.11			-5.90			8.48			5.62			—
Comparative Performance
Russell 1000® Value Index3		7.37			-1.54			10.25			5.72			10.43

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

1 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 C shares (6/1/07), performance is that of Institutional Class shares, restated to reflect the higher net expenses and sales loads of Class 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 C shares assumes a 1% contingent deferred sales charge (“CDSC”) applied when you sell shares within one year of purchase.

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

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

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ADDITIONAL INFORMATION

ADDITIONAL INDEX INFORMATION

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

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

PROXY VOTING INFORMATION

A description of the Natixis Funds proxy voting policies and procedures is available without charge, upon request, by calling Natixis Funds at 800-225-5478; on the Natixis 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 Natixis Funds voted proxies relating to portfolio securities during the 12 months ended June 30, 2015 is available from the Natixis Funds website and the SEC’s website.

QUARTERLY PORTFOLIO SCHEDULES

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

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UNDERSTANDING FUND EXPENSES

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

The first line in the table for each class of Fund shares shows the actual account values and actual fund expenses you would have paid on a $1,000 investment in the Fund from October 1, 2015 through March 31, 2016. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, $8,600 account value divided by $1,000 = 8.6) and multiply the result by the number in the Expenses Paid During Period row as shown below for your class.

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

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

LOOMIS SAYLES GLOBAL EQUITY AND INCOME FUND	BEGINNING ACCOUNT VALUE 10/1/2015		ENDING ACCOUNT VALUE 3/31/2016		EXPENSES PAID DURING PERIOD* 10/1/2015 – 3/31/2016
Class A
Actual		$1,000.00		$1,031.80		$5.94
Hypothetical (5% return before expenses)		$1,000.00		$1,019.15		$5.91
Class C
Actual		$1,000.00		$1,027.70		$9.73
Hypothetical (5% return before expenses)		$1,000.00		$1,015.40		$9.67
Class Y
Actual		$1,000.00		$1,033.50		$4.68
Hypothetical (5% return before expenses)		$1,000.00		$1,020.40		$4.65

* Expenses are equal to the Fund’s annualized expense ratio: 1.17%, 1.92% and 0.92% for Class A, C and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), divided by 366 (to reflect the half-year period).

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LOOMIS SAYLES GROWTH FUND	BEGINNING ACCOUNT VALUE 10/1/2015		ENDING ACCOUNT VALUE 3/31/2016		EXPENSES PAID DURING PERIOD* 10/1/2015 – 3/31/2016
Class A
Actual		$1,000.00		$1,090.50		$4.76
Hypothetical (5% return before expenses)		$1,000.00		$1,020.45		$4.60
Class C
Actual		$1,000.00		$1,087.10		$8.61
Hypothetical (5% return before expenses)		$1,000.00		$1,016.75		$8.32
Class N
Actual		$1,000.00		$1,092.20		$2.98
Hypothetical (5% return before expenses)		$1,000.00		$1,022.15		$2.88
Class Y
Actual		$1,000.00		$1,091.40		$3.40
Hypothetical (5% return before expenses)		$1,000.00		$1,021.75		$3.29

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.91%, 1.65%, 0.57% and 0.65% for Class A, 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 366 (to reflect the half-year period).

LOOMIS SAYLES VALUE FUND	BEGINNING ACCOUNT VALUE 10/1/2015		ENDING ACCOUNT VALUE 3/31/2016		EXPENSES PAID DURING PERIOD* 10/1/2015 – 3/31/2016
Class A
Actual		$1,000.00		$1,032.00		$4.78
Hypothetical (5% return before expenses)		$1,000.00		$1,020.30		$4.75
Class C
Actual		$1,000.00		$1,028.30		$8.57
Hypothetical (5% return before expenses)		$1,000.00		$1,016.55		$8.52
Class N
Actual		$1,000.00		$1,034.10		$2.95
Hypothetical (5% return before expenses)		$1,000.00		$1,022.10		$2.93
Class Y
Actual		$1,000.00		$1,033.70		$3.51
Hypothetical (5% return before expenses)		$1,000.00		$1,021.55		$3.49
Admin Class
Actual		$1,000.00		$1,031.10		$6.09
Hypothetical (5% return before expenses)		$1,000.00		$1,019.00		$6.06

* Expenses are equal to the Fund’s annualized expense ratio: 0.94%, 1.69%, 0.58%, 0.69% and 1.20% for Class A, 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 366 (to reflect the half-year period).

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Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Global Equity and Income Fund

Shares		Description	Value (†)
	Common Stocks — 62.4% of Net Assets
		Belgium — 1.7%
	200,695	Anheuser-Busch InBev SA/NV	$	24,933,692
		Canada — 1.2%
	359,900	CGI Group, Inc., Class A(b)		17,200,380
		China — 2.7%
	386,838	Alibaba Group Holding Ltd., Sponsored ADR(b)		30,571,807
	1,033,500	Hengan International Group Co. Ltd.		9,001,640
				39,573,447
		Denmark — 1.1%
	299,621	Novo Nordisk AS, Class B		16,225,543
		France — 1.2%
	202,835	Thales S.A.		17,724,674
		Germany — 0.7%
	176,005	Brenntag AG		10,029,246
		Hong Kong — 1.9%
	4,798,800	AIA Group Ltd.		27,276,471
		India — 2.3%
	1,528,329	HCL Technologies Ltd.		18,783,858
	775,644	HDFC Bank Ltd.		14,789,050
				33,572,908
		Ireland — 0.5%
	26,012,737	Governor & Co. of the Bank of Ireland (The)(b)		7,523,877
		Italy — 0.6%
	150,770	Luxottica Group S.p.A.		8,305,589
		Japan — 2.9%
	371,700	Asahi Group Holdings Ltd.		11,569,048
	2,933,500	Mitsubishi UFJ Financial Group, Inc.		13,592,679
	509,770	Nomura Research Institute Ltd.		17,167,508
				42,329,235
		Netherlands — 0.8%
	990,265	ING Groep NV		11,850,314
		Philippines — 0.8%
	2,511,380	Universal Robina Corp.		11,824,758
		Sweden — 1.8%
	501,984	Assa Abloy AB		9,882,808
	671,532	Atlas Copco AB, A Shares		16,853,673
				26,736,481
		Switzerland — 2.2%
	37,157	Geberit AG, (Registered)		13,883,503
	73,873	Roche Holding AG		18,138,797
				32,022,300

See accompanying notes to financial statements.

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Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Shares		Description	Value (†)
		United Kingdom — 2.5%
	5,094,916	Legal & General Group PLC	$	17,167,083
	482,408	London Stock Exchange Group PLC		19,486,977
				36,654,060
		United States — 37.5%
	148,979	Alexion Pharmaceuticals, Inc.(b)		20,740,856
	131,142	Allergan PLC(b)		35,149,990
	22,899	Alphabet, Inc., Class C(b)		17,058,610
	38,948	Alphabet, Inc., Class A(b)		29,713,429
	23,442	Amazon.com, Inc.(b)		13,916,109
	52,264	AutoZone, Inc.(b)		41,638,206
	399,948	Comcast Corp., Class A		24,428,824
	91,770	Eaton Corp. PLC		5,741,131
	49,639	EOG Resources, Inc.		3,602,799
	261,739	Facebook, Inc., Class A(b)		29,864,420
	138,202	FactSet Research Systems, Inc.		20,941,749
	241,539	Genesee & Wyoming, Inc., Class A(b)		15,144,495
	116,225	Goldman Sachs Group, Inc. (The)		18,245,001
	955	Hawaiian Telcom Holdco, Inc.(b)		22,490
	431,956	Jarden Corp.(b)		25,463,806
	210,920	LyondellBasell Industries NV, Class A		18,050,534
	121,648	M&T Bank Corp.		13,502,928
	44,735	Mettler-Toledo International, Inc.(b)		15,422,839
	17,553	Priceline Group, Inc. (The)(b)		22,625,115
	188,919	Schlumberger Ltd.		13,932,776
	87,957	Sherwin-Williams Co. (The)		25,038,719
	349,542	Starwood Hotels & Resorts Worldwide, Inc.		29,162,289
	301,479	Texas Instruments, Inc.		17,310,924
	165,278	TransDigm Group, Inc.(b)		36,417,355
	144,377	Travelers Cos., Inc. (The)		16,850,240
	186,210	UnitedHealth Group, Inc.		24,002,469
	335,672	Wells Fargo & Co.		16,233,098
				550,221,201
		Total Common Stocks (Identified Cost $812,453,134)		914,004,176
Principal Amount (‡)
	Bonds and Notes — 33.7%
	Non-Convertible Bonds — 32.9%
		Argentina — 0.2%
$	775,000	Provincia de Buenos Aires, 9.125%, 3/16/2024, 144A		793,972
	382,136	Transportadora de Gas del Sur S.A., 9.625%, 5/14/2020, 144A		391,690
	565,000	YPF S.A., 8.500%, 3/23/2021, 144A		565,000
	1,755,000	YPF S.A., 8.750%, 4/04/2024, 144A		1,737,450
				3,488,112

See accompanying notes to financial statements.

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Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Australia — 0.1%
$	110,000	Incitec Pivot Finance LLC, 6.000%, 12/10/2019, 144A	$	117,892
	500,000	Macquarie Bank Ltd., 6.625%, 4/07/2021, 144A		568,929
	95,000	Sydney Airport Finance Co. Pty Ltd., 3.375%, 4/30/2025, 144A		94,065
	120,000	Sydney Airport Finance Co. Pty Ltd., 5.125%, 2/22/2021, 144A		132,513
	950,000	Telstra Corp. Ltd., 3.125%, 4/07/2025, 144A(c)		950,057
				1,863,456
		Belgium — 0.1%
	1,040,000	Anheuser-Busch InBev Finance, Inc., 3.300%, 2/01/2023(c)		1,081,208
	350,000	Anheuser-Busch InBev S.A., EMTN, 6.500%, 6/23/2017, (GBP)		533,915
	440,000	Solvay Finance (America) LLC, 3.400%, 12/03/2020, 144A		447,309
				2,062,432
		Brazil — 0.9%
	600,000	Banco Santander Brasil S.A., 4.625%, 2/13/2017, 144A		609,600
	2,365,820	Banco Votorantim S.A., 6.250%, 5/16/2016, 144A, (BRL)		604,118
	800,000	Braskem Finance Ltd., 5.750%, 4/15/2021, 144A		762,160
	6,600(††)	Brazil Letras do Tesouro Nacional, Zero Coupon, 7/01/2016, (BRL)		1,776,369
	2,250(††)	Brazil Notas do Tesouro Nacional, Series F, 10.000%, 1/01/2019, (BRL)		577,637
	1,115(††)	Brazil Notas do Tesouro Nacional, Series F, 10.000%, 1/01/2021, (BRL)		271,728
	2,300,000	BRF S.A., 7.750%, 5/22/2018, 144A, (BRL)		530,919
	1,000,000	CIMPOR Financial Operations BV, 5.750%, 7/17/2024, 144A		725,000
	400,000	Cosan Luxembourg S.A., 5.000%, 3/14/2023, 144A		349,960
	885,000	Embraer Netherlands Finance BV, 5.050%, 6/15/2025		777,694
	800,000	Gerdau Trade, Inc., 5.750%, 1/30/2021, 144A		714,000
	226,000	GTL Trade Finance, Inc., 5.893%, 4/29/2024, 144A		184,405
	915,000	Itau Unibanco Holding S.A., 2.850%, 5/26/2018, 144A		902,647
	1,825,000	Petrobras Global Finance BV, 4.375%, 5/20/2023		1,331,702
	320,000	Petrobras Global Finance BV, 5.375%, 1/27/2021		264,522
	775,000	Petrobras Global Finance BV, 5.750%, 1/20/2020		673,281
	1,125,000	Petrobras Global Finance BV, 6.850%, 6/05/2115		784,687
	300,000	Petrobras Global Finance BV, 6.875%, 1/20/2040		216,000
	500,000	Tupy Overseas S.A., 6.625%, 7/17/2024, 144A		465,000
	546,000	Vale Overseas Ltd., 6.875%, 11/21/2036		431,176
	225,000	Vale S.A., 5.625%, 9/11/2042		158,625
				13,111,230
		Canada — 0.5%
	1,085,000	Air Canada, 7.625%, 10/01/2019, 144A, (CAD)		876,145
	495,000	Air Canada Pass Through Trust, Series 2015-2, Class A, 4.125%, 6/15/2029, 144A		495,000
	5,065,000	Canadian Government, 1.250%, 9/01/2018, (CAD)(c)		3,965,890
	1,335,000	Institutional Mortgage Securities Canada, Inc., Series 2014-5A, Class A2, 2.616%, 7/12/2047, 144A, (CAD)(c)		1,027,716
	185,000	Magna International, Inc., 1.900%, 11/24/2023, (EUR)		218,989
	600,000	Telus Corp., Series CG, 5.050%, 12/04/2019, (CAD)		511,078
				7,094,818

See accompanying notes to financial statements.

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Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Chile — 0.5%
$	1,450,000	Banco de Credito e Inversiones, 3.000%, 9/13/2017, 144A(c)	$	1,467,838
	200,000	Celulosa Arauco y Constitucion S.A., 4.750%, 1/11/2022		211,773
	600,000	Chile Government International Bond, 3.125%, 1/21/2026		606,300
	300,000,000	Chile Government International Bond, 5.500%, 8/05/2020, (CLP)(c)		463,502
	1,160,000	CODELCO, Inc., 4.500%, 9/16/2025, 144A(c)		1,182,264
	550,000	Corpbanca S.A., 3.125%, 1/15/2018		552,907
	250,000	E.CL S.A., 5.625%, 1/15/2021, 144A		274,699
	800,000	Inversiones CMPC S.A., 4.375%, 5/15/2023, 144A		804,765
	1,120,000	Transelec S.A., 4.250%, 1/14/2025, 144A(c)		1,111,370
	400,000	VTR Finance BV, 6.875%, 1/15/2024, 144A		390,000
				7,065,418
		China — 0.1%
	800,000	Baidu, Inc., 2.250%, 11/28/2017		805,277
	700,000	Baidu, Inc., 3.250%, 8/06/2018		717,517
	400,000	China Resources Gas Group Ltd., 4.500%, 4/05/2022, 144A		429,353
				1,952,147
		Colombia — 0.2%
	555,000	Colombia Telecomunicaciones S.A. E.S.P., 5.375%, 9/27/2022, 144A		503,718
	610,000	Ecopetrol S.A., 4.125%, 1/16/2025		520,025
	600,000	Ecopetrol S.A., 5.875%, 9/18/2023(c)		591,606
	490,000	Ecopetrol S.A., 5.875%, 5/28/2045		385,728
	1,265,000,000	Emgesa S.A. E.S.P., 8.750%, 1/25/2021, 144A, (COP)		404,202
	2,140,000,000	Empresas Publicas de Medellin E.S.P., 8.375%, 2/01/2021, 144A, (COP)		678,964
	200,000,000	Republic of Colombia, 7.750%, 4/14/2021, (COP)		67,502
				3,151,745
		Dominican Republic — 0.1%
	1,410,000	Dominican Republic International Bond, 5.500%, 1/27/2025, 144A		1,410,000
	425,000	Dominican Republic International Bond, 8.625%, 4/20/2027, 144A		478,125
				1,888,125
		France — 0.3%
	425,000	Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		451,562
	15,000	Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028		15,450
	200,000	AXA S.A., 7.125%, 12/15/2020, (GBP)		340,961
	435,000	Credit Agricole S.A., 4.375%, 3/17/2025, 144A		426,409
	390,000	Credit Agricole S.A., (fixed rate to 6/23/2026, variable rate thereafter), 7.500%, (GBP)(d)		490,550
	1,065,000	Societe Generale S.A., 4.250%, 4/14/2025, 144A(c)		1,025,297
	1,015,000	Societe Generale S.A., 4.750%, 11/24/2025, 144A		1,004,503
	475,000	Societe Generale S.A., (fixed rate to 4/07/2021, variable rate thereafter), 6.750%, (EUR)(d)		525,809
				4,280,541
		Germany — 0.0%
	200,000	Schaeffler Finance BV, 3.250%, 5/15/2025, (EUR)		230,994
	300,000	ZF North America Capital, Inc., 2.750%, 4/27/2023, (EUR)		342,223
				573,217

See accompanying notes to financial statements.

11  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Hong Kong — 0.1%
$	355,000	AIA Group Ltd., 3.200%, 3/11/2025, 144A	$	357,190
	400,000	Hutchison Whampoa International 11 Ltd., 3.500%, 1/13/2017, 144A		406,090
				763,280
		Hungary — 0.2%
	1,330,000	Hungary Government International Bond, 5.375%, 3/25/2024		1,489,507
	980,000	Hungary Government International Bond, 5.750%, 11/22/2023		1,116,220
				2,605,727
		Iceland — 0.1%
	1,000,000	Republic of Iceland, 5.875%, 5/11/2022, 144A(c)		1,155,555
		India — 0.4%
	550,000	Axis Bank Ltd., 3.250%, 5/21/2020, 144A		562,031
	1,155,000	Bharti Airtel International BV, 5.125%, 3/11/2023, 144A(c)		1,233,519
	990,000	Bharti Airtel International BV, 5.350%, 5/20/2024, 144A		1,065,621
	1,400,000	ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 6.375%, 4/30/2022, 144A		1,429,293
	750,000	Reliance Holdings USA, Inc., 5.400%, 2/14/2022, 144A		836,890
	700,000	State Bank of India/London, 4.125%, 8/01/2017, 144A		718,887
				5,846,241
		Indonesia — 0.6%
	300,000	Indonesia Government International Bond, 4.125%, 1/15/2025, 144A		301,360
	525,000	Indonesia Government International Bond, 4.750%, 1/08/2026, 144A		550,867
	725,000	Indonesia Government International Bond, 5.125%, 1/15/2045, 144A		721,092
	3,500,000,000	Indonesia Government International Bond, 9.500%, 7/15/2023, (IDR)		287,507
	781,000,000	Indonesia Government International Bond, 11.500%, 9/15/2019, (IDR)		65,717
	12,100,000,000	Indonesia Treasury Bond, 6.125%, 5/15/2028, (IDR)		766,890
	24,000,000,000	Indonesia Treasury Bond, 7.875%, 4/15/2019, (IDR)(c)		1,825,213
	14,000,000,000	Indonesia Treasury Bond, 8.375%, 3/15/2024, (IDR)(c)		1,097,786
	400,000	Listrindo Capital BV, 6.950%, 2/21/2019, 144A		411,570
	1,400,000	Pertamina Persero PT, 4.300%, 5/20/2023, 144A(c)		1,365,612
	545,000	Republic of Indonesia, 2.875%, 7/08/2021, 144A, (EUR)		638,450
	500,000	TBG Global Pte Ltd., 4.625%, 4/03/2018, 144A		501,250
				8,533,314
		Italy — 0.6%
	440,000	Italy Buoni Poliennali Del Tesoro, 1.500%, 6/01/2025, (EUR)		516,299
	2,860,000	Italy Buoni Poliennali Del Tesoro, 4.500%, 8/01/2018, (EUR)(c)		3,594,836
	2,295,000	Italy Buoni Poliennali Del Tesoro, 4.750%, 8/01/2023, 144A, (EUR)(c)		3,342,726
	725,000	UniCredit SpA, EMTN, 6.950%, 10/31/2022, (EUR)		927,474
	870,000	Wind Acquisition Finance S.A., 7.375%, 4/23/2021, 144A		787,350
				9,168,685
		Japan — 0.3%
	900,000	Bank of Tokyo-Mitsubishi UFJ Ltd. (The), 1.700%, 3/05/2018, 144A(c)		895,141
	940,000	Bank of Tokyo-Mitsubishi UFJ Ltd. (The), 2.150%, 9/14/2018, 144A(c)		944,917
	540,000	Nissan Motor Acceptance Corp., 2.000%, 3/08/2019, 144A		543,618
	1,165,000	Nomura Holdings, Inc., GMTN, 2.750%, 3/19/2019(c)		1,182,008

See accompanying notes to financial statements.

|  12

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Japan — continued
$	850,000	SoftBank Group Corp., 4.500%, 4/15/2020, 144A	$	861,687
				4,427,371
		Korea — 0.7%
	3,700,000	Export-Import Bank of Korea, 3.000%, 5/22/2018, 144A, (NOK)(c)		460,538
	600,000	Hyundai Capital Services, Inc., 3.500%, 9/13/2017, 144A		613,875
	600,000	Hyundai Steel Co., 4.625%, 4/21/2016, 144A		600,816
	600,000	Industrial Bank of Korea, 2.375%, 7/17/2017, 144A(c)		606,596
	400,000	KEB Hana Bank, 4.000%, 11/03/2016, 144A		406,568
	400,000	Kia Motors Corp., 3.625%, 6/14/2016, 144A(c)		401,484
	400,000	Korea Development Bank (The), 4.625%, 11/16/2021(c)		450,008
	400,000	Korea National Oil Corp., 3.125%, 4/03/2017, 144A		406,644
	2,589,140,000	Korea Treasury Bond, 2.750%, 9/10/2017, (KRW)(c)		2,304,282
	1,125,000	Minera y Metalurgica del Boleo S.A. de CV, 2.875%, 5/07/2019, 144A(c)		1,147,694
	950,000	Shinhan Bank, 2.250%, 4/15/2020, 144A(c)		956,118
	770,000	Shinhan Bank, 3.875%, 3/24/2026, 144A		778,882
	140,000	SK Telecom Co. Ltd., 6.625%, 7/20/2027, 144A		186,494
	200,000	Woori Bank, 5.875%, 4/13/2021, 144A		228,642
				9,548,641
		Luxembourg — 0.1%
	970,000	ArcelorMittal, 7.750%, 3/01/2041		829,350
	430,000	INEOS Group Holdings S.A., 5.750%, 2/15/2019, (EUR)		499,328
	500,000	Millicom International Cellular S.A., 4.750%, 5/22/2020, 144A		476,250
				1,804,928
		Mexico — 1.1%
	10,000,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		551,133
	300,000	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander, 4.125%, 11/09/2022, 144A		308,940
	640,000	Cemex Finance LLC, 6.000%, 4/01/2024, 144A		604,736
	300,000	Cemex SAB de CV, 4.375%, 3/05/2023, 144A, (EUR)		318,157
	505,000	Cemex SAB de CV, 5.700%, 1/11/2025, 144A		468,135
	200,000	Cemex SAB de CV, 7.750%, 4/16/2026, 144A		204,980
	10,000,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		476,636
	746,500(†††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/10/2021, (MXN)(c)		4,537,529
	186,200(†††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/09/2022, (MXN)(c)		1,129,488
	395,000(†††)	Mexican Fixed Rate Bonds, Series M-10, 8.500%, 12/13/2018, (MXN)(c)		2,500,442
	135,113(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)(c)		889,595
	196,000	Mexico Government International Bond, 4.000%, 3/15/2115, (EUR)		193,644
	1,020,000	Mexico Government International Bond, 4.125%, 1/21/2026(c)		1,069,470
	780,000	Petroleos Mexicanos, 4.250%, 1/15/2025		722,475
	625,000	Petroleos Mexicanos, 5.625%, 1/23/2046		525,250
	135,000(†††)	Petroleos Mexicanos, 7.470%, 11/12/2026, (MXN)		656,679
	925,000	Unifin Financiera SAB de CV SOFOM ENR, 6.250%, 7/22/2019, 144A		883,375
				16,040,664
		Morocco — 0.1%
	965,000	OCP S.A., 4.500%, 10/22/2025, 144A		924,711

See accompanying notes to financial statements.

13  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Morocco — continued
$	590,000	OCP S.A., 6.875%, 4/25/2044, 144A	$	611,972
				1,536,683
		Netherlands — 0.1%
	870,000	Cooperatieve Rabobank UA, 4.375%, 8/04/2025		897,666
		New Zealand — 0.4%
	2,895,908	New Zealand Government Bond, 3.000%, 9/20/2030, (NZD)(c)		2,231,303
	2,340,000	New Zealand Government Bond, 5.000%, 3/15/2019, (NZD)(c)		1,752,861
	2,590,000	New Zealand Government Bond, 5.500%, 4/15/2023, (NZD)(c)		2,129,387
	120,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) S.A., 9.875%, 8/15/2019		124,275
				6,237,826
		Norway — 0.2%
	13,275,000	Norway Government Bond, 2.000%, 5/24/2023, 144A, (NOK)(c)		1,726,855
	13,760,000	Norway Government Bond, 4.500%, 5/22/2019, 144A, (NOK)(c)		1,872,925
				3,599,780
		Panama — 0.1%
	300,000	Autoridad del Canal de Panama, 4.950%, 7/29/2035, 144A		311,442
	680,000	Banco Latinoamericano de Comercio Exterior S.A., 3.250%, 5/07/2020, 144A		676,600
	300,000	Banco Latinoamericano de Comercio Exterior S.A., 3.750%, 4/04/2017, 144A		304,950
				1,292,992
		Paraguay — 0.1%
	800,000	Republic of Paraguay, 5.000%, 4/15/2026, 144A		804,000
		Peru — 0.2%
	580,000	Southern Copper Corp., 3.875%, 4/23/2025		556,177
	1,050,000	Transportadora de Gas del Peru S.A., 4.250%, 4/30/2028, 144A(c)		1,018,500
	1,050,000	Union Andina de Cementos SAA, 5.875%, 10/30/2021, 144A		1,052,625
				2,627,302
		Philippines — 0.0%
	175,000	Philippine Long Distance Telephone Co., EMTN, 8.350%, 3/06/2017		184,625
		Poland — 0.4%
	17,080,000	Poland Government Bond, 4.000%, 10/25/2023, (PLN)(c)		5,039,039
	3,210,000	Poland Government Bond, 5.500%, 10/25/2019, (PLN)		973,367
				6,012,406
		Portugal — 0.0%
	400,000	EDP Finance BV, 4.125%, 1/15/2020, 144A		400,560
	225,000	EDP Finance BV, EMTN, 2.000%, 4/22/2025, (EUR)		248,629
				649,189
		Russia — 0.1%
	77,000,000	Russian Federal Bond - OFZ, Series 5081, 6.200%, 1/31/2018, (RUB)		1,088,326
		Singapore — 0.2%
	495,000	BOC Aviation Pte Ltd., 3.000%, 3/30/2020		499,136

See accompanying notes to financial statements.

|  14

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Singapore — continued
$	2,000,000	DBS Bank Ltd., (fixed rate to 9/21/2017, variable rate thereafter), 3.625%, 9/21/2022, 144A(c)	$	2,048,560
				2,547,696
		South Africa — 0.1%
	930,000	MTN (Mauritius) Investments Ltd., 4.755%, 11/11/2024, 144A		837,186
	500,000	Myriad International Holdings BV, 6.000%, 7/18/2020, 144A		542,082
				1,379,268
		Spain — 0.4%
	800,000	Gas Natural Fenosa Finance BV, (fixed rate to 4/24/2024, variable rate thereafter), 3.375% , (EUR)(d)		817,012
	430,000	Spain Government Bond, 1.600%, 4/30/2025, 144A, (EUR)		502,165
	2,115,000	Spain Government Bond, 4.300%, 10/31/2019, 144A, (EUR)(c)		2,756,947
	800,000	Spain Government Bond, 4.400%, 10/31/2023, 144A, (EUR)(c)		1,132,756
				5,208,880
		Supranationals — 0.3%
	840,000	Central American Bank for Economic Integration, 3.875%, 2/09/2017, 144A(c)		845,880
	1,115,000	Corporacion Andina de Fomento, 4.375%, 6/15/2022(c)		1,225,006
	1,140,000	International Bank for Reconstruction & Development, 2.500%, 3/12/2020, (AUD)(c)		871,743
	70,000,000	International Finance Corp., 7.800%, 6/03/2019, (INR)(c)		1,084,696
				4,027,325
		Sweden — 0.0%
	2,450,000	Sweden Government Bond, 5.000%, 12/01/2020, (SEK)(c)		374,001
		Switzerland — 0.1%
	1,075,000	Glencore Finance Canada Ltd., 5.550%, 10/25/2042, 144A		827,750
		Thailand — 0.1%
	1,010,000	Siam Commercial Bank PCL (The), 3.500%, 4/07/2019, 144A(c)		1,045,711
	950,000	Thai Oil PCL, 3.625%, 1/23/2023, 144A(c)		959,905
				2,005,616
		Turkey — 0.3%
	445,000	Akbank TAS, 4.000%, 1/24/2020, 144A		440,684
	800,000	Arcelik AS, 5.000%, 4/03/2023, 144A		758,432
	545,000	Export Credit Bank of Turkey, 5.000%, 9/23/2021, 144A		547,207
	920,000	TC Ziraat Bankasi AS, 4.250%, 7/03/2019, 144A		919,917
	490,000	Turkiye Halk Bankasi AS, 4.750%, 2/11/2021, 144A		473,830
	800,000	Turkiye Is Bankasi, 3.875%, 11/07/2017, 144A		806,712
	875,000	Yapi ve Kredi Bankasi, 5.250%, 12/03/2018, 144A		902,877
				4,849,659
		United Arab Emirates — 0.1%
	850,000	DP World Ltd., 3.250%, 5/18/2020, 144A		854,913
	600,000	Dubai Electricity & Water Authority, 6.375%, 10/21/2016, 144A		615,588
				1,470,501

See accompanying notes to financial statements.

15  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United Kingdom — 0.6%
$	600,000	Anglo American Capital PLC, 2.625%, 9/27/2017, 144A	$	579,000
	525,000	Barclays PLC, 3.650%, 3/16/2025		493,132
	400,000	Barclays PLC, (fixed rate to 9/15/2019, variable rate thereafter), 7.000%, (GBP)(d)		509,305
	470,000	British Telecommunications PLC, 5.750%, 12/07/2028, (GBP)		853,678
	295,000	HSBC Holdings PLC, EMTN, 5.750%, 12/20/2027, (GBP)		462,830
	150,000	Imperial Brands Finance PLC, EMTN, 6.250%, 12/04/2018, (GBP)		240,396
	400,000	Lloyds Banking Group PLC, 4.500%, 11/04/2024		401,865
	400,000	Old Mutual PLC, EMTN, 8.000%, 6/03/2021, (GBP)		599,160
	830,000	Royal Bank of Scotland Group PLC, 4.800%, 4/05/2026		832,747
	1,130,000	Royal Bank of Scotland Group PLC, 6.000%, 12/19/2023(c)		1,144,464
	950,000	Royal Bank of Scotland Group PLC, (fixed rate to 8/10/2020, variable rate thereafter), 7.500%(d)		877,562
	350,000	Santander UK Group Holdings PLC, 4.750%, 9/15/2025, 144A		331,046
	250,000	Standard Chartered PLC, EMTN, (fixed rate to 10/21/2020, variable rate thereafter), 4.000%, 10/21/2025, (EUR)		276,302
	130,000	Virgin Media Finance PLC, 4.500%, 1/15/2025, 144A, (EUR)		142,960
	115,000	Virgin Media Finance PLC, 6.375%, 10/15/2024, 144A, (GBP)		167,646
	100,000	WPP PLC, 6.000%, 4/04/2017, (GBP)		149,924
				8,062,017
		United States — 21.8%
	15,000	21st Century Fox America, Inc., 6.400%, 12/15/2035		18,353
	9,890,000	AbbVie, Inc., 2.500%, 5/14/2020		10,068,732
	45,000	AECOM, 5.750%, 10/15/2022		46,688
	45,000	AECOM, 5.875%, 10/15/2024		46,350
	1,110,000	AES Corp. (The), 4.875%, 5/15/2023		1,068,375
	635,000	AES Corp. (The), 5.500%, 3/15/2024		620,712
	1,000,000	Alcoa, Inc., 5.125%, 10/01/2024		948,440
	305,000	Alcoa, Inc., 5.400%, 4/15/2021		309,862
	975,000	Alcoa, Inc., 5.900%, 2/01/2027		926,250
	3,073,000	Alcoa, Inc., 5.950%, 2/01/2037		2,612,050
	8,000,000	Ally Financial, Inc., 3.750%, 11/18/2019		7,920,000
	745,000	Ally Financial, Inc., 5.125%, 9/30/2024		761,762
	129,000	Ally Financial, Inc., 8.000%, 12/31/2018		139,320
	1,728,000	Ally Financial, Inc., 8.000%, 11/01/2031		1,969,920
	2,695,000	American Airlines Pass Through Certificates, Series 2016-1, Class B, 5.250%, 7/15/2025		2,687,993
	175,090	American Airlines Pass Through Trust, Series 2013-1, Class A, 4.000%, 1/15/2027		178,786
	6,190,000	Anadarko Petroleum Corp., 3.450%, 7/15/2024		5,512,344
	300,000	Anadarko Petroleum Corp., 4.500%, 7/15/2044		235,331
	400,000	Antero Resources Corp., 5.125%, 12/01/2022		363,000
	175,000	Antero Resources Corp., 5.375%, 11/01/2021		161,875
	3,000,000	Antero Resources Corp., 5.625%, 6/01/2023		2,760,000
	1,510,000	AT&T, Inc., 3.400%, 5/15/2025		1,513,538
	3,960,000	AT&T, Inc., 4.125%, 2/17/2026		4,182,041
	6,901	Atlas Air Pass Through Trust, Series 1998-1, Class B, 7.680%, 1/02/2018(e)		7,022

See accompanying notes to financial statements.

|  16

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	495,000	Atrium Windows & Doors, Inc., 7.750%, 5/01/2019, 144A	$	366,300
	925,000	Aviation Capital Group Corp., 6.750%, 4/06/2021, 144A		1,040,625
	95,000	Avon Products, Inc., 8.700%, 3/15/2043		62,700
	200,000	Bank of America Corp., 5.490%, 3/15/2019		217,968
	2,700,000	Bank of America Corp., 6.110%, 1/29/2037		3,104,665
	115,000	Bank of America Corp., MTN, 4.250%, 10/22/2026		116,714
	50,000	Beazer Homes USA, Inc., 7.250%, 2/01/2023		39,000
	15,000	Boston Scientific Corp., 5.125%, 1/12/2017		15,421
	6,320,000	California Resources Corp., 5.000%, 1/15/2020		1,453,600
	670,000	California Resources Corp., 5.500%, 9/15/2021		147,400
	90,000	California Resources Corp., 6.000%, 11/15/2024		20,250
	1,995,000	CenturyLink, Inc., 6.450%, 6/15/2021		2,021,174
	510,000	CenturyLink, Inc., 7.650%, 3/15/2042		420,750
	55,000	CenturyLink, Inc., Series G, 6.875%, 1/15/2028		46,544
	605,000	CenturyLink, Inc., Series P, 7.600%, 9/15/2039		497,612
	1,025,000	Chemours Co. (The), 6.625%, 5/15/2023, 144A		835,375
	190,000	Chemours Co. (The), 7.000%, 5/15/2025, 144A		152,000
	3,210,000	Chesapeake Energy Corp., 4.875%, 4/15/2022		1,123,500
	315,000	Chesapeake Energy Corp., 5.750%, 3/15/2023		107,100
	495,000	Chesapeake Energy Corp., 6.125%, 2/15/2021		190,575
	190,000	Chesapeake Energy Corp., 6.625%, 8/15/2020		74,100
	95,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		37,288
	100,000	Chesapeake Energy Corp., 7.250%, 12/15/2018		54,500
	7,030,000	Chesapeake Energy Corp., 8.000%, 12/15/2022, 144A		3,444,700
	780,000	Chevron Corp., 2.419%, 11/17/2020(c)		801,384
	1,635,000	Cimarex Energy Co., 4.375%, 6/01/2024		1,609,877
	500,000	Citizens Financial Group, Inc., 4.300%, 12/03/2025		516,855
	2,913,000	Clear Channel Worldwide Holdings, Inc., 7.625%, 3/15/2020		2,672,677
	155,000	Cleaver-Brooks, Inc., 8.750%, 12/15/2019, 144A		146,475
	480,000	Consolidated Communications, Inc., 6.500%, 10/01/2022		418,800
	265,000	Constellation Brands, Inc., 4.750%, 11/15/2024		276,262
	1,005,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		1,056,506
	75,986	Continental Airlines Pass Through Trust, Series 1999-1, Class B, 6.795%, 2/02/2020		78,646
	255,000	Continental Resources, Inc., 3.800%, 6/01/2024		201,450
	50,000	Continental Resources, Inc., 4.500%, 4/15/2023		41,813
	375,000	Cox Communications, Inc., 4.800%, 2/01/2035, 144A		328,014
	155,000	Cummins, Inc., 5.650%, 3/01/2098		164,998
	170,892	Delta Air Lines Pass Through Trust, Series 2007-1, Class B, 8.021%, 2/10/2024		193,108
	1,200,000	Devon Energy Corp., 3.250%, 5/15/2022		1,010,388
	990,000	Devon Energy Corp., 5.850%, 12/15/2025		955,586
	42,000	Dillard’s, Inc., 6.625%, 1/15/2018		44,558
	50,000	Dillard’s, Inc., 7.000%, 12/01/2028		54,870
	8,000	Dillard’s, Inc., 7.750%, 7/15/2026		9,172
	300,000	Discovery Communications LLC, 1.900%, 3/19/2027, (EUR)		296,033
	395,000	DISH DBS Corp., 5.000%, 3/15/2023		348,587

See accompanying notes to financial statements.

17  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	1,495,000	DISH DBS Corp., 5.875%, 11/15/2024	$	1,371,662
	315,000	DPL, Inc., 6.750%, 10/01/2019		319,725
	310,000	DR Horton, Inc., 4.375%, 9/15/2022		310,775
	235,000	DS Services of America, Inc., 10.000%, 9/01/2021, 144A		266,137
	600,000	Enbridge Energy Partners LP, 5.875%, 10/15/2025		605,010
	575,000	Enbridge Energy Partners LP, 7.375%, 10/15/2045		581,148
	150,000	Foot Locker, Inc., 8.500%, 1/15/2022(e)		168,820
	25,000	Ford Motor Co., 6.375%, 2/01/2029		29,295
	50,000	Ford Motor Co., 6.625%, 2/15/2028		58,180
	2,105,000	Ford Motor Co., 6.625%, 10/01/2028		2,555,188
	40,000	Ford Motor Co., 7.125%, 11/15/2025		48,439
	530,000	Ford Motor Co., 7.400%, 11/01/2046		677,377
	5,000	Ford Motor Co., 7.500%, 8/01/2026		6,243
	5,000,000	Ford Motor Credit Co. LLC, 2.459%, 3/27/2020		4,966,860
	1,000,000	Ford Motor Credit Co. LLC, 5.000%, 5/15/2018		1,055,925
	905,000	Forethought Financial Group, Inc., 8.625%, 4/15/2021, 144A		985,480
	2,370,000	Freeport-McMoRan, Inc., 3.875%, 3/15/2023(c)		1,605,675
	210,000	Freeport-McMoRan, Inc., 5.400%, 11/14/2034		128,625
	2,475,000	Freeport-McMoRan, Inc., 5.450%, 3/15/2043		1,515,937
	865,000	Frontier Communications Corp., 6.875%, 1/15/2025		730,384
	560,000	Frontier Communications Corp., 11.000%, 9/15/2025, 144A		562,800
	205,000	FTS International, Inc., 6.250%, 5/01/2022		22,550
	275,000	Gates Global LLC/Gates Global Co., 6.000%, 7/15/2022, 144A		235,125
	50,000	General Electric Co., GMTN, 3.100%, 1/09/2023		52,946
	740,000	General Electric Co., Series D, (fixed rate to 1/21/2021, variable rate thereafter), 5.000%(d)		762,200
	115,000	General Motors Co., 5.200%, 4/01/2045		108,108
	195,000	General Motors Co., 6.750%, 4/01/2046		221,670
	5,000,000	General Motors Financial Co., Inc., 2.400%, 4/10/2018		4,998,870
	240,000	General Motors Financial Co., Inc., 3.450%, 4/10/2022		235,649
	925,000	General Motors Financial Co., Inc., 5.250%, 3/01/2026		967,482
	195,000	Genworth Holdings, Inc., 4.800%, 2/15/2024		142,838
	500,000	Genworth Holdings, Inc., 4.900%, 8/15/2023		371,250
	215,000	Genworth Holdings, Inc., 6.500%, 6/15/2034		144,050
	3,435,000	Georgia-Pacific LLC, 7.250%, 6/01/2028		4,524,348
	105,000	Georgia-Pacific LLC, 7.375%, 12/01/2025		133,785
	180,000	Georgia-Pacific LLC, 7.750%, 11/15/2029		246,094
	315,000	Georgia-Pacific LLC, 8.875%, 5/15/2031		464,884
	800,000	Goldman Sachs Group, Inc. (The), 3.375%, 2/01/2018, (CAD)		632,812
	2,295,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		2,741,231
	3,045,000	Goodyear Tire & Rubber Co. (The), 7.000%, 5/15/2022		3,265,762
	165,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		176,550
	70,000	GS Mortgage Securities Trust, Series 2007-GG10, Class AM, 5.794%, 8/10/2045(f)		66,691
	425,000	Halcon Resources Corp., 8.875%, 5/15/2021		74,375
	410,000	Hanover Insurance Group, Inc. (The), 6.375%, 6/15/2021		468,370
	1,000,000	HCA Holdings, Inc., 6.250%, 2/15/2021		1,075,000
	20,000	HCA, Inc., 4.750%, 5/01/2023		20,350

See accompanying notes to financial statements.

|  18

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	225,000	HCA, Inc., 7.050%, 12/01/2027	$	230,625
	90,000	HCA, Inc., 7.500%, 12/15/2023		95,400
	820,000	HCA, Inc., 7.500%, 11/06/2033		877,400
	1,500,000	HCA, Inc., 7.690%, 6/15/2025		1,612,500
	395,000	HCA, Inc., 8.360%, 4/15/2024		440,425
	195,000	HCA, Inc., MTN, 7.580%, 9/15/2025		210,600
	75,000	HCA, Inc., MTN, 7.750%, 7/15/2036		80,250
	855,000	Hecla Mining Co., 6.875%, 5/01/2021		688,275
	585,000	Hercules, Inc., 6.500%, 6/30/2029		456,300
	490,000	Hewlett Packard Enterprise Co., 6.350%, 10/15/2045, 144A		481,563
	310,000	Hexion, Inc., 7.875%, 2/15/2023(e)(g)		77,500
	470,000	Highwoods Properties, Inc., 5.850%, 3/15/2017		486,732
	485,000	Huntington Ingalls Industries, Inc., 5.000%, 11/15/2025, 144A		507,431
	450,000	International Lease Finance Corp., 4.625%, 4/15/2021		461,250
	1,250,000	International Lease Finance Corp., 6.250%, 5/15/2019		1,332,812
	745,000	INVISTA Finance LLC, 4.250%, 10/15/2019, 144A		715,200
	45,000	iStar, Inc., 3.875%, 7/01/2016		44,961
	145,000	iStar, Inc., 4.875%, 7/01/2018		140,106
	3,460,000	iStar, Inc., 5.000%, 7/01/2019		3,321,600
	70,000	iStar, Inc., 5.850%, 3/15/2017		71,400
	200,000	iStar, Inc., 7.125%, 2/15/2018		202,500
	48,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		39,480
	5,000	J.C. Penney Corp., Inc., 7.625%, 3/01/2097		3,700
	665,000	Jefferies Group LLC, 5.125%, 4/13/2018		689,558
	30,000	Jefferies Group LLC, 5.125%, 1/20/2023		30,110
	1,070,000	Jefferies Group LLC, 6.250%, 1/15/2036		1,033,017
	685,000	Jefferies Group LLC, 6.450%, 6/08/2027		721,974
	1,410,000	Jefferies Group LLC, 6.875%, 4/15/2021		1,592,030
	15,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021(h)		10,275
	110,000	K. Hovnanian Enterprises, Inc., 7.000%, 1/15/2019, 144A		72,325
	165,000	K. Hovnanian Enterprises, Inc., 8.000%, 11/01/2019, 144A		102,300
	1,665,000	KB Home, 8.000%, 3/15/2020		1,744,087
	190,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.375%, 10/01/2017		188,813
	55,000	Lennar Corp., Series B, 6.500%, 4/15/2016		55,000
	140,000	Level 3 Communications, Inc., 5.750%, 12/01/2022		144,550
	330,000	Level 3 Financing, Inc., 5.125%, 5/01/2023		333,712
	760,000	Level 3 Financing, Inc., 5.375%, 5/01/2025		769,500
	135,000	Level 3 Financing, Inc., 7.000%, 6/01/2020		140,832
	20,000	Macy’s Retail Holdings, Inc., 4.500%, 12/15/2034		16,240
	165,000	Masco Corp., 6.500%, 8/15/2032		168,300
	865,000	Masco Corp., 7.750%, 8/01/2029		977,450
	410,000	Micron Technology, Inc., 5.250%, 8/01/2023, 144A		335,175
	965,000	Micron Technology, Inc., 5.500%, 2/01/2025		782,253
	1,230,000	Micron Technology, Inc., 5.625%, 1/15/2026, 144A		971,700
	1,430,000	Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc., 7.875%, 10/01/2022, 144A		1,329,900
	825,000	Morgan Stanley, 2.125%, 4/25/2018		830,720

See accompanying notes to financial statements.

19  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	220,000	Morgan Stanley, 2.500%, 1/24/2019	$	223,842
	450,000	Morgan Stanley, 3.750%, 2/25/2023		468,884
	725,000	Morgan Stanley, 5.750%, 1/25/2021		829,847
	3,150,000	Morgan Stanley, MTN, 4.100%, 5/22/2023		3,248,419
	600,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		714,410
	100,000	Morgan Stanley, Series F, MTN, 1.070%, 10/18/2016(f)		99,937
	25,000	MPLX LP, 4.500%, 7/15/2023, 144A		23,054
	95,000	MPLX LP, 4.875%, 6/01/2025, 144A		86,624
	3,000,000	Navient Corp., 5.000%, 10/26/2020		2,722,500
	95,000	Navient Corp., 5.875%, 10/25/2024		80,513
	175,000	Navient LLC, 4.875%, 6/17/2019		168,875
	915,000	Navient LLC, 5.500%, 1/25/2023		777,750
	1,600(††††)	Navient LLC, 6.000%, 12/15/2043		31,019
	40,000	Navient LLC, MTN, 4.625%, 9/25/2017		40,450
	60,000	Navient LLC, MTN, 5.500%, 1/15/2019		58,950
	1,130,000	Navient LLC, MTN, 7.250%, 1/25/2022		1,056,550
	10,000	Navient LLC, Series A, MTN, 5.000%, 6/15/2018		9,850
	2,560,000	Navient LLC, Series A, MTN, 5.625%, 8/01/2033(h)		1,804,800
	360,000	Navient LLC, Series A, MTN, 8.450%, 6/15/2018		385,650
	1,335,000	Neptune Finco Corp., 10.875%, 10/15/2025, 144A		1,448,475
	4,457,000	New Albertson’s, Inc., 7.450%, 8/01/2029		4,044,727
	525,000	New Albertson’s, Inc., 7.750%, 6/15/2026		489,562
	5,710,000	New Albertson’s, Inc., 8.000%, 5/01/2031		5,360,262
	2,110,000	New Albertson’s, Inc., 8.700%, 5/01/2030		2,025,600
	1,265,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		1,068,925
	365,000	Newell Rubbermaid, Inc., 4.000%, 12/01/2024		372,564
	65,000	Newfield Exploration Co., 5.625%, 7/01/2024		60,938
	20,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		16,400
	1,019,000	Noble Energy, Inc., 5.625%, 5/01/2021		1,024,095
	135,000	Oasis Petroleum, Inc., 6.875%, 3/15/2022		99,900
	220,000	Oasis Petroleum, Inc., 6.875%, 1/15/2023		162,250
	290,000	Oasis Petroleum, Inc., 7.250%, 2/01/2019		221,125
	2,275,000	Oceaneering International, Inc., 4.650%, 11/15/2024		1,945,421
	420,000	Old Republic International Corp., 4.875%, 10/01/2024		436,886
	5,085,000	ONEOK Partners LP, 4.900%, 3/15/2025		4,790,751
	25,000	ONEOK Partners LP, 6.200%, 9/15/2043		22,760
	55,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 5.250%, 2/15/2022		56,375
	140,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 5.875%, 3/15/2025		145,950
	7,000	Owens Corning, 6.500%, 12/01/2016		7,150
	535,000	Owens Corning, 7.000%, 12/01/2036		591,041
	2,965,000	Owens-Brockway Glass Container, Inc., 5.375%, 1/15/2025, 144A		2,942,762
	540,000	PulteGroup, Inc., 6.000%, 2/15/2035		525,150
	785,000	PulteGroup, Inc., 6.375%, 5/15/2033		800,700
	220,000	PulteGroup, Inc., 7.875%, 6/15/2032		249,150
	415,000	QEP Resources, Inc., 5.250%, 5/01/2023		361,050
	145,000	QEP Resources, Inc., 5.375%, 10/01/2022		127,238

See accompanying notes to financial statements.

|  20

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	150,000	QEP Resources, Inc., 6.875%, 3/01/2021	$	137,625
	255,000	Quicken Loans, Inc., 5.750%, 5/01/2025, 144A		247,350
	1,335,000	Qwest Capital Funding, Inc., 6.500%, 11/15/2018		1,381,725
	650,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		539,500
	400,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		412,000
	60,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		50,100
	476,000	Qwest Corp., 6.875%, 9/15/2033		464,119
	115,000	Qwest Corp., 7.250%, 9/15/2025		125,765
	480,000	R.R. Donnelley & Sons Co., 7.000%, 2/15/2022		444,000
	200,000	Rain CII Carbon LLC/CII Carbon Corp., 8.250%, 1/15/2021, 144A		142,000
	230,000	Range Resources Corp., 4.875%, 5/15/2025, 144A		201,250
	850,000	Range Resources Corp., 5.000%, 8/15/2022		733,125
	220,000	Range Resources Corp., 5.000%, 3/15/2023		186,450
	1,075,000	Regency Energy Partners LP/Regency Energy Finance Corp., 5.000%, 10/01/2022		1,010,265
	230,000	Regency Energy Partners LP/Regency Energy Finance Corp., 5.500%, 4/15/2023		205,028
	665,000	Sabine Pass Liquefaction LLC, 5.625%, 2/01/2021		639,231
	20,000	Sabine Pass Liquefaction LLC, 5.625%, 3/01/2025		19,075
	970,000	Santander Holdings USA, Inc., 2.650%, 4/17/2020(c)		959,225
	25,000	Sealed Air Corp., 4.875%, 12/01/2022, 144A		26,000
	640,000	Sealed Air Corp., 5.500%, 9/15/2025, 144A		671,200
	420,000	ServiceMaster Co. LLC (The), 7.450%, 8/15/2027		413,700
	760,000	Shearer’s Foods LLC/Chip Finance Corp., 9.000%, 11/01/2019, 144A		796,100
	2,675,000	Springleaf Finance Corp., 5.250%, 12/15/2019		2,554,625
	330,000	Springleaf Finance Corp., 7.750%, 10/01/2021		323,763
	130,000	Springleaf Finance Corp., 8.250%, 10/01/2023		125,450
	400,000	Springleaf Finance Corp., MTN, 5.750%, 9/15/2016		403,000
	2,349,000	Sprint Capital Corp., 6.875%, 11/15/2028		1,714,770
	2,240,000	Sprint Capital Corp., 8.750%, 3/15/2032		1,752,800
	26,000	Sprint Communications, Inc., 6.000%, 12/01/2016		25,838
	1,720,000	Sprint Communications, Inc., 6.000%, 11/15/2022		1,257,750
	120,000	Sprint Corp., 7.125%, 6/15/2024		89,100
	2,840,000	Sprint Corp., 7.875%, 9/15/2023		2,172,004
	2,910,000	SUPERVALU, Inc., 6.750%, 6/01/2021		2,480,775
	670,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.125%, 11/15/2019		632,735
	175,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.000%, 1/15/2018		174,563
	1,365,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.750%, 3/15/2024, 144A		1,341,112
	520,000	Tenet Healthcare Corp., 5.000%, 3/01/2019		514,150
	100,000	Tenet Healthcare Corp., 6.750%, 6/15/2023		95,750
	1,360,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		1,096,500
	820,000	Textron, Inc., 5.950%, 9/21/2021		929,949
	90,000	Time Warner Cable, Inc., 4.500%, 9/15/2042		79,894
	565,000	Time Warner Cable, Inc., 5.250%, 7/15/2042, (GBP)		749,411
	85,000	Time Warner Cable, Inc., 5.500%, 9/01/2041		84,295

See accompanying notes to financial statements.

21  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	945,000	Toys “R” Us, Inc., 7.375%, 10/15/2018	$	751,275
	1,680,000	Transcontinental Gas Pipe Line Co. LLC, 7.850%, 2/01/2026, 144A		1,921,446
	171,000	TransDigm, Inc., 6.500%, 7/15/2024		169,666
	185,000	TransDigm, Inc., 6.500%, 5/15/2025		180,838
	90,000	TRI Pointe Holdings, Inc./TRI Pointe Group, Inc., 4.375%, 6/15/2019		89,325
	5,000	TRI Pointe Holdings, Inc./TRI Pointe Group, Inc., 5.875%, 6/15/2024		4,969
	785,000	U.S. Treasury Note, 0.250%, 5/15/2016		784,962
	8,530,000	U.S. Treasury Note, 0.375%, 10/31/2016		8,525,334
	25,000,000	U.S. Treasury Note, 0.500%, 6/30/2016		25,011,700
	8,520,000	U.S. Treasury Note, 0.500%, 11/30/2016		8,519,668
	8,490,000	U.S. Treasury Note, 0.625%, 8/31/2017(c)		8,479,719
	4,170,000	U.S. Treasury Note, 0.625%, 11/30/2017(c)		4,163,320
	9,545,000	U.S. Treasury Note, 0.875%, 7/15/2017(c)		9,568,118
	6,315,000	U.S. Treasury Note, 0.875%, 10/15/2018(c)		6,324,864
	10,255,000	U.S. Treasury Note, 1.000%, 3/15/2018(i)		10,305,075
	10,170,000	U.S. Treasury Note, 1.500%, 7/31/2016(c)		10,208,127
	12,810	UAL Pass Through Trust, Series 2009-1, 10.400%, 5/01/2018		13,308
	630,000	United Continental Holdings, Inc., 6.375%, 6/01/2018		661,500
	2,940,000	United Rentals North America, Inc., 5.500%, 7/15/2025		2,924,683
	2,635,000	United Rentals North America, Inc., 5.750%, 11/15/2024		2,635,000
	295,000	United Rentals North America, Inc., 7.625%, 4/15/2022		314,175
	1,940,000	United States Steel Corp., 6.650%, 6/01/2037		1,086,400
	690,000	United States Steel Corp., 7.375%, 4/01/2020		538,200
	770,000	United States Steel Corp., 7.500%, 3/15/2022		549,010
	116,268	US Airways Pass Through Trust, Series 2012-1A, Class A, 5.900%, 4/01/2026		129,930
	62,604	US Airways Pass Through Trust, Series 2012-1B, Class B, 8.000%, 4/01/2021		69,178
	439,449	US Airways Pass Through Trust, Series 2012-2A, Class A, 4.625%, 12/03/2026		465,543
	230,000	USG Corp., 9.750%, 1/15/2018		257,255
	110,000	Verizon Pennsylvania, Inc., 6.000%, 12/01/2028		122,268
	25,000	Viacom, Inc., 4.375%, 3/15/2043		19,326
	180,000	Viacom, Inc., 4.850%, 12/15/2034		159,764
	395,000	Viacom, Inc., 5.250%, 4/01/2044		355,273
	145,000	Viacom, Inc., 5.850%, 9/01/2043		139,423
	1,380,000	Western Digital Corp., 7.375%, 4/01/2023, 144A(i)		1,407,600
	60,000	Weyerhaeuser Co., 6.950%, 10/01/2027		70,134
	315,000	Weyerhaeuser Co., 7.375%, 3/15/2032		384,759
	625,000	Whiting Petroleum Corp., 5.000%, 3/15/2019		432,812
	555,000	Whiting Petroleum Corp., 6.500%, 10/01/2018		377,400
	55,000	Windstream Services LLC, 7.500%, 6/01/2022		42,213
	1,955,000	Windstream Services LLC, 7.500%, 4/01/2023		1,461,362
	1,105,000	Windstream Services LLC, 7.750%, 10/01/2021		901,266
	500,000	WPX Energy, Inc., 5.250%, 1/15/2017		492,500
	125,000	Xerox Corp., 6.750%, 2/01/2017		129,575
	20,000	Xerox Corp., MTN, 7.200%, 4/01/2016		20,000
				319,995,631
		Total Non-Convertible Bonds (Identified Cost $494,020,701)		482,104,786

See accompanying notes to financial statements.

|  22

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
	Convertible Bonds — 0.8%
		United States — 0.8%
$	495,000	Brocade Communications Systems, Inc., 1.375%, 1/01/2020	$	490,359
	190,000	CalAtlantic Group, Inc., 0.250%, 6/01/2019		168,150
	565,000	Chesapeake Energy Corp., 2.500%, 5/15/2037		357,363
	185,000	Ciena Corp., 3.750%, 10/15/2018, 144A		218,763
	530,000	Hologic, Inc., (accretes to principal after 3/01/2018), 2.000%, 3/01/2042(j)		685,025
	275,000	Iconix Brand Group, Inc., 1.500%, 3/15/2018		187,000
	1,125,000	Intel Corp., 3.250%, 8/01/2039		1,789,453
	1,000,000	KB Home, 1.375%, 2/01/2019		922,500
	1,430,000	Nuance Communications, Inc., 1.000%, 12/15/2035, 144A		1,316,494
	2,200,000	Old Republic International Corp., 3.750%, 3/15/2018		2,725,250
	1,450,000	Priceline Group, Inc. (The), 0.900%, 9/15/2021		1,459,062
	1,290,000	Rovi Corp., 0.500%, 3/01/2020		1,229,176
	40,000	RPM International, Inc., 2.250%, 12/15/2020		45,625
	90,000	Trinity Industries, Inc., 3.875%, 6/01/2036		95,513
		Total Convertible Bonds (Identified Cost $10,223,343)		11,689,733
	Municipals — 0.0%
		United States — 0.0%
	415,000	State of Illinois, 5.100%, 6/01/2033		388,088
	130,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046		104,538
		Total Municipals (Identified Cost $453,764)		492,626
		Total Bonds and Notes (Identified Cost $504,697,808)		494,287,145
	Senior Loans — 0.3%
		United States — 0.3%
	1,818,750	Fairpoint Communications, Inc., Refi Term Loan, 7.500%, 2/14/2019(f)		1,799,799
	1,065,000	Flying Fortress, Inc., New Term Loan, 3.500%, 4/30/2020(f)		1,064,553
	446,177	PowerTeam Services LLC, 1st Lien Term Loan, 4.250%, 5/06/2020(f)		437,254
	120,000	PowerTeam Services LLC, 2nd Lien Term Loan, 8.250%, 11/06/2020(f)		111,000
	14,292	SuperMedia, Inc., Exit Term Loan, 11.600%, 12/30/2016(f)		4,600
	898,041	Supervalu, Inc., Refi Term Loan B, 4.500%, 3/21/2019(f)		876,936
		Total Senior Loans (Identified Cost $4,355,973)		4,294,142
Shares
	Preferred Stocks — 0.0%
		United States — 0.0%
	2,585	Alcoa, Inc., Series 1, 5.375%		85,279
	460	Chesapeake Energy Corp., 5.000%(b)		6,311

See accompanying notes to financial statements.

23  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Shares		Description	Value (†)
		United States — continued
	40	Chesapeake Energy Corp., 5.750%(b)	$	6,925
	720	Chesapeake Energy Corp., 5.750%(b)		128,426
	100	Chesapeake Energy Corp., Series A, 5.750% 144A(b)		17,313
	1,976	El Paso Energy Capital Trust I, 4.750%		84,553
		Total Preferred Stocks (Identified Cost $671,830)		328,807
Principal Amount (‡)
	Short-Term Investments — 2.9%
$	10,991	Repurchase Agreement with State Street Bank and Trust Company, dated 3/31/2016 at 0.000% to be repurchased at $10,991 on 4/01/2016 collateralized by $11,100 U.S. Treasury Note, 1.500% due 8/31/2018 valued at $11,302 including accrued interest (Note 2 of Notes to Financial Statements)		10,991
	42,896,142	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2016 at 0.030% to be repurchased at $42,896,178 on 4/01/2016 collateralized by $42,380,000 U.S. Treasury Note, 2.000% due 7/31/2022 valued at $43,757,350 including accrued interest (Note 2 of Notes to Financial Statements)		42,896,142
		Total Short-Term Investments (Identified Cost $42,907,133)		42,907,133
		Total Investments — 99.3% (Identified Cost $1,365,085,878)(a)		1,455,821,403
		Other assets less liabilities — 0.7%		9,801,314
		Net Assets — 100.0%	$	1,465,622,717
	(‡)	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.
	(a)	Federal Tax Information (Amounts exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
		At March 31, 2016, the net unrealized appreciation on investments based on a cost of $1,366,265,209 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	$	151,389,962
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(61,833,768	)
		Net unrealized appreciation	$	89,556,194
	(b)	Non-income producing security.

See accompanying notes to financial statements.

|  24

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

(c)	Security (or a portion thereof) has been designated to cover the Fund’s obligations under open derivative contracts.
(d)	Perpetual bond with no specified maturity date.
(e)	Fair valued by the Fund’s adviser. At March 31, 2016, the value of these securities amounted to $253,342 or less than 0.1% of net assets. See Note 2 of Notes to Financial Statements.
(f)	Variable rate security. Rate as of March 31, 2016 is disclosed.
(g)	Illiquid security. At March 31, 2016, the value of this security amounted to $77,500 or less than 0.1% of net assets.
(h)	Illiquid security. At March 31, 2016, the value of these securities amounted to $1,815,075 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)	When-issued/delayed delivery. See Note 2 of Notes to Financial Statements.
(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 March 31, 2016, the value of Rule 144A holdings amounted to $109,774,156 or 7.5% of net assets.
ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
EMTN	Euro Medium Term Note
GMTN	Global Medium Term Note
MTN	Medium Term Note
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CLP	Chilean Peso
COP	Colombian Peso
EUR	Euro
GBP	British Pound
IDR	Indonesian Rupiah
INR	Indian Rupee
KRW	South Korean Won
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
PLN	Polish Zloty
RUB	New Russian Ruble
SEK	Swedish Krona

See accompanying notes to financial statements.

25  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

At March 31, 2016, the Fund had the following open forward foreign currency contracts:

Contract to Buy/Sell	Delivery Date		Currency	Units of Currency		Notional Value		Unrealized Appreciation (Depreciation)
Sell1		6/15/2016	Australian Dollar		1,158,000	$	884,746	$	(24,798	)
Buy1		6/09/2016	Brazilian Real		4,900,000		1,338,914		82,181
Sell1		6/09/2016	Brazilian Real		9,095,000		2,485,188		(162,369	)
Buy1		6/15/2016	British Pound		3,740,000		5,372,774		67,341
Sell1		6/08/2016	Canadian Dollar		2,895,000		2,229,197		(82,996	)
Buy2		6/15/2016	Euro		38,170,000		43,528,959		1,666,131
Sell1		6/15/2016	Indonesian Rupiah		39,600,000,000		2,952,849		16,780
Buy1		6/15/2016	Japanese Yen		2,276,500,000		20,268,672		204,156
Sell3		6/15/2016	Mexican Peso		107,500,000		6,182,231		(176,168	)
Sell1		6/15/2016	New Zealand Dollar		8,162,000		5,620,784		(138,123	)
Sell3		6/15/2016	Norwegian Krone		4,200,000		507,385		(14,113	)
Sell4		6/15/2016	Polish Zloty		22,220,000		5,949,705		(379,526	)
Sell3		6/15/2016	Swedish Krona		3,100,000		382,837		(16,126	)
Total								$	1,042,370

At March 31, 2016, the Fund had the following open forward cross currency contracts:

Settlement Date	Deliver/Units of Currency			Receive/Units of Currency				Unrealized Appreciation (Depreciation)
6/15/2016		Norwegian Krone	14,180,000		Euro	1	1,511,059	$	10,178

¹ Counterparty is Credit Suisse International

² Counterparty is Morgan Stanley & Co.

³ Counterparty is UBS AG

⁴ Counterparty is Citibank N.A.

See accompanying notes to financial statements.

|  26

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Industry Summary at March 31, 2016 (Unaudited)

Treasuries	9.8	%
Internet Software & Services	7.3
Pharmaceuticals	5.4
Banks	5.2
Insurance	4.3
Aerospace & Defense	3.9
Banking	3.9
IT Services	3.7
Chemicals	3.2
Specialty Retail	2.8
Diversified Financial Services	2.7
Internet & Catalog Retail	2.5
Beverages	2.5
Hotels, Restaurants & Leisure	2.0
Other Investments, less than 2% each	37.2
Short-Term Investments	2.9
Total Investments	99.3
Other assets less liabilities (including forward foreign currency contracts)	0.7
Net Assets	100.0	%

Currency Exposure Summary at March 31, 2016 (Unaudited)

United States Dollar	71.7	%
Euro	6.6
Japanese Yen	2.9
British Pound	2.8
Hong Kong Dollar	2.5
Indian Rupee	2.4
Swiss Franc	2.2
Other, less than 2% each	8.2
Total Investments	99.3
Other assets less liabilities (including forward foreign currency contracts)	0.7
Net Assets	100.0	%

See accompanying notes to financial statements.

27  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Growth Fund

Shares		Description	Value (†)
	Common Stocks — 98.6% of Net Assets
		Air Freight & Logistics — 6.1%
	1,807,037	Expeditors International of Washington, Inc.	$	88,201,476
	771,374	United Parcel Service, Inc., Class B		81,356,816
				169,558,292
		Beverages — 11.0%
	2,399,330	Coca-Cola Co. (The)		111,304,918
	898,000	Monster Beverage Corp.(b)		119,775,240
	1,202,367	SABMiller PLC, Sponsored ADR		73,464,624
				304,544,782
		Biotechnology — 2.2%
	414,696	Amgen, Inc.		62,175,371
		Capital Markets — 3.0%
	143,502	Greenhill & Co., Inc.		3,185,744
	1,874,188	SEI Investments Co.		80,683,794
				83,869,538
		Communications Equipment — 5.3%
	5,135,627	Cisco Systems, Inc.		146,211,301
		Consumer Finance — 0.9%
	429,977	American Express Co.		26,400,588
		Diversified Financial Services — 2.0%
	360,023	FactSet Research Systems, Inc.		54,554,285
		Energy Equipment & Services — 2.6%
	963,052	Schlumberger Ltd.		71,025,085
		Food Products — 4.0%
	7,786,112	Danone, Sponsored ADR		110,640,651
		Health Care Equipment & Supplies — 2.4%
	817,848	Varian Medical Systems, Inc.(b)		65,444,197
		Health Care Technology — 2.0%
	1,073,177	Cerner Corp.(b)		56,835,454
		Hotels, Restaurants & Leisure — 2.6%
	881,306	Yum! Brands, Inc.		72,134,896
		Household Products — 3.6%
	1,204,092	Procter & Gamble Co. (The)		99,108,813
		Internet & Catalog Retail — 6.0%
	279,262	Amazon.com, Inc.(b)		165,781,094
		Internet Software & Services — 15.6%
	1,411,441	Alibaba Group Holding Ltd., Sponsored ADR(b)		111,546,182
	103,265	Alphabet, Inc., Class A(b)		78,780,869
	103,542	Alphabet, Inc., Class C(b)		77,133,613
	1,458,713	Facebook, Inc., Class A(b)		166,439,153
				433,899,817

See accompanying notes to financial statements.

|  28

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Growth Fund – (continued)

Shares		Description	Value (†)
		IT Services — 6.0%
	300,809	Automatic Data Processing, Inc.	$	26,985,576
	1,824,465	Visa, Inc., Class A		139,535,083
				166,520,659
		Pharmaceuticals — 7.2%
	710,566	Merck & Co., Inc.		37,596,047
	881,341	Novartis AG, Sponsored ADR		63,844,342
	1,833,320	Novo Nordisk AS, Sponsored ADR		99,347,611
				200,788,000
		Semiconductors & Semiconductor Equipment — 6.0%
	203,027	Analog Devices, Inc.		12,017,168
	1,323,553	ARM Holdings PLC, Sponsored ADR		57,826,031
	1,923,273	QUALCOMM, Inc.		98,356,181
				168,199,380
		Software — 9.2%
	1,145,425	Autodesk, Inc.(b)		66,789,732
	1,222,472	Microsoft Corp.		67,517,128
	2,958,854	Oracle Corp.		121,046,717
				255,353,577
		Specialty Retail — 0.9%
	341,907	Lowe’s Cos., Inc.		25,899,455
		Total Common Stocks (Identified Cost $2,523,643,635)		2,738,945,235
Principal Amount
	Short-Term Investments — 1.6%
$	45,873,971	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2016 at 0.030% to be repurchased at $45,874,009 on 4/01/2016 collateralized by $46,045,000 U.S. Treasury Note, 1.750% due 3/31/2022 valued at $46,793,231 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $45,873,971)		45,873,971
		Total Investments — 100.2% (Identified Cost $2,569,517,606)(a)		2,784,819,206
		Other assets less liabilities — (0.2)%		(5,970,536	)
		Net Assets — 100.0%	$	2,778,848,670

See accompanying notes to financial statements.

