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)

Russell L. Kane, 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) 449-2822

Date of fiscal year end: September 30

Date of reporting period: March 31, 2017

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, 2017

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 11

Financial Statements  page  39

Notes to Financial Statements  page 57

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 N    LGMNX
Lee M. Rosenbaum	Class Y    LSWWX
Loomis, Sayles & Company, L.P.

Investment Goal

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

1  |

Average Annual Total Returns — March 31, 2017⁵

																Expense Ratios6
	6 Months			1 Year			5 Years			10 Years			Life of Class N			Gross			Net
Class Y (Inception 5/1/96)
NAV		3.84	%		10.48	%		7.04	%		7.26	%		—	%		0.92	%		0.92	%
Class A (Inception 2/1/06)
NAV		3.70			10.19			6.78			6.99			—			1.17			1.17
With 5.75% Maximum Sales Charge		-2.27			3.86			5.52			6.36			—
Class C (Inception 2/1/06)
NAV		3.28			9.42			5.97			6.19			—			1.92			1.92
With CDSC1		2.28			8.42			5.97			6.19			—
Class N (Inception 2/1/17)
NAV		—			—			—			—			2.76			0.84			0.84
Comparative Performance
MSCI ACWI (Net)2		8.18			15.04			8.37			4.00			3.96
Blended Index3		2.56			8.03			5.25			4.04			2.78
MSCI World Index4		8.63			15.43			9.99			4.81			3.92

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit ngam.natixis.com. Performance for other share classes will be greater or less than shown based on differences in fees and sales charges. You may not invest directly in an index. 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. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares.

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 The MSCI All Country World Index (Net) represents the performance of 46 markets in both the developed and emerging markets in Africa, Europe, North America and South America. Effective September 30, 2016, the MSCI ACWI (Net) replaced the MSCI World Index as the Fund’s primary benchmark because the Fund believes the MSCI ACWI (Net), an index which is designed to measure the equity market performance of both developed and emerging markets, is more representative of the Fund’s investment strategy and geographical exposure.

3 The Blended Index is an unmanaged, blended index composed of the following weights: 60% MSCI All Country World Index (Net) and 40% Bloomberg Barclays Global Aggregate Bond Index. The Bloomberg Barclays Global Aggregate Bond Index provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. The index also includes Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities, and USD investment grade 144A securities.

4 MSCI World Index is an unmanaged index that is designed to measure the equity market performance of developed markets. It is comprised of common stocks of companies representative of the market structure of 22 developed market countries in North America, Europe, and the Asia/Pacific Region. The index is calculated without dividends, with net or with gross dividends reinvested, in both U.S. dollars and local currencies.

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

6 As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses (with certain exceptions) once the expense cap of the Fund has been exceeded. This arrangement is set to expire on 1/31/18. When an expense cap has not been exceeded, the Fund may have similar expense ratios.

|  2

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

Investment Goal

The Fund seeks long-term growth of capital.

3  |

Average Annual Total Returns — March 31, 2017³

																Expense Ratios4
	6 Months			1 Year			5 Years			10 Years			Life of Class N			Gross			Net
Class Y (Inception 5/16/91)
NAV		3.61	%		15.39	%		15.06	%		7.66	%		—	%		0.66	%		0.66	%
Class A (Inception 12/31/96)
NAV		3.48			15.13			14.79			7.34			—			0.92			0.92
With 5.75% Maximum Sales Charge		-2.47			8.47			13.42			6.71			—
Class C (Inception 9/12/03)
NAV		3.05			14.20			13.93			6.54			—			1.66			1.66
With CDSC1		2.05			13.20			13.93			6.54			—
Class N (Inception 2/1/13)
NAV		3.68			15.57			—			—			14.64			0.58			0.58
Comparative Performance
Russell 1000® Growth Index2		10.01			15.76			13.32			9.13			14.65

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit ngam.natixis.com. Performance for other share classes will be greater or less than shown based on differences in fees and sales charges. You may not invest directly in an index. 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. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares.

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.

4 As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses (with certain exceptions) once the expense cap of the Fund has been exceeded. This arrangement is set to expire on 1/31/18. When an expense cap has not been exceeded, the Fund may have similar expense ratios.

|  4

LOOMIS SAYLES VALUE FUND

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

Investment Goal

The Fund seeks long-term growth of capital and income.

5  |

Average Annual Total Returns — March 31, 2017⁴

																Expense Ratios5
	6 Months			1 Year			5 Years			10 Years			Life of Class N			Gross			Net
Class Y (Inception 5/13/91)
NAV		10.70	%		17.72	%		12.19	%		6.15	%		—	%		0.69	%		0.69	%
Class A (Inception 6/30/06)1
NAV		10.59			17.51			11.92			5.86			—			0.94			0.94
With 5.75% Maximum Sales Charge		4.26			10.75			10.60			5.23			—
Class C (Inception 6/1/07)1
NAV		10.18			16.63			11.09			5.08			—			1.69			1.69
With CDSC2		9.18			15.63			11.09			5.08			—
Class N (Inception 2/1/13)
NAV		10.81			17.95			—			—			11.19			0.57			0.57
Admin Class (Inception 2/1/10)1
NAV		10.46			16.89		��	11.60			5.57			—			1.19			1.19
Comparative Performance
Russell 1000® Value Index3		10.16			19.22			13.13			5.93			12.48

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit ngam.natixis.com. Performance for other share classes will be greater or less than shown based on differences in fees and sales charges. You may not invest directly in an index. 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. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares.

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 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 lower expected growth values.

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

5 As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses (with certain exceptions) once the expense cap of the Fund has been exceeded. This arrangement is set to expire on 1/31/18. When an expense cap has not been exceeded, the Fund may have similar expense ratios.

|  6

ADDITIONAL INFORMATION

All investing involves risk, including the risk of loss. There is no assurance that any investment will meet its performance objectives or that losses will be avoided.

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 most recent 12-month period ended June 30 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.

7  |

UNDERSTANDING FUND EXPENSES

As a mutual fund shareholder, you incur different types of costs: transaction costs, including sales charges (loads) on purchases and contingent deferred sales charges on redemptions; and ongoing costs, including management fees, distribution and/or service fees (12b-1 fees), and other fund expenses. Certain exemptions may apply. These costs are described in more detail in the Funds’ 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 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, 2016 through March 31, 2017. 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.

|  8

LOOMIS SAYLES GLOBAL EQUITY AND INCOME FUND	BEGINNING ACCOUNT VALUE 10/1/2016		ENDING ACCOUNT VALUE 3/31/2017		EXPENSES PAID DURING PERIOD* 10/1/2016 – 3/31/2017
Class A
Actual		$1,000.00		$1,037.00		$6.04	1
Hypothetical (5% return before expenses)		$1,000.00		$1,019.00		$5.99	*
Class C
Actual		$1,000.00		$1,032.80		$9.83	1
Hypothetical (5% return before expenses)		$1,000.00		$1,015.26		$9.75	*
Class N
Actual		$1,000.00		$1,027.60		$1.16	2
Hypothetical (5% return before expenses)		$1,000.00		$1,021.34		$3.63	*
Class Y
Actual		$1,000.00		$1,038.40		$4.78	1
Hypothetical (5% return before expenses)		$1,000.00		$1,020.24		$4.73	*

* Hypothetical expenses are equal to the Fund’s annualized expense ratio: 1.19%, 1.94%, 0.72% and 0.94% 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 (182), divided by 365 (to reflect the half-year period).

¹  Actual expenses for Class A, C and Y are equal to the Fund’s annualized expense ratio: 1.19%, 1.94% and 0.94%, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

²  Class N commenced operations on February 1, 2017. Actual expenses are equal to the Fund’s annualized expense ratio of: 0.72%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal period (58), divided by 365 (to reflect the partial period).

LOOMIS SAYLES GROWTH FUND	BEGINNING ACCOUNT VALUE 10/1/2016		ENDING ACCOUNT VALUE 3/31/2017		EXPENSES PAID DURING PERIOD* 10/1/2016 – 3/31/2017
Class A
Actual		$1,000.00		$1,034.80		$4.67
Hypothetical (5% return before expenses)		$1,000.00		$1,020.34		$4.63
Class C
Actual		$1,000.00		$1,030.50		$8.45
Hypothetical (5% return before expenses)		$1,000.00		$1,016.60		$8.40
Class N
Actual		$1,000.00		$1,036.80		$2.95
Hypothetical (5% return before expenses)		$1,000.00		$1,022.04		$2.92
Class Y
Actual		$1,000.00		$1,036.10		$3.40
Hypothetical (5% return before expenses)		$1,000.00		$1,021.59		$3.38

* Expenses are equal to the Fund’s annualized expense ratio: 0.92%, 1.67%, 0.58% and 0.67% 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 (182), divided by 365 (to reflect the half-year period).

9  |

LOOMIS SAYLES VALUE FUND	BEGINNING ACCOUNT VALUE 10/1/2016		ENDING ACCOUNT VALUE 3/31/2017		EXPENSES PAID DURING PERIOD* 10/1/2016 – 3/31/2017
Class A
Actual		$1,000.00		$1,105.90		$5.04
Hypothetical (5% return before expenses)		$1,000.00		$1,020.15		$4.84
Class C
Actual		$1,000.00		$1,101.80		$8.96
Hypothetical (5% return before expenses)		$1,000.00		$1,016.41		$8.60
Class N
Actual		$1,000.00		$1,108.10		$3.10
Hypothetical (5% return before expenses)		$1,000.00		$1,021.99		$2.97
Class Y
Actual		$1,000.00		$1,107.00		$3.73
Hypothetical (5% return before expenses)		$1,000.00		$1,021.39		$3.58
Admin Class
Actual		$1,000.00		$1,104.60		$6.35
Hypothetical (5% return before expenses)		$1,000.00		$1,018.90		$6.09

* Expenses are equal to the Fund’s annualized expense ratio: 0.96%, 1.71%, 0.59%, 0.71% and 1.21% 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 (182), divided by 365 (to reflect the half-year period).

|  10

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Global Equity and Income Fund

Shares		Description	Value (†)
	Common Stocks — 66.1% of Net Assets
		Belgium — 1.6%
	226,359	Anheuser-Busch InBev S.A.	$	24,803,339
		Canada — 1.3%
	408,500	CGI Group, Inc., Class A(b)		19,573,350
		China — 3.1%
	449,028	Alibaba Group Holding Ltd., Sponsored ADR(b)		48,418,689
		France — 1.8%
	290,241	Thales S.A.		28,036,133
		Hong Kong — 2.2%
	5,289,200	AIA Group Ltd.		33,385,194
		India — 1.4%
	593,020	HCL Technologies Ltd.		7,988,238
	571,950	HDFC Bank Ltd.		13,019,903
				21,008,141
		Japan — 0.9%
	376,987	Nomura Research Institute Ltd.		13,897,562
		Sweden — 2.4%
	1,027,301	Assa Abloy AB		21,118,933
	469,928	Atlas Copco AB, A Shares		16,564,529
				37,683,462
		Switzerland — 4.6%
	150,083	Dufry AG, (Registered)(b)		22,851,608
	23,858	Geberit AG, (Registered)		10,280,667
	483,608	Nestle S.A., (Registered)		37,117,744
				70,250,019
		United Kingdom — 3.3%
	2,956,818	ITV PLC		8,116,954
	8,101,640	Legal & General Group PLC		25,086,238
	447,153	London Stock Exchange Group PLC		17,789,740
				50,992,932
		United States — 43.5%
	195,778	Accenture PLC, Class A		23,469,867
	23,167	Alphabet, Inc., Class C(b)		19,218,417
	39,403	Alphabet, Inc., Class A(b)		33,405,863
	23,715	Amazon.com, Inc.(b)		21,024,296
	55,449	AutoZone, Inc.(b)		40,092,399
	254,328	Colgate-Palmolive Co.		18,614,266
	809,192	Comcast Corp., Class A		30,417,527
	162,777	CVS Health Corp.		12,777,995
	670	Dex Media, Inc.(b)(c)(d)		1,809
	50,218	EOG Resources, Inc.		4,898,766
	327,382	Facebook, Inc., Class A(b)		46,504,613
	116,701	FactSet Research Systems, Inc.		19,245,162

See accompanying notes to financial statements.

11  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Shares		Description	Value (†)
		United States — continued
	119,080	Goldman Sachs Group, Inc. (The)	$	27,355,058
	783	Hawaiian Telcom Holdco, Inc.(b)		17,939
	213,369	LyondellBasell Industries NV, Class A		19,457,119
	117,864	M&T Bank Corp.		18,237,097
	426,735	Marriott International, Inc., Class A		40,189,902
	34,258	Mettler-Toledo International, Inc.(b)		16,406,499
	675,560	Newell Brands, Inc.		31,866,165
	98,139	Northrop Grumman Corp.		23,341,380
	15,028	Priceline Group, Inc. (The)(b)		26,749,389
	172,517	Roper Technologies, Inc.		35,623,035
	178,370	S&P Global, Inc.		23,320,094
	146,841	Schlumberger Ltd.		11,468,282
	131,806	Sherwin-Williams Co. (The)		40,884,903
	288,974	Texas Instruments, Inc.		23,279,745
	79,174	Travelers Cos., Inc. (The)		9,543,634
	181,319	UnitedHealth Group, Inc.		29,738,129
	408,773	Wells Fargo & Co.		22,752,305
				669,901,655
		Total Common Stocks (Identified Cost $816,445,745)		1,017,950,476
Principal Amount (‡)
	Bonds and Notes — 30.5%
	Non-Convertible Bonds — 29.6%
		Argentina — 0.4%
$	775,000	Provincia de Buenos Aires, 9.125%, 3/16/2024, 144A		860,932
	535,000	Republic of Argentina, 6.875%, 4/22/2021, 144A		574,574
	1,390,000	Republic of Argentina, 7.625%, 4/22/2046, 144A		1,419,190
	382,136	Transportadora de Gas del Sur S.A., 9.625%, 5/14/2020, 144A		411,083
	565,000	YPF S.A., 8.500%, 3/23/2021, 144A		620,088
	1,755,000	YPF S.A., 8.750%, 4/04/2024, 144A		1,945,417
				5,831,284
		Australia — 0.2%
	970,000	Commonwealth Bank of Australia, 1.375%, 9/06/2018, 144A(e)		965,276
	1,150,000	Commonwealth Bank of Australia, 2.250%, 3/10/2020, 144A(e)		1,150,779
	670,000	GAIF Bond Issuer Pty Ltd., 3.400%, 9/30/2026, 144A(e)		649,543
	110,000	Incitec Pivot Finance LLC, 6.000%, 12/10/2019, 144A		118,294
	95,000	Sydney Airport Finance Co. Pty Ltd., 3.375%, 4/30/2025, 144A		93,105
				2,976,997
		Belgium — 0.1%
	1,040,000	Anheuser-Busch InBev Finance, Inc., 3.300%, 2/01/2023(e)		1,058,523
	350,000	Anheuser-Busch InBev SA/NV, EMTN, 6.500%, 6/23/2017, (GBP)(e)		443,953
	440,000	Solvay Finance (America) LLC, 3.400%, 12/03/2020, 144A		452,698
				1,955,174

See accompanying notes to financial statements.

|  12

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Brazil —1.0%
$	800,000	Braskem Finance Ltd., 5.750%, 4/15/2021, 144A	$	845,040
	8,500(††)	Brazil Notas do Tesouro Nacional, Series F, 10.000%, 1/01/2025, (BRL)		2,720,359
	2,250(†††)	Brazil Notas do Tesouro Nacional, Series F, 10.000%, 1/01/2019, (BRL)		725,340
	8,815(†††)	Brazil Notas do Tesouro Nacional, Series F, 10.000%, 1/01/2021, (BRL)		2,834,576
	2,300,000	BRF S.A., 7.750%, 5/22/2018, 144A, (BRL)(e)		699,786
	1,000,000	CIMPOR Financial Operations BV, 5.750%, 7/17/2024, 144A		882,500
	400,000	Cosan Luxembourg S.A., 5.000%, 3/14/2023, 144A		398,000
	1,180,000	Embraer Netherlands Finance BV, 5.050%, 6/15/2025(e)		1,213,040
	285,000	Embraer Netherlands Finance BV, 5.400%, 2/01/2027		293,972
	915,000	Itau Unibanco Holding S.A., 2.850%, 5/26/2018, 144A		919,575
	1,825,000	Petrobras Global Finance BV, 4.375%, 5/20/2023		1,729,187
	300,000	Petrobras Global Finance BV, 6.875%, 1/20/2040		285,600
	575,000	Raizen Fuels Finance S.A., 5.300%, 1/20/2027, 144A		582,187
	345,000	Rumo Luxembourg S.a.r.l., 7.375%, 2/09/2024, 144A		354,919
	500,000	Tupy Overseas S.A., 6.625%, 7/17/2024, 144A		497,500
	850,000	Vale S.A., 5.625%, 9/11/2042(e)		803,080
				15,784,661
		Canada — 2.3%
	483,064	Air Canada Pass Through Trust, Series 2015-2, Class A, 4.125%, 6/15/2029, 144A(e)		492,725
	815,000	Bank of Montreal, 1.750%, 6/15/2022, 144A(e)		794,405
	3,000,000	BMW Canada Auto Trust, Series 2017-1A, Class A2, 1.677%, 5/20/2020, 144A, (CAD)(e)		2,258,172
	21,030,000	Canadian Government International Bond, 1.750%, 9/01/2019, (CAD)(e)		16,168,992
	970,000	Canadian Imperial Bank of Commerce, 1.600%, 9/06/2019(e)		961,376
	1,335,000	Institutional Mortgage Securities Canada, Inc., Series 2014-5A, Class A2, 2.616%, 7/12/2047, 144A, (CAD)(e)		1,019,222
	6,165,000	Province of Ontario Canada, 1.250%, 6/17/2019(e)		6,100,557
	7,200,000	Province of Ontario Canada, 1.875%, 5/21/2020(e)		7,177,766
	600,000	Telus Corp., Series CG, 5.050%, 12/04/2019, (CAD)(e)		490,287
				35,463,502
		Chile — 0.5%
	1,450,000	Banco de Credito e Inversiones, 3.000%, 9/13/2017, 144A(e)		1,455,618
	200,000	Celulosa Arauco y Constitucion S.A., 4.750%, 1/11/2022		209,504
	600,000	Chile Government International Bond, 3.125%, 1/21/2026(e)		609,300
	300,000,000	Chile Government International Bond, 5.500%, 8/05/2020, (CLP)(e)		479,000
	1,160,000	CODELCO, Inc., 4.500%, 9/16/2025, 144A(e)		1,221,240
	250,000	Engie Energia Chile S.A., 5.625%, 1/15/2021, 144A		270,942
	800,000	Inversiones CMPC S.A., 4.375%, 5/15/2023, 144A(e)		818,996
	550,000	Itau CorpBanca, 3.125%, 1/15/2018(e)		554,343
	240,000	Latam Airlines Group S.A., 7.250%, 6/09/2020, 144A		253,416
	573,685	Latam Airlines Pass Through Trust, Series 2015-1, Class B, 4.500%, 8/15/2025		559,343
	1,120,000	Transelec S.A., 4.250%, 1/14/2025, 144A(e)		1,144,008
				7,575,710

See accompanying notes to financial statements.

13  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		China — 0.1%
$	800,000	Baidu, Inc., 2.250%, 11/28/2017(e)	$	801,702
	700,000	Baidu, Inc., 3.250%, 8/06/2018(e)		710,238
	400,000	China Resources Gas Group Ltd., 4.500%, 4/05/2022, 144A(e)		420,772
				1,932,712
		Colombia — 0.3%
	555,000	Colombia Telecomunicaciones S.A. E.S.P., 5.375%, 9/27/2022, 144A		558,469
	490,000	Ecopetrol S.A., 5.875%, 5/28/2045		445,900
	1,265,000,000	Emgesa S.A. E.S.P., 8.750%, 1/25/2021, 144A, (COP)		448,891
	2,140,000,000	Empresas Publicas de Medellin E.S.P., 8.375%, 2/01/2021, 144A, (COP)(e)		751,797
	575,000	Republic of Colombia, 3.875%, 4/25/2027		572,700
	200,000,000	Republic of Colombia, 7.750%, 4/14/2021, (COP)		73,552
	6,150,000,000	Titulos De Tesoreria, Series B, 7.500%, 8/26/2026, (COP)(e)		2,257,108
				5,108,417
		Dominican Republic — 0.2%
	1,410,000	Dominican Republic, 5.500%, 1/27/2025, 144A		1,432,912
	590,000	Dominican Republic, 5.950%, 1/25/2027, 144A		603,659
	425,000	Dominican Republic, 8.625%, 4/20/2027, 144A		501,309
				2,537,880
		France — 0.7%
	970,000	Air Liquide Finance S.A., 1.375%, 9/27/2019, 144A(e)		954,771
	425,000	Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		467,500
	15,000	Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028		16,387
	200,000	AXA S.A., 7.125%, 12/15/2020, (GBP)(e)		300,314
	410,000	BNP Paribas S.A., 3.800%, 1/10/2024, 144A(e)		408,002
	390,000	Credit Agricole S.A., (fixed rate to 6/23/2026, variable rate thereafter), 7.500% , (GBP)(f)		496,997
	735,000	Danone S.A., 1.691%, 10/30/2019, 144A(e)		725,199
	500,000	Dexia Credit Local S.A., 2.250%, 2/18/2020, 144A(e)		499,029
	1,100,000	Electricite de France S.A., EMTN, (fixed rate to 1/22/2022, variable rate thereafter), 4.125% , (EUR)(e)(f)		1,183,483
	3,170,000	French Republic Government Bond OAT, 4.250%, 10/25/2023, (EUR)		4,230,447
	1,015,000	Societe Generale S.A., 4.750%, 11/24/2025, 144A(e)		1,021,197
	475,000	Societe Generale S.A., (fixed rate to 4/07/2021, variable rate thereafter), 6.750% , (EUR)(f)		527,503
				10,830,829
		Germany — 0.2%
	470,000	Commerzbank AG, EMTN, 4.000%, 3/23/2026, (EUR)		530,118
	675,000	Daimler Finance North America LLC, 1.750%, 10/30/2019, 144A(e)		667,854
	200,000	Schaeffler Finance BV, 3.250%, 5/15/2025, (EUR)		228,060
	1,800,000	Vonovia Finance BV, EMTN, 1.500%, 6/10/2026, (EUR)(e)		1,926,016
				3,352,048
		Hong Kong — 0.0%
	355,000	AIA Group Ltd., 3.200%, 3/11/2025, 144A(e)		348,010

See accompanying notes to financial statements.

|  14

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Hungary — 0.3%
$	1,330,000	Hungary Government International Bond, 5.375%, 3/25/2024	$	1,480,208
	980,000	Hungary Government International Bond, 5.750%, 11/22/2023(e)		1,107,400
	695,000,000	Hungary Government International Bond, Series 22/B, 1.750%, 10/26/2022, (HUF)		2,345,036
				4,932,644
		Iceland — 0.1%
	1,000,000	Republic of Iceland, 5.875%, 5/11/2022, 144A(e)		1,129,479
		India — 0.3%
	550,000	Axis Bank Ltd., 3.250%, 5/21/2020, 144A		555,316
	605,000	Greenko Investment Co., 4.875%, 8/16/2023		592,158
	1,400,000	ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 6.375%, 4/30/2022, 144A		1,400,000
	750,000	Reliance Holdings USA, Inc., 5.400%, 2/14/2022, 144A(e)		818,392
	700,000	State Bank of India, 4.125%, 8/01/2017, 144A		704,713
				4,070,579
		Indonesia — 0.6%
	300,000	Indonesia Government International Bond, 4.125%, 1/15/2025, 144A		307,662
	34,000,000,000	Indonesia Government International Bond, 7.000%, 5/15/2022, (IDR)		2,566,808
	3,500,000,000	Indonesia Government International Bond, 9.500%, 7/15/2023, (IDR)		296,204
	781,000,000	Indonesia Government International Bond, 11.500%, 9/15/2019, (IDR)		64,809
	35,310,000,000	Indonesia Government International Bond, Series FR53, 8.250%, 7/15/2021, (IDR)		2,782,297
	14,000,000,000	Indonesia Treasury Bond, 8.375%, 3/15/2024, (IDR)(e)		1,126,850
	795,000	Perusahaan Listrik Negara PT, 5.250%, 10/24/2042, 144A		790,230
	545,000	Republic of Indonesia, 2.875%, 7/08/2021, 144A, (EUR)		620,869
	525,000	Republic of Indonesia, 4.750%, 1/08/2026, 144A		559,939
	500,000	TBG Global Pte Ltd., 4.625%, 4/03/2018, 144A		503,500
				9,619,168
		Israel — 0.0%
	510,000	Teva Pharmaceutical Finance Co. LLC, 6.150%, 2/01/2036		564,867
		Italy — 0.0%
	530,000	Intesa Sanpaolo SpA, EMTN, 3.928%, 9/15/2026, (EUR)		581,902
		Japan — 0.3%
	900,000	Bank of Tokyo-Mitsubishi UFJ Ltd. (The), 1.700%, 3/05/2018, 144A(e)		900,027
	940,000	Bank of Tokyo-Mitsubishi UFJ Ltd. (The), 2.150%, 9/14/2018, 144A(e)		941,385
	540,000	Nissan Motor Acceptance Corp., 2.000%, 3/08/2019, 144A(e)		539,633
	1,165,000	Nomura Holdings, Inc., GMTN, 2.750%, 3/19/2019(e)		1,177,237
	850,000	SoftBank Group Corp., 4.500%, 4/15/2020, 144A		874,437
				4,432,719
		Kazakhstan — 0.0%
	475,000	Tengizchevroil Finance Co. International Ltd., 4.000%, 8/15/2026, 144A		455,097
		Korea — 0.4%
	3,700,000	Export-Import Bank of Korea, 3.000%, 5/22/2018, 144A, (NOK)(e)		437,628
	600,000	Industrial Bank of Korea, 2.375%, 7/17/2017, 144A(e)		601,207

See accompanying notes to financial statements.

15  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Korea — continued
$	400,000	Korea Development Bank (The), 4.625%, 11/16/2021(e)	$	432,640
	630,000	Korea Development Bank (The), MTN, 4.500%, 11/22/2019, (AUD)(e)		499,750
	400,000	Korea National Oil Corp., 3.125%, 4/03/2017, 144A		400,000
	670,000	KT Corp., 2.500%, 7/18/2026, 144A(e)		629,231
	1,125,000	Minera y Metalurgica del Boleo S.A. de CV, 2.875%, 5/07/2019, 144A(e)		1,135,233
	950,000	Shinhan Bank, 2.250%, 4/15/2020, 144A(e)		940,614
	770,000	Shinhan Bank, 3.875%, 3/24/2026, 144A(e)		771,560
	140,000	SK Telecom Co. Ltd., 6.625%, 7/20/2027, 144A(e)		178,591
	200,000	Woori Bank, 5.875%, 4/13/2021, 144A(e)		219,950
				6,246,404
		Luxembourg — 0.0%
	500,000	Millicom International Cellular S.A., 4.750%, 5/22/2020, 144A		509,685
		Mexico — 1.3%
	620,000	Alfa SAB de CV, 6.875%, 3/25/2044		632,400
	770,000	America Movil SAB de CV, 2.125%, 3/10/2028, (EUR)(e)		821,268
	10,000,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)(e)		497,803
	675,000	Banco Nacional de Comercio Exterior SNC, (fixed rate to 8/11/2021, variable rate thereafter), 3.800%, 8/11/2026, 144A		661,500
	300,000	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander, 4.125%, 11/09/2022, 144A(e)		303,150
	1,150,000	Cemex Finance LLC, 6.000%, 4/01/2024, 144A		1,209,225
	300,000	Cemex SAB de CV, 4.375%, 3/05/2023, 144A, (EUR)		335,882
	505,000	Cemex SAB de CV, 5.700%, 1/11/2025, 144A		523,938
	200,000	Cemex SAB de CV, 7.750%, 4/16/2026, 144A		225,042
	800,000	Gruma SAB de CV, 4.875%, 12/01/2024(e)		850,000
	680,000	Grupo Televisa SAB, 5.000%, 5/13/2045(e)		620,062
	10,000,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)(e)		404,653
	270,000(††††)	Mexican Fixed Rate Bonds, Series M, 5.750%, 3/05/2026, (MXN)(e)		1,320,000
	443,452(††††)	Mexican Fixed Rate Bonds, Series M-30, 10.000%, 11/20/2036, (MXN)		2,993,510
	81,862,578(‡‡)	Mexican Udibonos, CPI Linked Bond, Series S, 4.500%, 12/04/2025, (MXN)		4,767,149
	920,000	Mexichem SAB de CV, 5.875%, 9/17/2044, 144A(e)		901,600
	196,000	Mexico Government International Bond, 4.000%, 3/15/2115, (EUR)(e)		181,649
	1,020,000	Mexico Government International Bond, 4.125%, 1/21/2026(e)		1,048,560
	625,000	Petroleos Mexicanos, 5.625%, 1/23/2046(e)		558,813
	135,000(††††)	Petroleos Mexicanos, 7.470%, 11/12/2026, (MXN)(e)		627,228
	100,000	Sigma Alimentos S.A. de CV, 2.625%, 2/07/2024, 144A, (EUR)		109,431
				19,592,863
		Morocco — 0.1%
	965,000	OCP S.A., 4.500%, 10/22/2025, 144A(e)		950,766
	590,000	OCP S.A., 6.875%, 4/25/2044, 144A		633,363
				1,584,129
		Netherlands — 0.2%
	150,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.625%, 7/01/2022		158,227
	870,000	Cooperatieve Rabobank UA, 4.375%, 8/04/2025(e)		890,845

See accompanying notes to financial statements.

|  16

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Netherlands — continued
$	675,000	ING Bank NV, 1.650%, 8/15/2019, 144A(e)	$	666,604
	580,000	Ziggo Bond Finance BV, 6.000%, 1/15/2027, 144A		577,100
	525,000	Ziggo Secured Finance BV, 5.500%, 1/15/2027, 144A		524,947
				2,817,723
		New Zealand — 0.4%
	2,921,333	New Zealand Government Bond, 3.000%, 9/20/2030, (NZD)(e)		2,248,565
	2,340,000	New Zealand Government Bond, 5.000%, 3/15/2019, (NZD)(e)		1,728,613
	2,590,000	New Zealand Government Bond, 5.500%, 4/15/2023, (NZD)(e)		2,085,834
				6,063,012
		Norway — 0.2%
	13,275,000	Norway Government Bond, 2.000%, 5/24/2023, 144A, (NOK)(e)		1,619,766
	13,760,000	Norway Government Bond, 4.500%, 5/22/2019, 144A, (NOK)(e)		1,733,995
				3,353,761
		Panama — 0.1%
	680,000	Banco Latinoamericano de Comercio Exterior S.A., 3.250%, 5/07/2020, 144A(e)		686,752
	300,000	Banco Latinoamericano de Comercio Exterior S.A., 3.750%, 4/04/2017, 144A(e)		300,000
				986,752
		Paraguay — 0.1%
	800,000	Republic of Paraguay, 5.000%, 4/15/2026, 144A		835,000
	572,000	Telefonica Celular del Paraguay S.A., 6.750%, 12/13/2022		589,160
				1,424,160
		Peru — 0.2%
	580,000	Southern Copper Corp., 3.875%, 4/23/2025(e)		583,152
	1,050,000	Transportadora de Gas del Peru S.A., 4.250%, 4/30/2028, 144A(e)		1,057,875
	1,050,000	Union Andina de Cementos SAA, 5.875%, 10/30/2021, 144A		1,092,000
				2,733,027
		Portugal — 0.1%
	400,000	EDP Finance BV, 4.125%, 1/15/2020, 144A		410,800
	225,000	EDP Finance BV, EMTN, 2.000%, 4/22/2025, (EUR)		239,267
				650,067
		Romania — 0.0%
	410,000	Romanian Government International Bond, 2.875%, 5/26/2028, 144A, (EUR)		448,690
		Russia — 0.2%
	72,000,000	Russian Federal Bond-OFZ, Series 6207, 8.150%, 2/03/2027, (RUB)		1,312,009
	63,000,000	Russian Federal Bond-OFZ, Series 6208, 7.500%, 2/27/2019, (RUB)		1,107,104
				2,419,113
		Singapore — 0.2%
	495,000	BOC Aviation Ltd., 3.000%, 3/30/2020(e)		496,976

See accompanying notes to financial statements.

17  |

Portfolio of Investments – as of March 31, 2017 (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(e)	$	2,012,020
				2,508,996
		South Africa — 0.2%
	930,000	MTN (Mauritius) Investments Ltd., 4.755%, 11/11/2024, 144A		877,455
	500,000	Myriad International Holdings BV, 6.000%, 7/18/2020, 144A		538,225
	15,980,000	South Africa Government International Bond, Series R213, 7.000%, 2/28/2031, (ZAR)(e)		979,618
				2,395,298
		Spain — 0.4%
	800,000	Gas Natural Fenosa Finance BV, (fixed rate to 4/24/2024, variable rate thereafter), 3.375% , (EUR)(f)		831,332
	725,000	Spain Government International Bond, 0.750%, 7/30/2021, (EUR)(e)		790,571
	430,000	Spain Government International Bond, 1.600%, 4/30/2025, 144A, (EUR)(e)		469,686
	1,825,000	Spain Government International Bond, 4.300%, 10/31/2019, 144A, (EUR)(e)		2,167,047
	800,000	Spain Government International Bond, 4.400%, 10/31/2023, 144A, (EUR)(e)		1,044,091
	345,000	Telefonica Emisiones SAU, 4.570%, 4/27/2023		367,819
				5,670,546
		Supranationals — 0.2%
	1,115,000	Corporacion Andina de Fomento, 4.375%, 6/15/2022(e)		1,188,333
	1,140,000	International Bank for Reconstruction & Development, 2.500%, 3/12/2020, (AUD)(e)		876,151
	70,000,000	International Finance Corp., 7.800%, 6/03/2019, (INR)(e)		1,116,295
				3,180,779
		Sweden — 0.0%
	2,450,000	Sweden Government Bond, 5.000%, 12/01/2020, (SEK)(e)		326,696
		Switzerland — 0.1%
	1,075,000	Glencore Finance Canada Ltd., 5.550%, 10/25/2042, 144A(e)		1,120,052
	740,000	Holcim Finance Luxembourg S.A., EMTN, 2.250%, 5/26/2028, (EUR)(e)		827,080
	200,000	LafargeHolcim Finance U.S. LLC, 3.500%, 9/22/2026, 144A		193,566
				2,140,698
		Thailand — 0.1%
	1,010,000	Siam Commercial Bank PCL, 3.500%, 4/07/2019, 144A(e)		1,030,532
	950,000	Thai Oil PCL, 3.625%, 1/23/2023, 144A(e)		967,606
				1,998,138
		Trinidad — 0.0%
	415,000	Trinidad Generation UnLtd., 5.250%, 11/04/2027, 144A		413,548
		Turkey — 0.1%
	800,000	Arcelik AS, 5.000%, 4/03/2023, 144A		788,323
		Ukraine — 0.0%
	575,000	Kernel Holding S.A., 8.750%, 1/31/2022, 144A		595,125
		United Arab Emirates — 0.1%
	850,000	DP World Ltd., 3.250%, 5/18/2020, 144A(e)		861,900

See accompanying notes to financial statements.

|  18

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United Arab Emirates — continued
$	200,000	DP World Ltd., EMTN, 3.250%, 5/18/2020	$	202,800
	600,000	JAFZ Sukuk 2019 Ltd., 7.000%, 6/19/2019		655,620
				1,720,320
		United Kingdom — 0.7%
	600,000	Anglo American Capital PLC, 2.625%, 9/27/2017, 144A		600,000
	1,100,000	Barclays PLC, (fixed rate to 9/15/2019, variable rate thereafter), 6.625%(f)		1,097,026
	400,000	Barclays PLC, (fixed rate to 9/15/2019, variable rate thereafter), 7.000%, (GBP)(f)		499,281
	585,000	BP Capital Markets PLC, 3.216%, 11/28/2023(e)		587,998
	300,000	HSBC Holdings PLC, 4.375%, 11/23/2026(e)		302,329
	565,000	HSBC Holdings PLC, (fixed rate to 6/01/2021, variable rate thereafter), 6.875%(f)		601,725
	295,000	HSBC Holdings PLC, EMTN, 5.750%, 12/20/2027, (GBP)(e)		442,470
	150,000	Imperial Brands Finance PLC, EMTN, 6.250%, 12/04/2018, (GBP)		203,935
	400,000	Lloyds Banking Group PLC, 4.500%, 11/04/2024(e)		410,480
	1,020,000	Lloyds Banking Group PLC, (fixed rate to 6/27/2024, variable rate thereafter), 7.500%(f)		1,078,752
	400,000	Old Mutual PLC, EMTN, 8.000%, 6/03/2021, (GBP)		582,479
	1,130,000	Royal Bank of Scotland Group PLC, 6.000%, 12/19/2023(e)		1,194,415
	950,000	Royal Bank of Scotland Group PLC, (fixed rate to 8/10/2020, variable rate thereafter), 7.500%(f)		936,586
	350,000	Santander UK Group Holdings PLC, 4.750%, 9/15/2025, 144A(e)		349,239
	250,000	Standard Chartered PLC, EMTN, (fixed rate to 10/21/2020, variable rate thereafter), 4.000%, 10/21/2025, (EUR)(e)		282,853
	600,000	United Kingdom Gilt, 2.000%, 9/07/2025, (GBP)(e)		817,507
	130,000	Virgin Media Finance PLC, 4.500%, 1/15/2025, 144A, (EUR)		143,018
	115,000	Virgin Media Secured Finance PLC, 4.875%, 1/15/2027, (GBP)		144,804
	100,000	WPP PLC, 6.000%, 4/04/2017, (GBP)(e)		125,290
				10,400,187
		United States — 16.6%
	15,000	21st Century Fox America, Inc., 6.400%, 12/15/2035		18,195
	9,890,000	AbbVie, Inc., 2.500%, 5/14/2020		9,957,430
	1,745,000	AES Corp. (The), 4.875%, 5/15/2023		1,736,275
	8,000,000	Ally Financial, Inc., 4.125%, 2/13/2022		8,000,000
	745,000	Ally Financial, Inc., 5.125%, 9/30/2024		766,419
	129,000	Ally Financial, Inc., 8.000%, 12/31/2018		139,320
	1,728,000	Ally Financial, Inc., 8.000%, 11/01/2031		2,052,000
	2,542,120	American Airlines Pass Through Certificates, Series 2016-1, Class B, 5.250%, 7/15/2025		2,624,739
	555,000	American Airlines Pass Through Certificates, Series 2017-1B, Class B, 4.950%, 8/15/2026		568,181
	165,125	American Airlines Pass Through Trust, Series 2013-1, Class A, 4.000%, 1/15/2027		170,176
	6,190,000	Anadarko Petroleum Corp., 3.450%, 7/15/2024		6,035,448
	300,000	Anadarko Petroleum Corp., 4.500%, 7/15/2044		282,988
	400,000	Antero Resources Corp., 5.125%, 12/01/2022		405,250

See accompanying notes to financial statements.

19  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	175,000	Antero Resources Corp., 5.375%, 11/01/2021	$	179,741
	3,060,000	Antero Resources Corp., 5.625%, 6/01/2023		3,128,850
	150,000	Arconic, Inc., 5.900%, 2/01/2027		160,583
	1,510,000	AT&T, Inc., 3.400%, 5/15/2025		1,458,548
	3,960,000	AT&T, Inc., 4.125%, 2/17/2026		4,015,832
	495,000	Atrium Windows & Doors, Inc., 7.750%, 5/01/2019, 144A		467,156
	925,000	Aviation Capital Group Corp., 6.750%, 4/06/2021, 144A		1,061,654
	95,000	Avon Products, Inc., 8.950%, 3/15/2043		83,885
	200,000	Bank of America Corp., 5.490%, 3/15/2019		211,675
	2,700,000	Bank of America Corp., 6.110%, 1/29/2037		3,154,321
	115,000	Bank of America Corp., MTN, 4.250%, 10/22/2026		116,773
	50,000	Beazer Homes USA, Inc., 7.250%, 2/01/2023		51,625
	71,000	California Resources Corp., 5.500%, 9/15/2021		52,540
	10,000	California Resources Corp., 6.000%, 11/15/2024		7,000
	990,000	California Resources Corp., 8.000%, 12/15/2022, 144A		804,375
	880,000	CenturyLink, Inc., 6.450%, 6/15/2021		934,903
	510,000	CenturyLink, Inc., 7.650%, 3/15/2042		448,162
	55,000	CenturyLink, Inc., Series G, 6.875%, 1/15/2028		53,350
	605,000	CenturyLink, Inc., Series P, 7.600%, 9/15/2039		534,856
	360,000	Chemours Co. (The), 6.625%, 5/15/2023		381,600
	3,210,000	Chesapeake Energy Corp., 4.875%, 4/15/2022		2,889,000
	315,000	Chesapeake Energy Corp., 5.750%, 3/15/2023		286,650
	495,000	Chesapeake Energy Corp., 6.125%, 2/15/2021		480,150
	190,000	Chesapeake Energy Corp., 6.625%, 8/15/2020		189,762
	95,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		94,763
	7,030,000	Chesapeake Energy Corp., 8.000%, 12/15/2022, 144A		7,363,925
	780,000	Chevron Corp., 2.419%, 11/17/2020(e)		787,585
	1,635,000	Cimarex Energy Co., 4.375%, 6/01/2024		1,698,400
	525,000	Cincinnati Bell, Inc., 7.000%, 7/15/2024, 144A		550,594
	500,000	Citizens Financial Group, Inc., 4.300%, 12/03/2025		515,336
	2,913,000	Clear Channel Worldwide Holdings, Inc., 7.625%, 3/15/2020		2,934,847
	155,000	Cleaver-Brooks, Inc., 8.750%, 12/15/2019, 144A		159,650
	480,000	Consolidated Communications, Inc., 6.500%, 10/01/2022		460,800
	265,000	Constellation Brands, Inc., 4.750%, 11/15/2024		285,437
	30,175	Continental Airlines Pass Through Certificates, Series 1999-1, Class B, 6.795%, 2/02/2020		31,081
	1,005,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		1,044,094
	255,000	Continental Resources, Inc., 3.800%, 6/01/2024		237,150
	50,000	Continental Resources, Inc., 4.500%, 4/15/2023		48,656
	375,000	Cox Communications, Inc., 4.800%, 2/01/2035, 144A		353,089
	1,335,000	CSC Holdings LLC, 10.875%, 10/15/2025, 144A		1,605,337
	155,000	Cummins, Inc., 5.650%, 3/01/2098		164,405
	260,000	Delphi Automotive PLC, 1.600%, 9/15/2028, (EUR)		272,034
	147,566	Delta Air Lines Pass Through Trust, Series 2007-1, Class B, 8.021%, 2/10/2024		168,963
	1,200,000	Devon Energy Corp., 3.250%, 5/15/2022		1,188,761

See accompanying notes to financial statements.

|  20

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	475,000	Diamond 1 Finance Corp./Diamond 2 Finance Corp., 6.020%, 6/15/2026, 144A	$	517,836
	42,000	Dillard’s, Inc., 6.625%, 1/15/2018		43,167
	50,000	Dillard’s, Inc., 7.000%, 12/01/2028		56,580
	8,000	Dillard’s, Inc., 7.750%, 7/15/2026		9,271
	300,000	Discovery Communications LLC, 1.900%, 3/19/2027, (EUR)		308,613
	395,000	DISH DBS Corp., 5.000%, 3/15/2023		396,975
	1,495,000	DISH DBS Corp., 5.875%, 11/15/2024		1,570,124
	190,000	DPL, Inc., 6.750%, 10/01/2019		199,500
	310,000	DR Horton, Inc., 4.375%, 9/15/2022		326,292
	575,000	Enbridge Energy Partners LP, 7.375%, 10/15/2045		701,202
	600,000	EnLink Midstream Partners LP, 4.150%, 6/01/2025		592,781
	410,000	FedEx Corp., 1.000%, 1/11/2023, (EUR)		441,517
	150,000	Foot Locker, Inc., 8.500%, 1/15/2022		176,438
	40,000	Ford Motor Co., 4.346%, 12/08/2026		40,789
	685,000	Ford Motor Co., 5.291%, 12/08/2046		683,424
	25,000	Ford Motor Co., 6.375%, 2/01/2029		28,616
	50,000	Ford Motor Co., 6.625%, 2/15/2028		58,082
	2,105,000	Ford Motor Co., 6.625%, 10/01/2028		2,481,201
	5,000	Ford Motor Co., 7.500%, 8/01/2026		6,065
	5,000,000	Ford Motor Credit Co. LLC, 2.459%, 3/27/2020		4,986,470
	1,600,000	Ford Motor Credit Co. LLC, 3.588%, 6/02/2020, (AUD)(e)		1,234,978
	1,000,000	Ford Motor Credit Co. LLC, 5.000%, 5/15/2018		1,033,174
	905,000	Forethought Financial Group, Inc., 8.625%, 4/15/2021, 144A(c)(g)		1,028,512
	2,370,000	Freeport-McMoRan, Inc., 3.875%, 3/15/2023		2,179,499
	210,000	Freeport-McMoRan, Inc., 5.400%, 11/14/2034		182,700
	2,475,000	Freeport-McMoRan, Inc., 5.450%, 3/15/2043		2,094,469
	865,000	Frontier Communications Corp., 6.875%, 1/15/2025		715,787
	560,000	Frontier Communications Corp., 11.000%, 9/15/2025		544,600
	205,000	FTS International, Inc., 6.250%, 5/01/2022		176,813
	275,000	Gates Global LLC/Gates Global Co., 6.000%, 7/15/2022, 144A		279,812
	50,000	General Electric Co., GMTN, 3.100%, 1/09/2023		51,392
	740,000	General Electric Co., Series D, (fixed rate to 1/21/2021, variable rate thereafter), 5.000%(e)(f)		780,700
	310,000	General Motors Co., 5.200%, 4/01/2045		303,866
	5,000,000	General Motors Financial Co., Inc., 2.400%, 4/10/2018		5,025,550
	240,000	General Motors Financial Co., Inc., 3.450%, 4/10/2022		241,836
	925,000	General Motors Financial Co., Inc., 5.250%, 3/01/2026		993,830
	170,000	Genworth Holdings, Inc., 4.800%, 2/15/2024		139,825
	130,000	Genworth Holdings, Inc., 4.900%, 8/15/2023		108,225
	3,435,000	Georgia-Pacific LLC, 7.250%, 6/01/2028		4,455,126
	105,000	Georgia-Pacific LLC, 7.375%, 12/01/2025		132,941
	180,000	Georgia-Pacific LLC, 7.750%, 11/15/2029		249,911
	315,000	Georgia-Pacific LLC, 8.875%, 5/15/2031		480,565
	800,000	Goldman Sachs Group, Inc. (The), 3.375%, 2/01/2018, (CAD)(e)		611,949
	2,295,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		2,831,888
	165,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		179,850

See accompanying notes to financial statements.

21  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	70,000	GS Mortgage Securities Trust, Series 2007-GG10, Class AM, 5.949%, 8/10/2045(h)	$	70,054
	1,000,000	HCA Holdings, Inc., 6.250%, 2/15/2021		1,079,375
	20,000	HCA, Inc., 4.750%, 5/01/2023		20,850
	225,000	HCA, Inc., 7.050%, 12/01/2027		247,219
	820,000	HCA, Inc., 7.500%, 11/06/2033		896,875
	1,500,000	HCA, Inc., 7.690%, 6/15/2025		1,708,125
	395,000	HCA, Inc., 8.360%, 4/15/2024		465,606
	195,000	HCA, Inc., MTN, 7.580%, 9/15/2025		219,131
	75,000	HCA, Inc., MTN, 7.750%, 7/15/2036		82,594
	855,000	Hecla Mining Co., 6.875%, 5/01/2021		874,237
	490,000	Hewlett Packard Enterprise Co., 6.350%, 10/15/2045		504,581
	310,000	Hexion, Inc., 7.875%, 2/15/2023(c)(d)		158,100
	485,000	Huntington Ingalls Industries, Inc., 5.000%, 11/15/2025, 144A		506,825
	1,585,000	Hyundai Capital America, 2.750%, 9/27/2026, 144A(e)		1,458,200
	450,000	International Lease Finance Corp., 4.625%, 4/15/2021		474,509
	640,000	International Lease Finance Corp., 5.875%, 8/15/2022		712,882
	1,250,000	International Lease Finance Corp., 6.250%, 5/15/2019		1,346,864
	745,000	INVISTA Finance LLC, 4.250%, 10/15/2019, 144A		765,487
	145,000	iStar, Inc., 4.875%, 7/01/2018		145,906
	3,460,000	iStar, Inc., 5.000%, 7/01/2019		3,481,625
	200,000	iStar, Inc., 7.125%, 2/15/2018		207,000
	48,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		36,600
	5,000	J.C. Penney Corp., Inc., 7.625%, 3/01/2097		3,850
	1,070,000	Jefferies Group LLC, 6.250%, 1/15/2036		1,124,540
	15,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021(c)(g)		12,113
	110,000	K. Hovnanian Enterprises, Inc., 7.000%, 1/15/2019, 144A		97,213
	165,000	K. Hovnanian Enterprises, Inc., 8.000%, 11/01/2019, 144A		136,950
	1,665,000	KB Home, 8.000%, 3/15/2020		1,848,150
	2,805,000	Kraton Polymers LLC/Kraton Polymers Capital Corp., 10.500%, 4/15/2023, 144A		3,218,737
	140,000	Level 3 Communications, Inc., 5.750%, 12/01/2022		144,900
	330,000	Level 3 Financing, Inc., 5.125%, 5/01/2023		337,425
	760,000	Level 3 Financing, Inc., 5.375%, 5/01/2025		773,300
	20,000	Macy’s Retail Holdings, Inc., 4.500%, 12/15/2034		17,386
	165,000	Masco Corp., 6.500%, 8/15/2032		194,735
	865,000	Masco Corp., 7.750%, 8/01/2029		1,112,178
	410,000	Micron Technology, Inc., 5.250%, 8/01/2023, 144A		420,250
	965,000	Micron Technology, Inc., 5.500%, 2/01/2025		1,001,187
	1,230,000	Micron Technology, Inc., 5.625%, 1/15/2026, 144A		1,294,575
	1,430,000	Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc., 7.875%, 10/01/2022, 144A		1,476,475
	825,000	Morgan Stanley, 2.125%, 4/25/2018		828,151
	220,000	Morgan Stanley, 2.500%, 1/24/2019		222,170
	450,000	Morgan Stanley, 3.950%, 4/23/2027		445,675
	725,000	Morgan Stanley, 5.750%, 1/25/2021		804,791
	3,150,000	Morgan Stanley, MTN, 4.100%, 5/22/2023		3,253,292

See accompanying notes to financial statements.

|  22

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	600,000	Morgan Stanley, MTN, 6.250%, 8/09/2026	$	713,851
	25,000	MPLX LP, 4.500%, 7/15/2023		26,001
	95,000	MPLX LP, 4.875%, 6/01/2025		99,511
	3,000,000	Navient Corp., 5.000%, 10/26/2020		2,992,500
	95,000	Navient Corp., 5.875%, 10/25/2024		88,617
	1,600(†††††)	Navient Corp., 6.000%, 12/15/2043		36,155
	715,000	Navient Corp., MTN, 6.125%, 3/25/2024		681,037
	10,000	Navient Corp., Series A, MTN, 5.000%, 6/15/2018		10,038
	175,000	Navient LLC, 4.875%, 6/17/2019		179,156
	915,000	Navient LLC, 5.500%, 1/25/2023		873,825
	40,000	Navient LLC, MTN, 4.625%, 9/25/2017		40,300
	60,000	Navient LLC, MTN, 5.500%, 1/15/2019		62,160
	415,000	Navient LLC, MTN, 7.250%, 1/25/2022		430,957
	2,560,000	Navient LLC, Series A, MTN, 5.625%, 8/01/2033(c)(g)		1,990,400
	360,000	Navient LLC, Series A, MTN, 8.450%, 6/15/2018		383,400
	4,457,000	New Albertson’s, Inc., 7.450%, 8/01/2029		4,223,007
	525,000	New Albertson’s, Inc., 7.750%, 6/15/2026		511,875
	5,710,000	New Albertson’s, Inc., 8.000%, 5/01/2031		5,524,425
	2,110,000	New Albertson’s, Inc., 8.700%, 5/01/2030		2,088,900
	1,265,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		1,132,175
	365,000	Newell Brands, Inc., 4.000%, 12/01/2024		376,966
	65,000	Newfield Exploration Co., 5.625%, 7/01/2024		68,494
	20,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		22,400
	1,019,000	Noble Energy, Inc., 5.625%, 5/01/2021		1,049,560
	120,000	Oasis Petroleum, Inc., 6.875%, 1/15/2023		122,100
	2,275,000	Oceaneering International, Inc., 4.650%, 11/15/2024		2,283,622
	420,000	Old Republic International Corp., 4.875%, 10/01/2024		446,242
	3,693,000	ONEOK Partners LP, 4.900%, 3/15/2025		3,909,225
	25,000	ONEOK Partners LP, 6.200%, 9/15/2043		27,991
	55,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 5.250%, 2/15/2022		56,925
	140,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 5.875%, 3/15/2025		146,650
	535,000	Owens Corning, 7.000%, 12/01/2036		654,398
	2,965,000	Owens-Brockway Glass Container, Inc., 5.375%, 1/15/2025, 144A		3,009,475
	540,000	PulteGroup, Inc., 6.000%, 2/15/2035		529,200
	785,000	PulteGroup, Inc., 6.375%, 5/15/2033		804,625
	220,000	PulteGroup, Inc., 7.875%, 6/15/2032		246,950
	285,000	QEP Resources, Inc., 5.250%, 5/01/2023		279,411
	145,000	QEP Resources, Inc., 5.375%, 10/01/2022		142,825
	65,000	QEP Resources, Inc., 6.875%, 3/01/2021		69,063
	255,000	Quicken Loans, Inc., 5.750%, 5/01/2025, 144A		250,537
	1,335,000	Qwest Capital Funding, Inc., 6.500%, 11/15/2018		1,408,425
	650,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		616,687
	400,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		412,500
	60,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		56,250
	476,000	Qwest Corp., 6.875%, 9/15/2033		473,982
	115,000	Qwest Corp., 7.250%, 9/15/2025		125,697

See accompanying notes to financial statements.