29  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Growth Fund – (continued)

(†)	See Note 2 of Notes to Financial Statements.
(a)	Federal Tax Information (Amounts exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.):
	At March 31, 2016, the net unrealized appreciation on investments based on a cost of $2,569,517,606 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	$	256,487,081
	Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(41,185,481	)
	Net unrealized appreciation	$	215,301,600
(b)	Non-income producing security.
ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.

Industry Summary at March 31, 2016 (Unaudited)

Internet Software & Services	15.6	%
Beverages	11.0
Software	9.2
Pharmaceuticals	7.2
Air Freight & Logistics	6.1
Semiconductors & Semiconductor Equipment	6.0
IT Services	6.0
Internet & Catalog Retail	6.0
Communications Equipment	5.3
Food Products	4.0
Household Products	3.6
Capital Markets	3.0
Hotels, Restaurants & Leisure	2.6
Energy Equipment & Services	2.6
Health Care Equipment & Supplies	2.4
Biotechnology	2.2
Health Care Technology	2.0
Diversified Financial Services	2.0
Other Investments, less than 2% each	1.8
Short-Term Investments	1.6
Total Investments	100.2
Other assets less liabilities	(0.2	)
Net Assets	100.0	%

See accompanying notes to financial statements.

|  30

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Value Fund

Shares		Description	Value (†)
	Common Stocks — 98.7% of Net Assets
		Aerospace & Defense — 5.1%
	213,616	Honeywell International, Inc.	$	23,935,673
	117,674	Northrop Grumman Corp.		23,287,684
	257,880	United Technologies Corp.		25,813,788
				73,037,145
		Automobiles — 1.7%
	239,603	General Motors Co.		7,530,722
	318,259	Harley-Davidson, Inc.		16,336,235
				23,866,957
		Banks — 11.7%
	2,051,795	Bank of America Corp.		27,740,269
	610,294	Citigroup, Inc.		25,479,775
	1,380,603	Fifth Third Bancorp		23,042,264
	688,088	JPMorgan Chase & Co.		40,748,571
	231,381	PNC Financial Services Group, Inc. (The)		19,567,891
	618,670	Wells Fargo & Co.		29,918,881
				166,497,651
		Beverages — 1.5%
	208,807	PepsiCo, Inc.		21,398,541
		Biotechnology — 1.4%
	351,426	AbbVie, Inc.		20,073,453
		Capital Markets — 2.7%
	192,189	Ameriprise Financial, Inc.		18,067,688
	250,249	Legg Mason, Inc.		8,678,635
	206,988	State Street Corp.		12,112,938
				38,859,261
		Chemicals — 1.4%
	309,803	E.I. du Pont de Nemours & Co.		19,616,726
		Communications Equipment — 1.7%
	849,588	Cisco Systems, Inc.		24,187,770
		Construction Materials — 1.7%
	230,351	Vulcan Materials Co.		24,318,155
		Consumer Finance — 2.6%
	217,177	American Express Co.		13,334,668
	461,282	Discover Financial Services		23,488,479
				36,823,147
		Containers & Packaging — 1.6%
	471,856	Sealed Air Corp.		22,653,807
		Diversified Telecommunication Services — 1.7%
	435,180	Verizon Communications, Inc.		23,534,534
		Electric Utilities — 3.0%
	191,194	NextEra Energy, Inc.		22,625,898
	328,542	PG&E Corp.		19,620,528
				42,246,426

See accompanying notes to financial statements.

31  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Value Fund – (continued)

Shares		Description	Value (†)
		Electrical Equipment — 1.4%
	315,338	Eaton Corp. PLC	$	19,727,545
		Energy Equipment & Services — 2.4%
	630,752	Halliburton Co.		22,530,462
	363,743	National Oilwell Varco, Inc.		11,312,407
				33,842,869
		Food & Staples Retailing — 1.6%
	217,618	CVS Health Corp.		22,573,515
		Food Products — 1.7%
	600,964	Mondelez International, Inc., Class A		24,110,676
		Health Care Equipment & Supplies — 1.7%
	322,922	Medtronic PLC		24,219,150
		Health Care Providers & Services — 3.7%
	123,267	Humana, Inc.		22,551,698
	235,944	UnitedHealth Group, Inc.		30,413,181
				52,964,879
		Household Durables — 0.8%
	264,785	Newell Rubbermaid, Inc.		11,727,328
		Independent Power & Renewable Electricity Producers — 0.9%
	840,496	Calpine Corp.(b)		12,750,324
		Insurance — 7.3%
	441,881	American International Group, Inc.		23,883,668
	620,199	FNF Group		21,024,746
	477,237	MetLife, Inc.		20,969,794
	192,236	Travelers Cos., Inc. (The)		22,435,863
	498,492	Unum Group		15,413,373
				103,727,444
		Internet & Catalog Retail — 1.0%
	590,689	Liberty Interactive Corp./QVC Group, Class A(b)		14,914,897
		Machinery — 2.5%
	266,345	Ingersoll-Rand PLC		16,516,054
	363,781	Pentair PLC		19,738,757
				36,254,811
		Media — 4.5%
	427,236	Comcast Corp., Class A		26,095,575
	386,957	Liberty Global PLC, Class A(b)		14,897,844
	153,043	Omnicom Group, Inc.		12,737,769
	259,781	Viacom, Inc., Class B		10,723,760
				64,454,948
		Multiline Retail — 0.8%
	128,439	Dollar General Corp.		10,994,378
		Oil, Gas & Consumable Fuels — 6.0%
	239,722	Chevron Corp.		22,869,479
	505,575	Hess Corp.		26,618,524
	386,103	Royal Dutch Shell PLC, Sponsored ADR		18,706,690

See accompanying notes to financial statements.

|  32

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Value Fund – (continued)

Shares		Description	Value (†)
		Oil, Gas & Consumable Fuels — continued
	256,541	Valero Energy Corp.	$	16,454,540
				84,649,233
		Pharmaceuticals — 8.9%
	72,000	Allergan PLC(b)		19,298,160
	339,513	Eli Lilly & Co.		24,448,331
	562,048	Merck & Co., Inc.		29,737,960
	970,948	Pfizer, Inc.		28,778,899
	443,791	Teva Pharmaceutical Industries Ltd., Sponsored ADR		23,747,256
				126,010,606
		REITs – Diversified — 1.4%
	659,167	Weyerhaeuser Co.		20,420,994
		Road & Rail — 1.3%
	229,926	Norfolk Southern Corp.		19,141,339
		Semiconductors & Semiconductor Equipment — 1.2%
	339,415	QUALCOMM, Inc.		17,357,683
		Software — 4.2%
	789,090	Microsoft Corp.		43,581,441
	848,997	Symantec Corp.		15,604,565
				59,186,006
		Specialty Retail — 1.1%
	215,659	Lowe’s Cos., Inc.		16,336,169
		Technology Hardware, Storage & Peripherals — 2.7%
	194,341	Apple, Inc.		21,181,226
	640,120	EMC Corp.		17,059,198
				38,240,424
		Textiles, Apparel & Luxury Goods — 1.0%
	153,599	Ralph Lauren Corp.		14,785,440
		Tobacco — 1.6%
	233,688	Philip Morris International, Inc.		22,927,130
		Wireless Telecommunication Services — 1.2%
	518,376	Vodafone Group PLC, Sponsored ADR		16,613,951
		Total Common Stocks (Identified Cost $1,193,039,351)		1,405,045,312
Principal Amount
	Short-Term Investments — 1.2%
$	16,302,552	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2016 at 0.030% to be repurchased at $16,302,566 on 4/01/2016 collateralized by $16,165,000 U.S. Treasury Note, 1.875% due 10/31/2022 valued at $16,629,744 including acrued interest (Notes 2 of Notes to Financial Statements) (Identified Cost $16,302,552)		16,302,552
		Total Investments — 99.9% (Identified Cost $1,209,341,903)(a)		1,421,347,864
		Other assets less liabilities — 0.1%		1,622,877
		Net Assets — 100.0%	$	1,422,970,741

See accompanying notes to financial statements.

33  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Value Fund – (continued)

(†)	See Note 2 of Notes to Financial Statements.
(a)	Federal Tax Information (Amounts exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.):
	At March 31, 2016, the net unrealized appreciation on investments based on a cost of $1,209,341,903 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	$	291,220,437
	Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(79,214,476	)
	Net unrealized appreciation	$	212,005,961
(b)	Non-income producing security.
ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
REITs	Real Estate Investment Trusts

Industry Summary at March 31, 2016 (Unaudited)

Banks	11.7	%
Pharmaceuticals	8.9
Insurance	7.3
Oil, Gas & Consumable Fuels	6.0
Aerospace & Defense	5.1
Media	4.5
Software	4.2
Health Care Providers & Services	3.7
Electric Utilities	3.0
Capital Markets	2.7
Technology Hardware, Storage & Peripherals	2.7
Consumer Finance	2.6
Machinery	2.5
Energy Equipment & Services	2.4
Other Investments, less than 2% each	31.4
Short-Term Investments	1.2
Total Investments	99.9
Other assets less liabilities	0.1
Net Assets	100.0	%

See accompanying notes to financial statements.

|  34

Statements of Assets and Liabilities

March 31, 2016 (Unaudited)

	Global Equity and Income Fund			Growth Fund			Value Fund
ASSETS
Investments at cost	$	1,365,085,878		$	2,569,517,606		$	1,209,341,903
Net unrealized appreciation		90,735,525			215,301,600			212,005,961
Investments at value		1,455,821,403			2,784,819,206			1,421,347,864
Cash		75,605			—			85,230
Due from brokers (Note 2)		300,000			—			—
Foreign currency at value (identified cost $2,843,372, $0 and $0, respectively)		2,870,475			—			—
Receivable for Fund shares sold		3,086,507			11,227,993			2,186,154
Receivable for securities sold		2,837,445			—			—
Collateral received for open forward foreign currency contracts (Notes 2 and 4)		1,493,000			—			—
Dividends and interest receivable		6,915,863			2,668,946			1,604,698
Unrealized appreciation on forward foreign currency contracts (Note 2)		2,046,767			—			—
Tax reclaims receivable		482,908			550,231			—
TOTAL ASSETS		1,475,929,973			2,799,266,376			1,425,223,946
LIABILITIES
Payable for securities purchased		3,678,749			15,596,342			—
Payable for when-issued/delayed delivery securities purchased (Note 2)		1,380,000			—			—
Payable for Fund shares redeemed		1,561,387			3,482,968			1,157,091
Unrealized depreciation on forward foreign currency contracts (Note 2)		994,219			—			—
Foreign taxes payable (Note 2)		5,945			—			—
Due to brokers (Note 2)		1,493,000			—			—
Management fees payable (Note 6)		910,905			1,037,933			598,629
Deferred Trustees’ fees (Note 6)		124,451			144,037			312,730
Administrative fees payable (Note 6)		53,633			91,650			52,885
Payable to distributor (Note 6d)		15,058			35,520			14,305
Other accounts payable and accrued expenses		89,909			29,256			117,565
TOTAL LIABILITIES		10,307,256			20,417,706			2,253,205
NET ASSETS	$	1,465,622,717		$	2,778,848,670		$	1,422,970,741
NET ASSETS CONSIST OF:
Paid-in capital	$	1,371,121,609		$	2,565,605,246		$	1,216,471,618
Undistributed net investment income		4,502,609			4,828,862			9,514,351
Accumulated net realized loss on investments and foreign currency transactions		(1,829,630	)		(6,887,038	)		(15,021,189	)
Net unrealized appreciation on investments and foreign currency translations		91,828,129			215,301,600			212,005,961
NET ASSETS	$	1,465,622,717		$	2,778,848,670		$	1,422,970,741

See accompanying notes to financial statements.

35  |

Statements of Assets and Liabilities (continued)

March 31, 2016 (Unaudited)

	Global Equity and Income Fund		Growth Fund		Value Fund
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	272,072,588	$	568,436,142	$	122,528,771
Shares of beneficial interest		15,086,136		52,857,744		6,279,847
Net asset value and redemption price per share	$	18.03	$	10.75	$	19.51
Offering price per share (100/94.25 of net asset value) (Note 1)	$	19.24	$	11.41	$	20.70
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	428,027,221	$	77,136,856	$	12,188,760
Shares of beneficial interest		24,000,053		7,732,522		631,519
Net asset value and offering price per share	$	17.83	$	9.98	$	19.30
Class N shares:
Net assets	$	—	$	4,701,096	$	621,096,056
Shares of beneficial interest		—		411,609		31,802,897
Net asset value, offering and redemption price per share	$	—	$	11.42	$	19.53
Class Y shares:
Net assets	$	765,522,908	$	2,128,574,576	$	582,758,443
Shares of beneficial interest		42,235,106		186,190,584		29,784,678
Net asset value, offering and redemption price per share	$	18.13	$	11.43	$	19.57
Admin Class shares:
Net assets	$	—	$	—	$	84,398,711
Shares of beneficial interest		—		—		4,385,488
Net asset value, offering and redemption price per share	$	—	$	—	$	19.24

See accompanying notes to financial statements.

|  36

Statements of Operations

For the Six Months Ended March 31, 2016 (Unaudited)

	Global Equity and Income Fund			Growth Fund			Value Fund
INVESTMENT INCOME
Dividends	$	4,719,612		$	14,169,614		$	21,317,483	(a)
Interest		11,004,622			6,073			2,630
Less net foreign taxes withheld		(355,714	)		(503,003	)		(147,931	)
		15,368,520			13,672,684			21,172,182
Expenses
Management fees (Note 6)		5,092,649			4,494,676			3,646,975
Service and distribution fees (Note 6)		2,380,857			559,543			440,716
Administrative fees (Note 6)		298,174			395,214			320,037
Trustees’ fees and expenses (Note 6)		18,235			19,652			21,647
Transfer agent fees and expenses (Notes 6 and 7)		577,386			758,879			518,942
Audit and tax services fees		30,910			19,856			19,881
Custodian fees and expenses		116,278			24,726			20,810
Legal fees		7,899			7,683			10,819
Registration fees		50,760			67,968			79,054
Shareholder reporting expenses		40,558			26,717			49,069
Miscellaneous expenses		25,323			18,156			23,431
Total expenses		8,639,029			6,393,070			5,151,381
Less waiver and/or expense reimbursement (Note 6)		—			(77	)		—
Net expenses		8,639,029			6,392,993			5,151,381
Net investment income		6,729,491			7,279,691			16,020,801
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		(3,955,894	)		12,062,396			(9,330,177	)
Foreign currency transactions		(408,555	)		—			—
Net change in unrealized appreciation (depreciation) on:
Investments		37,359,072			128,016,965			42,111,738
Foreign currency translations		993,727			—			—
Net realized and unrealized gain on investments and foreign currency transactions		33,988,350			140,079,361			32,781,561
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	40,717,841		$	147,359,052		$	48,802,362

(a) Includes a non-recurring dividend of $3,395,988.

See accompanying notes to financial statements.

37  |

Statements of Changes in Net Assets

	Global Equity and Income Fund						Growth Fund
	Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015
FROM OPERATIONS:
Net investment income	$	6,729,491		$	11,891,262		$	7,279,691		$	7,486,907
Net realized gain (loss) on investments and foreign currency transactions		(4,364,449	)		67,722,170			12,062,396			102,347,346
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		38,352,799			(94,044,352	)		128,016,965			(62,314,445	)
Net increase (decrease) in net assets resulting from operations		40,717,841			(14,430,920	)		147,359,052			47,519,808
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(2,081,218	)		(2,404,233	)		(638,698	)		(382,515	)
Class C		(533,445	)		(1,155,191	)		—			—
Class N		—			—			(27,613	)		(7	)
Class Y		(7,355,165	)		(8,199,038	)		(7,860,674	)		(5,959,493	)
Net realized capital gains
Class A		(11,445,258	)		(11,493,040	)		—			—
Class C		(18,956,422	)		(18,511,977	)		—			—
Class N		—			—			—			—
Class Y		(31,143,894	)		(30,839,565	)		—			—
Total distributions		(71,515,402	)		(72,603,044	)		(8,526,985	)		(6,342,015	)
NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 12)		252,023,945			84,205,723			1,302,218,748			198,516,181
Net increase (decrease) in net assets		221,226,384			(2,828,241	)		1,441,050,815			239,693,974
NET ASSETS
Beginning of the period		1,244,396,333			1,247,224,574			1,337,797,855			1,098,103,881
End of the period	$	1,465,622,717		$	1,244,396,333		$	2,778,848,670		$	1,337,797,855
UNDISTRIBUTED NET INVESTMENT INCOME	$	4,502,609		$	7,742,946		$	4,828,862		$	6,076,156

See accompanying notes to financial statements.

|  38

Statements of Changes in Net Assets (continued)

	Value Fund
	Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015
FROM OPERATIONS:
Net investment income	$	16,020,801		$	25,736,925
Net realized gain (loss) on investments and foreign currency transactions		(9,330,177	)		324,209,929
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		42,111,738			(400,601,216	)
Net increase (decrease) in net assets resulting from operations		48,802,362			(50,654,362	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(1,396,912	)		(10,401,685	)
Class C		(62,921	)		(187,911	)
Class N		(9,650,934	)		(13,964,469	)
Class Y		(10,292,470	)		(21,235,238	)
Admin Class		(1,221,354	)		(5,320	)
Net realized capital gains
Class A		(25,901,131	)		(52,482,381	)
Class B(a)		(7,739	)		(35,446	)
Class C		(3,063,203	)		(1,642,866	)
Class N		(118,136,123	)		(59,475,488	)
Class Y		(138,382,558	)		(98,286,185	)
Admin Class		(18,149,180	)		(27,631	)
Total distributions		(326,264,525	)		(257,744,620	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 12)		239,198,151			(524,658,028	)
Net increase (decrease) in net assets		(38,264,012	)		(833,057,010	)
NET ASSETS
Beginning of the period		1,461,234,753			2,294,291,763
End of the period	$	1,422,970,741		$	1,461,234,753
UNDISTRIBUTED NET INVESTMENT INCOME	$	9,514,351		$	16,118,141

(a) On January 11, 2016 Class B shares were converted into Class A shares. See Note 1 of Notes to Financial Statements.

See accompanying notes to financial statements.

39  |

Financial Highlights

For a share outstanding throughout each period.

	Global Equity and Income Fund—Class A
	Six Months Ended March 31, 2016 (Unaudited)			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	$	18.45		$	19.77		$	18.57		$	17.07		$	14.24		$	14.72
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.10			0.21			0.28			0.32	(b)		0.35	(c)		0.22
Net realized and unrealized gain (loss)		0.47			(0.37	)		1.49			1.45			2.71			(0.45	)
Total from Investment Operations		0.57			(0.16	)		1.77			1.77			3.06			(0.23	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.15	)		(0.20	)		(0.33	)		(0.27	)		(0.23	)		(0.25	)
Net realized capital gains		(0.84	)		(0.96	)		(0.24	)		—			—			—
Total Distributions		(0.99	)		(1.16	)		(0.57	)		(0.27	)		(0.23	)		(0.25	)
Net asset value, end of the period	$	18.03		$	18.45		$	19.77		$	18.57		$	17.07		$	14.24
Total return(d)		3.18	%(e)		(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)	$	272,073		$	246,371		$	237,167		$	251,211		$	216,209		$	111,589
Net expenses		1.17	%(f)		1.18	%		1.17	%		1.18	%		1.21	%		1.24	%(g)
Gross expenses		1.17	%(f)		1.18	%		1.17	%		1.18	%		1.21	%		1.24	%(g)
Net investment income		1.09	%(f)		1.06	%		1.46	%		1.82	%(b)		2.16	%(c)		1.41	%
Portfolio turnover rate		14	%		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) Periods less than one year are not annualized.

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

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

See accompanying notes to financial statements.

|  40

Financial Highlights (continued)

For a share outstanding throughout each period.

	Global Equity and Income Fund—Class C
	Six Months Ended March 31, 2016 (Unaudited)			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	$	18.19		$	19.51		$	18.36		$	16.90		$	14.10		$	14.59
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.03			0.06			0.14			0.19	(b)		0.22	(c)		0.10
Net realized and unrealized gain (loss)		0.47			(0.36	)		1.45			1.45			2.70			(0.44	)
Total from Investment Operations		0.50			(0.30	)		1.59			1.64			2.92			(0.34	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.02	)		(0.06	)		(0.20	)		(0.18	)		(0.12	)		(0.15	)
Net realized capital gains		(0.84	)		(0.96	)		(0.24	)		—			—			—
Total Distributions		(0.86	)		(1.02	)		(0.44	)		(0.18	)		(0.12	)		(0.15	)
Net asset value, end of the period	$	17.83		$	18.19		$	19.51		$	18.36		$	16.90		$	14.10
Total return(d)		2.77	%(e)		(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)	$	428,027		$	393,416		$	377,001		$	340,561		$	251,366		$	145,369
Net expenses		1.92	%(f)		1.93	%		1.92	%		1.93	%		1.96	%		1.99	%(g)
Gross expenses		1.92	%(f)		1.93	%		1.92	%		1.93	%		1.96	%		1.99	%(g)
Net investment income		0.34	%(f)		0.31	%		0.71	%		1.07	%(b)		1.40	%(c)		0.64	%
Portfolio turnover rate		14	%		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) Periods less than one year are not annualized.

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

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

See accompanying notes to financial statements.

41  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Global Equity and Income Fund—Class Y
	Six Months Ended March 31, 2016 (Unaudited)			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	$	18.55		$	19.89		$	18.68		$	17.15		$	14.31		$	14.78
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.12			0.25			0.33			0.37	(b)		0.40	(c)		0.26
Net realized and unrealized gain (loss)		0.50			(0.37	)		1.49			1.47			2.71			(0.45	)
Total from Investment Operations		0.62			(0.12	)		1.82			1.84			3.11			(0.19	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.20	)		(0.26	)		(0.37	)		(0.31	)		(0.27	)		(0.28	)
Net realized capital gains		(0.84	)		(0.96	)		(0.24	)		—			—			—
Total Distributions		(1.04	)		(1.22	)		(0.61	)		(0.31	)		(0.27	)		(0.28	)
Net asset value, end of the period	$	18.13		$	18.55		$	19.89		$	18.68		$	17.15		$	14.31
Total return		3.35	%(d)		(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)	$	765,523		$	604,609		$	633,057		$	570,694		$	460,103		$	216,136
Net expenses		0.92	%(e)		0.93	%		0.92	%		0.93	%		0.96	%		0.99	%(f)
Gross expenses		0.92	%(e)		0.93	%		0.92	%		0.93	%		0.96	%		0.99	%(f)
Net investment income		1.35	%(e)		1.30	%		1.69	%		2.07	%(b)		2.44	%(c)		1.65	%
Portfolio turnover rate		14	%		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) Periods less than one year are not annualized.

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

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

See accompanying notes to financial statements.

|  42

Financial Highlights (continued)

For a share outstanding throughout each period.

	Growth Fund—Class A
	Six Months Ended March 31, 2016 (Unaudited)			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	$	9.90		$	9.45		$	8.07		$	6.50		$	5.24		$	5.14
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.03			0.05			0.05			0.04			0.04			0.01
Net realized and unrealized gain (loss)		0.87			0.45			1.34			1.59			1.23			0.09
Total from Investment Operations		0.90			0.50			1.39			1.63			1.27			0.10
LESS DISTRIBUTIONS FROM:
Net investment income		(0.05	)		(0.05	)		(0.01	)		(0.06	)		(0.01	)		—
Net realized capital gains		—			—			—			—			—			—
Total Distributions		(0.05	)		(0.05	)		(0.01	)		(0.06	)		(0.01	)		—
Net asset value, end of the period	$	10.75		$	9.90		$	9.45		$	8.07		$	6.50		$	5.24
Total return(b)		9.05	%(c)		5.30	%		17.23	%		25.23	%		24.22	%		1.95	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	568,436		$	122,203		$	63,682		$	50,248		$	33,663		$	26,716
Net expenses		0.91	%(d)		0.92	%		0.94	%		1.03	%		1.07	%		1.14	%
Gross expenses		0.91	%(d)		0.92	%		0.94	%		1.03	%		1.07	%		1.14	%
Net investment income		0.60	%(d)		0.45	%		0.55	%		0.57	%		0.61	%		0.23	%
Portfolio turnover rate		4	%		27	%(e)		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.

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

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

(e) Portfolio turnover would have been 6% if excluding the effect of a redemption in-kind that occurred during the period.

See accompanying notes to financial statements.

43  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Growth Fund—Class C
	Six Months Ended March 31, 2016 (Unaudited)			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	$	9.18		$	8.79		$	7.55		$	6.09		$	4.94		$	4.87
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.01	)		(0.03	)		(0.02	)		(0.01	)		(0.01	)		(0.03	)
Net realized and unrealized gain (loss)		0.81			0.42			1.26			1.48			1.16			0.10
Total from Investment Operations		0.80			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	$	9.98		$	9.18		$	8.79		$	7.55		$	6.09		$	4.94
Total return(b)		8.71	%(c)		4.44	%		16.42	%		24.21	%		23.28	%		1.44	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	77,137		$	41,421		$	29,837		$	20,798		$	10,489		$	10,262
Net expenses		1.65	%(d)		1.67	%		1.69	%		1.78	%		1.82	%		1.89	%
Gross expenses		1.65	%(d)		1.67	%		1.69	%		1.78	%		1.82	%		1.89	%
Net investment loss		(0.13	)%(d)		(0.29	)%		(0.20	)%		(0.20	)%		(0.13	)%		(0.53	)%
Portfolio turnover rate		4	%		27	%(e)		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.

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

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

(e) Portfolio turnover would have been 6% if excluding the effect of a redemption in-kind that occurred during the period.

See accompanying notes to financial statements.

|  44

Financial Highlights (continued)

For a share outstanding throughout each period.

	Growth Fund—Class N
	Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Year Ended September 30, 2014			Period Ended September 30, 2013*
Net asset value, beginning of the period	$	10.52		$	10.01		$	8.56		$	7.58
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.05			0.08			0.05			0.03
Net realized and unrealized gain (loss)		0.92			0.49			1.42			0.95
Total from Investment Operations		0.97			0.57			1.47			0.98
LESS DISTRIBUTIONS FROM:
Net investment income		(0.07	)		(0.06	)		(0.02	)		—
Net realized capital gains		—			—			—			—
Total Distributions		(0.07	)		(0.06	)		(0.02	)		—
Net asset value, end of the period	$	11.42		$	10.52		$	10.01		$	8.56
Total return		9.22	%(c)		5.65	%(b)		17.21	%(b)		12.93	%(b)(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	4,701		$	1		$	1		$	1
Net expenses		0.57	%(d)		0.55	%(e)		0.95	%(e)		0.95	%(d)(e)
Gross expenses		0.57	%(d)		9.82	%		3.45	%		3.50	%(d)
Net investment income		0.97	%(d)		0.71	%		0.52	%		0.60	%(d)
Portfolio turnover rate		4	%		27	%(f)		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) Computed on an annualized basis for periods less than one year.

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

(f) Portfolio turnover would have been 6% if excluding the effect of a redemption in-kind that occurred during the period.

See accompanying notes to financial statements.

45  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Growth Fund—Class Y
	Six Months Ended March 31, 2016 (Unaudited)			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	$	10.53		$	10.04		$	8.57		$	6.90		$	5.56		$	5.43
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.05			0.07			0.08			0.05			0.06			0.03
Net realized and unrealized gain (loss)		0.91			0.49			1.42			1.69			1.30			0.10
Total from Investment Operations		0.96			0.56			1.50			1.74			1.36			0.13
LESS DISTRIBUTIONS FROM:
Net investment income(a)		(0.06	)		(0.07	)		(0.03	)		(0.07	)		(0.02	)		—
Net realized capital gains		—			—			—			—			—			—
Total Distributions		(0.06	)		(0.07	)		(0.03	)		(0.07	)		(0.02	)		—
Net asset value, end of the period	$	11.43		$	10.53		$	10.04		$	8.57		$	6.90		$	5.56
Total return		9.14	%(b)		5.59	%		17.51	%		25.49	%		24.57	%		2.21	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	2,128,575		$	1,174,150		$	1,004,157		$	541,245		$	102,688		$	70,177
Net expenses		0.65	%(c)		0.67	%		0.69	%		0.77	%		0.82	%		0.89	%
Gross expenses		0.65	%(c)		0.67	%		0.69	%		0.77	%		0.82	%		0.89	%
Net investment income		0.87	%(c)		0.69	%		0.79	%		0.68	%		0.87	%		0.49	%
Portfolio turnover rate		4	%		27	%(d)		14	%		6	%		16	%		16	%

(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.

(d) Portfolio turnover would have been 6% if excluding the effect of a redemption in-kind that occurred during the period.

See accompanying notes to financial statements.

|  46

Financial Highlights (continued)

For a share outstanding throughout each period.

	Value Fund—Class A
	Six Months Ended March 31, 2016 (Unaudited)			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	$	23.98		$	28.47		$	25.59		$	20.86		$	16.04		$	16.78
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.21	(b)		0.29			0.45	(c)		0.31			0.27			0.20
Net realized and unrealized gain (loss)		0.71			(1.58	)		4.00			4.70			4.78			(0.72	)
Total from Investment Operations		0.92			(1.29	)		4.45			5.01			5.05			(0.52	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.28	)		(0.53	)		(0.27	)		(0.28	)		(0.23	)		(0.22	)
Net realized capital gains		(5.11	)		(2.67	)		(1.30	)		—			—			—
Total Distributions		(5.39	)		(3.20	)		(1.57	)		(0.28	)		(0.23	)		(0.22	)
Net asset value, end of the period	$	19.51		$	23.98		$	28.47		$	25.59		$	20.86		$	16.04
Total return(d)		3.20	%(b)(e)		(5.59	)%		17.97	%(c)		24.35	%		31.71	%		(3.28	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	122,529		$	124,662		$	580,092		$	171,327		$	129,572		$	126,789
Net expenses		0.94	%(f)		0.95	%		0.96	%		0.97	%		0.98	%		0.98	%
Gross expenses		0.94	%(f)		0.95	%		0.96	%		0.97	%		0.98	%		0.98	%
Net investment income		1.97	%(b)(f)		1.07	%		1.63	%(c)		1.31	%		1.45	%		1.09	%
Portfolio turnover rate		7	%		20	%		28	%		24	%		25	%		29	%

(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 $0.16, total return would have been 2.99% and the ratio of net investment income to average net assets would have been 1.50%.

(c) 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%.

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

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

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

See accompanying notes to financial statements.

47  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Value Fund—Class C
	Six Months Ended March 31, 2016 (Unaudited)			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	$	23.69		$	28.14		$	25.33		$	20.65		$	15.85		$	16.58
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.12	(b)		0.10			0.31	(c)		0.13			0.13			0.06
Net realized and unrealized gain (loss)		0.71			(1.57	)		3.89			4.68			4.74			(0.71	)
Total from Investment Operations		0.83			(1.47	)		4.20			4.81			4.87			(0.65	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.11	)		(0.31	)		(0.09	)		(0.13	)		(0.07	)		(0.08	)
Net realized capital gains		(5.11	)		(2.67	)		(1.30	)		—			—			—
Total Distributions		(5.22	)		(2.98	)		(1.39	)		(0.13	)		(0.07	)		(0.08	)
Net asset value, end of the period	$	19.30		$	23.69		$	28.14		$	25.33		$	20.65		$	15.85
Total return(d)		2.83	%(b)(e)		(6.30	)%		17.07	%(c)		23.41	%		30.78	%		(4.00	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	12,189		$	15,071		$	16,958		$	15,158		$	9,104		$	8,996
Net expenses		1.69	%(f)		1.70	%		1.71	%		1.72	%		1.73	%		1.73	%
Gross expenses		1.69	%(f)		1.70	%		1.71	%		1.72	%		1.73	%		1.73	%
Net investment income		1.15	%(b)(f)		0.40	%		1.15	%(c)		0.55	%		0.70	%		0.33	%
Portfolio turnover rate		7	%		20	%		28	%		24	%		25	%		29	%

(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 $0.08, total return would have been 2.61% and the ratio of net investment income to average net assets would have been 0.73%.

(c) 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%.

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

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

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

See accompanying notes to financial statements.

|  48

Financial Highlights (continued)

For a share outstanding throughout each period.

	Value Fund—Class N
	Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013*
Net asset value, beginning of the period	$	24.09		$	28.58		$	25.65		$	22.59
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.25	(b)		0.42			0.63	(c)		0.25
Net realized and unrealized gain (loss)		0.72			(1.61	)		3.94			2.81
Total from Investment Operations		0.97			(1.19	)		4.57			3.06
LESS DISTRIBUTIONS FROM:
Net investment income		(0.42	)		(0.63	)		(0.34	)		—
Net realized capital gains		(5.11	)		(2.67	)		(1.30	)		—
Total Distributions		(5.53	)		(3.30	)		(1.64	)		—
Net asset value, end of the period	$	19.53		$	24.09		$	28.58		$	25.65
Total return		3.41	%(b)(d)		(5.23	)%		18.43	%(c)		13.55	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	621,096		$	554,946		$	392,811		$	260,643
Net expenses		0.58	%(e)		0.57	%		0.57	%		0.57	%(e)
Gross expenses		0.58	%(e)		0.57	%		0.57	%		0.57	%(e)
Net investment income		2.36	%(b)(e)		1.55	%		2.28	%(c)		1.50	%(e)
Portfolio turnover rate		7	%		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 a non-recurring dividend. Without this dividend, net investment income per share would have been $0.20, total return would have been 3.14% and the ratio of net investment income to average net assets would have been 1.87%.

(c) 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%.

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

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

See accompanying notes to financial statements.

49  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Value Fund—Class Y
	Six Months Ended March 31, 2016 (Unaudited)			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	$	24.10		$	28.58		$	25.65		$	20.91		$	16.08		$	16.82
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.24	(b)		0.37			0.60	(c)		0.36			0.32			0.25
Net realized and unrealized gain (loss)		0.72			(1.60	)		3.94			4.72			4.78			(0.73	)
Total from Investment Operations		0.96			(1.23	)		4.54			5.08			5.10			(0.48	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.38	)		(0.58	)		(0.31	)		(0.34	)		(0.27	)		(0.26	)
Net realized capital gains		(5.11	)		(2.67	)		(1.30	)		—			—			—
Total Distributions		(5.49	)		(3.25	)		(1.61	)		(0.34	)		(0.27	)		(0.26	)
Net asset value, end of the period	$	19.57		$	24.10		$	28.58		$	25.65		$	20.91		$	16.08
Total return		3.37	%(b)(d)		(5.37	)%		18.27	%(c)		24.65	%		32.05	%		(3.05	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	582,758		$	681,109		$	1,303,492		$	1,513,807		$	1,240,093		$	957,584
Net expenses		0.69	%(e)		0.70	%		0.71	%		0.72	%		0.73	%		0.74	%
Gross expenses		0.69	%(e)		0.70	%		0.71	%		0.72	%		0.73	%		0.74	%
Net investment income		2.17	%(b)(e)		1.36	%		2.19	%(c)		1.56	%		1.68	%		1.34	%
Portfolio turnover rate		7	%		20	%		28	%		24	%		25	%		29	%

(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 $0.19 total return would have been 3.10% and the ratio of net investment income to average net assets would have been 1.74%.

(c) 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%.

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

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

See accompanying notes to financial statements.

|  50

Financial Highlights (continued)

For a share outstanding throughout each period.

	Value Fund—Admin Class
	Six Months Ended March 31, 2016 (Unaudited)			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	$	23.81		$	28.34		$	25.51		$	20.79		$	16.00		$	16.74
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.18	(b)		0.26			0.30	(c)		0.24			0.22			0.17
Net realized and unrealized gain (loss)		0.70			(1.61	)		4.07			4.71			4.77			(0.73	)
Total from Investment Operations		0.88			(1.35	)		4.37			4.95			4.99			(0.56	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.34	)		(0.51	)		(0.24	)		(0.23	)		(0.20	)		(0.18	)
Net realized capital gains		(5.11	)		(2.67	)		(1.30	)		—			—			—
Total Distributions		(5.45	)		(3.18	)		(1.54	)		(0.23	)		(0.20	)		(0.18	)
Net asset value, end of the period	$	19.24		$	23.81		$	28.34		$	25.51		$	20.79		$	16.00
Total return		3.11	%(b)(d)		(5.83	)%		17.68	%(c)		24.08	%		31.43	%		(3.48	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	84,399		$	85,387		$	268		$	12		$	2		$	1
Net expenses		1.20	%(e)		1.23	%		1.21	%		1.19	%		1.24	%		1.17	%
Gross expenses		1.20	%(e)		1.23	%		1.21	%		1.19	%		1.24	%		1.17	%
Net investment income		1.72	%(b)(e)		1.03	%		1.07	%(c)		1.01	%		1.17	%		0.90	%
Portfolio turnover rate		7	%		20	%		28	%		24	%		25	%		29	%

(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 $0.13 total return would have been 2.85% and the ratio of net investment income to average net assets would have been 1.24%.

(c) 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%.

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

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

See accompanying notes to financial statements.

51  |

Notes to Financial Statements

March 31, 2016 (Unaudited)

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

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

Loomis Sayles Growth Fund (the “Growth Fund”)

Loomis Sayles Value Fund (the “Value Fund”)

Each Fund is a diversified investment company.

Each Fund offers Class A, Class C and Class Y shares. In addition, Growth Fund and Value Fund offer Class N shares and Value Fund offers Admin Class shares. As of the close of business on January 11, 2016, Class B shares were converted into Class A shares and are no longer offered.

Class A shares are sold with a maximum front-end sales charge of 5.75%. Class C shares do not pay a front-end sales charge, 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. Effective November 2, 2015, Class N shares are offered to investors with an initial minimum investment of $1,000,000. Class Y shares are intended for institutional investors with a minimum initial investment of $100,000. 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. Admin Class shares are offered exclusively through intermediaries.

Most expenses can be directly attributed to a fund. Expenses which cannot be directly attributed to a Fund are generally apportioned based on the relative net assets of each of the funds in Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”). Expenses of a Fund are borne pro rata by the holders of each class of shares, except that each class bears expenses unique to that class (including the Rule 12b-1 service and distribution fees and, for Growth Fund and Value Fund Class A, Class B, Class C and Admin Class (for Value Fund) collectively, and 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.

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Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

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

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

Listed equity securities (including shares of 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 as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. 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 as reported by an independent pricing service. 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 Funds 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 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.

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Notes to Financial Statements (continued)

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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 March 31, 2016, securities held by the funds 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	$	301,221,738		20.6	%	$	1,815,075		0.1	%	$	253,342		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 securities are recorded to interest income. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis. Investment income, non-class specific expenses and realized and unrealized gains and losses are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund.

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Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

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 has acquired or hedged through currency contracts outstanding at period end. Gains or losses are recorded for financial statement purposes as unrealized until settlement date. Contracts are traded over-the-counter directly with a counterparty. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a

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Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

foreign currency relative to the U.S. dollar. Certain contracts may require the movement of cash and/or securities as collateral for the Funds’ or counterparty’s net obligations under the contracts.

e.  Due to/from Brokers.  Transactions and positions in certain forward foreign currency contracts are maintained and cleared by registered U.S. broker/dealers pursuant to customer agreements between a Fund and the various broker/dealers. The due to brokers balance in the Statement of Assets and Liabilities for Global Equity and Income Fund represents cash received as collateral for forward foreign currency contracts. The due from brokers balance in the Statement of Assets and Liabilities for Global Equity and Income Fund represents cash pledged 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 Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment

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Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

income and any net realized capital gains at least annually. Management has performed an analysis of each Fund’s tax positions for the open tax years as of March 31, 2016 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

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

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Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

tax basis are determined annually, and at other times during the Funds’ fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distribution. Distributions from net investment income and short-term capital gains are considered to be distributed from ordinary income for tax purposes.

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

	2015 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
Global Equity and Income Fund	$	29,430,584	$	43,172,460	$	72,603,044
Growth Fund		6,342,015		—		6,342,015
Value Fund		56,748,378		200,996,242		257,744,620

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 capital loss carryforwards were as follows:

	Global Equity and Income Fund		Growth Fund			Value Fund
Capital loss carryforward:
Expires
September 30, 2018	$	—	$	(18,909,834	)	$	—

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 March 31, 2016, 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

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Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

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

For the six months ended March 31, 2016, 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.

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

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

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

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

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

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Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

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

The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2016, at value:

Global Equity and Income Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Belgium	$	—	$	24,933,692	$	—	$	24,933,692
China		30,571,807		9,001,640		—		39,573,447
Denmark		—		16,225,543		—		16,225,543
France		—		17,724,674		—		17,724,674
Germany		—		10,029,246		—		10,029,246
Hong Kong		—		27,276,471		—		27,276,471
India		14,789,050		18,783,858		—		33,572,908
Ireland		—		7,523,877		—		7,523,877
Italy		—		8,305,589		—		8,305,589
Japan		—		42,329,235		—		42,329,235
Netherlands		—		11,850,314		—		11,850,314
Philippines		—		11,824,758		—		11,824,758
Sweden		—		26,736,481		—		26,736,481
Switzerland		—		32,022,300		—		32,022,300
United Kingdom		—		36,654,060		—		36,654,060
All Other Common Stocks(a)		567,421,581		—		—		567,421,581
Total Common Stocks		612,782,438		301,221,738		—		914,004,176

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Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

Global Equity and Income Fund (continued)

Asset Valuation Inputs (continued)

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
United States	$	31,019	$	319,711,270	$	253,342	(b)	$	319,995,631
All Other Non-Convertible Bonds(a)		—		162,109,155		—			162,109,155
Total Non-Convertible Bonds		31,019		481,820,425		253,342			482,104,786
Convertible Bonds(a)		—		11,689,733		—			11,689,733
Municipals(a)		—		492,626		—			492,626
Total Bonds and Notes		31,019		494,002,784		253,342			494,287,145
Senior Loans(a)		—		4,294,142		—			4,294,142
Preferred Stocks		169,832		24,238		134,737	(c)		328,807
Short-Term Investments		—		42,907,133		—			42,907,133
Total Investments		612,983,289		842,450,035		388,079			1,455,821,403
Forward Foreign Currency Contracts (unrealized appreciation)		—		2,046,767		—			2,046,767
Total	$	612,983,289	$	844,496,802	$	388,079		$	1,457,868,170

Liability Valuation Inputs

Description	Level 1		Level 2			Level 3		Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—	$	(994,219	)	$	—	$	(994,219	)

(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.

Growth Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	2,738,945,235	$	—	$	—	$	2,738,945,235
Short-Term Investments		—		45,873,971		—		45,873,971
Total	$	2,738,945,235	$	45,873,971	$	—	$	2,784,819,206

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

For the six months ended March 31, 2016, there were no transfers among Levels 1, 2 and 3.

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Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

Value Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	1,405,045,312	$	—	$	—	$	1,405,045,312
Short-Term Investments		—		16,302,552		—		16,302,552
Total	$	1,405,045,312	$	16,302,552	$	—	$	1,421,347,864

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

For the six months ended March 31, 2016, 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, 2015 and/or March 31, 2016:

Global Equity and Income Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2015		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Purchases
Bonds and Notes
Non-Convertible Bonds
United States	$	171,786	$	3,166	$	—	$	(85,910	)	$	—
Preferred Stocks
Convertible Preferred Stocks
United States		—		—		—		(174,454	)		26,831
Total	$	171,786	$	3,166	$	—	$	(260,364	)	$	26,831
Investments in Securities	Sales		Transfers into Level 3		Transfers out of Level 3		Balance as of March 31, 2016			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2016
Bonds and Notes
Non-Convertible Bonds
United States	$	—	$	164,300	$	—	$	253,342		$	(85,910	)
Preferred Stocks
Convertible Preferred Stocks
United States		—		282,360		—		134,737			(174,454	)
Total	$	—	$	446,660	$	—	$	388,079		$	(260,364	)

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Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

A debt security valued at $164,300 was transferred from Level 2 to Level 3 during the

period ended March 31, 2016. At September 30, 2015, this security was valued on the

basis of evaluated bids furnished to the Fund by an independent pricing service in

accordance with the Fund’s valuation policies. At March 31, 2016, 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.

Preferred stocks valued at $282,360 were transferred from Level 2 to Level 3 during the period ended March 31, 2016. 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. At March 31, 2016, these securities were valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service did not provide a reliable price for the securities.

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 six months ended March 31, 2016, 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 March 31, 2016, 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	$	2,046,767
Liabilities	Unrealized depreciation on forward foreign currency contracts
Over-the-counter liability derivatives
Foreign exchange contracts	$	(994,219	)

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Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

Transactions in derivative instruments for Global Equity and Income Fund during the six months ended March 31, 2016 as reflected within the Statements of Operations were as follows:

Net Realized Gain (Loss) on:	Foreign currency transactions1
Foreign exchange contracts	$	(343,811	)
Net Change in Unrealized Appreciation (Depreciation) on:	Foreign currency translations1
Foreign exchange contracts	$	833,750

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

As the Fund values its derivatives at fair value and recognizes changes in fair value through the Statement of Operations, it does not qualify for hedge accounting under authoritative guidance for derivative instruments. The Fund’s investments in derivatives may represent an economic hedge; however, they are considered to be non-hedge transactions for the purpose of these disclosures.

The volume of forward foreign currency contract activity, as a percentage of net assets, for Global Equity and Income Fund, based on gross month-end notional amounts outstanding during the period, including long and short positions at absolute value, was as follows for the six months ended March 31, 2016:

Global Equity and Income Fund	Forwards
Average Notional Amount Outstanding		6.19	%
Highest Notional Amount Outstanding		6.90	%
Lowest Notional Amount Outstanding		5.77	%
Notional Amount Outstanding as of March 31, 2016		6.90	%

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 the 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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Notes to Financial Statements (continued)

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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 NAV 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 March 31, 2016, 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:

Global Equity and Income Fund

Counterparty	Gross Amounts of Assets			Offset Amount			Net Asset Balance			Collateral (Received)/ Pledged			Net Amount
Credit Suisse International	$	380,636		$	(380,636	)	$	—		$	—		$	—
Morgan Stanley & Co.		1,666,131			—			1,666,131			(1,493,000	)		173,131
	$	2,046,767		$	(380,636	)	$	1,666,131		$	(1,493,000	)	$	173,131
Counterparty	Gross Amounts of Liabilities			Offset Amount			Net Liability Balance			Collateral (Received)/ Pledged			Net Amount
Citibank N.A.	$	(379,526	)	$	—		$	(379,526	)	$	300,000		$	(79,526	)
Credit Suisse International		(408,286	)		380,636			(27,650	)		—			(27,650	)
UBS AG		(206,407	)		—			(206,407	)		—			(206,407	)
	$	(994,219	)	$	380,636		$	(613,583	)	$	300,000		$	(313,583	)

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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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 applicable Fund would incur if parties (including OTC derivative counterparties and brokers holding margin for exchange-traded derivatives) to the relevant financial instruments failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the Fund, and (ii) the amount of loss that the applicable Fund would incur after taking into account master netting provisions pursuant to ISDA agreements, as of March 31, 2016:

Fund	Maximum Amount of Loss - Gross		Maximum Amount of Loss - Net
Global Equity and Income Fund	$	2,346,767	$	173,131

These amounts include cash received as collateral for Global Equity and Income Fund of $1,493,000.

5.  Purchases and Sales of Securities.  For the six months ended March 31, 2016, 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	$	329,352,785	$	164,801,693
Growth Fund		1,345,836,786		66,216,442
Value Fund		93,293,593		154,305,348

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Notes to Financial Statements (continued)

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For the six months ended March 31, 2016, purchases and sales of U.S. Government/Agency securities by the Global Equity and Income Fund were $58,851,504 and $15,499,414, 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 six months ended March 31, 2016, 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, 2017, 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 six months ended March 31, 2016 (period ending close of business January 11, 2016, for Class B) 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

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class fall below a class’ expense limits, provided, however, that a class is not obligated to pay such waived/reimbursed fees or expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.

For the six months ended March 31, 2016, the management fees for each Fund were as follows:

Fund	Management Fees		Percentage of Average Daily Net Assets
Global Equity and Income Fund	$	5,092,649		0.75	%
Growth Fund		4,494,676		0.50	%
Value Fund		3,646,975		0.50	%

No expenses were recovered for any of the Funds during the six months ended March 31, 2016 under the terms of the expense limitation agreements.

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

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

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

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

Under the Class B (if applicable) and Class C Plans, each Fund pays (or paid) 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)

March 31, 2016 (Unaudited)

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

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

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

For the six months ended March 31, 2016, 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	$	322,826	$	—	$	514,508	$	—	$	—	$	1,543,523	$	—
Growth Fund		251,483		8		77,007		—		23		231,022		—
Value Fund		155,126		30		17,443		107,848		90		52,331		107,848

c.  Administrative Fees.  NGAM Advisors, L.P. (“NGAM Advisors”) provides certain administrative services for the Funds and contracts with State Street Bank to serve as sub-administrator. NGAM Advisors is a wholly-owned subsidiary of Natixis US. Pursuant to an agreement among Natixis Funds Trusts, Loomis Sayles Funds Trusts and NGAM Advisors, each Fund pays NGAM Advisors monthly its pro rata portion of fees equal to an annual rate of 0.0575% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts and Loomis Sayles Funds Trusts, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion, 0.0350% of the next $30 billion and 0.0325% of such assets in excess of $90 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts and Loomis Sayles Funds Trusts of $10 million, which is reevaluated on an annual basis.

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Notes to Financial Statements (continued)

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For the six months ended March 31, 2016, the administrative fees for each Fund were as follows:

Fund	Administrative Fees
Global Equity and Income Fund	$	298,174
Growth Fund		395,214
Value Fund		320,037

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.

For the six months ended March 31, 2016, 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	$	541,709
Growth Fund		673,590
Value Fund		466,109

As of March 31, 2016, 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	$	15,058
Growth Fund		35,520
Value Fund		14,305

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Notes to Financial Statements (continued)

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

e.  Commissions.  Commissions (including CDSCs) on Fund shares retained by NGAM Distribution during the six months ended March 31, 2016, were as follows:

Fund	Commissions
Global Equity and Income Fund	$	79,458
Growth Fund		75,743
Value Fund		51,295

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 $325,000. 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 $155,000. 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 $10,000. Each Contract Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts and Loomis Sayles Funds Trusts based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

Prior to January 1, 2016, the Chairperson of the Board received a retainer fee at the annual rate of $300,000 and each Independent Trustee (other than the Chairperson) received, in the aggregate, a retainer fee at the annual rate of $130,000. The chairperson of the Governance Committee received an additional retainer fee at the annual rate of $5,000. All other Trustee fees remained unchanged.

A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Funds until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based

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Notes to Financial Statements (continued)

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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 March 31, 2016, 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		1.12	%		1.02	%		2.14	%
Growth Fund		0.47	%		1.19	%		1.66	%
Value Fund		0.98	%		1.66	%		2.64	%

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, 2017 and is not subject to recovery under the expense limitation agreement described above.

For the six months ended March 31, 2016, NGAM Advisors reimbursed the Fund $77 for transfer agency expenses related to Class N shares.

7.  Class-Specific Transfer Agent Fees and Expenses.  For the six months ended March 31, 2016, 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	$	84,987	$	1	$	25,948	$	77	$	647,866	$	—
Value Fund		74,625		12		8,294		632		383,441		51,938

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.

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Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

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.

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 and Trust. 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 six months ended March 31, 2016, none of the Funds had borrowings under this agreement.

Effective April 14, 2016, the line of credit with State Street Bank and Trust Company expired, and the Funds, together with certain other funds of Natixis Funds Trusts and Loomis Sayles Funds Trusts, entered into a 364-day, $400,000,000 syndicated, committed, unsecured line of credit with Citibank, N.A. to be used for temporary or emergency purposes only. Any one Fund may borrow up to the full $400,000,000 under the line of credit (as long as all borrowings by all Funds in the aggregate do not

exceed the $400,000,000 limit at any time), subject to each Fund’s investment restrictions. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.10% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit. The Funds paid an arrangement fee, an upfront fee, and other fees in connection with the new line of credit agreement.

9.  Brokerage Commission Recapture.  Each Fund has entered into agreements with certain brokers whereby the brokers will rebate a portion of brokerage commissions. All amounts rebated by the brokers are returned to the Funds under such agreements and are included in realized gains on investments on the Statements of Operations. For the six months ended March 31, 2016, amounts rebated under these agreements were as follows:

Fund	Rebates
Global Equity and Income Fund	$	9,466
Growth Fund		36,546
Value Fund		36,615

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

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regulation and limited liquidity. Greater political, economic, credit and information risks are also associated with foreign securities.

11.  Concentration of Ownership.  From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of March 31, 2016, 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% Account Holders		Percentage of Ownership
Global Equity and Income Fund		—		—
Growth Fund		2		30.74	%
Value Fund		2		41.28	%

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

	Six Months Ended March 31, 2016					Year Ended September 30, 2015
Global Equity and Income Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	4,202,857		$	75,855,251		4,329,411		$	83,633,755
Issued in connection with the reinvestment of distributions	577,892			10,419,401		543,357			10,198,816
Redeemed	(3,051,316	)		(55,061,047	)	(3,512,804	)		(67,808,443	)
Net change	1,729,433		$	31,213,605		1,359,964		$	26,024,128
Class C
Issued from the sale of shares	3,856,978		$	69,391,741		5,429,765		$	103,964,870
Issued in connection with the reinvestment of distributions	632,650			11,305,458		555,784			10,348,688
Redeemed	(2,115,326	)		(37,518,152	)	(3,679,631	)		(70,272,069	)
Net change	2,374,302		$	43,179,047		2,305,918		$	44,041,489
Class Y
Issued from the sale of shares	14,499,646		$	263,600,663		11,734,160		$	227,617,351
Issued in connection with the reinvestment of distributions	1,658,138			30,028,870		1,570,256			29,583,620
Redeemed	(6,507,584	)		(115,998,240	)	(12,553,471	)		(243,060,865	)
Net change	9,650,200		$	177,631,293		750,945		$	14,140,106
Increase (decrease) from capital share transactions	13,753,935		$	252,023,945		4,416,827		$	84,205,723

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12.  Capital Shares (continued).

	Six Months Ended March 31, 2016					Year Ended September 30, 2015
Growth Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	43,584,844		$	454,683,207		7,627,613		$	76,862,467
Issued in connection with the reinvestment of distributions	45,230			484,869		32,331			321,374
Redeemed	(3,113,054	)		(32,423,858	)	(2,055,747	)		(20,446,591	)
Net change	40,517,020		$	422,744,218		5,604,197		$	56,737,250
Class B(a)
Issued from the sale of shares	—		$	—		342		$	3,298
Redeemed	(2,434	)		(23,311	)	(46,536	)		(434,022	)
Net change	(2,434	)	$	(23,311	)	(46,194	)	$	(430,724	)
Class C
Issued from the sale of shares	4,062,763		$	40,250,077		1,853,819		$	17,439,832
Issued in connection with the reinvestment of distributions	—			—		—			—
Redeemed	(840,504	)		(8,051,163	)	(738,782	)		(6,915,130	)
Net change	3,222,259		$	32,198,914		1,115,037		$	10,524,702
Class N
Issued from the sale of shares	418,928		$	4,885,007		—		$	—
Issued in connection with the reinvestment of distributions	2,428			27,613		1			7
Redeemed	(9,880	)		(108,674	)	—			—
Net change	411,476		$	4,803,946		1		$	7
Class Y
Issued from the sale of shares	93,345,457		$	1,050,003,478		52,581,221		$	564,535,215
Issued in connection with the reinvestment of distributions	485,301			5,527,573		466,174			4,918,135
Redeemed	(19,150,869	)		(213,036,070	)	(18,517,808	)		(199,164,033	)
Redeemed in-kind (Note 13)	—			—		(23,009,100	)		(238,604,371	)
Net change	74,679,889		$	842,494,981		11,520,487		$	131,684,946
Increase (decrease) from capital share transactions	118,828,210		$	1,302,218,748		18,193,528		$	198,516,181

(a) On January 11, 2016 Class B shares were converted into Class A shares. See Note 1 of Notes to Financial Statements.

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Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

12.  Capital Shares (continued).

	Six Months Ended March 31, 2016					Year Ended September 30, 2015
Value Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	925,570		$	18,619,225		1,738,963		$	46,569,244
Issued in connection with the reinvestment of distributions	1,230,997			24,706,134		2,328,240			61,605,209
Redeemed	(1,075,331	)		(22,372,325	)	(19,246,045	)		(514,711,447	)
Net change	1,081,236		$	20,953,034		(15,178,842	)	$	(406,536,994	)
Class B(a)
Issued from the sale of shares	—		$	—		107		$	2,889
Issued in connection with the reinvestment of distributions	370			7,733		1,136			30,982
Redeemed	(2,824	)		(60,700	)	(22,159	)		(612,219	)
Net change	(2,454	)	$	(52,967	)	(20,916	)	$	(578,348	)
Class C
Issued from the sale of shares	94,546		$	1,965,846		168,212		$	4,489,770
Issued in connection with the reinvestment of distributions	113,598			2,260,606		46,757			1,229,708
Redeemed	(212,741	)		(4,382,794	)	(181,426	)		(4,774,431	)
Net change	(4,597	)	$	(156,342	)	33,543		$	945,047
Class N
Issued from the sale of shares	3,851,953		$	79,801,350		12,753,984		$	350,880,527
Issued in connection with the reinvestment of distributions	6,367,068			127,787,057		2,770,273			73,439,957
Redeemed	(1,451,205	)		(31,276,476	)	(6,232,756	)		(161,942,813	)
Net change	8,767,816		$	176,311,931		9,291,501		$	262,377,671
Class Y
Issued from the sale of shares	3,078,922		$	64,629,839		7,557,970		$	201,571,556
Issued in connection with the reinvestment of distributions	6,872,653			138,277,784		4,074,597			108,180,554
Redeemed	(8,425,527	)		(176,502,650	)	(28,985,641	)		(786,537,213	)
Net change	1,526,048		$	26,404,973		(17,353,074	)	$	(476,785,103	)
Admin Class
Issued from the sale of shares	236,094		$	5,203,125		3,750,246		$	100,404,741
Issued in connection with the reinvestment of distributions	972,040			19,256,108		8			209
Redeemed	(408,520	)		(8,721,711	)	(173,819	)		(4,485,251	)
Net change	799,614		$	15,737,522		3,576,435		$	95,919,699
Increase (decrease) from capital share transactions	12,167,663		$	239,198,151		(19,651,353	)	$	(524,658,028	)

(a) On January 11, 2016 Class B shares were converted into Class A shares. See Note 1 of Notes to Financial Statements.

77  |

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

13.   Redemption In-Kind.   In certain circumstances, a Fund may distribute portfolio securities rather than cash as payment for redemption of Fund shares (redemption inkind). 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.

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SEMIANNUAL REPORT

March 31, 2016

Loomis Sayles Core Plus Bond Fund

Loomis Sayles High Income Fund

Loomis Sayles Limited Term Government

and Agency Fund

TABLE OF CONTENTS

Portfolio Review  page 1

Portfolio of Investments  page 8

Financial Statements  page  53

Notes to Financial Statements  page 68

LOOMIS SAYLES CORE PLUS BOND FUND

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

Objective

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

Average Annual Total Returns — March 31, 2016³

	6 Months			1 Year			5 Years			10 Years			Life of Class N
Class A (Inception 11/7/73)
NAV		3.15	%		-1.10	%		4.33	%		6.17	%		—	%
With 4.25% Maximum Sales Charge		-1.25			-5.31			3.43			5.71			—
Class C (Inception 12/30/94)
NAV		2.83			-1.80			3.57			5.38			—
With CDSC1		1.83			-2.76			3.57			5.38
Class N (Inception 2/1/13)
NAV		3.35			-0.74			—			—			1.89
Class Y (Inception 12/30/94)
NAV		3.28			-0.84			4.59			6.44			—
Comparative Performance
Barclays U.S. Aggregate Bond Index2		2.44			1.96			3.78			4.90			2.59

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

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

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

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

1  |

LOOMIS SAYLES HIGH INCOME FUND

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

Objective

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

Average Annual Total Returns — March 31, 2016⁴

	6 Months			1 Year			5 Years			10 Years
Class A (Inception 2/22/84)
NAV		-0.60	%5		-6.30	%		3.33	%		5.55	%
With 4.25% Maximum Sales Charge		-4.89			-10.24			2.43			5.08
Class C (Inception 3/2/98)
NAV		-0.98			-7.00			2.59			4.77
With CDSC2		-1.94			-7.89			2.59			4.77
Class Y (Inception 2/29/08)1
NAV		-0.46			-6.07			3.59			5.75
Comparative Performance
Barclays U.S. Corporate High-Yield Bond Index3		1.22			-3.69			4.93			7.01

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 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 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 Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total returns may differ from the total returns reported in the financial highlights. The returns presented in the table are what an investor would have actually experienced.

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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 C	NECLX
Kurt L. Wagner, CFA®, CIC	Class Y	NELYX
Loomis, Sayles & Company, L.P.

Objective

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

Average Annual Total Returns — March 31, 2016³

	6 Months			1 Year			5 Years			10 Years
Class A (Inception 1/3/89)
NAV		0.30	%		0.50	%		1.45	%		3.41	%
With 2.25% Maximum Sales Charge		-1.99			-1.78			1.00			3.18
Class C (Inception 12/30/94)
NAV		-0.08			-0.25			0.70			2.65
With CDSC1		-1.07			-1.24			0.70			2.65
Class Y (Inception 3/31/94)
NAV		0.42			0.84			1.71			3.68
Comparative Performance
Barclays U.S. 1-5 Year Government Bond Index2		0.88			1.60			1.53			3.20

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

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

2 Barclays 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.

3  |

ADDITIONAL INFORMATION

ADDITIONAL INDEX INFORMATION

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

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

PROXY VOTING INFORMATION

A description of the Natixis 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 Natixis Funds file complete schedules 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 October 1, 2015 through March 31, 2016. 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.

5  |

LOOMIS SAYLES CORE PLUS BOND FUND	BEGINNING ACCOUNT VALUE 10/1/2015		ENDING ACCOUNT VALUE 3/31/2016		EXPENSES PAID DURING PERIOD* 10/1/2015 – 3/31/2016
Class A
Actual		$1,000.00		$1,031.50		$3.71
Hypothetical (5% return before expenses)		$1,000.00		$1,021.35		$3.69
Class C
Actual		$1,000.00		$1,028.30		$7.50
Hypothetical (5% return before expenses)		$1,000.00		$1,017.60		$7.47
Class N
Actual		$1,000.00		$1,033.50		$1.98
Hypothetical (5% return before expenses)		$1,000.00		$1,023.05		$1.97
Class Y
Actual		$1,000.00		$1,032.80		$2.44
Hypothetical (5% return before expenses)		$1,000.00		$1,022.60		$2.43

* Expenses are equal to the Fund’s annualized expense ratio: 0.73%, 1.48%, 0.39% and 0.48% for Class A, 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 366 (to reflect the half-year period).

LOOMIS SAYLES HIGH INCOME FUND	BEGINNING ACCOUNT VALUE 10/1/2015		ENDING ACCOUNT VALUE 3/31/2016		EXPENSES PAID DURING PERIOD* 10/1/2015 – 3/31/2016
Class A
Actual		$1,000.00		$994.00		$5.48
Hypothetical (5% return before expenses)		$1,000.00		$1,019.50		$5.55
Class C
Actual		$1,000.00		$990.20		$9.20
Hypothetical (5% return before expenses)		$1,000.00		$1,015.75		$9.32
Class Y
Actual		$1,000.00		$995.40		$4.24
Hypothetical (5% return before expenses)		$1,000.00		$1,020.75		$4.29

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.10%, 1.85% and 0.85% 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 366 (to reflect the half-year period).

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LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND	BEGINNING ACCOUNT VALUE 10/1/2015		ENDING ACCOUNT VALUE 3/31/2016		EXPENSES PAID DURING PERIOD* 10/1/2015 – 3/31/2016
Class A
Actual		$1,000.00		$1,003.00		$3.86
Hypothetical (5% return before expenses)		$1,000.00		$1,021.15		$3.89
Class C
Actual		$1,000.00		$999.20		$7.60
Hypothetical (5% return before expenses)		$1,000.00		$1,017.40		$7.67
Class Y
Actual		$1,000.00		$1,004.20		$2.61
Hypothetical (5% return before expenses)		$1,000.00		$1,022.40		$2.63

* Expenses are equal to the Fund’s annualized expense ratio: 0.77%, 1.52% and 0.52% 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 366 (to reflect the half-year period).

7  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Core Plus Bond Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 95.8% of Net Assets
		ABS Car Loan — 3.7%
$	8,597,000	Ally Master Owner Trust, Series 2014-4, Class A2, 1.430%, 6/17/2019	$	8,594,186
	1,574,050	AmeriCredit Automobile Receivables Trust, Series 2013-2, Class B, 1.190%, 5/08/2018		1,573,526
	1,796,000	AmeriCredit Automobile Receivables Trust, Series 2013-2, Class C, 1.790%, 3/08/2019		1,799,706
	3,060,000	AmeriCredit Automobile Receivables Trust, Series 2014-2, Class C, 2.180%, 6/08/2020		3,080,187
	1,969,000	AmeriCredit Automobile Receivables Trust, Series 2014-3, Class B, 1.920%, 11/08/2019		1,974,003
	4,262,000	AmeriCredit Automobile Receivables Trust, Series 2014-3, Class C, 2.580%, 9/08/2020		4,270,138
	2,438,000	AmeriCredit Automobile Receivables Trust, Series 2014-4, Class C, 2.470%, 11/09/2020		2,447,281
	16,421,000	AmeriCredit Automobile Receivables Trust, Series 2015-1, Class C, 2.510%, 1/08/2021		16,516,045
	7,135,000	AmeriCredit Automobile Receivables Trust, Series 2015-4, Class B, 2.110%, 1/08/2021		7,169,949
	4,495,000	AmeriCredit Automobile Receivables Trust, Series 2015-4, Class C, 2.880%, 7/08/2021		4,547,274
	1,950,000	Avis Budget Rental Car Funding AESOP LLC, Series 2012-3A, Class A, 2.100%, 3/20/2019, 144A		1,946,047
	1,535,000	Avis Budget Rental Car Funding AESOP LLC, Series 2013-1A, Class B, 2.620%, 9/20/2019, 144A		1,519,018
	3,900,000	Avis Budget Rental Car Funding AESOP LLC, Series 2013-2A, Class A, 2.970%, 2/20/2020, 144A		3,965,910
	2,000,000	Avis Budget Rental Car Funding AESOP LLC, Series 2015-1A, Class A, 2.500%, 7/20/2021, 144A		1,990,302
	11,955,000	Avis Budget Rental Car Funding AESOP LLC, Series 2016-1A, Class A, 2.990%, 6/20/2022, 144A		11,953,805
	16,724,863	CPS Auto Receivables Trust, Series 2015-A, Class A, 1.530%, 7/15/2019, 144A		16,606,525
	11,546,326	CPS Auto Receivables Trust, Series 2015-B, Class A, 1.650%, 11/15/2019, 144A		11,470,568
	14,384,000	CPS Auto Receivables Trust, Series 2015-C, Class C, 3.420%, 8/16/2021, 144A		14,364,833
	630,000	Credit Acceptance Auto Loan Trust, Series 2014-1A, Class A, 1.550%, 10/15/2021, 144A		628,545
	10,986,000	Credit Acceptance Auto Loan Trust, Series 2014-2A, Class B, 2.670%, 9/15/2022, 144A		11,010,287
	2,000,000	Credit Acceptance Auto Loan Trust, Series 2015-1A, Class A, 2.000%, 7/15/2022, 144A		1,996,104
	10,436,000	DT Auto Owner Trust, Series 2014-3A, Class C, 3.040%, 9/15/2020, 144A		10,425,792
	4,825,000	Exeter Automobile Receivables Trust, Series 2014-3A, Class B, 2.770%, 11/15/2019, 144A		4,770,431
	15,507,670	Exeter Automobile Receivables Trust, Series 2015-1A, Class A, 1.600%, 6/17/2019, 144A		15,479,192
	7,289,067	Exeter Automobile Receivables Trust, Series 2016-1A, Class A, 2.350%, 7/15/2020, 144A		7,290,071

See accompanying notes to financial statements.

|  8

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		ABS Car Loan — continued
$	8,964,000	First Investors Auto Owner Trust, Series 2014-3A, Class A3, 1.670%, 11/16/2020, 144A	$	8,924,127
	2,160,070	Flagship Credit Auto Trust, Series 2014-2, Class A, 1.430%, 12/16/2019, 144A		2,151,223
	13,846,510	Flagship Credit Auto Trust, Series 2016-1, Class A, 2.770%, 12/15/2020, 144A		13,808,536
	933,681	Santander Drive Auto Receivables Trust, Series 2012-3, Class C, 3.010%, 4/16/2018		934,988
	854,000	Santander Drive Auto Receivables Trust, Series 2012-3, Class D, 3.640%, 5/15/2018		863,077
	865,351	Santander Drive Auto Receivables Trust, Series 2012-4, Class C, 2.940%, 12/15/2017		867,445
	1,065,224	Santander Drive Auto Receivables Trust, Series 2012-5, Class C, 2.700%, 8/15/2018		1,069,138
	968,438	Santander Drive Auto Receivables Trust, Series 2012-6, Class C, 1.940%, 3/15/2018		969,733
	10,653,000	Santander Drive Auto Receivables Trust, Series 2014-2, Class C, 2.330%, 11/15/2019		10,703,120
	3,075,000	Santander Drive Auto Receivables Trust, Series 2014-3, Class C, 2.130%, 8/17/2020		3,076,457
	3,369,000	Santander Drive Auto Receivables Trust, Series 2014-4, Class C, 2.600%, 11/16/2020		3,389,654
	6,922,000	Santander Drive Auto Receivables Trust, Series 2014-5, Class C, 2.460%, 6/15/2020		6,964,275
				221,111,498
		ABS Credit Card — 0.0%
	463,000	World Financial Network Credit Card Master Trust, Series 2012-A, Class A, 3.140%, 1/17/2023		482,926
		ABS Home Equity — 1.2%
	2,615,000	American Homes 4 Rent, 5.036%, 10/17/2045, 144A		2,531,260
	19,476,545	Colony American Finance Ltd., Series 2015-1, Class A, 2.896%, 10/15/2047, 144A		19,215,935
	4,324,388	Colony American Homes, Series 2014-1A, Class A, 1.591%, 5/17/2031, 144A(b)		4,251,208
	168,796	Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 5.115%, 2/25/2035(b)		171,506
	8,920,825	Home Partners of America Trust, Series 2016-1, Class A, 2.091%, 3/17/2033, 144A(b)		8,738,383
	13,194,841	Mill City Mortgage Trust, Series 2015-2, Class A1, 3.000%, 9/25/2057, 144A(b)		13,277,777
	5,129,127	Sequoia Mortgage Trust, Series 2013-5, Class A1, 2.500%, 5/25/2043, 144A(b)		5,012,552
	18,695,235	Towd Point Mortgage Trust, Series 2015-2, Class 1AE2, 2.750%, 11/25/2060, 144A		18,819,121
				72,017,742
		ABS Other — 1.3%
	9,232,740	DB Master Finance LLC, Series 2015-1A, Class A2I, 3.262%, 2/20/2045, 144A		9,090,094
	2,656,169	Global Container Assets Ltd., Series 2013-1A, Class A1, 2.200%, 11/05/2028, 144A		2,652,238
	1,535,000	OneMain Financial Issuance Trust, Series 2014-2A, Class A, 2.470%, 9/18/2024, 144A		1,529,009

See accompanying notes to financial statements.