23  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	37,000	R.R. Donnelley & Sons Co., 7.000%, 2/15/2022	$	37,555
	200,000	Rain CII Carbon LLC/CII Carbon Corp., 8.250%, 1/15/2021, 144A		208,250
	230,000	Range Resources Corp., 4.875%, 5/15/2025		220,225
	850,000	Range Resources Corp., 5.000%, 8/15/2022, 144A		841,500
	220,000	Range Resources Corp., 5.000%, 3/15/2023, 144A		216,700
	1,075,000	Regency Energy Partners LP/Regency Energy Finance Corp., 5.000%, 10/01/2022		1,143,126
	230,000	Regency Energy Partners LP/Regency Energy Finance Corp., 5.500%, 4/15/2023		238,912
	970,000	Santander Holdings USA, Inc., 2.650%, 4/17/2020(e)		965,488
	25,000	Sealed Air Corp., 4.875%, 12/01/2022, 144A		26,047
	640,000	Sealed Air Corp., 5.500%, 9/15/2025, 144A		678,400
	420,000	ServiceMaster Co. LLC (The), 7.450%, 8/15/2027		458,850
	760,000	Shearer’s Foods LLC/Chip Finance Corp., 9.000%, 11/01/2019, 144A		792,300
	140,000	Silgan Holdings, Inc., 3.250%, 3/15/2025, 144A, (EUR)		148,979
	2,495,000	Springleaf Finance Corp., 5.250%, 12/15/2019		2,516,831
	330,000	Springleaf Finance Corp., 7.750%, 10/01/2021		351,450
	130,000	Springleaf Finance Corp., 8.250%, 10/01/2023		136,988
	2,349,000	Sprint Capital Corp., 6.875%, 11/15/2028		2,481,131
	2,240,000	Sprint Capital Corp., 8.750%, 3/15/2032		2,693,600
	1,720,000	Sprint Communications, Inc., 6.000%, 11/15/2022		1,758,700
	120,000	Sprint Corp., 7.125%, 6/15/2024		128,100
	2,840,000	Sprint Corp., 7.875%, 9/15/2023		3,145,300
	2,910,000	SUPERVALU, Inc., 6.750%, 6/01/2021		2,895,450
	1,365,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.750%, 3/15/2024		1,481,025
	520,000	Tenet Healthcare Corp., 5.000%, 3/01/2019		520,796
	100,000	Tenet Healthcare Corp., 6.750%, 6/15/2023		98,250
	1,360,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		1,166,200
	820,000	Textron, Inc., 5.950%, 9/21/2021		912,600
	90,000	Time Warner Cable LLC, 4.500%, 9/15/2042		81,566
	565,000	Time Warner Cable LLC, 5.250%, 7/15/2042, (GBP)(e)		835,215
	85,000	Time Warner Cable LLC, 5.500%, 9/01/2041		87,172
	1,680,000	Transcontinental Gas Pipe Line Co. LLC, 7.850%, 2/01/2026		2,157,192
	171,000	TransDigm, Inc., 6.500%, 7/15/2024		173,351
	185,000	TransDigm, Inc., 6.500%, 5/15/2025		186,619
	6,665,000	TRI Pointe Group, Inc., 4.875%, 7/01/2021		6,864,950
	90,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 4.375%, 6/15/2019		92,025
	5,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.875%, 6/15/2024		5,150
	870,000	TRU Taj LLC/TRU Taj Finance, Inc., 12.000%, 8/15/2021, 144A		767,775
	1,200,287	U.S. Treasury Inflation Indexed Note, 0.125%, 7/15/2026(e)(i)		1,171,028
	3,000,000	U.S. Treasury Note, 0.750%, 9/30/2018		2,980,899
	4,710,000	U.S. Treasury Note, 0.875%, 6/15/2019		4,664,370
	3,460,000	U.S. Treasury Note, 1.750%, 11/30/2021(e)		3,437,430
	630,000	United Continental Holdings, Inc., 6.375%, 6/01/2018		658,350
	2,940,000	United Rentals North America, Inc., 5.500%, 7/15/2025		3,028,200
	2,635,000	United Rentals North America, Inc., 5.750%, 11/15/2024		2,746,987
	106,000	United Rentals North America, Inc., 7.625%, 4/15/2022		110,373

See accompanying notes to financial statements.

|  24

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)		��
		United States — continued
$	1,940,000	United States Steel Corp., 6.650%, 6/01/2037	$	1,716,900
	690,000	United States Steel Corp., 7.375%, 4/01/2020		741,750
	770,000	United States Steel Corp., 7.500%, 3/15/2022		799,837
	108,330	US Airways Pass Through Trust, Series 2012-1A, Class A, 5.900%, 4/01/2026		120,683
	56,645	US Airways Pass Through Trust, Series 2012-1B, Class B, 8.000%, 4/01/2021		61,177
	405,224	US Airways Pass Through Trust, Series 2012-2A, Class A, 4.625%, 12/03/2026		425,485
	230,000	USG Corp., 8.250%, 1/15/2018		240,925
	25,000	Viacom, Inc., 4.375%, 3/15/2043		21,669
	180,000	Viacom, Inc., 4.850%, 12/15/2034		174,143
	395,000	Viacom, Inc., 5.250%, 4/01/2044		387,402
	145,000	Viacom, Inc., 5.850%, 9/01/2043		152,718
	1,380,000	Western Digital Corp., 7.375%, 4/01/2023, 144A		1,512,825
	60,000	Weyerhaeuser Co., 6.950%, 10/01/2027		72,486
	315,000	Weyerhaeuser Co., 7.375%, 3/15/2032		414,201
	1,060,000	Whiting Petroleum Corp., 5.000%, 3/15/2019		1,057,350
	590,000	Whiting Petroleum Corp., 5.750%, 3/15/2021		584,100
	130,000	Whiting Petroleum Corp., 6.250%, 4/01/2023		129,350
	55,000	Windstream Services LLC, 7.500%, 6/01/2022		53,625
	1,955,000	Windstream Services LLC, 7.500%, 4/01/2023		1,837,700
	1,105,000	Windstream Services LLC, 7.750%, 10/01/2021		1,088,425
				255,370,394
		Total Non-Convertible Bonds (Identified Cost $432,577,953)		455,822,113
	Convertible Bonds — 0.9%
		United States — 0.9%
	105,000	CalAmp Corp., 1.625%, 5/15/2020		104,213
	190,000	CalAtlantic Group, Inc., 0.250%, 6/01/2019		178,362
	4,000	Chesapeake Energy Corp., 2.500%, 5/15/2037		3,940
	60,000	Chesapeake Energy Corp., 5.500%, 9/15/2026, 144A		62,138
	185,000	Ciena Corp., 3.750%, 10/15/2018, 144A		241,425
	2,290,000	Dish Network Corp., 3.375%, 8/15/2026, 144A		2,766,606
	530,000	Hologic, Inc., (accretes to principal after 3/01/2018), 2.000%, 3/01/2042(j)		738,025
	275,000	Iconix Brand Group, Inc., 1.500%, 3/15/2018		259,875
	603,000	Intel Corp., 3.250%, 8/01/2039		1,053,366
	1,000,000	KB Home, 1.375%, 2/01/2019		1,024,375
	1,690,000	Nuance Communications, Inc., 1.000%, 12/15/2035		1,607,663
	2,095,000	Old Republic International Corp., 3.750%, 3/15/2018		2,787,659
	1,450,000	Priceline Group, Inc. (The), 0.900%, 9/15/2021		1,630,344
	1,650,000	Rovi Corp., 0.500%, 3/01/2020		1,602,331
	40,000	RPM International, Inc., 2.250%, 12/15/2020		48,125
	90,000	Trinity Industries, Inc., 3.875%, 6/01/2036		109,294
		Total Convertible Bonds (Identified Cost $11,770,203)		14,217,741

See accompanying notes to financial statements.

25  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
	Municipals — 0.0%
		United States — 0.0%
$	155,000	State of Illinois, 5.100%, 6/01/2033	$	141,425
	130,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046		108,942
		Total Municipals (Identified Cost $252,205)		250,367
		Total Bonds and Notes (Identified Cost $444,600,361)		470,290,221
	Senior Loans — 0.0%
		United States — 0.0%
	2,121	Dex Media, Inc., Term Loan, 11.000%, 7/29/2021(h)		2,153
	120,000	PowerTeam Services LLC, 2nd Lien Term Loan, 8.397%, 11/06/2020(h)		119,400
		Total Senior Loans (Identified Cost $124,343)		121,553
Shares
	Preferred Stocks — 0.1%
	Convertible Preferred Stocks — 0.1%
		United States — 0.1%
	460	Chesapeake Energy Corp., 5.000%		29,440
	736	Chesapeake Energy Corp., 5.750%		476,560
	40	Chesapeake Energy Corp., 5.750%		25,900
	84	Chesapeake Energy Corp., Series A, 5.750% 144A		54,390
	5,544	El Paso Energy Capital Trust I, 4.750%		277,200
		Total Convertible Preferred Stocks (Identified Cost $714,389)		863,490
	Non-Convertible Preferred Stock — 0.0%
		United States — 0.0%
	2,585	Arconic, Inc., 5.375% (Identified Cost $125,173)		106,114
		Total Preferred Stocks (Identified Cost $839,562)		969,604
Principal Amount (‡)
	Short-Term Investments — 2.7%
$	5,985,000	Federal Home Loan Bank Discount Notes, 0.550%, 4/04/2017(k)		5,984,887
	4,015,000	Federal Home Loan Bank Discount Notes, 0.560%, 4/10/2017(k)		4,014,462
	6,199	Repurchase Agreement with State Street Bank and Trust Company, dated 3/31/2017 at 0.000% to be repurchased at $6,199 on 4/03/2017 collateralized by $6,300 U.S. Treasury Note, 1.500% due 8/31/2018 valued at $6,336 including accrued interest (Note 2 of Notes to Financial Statements)		6,199

See accompanying notes to financial statements.

|  26

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
	Short-Term Investments — continued
$	30,936,259	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2017 at 0.220% to be repurchased at $30,936,826 on 4/03/2017 collateralized by $15,715,000 U.S. Treasury Note, 1.250% due 10/31/2021 valued at $15,333,251; $16,260,000 U.S. Treasury Note, 1.750% due 11/30/2021 valued at $16,224,732 including accrued interest (Note 2 of Notes to Financial Statements)	$	30,936,259
		Total Short-Term Investments (Identified Cost $40,941,622)		40,941,807
		Total Investments — 99.4% (Identified Cost $1,302,951,633)(a)		1,530,273,661
		Other assets less liabilities — 0.6%		9,075,956
		Net Assets — 100.0%	$	1,539,349,617
	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(‡‡)	Security held in units. One unit represents a principal amount of 100. Amount shown represents principal amount including inflation adjustments.
	(†)	See Note 2 of Notes to Financial Statements.
	(††)	Security held in units. One unit represents a principal amount of 1,000. Amount shown represents principal amount including inflation adjustments.
	(†††)	Amount shown represents units. One unit represents a principal amount of 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, 2017, the net unrealized appreciation on investments based on a cost of $1,303,806,307 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	$	240,314,908
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(13,847,554	)
		Net unrealized appreciation	$	226,467,354
	(b)	Non-income producing security.
	(c)	Illiquid security.
	(d)	Fair valued by the Fund’s adviser. At March 31, 2017, the value of these securities amounted to $159,909 or less than 0.01% of net assets. See Note 2 of Notes to Financial Statements.
	(e)	Security (or a portion thereof) has been designated to cover the Fund’s obligations under open derivative contracts.
	(f)	Perpetual bond with no specified maturity date.
	(g)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At March 31, 2017, the value of these securities amounted to $3,031,025 or 0.2% of net assets. See Note 2 of Notes to Financial Statements.
	(h)	Variable rate security. Rate as of March 31, 2017 is disclosed.
	(i)	Treasury Inflation Protected Security (TIPS).
	(j)	Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.
	(k)	Interest rate represents discount rate at time of purchase; not a coupon rate.

See accompanying notes to financial statements.

27  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2017, the value of Rule 144A holdings amounted to $115,580,737 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.
CPI	Consumer Price Index
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
HUF	Hungarian Forint
IDR	Indonesian Rupiah
INR	Indian Rupee
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
RUB	New Russian Ruble
SEK	Swedish Krona
ZAR	South African Rand

At March 31, 2017, 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		6/21/2017	Australian Dollar		3,428,000	$	2,615,273	$	(22,868	)
Sell2		6/21/2017	Brazilian Real		11,000,000		3,452,006		(19,868	)
Buy1		6/21/2017	British Pound		2,370,000		2,974,919		85,640
Sell1		6/21/2017	Canadian Dollar		22,630,000		17,035,155		(267,783	)
Buy3		6/21/2017	Euro		31,475,000		33,701,409		290,854
Buy3		6/21/2017	Euro		3,250,000		3,479,891		(48,167	)
Sell4		6/21/2017	Hungarian Forint		664,945,000		2,304,740		30,683
Sell1		6/21/2017	Indonesian Rupiah		39,600,000,000		2,946,677		(11,605	)
Buy1		6/21/2017	Japanese Yen		2,486,500,000		22,402,232		630,514
Sell5		6/21/2017	Mexican Peso		136,000,000		7,178,243		(404,222	)
Sell1		6/21/2017	New Zealand Dollar		8,162,000		5,710,268		(15,991	)
Sell5		6/21/2017	Norwegian Krone		4,200,000		489,548		8,531
Buy6		6/21/2017	Polish Zloty		14,420,000		3,633,796		(15,601	)
Sell6		6/21/2017	Polish Zloty		14,420,000		3,633,795		(103,375	)
Sell5		6/21/2017	South African Rand		13,500,000		992,825		20,964
Sell5		6/21/2017	Swedish Krona		3,100,000		347,261		(747	)
Total								$	156,959

See accompanying notes to financial statements.

|  28

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

At March 31, 2017, the Fund had the following open forward cross currency contracts:

Settlement Date	Deliver/Units of Currency			Receive/Units of Currency				Unrealized Appreciation (Depreciation)
6/21/2017		Norwegian Krone	14,180,000		Euro	1	1,581,733	$	40,812

¹ Counterparty is Credit Suisse International

² Counterparty is Bank of America, N.A.

³ Counterparty is Morgan Stanley & Co.

⁴ Counterparty is HSBC Bank USA

⁵ Counterparty is UBS AG

⁶ Counterparty is Citibank N.A.

Industry Summary at March 31, 2017 (Unaudited)

Internet Software & Services	9.5	%
Capital Markets	5.8
Treasuries	5.1
Chemicals	4.6
Insurance	4.4
IT Services	4.2
Specialty Retail	4.1
Banking	3.8
Banks	3.6
Aerospace & Defense	3.5
Internet & Direct Marketing Retail	3.1
Hotels, Restaurants & Leisure	2.6
Media	2.5
Food Products	2.4
Industrial Conglomerates	2.3
Household Durables	2.1
Building Products	2.0
Other Investments, less than 2% each	31.1
Short-Term Investments	2.7
Total Investments	99.4
Other assets less liabilities (including forward foreign currency contracts)	0.6
Net Assets	100.0	%

See accompanying notes to financial statements.

29  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Global Equity and Income Fund – (continued)

Currency Exposure Summary at March 31, 2017 (Unaudited)

United States Dollar	74.5	%
Swiss Franc	4.6
Euro	4.4
British Pound	3.5
Canadian Dollar	2.5
Swedish Krona	2.4
Hong Kong Dollar	2.2
Other, less than 2% each	5.3
Total Investments	99.4
Other assets less liabilities (including forward foreign currency contracts)	0.6
Net Assets	100.0	%

See accompanying notes to financial statements.

|  30

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Growth Fund

Shares		Description	Value (†)
	Common Stocks — 98.2% of Net Assets
		Air Freight & Logistics — 5.5%
	2,965,330	Expeditors International of Washington, Inc.	$	167,511,492
	1,265,806	United Parcel Service, Inc., Class B		135,820,984
				303,332,476
		Beverages — 6.7%
	3,937,224	Coca-Cola Co. (The)		167,095,786
	4,420,816	Monster Beverage Corp.(b)		204,109,075
				371,204,861
		Biotechnology — 4.7%
	680,513	Amgen, Inc.		111,651,768
	378,198	Regeneron Pharmaceuticals, Inc.(b)		146,555,507
				258,207,275
		Capital Markets — 4.6%
	590,786	FactSet Research Systems, Inc.		97,426,519
	3,075,474	SEI Investments Co.		155,126,909
				252,553,428
		Communications Equipment — 5.2%
	8,432,855	Cisco Systems, Inc.		285,030,499
		Consumer Finance — 1.4%
	1,012,913	American Express Co.		80,131,547
		Energy Equipment & Services — 2.2%
	1,580,331	Schlumberger Ltd.		123,423,851
		Food Products — 3.2%
	12,776,835	Danone S.A., Sponsored ADR		174,914,871
		Health Care Equipment & Supplies — 2.5%
	440,327	Varex Imaging Corp.(b)		14,794,987
	1,342,060	Varian Medical Systems, Inc.(b)		122,301,928
				137,096,915
		Health Care Technology — 2.3%
	2,114,709	Cerner Corp.(b)		124,450,625
		Hotels, Restaurants & Leisure — 2.8%
	2,192,321	Yum China Holdings, Inc.(b)		59,631,131
	1,446,190	Yum! Brands, Inc.		92,411,541
				152,042,672
		Household Products — 3.2%
	1,975,894	Procter & Gamble Co. (The)		177,534,076
		Internet & Direct Marketing Retail — 7.5%
	465,988	Amazon.com, Inc.(b)		413,117,002
		Internet Software & Services — 17.7%
	2,521,403	Alibaba Group Holding Ltd., Sponsored ADR(b)		271,882,885
	190,769	Alphabet, Inc., Class A(b)		161,733,958
	191,284	Alphabet, Inc., Class C(b)		158,681,555

See accompanying notes to financial statements.

31  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Growth Fund – (continued)

Shares		Description	Value (†)
		Internet Software & Services — continued
	2,694,795	Facebook, Inc., Class A(b)	$	382,795,630
				975,094,028
		IT Services — 5.8%
	493,625	Automatic Data Processing, Inc.		50,542,264
	3,049,559	Visa, Inc., Class A		271,014,308
				321,556,572
		Machinery — 2.5%
	1,274,607	Deere & Co.		138,753,718
		Pharmaceuticals — 6.0%
	1,166,022	Merck & Co., Inc.		74,089,038
	1,446,246	Novartis AG, Sponsored ADR		107,412,690
	4,342,688	Novo Nordisk AS, Sponsored ADR		148,867,345
				330,369,073
		Semiconductors & Semiconductor Equipment — 4.0%
	333,163	Analog Devices, Inc.		27,302,708
	3,342,553	QUALCOMM, Inc.		191,661,989
				218,964,697
		Software — 10.4%
	2,114,654	Autodesk, Inc.(b)		182,854,131
	2,256,911	Microsoft Corp.		148,640,158
	5,460,406	Oracle Corp.		243,588,712
				575,083,001
		Total Common Stocks (Identified Cost $4,714,184,986)		5,412,861,187
Principal Amount
	Short-Term Investments — 1.4%
$	79,766,002	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2017 at 0.220% to be repurchased at $79,767,464 on 4/03/2017 collateralized by $79,865,000 U.S. Treasury Note, 2.250% due 7/31/2021 valued at $81,364,705 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $79,766,002)		79,766,002
		Total Investments — 99.6% (Identified Cost $4,793,950,988)(a)		5,492,627,189
		Other assets less liabilities — 0.4%		19,341,403
		Net Assets — 100.0%	$	5,511,968,592

See accompanying notes to financial statements.

|  32

Portfolio of Investments – as of March 31, 2017 (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, 2017, the net unrealized appreciation on investments based on a cost of $4,793,950,988 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	$	770,502,624
	Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(71,826,423	)
	Net unrealized appreciation	$	698,676,201
(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, 2017 (Unaudited)

Internet Software & Services	17.7	%
Software	10.4
Internet & Direct Marketing Retail	7.5
Beverages	6.7
Pharmaceuticals	6.0
IT Services	5.8
Air Freight & Logistics	5.5
Communications Equipment	5.2
Biotechnology	4.7
Capital Markets	4.6
Semiconductors & Semiconductor Equipment	4.0
Household Products	3.2
Food Products	3.2
Hotels, Restaurants & Leisure	2.8
Machinery	2.5
Health Care Equipment & Supplies	2.5
Health Care Technology	2.3
Energy Equipment & Services	2.2
Consumer Finance	1.4
Short-Term Investments	1.4
Total Investments	99.6
Other assets less liabilities	0.4
Net Assets	100.0	%

See accompanying notes to financial statements.

33  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Value Fund

Shares		Description	Value (†)
	Common Stocks — 98.3% of Net Assets
		Aerospace & Defense — 3.5%
	76,670	Northrop Grumman Corp.	$	18,235,193
	220,264	United Technologies Corp.		24,715,823
				42,951,016
		Automobiles — 1.0%
	207,262	Harley-Davidson, Inc.		12,539,351
		Banks — 14.1%
	1,453,505	Bank of America Corp.		34,288,183
	376,182	Citigroup, Inc.		22,503,207
	542,992	Fifth Third Bancorp		13,791,997
	469,913	JPMorgan Chase & Co.		41,277,158
	220,821	PNC Financial Services Group, Inc. (The)		26,551,517
	616,366	Wells Fargo & Co.		34,306,932
				172,718,994
		Beverages — 1.4%
	157,642	PepsiCo, Inc.		17,633,834
		Building Products — 1.7%
	490,862	Johnson Controls International PLC		20,675,107
		Capital Markets — 2.4%
	132,893	Ameriprise Financial, Inc.		17,233,564
	156,649	State Street Corp.		12,470,827
				29,704,391
		Chemicals — 1.6%
	237,188	E.I. du Pont de Nemours & Co.		19,053,312
		Communications Equipment — 3.5%
	646,362	Cisco Systems, Inc.		21,847,036
	185,197	Harris Corp.		20,606,870
				42,453,906
		Construction Materials — 1.1%
	112,572	Vulcan Materials Co.		13,562,675
		Consumer Finance — 2.4%
	163,342	American Express Co.		12,921,986
	234,242	Discover Financial Services		16,019,810
				28,941,796
		Containers & Packaging — 1.2%
	347,737	Sealed Air Corp.		15,154,379
		Diversified Telecommunication Services — 1.3%
	321,123	Verizon Communications, Inc.		15,654,746
		Electric Utilities — 3.0%
	144,763	NextEra Energy, Inc.		18,583,226
	278,807	PG&E Corp.		18,501,633
				37,084,859

See accompanying notes to financial statements.

|  34

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Value Fund – (continued)

Shares		Description	Value (†)
		Electrical Equipment — 1.1%
	179,760	Eaton Corp. PLC	$	13,329,204
		Energy Equipment & Services — 2.5%
	140,703	Baker Hughes, Inc.		8,416,853
	441,347	Halliburton Co.		21,718,686
				30,135,539
		Food & Staples Retailing — 1.3%
	200,518	CVS Health Corp.		15,740,663
		Food Products — 1.4%
	405,755	Mondelez International, Inc., Class A		17,479,925
		Health Care Equipment & Supplies — 3.5%
	433,487	Abbott Laboratories		19,251,157
	295,853	Medtronic PLC		23,833,918
				43,085,075
		Health Care Providers & Services — 3.9%
	110,847	Aetna, Inc.		14,138,535
	57,899	Humana, Inc.		11,935,300
	135,648	UnitedHealth Group, Inc.		22,247,628
				48,321,463
		Household Durables — 1.2%
	310,127	Newell Brands, Inc.		14,628,691
		Industrial Conglomerates — 1.6%
	157,085	Honeywell International, Inc.		19,615,204
		Insurance — 7.1%
	322,536	American International Group, Inc.		20,135,923
	411,266	FNF Group		16,014,698
	342,701	MetLife, Inc.		18,101,467
	142,149	Travelers Cos., Inc. (The)		17,134,640
	342,997	Unum Group		16,083,129
				87,469,857
		Internet & Direct Marketing Retail — 1.0%
	591,791	Liberty Interactive Corp./QVC Group, Class A(b)		11,847,656
		IT Services — 1.4%
	69,750	Alliance Data Systems Corp.		17,367,750
		Machinery — 1.3%
	253,362	Pentair PLC		15,906,066
		Media — 2.2%
	730,682	Comcast Corp., Class A		27,466,336
		Multiline Retail — 1.1%
	189,798	Dollar General Corp.		13,234,615
		Oil, Gas & Consumable Fuels — 6.8%
	312,897	Anadarko Petroleum Corp.		19,399,614
	222,076	Chevron Corp.		23,844,300

See accompanying notes to financial statements.

35  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Value Fund – (continued)

Shares		Description	Value (†)
		Oil, Gas & Consumable Fuels — continued
	230,303	Hess Corp.	$	11,102,908
	331,477	Marathon Petroleum Corp.		16,752,847
	226,957	Royal Dutch Shell PLC, Sponsored ADR		11,967,443
				83,067,112
		Pharmaceuticals — 6.1%
	73,445	Allergan PLC		17,547,479
	158,428	Eli Lilly & Co.		13,325,379
	283,931	Merck & Co., Inc.		18,040,976
	769,984	Pfizer, Inc.		26,341,153
				75,254,987
		Real Estate Management & Development — 1.1%
	392,756	CBRE Group, Inc., Class A(b)		13,663,981
		REITs – Diversified — 1.9%
	241,806	Outfront Media, Inc.		6,419,949
	493,721	Weyerhaeuser Co.		16,776,640
				23,196,589
		Road & Rail — 1.4%
	151,752	Norfolk Southern Corp.		16,991,671
		Semiconductors & Semiconductor Equipment — 1.4%
	289,421	QUALCOMM, Inc.		16,595,400
		Software — 4.9%
	390,142	Microsoft Corp.		25,694,752
	481,154	Oracle Corp.		21,464,280
	409,174	Symantec Corp.		12,553,458
				59,712,490
		Specialty Retail — 1.1%
	92,302	Advance Auto Parts, Inc.		13,684,695
		Technology Hardware, Storage & Peripherals — 2.4%
	161,912	Apple, Inc.		23,260,278
	201,697	Diebold Nixdorf, Inc.		6,192,098
				29,452,376
		Tobacco — 1.6%
	175,455	Philip Morris International, Inc.		19,808,870
		Wireless Telecommunication Services — 0.8%
	390,230	Vodafone Group PLC, Sponsored ADR		10,313,779
		Total Common Stocks (Identified Cost $899,842,930)		1,205,498,360

See accompanying notes to financial statements.

|  36

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Value Fund – (continued)

Principal Amount		Description	Value (†)
	Short-Term Investments — 0.6%
$	7,658,318	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2017 at 0.220% to be repurchased at $7,658,458 on 4/03/2017 collateralized by $8,085,000 U.S. Treasury Note, 1.125% due 9/30/2021 valued at $7,811,501 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $7,658,318)	$	7,658,318
		Total Investments — 98.9% (Identified Cost $907,501,248)(a)		1,213,156,678
		Other assets less liabilities — 1.1%		13,903,504
		Net Assets — 100.0%	$	1,227,060,182
	(†)	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, 2017, the net unrealized appreciation on investments based on a cost of $907,501,248 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	$	323,394,470
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(17,739,040	)
		Net unrealized appreciation	$	305,655,430
	(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

See accompanying notes to financial statements.

37  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Value Fund – (continued)

Industry Summary at March 31, 2017 (Unaudited)

Banks	14.1	%
Insurance	7.1
Oil, Gas & Consumable Fuels	6.8
Pharmaceuticals	6.1
Software	4.9
Health Care Providers & Services	3.9
Health Care Equipment & Supplies	3.5
Aerospace & Defense	3.5
Communications Equipment	3.5
Electric Utilities	3.0
Energy Equipment & Services	2.5
Capital Markets	2.4
Technology Hardware, Storage & Peripherals	2.4
Consumer Finance	2.4
Media	2.2
Other Investments, less than 2% each	30.0
Short-Term Investments	0.6
Total Investments	98.9
Other assets less liabilities	1.1
Net Assets	100.0	%

See accompanying notes to financial statements.

|  38

Statements of Assets and Liabilities

March 31, 2017 (Unaudited)

	Global Equity and Income Fund			Growth Fund		Value Fund
ASSETS
Investments at cost	$	1,302,951,633		$	4,793,950,988	$	907,501,248
Net unrealized appreciation		227,322,028			698,676,201		305,655,430
Investments at value		1,530,273,661			5,492,627,189		1,213,156,678
Cash		24,956			1,311,264		—
Due from brokers (Note 2)		230,000			—		—
Foreign currency at value (identified cost $3,651,869, $0 and $0, respectively)		3,670,675			—		—
Receivable for Fund shares sold		3,851,430			18,043,345		779,369
Receivable for securities sold		7,762,912			—		36,180,349
Collateral received for open forward foreign currency contracts (Note 4)		1,152,298			—		—
Dividends and interest receivable		6,455,292			8,319,514		969,170
Unrealized appreciation on forward foreign currency contracts (Note 2)		1,107,998			—		—
Tax reclaims receivable		561,053			1,791,744		—
Prepaid expenses (Note 8)		634			1,544		587
TOTAL ASSETS		1,555,090,909			5,522,094,600		1,251,086,153
LIABILITIES
Payable for securities purchased		8,753,106			1,311,446		2,846,629
Payable for Fund shares redeemed		3,516,948			5,990,209		20,184,471
Unrealized depreciation on forward foreign currency contracts (Note 2)		910,227			—		—
Foreign taxes payable (Note 2)		55,184			—		—
Due to brokers (Note 2)		1,152,298			—		—
Management fees payable (Note 6)		1,020,804			2,289,816		545,575
Deferred Trustees’ fees (Note 6)		145,987			188,656		334,216
Administrative fees payable (Note 6)		58,739			205,127		48,437
Payable to distributor (Note 6d)		16,070			56,210		9,491
Other accounts payable and accrued expenses		111,929			84,544		57,152
TOTAL LIABILITIES		15,741,292			10,126,008		24,025,971
NET ASSETS	$	1,539,349,617		$	5,511,968,592	$	1,227,060,182
NET ASSETS CONSIST OF:
Paid-in capital	$	1,317,005,749		$	4,760,426,747	$	865,466,750
Undistributed net investment income		4,582,214			10,050,767		4,077,971
Accumulated net realized gain (loss) on investments, short sales and foreign currency transactions		(9,720,988	)		42,814,877		51,860,031
Net unrealized appreciation on investments and foreign currency translations		227,482,642			698,676,201		305,655,430
NET ASSETS	$	1,539,349,617		$	5,511,968,592	$	1,227,060,182

See accompanying notes to financial statements.

39  |

Statements of Assets and Liabilities (continued)

March 31, 2017 (Unaudited)

	Global Equity and Income Fund			Growth Fund		Value Fund
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	267,302,582		$	853,040,386	$	187,165,797
Shares of beneficial interest		13,614,670			69,859,617		8,523,852
Net asset value and redemption price per share	$	19.63		$	12.21	$	21.96
Offering price per share (100/94.25 of net asset value) (Note 1)	$	20.83		$	12.95	$	23.30
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	369,103,978		$	131,987,486	$	12,019,657
Shares of beneficial interest		19,001,574			11,702,162		553,163
Net asset value and offering price per share	$	19.42		$	11.28	$	21.73
Class N shares:
Net assets	$	1,028		$	147,266,795	$	545,155,503
Shares of beneficial interest		52			11,331,161		24,776,480
Net asset value, offering and redemption price per share	$	19.73	(a)	$	13.00	$	22.00
Class Y shares:
Net assets	$	902,942,029		$	4,379,673,925	$	481,864,851
Shares of beneficial interest		45,761,929			336,854,202		21,870,199
Net asset value, offering and redemption price per share	$	19.73		$	13.00	$	22.03
Admin Class shares:
Net assets	$	—		$	—	$	854,374
Shares of beneficial interest		—			—		38,962
Net asset value, offering and redemption price per share	$	—		$	—	$	21.93

(a) Net asset value calculations have been determined utilizing fractional share and penny amounts.

See accompanying notes to financial statements.

|  40

Statements of Operations

For the Six Months Ended March 31, 2017 (Unaudited)

	Global Equity and Income Fund			Growth Fund			Value Fund
INVESTMENT INCOME
Dividends	$	8,503,248		$	35,731,465		$	13,850,022
Interest		12,637,722			21,242			3,549
Less net foreign taxes withheld		(157,593	)		(1,004,359	)		(96,996	)
		20,983,377			34,748,348			13,756,575
Expenses
Management fees (Note 6)		5,624,513			12,208,728			3,121,131
Service and distribution fees (Note 6)		2,283,260			1,573,508			298,620
Administrative fees (Note 6)		335,301			1,091,886			279,109
Trustees’ fees and expenses (Note 6)		33,696			75,533			40,020
Transfer agent fees and expenses (Notes 6 and 7)		675,991			2,332,298			447,868
Audit and tax services fees		109,197			19,160			19,242
Custodian fees and expenses		106,721			57,325			16,679
Legal fees		15,829			52,097			12,646
Registration fees		74,892			269,246			89,594
Shareholder reporting expenses		50,555			99,673			38,152
Miscellaneous expenses (Note 8)		45,839			79,039			36,092
Total expenses		9,355,794			17,858,493			4,399,153
Less waiver and/or expense reimbursement (Note 6)		(16	)		(415	)		—
Net expenses		9,355,778			17,858,078			4,399,153
Net investment income		11,627,599			16,890,270			9,357,422
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, SHORT SALES AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		(783,259	)		43,872,065			67,428,867
Short sales		—			—			52,980
Foreign currency transactions		(5,392,241	)		—			—
Net change in unrealized appreciation (depreciation) on:
Investments		48,433,547			150,958,282			50,220,541
Short sales		—			—			(2,724	)
Foreign currency translations		(83,045	)		—			—
Net realized and unrealized gain on investments, short sales and foreign currency transactions		42,175,002			194,830,347			117,699,664
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	53,802,601		$	211,720,617		$	127,057,086

See accompanying notes to financial statements.

41  |

Statements of Changes in Net Assets

	Global Equity and Income Fund						Growth Fund
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016
FROM OPERATIONS:
Net investment income	$	11,627,599		$	17,726,830		$	16,890,270		$	20,422,191
Net realized gain (loss) on investments and foreign currency transactions		(6,175,500	)		(11,136,128	)		43,872,065			61,467,333
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		48,350,502			125,656,810			150,958,282			460,433,284
Net increase in net assets resulting from operations		53,802,601			132,247,512			211,720,617			542,322,808
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(3,289,853	)		(2,081,218	)		(2,940,948	)		(638,700	)
Class C		(1,771,656	)		(533,445	)		—			—
Class N		—			—			(688,493	)		(27,613	)
Class Y		(12,428,003	)		(7,355,165	)		(21,181,423	)		(7,860,674	)
Net realized capital gains
Class A		—			(11,445,258	)		(7,024,881	)		—
Class C		—			(18,956,422	)		(1,227,895	)		—
Class N		—			—			(992,374	)		—
Class Y		—			(31,143,894	)		(34,329,938	)		—
Total distributions		(17,489,512	)		(71,515,402	)		(68,385,952	)		(8,526,987	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 12)		(35,967,530	)		233,875,615			974,121,100			2,522,919,151
Net increase in net assets		345,559			294,607,725			1,117,455,765			3,056,714,972
NET ASSETS
Beginning of the period		1,539,004,058			1,244,396,333			4,394,512,827			1,337,797,855
End of the period	$	1,539,349,617		$	1,539,004,058		$	5,511,968,592		$	4,394,512,827
UNDISTRIBUTED NET INVESTMENT INCOME	$	4,582,214		$	10,444,127		$	10,050,767		$	17,971,361

See accompanying notes to financial statements.

|  42

Statements of Changes in Net Assets (continued)

	Value Fund
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016
FROM OPERATIONS:
Net investment income	$	9,357,422		$	27,575,585
Net realized gain on investments and short sales		67,481,847			20,497,235
Net change in unrealized appreciation (depreciation) on investments and securities sold short		50,217,817			85,543,390
Net increase in net assets resulting from operations		127,057,086			133,616,210
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(3,300,870	)		(1,396,913	)
Class C		(110,502	)		(62,920	)
Class N		(10,337,308	)		(9,650,934	)
Class Y		(10,883,174	)		(10,292,470	)
Admin Class		—			(1,221,354	)
Net realized capital gains
Class A		(4,790,308	)		(25,901,132	)
Class B(a)		—			(7,739	)
Class C		(300,799	)		(3,063,203	)
Class N		(12,741,866	)		(118,136,122	)
Class Y		(14,291,711	)		(138,382,558	)
Admin Class		(20,087	)		(18,149,180	)
Total distributions		(56,776,625	)		(326,264,525	)
NET DECREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 12)		(100,251,205	)		(11,555,512	)
Net decrease in net assets		(29,970,744	)		(204,203,827	)
NET ASSETS
Beginning of the period		1,257,030,926			1,461,234,753
End of the period	$	1,227,060,182		$	1,257,030,926
UNDISTRIBUTED NET INVESTMENT INCOME	$	4,077,971		$	19,352,403

(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.

43  |

Financial Highlights

For a share outstanding throughout each period.

	Global Equity and Income Fund—Class A
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of the period	$	19.17		$	18.45		$	19.77		$	18.57		$	17.07		$	14.24
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.15			0.24			0.21			0.28			0.32	(b)		0.35	(c)
Net realized and unrealized gain (loss)		0.55			1.47			(0.37	)		1.49			1.45			2.71
Total from Investment Operations		0.70			1.71			(0.16	)		1.77			1.77			3.06
LESS DISTRIBUTIONS FROM:
Net investment income		(0.24	)		(0.15	)		(0.20	)		(0.33	)		(0.27	)		(0.23	)
Net realized capital gains		—			(0.84	)		(0.96	)		(0.24	)		—			—
Total Distributions		(0.24	)		(0.99	)		(1.16	)		(0.57	)		(0.27	)		(0.23	)
Net asset value, end of the period	$	19.63		$	19.17		$	18.45		$	19.77		$	18.57		$	17.07
Total return(d)		3.70	%(e)		9.64	%		(0.91	)%		9.62	%		10.54	%(b)		21.75	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	267,303		$	280,263		$	246,371		$	237,167		$	251,211		$	216,209
Net expenses		1.19	%(f)		1.17	%		1.18	%		1.17	%		1.18	%		1.21	%
Gross expenses		1.19	%(f)		1.17	%		1.18	%		1.17	%		1.18	%		1.21	%
Net investment income		1.62	%(f)		1.32	%		1.06	%		1.46	%		1.82	%(b)		2.16	%(c)
Portfolio turnover rate		19	%		43	%		48	%		49	%		58	%		29	%

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

(b) Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.27, total return would have been 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.

See accompanying notes to financial statements.

|  44

Financial Highlights (continued)

For a share outstanding throughout each period.

	Global Equity and Income Fund—Class C
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of the period	$	18.89		$	18.19		$	19.51		$	18.36		$	16.90		$	14.10
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.08			0.10			0.06			0.14			0.19	(b)		0.22	(c)
Net realized and unrealized gain (loss)		0.54			1.46			(0.36	)		1.45			1.45			2.70
Total from Investment Operations		0.62			1.56			(0.30	)		1.59			1.64			2.92
LESS DISTRIBUTIONS FROM:
Net investment income		(0.09	)		(0.02	)		(0.06	)		(0.20	)		(0.18	)		(0.12	)
Net realized capital gains		—			(0.84	)		(0.96	)		(0.24	)		—			—
Total Distributions		(0.09	)		(0.86	)		(1.02	)		(0.44	)		(0.18	)		(0.12	)
Net asset value, end of the period	$	19.42		$	18.89		$	18.19		$	19.51		$	18.36		$	16.90
Total return(d)		3.28	%(e)		8.88	%		(1.66	)%		8.72	%		9.77	%(b)		20.83	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	369,104		$	423,350		$	393,416		$	377,001		$	340,561		$	251,366
Net expenses		1.94	%(f)		1.92	%		1.93	%		1.92	%		1.93	%		1.96	%
Gross expenses		1.94	%(f)		1.92	%		1.93	%		1.92	%		1.93	%		1.96	%
Net investment income		0.88	%(f)		0.57	%		0.31	%		0.71	%		1.07	%(b)		1.40	%(c)
Portfolio turnover rate		19	%		43	%		48	%		49	%		58	%		29	%

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

(b) Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.13, 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.

See accompanying notes to financial statements.

45  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Global Equity and Income Fund—Class N
	Period Ended March 31, 2017* (Unaudited)
Net asset value, beginning of the period	$	19.20
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.03
Net realized and unrealized gain (loss)		0.50
Total from Investment Operations		0.53
LESS DISTRIBUTIONS FROM:
Net investment income		—
Net realized capital gains		—
Total Distributions		—
Net asset value, end of the period	$	19.73
Total return(b)(c)		2.76	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1
Net expenses(d)(e)		0.72	%
Gross expenses(e)		10.61	%
Net investment income(e)		0.92	%
Portfolio turnover rate		19	%

* From commencement of Class operations on February 1, 2017 through March 31, 2017.

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

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

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

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

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

See accompanying notes to financial statements.

|  46

Financial Highlights (continued)

For a share outstanding throughout each period.

	Global Equity and Income Fund—Class Y
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of the period	$	19.29		$	18.55		$	19.89		$	18.68		$	17.15		$	14.31
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.18			0.29			0.25			0.33			0.37	(b)		0.40	(c)
Net realized and unrealized gain (loss)		0.54			1.49			(0.37	)		1.49			1.47			2.71
Total from Investment Operations		0.72			1.78			(0.12	)		1.82			1.84			3.11
LESS DISTRIBUTIONS FROM:
Net investment income		(0.28	)		(0.20	)		(0.26	)		(0.37	)		(0.31	)		(0.27	)
Net realized capital gains		—			(0.84	)		(0.96	)		(0.24	)		—			—
Total Distributions		(0.28	)		(1.04	)		(1.22	)		(0.61	)		(0.31	)		(0.27	)
Net asset value, end of the period	$	19.73		$	19.29		$	18.55		$	19.89		$	18.68		$	17.15
Total return		3.84	%(d)		9.97	%		(0.72	)%		9.87	%		10.90	%(b)		21.96	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	902,942		$	835,391		$	604,609		$	633,057		$	570,694		$	460,103
Net expenses		0.94	%(e)		0.92	%		0.93	%		0.92	%		0.93	%		0.96	%
Gross expenses		0.94	%(e)		0.92	%		0.93	%		0.92	%		0.93	%		0.96	%
Net investment income		1.84	%(e)		1.58	%		1.30	%		1.69	%		2.07	%(b)		2.44	%(c)
Portfolio turnover rate		19	%		43	%		48	%		49	%		58	%		29	%

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

(b) Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.31, 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.

See accompanying notes to financial statements.

47  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Growth Fund—Class A
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of the period	$	11.96		$	9.90		$	9.45		$	8.07		$	6.50		$	5.24
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.03			0.06			0.05			0.05			0.04			0.04
Net realized and unrealized gain (loss)		0.38			2.05			0.45			1.34			1.59			1.23
Total from Investment Operations		0.41			2.11			0.50			1.39			1.63			1.27
LESS DISTRIBUTIONS FROM:
Net investment income		(0.05	)		(0.05	)		(0.05	)		(0.01	)		(0.06	)		(0.01	)
Net realized capital gains		(0.11	)		—			—			—			—			—
Total Distributions		(0.16	)		(0.05	)		(0.05	)		(0.01	)		(0.06	)		(0.01	)
Net asset value, end of the period	$	12.21		$	11.96		$	9.90		$	9.45		$	8.07		$	6.50
Total return(b)		3.48	%(c)		21.32	%		5.30	%		17.23	%		25.23	%		24.22	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	853,040		$	729,989		$	122,203		$	63,682		$	50,248		$	33,663
Net expenses		0.92	%(d)		0.92	%		0.92	%		0.94	%		1.03	%		1.07	%
Gross expenses		0.92	%(d)		0.92	%		0.92	%		0.94	%		1.03	%		1.07	%
Net investment income		0.50	%(d)		0.58	%		0.45	%		0.55	%		0.57	%		0.61	%
Portfolio turnover rate		7	%		11	%		27	%(e)		14	%		6	%		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 transfer in-kind amounts that occurred during the period.

See accompanying notes to financial statements.

|  48

Financial Highlights (continued)

For a share outstanding throughout each period.

	Growth Fund—Class C
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of the period	$	11.06		$	9.18		$	8.79		$	7.55		$	6.09		$	4.94
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.01	)		(0.02	)		(0.03	)		(0.02	)		(0.01	)		(0.01	)
Net realized and unrealized gain (loss)		0.34			1.90			0.42			1.26			1.48			1.16
Total from Investment Operations		0.33			1.88			0.39			1.24			1.47			1.15
LESS DISTRIBUTIONS FROM:
Net investment income		—			—			—			—			(0.01	)		—
Net realized capital gains		(0.11	)		—			—			—			—			—
Total Distributions		(0.11	)		—			—			—			(0.01	)		—
Net asset value, end of the period	$	11.28		$	11.06		$	9.18		$	8.79		$	7.55		$	6.09
Total return(b)		3.05	%(c)		20.48	%		4.44	%		16.42	%		24.21	%		23.28	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	131,987		$	109,798		$	41,421		$	29,837		$	20,798		$	10,489
Net expenses		1.67	%(d)		1.66	%		1.67	%		1.69	%		1.78	%		1.82	%
Gross expenses		1.67	%(d)		1.66	%		1.67	%		1.69	%		1.78	%		1.82	%
Net investment loss		(0.25	)%(d)		(0.16	)%		(0.29	)%		(0.20	)%		(0.20	)%		(0.13	)%
Portfolio turnover rate		7	%		11	%		27	%(e)		14	%		6	%		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 transfer in-kind amounts that occurred during the period.

See accompanying notes to financial statements.

49  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Growth Fund—Class N
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Period Ended September 30, 2013*
Net asset value, beginning of the period	$	12.73		$	10.52		$	10.01		$	8.56		$	7.58
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.06			0.10			0.08			0.05			0.03
Net realized and unrealized gain (loss)		0.40			2.18			0.49			1.42			0.95
Total from Investment Operations		0.46			2.28			0.57			1.47			0.98
LESS DISTRIBUTIONS FROM:
Net investment income		(0.08	)		(0.07	)		(0.06	)		(0.02	)		—
Net realized capital gains		(0.11	)		—			—			—			—
Total Distributions		(0.19	)		(0.07	)		(0.06	)		(0.02	)		—
Net asset value, end of the period	$	13.00		$	12.73		$	10.52		$	10.01		$	8.56
Total return		3.68	%(b)		21.75	%		5.65	%(c)		17.21	%(c)		12.93	%(b)(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	147,267		$	60,765		$	1		$	1		$	1
Net expenses		0.58	%(d)		0.58	%		0.55	%(e)		0.95	%(e)		0.95	%(d)(e)
Gross expenses		0.58	%(d)		0.58	%		9.82	%		3.45	%		3.50	%(d)
Net investment income		0.90	%(d)		0.82	%		0.71	%		0.52	%		0.60	%(d)
Portfolio turnover rate		7	%		11	%		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) 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) Portfolio turnover would have been 6% if excluding the transfer in-kind amounts that occurred during the period.

See accompanying notes to financial statements.

|  50

Financial Highlights (continued)

For a share outstanding throughout each period.

	Growth Fund—Class Y
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of the period	$	12.73		$	10.53		$	10.04		$	8.57		$	6.90		$	5.56
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.05			0.10			0.07			0.08			0.05			0.06
Net realized and unrealized gain (loss)		0.40			2.16			0.49			1.42			1.69			1.30
Total from Investment Operations		0.45			2.26			0.56			1.50			1.74			1.36
LESS DISTRIBUTIONS FROM:
Net investment income		(0.07	)		(0.06	)		(0.07	)		(0.03	)		(0.07	)		(0.02	)
Net realized capital gains		(0.11	)		—			—			—			—			—
Total Distributions		(0.18	)		(0.06	)		(0.07	)		(0.03	)		(0.07	)		(0.02	)
Net asset value, end of the period	$	13.00		$	12.73		$	10.53		$	10.04		$	8.57		$	6.90
Total return		3.61	%(b)		21.55	%		5.59	%		17.51	%		25.49	%		24.57	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	4,379,674		$	3,493,961		$	1,174,150		$	1,004,157		$	541,245		$	102,688
Net expenses		0.67	%(c)		0.66	%		0.67	%		0.69	%		0.77	%		0.82	%
Gross expenses		0.67	%(c)		0.66	%		0.67	%		0.69	%		0.77	%		0.82	%
Net investment income		0.75	%(c)		0.82	%		0.69	%		0.79	%		0.68	%		0.87	%
Portfolio turnover rate		7	%		11	%		27	%(d)		14	%		6	%		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 transfer in-kind amounts that occurred during the period.

See accompanying notes to financial statements.

51  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Value Fund—Class A
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of the period	$	20.73		$	23.98		$	28.47		$	25.59		$	20.86		$	16.04
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.13			0.34			0.29			0.45	(b)		0.31			0.27
Net realized and unrealized gain (loss)		2.04			1.80			(1.58	)		4.00			4.70			4.78
Total from Investment Operations		2.17			2.14			(1.29	)		4.45			5.01			5.05
LESS DISTRIBUTIONS FROM:
Net investment income		(0.38	)		(0.28	)		(0.53	)		(0.27	)		(0.28	)		(0.23	)
Net realized capital gains		(0.56	)		(5.11	)		(2.67	)		(1.30	)		—			—
Total Distributions		(0.94	)		(5.39	)		(3.20	)		(1.57	)		(0.28	)		(0.23	)
Net asset value, end of the period	$	21.96		$	20.73		$	23.98		$	28.47		$	25.59		$	20.86
Total return(c)		10.59	%(d)		9.65	%		(5.59	)%		17.97	%(b)		24.35	%		31.71	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	187,166		$	191,909		$	124,662		$	580,092		$	171,327		$	129,572
Net expenses		0.96	%(e)		0.94	%		0.95	%		0.96	%		0.97	%		0.98	%
Gross expenses		0.96	%(e)		0.94	%		0.95	%		0.96	%		0.97	%		0.98	%
Net investment income		1.24	%(e)		1.65	%		1.07	%		1.63	%(b)		1.31	%		1.45	%
Portfolio turnover rate		18	%		15	%		20	%		28	%		24	%		25	%

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

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

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

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

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

See accompanying notes to financial statements.

|  52

Financial Highlights (continued)

For a share outstanding throughout each period.

	Value Fund—Class C
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of the period	$	20.43		$	23.69		$	28.14		$	25.33		$	20.65		$	15.85
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.05			0.20			0.10			0.31	(b)		0.13			0.13
Net realized and unrealized gain (loss)		2.01			1.76			(1.57	)		3.89			4.68			4.74
Total from Investment Operations		2.06			1.96			(1.47	)		4.20			4.81			4.87
LESS DISTRIBUTIONS FROM:
Net investment income		(0.20	)		(0.11	)		(0.31	)		(0.09	)		(0.13	)		(0.07	)
Net realized capital gains		(0.56	)		(5.11	)		(2.67	)		(1.30	)		—			—
Total Distributions		(0.76	)		(5.22	)		(2.98	)		(1.39	)		(0.13	)		(0.07	)
Net asset value, end of the period	$	21.73		$	20.43		$	23.69		$	28.14		$	25.33		$	20.65
Total return(c)		10.18	%(d)		8.85	%		(6.30	)%		17.07	%(b)		23.41	%		30.78	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	12,020		$	11,474		$	15,071		$	16,958		$	15,158		$	9,104
Net expenses		1.71	%(e)		1.69	%		1.70	%		1.71	%		1.72	%		1.73	%
Gross expenses		1.71	%(e)		1.69	%		1.70	%		1.71	%		1.72	%		1.73	%
Net investment income		0.49	%(e)		0.94	%		0.40	%		1.15	%(b)		0.55	%		0.70	%
Portfolio turnover rate		18	%		15	%		20	%		28	%		24	%		25	%

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

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

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

(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.

53  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Value Fund—Class N
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Period Ended September 30, 2013*
Net asset value, beginning of the period	$	20.80		$	24.09		$	28.58		$	25.65		$	22.59
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.17			0.44			0.42			0.63	(b)		0.25
Net realized and unrealized gain (loss)		2.04			1.80			(1.61	)		3.94			2.81
Total from Investment Operations		2.21			2.24			(1.19	)		4.57			3.06
LESS DISTRIBUTIONS FROM:
Net investment income		(0.45	)		(0.42	)		(0.63	)		(0.34	)		—
Net realized capital gains		(0.56	)		(5.11	)		(2.67	)		(1.30	)		—
Total Distributions		(1.01	)		(5.53	)		(3.30	)		(1.64	)		—
Net asset value, end of the period	$	22.00		$	20.80		$	24.09		$	28.58		$	25.65
Total return		10.81	%(c)		10.08	%		(5.23	)%		18.43	%(b)		13.55	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	545,156		$	499,533		$	554,946		$	392,811		$	260,643
Net expenses		0.59	%(d)		0.57	%		0.57	%		0.57	%		0.57	%(d)
Gross expenses		0.59	%(d)		0.57	%		0.57	%		0.57	%		0.57	%(d)
Net investment income		1.62	%(d)		2.11	%		1.55	%		2.28	%(b)		1.50	%(d)
Portfolio turnover rate		18	%		15	%		20	%		28	%		24	%

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

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

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

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

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

See accompanying notes to financial statements.

|  54

Financial Highlights (continued)

For a share outstanding throughout each period.

	Value Fund—Class Y
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of the period	$	20.81		$	24.10		$	28.58		$	25.65		$	20.91		$	16.08
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.16			0.41			0.37			0.60	(b)		0.36			0.32
Net realized and unrealized gain (loss)		2.04			1.79			(1.60	)		3.94			4.72			4.78
Total from Investment Operations		2.20			2.20			(1.23	)		4.54			5.08			5.10
LESS DISTRIBUTIONS FROM:
Net investment income		(0.42	)		(0.38	)		(0.58	)		(0.31	)		(0.34	)		(0.27	)
Net realized capital gains		(0.56	)		(5.11	)		(2.67	)		(1.30	)		—			—
Total Distributions		(0.98	)		(5.49	)		(3.25	)		(1.61	)		(0.34	)		(0.27	)
Net asset value, end of the period	$	22.03		$	20.81		$	24.10		$	28.58		$	25.65		$	20.91
Total return		10.70	%(c)		9.92	%		(5.37	)%		18.27	%(b)		24.65	%		32.05	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	481,865		$	553,259		$	681,109		$	1,303,492		$	1,513,807		$	1,240,093
Net expenses		0.71	%(d)		0.69	%		0.70	%		0.71	%		0.72	%		0.73	%
Gross expenses		0.71	%(d)		0.69	%		0.70	%		0.71	%		0.72	%		0.73	%
Net investment income		1.50	%(d)		1.95	%		1.36	%		2.19	%(b)		1.56	%		1.68	%
Portfolio turnover rate		18	%		15	%		20	%		28	%		24	%		25	%

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

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

(c) 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.

55  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Value Fund—Admin Class
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of the period	$	20.37		$	23.81		$	28.34		$	25.51		$	20.79		$	16.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.10			0.32			0.26			0.30	(b)		0.24			0.22
Net realized and unrealized gain (loss)		2.02			1.69			(1.61	)		4.07			4.71			4.77
Total from Investment Operations		2.12			2.01			(1.35	)		4.37			4.95			4.99
LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.34	)		(0.51	)		(0.24	)		(0.23	)		(0.20	)
Net realized capital gains		(0.56	)		(5.11	)		(2.67	)		(1.30	)		—			—
Total Distributions		(0.56	)		(5.45	)		(3.18	)		(1.54	)		(0.23	)		(0.20	)
Net asset value, end of the period	$	21.93		$	20.37		$	23.81		$	28.34		$	25.51		$	20.79
Total return		10.46	%(c)		9.11	%		(5.83	)%		17.68	%(b)		24.08	%		31.43	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	854		$	854		$	85,387		$	268		$	12		$	2
Net expenses		1.21	%(d)		1.19	%		1.23	%		1.21	%		1.19	%		1.24	%
Gross expenses		1.21	%(d)		1.19	%		1.23	%		1.21	%		1.19	%		1.24	%
Net investment income		0.98	%(d)		1.61	%		1.03	%		1.07	%(b)		1.01	%		1.17	%
Portfolio turnover rate		18	%		15	%		20	%		28	%		24	%		25	%

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

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

(c) 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.

|  56

Notes to Financial Statements

March 31, 2017 (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, Class N (effective February 1, 2017 for Global Equity and Income Fund) and Class Y shares. In addition, the 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, do not convert to any other class of shares, pay higher Rule 12b-1 fees than Class A shares and may be subject to a CDSC of 1.00% if those shares are redeemed within one year of acquisition, except for reinvested distributions. Class N and Class Y shares do not pay a front-end sales charge, a CDSC or Rule 12b-1 fees. Class N shares are offered with an initial minimum investment of $1,000,000. Class Y shares are generally intended for institutional investors with a minimum initial investment of $100,000. Certain categories of investors are exempted from the minimum investment amounts for Class N and Class Y as outlined in the relevant Funds’ prospectus. Admin Class shares do not pay a front-end sales charge or a CDSC, but do pay a Rule 12b-1 fee.

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 and Natixis ETF 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 (such as the Rule 12b-1 fees applicable to Class A, Class C and Admin Class), and transfer agent fees are borne collectively for Class A, Class B, Class C and Admin Class (for Value Fund) and individually for Class N. 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.

57  |

Notes to Financial Statements (continued)

March 31, 2017 (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.

|  58

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

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.

Illiquid securities for which market quotations are readily available and have been evaluated by the adviser are considered and classified as fair valued securities.

As of March 31, 2017, securities held by Global Equity and Income Fund were fair valued as follows:

Equity securities1	Percentage of Net Assets	Securities classified as fair valued	Percentage of Net Assets	Securities fair valued by the Fund’s adviser	Percentage of Net Assets
$267,036,879	17.3%	$3,031,025	0.2%	$159,909	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.

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, if applicable. 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.

59  |

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

c.  Short Sales.  A short sale is a transaction in which a Fund sells a security it does not own, usually in anticipation of a decline in the fair market value of the security. To sell a security short, a Fund typically borrows that security from a prime broker and delivers it to the short sale counterparty. Short sale proceeds are held by the prime broker until the short position is closed out and would be reflected as due from broker in the Statements of Assets and Liabilities. When closing out a short position, a Fund will have to purchase the security it originally sold short. The value of short sales is reflected as a liability in the Statements of Assets and Liabilities and is marked-to-market daily.

d.  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. 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 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.

|  60

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

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

f.  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.

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

61  |

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

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.

There were no when-issued or delayed delivery securities held by the Funds as of March 31, 2017.

h.  Federal and Foreign Income Taxes.  The Trust treats each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund’s tax positions for the open tax years as of March 31, 2017 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.

|  62

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

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 defaulted and/or non-income producing securities, foreign currency gains and losses, paydown gains and losses, contingent payment debt instruments, capital gain and return of capital distributions received, convertible bonds, 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 gains taxes, trust preferred securities, convertible bonds and return of capital distributions received. Amounts of income and capital gain available to be distributed on a tax basis are determined annually, and at other times during the Funds’ fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distribution. Distributions from net investment income and short-term capital gains are considered to be distributed from ordinary income for tax purposes.

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the year ended September 30, 2016 was as follows:

	2016 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
Global Equity and Income Fund	$	13,560,829	$	57,954,573	$	71,515,402
Growth Fund		8,526,987		—		8,526,987
Value Fund		22,731,511		303,533,014		326,264,525

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, 2016, capital loss carryforwards were as follows:

	Global Equity and Income Fund			Growth Fund		Value Fund
Capital loss carryforward:
No expiration date	$	(5,511,225	)	$	—	$	—

63  |

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

As of March 31, 2017, unrealized appreciation (depreciation) on a tax basis was approximately as follows:

	Global Equity and Income Fund			Growth Fund		Value Fund
Unrealized appreciation (depreciation)
Investments	$	231,702,905		$	698,676,201	$	305,655,430
Foreign currency translations		(5,074,937	)		—		—
Total unrealized appreciation	$	226,627,968		$	698,676,201	$	305,655,430

Amounts exclude certain adjustments that will be made at the end of the Funds’ 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, 2017, 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.  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

|  64

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

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, 2017, none of the Funds had loaned securities under this agreement.

l.  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.

m.  New Accounting Pronouncement.  In October 2016, the SEC adopted amendments to rules under the Investment Company Act of 1940 (“final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. The final rules amend Regulation S-X and require funds to provide standardized, enhanced derivative disclosures in fund financial statements in a format designed for individual investors. The amendments to Regulation S-X also update the disclosures for other investments, including investments in and advances to affiliates, and amend the rules regarding the general form and content of fund financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the amendments and the impact, if any, on the Funds’ financial statements.

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.