9  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		ABS Other — continued
$	19,255,000	OneMain Financial Issuance Trust, Series 2015-1A, Class A, 3.190%, 3/18/2026, 144A	$	19,064,002
	13,980,000	OneMain Financial Issuance Trust, Series 2016-1A, Class A, 3.660%, 2/20/2029, 144A		13,779,198
	15,600,000	OneMain Financial Issuance Trust, Series 2016-2A, Class A, 4.100%, 3/20/2028, 144A		15,698,746
	7,508,800	TAL Advantage V LLC, Series 2014-3A, Class A, 3.270%, 11/21/2039, 144A		7,008,683
	8,729,250	Textainer Marine Containers Ltd., Series 2014-1A, Class A, 3.270%, 10/20/2039, 144A		8,212,341
				77,034,311
		ABS Student Loan — 0.1%
	1,280,785	SoFi Professional Loan Program LLC, Series 2014-A, Class A2, 3.020%, 10/25/2027, 144A		1,293,618
	4,230,928	SoFi Professional Loan Program LLC, Series 2014-B, Class A2, 2.550%, 8/27/2029, 144A		4,205,518
				5,499,136
		Aerospace & Defense — 0.8%
	4,248,000	Bombardier, Inc., 5.750%, 3/15/2022, 144A		3,164,760
	3,828,000	Bombardier, Inc., 6.000%, 10/15/2022, 144A		2,871,000
	1,429,000	Bombardier, Inc., 7.500%, 3/15/2018, 144A		1,407,565
	30,902,000	Embraer Netherlands Finance BV, 5.050%, 6/15/2025		27,155,133
	8,182,000	Huntington Ingalls Industries, Inc., 5.000%, 12/15/2021, 144A		8,591,100
	3,635,000	Textron, Inc., 3.875%, 3/01/2025		3,663,796
				46,853,354
		Airlines — 0.1%
	2,844,296	Continental Airlines Pass Through Certificates, Series 2012-2, Class A, 4.000%, 4/29/2026		2,924,050
	876,087	Continental Airlines Pass Through Trust, Series 2010-1, Class A, 4.750%, 7/12/2022		924,271
				3,848,321
		Automotive — 2.9%
	642,000	American Axle & Manufacturing, Inc., 5.125%, 2/15/2019		650,025
	3,940,000	Delphi Automotive PLC, 3.150%, 11/19/2020		4,022,559
	1,285,000	Ford Motor Credit Co. LLC, 2.375%, 1/16/2018		1,287,294
	4,742,000	Ford Motor Credit Co. LLC, 2.375%, 3/12/2019		4,763,552
	7,612,000	Ford Motor Credit Co. LLC, 5.000%, 5/15/2018		8,037,701
	27,688,000	Ford Motor Credit Co. LLC, 5.750%, 2/01/2021		31,342,207
	16,412,000	Ford Motor Credit Co. LLC, 5.875%, 8/02/2021		18,810,466
	5,392,000	Ford Motor Credit Co. LLC, 6.625%, 8/15/2017(c)		5,719,273
	12,241,000	General Motors Co., 5.000%, 4/01/2035		11,443,633
	9,252,000	General Motors Co., 5.200%, 4/01/2045		8,697,546
	29,179,000	General Motors Co., 6.250%, 10/02/2043		31,164,398
	3,195,000	General Motors Financial Co., Inc., 3.250%, 5/15/2018		3,248,174
	7,878,000	General Motors Financial Co., Inc., 6.750%, 6/01/2018(c)		8,509,729
	9,075,000	Goodyear Tire & Rubber Co. (The), 5.125%, 11/15/2023		9,279,188

See accompanying notes to financial statements.

|  10

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Automotive — continued
$	22,752,000	Hyundai Capital America, 3.000%, 10/30/2020, 144A	$	23,097,239
	4,290,000	Hyundai Capital Services, Inc., 3.500%, 9/13/2017, 144A		4,389,206
				174,462,190
		Banking — 8.5%
	12,009,000	Ally Financial, Inc., 3.500%, 1/27/2019		11,828,865
	42,673,000	Ally Financial, Inc., 3.750%, 11/18/2019		42,246,270
	4,827,000	Ally Financial, Inc., 4.750%, 9/10/2018		4,899,405
	20,616,000	Banco Santander Brasil S.A., 4.625%, 2/13/2017, 144A		20,945,856
	16,016,000	Banco Santander Chile, 3.875%, 9/20/2022, 144A		16,623,647
	12,367,000	Bangkok Bank PCL, 2.750%, 3/27/2018, 144A		12,541,251
	34,130,000	Bangkok Bank PCL, 3.300%, 10/03/2018, 144A		35,146,050
	6,608,000	Bank of America Corp., 2.650%, 4/01/2019		6,723,990
	2,415,000	Bank of America Corp., 5.650%, 5/01/2018		2,592,433
	47,520,000	Bank of America Corp., MTN, 5.000%, 5/13/2021(c)		52,741,973
	53,636,000	Barclays PLC, 2.875%, 6/08/2020		52,818,051
	25,327,000	BBVA Banco Continental S.A., 3.250%, 4/08/2018, 144A		25,706,905
	15,481,000	Citigroup, Inc., 2.500%, 9/26/2018		15,717,766
	27,055,000	Citigroup, Inc., 4.050%, 7/30/2022		28,156,220
	11,836,000	Goldman Sachs Group, Inc. (The), 3.625%, 1/22/2023		12,207,946
	14,867,000	Goldman Sachs Group, Inc. (The), 5.750%, 1/24/2022		17,152,355
	13,448,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		16,062,775
	8,819,000	JPMorgan Chase & Co., 3.200%, 1/25/2023		9,046,618
	8,713,000	JPMorgan Chase & Co., 4.350%, 8/15/2021		9,520,774
	26,997,000	JPMorgan Chase & Co., 4.500%, 1/24/2022(c)		29,792,566
	1,985,000	KEB Hana Bank, 4.250%, 6/14/2017, 144A		2,045,670
	4,199,000	Merrill Lynch & Co., Inc., MTN, 6.875%, 4/25/2018		4,610,590
	7,781,000	Morgan Stanley, 3.700%, 10/23/2024		8,036,372
	19,598,000	Morgan Stanley, 5.750%, 1/25/2021		22,432,184
	12,550,000	Morgan Stanley, GMTN, 5.500%, 7/28/2021		14,322,612
	21,770,000	Morgan Stanley, Series F, 3.875%, 4/29/2024		22,834,401
	4,977,000	Morgan Stanley, Series F, GMTN, 6.625%, 4/01/2018		5,437,547
	9,123,000	Santander UK Group Holdings PLC, 5.625%, 9/15/2045, 144A		8,565,129
				510,756,221
		Building Materials — 0.2%
	3,965,000	CRH America, Inc., 3.875%, 5/18/2025, 144A		4,129,789
	8,563,000	Owens Corning, 4.200%, 12/01/2024		8,551,937
	2,761,000	USG Corp., 5.500%, 3/01/2025, 144A		2,871,440
				15,553,166
		Cable Satellite — 2.2%
	2,301,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 2/15/2023		2,347,020
	2,417,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.250%, 3/15/2021		2,501,595
	14,646,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.250%, 9/30/2022		15,085,380
	6,758,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 1/15/2024		7,036,767
	2,862,000	CCO Holdings LLC/CCO Holdings Capital Corp., 6.500%, 4/30/2021		2,963,630
	19,371,000	CCO Safari II LLC, 6.484%, 10/23/2045, 144A		21,554,615
	7,651,000	DISH DBS Corp., 5.000%, 3/15/2023		6,752,008

See accompanying notes to financial statements.

11  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Cable Satellite — continued
$	24,888,000	DISH DBS Corp., 5.875%, 11/15/2024	$	22,834,740
	15,585,000	Time Warner Cable, Inc., 4.500%, 9/15/2042		13,834,914
	3,939,000	Time Warner Cable, Inc., 5.500%, 9/01/2041		3,906,350
	2,648,000	Time Warner Cable, Inc., 5.875%, 11/15/2040		2,740,460
	8,447,000	Time Warner Cable, Inc., 6.550%, 5/01/2037		9,256,535
	2,013,000	Time Warner Cable, Inc., 6.750%, 6/15/2039		2,265,706
	10,556,652	Virgin Media Finance PLC, 5.750%, 1/15/2025, 144A		10,688,610
	2,825,000	Virgin Media Finance PLC, 6.375%, 4/15/2023, 144A		2,938,000
	2,447,290	Virgin Media Secured Finance PLC, 5.250%, 1/15/2021		2,594,127
	382,500	Virgin Media Secured Finance PLC, 5.375%, 4/15/2021, 144A		398,756
	4,827,002	Virgin Media Secured Finance PLC, 5.500%, 1/15/2025, 144A		4,971,812
				134,671,025
		Chemicals — 1.5%
	28,349,000	Braskem America Finance Co., 7.125%, 7/22/2041, 144A(c)		24,052,709
	4,224,000	Methanex Corp., 3.250%, 12/15/2019		3,930,546
	15,625,000	Methanex Corp., 5.250%, 3/01/2022		14,774,094
	7,727,000	Mexichem SAB de CV, 5.875%, 9/17/2044, 144A		6,925,324
	11,165,000	Mexichem SAB de CV, 6.750%, 9/19/2042, 144A(c)		11,011,481
	15,420,000	PolyOne Corp., 5.250%, 3/15/2023		15,342,900
	4,402,000	RPM International, Inc., 3.450%, 11/15/2022		4,296,545
	3,558,000	RPM International, Inc., 6.125%, 10/15/2019		3,944,335
	4,950,000	Solvay Finance (America) LLC, 4.450%, 12/03/2025, 144A		5,056,242
				89,334,176
		Collateralized Mortgage Obligations — 1.0%
	699,800	Government National Mortgage Association, Series 2010-H20, Class AF, 0.755%, 10/20/2060(b)		690,071
	522,358	Government National Mortgage Association, Series 2010-H24, Class FA, 0.775%, 10/20/2060(b)		515,206
	500,667	Government National Mortgage Association, Series 2011-H06, Class FA, 0.875%, 2/20/2061(b)		494,620
	5,498,435	Government National Mortgage Association, Series 2012-H12, Class FA, 0.975%, 4/20/2062(b)		5,453,185
	587,916	Government National Mortgage Association, Series 2012-H18, Class NA, 0.945%, 8/20/2062(b)		582,586
	3,233,729	Government National Mortgage Association, Series 2013-H01, Class FA, 1.650%, 1/20/2063		3,236,523
	4,191,684	Government National Mortgage Association, Series 2013-H03, Class HA, 1.750%, 12/20/2062		4,233,589
	1,874,356	Government National Mortgage Association, Series 2013-H04, Class BA, 1.650%, 2/20/2063		1,876,003
	18,238,599	Government National Mortgage Association, Series 2013-H07, Class DA, 2.500%, 3/20/2063		18,730,606
	25,888,909	Government National Mortgage Association, Series 2015-H10, Class JA, 2.250%, 4/20/2065		26,084,588
				61,896,977

See accompanying notes to financial statements.

|  12

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Consumer Cyclical Services — 0.2%
$	3,671,000	Alibaba Group Holding Ltd., 4.500%, 11/28/2034	$	3,751,571
	5,773,000	IHS, Inc., 5.000%, 11/01/2022		5,982,271
				9,733,842
		Consumer Products — 0.1%
	3,495,000	Whirlpool Corp., MTN, 4.850%, 6/15/2021		3,889,058
		Diversified Manufacturing — 0.5%
	1,158,000	Crane Co., 6.550%, 11/15/2036		1,304,817
	5,426,000	EnerSys, 5.000%, 4/30/2023, 144A		5,215,743
	32,297,000	Votorantim Cimentos S.A., 7.250%, 4/05/2041, 144A		26,322,055
				32,842,615
		Electric — 1.7%
	15,525,000	AES Corp. (The), 3.635%, 6/01/2019(b)		14,981,625
	2,124,000	AES Corp. (The), 7.375%, 7/01/2021		2,378,880
	12,789,000	Dynegy, Inc., 6.750%, 11/01/2019		12,725,055
	20,269,000	EDP Finance BV, 5.250%, 1/14/2021, 144A		21,144,013
	3,364,000	Empresa Nacional de Electricidad S.A., 4.250%, 4/15/2024		3,478,961
	11,961,000	FirstEnergy Corp., 2.750%, 3/15/2018		12,074,928
	975,000	Ipalco Enterprises, Inc., 5.000%, 5/01/2018		1,023,750
	17,247,000	National Rural Utilities Cooperative Finance Corp., (fixed rate to 4/30/2023, variable rate thereafter), 4.750%, 4/30/2043		16,611,448
	6,362,000	Talen Energy Supply LLC, 6.500%, 6/01/2025		5,280,460
	8,413,000	Transelec S.A., 4.250%, 1/14/2025, 144A		8,348,178
	4,380,000	Transelec S.A., 4.625%, 7/26/2023, 144A		4,520,309
				102,567,607
		Finance Companies — 3.4%
	22,922,000	AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, 3.750%, 5/15/2019		22,807,390
	3,320,000	Aircastle Ltd., 5.000%, 4/01/2023		3,336,600
	5,092,000	Aircastle Ltd., 5.500%, 2/15/2022		5,311,567
	8,976,000	CIT Group, Inc., 5.500%, 2/15/2019, 144A		9,285,672
	15,869,000	International Lease Finance Corp., 5.875%, 4/01/2019		16,761,631
	2,365,000	International Lease Finance Corp., 5.875%, 8/15/2022		2,566,025
	16,190,000	International Lease Finance Corp., 6.250%, 5/15/2019		17,262,588
	21,145,000	iStar, Inc., 6.500%, 7/01/2021		20,589,944
	4,475,000	Navient Corp., 5.875%, 3/25/2021		4,049,875
	9,678,000	Navient LLC, 4.875%, 6/17/2019		9,339,270
	19,049,000	Navient LLC, MTN, 5.500%, 1/15/2019		18,715,642
	14,327,000	Navient LLC, MTN, 8.000%, 3/25/2020		14,255,365
	116,000	Navient LLC, Series A, MTN, 5.000%, 6/15/2018		114,260
	6,719,000	Quicken Loans, Inc., 5.750%, 5/01/2025, 144A		6,517,430
	51,228,000	Springleaf Finance Corp., 5.250%, 12/15/2019		48,922,740
	3,027,000	Springleaf Finance Corp., 6.000%, 6/01/2020		2,905,920
				202,741,919
		Financial Other — 0.5%
	33,594,000	Cielo S.A./Cielo USA, Inc., 3.750%, 11/16/2022, 144A		30,066,630

See accompanying notes to financial statements.

13  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Food & Beverage — 0.6%
$	1,340,000	Cosan Luxembourg S.A., 5.000%, 3/14/2023, 144A	$	1,172,366
	3,490,000	Gruma SAB de CV, 4.875%, 12/01/2024, 144A		3,701,145
	8,091,000	Kraft Foods Group, Inc., 3.500%, 6/06/2022		8,504,814
	7,484,000	Kraft Heinz Foods Co., 3.950%, 7/15/2025, 144A		7,963,268
	12,096,000	Sigma Alimentos S.A. de CV, 5.625%, 4/14/2018, 144A		12,833,856
	1,230,000	Sigma Alimentos S.A. de CV, 6.875%, 12/16/2019, 144A		1,389,900
				35,565,349
		Government Owned – No Guarantee — 5.0%
	2,355,000	Abu Dhabi National Energy Co. PJSC, 2.500%, 1/12/2018, 144A		2,360,779
	7,757,000	CNPC General Capital Ltd., 3.950%, 4/19/2022, 144A		8,208,302
	15,316,000	Dolphin Energy Ltd., 5.500%, 12/15/2021, 144A		17,096,485
	1,665,000	Dubai Electricity & Water Authority, 6.375%, 10/21/2016, 144A		1,708,257
	19,689,000	Ecopetrol S.A., 5.375%, 6/26/2026		17,916,990
	6,092,000	IPIC GMTN Ltd., 6.875%, 11/01/2041, 144A		8,186,028
	18,618,000	OCP S.A., 5.625%, 4/25/2024, 144A		19,358,996
	7,355,000	Ooredoo International Finance Ltd., 3.250%, 2/21/2023, 144A		7,299,837
	1,290,000	Ooredoo International Finance Ltd., 3.875%, 1/31/2028, 144A		1,263,271
	2,862,000	Ooredoo International Finance Ltd., 7.875%, 6/10/2019, 144A		3,340,847
	44,032,000	Pertamina Persero PT, 5.625%, 5/20/2043, 144A(c)		38,780,612
	3,720,000	Pertamina Persero PT, 6.000%, 5/03/2042, 144A		3,395,664
	8,105,000	Pertamina Persero PT, 6.450%, 5/30/2044, 144A		7,875,304
	41,532,000	Petrobras Global Finance BV, 5.625%, 5/20/2043		26,995,800
	4,369,000	Petrobras Global Finance BV, 6.750%, 1/27/2041		3,141,311
	27,590,000	Petrobras Global Finance BV, 6.850%, 6/05/2115		19,244,025
	8,037,000	Petroleos Mexicanos, 3.125%, 1/23/2019		7,964,667
	1,168,000	Petroleos Mexicanos, 3.500%, 7/18/2018		1,183,768
	10,557,000	Petroleos Mexicanos, 3.500%, 7/23/2020		10,345,860
	6,246,000	Petroleos Mexicanos, 5.500%, 1/21/2021		6,480,225
	5,705,000	Petroleos Mexicanos, 6.375%, 2/04/2021, 144A		6,079,362
	16,932,000	Rio Oil Finance Trust, Series 2014-1, 9.250%, 7/06/2024, 144A		10,455,510
	30,710,000	Tennessee Valley Authority, 3.500%, 12/15/2042(c)		30,614,492
	22,103,000	Tennessee Valley Authority, 4.250%, 9/15/2065		23,314,178
	6,401,000	Tennessee Valley Authority, 4.875%, 1/15/2048		7,607,576
	10,957,000	Tennessee Valley Authority, 5.250%, 9/15/2039		13,984,277
				304,202,423
		Health Insurance — 0.3%
	13,170,000	Centene Escrow Corp., 5.625%, 2/15/2021, 144A		13,729,725
	6,240,000	Molina Healthcare, Inc., 5.375%, 11/15/2022, 144A		6,411,600
				20,141,325
		Healthcare — 1.4%
	11,054,000	Halyard Health, Inc., 6.250%, 10/15/2022		11,012,548
	1,525,000	HCA Holdings, Inc., 6.250%, 2/15/2021		1,639,375
	2,814,000	HCA, Inc., 5.875%, 5/01/2023		2,951,183
	25,721,000	HCA, Inc., 7.500%, 2/15/2022		29,129,032
	555,000	HCA, Inc., 7.500%, 12/15/2023		588,300
	16,381,000	Kindred Healthcare, Inc., 8.000%, 1/15/2020		16,258,142

See accompanying notes to financial statements.

|  14

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Healthcare — continued
$	3,030,000	MEDNAX, Inc., 5.250%, 12/01/2023, 144A	$	3,151,200
	3,089,000	PerkinElmer, Inc., 5.000%, 11/15/2021		3,356,439
	9,682,000	Universal Health Services, Inc., 3.750%, 8/01/2019, 144A		9,936,153
	9,084,000	Universal Health Services, Inc., 4.750%, 8/01/2022, 144A		9,242,970
				87,265,342
		Home Construction — 0.2%
	8,331,000	KB Home, 4.750%, 5/15/2019		8,299,759
	4,031,000	Toll Brothers Finance Corp., 4.875%, 11/15/2025		3,990,690
				12,290,449
		Hybrid ARMs — 0.0%
	103,305	FNMA, 2.244%, 2/01/2037(b)		107,071
		Independent Energy — 1.7%
	8,635,000	Anadarko Petroleum Corp., 6.600%, 3/15/2046		8,815,610
	4,885,000	MEG Energy Corp., 7.000%, 3/31/2024, 144A		2,882,150
	13,490,000	Newfield Exploration Co., 5.375%, 1/01/2026		12,275,900
	10,499,000	Newfield Exploration Co., 5.750%, 1/30/2022		10,233,270
	13,888,000	Pan American Energy LLC/Argentine Branch, 7.875%, 5/07/2021, 144A		13,776,896
	13,612,000	QEP Resources, Inc., 5.250%, 5/01/2023		11,842,440
	8,462,000	QEP Resources, Inc., 5.375%, 10/01/2022		7,425,405
	10,701,000	Range Resources Corp., 5.000%, 8/15/2022		9,229,612
	12,878,000	SM Energy Co., 5.000%, 1/15/2024		8,914,023
	16,006,000	SM Energy Co., 6.125%, 11/15/2022		11,668,374
	1,086,000	SM Energy Co., 6.500%, 11/15/2021		800,925
	4,026,000	SM Energy Co., 6.500%, 1/01/2023		2,838,330
				100,702,935
		Industrial Other — 0.5%
	5,919,000	Briggs & Stratton Corp., 6.875%, 12/15/2020		6,436,913
	5,780,000	CBRE Services, Inc., 5.000%, 3/15/2023		5,911,327
	4,232,000	Deluxe Corp., 6.000%, 11/15/2020		4,401,280
	12,149,000	Ferreycorp SAA, 4.875%, 4/26/2020, 144A		11,936,392
				28,685,912
		Integrated Energy — 0.1%
	5,065,000	Exxon Mobil Corp., 4.114%, 3/01/2046		5,370,419
		Leisure — 0.2%
	11,677,000	Regal Entertainment Group, 5.750%, 3/15/2022		12,085,695
		Media Entertainment — 1.0%
	63,720,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		3,037,124
	30,499,000	Myriad International Holdings BV, 6.000%, 7/18/2020, 144A		33,065,918
	18,328,000	Nielsen Finance LLC/Nielsen Finance Co., 5.000%, 4/15/2022, 144A		18,786,200
	5,638,000	Viacom, Inc., 5.250%, 4/01/2044		5,070,964
				59,960,206
		Metals & Mining — 2.0%
	8,856,000	Anglo American Capital PLC, 3.625%, 5/14/2020, 144A		7,577,371
	22,074,000	Anglo American Capital PLC, 4.875%, 5/14/2025, 144A		17,935,125

See accompanying notes to financial statements.

15  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Metals & Mining — continued
$	20,061,000	ArcelorMittal, 7.750%, 3/01/2041	$	17,152,155
	4,470,000	ArcelorMittal, 8.000%, 10/15/2039		3,888,900
	5,097,000	Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas, Inc., 6.875%, 2/15/2023		3,899,205
	14,896,000	Freeport-McMoRan, Inc., 2.375%, 3/15/2018		13,182,960
	12,627,000	Freeport-McMoRan, Inc., 3.550%, 3/01/2022		8,807,332
	11,203,000	Goldcorp, Inc., 2.125%, 3/15/2018		11,045,956
	33,429,000	Southern Copper Corp., 5.875%, 4/23/2045		29,634,374
	4,006,000	Steel Dynamics, Inc., 5.125%, 10/01/2021		4,046,060
	1,395,000	Steel Dynamics, Inc., 5.250%, 4/15/2023		1,398,488
				118,567,926
		Midstream — 2.0%
	10,668,000	El Paso Pipeline Partners Operating Co. LLC, 4.300%, 5/01/2024		10,138,238
	6,169,000	Energy Transfer Partners LP, 5.950%, 10/01/2043		5,313,471
	22,923,000	Energy Transfer Partners LP, 6.050%, 6/01/2041		19,717,952
	9,022,000	Energy Transfer Partners LP, 6.500%, 2/01/2042		8,190,740
	1,578,000	Energy Transfer Partners LP, 6.625%, 10/15/2036		1,448,730
	3,442,000	Kinder Morgan Finance Co. LLC, 6.000%, 1/15/2018, 144A		3,598,904
	4,861,000	Kinder Morgan, Inc., 5.000%, 2/15/2021, 144A		4,960,509
	15,639,000	Kinder Morgan, Inc., 5.625%, 11/15/2023, 144A		15,866,782
	13,236,000	Regency Energy Partners LP/Regency Energy Finance Corp., 5.000%, 10/01/2022		12,438,941
	331,000	Regency Energy Partners LP/Regency Energy Finance Corp., 5.500%, 4/15/2023		295,063
	7,745,000	Regency Energy Partners LP/Regency Energy Finance Corp., 5.875%, 3/01/2022		7,524,190
	21,799,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.125%, 11/15/2019		20,586,540
	1,298,000	Tesoro Logistics LP/Tesoro Logistics Finance Corp., 5.500%, 10/15/2019, 144A		1,291,510
	6,951,000	Tesoro Logistics LP/Tesoro Logistics Finance Corp., 6.250%, 10/15/2022, 144A		6,864,112
				118,235,682
		Mortgage Related — 13.2%
	3,540,577	FHLMC, 3.000%, 11/01/2042		3,636,524
	44,498,736	FHLMC, 3.500%, with various maturities from 2043 to 2045(d)		46,779,499
	21,214,470	FHLMC, 4.000%, with various maturities from 2044 to 2045(d)		22,783,137
	15,273	FHLMC, 5.500%, 12/01/2018		15,951
	20,482	FHLMC, 6.000%, 6/01/2035		23,582
	34,126,087	FNMA, 3.000%, with various maturities in 2045(d)		35,041,159
	169,101,855	FNMA, 3.500%, with various maturities from 2042 to 2045(d)		177,771,094
	45,939,602	FNMA, 4.000%, with various maturities from 2041 to 2045(d)		49,305,668
	351,926	FNMA, 6.000%, with various maturities from 2016 to 2037(d)		404,139
	29,167	FNMA, 6.500%, with various maturities from 2029 to 2036(d)		33,755
	53,238	FNMA, 7.000%, with various maturities in 2030(d)		60,435
	41,381	FNMA, 7.500%, with various maturities from 2024 to 2032(d)		48,575
	690,000	FNMA (TBA), 3.000%, 5/01/2046(e)		706,334
	139,755,000	FNMA (TBA), 3.500%, 5/01/2046(e)		146,284,185
	150,425,000	FNMA (TBA), 4.000%, 5/01/2046(e)		160,484,672

See accompanying notes to financial statements.

|  16

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Mortgage Related — continued
$	696,964	GNMA, 2.367%, 9/20/2063(b)	$	735,200
	158,862	GNMA, 4.144%, 1/20/2063		170,868
	148,566	GNMA, 4.323%, 5/20/2063		160,540
	197,061	GNMA, 4.423%, 7/20/2063		214,754
	977,944	GNMA, 4.499%, 12/20/2062		1,051,574
	648,023	GNMA, 4.515%, 7/20/2063		705,249
	1,054,241	GNMA, 4.522%, 8/20/2062		1,127,622
	598,566	GNMA, 4.524%, 5/20/2063		650,881
	5,318,659	GNMA, 4.527%, 1/20/2065		5,973,469
	4,406,604	GNMA, 4.533%, 6/20/2064		4,921,356
	7,646,856	GNMA, 4.534%, 6/20/2062		8,098,159
	1,027,387	GNMA, 4.538%, 11/20/2062		1,103,721
	5,470,690	GNMA, 4.544%, 12/20/2064		6,128,925
	14,463,771	GNMA, 4.546%, 11/20/2062		15,515,566
	3,117,193	GNMA, 4.551%, 1/20/2065		3,497,373
	18,771,345	GNMA, 4.556%, 12/20/2061(c)		19,809,207
	6,588,491	GNMA, 4.575%, 10/20/2064		7,385,457
	5,097,342	GNMA, 4.581%, 2/20/2065		5,707,279
	3,973,903	GNMA, 4.587%, 12/20/2063		4,362,951
	2,647,687	GNMA, 4.604%, 6/20/2062		2,821,450
	6,833,722	GNMA, 4.608%, 2/20/2065		7,697,799
	2,051,834	GNMA, 4.616%, with various maturities from 2061 to 2062(d)		2,185,081
	3,959,622	GNMA, 4.619%, 3/20/2065		4,452,882
	2,901,352	GNMA, 4.627%, with various maturities from 2061 to 2064(d)		3,109,585
	2,183,458	GNMA, 4.631%, 10/20/2062		2,338,358
	13,814,749	GNMA, 4.650%, with various maturities from 2061 to 2062(d)		14,549,242
	3,997,500	GNMA, 4.653%, 1/20/2064		4,455,635
	794,628	GNMA, 4.668%, 5/20/2062		843,190
	6,540,186	GNMA, 4.673%, with various maturities from 2062 to 2064(d)		7,331,336
	8,231,878	GNMA, 4.676%, 4/20/2062		8,763,831
	867,077	GNMA, 4.698%, 7/20/2061		909,085
	583,368	GNMA, 4.700%, 10/20/2061		613,762
	3,974,126	GNMA, 4.701%, 1/20/2064		4,455,275
	518,138	GNMA, 5.500%, 4/15/2038		581,423
	106,836	GNMA, 6.000%, with various maturities from 2029 to 2038(d)		121,953
	82,064	GNMA, 6.500%, with various maturities from 2029 to 2032(d)		93,945
	88,647	GNMA, 7.000%, with various maturities from 2025 to 2029(d)		94,113
	32,426	GNMA, 7.500%, with various maturities from 2025 to 2030(d)		36,663
	28,737	GNMA, 8.500%, with various maturities from 2017 to 2023(d)		28,893
	150	GNMA, 9.000%, 11/15/2016		151
				796,182,512
		Non-Agency Commercial Mortgage-Backed Securities — 5.7%
	2,878,611	A10 Securitization LLC, Series 2014-1, Class A1, 1.720%, 4/15/2033, 144A		2,848,643
	1,612,219	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2007-2, Class A4, 5.608%, 4/10/2049(b)		1,636,824
	1,014,636	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2007-3, Class A5, 5.377%, 6/10/2049		1,049,038

See accompanying notes to financial statements.

17  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Non-Agency Commercial Mortgage-Backed Securities — continued
$	1,584,678	Barclays Commercial Mortgage Securities, Series 2015-SLP, Class A, 1.546%, 2/15/2028, 144A(b)	$	1,560,362
	821,316	Citigroup Commercial Mortgage Trust, Series 2008-C7, Class A4, 6.137%, 12/10/2049(b)		859,514
	23,390,940	Commercial Mortgage Pass Through Certificates, Series 2007-C9, Class A4, 5.813%, 12/10/2049(b)		24,291,711
	11,869,597	Commercial Mortgage Pass Through Certificates, Series 2014-FL5, Class SV1, 2.286%, 10/15/2031, 144A(b)(f)		11,854,238
	2,435,000	Commercial Mortgage Pass Through Certificates, Series 2014-KYO, Class A, 1.338%, 6/11/2027, 144A(b)		2,408,194
	7,951,037	Commercial Mortgage Pass Through Certificates, Series 2014-KYO, Class D, 2.438%, 6/11/2027, 144A(b)		7,741,207
	1,025,000	Commercial Mortgage Trust, Series 2010-C1, Class D, 6.139%, 7/10/2046, 144A(b)		1,105,227
	1,885,000	Commercial Mortgage Trust, Series 2014-KYO, Class B, 1.738%, 6/11/2027, 144A(b)		1,860,106
	12,767,419	Commercial Mortgage Trust, Series 2014-SAVA, Class C, 2.837%, 6/15/2034, 144A(b)		12,446,311
	5,802,056	Credit Suisse Mortgage Capital Certificates, Series 2007-C2, Class A3, 5.542%, 1/15/2049(b)		5,906,279
	2,298,129	Credit Suisse Mortgage Capital Certificates, Series 2007-C4, Class A4, 5.941%, 9/15/2039(b)		2,381,113
	10,009,064	Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.695%, 9/15/2040(b)		10,324,878
	5,589,668	Credit Suisse Mortgage Capital Certificates, Series 2008-C1, Class A3, 6.067%, 2/15/2041(b)		5,832,208
	3,052,113	DBUBS Mortgage Trust, Series 2011-LC1A, Class E, 5.699%, 11/10/2046, 144A(b)		3,169,826
	1,139,642	GP Portfolio Trust, Series 2014-GPP, Class A, 1.386%, 2/15/2027, 144A(b)		1,118,498
	3,181,000	GP Portfolio Trust, Series 2014-GPP, Class D, 3.186%, 2/15/2027, 144A(b)		3,077,039
	65,955	Greenwich Capital Commercial Funding Corp., Series 2006-GG7, Class A4, 5.892%, 7/10/2038(b)		66,051
	8,524,510	Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049		8,862,058
	23,106,139	Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/2039		23,580,229
	25,415,395	GS Mortgage Securities Trust, Series 2007-GG10, Class A4, 5.794%, 8/10/2045(b)		26,178,203
	6,637,000	GS Mortgage Securities Trust, Series 2011-GC5, Class C, 5.316%, 8/10/2044, 144A(b)		7,097,439
	1,738,762	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-CB19, Class A4, 5.699%, 2/12/2049(b)		1,786,196
	11,541,000	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2014-PHH, Class A, 1.636%, 8/15/2027, 144A(b)(c)		11,449,700
	18,005,715	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2006-LDP9, Class A3, 5.336%, 5/15/2047		18,278,937
	2,091,404	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-C1, Class A4, 5.716%, 2/15/2051		2,162,032

See accompanying notes to financial statements.

|  18

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Non-Agency Commercial Mortgage-Backed Securities — continued
$	6,267,379	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LD11, Class A4, 5.743%, 6/15/2049(b)	$	6,411,159
	347,991	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LDPX, Class A3, 5.420%, 1/15/2049		355,120
	3,811,662	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-FL5, Class A, 1.416%, 7/15/2031, 144A(b)		3,791,803
	3,968,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-FL5, Class B, 1.786%, 7/15/2031, 144A(b)		3,919,494
	2,205,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-FL5, Class C, 2.436%, 7/15/2031, 144A(b)		2,155,454
	6,912,830	LB-UBS Commercial Mortgage Trust, Series 2007-C2, Class A3, 5.430%, 2/15/2040		7,058,324
	5,402,957	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-5, Class A4, 5.378%, 8/12/2048		5,503,881
	13,660,414	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-6, Class A4, 5.485%, 3/12/2051(b)		13,938,424
	9,427,208	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-8, Class A3, 5.864%, 8/12/2049(b)		9,769,345
	4,633,449	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-9, Class A4, 5.700%, 9/12/2049		4,803,976
	60,027	Morgan Stanley Capital I, Series 2007-HQ12, Class A5, 5.715%, 4/12/2049(b)		59,916
	1,660,380	Morgan Stanley Capital I, Series 2007-HQ13, Class A3, 5.569%, 12/15/2044		1,724,707
	4,460,149	Morgan Stanley Capital I, Series 2007-IQ14, Class A4, 5.692%, 4/15/2049(b)		4,566,898
	297,309	Morgan Stanley Capital I, Series 2007-T27, Class A4, 5.645%, 6/11/2042(b)		309,200
	952,351	Morgan Stanley Capital I, Series 2008-T29, Class A4, 6.268%, 1/11/2043(b)		1,009,894
	6,177,597	Morgan Stanley Re-REMIC Trust, Series 2010-GG10, Class A4B, 5.794%, 8/15/2045, 144A(b)		6,379,695
	9,847,000	Motel 6 Trust, Series 2015-MTL6, Class B, 3.298%, 2/05/2030, 144A		9,843,531
	11,039,000	Motel 6 Trust, Series 2015-MTL6, Class C, 3.644%, 2/05/2030, 144A		10,845,874
	7,018,000	SCG Trust, Series 2013-SRP1, Class B, 2.936%, 11/15/2026, 144A(b)		6,842,118
	810,006	Wachovia Bank Commercial Mortgage Trust, Series 2006-C28, Class A4, 5.572%, 10/15/2048		816,728
	9,002,358	Wachovia Bank Commercial Mortgage Trust, Series 2007-C30, Class A5, 5.342%, 12/15/2043		9,192,640
	13,360,175	Wachovia Bank Commercial Mortgage Trust, Series 2007-C31, Class A5, 5.500%, 4/15/2047		13,718,467
	2,330,298	Wachovia Bank Commercial Mortgage Trust, Series 2007-C34, Class A3, 5.678%, 5/15/2046		2,398,453
	9,412,653	Wells Fargo Commercial Mortgage Trust, Series 2010-C1, Class D, 5.612%, 11/15/2043, 144A(b)		9,896,003
	5,876,392	WFRBS Commercial Mortgage Trust, Series 2011-C4, Class D, 5.263%, 6/15/2044, 144A(b)		6,087,219
				342,330,384
		Oil Field Services — 0.9%
	9,487,000	Ensco PLC, 4.500%, 10/01/2024		5,265,285
	7,342,000	Ensco PLC, 5.750%, 10/01/2044		3,634,290
	2,447,000	Nabors Industries, Inc., 4.625%, 9/15/2021		2,076,285

See accompanying notes to financial statements.

19  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Oil Field Services — continued
$	3,434,000	Nabors Industries, Inc., 5.000%, 9/15/2020	$	2,967,817
	23,633,000	Nabors Industries, Inc., 5.100%, 9/15/2023		18,335,261
	16,972,000	Paragon Offshore PLC, 6.750%, 7/15/2022, 144A(f)(i)		4,455,150
	13,656,000	Paragon Offshore PLC, 7.250%, 8/15/2024, 144A(f)(i)		3,652,980
	8,515,000	Rowan Cos., Inc., 4.750%, 1/15/2024		5,846,629
	14,138,000	Rowan Cos., Inc., 4.875%, 6/01/2022		10,058,509
	1,284,000	Rowan Cos., Inc., 7.875%, 8/01/2019		1,198,416
				57,490,622
		Packaging — 0.3%
	5,160,000	Sealed Air Corp., 4.875%, 12/01/2022, 144A		5,366,400
	2,867,000	Sealed Air Corp., 5.250%, 4/01/2023, 144A		3,031,852
	7,651,000	Sealed Air Corp., 6.500%, 12/01/2020, 144A		8,645,630
				17,043,882
		Paper — 0.5%
	5,797,000	Celulosa Arauco y Constitucion S.A., 4.500%, 8/01/2024		5,919,380
	6,681,000	Celulosa Arauco y Constitucion S.A., 4.750%, 1/11/2022		7,074,297
	8,312,000	Celulosa Arauco y Constitucion S.A., 5.000%, 1/21/2021		8,878,056
	9,335,000	WestRock RKT Co., 4.000%, 3/01/2023		9,562,541
	1,989,000	WestRock RKT Co., 4.900%, 3/01/2022		2,136,502
				33,570,776
		Pharmaceuticals — 1.3%
	13,105,000	Actavis Funding SCS, 4.550%, 3/15/2035		13,502,213
	14,800,000	Actavis Funding SCS, 4.850%, 6/15/2044		15,761,082
	6,293,000	Biogen, Inc., 2.900%, 9/15/2020		6,476,435
	15,306,000	Celgene Corp., 5.000%, 8/15/2045		16,550,898
	10,335,000	Quintiles Transnational Corp., 4.875%, 5/15/2023, 144A		10,602,676
	734,000	Valeant Pharmaceuticals International, 6.750%, 8/15/2021, 144A		598,210
	10,383,000	Valeant Pharmaceuticals International, Inc., 5.500%, 3/01/2023, 144A		8,163,634
	2,760,000	Valeant Pharmaceuticals International, Inc., 5.625%, 12/01/2021, 144A		2,173,500
	3,418,000	VRX Escrow Corp., 5.375%, 3/15/2020, 144A		2,785,670
				76,614,318
		Property & Casualty Insurance — 0.1%
	3,171,000	Willis Towers Watson PLC, 5.750%, 3/15/2021		3,528,981
		Refining — 0.8%
	15,350,000	Phillips 66, 5.875%, 5/01/2042		16,679,310
	29,916,000	Thai Oil PCL, 4.875%, 1/23/2043, 144A		29,755,560
				46,434,870
		Retailers — 1.7%
	11,789,000	Asbury Automotive Group, Inc., 6.000%, 12/15/2024		11,906,890
	9,712,000	CVS Health Corp., 3.875%, 7/20/2025		10,480,462
	4,297,000	CVS Health Corp., 4.750%, 12/01/2022, 144A		4,821,823
	2,051,000	CVS Health Corp., 5.000%, 12/01/2024, 144A		2,351,336
	10,735,000	CVS Health Corp., 5.125%, 7/20/2045		12,432,439
	17,710,000	GameStop Corp., 5.500%, 10/01/2019, 144A		17,001,600

See accompanying notes to financial statements.

|  20

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Retailers — continued
$	25,000,000	Lotte Shopping Co. Ltd., 3.375%, 5/09/2017, 144A(c)	$	25,456,250
	9,929,000	SACI Falabella, 3.750%, 4/30/2023, 144A		9,926,210
	7,559,000	SACI Falabella, 4.375%, 1/27/2025, 144A		7,766,109
	1,086,000	Wolverine World Wide, Inc., 6.125%, 10/15/2020		1,129,440
				103,272,559
		Sovereigns — 1.5%
	3,475,000	Colombia Government International Bond, 4.000%, 2/26/2024		3,492,375
	46,299,000	Colombia Government International Bond, 4.500%, 1/28/2026		47,340,727
	25,892,000	Indonesia Government International Bond, 5.250%, 1/17/2042, 144A		26,018,457
	14,180,000	Mexico Government International Bond, 4.000%, 3/15/2115, (EUR)		14,009,578
				90,861,137
		Supranational — 0.1%
	53,450,000	International Bank for Reconstruction & Development, 2.625%, 11/07/2016, (MXN)		3,070,572
	13,158,000	International Bank for Reconstruction & Development, 4.000%, 8/16/2018, (MXN)		761,546
				3,832,118
		Technology — 2.6%
	3,036,000	Dun & Bradstreet Corp. (The), 3.250%, 12/01/2017		3,052,920
	3,906,000	Equifax, Inc., 7.000%, 7/01/2037		4,546,619
	11,850,000	Flextronics International Ltd., 4.750%, 6/15/2025		11,583,375
	26,402,000	Hewlett Packard Enterprise Co., 3.600%, 10/15/2020, 144A		27,453,882
	16,856,000	Hewlett Packard Enterprise Co., 6.200%, 10/15/2035, 144A		16,585,394
	3,601,000	KLA-Tencor Corp., 3.375%, 11/01/2019		3,659,127
	33,145,000	Micron Technology, Inc., 5.250%, 8/01/2023, 144A		27,096,037
	10,996,000	Molex Electronic Technologies LLC, 2.878%, 4/15/2020, 144A		10,970,808
	7,255,000	Molex Electronic Technologies LLC, 3.900%, 4/15/2025, 144A		7,046,912
	67,000	Motorola Solutions, Inc., 6.625%, 11/15/2037		67,081
	328,000	Motorola Solutions, Inc., 7.500%, 5/15/2025		369,019
	12,534,000	Sabre GLBL, Inc., 5.250%, 11/15/2023, 144A		12,752,092
	1,995,000	Tencent Holdings Ltd., 2.000%, 5/02/2017, 144A		2,004,744
	6,786,000	Tencent Holdings Ltd., 3.375%, 3/05/2018, 144A		6,972,133
	23,176,000	Tencent Holdings Ltd., 3.375%, 5/02/2019, 144A		24,005,956
				158,166,099
		Tobacco — 0.4%
	3,345,000	Reynolds American, Inc., 6.150%, 9/15/2043		4,115,012
	17,913,000	Reynolds American, Inc., 7.250%, 6/15/2037		23,275,293
				27,390,305
		Treasuries — 16.3%
	24,543,333(††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/10/2021, (MXN)(c)		149,184,297
	530,000,000	Philippine Government International Bond, 3.900%, 11/26/2022, (PHP)		11,338,950
	170,000,000	Philippine Government International Bond, 4.950%, 1/15/2021, (PHP)		3,855,048
	955,000,000	Philippine Government International Bond, 6.250%, 1/14/2036, (PHP)		23,043,012
	44,928,800	U.S. Treasury Bond, 2.500%, 2/15/2045		43,809,084
	48,010,000	U.S. Treasury Bond, 2.875%, 8/15/2045		50,500,519

See accompanying notes to financial statements.

21  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Treasuries — continued
$	17,063,100	U.S. Treasury Bond, 3.000%, 5/15/2045	$	18,402,161
	439,300	U.S. Treasury Bond, 3.375%, 5/15/2044		509,262
	1,013,700	U.S. Treasury Bond, 3.625%, 2/15/2044		1,229,784
	115,552,608	U.S. Treasury Inflation Indexed Bond, 0.750%, 2/15/2042(c)(g)		112,143,228
	137,276,874	U.S. Treasury Inflation Indexed Bond, 0.750%, 2/15/2045(g)		132,813,591
	96,474,490	U.S. Treasury Inflation Indexed Bond, 1.375%, 2/15/2044(g)		108,004,928
	62,506,360	U.S. Treasury Inflation Indexed Note, 0.125%, 7/15/2024(g)		62,721,257
	11,747,767	U.S. Treasury Inflation Indexed Note, 0.250%, 1/15/2025(g)		11,846,730
	66,760,085	U.S. Treasury Inflation Indexed Note, 0.625%, 1/15/2024(c)(g)		69,512,202
	98,265,000	U.S. Treasury Note, 0.750%, 2/28/2018		98,287,994
	8,020,000	U.S. Treasury Note, 1.375%, 1/31/2021		8,077,648
	78,780,000	U.S. Treasury Note, 1.500%, 3/31/2023		78,521,523
				983,801,218
		Wireless — 1.3%
	1,424,000	American Tower Corp., 4.700%, 3/15/2022		1,541,986
	19,694,000	Bharti Airtel International BV, 5.125%, 3/11/2023, 144A		21,032,838
	20,973,000	Bharti Airtel Ltd., 4.375%, 6/10/2025, 144A		21,303,304
	4,885,000	Crown Castle International Corp., 3.400%, 2/15/2021		4,957,796
	6,409,000	MTN (Mauritius) Investments Ltd., 4.755%, 11/11/2024, 144A		5,769,382
	11,063,000	SK Telecom Co. Ltd., 2.125%, 5/01/2018, 144A		11,121,368
	3,055,000	SK Telecom Co. Ltd., 6.625%, 7/20/2027, 144A		4,069,565
	11,565,000	Sprint Capital Corp., 6.875%, 11/15/2028		8,442,450
				78,238,689
		Wirelines — 4.2%
	25,870,000	AT&T, Inc., 3.600%, 2/17/2023		26,875,722
	17,141,000	AT&T, Inc., 4.750%, 5/15/2046		16,720,308
	1,658,000	AT&T, Inc., 5.550%, 8/15/2041		1,779,686
	10,504,000	CenturyLink, Inc., 5.625%, 4/01/2020		10,640,657
	1,820,000	CenturyLink, Inc., Series T, 5.800%, 3/15/2022		1,751,022
	6,927,000	Colombia Telecomunicaciones S.A. E.S.P., 5.375%, 9/27/2022, 144A		6,286,945
	38,371,000	Embarq Corp., 7.995%, 6/01/2036		37,044,898
	7,533,000	Frontier Communications Corp., 6.875%, 1/15/2025		6,360,677
	7,658,000	Frontier Communications Corp., 7.125%, 1/15/2023		6,777,330
	1,521,000	Frontier Communications Corp., 7.875%, 1/15/2027		1,209,195
	4,474,000	Frontier Communications Corp., 8.500%, 4/15/2020		4,627,906
	13,096,000	Frontier Communications Corp., 8.750%, 4/15/2022		12,768,600
	401,000	Frontier Communications Corp., 9.000%, 8/15/2031		344,860
	8,485,000	Level 3 Financing, Inc., 5.375%, 1/15/2024, 144A		8,591,063
	8,867,000	Level 3 Financing, Inc., 5.625%, 2/01/2023		9,110,843
	1,907,000	Qwest Corp., 6.750%, 12/01/2021		2,050,025
	5,000,000	Telefonica Celular del Paraguay S.A., 6.750%, 12/13/2022, 144A		4,900,000
	3,890,000	Telefonica Emisiones SAU, 5.134%, 4/27/2020		4,304,588
	20,492,000	Telefonica Emisiones SAU, 5.462%, 2/16/2021		23,280,039
	10,429,000	Verizon Communications, Inc., 2.625%, 2/21/2020		10,730,794
	20,211,000	Verizon Communications, Inc., 4.400%, 11/01/2034(c)		20,432,250
	19,656,000	Verizon Communications, Inc., 5.050%, 3/15/2034		21,304,411

See accompanying notes to financial statements.

|  22

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Wirelines — continued
$	24,800,000	Windstream Services LLC, 7.500%, 4/01/2023	$	18,538,000
				256,429,819
		Total Bonds and Notes (Identified Cost $5,981,693,131)		5,773,731,737
	Senior Loans — 1.2%
		Automotive — 0.0%
	274,400	KAR Auction Services, Inc., Term Loan B2, 3.938%, 3/11/2021(b)		275,086
	1,487,781	Visteon Corp., Delayed Draw Term Loan B, 3.500%, 4/09/2021(b)		1,482,826
				1,757,912
		Cable Satellite — 0.1%
	3,575,883	Charter Communications Operating LLC, Term Loan E, 3.000%, 7/01/2020(b)		3,557,431
		Electric — 0.1%
	5,332,545	NRG Energy, Inc., Refi Term Loan B, 2.750%, 7/02/2018(b)		5,272,554
		Food & Beverage — 0.2%
	11,564,000	Aramark Services, Inc., USD Term Loan F, 3.250%, 2/24/2021(b)		11,515,778
		Industrial Other — 0.1%
	4,447,705	Allison Transmission, Inc., New Term Loan B3, 3.500%, 8/23/2019(b)		4,442,412
		Lodging — 0.2%
	11,719,495	Four Seasons Holdings, Inc., New 1st Lien Term Loan, 3.500%, 6/27/2020(b)		11,620,583
		Midstream — 0.2%
	6,263,000	Energy Transfer Equity LP, New Term Loan, 3.250%, 12/02/2019(b)		5,562,859
	7,146,463	Energy Transfer Equity LP, 2015 Term Loan, 4.000%, 12/02/2019(b)		6,406,018
				11,968,877
		Retailers — 0.1%
	11,389,614	Staples Escrow LLC, 2016 Term Loan, 4.750%, 2/02/2022(b)		11,372,188
		Wirelines — 0.2%
	11,729,000	Level 3 Financing, Inc., 2015 Term Loan B2, 3.500%, 5/31/2022(b)		11,697,214
		Total Senior Loans (Identified Cost $74,578,097)		73,204,949
Shares
	Preferred Stocks — 0.3%
		Banking — 0.0%
	27,456	Ally Financial, Inc., Series A, (fixed rate to 5/15/2016, variable rate thereafter), 8.500%		699,030
		Cable Satellite — 0.3%
	17,563,000	NBCUniversal Enterprise, Inc., 5.250%, 144A(c)		18,089,890
		Finance Companies — 0.0%
	5,310	SLM Corp., Series A, 6.970%		246,384
		Total Preferred Stocks (Identified Cost $19,126,348)		19,035,304

See accompanying notes to financial statements.

23  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
	Short-Term Investments — 8.9%
$	222,133	Repurchase Agreement with State Street Bank and Trust Company, dated 3/31/2016 at 0.000% to be repurchased at $222,133 on 4/01/2016 collateralized by $222,600 U.S. Treasury Note, 1.500% due 8/31/2018 valued at $226,646 including accrued interest (Note 2 of Notes to Financial Statements)	$	222,133
	491,251,451	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2016 at 0.030% to be repurchased at $491,251,861 on 4/01/2016 collateralized by $205,000 U.S. Bond, 7.250% due 8/15/2022 valued at $279,056; $484,510,000 U.S. Treasury Note, 1.875% due 10/31/2022 valued at $498,439,663; $2,330,000 U.S. Treasury Note, 1.750% due 3/31/2022 valued at $2,367,863 including accrued interest (Note 2 of Notes to Financial Statements)		491,251,451
	42,110,000	U.S. Treasury Bills, 0.168%, 4/28/2016(h)		42,104,568
		Total Short-Term Investments (Identified Cost $533,578,294)		533,578,152
		Total Investments — 106.2% (Identified Cost $6,608,975,870)(a)		6,399,550,142
		Other assets less liabilities — (6.2)%		(374,615,099	)
		Net Assets — 100.0%	$	6,024,935,043
	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(††)	Amount shown represents units. One unit represents a principal amount of 100.
	(a)	Federal Tax Information (Amounts exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
		At March 31, 2016, the net unrealized depreciation on investments based on a cost of $6,629,534,455 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	$	56,610,452
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(286,594,765	)
		Net unrealized depreciation	$	(229,984,313	)
	(b)	Variable rate security. Rate as of March 31, 2016 is disclosed.
	(c)	Security (or a portion thereof) has been designated to cover the Fund’s obligations under open derivative 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.

See accompanying notes to financial statements.

|  24

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

(f)	Illiquid security. At March 31, 2016, the value of these securities amounted to $19,962,368 or 0.3% 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.
(g)	Treasury Inflation Protected Security (TIPS).
(h)	Interest rate represents discount rate at time of purchase; not a coupon rate.
(i)	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 March 31, 2016, the value of Rule 144A holdings amounted to $1,545,401,832 or 25.7% 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
PJSC	Private Joint-Stock Company
REMIC	Real Estate Mortgage Investment Conduit
TBA	To Be Announced
EUR	Euro
MXN	Mexican Peso
PHP	Philippine Peso
USD	U.S. Dollar

At March 31, 2016, the Fund had the following open forward foreign currency contracts:

Contract to Buy/Sell	Delivery Date		Currency	Units of Currency		Notional Value		Unrealized Appreciation (Depreciation)
Sell1		4/21/2016	Euro		12,444,000	$	14,167,301	$	(79,324	)

¹ Counterparty is Bank of America, N.A.

See accompanying notes to financial statements.

25  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Industry Summary at March 31, 2016 (Unaudited)

Treasuries	16.3	%
Mortgage Related	13.2
Banking	8.5
Non-Agency Commercial Mortgage-Backed Securities	5.7
Government Owned - No Guarantee	5.0
Wirelines	4.4
ABS Car Loan	3.7
Finance Companies	3.4
Automotive	2.9
Technology	2.6
Cable Satellite	2.6
Midstream	2.2
Metals & Mining	2.0
Other Investments, less than 2% each	24.8
Short-Term Investments	8.9
Total Investments	106.2
Other assets less liabilities (including forward foreign currency contracts)	(6.2	)
Net Assets	100.0	%

See accompanying notes to financial statements.

|  26

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles High Income Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 92.5% of Net Assets
	Non-Convertible Bonds — 87.6%
		ABS Home Equity — 2.5%
$	300,000	American Homes 4 Rent, Series 2014-SFR1, Class E, 2.941%, 6/17/2031, 144A(b)	$	277,813
	204,265	Banc of America Alternative Loan Trust, Series 2003-10, Class 3A1, 5.500%, 12/25/2033		206,258
	138,103	Banc of America Alternative Loan Trust, Series 2003-8, Class 1CB1, 5.500%, 10/25/2033		139,414
	114,634	Banc of America Funding Corp., Series 2007-4, Class 5A1, 5.500%, 11/25/2034		106,279
	157,820	Banc of America Funding Trust, Series 2005-7, Class 3A1, 5.750%, 11/25/2035		160,486
	70,817	Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A4, 2.717%, 5/25/2035(b)		65,720
	267,438	Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-11, Class 4A1, 0.703%, 4/25/2035(b)		215,238
	146,074	Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-HYB7, Class 2A, 2.956%, 11/20/2035(b)		135,801
	277,406	DSLA Mortgage Loan, Series 2005-AR5, Class 2A1A, 0.762%, 9/19/2045(b)		198,713
	250,000	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2013-DN2, Class M2, 4.683%, 11/25/2023(b)		246,969
	305,000	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M3, 3.733%, 10/25/2027(b)		289,351
	218,479	GMAC Mortgage Corp. Loan Trust, Series 2005-AR4, Class 3A1, 3.195%, 7/19/2035(b)		196,926
	64,766	GSR Mortgage Loan Trust, Series 2004-14, Class 3A1, 3.144%, 12/25/2034(b)		60,325
	81,073	JPMorgan Alternative Loan Trust, Series 2006-A1, Class 5A1, 2.793%, 3/25/2036(b)		55,959
	296,076	Lehman Mortgage Trust, Series 2005-3, Class 1A6, 0.933%, 1/25/2036(b)(c)		170,667
	386,573	MASTR Adjustable Rate Mortgages Trust, Series 2005-2, Class 3A1, 3.035%, 3/25/2035(b)		329,917
	368,181	MASTR Adjustable Rate Mortgages Trust, Series 2005-2, Class 4A1, 2.745%, 3/25/2035(b)		270,876
	77,742	New York Mortgage Trust, Series 2006-1, Class 2A2, 3.181%, 5/25/2036(b)		69,356
	240,430	Residential Funding Mortgage Securities, Series 2006-S1, Class 1A3, 5.750%, 1/25/2036		237,100
	487,967	WaMu Mortgage Pass Through Certificates, Series 2006-AR19, Class 2A, 1.905%, 1/25/2047(b)		415,048
				3,848,216
		ABS Other — 0.5%
	286,012	AIM Aviation Finance Ltd., Series 2015-1A, Class B1, 5.072%, 2/15/2040, 144A(b)		283,463
	86,005	Sierra Receivables Funding Co. LLC, Series 2011-3A, Class C, 9.310%, 7/20/2028, 144A		87,806
	450,000	Springleaf Funding Trust, Series 2014-AA, Class C, 4.450%, 12/15/2022, 144A		439,302
				810,571

See accompanying notes to financial statements.

27  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Aerospace & Defense — 3.0%
$	55,000	Aerojet Rocketdyne Holdings, Inc., 7.125%, 3/15/2021	$	57,062
	125,000	Embraer Netherlands Finance BV, 5.050%, 6/15/2025		109,844
	125,000	Huntington Ingalls Industries, Inc., 5.000%, 12/15/2021, 144A		131,250
	115,000	Huntington Ingalls Industries, Inc., 5.000%, 11/15/2025, 144A		120,319
	770,000	KLX, Inc., 5.875%, 12/01/2022, 144A		766,150
	1,500,000	Meccanica Holdings USA, Inc., 6.250%, 1/15/2040, 144A		1,425,000
	900,000	Meccanica Holdings USA, Inc., 7.375%, 7/15/2039, 144A		936,000
	620,000	TransDigm, Inc., 6.000%, 7/15/2022		617,675
	515,000	TransDigm, Inc., 6.500%, 7/15/2024		510,983
				4,674,283
		Airlines — 0.2%
	96,545	Virgin Australia Pass Through Trust, Series 2013-1B, 6.000%, 4/23/2022, 144A		97,510
	142,794	Virgin Australia Pass Through Trust, Series 2013-1C, 7.125%, 10/23/2018, 144A		142,794
				240,304
		Automotive — 1.2%
	240,000	Goodyear Tire & Rubber Co. (The), 5.125%, 11/15/2023		245,400
	620,000	Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc., 7.875%, 10/01/2022, 144A		576,600
	310,000	Nexteer Automotive Group Ltd., 5.875%, 11/15/2021, 144A		315,233
	735,000	ZF North America Capital, Inc., 4.750%, 4/29/2025, 144A		731,325
				1,868,558
		Banking — 3.9%
	1,985,000	Ally Financial, Inc., 4.625%, 3/30/2025		1,957,706
	1,195,000	Commerzbank AG, 8.125%, 9/19/2023, 144A		1,349,095
	395,000	Deutsche Bank AG, 4.500%, 4/01/2025		343,315
	470,000	Intesa Sanpaolo SpA, 5.017%, 6/26/2024, 144A		440,128
	895,000	Intesa Sanpaolo SpA, 5.710%, 1/15/2026, 144A		868,597
	1,025,000	Royal Bank of Scotland Group PLC, 6.125%, 12/15/2022(d)		1,087,285
				6,046,126
		Brokerage — 0.3%
	535,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 6.875%, 4/15/2022, 144A		453,413
		Building Materials — 1.5%
	890,000	Atrium Windows & Doors, Inc., 7.750%, 5/01/2019, 144A		658,600
	350,000	Cemex SAB de CV, 7.750%, 4/16/2026, 144A		358,715
	50,000	Masco Corp., 6.500%, 8/15/2032		51,000
	345,000	Masco Corp., 7.750%, 8/01/2029		389,850
	245,000	NCI Building Systems, Inc., 8.250%, 1/15/2023, 144A		257,863
	555,000	Vulcan Materials Co., 4.500%, 4/01/2025		570,262
				2,286,290
		Cable Satellite — 6.1%
	795,000	Altice Financing S.A., 6.625%, 2/15/2023, 144A		796,987
	475,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 2/15/2023		484,500
	625,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2023, 144A		635,937

See accompanying notes to financial statements.

|  28

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Cable Satellite — continued
$	430,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.250%, 9/30/2022	$	442,900
	15,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 1/15/2024		15,619
	760,000	CSC Holdings LLC, 5.250%, 6/01/2024		677,350
	75,000	CSC Holdings LLC, 6.750%, 11/15/2021		77,025
	895,000	DISH DBS Corp., 5.125%, 5/01/2020		888,287
	1,620,000	DISH DBS Corp., 5.875%, 11/15/2024		1,486,350
	220,000	Neptune Finco Corp., 10.125%, 1/15/2023, 144A		235,400
	200,000	Neptune Finco Corp., 10.875%, 10/15/2025, 144A		217,000
	150,000	Sirius XM Radio, Inc., 5.750%, 8/01/2021, 144A		156,938
	1,485,000	Unitymedia GmbH, 6.125%, 1/15/2025, 144A		1,543,479
	515,000	Unitymedia Hessen GmbH & Co.KG/Unitymedia NRW GmbH, 5.000%, 1/15/2025, 144A		513,713
	265,000	Virgin Media Finance PLC, 6.000%, 10/15/2024, 144A		272,288
	485,000	Virgin Media Finance PLC, 6.375%, 4/15/2023, 144A		504,400
	375,000	Virgin Media Secured Finance PLC, 5.500%, 1/15/2025, 144A		386,250
	135,850	Wave Holdco LLC/Wave Holdco Corp., PIK, 8.250%, 7/15/2019, 144A(e)		132,454
				9,466,877
		Chemicals — 0.8%
	1,510,000	Hercules, Inc., 6.500%, 6/30/2029		1,177,800
		Construction Machinery — 0.5%
	800,000	United Rentals North America, Inc., 5.750%, 11/15/2024		800,000
		Consumer Cyclical Services — 1.0%
	455,000	Interval Acquisition Corp., 5.625%, 4/15/2023, 144A		456,138
	1,095,000	ServiceMaster Co. LLC (The), 7.450%, 8/15/2027		1,078,575
				1,534,713
		Electric — 1.7%
	520,000	AES Corp. (The), 5.500%, 4/15/2025		501,150
	525,000	Dynegy, Inc., 7.375%, 11/01/2022		485,625
	1,502,000	Enel SpA, (fixed rate to 9/24/2023, variable rate thereafter), 8.750%, 9/24/2073, 144A(d)		1,670,975
	9,956	Red Oak Power LLC, Series A, 8.540%, 11/30/2019		9,956
				2,667,706
		Environmental — 0.2%
	335,000	GFL Environmental, Inc., 7.875%, 4/01/2020, 144A		332,488
	25,000	GFL Environmental, Inc., 9.875%, 2/01/2021, 144A		26,000
				358,488
		Finance Companies — 5.7%
	740,000	AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, 4.500%, 5/15/2021		756,184
	685,000	AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, 5.000%, 10/01/2021		708,975
	515,000	Aircastle Ltd., 5.500%, 2/15/2022		537,207
	600,000	iStar, Inc., 4.000%, 11/01/2017		585,000
	505,000	iStar, Inc., 5.000%, 7/01/2019		484,800
	1,015,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.875%, 8/01/2021, 144A		888,125

See accompanying notes to financial statements.