65  |

Notes to Financial Statements (continued)

March 31, 2017 (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, 2017, at value:

Global Equity and Income Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Common Stocks
Belgium	$	—	$	24,803,339	$	—		$	24,803,339
France		—		28,036,133		—			28,036,133
Hong Kong		—		33,385,194		—			33,385,194
India		13,019,903		7,988,238		—			21,008,141
Japan		—		13,897,562		—			13,897,562
Sweden		—		37,683,462		—			37,683,462
Switzerland		—		70,250,019		—			70,250,019
United Kingdom		—		50,992,932		—			50,992,932
United States		669,899,846		—		1,809	(b)		669,901,655
All Other Common Stocks(a)		67,992,039		—		—			67,992,039
Total Common Stocks		750,911,788		267,036,879		1,809			1,017,950,476

|  66

Notes to Financial Statements (continued)

March 31, 2017 (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	$	36,155	$	255,176,139	$	158,100	(b)	$	255,370,394
All Other Non-Convertible Bonds(a)		—		200,451,719		—			200,451,719
Total Non-Convertible Bonds		36,155		455,627,858		158,100			455,822,113
Convertible Bonds(a)		—		14,217,741		—			14,217,741
Municipals(a)		—		250,367		—			250,367
Total Bonds and Notes		36,155		470,095,966		158,100			470,290,221
Senior Loans(a)		—		121,553		—			121,553
Preferred Stocks
Convertible Preferred Stocks(a)		277,200		586,290		—			863,490
Non-Convertible Preferred Stock		106,114		—		—			106,114
Total Preferred Stocks		383,314		586,290		—			969,604
Short-Term Investments		—		40,941,807		—			40,941,807
Forward Foreign Currency Contracts (unrealized appreciation)		—		1,107,998		—			1,107,998
Total	$	751,331,257	$	779,890,493	$	159,909		$	1,531,381,659

Liability Valuation Inputs

Description	Level 1		Level 2			Level 3		Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—	$	(910,227	)	$	—	$	(910,227	)

(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.

For the six months ended March 31, 2017, there were no transfers among Levels 1, 2 and 3.

67  |

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

Growth Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	5,412,861,187	$	—	$	—	$	5,412,861,187
Short-Term Investments		—		79,766,002		—		79,766,002
Total	$	5,412,861,187	$	79,766,002	$	—	$	5,492,627,189

(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, 2017, there were no transfers among Levels 1, 2 and 3.

Value Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	1,205,498,360	$	—	$	—	$	1,205,498,360
Short-Term Investments		—		7,658,318		—		7,658,318
Total	$	1,205,498,360	$	7,658,318	$	—	$	1,213,156,678

(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, 2017, there were no transfers among Levels 1, 2 and 3.

|  68

Notes to Financial Statements (continued)

March 31, 2017 (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, 2016 and/or March 31, 2017:

Global Equity and Income Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2016			Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Purchases
Common Stocks
United States	$	1,332		$	—	$	—	$	477		$	—
Bonds and Notes
Non-Convertible Bonds
United States		118,622			2,306		1,150		43,124			—
Warrants		3,776			—		5,273		(3,776	)		—
Total	$	123,730		$	2,306	$	6,423	$	39,825		$	—
Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3		Balance as of March 31, 2017			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2017
Common Stocks
United States	$	—		$	—	$	—	$	1,809		$	477
Bonds and Notes
Non-Convertible Bonds
United States		(7,102	)		—		—		158,100			44,194
Warrants		(5,273	)		—		—		—			—
Total	$	(12,375	)	$	—	$	—	$	159,909		$	44,671

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.

69  |

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

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, 2017, 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, 2017, as reflected within the Statements of Assets and Liabilities

Assets	Unrealized appreciation on forward foreign currency contracts
Over-the-counter asset derivatives
Foreign exchange contracts	$	1,107,998
Liabilities	Unrealized depreciation on forward foreign currency contracts
Over-the-counter liability derivatives
Foreign exchange contracts	$	(910,227	)

Transactions in derivative instruments for Global Equity and Income Fund during the six months ended March 31, 2017 as reflected within the Statements of Operations were as follows:

Net Realized Gain (Loss) on:	Foreign currency transactions1
Foreign exchange contracts	$	(5,191,622	)

Net Change in Unrealized Appreciation (Depreciation) on:	Foreign currency translations1
Foreign exchange contracts	$	(119,097	)

1 Represents realized gain (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

|  70

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

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

The volume of forward foreign currency contract activity, as a percentage of net assets, for Global Equity and Income Fund, based on gross month-end notional amounts outstanding during the period, including long and short positions at absolute value, was as follows for the six months ended March 31, 2017:

Global Equity and Income Fund	Forwards
Average Notional Amount Outstanding		8.17	%
Highest Notional Amount Outstanding		9.14	%
Lowest Notional Amount Outstanding		7.09	%
Notional Amount Outstanding as of March 31, 2017		7.55	%

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 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.

71  |

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

As of March 31, 2017, 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	$	756,966		$	(318,247	)	$	438,719		$	(438,719	)	$	—
HSBC Bank USA		30,683			—			30,683			—			30,683
Morgan Stanley & Co.		290,854			(48,167	)		242,687			(242,687	)		—
UBS AG		29,495			(29,495	)		—			—			—
	$	1,107,998		$	(395,909	)	$	712,089		$	(681,406	)	$	30,683
Counterparty	Gross Amounts of Liabilities			Offset Amount			Net Liability Balance			Collateral (Received)/ Pledged			Net Amount
Bank of America, N.A.	$	(19,868	)	$	—		$	(19,868	)	$	—		$	(19,868	)
Citibank N.A.		(118,976	)		—			(118,976	)		—			(118,976	)
Credit Suisse International		(318,247	)		318,247			—			—			—
Morgan Stanley & Co.		(48,167	)		48,167			—			—			—
UBS AG		(404,969	)		29,495			(375,474	)		230,000			(145,474	)
	$	(910,227	)	$	395,909		$	(514,318	)	$	230,000		$	(284,318	)

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

Counterparty risk is managed based on policies and procedures established by the Fund’s adviser. Such policies and procedures may include, but are not limited to, minimum counterparty credit rating requirements, monitoring of counterparty credit default swap spreads and posting of collateral. The Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the Fund’s aggregated unrealized gains and the amount of any collateral pledged to the counterparty, which may be offset by any collateral posted to the Fund by the

|  72

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

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, 2017:

Fund	Maximum Amount of Loss - Gross		Maximum Amount of Loss - Net
Global Equity and Income Fund	$	1,337,998	$	30,683

These amounts include cash received as collateral for Global Equity and Income Fund of $1,152,298.

5.  Purchases and Sales of Securities.  For the six months ended March 31, 2017, 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	$	230,179,692	$	273,299,124
Growth Fund		1,232,950,358		335,478,710
Value Fund		220,494,873		364,933,798

For the six months ended March 31, 2017, purchases and sales of U.S. Government/Agency securities by the Global Equity and Income Fund were $42,620,907 and $47,496,938, respectively.

73  |

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

6.  Management Fees and Other Transactions with Affiliates.

a.  Management Fees.  Loomis, Sayles & Company, L.P. (“Loomis Sayles”) serves as investment adviser to each Fund. Separate management agreements for each Fund in effect for the six months ended March 31, 2017, 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, 2018, may be terminated before then only with the consent of the Funds’ Board of Trustees and are reevaluated on an annual basis. Management fees payable, as reflected on the Statements of Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to these undertakings. Waivers/reimbursements that exceed management fees payable are reflected on the Statements of Assets and Liabilities as receivable from investment adviser.

For the six months ended March 31, 2017 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 C			Class N			Class Y			Admin Class
Global Equity and Income Fund		1.25	%		2.00	%		0.95	%		1.00	%		—
Growth Fund		1.25	%		2.00	%		0.95	%		1.00	%		—
Value Fund		1.10	%		1.85	%		0.80	%		0.85	%		1.35	%

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

|  74

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

For the six months ended March 31, 2017, the management fees for each Fund were as follows:

Fund	Gross Management Fees		Percentage of Average Daily Net Assets
Global Equity and Income Fund	$	5,624,513		0.75	%
Growth Fund		12,208,728		0.50	%
Value Fund		3,121,131		0.50	%

No expenses were recovered for any of the Funds during the six months ended March 31, 2017 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, 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 C shares (the “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 C Plans, each Fund pays NGAM Distribution a monthly service fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund’s Class C shares, as compensation for services provided by NGAM Distribution in providing personal services to investors in Class C shares and/or the maintenance of shareholder accounts.

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

75  |

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

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, 2017, the service and distribution fees for each Fund were as follows:

	Service Fees						Distribution Fees
Fund	Class A		Class C		Admin Class		Class C		Admin Class
Global Equity and Income Fund	$	331,206	$	488,014	$	—	$	1,464,040	$	—
Growth Fund		969,729		150,945		—		452,834		—
Value Fund		237,067		14,893		990		44,680		990

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

For the six months ended March 31, 2017, the administrative fees for each Fund were as follows:

Fund	Administrative Fees
Global Equity and Income Fund	$	335,301
Growth Fund		1,091,886
Value Fund		279,109

|  76

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

d.   Sub-Transfer Agent Fees.  NGAM Distribution has entered into agreements, which include servicing agreements, with financial intermediaries that provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries that hold positions in the Funds and has agreed to compensate the intermediaries for providing those services. Intermediaries transact with the Funds primarily through the use of omnibus accounts on behalf of their customers who hold positions in the Funds. These services would have been provided by the Funds’ transfer agent and other service providers if the shareholders’ accounts were maintained directly at the Funds’ transfer agent. Accordingly, the Funds have agreed to reimburse NGAM Distribution for all or a portion of the servicing fees paid to these intermediaries. The reimbursement amounts (sub-transfer agent fees) paid to NGAM Distribution are subject to a current per-account equivalent fee limit approved by the Funds’ Board 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, 2017, 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	$	641,039
Growth Fund		2,218,576
Value Fund		406,085

As of March 31, 2017, 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	$	16,070
Growth Fund		56,210
Value Fund		9,491

Sub-transfer agent fees attributable to Class A, 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.

77  |

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

e.  Commissions.  Commissions (including CDSCs) on Fund shares retained by NGAM Distribution during the six months ended March 31, 2017, were as follows:

Fund	Commissions
Global Equity and Income Fund	$	63,536
Growth Fund		89,831
Value Fund		2,508

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.

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.

|  78

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

g.  Affiliated Ownership.  As of March 31, 2017, 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 Funds’ net assets:

Fund	Pension Plan			Retirement Plan			Total Affiliated Ownership
Global Equity and Income Fund		0.80	%		1.05	%		1.85	%
Growth Fund		0.19	%		0.73	%		0.92	%
Value Fund		0.85	%		2.16	%		3.01	%

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 and Global Equity and Income Fund to reimburse any and all transfer agency expenses for the Funds’ Class N shares. This undertaking is in effect through January 31, 2018 and is not subject to recovery under the expense limitation agreement described above.

For the six months ended March 31, 2017, NGAM Advisors reimbursed the Funds for transfer agency expenses as follows:

Fund	Reimbursement of Transfer Agency Expenses
	Class N
Global Equity and Income Fund	$	16
Growth Fund		415

7.  Class-Specific Transfer Agent Fees and Expenses.  For the six months ended March 31, 2017, 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 C		Class N		Class Y		Admin Class
Global Equity and Income Fund	$	119,309	$	175,603	$	16	$	381,063	$	—
Growth Fund		379,427		59,073		415		1,893,383		—
Value Fund		114,938		7,228		946		324,275		481

Transfer agent fees and expenses attributable to Class A, 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.

8.  Line of Credit.  Each Fund, together with certain other funds of Natixis Funds Trusts and Loomis Sayles Funds Trusts, entered into a 364-day, $400,000,000 syndicated,

79  |

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

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 at a rate equal to the greater of the eurodollar or the federal funds rate plus 1.00%. In addition, a commitment fee of 0.10% per annum, payable on the last business day of each month, 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, which are being amortized over a period of 364 days and are reflected as miscellaneous expenses on the Statements of Operations. The unamortized balance is reflected as prepaid expenses on the Statements of Assets and Liabilities.

Effective April 13, 2017, the commitment fee is 0.15% per annum based on the average daily unused portion of the line of credit.

For the six months ended March 31, 2017, none of the Funds had borrowings under this agreement.

9.  Brokerage Commission Recapture.  Each Fund has entered into agreements with certain brokers whereby the brokers will rebate a portion of brokerage commissions. All amounts rebated by the brokers are returned to the Funds under such agreements and are included in realized gains on investments on the Statements of Operations. For the six months ended March 31, 2017, amounts rebated under these agreements were as follows:

Fund	Rebates
Global Equity and Income Fund	$	18,348
Growth Fund		43,074
Value Fund		36,322

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

11.  Concentration of Ownership.  From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of March 31, 2017, based on management’s evaluation of the shareholder account base, the Funds had accounts representing controlling ownership of more than 5% of the Funds’ total outstanding shares. The number of such accounts, based on

|  80

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

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

Fund	Number of 5% Account Holders		Percentage of Ownership
Global Equity and Income Fund		—		—
Growth Fund		2		16.78	%
Value Fund		3		45.89	%

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

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

		Six Months Ended March 31, 2017					Year Ended September 30, 2016
Global Equity and Income Fund		Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares		1,756,209		$	33,514,150		6,518,060		$	118,574,424
Issued in connection with the reinvestment of distributions		140,170			2,609,969		577,893			10,419,401
Redeemed		(2,901,090	)		(55,005,177	)	(5,833,275	)		(106,983,972	)
Net change		(1,004,711	)	$	(18,881,058	)	1,262,678		$	22,009,853
Class C
Issued from the sale of shares		834,439		$	15,667,218		5,118,112		$	92,412,220
Issued in connection with the reinvestment of distributions		55,158			1,018,222		632,650			11,305,458
Redeemed		(4,303,153	)		(80,877,190	)	(4,961,383	)		(89,655,498	)
Net change		(3,413,556	)	$	(64,191,750	)	789,379		$	14,062,180
Class N(a)
Issued from the sale of shares		52		$	1,000		—		$	—
Net change		52		$	1,000		—		$	—
Class Y
Issued from the sale of shares		8,526,956		$	162,982,761		20,904,782		$	383,282,778
Issued in connection with the reinvestment of distributions		520,438			9,732,190		1,658,138			30,028,870
Redeemed		(6,590,219	)		(125,610,673	)	(11,843,072	)		(215,508,066	)
Net change		2,457,175		$	47,104,278		10,719,848		$	197,803,582
Increase (decrease) from capital share transactions		(1,961,040	)	$	(35,967,530	)	12,771,905		$	233,875,615
	��

(a) From commencement of Class operations on February 1, 2017 through March 31, 2017.

81  |

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

12.  Capital Shares (continued).

	Six Months Ended March 31, 2017					Year Ended September 30, 2016
Growth Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	16,422,294		$	190,809,392		56,665,269		$	606,177,061
Issued in connection with the reinvestment of distributions	786,554			8,974,583		45,231			484,871
Redeemed	(8,369,429	)		(98,407,140	)	(8,031,026	)		(87,510,712	)
Net change	8,839,419		$	101,376,835		48,679,474		$	519,151,220
Class B(a)
Issued from the sale of shares	—		$	—		—		$	—
Redeemed	—			—		(2,435	)		(23,311	)
Net change	—		$	—		(2,435	)	$	(23,311	)
Class C
Issued from the sale of shares	3,334,915		$	35,818,597		7,094,313		$	72,448,712
Issued in connection with the reinvestment of distributions	68,092			719,057		—			—
Redeemed	(1,632,159	)		(17,662,961	)	(1,673,262	)		(16,737,009	)
Net change	1,770,848		$	18,874,693		5,421,051		$	55,711,703
Class N
Issued from the sale of shares	7,132,491		$	88,003,315		4,862,039		$	58,891,254
Issued in connection with the reinvestment of distributions	138,457			1,680,867		2,429			27,613
Redeemed	(712,117	)		(8,938,189	)	(92,271	)		(1,120,395	)
Net change	6,558,831		$	80,745,993		4,772,197		$	57,798,472
Class Y
Issued from the sale of shares	142,639,510		$	1,771,809,756		211,348,667		$	2,459,280,818
Issued in connection with the reinvestment of distributions	2,860,266			34,723,626		485,301			5,527,574
Redeemed	(83,039,211	)		(1,033,409,803	)	(48,951,026	)		(574,527,325	)
Net change	62,460,565		$	773,123,579		162,882,942		$	1,890,281,067
Increase (decrease) from capital share transactions	79,629,663		$	974,121,100		221,753,229		$	2,522,919,151

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

|  82

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

12.  Capital Shares (continued).

	Six Months Ended March 31, 2017					Year Ended September 30, 2016
Value Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	365,384		$	7,895,539		5,405,331		$	108,937,619
Issued in connection with the reinvestment of distributions	349,224			7,462,922		1,230,998			24,706,134
Redeemed	(1,448,350	)		(31,139,810	)	(2,577,346	)		(52,841,200	)
Net change	(733,742	)	$	(15,781,349	)	4,058,983		$	80,802,553
Class B(a)
Issued from the sale of shares	—		$	—		—		$	—
Issued in connection with the reinvestment of distributions	—			—		370			7,734
Redeemed	—			—		(2,824	)		(60,701	)
Net change	—		$	—		(2,454	)	$	(52,967	)
Class C
Issued from the sale of shares	98,006		$	2,095,486		122,952		$	2,535,303
Issued in connection with the reinvestment of distributions	14,244			301,816		113,598			2,260,606
Redeemed	(120,678	)		(2,569,636	)	(311,075	)		(6,355,498	)
Net change	(8,428	)	$	(172,334	)	(74,525	)	$	(1,559,589	)
Class N
Issued from the sale of shares	5,015,816		$	107,853,698		6,545,776		$	134,293,918
Issued in connection with the reinvestment of distributions	1,078,970			23,079,174		6,367,068			127,787,057
Redeemed	(5,338,276	)		(113,359,212	)	(11,927,955	)		(242,790,215	)
Net change	756,510		$	17,573,660		984,889		$	19,290,760
Class Y
Issued from the sale of shares	3,165,089		$	68,312,618		6,678,218		$	137,583,491
Issued in connection with the reinvestment of distributions	1,131,793			24,254,316		6,872,653			138,277,784
Redeemed	(8,720,246	)		(188,084,543	)	(15,223,159	)		(315,369,325	)
Redeemed in-kind (Note 13)	(292,779	)		(6,300,603	)	—			—
Net change	(4,716,143	)	$	(101,818,212	)	(1,672,288	)	$	(39,508,050	)
Admin Class
Issued from the sale of shares	5,513		$	119,096		303,761		$	6,542,562
Issued in connection with the reinvestment of distributions	—			2		972,040			19,256,108
Redeemed	(8,493	)		(172,068	)	(4,819,733	)		(96,326,889	)
Net change	(2,980	)	$	(52,970	)	(3,543,932	)	$	(70,528,219	)
Increase (decrease) from capital share transactions	(4,704,783	)	$	(100,251,205	)	(249,327	)	$	(11,555,512	)

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

83  |

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

13.  Redemption In-Kind.  In certain circumstances, a Fund may distribute portfolio securities rather than cash as payment for redemption of Fund shares (redemption in-kind). For financial reporting purposes, the Fund will recognize a gain on in-kind redemptions to the extent the value of the distributed securities on the date of redemption exceeds the cost of those securities; the Fund will recognize a loss if the cost exceeds value. Gains and losses realized on redemptions in-kind are not recognized for tax purposes, and are re-classified from realized gain (loss) to paid-in capital. The Value Fund realized a gain of $1,760,315 on redemptions in-kind during the six months ended March 31, 2017. This amount is included in realized gain (loss) on the Statements of Operations.

14.  Subsequent Event.  In order to preserve the investment team’s ability to efficiently manage future cash flow, Loomis Sayles, in consultation with NGAM Distribution, has concluded that it is in the best interest of current shareholders to close Growth Fund to new investors effective at the close of business April 28, 2017. After this date, Growth Fund will be available for purchase only by existing shareholders and clients of registered investment advisers and registered representatives trading through intermediary programs/platforms on which the Fund is already available.

New defined contribution and defined benefit plans will be permitted to invest in the Fund if they have started the process of adding the Fund as an investment option based on discussions with Loomis Sayles prior to April 28, 2017 and the Fund has been added to the plan line-up by December 31, 2017.

|  84

SEMIANNUAL REPORT

March 31, 2017

Loomis Sayles High Income Fund

Loomis Sayles Intermediate Duration Bond Fund

Loomis Sayles Limited Term Government

and Agency Fund

TABLE OF CONTENTS

Portfolio Review  page 1

Portfolio of Investments  page 11

Financial Statements  page  51

Notes to Financial Statements  page 67

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 N    LSHNX
	Class Y    NEHYX

Investment Goal

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

1  |

Average Annual Total Returns — March 31, 2017⁴

																Expense Ratios5
	6 Months			1 Year			5 Years			10 Years			Life of Class N			Gross			Net
Class Y (Inception 2/29/08)1
NAV		4.44	%		16.45	%		6.41	%		6.27	%		—	%		0.89	%		0.85	%
Class A (Inception 2/22/84)
NAV		4.29			16.11			6.17			6.04			—			1.14			1.10
With 4.25% Maximum Sales Charge		-0.19			11.18			5.23			5.59			—
Class C (Inception 3/2/98)
NAV		3.88			15.20			5.36			5.24			—			1.89			1.85
With CDSC2		2.88			14.20			5.36			5.24			—
Class N (Inception 11/30/16)
NAV		—			—			—			—			4.92			0.77			0.77
Comparative Performance
Bloomberg Barclays U.S. Corporate High-Yield Bond Index3		4.50			16.39			6.82			7.46			1.13

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit ngam.natixis.com. Performance for other share classes will be greater or less than shown based on differences in fees and sales charges. You may not invest directly in an index. 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. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares.

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 The Bloomberg Barclays U.S. Corporate High-Yield Bond Index measures the market of USD-denominated, non-investment grade, fixed-rate, taxable corporate bonds. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB /BB or below, excluding emerging market debt. The Bloomberg Barclays U.S. Corporate High-Yield Bond Index was created in 1986, with history backfilled to July 1, 1983, and rolls up into the Bloomberg Barclays U.S. Universal and Global High-Yield Indices. You may not invest directly in an index.

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

5 As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses (with certain exceptions) once the expense cap of the Fund has been exceeded. This arrangement is set to expire on 1/31/18. When an expense cap has not been exceeded, the Fund may have similar expense ratios.

|  2

LOOMIS SAYLES INTERMEDIATE DURATION BOND FUND

Managers	Symbols
Christopher T. Harms	Class A    LSDRX
Clifton V. Rowe, CFA®	Class C    LSCDX
Kurt L. Wagner, CFA®, CIC	Class Y    LSDIX

Investment Goal

The Fund’s investment objective is above-average total return through a combination of current income and capital appreciation.

3  |

Average Annual Total Returns — March 31, 2017^4,5

													Expense Ratios6
	6 Months			1 Year			5 Years			10 Years			Gross			Net
Class Y (Inception 1/28/98)1
NAV		-1.08	%		1.32	%		2.46	%		4.57	%		0.47	%		0.40	%
Class A (Inception 5/28/10)1
NAV		-1.11			1.16			2.22			4.32			0.72			0.65
With 4.25% Maximum Sales Charge		-5.34			-3.13			1.33			3.86
Class C (Inception 8/31/16)1
NAV		-1.55			0.46			1.39			3.37			1.56			1.40
With CDSC2		-2.53			-0.52			1.39			3.37
Comparative Performance
Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index3		-1.30			0.42			1.88			3.76

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit ngam.natixis.com. Performance for other share classes will be greater or less than shown based on differences in fees and sales charges. You may not invest directly in an index. 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. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares.

1 Effective August 31, 2016, the Fund’s Retail Class shares and Institutional Class shares were redesignated as Class A shares and Class Y shares, respectively. Accordingly, the returns shown in the table for Class A shares prior to August 31, 2016 are those of Retail Class shares, restated to reflect the sales loads of Class A shares, and the returns in the table for Class Y shares prior to August 31, 2016 are those of Institutional Class shares. Prior to the inception of Retail Class shares (May 28, 2010), performance is that of Institutional Class shares, restated to reflect the higher net expenses and sales loads of Class A shares. Prior to the inception of Class C shares (August 31, 2016), performance is that of Retail Class shares, restated to reflect the higher net expenses and sales loads of Class C shares.

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

3 The Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index includes securities in the intermediate maturity range with in the Government and Credit Indices. The Government Index includes treasuries (i.e., public obligations of the U.S. Treasury that have remaining maturities of more than one year) and agencies (i.e., publicly issued debt of U.S. Government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. Government). The Credit Index includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements. You may not invest directly in an index.

4 The Fund revised its investment strategy on May 28, 2010; performance may have been different had the current investment strategy been in place for all periods shown.

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

6 As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses (with certain exceptions) once the expense cap of the Fund has been exceeded. This arrangement is set to expire on 1/31/18. When an expense cap has not been exceeded, the Fund may have similar expense ratios.

|  4

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 N    LGANX
Loomis, Sayles & Company, L.P.	Class Y    NELYX

Investment Goal

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

5  |

Average Annual Total Returns — March 31, 2017³

																Expense Ratios4
	6 Months			1 Year			5 Years			10 Years			Life of Class N			Gross			Net
Class Y (Inception 3/31/94)
NAV		-0.55	%		0.20	%		1.10	%		3.14	%		—	%		0.52	%		0.52	%
Class A (Inception 1/3/89)
NAV		-0.60			0.04			0.85			2.89			—			0.77			0.77
With 2.25% Maximum Sales Charge		-2.79			-2.25			0.40			2.66			—
Class C (Inception 12/30/94)
NAV		-0.97			-0.71			0.10			2.13			—			1.52			1.52
With CDSC1		-1.95			-1.69			0.10			2.13			—
Class N (Inception 2/1/17)
NAV		—			—			—			—			0.30			0.44			0.44
Comparative Performance
Bloomberg Barclays U.S. 1-5 Year Government Bond Index2		-0.75			-0.13			0.90			2.65			0.24

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit ngam.natixis.com. Performance for other share classes will be greater or less than shown based on differences in fees and sales charges. You may not invest directly in an index. 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. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares.

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

2 The Bloomberg Barclays U.S. 1-5 Year Government Bond Index is a subindex of the Bloomberg Barclays U.S. Government Index, which is composed of the Bloomberg Barclays U.S. Treasury and U.S. Agency Indices. The Bloomberg Barclays U.S. Government Index includes Treasuries (public obligations of the U.S. Treasury that have remaining maturities of more than one year) and U.S. agency debentures (publicly issued debt of U.S. government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. government). The Bloomberg Barclays U.S. Government Index is a component of the Bloomberg Barclays U.S. Government/Credit Index and the Bloomberg Barclays U.S. Aggregate Index.

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

4 As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses (with certain exceptions) once the expense cap of the Fund has been exceeded. This arrangement is set to expire on 1/31/18. When an expense cap has not been exceeded, the Fund may have similar expense ratios.

|  6

ADDITIONAL INFORMATION

All investing involves risk, including the risk of loss. There is no assurance that any investment will meet its performance objectives or that losses will be avoided.

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 funds voted proxies relating to portfolio securities the most recent 12-month period ended June 30 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.

7  |

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. 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, 2016 through March 31, 2017. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example $8,600 account value divided by $1,000 = 8.6) and multiply the result by the number in the Expenses Paid During Period column as shown below for your class.

The second line in the table of each 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.

|  8

LOOMIS SAYLES HIGH INCOME FUND	BEGINNING ACCOUNT VALUE 10/1/2016		ENDING ACCOUNT VALUE 3/31/2017		EXPENSES PAID DURING PERIOD 10/1/2016 – 3/31/2017
Class A
Actual		$1,000.00		$1,042.90		$5.60	1
Hypothetical (5% return before expenses)		$1,000.00		$1,019.45		$5.54	*
Class C
Actual		$1,000.00		$1,038.80		$9.40	1
Hypothetical (5% return before expenses)		$1,000.00		$1,015.71		$9.30	*
Class N
Actual		$1,000.00		$1,049.20		$2.51	2
Hypothetical (5% return before expenses)		$1,000.00		$1,021.24		$3.73	*
Class Y
Actual		$1,000.00		$1,044.40		$4.33	1
Hypothetical (5% return before expenses)		$1,000.00		$1,020.69		$4.28	*

* Hypothetical expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.10%, 1.85%, 0.74% and 0.85% 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 (182), divided by 365 (to reflect the half-year period).

¹  Actual expenses for Class A, C and Y are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.10%, 1.85% and 0.85%, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

²  Class N commenced operations on November 30, 2016. Actual expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): of 0.74%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal period (121), divided by 365 (to reflect the partial period).

LOOMIS SAYLES INTERMEDIATE DURATION BOND FUND	BEGINNING ACCOUNT VALUE 10/1/2016		ENDING ACCOUNT VALUE 3/31/2017		EXPENSES PAID DURING PERIOD* 10/1/2016 – 3/31/2017
Class A
Actual		$1,000.00		$988.90		$3.22
Hypothetical (5% return before expenses)		$1,000.00		$1,021.69		$3.28
Class C
Actual		$1,000.00		$984.50		$6.93
Hypothetical (5% return before expenses)		$1,000.00		$1,017.95		$7.04
Class Y
Actual		$1,000.00		$989.20		$1.98
Hypothetical (5% return before expenses)		$1,000.00		$1,022.94		$2.02

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.65%, 1.40% and 0.40% for Class A, C and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

9  |

LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND	BEGINNING ACCOUNT VALUE 10/1/2016			ENDING ACCOUNT VALUE 3/31/2017		EXPENSES PAID DURING PERIOD 10/1/2016 – 3/31/2017
Class A
Actual		$1,000.00			$994.00		$3.98	1
Hypothetical (5% return before expenses)		$1,000.00			$1,020.94		$4.03	*
Class C
Actual		$1,000.00			$990.30		$7.69	1
Hypothetical (5% return before expenses)		$1,000.00			$1,017.20		$7.80	*
Class N
Actual		$1,000.00			$1,003.00		$0.78	2
Hypothetical (5% return before expenses)		$1,000.00	��		$1,022.49		$2.47	*
Class Y
Actual		$1,000.00			$994.50		$2.73	1
Hypothetical (5% return before expenses)		$1,000.00			$1,022.19		$2.77	*

* Hypothetical expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.80%, 1.55%, 0.49% and 0.55% 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 (182), divided by 365 (to reflect the half-year period).

¹  Actual expenses for Class A, C and Y are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.80%, 1.55% and 0.55%, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

²  Class N commenced operations on February 1, 2017. Actual expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): of 0.49%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal period (58), divided by 365 (to reflect the partial period).

|  10

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles High Income Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 86.7% of Net Assets
	Non-Convertible Bonds — 81.8%
		ABS Home Equity — 1.7%
$	300,000	American Homes 4 Rent, Series 2014-SFR1, Class E, 3.443%, 6/17/2031, 144A(b)	$	299,999
	112,338	Banc of America Alternative Loan Trust, Series 2003-8, Class 1CB1, 5.500%, 10/25/2033		114,481
	122,326	Banc of America Funding Trust, Series 2005-7, Class 3A1, 5.750%, 11/25/2035		125,255
	89,880	Banc of America Funding Trust, Series 2007-4, Class 5A1, 5.500%, 11/25/2034		89,344
	193,549	Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-11, Class 4A1, 1.252%, 4/25/2035(b)		159,949
	30,123	Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-HYB7, Class 2A, 3.184%, 11/20/2035(b)(c)		26,982
	234,591	DSLA Mortgage Loan Trust, Series 2005-AR5, Class 2A1A, 1.308%, 9/19/2045(b)		174,932
	250,000	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2013-DN2, Class M2, 5.232%, 11/25/2023(b)		271,071
	305,000	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M3, 4.282%, 10/25/2027(b)		327,006
	173,355	GMAC Mortgage Corp. Loan Trust, Series 2005-AR4, Class 3A1, 3.574%, 7/19/2035(b)		167,457
	68,954	JPMorgan Alternative Loan Trust, Series 2006-A1, Class 5A1, 3.198%, 3/25/2036(b)		49,841
	230,711	Lehman Mortgage Trust, Series 2005-3, Class 1A6, 1.482%, 1/25/2036(b)		145,167
	293,057	MASTR Adjustable Rate Mortgages Trust, Series 2005-2, Class 3A1, 3.447%, 3/25/2035(b)		248,962
	337,299	MASTR Adjustable Rate Mortgages Trust, Series 2005-2, Class 4A1, 3.126%, 3/25/2035(b)		260,692
	63,130	New York Mortgage Trust, Series 2006-1, Class 2A2, 3.467%, 5/25/2036(b)		57,424
	220,000	VOLT XL LLC, Series 2015-NP14, Class A2, 4.875%, 11/27/2045, 144A(b)		216,605
	292,548	VOLT XXVII LLC, Series 2014-NPL7, Class A2, 4.750%, 8/27/2057, 144A(b)		292,222
				3,027,389
		ABS Other — 0.1%
	263,869	AIM Aviation Finance Ltd., Series 2015-1A, Class B1, 5.072%, 2/15/2040, 144A(b)		258,592
		Aerospace & Defense — 2.1%
	210,000	Embraer Netherlands Finance BV, 5.050%, 6/15/2025		215,880
	95,000	Engility Corp., 8.875%, 9/01/2024, 144A		100,581
	770,000	KLX, Inc., 5.875%, 12/01/2022, 144A		794,063
	1,500,000	Meccanica Holdings USA, Inc., 6.250%, 1/15/2040, 144A		1,582,500
	900,000	Meccanica Holdings USA, Inc., 7.375%, 7/15/2039, 144A		1,021,500
				3,714,524

See accompanying notes to financial statements.

11  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Airlines — 0.1%
$	70,947	Virgin Australia Pass Through Certificates, Series 2013-1B, 6.000%, 4/23/2022, 144A	$	72,014
	95,206	Virgin Australia Pass Through Certificates, Series 2013-1C, 7.125%, 10/23/2018, 144A		96,649
				168,663
		Automotive — 0.9%
	195,000	Allison Transmission, Inc., 5.000%, 10/01/2024, 144A		196,950
	285,000	Dana Financing Luxembourg S.a.r.l., 5.750%, 4/15/2025, 144A		287,494
	115,000	Goodyear Tire & Rubber Co. (The), 5.000%, 5/31/2026		117,875
	240,000	Goodyear Tire & Rubber Co. (The), 5.125%, 11/15/2023		250,200
	700,000	Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc., 7.875%, 10/01/2022, 144A		722,750
				1,575,269
		Banking — 4.4%
	1,985,000	Ally Financial, Inc., 4.625%, 3/30/2025		1,975,075
	485,000	Ally Financial, Inc., 5.750%, 11/20/2025		496,519
	6,605,000	Banco Hipotecario S.A., 22.333%, 1/12/2020, 144A, (ARS)(b)		427,602
	7,075,000	Banco Supervielle S.A., 24.438%, 8/09/2020, 144A, (ARS)(b)		476,766
	1,195,000	Commerzbank AG, 8.125%, 9/19/2023, 144A		1,399,488
	470,000	Intesa Sanpaolo SpA, 5.017%, 6/26/2024, 144A		442,144
	895,000	Intesa Sanpaolo SpA, 5.710%, 1/15/2026, 144A		867,340
	300,000	Royal Bank of Scotland Group PLC, 5.125%, 5/28/2024		303,362
	335,000	Royal Bank of Scotland Group PLC, 6.000%, 12/19/2023		354,096
	1,025,000	Royal Bank of Scotland Group PLC, 6.125%, 12/15/2022(d)		1,085,396
				7,827,788
		Brokerage — 0.3%
	535,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 6.875%, 4/15/2022, 144A		510,925
		Building Materials — 1.1%
	450,000	Atrium Windows & Doors, Inc., 7.750%, 5/01/2019, 144A		424,687
	230,000	Cemex SAB de CV, 5.700%, 1/11/2025, 144A		238,625
	350,000	Cemex SAB de CV, 7.750%, 4/16/2026, 144A		393,824
	50,000	Masco Corp., 6.500%, 8/15/2032		59,011
	345,000	Masco Corp., 7.750%, 8/01/2029		443,585
	245,000	NCI Building Systems, Inc., 8.250%, 1/15/2023, 144A		265,825
	180,000	U.S. Concrete, Inc., 6.375%, 6/01/2024		186,300
				2,011,857
		Cable Satellite — 6.5%
	795,000	Altice Financing S.A., 6.625%, 2/15/2023, 144A		827,595
	170,000	Cablevision S.A., 6.500%, 6/15/2021, 144A		178,925
	475,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 2/15/2023		488,063
	625,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2023, 144A		643,750
	430,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.250%, 9/30/2022		446,125
	15,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 1/15/2024		15,600
	865,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 2/15/2026, 144A		908,250
	760,000	CSC Holdings LLC, 5.250%, 6/01/2024		757,150

See accompanying notes to financial statements.

|  12

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Cable Satellite — continued
$	75,000	CSC Holdings LLC, 6.750%, 11/15/2021	$	81,328
	220,000	CSC Holdings LLC, 10.125%, 1/15/2023, 144A		255,200
	200,000	CSC Holdings LLC, 10.875%, 10/15/2025, 144A		240,500
	895,000	DISH DBS Corp., 5.125%, 5/01/2020		933,037
	1,620,000	DISH DBS Corp., 5.875%, 11/15/2024		1,701,405
	295,000	DISH DBS Corp., 7.750%, 7/01/2026		342,938
	1,485,000	Unitymedia GmbH, 6.125%, 1/15/2025, 144A		1,562,962
	265,000	Virgin Media Finance PLC, 6.000%, 10/15/2024, 144A		274,606
	485,000	Virgin Media Finance PLC, 6.375%, 4/15/2023, 144A		505,613
	375,000	Virgin Media Secured Finance PLC, 5.500%, 1/15/2025, 144A		382,500
	141,963	Wave Holdco LLC/Wave Holdco Corp., PIK, 8.250%, 7/15/2019, 144A(e)		142,495
	840,000	Ziggo Secured Finance BV, 5.500%, 1/15/2027, 144A		839,916
				11,527,958
		Chemicals — 0.8%
	1,510,000	Hercules LLC, 6.500%, 6/30/2029(f)(g)		1,451,487
		Construction Machinery — 0.5%
	15,000	United Rentals North America, Inc., 5.500%, 5/15/2027		15,150
	800,000	United Rentals North America, Inc., 5.750%, 11/15/2024		834,000
				849,150
		Consumer Cyclical Services — 0.7%
	1,095,000	ServiceMaster Co. LLC (The), 7.450%, 8/15/2027		1,196,288
		Consumer Products — 0.2%
	290,000	Avon International Operations, Inc., 7.875%, 8/15/2022, 144A		305,950
		Electric — 1.4%
	520,000	AES Corp. (The), 5.500%, 4/15/2025		527,800
	150,000	AES Corp. (The), 6.000%, 5/15/2026		155,250
	1,502,000	Enel SpA, (fixed rate to 9/24/2023, variable rate thereafter), 8.750%, 9/24/2073, 144A(d)		1,727,300
	7,224	Red Oak Power LLC, Series A, 8.540%, 11/30/2019		7,224
				2,417,574
		Environmental — 0.3%
	335,000	GFL Environmental, Inc., 7.875%, 4/01/2020, 144A		347,562
	95,000	GFL Environmental, Inc., 9.875%, 2/01/2021, 144A		102,838
				450,400
		Finance Companies — 4.2%
	740,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.500%, 5/15/2021		775,709
	1,055,000	Aircastle Ltd., 4.125%, 5/01/2024		1,056,319
	515,000	Aircastle Ltd., 5.500%, 2/15/2022		552,337
	600,000	iStar, Inc., 4.000%, 11/01/2017		601,500
	505,000	iStar, Inc., 5.000%, 7/01/2019		508,156
	565,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.875%, 8/01/2021, 144A		570,650

See accompanying notes to financial statements.

13  |

Portfolio of Investments – as of March 31, 2017 (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	$	585,000
	540,000	Provident Funding Associates LP/PFG Finance Corp., 6.750%, 6/15/2021, 144A		550,800
	710,000	Quicken Loans, Inc., 5.750%, 5/01/2025, 144A		697,575
	1,110,000	Springleaf Finance Corp., 7.750%, 10/01/2021		1,182,150
	405,000	Unifin Financiera SAB de CV SOFOM ENR, 7.250%, 9/27/2023, 144A		410,063
				7,490,259
		Financial Other — 0.9%
	565,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp, 6.000%, 8/01/2020		584,775
	180,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.875%, 2/01/2022		182,700
	804,000	Rialto Holdings LLC/Rialto Corp., 7.000%, 12/01/2018, 144A		819,075
				1,586,550
		Food & Beverage — 1.0%
	200,000	BRF GmbH, 4.350%, 9/29/2026, 144A		182,742
	840,000	Cosan Luxembourg S.A., 7.000%, 1/20/2027, 144A		872,550
	330,000	JBS USA LUX S.A./JBS USA Finance, Inc., 5.750%, 6/15/2025, 144A		333,300
	20,000	JBS USA LUX S.A./JBS USA Finance, Inc., 7.250%, 6/01/2021, 144A		20,550
	385,000	Marfrig Holdings Europe BV, 8.000%, 6/08/2023, 144A		401,362
				1,810,504
		Gaming — 0.8%
	175,000	Boyd Gaming Corp., 6.375%, 4/01/2026		187,250
	375,000	GLP Capital LP/GLP Financing II, Inc., 5.375%, 4/15/2026		387,188
	725,000	MGM Resorts International, 6.000%, 3/15/2023		783,000
				1,357,438
		Government Owned – No Guarantee — 2.0%
	600,000	Petrobras Global Finance BV, 5.375%, 1/27/2021		615,900
	320,000	Petrobras Global Finance BV, 6.250%, 3/17/2024		328,160
	50,000	Petrobras Global Finance BV, 6.750%, 1/27/2041		46,800
	160,000	Petrobras Global Finance BV, 6.875%, 1/20/2040		152,320
	195,000	Petrobras Global Finance BV, 7.375%, 1/17/2027		206,456
	300,000	Petrobras Global Finance BV, 8.375%, 5/23/2021		338,850
	160,521(††)	Petroleos Mexicanos, 7.190%, 9/12/2024, 144A, (MXN)(d)		758,354
	129,850(††)	Petroleos Mexicanos, 7.470%, 11/12/2026, (MXN)		603,300
	510,000	YPF S.A., 23.854%, 7/07/2020, 144A(b)		541,397
				3,591,537
		Health Insurance — 0.2%
	365,000	Centene Corp., 6.125%, 2/15/2024		391,919
		Healthcare — 4.3%
	235,000	CHS/Community Health Systems, Inc., 6.250%, 3/31/2023		239,113
	960,000	CHS/Community Health Systems, Inc., 6.875%, 2/01/2022		825,600
	360,000	Envision Healthcare Corp., 5.625%, 7/15/2022		369,000
	25,000	HCA, Inc., 4.500%, 2/15/2027		25,000
	20,000	HCA, Inc., 5.250%, 4/15/2025		21,250

See accompanying notes to financial statements.

|  14

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Healthcare — continued
$	5,000	HCA, Inc., 5.250%, 6/15/2026	$	5,263
	260,000	HCA, Inc., 5.375%, 2/01/2025		271,050
	170,000	HCA, Inc., 7.050%, 12/01/2027		186,788
	655,000	HCA, Inc., 7.500%, 12/15/2023		748,337
	145,000	HCA, Inc., 7.500%, 11/06/2033		158,594
	590,000	HCA, Inc., 7.690%, 6/15/2025		671,862
	480,000	HCA, Inc., 8.360%, 4/15/2024		565,800
	820,000	HCA, Inc., MTN, 7.580%, 9/15/2025		921,475
	515,000	HCA, Inc., MTN, 7.750%, 7/15/2036		567,144
	65,000	MEDNAX, Inc., 5.250%, 12/01/2023, 144A		66,300
	200,000	Quintiles IMS, Inc., 5.000%, 10/15/2026, 144A		200,750
	310,000	Tenet Healthcare Corp., 5.000%, 3/01/2019		310,474
	675,000	Tenet Healthcare Corp., 6.750%, 6/15/2023		663,187
	705,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		604,537
	125,000	Tenet Healthcare Corp., 7.500%, 1/01/2022, 144A		135,000
				7,556,524
		Home Construction — 1.3%
	1,200,000	Corporacion GEO SAB de CV, 8.875%, 3/27/2022, 144A(c)(f)(h)		12
	750,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021(f)(g)		605,625
	800,000	Lennar Corp., 4.750%, 5/30/2025		802,000
	915,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 4.375%, 6/15/2019		935,587
				2,343,224
		Independent Energy — 8.8%
	1,205,000	Antero Resources Corp., 5.125%, 12/01/2022		1,220,816
	110,000	Antero Resources Corp., 5.375%, 11/01/2021		112,980
	310,000	Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.000%, 4/01/2022, 144A		320,850
	685,000	Baytex Energy Corp., 5.625%, 6/01/2024, 144A		602,800
	370,000	Bonanza Creek Energy, Inc., 5.750%, 2/01/2023(h)		296,000
	650,000	Bonanza Creek Energy, Inc., 6.750%, 4/15/2021(h)		523,250
	90,000	California Resources Corp., 5.500%, 9/15/2021		66,600
	41,000	California Resources Corp., 6.000%, 11/15/2024		28,700
	460,000	California Resources Corp., 8.000%, 12/15/2022, 144A		373,750
	140,000	Callon Petroleum Co., 6.125%, 10/01/2024, 144A		145,600
	153,000	Chesapeake Energy Corp., 4.875%, 4/15/2022		137,700
	8,000	Chesapeake Energy Corp., 5.750%, 3/15/2023		7,280
	13,000	Chesapeake Energy Corp., 6.125%, 2/15/2021		12,610
	34,000	Chesapeake Energy Corp., 6.625%, 8/15/2020		33,958
	70,000	Concho Resources, Inc., 5.500%, 10/01/2022		72,362
	125,000	Concho Resources, Inc., 5.500%, 4/01/2023		129,375
	795,000	CONSOL Energy, Inc., 5.875%, 4/15/2022		786,056
	645,000	Continental Resources, Inc., 3.800%, 6/01/2024		599,850
	235,000	Continental Resources, Inc., 4.500%, 4/15/2023		228,683
	470,000	Continental Resources, Inc., 5.000%, 9/15/2022		474,700
	690,000	Eclipse Resources Corp., 8.875%, 7/15/2023		703,800
	835,000	Halcon Resources Corp., 6.750%, 2/15/2025, 144A		819,970

See accompanying notes to financial statements.

15  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Independent Energy — continued
$	145,000	Matador Resources Co., 6.875%, 4/15/2023	$	151,525
	410,000	MEG Energy Corp., 6.375%, 1/30/2023, 144A		366,437
	300,000	MEG Energy Corp., 6.500%, 1/15/2025, 144A		300,000
	585,000	MEG Energy Corp., 7.000%, 3/31/2024, 144A		523,575
	185,000	Newfield Exploration Co., 5.625%, 7/01/2024		194,944
	625,000	Oasis Petroleum, Inc., 6.875%, 3/15/2022		640,625
	100,000	PDC Energy, Inc., 6.125%, 9/15/2024, 144A		102,500
	405,000	QEP Resources, Inc., 5.250%, 5/01/2023		397,058
	520,000	QEP Resources, Inc., 5.375%, 10/01/2022		512,200
	1,150,000	Rex Energy Corp., (Step to 8.000% on 10/01/2017), 1.000%, 10/01/2020(i)		592,250
	1,025,000	Rice Energy, Inc., 6.250%, 5/01/2022		1,055,750
	565,000	RSP Permian, Inc., 6.625%, 10/01/2022		594,662
	330,000	Sanchez Energy Corp., 6.125%, 1/15/2023		306,075
	920,000	SM Energy Co., 5.000%, 1/15/2024		869,400
	35,000	SM Energy Co., 6.125%, 11/15/2022		35,263
	60,000	SM Energy Co., 6.500%, 1/01/2023		60,900
	190,000	SM Energy Co., 6.750%, 9/15/2026		191,544
	395,000	Southwestern Energy Co., 6.700%, 1/23/2025		389,075
	55,000	Whiting Petroleum Corp., 5.000%, 3/15/2019		54,862
	455,000	Whiting Petroleum Corp., 5.750%, 3/15/2021		450,450
				15,486,785
		Industrial Other — 0.2%
	330,000	Broadspectrum Ltd., 8.375%, 5/15/2020, 144A		344,850
		Life Insurance — 0.2%
	340,000	CNO Financial Group, Inc., 5.250%, 5/30/2025		348,714
		Local Authorities — 0.8%
	840,000	Provincia de Buenos Aires, 5.750%, 6/15/2019, 144A		867,888
	325,000	Provincia de Buenos Aires, 6.500%, 2/15/2023, 144A		325,270
	270,000	Provincia de Buenos Aires, 7.875%, 6/15/2027, 144A		273,429
				1,466,587
		Lodging — 0.9%
	150,000	Hilton Domestic Operating Co., Inc., 4.250%, 9/01/2024, 144A		148,125
	755,000	Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.625%, 4/01/2025, 144A		764,211
	705,000	Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.875%, 4/01/2027, 144A		712,050
				1,624,386
		Media Entertainment — 1.4%
	470,000	Clear Channel Worldwide Holdings, Inc., 7.625%, 3/15/2020		473,525
	1,155,000	Clear Channel Worldwide Holdings, Inc., Series B, 6.500%, 11/15/2022		1,201,200
	795,000	Viacom, Inc., 4.375%, 3/15/2043		689,084
	50,000	Viacom, Inc., 4.850%, 12/15/2034		48,373
	105,000	Viacom, Inc., (fixed rate to 2/28/2027, variable rate thereafter), 6.250%, 2/28/2057		105,840
				2,518,022

See accompanying notes to financial statements.

|  16

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Metals & Mining — 2.6%
$	1,395,000	ArcelorMittal, 7.500%, 3/01/2041	$	1,561,284
	180,000	Constellium NV, 4.625%, 5/15/2021, 144A, (EUR)		187,943
	460,000	Essar Steel Algoma, Inc., 9.500%, 11/15/2019, 144A(f)(g)(h)		51,750
	145,000	First Quantum Minerals Ltd., 7.000%, 2/15/2021, 144A		149,350
	270,000	First Quantum Minerals Ltd., 7.250%, 5/15/2022, 144A		278,438
	1,375,000	Freeport-McMoRan, Inc., 4.550%, 11/14/2024		1,280,469
	85,000	Freeport-McMoRan, Inc., 5.450%, 3/15/2043		71,931
	245,000	Glencore Finance Canada Ltd., 5.550%, 10/25/2042, 144A		255,268
	440,000	Lundin Mining Corp., 7.500%, 11/01/2020, 144A		465,300
	270,000	Vale Overseas Ltd., 6.250%, 8/10/2026		293,287
				4,595,020
		Midstream — 4.5%
	250,000	Access Midstream Partners LP/ACMP Finance Corp., 4.875%, 3/15/2024		257,164
	195,000	AmeriGas Partners LP/AmeriGas Finance Corp., 5.500%, 5/20/2025		193,538
	66,000	Gibson Energy, Inc., 6.750%, 7/15/2021, 144A		68,970
	75,000	Kinder Morgan Energy Partners LP, 4.700%, 11/01/2042		68,013
	30,000	Kinder Morgan Energy Partners LP, 5.000%, 3/01/2043		28,476
	570,000	NGL Energy Partners LP/NGL Energy Finance Corp., 5.125%, 7/15/2019		572,137
	365,000	NGL Energy Partners LP/NGL Energy Finance Corp., 6.875%, 10/15/2021		371,388
	385,000	Rose Rock Midstream LP/Rose Rock Finance Corp., 5.625%, 7/15/2022		380,430
	985,000	Sabine Pass Liquefaction LLC, 5.625%, 2/01/2021		1,061,298
	480,000	Sabine Pass Liquefaction LLC, 5.625%, 3/01/2025		520,389
	425,000	Sabine Pass Liquefaction LLC, 6.250%, 3/15/2022		471,656
	935,000	Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 5.500%, 8/15/2022		935,000
	973,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.125%, 11/15/2019		988,811
	95,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.250%, 11/15/2023		92,863
	640,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.250%, 5/01/2023		654,400
	300,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.375%, 8/01/2022		309,375
	355,000	Tesoro Logistics LP/Tesoro Logistics Finance Corp., 5.500%, 10/15/2019		374,525
	360,000	Tesoro Logistics LP/Tesoro Logistics Finance Corp., 6.250%, 10/15/2022		380,250
	180,000	Western Refining Logistics LP/WNRL Finance Corp., 7.500%, 2/15/2023		193,500
				7,922,183
		Non-Agency Commercial Mortgage-Backed Securities — 1.8%
	935,000	BXHTL Mortgage Trust, Series 2015-DRMZ, Class M, 9.142%, 5/15/2020, 144A(b)(f)(g)		910,014
	480,000	Credit Suisse Mortgage Trust, Series 2014-USA, Class E, 4.373%, 9/15/2037, 144A		411,649
	1,690,000	GS Mortgage Securities Trust, Series 2007-GG10, Class AM, 5.949%, 8/10/2045(b)		1,691,309
	118,555	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LDPX, Class AM, 5.464%, 1/15/2049(b)		118,457
				3,131,429

See accompanying notes to financial statements.

17  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Oil Field Services — 0.9%
$	430,000	Ensco PLC, 5.750%, 10/01/2044	$	324,650
	160,000	Noble Holding International Ltd., 5.250%, 3/15/2042		107,200
	160,000	Noble Holding International Ltd., 6.050%, 3/01/2041		115,200
	420,000	Noble Holding International Ltd., 7.750%, 1/15/2024		403,200
	435,000	Paragon Offshore PLC, 6.750%, 7/15/2022, 144A(f)(g)(h)		78,300
	905,000	Paragon Offshore PLC, 7.250%, 8/15/2024, 144A(f)(g)(h)		162,900
	35,000	Parker Drilling Co., 6.750%, 7/15/2022		31,019
	100,000	Rowan Cos., Inc., 5.850%, 1/15/2044		76,250
	280,000	Transocean Proteus Ltd., 6.250%, 12/01/2024, 144A		289,100
				1,587,819
		Packaging — 1.4%
	200,000	ARD Finance S.A., PIK, 7.125%, 9/15/2023, 144A(e)		206,000
	395,000	Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc., 4.625%, 5/15/2023, 144A		397,963
	200,000	Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc., 7.250%, 5/15/2024, 144A		214,000
	755,000	Sealed Air Corp., 6.875%, 7/15/2033, 144A		821,062
	775,000	Signode Industrial Group Lux S.A./Signode Industrial Group U.S., Inc., 6.375%, 5/01/2022, 144A		794,855
				2,433,880
		Pharmaceuticals — 2.3%
	1,540,000	Valeant Pharmaceuticals International, 6.375%, 10/15/2020, 144A		1,393,700
	530,000	Valeant Pharmaceuticals International, 7.250%, 7/15/2022, 144A		451,825
	335,000	Valeant Pharmaceuticals International, Inc., 5.375%, 3/15/2020, 144A		299,406
	265,000	Valeant Pharmaceuticals International, Inc., 5.500%, 3/01/2023, 144A		204,050
	85,000	Valeant Pharmaceuticals International, Inc., 5.625%, 12/01/2021, 144A		68,425
	2,015,000	Valeant Pharmaceuticals International, Inc., 5.875%, 5/15/2023, 144A		1,564,144
				3,981,550
		Property & Casualty Insurance — 0.5%
	786,000	HUB International Ltd., 7.875%, 10/01/2021, 144A		819,405
		Refining — 0.2%
	230,000	Ultrapar International S.A., 5.250%, 10/06/2026, 144A		228,850
	140,000	Western Refining, Inc., 6.250%, 4/01/2021		144,725
				373,575
		REITs – Mortgage — 0.1%
	105,000	Starwood Property Trust, Inc., 5.000%, 12/15/2021, 144A		108,938
		Retailers — 1.1%
	40,000	Dillard’s, Inc., 7.000%, 12/01/2028		45,264
	435,000	Dillard’s, Inc., 7.750%, 7/15/2026		504,117
	205,000	Dillard’s, Inc., 7.750%, 5/15/2027(d)		232,458
	1,035,000	GameStop Corp., 5.500%, 10/01/2019, 144A		1,053,112
	520,000	Nine West Holdings, Inc., 6.125%, 11/15/2034		109,850
				1,944,801

See accompanying notes to financial statements.

|  18

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Sovereigns — 0.2%
$	285,000	Republic of Argentina, 5.625%, 1/26/2022, 144A	$	291,840
		Supermarkets — 0.7%
	335,000	Albertsons Cos. LLC/Safeway, Inc./New Albertson’s/Albertson’s LLC, 5.750%, 3/15/2025, 144A		324,950
	935,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		836,825
				1,161,775
		Supranational — 2.2%
	30,700,000	European Bank for Reconstruction & Development, GMTN, 6.400%, 3/04/2019, (INR)		478,444
	5,420,000,000	International Bank for Reconstruction & Development, 4.500%, 8/03/2017, (COP)(d)		1,871,148
	100,890,000	International Finance Corp., 7.800%, 6/03/2019, (INR)(d)		1,608,900
				3,958,492
		Technology — 6.9%
	1,545,000	Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		1,699,500
	1,930,000	Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028		2,108,525
	571,000	Blackboard, Inc., 9.750%, 10/15/2021, 144A		571,000
	170,000	Camelot Finance S.A., 7.875%, 10/15/2024, 144A		178,925
	60,000	CommScope Technologies LLC, 6.000%, 6/15/2025, 144A		62,850
	190,000	Diamond 1 Finance Corp./Diamond 2 Finance Corp., 5.875%, 6/15/2021, 144A		199,753
	1,440,000	Diamond 1 Finance Corp./Diamond 2 Finance Corp., 6.020%, 6/15/2026, 144A		1,569,861
	580,000	Diamond 1 Finance Corp./Diamond 2 Finance Corp., 7.125%, 6/15/2024, 144A		641,178
	480,000	Equinix, Inc., 5.375%, 1/01/2022		505,200
	430,000	First Data Corp., 5.000%, 1/15/2024, 144A		437,525
	800,000	First Data Corp., 7.000%, 12/01/2023, 144A		858,000
	55,000	Micron Technology, Inc., 5.250%, 1/15/2024, 144A		56,495
	360,000	Micron Technology, Inc., 5.500%, 2/01/2025		373,500
	210,000	Microsemi Corp., 9.125%, 4/15/2023, 144A		241,238
	515,000	Open Text Corp., 5.625%, 1/15/2023, 144A		535,600
	190,000	Open Text Corp., 5.875%, 6/01/2026, 144A		199,025
	275,000	Sabre GLBL, Inc., 5.250%, 11/15/2023, 144A		281,187
	405,000	Sabre GLBL, Inc., 5.375%, 4/15/2023, 144A		414,112
	235,000	Western Digital Corp., 7.375%, 4/01/2023, 144A		257,619
	755,000	Western Digital Corp., 10.500%, 4/01/2024		889,956
				12,081,049
		Transportation Services — 0.4%
	275,000	APL Ltd., 8.000%, 1/15/2024(f)(g)		201,094
	420,000	Rumo Luxembourg S.a.r.l., 7.375%, 2/09/2024, 144A		432,075
				633,169
		Treasuries — 2.0%
	55,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2035, (EUR)(i)		39,017

See accompanying notes to financial statements.