29  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Finance Companies — continued
$	585,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.375%, 10/01/2017	$	581,343
	870,000	Navient Corp., 5.000%, 10/26/2020		789,525
	200,000	Navient Corp., 5.875%, 3/25/2021		181,000
	435,000	Oxford Finance LLC/Oxford Finance Co-Issuer, Inc., 7.250%, 1/15/2018, 144A		430,650
	540,000	Provident Funding Associates LP/PFG Finance Corp., 6.750%, 6/15/2021, 144A		511,650
	1,335,000	Quicken Loans, Inc., 5.750%, 5/01/2025, 144A		1,294,950
	1,110,000	Springleaf Finance Corp., 7.750%, 10/01/2021		1,089,021
				8,838,430
		Financial Other — 1.4%
	565,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp, 6.000%, 8/01/2020		549,462
	695,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.875%, 3/15/2019(d)		667,200
	180,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.875%, 2/01/2022		170,820
	804,000	Rialto Holdings LLC/Rialto Corp., 7.000%, 12/01/2018, 144A		789,930
				2,177,412
		Food & Beverage — 0.4%
	1,800,000	BRF S.A., 7.750%, 5/22/2018, 144A, (BRL)		415,502
	600,000	Cosan Luxembourg S.A., 9.500%, 3/14/2018, 144A, (BRL)		136,832
				552,334
		Gaming — 1.0%
	175,000	Boyd Gaming Corp., 6.375%, 4/01/2026, 144A		181,562
	725,000	MGM Resorts International, 6.000%, 3/15/2023		750,375
	600,000	MGM Resorts International, 6.750%, 10/01/2020		649,200
				1,581,137
		Government Owned – No Guarantee — 1.5%
	705,000	Petrobras Global Finance BV, 4.875%, 3/17/2020		586,701
	600,000	Petrobras Global Finance BV, 5.375%, 1/27/2021		495,978
	530,000	Petrobras Global Finance BV, 6.250%, 3/17/2024		423,841
	45,000	Petrobras Global Finance BV, 6.750%, 1/27/2041		32,355
	24,207(††)	Petroleos Mexicanos, 7.190%, 9/12/2024, 144A, (MXN)		121,418
	129,850(††)	Petroleos Mexicanos, 7.470%, 11/12/2026, (MXN)		631,628
				2,291,921
		Health Insurance — 0.2%
	365,000	Centene Escrow Corp., 6.125%, 2/15/2024, 144A		384,163
		Healthcare — 4.9%
	360,000	Amsurg Corp., 5.625%, 7/15/2022		370,800
	425,000	CHS/Community Health Systems, Inc., 6.875%, 2/01/2022		383,563
	560,000	ExamWorks Group, Inc., 5.625%, 4/15/2023		571,200
	145,000	Fresenius Medical Care U.S. Finance II, Inc., 4.750%, 10/15/2024, 144A		147,356
	260,000	HCA, Inc., 5.375%, 2/01/2025		262,844
	170,000	HCA, Inc., 7.050%, 12/01/2027		174,250
	655,000	HCA, Inc., 7.500%, 12/15/2023		694,300
	145,000	HCA, Inc., 7.500%, 11/06/2033		155,150
	590,000	HCA, Inc., 7.690%, 6/15/2025		634,250

See accompanying notes to financial statements.

|  30

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Healthcare — continued
$	480,000	HCA, Inc., 8.360%, 4/15/2024	$	535,200
	820,000	HCA, Inc., MTN, 7.580%, 9/15/2025		885,600
	515,000	HCA, Inc., MTN, 7.750%, 7/15/2036		551,050
	305,000	LifePoint Health, Inc., 5.500%, 12/01/2021		318,725
	65,000	MEDNAX, Inc., 5.250%, 12/01/2023, 144A		67,600
	235,000	Team Health, Inc., 7.250%, 12/15/2023, 144A		251,450
	310,000	Tenet Healthcare Corp., 5.000%, 3/01/2019		306,513
	675,000	Tenet Healthcare Corp., 6.750%, 6/15/2023		646,312
	705,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		568,406
				7,524,569
		Home Construction — 1.4%
	1,200,000	Corporacion GEO SAB de CV, 8.875%, 3/27/2022, 144A(f)(g)(h)		12
	750,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021(i)		513,750
	800,000	Lennar Corp., 4.750%, 5/30/2025		786,000
	915,000	TRI Pointe Holdings, Inc./TRI Pointe Group, Inc., 4.375%, 6/15/2019		908,137
	200,000	Urbi Desarrollos Urbanos SAB de CV, 9.500%, 1/21/2020, 144A(f)(g)(h)		2
	900,000	Urbi Desarrollos Urbanos SAB de CV, 9.750%, 2/03/2022, 144A(f)(g)(h)		9
				2,207,910
		Independent Energy — 6.7%
	1,100,000	Antero Resources Corp., 5.125%, 12/01/2022		998,250
	110,000	Antero Resources Corp., 5.375%, 11/01/2021		101,750
	90,000	Baytex Energy Corp., 5.125%, 6/01/2021, 144A		63,450
	1,260,000	Baytex Energy Corp., 5.625%, 6/01/2024, 144A		847,350
	370,000	Bonanza Creek Energy, Inc., 5.750%, 2/01/2023		98,050
	650,000	Bonanza Creek Energy, Inc., 6.750%, 4/15/2021		182,000
	75,000	California Resources Corp., 5.000%, 1/15/2020		17,250
	845,000	California Resources Corp., 5.500%, 9/15/2021		185,900
	380,000	California Resources Corp., 6.000%, 11/15/2024		85,500
	1,360,000	Chesapeake Energy Corp., 4.875%, 4/15/2022		476,000
	70,000	Chesapeake Energy Corp., 5.750%, 3/15/2023		23,800
	110,000	Chesapeake Energy Corp., 6.125%, 2/15/2021		42,350
	300,000	Chesapeake Energy Corp., 6.625%, 8/15/2020		117,000
	70,000	Concho Resources, Inc., 5.500%, 10/01/2022		68,775
	125,000	Concho Resources, Inc., 5.500%, 4/01/2023		122,500
	645,000	Continental Resources, Inc., 3.800%, 6/01/2024		509,550
	235,000	Continental Resources, Inc., 4.500%, 4/15/2023		196,519
	690,000	Eclipse Resources Corp., 8.875%, 7/15/2023, 144A		358,800
	170,000	Halcon Resources Corp., 8.625%, 2/01/2020, 144A		120,700
	115,000	Halcon Resources Corp., 8.875%, 5/15/2021		20,125
	490,000	Halcon Resources Corp., 9.750%, 7/15/2020		86,975
	145,000	Matador Resources Co., 6.875%, 4/15/2023		138,837
	410,000	MEG Energy Corp., 6.375%, 1/30/2023, 144A		241,900
	180,000	MEG Energy Corp., 6.500%, 3/15/2021, 144A		108,675
	585,000	MEG Energy Corp., 7.000%, 3/31/2024, 144A		345,150
	60,000	Newfield Exploration Co., 5.625%, 7/01/2024		56,250
	625,000	Oasis Petroleum, Inc., 6.875%, 3/15/2022		462,500

See accompanying notes to financial statements.

31  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Independent Energy — continued
$	485,000	Oasis Petroleum, Inc., 7.250%, 2/01/2019	$	369,812
	405,000	QEP Resources, Inc., 5.250%, 5/01/2023		352,350
	520,000	QEP Resources, Inc., 5.375%, 10/01/2022		456,300
	1,150,000	Rex Energy Corp., (Step to 8.000% on 10/01/2017), 1.000%, 10/01/2020, 144A(j)		149,500
	1,025,000	Rice Energy, Inc., 6.250%, 5/01/2022		891,750
	565,000	RSP Permian, Inc., 6.625%, 10/01/2022		556,525
	330,000	Sanchez Energy Corp., 6.125%, 1/15/2023		178,200
	70,000	Sanchez Energy Corp., 7.750%, 6/15/2021		41,125
	920,000	SM Energy Co., 5.000%, 1/15/2024		636,815
	35,000	SM Energy Co., 6.125%, 11/15/2022		25,515
	395,000	Southwestern Energy Co., 4.950%, 1/23/2025		270,575
	115,000	Ultra Petroleum Corp., 5.750%, 12/15/2018, 144A		8,050
	55,000	Whiting Petroleum Corp., 5.000%, 3/15/2019		38,088
	455,000	Whiting Petroleum Corp., 5.750%, 3/15/2021		302,575
				10,353,086
		Industrial Other — 0.2%
	330,000	Broadspectrum Ltd., 8.375%, 5/15/2020, 144A		337,425
		Integrated Energy — 0.2%
	100,000	Pacific Exploration and Production Corp., 5.125%, 3/28/2023, 144A(f)(i)		17,000
	800,000	Pacific Exploration and Production Corp., 5.375%, 1/26/2019, 144A(f)(i)		136,000
	580,000	Pacific Exploration and Production Corp., 5.625%, 1/19/2025, 144A(f)(i)		98,600
				251,600
		Life Insurance — 0.2%
	340,000	CNO Financial Group, Inc., 5.250%, 5/30/2025		347,650
		Local Authorities — 0.2%
	365,000	Provincia de Buenos Aires, 9.125%, 3/16/2024, 144A		373,935
		Media Entertainment — 1.3%
	470,000	Clear Channel Worldwide Holdings, Inc., 7.625%, 3/15/2020		431,225
	1,155,000	Clear Channel Worldwide Holdings, Inc., Series B, 6.500%, 11/15/2022		1,149,225
	481,000	DreamWorks Animation SKG, Inc., 6.875%, 8/15/2020, 144A		485,810
				2,066,260
		Metals & Mining — 2.7%
	200,000	Anglo American Capital PLC, 4.125%, 9/27/2022, 144A		162,500
	200,000	Anglo American Capital PLC, 4.875%, 5/14/2025, 144A		162,500
	1,395,000	ArcelorMittal, 7.750%, 3/01/2041		1,192,725
	795,000	CONSOL Energy, Inc., 5.875%, 4/15/2022		572,893
	180,000	Constellium NV, 4.625%, 5/15/2021, 144A, (EUR)		161,297
	460,000	Essar Steel Algoma, Inc., 9.500%, 11/15/2019, 144A(f)(i)		13,800
	175,000	First Quantum Minerals Ltd., 7.000%, 2/15/2021, 144A		117,250
	270,000	First Quantum Minerals Ltd., 7.250%, 5/15/2022, 144A		180,900
	1,375,000	Freeport-McMoRan, Inc., 4.550%, 11/14/2024(d)		938,437
	85,000	Freeport-McMoRan, Inc., 5.450%, 3/15/2043		52,063
	245,000	Glencore Finance Canada Ltd., 5.550%, 10/25/2042, 144A		188,650
	440,000	Lundin Mining Corp., 7.500%, 11/01/2020, 144A		420,200
				4,163,215

See accompanying notes to financial statements.

|  32

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Midstream — 5.4%
$	250,000	Access Midstream Partners LP/ACMP Finance Corp., 4.875%, 3/15/2024	$	218,155
	200,000	Gibson Energy, Inc., 6.750%, 7/15/2021, 144A		184,000
	40,000	Kinder Morgan Energy Partners LP, 3.450%, 2/15/2023		37,112
	60,000	Kinder Morgan Energy Partners LP, 3.500%, 9/01/2023		54,359
	75,000	Kinder Morgan Energy Partners LP, 4.700%, 11/01/2042		58,918
	30,000	Kinder Morgan Energy Partners LP, 5.000%, 3/01/2043		24,751
	270,000	MPLX LP, 4.875%, 12/01/2024, 144A		249,274
	570,000	NGL Energy Partners LP/NGL Energy Finance Corp., 5.125%, 7/15/2019		344,850
	365,000	NGL Energy Partners LP/NGL Energy Finance Corp., 6.875%, 10/15/2021		215,350
	445,000	Regency Energy Partners LP/Regency Energy Finance Corp., 4.500%, 11/01/2023		392,640
	295,000	Regency Energy Partners LP/Regency Energy Finance Corp., 5.875%, 3/01/2022		286,590
	385,000	Rose Rock Midstream LP/Rose Rock Finance Corp., 5.625%, 7/15/2022		256,025
	985,000	Sabine Pass Liquefaction LLC, 5.625%, 2/01/2021		946,831
	480,000	Sabine Pass Liquefaction LLC, 5.625%, 3/01/2025		457,800
	425,000	Sabine Pass Liquefaction LLC, 6.250%, 3/15/2022		415,969
	935,000	Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 5.500%, 8/15/2022		663,850
	1,863,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.125%, 11/15/2019		1,759,380
	95,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.250%, 11/15/2023		83,362
	640,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.250%, 5/01/2023		590,400
	300,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.375%, 8/01/2022		289,500
	15,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.875%, 2/01/2021		14,700
	355,000	Tesoro Logistics LP/Tesoro Logistics Finance Corp., 5.500%, 10/15/2019, 144A		353,225
	360,000	Tesoro Logistics LP/Tesoro Logistics Finance Corp., 6.250%, 10/15/2022, 144A		355,500
	180,000	Western Refining Logistics LP/WNRL Finance Corp., 7.500%, 2/15/2023		160,200
				8,412,741
		Non-Agency Commercial Mortgage-Backed Securities — 2.2%
	935,000	BXHTL Mortgage Trust, Series 2015-DRMZ, Class M, 8.638%, 5/15/2018, 144A(b)(i)		935,000
	1,690,000	GS Mortgage Securities Trust, Series 2007-GG10, Class AM, 5.794%, 8/10/2045(b)		1,610,117
	805,000	Hilton USA Trust, Series 2013-HLT, Class EFX, 5.222%, 11/05/2030, 144A(b)		809,737
	125,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LDPX, Class AM, 5.464%, 1/15/2049(b)		123,979
				3,478,833
		Oil Field Services — 0.4%
	130,000	Diamond Offshore Drilling, Inc., 4.875%, 11/01/2043		85,590
	155,000	Ensco PLC, 5.750%, 10/01/2044		76,725
	155,000	Noble Holding International Ltd., 5.250%, 3/15/2042		77,137

See accompanying notes to financial statements.

33  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Oil Field Services — continued
$	435,000	Paragon Offshore PLC, 6.750%, 7/15/2022, 144A(f)(i)	$	114,188
	905,000	Paragon Offshore PLC, 7.250%, 8/15/2024, 144A(f)(i)		242,087
	35,000	Parker Drilling Co., 6.750%, 7/15/2022		25,200
	40,000	Transocean, Inc., 4.300%, 10/15/2022		22,100
				643,027
		Packaging — 1.0%
	755,000	Sealed Air Corp., 6.875%, 7/15/2033, 144A		798,413
	775,000	Signode Industrial Group Lux S.A./Signode Industrial Group U.S., Inc., 6.375%, 5/01/2022, 144A		704,281
				1,502,694
		Pharmaceuticals — 2.5%
	1,540,000	Valeant Pharmaceuticals International, 6.375%, 10/15/2020, 144A		1,278,200
	530,000	Valeant Pharmaceuticals International, 7.250%, 7/15/2022, 144A		424,000
	265,000	Valeant Pharmaceuticals International, Inc., 5.500%, 3/01/2023, 144A		208,356
	85,000	Valeant Pharmaceuticals International, Inc., 5.625%, 12/01/2021, 144A		66,938
	2,015,000	Valeant Pharmaceuticals International, Inc., 5.875%, 5/15/2023, 144A		1,579,256
	335,000	VRX Escrow Corp., 5.375%, 3/15/2020, 144A		273,025
				3,829,775
		Property & Casualty Insurance — 0.5%
	786,000	HUB International Ltd., 7.875%, 10/01/2021, 144A		774,210
		Refining — 0.1%
	90,000	Western Refining, Inc., 6.250%, 4/01/2021		79,875
		Retailers — 1.3%
	40,000	Dillard’s, Inc., 7.000%, 12/01/2028		43,896
	435,000	Dillard’s, Inc., 7.750%, 7/15/2026		498,734
	205,000	Dillard’s, Inc., 7.750%, 5/15/2027(d)		236,975
	35,000	Dillard’s, Inc., 7.875%, 1/01/2023		40,151
	1,035,000	GameStop Corp., 5.500%, 10/01/2019, 144A		993,600
	115,000	J.C. Penney Corp., Inc., 5.750%, 2/15/2018		116,438
	520,000	Nine West Holdings, Inc., 6.125%, 11/15/2034		75,400
				2,005,194
		Supermarkets — 0.5%
	935,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		790,075
		Supranational — 2.6%
	30,700,000	European Bank for Reconstruction & Development, GMTN, 6.400%, 3/04/2019, (INR)		457,900
	5,420,000,000	International Bank for Reconstruction & Development, 4.500%, 8/03/2017, (COP)(d)		1,763,187
	21,150,000	International Bank for Reconstruction & Development, Series GDIF, 5.000%, 5/24/2017, (INR)		313,460
	100,890,000	International Finance Corp., 7.800%, 6/03/2019, (INR)(d)		1,563,357
				4,097,904

See accompanying notes to financial statements.

|  34

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Technology — 7.2%
$	1,545,000	Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029	$	1,641,562
	1,930,000	Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028		1,987,900
	550,000	Blackboard, Inc., 7.750%, 11/15/2019, 144A		442,750
	60,000	CommScope Technologies Finance LLC, 6.000%, 6/15/2025, 144A		60,563
	75,000	CommScope, Inc., 4.375%, 6/15/2020, 144A		77,063
	330,000	CommScope, Inc., 5.000%, 6/15/2021, 144A		332,475
	480,000	Equinix, Inc., 5.375%, 1/01/2022		499,800
	1,765,000	First Data Corp., 7.000%, 12/01/2023, 144A		1,782,650
	415,000	Micron Technology, Inc., 5.250%, 8/01/2023, 144A		339,263
	610,000	Micron Technology, Inc., 5.250%, 1/15/2024, 144A		491,050
	360,000	Micron Technology, Inc., 5.500%, 2/01/2025		291,825
	515,000	Micron Technology, Inc., 5.625%, 1/15/2026, 144A		406,850
	210,000	Microsemi Corp., 9.125%, 4/15/2023, 144A		230,475
	515,000	Open Text Corp., 5.625%, 1/15/2023, 144A		525,300
	430,000	Qorvo, Inc., 6.750%, 12/01/2023, 144A		443,975
	275,000	Sabre GLBL, Inc., 5.250%, 11/15/2023, 144A		279,785
	405,000	Sabre GLBL, Inc., 5.375%, 4/15/2023, 144A		415,631
	235,000	Western Digital Corp., 7.375%, 4/01/2023, 144A(k)		239,700
	755,000	Western Digital Corp., 10.500%, 4/01/2024, 144A(k)		756,887
				11,245,504
		Transportation Services — 0.1%
	275,000	APL Ltd., 8.000%, 1/15/2024(i)		184,250
		Treasuries — 5.9%
	55,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2035, (EUR)(j)		35,765
	55,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2036, (EUR)(j)		35,246
	20,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2041, (EUR)(j)		12,691
	107,066(††)	Mexican Fixed Rate Bonds, Series M, 4.750%, 6/14/2018, (MXN)(d)		623,171
	131,500(††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/10/2021, (MXN)(d)		799,310
	98,938(††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		651,416
	151,030(††)	Mexican Fixed Rate Bonds, Series M-20, 10.000%, 12/05/2024, (MXN)(d)		1,122,211
	280,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		61,129
	2,900,000	U.S. Treasury Note, 1.000%, 12/31/2017		2,913,935
	2,890,000	U.S. Treasury Note, 1.250%, 12/15/2018		2,922,738
				9,177,612
		Wireless — 3.5%
	100,000	Altice Luxembourg S.A., 7.250%, 5/15/2022, 144A, (EUR)		112,453
	355,000	Altice Luxembourg S.A., 7.625%, 2/15/2025, 144A		339,912
	785,000	Altice Luxembourg S.A., 7.750%, 5/15/2022, 144A		772,503
	6,000,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		330,680
	6,100,000	America Movil SAB de CV, 8.460%, 12/18/2036, (MXN)		342,235
	380,000	Numericable-SFR SAS, 4.875%, 5/15/2019, 144A		378,100
	786,000	Sprint Capital Corp., 6.875%, 11/15/2028		573,780
	1,025,000	Sprint Corp., 7.250%, 9/15/2021		782,844

See accompanying notes to financial statements.

35  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Wireless — continued
$	605,000	T-Mobile USA, Inc., 6.000%, 4/15/2024	$	612,562
	370,000	T-Mobile USA, Inc., 6.125%, 1/15/2022		382,025
	515,000	T-Mobile USA, Inc., 6.731%, 4/28/2022		538,072
	200,000	Wind Acquisition Finance S.A., 4.750%, 7/15/2020, 144A		189,000
				5,354,166
		Wirelines — 3.0%
	705,000	CenturyLink, Inc., 7.650%, 3/15/2042		581,625
	30,000	CenturyLink, Inc., Series T, 5.800%, 3/15/2022		28,863
	130,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		120,575
	60,000,000	Empresa de Telecomunicaniones de Bogota, 7.000%, 1/17/2023, 144A, (COP)		15,434
	405,000	Frontier Communications Corp., 9.000%, 8/15/2031		348,300
	340,000	Frontier Communications Corp., 10.500%, 9/15/2022, 144A		348,500
	15,000	Frontier Communications Corp., 11.000%, 9/15/2025, 144A		15,075
	705,000	Level 3 Communications, Inc., 5.750%, 12/01/2022		727,913
	1,545,000	Level 3 Financing, Inc., 5.250%, 3/15/2026, 144A		1,556,588
	345,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		339,825
	35,000	Telecom Italia Capital S.A., 7.200%, 7/18/2036		35,700
	85,000	Telecom Italia Capital S.A., 7.721%, 6/04/2038		89,089
	450,000	Telecom Italia SpA, 5.303%, 5/30/2024, 144A		461,250
				4,668,737
		Total Non-Convertible Bonds (Identified Cost $149,915,584)		135,928,989
	Convertible Bonds — 4.9%
		Building Materials — 0.9%
	215,000	CalAtlantic Group, Inc., 0.250%, 6/01/2019		190,275
	85,000	KB Home, 1.375%, 2/01/2019		78,413
	575,000	Lennar Corp., 3.250%, 11/15/2021		1,185,937
				1,454,625
		Consumer Cyclical Services — 0.0%
	25,000	Macquarie Infrastructure Corp., 2.875%, 7/15/2019		27,609
		Consumer Products — 0.4%
	870,000	Iconix Brand Group, Inc., 1.500%, 3/15/2018		591,600
		Diversified Operations — 0.1%
	160,000	RWT Holdings, Inc., 5.625%, 11/15/2019		144,700
		Energy — 0.4%
	945,000	Hornbeck Offshore Services, Inc., 1.500%, 9/01/2019		560,503
		Healthcare — 0.2%
	290,000	Brookdale Senior Living, Inc., 2.750%, 6/15/2018		276,587
		Leisure — 0.6%
	1,035,000	Rovi Corp., 0.500%, 3/01/2020		986,200
		Metals & Mining — 0.3%
	420,000	RTI International Metals, Inc., 1.625%, 10/15/2019		439,425

See accompanying notes to financial statements.

|  36

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Midstream — 0.8%
$	420,000	Chesapeake Energy Corp., 2.500%, 5/15/2037	$	265,650
	1,570,000	Whiting Petroleum Corp., 1.250%, 4/01/2020, 144A		913,544
				1,179,194
		Pharmaceuticals — 0.5%
	58,000	BioMarin Pharmaceutical, Inc., 0.750%, 10/15/2018		67,171
	644,000	BioMarin Pharmaceutical, Inc., 1.500%, 10/15/2020		763,543
				830,714
		REITs – Mortgage — 0.0%
	30,000	Redwood Trust, Inc., 4.625%, 4/15/2018		28,088
		Technology — 0.7%
	306,000	Brocade Communications Systems, Inc., 1.375%, 1/01/2020		303,131
	345,000	LinkedIn Corp., 0.500%, 11/01/2019		312,441
	120,000	MercadoLibre, Inc., 2.250%, 7/01/2019		134,775
	415,000	Micron Technology, Inc., Series G, 3.000%, 11/15/2043		282,719
				1,033,066
		Total Convertible Bonds (Identified Cost $9,440,859)		7,552,311
		Total Bonds and Notes (Identified Cost $159,356,443)		143,481,300
	Senior Loans — 1.7%
		Consumer Cyclical Services — 0.2%
	480,994	SourceHov LLC, 2014 1st Lien Term Loan, 7.750%, 10/31/2019(b)		298,216
		Media Entertainment — 0.0%
	87,688	SuperMedia, Inc., Exit Term Loan, 11.600%, 12/30/2016(b)		28,225
		Other Utility — 0.2%
	241,158	PowerTeam Services LLC, 1st Lien Term Loan, 4.250%, 5/06/2020(b)		236,335
	95,000	PowerTeam Services LLC, 2nd Lien Term Loan, 8.250%, 11/06/2020(b)		87,875
				324,210
		Supermarkets — 0.3%
	544,500	Albertson’s LLC, Term Loan B4, 5.500%, 8/25/2021(b)		544,772
		Transportation Services — 0.1%
	89,350	OSG Bulk Ships, Inc., OBS Term Loan, 5.250%, 8/05/2019(b)		80,415
		Wirelines — 0.9%
	1,212,500	Fairpoint Communications, Inc., Refi Term Loan, 7.500%, 2/14/2019(b)		1,199,866
	159,324	Integra Telecom, Inc., 2nd Lien Term Loan, 9.750%, 2/12/2021(b)(i)		151,060
				1,350,926
		Total Senior Loans (Identified Cost $2,889,453)		2,626,764

See accompanying notes to financial statements.

37  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Shares		Description	Value (†)
	Preferred Stocks — 1.0%
	Convertible Preferred Stocks — 0.7%
		Midstream — 0.1%
	988	Chesapeake Energy Corp., 5.750%(l)	$	176,230
	20	Chesapeake Energy Corp., 5.750%, 144A(l)		3,567
	137	Chesapeake Energy Corp., 5.750%(l)		23,718
				203,515
		Pharmaceuticals — 0.5%
	860	Allergan PLC, Series A, 5.500%		790,460
		REITs – Mortgage — 0.1%
	2,107	iStar, Inc., Series J, 4.500%		88,410
		Total Convertible Preferred Stocks (Identified Cost $1,719,848)		1,082,385
	Non-Convertible Preferred Stocks — 0.3%
		Finance Companies — 0.3%
	12,925	iStar, Inc., Series E, 7.875%		283,057
	7,500	iStar, Inc., Series F, 7.800%		169,125
	550	iStar, Inc., Series G, 7.650%		12,403
				464,585
		Total Non-Convertible Preferred Stocks (Identified Cost $417,822)		464,585
		Total Preferred Stocks (Identified Cost $2,137,670)		1,546,970
	Common Stocks — 0.3%
		Energy Equipment & Services — 0.0%
	4,625	Hercules Offshore, Inc.(l)		11,100
		Oil, Gas & Consumable Fuels — 0.2%
	14,882	Kinder Morgan, Inc.		265,793
	17,250	Rex Energy Corp.(l)		13,253
				279,046
		Trading Companies & Distributors — 0.1%
	2,696	United Rentals, Inc.(l)		167,664
		Total Common Stocks (Identified Cost $1,705,251)		457,810
	Other Investments — 0.6%
		Aircraft ABS — 0.6%
	100	ECAF I Blocker Ltd.(g)(h) (Identified Cost $1,000,000)		980,000

See accompanying notes to financial statements.

|  38

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Shares		Description	Value (†)
	Warrants — 0.0%
	10,360	FairPoint Communications, Inc., Expiration on 1/24/2018 at $48.81(g)(h)(l)	$	—
	22,512	Kinder Morgan, Inc., Expiration on 5/25/2017 at $40.00(l)		822
		Total Warrants (Identified Cost $29,892)		822
Principal Amount (‡)
	Short-Term Investments — 3.5%
$	43,229	Repurchase Agreement with State Street Bank and Trust Company, dated 3/31/2016 at 0.000% to be repurchased at $43,229 on 4/01/2016 collateralized by $43,400 U.S. Treasury Note, 1.500% due 8/31/2018 valued at $44,189 including accrued interest (Note 2 of Notes to Financial Statements)		43,229
	5,450,763	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2016 at 0.030% to be repurchased at $5,450,768 on 4/01/2016 collateralized by $5,485,000 U.S. Treasury Note, 1.750% due 9/30/2022 valued at $5,560,419 including accrued interest (Note 2 of Notes to Financial Statements)		5,450,763
		Total Short-Term Investments (Identified Cost $5,493,992)		5,493,992
		Total Investments — 99.6% (Identified Cost $172,612,701)(a)		154,587,658
		Other assets less liabilities — 0.4%		573,958
		Net Assets — 100.0%	$	155,161,616
	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(††)	Amount shown represents units. One unit represents a principal amount of 100.
	(a)	Federal Tax Information (Amounts exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
		At March 31, 2016, the net unrealized depreciation on investments based on a cost of $172,830,094 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	4,535,738
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(22,778,174	)
		Net unrealized depreciation	$	(18,242,436	)
	(b)	Variable rate security. Rate as of March 31, 2016 is disclosed.
	(c)	The issuer is making partial payments with respect to principal.
	(d)	Security (or a portion thereof) has been designated to cover the Fund’s obligations under open derivative contracts.

See accompanying notes to financial statements.

39  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles High Income Fund – (continued)

(e)	Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional debt securities. For the period ended March 31, 2016, interest payments were made in additional debt securities.
(f)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
(g)	Illiquid security. At March 31, 2016, the value of these securities amounted to $980,023 or 0.6% of net assets.
(h)	Fair valued by the Fund’s adviser. At March 31, 2016, the value of these securities amounted to $980,023 or 0.6% of net assets. See Note 2 of Notes to Financial Statements.
(i)	Illiquid security. At March 31, 2016, the value of these securities amounted to $2,405,735 or 1.6% 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.
(j)	Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.
(k)	When-issued/delayed delivery. See Note 2 of Notes to Financial Statements.
(l)	Non-income producing security.
144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2016, the value of Rule 144A holdings amounted to $51,591,709 or 33.3% of net assets.
ABS	Asset-Backed Securities
GMTN	Global Medium Term Note
MTN	Medium Term Note
PIK	Payment-in-Kind
REITs	Real Estate Investment Trusts
BRL	Brazilian Real
COP	Colombian Peso
EUR	Euro
INR	Indian Rupee
MXN	Mexican Peso

At March 31, 2016, the Fund had the following open forward foreign currency contracts:

Contract to Buy/Sell	Delivery Date		Currency	Units of Currency		Notional Value		Unrealized Appreciation (Depreciation)
Sell1		6/01/2016	Euro		170,000	$	193,779	$	(6,660	)

¹ Counterparty is Bank of America, N.A.

See accompanying notes to financial statements.

|  40

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Industry Summary at March 31, 2016 (Unaudited)

Technology	7.9	%
Independent Energy	6.7
Midstream	6.3
Cable Satellite	6.1
Finance Companies	6.0
Treasuries	5.9
Healthcare	5.1
Banking	3.9
Wirelines	3.9
Pharmaceuticals	3.5
Wireless	3.5
Aerospace & Defense	3.0
Metals & Mining	3.0
Supranational	2.6
ABS Home Equity	2.5
Building Materials	2.4
Non-Agency Commercial Mortgage-Backed Securities	2.2
Other Investments, less than 2% each	21.6
Short-Term Investments	3.5
Total Investments	99.6
Other assets less liabilities (including forward foreign currency contracts)	0.4
Net Assets	100.0	%

See accompanying notes to financial statements.

41  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Limited Term Government and Agency Fund

Principal Amount		Description	Value (†)
	Bonds and Notes — 98.1% of Net Assets
		ABS Car Loan — 1.5%
$	1,550,000	Avis Budget Rental Car Funding AESOP LLC, Series 2016-1A, Class A, 2.990%, 6/20/2022, 144A	$	1,549,845
	3,271,417	CPS Auto Receivables Trust, Series 2015-C, Class A, 1.770%, 6/17/2019, 144A		3,265,126
	522,645	Credit Acceptance Auto Loan Trust, Series 2013-2A, Class A, 1.500%, 4/15/2021, 144A		522,326
	2,695,000	Credit Acceptance Auto Loan Trust, Series 2014-2A, Class A, 1.880%, 3/15/2022, 144A		2,691,225
	851,374	First Investors Auto Owner Trust, Series 2014-1A, Class A3, 1.490%, 1/15/2020, 144A		850,095
	1,885,000	Ford Credit Auto Owner Trust, Series 2016-1, Class A, 2.310%, 8/15/2027, 144A		1,885,907
	3,500,000	NextGear Floorplan Master Owner Trust, Series 2014-1A, Class A, 1.920%, 10/15/2019, 144A		3,466,144
	765,194	Tidewater Auto Receivables Trust, Series 2014-AA, Class A3, 1.400%, 7/15/2018, 144A		764,705
				14,995,373
		ABS Home Equity — 0.8%
	2,734,924	Home Partners of America Trust, Series 2016-1, Class A, 2.091%, 3/17/2033, 144A(b)		2,678,991
	3,027,044	Mill City Mortgage Trust, Series 2015-1, Class A1, 2.230%, 6/25/2056, 144A(b)		3,024,223
	2,002,236	Towd Point Mortgage Trust, Series 2015-2, Class 1AE2, 2.750%, 11/25/2060, 144A		2,015,504
				7,718,718
		Agency Commercial Mortgage-Backed Securities — 13.8%
	8,188,522	Federal National Mortgage Association, Series 2015-M17, Class FA, 1.377%, 11/25/2022(b)		8,189,154
	1,000,000	Federal National Mortgage Association, Series 2016-M3, Class ASQ2, 2.263%, 2/25/2023		1,006,975
	6,000,000	FHLMC Multifamily Structured Pass Through Certificates, Series K006, Class A2, 4.251%, 1/25/2020		6,576,310
	4,305,000	FHLMC Multifamily Structured Pass Through Certificates, Series K014, Class A2, 3.871%, 4/25/2021		4,736,968
	4,000,000	FHLMC Multifamily Structured Pass Through Certificates, Series K015, Class A2, 3.230%, 7/25/2021		4,304,668
	6,625,000	FHLMC Multifamily Structured Pass Through Certificates, Series K017, Class A2, 2.873%, 12/25/2021		7,004,060
	3,535,000	FHLMC Multifamily Structured Pass Through Certificates, Series K703, Class A2, 2.699%, 5/25/2018		3,619,640
	699,571	FHLMC Multifamily Structured Pass Through Certificates, Series K704, Class A2, 2.412%, 8/25/2018		716,101
	2,590,000	FHLMC Multifamily Structured Pass Through Certificates, Series K706, Class A2, 2.323%, 10/25/2018		2,652,935
	7,910,000	FHLMC Multifamily Structured Pass Through Certificates, Series K708, Class A2, 2.130%, 1/25/2019		8,073,704
	34,370,000	FHLMC Multifamily Structured Pass Through Certificates, Series K711, Class A2, 1.730%, 7/25/2019		34,739,581

See accompanying notes to financial statements.

|  42

Portfolio of Investments – as of March 31, 2016 (Unaudited)

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

Principal Amount		Description	Value (†)
		Agency Commercial Mortgage-Backed Securities — continued
$	5,040,000	FHLMC Multifamily Structured Pass Through Certificates, Series KABM, Class A, 1.125%, 9/25/2022(b)	$	5,049,225
	88,394	FHLMC Multifamily Structured Pass Through Certificates, Series KF01, Class A, 0.786%, 4/25/2019(b)		88,032
	2,140,018	FHLMC Multifamily Structured Pass Through Certificates, Series KF06, Class A, 0.755%, 11/25/2021(b)		2,101,647
	12,606,000	FHLMC Multifamily Structured Pass Through Certificates, Series KF14, Class A, 1.091%, 1/25/2023(b)		12,605,996
	19,300,000	FHLMC Multifamily Structured Pass Through Certificates, Series KLH2, Class A, 1.141%, 11/25/2022(b)		19,359,672
	228,077	Government National Mortgage Association, Series 2003-72, Class Z, 5.243%, 11/16/2045(b)		248,158
	195,651	Government National Mortgage Association, Series 2003-88, Class Z, 4.880%, 3/16/2046(b)		212,023
	13,260,000	Government National Mortgage Association, Series 2013-52, Class KX, 3.800%, 8/16/2051(b)		13,964,504
				135,249,353
		Collateralized Mortgage Obligations — 13.5%
	112,593	Federal Home Loan Mortgage Corp., REMIC, Series 1500, Class FD, 1.340%, 5/15/2023(b)		110,218
	73,893	Federal Home Loan Mortgage Corp., REMIC, Series 1552, Class I, 1.130%, 8/15/2023(b)(c)		71,935
	273,943	Federal Home Loan Mortgage Corp., REMIC, Series 2131, Class ZB, 6.000%, 3/15/2029		302,570
	127,445	Federal Home Loan Mortgage Corp., REMIC, Series 2646, Class FM, 0.836%, 11/15/2032(b)		127,673
	1,367,799	Federal Home Loan Mortgage Corp., REMIC, Series 2874, Class BC, 5.000%, 10/15/2019		1,426,318
	2,139,099	Federal Home Loan Mortgage Corp., REMIC, Series 2931, Class DE, 4.000%, 2/15/2020		2,205,158
	2,216,876	Federal Home Loan Mortgage Corp., REMIC, Series 2978, Class JG, 5.500%, 5/15/2035		2,485,490
	3,377,163	Federal Home Loan Mortgage Corp., REMIC, Series 3036, Class NE, 5.000%, 9/15/2035		3,763,516
	996,976	Federal Home Loan Mortgage Corp., REMIC, Series 3057, Class PE, 5.500%, 11/15/2034		1,008,528
	3,762,993	Federal Home Loan Mortgage Corp., REMIC, Series 3412, Class AY, 5.500%, 2/15/2038		4,078,514
	2,231,101	Federal Home Loan Mortgage Corp., REMIC, Series 3561, Class W, 3.549%, 6/15/2048(b)(d)		2,221,267
	2,730,121	Federal Home Loan Mortgage Corp., REMIC, Series 3620, Class AT, 4.247%, 12/15/2036(b)(d)		2,868,674
	31,487	Federal Home Loan Mortgage Corp., REMIC, Series 3802, Class BA, 4.500%, 11/15/2028(c)		30,649
	924,594	Federal Home Loan Mortgage Corp., REMIC, Series 4212, Class FW, 2.536%, 6/15/2043(b)		894,606

See accompanying notes to financial statements.

43  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

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

Principal Amount		Description	Value (†)
		Collateralized Mortgage Obligations — continued
$	2,071,234	Federal National Mortgage Association, REMIC, Series 2003-48, Class GH, 5.500%, 6/25/2033	$	2,359,551
	80,218	Federal National Mortgage Association, REMIC, Series 1992-162, Class FB, 1.680%, 9/25/2022(b)(c)		78,983
	72,157	Federal National Mortgage Association, REMIC, Series 1994-42, Class FD, 1.280%, 4/25/2024(b)(c)		70,505
	19,998	Federal National Mortgage Association, REMIC, Series 2002-W10, Class A7, 3.913%, 8/25/2042(b)(c)		20,507
	1,200,068	Federal National Mortgage Association, REMIC, Series 2005-100, Class BQ, 5.500%, 11/25/2025		1,314,101
	766,152	Federal National Mortgage Association, REMIC, Series 2005-33, Class QD, 5.000%, 1/25/2034		781,040
	1,343,688	Federal National Mortgage Association, REMIC, Series 2007-73, Class A1, 0.493%, 7/25/2037(b)		1,263,001
	2,603,496	Federal National Mortgage Association, REMIC, Series 2008-86, Class LA, 3.556%, 8/25/2038(b)		2,798,238
	5,412,360	Federal National Mortgage Association, REMIC, Series 2013-67, Class NF, 1.433%, 7/25/2043(b)		5,186,210
	57,696	Federal National Mortgage Association, REMIC, Series G93-19, Class FD, 1.280%, 4/25/2023(b)(c)		56,189
	12,164	FHLMC Structured Pass Through Securities, Series T-60, Class 2A1, 3.411%, 3/25/2044(b)(c)		12,727
	954,351	FHLMC Structured Pass Through Securities, Series T-62, Class 1A1, 1.522%, 10/25/2044(b)		970,062
	1,428,759	Government National Mortgage Association, Series 2010-H20, Class AF, 0.755%, 10/20/2060(b)		1,408,896
	1,246,453	Government National Mortgage Association, Series 2010-H24, Class FA, 0.775%, 10/20/2060(b)		1,229,389
	1,156,216	Government National Mortgage Association, Series 2011-H06, Class FA, 0.875%, 2/20/2061(b)		1,142,251
	2,312,896	Government National Mortgage Association, Series 2012-124, Class HT, 7.217%, 7/20/2032(b)		2,631,505
	4,310,893	Government National Mortgage Association, Series 2012-H15, Class FA, 0.875%, 5/20/2062(b)		4,311,036
	1,313,277	Government National Mortgage Association, Series 2012-H18, Class NA, 0.945%, 8/20/2062(b)		1,301,370
	6,849,378	Government National Mortgage Association, Series 2012-H29, Class HF, 0.925%, 10/20/2062(b)		6,837,689
	6,434,622	Government National Mortgage Association, Series 2013-H02, Class GF, 0.925%, 12/20/2062(b)		6,427,106
	4,963,429	Government National Mortgage Association, Series 2013-H08, Class FA, 0.775%, 3/20/2063(b)		4,894,592
	3,908,643	Government National Mortgage Association, Series 2013-H10, Class FA, 0.825%, 3/20/2063(b)		3,869,519
	12,585,037	Government National Mortgage Association, Series 2013-H22, Class FT, 1.120%, 4/20/2063(b)		12,710,791
	7,367,163	Government National Mortgage Association, Series 2014-H14, Class FA, 0.925%, 7/20/2064(b)		7,270,501

See accompanying notes to financial statements.

|  44

Portfolio of Investments – as of March 31, 2016 (Unaudited)

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

Principal Amount		Description	Value (†)
		Collateralized Mortgage Obligations — continued
$	5,090,833	Government National Mortgage Association, Series 2014-H15, Class FA, 0.925%, 7/20/2064(b)	$	5,016,739
	10,968,733	Government National Mortgage Association, Series 2015-H10, Class JA, 2.250%, 4/20/2065		11,051,639
	3,571,178	Government National Mortgage Association, Series 2015-H11, Class FA, 0.675%, 4/20/2065(b)		3,545,552
	7,732,810	Government National Mortgage Association, Series 2015-H19, Class FH, 0.725%, 7/20/2065(b)		7,705,333
	2,574,888	Government National Mortgage Association, Series 2015-H29, Class FA, 1.125%, 10/20/2065(b)		2,575,439
	1,590,224	Government National Mortgage Association, Series 2015-H30, Class FA, 1.105%, 11/20/2065(b)		1,588,892
	7,450,000	Government National Mortgage Association, Series 2016-H06, Class FC, 1.345%, 2/20/2066(b)		7,422,063
	422,229	NCUA Guaranteed Notes, Series 2010-A1, Class A, 0.792%, 12/07/2020(b)		421,250
	979,792	NCUA Guaranteed Notes, Series 2010-R1, Class 1A, 0.888%, 10/07/2020(b)		979,194
	1,482,305	NCUA Guaranteed Notes, Series 2010-R3, Class 1A, 0.998%, 12/08/2020(b)		1,484,425
	95,556	NCUA Guaranteed Notes, Series 2010-R3, Class 2A, 0.998%, 12/08/2020(b)		95,695
				132,427,096
		Hybrid ARMs — 11.9%
	1,234,053	FHLMC, 2.281%, 6/01/2037(b)		1,281,082
	679,126	FHLMC, 2.392%, 11/01/2038(b)		715,791
	1,047,071	FHLMC, 2.457%, 4/01/2036(b)		1,088,202
	2,278,907	FHLMC, 2.470%, 7/01/2033(b)		2,399,339
	1,308,468	FHLMC, 2.499%, 9/01/2038(b)		1,372,381
	1,546,571	FHLMC, 2.503%, 9/01/2038(b)		1,631,198
	2,599,101	FHLMC, 2.521%, 9/01/2035(b)		2,749,997
	1,098,506	FHLMC, 2.529%, 11/01/2038(b)		1,161,418
	354,269	FHLMC, 2.552%, 9/01/2038(b)		373,432
	6,234,027	FHLMC, 2.563%, 3/01/2037(b)		6,564,556
	1,691,283	FHLMC, 2.615%, 3/01/2038(b)		1,788,234
	932,987	FHLMC, 2.639%, 4/01/2037(b)		984,053
	4,295,082	FHLMC, 2.640%, 2/01/2036(b)		4,523,182
	2,064,086	FHLMC, 2.665%, 2/01/2036(b)		2,179,895
	726,710	FHLMC, 2.699%, 12/01/2034(b)		765,107
	1,922,631	FHLMC, 2.814%, 3/01/2036(b)		2,023,278
	2,928,332	FHLMC, 2.925%, 4/01/2037(b)		3,091,754
	661,330	FHLMC, 2.968%, 2/01/2035(b)		691,901
	709,276	FHLMC, 3.207%, 3/01/2037(b)		758,255
	146,131	FHLMC, 3.882%, 12/01/2037(b)		152,323
	2,280,940	FNMA, 2.104%, 7/01/2035(b)		2,374,452
	244,100	FNMA, 2.244%, 2/01/2037(b)		252,998
	5,375,859	FNMA, 2.278%, 9/01/2037(b)		5,648,661
	3,792,420	FNMA, 2.345%, 4/01/2037(b)		3,992,717
	956,035	FNMA, 2.380%, 8/01/2038(b)		1,006,685
	3,804,035	FNMA, 2.381%, 7/01/2035(b)		4,001,111
	1,958,728	FNMA, 2.387%, 4/01/2037(b)		2,066,345

See accompanying notes to financial statements.

45  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

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

Principal Amount		Description	Value (†)
		Hybrid ARMs — continued
$	1,447,723	FNMA, 2.395%, 9/01/2036(b)	$	1,533,577
	491,909	FNMA, 2.405%, 8/01/2035(b)		518,893
	1,162,975	FNMA, 2.406%, 8/01/2034(b)		1,235,861
	3,350,242	FNMA, 2.419%, 11/01/2033(b)		3,531,168
	406,088	FNMA, 2.449%, 4/01/2033(b)		427,895
	1,537,978	FNMA, 2.458%, 6/01/2036(b)		1,631,413
	2,109,858	FNMA, 2.473%, 8/01/2035(b)		2,197,687
	770,798	FNMA, 2.512%, 10/01/2033(b)		814,739
	768,547	FNMA, 2.521%, 12/01/2034(b)		816,885
	5,262,883	FNMA, 2.521%, 3/01/2037(b)		5,506,766
	6,665,507	FNMA, 2.526%, 10/01/2034(b)		7,020,627
	1,363,214	FNMA, 2.527%, 1/01/2036(b)		1,436,738
	4,437,979	FNMA, 2.530%, 6/01/2037(b)		4,709,729
	1,629,783	FNMA, 2.537%, 6/01/2033(b)		1,715,763
	2,363,331	FNMA, 2.538%, 10/01/2033(b)		2,493,081
	726,565	FNMA, 2.545%, 9/01/2034(b)		761,802
	3,565,829	FNMA, 2.547%, 9/01/2037(b)		3,760,301
	5,167,680	FNMA, 2.558%, 4/01/2034(b)		5,433,667
	611,720	FNMA, 2.567%, 11/01/2035(b)		643,010
	320,739	FNMA, 2.682%, 8/01/2033(b)		340,501
	4,427,454	FNMA, 2.709%, 7/01/2037(b)		4,688,405
	1,626,681	FNMA, 2.768%, 4/01/2034(b)		1,712,962
	894,364	FNMA, 2.806%, 2/01/2037(b)		944,807
	510,886	FNMA, 2.828%, 8/01/2036(b)		537,337
	1,297,494	FNMA, 2.875%, 5/01/2035(b)		1,364,195
	1,619,891	FNMA, 2.924%, 2/01/2047(b)		1,699,421
	867,463	FNMA, 2.927%, 7/01/2041(b)		903,803
	2,273,428	FNMA, 3.223%, 6/01/2035(b)		2,426,842
				116,446,222
		Mortgage Related — 17.0%
	130,949	FHLMC, 3.000%, 10/01/2026		137,401
	946,636	FHLMC, 4.000%, with various maturities from 2024 to 2042(e)		1,008,411
	726,950	FHLMC, 4.500%, with various maturities from 2025 to 2034(e)		780,709
	305,605	FHLMC, 5.500%, 10/01/2023		333,036
	26,493	FHLMC, 6.000%, 11/01/2019		27,828
	435,635	FHLMC, 6.500%, with various maturities from 2017 to 2034(e)		522,537
	503	FHLMC, 7.500%, 6/01/2026		585
	1,314	FHLMC, 10.000%, 7/01/2019		1,413
	21,431	FHLMC, 11.500%, 4/01/2020		21,776
	197,357	FNMA, 3.000%, 3/01/2042		202,960
	2,560,501	FNMA, 5.000%, with various maturities from 2037 to 2038(e)		2,844,816
	1,322,710	FNMA, 5.500%, with various maturities from 2018 to 2033(e)		1,464,168
	1,939,929	FNMA, 6.000%, with various maturities from 2017 to 2022(e)		2,122,118
	253,414	FNMA, 6.500%, with various maturities from 2017 to 2037(e)		288,113
	16,262	FNMA, 7.000%, 12/01/2022		16,302
	101,496	FNMA, 7.500%, with various maturities from 2017 to 2032(e)		115,088
	38	FNMA, 8.000%, 5/01/2016		38

See accompanying notes to financial statements.

|  46

Portfolio of Investments – as of March 31, 2016 (Unaudited)

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

Principal Amount		Description	Value (†)
		Mortgage Related — continued
$	4,675,573	GNMA, 2.110%, 2/20/2061(b)	$	4,860,445
	3,420,893	GNMA, 2.312%, 2/20/2063(b)		3,574,965
	4,553,602	GNMA, 2.587%, 3/20/2063(b)		4,801,688
	1,599,464	GNMA, 2.607%, 6/20/2065(b)		1,682,047
	1,262,165	GNMA, 2.685%, 5/20/2065(b)		1,330,162
	2,532,144	GNMA, 2.796%, 2/20/2063(b)		2,685,319
	4,203,254	GNMA, 4.479%, 2/20/2062		4,465,255
	4,527,722	GNMA, 4.521%, 12/20/2061		4,783,867
	6,893,308	GNMA, 4.532%, 12/20/2062		7,428,667
	726,582	GNMA, 4.543%, 7/20/2063		798,525
	17,499,694	GNMA, 4.556%, 12/20/2061		18,467,247
	2,176,622	GNMA, 4.560%, 3/20/2062		2,311,851
	11,990,845	GNMA, 4.583%, 11/20/2062		12,878,981
	1,478,583	GNMA, 4.599%, 4/20/2063		1,599,451
	4,341,828	GNMA, 4.604%, 6/20/2062		4,626,773
	2,281,702	GNMA, 4.605%, 2/20/2066		2,563,489
	1,373,347	GNMA, 4.616%, 8/20/2061		1,442,756
	1,803,824	GNMA, 4.633%, 3/20/2064		1,992,434
	1,826,313	GNMA, 4.639%, 3/20/2062		1,937,997
	2,256,304	GNMA, 4.649%, 11/20/2063		2,488,559
	7,284,961	GNMA, 4.659%, 2/20/2062		7,715,908
	446,629	GNMA, 4.661%, 1/20/2064		496,781
	8,959,037	GNMA, 4.685%, 8/20/2061		9,377,724
	5,454,513	GNMA, 4.689%, with various maturities from 2062 to 2064(e)		5,907,993
	1,769,760	GNMA, 4.698%, 7/20/2061		1,855,501
	7,731,813	GNMA, 4.700%, with various maturities in 2061(e)		8,115,680
	1,671,858	GNMA, 4.717%, 3/20/2061		1,745,648
	1,403,551	GNMA, 4.808%, 8/20/2062		1,483,926
	680,311	GNMA, 5.167%, 4/20/2061		719,363
	20,030	GNMA, 6.000%, 12/15/2031		23,171
	88,067	GNMA, 6.500%, 5/15/2031		105,752
	94,087	GNMA, 7.000%, 10/15/2028		108,281
	4,527,511	Government National Mortgage Association, Series 2015-H04, Class FL, 0.895%, 2/20/2065(b)		4,460,824
	6,489,624	Government National Mortgage Association, Series 2015-H05, Class FA, 0.725%, 4/20/2061(b)		6,427,129
	14,654,763	Government National Mortgage Association, Series 2015-H09, Class HA, 1.750%, 3/20/2065		14,709,489
	6,889,060	Government National Mortgage Association, Series 2015-H12, Class FL, 0.655%, 5/20/2065(b)		6,778,811
				166,639,758
		Non-Agency Commercial Mortgage-Backed Securities — 7.1%
	1,009,078	A10 Securitization LLC, Series 2014-1, Class A1, 1.720%, 4/15/2033, 144A		998,573
	4,280,000	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2007-2, Class A4, 5.608%, 4/10/2049(b)		4,345,319
	316,726	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2007-5, Class A4, 5.492%, 2/10/2051		327,455

See accompanying notes to financial statements.

47  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

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

Principal Amount		Description	Value (†)
		Non-Agency Commercial Mortgage-Backed Securities — continued
$	3,445,000	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2016-ASHF, Class A, 2.329%, 3/15/2028, 144A(b)	$	3,459,875
	500,000	Barclays Commercial Mortgage Securities, Series 2015-RRI, Class A, 1.586%, 5/15/2032, 144A(b)		494,543
	3,498,312	CDGJ Commercial Mortgage Trust Pass Through Certificates, Series 2014-BXCH, 1.836%, 12/15/2027, 144A(b)		3,471,967
	3,215,000	CG-CCRE Commercial Mortgage Trust, Series 2014-FL1, Class A, 1.386%, 6/15/2031, 144A(b)		3,208,385
	3,425,000	Commercial Mortgage Pass Through Certificates, Series 2014-FL5, Class A, 1.806%, 10/15/2031, 144A(b)		3,356,065
	3,040,000	Commercial Mortgage Pass Through Certificates, Series 2014-FL5, Class SV1, 2.286%, 10/15/2031, 144A(b)(f)		3,036,066
	4,920,000	Commercial Mortgage Pass Through Certificates, Series 2014-KYO, Class A, 1.338%, 6/11/2027, 144A(b)		4,865,837
	4,282,000	Commercial Mortgage Pass Through Certificates, Series 2016-DC2, Class ASB, 3.550%, 2/10/2049		4,527,260
	2,545,200	GP Portfolio Trust, Series 2014-GPP, Class A, 1.386%, 2/15/2027, 144A(b)		2,497,979
	3,320,593	Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049		3,452,080
	4,211,553	Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/2039		4,297,965
	5,535,000	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2014-CBM, Class A, 1.336%, 10/15/2029, 144A(b)		5,477,031
	140,019	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2006-CB15, Class A4, 5.814%, 6/12/2043(b)		139,924
	1,478,689	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-FL5, Class A, 1.416%, 7/15/2031, 144A(b)		1,470,985
	4,115,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2015-SGP, Class A, 2.136%, 7/15/2036, 144A(b)		4,082,746
	1,622,454	LB-UBS Commercial Mortgage Trust, Series 2007-C2, Class A3, 5.430%, 2/15/2040		1,656,602
	1,003,027	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-5, Class A4, 5.378%, 8/12/2048		1,021,763
	1,788,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-6, Class A4, 5.485%, 3/12/2051(b)		1,824,388
	258,222	Morgan Stanley Capital I, Series 2007-HQ12, Class A5, 5.715%, 4/12/2049(b)		257,745
	29,299	PFP III Ltd., Series 2014-1, Class A, 1.606%, 6/14/2031, 144A(b)		29,256
	2,460,877	Resource Capital Corp. Ltd., Series 2014-CRE2, Class A, 1.491%, 4/15/2032, 144A(b)		2,414,851
	3,700,000	Starwood Retail Property Trust, Inc., 1.656%, 11/15/2027, 144A(b)		3,644,871
	3,700,152	Wachovia Bank Commercial Mortgage Trust, Series 2006-C28, Class A4, 5.572%, 10/15/2048		3,730,858
	1,384,267	Wachovia Bank Commercial Mortgage Trust, Series 2007-C34, Class A3, 5.678%, 5/15/2046		1,424,753
				69,515,142

See accompanying notes to financial statements.

|  48

Portfolio of Investments – as of March 31, 2016 (Unaudited)

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	$	1,994,452
		Treasuries — 32.3%
	4,875,000	U.S. Treasury Note, 0.750%, 3/31/2018		4,874,620
	2,990,000	U.S. Treasury Note, 0.875%, 1/15/2018		2,997,592
	16,495,000	U.S. Treasury Note, 0.875%, 10/15/2018		16,520,765
	7,315,000	U.S. Treasury Note, 1.000%, 3/15/2018		7,350,719
	38,250,000	U.S. Treasury Note, 1.125%, 6/15/2018		38,536,875
	34,990,000	U.S. Treasury Note, 1.125%, 1/15/2019		35,263,342
	24,410,000	U.S. Treasury Note, 1.250%, 10/31/2018		24,675,068
	21,450,000	U.S. Treasury Note, 1.250%, 1/31/2020		21,597,469
	56,070,000	U.S. Treasury Note, 1.375%, 1/31/2021		56,473,031
	4,860,000	U.S. Treasury Note, 1.500%, 5/31/2020		4,933,089
	26,665,000	U.S. Treasury Note, 1.500%, 3/31/2023		26,577,512
	21,810,000	U.S. Treasury Note, 1.625%, 3/31/2019		22,281,990
	2,385,000	U.S. Treasury Note, 1.625%, 8/31/2019		2,436,893
	10,050,000	U.S. Treasury Note, 1.625%, 12/31/2019		10,262,778
	17,125,000	U.S. Treasury Note, 1.625%, 7/31/2020		17,464,161
	10,360,000	U.S. Treasury Note, 1.625%, 11/30/2020		10,566,796
	13,545,000	U.S. Treasury Note, 2.125%, 8/31/2020		14,100,562
				316,913,262
		Total Bonds and Notes (Identified Cost $964,752,138)		961,899,376
	Short-Term Investments — 2.0%
	3,977,567	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2016 at 0.030% to be repurchased at $3,977,570 on 4/01/2016 collateralized by $3,945,000 U.S. Treasury Note, 1.875% due 10/31/2022 valued at $4,058,419 including accrued interest (Note 2 of Notes to Financial Statements)		3,977,567
	13,260,000	U.S. Treasury Bills, 0.168%, 4/28/2016(g)		13,258,289
	2,350,000	U.S. Treasury Bills, 0.192%, 06/23/2016(g)		2,348,877
		Total Short-Term Investments (Identified Cost $19,584,864)		19,584,733
		Total Investments — 100.1% (Identified Cost $984,337,002)(a)		981,484,109
		Other assets less liabilities — (0.1)%		(988,950	)
		Net Assets — 100.0%	$	980,495,159
	(†)	See Note 2 of Notes to Financial Statements.

See accompanying notes to financial statements.

49  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

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

(a)	Federal Tax Information (Amounts exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
	At March 31, 2016, the net unrealized depreciation on investments based on a cost of $984,498,788 for federal income tax purposes was as follows:
	Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	6,444,841
	Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(9,459,520	)
	Net unrealized depreciation	$	(3,014,679	)
(b)	Variable rate security. Rate as of March 31, 2016 is disclosed.
(c)	Fair valued by the Fund’s adviser. At March 31, 2016, the value of these securities amounted to $341,495 or less than 0.1% of net assets. See Note 2 of Notes to Financial Statements.
(d)	Security represents right to receive monthly interest payments on an underlying pool of mortgages. Principal shown is the outstanding par amount of the pool held as of the end of the period.
(e)	The Fund’s investment in mortgage related securities of Federal Home Loan Mortgage Corporation, Federal National Mortgage Association and Government National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
(f)	Illiquid security. At March 31, 2016, the value of this security amounted to $3,036,066 or 0.3% 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.
(g)	Interest rate represents discount rate at time of purchase; not a coupon rate.
144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2016, the value of Rule 144A holdings amounted to $65,223,121 or 6.7% of net assets.
ABS	Asset-Backed Securities
ARMs	Adjustable Rate Mortgages
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
REMIC	Real Estate Mortgage Investment Conduit

See accompanying notes to financial statements.

|  50

Portfolio of Investments – as of March 31, 2016 (Unaudited)

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

Industry Summary at March 31, 2016 (Unaudited)

Treasuries	32.3	%
Mortgage Related	17.0
Agency Commercial Mortgage-Backed Securities	13.8
Collateralized Mortgage Obligations	13.5
Hybrid ARMs	11.9
Non-Agency Commercial Mortgage-Backed Securities	7.1
Other Investments, less than 2% each	2.5
Short-Term Investments	2.0
Total Investments	100.1
Other assets less liabilities	(0.1	)
Net Assets	100.0	%

See accompanying notes to financial statements.

51  |

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|  52

Statements of Assets and Liabilities

March 31, 2016 (Unaudited)

	Core Plus Bond Fund			High Income Fund			Limited Term Government and Agency Fund
ASSETS
Investments at cost	$	6,608,975,870		$	172,612,701		$	984,337,002
Net unrealized depreciation		(209,425,728	)		(18,025,043	)		(2,852,893	)
Investments at value		6,399,550,142			154,587,658			981,484,109
Cash		170,974			31,440			—
Due from brokers (Note 2)		60,000			7,000			—
Receivable for Fund shares sold		8,151,873			632,282			1,015,143
Receivable for securities sold		46,515,912			284,447			15,482,859
Receivable for when-issued/delayed delivery securities sold (Note 2)		493,671,256			—			—
Collateral received for delayed delivery securities (Notes 2 and 4)		325,000			—			—
Dividends and interest receivable		54,991,913			2,326,612			2,519,595
Tax reclaims receivable		15,030			105			—
TOTAL ASSETS		7,003,452,100			157,869,544			1,000,501,706
LIABILITIES
Payable for securities purchased		159,165,404			1,374,398			17,639,182
Payable for when-issued/delayed delivery securities purchased (Note 2)		800,532,565			990,000			—
Payable for Fund shares redeemed		15,772,546			73,775			1,317,236
Unrealized depreciation on forward foreign currency contracts (Note 2)		79,324			6,660			—
Due to brokers (Note 2)		325,000			—			—
Distributions payable		—			—			327,317
Management fees payable (Note 6)		1,632,527			72,033			307,658
Deferred Trustees’ fees (Note 6)		432,258			127,595			256,288
Administrative fees payable (Note 6)		221,524			5,790			37,514
Payable to distributor (Note 6d)		50,229			2,141			4,700
Other accounts payable and accrued expenses		305,680			55,536			116,652
TOTAL LIABILITIES		978,517,057			2,707,928			20,006,547
NET ASSETS	$	6,024,935,043		$	155,161,616		$	980,495,159
NET ASSETS CONSIST OF:
Paid-in capital	$	6,340,687,414		$	177,392,275		$	995,499,937
Distributions in excess of net investment income		(8,980,703	)		(489,899	)		(2,054,046	)
Accumulated net realized loss on investments, futures contracts and foreign currency transactions		(97,376,603	)		(3,717,077	)		(10,097,839	)
Net unrealized depreciation on investments and foreign currency translations		(209,395,065	)		(18,023,683	)		(2,852,893	)
NET ASSETS	$	6,024,935,043		$	155,161,616		$	980,495,159

See accompanying notes to financial statements.

53  |

Statements of Assets and Liabilities (continued)

March 31, 2016 (Unaudited)

	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	$	786,306,402	$	32,432,674	$	460,569,591
Shares of beneficial interest		62,576,901		8,458,390		39,983,915
Net asset value and redemption price per share	$	12.57	$	3.83	$	11.52
Offering price per share (100/[100-maximum sales charge] of net asset value) (Note 1)	$	13.13	$	4.00	$	11.88
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	322,935,614	$	11,555,748	$	84,447,150
Shares of beneficial interest		25,703,692		3,006,073		7,324,888
Net asset value and offering price per share	$	12.56	$	3.84	$	11.53
Class N shares:
Net assets	$	1,994,598,138	$	—	$	—
Shares of beneficial interest		157,505,793		—		—
Net asset value, offering and redemption price per share	$	12.66	$	—	$	—
Class Y shares:
Net assets	$	2,921,094,889	$	111,173,194	$	435,478,418
Shares of beneficial interest		230,771,992		29,064,127		37,684,930
Net asset value, offering and redemption price per share	$	12.66	$	3.83	$	11.56

See accompanying notes to financial statements.

|  54

Statements of Operations

For the Six Months Ended March 31, 2016 (Unaudited)

	Core Plus Bond Fund			High Income Fund			Limited Term Government and Agency Fund
INVESTMENT INCOME
Interest	$	113,944,605		$	4,790,750		$	7,714,656
Dividends		45,220			199,905			—
		113,989,825			4,990,655			7,714,656
Expenses
Management fees (Note 6)		9,928,430			477,092			1,609,576
Service and distribution fees (Note 6)		2,707,409			103,145			840,577
Administrative fees (Note 6)		1,340,900			34,888			194,186
Trustees’ fees and expenses (Note 6)		59,525			9,219			15,302
Transfer agent fees and expenses (Notes 6 and 7)		2,016,168			103,225			323,480
Audit and tax services fees		25,845			25,562			27,614
Custodian fees and expenses		140,036			15,046			21,531
Legal fees		40,238			1,170			4,947
Registration fees		99,754			43,897			49,702
Shareholder reporting expenses		105,444			8,423			21,829
Miscellaneous expenses		55,799			8,219			13,532
Total expenses		16,519,548			829,886			3,122,276
Less waiver and/or expense reimbursement (Note 6)		—			(50,655	)		—
Net expenses		16,519,548			779,231			3,122,276
Net investment income		97,470,277			4,211,424			4,592,380
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		(75,210,992	)		(3,992,720	)		502,936
Futures contracts		—			(176,542	)		—
Foreign currency transactions		(322,291	)		227,833			—
Net change in unrealized appreciation (depreciation) on:
Investments		168,958,990			(1,475,026	)		(2,010,350	)
Futures contracts		—			160,868			—
Foreign currency translations		164,859			(244,691	)		—
Net realized and unrealized gain (loss) on investments, futures contracts and foreign currency transactions		93,590,566			(5,500,278	)		(1,507,414	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	191,060,843		$	(1,288,854	)	$	3,084,966

See accompanying notes to financial statements.

55  |

Statements of Changes in Net Assets

	Core Plus Bond Fund						High Income Fund
	Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015
FROM OPERATIONS:
Net investment income	$	97,470,277		$	177,042,988		$	4,211,424		$	8,768,344
Net realized gain (loss) on investments, futures contracts and foreign currency transactions		(75,533,283	)		(45,626,804	)		(3,941,429	)		1,420,418
Net change in unrealized appreciation (depreciation) on investments, futures contracts and foreign currency translations		169,123,849			(385,982,700	)		(1,558,849	)		(19,080,751	)
Net increase (decrease) in net assets resulting from operations		191,060,843			(254,566,516	)		(1,288,854	)		(8,891,989	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(10,033,011	)		(26,885,360	)		(1,038,875	)		(1,926,317	)
Class B(a)		(171	)		(7,582	)		(14	)		(2,085	)
Class C		(2,799,346	)		(7,733,753	)		(301,839	)		(515,596	)
Class N		(28,639,489	)		(49,766,784	)		—			—
Class Y		(40,306,165	)		(87,014,555	)		(3,422,522	)		(6,296,139	)
Net realized capital gains
Class A		—			(4,930,224	)		(81,866	)		(1,004,492	)
Class B(a)		—			(3,385	)		(2	)		(2,711	)
Class C		—			(2,095,167	)		(29,530	)		(348,393	)
Class N		—			(4,180,187	)		—			—
Class Y		—			(12,020,152	)		(273,287	)		(3,159,866	)
Total distributions		(81,778,182	)		(194,637,149	)		(5,147,935	)		(13,255,599	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(697,864,381	)		4,746,612,794			(5,719,967	)		6,973,865
Net increase (decrease) in net assets		(588,581,720	)		4,297,409,129			(12,156,756	)		(15,173,723	)
NET ASSETS
Beginning of the period		6,613,516,763			2,316,107,634			167,318,372			182,492,095
End of the period	$	6,024,935,043		$	6,613,516,763		$	155,161,616		$	167,318,372
UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME	$	(8,980,703	)	$	(24,672,798	)	$	(489,899	)	$	61,927

(a) On January 11, 2016, Class B shares were converted into Class A shares. See Note 1 of Notes to Financial Statements.

See accompanying notes to financial statements.

|  56

Statements of Changes in Net Assets (continued)

	Limited Term Government and Agency Fund
	Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015
FROM OPERATIONS:
Net investment income	$	4,592,380		$	9,761,506
Net realized gain on investments		502,936			4,686,019
Net change in unrealized appreciation (depreciation) on investments		(2,010,350	)		(4,747,808	)
Net increase (decrease) in net assets resulting from operations		3,084,966			9,699,717
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(2,598,037	)		(5,253,842	)
Class B(a)		(5,359	)		(29,227	)
Class C		(275,168	)		(503,848	)
Class Y		(3,806,773	)		(6,898,857	)
Total distributions		(6,685,337	)		(12,685,774	)
NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		140,241,405			141,117,260
Net increase (decrease) in net assets		136,641,034			138,131,203
NET ASSETS
Beginning of the period		843,854,125			705,722,922
End of the period	$	980,495,159		$	843,854,125
UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME	$	(2,054,046	)	$	38,911

(a) On January 11, 2016, Class B shares were converted into Class A shares. See Note 1 of Notes to Financial Statements.

See accompanying notes to financial statements.

57  |

Financial Highlights

For a share outstanding throughout each period.

	Core Plus Bond Fund—Class A
	Six Months Ended March 31, 2016 (Unaudited)			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	$	12.34		$	13.18		$	12.71		$	13.52		$	12.71		$	12.75
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.18			0.37			0.42			0.44			0.43			0.52
Net realized and unrealized gain (loss)		0.20			(0.77	)		0.51			(0.51	)		1.07			0.03	(b)
Total from Investment Operations		0.38			(0.40	)		0.93			(0.07	)		1.50			0.55
LESS DISTRIBUTIONS FROM:
Net investment income		(0.15	)		(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		(0.15	)		(0.44	)		(0.46	)		(0.74	)		(0.69	)		(0.59	)
Net asset value, end of the period	$	12.57		$	12.34		$	13.18		$	12.71		$	13.52		$	12.71
Total return(d)		3.15	%(e)		(3.13	)%		7.43	%		(0.61	)%		12.18	%		4.42	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	786,306		$	912,662		$	642,784		$	436,199		$	479,823		$	237,759
Net expenses		0.73	%(f)		0.74	%		0.79	%(g)		0.79	%		0.82	%		0.87	%
Gross expenses		0.73	%(f)		0.74	%		0.79	%(g)		0.79	%		0.82	%		0.87	%
Net investment income		3.00	%(f)		2.87	%		3.19	%		3.29	%		3.31	%		4.07	%
Portfolio turnover rate		68	%		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) Periods less than one year are not annualized.

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

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

See accompanying notes to financial statements.

|  58

Financial Highlights (continued)

For a share outstanding throughout each period.