19  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Treasuries — continued
	55,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2036, (EUR)(i)	$	38,764
	20,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2041, (EUR)(i)		13,938
	107,066(††)	Mexican Fixed Rate Bonds, Series M, 4.750%, 6/14/2018, (MXN)(d)		559,890
	263,668(††)	Mexican Fixed Rate Bonds, Series M, 5.750%, 3/05/2026, (MXN)(d)		1,289,044
	131,500(††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/10/2021, (MXN)(d)		693,558
	151,030(††)	Mexican Fixed Rate Bonds, Series M-20, 10.000%, 12/05/2024, (MXN)(d)		948,955
				3,583,166
		Wireless — 3.3%
	100,000	Altice Luxembourg S.A., 7.250%, 5/15/2022, 144A, (EUR)		112,876
	355,000	Altice Luxembourg S.A., 7.625%, 2/15/2025, 144A		375,191
	785,000	Altice Luxembourg S.A., 7.750%, 5/15/2022, 144A		833,081
	6,000,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		298,682
	6,100,000	America Movil SAB de CV, 8.460%, 12/18/2036, (MXN)		294,049
	605,000	SFR Group S.A., 7.375%, 5/01/2026, 144A		623,150
	786,000	Sprint Capital Corp., 6.875%, 11/15/2028		830,212
	1,420,000	Sprint Corp., 7.250%, 9/15/2021		1,532,890
	605,000	T-Mobile USA, Inc., 6.000%, 4/15/2024		645,081
	200,000	Wind Acquisition Finance S.A., 4.750%, 7/15/2020, 144A		203,250
				5,748,462
		Wirelines — 2.6%
	705,000	CenturyLink, Inc., 7.650%, 3/15/2042		619,519
	30,000	CenturyLink, Inc., Series T, 5.800%, 3/15/2022		30,937
	130,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		128,050
	60,000,000	Empresa de Telecomunicaniones de Bogota, 7.000%, 1/17/2023, 144A, (COP)		15,553
	405,000	Frontier Communications Corp., 9.000%, 8/15/2031		348,300
	340,000	Frontier Communications Corp., 10.500%, 9/15/2022		344,250
	15,000	Frontier Communications Corp., 11.000%, 9/15/2025		14,588
	705,000	Level 3 Communications, Inc., 5.750%, 12/01/2022		729,675
	1,545,000	Level 3 Financing, Inc., 5.250%, 3/15/2026		1,552,725
	345,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		348,664
	35,000	Telecom Italia Capital S.A., 7.721%, 6/04/2038		38,762
	450,000	Telecom Italia SpA, 5.303%, 5/30/2024, 144A		455,062
				4,626,085
		Total Non-Convertible Bonds (Identified Cost $141,230,599)		144,193,751
	Convertible Bonds — 4.9%
		Cable Satellite — 0.2%
	415,000	Dish Network Corp., 2.375%, 3/15/2024, 144A		424,597
		Consumer Cyclical Services — 0.3%
	595,000	Macquarie Infrastructure Corp., 2.000%, 10/01/2023		583,100

See accompanying notes to financial statements.

|  20

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Diversified Manufacturing — 0.1%
$	260,000	Aerojet Rocketdyne Holdings, Inc., 2.250%, 12/15/2023, 144A	$	280,313
		Diversified Operations — 0.1%
	160,000	RWT Holdings, Inc., 5.625%, 11/15/2019		164,200
		Healthcare — 0.2%
	340,000	Evolent Health, Inc., 2.000%, 12/01/2021, 144A		400,987
		Leisure — 0.1%
	155,000	Rovi Corp., 0.500%, 3/01/2020		150,522
		Media Entertainment — 0.2%
	265,000	Liberty Media Corp., 2.250%, 9/30/2046, 144A		285,537
		Midstream — 0.5%
	855,000	Chesapeake Energy Corp., 5.500%, 9/15/2026, 144A		885,459
		Oil Field Services — 0.4%
	255,000	Hercules Capital, Inc., 4.375%, 2/01/2022, 144A		261,056
	415,000	Nabors Industries, Inc., 0.750%, 1/15/2024, 144A		387,766
				648,822
		Pharmaceuticals — 1.4%
	485,000	BioMarin Pharmaceutical, Inc., 1.500%, 10/15/2020		572,603
	465,000	Horizon Pharma Investment Ltd., 2.500%, 3/15/2022		423,150
	530,000	Impax Laboratories, Inc., 2.000%, 6/15/2022		427,644
	450,000	Intercept Pharmaceuticals, Inc., 3.250%, 7/01/2023		419,344
	520,000	Ionis Pharmaceuticals, Inc., 1.000%, 11/15/2021		500,825
	100,000	Pacira Pharmaceuticals, Inc., 2.375%, 4/01/2022, 144A		103,562
				2,447,128
		Technology — 1.4%
	725,000	Finisar Corp., 0.500%, 12/15/2036, 144A		706,875
	525,000	MagnaChip Semiconductor S.A., 5.000%, 3/01/2021, 144A		713,344
	1,035,000	Nuance Communications, Inc., 1.000%, 12/15/2035		984,575
				2,404,794
		Total Convertible Bonds (Identified Cost $8,417,739)		8,675,459
		Total Bonds and Notes (Identified Cost $149,648,338)		152,869,210
	Senior Loans — 1.7%
		Consumer Cyclical Services — 0.2%
	455,844	SourceHov LLC, 2014 1st Lien Term Loan, 7.897%, 10/31/2019(b)		440,746
		Independent Energy — 0.3%
	531,086	Chesapeake Energy Corp., Term Loan, 8.553%, 8/23/2021(b)		564,943
		Media Entertainment — 0.0%
	13,012	Dex Media, Inc., Term Loan, 11.000%, 7/29/2021(b)		13,207

See accompanying notes to financial statements.

21  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Other Utility — 0.2%
$	238,806	PowerTeam Services LLC, 1st Lien Term Loan, 4.397%, 5/06/2020(b)	$	238,658
	95,000	PowerTeam Services LLC, 2nd Lien Term Loan, 8.397%, 11/06/2020(b)		94,525
				333,183
		Supermarkets — 0.3%
	465,960	Albertsons LLC, USD 2016 Term Loan B4, 3.982%, 8/22/2021(b)		467,866
		Wirelines — 0.7%
	1,200,000	Fairpoint Communications, Inc., Refi Term Loan, 7.500%, 2/14/2019(b)		1,204,800
		Total Senior Loans (Identified Cost $3,007,804)		3,024,745
Shares
	Preferred Stocks — 1.7%
	Convertible Preferred Stocks — 1.4%
		Food & Beverage — 0.3%
	4,834	Bunge Ltd., 4.875%		518,447
		Midstream — 0.4%
	988	Chesapeake Energy Corp., 5.750%		639,730
	20	Chesapeake Energy Corp., 5.750%, 144A		12,950
	137	Chesapeake Energy Corp., 5.750%		88,707
				741,387
		Pharmaceuticals — 0.7%
	974	Allergan PLC, Series A, 5.500%		827,686
	644	Teva Pharmaceutical Industries Ltd., 7.000%		370,493
				1,198,179
		Total Convertible Preferred Stocks (Identified Cost $2,735,389)		2,458,013
	Non-Convertible Preferred Stocks — 0.3%
		Finance Companies — 0.3%
	12,925	iStar, Inc., Series E, 7.875%		314,207
	7,500	iStar, Inc., Series F, 7.800%		183,975
	550	iStar, Inc., Series G, 7.650%		13,365
				511,547
		Total Non-Convertible Preferred Stocks (Identified Cost $417,822)		511,547
		Total Preferred Stocks (Identified Cost $3,153,211)		2,969,560

See accompanying notes to financial statements.

|  22

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Shares		Description	Value (†)
	Other Investments — 1.0%
		Aircraft ABS — 1.0%
	8,415	Aergen LLC(c)(f)	$	847,548
	100	ECAF I Blocker Ltd.(c)(f)		988,352
		Total Aircraft ABS (Identified Cost $1,841,500)		1,835,900
	Common Stocks — 1.4%
		Energy Equipment & Services — 0.0%
	4,625	Hercules Offshore, Inc.(f)(g)(j)		—
		Internet Software & Services — 0.0%
	4,113	Dex Media, Inc.(c)(f)(j)		11,105
		Oil, Gas & Consumable Fuels — 1.2%
	12,992	Halcon Resources Corp.(j)		100,038
	14,882	Kinder Morgan, Inc.		323,535
	8,265	Pacific Exploration and Production Corp.(j)		264,137
	17,250	Rex Energy Corp.(j)		8,099
	162,248	Whiting Petroleum Corp.(j)		1,534,866
				2,230,675
		Pharmaceuticals — 0.2%
	5,539	Bristol-Myers Squibb Co.		301,211
		Total Common Stocks (Identified Cost $5,488,268)		2,542,991
	Warrants — 0.0%
	22,512	Kinder Morgan, Inc., Expiration on 5/25/2017 at $40.00(j)		54
	10,360	FairPoint Communications, Inc., Expiration on 1/24/2018 at $48.81(c)(f)(j)		—
	3,528	Halcon Resources Corp., Expiration on 9/9/2020 at $14.04(j)		6,209
		Total Warrants (Identified Cost $29,892)		6,263
Principal Amount (‡)
	Short-Term Investments — 3.5%
$	50,472	Repurchase Agreement with State Street Bank and Trust Company, dated 3/31/2017 at 0.000% to be repurchased at $50,472 on 4/03/2017 collateralized by $51,200 U.S. Treasury Note, 1.500% due 8/31/2018 valued at $51,495 including accrued interest (Note 2 of Notes to Financial Statements)		50,472
	4,219,091	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2017 at 0.220% to be repurchased at $4,219,168 on 4/03/2017 collateralized by $4,340,000 U.S. Treasury Note, 1.875% due 8/31/2022 valued at $4,305,579 including accrued interest (Note 2 of Notes to Financial Statements)		4,219,091

See accompanying notes to financial statements.

23  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
	Short-Term Investments — (continued)
$	1,935,000	U.S. Treasury Bills, 0.793%, 12/07/2017(k)	$	1,922,603
		Total Short-Term Investments (Identified Cost $6,193,918)		6,192,166
		Total Investments — 96.0% (Identified Cost $169,362,931)(a)		169,440,835
		Other assets less liabilities — 4.0%		6,995,922
		Net Assets — 100.0%	$	176,436,757
	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(††)	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, 2017, the net unrealized depreciation on investments based on a cost of $169,604,190 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	$	10,024,812
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(10,188,167	)
		Net unrealized depreciation	$	(163,355	)
	(b)	Variable rate security. Rate as of March 31, 2017 is disclosed.
	(c)	Fair valued by the Fund’s adviser. At March 31, 2017, the value of these securities amounted to $1,873,999 or 1.1% of net assets. See Note 2 of Notes to Financial Statements.
	(d)	Security (or a portion thereof) has been designated to cover the Fund’s obligations under open derivative contracts.
	(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, 2017, interest payments were made in cash.
	(f)	Illiquid security.
	(g)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At March 31, 2017, the value of these securities amounted to $3,461,170 or 2.0% of net assets. See Note 2 of Notes to Financial Statements.
	(h)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
	(i)	Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.
	(j)	Non-income producing security.
	(k)	Interest rate represents discount rate at time of purchase; not a coupon rate.
	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2017, the value of Rule 144A holdings amounted to $60,755,451 or 34.4% of net assets.
	ABS	Asset-Backed Securities

See accompanying notes to financial statements.

|  24

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles High Income Fund – (continued)

GMTN	Global Medium Term Note
MTN	Medium Term Note
PIK	Payment-in-Kind
REITs	Real Estate Investment Trusts
ARS	Argentine Peso
COP	Colombian Peso
EUR	Euro
INR	Indian Rupee
MXN	Mexican Peso

At March 31, 2017, 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		6/21/2017	Euro		170,000	$	182,025	$	(1,223	)
Total								$	(1,223	)

¹ Counterparty is Bank of America, N.A.

Industry Summary at March 31, 2017 (Unaudited)

Independent Energy	9.1	%
Technology	8.3
Cable Satellite	6.7
Midstream	5.4
Pharmaceuticals	4.6
Finance Companies	4.5
Healthcare	4.5
Banking	4.4
Wirelines	3.3
Wireless	3.3
Metals & Mining	2.6
Supranational	2.2
Aerospace & Defense	2.1
Government Owned - No Guarantee	2.0
Treasuries	2.0
Other Investments, less than 2% each	27.5
Short-Term Investments	3.5
Total Investments	96.0
Other assets less liabilities (including forward foreign currency contracts)	4.0
Net Assets	100.0	%

See accompanying notes to financial statements.

25  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund

Principal Amount		Description	Value (†)
	Bonds and Notes — 99.5% of Net Assets
	Non-Convertible Bonds — 99.4%
		ABS Car Loan — 9.5%
$	79,508	AmeriCredit Automobile Receivables Trust, Series 2014-1, Class B, 1.680%, 7/08/2019	$	79,590
	147,000	AmeriCredit Automobile Receivables Trust, Series 2014-4, Class C, 2.470%, 11/09/2020		148,372
	375,000	AmeriCredit Automobile Receivables Trust, Series 2015-3, Class C, 2.730%, 3/08/2021		377,363
	152,000	AmeriCredit Automobile Receivables Trust, Series 2016-1, Class C, 2.890%, 1/10/2022		153,529
	72,000	AmeriCredit Automobile Receivables Trust, Series 2016-2, Class C, 2.870%, 11/08/2021		72,790
	160,000	AmeriCredit Automobile Receivables Trust, Series 2016-3, Class C, 2.240%, 4/08/2022		158,044
	555,000	Americredit Automobile Receivables Trust, Series 2016-4, Class B, 1.830%, 12/08/2021		549,322
	110,000	AmeriCredit Automobile Receivables Trust, Series 2017-1, Class B, 2.300%, 2/18/2022		109,918
	210,000	Avis Budget Rental Car Funding AESOP LLC, Series 2014-1A, Class A, 2.460%, 7/20/2020, 144A		211,016
	360,000	Avis Budget Rental Car Funding AESOP LLC, Series 2016-1A, Class A, 2.990%, 6/20/2022, 144A		364,401
	365,000	Avis Budget Rental Car Funding AESOP LLC, Series 2017-1A, Class A, 3.070%, 9/20/2023, 144A		367,726
	28,760	California Republic Auto Receivables Trust, Series 2013-2, Class A2, 1.230%, 3/15/2019		28,740
	225,000	California Republic Auto Receivables Trust, Series 2016-2, Class A3, 1.560%, 7/15/2020		224,555
	520,000	California Republic Auto Recievables Trust, Series 2017-1, Class A4, 2.280%, 6/15/2022		520,373
	371,000	Capital Auto Receivables Asset Trust, Series 2015-1, Class A3, 1.610%, 6/20/2019		371,410
	78,109	CarFinance Capital Auto Trust, Series 2014-2A, Class A, 1.440%, 11/16/2020, 144A		78,047
	9,421	CarMax Auto Owner Trust, Series 2014-1, Class A3, 0.790%, 10/15/2018		9,415
	325,000	Chrysler Capital Auto Receivables Trust, Series 2016-BA, Class A3, 1.640%, 7/15/2021, 144A		323,964
	25,151	CPS Auto Receivables Trust, Series 2014-C, Class A, 1.310%, 2/15/2019, 144A		25,138
	465,000	CPS Auto Receivables Trust, Series 2015-A, Class B, 2.790%, 2/16/2021, 144A		468,970
	145,787	Credit Acceptance Auto Loan Trust, Series 2014-2A, Class A, 1.880%, 3/15/2022, 144A		145,960
	275,000	Credit Acceptance Auto Loan Trust, Series 2015-1A, Class B, 2.610%, 1/17/2023, 144A		276,062
	800,000	Credit Acceptance Auto Loan Trust, Series 2016-2A, Class B, 3.180%, 5/15/2024, 144A		807,906
	275,000	Credit Acceptance Auto Loan Trust, Series 2016-3A, Class A, 2.150%, 4/15/2024, 144A		273,415

See accompanying notes to financial statements.

|  26

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		ABS Car Loan — continued
$	322,000	Drive Auto Receivables Trust, Series 2015-BA, Class C, 2.760%, 7/15/2021, 144A	$	323,627
	362,000	Drive Auto Receivables Trust, Series 2016-BA, Class C, 3.190%, 7/15/2022, 144A		366,698
	470,000	Drive Auto Receivables Trust, Series 2016-CA, Class B, 2.370%, 11/16/2020, 144A		471,371
	230,000	Drive Auto Receivables Trust, Series 2017-AA, Class C, 2.980%, 1/18/2022, 144A		231,537
	275,000	Drive Auto Receivables Trust, Series 2017-BA, Class C, 2.610%, 8/16/2021, 144A		274,964
	107,000	DT Auto Owner Trust, Series 2015-2A, Class D, 4.250%, 2/15/2022, 144A		109,107
	335,000	DT Auto Owner Trust, Series 2015-3A, Class D, 4.530%, 10/17/2022, 144A		342,821
	255,000	DT Auto Owner Trust, Series 2016-2A, Class D, 5.430%, 11/15/2022, 144A		267,094
	440,000	DT Auto Owner Trust, Series 2016-4A, Class C, 2.740%, 10/17/2022, 144A		441,256
	90,000	DT Auto Owner Trust, Series 2017-1A, Class C, 2.700%, 11/15/2022, 144A		89,931
	3,535	Exeter Automobile Receivables Trust, Series 2014-1A, Class B, 2.420%, 1/15/2019, 144A		3,536
	17,131	First Investors Auto Owner Trust, Series 2014-1A, Class A3, 1.490%, 1/15/2020, 144A		17,129
	260,000	First Investors Auto Owner Trust, Series 2017-1A, Class A2, 2.200%, 3/15/2022, 144A		259,819
	290,000	Flagship Credit Auto Trust, Series 2015-2B, 3.080%, 12/15/2021, 144A		291,025
	195,000	Flagship Credit Auto Trust, Series 2016-2, Class B, 3.840%, 9/15/2022, 144A		200,347
	135,000	Flagship Credit Auto Trust, Series 2016-3, Class B, 2.430%, 6/15/2021, 144A		134,319
	160,000	Flagship Credit Auto Trust, Series 2016-4, Class B, 2.410%, 10/15/2021, 144A		158,472
	230,000	Ford Credit Auto Owner Trust, Series 2014-2, Class A, 2.310%, 4/15/2026, 144A		231,946
	705,000	Ford Credit Auto Owner Trust, Series 2016-2, Class A, 2.030%, 12/15/2027, 144A		695,347
	115,000	Ford Credit Auto Owner Trust/Ford Credit, Series 2014-1, Class A, 2.260%, 11/15/2025, 144A		115,954
	590,000	GM Financial Automobile Leasing Trust, Series 2016-2, Class A3, 1.620%, 9/20/2019		589,898
	490,000	Hyundai Auto Lease Securitization Trust, Series 2016-C, Class A4, 1.650%, 7/15/2020, 144A		488,575
	275,000	Hyundai Auto Lease Securitization Trust, Series 2017-A, Class A3, 1.880%, 8/17/2020, 144A		275,458
	595,000	NextGear Floorplan Master Owner Trust, Series 2014-1A, Class A, 1.920%, 10/15/2019, 144A		595,612
	120,000	NextGear Floorplan Master Owner Trust, Series 2016-2A, Class A2, 2.190%, 9/15/2021, 144A		118,903
	197,225	Prestige Auto Receivables Trust, Series 2015-1, Class A3, 1.530%, 2/15/2021, 144A		197,313
	505,000	Prestige Auto Receivables Trust, Series 2016-2A, Class A3, 1.760%, 1/15/2021, 144A		501,212
	121,000	Santander Drive Auto Receivables Trust, Series 2015-4, Class C, 2.970%, 3/15/2021		122,602

See accompanying notes to financial statements.

27  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		ABS Car Loan — continued
$	188,000	Santander Drive Auto Receivables Trust, Series 2016-2, Class C, 2.660%, 11/15/2021	$	189,034
	500,000	Santander Drive Auto Receivables Trust, Series 2016-3, Class B, 1.890%, 6/15/2021		499,131
	165,000	Santander Drive Auto Receivables Trust, Series 2017-1, Class B, 2.100%, 6/15/2021		164,801
	79,683	SMART Trust/Australia, Series 2013-2US, Class A4A, 1.180%, 2/14/2019		79,444
	800,000	Westlake Automobile Receivables Trust, Series 2016-3A, Class B, 2.070%, 12/15/2021, 144A		797,650
	295,000	Westlake Automobile Receivables Trust, Series 2017-1A, Class B, 2.300%, 10/17/2022, 144A		294,692
	186,346	World Omni Auto Receivables Trust, Series 2014-B, Class A3, 1.140%, 1/15/2020		185,963
	640,000	World Omni Auto Receivables Trust, Series 2016-B, Class A3, 1.300%, 2/15/2022		633,579
				16,906,193
		ABS Credit Card — 3.2%
	605,000	American Express Credit Account Master Trust, Series 2017-1, Class A, 1.930%, 9/15/2022		606,225
	434,000	Bank of America Credit Card Trust, Series 2015-A2, Class A, 1.360%, 9/15/2020		433,557
	630,000	Bank of America Credit Card Trust, Series 2017-A1, Class A1, 1.950%, 8/15/2022		630,824
	415,000	Barclays Dryrock Issuance Trust, Series 2014-3, Class A, 2.410%, 7/15/2022		420,342
	745,000	Capital One Multi-Asset Execution Trust, Series 2017-A1, Class A1, 2.000%, 1/17/2023		747,458
	1,085,000	Chase Issuance Trust, Series 2016-A4, Class A4, 1.490%, 7/15/2022		1,068,964
	260,000	Citibank Credit Card Issuance Trust, Series 2014-A1, Class A1, 2.880%, 1/23/2023		267,140
	470,000	Synchrony Credit Card Master Note Trust, Series 2016-3, Class A, 1.580%, 9/15/2022		466,249
	501,000	World Financial Network Credit Card Master Trust, Series 2012-A, Class A, 3.140%, 1/17/2023		513,416
	555,000	World Financial Network Credit Card Master Trust, Series 2016-C, Class A, 1.720%, 8/15/2023		551,865
				5,706,040
		ABS Home Equity — 1.3%
	468,731	Bayview Opportunity Master Fund IVa Trust, Series 2016-SPL1, Class A, 4.000%, 4/28/2055, 144A		480,191
	322,052	Colony American Finance Ltd., Series 2015-1, Class A, 2.896%, 10/15/2047, 144A		320,282
	215,528	Colony American Homes, Series 2014-1A, Class A, 2.093%, 5/17/2031, 144A(b)		215,706
	20,977	Countrywide Alternative Loan Trust, Series 2006-J5, Class 4A1, 4.746%, 7/25/2021(b)(c)		19,336
	15,105	Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 5.115%, 2/25/2035(b)		15,294

See accompanying notes to financial statements.

|  28

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		ABS Home Equity — continued
$	500,000	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M2, 2.832%, 10/25/2027(b)	$	511,211
	201,727	Mill City Mortgage Trust, Series 2016-1, Class A1, 2.500%, 4/25/2057, 144A(b)		200,392
	10,323	RBSSP Resecuritization Trust, Series 2010-3, Class 9A1, 5.500%, 2/26/2035, 144A(c)		10,248
	178,355	Towd Point Mortgage Trust, Series 2015-2, Class 1AE2, 2.750%, 11/25/2060, 144A(b)		177,912
	286,954	Towd Point Mortgage Trust, Series 2016-2, Class A1A, 2.750%, 8/25/2055, 144A(b)		285,762
	80,198	Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR10, Class 2A4, 3.074%, 5/01/2035(b)		81,575
				2,317,909
		ABS Other — 2.0%
	21,894	CCG Receivables Trust, Series 2014-1, Class A2, 1.060%, 11/15/2021, 144A		21,884
	132,300	DB Master Finance LLC, Series 2015-1A, Class A2I, 3.262%, 2/20/2045, 144A		132,995
	34,554	FRS I LLC, Series 2013-1A, Class A1, 1.800%, 4/15/2043, 144A		33,853
	398,000	John Deere Owner Trust, Series 2014-B, Class A4, 1.500%, 6/15/2021		398,181
	431,538	Merlin Aviation Holdings DAC, Series 2016-1, Class A, 4.500%, 12/15/2032, 144A(b)		421,762
	97,884	OneMain Financial Issuance Trust, Series 2014-2A, Class A, 2.470%, 9/18/2024, 144A		98,042
	385,000	OneMain Financial Issuance Trust, Series 2015-1A, Class A, 3.190%, 3/18/2026, 144A		389,072
	350,000	OneMain Financial Issuance Trust, Series 2016-1A, Class A, 3.660%, 2/20/2029, 144A		356,262
	232,208	Shenton Aircraft Investment I Ltd., Series 2015-1A, Class A, 4.750%, 10/15/2042, 144A		236,540
	250,000	Sierra Receivables Funding Co. LLC, Series 2017-1A, Class A, 2.910%, 3/20/2034, 144A		251,530
	190,208	TAL Advantage V LLC, Series 2014-1A, Class A, 3.510%, 2/22/2039, 144A		186,522
	81,804	TAL Advantage V LLC, Series 2014-2A, Class A2, 3.330%, 5/20/2039, 144A		80,106
	191,667	TAL Advantage V LLC, Series 2014-3A, Class A, 3.270%, 11/21/2039, 144A		185,601
	795,000	Verizon Owner Trust, Series 2017-1A, Class A, 2.060%, 9/20/2021, 144A		797,561
				3,589,911
		ABS Student Loan — 0.9%
	373,596	North Carolina State Education Assistance Authority, Series 2011-2, Class A2, 1.838%, 7/25/2025(b)		374,515
	128,267	SoFi Professional Loan Program LLC, Series 2015-A, Class A2, 2.420%, 3/25/2030, 144A		128,179
	446,581	SoFi Professional Loan Program LLC, Series 2015-C, Class A2, 2.510%, 8/25/2033, 144A		445,687
	295,000	SoFi Professional Loan Program LLC, Series 2016-B, Class A2B, 2.740%, 10/25/2032, 144A		295,761
	330,490	South Carolina Student Loan Corp., Series 2010-1, Class A2, 2.038%, 7/25/2025(b)		332,830
				1,576,972

See accompanying notes to financial statements.