	Core Plus Bond Fund—Class C
	Six Months Ended March 31, 2016 (Unaudited)			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	$	12.33		$	13.18		$	12.72		$	13.53		$	12.71		$	12.76
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.14			0.27			0.32			0.34			0.33			0.42
Net realized and unrealized gain (loss)		0.20			(0.77	)		0.50			(0.51	)		1.08			0.02	(b)
Total from Investment Operations		0.34			(0.50	)		0.82			(0.17	)		1.41			0.44
LESS DISTRIBUTIONS FROM:
Net investment income		(0.11	)		(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		(0.11	)		(0.35	)		(0.36	)		(0.64	)		(0.59	)		(0.49	)
Net asset value, end of the period	$	12.56		$	12.33		$	13.18		$	12.72		$	13.53		$	12.71
Total return(d)		2.83	%(e)		(3.86	)%		6.54	%		(1.36	)%		11.46	%		3.56	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	322,936		$	354,285		$	256,307		$	232,034		$	275,346		$	137,836
Net expenses		1.48	%(f)		1.49	%		1.54	%(g)		1.54	%		1.57	%		1.62	%
Gross expenses		1.48	%(f)		1.49	%		1.54	%(g)		1.54	%		1.57	%		1.62	%
Net investment income		2.25	%(f)		2.11	%		2.46	%		2.54	%		2.55	%		3.32	%
Portfolio turnover rate		68	%		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) Periods less than one year are not annualized.

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

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

See accompanying notes to financial statements.

59  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Core Plus Bond Fund—Class N
	Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Year Ended September 30, 2014			Period Ended September 30, 2013*
Net asset value, beginning of the period	$	12.44		$	13.28		$	12.80		$	13.43
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.21			0.42			0.46			0.32
Net realized and unrealized gain (loss)		0.19			(0.78	)		0.52			(0.59	)
Total from Investment Operations		0.40			(0.36	)		0.98			(0.27	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.18	)		(0.40	)		(0.50	)		(0.36	)
Net realized capital gains		—			(0.08	)		(0.00	)(b)		—
Total Distributions		(0.18	)		(0.48	)		(0.50	)		(0.36	)
Net asset value, end of the period	$	12.66		$	12.44		$	13.28		$	12.80
Total return		3.35	%(c)		(2.82	)%		7.81	%		(2.02	)%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,994,598		$	2,209,110		$	105,514		$	19,247
Net expenses		0.39	%(d)		0.40	%		0.46	%		0.44	%(d)
Gross expenses		0.39	%(d)		0.40	%		0.46	%		0.44	%(d)
Net investment income		3.34	%(d)		3.27	%		3.42	%		3.81	%(d)
Portfolio turnover rate		68	%		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.

|  60

Financial Highlights (continued)

For a share outstanding throughout each period.

	Core Plus Bond Fund—Class Y
	Six Months Ended March 31, 2016 (Unaudited)			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	$	12.43		$	13.27		$	12.80		$	13.61		$	12.78		$	12.82
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.20			0.41			0.45			0.47			0.46			0.55
Net realized and unrealized gain (loss)		0.20			(0.78	)		0.51			(0.51	)		1.09			0.03	(b)
Total from Investment Operations		0.40			(0.37	)		0.96			(0.04	)		1.55			0.58
LESS DISTRIBUTIONS FROM:
Net investment income		(0.17	)		(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		(0.17	)		(0.47	)		(0.49	)		(0.77	)		(0.72	)		(0.62	)
Net asset value, end of the period	$	12.66		$	12.43		$	13.27		$	12.80		$	13.61		$	12.78
Total return		3.28	%(d)		(2.89	)%		7.65	%		(0.35	)%		12.54	%		4.65	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	2,921,095		$	3,137,371		$	1,310,824		$	627,617		$	634,946		$	143,215
Net expenses		0.48	%(e)		0.49	%		0.54	%(f)		0.54	%		0.58	%		0.62	%
Gross expenses		0.48	%(e)		0.49	%		0.54	%(f)		0.54	%		0.58	%		0.62	%
Net investment income		3.25	%(e)		3.14	%		3.42	%		3.54	%		3.50	%		4.31	%
Portfolio turnover rate		68	%		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) Periods less than one year are not annualized.

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

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

See accompanying notes to financial statements.

61  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	High Income Fund—Class A
	Six Months Ended March 31, 2016 (Unaudited)			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	$	3.99		$	4.49		$	4.59		$	4.60		$	4.46		$	4.91
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.10			0.19			0.21			0.24			0.24			0.28
Net realized and unrealized gain (loss)		(0.14	)		(0.39	)		0.17			0.03			0.59			(0.42	)
Total from Investment Operations		(0.04	)		(0.20	)		0.38			0.27			0.83			(0.14	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.11	)		(0.19	)		(0.22	)		(0.27	)		(0.30	)		(0.31	)
Net realized capital gains		(0.01	)		(0.11	)		(0.26	)		(0.01	)		(0.39	)		—
Total Distributions		(0.12	)		(0.30	)		(0.48	)		(0.28	)		(0.69	)		(0.31	)
Net asset value, end of the period	$	3.83		$	3.99		$	4.49		$	4.59		$	4.60		$	4.46
Total return(b)		(0.86	)%(c)(d)(j)		(4.78	)%(d)		8.42	%		6.27	%		20.90	%(d)		(3.30	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	32,433		$	37,870		$	42,630		$	45,791		$	95,876		$	59,907
Net expenses		1.10	%(e)(f)		1.11	%(f)(g)		1.14	%		1.15	%(h)		1.15	%(f)		1.15	%(i)
Gross expenses		1.16	%(e)		1.13	%		1.14	%		1.15	%(h)		1.19	%		1.15	%(i)
Net investment income		5.15	%(e)		4.41	%		4.57	%		5.11	%		5.50	%		5.60	%
Portfolio turnover rate		21	%		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) Periods less than one year are not annualized.

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

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

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

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

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

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

(j) Generally accepted accounting principles require adjustments to be made to the net assets of the fund at period end for financial reporting purposes only, and as such, the total returns based on the adjusted net asset values per share may differ from the total returns in the average annual return table.

See accompanying notes to financial statements.

|  62

Financial Highlights (continued)

For a share outstanding throughout each period.

	High Income Fund—Class C
	Six Months Ended March 31, 2016 (Unaudited)			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	$	4.00		$	4.50		$	4.61		$	4.61		$	4.47		$	4.92
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.09			0.16			0.18			0.21			0.21			0.25
Net realized and unrealized gain (loss)		(0.14	)		(0.39	)		0.16			0.04			0.59			(0.43	)
Total from Investment Operations		(0.05	)		(0.23	)		0.34			0.25			0.80			(0.18	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.10	)		(0.16	)		(0.19	)		(0.24	)		(0.27	)		(0.27	)
Net realized capital gains		(0.01	)		(0.11	)		(0.26	)		(0.01	)		(0.39	)		—
Total Distributions		(0.11	)		(0.27	)		(0.45	)		(0.25	)		(0.66	)		(0.27	)
Net asset value, end of the period	$	3.84		$	4.00		$	4.50		$	4.61		$	4.61		$	4.47
Total return(b)		(0.98	)%(c)(d)		(5.48	)%(d)		7.60	%		5.46	%		19.96	%(d)		(4.02	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	11,556		$	12,609		$	14,555		$	15,233		$	16,863		$	15,790
Net expenses		1.85	%(e)(f)		1.86	%(f)(g)		1.89	%		1.90	%(h)		1.90	%(f)		1.90	%(h)
Gross expenses		1.91	%(e)		1.88	%		1.89	%		1.90	%(h)		1.94	%		1.90	%(h)
Net investment income		4.42	%(e)		3.68	%		3.84	%		4.36	%		4.78	%		4.89	%
Portfolio turnover rate		21	%		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) Periods less than one year are not annualized.

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

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

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

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

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

See accompanying notes to financial statements.

63  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	High Income Fund—Class Y
	Six Months Ended March 31, 2016 (Unaudited)			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	$	3.98		$	4.48		$	4.59		$	4.59		$	4.46		$	4.90
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.10			0.20			0.22			0.25			0.26			0.29
Net realized and unrealized gain (loss)		(0.12	)		(0.39	)		0.16			0.04			0.57			(0.41	)
Total from Investment Operations		(0.02	)		(0.19	)		0.38			0.29			0.83			(0.12	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.12	)		(0.20	)		(0.23	)		(0.28	)		(0.31	)		(0.32	)
Net realized capital gains		(0.01	)		(0.11	)		(0.26	)		(0.01	)		(0.39	)		—
Total Distributions		(0.13	)		(0.31	)		(0.49	)		(0.29	)		(0.70	)		(0.32	)
Net asset value, end of the period	$	3.83		$	3.98		$	4.48		$	4.59		$	4.59		$	4.46
Total return		(0.46	)%(b)(c)		(4.54	)%(c)		8.72	%		6.56	%		20.93	%(c)		(2.86	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	111,173		$	116,837		$	125,185		$	108,170		$	110,917		$	38,011
Net expenses		0.85	%(d)(e)		0.86	%(e)(f)		0.89	%		0.90	%(g)		0.90	%(e)		0.90	%(g)
Gross expenses		0.91	%(d)		0.88	%		0.89	%		0.90	%(g)		0.95	%		0.90	%(g)
Net investment income		5.44	%(d)		4.67	%		4.83	%		5.37	%		5.78	%		5.86	%
Portfolio turnover rate		21	%		69	%		59	%		47	%		34	%		67	%

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

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

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

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

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

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

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

See accompanying notes to financial statements.

|  64

Financial Highlights (continued)

For a share outstanding throughout each period.

	Limited Term Government and Agency Fund—Class A
	Six Months Ended March 31, 2016 (Unaudited)			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	$	11.57		$	11.61		$	11.68		$	12.04		$	11.87		$	12.02
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.06			0.14			0.16			0.13			0.18			0.17
Net realized and unrealized gain (loss)		(0.03	)		0.01	(b)		0.01			(0.23	)		0.28			0.03
Total from Investment Operations		0.03			0.15			0.17			(0.10	)		0.46			0.20
LESS DISTRIBUTIONS FROM:
Net investment income		(0.08	)		(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		(0.08	)		(0.19	)		(0.24	)		(0.26	)		(0.29	)		(0.35	)
Net asset value, end of the period	$	11.52		$	11.57		$	11.61		$	11.68		$	12.04		$	11.87
Total return(d)		0.30	%(e)		1.26	%		1.44	%		(0.81	)%		3.94	%(f)		1.71	%(f)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	460,570		$	346,317		$	314,360		$	355,212		$	357,870		$	293,675
Net expenses		0.77	%(g)		0.77	%		0.80	%(h)		0.87	%(i)		0.85	%(j)		0.85	%(j)
Gross expenses		0.77	%(g)		0.77	%		0.80	%(h)		0.87	%(i)		0.90	%		0.92	%
Net investment income		0.98	%(g)		1.21	%		1.35	%		1.11	%		1.54	%		1.44	%
Portfolio turnover rate		44	%		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) Periods less than one year are not annualized.

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

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

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

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

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

See accompanying notes to financial statements.

65  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Limited Term Government and Agency Fund—Class C
	Six Months Ended March 31, 2016 (Unaudited)			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	$	11.58		$	11.62		$	11.69		$	12.05		$	11.88		$	12.03
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.01			0.05			0.07			0.04			0.10			0.08
Net realized and unrealized gain (loss)		(0.02	)		0.01	(b)		0.01			(0.23	)		0.27			0.03
Total from Investment Operations		(0.01	)		0.06			0.08			(0.19	)		0.37			0.11
LESS DISTRIBUTIONS FROM:
Net investment income		(0.04	)		(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		(0.04	)		(0.10	)		(0.15	)		(0.17	)		(0.20	)		(0.26	)
Net asset value, end of the period	$	11.53		$	11.58		$	11.62		$	11.69		$	12.05		$	11.88
Total return(d)		(0.08	)%(e)		0.51	%		0.69	%		(1.55	)%		3.17	%(f)		0.96	%(f)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	84,447		$	63,167		$	56,936		$	71,963		$	75,522		$	68,776
Net expenses		1.52	%(g)		1.53	%		1.55	%(h)		1.62	%(i)		1.60	%(j)		1.60	%(j)
Gross expenses		1.52	%(g)		1.53	%		1.55	%(h)		1.62	%(i)		1.65	%		1.67	%
Net investment income		0.24	%(g)		0.47	%		0.61	%		0.36	%		0.80	%		0.68	%
Portfolio turnover rate		44	%		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) Periods less than one year are not annualized.

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

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

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

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

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

See accompanying notes to financial statements.

|  66

Financial Highlights (continued)

For a share outstanding throughout each period.

	Limited Term Government and Agency Fund—Class Y
	Six Months Ended March 31, 2016 (Unaudited)			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		$	11.65		$	11.72		$	12.08		$	11.91		$	12.05
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.07			0.17			0.18			0.16			0.21			0.20
Net realized and unrealized gain (loss)		(0.02	)		0.01	(b)		0.02			(0.23	)		0.28			0.04
Total from Investment Operations		0.05			0.18			0.20			(0.07	)		0.49			0.24
LESS DISTRIBUTIONS FROM:
Net investment income		(0.10	)		(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		(0.10	)		(0.22	)		(0.27	)		(0.29	)		(0.32	)		(0.38	)
Net asset value, end of the period	$	11.56		$	11.61		$	11.65		$	11.72		$	12.08		$	11.91
Total return		0.42	%(d)		1.51	%		1.70	%		(0.56	)%		4.19	%(e)		2.05	%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	435,478		$	431,727		$	330,224		$	252,127		$	220,444		$	130,874
Net expenses		0.52	%(f)		0.52	%		0.55	%(g)		0.62	%(h)		0.60	%(i)		0.60	%(i)
Gross expenses		0.52	%(f)		0.52	%		0.55	%(g)		0.62	%(h)		0.65	%		0.67	%
Net investment income		1.23	%(f)		1.45	%		1.58	%		1.35	%		1.77	%		1.68	%
Portfolio turnover rate		44	%		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) Periods less than one year are not annualized.

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

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

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

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

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

See accompanying notes to financial statements.

67  |

Notes to Financial Statements

March 31, 2016 (Unaudited)

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

Natixis Funds Trust I:

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

Loomis Sayles Funds II:

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

Loomis Sayles 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. As of the close of business on January 11, 2016, Class B shares were converted into Class A shares and are no longer offered.

Class A shares of Core Plus Bond Fund and High Income Fund are sold with a maximum front-end sales charge of 4.25% (4.50% prior to November 2, 2015). Class A shares of Limited Term Government and Agency Fund are sold with a maximum front-end sales charge of 2.25% (3.00% prior to November 2, 2015). Class C shares do not pay a front-end sales charge, 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. Effective November 2, 2015, Class N shares are offered to investors with an initial minimum investment of $1,000,000. Class Y shares are intended for institutional investors with a minimum initial investment of $100,000. Some categories of investors are exempted from the minimum investment amount as outlined in the Funds’ prospectus.

Most expenses can be directly attributed to a Fund. Expenses which cannot be directly attributed to a Fund are generally apportioned based on the relative net assets of each of the funds in Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”). Expenses of a Fund are borne pro rata by the holders of each class of shares, except that each class bears expenses unique to that class (including the Rule 12b-1 service and distribution fees and, for Core Plus Bond Fund Class A, Class B, Class C and Class Y, collectively, and Class N individually, transfer agent fees). In addition, each class votes as a class only with respect to its

|  68

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

own Rule 12b-1 Plan. Shares of each class would receive their pro rata share of the net assets of a Fund if the Fund were liquidated. The Trustees approve separate distributions from net investment income on each class of shares.

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

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

Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers. Senior loans are valued at bid prices supplied by an independent pricing service, if available. Listed equity securities (including shares of 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 as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. 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 as reported by an independent pricing service. 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

69  |

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

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 most recent 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 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 the Fund.

As of March 31, 2016, securities held by the funds were fair valued as follows:

Fund	Illiquid securities1		Percentage of Net Assets			Other fair valued securities2		Percentage of Net Assets
Core Plus Bond Fund	$	19,962,368		0.3	%	$	—		—
High Income Fund		2,405,735		1.6	%		980,023		0.6	%
Limited Term Government and Agency Fund		3,036,066		0.3	%		341,495		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.

|  70

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

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.

71  |

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

During the six months ended March 31, 2016, the amount of income available to be distributed by Core Plus Bond Fund and High Income Fund was reduced by $26,340,269 and $457,035, 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.

|  72

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

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

f.  Swap Agreements.  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

73  |

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

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 faces the CCP through a broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Subsequent payments, known as “variation margin,” are made or received by the Fund based on the daily change in the value of the centrally cleared swap agreement. For centrally cleared swaps, the Fund’s counterparty credit risk is reduced as the CCP stands between the Fund and the counterparty. The Funds cover their net obligations under outstanding swap agreements by segregating or earmarking cash or securities.

No swap agreements were held by the Funds during the six months ended March 31, 2016.

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

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companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund’s tax positions for the open tax years as of March 31, 2016 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

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

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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.

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

	2015 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
Core Plus Bond Fund	$	185,171,010	$	9,466,139	$	194,637,149
High Income Fund		9,843,443		3,412,156		13,255,599
Limited Term Government and Agency Fund		12,685,774		—		12,685,774

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, capital loss carryforwards and post-October capital loss deferrals were as follows:

	Core Plus Bond Fund			High Income Fund		Limited Term Government and Agency Fund
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	)	$	—	$	—

* 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 has deferred foreign currency losses that occurred after October 31, 2014.

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Notes to Financial Statements (continued)

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As of March 31, 2016, unrealized depreciation on a tax basis was approximately as follows:

	Core Plus Bond Fund			High Income Fund			Limited Term Government and Agency Fund
Unrealized depreciation
Investments	$	(193,323,278	)	$	(15,962,905	)	$	(3,014,679	)
Foreign currency translations		(36,630,372	)		(2,278,171	)		—
Total unrealized depreciation	$	(229,953,650	)	$	(18,241,076	)	$	(3,014,679	)

Amounts exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes.

j.  Repurchase Agreements.  Each Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which each Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is each Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities. As of March 31, 2016, 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/from Brokers.  Transactions and positions in certain forward foreign currency contracts 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/from broker balance in the Statement of Assets and Liabilities for Core Plus Bond Fund represents cash received/pledged as collateral for delayed delivery securities. The due from broker balance in the Statement of Assets and Liabilities for High Income Fund represents cash pledged 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.

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

For the six months ended March 31, 2016, 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

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Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

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

The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2016, at value:

Core Plus Bond Fund

Asset Valuation Inputs

Description	Level 1		Level 2			Level 3			Total
Bonds and Notes
ABS Car Loan	$	—	$	209,157,693		$	11,953,805	(b)	$	221,111,498
Non-Agency Commercial Mortgage-Backed Securities		—		330,476,146			11,854,238	(b)		342,330,384
All Other Bonds and Notes(a)		—		5,210,289,855			—			5,210,289,855
Total Bonds and Notes		—		5,749,923,694			23,808,043			5,773,731,737
Senior Loans(a)		—		73,204,949			—			73,204,949
Preferred Stocks(a)		945,414		18,089,890			—			19,035,304
Short-Term Investments		—		533,578,152			—			533,578,152
Total	$	945,414	$	6,374,796,685		$	23,808,043		$	6,399,550,142
Liability Valuation Inputs
Description	Level 1		Level 2			Level 3			Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—	$	(79,324	)	$	—		$	(79,324	)

(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)

March 31, 2016 (Unaudited)

For the period ended March 31, 2016, there were no transfers among Levels 1, 2 and 3.

High Income Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	—	$	3,848,216	$	—		$	3,848,216
Home Construction		—		2,207,887		23	(b)		2,207,910
Independent Energy		—		10,203,586		149,500	(c)		10,353,086
Non-Agency Commercial Mortgage-Backed Securities		—		2,543,833		935,000	(c)		3,478,833
All Other Non-Convertible Bonds(a)		—		116,040,944		—			116,040,944
Total Non-Convertible Bonds		—		134,844,466		1,084,523			135,928,989
Convertible Bonds(a)		—		7,552,311		—			7,552,311
Total Bonds and Notes		—		142,396,777		1,084,523			143,481,300
Senior Loans(a)		—		2,626,764		—			2,626,764
Preferred Stocks
Convertible Preferred Stocks
Midstream		—		23,718		179,797	(c)		203,515
REITs - Mortgage		—		88,410		—			88,410
All Other Convertible Preferred Stocks(a)		790,460		—		—			790,460
Total Convertible Preferred Stocks		790,460		112,128		179,797			1,082,385
Non-Convertible Preferred Stocks(a)		464,585		—		—			464,585
Total Preferred Stocks		1,255,045		112,128		179,797			1,546,970
Common Stocks(a)		457,810		—		—			457,810
Other Investments(a)		—		—		980,000	(d)		980,000
Warrants(e)		822		—		—			822
Short-Term Investments		—		5,493,992		—			5,493,992
Total	$	1,713,677	$	150,629,661	$	2,244,320		$	154,587,658

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Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

High Income Fund (continued)

Liability Valuation Inputs

Description	Level 1		Level 2			Level 3		Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—	$	(6,660	)	$	—	$	(6,660	)

(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.

(d) Fair valued by the Fund’s adviser using broker-dealer bid prices for which the inputs are unobservable to the Fund.

(e) Includes a security fair valued at zero using Level 3 inputs.

Limited Term Government and Agency Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
ABS Car Loan	$	—	$	13,445,528	$	1,549,845	(b)	$	14,995,373
Agency Commercial Mortgage-Backed Securities		—		121,284,849		13,964,504	(b)		135,249,353
Collateralized Mortgage Obligations		—		124,663,538		7,763,558	(c)		132,427,096
Non-Agency Commercial Mortgage-Backed Securities		—		66,479,076		3,036,066	(b)		69,515,142
All Other Bonds and Notes(a)		—		609,712,412		—			609,712,412
Total Bonds and Notes		—		935,585,403		26,313,973			961,899,376
Short-Term Investments		—		19,584,733		—			19,584,733
Total	$	—	$	955,170,136	$	26,313,973		$	981,484,109

(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) Valued using broker-dealer bid prices ($7,422,063) and fair valued by the Fund’s adviser ($341,495).

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March 31, 2016 (Unaudited)

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of September 30, 2015 and/or March 31, 2016:

Core Plus Bond Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2015			Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases
Bonds and Notes
ABS Car Loan	$	—		$	—	$	—		$	(482	)	$	11,954,287
Non-Agency Commercial Mortgage-Backed Securities		12,286,799			—		(880	)		(6,605	)		—
Oil Field Services		940,950			—		(2,157,350	)		1,354,050			—
Total	$	13,227,749		$	—	$	(2,158,230	)	$	1,346,963		$	11,954,287
Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2016			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2016
Bonds and Notes
ABS Car Loan	$	—		$	—	$	—		$	11,953,805		$	(482	)
Non-Agency Commercial Mortgage-Backed Securities		(425,076	)		—		—			11,854,238			(7,442	)
Oil Field Services		(137,650	)		—		—			—			—
Total	$	(562,726	)	$	—	$	—		$	23,808,043		$	(7,924	)

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Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

High Income Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2015		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Purchases
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	750,966	$	—	$	—	$	—		$	—
Home Construction		—		12,992		—		(81,079	)		—
Independent Energy		—		—		—		—			149,500
Non-Agency Commercial Mortgage-Backed Securities		935,000		—		—		—			—
Preferred Stocks
Convertible Preferred Stocks
Midstream		—		—		—		(222,143	)		—
Other Investments
Aircraft ABS		1,000,000		—		—		(20,000	)		—
Warrants		—		—		—		—			—
Total	$	2,685,966	$	12,992	$	—	$	(323,222	)	$	149,500

Investments in Securities	Sales		Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2016			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2016
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—	$	—	$	(750,966	)	$	—		$	—
Home Construction		—		68,110		—			23			(81,079	)
Independent Energy		—		—		—			149,500			—
Non-Agency Commercial Mortgage-Backed Securities		—		—		—			935,000			—
Preferred Stocks
Convertible Preferred Stocks
Midstream		—		401,940		—			179,797			(222,143	)
Other Investments
Aircraft ABS		—		—		—			980,000			(20,000	)
Warrants		—		—		—			—	(a)		—
Total	$	—	$	470,050	$	(750,966	)	$	2,244,320		$	(323,222	)

(a) Fair valued at zero using Level 3 inputs.

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Debt securities valued at $750,966 were transferred from Level 3 to Level 2 during the period ended March 31, 2016. At September 30, 2015, 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. March 31, 2016, 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.

Debt securities valued at $68,110 were transferred from Level 2 to Level 3 during the period ended March 31, 2016. 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. At March 31, 2016, these securities were 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 securities.

Preferred stocks valued at $401,940 were transferred from Level 2 to Level 3 during the period ended March 31, 2016. 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. At March 31, 2016, these securities were valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service did not provide a reliable price for the securities.

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

Limited Term Government and Agency Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2015		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases
Bonds and Notes
Non-Convertible Bonds
ABS Car Loan	$	—	$	—	$	—		$	(63	)	$	1,549,908
Agency Commercial Mortgage-Backed Securities		14,113,679		—		—			(149,175	)		—
Collateralized Mortgage Obligations		20,837		—		(2,211	)		(10,413	)		7,422,063
Non-Agency Commercial Mortgage-Backed Securities		3,037,972		—		—			(1,906	)		—
Total	$	17,172,488	$	—	$	(2,211	)	$	(161,557	)	$	8,971,971

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Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

Limited Term Government and Agency Fund (continued)

Asset Valuation Inputs (continued)

Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3		Balance as of March 31, 2016		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March  31, 2016
Bonds and Notes
Non-Convertible Bonds
ABS Car Loan	$	—		$	—	$	—	$	1,549,845	$	(63	)
Agency Commercial Mortgage-Backed Securities		—			—		—		13,964,504		(149,175	)
Collateralized Mortgage Obligations		(94,182	)		427,464		—		7,763,558		(10,415	)
Non-Agency Commercial Mortgage-Backed Securities		—			—		—		3,036,066		(1,906	)
Total	$	(94,182	)	$	427,464	$	—	$	26,313,973	$	(161,559	)

Debt securities valued at $427,464 were transferred from Level 2 to Level 3 during the period ended March 31, 2016. 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. At March 31, 2016, these securities were 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 securities.

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 Core Plus Bond Fund and High Income Fund used during the period include forward foreign currency contracts and futures contracts.

Core Plus Bond Fund and High Income 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

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foreign securities. The Funds may also use forward foreign currency contracts to gain exposure to foreign currencies, regardless of whether securities denominated in such currencies are held in the Funds. During the six months ended March 31, 2016, Core Plus Bond Fund and High Income 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 Fund’s 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 Fund may use futures contracts to hedge against changes in interest rates and to manage its duration without having to buy or sell portfolio securities. During the six months ended March 31, 2016, High Income Fund used futures contracts to manage duration.

The following is a summary of derivative instruments for Core Plus Bond Fund as of March 31, 2016, as reflected within the Statements of Assets and Liabilities:

Liabilities	Unrealized depreciation on forward foreign currency contracts
Over-the-counter liability derivatives
Foreign exchange contracts	$	(79,324	)

Transactions in derivative instruments for Core Plus Bond Fund during the six months ended March 31, 2016, as reflected within the Statements of Operations, were as follows:

Net Realized Loss on:	Foreign currency transactions1
Foreign exchange contracts	$	(118,539	)
Net Change in Unrealized Appreciation (Depreciation) on:	Foreign currency translations1
Foreign exchange contracts	$	(76,189	)

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

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Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

The following is a summary of derivative instruments for High Income Fund as of March 31, 2016, as reflected within the Statements of Assets and Liabilities:

Liabilities	Unrealized depreciation on forward foreign currency contracts
Over-the-counter liability derivatives
Foreign exchange contracts	$(6,660)

Transactions in derivative instruments for High Income Fund during the six months ended March 31, 2016, as reflected within the Statements of Operations, were as follows:

Net Realized Gain (Loss) on:	Futures contracts			Foreign currency transactions2
Interest rate contracts	$	(176,542	)	$	—
Foreign exchange contracts		—			284,536
Total	$	(176,542	)	$	284,536
Net Change in Unrealized Appreciation (Depreciation) on:	Futures contracts			Foreign currency translations2
Interest rate contracts	$	160,868		$	—
Foreign exchange contracts		—			(270,067	)
Total	$	160,868		$	(270,067	)

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 Statements of Operations.

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

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Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

The volume of forward foreign currency contract and futures contract activity, as a percentage of net assets, based on gross month-end notional amounts outstanding during the period, including long and short positions at absolute value, was as follows for the six months ended March 31, 2016:

Core Plus Bond Fund	Forwards
Average Notional Amount Outstanding		0.22	%
Highest Notional Amount Outstanding		0.24	%
Lowest Notional Amount Outstanding		0.21	%
Notional Amount Outstanding as of March 31, 2016		0.24	%
High Income Fund	Forwards			Futures
Average Notional Amount Outstanding		2.06	%		4.31	%
Highest Notional Amount Outstanding		2.03	%		7.49	%
Lowest Notional Amount Outstanding		0.12	%		0.00	%
Notional Amount Outstanding as of March 31, 2016		0.12	%		0.00	%

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 contain provisions that allow a counterparty to terminate open contracts early if the NAV 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.

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Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

As of March 31, 2016, 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.	$	(79,324	)	$	—	$	(79,324	)	$	—	$	(79,324	)
High Income Fund
Counterparty	Gross Amounts of Liabilities			Offset Amount		Net Liability Balance			Collateral (Received)/ Pledged		Net Amount
Bank of America, N.A.	$	(6,660	)	$	—	$	(6,660	)	$	6,660	$	—

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

Counterparty risk is managed based on policies and procedures established by each Fund’s adviser. Such policies and procedures may include, but are not limited to, minimum counterparty credit rating requirements, monitoring of counterparty credit default swap spreads and posting of collateral. A Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the Fund’s aggregated unrealized gains and the amount of any collateral pledged to the counterparty, which may be offset by any collateral posted to the Fund by the counterparty. ISDA master agreements can help to manage counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under these ISDA agreements, collateral is routinely transferred if the total net exposure in respect of certain transactions, net of existing collateral already in place, exceeds a specified amount (typically $250,000, depending on the counterparty). With exchange-traded derivatives, there is minimal counterparty credit risk to the Fund because the exchange’s clearinghouse, as counterparty to these instruments, stands between the buyer and the seller of the contract. Credit risk still exists in exchange-traded derivatives with respect to initial and variation margin that is held in a broker’s customer accounts. While brokers are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its clients,

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Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

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 (including OTC derivative counterparties and brokers holding margin for exchange-traded derivatives) to the relevant financial instruments failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the Fund, and (ii) the amount of loss that the applicable Fund would incur after taking into account master netting provisions pursuant to ISDA agreements, as of March 31, 2016:

Fund	Maximum Amount of Loss - Gross		Maximum Amount of Loss - Net
High Income Fund	$	7,000	$	340

5.  Purchases and Sales of Securities.  For the six months ended March 31, 2016, 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	$	3,685,732,091	$	3,854,114,244	$	392,024,238	$	971,428,890
High Income Fund		9,985,547		8,016,615		22,758,240		33,098,746
Limited Term Government and Agency Fund		435,289,039		356,524,418		92,227,915		26,536,955

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	%

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Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

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

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

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

Loomis Sayles has given binding undertakings to the Funds to waive management fees and/or reimburse certain expenses to limit the Funds’ operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes, organizational and extraordinary expenses such as litigation and indemnification expenses. These undertakings are in effect until January 31, 2017, 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 six months ended March 31, 2016 (period ending close of business January 11, 2016, for Class B) 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	%

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

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

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Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

For the six months ended March 31, 2016, the management fees and waivers of management fees for each Fund were as follows:

	Gross Management Fees		Waivers of Management Fees1		Net Management Fees		Percentage of Average Daily Net Assets
Fund							Gross			Net
Core Plus Bond Fund	$	4,964,215	$	—	$	4,964,215		0.162	%		0.162	%
High Income Fund		477,092		50,655		426,437		0.600	%		0.536	%
Limited Term Government and Agency Fund		1,609,576		—		1,609,576		0.364	%		0.364	%

¹  Management fee waivers are subject to possible recovery until September 30, 2017.

For the six months ended March 31, 2016, the advisory administration fees for Core Plus Bond Fund were as follows:

Advisory Administration Fee	Percentage of Average Daily Net Assets
$4,964,215		0.162	%

No expenses were recovered for any of the Funds during the six months ended March 31, 2016 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 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.

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Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

Under the Class B and Class C Plans, each Fund pays (or paid) 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, each Fund pays (or paid) NGAM Distribution a monthly distribution fee at the 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.

For the six months ended March 31, 2016, the service and distribution fees for each Fund were as follows:

	Service Fees						Distribution Fees
Fund	Class A		Class B		Class C		Class B		Class C
Core Plus Bond Fund	$	1,035,274	$	56	$	417,978	$	167	$	1,253,934
High Income Fund		44,417		1		14,681		2		44,044
Limited Term Government and Agency Fund		448,007		1,734		96,409		5,201		289,226

c.  Administrative Fees.  NGAM Advisors provides certain administrative services for the Funds and contracts with State Street Bank to serve as sub-administrator. NGAM Advisors is a wholly-owned subsidiary of Natixis US. Pursuant to an agreement among Natixis Funds Trusts, Loomis Sayles Funds Trusts and NGAM Advisors, each Fund pays NGAM Advisors monthly its pro rata portion of fees equal to an annual rate of 0.0575% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts and Loomis Sayles Funds Trusts, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion, 0.0350% of the next $30 billion and 0.0325% of such assets in excess of $90 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts and Loomis Sayles Funds Trusts of $10 million, which is reevaluated on an annual basis.

For the six months ended March 31, 2016, the administrative fees for each Fund were as follows:

Fund	Administrative Fees
Core Plus Bond Fund	$	1,340,900
High Income Fund		34,888
Limited Term Government and Agency Fund		194,186

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

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Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

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.

For the six months ended March 31, 2016, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statements of Operations) for each Fund were as follows:

Fund	Sub-Transfer Agent Fees
Core Plus Bond Fund	$	1,897,445
High Income Fund		85,140
Limited Term Government and Agency Fund		193,145

As of March 31, 2016, 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	$	50,229
High Income Fund		2,141
Limited Term Government and Agency Fund		4,700

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

e.  Commissions.  Commissions (including CDSCs) on Fund shares retained by NGAM Distribution during the six months ended March 31, 2016 were as follows:

Fund	Commissions
Core Plus Bond Fund	$	98,678
High Income Fund		478
Limited Term Government and Agency Fund		28,639

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Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

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 $325,000. 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 $155,000. 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 $10,000. Each Contract Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts and Loomis Sayles Funds Trusts based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

Prior to January 1, 2016, the Chairperson of the Board received a retainer fee at the annual rate of $300,000 and each Independent Trustee (other than the Chairperson) received, in the aggregate, a retainer fee at the annual rate of $130,000. The chairperson of the Governance Committee received an additional retainer fee at the annual rate of $5,000. All other Trustee fees remained unchanged.

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

95  |

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

g.  Affiliated Ownership.  As of March 31, 2016, 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		0.07	%
Limited Term Government and Agency Fund		0.34	%

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

h.  Payment by Affiliates.  For the six months ended March 31, 2016, Loomis Sayles reimbursed High Income Fund $2,130 in connection with a trading error.

7.  Class-Specific Transfer Agent Fees and Expenses.  For the six months ended March 31, 2016, 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	$	406,640	$	22	$	164,172	$	1,704	$	1,443,630

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

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

8.  Line of Credit.  Each Fund, together with certain other funds of Natixis Funds Trusts and Loomis Sayles Funds Trusts, participates in a $150,000,000 committed unsecured line of credit provided by State Street Bank and Trust. 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 six months ended March 31, 2016, none of the Funds had borrowings under this agreement.

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Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

Effective April 14, 2016, the line of credit with State Street Bank and Trust Company expired, and the Funds, together with certain other funds of Natixis Funds Trusts and Loomis Sayles Funds Trusts, entered into a 364-day, $400,000,000 syndicated, committed, unsecured line of credit with Citibank, N.A. to be used for temporary or emergency purposes only. Any one Fund may borrow up to the full $400,000,000 under the line of credit (as long as all borrowings by all Funds in the aggregate do not exceed the $400,000,000 limit at any time), subject to each Fund’s investment restrictions. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.10% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit. The Funds paid an arrangement fee, an upfront fee, and other fees in connection with the new line of credit agreement.

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.

10.  Concentration of Ownership.  From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of March 31, 2016, 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% Account Holders		Percentage of Ownership
Core Plus Bond Fund		1		6.71	%
High Income Fund		2		19.22	%
Limited Term Government and Agency Fund		1		5.72	%

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Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

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

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

	Six Months Ended March 31, 2016					Year Ended September 30, 2015
Core Plus Bond Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	8,368,251		$	103,061,229		57,949,399		$	757,297,253
Issued in connection with the reinvestment of distributions	621,808			7,634,592		1,930,361			24,960,078
Redeemed	(20,383,259	)		(251,156,311	)	(34,689,593	)		(445,393,927	)
Net change	(11,393,200	)	$	(140,460,490	)	25,190,167		$	336,863,404
Class B(a)
Issued from the sale of shares	—		$	—		90		$	1,655
Issued in connection with the reinvestment of distributions	14			171		527			6,876
Redeemed	(7,201	)		(88,563	)	(44,652	)		(582,052	)
Net change	(7,187	)	$	(88,392	)	(44,035	)	$	(573,521	)
Class C
Issued from the sale of shares	3,713,122		$	45,667,759		15,015,219		$	196,948,567
Issued in connection with the reinvestment of distributions	143,958			1,765,085		455,968			5,896,096
Redeemed	(6,876,301	)		(84,679,493	)	(6,190,729	)		(79,756,335	)
Net change	(3,019,221	)	$	(37,246,649	)	9,280,458		$	123,088,328
Class N
Issued from the sale of shares	14,941,360		$	185,698,404		189,587,048		$	2,500,232,956
Issued in connection with the reinvestment of distributions	2,214,160			27,415,762		4,023,156			52,220,483
Redeemed	(17,954,296	)		(222,703,660	)	(23,949,864	)		(310,530,852	)
Redeemed in-kind (Note 12)	(19,303,792	)		(243,999,935	)	—			—
Net change	(20,102,568	)	$	(253,589,429	)	169,660,340		$	2,241,922,587
Class Y
Issued from the sale of shares	45,434,062		$	563,861,399		237,417,381		$	3,125,367,592
Issued in connection with the reinvestment of distributions	2,774,256			34,341,186		6,287,665			81,758,696
Redeemed	(69,810,848	)		(864,682,006	)	(90,106,606	)		(1,161,814,292	)
Net change	(21,602,530	)	$	(266,479,421	)	153,598,440		$	2,045,311,996
Increase (decrease) from capital share transactions	(56,124,706	)	$	(697,864,381	)	357,685,370		$	4,746,612,794

(a) On January 11, 2016, Class B shares were converted into Class A shares. See Note 1 of Notes to Financial Statements.

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Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

11.  Capital Shares (continued).

	Six Months Ended March 31, 2016					Year Ended September 30, 2015
High Income Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	4,372,850		$	17,583,620		7,165,895		$	31,113,644
Issued in connection with the reinvestment of distributions	230,630			888,933		580,589			2,471,372
Redeemed	(5,638,787	)		(22,239,121	)	(7,757,369	)		(33,308,895	)
Net change	(1,035,307	)	$	(3,766,568	)	(10,885	)	$	276,121
Class B(a)
Issued in connection with the reinvestment of distributions	4		$	16		790		$	3,364
Redeemed	(623	)		(2,485	)	(27,193	)		(117,824	)
Net change	(619	)	$	(2,469	)	(26,403	)	$	(114,460	)
Class C
Issued from the sale of shares	607,058		$	2,351,138		649,877		$	2,832,749
Issued in connection with the reinvestment of distributions	71,902			276,444		166,683			709,594
Redeemed	(826,274	)		(3,198,436	)	(900,836	)		(3,893,227	)
Net change	(147,314	)	$	(570,854	)	(84,276	)	$	(350,884	)
Class Y
Issued from the sale of shares	7,664,572		$	28,967,968		28,556,251		$	124,963,285
Issued in connection with the reinvestment of distributions	762,961			2,917,429		1,781,224			7,571,272
Redeemed	(8,718,502	)		(33,265,473	)	(28,942,559	)		(125,371,469	)
Net change	(290,969	)	$	(1,380,076	)	1,394,916		$	7,163,088
Increase (decrease) from capital share transactions	(1,474,209	)	$	(5,719,967	)	1,273,352		$	6,973,865

(a) On January 11, 2016, Class B shares were converted into Class A shares. See Note 1 of Notes to Financial Statements.

99  |

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

11.  Capital Shares (continued).

	Six Months Ended March 31, 2016					Year Ended September 30, 2015
Limited Term Government and Agency Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	19,326,025		$	222,397,123		9,649,293		$	111,950,383
Issued in connection with the reinvestment of distributions	184,459			2,122,012		375,777			4,361,038
Redeemed	(9,457,792	)		(108,858,155	)	(7,161,541	)		(83,105,890	)
Net change	10,052,692		$	115,660,980		2,863,529		$	33,205,531
Class B(a)
Issued from the sale of shares	1,448		$	16,709		4,412		$	51,055
Issued in connection with the reinvestment of distributions	426			4,887		2,463			28,567
Redeemed	(230,595	)		(2,644,555	)	(140,481	)		(1,628,030	)
Net change	(228,721	)	$	(2,622,959	)	(133,606	)	$	(1,548,408	)
Class C
Issued from the sale of shares	3,694,313		$	42,485,779		2,240,435		$	26,003,916
Issued in connection with the reinvestment of distributions	14,703			169,217		27,082			314,602
Redeemed	(1,838,988	)		(21,159,779	)	(1,711,009	)		(19,866,952	)
Net change	1,870,028		$	21,495,217		556,508		$	6,451,566
Class Y
Issued from the sale of shares	14,935,205		$	172,373,500		24,653,312		$	286,964,981
Issued in connection with the reinvestment of distributions	191,449			2,208,411		339,019			3,946,537
Redeemed	(14,638,733	)		(168,873,744	)	(16,140,773	)		(187,902,947	)
Net change	487,921		$	5,708,167		8,851,558		$	103,008,571
Increase (decrease) from capital share transactions	12,181,920		$	140,241,405		12,137,989		$	141,117,260

(a) On January 11, 2016, Class B shares were converted into Class A shares. See Note 1 of Notes to Financial Statements.

12.  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 Core Plus Bond Fund realized a loss of $5,548,878 on redemptions in-kind during the six months ended March 31, 2016. This amount is included in realized gain (loss) on the Statements of Operations.

|  100

SEMIANNUAL REPORT

March 31, 2016

Loomis Sayles Investment Grade Bond Fund

TABLE OF CONTENTS

LOOMIS SAYLES INVESTMENT GRADE BOND FUND

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

Objective

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

1  |

Average Annual Total Returns — March 31, 2016⁴

	6 Months			1 Year			5 Years			10 Years			Life of Class N
Class A (Inception 12/31/96)
NAV		3.31	%		-1.32	%		3.61	%		5.98	%		—	%
With 4.25% Maximum Sales Charge		-1.06			-5.52			2.70			5.53			—
Class C (Inception 9/12/03)
NAV		2.80			-2.14			2.81			5.18			—
With CDSC2		1.80			-3.10			2.81			5.18			—
Class N (Inception 2/1/13)
NAV		3.36			-1.00			—			—			1.34
Class Y (Inception 12/31/96)
NAV		3.36			-1.14			3.85			6.26			—
Admin Class (Inception 2/1/10)1
NAV		3.11			-1.64			3.33			5.62			—
Comparative Performance
Barclays U.S. Government/Credit Bond Index3		2.70			1.75			4.04			4.93			2.55

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

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

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

|  2

ADDITIONAL INFORMATION

ADDITIONAL INDEX INFORMATION

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

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

PROXY VOTING INFORMATION

A description of the Natixis Funds’ proxy voting policies and procedures is available without charge, upon request, by calling Natixis Funds at 800-225-5478; on the Natixis 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 Natixis Funds voted proxies relating to portfolio securities during the 12 months ended June 30, 2015 is available from the Natixis Funds’ website and the SEC’s website.

QUARTERLY PORTFOLIO SCHEDULES

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

3  |

UNDERSTANDING YOUR FUND’S EXPENSES

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

The first line in the table for each class of Fund shares shows the actual account values and actual fund expenses you would have paid on a $1,000 investment in the Fund from October 1, 2015 through March 31, 2016. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example $8,600 account value divided by $1,000 = 8.60) and multiply the result by the number in the Expenses Paid During Period row as shown below for your class.

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

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

|  4

LOOMIS SAYLES INVESTMENT GRADE BOND FUND	BEGINNING ACCOUNT VALUE 10/1/2015		ENDING ACCOUNT VALUE 3/31/2016		EXPENSES PAID DURING PERIOD* 10/1/2015 – 3/31/2016
Class A
Actual		$1,000.00		$1,033.10		$4.32
Hypothetical (5% return before expenses)		$1,000.00		$1,020.75		$4.29
Class C
Actual		$1,000.00		$1,028.00		$8.16
Hypothetical (5% return before expenses)		$1,000.00		$1,016.95		$8.12
Class N
Actual		$1,000.00		$1,033.60		$2.39
Hypothetical (5% return before expenses)		$1,000.00		$1,022.65		$2.38
Class Y
Actual		$1,000.00		$1,033.60		$3.05
Hypothetical (5% return before expenses)		$1,000.00		$1,022.00		$3.03
Admin Class
Actual		$1,000.00		$1,031.10		$5.33
Hypothetical (5% return before expenses)		$1,000.00		$1,019.75		$5.30

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.85%, 1.61%, 0.47%, 0.60% and 1.05% for Class A, 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 366 (to reflect the half-year period).

5  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Investment Grade Bond Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 93.3% of Net Assets
	Non-Convertible Bonds — 86.4%
		ABS Other — 1.5%
$	56,024,871	FAN Engine Securitization Ltd., Series 2013-1A, Class 1A, 4.625%, 10/15/2043, 144A(b)	$	55,493,755
	33,617,881	Trinity Rail Leasing LP, Series 2009-1A, Class A, 6.657%, 11/16/2039, 144A		34,946,393
	11,824,559	Trinity Rail Leasing LP, Series 2010-1A, Class A, 5.194%, 10/16/2040, 144A		11,499,384
	2,853,208	Trinity Rail Leasing LP, Series 2012-1A, Class A1, 2.266%, 1/15/2043, 144A		2,731,056
	6,171,607	Trip Rail Master Funding LLC, Series 2011-1A, Class A1A, 4.370%, 7/15/2041, 144A		6,359,946
				111,030,534
		Aerospace & Defense — 1.6%
	2,100,000	Bombardier, Inc., 7.450%, 5/01/2034, 144A		1,470,000
	1,295,000	Meccanica Holdings USA, Inc., 6.250%, 1/15/2040, 144A		1,230,250
	1,530,000	Meccanica Holdings USA, Inc., 7.375%, 7/15/2039		1,591,200
	78,795,000	Textron, Inc., 5.950%, 9/21/2021		89,360,149
	11,040,000	Textron, Inc., EMTN, 6.625%, 4/07/2020, (GBP)		17,826,624
	10,280,000	TransDigm, Inc., 6.500%, 5/15/2025		10,048,700
				121,526,923
		Airlines — 2.0%
	4,413,711	Air Canada Pass Through Trust, Series 2013-1, Class B, 5.375%, 11/15/2022, 144A		4,281,300
	18,340,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		19,279,925
	142,753	Continental Airlines Pass Through Trust, Series 1998-1, Class A, 6.648%, 3/15/2019		147,079
	585,639	Continental Airlines Pass Through Trust, Series 1999-1, Class A, 6.545%, 8/02/2020		618,962
	1,626,851	Continental Airlines Pass Through Trust, Series 2001-1, Class A-1, 6.703%, 12/15/2022		1,704,615
	47,386,580	Continental Airlines Pass Through Trust, Series 2007-1, Class A, 5.983%, 10/19/2023		52,362,171
	2,288,385	Continental Airlines Pass Through Trust, Series 2012-1, Class B, 6.250%, 10/11/2021		2,391,362
	1,398,302	Delta Air Lines Pass Through Trust, Series 2007-1, Class A, 6.821%, 2/10/2024		1,608,047
	8,989,819	Delta Air Lines Pass Through Trust, Series 2007-1, Class B, 8.021%, 2/10/2024		10,158,495
	19,181,760	Delta Air Lines Pass Through Trust, Series 2009-1, Class A, 7.750%, 6/17/2021		21,475,515
	1,921,546	Delta Air Lines Pass Through Trust, Series 2009-1, Series B, 9.750%, 6/17/2018		2,019,025
	11,838,832	Delta Air Lines Pass Through Trust, Series 2010-1, Class A, 6.200%, 1/02/2020		12,667,550
	18,297,710	UAL Pass Through Trust, Series 2007-1, Class A, 6.636%, 1/02/2024		19,166,852
	209,376	UAL Pass Through Trust, Series 2009-1, 10.400%, 5/01/2018		217,500

See accompanying notes to financial statements.

|  6

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Airlines — continued
$	2,122,571	Virgin Australia Pass Through Trust, Series 2013-1A, 5.000%, 4/23/2025, 144A	$	2,171,391
				150,269,789
		Automotive — 1.1%
	23,581,000	Cummins, Inc., 5.650%, 3/01/2098		25,102,069
	5,274,000	Cummins, Inc., 6.750%, 2/15/2027		6,628,279
	125,000	Ford Motor Co., 6.500%, 8/01/2018		136,244
	255,000	Ford Motor Co., 6.625%, 2/15/2028		296,715
	240,000	Ford Motor Co., 7.500%, 8/01/2026		299,671
	5,000,000	Ford Motor Credit Co. LLC, 5.000%, 5/15/2018		5,279,625
	40,126,000	Ford Motor Credit Co. LLC, 6.625%, 8/15/2017		42,561,488
	2,370,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		2,535,900
				82,839,991
		Banking — 13.4%
	11,806,000	AgriBank FCB, 9.125%, 7/15/2019, 144A		14,301,729
	1,468,000	Ally Financial, Inc., 8.000%, 11/01/2031		1,695,540
	7,200,000	American Express Centurion Bank, Series BKN1, 6.000%, 9/13/2017		7,645,176
	103,309,000	Bank of America Corp., 6.110%, 1/29/2037		118,792,540
	25,627,000	Bank of America Corp., MTN, 3.300%, 1/11/2023		25,842,318
	100,000	Bank of America Corp., MTN, 4.250%, 10/22/2026		101,491
	11,000,000	Bank of America Corp., MTN, 5.000%, 5/13/2021		12,208,790
	25,090,000	Bank of Nova Scotia, 2.130%, 6/15/2020, (CAD)		19,602,559
	1,056,000	Barclays Bank PLC, 6.050%, 12/04/2017, 144A		1,113,264
	2,173,000	Bear Stearns Cos., Inc. (The), 4.650%, 7/02/2018		2,308,230
	370,000	BNP Paribas/Australia, 7.000%, 5/24/2016, (AUD)		285,311
	56,000,000	Citigroup, Inc., 2.500%, 9/26/2018		56,856,464
	17,000,000	Citigroup, Inc., 3.500%, 5/15/2023		16,996,243
	1,660,000	Citigroup, Inc., 4.500%, 1/14/2022		1,817,305
	22,960,000	Citigroup, Inc., 5.130%, 11/12/2019, (NZD)		16,549,776
	44,910,000	Citigroup, Inc., 6.250%, 6/29/2017, (NZD)		32,182,987
	21,855,000	Cooperatieve Rabobank UA, 3.875%, 2/08/2022		23,311,155
	5,265,000	Cooperatieve Rabobank UA, 3.950%, 11/09/2022		5,393,298
	86,800,000	Goldman Sachs Group, Inc. (The), 3.375%, 2/01/2018, (CAD)		68,660,053
	1,174,000	Goldman Sachs Group, Inc. (The), 6.450%, 5/01/2036		1,361,217
	112,330,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		134,170,996
	6,645,000	Goldman Sachs Group, Inc. (The), GMTN, 5.375%, 3/15/2020		7,373,511
	700,000	ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 6.375%, 4/30/2022, 144A		714,647
	70,245,000	JPMorgan Chase & Co., 4.125%, 12/15/2026		72,917,752
	36,745,000	JPMorgan Chase & Co., 4.250%, 11/02/2018, (NZD)		25,920,614
	2,950,000	JPMorgan Chase & Co., EMTN, 1.071%, 5/30/2017, (GBP)(c)		4,197,023
	16,000,000,000	JPMorgan Chase Bank NA, 7.700%, 6/01/2016, 144A, (IDR)		1,198,793
	100,000	Keybank NA, 6.950%, 2/01/2028		124,293
	5,100,000	Lloyds Banking Group PLC, 5.300%, 12/01/2045, 144A		4,996,572
	40,126,000	Merrill Lynch & Co., Inc., Series C, MTN, 6.050%, 6/01/2034		47,312,567
	1,845,000	Morgan Stanley, 4.350%, 9/08/2026		1,898,654
	30,000,000	Morgan Stanley, 4.750%, 11/16/2018, (AUD)		23,670,028

See accompanying notes to financial statements.

7  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Banking — continued
$	5,900,000	Morgan Stanley, 5.750%, 1/25/2021	$	6,753,234
	151,076,000	Morgan Stanley, 7.600%, 8/08/2017, (NZD)		109,768,157
	60,800,000	Morgan Stanley, 8.000%, 5/09/2017, (AUD)		48,828,625
	550,000	Morgan Stanley, EMTN, 5.750%, 2/14/2017, (GBP)		818,678
	20,695,000	Morgan Stanley, MTN, 4.100%, 5/22/2023		21,341,595
	38,206,000	Morgan Stanley, Series F, GMTN, 5.625%, 9/23/2019		42,514,414
	2,875,000	National City Bank of Indiana, 4.250%, 7/01/2018		3,029,663
	8,638,000	National City Corp., 6.875%, 5/15/2019		9,723,581
	16,175,000	Santander Holdings USA, Inc., 4.625%, 4/19/2016		16,198,777
	1,800,000	Santander Issuances SAU, 5.911%, 6/20/2016, 144A		1,812,231
				1,012,309,851
		Brokerage — 1.0%
	50,270,000	Jefferies Group LLC, 5.125%, 1/20/2023		50,453,687
	19,498,000	Jefferies Group LLC, 6.250%, 1/15/2036		18,824,071
	8,760,000	Jefferies Group LLC, 6.450%, 6/08/2027		9,232,838
				78,510,596
		Building Materials — 1.4%
	10,942,000	Masco Corp., 5.850%, 3/15/2017		11,448,067
	6,616,000	Masco Corp., 6.125%, 10/03/2016		6,776,438
	6,058,000	Masco Corp., 6.500%, 8/15/2032		6,179,160
	25,149,000	Masco Corp., 7.125%, 3/15/2020		28,952,786
	5,725,000	Masco Corp., 7.750%, 8/01/2029		6,469,250
	9,300,000	Odebrecht Finance Ltd., 8.250%, 4/25/2018, 144A, (BRL)(b)		1,186,538
	284,000	Owens Corning, 6.500%, 12/01/2016		290,101
	41,379,000	Owens Corning, 7.000%, 12/01/2036		45,713,409
				107,015,749
		Cable Satellite — 1.4%
	17,832,000	Shaw Communications, Inc., 5.650%, 10/01/2019, (CAD)		15,160,667
	13,630,000	Time Warner Cable, Inc., 4.125%, 2/15/2021		14,401,294
	2,800,000	Time Warner Cable, Inc., 4.500%, 9/15/2042		2,485,580
	4,101,000	Time Warner Cable, Inc., 5.850%, 5/01/2017		4,275,022
	64,548,000	Time Warner Cable, Inc., 6.750%, 7/01/2018		71,017,194
				107,339,757
		Chemicals — 0.7%
	2,270,000	Consolidated Energy Finance S.A., 6.750%, 10/15/2019, 144A		2,162,175
	50,500,000	INVISTA Finance LLC, 4.250%, 10/15/2019, 144A		48,480,000
				50,642,175
		Construction Machinery — 0.1%
	6,787,000	Toro Co., 6.625%, 5/01/2037(b)		7,892,691
		Consumer Products — 0.1%
	7,458,000	Hasbro, Inc., 6.600%, 7/15/2028		8,232,073
		Diversified Manufacturing — 0.2%
	1,395,000	Ingersoll-Rand Global Holding Co. Ltd., 6.875%, 8/15/2018		1,544,700
	11,754,000	Snap-on, Inc., 6.700%, 3/01/2019		13,313,415
				14,858,115

See accompanying notes to financial statements.

|  8

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Electric — 2.0%
$	28,983,433	Alta Wind Holdings LLC, 7.000%, 6/30/2035, 144A	$	32,146,540
	8,831,316	Bruce Mansfield Unit Pass Through Trust, 6.850%, 6/01/2034		8,329,167
	9,066,000	Cleveland Electric Illuminating Co. (The), 5.700%, 4/01/2017		9,338,333
	30,430,000	EDP Finance BV, 4.125%, 1/15/2020, 144A		30,472,602
	2,130,000	EDP Finance BV, 4.900%, 10/01/2019, 144A		2,221,164
	4,491,000	Empresa Nacional de Electricidad S.A., 7.875%, 2/01/2027		5,614,653
	40,453,000	Enel Finance International NV, 6.000%, 10/07/2039, 144A		47,479,646
	9,007,000	Enel Finance International NV, 6.800%, 9/15/2037, 144A		11,550,018
	4,294,193	Mackinaw Power LLC, 6.296%, 10/31/2023, 144A(b)		4,720,113
				151,872,236
		Finance Companies — 4.3%
	9,811,000	Aviation Capital Group Corp., 6.750%, 4/06/2021, 144A		11,037,375
	1,874,000	GE Capital Australia Funding Pty Ltd., MTN, 6.000%, 3/15/2019, (AUD)		1,556,493
	35,580,000	General Electric Co., GMTN, 4.250%, 1/17/2018, (NZD)		25,031,220
	14,225,000	General Electric Co., Series A, EMTN, 6.750%, 9/26/2016, (NZD)		9,996,620
	51,370,000	General Electric Co., Series A, GMTN, 5.500%, 2/01/2017, (NZD)		36,216,663
	5,305,000	General Electric Co., Series A, MTN, 0.922%, 5/13/2024(c)		4,918,265
	18,830,000	International Lease Finance Corp., 4.625%, 4/15/2021		19,300,750
	90,196,000	Navient LLC, 5.500%, 1/25/2023		76,666,600
	62,425(††)	Navient LLC, 6.000%, 12/15/2043		1,210,213
	1,785,000	Navient LLC, MTN, 4.625%, 9/25/2017		1,805,081
	8,895,000	Navient LLC, MTN, 7.250%, 1/25/2022		8,316,825
	641,000	Navient LLC, MTN, 8.000%, 3/25/2020		637,795
	15,792,000	Navient LLC, Series A, MTN, 5.000%, 6/15/2018		15,555,120
	22,116,000	Navient LLC, Series A, MTN, 5.625%, 8/01/2033(b)		15,591,780
	14,625,000	Quicken Loans, Inc., 5.750%, 5/01/2025, 144A		14,186,250
	18,597,000	Springleaf Finance Corp., 5.250%, 12/15/2019		17,760,135
	47,260,000	Springleaf Finance Corp., 7.750%, 10/01/2021		46,366,786
	19,414,000	Springleaf Finance Corp., 8.250%, 10/01/2023		18,734,510
				324,888,481
		Government Guaranteed — 0.3%
	4,000,000	Japan Bank for International Cooperation (Japan), 2.300%, 3/19/2018, (CAD)		3,132,797
	31,142,000	Queensland Treasury Corp., 7.125%, 9/18/2017, 144A, (NZD)		22,936,879
				26,069,676
		Government Owned – No Guarantee — 1.1%
	3,720,000	Abu Dhabi National Energy Co. PJSC, 6.500%, 10/27/2036, 144A		4,519,800
	36,975,000	Abu Dhabi National Energy Co. PJSC, 7.250%, 8/01/2018, 144A		40,896,938
	12,575,000	Pertamina Persero PT, 6.450%, 5/30/2044, 144A		12,218,625
	17,435,000	Petrobras Global Finance BV, 4.375%, 5/20/2023		12,722,319
	11,555,000	Petrobras Global Finance BV, 5.625%, 5/20/2043		7,510,750
	1,000,000	Telekom Malaysia Berhad, 7.875%, 8/01/2025, 144A		1,317,653
				79,186,085
		Health Insurance — 0.1%
	1,569,000	Cigna Corp., 7.875%, 5/15/2027		2,129,935
	1,174,000	Cigna Corp., (Step to 8.080% on 1/15/2023), 8.300%, 1/15/2033(d)		1,575,215
				3,705,150

See accompanying notes to financial statements.

9  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Healthcare — 1.2%
$	7,692,000	Boston Scientific Corp., 6.000%, 1/15/2020	$	8,682,630
	7,374,000	Covidien International Finance S.A., 6.000%, 10/15/2017		7,911,874
	9,459,000	Express Scripts, Inc., 7.250%, 6/15/2019		10,959,869
	6,440,000	HCA, Inc., 4.750%, 5/01/2023		6,552,700
	120,000	HCA, Inc., 5.250%, 4/15/2025		123,600
	1,055,000	HCA, Inc., 5.375%, 2/01/2025		1,066,542
	802,000	HCA, Inc., 5.875%, 3/15/2022		868,165
	25,120,000	HCA, Inc., 5.875%, 5/01/2023		26,344,600
	4,806,000	HCA, Inc., 7.050%, 12/01/2027		4,926,150
	4,119,000	HCA, Inc., 7.500%, 12/15/2023		4,366,140
	1,592,000	HCA, Inc., 7.500%, 11/06/2033		1,703,440
	3,807,000	HCA, Inc., 7.690%, 6/15/2025		4,092,525
	4,164,000	HCA, Inc., 8.360%, 4/15/2024		4,642,860
	2,480,000	HCA, Inc., MTN, 7.580%, 9/15/2025		2,678,400
	3,068,000	HCA, Inc., MTN, 7.750%, 7/15/2036		3,282,760
	4,785,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		3,857,906
				92,060,161
		Home Construction — 0.2%
	9,200,000	PulteGroup, Inc., 6.000%, 2/15/2035		8,947,000
	3,567,000	PulteGroup, Inc., 6.375%, 5/15/2033		3,638,340
	1,615,000	TRI Pointe Holdings, Inc./TRI Pointe Group, Inc., 5.875%, 6/15/2024		1,604,906
				14,190,246
		Independent Energy — 1.5%
	7,335,000	Continental Resources, Inc., 3.800%, 6/01/2024		5,794,650
	1,380,000	Continental Resources, Inc., 4.500%, 4/15/2023		1,154,025
	9,787,000	EQT Corp., 8.125%, 6/01/2019		10,546,422
	60,038,000	Equitable Resources, Inc., 6.500%, 4/01/2018		61,602,530
	7,240,000	Newfield Exploration Co., 5.625%, 7/01/2024		6,787,500
	29,027,000	Noble Energy, Inc., 3.900%, 11/15/2024		27,322,564
	634,000	Noble Energy, Inc., 5.625%, 5/01/2021		637,170
	460,000	QEP Resources, Inc., 5.250%, 5/01/2023		400,200
				114,245,061
		Integrated Energy — 0.1%
	7,700,000	Reliance Holdings USA, Inc., 5.400%, 2/14/2022, 144A		8,592,068
		Life Insurance — 1.4%
	1,475,000	American International Group, Inc., 4.875%, 6/01/2022		1,621,968
	600,000	AXA S.A., EMTN, (fixed rate to 10/16/2019, variable rate thereafter), 6.772%, (GBP)(e)		904,837
	5,900,000	AXA S.A., EMTN, (fixed rate to 4/16/2020, variable rate thereafter), 5.250%, 4/16/2040, (EUR)		7,424,278
	15,000,000	Forethought Financial Group, Inc., 8.625%, 4/15/2021, 144A		16,333,920
	9,063,000	Mutual of Omaha Insurance Co., 6.800%, 6/15/2036, 144A		11,372,524
	26,914,000	National Life Insurance Co., 10.500%, 9/15/2039, 144A(b)		40,909,011
	6,440,000	NLV Financial Corp., 7.500%, 8/15/2033, 144A(b)		7,312,568
	2,872,000	Penn Mutual Life Insurance Co. (The), 6.650%, 6/15/2034, 144A		3,319,966

See accompanying notes to financial statements.

|  10

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Life Insurance — continued
$	14,489,000	Penn Mutual Life Insurance Co. (The), 7.625%, 6/15/2040, 144A	$	19,765,981
				108,965,053
		Local Authorities — 2.3%
	37,829,000	New South Wales Treasury Corp., 3.500%, 3/20/2019, (AUD)		30,181,548
	152,895,000	New South Wales Treasury Corp., 6.000%, 2/01/2018, (AUD)		125,553,134
	17,930,000	New South Wales Treasury Corp., Series 17RG, 5.500%, 3/01/2017, (AUD)		14,170,605
	2,116	Province of Alberta, 5.930%, 9/16/2016, (CAD)		1,667
	489,000	Province of Nova Scotia, 6.600%, 6/01/2027, (CAD)		520,804
				170,427,758
		Lodging — 0.7%
	52,516,000	Choice Hotels International, Inc., 5.700%, 8/28/2020		55,929,540
		Media Entertainment — 0.5%
	4,482,000	21st Century Fox America, Inc., 8.150%, 10/17/2036		6,129,668
	358,000,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		17,063,565
	5,000,000	iHeartCommunications, Inc., 9.000%, 3/01/2021		3,481,250
	1,805,000	R.R. Donnelley & Sons Co., 6.500%, 11/15/2023		1,543,275
	4,445,000	R.R. Donnelley & Sons Co., 7.875%, 3/15/2021		4,478,338
	3,616,000	Viacom, Inc., 6.125%, 10/05/2017		3,827,363
				36,523,459
		Metals & Mining — 2.8%
	1,689,997	1839688 Alberta ULC, PIK, 14.000%, 2/13/2020(b)(f)(g)		169
	15,000,000	Alcoa, Inc., 5.400%, 4/15/2021		15,239,100
	15,060,000	Alcoa, Inc., 5.870%, 2/23/2022		15,055,331
	45,700,000	Alcoa, Inc., 5.900%, 2/01/2027		43,415,000
	5,505,000	Alcoa, Inc., 5.950%, 2/01/2037		4,679,250
	5,804,000	Alcoa, Inc., 6.750%, 1/15/2028		5,657,182
	430,000	ArcelorMittal, 6.500%, 3/01/2021		423,550
	4,085,000	ArcelorMittal, 7.250%, 2/25/2022		4,042,108
	47,920,000	ArcelorMittal, 7.750%, 3/01/2041		40,971,600
	19,365,000	ArcelorMittal, 8.000%, 10/15/2039		16,847,550
	20,625,000	Barminco Finance Pty Ltd., 9.000%, 6/01/2018, 144A		15,417,187
	15,701,000	Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas, Inc., 6.500%, 11/15/2020		12,560,800
	4,612,000	United States Steel Corp., 6.650%, 6/01/2037		2,582,720
	31,210,000	United States Steel Corp., 7.000%, 2/01/2018		28,089,000
	3,655,000	Vale Overseas Ltd., 6.875%, 11/21/2036		2,886,354
	4,893,000	Worthington Industries, Inc., 6.500%, 4/15/2020		5,352,130
				213,219,031
		Midstream — 2.8%
	650,000	DCP Midstream LLC, 6.450%, 11/03/2036, 144A		416,326
	3,328,000	Florida Gas Transmission Co., 7.900%, 5/15/2019, 144A		3,725,017
	14,300,000	IFM U.S. Colonial Pipeline 2 LLC, 6.450%, 5/01/2021, 144A		15,529,957
	14,660,000	Kinder Morgan Energy Partners LP, 3.500%, 9/01/2023		13,281,755
	3,105,000	Kinder Morgan Energy Partners LP, 5.300%, 9/15/2020		3,234,643
	7,461,000	Kinder Morgan Energy Partners LP, 5.800%, 3/01/2021		7,863,327
	8,715,000	NGPL PipeCo LLC, 7.119%, 12/15/2017, 144A		8,420,869

See accompanying notes to financial statements.

11  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Midstream — continued
$	85,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A	$	69,700
	46,655,000	ONEOK Partners LP, 4.900%, 3/15/2025		43,955,262
	9,899,000	Panhandle Eastern Pipeline Co., 6.200%, 11/01/2017		10,210,927
	47,594,000	Panhandle Eastern Pipeline Co., 7.000%, 6/15/2018		50,307,905
	1,404,000	Panhandle Eastern Pipeline Co., 8.125%, 6/01/2019		1,470,827
	1,880,000	Plains All American Pipeline LP, 6.125%, 1/15/2017		1,941,796
	15,683,000	Plains All American Pipeline LP/PAA Finance Corp., 6.500%, 5/01/2018		16,344,964
	525,000	Regency Energy Partners LP/Regency Energy Finance Corp., 4.500%, 11/01/2023		463,227
	4,125,000	Southern Natural Gas Co., 5.900%, 4/01/2017, 144A		4,254,253
	19,574,000	Texas Eastern Transmission LP, 6.000%, 9/15/2017, 144A		20,557,593
	8,405,000	Williams Partners LP, 3.350%, 8/15/2022		6,859,388
				208,907,736
		Mortgage Related — 0.0%
	28,456	FHLMC, 5.000%, 12/01/2031		31,566
	3,991	FNMA, 6.000%, 7/01/2029		4,594
				36,160
		Natural Gas — 0.5%
	1,745,000	NiSource Finance Corp., 6.125%, 3/01/2022		2,047,440
	8,900,000	NiSource Finance Corp., 6.400%, 3/15/2018		9,651,258
	21,614,000	NiSource Finance Corp., 6.800%, 1/15/2019		24,164,409
				35,863,107
		Non-Agency Commercial Mortgage-Backed Securities — 1.7%
	11,450,000	CDGJ Commercial Mortgage Trust Pass Through Certificates, Series 2014-BXCH, 2.936%, 12/15/2027, 144A(c)		11,115,421
	1,632	Column Canada Issuer Corp., Series 2006-WEM, Class A1, 4.591%, 1/15/2022, (CAD)		1,257
	3,514,000	Column Canada Issuer Corp., Series 2006-WEM, Class A2, 4.934%, 1/15/2022, (CAD)		2,723,969
	9,785,000	Commercial Mortgage Trust, Series 2014-FL5, Class SV3, 3.386%, 10/15/2031, 144A(b)(c)		9,746,839
	8,515,000	Commercial Mortgage Trust, Series 2014-FL5, Class SV4, 4.586%, 10/15/2031, 144A(b)(c)		8,486,100
	69,500,000	Extended Stay America Trust, Series 2013, Class 7-ESH7, 3.902%, 12/05/2031, 144A		69,591,462
	7,768,965	Institutional Mortgage Securities Canada, Inc., Series 2014-5A, Class A1, 2.003%, 7/12/2047, 144A, (CAD)		5,974,640
	27,000,000	Institutional Mortgage Securities Canada, Inc., Series 2014-5A, Class A2, 2.616%, 7/12/2047, 144A, (CAD)		20,785,271
	2,125,000	WFRBS Commercial Mortgage Trust, Series 2011-C3, Class D, 5.620%, 3/15/2044, 144A(c)		2,247,827
				130,672,786
		Oil Field Services — 0.3%
	5,000,000	Nabors Industries, Inc., 5.100%, 9/15/2023		3,879,165
	23,338,000	Rowan Cos., Inc., 7.875%, 8/01/2019		21,782,429

See accompanying notes to financial statements.

|  12

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Oil Field Services — continued
$	587,000	Transocean Ltd., 7.375%, 4/15/2018	$	531,235
				26,192,829
		Paper — 1.4%
	4,365,000	Celulosa Arauco y Constitucion S.A., 7.250%, 7/29/2019		4,951,866
	23,225,000	Georgia-Pacific LLC, 5.400%, 11/01/2020, 144A		25,944,996
	467,000	Georgia-Pacific LLC, 7.750%, 11/15/2029		638,478
	1,031,000	Georgia-Pacific LLC, 8.875%, 5/15/2031		1,521,572
	7,049,000	International Paper Co., 8.700%, 6/15/2038		9,833,165
	5,270,000	WestRock MWV LLC, 7.550%, 3/01/2047(b)		6,233,461
	4,273,000	WestRock MWV LLC, 8.200%, 1/15/2030		5,504,256
	26,007,000	Weyerhaeuser Co., 6.875%, 12/15/2033		29,595,316
	7,374,000	Weyerhaeuser Co., 7.375%, 10/01/2019		8,462,911
	13,539,000	Weyerhaeuser Co., 7.375%, 3/15/2032		16,537,320
				109,223,341
		Property & Casualty Insurance — 0.3%
	2,740,000	Fidelity National Financial, Inc., 5.500%, 9/01/2022		2,975,429
	2,348,000	Loews Corp., 2.625%, 5/15/2023		2,316,018
	1,889,000	MBIA Insurance Corp., 11.882%, 1/15/2033, 144A(c)(h)		651,705
	5,630,000	Old Republic International Corp., 4.875%, 10/01/2024		5,856,354
	7,609,000	Sirius International Group, 6.375%, 3/20/2017, 144A		7,804,947
	2,212,000	XLIT Ltd., 6.250%, 5/15/2027		2,593,479
	1,043,000	XLIT Ltd., 6.375%, 11/15/2024		1,214,841
				23,412,773
		Railroads — 0.2%
	9,787,000	Canadian Pacific Railway Co., 7.250%, 5/15/2019		11,216,519
	237,000	Missouri Pacific Railroad Co., 4.750%, 1/01/2030(b)		232,486
	1,701,000	Missouri Pacific Railroad Co., 5.000%, 1/01/2045(b)		1,626,554
	191,000	Missouri Pacific Railroad Co., Series A, 4.750%, 1/01/2020(b)		191,024
				13,266,583
		Real Estate Operations/Development — 0.1%
	10,276,000	First Industrial LP, 5.950%, 5/15/2017		10,699,536
		REITs – Apartments — 0.2%
	16,491,000	Camden Property Trust, 5.700%, 5/15/2017		17,163,338
		REITs – Diversified — 0.0%
	380,000	Duke Realty LP, 5.950%, 2/15/2017		393,795
		REITs – Health Care — 0.1%
	5,972,000	Welltower, Inc., 6.500%, 3/15/2041		7,029,181
		REITs – Office Property — 0.3%
	20,817,000	Highwoods Properties, Inc., 5.850%, 3/15/2017		21,558,064
		REITs – Shopping Centers — 0.1%
	4,893,000	Equity One, Inc., 6.000%, 9/15/2017		5,146,164
		REITs – Single Tenant — 0.5%
	8,690,000	Realty Income Corp., 5.750%, 1/15/2021		9,765,240
	22,701,000	Realty Income Corp., 6.750%, 8/15/2019		25,882,545
				35,647,785

See accompanying notes to financial statements.

13  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Restaurants — 0.1%
$	10,320,000	Darden Restaurants, Inc., 6.000%, 8/15/2035	$	9,778,499
		Retailers — 0.5%
	1,255,000	Group 1 Automotive, Inc., 5.000%, 6/01/2022		1,242,450
	430,000	J.C. Penney Corp., Inc., 5.750%, 2/15/2018		435,375
	5,979,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		4,917,727
	5,446,000	J.C. Penney Corp., Inc., 7.625%, 3/01/2097		4,030,040
	10,467,000	Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027		11,668,193
	8,064,000	Marks & Spencer PLC, 7.125%, 12/01/2037, 144A		9,524,915
	3,755,000	Phillips-Van Heusen Corp., 7.750%, 11/15/2023		4,337,025
				36,155,725
		Sovereigns — 0.5%
	33,600,000	Republic of Iceland, 5.875%, 5/11/2022, 144A		38,826,648
		Supermarkets — 0.8%
	22,485,000	Albertson’s Holdings LLC/Safeway, Inc., 7.750%, 10/15/2022, 144A		24,340,012
	1,120,000	Delhaize Group, 5.700%, 10/01/2040		1,207,510
	3,269,000	Kroger Co. (The), 6.400%, 8/15/2017		3,493,731
	6,595,000	New Albertson’s, Inc., 7.450%, 8/01/2029		5,984,963
	7,875,000	New Albertson’s, Inc., 8.000%, 5/01/2031		7,392,656
	989,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		835,705
	17,290,000	SUPERVALU, Inc., 6.750%, 6/01/2021		14,739,725
				57,994,302
		Supranational — 0.2%
	9,640,000	European Investment Bank, MTN, 6.000%, 8/06/2020, (AUD)		8,377,755
	12,982,000	Inter-American Development Bank, EMTN, 6.000%, 12/15/2017, (NZD)		9,468,694
				17,846,449
		Technology — 1.7%
	4,335,000	Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		4,605,938
	1,028,000	Arrow Electronics, Inc., 6.875%, 6/01/2018		1,114,767
	1,507,000	Avnet, Inc., 6.625%, 9/15/2016		1,541,572
	7,487,000	Corning, Inc., 7.250%, 8/15/2036		8,466,839
	70,969,000	Ingram Micro, Inc., 5.250%, 9/01/2017		73,996,041
	7,795,000	Intuit, Inc., 5.750%, 3/15/2017		8,100,330
	16,735,000	KLA-Tencor Corp., 5.650%, 11/01/2034		16,671,491
	1,502,000	Motorola Solutions, Inc., 6.625%, 11/15/2037		1,503,817
	1,692,000	Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		2,158,459
	561,000	Xerox Corp., 6.350%, 5/15/2018		598,591
	7,110,000	Xerox Corp., 6.750%, 2/01/2017		7,370,205
				126,128,050
		Transportation Services — 0.9%
	2,824,000	ERAC USA Finance LLC, 6.700%, 6/01/2034, 144A		3,484,522
	47,741,000	ERAC USA Finance LLC, 7.000%, 10/15/2037, 144A		60,892,691
				64,377,213
		Treasuries — 24.5%
	372,145,000	Canadian Government, 0.250%, 5/01/2017, (CAD)		285,649,762

See accompanying notes to financial statements.

|  14

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Treasuries — continued
	132,000,000	Canadian Government, 0.750%, 9/01/2020, (CAD)	$	102,171,811
	312,405,000	Canadian Government, 1.000%, 8/01/2016, (CAD)		240,910,860
	209,501,000	Canadian Government, 1.250%, 9/01/2018, (CAD)		164,039,081
	61,795,000	Canadian Government, 1.750%, 9/01/2019, (CAD)		49,450,274
	90,055,000	Canadian Government, 2.750%, 9/01/2016, (CAD)		69,962,421
	4,159,000	Canadian Government, 4.000%, 6/01/2016, (CAD)		3,219,859
	2,755,000(†††)	Mexican Fixed Rate Bonds, Series M, 7.750%, 5/29/2031, (MXN)		17,979,643
	2,965,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 7.500%, 6/03/2027, (MXN)		19,044,275
	7,555,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		49,742,752
	1,925,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.500%, 5/31/2029, (MXN)		13,331,075
	23,970,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 10.000%, 12/05/2024, (MXN)		178,106,361
	36,850,000	New Zealand Government Bond, 5.000%, 3/15/2019, (NZD)		27,603,821
	109,763,000	New Zealand Government Bond, 6.000%, 12/15/2017, (NZD)		80,942,947
	290,574,000	Norway Government Bond, 3.750%, 5/25/2021, 144A, (NOK)		40,523,813
	974,276,000	Norway Government Bond, 4.250%, 5/19/2017, 144A, (NOK)		122,757,340
	416,760,000	Norway Government Bond, 4.500%, 5/22/2019, 144A, (NOK)		56,726,744
	43,590,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)		9,274,081
	23,848,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		5,206,480
	1,040,764,000	Republic of Iceland, 6.000%, 10/13/2016, (ISK)		5,780,577
	391,985,000	Republic of Iceland, 7.250%, 10/26/2022, (ISK)		2,347,555
	1,195,394,000	Republic of Iceland, 8.750%, 2/26/2019, (ISK)		7,153,105
	100,000,000	U.S. Treasury Note, 0.500%, 1/31/2017		99,925,800
	75,000,000	U.S. Treasury Note, 0.500%, 3/31/2017		74,912,100
	125,000,000	U.S. Treasury Note, 0.750%, 1/31/2018		125,044,000
				1,851,806,537
		Wireless — 0.5%
	559,910,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		30,858,463
	58,200,000	America Movil SAB de CV, 8.460%, 12/18/2036, (MXN)		3,265,259
	6,373,000	Sprint Capital Corp., 6.875%, 11/15/2028		4,652,290
	612,000	Sprint Capital Corp., 8.750%, 3/15/2032		478,890
	1,609,000	Sprint Communications, Inc., 6.000%, 11/15/2022		1,176,581
	985,000	Sprint Corp., 7.125%, 6/15/2024		731,363
				41,162,846
		Wirelines — 5.2%
	33,710,000	AT&T, Inc., 2.625%, 12/01/2022		33,382,608
	26,815,000	AT&T, Inc., 3.000%, 2/15/2022		27,360,605
	406,000	Bell Canada, MTN, 7.300%, 2/23/2032, (CAD)		413,015
	2,936,000	BellSouth Telecommunications LLC, 5.850%, 11/15/2045		2,824,226
	62,040,000	CenturyLink, Inc., 6.450%, 6/15/2021		62,853,965
	670,000	CenturyLink, Inc., 7.650%, 3/15/2042		552,750
	4,990,000	CenturyLink, Inc., Series G, 6.875%, 1/15/2028		4,222,788
	4,508,000	CenturyLink, Inc., Series P, 7.600%, 9/15/2039		3,707,830
	195,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		180,863
	24,103,000	Embarq Corp., 7.995%, 6/01/2036		23,270,000
	265,000	Frontier Communications Corp., 7.875%, 1/15/2027		210,675
	1,365,000	Frontier Communications Corp., 9.000%, 8/15/2031		1,173,900

See accompanying notes to financial statements.

15  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Wirelines — continued
$	825,000	Level 3 Financing, Inc., 7.000%, 6/01/2020	$	860,640
	5,200,000	Oi S.A., 9.750%, 9/15/2016, 144A, (BRL)		479,051
	8,450,000	Portugal Telecom International Finance BV, EMTN, 4.500%, 6/16/2025, (EUR)		2,235,546
	18,850,000	Portugal Telecom International Finance BV, EMTN, 5.000%, 11/04/2019, (EUR)		5,362,353
	2,755,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		2,286,650
	4,370,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		4,501,100
	3,469,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		2,896,615
	333,000	Qwest Corp., 6.500%, 6/01/2017		346,736
	12,308,000	Qwest Corp., 6.875%, 9/15/2033		12,000,792
	9,077,000	Qwest Corp., 7.250%, 9/15/2025		9,926,689
	9,474,000	Qwest Corp., 7.250%, 10/15/2035		9,350,743
	46,411,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		44,115,048
	23,660,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		23,305,100
	525,000	Telefonica Emisiones SAU, 5.134%, 4/27/2020		580,953
	975,000	Telefonica Emisiones SAU, 5.462%, 2/16/2021		1,107,654
	4,100,000	Telefonica Emisiones SAU, EMTN, 5.289%, 12/09/2022, (GBP)		6,701,358
	9,100,000	Telefonica Emisiones SAU, EMTN, 5.375%, 2/02/2026, (GBP)		15,065,114
	14,137,000	Telus Corp., 4.950%, 3/15/2017, (CAD)		11,234,058
	54,665,000	Telus Corp., Series CG, 5.050%, 12/04/2019, (CAD)		46,563,426
	32,509,000	Verizon Communications, Inc., 2.450%, 11/01/2022		32,309,915
	2,642,000	Verizon New England, Inc., 7.875%, 11/15/2029		3,236,397
	2,095,000	Verizon Pennsylvania, Inc., 6.000%, 12/01/2028		2,328,655
				396,947,818
		Total Non-Convertible Bonds (Identified Cost $6,691,675,881)		6,538,579,514
	Convertible Bonds — 5.7%
		Finance Companies — 0.1%
	3,905,000	Euronet Worldwide, Inc., 1.500%, 10/01/2044		4,651,831
		Midstream — 0.3%
	45,925,000	Chesapeake Energy Corp., 2.500%, 5/15/2037		29,047,562
		Property & Casualty Insurance — 1.0%
	61,205,000	Old Republic International Corp., 3.750%, 3/15/2018		75,817,694
		Technology — 4.3%
	35,120,000	Intel Corp., 2.950%, 12/15/2035		44,624,350
	137,016,000	Intel Corp., 3.250%, 8/01/2039		217,941,075
	11,515,000	Lam Research Corp., Series B, 1.250%, 5/15/2018		16,963,035
	362,458	Liberty Media LLC, 3.500%, 1/15/2031		337,080
	46,000,000	Priceline Group, Inc. (The), 0.900%, 9/15/2021		46,287,500
				326,153,040
		Total Convertible Bonds (Identified Cost $332,529,115)		435,670,127

See accompanying notes to financial statements.

|  16

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
	Municipals — 1.2%
		District of Columbia — 0.3%
$	14,680,000	Metropolitan Washington Airports Authority, 7.462%, 10/01/2046	$	20,662,981
		Illinois — 0.7%
	24,640,000	State of Illinois, 5.100%, 6/01/2033		23,042,096
	33,395,000	State of Illinois, Series B, 5.520%, 4/01/2038		31,024,957
				54,067,053
		Michigan — 0.0%
	2,275,000	Michigan Tobacco Settlement Finance Authority Taxable Turbo, Series A, 7.309%, 6/01/2034		2,080,920
		Ohio — 0.1%
	5,075,000	Buckeye Tobacco Settlement Financing Authority, Series A-2, 5.875%, 6/01/2047		4,781,716
		Virginia — 0.1%
	13,605,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046		10,940,324
		Total Municipals (Identified Cost $87,840,433)		92,532,994
		Total Bonds and Notes (Identified Cost $7,112,045,429)		7,066,782,635
	Senior Loans — 0.5%
		Finance Companies — 0.4%
	19,207,523	AWAS Finance Luxembourg 2012 S.A., New Term Loan, 3.500%, 7/16/2018(c)		19,141,449
	10,279,907	AWAS Finance Luxembourg S.a.r.l., Term Loan B, 6/10/2016(i)		10,257,395
				29,398,844
		Supermarkets — 0.1%
	8,980,404	Supervalu, Inc., Refi Term Loan B, 4.500%, 3/21/2019(c)		8,769,364
		Total Senior Loans (Identified Cost $38,412,006)		38,168,208
Shares
	Common Stocks — 0.8%
		Automobiles — 0.7%
	4,063,816	Ford Motor Co.		54,861,516
		Metals & Mining — 0.1%
	532,399	ArcelorMittal, (Registered)		2,438,387
		Total Common Stocks (Identified Cost $41,504,230)		57,299,903

See accompanying notes to financial statements.

17  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Shares		Description	Value (†)
	Preferred Stocks — 0.2%
		Midstream — 0.0%
	43,031	Chesapeake Energy Corp., 5.000%(h)	$	590,385
		REITs – Diversified — 0.2%
	267,109	Weyerhaeuser Co., Series A, 6.375%		13,654,612
		Total Preferred Stocks (Identified Cost $16,984,961)		14,244,997
Principal Amount (‡)
	Short-Term Investments — 5.8%
$	111,674	Repurchase Agreement with State Street Bank and Trust Company, dated 3/31/2016 at 0.000%, to be repurchased at $111,674 on 4/01/2016 collateralized by $111,900 U.S. Treasury Note, 1.500% due 8/31/2018 valued at $113,934 including accrued interest (Note 2 of Notes to Financial Statements)		111,674
	436,287,025	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2016 at 0.030% to be repurchased at $436,287,389 on 4/01/2016 collateralized by $403,150,000 U.S. Treasury Note, 1.750% due 9/30/2022 valued at $408,693,313; $35,180,000 U.S. Treasury Note, 2.000% due 7/31/2022 valued at $36,323,350 including accrued interest (Note 2 of Notes to Financial Statements)		436,287,025
		Total Short-Term Investments (Identified Cost $436,398,699)		436,398,699
		Total Investments — 100.6% (Identified Cost $7,645,345,325)(a)		7,612,894,442
		Other assets less liabilities — (0.6)%		(42,912,584	)
		Net Assets — 100.0%	$	7,569,981,858
	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(††)	Amount shown represents units. One unit represents a principal amount of 25.
	(†††)	Amount shown represents units. One unit represents a principal amount of 100.
	(a)	Federal Tax Information (Amounts exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
		At March 31, 2016, the net unrealized depreciation on investments based on a cost of $7,683,189,151 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	$	516,849,572
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(587,144,281	)
		Net unrealized depreciation	$	(70,294,709	)

See accompanying notes to financial statements.

|  18

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

(b)	Illiquid security. At March 31, 2016, the value of these securities amounted to $159,623,089 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.
(c)	Variable rate security. Rate as of March 31, 2016 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.
(g)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
(h)	Non-income producing security.
(i)	Position is unsettled. Contract rate was not determined at March 31, 2016 and does not take effect until settlement date. Maturity date is not finalized until settlement date.
144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2016, the value of Rule 144A holdings amounted to $1,129,913,370 or 14.9% 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
PJSC	Private Joint-Stock Company
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
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar

See accompanying notes to financial statements.

19  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Industry Summary at March 31, 2016 (Unaudited)

Treasuries	24.5	%
Banking	13.4
Technology	6.0
Wirelines	5.2
Finance Companies	4.8
Midstream	3.1
Metals & Mining	2.9
Local Authorities	2.3
Electric	2.0
Airlines	2.0
Other Investments, less than 2% each	28.6
Short-Term Investments	5.8
Total Investments	100.6
Other assets less liabilities	(0.6	)
Net Assets	100.0	%

Currency Exposure Summary at March 31, 2016 (Unaudited)

United States Dollar	68.9	%
Canadian Dollar	14.7
New Zealand Dollar	5.2
Mexican Peso	4.3
Australian Dollar	3.4
Norwegian Krone	2.8
Other, less than 2% each	1.3
Total Investments	100.6
Other assets less liabilities	(0.6	)
Net Assets	100.0	%

See accompanying notes to financial statements.

|  20

Statement of Assets and Liabilities

March 31, 2016 (Unaudited)

ASSETS
Investments at cost	$	7,645,345,325
Net unrealized depreciation		(32,450,883	)
Investments at value		7,612,894,442
Foreign currency at value (identified cost $767,693)		779,625
Receivable for Fund shares sold		12,419,330
Receivable for securities sold		13,788,830
Dividends and interest receivable		89,601,389
TOTAL ASSETS		7,729,483,616
LIABILITIES
Payable for securities purchased		135,453,976
Payable for Fund shares redeemed		20,131,170
Management fees payable (Note 5)		2,546,744
Deferred Trustees’ fees (Note 5)		560,618
Administrative fees payable (Note 5)		281,541
Payable to distributor (Note 5d)		141,490
Other accounts payable and accrued expenses		386,219
TOTAL LIABILITIES		159,501,758
NET ASSETS	$	7,569,981,858
NET ASSETS CONSIST OF:
Paid-in capital	$	7,541,438,044
Undistributed net investment income		7,439,448
Accumulated net realized gain on investments and foreign currency transactions		52,758,552
Net unrealized depreciation on investments and foreign currency translations		(31,654,186	)
NET ASSETS	$	7,569,981,858

See accompanying notes to financial statements.

21  |

Statement of Assets and Liabilities (continued)

March 31, 2016 (Unaudited)

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	1,334,462,627
Shares of beneficial interest		119,413,291
Net asset value and redemption price per share	$	11.18
Offering price per share (100/95.50 of net asset value) (Note 1)	$	11.68
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	1,081,913,507
Shares of beneficial interest		97,701,519
Net asset value and offering price per share	$	11.07
Class N shares:
Net assets	$	36,945,478
Shares of beneficial interest		3,306,664
Net asset value, offering and redemption price per share	$	11.17
Class Y shares:
Net assets	$	5,077,912,218
Shares of beneficial interest		454,195,892
Net asset value, offering and redemption price per share	$	11.18
Admin Class shares:
Net assets	$	38,748,028
Shares of beneficial interest		3,474,387
Net asset value, offering and redemption price per share	$	11.15

See accompanying notes to financial statements.

|  22

Statement of Operations

For the Six Months Ended March 31, 2016 (Unaudited)

INVESTMENT INCOME
Interest	$	172,490,941
Dividends		5,974,615
		178,465,556
Expenses
Management fees (Note 5)		16,458,564
Service and distribution fees (Note 5)		7,559,577
Administrative fees (Note 5)		1,805,299
Trustees’ fees and expenses (Note 5)		82,769
Transfer agent fees and expenses (Notes 5 and 6)		5,619,674
Audit and tax services fees		30,808
Custodian fees and expenses		229,034
Legal fees (Note 5)		62,814
Registration fees		117,053
Shareholder reporting expenses		357,458
Miscellaneous expenses		98,969
Total expenses		32,422,019
Less waiver and/or expense reimbursement (Note 5)		(182	)
Net expenses		32,421,837
Net investment income		146,043,719
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		104,853,926
Foreign currency transactions		(1,095,682	)
Net change in unrealized appreciation (depreciation) on:
Investments		(18,830,709	)
Foreign currency translations		1,880,170
Net realized and unrealized gain on investments and foreign currency transactions		86,807,705
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	232,851,424

See accompanying notes to financial statements.

23  |

Statement of Changes in Net Assets

	Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015
FROM OPERATIONS:
Net investment income	$	146,043,719		$	361,122,543
Net realized gain on investments and foreign currency transactions		103,758,244			2,301,046
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(16,950,539	)		(837,843,535	)
Net increase (decrease) in net assets resulting from operations		232,851,424			(474,419,946	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(17,042,661	)		(56,457,196	)
Class B(a)		(414	)		(75,127	)
Class C		(8,502,206	)		(32,106,690	)
Class N		(411,787	)		(471,295	)
Class Y		(73,714,870	)		(223,960,105	)
Admin Class		(409,235	)		(810,779	)
Net realized capital gains
Class A		(19,604,662	)		(19,188,288	)
Class B(a)		(1,141	)		(40,831	)
Class C		(15,331,597	)		(14,769,296	)
Class N		(444,917	)		(70,374	)
Class Y		(77,370,095	)		(69,414,542	)
Admin Class		(517,149	)		(286,059	)
Total distributions		(213,350,734	)		(417,650,582	)
NET DECREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 10)		(1,438,300,189	)		(525,645,130	)
Net decrease in net assets		(1,418,799,499	)		(1,417,715,658	)
NET ASSETS
Beginning of the period		8,988,781,357			10,406,497,015
End of the period	$	7,569,981,858		$	8,988,781,357
UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME	$	7,439,448		$	(38,523,098	)

(a) On January 11, 2016, Class B shares were converted into Class A shares. See Note 1 of Notes to Financial Statements.

See accompanying notes to financial statements.

|  24

Financial Highlights

For a share outstanding throughout each period.

	Class A
	Six Months Ended March 31, 2016 (Unaudited)			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	$	11.10		$	12.11		$	12.22		$	12.76		$	12.12		$	12.56
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.19			0.40			0.46			0.48			0.51			0.57
Net realized and unrealized gain (loss)		0.17			(0.95	)		0.26			(0.30	)		0.86			(0.15	)
Total from Investment Operations		0.36			(0.55	)		0.72			0.18			1.37			0.42
LESS DISTRIBUTIONS FROM:
Net investment income		(0.13	)		(0.34	)		(0.51	)		(0.60	)		(0.62	)		(0.60	)
Net realized capital gains		(0.15	)		(0.12	)		(0.32	)		(0.12	)		(0.11	)		(0.26	)
Total Distributions		(0.28	)		(0.46	)		(0.83	)		(0.72	)		(0.73	)		(0.86	)
Net asset value, end of the period	$	11.18		$	11.10		$	12.11		$	12.22		$	12.76		$	12.12
Total return(b)		3.31	%(c)		(4.72	)%		6.04	%		1.34	%		11.74	%		3.47	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,334,463		$	1,628,216		$	1,932,847		$	2,431,718		$	2,960,119		$	2,705,810
Net expenses		0.85	%(d)		0.83	%		0.83	%		0.83	%		0.84	%		0.81	%
Gross expenses		0.85	%(d)		0.83	%		0.83	%		0.83	%		0.84	%		0.81	%
Net investment income		3.48	%(d)		3.38	%		3.75	%		3.85	%		4.17	%		4.56	%
Portfolio turnover rate		4	%		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.

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

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

See accompanying notes to financial statements.

25  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Class C
	Six Months Ended March 31, 2016 (Unaudited)			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	$	11.00		$	12.00		$	12.11		$	12.66		$	12.03		$	12.47
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.15			0.31			0.36			0.39			0.42			0.47
Net realized and unrealized gain (loss)		0.15			(0.94	)		0.27			(0.32	)		0.85			(0.14	)
Total from Investment Operations		0.30			(0.63	)		0.63			0.07			1.27			0.33
LESS DISTRIBUTIONS FROM:
Net investment income		(0.08	)		(0.25	)		(0.42	)		(0.50	)		(0.53	)		(0.51	)
Net realized capital gains		(0.15	)		(0.12	)		(0.32	)		(0.12	)		(0.11	)		(0.26	)
Total Distributions		(0.23	)		(0.37	)		(0.74	)		(0.62	)		(0.64	)		(0.77	)
Net asset value, end of the period	$	11.07		$	11.00		$	12.00		$	12.11		$	12.66		$	12.03
Total return(b)		2.80	%(c)		(5.40	)%		5.29	%		0.50	%		10.91	%		2.71	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,081,914		$	1,219,687		$	1,524,806		$	1,746,822		$	2,281,142		$	2,091,834
Net expenses		1.61	%(d)		1.58	%		1.58	%		1.58	%		1.59	%		1.56	%
Gross expenses		1.61	%(d)		1.58	%		1.58	%		1.58	%		1.59	%		1.56	%
Net investment income		2.74	%(d)		2.63	%		3.00	%		3.10	%		3.42	%		3.81	%
Portfolio turnover rate		4	%		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.

(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.

|  26

Financial Highlights (continued)

For a share outstanding throughout each period.

	Class N
	Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Year Ended September 30, 2014			Period Ended September 30, 2013*
Net asset value, beginning of the period	$	11.11		$	12.11		$	12.22		$	12.66
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.21			0.44			0.50			0.34
Net realized and unrealized gain (loss)		0.15			(0.93	)		0.26			(0.46	)
Total from Investment Operations		0.36			(0.49	)		0.76			(0.12	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.15	)		(0.39	)		(0.55	)		(0.32	)
Net realized capital gains		(0.15	)		(0.12	)		(0.32	)		—
Total Distributions		(0.30	)		(0.51	)		(0.87	)		(0.32	)
Net asset value, end of the period	$	11.17		$	11.11		$	12.11		$	12.22
Total return		3.36	%(b)		(4.28	)%		6.41	%		(0.95	)%(b)(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	36,945		$	21,851		$	6,101		$	41
Net expenses		0.47	%(d)		0.47	%		0.47	%(e)		0.65	%(d)(f)
Gross expenses		0.47	%(d)		0.47	%		0.47	%(e)		0.78	%(d)
Net investment income		3.92	%(d)		3.78	%		4.07	%		4.18	%(d)
Portfolio turnover rate		4	%		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) Periods less than one year are not annualized.

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

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

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

27  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Class Y
	Six Months Ended March 31, 2016 (Unaudited)			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	$	11.11		$	12.12		$	12.23		$	12.77		$	12.13		$	12.56
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.21			0.43			0.49			0.52			0.54			0.60
Net realized and unrealized gain (loss)		0.16			(0.95	)		0.26			(0.31	)		0.86			(0.14	)
Total from Investment Operations		0.37			(0.52	)		0.75			0.21			1.40			0.46
LESS DISTRIBUTIONS FROM:
Net investment income		(0.15	)		(0.37	)		(0.54	)		(0.63	)		(0.65	)		(0.63	)
Net realized capital gains		(0.15	)		(0.12	)		(0.32	)		(0.12	)		(0.11	)		(0.26	)
Total Distributions		(0.30	)		(0.49	)		(0.86	)		(0.75	)		(0.76	)		(0.89	)
Net asset value, end of the period	$	11.18		$	11.11		$	12.12		$	12.23		$	12.77		$	12.13
Total return		3.36	%(b)		(4.47	)%		6.30	%		1.60	%		12.01	%		3.81	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	5,077,912		$	6,081,536		$	6,911,938		$	6,130,700		$	6,817,911		$	4,887,742
Net expenses		0.60	%(c)		0.58	%		0.59	%		0.58	%		0.59	%		0.56	%
Gross expenses		0.60	%(c)		0.58	%		0.59	%		0.58	%		0.59	%		0.56	%
Net investment income		3.73	%(c)		3.63	%		3.99	%		4.11	%		4.41	%		4.81	%
Portfolio turnover rate		4	%		23	%		19	%		30	%		19	%		19	%

(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.

|  28

Financial Highlights (continued)

For a share outstanding throughout each period.

	Admin Class
	Six Months Ended March 31, 2016 (Unaudited)			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	$	11.08		$	12.09		$	12.20		$	12.74		$	12.11		$	12.55
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.18			0.37			0.43			0.45			0.48			0.54
Net realized and unrealized gain (loss)		0.16			(0.95	)		0.26			(0.30	)		0.85			(0.15	)
Total from Investment Operations		0.34			(0.58	)		0.69			0.15			1.33			0.39
LESS DISTRIBUTIONS FROM:
Net investment income		(0.12	)		(0.31	)		(0.48	)		(0.57	)		(0.59	)		(0.57	)
Net realized capital gains		(0.15	)		(0.12	)		(0.32	)		(0.12	)		(0.11	)		(0.26	)
Total Distributions		(0.27	)		(0.43	)		(0.80	)		(0.69	)		(0.70	)		(0.83	)
Net asset value, end of the period	$	11.15		$	11.08		$	12.09		$	12.20		$	12.74		$	12.11
Total return		3.11	%(b)		(4.95	)%		5.79	%		1.10	%		11.41	%		3.26	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	38,748		$	37,355		$	25,585		$	21,557		$	15,968		$	5,967
Net expenses		1.05	%(c)(d)		1.08	%		1.09	%		1.08	%		1.09	%		1.07	%
Gross expenses		1.05	%(c)(d)		1.08	%		1.09	%		1.08	%		1.09	%		1.07	%
Net investment income		3.31	%(c)		3.14	%		3.49	%		3.62	%		3.89	%		4.32	%
Portfolio turnover rate		4	%		23	%		19	%		30	%		19	%		19	%

(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.

(d) Includes refund of prior year service fee of 0.03%. See Note 5b of Notes to Financial Statements.

See accompanying notes to financial statements.

29  |

Notes to Financial Statements

March 31, 2016 (Unaudited)

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

The Fund is a diversified investment company.

The Fund offers Class A, Class C, Class N, Class Y and Admin Class shares. As of the close of business on January 11, 2016, Class B shares were converted into Class A shares and are no longer offered.

Class A shares are sold with a maximum front-end sales charge of 4.25% (4.50% prior to November 2, 2015). Class C shares do not pay a front-end sales charge, 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. Effective November 2, 2015, Class N shares are offered to investors with an initial minimum investment of $1,000,000. Class Y shares are intended for institutional investors with a minimum initial investment of $100,000. Some categories of investors are exempted from the minimum investment amounts 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. Admin Class shares are offered exclusively through intermediaries.

Most expenses can be directly attributed to a Fund. Expenses which cannot be directly attributed to a Fund are generally apportioned based on the relative net assets of each of the funds in Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”). Expenses of the Fund are borne pro rata by the holders of each class of shares, except that each class bears expenses unique to that class (including the Rule 12b-1 service and distribution fees for Class A, Class B, Class C and Admin Class and, 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.

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

|  30

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

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

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

Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service, or bid prices obtained from broker-dealers. Senior loans are valued at bid prices supplied by an independent pricing service, if available. Listed equity securities (including shares of 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 as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. 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 as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available. In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used. Broker-dealer bid prices may be used to value debt and unlisted equity securities and senior loans where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security. Forward foreign currency contracts are valued utilizing interpolated rates determined based on information provided by an independent pricing service.

Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees. The Fund may also value securities and

31  |

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

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

As of March 31, 2016, securities held by the Fund were fair valued as follows:

Illiquid securities1	Percentage of Net Assets
$159,623,089		2.1	%

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

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

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

Net realized foreign exchange gains or losses arise from sales of foreign currency, changes in exchange rates between the trade and settlement dates on securities

|  32

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains 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 six months ended March 31, 2016, the amount of income available to be distributed by the Fund was reduced by $83,055,808 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 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.

33  |

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

No forward foreign currency contracts were held by the Fund during the six months ended March 31, 2016.

e.  Federal and Foreign Income Taxes.  The Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of the Fund’s tax positions for the open tax years as of March 31, 2016 and has concluded that no provisions for income tax are required. The Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Fund. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

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

|  34

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

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 year ended September 30, 2015 was as follows:

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

As of March 31, 2016, unrealized appreciation (depreciation) on a tax basis was approximately as follows:

Unrealized appreciation (depreciation)
Investments	$	364,126,008
Foreign currency translations		(433,624,020	)
Total unrealized depreciation	$	(69,498,012	)

Amounts exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes.

g.  Repurchase Agreements.  The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which the Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is the Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty including possible delays or restrictions upon the Fund’s ability to dispose of the underlying securities. As of March 31, 2016, the Fund had an investment in a repurchase agreement 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)

35  |

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

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

For the six months ended March 31, 2016, 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;

• 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

|  36

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

be used if an independent pricing service either is unable to price a security or does not provide a reliable price for a security. Broker-dealer bid prices for which the Fund does not have knowledge of the inputs used by the broker-dealer are categorized in Level 3. All security prices, including those obtained from an independent pricing service and broker-dealer bid prices, are reviewed on a daily basis by the adviser, subject to oversight by Fund management and the Board of Trustees. If the adviser, in good faith, believes that the price provided by an independent pricing service is unreliable, broker-dealer bid prices may be used until the price provided by the independent pricing service is considered to be reliable. Reliability of all security prices, including those obtained from an independent pricing service and broker-dealer bid prices, is tested in a variety of ways, including comparison to recent transaction prices and daily fluctuations, amongst other validation procedures in place. 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 Fund’s investments as of March 31, 2016, at value:

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—	$	20,590,386	$	90,440,148	(b)	$	111,030,534
Finance Companies		1,210,213		323,678,268		—			324,888,481
Non-Agency Commercial Mortgage-Backed Securities		—		112,439,847		18,232,939	(b)		130,672,786
All Other Non-Convertible Bonds(a)		—		5,971,987,713		—			5,971,987,713
Total Non-Convertible Bonds		1,210,213		6,428,696,214		108,673,087			6,538,579,514
Convertible Bonds(a)		—		435,670,127		—			435,670,127
Municipals(a)		—		92,532,994		—			92,532,994
Total Bonds and Notes		1,210,213		6,956,899,335		108,673,087			7,066,782,635
Senior Loans(a)		—		38,168,208		—			38,168,208
Common Stocks(a)		57,299,903		—		—			57,299,903
Preferred Stocks
Midstream		—		—		590,385	(b)		590,385
REITs - Diversified		13,654,612		—		—			13,654,612
Total Preferred Stocks		13,654,612		—		590,385			14,244,997
Short-Term Investments		—		436,398,699		—			436,398,699
Total	$	72,164,728	$	7,431,466,242	$	109,263,472		$	7,612,894,442

(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.

37  |

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of September 30, 2015 and/or March 31, 2016:

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2015			Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	101,483,141		$	—	$	17,182		$	(4,295,533	)	$	—
Metals & Mining		540,799			—		—			—			—
Non-Agency Commercial Mortgage-Backed Securities		18,273,394			—		—			(40,455	)		—
Preferred Stocks
Midstream		—			—		—			(1,577,302	)		—
Total	$	120,297,334		$	—	$	17,182		$	(5,913,290	)	$	—
Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2016			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March  31, 2016
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	(3,707,787	)	$	—	$	(3,056,855	)	$	90,440,148		$	(4,130,987	)
Metals & Mining		—			—		(540,799	)		—			—
Non-Agency Commercial Mortgage-Backed Securities		—			—		—			18,232,939			(40,455	)
Preferred Stocks
Midstream		—			2,167,687		—			590,385			(1,577,302	)
Total	$	(3,707,787	)	$	2,167,687	$	(3,597,654	)	$	109,263,472		$	(5,748,744	)

|  38

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

A debt security valued at $3,056,855 was transferred from Level 3 to Level 2 during the period ended March 31, 2016. At September 30, 2015, this security was valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service was unable to price the security. At March 31, 2016, 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.

A debt security valued at $540,799 was transferred from Level 3 to Level 2 during the period ended March 31, 2016. At September 30, 2015, this security was valued at fair value as determined in good faith by the Fund’s investment adviser as an independent pricing service did not provide a reliable price for the security. At March 31, 2016, 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.

A preferred stock valued at $2,167,687 was transferred from Level 2 to Level 3 during the period ended March 31, 2016. At September 30, 2015, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies. At March 31, 2016, this security was valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service did not provide a reliable price for the security.

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

4.  Purchases and Sales of Securities.  For the six months ended March 31, 2016, purchases and sales of securities (excluding short-term investments and U.S. Government/Agency securities and including paydowns) were $191,387,926 and $1,450,135,035, respectively. Purchases and sales of U.S. Government/Agency securities (excluding short-term investments and including paydowns) were $125,068,359 and $591,801,029, 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, 2017, 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

39  |

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to these undertakings.

For the six months ended March 31, 2016 (period ending close of business January 11, 2016, for Class B) the expense limits as a percentage of average daily net assets under the expense limitation agreement were as follows:

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

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

For the six months ended March 31, 2016, the management fees for the Fund were $16,458,564 (effective rate of 0.40% of average daily net assets).

No expenses were recovered during the six months ended March 31, 2016 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 (or paid) NGAM Distribution a monthly service fee at an annual rate not to exceed 0.25% of the average daily net

|  40

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

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

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

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

For the six months ended March 31, 2016, 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
$1,815,346		$68		$1,414,896		$36,651		$204		$4,244,687		$47,725

For the six months ended March 31, 2016, NGAM Distribution refunded the Fund $11,074 of prior year Admin Class service fees paid to NGAM Distribution in excess of amounts subsequently paid to securities dealers or financial intermediaries. Service and distribution fees on the Statement of Operations have been reduced by this amount.

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

41  |

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

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

For the six months ended March 31, 2016, the administrative fees for the Fund were $1,805,299.

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 six months ended March 31, 2016, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statement of Operations) for the Fund were $5,417,342.

As of March 31, 2016, the Fund owes NGAM Distribution $141,490 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 $95,718 for the six months ended March 31, 2016.

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 $325,000. 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 $155,000. 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

|  42

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

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 $10,000. Each Contract Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts and Loomis Sayles Funds Trusts based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

Prior to January 1, 2016, the Chairperson of the Board received a retainer fee at the annual rate of $300,000 and each Independent Trustee (other than the Chairperson) received, in the aggregate, a retainer fee at the annual rate of $130,000. The chairperson of the Governance Committee received an additional retainer fee at the annual rate of $5,000. All other Trustee fees remained unchanged.

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

g.  Affiliated Ownership.  As of March 31, 2016, Loomis Sayles Employees’ Profit Sharing Retirement Plan held shares of the Fund representing 0.10% 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 had 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 was in effect through January 31, 2016 and is not subject to recovery under the expense limitation agreement described above.

For the period October 1, 2015 through January 31, 2016, NGAM Advisors reimbursed the Fund $182 for transfer agency expenses related to Class N shares.

43  |

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

i.  Interfund Transactions.  A Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the six months ended March 31, 2016, the Fund purchased securities from an affiliated fund in compliance with Rule 17a-7 of the 1940 Act in the amount of $22,783,031.

6.  Class-Specific Transfer Agent Fees and Expenses.  For the six months ended March 31, 2016, 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	$	994,728	$	35	$	776,858	$	274	$	3,821,504	$	26,275

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 and Trust. 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 six months ended March 31, 2016, the Fund had no borrowings under this agreement.

Effective April 14, 2016, the line of credit with State Street Bank and Trust Company expired, and the Funds, together with certain other funds of Natixis Funds Trusts and Loomis Sayles Funds Trusts, entered into a 364-day, $400,000,000 syndicated, committed, unsecured line of credit with Citibank, N.A. to be used for temporary or emergency purposes only. Any one Fund may borrow up to the full $400,000,000 under the line of credit (as long as all borrowings by all Funds in the aggregate do not exceed the $400,000,000 limit at any time), subject to each Fund’s investment restrictions. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.10% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit. The Funds paid an arrangement fee, an upfront fee, and other fees in connection with the new line of credit agreement.

|  44

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

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

9.  Concentration of Ownership.  From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Fund. As of March 31, 2016, 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% Account Holders	Percentage of Ownership
1		22.04	%

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:

	Six Months Ended March 31, 2016						Year Ended September 30, 2015
	Shares			Amount			Shares			Amount
Class A
Issued from the sale of shares		11,649,430		$	127,748,680			50,766,517		$	600,413,342
Issued in connection with the reinvestment of distributions		2,784,437			30,334,215			5,370,833			63,307,123
Redeemed		(41,661,247	)		(457,197,752	)		(69,121,484	)		(805,049,363	)
Net change		(27,227,380	)	$	(299,114,857	)		(12,984,134	)	$	(141,328,898	)
Class B(a)
Issued from the sale of shares		12		$	127			2,376		$	27,982
Issued in connection with the reinvestment of distributions		132			1,428			6,685			78,892
Redeemed		(12,496	)		(135,947	)		(430,116	)		(5,024,441	)
Net change		(12,352	)	$	(134,392	)		(421,055	)	$	(4,917,567	)

45  |

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

10.  Capital Shares (continued).

	Six Months Ended March 31, 2016						Year Ended September 30, 2015
	Shares			Amount			Shares			Amount
Class C
Issued from the sale of shares		5,018,045		$	54,383,158			12,852,371		$	151,180,866
Issued in connection with the reinvestment of distributions		1,453,523			15,667,306			2,611,403			30,561,859
Redeemed		(19,658,199	)		(214,163,193	)		(31,658,857	)		(365,540,475	)
Net change		(13,186,631	)	$	(144,112,729	)		(16,195,083	)	$	(183,797,750	)
Class N
Issued from the sale of shares		1,556,462		$	17,097,300			1,864,131		$	22,024,796
Issued in connection with the reinvestment of distributions		78,749			856,704			46,286			540,713
Redeemed		(296,071	)		(3,230,704	)		(446,650	)		(5,162,629	)
Net change		1,339,140		$	14,723,300			1,463,767		$	17,402,880
Class Y
Issued from the sale of shares		54,915,350		$	603,569,999			185,813,381		$	2,194,472,200
Issued in connection with the reinvestment of distributions		12,552,360			136,905,793			22,378,908			263,725,134
Redeemed		(160,616,418	)		(1,751,313,787	)		(231,275,254	)		(2,685,801,589	)
Net change		(93,148,708	)	$	(1,010,837,995	)		(23,082,965	)	$	(227,604,255	)
Admin Class
Issued from the sale of shares		808,491		$	8,886,879			2,406,562		$	28,067,886
Issued in connection with the reinvestment of distributions		41,467			450,517			43,693			512,939
Redeemed		(746,802	)		(8,160,912	)		(1,195,940	)		(13,980,365	)
Net change		103,156		$	1,176,484			1,254,315		$	14,600,460
Increase (decrease) from capital share transactions		(132,132,775	)	$	(1,438,300,189	)		(49,965,155	)	$	(525,645,130	)

(a) On January 11, 2016, Class B shares were converted into Class A shares. See Note 1 of Notes to Financial Statements.

|  46

Loomis Sayles Small Cap Growth Fund

Loomis Sayles Small Cap Value Fund

Loomis Sayles Small/Mid Cap Growth Fund

Semiannual Report

March 31, 2016

TABLE OF CONTENTS
Portfolio Review	1
Portfolio of Investments	7
Financial Statements	26
Notes to Financial Statements	38

LOOMIS SAYLES SMALL CAP GROWTH FUND

Managers	Symbols
Mark F. Burns, CFA®	Institutional Class	LSSIX
John J. Slavik, CFA®	Retail Class	LCGRX
	Class N	LSSNX

Objective

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

Average Annual Total Returns — March 31, 2016²

	6 months			1 year			5 years			10 years			Life of Class N
Institutional Class (Inception 12/31/96)		-1.52	%		-9.47	%		7.83	%		7.56	%		—	%
Retail Class (Inception 12/31/96)		-1.67			-9.69			7.53			7.29			—
Class N (Inception 2/1/13)		-1.42			-9.32			—			—			9.81
Comparative Performance
Russell 2000® Growth Index1		-0.57			-11.84			7.70			6.00			9.24

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

¹  Russell 2000^® Growth Index is an unmanaged index that measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000^® companies with higher price-to-book ratios and forecasted growth values.

²  Fund performance has been increased by fee waivers and/or expense reimbursements, if any, without which performance would have been lower.

1  |

LOOMIS SAYLES SMALL CAP VALUE FUND

Managers	Symbols
Joseph R. Gatz, CFA®	Institutional Class	LSSCX
Jeffrey Schwartz, CFA®	Retail Class	LSCRX
	Admin Class	LSVAX
	Class N	LSCNX

Objective

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

Average Annual Total Returns — March 31, 2016³

	6 months			1 year			5 years			10 years			Life of Class N
Institutional Class (Inception 5/13/91)		6.59	%		-4.95	%		8.60	%		6.88	%		—	%
Retail Class (Inception 12/31/96)		6.44			-5.19			8.32			6.61			—
Admin Class (Inception 1/2/98)		6.34			-5.42			8.06			6.34			—
Class N (Inception 2/1/13)		6.61			-4.90			—			—			9.67
Comparative Performance
Russell 2000® Value Index1		4.63			-7.72			6.67			4.42			6.85
Russell 2000® Index2		2.02			-9.76			7.20			5.26			8.06

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

|  2

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.

Total Returns — March 31, 2016²

	6 months			Life of Fund
Institutional Class (Inception 6/30/15)		0.22	%		-9.30	%
Comparative Performance
Russell 2500TM Growth Index1		1.05			-10.12

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^TM 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^TM 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.

3  |

ADDITIONAL INFORMATION

Additional Index Information

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

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

Proxy Voting Information

A description of the Funds’ proxy voting policies and procedures is available without charge upon request, by calling Loomis Sayles at 800-633-3330; on the Funds’ website, at www.loomissayles.com, and on the Securities and Exchange Commission’s (SEC’s) website at www.sec.gov. Information about how the Funds voted proxies relating to portfolio securities during the 12 months ended June 30, 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 October 1, 2015 through March 31, 2016. 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.

|  4

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

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

Loomis Sayles Small Cap Growth Fund

Institutional Class	Beginning Account Value 10/1/2015		Ending Account Value 3/31/2016		Expenses Paid During Period* 10/1/2015 – 3/31/2016
Actual		$1,000.00		$984.80		$4.71
Hypothetical (5% return before expenses)		$1,000.00		$1,020.25		$4.80
Retail Class
Actual		$1,000.00		$983.30		$5.95
Hypothetical (5% return before expenses)		$1,000.00		$1,019.00		$6.06
Class N
Actual		$1,000.00		$985.80		$4.07
Hypothetical (5% return before expenses)		$1,000.00		$1,020.90		$4.14
*   Expenses are equal to the Fund’s annualized expense ratio: 0.95%, 1.20% and 0.82% 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 366 (to reflect the half-year period).

5  |

Loomis Sayles Small Cap Value Fund

Institutional Class	Beginning Account Value 10/1/2015		Ending Account Value 3/31/2016		Expenses Paid During Period* 10/1/2015 – 3/31/2016
Actual		$1,000.00		$1,065.90		$4.65
Hypothetical (5% return before expenses)		$1,000.00		$1,020.50		$4.55
Retail Class
Actual		$1,000.00		$1,064.40		$5.94
Hypothetical (5% return before expenses)		$1,000.00		$1,019.25		$5.81
Admin Class
Actual		$1,000.00		$1,063.40		$7.17
Hypothetical (5% return before expenses)		$1,000.00		$1,018.05		$7.01
Class N
Actual		$1,000.00		$1,066.10		$4.29
Hypothetical (5% return before expenses)		$1,000.00		$1,020.85		$4.19
*   Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.90%, 1.15%, 1.39% 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 366 (to reflect the half-year period).

Loomis Sayles Small/Mid Cap Growth Fund

Institutional Class	Beginning Account Value 10/1/2015		Ending Account Value 3/31/2016		Expenses Paid During Period* 10/1/2015 –3/31/2016
Actual		$1,000.00		$1,002.20		$4.25
Hypothetical (5% return before expenses)		$1,000.00		$1,020.75		$4.29
*   Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement) of 0.85%, 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 366 (to reflect the half-year period).

|  6

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Small Cap Growth Fund

Shares		Description	Value (†)
	Common Stocks – 97.5% of Net Assets
		Aerospace & Defense – 1.1%
	278,204	Hexcel Corp.	$	12,160,297
		Auto Components – 1.0%
	254,863	Gentherm, Inc.(b)		10,599,752
		Banks – 4.6%
	249,969	Bank of the Ozarks, Inc.		10,491,199
	227,185	Pinnacle Financial Partners, Inc.		11,145,696
	308,461	PrivateBancorp, Inc.		11,906,595
	168,096	Renasant Corp.		5,532,039
	643,368	Talmer Bancorp, Inc., Class A		11,638,527
				50,714,056
		Biotechnology – 4.3%
	447,878	Emergent Biosolutions, Inc.(b)		16,280,365
	348,318	Genomic Health, Inc.(b)		8,627,837
	837,865	Ironwood Pharmaceuticals, Inc.(b)		9,166,243
	610,553	Lexicon Pharmaceuticals, Inc.(b)		7,296,108
	131,050	Ophthotech Corp.(b)		5,539,484
				46,910,037
		Building Products – 2.3%
	258,773	Apogee Enterprises, Inc.		11,357,547
	282,088	Trex Co., Inc.(b)		13,520,478
				24,878,025
		Capital Markets – 2.5%
	315,418	Artisan Partners Asset Management, Inc.		9,727,491
	272,628	Financial Engines, Inc.		8,568,698
	350,832	HFF, Inc., Class A		9,658,405
				27,954,594
		Commercial Services & Supplies – 1.5%
	459,731	Healthcare Services Group, Inc.		16,922,698
		Communications Equipment – 0.6%
	317,502	Ciena Corp.(b)		6,038,888
		Construction & Engineering – 2.4%
	321,339	Granite Construction, Inc.		15,360,004
	452,824	Primoris Services Corp.		11,003,623
				26,363,627
		Distributors – 1.5%
	185,248	Pool Corp.		16,253,660
		Diversified Consumer Services – 3.3%
	265,782	Bright Horizons Family Solutions, Inc.(b)		17,217,358
	188,442	Grand Canyon Education, Inc.(b)		8,054,011

See accompanying notes to financial statements.

7  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Diversified Consumer Services – continued
	522,467	Nord Anglia Education, Inc.(b)	$	10,914,336
				36,185,705
		Diversified Financial Services – 1.6%
	140,602	MarketAxess Holdings, Inc.		17,551,348
		Diversified Telecommunication Services – 1.2%
	335,495	Cogent Communications Holdings, Inc.		13,094,370
		Electrical Equipment – 0.5%
	144,395	Generac Holdings, Inc.(b)		5,377,270
		Electronic Equipment, Instruments & Components – 2.7%
	174,924	FEI Co.		15,569,985
	141,511	IPG Photonics Corp.(b)		13,596,377
				29,166,362
		Energy Equipment & Services – 0.8%
	153,443	Dril-Quip, Inc.(b)		9,292,508
		Food Products – 1.0%
	95,256	Amplify Snack Brands, Inc.(b)		1,364,066
	289,969	Snyder’s-Lance, Inc.		9,128,224
				10,492,290
		Health Care Equipment & Supplies – 7.8%
	384,091	Cynosure, Inc., Class A(b)		16,946,095
	382,187	Globus Medical, Inc.(b)		9,076,941
	239,586	Inogen, Inc.(b)		10,776,579
	358,080	Insulet Corp.(b)		11,873,933
	191,795	Integra LifeSciences Holdings Corp.(b)		12,919,311
	317,477	Natus Medical, Inc.(b)		12,200,641
	227,697	Neogen Corp.(b)		11,464,544
				85,258,044
		Health Care Providers & Services – 5.6%
	205,123	Acadia Healthcare Co., Inc.(b)		11,304,328
	382,753	Aceto Corp.		9,017,661
	380,490	AMN Healthcare Services, Inc.(b)		12,788,269
	149,920	Amsurg Corp.(b)		11,184,032
	530,112	Ensign Group, Inc. (The)		12,001,736
	392,682	Surgery Partners, Inc.(b)		5,206,963
				61,502,989
		Health Care Technology – 1.9%
	277,347	Medidata Solutions, Inc.(b)		10,736,102
	335,024	Press Ganey Holdings, Inc.(b)		10,077,522
				20,813,624

See accompanying notes to financial statements.

|  8

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Hotels, Restaurants & Leisure – 6.3%
	374,616	Chuy’s Holdings, Inc.(b)	$	11,639,319
	251,079	Diamond Resorts International, Inc.(b)		6,101,220
	211,476	Popeyes Louisiana Kitchen, Inc.(b)		11,009,441
	364,132	Texas Roadhouse, Inc.		15,868,872
	99,383	Vail Resorts, Inc.		13,287,507
	280,795	Zoe’s Kitchen, Inc.(b)		10,948,197
				68,854,556
		Household Durables – 0.6%
	112,445	Universal Electronics, Inc.(b)		6,970,466
		Internet & Catalog Retail – 0.7%
	189,743	Wayfair, Inc., Class A(b)		8,200,692
		Internet Software & Services – 3.6%
	315,347	Criteo S.A., Sponsored ADR(b)		13,061,673
	129,724	LogMeIn, Inc.(b)		6,545,873
	429,633	Q2 Holdings, Inc.(b)		10,328,377
	467,920	Wix.com Ltd.(b)		9,484,738
				39,420,661
		IT Services – 5.7%
	307,184	Blackhawk Network Holdings, Inc.(b)		10,536,411
	165,801	EPAM Systems, Inc.(b)		12,380,361
	210,294	Euronet Worldwide, Inc.(b)		15,584,888
	389,785	InterXion Holding NV(b)		13,478,765
	669,406	Square, Inc.(b)		10,228,524
				62,208,949
		Leisure Products – 1.3%
	282,033	Vista Outdoor, Inc.(b)		14,640,333
		Life Sciences Tools & Services – 2.0%
	235,531	Cambrex Corp.(b)		10,363,364
	289,415	INC Research Holdings, Inc., Class A(b)		11,926,792
				22,290,156
		Machinery – 4.2%
	178,906	Astec Industries, Inc.		8,349,543
	103,877	Middleby Corp. (The)(b)		11,090,947
	227,862	Proto Labs, Inc.(b)		17,565,882
	125,269	RBC Bearings, Inc.(b)		9,177,207
				46,183,579
		Media – 0.8%
	293,581	IMAX Corp.(b)		9,127,433

See accompanying notes to financial statements.

9  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Oil, Gas & Consumable Fuels – 2.0%
	150,427	Diamondback Energy, Inc.(b)	$	11,609,956
	170,712	PDC Energy, Inc.(b)		10,148,828
				21,758,784
		Pharmaceuticals – 0.9%
	303,958	Impax Laboratories, Inc.(b)		9,732,735
		Professional Services – 1.0%
	221,308	WageWorks, Inc.(b)		11,200,398
		Semiconductors & Semiconductor Equipment – 6.7%
	178,070	Cavium, Inc.(b)		10,890,761
	442,419	Inphi Corp.(b)		14,750,249
	862,211	Intersil Corp.		11,527,761
	327,702	MKS Instruments, Inc.		12,337,980
	209,293	Monolithic Power Systems, Inc.		13,319,407
	246,961	Silicon Laboratories, Inc.(b)		11,103,367
				73,929,525
		Software – 6.6%
	181,116	Blackbaud, Inc.		11,390,385
	569,982	Callidus Software, Inc.(b)		9,507,300
	262,062	FleetMatics Group PLC(b)		10,668,544
	310,761	Guidewire Software, Inc.(b)		16,930,259
	332,449	RingCentral, Inc., Class A(b)		5,236,072
	96,615	Ultimate Software Group, Inc. (The)(b)		18,695,003
				72,427,563
		Specialty Retail – 3.0%
	162,134	Asbury Automotive Group, Inc.(b)		9,702,098
	243,154	Monro Muffler Brake, Inc.		17,378,216
	414,116	Tile Shop Holdings, Inc.(b)		6,174,470
				33,254,784
		Textiles, Apparel & Luxury Goods – 2.5%
	143,058	Columbia Sportswear Co.		8,596,355
	112,996	Oxford Industries, Inc.		7,596,721
	314,216	Steven Madden Ltd.(b)		11,638,561
				27,831,637
		Thrifts & Mortgage Finance – 0.9%
	460,487	Essent Group Ltd.(b)		9,578,130

See accompanying notes to financial statements.

|  10

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Trading Companies & Distributors – 0.5%
	130,953	Beacon Roofing Supply, Inc.(b)	$	5,370,383
		Total Common Stocks (Identified Cost $927,808,598)		1,070,510,908
	Principal Amount
	Short-Term Investments – 2.6%
$	28,249,289	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2016 at 0.030% to be repurchased at $28,249,313 on 4/01/2016 collateralized by $28,355,000 U.S. Treasury Note, 1.75% due 3/31/2022 valued at $28,815,769 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $28,249,289)		28,249,289
		Total Investments – 100.1% (Identified Cost $956,057,887)(a)		1,098,760,197
		Other assets less liabilities—(0.1)%		(892,944	)
		Net Assets – 100.0%	$	1,097,867,253
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information (Amounts exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.):
		At March 31, 2016, the net unrealized appreciation on investments based on a cost of $956,057,887 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	$	184,487,298
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(41,784,988	)
		Net unrealized appreciation	$	142,702,310
	(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.

11  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued

Industry Summary at March 31, 2016 (Unaudited)

Health Care Equipment & Supplies	7.8	%
Semiconductors & Semiconductor Equipment	6.7
Software	6.6
Hotels, Restaurants & Leisure	6.3
IT Services	5.7
Health Care Providers & Services	5.6
Banks	4.6
Biotechnology	4.3
Machinery	4.2
Internet Software & Services	3.6
Diversified Consumer Services	3.3
Specialty Retail	3.0
Electronic Equipment, Instruments & Components	2.7
Capital Markets	2.5
Textiles, Apparel & Luxury Goods	2.5
Construction & Engineering	2.4
Building Products	2.3
Life Sciences Tools & Services	2.0
Oil, Gas & Consumable Fuels	2.0
Other Investments, less than 2% each	19.4
Short-Term Investments	2.6
Total Investments	100.1
Other assets less liabilities	(0.1	)
Net Assets	100.0	%

See accompanying notes to financial statements.

|  12

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Small Cap Value Fund

Shares		Description	Value (†)
	Common Stocks – 98.1% of Net Assets
		Aerospace & Defense – 1.8%
	153,262	Aerojet Rocketdyne Holdings, Inc.(b)	$	2,510,432
	287,222	BWX Technologies, Inc.		9,639,170
	375,876	DigitalGlobe, Inc.(b)		6,502,655
				18,652,257
		Auto Components – 1.3%
	401,308	Fox Factory Holding Corp.(b)		6,344,679
	195,841	Horizon Global Corp.(b)		2,463,680
	93,384	Tenneco, Inc.(b)		4,810,210
				13,618,569
		Banks – 15.6%
	442,810	BancorpSouth, Inc.		9,436,281
	271,748	Bryn Mawr Bank Corp.		6,992,076
	474,290	Cathay General Bancorp		13,436,636
	560,734	CVB Financial Corp.		9,784,808
	569,745	First Financial Bancorp		10,357,964
	265,484	First Financial Bankshares, Inc.		7,853,017
	216,203	Home BancShares, Inc.		8,853,513
	182,679	IBERIABANK Corp.		9,365,952
	176,840	LegacyTexas Financial Group, Inc.		3,474,906
	260,649	PacWest Bancorp		9,683,110
	186,760	Pinnacle Financial Partners, Inc.		9,162,445
	299,752	Popular, Inc.		8,575,905
	234,817	Prosperity Bancshares, Inc.		10,893,161
	104,933	Signature Bank(b)		14,283,480
	633,098	Talmer Bancorp, Inc., Class A		11,452,743
	129,831	Texas Capital Bancshares, Inc.(b)		4,982,914
	139,009	Triumph Bancorp, Inc.(b)		2,200,512
	238,400	Wintrust Financial Corp.		10,570,656
				161,360,079
		Beverages – 1.1%
	813,319	Cott Corp.		11,297,001
		Building Products – 2.0%
	161,754	Armstrong World Industries, Inc.(b)		7,824,041
	117,224	Masonite International Corp.(b)		7,678,172
	108,312	Patrick Industries, Inc.(b)		4,916,282
				20,418,495
		Capital Markets – 0.6%
	228,175	Stifel Financial Corp.(b)		6,753,980
		Chemicals – 1.4%
	126,292	Cabot Corp.		6,103,692

See accompanying notes to financial statements.

13  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Chemicals – continued
	143,561	Minerals Technologies, Inc.	$	8,161,443
				14,265,135
		Commercial Services & Supplies – 3.7%
	53,955	Clean Harbors, Inc.(b)		2,662,140
	315,742	KAR Auction Services, Inc.		12,042,400
	310,098	Kimball International, Inc.		3,519,612
	282,653	Knoll, Inc.		6,119,438
	235,590	Viad Corp.		6,869,804
	305,955	West Corp.		6,981,893
				38,195,287
		Communications Equipment – 1.2%
	255,856	Arris International PLC(b)		5,864,219
	400,785	Calix, Inc.(b)		2,841,566
	361,458	Digi International, Inc.(b)		3,408,549
				12,114,334
		Construction & Engineering – 1.0%
	111,579	Argan, Inc.		3,923,118
	275,303	MYR Group, Inc.(b)		6,912,858
				10,835,976
		Construction Materials – 0.7%
	233,274	Summit Materials, Inc., Class A(b)		4,537,179
	50,571	U.S. Concrete, Inc.(b)		3,013,020
				7,550,199
		Consumer Finance – 0.2%
	12,965	Credit Acceptance Corp.(b)		2,353,796
		Distributors – 0.8%
	106,431	Core-Mark Holding Co., Inc.		8,680,512
		Diversified Consumer Services – 0.6%
	292,089	Houghton Mifflin Harcourt Co.(b)		5,824,255
		Diversified Financial Services – 1.2%
	607,191	FNFV Group(b)		6,588,022
	46,071	MarketAxess Holdings, Inc.		5,751,043
				12,339,065
		Electric Utilities – 1.1%
	211,336	ALLETE, Inc.		11,849,610
		Electrical Equipment – 1.4%
	47,827	AZZ, Inc.		2,707,008
	371,337	Babcock & Wilcox Enterprises, Inc.(b)		7,946,612

See accompanying notes to financial statements.

|  14

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Electrical Equipment – continued
	64,749	EnerSys	$	3,607,814
				14,261,434
		Electronic Equipment, Instruments & Components – 5.1%
	149,198	Belden, Inc.		9,157,773
	130,307	Littelfuse, Inc.		16,042,095
	200,908	Methode Electronics, Inc.		5,874,550
	150,219	Rogers Corp.(b)		8,993,612
	153,848	VeriFone Systems, Inc.(b)		4,344,667
	328,817	Vishay Intertechnology, Inc.		4,014,856
	68,665	Zebra Technologies Corp., Class A(b)		4,737,885
				53,165,438
		Energy Equipment & Services – 1.6%
	158,279	Bristow Group, Inc.		2,994,639
	211,268	Natural Gas Services Group, Inc.(b)		4,569,727
	343,132	RPC, Inc.		4,865,612
	190,177	U.S. Silica Holdings, Inc.		4,320,821
				16,750,799
		Food & Staples Retailing – 0.8%
	290,761	SpartanNash Co.		8,812,966
		Food Products – 2.2%
	330,861	Darling Ingredients, Inc.(b)		4,357,439
	28,478	J&J Snack Foods Corp.		3,083,598
	218,763	Post Holdings, Inc.(b)		15,044,332
				22,485,369
		Health Care Equipment & Supplies – 2.3%
	133,448	Cynosure, Inc., Class A(b)		5,887,726
	221,646	Halyard Health, Inc.(b)		6,367,890
	170,898	SurModics, Inc.(b)		3,146,232
	50,910	Teleflex, Inc.		7,993,379
				23,395,227
		Health Care Providers & Services – 1.2%
	228,734	PharMerica Corp.(b)		5,057,308
	79,781	WellCare Health Plans, Inc.(b)		7,399,688
				12,456,996
		Hotels, Restaurants & Leisure – 5.3%
	309,088	Carrols Restaurant Group, Inc.(b)		4,463,231
	80,236	Churchill Downs, Inc.		11,865,300
	26,119	Cracker Barrel Old Country Store, Inc.		3,987,588
	171,951	Del Frisco’s Restaurant Group, Inc.(b)		2,850,948
	205,876	Diamond Resorts International, Inc.(b)		5,002,787

See accompanying notes to financial statements.

15  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Hotels, Restaurants & Leisure – continued
	150,372	J. Alexander’s Holdings, Inc.(b)	$	1,587,928
	279,016	Krispy Kreme Doughnuts, Inc.(b)		4,349,859
	137,191	Marriott Vacations Worldwide Corp.		9,260,392
	206,806	Six Flags Entertainment Corp.		11,475,665
				54,843,698
		Household Durables – 1.4%
	69,113	Helen of Troy Ltd.(b)		7,166,327
	85,077	Jarden Corp.(b)		5,015,289
	98,381	Libbey, Inc.		1,829,887
				14,011,503
		Household Products – 0.4%
	267,854	HRG Group, Inc.(b)		3,731,206
		Industrial Conglomerates – 0.5%
	335,352	Raven Industries, Inc.		5,372,339
		Insurance – 3.2%
	131,575	Atlas Financial Holdings, Inc.(b)		2,386,770
	390,842	Employers Holdings, Inc.		10,998,294
	181,171	ProAssurance Corp.		9,167,253
	111,529	Reinsurance Group of America, Inc., Class A		10,734,666
				33,286,983
		Internet & Catalog Retail – 1.4%
	457,502	1-800-Flowers.com, Inc., Class A(b)		3,605,116
	123,622	HSN, Inc.		6,466,667
	111,426	Liberty Ventures, Series A(b)		4,358,985
				14,430,768
		IT Services – 5.6%
	321,390	Booz Allen Hamilton Holding Corp.		9,731,689
	185,898	Convergys Corp.		5,162,388
	137,365	CSG Systems International, Inc.		6,203,403
	95,086	DST Systems, Inc.		10,722,848
	144,019	Euronet Worldwide, Inc.(b)		10,673,248
	340,631	Perficient, Inc.(b)		7,398,505
	99,318	WEX, Inc.(b)		8,279,149
				58,171,230
		Life Sciences Tools & Services – 0.9%
	36,277	Albany Molecular Research, Inc.(b)		554,675
	324,561	VWR Corp.(b)		8,782,621
				9,337,296

See accompanying notes to financial statements.

|  16

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Machinery – 4.0%
	76,178	Alamo Group, Inc.	$	4,243,876
	179,753	Albany International Corp., Class A		6,756,915
	103,218	Altra Industrial Motion Corp.		2,867,396
	229,958	John Bean Technologies Corp.		12,971,931
	143,818	RBC Bearings, Inc.(b)		10,536,107
	233,633	TriMas Corp.(b)		4,093,250
				41,469,475
		Marine – 0.4%
	60,590	Kirby Corp.(b)		3,652,971
		Media – 3.2%
	74,384	Carmike Cinemas, Inc.(b)		2,234,495
	439,086	E.W. Scripps Co. (The), Class A		6,845,351
	140,806	John Wiley & Sons, Inc., Class A		6,884,005
	549,516	National CineMedia, Inc.		8,358,139
	559,058	New Media Investment Group, Inc.		9,302,725
				33,624,715
		Metals & Mining – 1.0%
	409,683	Ferroglobe PLC		3,609,307
	172,244	Haynes International, Inc.		6,286,906
				9,896,213
		Multi-Utilities – 1.1%
	190,397	NorthWestern Corp.		11,757,015
		Multiline Retail – 0.4%
	288,924	Fred’s, Inc., Class A		4,307,857
		Oil, Gas & Consumable Fuels – 1.3%
	245,516	Delek U.S. Holdings, Inc.		3,741,664
	295,474	QEP Resources, Inc.		4,169,138
	663,189	Synergy Resources Corp.(b)		5,152,979
				13,063,781
		Pharmaceuticals – 0.8%
	304,594	Catalent, Inc.(b)		8,123,522
		Professional Services – 1.2%
	145,553	FTI Consulting, Inc.(b)		5,168,587
	98,135	Insperity, Inc.		5,076,524
	183,727	RPX Corp.(b)		2,068,766
				12,313,877
		REITs – Apartments – 2.1%
	209,828	American Campus Communities, Inc.		9,880,800

See accompanying notes to financial statements.

17  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		REITs – Apartments – continued
	120,670	Mid-America Apartment Communities, Inc.	$	12,333,681
				22,214,481
		REITs – Health Care – 0.7%
	127,521	Omega Healthcare Investors, Inc.		4,501,491
	112,953	Sabra Healthcare REIT, Inc.		2,269,226
				6,770,717
		REITs – Hotels – 0.6%
	298,295	Hersha Hospitality Trust		6,365,615
		REITs – Shopping Centers – 1.4%
	724,312	Retail Opportunity Investments Corp.		14,573,157
		REITs – Single Tenant – 0.7%
	167,884	National Retail Properties, Inc.		7,756,241
		REITs – Storage – 2.2%
	369,795	CubeSmart		12,314,173
	93,267	Sovran Self Storage, Inc.		11,000,843
				23,315,016
		Road & Rail – 1.7%
	110,195	Avis Budget Group, Inc.(b)		3,014,935
	99,284	Genesee & Wyoming, Inc., Class A(b)		6,225,107
	114,466	Old Dominion Freight Line, Inc.(b)		7,969,123
				17,209,165
		Semiconductors & Semiconductor Equipment – 2.4%
	228,378	Advanced Energy Industries, Inc.(b)		7,945,270
	246,237	Diodes, Inc.(b)		4,949,364
	173,703	Semtech Corp.(b)		3,819,729
	386,510	Teradyne, Inc.		8,344,751
				25,059,114
		Software – 1.2%
	230,647	Synchronoss Technologies, Inc.(b)		7,459,124
	153,981	Verint Systems, Inc.(b)		5,139,886
				12,599,010
		Specialty Retail – 2.5%
	406,364	Barnes & Noble, Inc.		5,022,659
	152,955	Genesco, Inc.(b)		11,050,998
	178,606	MarineMax, Inc.(b)		3,477,459
	202,581	Sally Beauty Holdings, Inc.(b)		6,559,573
				26,110,689

See accompanying notes to financial statements.

|  18

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Thrifts & Mortgage Finance – 0.5%
	138,484	Federal Agricultural Mortgage Corp., Class C	$	5,225,001
		Trading Companies & Distributors – 0.5%
	276,178	H&E Equipment Services, Inc.		4,841,400
		Transportation Infrastructure – 0.6%
	87,631	Macquarie Infrastructure Corp.		5,909,835
		Total Common Stocks (Identified Cost $745,281,408)		1,016,780,669
	Closed-End Investment Companies – 0.6%
	486,012	Hercules Capital, Inc. (Identified Cost $6,305,501)		5,837,004
	Principal Amount
	Short-Term Investments – 0.8%
$	8,729,146	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2016 at 0.030% to be repurchased at $8,729,153 on 4/01/2016 collateralized by $8,765,000 U.S. Treasury Note, 1.750% due 3/31/2022 valued at $8,907,431 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $8,729,146)		8,729,146
		Total Investments – 99.5% (Identified Cost $760,316,055)(a)		1,031,346,819
		Other assets less liabilities—0.5%		4,947,853
		Net Assets – 100.0%	$	1,036,294,672
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information (Amounts exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.):
		At March 31, 2016, the net unrealized appreciation on investments based on a cost of $760,316,055 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	$	313,277,205
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(42,246,441	)
		Net unrealized appreciation	$	271,030,764
	(b)	Non-income producing security.
	REITs	Real Estate Investment Trusts

See accompanying notes to financial statements.

19  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Industry Summary at March 31, 2016 (Unaudited)

Banks	15.6	%
IT Services	5.6
Hotels, Restaurants & Leisure	5.3
Electronic Equipment, Instruments & Components	5.1
Machinery	4.0
Commercial Services & Supplies	3.7
Media	3.2
Insurance	3.2
Specialty Retail	2.5
Semiconductors & Semiconductor Equipment	2.4
Health Care Equipment & Supplies	2.3
REITs—Storage	2.2
Food Products	2.2
REITs—Apartments	2.1
Building Products	2.0
Other Investments, less than 2% each	37.3
Short-Term Investments	0.8
Total Investments	99.5
Other assets less liabilities	0.5
Net Assets	100.0	%

See accompanying notes to financial statements.

|  20

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Small/Mid Cap Growth Fund

Shares		Description	Value (†)
	Common Stocks – 96.3% of Net Assets
		Aerospace & Defense – 3.4%
	1,440	Astronics Corp.(b)	$	54,936
	3,243	Hexcel Corp.		141,751
	773	TransDigm Group, Inc.(b)		170,323
				367,010
		Airlines – 0.8%
	521	Allegiant Travel Co.		92,769
		Auto Components – 1.5%
	2,551	Drew Industries, Inc.		164,437
		Banks – 4.5%
	2,555	Columbia Banking System, Inc.		76,446
	2,202	First Republic Bank		146,741
	957	Signature Bank(b)		130,267
	4,042	Western Alliance Bancorp(b)		134,922
				488,376
		Biotechnology – 0.9%
	8,832	Ironwood Pharmaceuticals, Inc.(b)		96,622
		Capital Markets – 2.3%
	666	Affiliated Managers Group, Inc.(b)		108,158
	3,280	SEI Investments Co.		141,204
				249,362
		Commercial Services & Supplies – 3.4%
	5,847	Healthcare Services Group, Inc.		215,228
	5,711	Ritchie Bros. Auctioneers, Inc.		154,654
				369,882
		Diversified Consumer Services – 4.0%
	2,416	Bright Horizons Family Solutions, Inc.(b)		156,508
	2,523	Grand Canyon Education, Inc.(b)		107,833
	8,502	Nord Anglia Education, Inc.(b)		177,607
				441,948
		Diversified Financial Services – 4.0%
	2,210	CBOE Holdings, Inc.		144,379
	1,626	MarketAxess Holdings, Inc.		202,974
	1,144	MSCI, Inc.		84,747
				432,100
		Diversified Telecommunication Services – 1.6%
	4,518	Cogent Communications Holdings, Inc.		176,338
		Electrical Equipment – 3.5%
	760	Acuity Brands, Inc.		165,787

See accompanying notes to financial statements.

21  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Small/Mid Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Electrical Equipment – continued
	3,288	Generac Holdings, Inc.(b)	$	122,445
	2,404	Sensata Technologies Holding NV(b)		93,371
				381,603
		Electronic Equipment, Instruments & Components – 3.8%
	2,000	FEI Co.		178,020
	5,284	National Instruments Corp.		159,101
	3,237	Trimble Navigation Ltd.(b)		80,278
				417,399
		Energy Equipment & Services – 1.6%
	1,744	Dril-Quip, Inc.(b)		105,616
	2,170	Oceaneering International, Inc.		72,131
				177,747
		Food & Staples Retailing – 1.5%
	1,469	Casey’s General Stores, Inc.		166,467
		Health Care Equipment & Supplies – 6.9%
	2,409	Align Technology, Inc.(b)		175,110
	2,967	Cantel Medical Corp.		211,725
	1,670	DexCom, Inc.(b)		113,410
	1,180	STERIS PLC		83,839
	2,361	West Pharmaceutical Services, Inc.		163,665
				747,749
		Health Care Providers & Services – 6.2%
	1,434	Adeptus Health, Inc., Class A(b)		79,644
	1,960	MEDNAX, Inc.(b)		126,655
	2,462	Surgical Care Affiliates, Inc.(b)		113,941
	2,905	VCA, Inc.(b)		167,590
	1,974	WellCare Health Plans, Inc.(b)		183,089
				670,919
		Health Care Technology – 2.1%
	873	athenahealth, Inc.(b)		121,155
	5,048	HealthStream, Inc.(b)		111,510
				232,665
		Hotels, Restaurants & Leisure – 8.4%
	1,835	BJ’s Restaurants, Inc.(b)		76,281
	3,471	Dave & Buster’s Entertainment, Inc.(b)		134,605
	3,420	Dunkin’ Brands Group, Inc.		161,322
	797	Panera Bread Co., Class A(b)		163,250
	4,933	Texas Roadhouse, Inc.		214,980
	1,226	Vail Resorts, Inc.		163,916
				914,354

See accompanying notes to financial statements.

|  22

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Small/Mid Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Internet Software & Services – 3.5%
	849	CoStar Group, Inc.(b)	$	159,756
	1,340	j2 Global, Inc.		82,517
	1,312	Stamps.com, Inc.(b)		139,440
				381,713
		IT Services – 6.1%
	4,113	Booz Allen Hamilton Holding Corp.		124,542
	1,388	Broadridge Financial Solutions, Inc.		82,322
	2,837	ExlService Holdings, Inc.(b)		146,957
	2,057	Gartner, Inc.(b)		183,793
	8,484	Square, Inc.(b)		129,635
				667,249
		Leisure Products – 2.3%
	2,939	Brunswick Corp.		141,013
	2,069	Vista Outdoor, Inc.(b)		107,402
				248,415
		Life Sciences Tools & Services – 1.6%
	2,289	ICON PLC(b)		171,904
		Machinery – 3.4%
	1,298	Middleby Corp. (The)(b)		138,587
	3,665	Sun Hydraulics Corp.		121,641
	1,246	Toro Co. (The)		107,306
				367,534
		Media – 2.1%
	1,715	AMC Networks, Inc., Class A(b)		111,372
	3,924	IMAX Corp.(b)		121,997
				233,369
		Oil, Gas & Consumable Fuels – 2.3%
	1,485	Diamondback Energy, Inc.(b)		114,613
	5,997	Parsley Energy, Inc., Class A(b)		135,532
				250,145
		Pharmaceuticals – 1.1%
	892	Jazz Pharmaceuticals PLC(b)		116,451
		Semiconductors & Semiconductor Equipment – 3.7%
	3,606	Advanced Energy Industries, Inc.(b)		125,453
	3,465	M/A-COM Technology Solutions Holdings, Inc.(b)		151,732
	2,733	Silicon Laboratories, Inc.(b)		122,876
				400,061

See accompanying notes to financial statements.

23  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Small/Mid Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Software – 6.5%
	2,854	Blackbaud, Inc.	$	179,488
	4,224	Callidus Software, Inc.(b)		70,456
	3,204	Guidewire Software, Inc.(b)		174,554
	2,689	Paylocity Holding Corp.(b)		88,038
	989	Ultimate Software Group, Inc. (The)(b)		191,372
				703,908
		Specialty Retail – 0.9%
	2,721	Penske Automotive Group, Inc.		103,126
		Textiles, Apparel & Luxury Goods – 2.4%
	1,457	Carter’s, Inc.		153,539
	1,871	Columbia Sportswear Co.		112,428
				265,967
		Total Common Stocks (Identified Cost $10,329,712)		10,497,589
	Principal Amount
	Short-Term Investments – 3.0%
$	330,955	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2016 at 0.030% to be repurchased at $330,955 on 4/01/2016 collateralized by $335,000 U.S. Treasury Note, 1.750% due 3/31/2022 valued at $340,444 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $330,955)		330,955
		Total Investments – 99.3% (Identified Cost $10,660,667)(a)		10,828,544
		Other assets less liabilities—0.7%		73,773
		Net Assets – 100.0%	$	10,902,317
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information (Amounts exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.):
		At March 31, 2016, the net unrealized appreciation on investments based on a cost of $10,660,667 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	$	695,092
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(527,215	)
		Net unrealized appreciation	$	167,877
	(b)	Non-income producing security.

See accompanying notes to financial statements.

|  24

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Small/Mid Cap Growth Fund – continued

Industry Summary at March 31, 2016 (Unaudited)

Hotels, Restaurants & Leisure	8.4	%
Health Care Equipment & Supplies	6.9
Software	6.5
Health Care Providers & Services	6.2
IT Services	6.1
Banks	4.5
Diversified Consumer Services	4.0
Diversified Financial Services	4.0
Electronic Equipment, Instruments & Components	3.8
Semiconductors & Semiconductor Equipment	3.7
Internet Software & Services	3.5
Electrical Equipment	3.5
Commercial Services & Supplies	3.4
Machinery	3.4
Aerospace & Defense	3.4
Textiles, Apparel & Luxury Goods	2.4
Oil, Gas & Consumable Fuels	2.3
Capital Markets	2.3
Leisure Products	2.3
Media	2.1
Health Care Technology	2.1
Other Investments, less than 2% each	11.5
Short-Term Investments	3.0
Total Investments	99.3
Other assets less liabilities	0.7
Net Assets	100.0	%

See accompanying notes to financial statements.

25  |

Statements of Assets and Liabilities

March 31, 2016 (Unaudited)

	Small Cap Growth Fund			Small Cap Value Fund		Small/Mid Cap Growth Fund
ASSETS
Investments at cost	$	956,057,887		$	760,316,055	$	10,660,667
Net unrealized appreciation		142,702,310			271,030,764		167,877
Investments at value		1,098,760,197			1,031,346,819		10,828,544
Receivable for Fund shares sold		1,110,004			524,388		53,062
Receivable from investment adviser (Note 5)		—			—		941
Receivable for securities sold		6,669,454			6,118,124		61,528
Dividends and interest receivable		289,770			788,932		3,384
TOTAL ASSETS		1,106,829,425			1,038,778,263		10,947,459
LIABILITIES
Payable for securities purchased		7,627,583			546,012		12,029
Payable for Fund shares redeemed		437,527			1,047,811		1,645
Management fees payable (Note 5)		675,539			616,692		—
Deferred Trustees’ fees (Note 5)		115,600			171,307		5,891
Administrative fees payable (Note 5)		39,744			37,857		375
Payable to distributor (Note 5d)		13,447			12,182		2
Other accounts payable and accrued expenses		52,732			51,730		25,200
TOTAL LIABILITIES		8,962,172			2,483,591		45,142
NET ASSETS	$	1,097,867,253		$	1,036,294,672	$	10,902,317
NET ASSETS CONSIST OF:
Paid-in capital	$	995,649,962		$	739,833,424	$	11,799,689
Accumulated net investment (loss)/Undistributed net		(7,205,789	)		1,461,656		(14,707	)
investment income
Accumulated net realized gain (loss) on investments		(33,279,230	)		23,968,828		(1,050,542	)
Net unrealized appreciation on investments		142,702,310			271,030,764		167,877
NET ASSETS	$	1,097,867,253		$	1,036,294,672	$	10,902,317
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Institutional Class:
Net assets	$	773,914,119		$	670,548,301	$	10,902,317
Shares of beneficial interest		38,134,482			21,744,464		1,202,665
Net asset value, offering and redemption price per share	$	20.29		$	30.84	$	9.07
Retail Class:
Net assets	$	137,780,917		$	270,991,641	$	—
Shares of beneficial interest		7,250,235			8,895,311		—
Net asset value, offering and redemption price per share	$	19.00		$	30.46	$	—
Admin Class shares:
Net assets	$	—		$	44,924,889	$	—
Shares of beneficial interest		—			1,519,258		—
Net asset value, offering and redemption price per share	$	—		$	29.57	$	—
Class N shares:
Net assets	$	186,172,217		$	49,829,841	$	—
Shares of beneficial interest		9,145,958			1,615,103		—
Net asset value, offering and redemption price per share	$	20.36		$	30.85	$	—

See accompanying notes to financial statements.

|  26

Statements of Operations

For the Six Months Ended March 31, 2016 (Unaudited)

	Small Cap Growth Fund			Small Cap Value Fund			Small/Mid Cap Growth Fund
INVESTMENT INCOME
Dividends	$	3,406,871		$	8,335,175		$	29,085
Interest		4,104			1,527			53
Less net foreign taxes withheld		—			(23,633	)		(156	)
		3,410,975			8,313,069			28,982
Expenses
Management fees (Note 5)		4,159,394			3,852,115			36,854
Service and distribution fees (Note 5)		185,190			459,547			—
Administrative fees (Note 5)		243,326			225,340			2,157
Trustees’ fees and expenses (Note 5)		17,075			17,131			6,936
Transfer agent fees and expenses (Notes 5 and 6)		609,113			526,882			535
Audit and tax services fees		19,855			20,297			18,695
Custodian fees and expenses		20,597			16,615			4,270
Legal fees		7,231			7,233			63
Registration fees		50,522			43,974			8,931
Shareholder reporting expenses		26,042			33,121			481
Miscellaneous expenses		15,599			16,634			6,439
Total expenses		5,353,944			5,218,889			85,361
Less waiver and/or expense reimbursement (Note 5)		—			(151,367	)		(43,594	)
Net expenses		5,353,944			5,067,522			41,767
Net investment income (loss)		(1,942,969	)		3,245,547			(12,785	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		(32,945,494	)		30,098,653			(881,289	)
Net change in unrealized appreciation (depreciation) on:
Investments		18,502,188			32,678,738			942,324
Net realized and unrealized gain (loss) on investments		(14,443,306	)		62,777,391			61,035
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(16,386,275	)	$	66,022,938		$	48,250

See accompanying notes to financial statements.

27  |

Statements of Changes in Net Assets

	Small Cap Growth Fund						Small Cap Value Fund
	Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015
FROM OPERATIONS:
Net investment income (loss)	$	(1,942,969	)	$	(6,768,383	)	$	3,245,547		$	7,744,624
Net realized gain (loss) on investments		(32,945,494	)		96,389,671			30,098,653			106,149,654
Net change in unrealized appreciation (depreciation) on investments		18,502,188			(39,045,091	)		32,678,738			(93,246,609	)
Net increase (decrease) in net assets resulting from operations		(16,386,275	)		50,576,197			66,022,938			20,647,669
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Institutional Class		—			—			(4,437,216	)		(4,236,276	)
Retail Class		—			—			(1,004,613	)		(1,054,845	)
Admin Class		—			—			(29,797	)		(1,677	)
Class N		—			—			(305,470	)		(44,634	)
Net realized capital gains
Institutional Class		(60,491,317	)		(121,284,863	)		(64,722,293	)		(93,076,570	)
Retail Class		(11,886,045	)		(25,100,168	)		(27,186,960	)		(45,284,938	)
Admin Class		—			—			(4,490,438	)		(7,970,136	)
Class N		(13,284,984	)		(2,724,416	)		(3,940,507	)		(870,050	)
Total distributions		(85,662,346	)		(149,109,447	)		(106,117,294	)		(152,539,126	)
NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 10)		73,537,091			182,307,468			19,604,230			34,718,995
Net increase (decrease) in net assets		(28,511,530	)		83,774,218			(20,490,126	)		(97,172,462	)
NET ASSETS
Beginning of the period		1,126,378,783			1,042,604,565			1,056,784,798			1,153,957,260
End of the period	$	1,097,867,253		$	1,126,378,783		$	1,036,294,672		$	1,056,784,798
ACCUMULATED NET INVESTMENT (LOSS)/UNDISTRIBUTED NET INVESTMENT INCOME	$	(7,205,789	)	$	(5,262,820	)	$	1,461,656		$	3,993,205

See accompanying notes to financial statements.

|  28

Statements of Changes in Net Assets – continued

	Small/Mid Cap Growth Fund
	Six Months Ended March 31, 2016 (Unaudited)			Period Ended September 30, 2015(a)
FROM OPERATIONS:
Net investment loss	$	(12,785	)	$	(13,202	)
Net realized loss on investments		(881,289	)		(169,253	)
Net change in unrealized appreciation (depreciation) on investments		942,324			(774,447	)
Net increase (decrease) in net assets resulting from operations		48,250			(956,902	)
NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 10)		1,611,897			10,199,072
Net increase in net assets		1,660,147			9,242,170
NET ASSETS
Beginning of the period		9,242,170			—
End of the period	$	10,902,317		$	9,242,170
ACCUMULATED NET INVESTMENT (LOSS)	$	(14,707	)	$	(1,922	)

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

See accompanying notes to financial statements.

29  |

Financial Highlights

For a share outstanding throughout each period.

	Small Cap Growth Fund—Institutional Class
	Six Months Ended March 31, 2016 (Unaudited)			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	$	22.22		$	24.27		$	26.35		$	19.17		$	15.06		$	14.03
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.04	)		(0.14	)		(0.16	)(b)		(0.15	)(c)		(0.14	)		(0.13	)
Net realized and unrealized gain (loss)		(0.20	)		1.63			(0.09	)		7.33			4.25			1.16	(d)
Total from Investment Operations		(0.24	)		1.49			(0.25	)		7.18			4.11			1.03
LESS DISTRIBUTIONS FROM:
Net investment income		—			—			—			—			—			—
Net realized capital gains		(1.69	)		(3.54	)		(1.83	)		—			—			—
Total Distributions		(1.69	)		(3.54	)		(1.83	)		—			—			—
Net asset value, end of the period	$	20.29		$	22.22		$	24.27		$	26.35		$	19.17		$	15.06
Total return		(1.52	)%(e)		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)	$	773,914		$	800,883		$	852,131		$	914,000		$	599,469		$	154,313
Net expenses		0.95	%(f)		0.94	%		0.94	%		0.94	%		0.95	%		0.98	%(g)
Gross expenses		0.95	%(f)		0.94	%		0.94	%		0.94	%		0.95	%		0.98	%(g)
Net investment loss		(0.34	)%(f)		(0.57	)%		(0.63	)%(b)		(0.70	)%(c)		(0.79	)%		(0.78	)%
Portfolio turnover rate		29	%		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) Periods less than one year are not annualized.

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

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

See accompanying notes to financial statements.

|  30

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Growth Fund—Retail Class
	Six Months Ended March 31, 2016 (Unaudited)			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	$	20.93		$	23.10		$	25.23		$	18.41		$	14.52		$	13.55
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.06	)		(0.19	)		(0.22	)(b)		(0.20	)(c)		(0.19	)		(0.18	)
Net realized and unrealized gain (loss)		(0.18	)		1.56			(0.08	)		7.02			4.08			1.15	(d)
Total from Investment Operations		(0.24	)		1.37			(0.30	)		6.82			3.89			0.97
LESS DISTRIBUTIONS FROM:
Net investment income		—			—			—			—			—			—
Net realized capital gains		(1.69	)		(3.54	)		(1.83	)		—			—			—
Total Distributions		(1.69	)		(3.54	)		(1.83	)		—			—			—
Net asset value, end of the period	$	19.00		$	20.93		$	23.10		$	25.23		$	18.41		$	14.52
Total return		(1.67	)%(e)		5.58	%		(1.58	)%(b)		37.05	%(c)		26.79	%(f)		7.16	%(f)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	137,781		$	162,906		$	175,393		$	211,724		$	229,822		$	113,110
Net expenses		1.20	%(g)		1.19	%		1.21	%		1.25	%(h)		1.25	%(i)		1.25	%(i)
Gross expenses		1.20	%(g)		1.19	%		1.21	%		1.25	%(h)		1.28	%		1.27	%
Net investment loss		(0.59	)%(g)		(0.82	)%		(0.90	)%(b)		(0.99	)%(c)		(1.09	)%		(1.07	)%
Portfolio turnover rate		29	%		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) Periods less than one year are not annualized.

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

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

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

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

See accompanying notes to financial statements.

31  |

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Growth Fund—Class N
	Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Year Ended September 30, 2014			Period Ended September 30, 2013*
Net asset value, beginning of the period	$	22.27		$	24.29		$	26.36		$	20.22
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.02	)		(0.12	)		(0.14	)(b)		(0.11	)
Net realized and unrealized gain (loss)		(0.20	)		1.64			(0.10	)		6.25
Total from Investment Operations		(0.22	)		1.52			(0.24	)		6.14
LESS DISTRIBUTIONS FROM:
Net investment income		—			—			—			—
Net realized capital gains		(1.69	)		(3.54	)		(1.83	)		—
Total Distributions		(1.69	)		(3.54	)		(1.83	)		—
Net asset value, end of the period	$	20.36		$	22.27		$	24.29		$	26.36
Total return		(1.42	)%(c)		5.92	%		(1.27	)%(b)		30.37	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	186,172		$	162,591		$	15,080		$	7,580
Net expenses		0.82	%(d)		0.83	%		0.83	%		0.83	%(d)
Gross expenses		0.82	%(d)		0.83	%		0.83	%		0.83	%(d)
Net investment loss		(0.20	)%(d)		(0.51	)%		(0.53	)%(b)		(0.63	)%(d)
Portfolio turnover rate		29	%		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.

|  32

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Value Fund—Institutional Class
	Six Months Ended March 31, 2016 (Unaudited)			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	$	32.19		$	36.40		$	37.42		$	29.14		$	22.36		$	22.93
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.11			0.27			0.20			0.20			0.21			0.09	(b)
Net realized and unrealized gain (loss)		1.94			0.49			2.18			8.41			6.62			(0.50	)
Total from Investment Operations		2.05			0.76			2.38			8.61			6.83			(0.41	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.22	)		(0.22	)		(0.10	)		(0.30	)		(0.05	)		(0.16	)
Net realized capital gains		(3.18	)		(4.75	)		(3.30	)		(0.03	)		—			—
Total Distributions		(3.40	)		(4.97	)		(3.40	)		(0.33	)		(0.05	)		(0.16	)
Net asset value, end of the period	$	30.84		$	32.19		$	36.40		$	37.42		$	29.14		$	22.36
Total return		6.59	%(c)(d)		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)	$	670,548		$	666,107		$	730,901		$	733,512		$	572,776		$	431,761
Net expenses		0.90	%(e)(f)		0.90	%(f)		0.90	%(f)		0.90	%(f)		0.90	%(g)		0.90	%(f)
Gross expenses		0.93	%(e)		0.92	%		0.91	%		0.91	%		0.90	%(g)		0.93	%
Net investment income		0.72	%(e)		0.75	%		0.53	%		0.61	%		0.76	%		0.33	%(b)
Portfolio turnover rate		9	%		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) Periods less than one year are not annualized.

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

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

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

See accompanying notes to financial statements.

33  |

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Value Fund—Retail Class
	Six Months Ended March 31, 2016 (Unaudited)			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	$	31.78		$	35.98		$	37.03		$	28.84		$	22.14		$	22.71
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.07			0.18			0.10			0.12			0.13			0.02	(b)
Net realized and unrealized gain (loss)		1.91			0.48			2.16			8.32			6.57			(0.48	)
Total from Investment Operations		1.98			0.66			2.26			8.44			6.70			(0.46	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.12	)		(0.11	)		(0.01	)		(0.22	)		—			(0.11	)
Net realized capital gains		(3.18	)		(4.75	)		(3.30	)		(0.03	)		—			—
Total Distributions		(3.30	)		(4.86	)		(3.31	)		(0.25	)		—			(0.11	)
Net asset value, end of the period	$	30.46		$	31.78		$	35.98		$	37.03		$	28.84		$	22.14
Total return(c)		6.44	%(d)		0.94	%		5.90	%		29.48	%		30.26	%		(2.12	)%(b)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	270,992		$	306,360		$	358,698		$	403,475		$	343,480		$	347,759
Net expenses(e)		1.15	%(f)		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Gross expenses		1.18	%(f)		1.17	%		1.20	%		1.22	%		1.22	%		1.22	%
Net investment income		0.46	%(f)		0.50	%		0.28	%		0.37	%		0.49	%		0.08	%(b)
Portfolio turnover rate		9	%		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) Periods less than one year are not annualized.

(e) The investment adviser agreed to waive its fees and/or reimburse a portion of the Fund’s expenses during the period. 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.

|  34

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Value Fund—Admin Class
	Six Months Ended March 31, 2016 (Unaudited)			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	$	30.88		$	35.06		$	36.24		$	28.22		$	21.72		$	22.30
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.03			0.09			0.01			0.04			0.06			(0.04	)(b)
Net realized and unrealized gain (loss)		1.86			0.48			2.11			8.15			6.44			(0.49	)
Total from Investment Operations		1.89			0.57			2.12			8.19			6.50			(0.53	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.02	)		(0.00	)(c)		—			(0.14	)		—			(0.05	)
Net realized capital gains		(3.18	)		(4.75	)		(3.30	)		(0.03	)		—			—
Total Distributions		(3.20	)		(4.75	)		(3.30	)		(0.17	)		—			(0.05	)
Net asset value, end of the period	$	29.57		$	30.88		$	35.06		$	36.24		$	28.22		$	21.72
Total return(d)		6.34	%(e)		0.71	%		5.63	%		29.17	%		29.93	%		(2.40	)%(b)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	44,925		$	45,762		$	61,791		$	74,892		$	67,853		$	65,500
Net expenses(f)		1.39	%(g)(h)		1.38	%(i)		1.40	%		1.40	%		1.40	%		1.40	%
Gross expenses		1.42	%(g)(h)		1.40	%(i)		1.51	%		1.52	%		1.52	%		1.52	%
Net investment income (loss)		0.23	%(h)		0.28	%		0.02	%		0.11	%		0.24	%		(0.17	)%(b)
Portfolio turnover rate		9	%		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) Periods less than one year are not annualized.

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

(g) Includes refund of prior year service fee of 0.01%. See Note 5b of Notes to Financial Statements.

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

(i) Includes refund of prior year service fee of 0.02%.

See accompanying notes to financial statements.

35  |

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Value Fund—Class N
	Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Year Ended September 30, 2014			Period Ended September 30, 2013*
Net asset value, beginning of the period	$	32.22		$	36.44		$	37.44		$	32.08
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.13			0.27			0.23			0.06
Net realized and unrealized gain (loss)		1.93			0.50			2.18			5.30
Total from Investment Operations		2.06			0.77			2.41			5.36
LESS DISTRIBUTIONS FROM:
Net investment income		(0.25	)		(0.24	)		(0.11	)		—
Net realized capital gains		(3.18	)		(4.75	)		(3.30	)		—
Total Distributions		(3.43	)		(4.99	)		(3.41	)		—
Net asset value, end of the period	$	30.85		$	32.22		$	36.44		$	37.44
Total return		6.61	%(b)		1.25	%		6.25	%(c)		16.71	%(b)(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	49,830		$	38,555		$	2,568		$	1
Net expenses		0.83	%(d)		0.83	%(e)		0.85	%(f)		0.85	%(d)(f)
Gross expenses		0.83	%(d)		0.83	%(e)		0.89	%		14.45	%(d)
Net investment income		0.82	%(d)		0.76	%		0.60	%		0.27	%(d)
Portfolio turnover rate		9	%		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) Periods less than one year are not annualized.

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

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

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

|  36

Financial Highlights – continued

For a share outstanding throughout each period.

	Small/Mid Cap Growth Fund— Institutional Class
	Six Months Ended March 31, 2016 (Unaudited)			Period Ended September 30, 2015*
Net asset value, beginning of the period	$	9.05		$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.01	)		(0.01	)
Net realized and unrealized gain (loss)		0.03			(0.94	)
Total from Investment Operations		0.02			(0.95	)
LESS DISTRIBUTIONS FROM:
Net investment income		—			—
Net realized capital gains		—			—
Total Distributions		—			—
Net asset value, end of the period	$	9.07		$	9.05
Total return(b)		0.22	%		(9.50	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	10,902		$	9,242
Net expenses(c)(d)		0.85	%		0.85	%
Gross expenses(d)		1.74	%		2.65	%
Net investment loss(d)		(0.26	)%		(0.53	)%
Portfolio turnover rate		29	%		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.

37  |

Notes to Financial Statements

March 31, 2016 (Unaudited)

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

Loomis Sayles Funds I:

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

Loomis Sayles Funds II:

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

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

Each Fund is a diversified investment company.

Small Cap Growth Fund and Small Cap Value Fund were closed to new investors effective September 14, 2012 and September 15, 2008, respectively. 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. Effective November 2, 2015, Class N shares are offered to investors with an initial minimum investment of $1,000,000. 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 shares are offered exclusively through intermediaries.

Most expenses can be directly attributed to a Fund. Expenses which cannot be directly attributed to a Fund are generally apportioned based on the relative net assets of each of the funds in Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”). Expenses of a Fund are borne pro rata by the holders of each class of shares, except that each class bears expenses unique to that class (including the Rule 12b-1 service and distribution fees and for Institutional Class, Retail Class and Admin Class (for Small Cap Value Fund), collectively, and Class N, individually, transfer agent fees). In addition, each class votes as a class only with respect to its own Rule 12b-1 Plan. Shares of each class would receive their pro rata share of the net assets of a Fund if the Fund were liquidated. The Trustees approve separate distributions from net investment income on each class of shares.

|  38

Notes to Financial Statements – continued

March 31, 2016 (Unaudited)

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

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

Listed equity securities (including shares of 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 as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. 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 as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available. In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used. Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers. Broker-dealer bid prices may be used to value debt and unlisted equity securities where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security.

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

39  |

Notes to Financial Statements – continued

March 31, 2016 (Unaudited)

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 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

|  40

Notes to Financial Statements – continued

March 31, 2016 (Unaudited)

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 March 31, 2016 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior three fiscal years, where applicable, remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

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

41  |

Notes to Financial Statements – continued

March 31, 2016 (Unaudited)

e.  Dividends and Distributions to Shareholders. Dividends and distributions are recorded on ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as 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 year ended September 30, 2015 was as follows:

	2015 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
Small Cap Growth Fund	$	—	$	149,109,447	$	149,109,447
Small Cap Value Fund		10,451,269		142,087,857		152,539,126
Small/Mid Cap Growth Fund		—		—		—

As of September 30, 2015, capital loss carryforwards and late-year ordinary and post-October capital loss deferrals were as follows:

	Small Cap Growth Fund			Small Cap Value Fund		Small/Mid Cap Growth Fund
Capital loss carryforward:
Short-term:
No expiration date	$	—		$	—	$	(168,511	)
Late-year ordinary and post-October capital loss deferrals*	$	(5,146,367	)	$	—	$	—

* 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

|  42

Notes to Financial Statements – continued

March 31, 2016 (Unaudited)

repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities. As of March 31, 2016, 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 six months ended March 31, 2016, none of the Funds had loaned securities under this agreement.

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

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

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

43  |

Notes to Financial Statements – continued

March 31, 2016 (Unaudited)

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

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

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

The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2016, at value:

Small Cap Growth Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	1,070,510,908	$	—	$	—	$	1,070,510,908
Short-Term Investments		—		28,249,289		—		28,249,289
Total	$	1,070,510,908	$	28,249,289	$	—	$	1,098,760,197

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

For the six months ended March 31, 2016, there were no transfers among Levels 1, 2 and 3.

Small Cap Value Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	1,016,780,669	$	—	$	—	$	1,016,780,669
Closed-End Investment Companies		5,837,004		—		—		5,837,004
Short-Term Investments		—		8,729,146		—		8,729,146
Total	$	1,022,617,673	$	8,729,146	$	—	$	1,031,346,819

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

For the six months ended March 31, 2016, there were no transfers among Levels 1, 2 and 3.

|  44

Notes to Financial Statements – continued

March 31, 2016 (Unaudited)

Small/Mid Cap Growth Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	10,497,589	$	—	$	—	$	10,497,589
Short-Term Investments		—		330,955		—		330,955
Total	$	10,497,589	$	330,955	$	—	$	10,828,544

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

For the six months ended March 31, 2016, there were no transfers among Levels 1, 2 and 3.

4.  Purchases and Sales of Securities. For the six months ended March 31, 2016, purchases and sales of securities (excluding short-term investments) were as follows:

Fund	Purchases		Sales
Small Cap Growth Fund	$	314,816,422	$	314,640,249
Small Cap Value Fund		95,874,382		175,458,499
Small/Mid Cap Growth Fund		4,346,967		2,748,039

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%

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, 2017, 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.

45  |

Notes to Financial Statements – continued

March 31, 2016 (Unaudited)

For the six months ended March 31, 2016, 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 six months ended March 31, 2016, the management fees for each Fund were as follows:

	Gross Management Fees		Waivers of Management Fees1		Net Management Fees		Percentage of Average Daily Net Assets
Fund							Gross	Net
Small Cap Growth Fund	$	4,159,394	$	—	$	4,159,394	0.75%	0.75%
Small Cap Value Fund		3,852,115		—		3,852,115	0.75%	0.75%
Small/Mid Cap Growth Fund		36,854		36,854		—	0.75%	—

For the six months ended March 31, 2016, class-specific expenses have been reimbursed as follows:

	Reimbursement1
Fund	Institutional Class		Retail Class		Admin Class		Class N		Total
Small Cap Value Fund	$	102,411	$	42,106	$	6,850	$	—	$	151,367

In addition, the investment adviser reimbursed expenses of Small/Mid Cap Growth Fund in the amount of $6,740 for the six months ended March 31, 2016¹.

¹ Waivers/expense reimbursements are subject to possible recovery until September 30, 2017.

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

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

|  46

Notes to Financial Statements – continued

March 31, 2016 (Unaudited)

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 Fund’s 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 the maintenance of shareholder accounts.

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

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

For the six months ended March 31, 2016, 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	$	—	$	185,190	$	—
Small Cap Value Fund		53,213		350,732		55,602

For the six months ended March 31, 2016, NGAM Distribution refunded Small Cap Value Fund $2,389 of prior year Admin Class service fees paid to NGAM Distribution in excess of amounts subsequently paid to securities dealers or financial intermediaries. 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,

47  |

Notes to Financial Statements – continued

March 31, 2016 (Unaudited)

each Fund pays NGAM Advisors monthly its pro rata portion of fees equal to an annual rate of 0.0575% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts and Loomis Sayles Funds Trusts, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion, 0.0350% of the next $30 billion and 0.0325% of such assets in excess of $90 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts and Loomis Sayles Funds Trusts of $10 million, which is reevaluated on an annual basis.

For the six months ended March 31, 2016, the administrative fees for each Fund were as follows:

Fund	Administrative Fees
Small Cap Growth Fund	$	243,326
Small Cap Value Fund		225,340
Small/Mid Cap Growth Fund		2,157

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.

For the six months ended March 31, 2016, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statements of Operations) for each Fund were as follows:

Fund	Sub-Transfer Agent Fees
Small Cap Growth Fund	$	597,235
Small Cap Value Fund		506,376
Small/Mid Cap Growth Fund		38

|  48

Notes to Financial Statements – continued

March 31, 2016 (Unaudited)

As of March 31, 2016, 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	$	13,447
Small Cap Value Fund		12,182
Small/Mid Cap Growth Fund		2

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 $325,000. 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 $155,000. 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 $10,000. Each Contract Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts and Loomis Sayles Funds Trusts based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

Prior to January 1, 2016, the Chairperson of the Board received a retainer fee at the annual rate of $300,000 and each Independent Trustee (other than the Chairperson) received, in the aggregate, a retainer fee at the annual rate of $130,000. The chairperson of the Governance Committee received an additional retainer fee at the annual rate of $5,000. All other Trustee fees remained unchanged.

A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Funds until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical

49  |

Notes to Financial Statements – continued

March 31, 2016 (Unaudited)

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 March 31, 2016, Loomis Sayles Funded Pension Plan and Trust (“Pension Plan”), 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	0.92%	1.32%	—	2.24%
Small Cap Value Fund	1.67%	2.51%	—	4.18%
Small/Mid Cap Growth Fund	—	7.27%	83.19%	90.46%

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

6.  Class-Specific Transfer Agent Fees and Expenses. For the six months ended March 31, 2016, 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	$	512,513	$	96,365	$	—	$	235
Small Cap Value Fund		353,164		149,729		23,802		187
Small/Mid Cap Growth Fund		535		—		—		—

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 and Trust. 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.

|  50

Notes to Financial Statements – continued

March 31, 2016 (Unaudited)

For the six months ended March 31, 2016, none of the Funds had borrowings under this agreement.

Effective April 14, 2016, the line of credit with State Street Bank and Trust Company expired, and the Funds, together with certain other funds of Natixis Funds Trusts and Loomis Sayles Funds Trusts, entered into a 364-day, $400,000,000 syndicated, committed, unsecured line of credit with Citibank, N.A. to be used for temporary or emergency purposes only. Any one Fund may borrow up to the full $400,000,000 under the line of credit (as long as all borrowings by all Funds in the aggregate do not exceed the $400,000,000 limit at any time), subject to each Fund’s investment restrictions. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.10% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit. The Funds paid an arrangement fee, an upfront fee, and other fees in connection with the new line of credit agreement.

8.  Brokerage Commission Recapture. Each Fund has entered into agreements with certain brokers whereby the brokers will rebate a portion of brokerage commissions. All amounts rebated by the brokers are returned to the Funds under such agreements and are included in realized gains on investments in the Statements of Operations. For the six months ended March 31, 2016, amounts rebated under these agreements were as follows:

Fund	Rebates
Small Cap Growth Fund	$	35,939
Small Cap Value Fund		23,336
Small/Mid Cap Growth Fund		310

9.  Concentration of Ownership. From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of March 31, 2016, based on management’s evaluation of the shareholder account base, the Funds had accounts (including accounts owned by affiliates) 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	32.47%	—	32.47%
Small Cap Value Fund	3	24.43%	—	24.43%
Small/Mid Cap Growth Fund	—	—	90.46%	90.46%

Omnibus shareholder accounts for which NGAM Advisors understands that the intermediary has discretion over the underlying shareholder accounts, or investment models

51  |

Notes to Financial Statements – continued

March 31, 2016 (Unaudited)

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.

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

	Small Cap Growth Fund
	Six Months Ended March 31, 2016						Year Ended September 30, 2015
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		3,770,485		$	78,589,791			7,265,268		$	175,813,770
Issued in connection with the reinvestment of distributions		2,716,857			58,412,420			5,134,319			117,062,465
Redeemed		(4,395,797	)		(90,927,768	)		(11,470,816	)		(274,541,353	)
Net change		2,091,545		$	46,074,443			928,771		$	18,334,882
Retail Class
Issued from the sale of shares		605,428		$	11,807,513			1,423,680		$	32,677,891
Issued in connection with the reinvestment of distributions		588,964			11,867,620			1,163,810			25,045,197
Redeemed		(1,725,815	)		(35,281,633	)		(2,397,388	)		(53,969,398	)
Net change		(531,423	)	$	(11,606,500	)		190,102		$	3,753,690
Class N
Issued from the sale of shares		2,385,136		$	50,866,357			6,907,906		$	165,784,056
Issued in connection with the reinvestment of distributions		616,186			13,284,984			119,335			2,724,416
Redeemed		(1,156,980	)		(25,082,193	)		(346,462	)		(8,289,576	)
Net change		1,844,342		$	39,069,148			6,680,779		$	160,218,896
Increase (decrease) from capital share transactions		3,404,464		$	73,537,091			7,799,652		$	182,307,468
	Small Cap Value Fund
	Six Months Ended March 31, 2016						Year Ended September 30, 2015
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		1,602,144		$	49,325,792			3,379,231		$	118,476,722
Issued in connection with the reinvestment of distributions		2,210,358			66,708,596			2,730,775			93,993,275
Redeemed		(2,762,839	)		(84,063,085	)		(5,495,573	)		(195,820,490	)
Net change		1,049,663		$	31,971,303			614,433		$	16,649,507

|  52

Notes to Financial Statements – continued

March 31, 2016 (Unaudited)

10.  Capital Shares – continued.

	Small Cap Value Fund – continued
	Six Months Ended March 31, 2016						Year Ended September 30, 2015
Retail Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		341,355		$	10,373,323			931,124		$	32,655,794
Issued in connection with the reinvestment of distributions		943,438			28,142,755			1,357,910			46,236,825
Redeemed		(2,029,739	)		(64,085,620	)		(2,618,373	)		(91,431,051	)
Net change		(744,946	)	$	(25,569,542	)		(329,339	)	$	(12,538,432	)
Admin Class
Issued from the sale of shares		193,841		$	5,530,834			314,600		$	10,633,628
Issued in connection with the reinvestment of distributions		111,998			3,244,570			179,802			5,960,432
Redeemed		(268,448	)		(7,832,973	)		(774,906	)		(26,217,314	)
Net change		37,391		$	942,431			(280,504	)	$	(9,623,254	)
Class N
Issued from the sale of shares		421,229		$	12,354,781			1,179,383		$	42,095,614
Issued in connection with the reinvestment of distributions		140,642			4,245,978			26,566			914,684
Redeemed		(143,518	)		(4,340,721	)		(79,684	)		(2,779,124	)
Net change		418,353		$	12,260,038			1,126,265		$	40,231,174
Increase (decrease) from capital share transactions		760,461		$	19,604,230			1,130,855		$	34,718,995
	Small/Mid Cap Growth Fund
	Six Months Ended March 31, 2016						Period Ended September 30, 2015(a)
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		182,042		$	1,613,542			1,020,804		$	10,199,072
Redeemed		(181	)		(1,645	)		—			—
Increase (decrease) from capital share transactions		181,861		$	1,611,897			1,020,804		$	10,199,072

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

53  |

SEMIANNUAL REPORT

March 31, 2016

Loomis Sayles Strategic Income Fund

TABLE OF CONTENTS

Portfolio Review  page 1

Portfolio of Investments  page 6

Financial Statements  page  26

Notes to Financial Statements  page 35

LOOMIS SAYLES STRATEGIC INCOME FUND

Managers	Symbols
Matthew J. Eagan, CFA®	Class A	NEFZX
Daniel J. Fuss, CFA®, CIC	Class C	NECZX
Elaine M. Stokes	Class N	NEZNX
Loomis, Sayles & Company, L.P.	Class Y	NEZYX
	Admin Class	NEZAX

Objective

The Fund seeks high current income with a secondary objective of capital growth.

1  |

Average Annual Total Returns — March 31, 2016⁵

	6 Months			1 Year			5 Years			10 Years			Life of Class N
Class A (Inception 5/1/95)
NAV		1.56	%		-5.57	%		4.47	%		6.20	%		—	%
With 4.25% Maximum Sales Charge		-2.74			-9.57			3.57			5.74			—
Class C (Inception 5/1/95)
NAV		1.23			-6.26			3.71			5.41			—
With CDSC2		0.29			-7.12			3.71			5.41			—
Class N (Inception 2/1/13)
NAV		1.74			-5.26			—			—			2.60
Class Y (Inception 12/1/99)
NAV		1.70			-5.33			4.74			6.47			—
Admin Class (Inception 2/1/10)1
NAV		1.45			-5.81			4.23			5.92			—
Comparative Performance
Barclays U.S. Aggregate Bond Index3		2.44			1.96			3.78			4.90			2.59
Barclays U.S. Universal Bond Index4		2.51			1.75			3.95			5.03			2.60

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 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 U.S. Treasury, government-related, corporate, mortgage-backed securities, asset-backed securities, and collateralized mortgage-backed securities sectors.

4 Barclays U.S. Universal Bond Index is an unmanaged index that covers U.S. dollar-denominated taxable bonds, including U.S. government and investment grade debt, non-investment grade debt, asset-backed and mortgage-backed securities, Eurobonds, 144A securities and emerging market debt.

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

|  2

ADDITIONAL INFORMATION

ADDITIONAL INDEX INFORMATION

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

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

PROXY VOTING INFORMATION

A description of the Natixis Funds’ proxy voting policies and procedures is available without charge, upon request, by calling Natixis Funds at 800-225-5478; on the Natixis 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 Natixis Funds voted proxies relating to portfolio securities during the 12 months ended June 30, 2015 is available from the Natixis Funds’ website and the SEC’s website.

QUARTERLY PORTFOLIO SCHEDULES

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

3  |

UNDERSTANDING YOUR FUND’S EXPENSES

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

The first line in the table for each class of Fund shares shows the actual account values and actual Fund expenses you would have paid on a $1,000 investment in the Fund from October 1, 2015 through March 31, 2016. 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 10/1/2015		ENDING ACCOUNT VALUE 3/31/2016		EXPENSES PAID DURING PERIOD* 10/1/2015 – 3/31/2016
Class A
Actual		$1,000.00		$1,015.60		$4.84
Hypothetical (5% return before expenses)		$1,000.00		$1,020.20		$4.85
Class C
Actual		$1,000.00		$1,012.30		$8.60
Hypothetical (5% return before expenses)		$1,000.00		$1,016.45		$8.62
Class N
Actual		$1,000.00		$1,017.40		$3.18
Hypothetical (5% return before expenses)		$1,000.00		$1,021.85		$3.18
Class Y
Actual		$1,000.00		$1,017.00		$3.58
Hypothetical (5% return before expenses)		$1,000.00		$1,021.45		$3.59
Admin Class
Actual		$1,000.00		$1,014.50		$5.99
Hypothetical (5% return before expenses)		$1,000.00		$1,019.05		$6.01

* Expenses are equal to the Fund's annualized expense ratio: 0.96%, 1.71%, 0.63%, 0.71% and 1.19% for Class A, 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 366 (to reflect the half-year period).

5  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Strategic Income Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 78.4% of Net Assets
	Non-Convertible Bonds — 71.6%
		ABS Other — 0.4%
$	20,158,333	GCA2014 Holdings Ltd., Series 2014-1, Class C, 6.000%, 1/05/2030, 144A(b)(c)	$	17,735,301
	7,433,869	GCA2014 Holdings Ltd., Series 2014-1, Class D, 7.500%, 1/05/2030, 144A(b)(c)		6,088,339
	42,000,000	GCA2014 Holdings Ltd., Series 2014-1, Class E, Zero Coupon, 1/05/2030, 144A(b)(c)(d)		8,673,000
	12,002,194	Global Container Assets Ltd., Series 2015-1A, Class B, 4.500%, 2/05/2030, 144A		11,461,813
				43,958,453
		Aerospace & Defense — 0.9%
	620,000	Bombardier, Inc., 7.350%, 12/22/2026, 144A, (CAD)		343,715
	11,800,000	Bombardier, Inc., 7.450%, 5/01/2034, 144A		8,260,000
	16,246,000	KLX, Inc., 5.875%, 12/01/2022, 144A		16,164,770
	22,548,000	Meccanica Holdings USA, Inc., 6.250%, 1/15/2040, 144A		21,420,600
	20,755,000	Meccanica Holdings USA, Inc., 7.375%, 7/15/2039, 144A		21,585,200
	5,310,000	Textron Financial Corp., (fixed rate to 2/15/2017, variable rate thereafter), 6.000%, 2/15/2067, 144A		3,823,200
	24,513,000	TransDigm, Inc., 6.500%, 7/15/2024		24,321,799
	17,765,000	TransDigm, Inc., 6.500%, 5/15/2025		17,365,287
				113,284,571
		Airlines — 3.0%
	13,620,000	Air Canada, 7.625%, 10/01/2019, 144A, (CAD)		10,998,248
	154,490,000	American Airlines Group, Inc., 5.500%, 10/01/2019, 144A		157,193,575
	12,781,538	American Airlines Pass Through Trust, Series 2013-1, Class A, 4.000%, 1/15/2027		13,051,356
	10,288,467	American Airlines Pass Through Trust, Series 2013-2, Class C, 6.000%, 1/15/2017, 144A		10,350,506
	2,675,671	Continental Airlines Pass Through Certificates, Series 2012-2, Class B, 5.500%, 4/29/2022		2,715,966
	21,015,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		22,092,019
	136,151	Continental Airlines Pass Through Trust, Series 1997-4, Class B, 6.900%, 7/02/2018		138,193
	440,970	Continental Airlines Pass Through Trust, Series 1999-1, Class B, 6.795%, 2/02/2020		456,404
	92,740	Continental Airlines Pass Through Trust, Series 1999-2, Class B, 7.566%, 9/15/2021		93,204
	969,380	Continental Airlines Pass Through Trust, Series 2001-1, Class A-1, 6.703%, 12/15/2022		1,015,717
	13,018,829	Continental Airlines Pass Through Trust, Series 2009-1, 9.000%, 1/08/2018		13,298,734
	2,971,540	Continental Airlines Pass Through Trust, Series 2012-1, Class B, 6.250%, 10/11/2021		3,105,260
	702,047	Northwest Airlines, Inc., Series 2002-1, Class G2, (MBIA insured), 6.264%, 5/20/2023		748,558

See accompanying notes to financial statements.

|  6

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Airlines — continued
$	294,429	UAL Pass Through Trust, Series 2009-1, 10.400%, 5/01/2018	$	305,853
	8,751,460	US Airways Pass Through Trust, Series 2010-1B, Class B, 8.500%, 10/22/2018		9,121,996
	38,605,988	US Airways Pass Through Trust, Series 2011-1B, Class B, 9.750%, 4/22/2020		43,238,707
	6,076,796	US Airways Pass Through Trust, Series 2012-1B, Class B, 8.000%, 4/01/2021		6,714,859
	48,950,000	Virgin Australia Holdings Ltd., 8.500%, 11/15/2019, 144A		48,460,500
	4,370,090	Virgin Australia Pass Through Trust, Series 2013-1B, 6.000%, 4/23/2022, 144A		4,413,791
	6,802,946	Virgin Australia Pass Through Trust, Series 2013-1C, 7.125%, 10/23/2018, 144A		6,802,946
				354,316,392
		Automotive — 0.3%
	1,220,000	Ford Motor Co., 6.625%, 2/15/2028		1,419,580
	1,345,000	Ford Motor Co., 7.500%, 8/01/2026		1,679,407
	4,977,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		5,325,390
	25,345,000	Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc., 7.875%, 10/01/2022, 144A		23,570,850
				31,995,227
		Banking — 5.6%
	6,000,000	Ally Financial, Inc., 8.000%, 11/01/2031		6,840,000
	7,045,000	Bank of America Corp., MTN, 3.300%, 1/11/2023		7,104,192
	265,000	Bank of America Corp., MTN, 4.250%, 10/22/2026		268,951
	1,500,000	Bank of America Corp., Series K, (fixed rate to 1/30/2018, variable rate thereafter), 8.000%(e)		1,468,125
	10,000,000	Bank of Nova Scotia, 2.462%, 3/14/2019, (CAD)		7,896,285
	57,792,000,000	Barclays Financial LLC, EMTN, 3.500%, 11/29/2016, (KRW)		50,971,776
	36,445,000	Citigroup, Inc., 5.130%, 11/12/2019, (NZD)		26,269,886
	22,091,000	Citigroup, Inc., 6.250%, 6/29/2017, (NZD)		15,830,647
	3,450,000	Cooperatieve Rabobank UA, 3.950%, 11/09/2022		3,534,070
	25,000,000	Goldman Sachs Group, Inc. (The), 3.550%, 2/12/2021, (CAD)		20,274,302
	9,090,000	ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 6.375%, 4/30/2022, 144A		9,280,199
	19,245,000	Intesa Sanpaolo SpA, 5.017%, 6/26/2024, 144A		18,021,846
	45,620,000	JPMorgan Chase & Co., 4.250%, 11/02/2018, (NZD)		32,181,206
	227,000,000,000	JPMorgan Chase Bank NA, 7.700%, 6/01/2016, 144A, (IDR)		17,007,881
	800,000	Merrill Lynch & Co., Inc., Series C, MTN, 6.050%, 6/01/2034		943,280
	36,195,000	Morgan Stanley, 4.350%, 9/08/2026		37,247,587
	35,325,000	Morgan Stanley, 4.750%, 11/16/2018, (AUD)		27,871,458
	185,000,000	Morgan Stanley, 5.000%, 9/30/2021, (AUD)		149,584,491
	74,310,000	Morgan Stanley, 7.600%, 8/08/2017, (NZD)		53,991,844
	100,265,000	Morgan Stanley, 8.000%, 5/09/2017, (AUD)		80,523,060
	950,000	Morgan Stanley, EMTN, 5.750%, 2/14/2017, (GBP)		1,414,080
	46,735,000	Morgan Stanley, MTN, 4.100%, 5/22/2023		48,195,188
	10,000,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		11,906,830
	53,095,000	Morgan Stanley, Series MPLE, 3.125%, 8/05/2021, (CAD)		42,142,406
				670,769,590

See accompanying notes to financial statements.

7  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Brokerage — 0.9%
$	5,000,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 6.875%, 4/15/2022, 144A	$	4,237,500
	22,540,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.500%, 4/15/2021, 144A		19,384,400
	43,025,000	Jefferies Group LLC, 5.125%, 1/20/2023		43,182,213
	20,010,000	Jefferies Group LLC, 6.250%, 1/15/2036		19,318,375
	15,215,000	Jefferies Group LLC, 6.450%, 6/08/2027		16,036,260
	4,689,000	Jefferies Group LLC, 6.875%, 4/15/2021		5,294,345
				107,453,093
		Building Materials — 0.6%
	19,945,000	Atrium Windows & Doors, Inc., 7.750%, 5/01/2019, 144A		14,759,300
	6,995,000	Masco Corp., 6.500%, 8/15/2032		7,134,900
	3,900,000	Masco Corp., 7.125%, 3/15/2020		4,489,875
	2,630,000	Masco Corp., 7.750%, 8/01/2029		2,971,900
	2,000,000	NCI Building Systems, Inc., 8.250%, 1/15/2023, 144A		2,105,000
	32,100,000	Odebrecht Finance Ltd., 8.250%, 4/25/2018, 144A, (BRL)(f)		4,095,470
	35,980,000	Owens Corning, 7.000%, 12/01/2036		39,748,869
				75,305,314
		Cable Satellite — 1.2%
	850,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2023, 144A		864,875
	975,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.375%, 5/01/2025, 144A		992,063
	3,315,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 1/15/2024		3,451,744
	4,360,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.875%, 5/01/2027, 144A		4,447,200
	17,679,000	DISH DBS Corp., 5.875%, 11/15/2024		16,220,482
	3,175,000	Intelsat Jackson Holdings S.A., 5.500%, 8/01/2023		1,912,937
	25,270,000	Shaw Communications, Inc., 5.650%, 10/01/2019, (CAD)		21,484,413
	4,835,000	Time Warner Cable, Inc., 4.500%, 9/15/2042		4,292,063
	135,000	Time Warner Cable, Inc., 5.875%, 11/15/2040		139,714
	44,800,000	UPC Holding BV, 6.375%, 9/15/2022, 144A, (EUR)		54,418,920
	11,275,000	Videotron Ltd., 5.625%, 6/15/2025, 144A, (CAD)		8,713,980
	7,000,000	Virgin Media Finance PLC, 6.000%, 10/15/2024, 144A		7,192,500
	20,300,000	VTR Finance BV, 6.875%, 1/15/2024, 144A		19,792,500
				143,923,391
		Chemicals — 2.8%
	19,810,000	Aruba Investments, Inc., 8.750%, 2/15/2023, 144A		18,819,500
	99,610,000	Chemours Co. (The), 6.625%, 5/15/2023, 144A		81,182,150
	18,370,000	Chemours Co. (The), 7.000%, 5/15/2025, 144A		14,696,000
	85,854,000	Consolidated Energy Finance S.A., 6.750%, 10/15/2019, 144A		81,775,935
	20,000,000	Eco Services Operations LLC/Eco Finance Corp., 8.500%, 11/01/2022, 144A		18,400,000
	20,070,000	Hercules, Inc., 6.500%, 6/30/2029		15,654,600
	26,164,000	Hexion, Inc., 7.875%, 2/15/2023(b)(c)		6,541,000
	6,010,000	Hexion, Inc., 8.875%, 2/01/2018		4,116,850
	8,757,000	Hexion, Inc., 9.200%, 3/15/2021(b)(c)		2,451,960
	16,660,000	Hexion, Inc./Hexion Nova Scotia Finance ULC, 9.000%, 11/15/2020		6,705,650
	90,205,000	INVISTA Finance LLC, 4.250%, 10/15/2019, 144A		86,596,800
	885,000	TPC Group, Inc., 8.750%, 12/15/2020, 144A		619,500
				337,559,945

See accompanying notes to financial statements.

|  8

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Construction Machinery — 0.2%
$	1,425,000	Joy Global, Inc., 6.625%, 11/15/2036	$	1,040,250
	5,105,000	United Rentals North America, Inc., 5.750%, 11/15/2024		5,105,000
	11,655,000	United Rentals North America, Inc., 7.625%, 4/15/2022		12,412,575
				18,557,825
		Consumer Cyclical Services — 0.1%
	670,000	ServiceMaster Co. LLC (The), 7.100%, 3/01/2018		683,400
	5,500,000	ServiceMaster Co. LLC (The), 7.450%, 8/15/2027		5,417,500
				6,100,900
		Consumer Products — 0.1%
	11,545,000	Avon Products, Inc., 8.700%, 3/15/2043		7,619,700
		Electric — 1.9%
	5,093,000	AES Corp. (The), 4.875%, 5/15/2023		4,902,013
	23,940,000	AES Corp. (The), 5.500%, 3/15/2024		23,401,350
	10,185,000	AES Corp. (The), 5.500%, 4/15/2025		9,815,794
	39,663,703	Alta Wind Holdings LLC, 7.000%, 6/30/2035, 144A		43,992,401
	53,165,829	Bruce Mansfield Unit Pass Through Trust, 6.850%, 6/01/2034		50,142,820
	1,472,717	CE Generation LLC, 7.416%, 12/15/2018		1,362,263
	21,392,000	DPL, Inc., 6.750%, 10/01/2019		21,712,880
	19,705,000	Dynegy, Inc., 7.625%, 11/01/2024		17,882,287
	46,645,000	EDP Finance BV, 4.125%, 1/15/2020, 144A		46,710,303
	1,195,000	EDP Finance BV, 4.900%, 10/01/2019, 144A		1,246,146
	3,570,000	Empresa Nacional de Electricidad S.A., 7.875%, 2/01/2027		4,463,218
	555,000	Enersis Americas S.A., 7.400%, 12/01/2016		574,570
	471,256	Red Oak Power LLC, Series A, 8.540%, 11/30/2019		471,256
				226,677,301
		Finance Companies — 4.8%
	310,000	Aviation Capital Group Corp., 6.750%, 4/06/2021, 144A		348,750
	57,000,000	General Electric Co., GMTN, 4.250%, 1/17/2018, (NZD)		40,100,605
	79,035,000	General Electric Co., Series A, EMTN, 6.750%, 9/26/2016, (NZD)		55,541,852
	25,320,000	General Electric Co., Series A, GMTN, 5.500%, 2/01/2017, (NZD)		17,851,001
	4,095,000	iStar, Inc., 4.875%, 7/01/2018		3,956,794
	14,060,000	iStar, Inc., 5.000%, 7/01/2019		13,497,600
	23,175,000	iStar, Inc., 5.850%, 3/15/2017		23,638,500
	10,400,000	iStar, Inc., 7.125%, 2/15/2018		10,530,000
	19,915,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.375%, 10/01/2017		19,790,531
	2,260,000	Navient Corp., 5.875%, 10/25/2024		1,915,350
	19,155,000	Navient Corp., MTN, 6.125%, 3/25/2024		16,473,300
	23,020,000	Navient LLC, 4.875%, 6/17/2019		22,214,300
	22,945,000	Navient LLC, 5.500%, 1/25/2023		19,503,250
	109,950(††)	Navient LLC, 6.000%, 12/15/2043		2,131,564
	5,910,000	Navient LLC, MTN, 4.625%, 9/25/2017		5,976,488
	7,780,000	Navient LLC, MTN, 5.500%, 1/15/2019		7,643,850
	17,600,000	Navient LLC, MTN, 7.250%, 1/25/2022		16,456,000
	2,160,000	Navient LLC, MTN, 8.000%, 3/25/2020		2,149,200

See accompanying notes to financial statements.

9  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Finance Companies — continued
$	14,465,000	Navient LLC, Series A, MTN, 5.000%, 6/15/2018	$	14,248,025
	50,910,000	Navient LLC, Series A, MTN, 5.625%, 8/01/2033(f)		35,891,550
	51,680,000	Springleaf Finance Corp., 5.250%, 12/15/2019		49,354,400
	133,915,000	Springleaf Finance Corp., 7.750%, 10/01/2021		131,384,006
	55,015,000	Springleaf Finance Corp., 8.250%, 10/01/2023		53,089,475
	10,120,000	Springleaf Finance Corp., MTN, 5.750%, 9/15/2016		10,195,900
				573,882,291
		Food & Beverage — 0.0%
	4,880,000	Shearer’s Foods LLC/Chip Finance Corp., 9.000%, 11/01/2019, 144A		5,111,800
		Government Owned – No Guarantee — 0.5%
	22,160,000	Pertamina Persero PT, 6.450%, 5/30/2044, 144A		21,531,986
	21,145,000	Petrobras Global Finance BV, 4.375%, 5/20/2023		15,429,506
	30,955,000	Petrobras Global Finance BV, 5.625%, 5/20/2043		20,120,750
				57,082,242
		Healthcare — 2.6%
	2,160,000	BioScrip, Inc., 8.875%, 2/15/2021		1,825,200
	7,680,000	HCA, Inc., 5.250%, 4/15/2025		7,910,400
	1,925,000	HCA, Inc., 5.875%, 3/15/2022		2,083,813
	40,686,000	HCA, Inc., 5.875%, 5/01/2023		42,669,442
	14,620,000	HCA, Inc., 7.050%, 12/01/2027		14,985,500
	20,447,000	HCA, Inc., 7.500%, 12/15/2023		21,673,820
	24,215,000	HCA, Inc., 7.500%, 11/06/2033		25,910,050
	44,143,000	HCA, Inc., 7.690%, 6/15/2025		47,453,725
	32,745,000	HCA, Inc., 8.360%, 4/15/2024		36,510,675
	15,815,000	HCA, Inc., MTN, 7.580%, 9/15/2025		17,080,200
	9,492,000	HCA, Inc., MTN, 7.750%, 7/15/2036		10,156,440
	955,000	Tenet Healthcare Corp., 4.375%, 10/01/2021		957,388
	1,495,000	Tenet Healthcare Corp., 4.500%, 4/01/2021		1,502,475
	29,130,000	Tenet Healthcare Corp., 5.000%, 3/01/2019		28,802,287
	25,530,000	Tenet Healthcare Corp., 6.750%, 6/15/2023		24,444,975
	32,559,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		26,250,694
				310,217,084
		Home Construction — 0.9%
	3,075,000	Beazer Homes USA, Inc., 7.250%, 2/01/2023		2,398,500
	13,360,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021(f)		9,151,600
	29,735,000	K. Hovnanian Enterprises, Inc., 8.000%, 11/01/2019, 144A		18,435,700
	3,620,000	KB Home, 4.750%, 5/15/2019		3,606,425
	47,260,000	PulteGroup, Inc., 6.000%, 2/15/2035		45,960,350
	13,190,000	PulteGroup, Inc., 6.375%, 5/15/2033		13,453,800
	10,305,000	TRI Pointe Holdings, Inc./TRI Pointe Group, Inc., 4.375%, 6/15/2019		10,227,713
	195,000	TRI Pointe Holdings, Inc./TRI Pointe Group, Inc., 5.875%, 6/15/2024		193,781
				103,427,869
		Independent Energy — 1.3%
	595,000	Anadarko Petroleum Corp., 3.450%, 7/15/2024		529,862
	540,000	Anadarko Petroleum Corp., 4.500%, 7/15/2044		423,597

See accompanying notes to financial statements.

|  10

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Independent Energy — continued
$	7,550,000	Baytex Energy Corp., 5.125%, 6/01/2021, 144A	$	5,322,750
	6,930,000	Baytex Energy Corp., 5.625%, 6/01/2024, 144A		4,660,425
	15,000,000	Bellatrix Exploration Ltd., 8.500%, 5/15/2020, 144A		7,631,250
	1,705,000	Bonanza Creek Energy, Inc., 6.750%, 4/15/2021		477,400
	4,945,000	California Resources Corp., 5.000%, 1/15/2020		1,137,350
	81,805,000	California Resources Corp., 5.500%, 9/15/2021		17,997,100
	11,240,000	California Resources Corp., 6.000%, 11/15/2024		2,529,000
	1,310,000	Chesapeake Energy Corp., 4.875%, 4/15/2022		458,500
	55,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		21,588
	6,505,000	Continental Resources, Inc., 3.800%, 6/01/2024		5,138,950
	1,225,000	Continental Resources, Inc., 4.500%, 4/15/2023		1,024,406
	19,290,000	Eclipse Resources Corp., 8.875%, 7/15/2023, 144A		10,030,800
	2,990,000	Halcon Resources Corp., 9.250%, 2/15/2022		523,250
	9,700,000	Halcon Resources Corp., 9.750%, 7/15/2020		1,721,750
	1,022,000	Noble Energy, Inc., 5.625%, 5/01/2021		1,027,110
	1,940,000	Oasis Petroleum, Inc., 6.875%, 1/15/2023		1,430,750
	1,545,000	Oasis Petroleum, Inc., 7.250%, 2/01/2019		1,178,062
	7,170,000	Pan American Energy LLC/Argentine Branch, 7.875%, 5/07/2021, 144A		7,112,640
	3,000,000	QEP Resources, Inc., 5.250%, 5/01/2023		2,610,000
	12,635,000	QEP Resources, Inc., 6.875%, 3/01/2021		11,592,612
	17,187,000	Rex Energy Corp., (Step to 8.000% on 10/01/2017), 1.000%, 10/01/2020, 144A(g)		2,234,310
	6,250,000	Rice Energy, Inc., 6.250%, 5/01/2022		5,437,500
	9,700,000	RSP Permian, Inc., 6.625%, 10/01/2022		9,554,500
	17,908,000	Sanchez Energy Corp., 6.125%, 1/15/2023		9,670,320
	9,520,000	Sanchez Energy Corp., 7.750%, 6/15/2021		5,593,000
	8,241,000	SM Energy Co., 5.000%, 1/15/2024		5,704,338
	22,844,000	SM Energy Co., 6.125%, 11/15/2022		16,653,276
	801,000	SM Energy Co., 6.500%, 11/15/2021		590,738
	2,522,000	SM Energy Co., 6.500%, 1/01/2023		1,778,010
	6,283,000	Ultra Petroleum Corp., 5.750%, 12/15/2018, 144A		439,810
	45,515,000	Ultra Petroleum Corp., 6.125%, 10/01/2024, 144A		3,527,412
	10,845,000	Whiting Petroleum Corp., 5.000%, 3/15/2019		7,510,162
				153,272,528
		Industrial Other — 0.1%
	6,880,000	Broadspectrum Ltd., 8.375%, 5/15/2020, 144A		7,034,800
		Integrated Energy — 0.0%
	5,385,000	Pacific Exploration and Production Corp., 5.125%, 3/28/2023, 144A(f)(i)		915,450
	3,125,000	Pacific Exploration and Production Corp., 5.625%, 1/19/2025, 144A(f)(i)		531,250
				1,446,700
		Life Insurance — 0.9%
	20,075,000	AXA S.A., (fixed rate to 12/14/2036, variable rate thereafter), 6.379%, 144A(e)		20,526,687
	15,000,000	Forethought Financial Group, Inc., 8.625%, 4/15/2021, 144A		16,333,920
	1,225,000	Genworth Financial, Inc., (fixed rate to 11/15/2016, variable rate thereafter), 6.150%, 11/15/2066		388,938

See accompanying notes to financial statements.

11  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Life Insurance — continued
$	3,695,000	Genworth Holdings, Inc., 4.800%, 2/15/2024	$	2,706,588
	27,200,000	Genworth Holdings, Inc., 4.900%, 8/15/2023		20,196,000
	10,990,000	Genworth Holdings, Inc., 6.500%, 6/15/2034		7,363,300
	20,000,000	National Life Insurance Co., 10.500%, 9/15/2039, 144A(f)		30,399,800
	8,920,000	NLV Financial Corp., 7.500%, 8/15/2033, 144A(f)		10,128,589
	2,894,000	Penn Mutual Life Insurance Co. (The), 6.650%, 6/15/2034, 144A		3,345,397
				111,389,219
		Local Authorities — 1.2%
	95,480,000	New South Wales Treasury Corp., 4.000%, 4/08/2021, (AUD)		79,209,523
	82,840,000	New South Wales Treasury Corp., 6.000%, 2/01/2018, (AUD)		68,025,911
				147,235,434
		Media Entertainment — 1.1%
	111,590,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		5,318,780
	64,250,000	iHeartCommunications, Inc., 9.000%, 3/01/2021		44,734,062
	33,370,000	iHeartCommunications, Inc., 9.000%, 9/15/2022		23,192,150
	7,180,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 5.250%, 2/15/2022		7,359,500
	17,950,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 5.875%, 3/15/2025		18,712,875
	27,185,000	R.R. Donnelley & Sons Co., 6.000%, 4/01/2024		22,291,700
	2,410,000	R.R. Donnelley & Sons Co., 6.500%, 11/15/2023		2,060,550
	3,730,000	R.R. Donnelley & Sons Co., 7.000%, 2/15/2022		3,450,250
	5,925,000	R.R. Donnelley & Sons Co., 7.875%, 3/15/2021		5,969,438
				133,089,305
		Metals & Mining — 1.7%
	8,202,122	1839688 Alberta ULC, PIK, 14.000%, 2/13/2020(f)(h)(i)		820
	2,000,000	AK Steel Corp., 7.625%, 10/01/2021		1,140,000
	3,949,000	Alcoa, Inc., 5.870%, 2/23/2022		3,947,776
	5,075,000	Alcoa, Inc., 5.900%, 2/01/2027		4,821,250
	1,405,000	Alcoa, Inc., 5.950%, 2/01/2037	��	1,194,250
	4,330,000	Alcoa, Inc., 6.750%, 1/15/2028		4,220,468
	25,271,000	ArcelorMittal, 7.750%, 3/01/2041		21,606,705
	30,695,000	Barminco Finance Pty Ltd., 9.000%, 6/01/2018, 144A		22,944,513
	8,705,000	Barrick North America Finance LLC, 5.750%, 5/01/2043		7,869,294
	23,112,000	Cliffs Natural Resources, Inc., 8.000%, 9/30/2020, 144A		9,707,040
	26,350,000	Essar Steel Algoma, Inc., 9.500%, 11/15/2019, 144A(f)(i)		790,500
	12,315,000	First Quantum Minerals Ltd., 7.250%, 5/15/2022, 144A		8,251,050
	14,645,000	Lundin Mining Corp., 7.500%, 11/01/2020, 144A		13,985,975
	51,000,000	Lundin Mining Corp., 7.875%, 11/01/2022, 144A		48,450,000
	4,200,000	Rain CII Carbon LLC/CII Carbon Corp., 8.250%, 1/15/2021, 144A		2,982,000
	16,135,000	Russel Metals, Inc., 6.000%, 4/19/2022, 144A, (CAD)		11,755,722
	11,719,000	United States Steel Corp., 6.650%, 6/01/2037		6,562,640
	7,490,000	United States Steel Corp., 6.875%, 4/01/2021		5,467,700
	16,435,000	United States Steel Corp., 7.000%, 2/01/2018		14,791,500
	10,000,000	Worthington Industries, Inc., 6.500%, 4/15/2020		10,938,340
				201,427,543

See accompanying notes to financial statements.

|  12

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Midstream — 0.4%
$	8,935,000	IFM U.S. Colonial Pipeline 2 LLC, 6.450%, 5/01/2021, 144A	$	9,703,508
	23,179,000	NGPL PipeCo LLC, 7.119%, 12/15/2017, 144A		22,396,709
	505,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		414,100
	3,350,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.125%, 11/15/2019		3,163,673
	9,440,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.000%, 1/15/2018		9,416,400
	3,185,492	Transportadora de Gas del Sur S.A., 9.625%, 5/14/2020, 144A		3,265,129
				48,359,519
		Non-Agency Commercial Mortgage-Backed Securities — 1.2%
	4,316	Column Canada Issuer Corp., Series 2006-WEM, Class A1, 4.591%, 1/15/2022, (CAD)		3,324
	2,785,000	Column Canada Issuer Corp., Series 2006-WEM, Class A2, 4.934%, 1/15/2022, (CAD)		2,158,866
	27,074,409	Commercial Mortgage Pass Through Certificates, Series 2014-FL4, Class AR1, 2.137%, 5/13/2031, 144A(f)(j)		26,648,831
	12,902,000	Commercial Mortgage Pass Through Certificates, Series 2014-FL4, Class AR2, 2.637%, 5/13/2031, 144A(f)(j)		12,658,090
	8,622,000	Commercial Mortgage Pass Through Certificates, Series 2014-FL4, Class AR3, 3.087%, 5/13/2031, 144A(f)(j)		8,421,137
	16,080,000	Commercial Mortgage Pass Through Certificates, Series 2014-FL4, Class AR4, 4.187%, 5/13/2031, 144A(f)(j)		15,813,267
	35,060,000	GS Mortgage Securities Trust, Series 2007-GG10, Class AM, 5.794%, 8/10/2045(j)		33,402,780
	14,258,937	Institutional Mortgage Securities Canada, Inc., Series 2014-5A, Class A1, 2.003%, 7/12/2047, 144A, (CAD)		10,965,685
	29,982,866	Motel 6 Trust, Series 2015-M6MZ, Class M, 8.230%, 2/05/2020, 144A(f)		28,099,942
				138,171,922
		Oil Field Services — 0.5%
	19,335,000	FTS International, Inc., 6.250%, 5/01/2022		2,126,850
	7,120,000	Global Marine, Inc., 7.000%, 6/01/2028		3,382,000
	17,482,000	Paragon Offshore PLC, 6.750%, 7/15/2022, 144A(f)(i)		4,589,025
	40,403,000	Paragon Offshore PLC, 7.250%, 8/15/2024, 144A(f)(i)		10,807,802
	18,385,000	Pioneer Energy Services Corp., 6.125%, 3/15/2022		7,354,000
	12,020,000	Precision Drilling Corp., 5.250%, 11/15/2024		8,504,150
	594,000	Precision Drilling Corp., 6.500%, 12/15/2021		451,440
	2,590,000	Precision Drilling Corp., 6.625%, 11/15/2020		2,072,000
	500,000	Sidewinder Drilling, Inc., 9.750%, 11/15/2019, 144A		36,250
	39,300,000	Transocean, Inc., 4.300%, 10/15/2022		21,713,250
	1,500,000	Transocean, Inc., 6.500%, 11/15/2020		1,050,000
	1,320,000	Transocean, Inc., 6.800%, 3/15/2038		660,000
	4,355,000	Transocean, Inc., 7.125%, 12/15/2021		2,939,625
				65,686,392

See accompanying notes to financial statements.

13  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		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	$	1,170,412
	1,705,000	Signode Industrial Group Lux S.A./Signode Industrial Group U.S., Inc., 6.375%, 5/01/2022, 144A		1,549,419
				2,719,831
		Paper — 0.5%
	9,240,000	Georgia-Pacific LLC, 7.250%, 6/01/2028		12,170,300
	20,045,000	Georgia-Pacific LLC, 7.750%, 11/15/2029		27,405,323
	775,000	Georgia-Pacific LLC, 8.875%, 5/15/2031		1,143,762
	4,865,000	WestRock MWV LLC, 7.950%, 2/15/2031		6,064,792
	10,100,000	WestRock MWV LLC, 8.200%, 1/15/2030		13,010,295
	2,840,000	Weyerhaeuser Co., 6.950%, 10/01/2027		3,319,673
				63,114,145
		Property & Casualty Insurance — 0.4%
	4,877,000	Hanover Insurance Group, Inc. (The), 6.375%, 6/15/2021		5,571,314
	3,920,000	Loews Corp., 2.625%, 5/15/2023		3,866,606
	12,510,000	MBIA Insurance Corp., 11.882%, 1/15/2033, 144A(d)(j)		4,315,950
	5,020,000	Old Republic International Corp., 4.875%, 10/01/2024		5,221,829
	10,080,000	Sirius International Group, 6.375%, 3/20/2017, 144A		10,339,580
	3,000,000	Sirius International Group, (fixed rate to 6/30/2017, variable rate thereafter), 7.506%, 144A(e)		2,962,500
	17,870,000	XL Group PLC, (fixed rate to 4/15/2017, variable rate thereafter), 6.500%(e)		12,374,975
				44,652,754
		Railroads — 0.8%
	90,000,000	Hellenic Railways Organization S.A., EMTN, 0.247%, 5/24/2016, (EUR)(f)(j)		99,722,694
	1,153,000	Missouri Pacific Railroad Co., 5.000%, 1/01/2045(f)		1,102,538
				100,825,232
		Restaurants — 0.0%
	1,330,000	Wagamama Finance PLC, 7.875%, 2/01/2020, 144A, (GBP)		2,017,661
		Retailers — 0.8%
	3,325,000	Dillard’s, Inc., 7.000%, 12/01/2028		3,648,842
	1,500,000	Dillard’s, Inc., 7.750%, 7/15/2026		1,719,774
	10,270,000	Foot Locker, Inc., 8.500%, 1/15/2022(c)		11,558,563
	3,335,000	J.C. Penney Corp., Inc., 5.750%, 2/15/2018		3,376,687
	27,224,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		22,391,740
	2,510,000	J.C. Penney Corp., Inc., 7.625%, 3/01/2097		1,857,400
	9,000,000	J.C. Penney Corp., Inc., 8.125%, 10/01/2019		9,247,500
	12,275,000	Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027		13,683,679
	6,365,000	Marks & Spencer PLC, 7.125%, 12/01/2037, 144A		7,518,115
	3,765,000	Nine West Holdings, Inc., 6.125%, 11/15/2034		545,925
	24,860,000	Toys “R” Us, Inc., 7.375%, 10/15/2018		19,763,700
				95,311,925
		Sovereigns — 2.4%
	289,570,000	Portugal Government International Bond, 5.125%, 10/15/2024, 144A		291,353,751

See accompanying notes to financial statements.

|  14

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Supermarkets — 1.7%
$	12,637,000	Albertson’s Holdings LLC/Safeway, Inc., 7.750%, 10/15/2022, 144A	$	13,679,553
	79,276,000	New Albertson’s, Inc., 7.450%, 8/01/2029		71,942,970
	25,595,000	New Albertson’s, Inc., 7.750%, 6/15/2026		23,867,337
	24,085,000	New Albertson’s, Inc., 8.000%, 5/01/2031		22,609,794
	5,815,000	New Albertson’s, Inc., 8.700%, 5/01/2030		5,582,400
	16,342,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		13,808,990
	34,580,000	SUPERVALU, Inc., 6.750%, 6/01/2021		29,479,450
	23,400,000	SUPERVALU, Inc., 7.750%, 11/15/2022		19,831,500
				200,801,994
		Supranational — 0.3%
	250,500,000,000	European Bank for Reconstruction & Development, 7.200%, 6/08/2016, (IDR)		18,822,581
	24,450,000	Inter-American Development Bank, EMTN, 6.000%, 12/15/2017, (NZD)		17,833,120
				36,655,701
		Technology — 1.6%
	4,881,000	Advanced Micro Devices, Inc., 7.000%, 7/01/2024		3,197,055
	78,595,000	Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		83,507,187
	34,955,000	Amkor Technology, Inc., 6.375%, 10/01/2022		33,382,025
	56,340,000	KLA-Tencor Corp., 4.650%, 11/01/2024		56,788,861
	15,170,000	KLA-Tencor Corp., 5.650%, 11/01/2034		15,112,430
	2,562,000	Motorola Solutions, Inc., 6.625%, 11/15/2037		2,565,100
	180,000	Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		229,623
				194,782,281
		Transportation Services — 0.2%
	10,503,000	APL Ltd., 8.000%, 1/15/2024(f)		7,037,010
	2,829,266	Atlas Air Pass Through Trust, Series 1998-1, Class B, 7.680%, 1/02/2018(c)		2,878,778
	2,226,640	Atlas Air Pass Through Trust, Series 1998-1, Class C, 8.010%, 7/02/2011(c)(k)		2,276,740
	1,374,422	Atlas Air Pass Through Trust, Series 1999-1, Class B, 7.630%, 1/02/2018(c)		1,374,422
	2,507,853	Atlas Air Pass Through Trust, Series 1999-1, Class C, 8.770%, 7/02/2012(c)(k)		2,583,089
	1,864,358	Atlas Air Pass Through Trust, Series 2000-1, Class B, 9.057%, 1/02/2018(c)		1,892,323
				18,042,362
		Treasuries — 22.6%
	312,000,000	Canadian Government, 0.750%, 9/01/2020, (CAD)		241,497,009
	29,490,000	Canadian Government, 1.250%, 9/01/2018, (CAD)		23,090,642
	80,645,000	Canadian Government, 1.750%, 9/01/2019, (CAD)		64,534,628
	6,710,000	Hellenic Republic Government Bond, 3.375%, 7/17/2017, 144A, (EUR)		7,100,409
	1,010,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2024, (EUR)(g)		810,793
	1,100,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2035, (EUR)(g)		715,306

See accompanying notes to financial statements.

15  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Treasuries — continued
	4,000,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2036, (EUR)(g)	$	2,563,370
	4,455,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2037, (EUR)(g)		2,805,567
	5,820,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2038, (EUR)(g)		3,704,537
	4,000,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2039, (EUR)(g)		2,541,886
	4,680,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2040, (EUR)(g)		2,982,740
	5,970,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2041, (EUR)(g)		3,788,195
	4,000,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2042, (EUR)(g)		2,546,893
	9,710,000(†††)	Mexican Fixed Rate Bonds, Series M, 5.000%, 6/15/2017, (MXN)		56,820,233
	9,930,439(†††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/10/2021, (MXN)		60,361,221
	4,250,000(†††)	Mexican Fixed Rate Bonds, Series M, 7.750%, 5/29/2031, (MXN)		27,736,292
	7,740,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 7.500%, 6/03/2027, (MXN)		49,714,229
	27,224,481(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		179,248,259
	3,035,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.500%, 5/31/2029, (MXN)		21,018,084
	21,700,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 10.000%, 12/05/2024, (MXN)		161,239,384
	252,700,000	New Zealand Government Bond, 5.000%, 3/15/2019, (NZD)		189,294,047
	175,365,000	New Zealand Government Bond, 6.000%, 5/15/2021, (NZD)		142,761,919
	458,725,000	Norway Government Bond, 3.750%, 5/25/2021, 144A, (NOK)		63,974,362
	836,485,000	Norway Government Bond, 4.250%, 5/19/2017, 144A, (NOK)		105,395,877
	658,049,000	Norway Government Bond, 4.500%, 5/22/2019, 144A, (NOK)		89,569,481
	162,850,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)		34,647,491
	55,925,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		12,209,510
	3,842,906,000	Republic of Iceland, 6.000%, 10/13/2016, (ISK)		21,344,140
	1,605,660,000	Republic of Iceland, 7.250%, 10/26/2022, (ISK)		9,616,119
	4,496,156,000	Republic of Iceland, 8.750%, 2/26/2019, (ISK)		26,904,498
	100,000,000	U.S. Treasury Note, 0.250%, 5/15/2016		99,995,100
	100,000,000	U.S. Treasury Note, 0.375%, 5/31/2016		100,015,600
	60,000,000	U.S. Treasury Note, 0.375%, 10/31/2016		59,967,180
	100,000,000	U.S. Treasury Note, 0.500%, 7/31/2016		100,037,100
	100,000,000	U.S. Treasury Note, 0.500%, 9/30/2016		100,039,100
	325,000,000	U.S. Treasury Note, 0.500%, 11/30/2016		324,987,325
	300,000,000	U.S. Treasury Note, 0.625%, 11/15/2016		300,234,300
				2,695,812,826
		Wireless — 0.8%
	293,000,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		16,148,184
	134,600,000	America Movil SAB de CV, 8.460%, 12/18/2036, (MXN)		7,551,612
	31,041,000	Sprint Capital Corp., 6.875%, 11/15/2028		22,659,930
	6,260,000	Sprint Capital Corp., 8.750%, 3/15/2032		4,898,450
	21,052,000	Sprint Communications, Inc., 6.000%, 11/15/2022		15,394,275
	8,200,000	Sprint Corp., 7.125%, 6/15/2024		6,088,500
	23,641,000	Sprint Corp., 7.250%, 9/15/2021		18,055,814
				90,796,765

See accompanying notes to financial statements.

|  16

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Wirelines — 4.3%
	4,370,000	Bell Canada, MTN, 6.550%, 5/01/2029, 144A, (CAD)	$	4,238,505
	7,545,000	Bell Canada, Series M-17, 6.100%, 3/16/2035, (CAD)		7,018,085
	72,320,000	CenturyLink, Inc., 6.450%, 6/15/2021		73,268,838
	765,000	CenturyLink, Inc., 7.650%, 3/15/2042		631,125
	7,410,000	CenturyLink, Inc., Series G, 6.875%, 1/15/2028		6,270,713
	2,965,000	CenturyLink, Inc., Series P, 7.600%, 9/15/2039		2,438,713
	350,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		324,625
	10,703,000	Consolidated Communications, Inc., 6.500%, 10/01/2022		9,338,367
	17,900,000	Eircom Finance Ltd., 9.250%, 5/15/2020, 144A, (EUR)		21,442,840
	5,330,000	Embarq Corp., 7.995%, 6/01/2036		5,145,795
	37,225,000	FairPoint Communications, Inc., 8.750%, 8/15/2019, 144A		35,270,687
	16,755,000	Frontier Communications Corp., 6.250%, 9/15/2021		15,488,154
	18,725,000	Frontier Communications Corp., 6.875%, 1/15/2025		15,810,922
	38,336,000	Frontier Communications Corp., 7.875%, 1/15/2027		30,477,120
	25,745,000	Level 3 Communications, Inc., 5.750%, 12/01/2022		26,581,712
	4,667,000	Oi Brasil Holdings Cooperatief UA, 5.750%, 2/10/2022, 144A		1,247,956
	16,550,000	Portugal Telecom International Finance BV, EMTN, 4.500%, 6/16/2025, (EUR)		4,378,496
	29,750,000	Portugal Telecom International Finance BV, EMTN, 5.000%, 11/04/2019, (EUR)		8,463,130
	42,460,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		35,241,800
	12,463,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		12,836,890
	32,395,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		27,049,825
	26,401,000	Qwest Corp., 6.875%, 9/15/2033		25,742,031
	3,999,000	Qwest Corp., 7.250%, 9/15/2025		4,373,342
	39,171,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		37,233,211
	22,645,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		22,305,325
	31,690,000	Telus Corp., 4.950%, 3/15/2017, (CAD)		25,182,661
	18,600,000	Telus Corp., Series CG, 5.050%, 12/04/2019, (CAD)		15,843,405
	29,552,000	Verizon Communications, Inc., 2.450%, 11/01/2022		29,371,024
	3,346,000	Verizon New England, Inc., 7.875%, 11/15/2029		4,098,783
	2,080,000	Verizon Pennsylvania, Inc., 6.000%, 12/01/2028		2,311,982
	1,225,000	Windstream Services LLC, 7.500%, 6/01/2022		940,188
	3,760,000	Windstream Services LLC, 7.500%, 4/01/2023		2,810,600
				513,176,850
		Total Non-Convertible Bonds (Identified Cost $9,545,572,646)		8,544,420,428
	Convertible Bonds — 5.1%
		Building Materials — 0.2%
	9,592,000	CalAtlantic Group, Inc., 0.250%, 6/01/2019		8,488,920
	19,486,000	KB Home, 1.375%, 2/01/2019		17,975,835
				26,464,755
		Chemicals — 0.0%
	4,305,000	RPM International, Inc., 2.250%, 12/15/2020		4,910,391

See accompanying notes to financial statements.

17  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Diversified Manufacturing — 0.1%
$	4,727,000	Trinity Industries, Inc., 3.875%, 6/01/2036	$	5,016,529
		Leisure — 0.2%
	27,795,000	Rovi Corp., 0.500%, 3/01/2020		26,484,466
		Midstream — 0.5%
	63,121,000	Chesapeake Energy Corp., 2.250%, 12/15/2038		25,248,400
	49,165,000	Chesapeake Energy Corp., 2.500%, 5/15/2037		31,096,862
				56,345,262
		Pharmaceuticals — 0.0%
	1,655,000	BioMarin Pharmaceutical, Inc., 1.500%, 10/15/2020		1,962,209
		Property & Casualty Insurance — 0.6%
	55,110,000	Old Republic International Corp., 3.750%, 3/15/2018		68,267,512
		Technology — 3.5%
	7,520,000	Brocade Communications Systems, Inc., 1.375%, 1/01/2020		7,449,500
	34,965,000	Ciena Corp., 0.875%, 6/15/2017		34,309,406
	7,185,000	Ciena Corp., 3.750%, 10/15/2018, 144A		8,496,263
	179,755,000	Intel Corp., 3.250%, 8/01/2039		285,922,797
	5,377,024	Liberty Media LLC, 3.500%, 1/15/2031		5,000,552
	10,915,000	Nuance Communications, Inc., 1.000%, 12/15/2035, 144A		10,048,622
	39,460,000	Nuance Communications, Inc., 1.500%, 11/01/2035		40,643,800
	10,415,000	Priceline Group, Inc. (The), 0.900%, 9/15/2021		10,480,094
	11,570,000	Viavi Solutions, Inc., 0.625%, 8/15/2033		11,259,056
				413,610,090
		Total Convertible Bonds (Identified Cost $530,559,427)		603,061,214
	Municipals — 1.7%
		District of Columbia — 0.0%
	3,850,000	Metropolitan Washington Airports Authority, Series D, 8.000%, 10/01/2047		4,889,076
		Illinois — 0.4%
	47,285,000	State of Illinois, 5.100%, 6/01/2033		44,218,568
		Michigan — 0.1%
	12,220,000	Michigan Tobacco Settlement Finance Authority Taxable Turbo, Series A, 7.309%, 6/01/2034		11,177,512
		Puerto Rico — 0.4%
	63,900,000	Commonwealth of Puerto Rico, GO, Refunding, Series A, 8.000%, 7/01/2035		43,931,250
		Virginia — 0.8%
	123,115,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046		99,001,696
		Total Municipals (Identified Cost $229,506,525)		203,218,102
		Total Bonds and Notes (Identified Cost $10,305,638,598)		9,350,699,744

See accompanying notes to financial statements.

|  18

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
	Loan Participations — 0.1%
		ABS Other — 0.1%
$	13,523,122	Rise Ltd., Series 2014-1, Class B, 6.500%, 2/15/2039 (f)(j) (Identified Cost $13,624,545)	$	13,387,890
	Senior Loans — 2.5%
		Automotive — 0.2%
	22,082,287	IBC Capital Ltd., 1st Lien Term Loan, 4.750%, 9/09/2021(j)		20,370,909
	5,948,124	IBC Capital Ltd., 2nd Lien Term Loan, 8.000%, 9/09/2022(f)(j)		5,055,906
				25,426,815
		Chemicals — 0.4%
	4,727,622	Ascend Performance Materials Operations LLC, Term Loan B, 6.750%, 4/10/2018(j)		4,315,137
	5,499,921	Emerald Performance Materials LLC, New 1st Lien Term Loan, 4.500%, 8/01/2021(j)		5,389,923
	6,147,386	Emerald Performance Materials LLC, New 2nd Lien Term Loan, 7.750%, 8/01/2022(j)		5,594,121
	31,355,000	Houghton International, Inc., New 2nd Lien Term Loan, 9.750%, 12/20/2020(j)		29,630,475
				44,929,656
		Construction Machinery — 0.3%
	44,003,116	Onsite U.S. Finco LLC, Term Loan, 5.500%, 7/30/2021(j)		36,082,555
		Consumer Cyclical Services — 0.5%
	41,118,750	SourceHov LLC, 2014 1st Lien Term Loan, 7.750%, 10/31/2019(j)		25,493,625
	43,000,000	SourceHov LLC, 2014 2nd Lien Term Loan, 11.500%, 4/30/2020(f)(j)		29,025,000
				54,518,625
		Diversified Manufacturing — 0.1%
	9,880,419	Ameriforge Group, Inc., 1st Lien Term Loan, 5.000%, 12/19/2019(j)		4,470,890
		Finance Companies — 0.5%
	58,107,081	iStar Financial, Inc., Add on Term Loan A2, 7.000%, 3/19/2017(j)		57,671,278
		Financial Other — 0.1%
	13,011,371	DBRS Ltd., Term Loan, 6.250%, 3/04/2022(j)		12,897,521
		Industrial Other — 0.1%
	4,776,543	Eastman Kodak Co., Exit Term Loan, 7.250%, 9/03/2019(j)		4,545,693
		Media Entertainment — 0.0%
	6,459,342	SuperMedia, Inc., Exit Term Loan, 11.600%, 12/30/2016(j)		2,079,133
		Natural Gas — 0.0%
	10,088,429	Southcross Holdings Borrower LP, Term Loan B, 7.500%, 8/04/2021(i)(j)		1,034,064
		Oil Field Services — 0.0%
	2,618,182	FTS International, Inc., New Term Loan B, 5.750%, 4/16/2021(j)		307,636
	5,413,154	Paragon Offshore Finance Co., Term Loan B, 5.250%, 7/18/2021(f)(i)(j)		1,163,828
	2,932,885	Petroleum Geo-Services ASA, New Term Loan B, 3.250%, 3/19/2021(j)		1,654,646
	2,760,596	UTEX Industries, Inc., 2nd Lien Term Loan 2014, 8.250%, 5/22/2022(f)(j)		1,182,446
				4,308,556

See accompanying notes to financial statements.

19  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Other Utility — 0.0%
$	1,298,000	PowerTeam Services LLC, 2nd Lien Term Loan, 8.250%, 11/06/2020(j)	$	1,200,650
		Property & Casualty Insurance — 0.0%
	2,250,800	CGSC of Delaware Holding Corp., 2nd Lien Term Loan C, 8.250%, 10/16/2020(j)		2,218,906
		Retailers — 0.0%
	2,829,809	Toys “R” Us Property Co. I LLC, New Term Loan B, 6.000%, 8/21/2019(j)		2,483,158
		Technology — 0.1%
	4,070,400	Aptean, Inc., 2nd Lien Term Loan, 8.500%, 2/26/2021(j)		3,900,786
	9,507,380	IQOR U.S., Inc., 2nd Lien Term Loan, 9.750%, 4/01/2022(f)(j)		6,702,703
				10,603,489
		Transportation Services — 0.0%
	3,949,016	OSG Bulk Ships, Inc., OBS Term Loan, 5.250%, 8/05/2019(j)		3,554,114
		Wireless — 0.0%
	3,384,615	Asurion LLC, New 2nd Lien Term Loan, 8.500%, 3/03/2021(j)		3,161,806
		Wirelines — 0.2%
	7,766,818	Hawaiian Telcom Communications, Inc., Term Loan B, 5.000%, 6/06/2019(j)		7,693,033
	14,998,206	Integra Telecom, Inc., 2nd Lien Term Loan, 9.750%, 2/12/2021(f)(j)		14,220,249
	1,672,963	LTS Buyer LLC, 2nd Lien Term Loan, 8.000%, 4/12/2021(j)		1,599,068
				23,512,350
		Total Senior Loans (Identified Cost $363,988,227)		294,699,259
Shares
	Common Stocks — 13.4%
		Airlines — 0.0%
	38,455	United Continental Holdings, Inc.(d)		2,301,916
		Automobiles — 0.1%
	274,135	General Motors Co.		8,616,063
		Containers & Packaging — 0.1%
	460,656	Owens-Illinois, Inc.(d)		7,352,070
		Diversified Telecommunication Services — 2.0%
	283,397	Hawaiian Telcom Holdco, Inc.(d)		6,673,999
	607,219	Level 3 Communications, Inc.(d)		32,091,524
	2,511,895	Telecom Italia SpA, Sponsored ADR		22,154,914
	16,577,220	Telefonica S.A., Sponsored ADR		184,504,459
				245,424,896
		Electric Utilities — 0.1%
	94,166	Duke Energy Corp.		7,597,313
		Energy Equipment & Services — 0.0%
	220,216	Hercules Offshore, Inc.(d)		528,519

See accompanying notes to financial statements.

|  20

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Shares		Description	Value (†)
		Household Durables — 0.3%
	477,725	KB Home	$	6,821,913
	549,450	Lennar Corp., Class A		26,571,402
				33,393,315
		Insurance — 0.5%
	780,181	Prudential Financial, Inc.		56,344,672
		Metals & Mining — 0.3%
	7,117,734	ArcelorMittal, (Registered)		32,599,222
	226,878	Cliffs Natural Resources, Inc.(d)		680,634
				33,279,856
		Multi-Utilities — 0.0%
	73,618	CMS Energy Corp.		3,124,348
		Oil, Gas & Consumable Fuels — 0.6%
	846,398	Chesapeake Energy Corp.		3,487,160
	5,351,804	Repsol YPF S.A., Sponsored ADR		60,528,903
	257,805	Rex Energy Corp.(d)		198,072
	141,249	Spectra Energy Corp.		4,322,219
				68,536,354
		Pharmaceuticals — 4.5%
	8,514,190	Bristol-Myers Squibb Co.		543,886,457
		REITs – Apartments — 0.1%
	290,904	Apartment Investment & Management Co., Class A		12,165,605
		REITs – Diversified — 0.0%
	227,043	NexPoint Residential Trust, Inc.		2,971,993
		REITs – Shopping Centers — 0.0%
	201,557	DDR Corp.		3,585,699
	61,579	WP GLIMCHER, Inc.		584,385
				4,170,084
		Semiconductors & Semiconductor Equipment — 4.7%
	17,300,541	Intel Corp.		559,672,501
		Trading Companies & Distributors — 0.1%
	176,859	United Rentals, Inc.(d)		10,998,861
		Total Common Stocks (Identified Cost $1,390,041,258)		1,600,364,823
	Preferred Stocks — 1.4%
	Convertible Preferred Stocks — 1.2%
		Banking — 0.3%
	19,062	Bank of America Corp., Series L, 7.250%		21,692,556
	8,533	Wells Fargo & Co., Series L, Class A, 7.500%		10,282,350
				31,974,906
		Communications — 0.0%
	10,483	Cincinnati Bell, Inc., 6.750%		508,426

See accompanying notes to financial statements.

21  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Shares		Description	Value (†)
		Electric — 0.1%
	374,193	AES Trust III, 6.750%	$	18,900,488
		Energy — 0.1%
	242,297	El Paso Energy Capital Trust I, 4.750%		10,367,889
		Metals & Mining — 0.2%
	906,807	Alcoa, Inc., Series 1, 5.375%		29,915,563
		Midstream — 0.2%
	172,972	Chesapeake Energy Corp., 4.500%(d)		3,089,280
	231,033	Chesapeake Energy Corp., 5.000%(d)		3,169,773
	43,178	Chesapeake Energy Corp., 5.750%, 144A(d)		7,701,660
	38,539	Chesapeake Energy Corp., Series A, 5.750%, 144A(d)		6,672,064
				20,632,777
		REITs – Diversified — 0.2%
	29,153	Crown Castle International Corp., Series A, 4.500%		3,125,202
	374,796	Weyerhaeuser Co., Series A, 6.375%		19,159,571
				22,284,773
		REITs – Health Care — 0.1%
	116,700	Welltower, Inc., 6.500%		7,247,070
		REITs – Hotels — 0.0%
	167,167	FelCor Lodging Trust, Inc., Series A, 1.950%		4,214,280
		REITs – Mortgage — 0.0%
	38,767	iStar, Inc., Series J, 4.500%		1,626,663
		Total Convertible Preferred Stocks (Identified Cost $235,051,318)		147,672,835
	Non-Convertible Preferred Stocks — 0.2%
		Banking — 0.0%
	4,680	Countrywide Capital IV, 6.750%		118,825
		Electric — 0.0%
	393	Entergy New Orleans, Inc., 4.750%		39,607
		Finance Companies — 0.1%
	39,200	iStar, Inc., Series E, 7.875%		858,480
	39,300	iStar, Inc., Series F, 7.800%		886,215
	10,425	iStar, Inc., Series G, 7.650%		235,084
	101,175	SLM Corp., Series A, 6.970%		4,694,520
				6,674,299
		Home Construction — 0.0%
	208,246	Hovnanian Enterprises, Inc., 7.625%(d)		478,966
		REITs – Office Property — 0.0%
	1,596	Highwoods Properties, Inc., Series A, 8.625%		2,008,466
		REITs – Warehouse/Industrials — 0.1%
	116,192	ProLogis, Inc., Series Q, 8.540%		7,472,598
		Total Non-Convertible Preferred Stocks (Identified Cost $14,571,130)		16,792,761
		Total Preferred Stocks (Identified Cost $249,622,448)		164,465,596

See accompanying notes to financial statements.

|  22

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Shares		Description	Value (†)
	Closed-End Investment Companies — 0.0%
	170,282	NexPoint Credit Strategies Fund (Identified Cost $10,230,310)	$	3,073,590
Principal Amount (‡)
	Short-Term Investments — 2.5%
$	3,200,496	Repurchase Agreement with State Street Bank and Trust Company, dated 3/31/2016 at 0.000% to be repurchased at $3,200,496 on 4/01/2016 collateralized by $3,206,300 U.S. Treasury Note, 1.50% due 8/31/2018 valued at $3,264,583 including accrued interest (Note 2 of Notes to Financial Statements)		3,200,496
	297,039,125	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2016 at 0.030% to be repurchased at $297,039,373 on 4/01/2016 collateralized by $163,520,000 U.S. Treasury Note, 1.750% due 9/30/2022 valued at $165,768,400; $133,380,000 U.S. Treasury Note, 1.875% due 10/31/2022 valued at $137,214,675 including accrued interest (Note 2 of Notes to Financial Statements)		297,039,125
		Total Short-Term Investments (Identified Cost $300,239,621)		300,239,621
		Total Investments — 98.3% (Identified Cost $12,633,385,007)(a)		11,726,930,523
		Other assets less liabilities — 1.7%		207,233,753
		Net Assets — 100.0%	$	11,934,164,276
	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(††)	Amount shown represents units. One unit represents a principal amount of 25.
	(†††)	Amount shown represents units. One unit represents a principal amount of 100.
	(a)	Federal Tax Information (Amounts exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
		At March 31, 2016, the net unrealized depreciation on investments based on a cost of $12,664,363,224 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	$	948,538,517
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(1,885,971,218	)
		Net unrealized depreciation	$	(937,432,701	)
	(b)	Illiquid security. At March 31, 2016, the value of these securities amounted to $41,489,600 or 0.3% of net assets.
	(c)	Fair valued by the Fund’s adviser. At March 31, 2016, the value of these securities amounted to $64,053,515 or 0.5% of net assets. See Note 2 of Notes to Financial Statements.
	(d)	Non-income producing security.
	(e)	Perpetual bond with no specified maturity date.

See accompanying notes to financial statements.

23  |

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

(f)	Illiquid security. At March 31, 2016, the value of these securities amounted to $377,543,387 or 3.2% 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.
(g)	Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.
(h)	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.
(i)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
(j)	Variable rate security. Rate as of March 31, 2016 is disclosed.
(k)	Maturity has been extended under the terms of a plan of reorganization.
144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2016, the value of Rule 144A holdings amounted to $2,101,283,814 or 17.6% 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.

|  24

Portfolio of Investments – as of March 31, 2016 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Industry Summary at March 31, 2016 (Unaudited)

Treasuries	22.6	%
Banking	5.9
Finance Companies	5.4
Technology	5.2
Semiconductors & Semiconductor Equipment	4.7
Pharmaceuticals	4.5
Wirelines	4.5
Chemicals	3.2
Airlines	3.0
Healthcare	2.6
Sovereigns	2.4
Metals & Mining	2.2
Electric	2.0
Diversified Telecommunication Services	2.0
Other Investments, less than 2% each	25.6
Short-Term Investments	2.5
Total Investments	98.3
Other assets less liabilities	1.7
Net Assets	100.0	%

Currency Exposure Summary at March 31, 2016 (Unaudited)

United States Dollar	75.0	%
New Zealand Dollar	4.9
Mexican Peso	4.9
Canadian Dollar	4.5
Australian Dollar	3.4
Norwegian Krone	2.2
Other, less than 2% each	3.4
Total Investments	98.3
Other assets less liabilities	1.7
Net Assets	100.0	%

See accompanying notes to financial statements.

25  |

Statement of Assets and Liabilities

March 31, 2016 (Unaudited)

ASSETS
Investments at cost	$	12,633,385,007
Net unrealized depreciation		(906,454,484	)
Investments at value		11,726,930,523
Cash		223,939
Foreign currency at value (identified cost $4,183,064)		4,217,464
Receivable for Fund shares sold		14,555,009
Receivable for securities sold		62,903,593
Dividends and interest receivable		158,148,800
Tax reclaims receivable		1,120,374
TOTAL ASSETS		11,968,099,702
LIABILITIES
Payable for Fund shares redeemed		26,238,968
Management fees payable (Note 5)		5,627,726
Deferred Trustees’ fees (Note 5)		1,030,647
Administrative fees payable (Note 5)		445,035
Payable to distributor (Note 5d)		106,143
Other accounts payable and accrued expenses		486,907
TOTAL LIABILITIES		33,935,426
NET ASSETS	$	11,934,164,276
NET ASSETS CONSIST OF:
Paid-in capital	$	12,788,374,451
Undistributed net investment income		28,040,158
Accumulated net realized gain on investments and foreign currency transactions		22,775,325
Net unrealized depreciation on investments and foreign currency translations		(905,025,658	)
NET ASSETS	$	11,934,164,276

See accompanying notes to financial statements.

|  26

Statement of Assets and Liabilities (continued)

March 31, 2016 (Unaudited)

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	2,663,833,197
Shares of beneficial interest		192,580,274
Net asset value and redemption price per share	$	13.83
Offering price per share (100/95.50 of net asset value) (Note 1)	$	14.44
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	3,629,974,862
Shares of beneficial interest		260,462,627
Net asset value and offering price per share	$	13.94
Class N shares:
Net assets	$	118,976,317
Shares of beneficial interest		8,609,757
Net asset value, offering and redemption price per share	$	13.82
Class Y shares:
Net assets	$	5,383,144,487
Shares of beneficial interest		389,564,043
Net asset value, offering and redemption price per share	$	13.82
Admin Class shares:
Net assets	$	138,235,413
Shares of beneficial interest		10,026,673
Net asset value, offering and redemption price per share	$	13.79

See accompanying notes to financial statements.

27  |

Statement of Operations

For the Six Months Ended March 31, 2016 (Unaudited)

INVESTMENT INCOME
Interest	$	293,380,349
Dividends		49,327,058
Less net foreign taxes withheld		(1,743,117	)
		340,964,290
Expenses
Management fees (Note 5)		36,753,207
Service and distribution fees (Note 5)		23,656,960
Administrative fees (Note 5)		2,887,126
Trustees’ fees and expenses (Note 5)		134,215
Transfer agent fees and expenses (Note 5 and 6)		5,506,355
Audit and tax services fees		31,129
Custodian fees and expenses		468,798
Legal fees		107,570
Registration fees		146,581
Shareholder reporting expenses		389,261
Miscellaneous expenses		158,685
Total expenses		70,239,887
Net investment income		270,724,403
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		89,295,278
Foreign currency transactions		(438,313	)
Net change in unrealized appreciation (depreciation) on:
Investments		(186,077,060	)
Foreign currency translations		2,774,998
Net realized and unrealized loss on investments and foreign currency transactions		(94,445,097	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	176,279,306

See accompanying notes to financial statements.

|  28

Statement of Changes in Net Assets

	Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015
FROM OPERATIONS:
Net investment income	$	270,724,403		$	701,259,933
Net realized gain on investments and foreign currency transactions		88,856,965			687,439,162
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(183,302,062	)		(2,577,296,247	)
Net increase (decrease) in net assets resulting from operations		176,279,306			(1,188,597,152	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(53,550,300	)		(147,603,925	)
Class B(a)		(5,681	)		(357,567	)
Class C		(55,871,067	)		(140,541,036	)
Class N		(2,200,514	)		(2,897,849	)
Class Y		(117,473,551	)		(326,016,878	)
Admin Class		(2,344,196	)		(4,780,012	)
Net realized capital gains
Class A		(168,275,106	)		(100,184,376	)
Class B(a)		(25,900	)		(473,223	)
Class C		(223,566,427	)		(120,460,405	)
Class N		(6,479,496	)		(1,367,218	)
Class Y		(342,430,922	)		(201,694,191	)
Admin Class		(7,801,515	)		(3,134,857	)
Total distributions		(980,024,675	)		(1,049,511,537	)
NET DECREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 9)		(2,120,075,781	)		(1,677,689,547	)
Net decrease in net assets		(2,923,821,150	)		(3,915,798,236	)
NET ASSETS
Beginning of the period		14,857,985,426			18,773,783,662
End of the period	$	11,934,164,276		$	14,857,985,426
UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME	$	28,040,158		$	(11,238,936	)

(a) On January 11, 2016, Class B shares were converted into Class A shares. See Note 1 of Notes to Financial Statements.

See accompanying notes to financial statements.

29  |

Financial Highlights

For a share outstanding throughout each period.

	Class A
	Six Months Ended March 31, 2016 (Unaudited)			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	$	14.70		$	16.75		$	15.93		$	15.30		$	14.21		$	14.69
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.30			0.64			0.58			0.65			0.72			0.77
Net realized and unrealized gain (loss)		(0.09	)		(1.74	)		0.90			0.76			1.21			(0.42	)
Total from Investment Operations		0.21			(1.10	)		1.48			1.41			1.93			0.35
LESS DISTRIBUTIONS FROM:
Net investment income		(0.26	)		(0.57	)		(0.62	)		(0.78	)		(0.84	)		(0.83	)
Net realized capital gains		(0.82	)		(0.38	)		(0.04	)		—			—			—
Total Distributions		(1.08	)		(0.95	)		(0.66	)		(0.78	)		(0.84	)		(0.83	)
Net asset value, end of the period	$	13.83		$	14.70		$	16.75		$	15.93		$	15.30		$	14.21
Total return(b)		1.56	%(c)		(6.88	)%		9.34	%		9.43	%		14.02	%		2.20	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	2,663,833		$	3,318,262		$	4,408,257		$	5,239,885		$	5,155,287		$	5,262,765
Net expenses		0.96	%(d)		0.94	%		0.94	%		0.95	%		0.96	%		0.95	%
Gross expenses		0.96	%(d)		0.94	%		0.94	%		0.95	%		0.96	%		0.95	%
Net investment income		4.22	%(d)		3.95	%		3.44	%		4.14	%		4.84	%		5.10	%
Portfolio turnover rate		11	%		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.

(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.

|  30

Financial Highlights (continued)

For a share outstanding throughout each period.

	Class C
	Six Months Ended March 31, 2016 (Unaudited)			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	$	14.80		$	16.85		$	16.03		$	15.39		$	14.29		$	14.77
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.25			0.52			0.45			0.54			0.61			0.66
Net realized and unrealized gain (loss)		(0.09	)		(1.74	)		0.90			0.76			1.23			(0.43	)
Total from Investment Operations		0.16			(1.22	)		1.35			1.30			1.84			0.23
LESS DISTRIBUTIONS FROM:
Net investment income		(0.20	)		(0.45	)		(0.49	)		(0.66	)		(0.74	)		(0.71	)
Net realized capital gains		(0.82	)		(0.38	)		(0.04	)		—			—			—
Total Distributions		(1.02	)		(0.83	)		(0.53	)		(0.66	)		(0.74	)		(0.71	)
Net asset value, end of the period	$	13.94		$	14.80		$	16.85		$	16.03		$	15.39		$	14.29
Total return(b)		1.23	%(c)		(7.60	)%		8.54	%		8.61	%		13.18	%		1.42	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	3,629,975		$	4,295,139		$	5,390,222		$	4,912,727		$	5,064,186		$	4,666,077
Net expenses		1.71	%(d)		1.69	%		1.69	%		1.70	%		1.71	%		1.70	%
Gross expenses		1.71	%(d)		1.69	%		1.69	%		1.70	%		1.71	%		1.70	%
Net investment income		3.48	%(d)		3.20	%		2.68	%		3.39	%		4.08	%		4.35	%
Portfolio turnover rate		11	%		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.

(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.

31  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Class N
	Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Year Ended September 30, 2014			Period Ended September 30, 2013*
Net asset value, beginning of the period	$	14.69		$	16.73		$	15.92		$	15.78
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.32			0.69			0.61			0.46
Net realized and unrealized gain (loss)		(0.09	)		(1.73	)		0.91			0.16
Total from Investment Operations		0.23			(1.04	)		1.52			0.62
LESS DISTRIBUTIONS FROM:
Net investment income		(0.28	)		(0.62	)		(0.67	)		(0.48	)
Net realized capital gains		(0.82	)		(0.38	)		(0.04	)		—
Total Distributions		(1.10	)		(1.00	)		(0.71	)		(0.48	)
Net asset value, end of the period	$	13.82		$	14.69		$	16.73		$	15.92
Total return		1.74	%(b)		(6.58	)%		9.70	%		4.01	%(b)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	118,976		$	83,405		$	57,752		$	12,921
Net expenses		0.63	%(c)		0.62	%		0.62	%		0.63	%(c)
Gross expenses		0.63	%(c)		0.62	%		0.62	%		0.63	%(c)
Net investment income		4.61	%(c)		4.33	%		3.62	%		4.38	%(c)
Portfolio turnover rate		11	%		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.

|  32

Financial Highlights (continued)

For a share outstanding throughout each period.

	Class Y
	Six Months Ended March 31, 2016 (Unaudited)			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	$	14.69		$	16.73		$	15.92		$	15.29		$	14.20		$	14.68
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.32			0.68			0.61			0.69			0.75			0.81
Net realized and unrealized gain (loss)		(0.09	)		(1.73	)		0.90			0.76			1.22			(0.43	)
Total from Investment Operations		0.23			(1.05	)		1.51			1.45			1.97			0.38
LESS DISTRIBUTIONS FROM:
Net investment income		(0.28	)		(0.61	)		(0.66	)		(0.82	)		(0.88	)		(0.86	)
Net realized capital gains		(0.82	)		(0.38	)		(0.04	)		—			—			—
Total Distributions		(1.10	)		(0.99	)		(0.70	)		(0.82	)		(0.88	)		(0.86	)
Net asset value, end of the period	$	13.82		$	14.69		$	16.73		$	15.92		$	15.29		$	14.20
Total return		1.70	%(b)		(6.65	)%		9.63	%		9.72	%		14.31	%		2.46	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	5,383,144		$	7,018,369		$	8,747,384		$	4,789,322		$	4,339,240		$	2,807,777
Net expenses		0.71	%(c)		0.69	%		0.69	%		0.70	%		0.71	%		0.70	%
Gross expenses		0.71	%(c)		0.69	%		0.69	%		0.70	%		0.71	%		0.70	%
Net investment income		4.47	%(c)		4.21	%		3.65	%		4.39	%		5.05	%		5.35	%
Portfolio turnover rate		11	%		23	%		26	%		22	%		30	%		25	%

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

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

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

See accompanying notes to financial statements.

33  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Admin Class
	Six Months Ended March 31, 2016 (Unaudited)			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	$	14.66		$	16.70		$	15.89		$	15.27		$	14.18		$	14.66
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.28			0.60			0.53			0.61			0.67			0.73
Net realized and unrealized gain (loss)		(0.09	)		(1.73	)		0.90			0.75			1.23			(0.42	)
Total from Investment Operations		0.19			(1.13	)		1.43			1.36			1.90			0.31
LESS DISTRIBUTIONS FROM:
Net investment income		(0.24	)		(0.53	)		(0.58	)		(0.74	)		(0.81	)		(0.79	)
Net realized capital gains		(0.82	)		(0.38	)		(0.04	)		—			—			—
Total Distributions		(1.06	)		(0.91	)		(0.62	)		(0.74	)		(0.81	)		(0.79	)
Net asset value, end of the period	$	13.79		$	14.66		$	16.70		$	15.89		$	15.27		$	14.18
Total return		1.45	%(b)		(7.13	)%		9.12	%		9.12	%		13.79	%		1.98	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	138,235		$	141,844		$	139,423		$	80,666		$	49,486		$	25,424
Net expenses		1.19	%(c)		1.19	%		1.19	%		1.20	%		1.21	%		1.21	%
Gross expenses		1.19	%(c)		1.19	%		1.19	%		1.20	%		1.21	%		1.21	%
Net investment income		4.00	%(c)		3.73	%		3.15	%		3.89	%		4.52	%		4.87	%
Portfolio turnover rate		11	%		23	%		26	%		22	%		30	%		25	%

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

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

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

See accompanying notes to financial statements.

|  34

Notes to Financial Statements

March 31, 2016 (Unaudited)

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

The Fund is a diversified investment company.

The Fund offers Class A, Class C, Class N, Class Y and Admin Class shares. As of the close of business on January 11, 2016, Class B shares were converted into Class A shares and are no longer offered.

Class A shares are sold with a maximum front-end sales charge of 4.25% (4.50% prior to November 2, 2015). Class C shares do not pay a front-end sales charge, 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. Effective November 2, 2015, Class N shares are offered to investors with an initial minimum investment of $1,000,000. Class Y shares are intended for institutional investors with a minimum initial investment of $100,000. 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. Admin Class shares are offered exclusively through intermediaries.

Most expenses can be directly attributed to a Fund. Expenses which cannot be directly attributed to a Fund are generally apportioned based on the relative net assets of each of the funds in Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”). Expenses of the Fund are borne pro rata by the holders of each class of shares, except that each class bears expenses unique to that class (including the Rule 12b-1 service and distribution fees and, 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.

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

35  |

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

the use of management estimates that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Management has evaluated the events and transactions subsequent to period-end through the date the financial statements were issued and has determined that there were no material events that would require disclosure in the Fund’s financial statements.

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

Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers. Senior loans are valued at bid prices supplied by an independent pricing service, if available. Listed equity securities (including shares of 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 as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. 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 as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available. In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used. Broker-dealer bid prices may be used to value debt and unlisted equity securities and senior loans where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security.

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

|  36

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

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 March 31, 2016, securities held by the Fund were fair valued as follows:

Illiquid securities1	Percentage of Net Assets		Other fair valued securities2		Percentage of Net Assets
$377,543,387		3.2%	$	64,053,515		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 cost of investments or as a realized gain, respectively. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis. Investment income, non-class specific expenses and realized and unrealized gains and losses are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund.

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

Net realized foreign exchange gains or losses arise from sales of foreign currency, changes in exchange rates between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign

37  |

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

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 six months ended March 31, 2016, the amount of income available to be distributed by the Fund was reduced by $143,058,484 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 Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of the Fund’s tax positions for the open tax years as of March 31, 2016 and has concluded that no provisions for income tax are required. The Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Fund. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

The Fund may be subject to foreign withholding taxes on investment income and taxes on capital gains on investments that are accrued and paid based upon the Fund’s understanding of the tax rules and regulations that exist in the countries in which the

|  38

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

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.

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

2015 Distributions Paid From:
Ordinary Income	Long-Term Capital Gains		Total
$660,241,145	$	389,270,392	$	1,049,511,537

39  |

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

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 March 31, 2016, unrealized depreciation on a tax basis was approximately as follows:

Unrealized depreciation
Investments	$	(388,037,731	)
Foreign currency translations		(547,966,144	)
Total unrealized depreciation	$	(936,003,875	)

Amounts exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes.

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 securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is the Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon the Fund’s ability to dispose of the underlying securities. As of March 31, 2016, 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.

|  40

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

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 $2,521,386 related to terminated loans with a bankrupt borrower is held by State Street Bank on behalf of the Fund.

For the six months ended March 31, 2016, 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;

• 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

41  |

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

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.

|  42

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2016, at value:

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—	$	11,461,813	$	32,496,640	(b)	$	43,958,453
Airlines		—		311,077,685		43,238,707	(c)		354,316,392
Chemicals		—		328,566,985		8,992,960	(d)		337,559,945
Finance Companies		2,131,564		571,750,727		—			573,882,291
Independent Energy		—		151,038,218		2,234,310	(c)		153,272,528
Non-Agency Commercial Mortgage-Backed Securities		—		110,071,980		28,099,942	(c)		138,171,922
Retailers		—		83,753,362		11,558,563	(d)		95,311,925
Transportation Services		—		7,037,010		11,005,352	(d)		18,042,362
All Other Non-Convertible Bonds(a)		—		6,829,904,610		—			6,829,904,610
Total Non-Convertible Bonds		2,131,564		8,404,662,390		137,626,474			8,544,420,428
Convertible Bonds(a)		—		603,061,214		—			603,061,214
Municipals(a)		—		203,218,102		—			203,218,102
Total Bonds and Notes		2,131,564		9,210,941,706		137,626,474			9,350,699,744

43  |

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

Asset Valuation Inputs (continued)

Description	Level 1		Level 2		Level 3			Total
Loan Participations(a)	$	—	$	—	$	13,387,890	(c)	$	13,387,890
Senior Loans(a)		—		294,699,259		—			294,699,259
Common Stocks(a)		1,600,364,823		—		—			1,600,364,823
Preferred Stocks
Convertible Preferred Stocks
Midstream		3,089,280		6,672,064		10,871,433	(c)		20,632,777
REITs – Mortgage		—		1,626,663		—			1,626,663
All Other Convertible Preferred Stocks(a)		125,413,395		—		—			125,413,395
Total Convertible Preferred Stocks		128,502,675		8,298,727		10,871,433			147,672,835
Non-Convertible Preferred Stocks
Electric		—		39,607		—			39,607
REITs – Office Property		—		2,008,466		—			2,008,466
REITs – Warehouse/Industrials		—		7,472,598		—			7,472,598
All Other Non-Convertible Preferred Stocks(a)		7,272,090		—		—			7,272,090
Total Non-Convertible Preferred Stocks		7,272,090		9,520,671		—			16,792,761
Total Preferred Stocks		135,774,765		17,819,398		10,871,433			164,465,596
Closed-End Investment Companies		3,073,590		—		—			3,073,590
Short-Term Investments		—		300,239,621		—			300,239,621
Total	$	1,741,344,742	$	9,823,699,984	$	161,885,797		$	11,726,930,523

(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 using broker-dealer bid prices for which the inputs are unobservable to the Fund.

(c) Valued using broker-dealer bid prices.

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

|  44

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of September 30, 2015 and/or March 31, 2016:

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2015		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	53,844,406	$	—	$	—		$	(17,519,202	)	$	—
Airlines		46,132,152		—		—			(854,366	)		—
Chemicals		—		149,210		—			(10,693,328	)		—
Independent Energy		—		—		—			—			2,234,310
Metals & Mining		2,624,679		—		—			—			—
Non-Agency Commercial Mortgage-Backed Securities		30,346,820		—		—			(2,129,744	)		—
Oil Field Services		205,000		—		—			—			—
Retailers		11,273,545		20,069		—			264,949		��	—
Transportation Services		12,632,376		—		231,511			(340,530	)		—
Loan Participations		13,995,223		—		(3,019	)		(201,840	)		—
Preferred Stocks
Convertible Preferred Stocks
Midstream		—		—		—			(17,984,082	)		—
Total	$	171,054,201	$	169,279	$	228,492		$	(49,458,143	)	$	2,234,310

45  |

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

Asset Valuation Inputs (continued)

Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2016		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2016
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	(3,828,564	)	$	—	$	—		$	32,496,640	$	(19,096,396	)
Airlines		(2,039,079	)		—		—			43,238,707		(579,090	)
Chemicals		—			19,537,078		—			8,992,960		(10,693,328	)
Independent Energy		—			—		—			2,234,310		—
Metals & Mining		—			—		(2,624,679	)		—		—
Non-Agency Commercial Mortgage-Backed Securities		(117,134	)		—		—			28,099,942		(2,128,784	)
Oil Field Services		—			—		(205,000	)		—		—
Retailers		—			—		—			11,558,563		264,949
Transportation Services		(1,518,005	)		—		—			11,005,352		(71,685	)
Loan Participations		(402,474	)		—		—			13,387,890		(202,848	)
Preferred Stocks
Convertible Preferred Stocks
Midstream		—			28,855,515		—			10,871,433		(17,984,082	)
Total	$	(7,905,256	)	$	48,392,593	$	(2,829,679	)	$	161,885,797	$	(50,491,264	)

Debt securities valued at $19,537,078 were transferred from Level 2 to Level 3 during the period ended March 31, 2016. 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. At March 31, 2016, these securities were 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 securities.

Debt securities valued at $2,829,679 were transferred from Level 3 to Level 2 during the period ended March 31, 2016. At September 30, 2015, these securities were valued at fair value as determined in good faith by the Fund’s investment adviser as an

|  46

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

independent pricing service did not provide a reliable price for the securities. At March 31, 2016, 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.

Preferred stocks valued at $28,855,515 were transferred from Level 2 to Level 3 during the period ended March 31, 2016. 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. At March 31, 2016, these securities were valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service did not provide a reliable price for the securities.

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

4.  Purchases and Sales of Securities.  For the six months ended March 31, 2016, purchases and sales of securities (excluding short-term investments and U.S. Government/Agency securities and including paydowns) were $270,618,281 and $3,690,595,229 respectively. Purchases and sales of U.S. Government/Agency securities (excluding short-term investments and including paydowns) were $1,083,724,804 and $279,307,197 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, 2017, 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.

47  |

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

For the six months ended March 31, 2016 (period ending close of business January 11, 2016, for Class B) the expense limits as a percentage of average daily net assets under the expense limitation agreement were as follows:

Expense Limit as a Percentage of Average Daily Net Assets
Class A	Class B		Class C		Class N		Class Y		Admin Class
1.25%		2.00%		2.00%		0.95%		1.00%		1.50%

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

For the six months ended March 31, 2016, the management fees for the Fund were $36,753,207 (effective rate of 0.56% of average daily net assets).

No expenses were recovered during the six months ended March 31, 2016 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 (or paid) 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.

|  48

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

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

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

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

For the six months ended March 31, 2016, 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
$3,681,158		$447		$4,909,635		$161,897		$1,343		$14,728,904		$173,576

For the six months ended March 31, 2016, NGAM Distribution refunded the Fund $11,679 of prior year Admin Class service fees paid to NGAM Distribution in excess of amounts subsequently paid to securities dealers or financial intermediaries. Service and distribution fees on the Statement of Operations have been reduced by this amount.

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.

49  |

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

For the six months ended March 31, 2016, the administrative fees for the Fund were $2,887,126.

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 six months ended March 31, 2016, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statement of Operations) for the Fund were $5,125,748.

As of March 31, 2016, the Fund owes NGAM Distribution $106,143 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 six months ended March 31, 2016 amounted to $236,435.

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 $325,000. 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 $155,000. 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

|  50

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

chairperson of the Governance Committee receives an additional retainer fee at the annual rate of $10,000. Each Contract Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts and Loomis Sayles Funds Trusts based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

Prior to January 1, 2016, the Chairperson of the Board received a retainer fee at the annual rate of $300,000 and each Independent Trustee (other than the Chairperson) received, in the aggregate, a retainer fee at the annual rate of $130,000. The chairperson of the Governance Committee received an additional retainer fee at the annual rate of $5,000. All other Trustee fees remained unchanged.

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

g.  Payment by Affiliates.  For the six months ended March 31, 2016, Loomis Sayles reimbursed the Fund $5,861 in connection with a trading error.

6.  Class-Specific Transfer Agent Fees and Expenses.  For the six months ended March 31, 2016, the Fund incurred the following class-specific transfer agent fees and expenses (including sub-transfer agent fees, where applicable):

	Class A		Class B		Class C		Class N		Class Y		Admin Class
Transfer Agent Fees and Expenses	$	1,241,996	$	140	$	1,659,510	$	491	$	2,545,322	$	58,896

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.

51  |

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

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 and Trust. 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 six months ended March 31, 2016, the Fund had no borrowings under this agreement.

Effective April 14, 2016, the line of credit with State Street Bank and Trust Company expired, and the Funds, together with certain other funds of Natixis Funds Trusts and Loomis Sayles Funds Trusts, entered into a 364-day, $400,000,000 syndicated, committed, unsecured line of credit with Citibank, N.A. to be used for temporary or emergency purposes only. Any one Fund may borrow up to the full $400,000,000 under the line of credit (as long as all borrowings by all Funds in the aggregate do not exceed the $400,000,000 limit at any time), subject to each Fund’s investment restrictions. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.10% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit. The Funds paid an arrangement fee, an upfront fee, and other fees in connection with the new line of credit agreement.

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

|  52

Notes to Financial Statements (continued)

March 31, 2016 (Unaudited)

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

	Six Months Ended March 31, 2016					Year Ended September 30, 2015
	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	14,725,822		$	204,187,690		55,230,250		$	895,787,000
Issued in connection with the reinvestment of distributions	12,653,940			173,646,499		12,108,946			193,880,215
Redeemed	(60,478,493	)		(850,674,538	)	(104,911,251	)		(1,667,771,545	)
Net change	(33,098,731	)	$	(472,840,349	)	(37,572,055	)	$	(578,104,330	)
Class B(a)
Issued from the sale of shares	2		$	26		13,353		$	217,477
Issued in connection with the reinvestment of distributions	2,043			28,399		34,044			554,036
Redeemed	(67,108	)		(965,088	)	(1,803,775	)		(29,572,377	)
Net change	(65,063	)	$	(936,663	)	(1,756,378	)	$	(28,800,864	)
Class C
Issued from the sale of shares	11,453,160		$	159,658,206		28,023,664		$	458,267,601
Issued in connection with the reinvestment of distributions	12,057,275			166,589,206		9,349,838			150,703,635
Redeemed	(53,183,239	)		(751,904,442	)	(67,101,029	)		(1,075,601,545	)
Net change	(29,672,804	)	$	(425,657,030	)	(29,727,527	)	$	(466,630,309	)
Class N
Issued from the sale of shares	3,680,214		$	53,903,673		3,222,100		$	51,850,092
Issued in connection with the reinvestment of distributions	582,146			7,975,476		254,881			4,061,246
Redeemed	(1,330,006	)		(18,574,123	)	(1,251,091	)		(19,905,109	)
Net change	2,932,354		$	43,305,026		2,225,890		$	36,006,229
Class Y
Issued from the sale of shares	60,622,781		$	836,712,147		147,913,821		$	2,394,839,842
Issued in connection with the reinvestment of distributions	24,198,505			332,000,342		23,049,791			368,639,532
Redeemed	(173,017,837	)		(2,437,328,036	)	(215,997,923	)		(3,425,312,747	)
Net change	(88,196,551	)	$	(1,268,615,547	)	(45,034,311	)	$	(661,833,373	)
Admin Class
Issued from the sale of shares	1,148,981		$	15,930,735		2,751,269		$	44,257,130
Issued in connection with the reinvestment of distributions	617,858			8,449,231		426,236			6,794,161
Redeemed	(1,416,747	)		(19,711,184	)	(1,850,865	)		(29,378,191	)
Net change	350,092		$	4,668,782		1,326,640		$	21,673,100
Increase (decrease) from capital share transactions	(147,750,703	)	$	(2,120,075,781	)	(110,537,741	)	$	(1,677,689,547	)

(a) On January 11, 2016, Class B shares were converted into Class A shares. See Note 1 of Notes to Financial Statements.

53  |

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Included as part of the Report to Shareholders filed as Item 1 herewith.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Securities Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Trust’s Board of Trustees.

Item 11. Controls and Procedures.

The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.

There was no change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s last fiscal quarter of the period covered by the report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)	(1)	Not applicable.
(a)	(2)	Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)), filed herewith as Exhibits (a)(2)(1) and (a)(2)(2), respectively.
(a)	(3)	Not applicable.
(b)		Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002 are filed herewith as Exhibit (b).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Loomis Sayles Funds II
By:	/s/ David Giunta
Name:	David Giunta
Title:	Chief Executive Officer
Date:	May 23, 2016

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 Giunta
Name:	David Giunta
Title:	Chief Executive Officer
Date:	May 23, 2016
By:	/s/ Michael C. Kardok
Name:	Michael C. Kardok
Title:	Treasurer
Date:	May 23, 2016