29  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Aerospace & Defense — 0.9%
$	125,000	Arconic, Inc., 6.750%, 7/15/2018	$	131,750
	420,000	Northrop Grumman Corp., 3.200%, 2/01/2027		416,032
	615,000	Rockwell Collins, Inc., 3.200%, 3/15/2024		614,298
	450,000	Rolls-Royce PLC, 2.375%, 10/14/2020, 144A		447,601
				1,609,681
		Agency Commercial Mortgage-Backed Securities — 4.0%
	648,018	FHLMC Multifamily Structured Pass Through Certificates, Series K013, Class A2, 3.974%, 1/25/2021(b)		688,859
	509,476	FHLMC Multifamily Structured Pass Through Certificates, Series K029, Class A2, 3.320%, 2/25/2023(b)		533,159
	701,647	FHLMC Multifamily Structured Pass Through Certificates, Series K042, Class A2, 2.670%, 12/25/2024		699,524
	368,033	FHLMC Multifamily Structured Pass Through Certificates, Series K704, Class A2, 2.412%, 8/25/2018		371,148
	913,556	FHLMC Multifamily Structured Pass Through Certificates, Series K708, Class A2, 2.130%, 1/25/2019		920,218
	321,775	FHLMC Multifamily Structured Pass Through Certificates, Series K709, Class A2, 2.086%, 3/25/2019		323,669
	1,304,975	FHLMC Multifamily Structured Pass Through Certificates, Series K710, Class A2, 1.883%, 5/25/2019		1,307,357
	1,014,484	FHLMC Multifamily Structured Pass Through Certificates, Series K711, Class A2, 1.730%, 7/25/2019		1,012,767
	625,673	FHLMC Multifamily Structured Pass Through Certificates, Series KLH2, Class A, 1.682%, 11/25/2022(b)		628,906
	603,327	FHLMC Multifamily Structured Pass Through Certificates, Series KP03, Class A2, 1.780%, 7/25/2019		599,470
				7,085,077
		Airlines — 0.3%
	145,000	American Airlines Pass Through Certificates, Series 2016-3, Class A, 3.250%, 4/15/2030		140,106
	235,000	American Airlines Pass Through Certificates, Series 2017-1, Class A, 4.000%, 8/15/2030		237,938
	66,705	Delta Air Lines Pass Through Trust, Series 2009-1, Class A, 7.750%, 6/17/2021		73,511
				451,555
		Automotive — 2.6%
	500,000	American Honda Finance Corp., MTN, 1.200%, 7/12/2019		493,271
	447,000	American Honda Finance Corp., MTN, 1.600%, 7/13/2018		447,789
	425,000	American Honda Finance Corp., MTN, 2.000%, 2/14/2020		426,044
	585,000	BMW U.S. Capital LLC, 1.850%, 9/15/2021, 144A		566,431
	220,000	Daimler Finance North America LLC, 2.450%, 5/18/2020, 144A		220,277
	45,000	Delphi Automotive PLC, 3.150%, 11/19/2020		45,908
	360,000	Ford Motor Credit Co. LLC, 2.459%, 3/27/2020		359,026
	460,000	Ford Motor Credit Co. LLC, 3.339%, 3/28/2022		461,611
	331,000	General Motors Financial Co., Inc., 4.250%, 5/15/2023		341,563
	325,000	General Motors Financial Co., Inc., 4.300%, 7/13/2025		330,058
	585,000	Hyundai Capital America, 3.100%, 4/05/2022, 144A		583,713

See accompanying notes to financial statements.

|  30

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Automotive — continued
$	103,000	Magna International, Inc., 3.625%, 6/15/2024	$	105,088
	150,000	PACCAR Financial Corp., MTN, 1.200%, 8/12/2019		147,864
				4,528,643
		Banking — 18.9%
	530,000	ABN AMRO Bank NV, 1.800%, 9/20/2019, 144A		524,748
	515,000	American Express Credit Corp., MTN, 2.200%, 3/03/2020		515,780
	1,035,000	American Express Credit Corp., MTN, 2.700%, 3/03/2022		1,033,758
	105,000	Bank of America Corp., 6.000%, 9/01/2017		106,886
	116,000	Bank of America Corp., MTN, 6.875%, 4/25/2018		122,059
	49,000	Bank of Montreal, MTN, 1.400%, 9/11/2017		48,993
	365,000	Bank of Montreal, MTN, 1.500%, 7/18/2019		361,192
	415,000	Bank of Montreal, MTN, 1.900%, 8/27/2021		404,236
	545,000	Bank of Montreal, MTN, 2.100%, 12/12/2019		546,971
	505,000	Bank of New York Mellon Corp. (The), MTN, (fixed rate to 2/7/2027, variable rate thereafter), 3.442%, 2/07/2028		508,840
	845,000	Bank of Nova Scotia (The), 1.650%, 6/14/2019		839,640
	1,030,000	Bank of Nova Scotia (The), 2.700%, 3/07/2022		1,032,942
	295,000	Bear Stearns Cos. LLC (The), 7.250%, 2/01/2018		308,311
	490,000	BNZ International Funding Ltd., 2.400%, 2/21/2020, 144A		491,827
	750,000	Canadian Imperial Bank of Commerce, 1.600%, 9/06/2019		743,332
	540,000	Capital One Financial Corp., 3.050%, 3/09/2022		539,675
	555,000	Capital One NA, 2.189%, 1/30/2023(b)		557,596
	870,000	Citibank NA, 2.000%, 3/20/2019		872,991
	840,000	Citigroup, Inc., 2.900%, 12/08/2021		843,204
	920,000	Citizens Bank NA, 2.250%, 3/02/2020		918,679
	430,000	Citizens Bank NA, Series BKNT, 2.500%, 3/14/2019		433,122
	250,000	Comerica Bank, 2.500%, 6/02/2020		250,114
	970,000	Commonwealth Bank of Australia, 1.750%, 11/07/2019, 144A		960,813
	700,000	Credit Agricole S.A., 3.375%, 1/10/2022, 144A		698,180
	335,000	Credit Suisse Group AG, 4.282%, 1/09/2028, 144A		333,543
	450,000	Credit Suisse Group Funding Guernsey Ltd., 3.800%, 6/09/2023		451,842
	735,000	Danske Bank AS, 2.200%, 3/02/2020, 144A		734,013
	345,000	Deutsche Bank AG, 4.250%, 10/14/2021, 144A		353,584
	780,000	Fifth Third Bank, Series BKNT, 1.625%, 9/27/2019		770,461
	549,000	Goldman Sachs Group, Inc. (The), 2.142%, 4/26/2022(b)		553,540
	215,000	Goldman Sachs Group, Inc. (The), 2.750%, 9/15/2020		216,781
	259,000	Goldman Sachs Group, Inc. (The), 5.950%, 1/18/2018		267,462
	665,000	HSBC Holdings PLC, (fixed rate to 3/13/2027, variable rate thereafter), 4.041%, 3/13/2028		672,197
	185,000	HSBC USA, Inc., 2.375%, 11/13/2019		185,868
	1,035,000	JPMorgan Chase & Co., 1.656%, 3/09/2021(b)		1,032,930
	246,000	JPMorgan Chase & Co., 6.000%, 1/15/2018		254,304
	585,000	JPMorgan Chase Bank NA, 1.650%, 9/23/2019		581,963
	555,000	Key Bank NA, Series BKNT, 1.600%, 8/22/2019		549,046
	532,000	Macquarie Bank Ltd., 1.600%, 10/27/2017, 144A		532,007
	219,000	Merrill Lynch & Co., Inc., Series C, GMTN, 6.400%, 8/28/2017		223,252
	460,000	Mizuho Bank Ltd., 1.800%, 3/26/2018, 144A		459,535

See accompanying notes to financial statements.

31  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Banking — continued
$	725,000	Mizuho Financial Group, Inc., 2.953%, 2/28/2022	$	724,906
	855,000	Morgan Stanley, Series 3NC2, 1.842%, 2/14/2020(b)		856,860
	535,000	Morgan Stanley, Series F, GMTN, 6.625%, 4/01/2018		559,975
	295,000	National Bank of Canada, 2.100%, 12/14/2018		296,083
	540,000	Nordea Bank AB, 1.625%, 9/30/2019, 144A		533,228
	835,000	PNC Bank NA, 1.700%, 12/07/2018		834,830
	595,000	PNC Bank NA, 2.625%, 2/17/2022		595,495
	317,000	Royal Bank of Canada, 1.400%, 10/13/2017		316,909
	652,000	Royal Bank of Canada, GMTN, 1.625%, 4/15/2019		648,419
	529,000	Santander Holdings USA, Inc., 2.700%, 5/24/2019		531,503
	855,000	Santander Holdings USA, Inc., 3.700%, 3/28/2022, 144A		857,951
	380,000	Santander UK PLC, 2.500%, 3/14/2019		383,115
	240,000	Societe Generale S.A., 5.000%, 1/17/2024, 144A		249,167
	525,000	Svenska Handelsbanken AB, Series BKNT, 1.500%, 9/06/2019		518,272
	740,000	Toronto-Dominion Bank (The), GMTN, 1.450%, 9/06/2018		738,348
	925,000	Toronto-Dominion Bank (The), MTN, 1.950%, 1/22/2019		929,203
	840,000	U.S. Bank NA, 2.000%, 1/24/2020		843,123
	425,000	UBS Group Funding Switzerland AG, 4.253%, 3/23/2028, 144A		431,090
	770,000	Wells Fargo Bank NA, 1.750%, 5/24/2019		767,569
				33,452,263
		Brokerage — 0.2%
	430,000	BlackRock, Inc., 3.200%, 3/15/2027		430,188
		Building Materials — 0.1%
	107,000	Fortune Brands Home & Security, Inc., 3.000%, 6/15/2020		108,299
	40,000	Masco Corp., 3.500%, 4/01/2021		40,704
	27,000	Masco Corp., 7.125%, 3/15/2020		30,417
				179,420
		Cable Satellite — 0.1%
	170,000	Cox Enterprises, Inc., 7.375%, 7/15/2027, 144A		208,243
		Chemicals — 0.1%
	107,000	Airgas, Inc., 3.050%, 8/01/2020		109,924
	9,000	Eastman Chemical Co., 4.500%, 1/15/2021		9,604
	45,000	Methanex Corp., 3.250%, 12/15/2019		45,316
				164,844
		Collateralized Mortgage Obligations — 1.8%
	219,945	Government National Mortgage Association, Series 2014-H14, Class FA, 1.280%, 7/20/2064(b)		218,920
	153,130	Government National Mortgage Association, Series 2014-H15, Class FA, 1.280%, 7/20/2064(b)		152,342
	419,231	Government National Mortgage Association, Series 2015-H09, Class HA, 1.750%, 3/20/2065		417,243
	602,821	Government National Mortgage Association, Series 2015-H10, Class JA, 2.250%, 4/20/2065		589,860

See accompanying notes to financial statements.

|  32

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Collateralized Mortgage Obligations — continued
$	609,183	Government National Mortgage Association, Series 2016-H06, Class FC, 1.700%, 2/20/2066(b)	$	613,249
	1,272,436	Government National Mortgage Association, Series 2016-H10, Class FJ, 1.380%, 4/20/2066(b)		1,274,603
				3,266,217
		Construction Machinery — 1.4%
	835,000	Caterpillar Financial Services Corp., 1.700%, 8/09/2021		805,361
	870,000	Caterpillar Financial Services Corp., MTN, 1.900%, 3/22/2019		870,163
	174,000	John Deere Capital Corp., 2.450%, 9/11/2020		175,444
	220,000	John Deere Capital Corp., MTN, 1.250%, 10/09/2019		216,715
	450,000	John Deere Capital Corp., MTN, 2.650%, 1/06/2022		451,626
				2,519,309
		Consumer Cyclical Services — 0.8%
	225,000	Alibaba Group Holding Ltd., 2.500%, 11/28/2019		226,065
	67,000	Western Union Co. (The), 3.350%, 5/22/2019		68,444
	1,030,000	Western Union Co. (The), 3.600%, 3/15/2022		1,037,345
	116,000	Western Union Co. (The), 3.650%, 8/22/2018		118,725
				1,450,579
		Diversified Manufacturing — 0.1%
	80,000	Snap-on, Inc., 4.250%, 1/15/2018		81,637
		Electric — 4.0%
	120,000	Consolidated Edison Co. of New York, Inc., Series B, 2.900%, 12/01/2026		116,797
	1,035,000	Consolidated Edison, Inc., Series A, 2.000%, 3/15/2020		1,033,817
	385,000	DTE Energy Co., 2.850%, 10/01/2026		360,234
	510,000	Duke Energy Corp., 2.650%, 9/01/2026		475,175
	451,000	Exelon Corp., 2.450%, 4/15/2021		445,601
	605,000	Exelon Corp., (Step to 3.497% on 4/04/2017), 2.500%, 6/01/2022(d)		610,585
	179,000	Exelon Generation Co. LLC, 2.950%, 1/15/2020		181,460
	116,000	Exelon Generation Co. LLC, 4.250%, 6/15/2022		121,415
	395,000	Fortis, Inc., 2.100%, 10/04/2021, 144A		382,731
	825,000	National Rural Utilities Cooperative Finance Corp., 2.950%, 2/07/2024		826,709
	188,000	National Rural Utilities Cooperative Finance Corp., (fixed rate to 4/30/2023, variable rate thereafter), 4.750%, 4/30/2043		192,230
	690,000	National Rural Utilities Cooperative Finance Corp., MTN, 1.500%, 11/01/2019		683,925
	280,000	NextEra Energy Capital Holdings, Inc., 1.649%, 9/01/2018		279,169
	456,000	NextEra Energy Capital Holdings, Inc., Series F, 2.056%, 9/01/2017		457,470
	273,000	Southern Co. (The), 2.750%, 6/15/2020		275,320
	720,000	Southern Power Co., Series E, 2.500%, 12/15/2021		703,698
				7,146,336
		Finance Companies — 0.2%
	427,000	Ares Capital Corp., 3.625%, 1/19/2022		423,352
		Food & Beverage — 0.7%
	9,000	Anheuser-Busch Cos. LLC, 5.000%, 3/01/2019		9,539
	185,000	Flowers Foods, Inc., 3.500%, 10/01/2026		180,335

See accompanying notes to financial statements.

33  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Food & Beverage — continued
$	845,000	Molson Coors Brewing Co., 2.250%, 3/15/2020, 144A	$	845,444
	140,000	Smithfield Foods, Inc., 3.350%, 2/01/2022, 144A		139,802
				1,175,120
		Government Owned – No Guarantee — 1.9%
	397,000	Ecopetrol S.A., 5.875%, 9/18/2023		430,249
	625,000	Export-Import Bank of Korea, 2.750%, 1/25/2022		622,815
	725,000	Korea Development Bank (The), 2.625%, 2/27/2022		720,898
	420,000	Korea National Oil Corp., 2.875%, 3/27/2022, 144A		420,218
	445,000	Petroleos Mexicanos, 6.375%, 2/04/2021		482,705
	780,000	Sinopec Group Overseas Development 2016 Ltd., 1.750%, 9/29/2019, 144A		768,292
				3,445,177
		Government Sponsored — 0.3%
	500,000	Ontario Teachers’ Cadillac Fairview Properties Trust, 3.875%, 3/20/2027, 144A		507,170
		Health Insurance — 1.0%
	695,000	Aetna, Inc., 1.700%, 6/07/2018		695,012
	1,055,000	UnitedHealth Group, Inc., 3.375%, 4/15/2027		1,061,919
				1,756,931
		Healthcare — 0.3%
	41,000	Agilent Technologies, Inc., 6.500%, 11/01/2017		42,058
	245,000	Express Scripts Holding Co., 3.000%, 7/15/2023		236,818
	183,000	Life Technologies Corp., 6.000%, 3/01/2020		200,487
	94,000	Quest Diagnostics, Inc., 4.750%, 1/30/2020		100,529
				579,892
		Hybrid ARMs — 0.2%
	62,617	FHLMC, 2.785%, 1/01/2035(b)		66,228
	180,004	FHLMC, 3.057%, 5/01/2036(b)		191,361
				257,589
		Independent Energy — 0.2%
	107,000	ConocoPhillips Co., 2.875%, 11/15/2021		107,910
	179,000	Encana Corp., 6.500%, 5/15/2019		193,338
				301,248
		Industrial Other — 0.6%
	600,000	CK Hutchison International 17 Ltd., 2.875%, 4/05/2022, 144A		600,322
	440,000	Hutchison Whampoa International 14 Ltd., 1.625%, 10/31/2017, 144A		439,594
				1,039,916
		Integrated Energy — 0.8%
	205,000	BP Capital Markets PLC, 3.588%, 4/14/2027		206,381
	1,030,000	Chevron Corp., 1.991%, 3/03/2020		1,031,306
	94,000	Shell International Finance BV, 1.625%, 11/10/2018		93,896
				1,331,583
		Life Insurance — 1.0%
	165,000	AIG Global Funding, 1.650%, 12/15/2017, 144A		165,109
	830,000	Jackson National Life Global Funding, 2.200%, 1/30/2020, 144A		828,889

See accompanying notes to financial statements.

|  34

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Life Insurance — continued
$	371,000	New York Life Global Funding, 1.450%, 12/15/2017, 144A	$	371,067
	344,000	Reliance Standard Life Global Funding II, 2.150%, 10/15/2018, 144A		345,033
	63,000	Unum Group, 5.625%, 9/15/2020		69,315
				1,779,413
		Lodging — 0.3%
	600,000	Wyndham Worldwide Corp., 4.150%, 4/01/2024		605,113
		Media Entertainment — 0.8%
	95,000	Activision Blizzard, Inc., 2.300%, 9/15/2021, 144A		93,015
	715,000	Moody’s Corp., 1.414%, 9/04/2018(b)		716,239
	112,000	S&P Global, Inc, 3.300%, 8/14/2020		114,421
	49,000	Scripps Networks Interactive, Inc., 3.950%, 6/15/2025		49,816
	480,000	Walt Disney Co. (The), MTN, 1.950%, 3/04/2020		481,074
				1,454,565
		Metals & Mining — 0.1%
	40,000	Barrick North America Finance LLC, 4.400%, 5/30/2021		42,877
	31,000	Reliance Steel & Aluminum Co., 4.500%, 4/15/2023		32,351
	22,000	Rio Tinto Finance USA PLC, 3.500%, 3/22/2022		22,910
				98,138
		Midstream — 0.9%
	405,000	APT Pipelines Ltd., 4.250%, 7/15/2027, 144A		410,403
	255,000	Energy Transfer Partners LP, 2.500%, 6/15/2018		256,242
	60,000	Energy Transfer Partners LP, 4.900%, 2/01/2024		62,342
	246,000	Kinder Morgan Energy Partners LP, 4.150%, 3/01/2022		254,413
	255,000	Kinder Morgan Energy Partners LP, 4.150%, 2/01/2024		258,348
	160,000	Plains All American Pipeline LP/PAA Finance Corp., 3.850%, 10/15/2023		160,439
	143,000	Williams Partners LP, 3.600%, 3/15/2022		145,056
				1,547,243
		Mortgage Related — 3.6%
	4,991	FHLMC, 3.000%, 10/01/2026		5,123
	527	FHLMC, 6.500%, 1/01/2024		586
	94	FHLMC, 8.000%, 7/01/2025		105
	194	FNMA, 6.000%, 9/01/2021		197
	249,323	GNMA, 4.287%, 2/20/2063(b)		262,603
	445,263	GNMA, 4.307%, 2/20/2063(b)		466,492
	235,727	GNMA, 4.408%, 10/20/2066(b)		256,268
	56,438	GNMA, 4.411%, 6/20/2066(b)		60,993
	101,705	GNMA, 4.424%, 9/20/2066(b)		110,323
	70,783	GNMA, 4.457%, 11/20/2066(b)		76,967
	194,297	GNMA, 4.475%, 10/20/2062(b)		204,103
	66,358	GNMA, 4.477%, 8/20/2066(b)		72,056
	194,007	GNMA, 4.481%, 5/20/2062(b)		202,853
	126,379	GNMA, 4.492%, 11/20/2066(b)		137,749
	435,332	GNMA, 4.495%, 4/20/2063(b)		457,728
	264,107	GNMA, 4.506%, 5/20/2062(b)		276,134
	241,836	GNMA, 4.512%, 4/20/2063(b)		254,322

See accompanying notes to financial statements.

35  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Mortgage Related — continued
$	111,592	GNMA, 4.521%, 10/20/2066(b)	$	121,695
	183,383	GNMA, 4.538%, 9/20/2066(b)		200,613
	220,805	GNMA, 4.554%, 3/20/2062(b)		230,293
	235,611	GNMA, 4.565%, 3/20/2063(b)		247,767
	101,467	GNMA, 4.566%, 10/20/2066(b)		111,381
	265,170	GNMA, 4.582%, 2/20/2063(b)		278,102
	185,409	GNMA, 4.589%, 6/20/2062(b)		193,798
	823,139	GNMA, 4.594%, 1/20/2067(b)		906,443
	153,039	GNMA, 4.595%, 7/20/2062(b)		159,603
	393,002	GNMA, 4.613%, 11/20/2064(b)		410,345
	676,603	GNMA, 4.685%, with various maturities from 2061 to 2064(b)(e)		723,785
	1,718	GNMA, 6.500%, 12/15/2023		1,948
	239	GNMA, 8.500%, 9/15/2022		242
	670	GNMA, 9.500%, 1/15/2019		697
				6,431,314
		Natural Gas — 0.6%
	107,000	NiSource Finance Corp., 6.125%, 3/01/2022		122,559
	965,000	Sempra Energy, 1.625%, 10/07/2019		955,379
				1,077,938
		Non-Agency Commercial Mortgage-Backed Securities — 8.0%
	28,700	Banc of America Commercial Mortgage Trust, Series 2007-5, Class A4, 5.492%, 2/10/2051		28,865
	565,000	Barclays Commercial Mortgage Securities Trust, Series 2017-C1, Class A2, 3.189%, 2/15/2050		580,452
	491,600	CFCRE Commercial Mortgage Trust, Series 2016-C3, Class A3, 3.865%, 1/10/2048		510,858
	361,996	CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A4, 3.283%, 5/10/2058		360,152
	992,138	Citigroup Commercial Mortgage Trust, Series 2016-GC37, Class A4, 3.314%, 4/10/2049		993,312
	535,000	Commercial Mortgage Pass Through Certificates, Series 2012-LTRT, Class A2, 3.400%, 10/05/2030, 144A		532,339
	263,676	Commercial Mortgage Pass Through Certificates, Series 2013-CR8, Class A5, 3.612%, 6/10/2046(b)		274,825
	84,913	Commercial Mortgage Pass Through Certificates, Series 2014-CR14, Class A2, 3.147%, 2/10/2047		85,995
	232,393	Commercial Mortgage Pass Through Certificates, Series 2014-CR15, Class A2, 2.928%, 2/10/2047		236,446
	205,578	Commercial Mortgage Pass Through Certificates, Series 2014-CR16, Class ASB, 3.653%, 4/10/2047		215,672
	478,193	Commercial Mortgage Pass Through Certificates, Series 2014-LC17, Class A3, 3.723%, 10/10/2047		491,901
	730,000	Commercial Mortgage Pass Through Certificates, Series 2014-TWC, Class A, 1.732%, 2/13/2032, 144A(b)		731,831
	280,000	Commercial Mortgage Pass Through Certificates, Series 2014-UBS3, Class A4, 3.819%, 6/10/2047		290,897

See accompanying notes to financial statements.

|  36

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Non-Agency Commercial Mortgage-Backed Securities — continued
$	520,299	Commercial Mortgage Trust, Series 2016-DC2, Class A5, 3.765%, 2/10/2049	$	537,157
	39,889	Credit Suisse Commercial Mortgage Trust, Series 2007-C3, Class A4, 5.715%, 6/15/2039(b)		39,869
	107,531	Credit Suisse Commercial Mortgage Trust, Series 2007-C4, Class A4, 5.958%, 9/15/2039(b)		108,048
	265,763	Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.695%, 9/15/2040(b)		266,924
	380,000	Credit Suisse Mortgage Capital Certificates, Series 2014-USA, Class A2, 3.953%, 9/15/2037, 144A		389,299
	84,913	CSAIL Commercial Mortgage Trust, Series 2015-C4, Class ASB, 3.617%, 11/15/2048		89,055
	200,434	GP Portfolio Trust, Series 2014-GPP, Class A, 1.862%, 2/15/2027, 144A(b)		200,686
	189,103	Greenwich Capital Commercial Mortgage Trust, Series 2007-GG11, Class A4, 5.736%, 12/10/2049		190,091
	340,000	GS Mortgage Securities Corp. Trust, Series 2013-PEMB, Class A, 3.550%, 3/05/2033, 144A(b)		343,015
	332,944	GS Mortgage Securities Trust, Series 2007-GG10, Class A4, 5.949%, 8/10/2045(b)		332,599
	225,963	GS Mortgage Securities Trust, Series 2014-GC20, Class A3, 3.680%, 4/10/2047		231,937
	355,000	Hudsons Bay Simon JV Trust, Series 2015-HB7, Class A7, 3.914%, 8/05/2034, 144A		361,544
	173,417	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LD11, Class A4, 5.841%, 6/15/2049(b)		173,473
	120,665	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-C19, Class ASB, 3.584%, 4/15/2047		125,968
	313,755	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-FL5, Class A, 1.892%, 7/15/2031, 144A(b)		314,424
	520,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2015-SGP, Class A, 2.612%, 7/15/2036, 144A(b)		522,606
	280,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2017-JP5, Class A1, 2.086%, 3/15/2050		280,053
	213,426	Merrill Lynch Mortgage Trust, Series 2007-C1, Class A4, 5.841%, 6/12/2050(b)		213,849
	13,136	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-6, Class A4, 5.485%, 3/12/2051(b)		13,120
	263,676	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C14, Class A3, 3.669%, 2/15/2047		274,432
	129,604	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A4, 3.306%, 4/15/2048		130,547
	185,000	SCG Trust, Series 2013-SRP1, Class B, 3.412%, 11/15/2026, 144A(b)		177,637
	505,000	UBS-Barclays Commercial Mortgage Trust, Series 2012-TFT, Class A, 2.892%, 6/05/2030, 144A		501,247
	565,000	UBS-Barclays Commercial Mortgage Trust, Series 2013-C6, Class A4, 3.244%, 4/10/2046		578,030
	96,468	Wachovia Bank Commercial Mortgage Trust, Series 2007-C32, Class A3, 5.760%, 6/15/2049(b)		96,367
	120,433	Wachovia Bank Commercial Mortgage Trust, Series 2007-C34, Class A3, 5.678%, 5/15/2046		120,918

See accompanying notes to financial statements.

37  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Non-Agency Commercial Mortgage-Backed Securities — continued
$	201,109	Wells Fargo Commercial Mortgage Trust, Series 2016-C33, Class A4, 3.426%, 3/15/2059	$	203,519
	1,295,000	Wells Fargo Commercial Mortgage Trust, Series 2017-RC1, Class A2, 3.118%, 1/15/2060		1,328,033
	204,637	WFCG Commercial Mortgage Trust, Series 2015-BXRP, Class A, 2.034%, 11/15/2029, 144A(b)		204,684
	178,764	WFRBS Commercial Mortgage Trust, Series 2004-C19, Class A3, 3.660%, 3/15/2047		185,759
	348,589	WFRBS Commercial Mortgage Trust, Series 2014-C20, Class ASB, 3.638%, 5/15/2047		364,723
				14,233,158
		Pharmaceuticals — 1.3%
	22,000	Amgen, Inc., 2.200%, 5/22/2019		22,145
	147,000	Eli Lilly & Co., 1.950%, 3/15/2019		148,026
	425,000	Novartis Capital Corp. (The), 1.800%, 2/14/2020		425,416
	975,000	Pfizer, Inc., 3.000%, 12/15/2026		965,389
	775,000	Shire Acquisitions Investments Ireland Designated Activity Co., 1.900%, 9/23/2019		769,415
				2,330,391
		Property Trust — 0.5%
	850,000	WEA Finance LLC, 3.150%, 4/05/2022, 144A		849,614
		Railroads — 0.8%
	455,000	Burlington Northern Santa Fe LLC, 3.250%, 6/15/2027		458,393
	206,000	CSX Corp., 3.700%, 10/30/2020		214,680
	27,000	CSX Corp., 6.150%, 5/01/2037		33,179
	430,000	Union Pacific Corp., 3.000%, 4/15/2027		425,191
	215,000	Union Pacific Corp., 3.646%, 2/15/2024		225,267
				1,356,710
		REITs – Health Care — 1.1%
	368,000	HCP, Inc., 4.000%, 12/01/2022		379,597
	31,000	Healthcare Realty Trust, Inc., 3.750%, 4/15/2023		30,969
	875,000	Omega Healthcare Investors, Inc., 4.750%, 1/15/2028		863,716
	320,000	Physicians Realty LP, 4.300%, 3/15/2027		320,429
	370,000	Ventas Realty LP, 3.850%, 4/01/2027		367,104
				1,961,815
		REITs – Hotels — 0.1%
	155,000	Host Hotels & Resorts LP, 3.875%, 4/01/2024		156,177
		REITs – Shopping Centers — 0.3%
	435,000	Kimco Realty Corp., 3.800%, 4/01/2027		433,118
		REITs – Single Tenant — 0.1%
	179,000	Realty Income Corp., 5.875%, 3/15/2035		206,490
		Restaurants — 0.6%
	1,030,000	McDonald’s Corp., MTN, 2.625%, 1/15/2022		1,029,091

See accompanying notes to financial statements.

|  38

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Retailers — 0.3%
$	430,000	Dollar General Corp., 3.875%, 4/15/2027	$	430,328
		Sovereigns — 0.3%
	595,000	Mexico Government International Bond, 4.150%, 3/28/2027		605,115
		Technology — 3.0%
	45,000	Apple, Inc., 2.250%, 2/23/2021		45,136
	380,000	Apple, Inc., 3.000%, 2/09/2024		383,264
	765,000	Applied Materials, Inc., 3.300%, 4/01/2027		768,039
	285,000	CA, Inc., 3.600%, 8/15/2022		289,190
	850,000	DXC Technology Co., 4.750%, 4/15/2027, 144A		866,903
	855,000	Genpact Luxembourg S.a.r.l., 3.700%, 4/01/2022, 144A		859,956
	120,000	Hewlett Packard Enterprise Co., 4.900%, 10/15/2025		124,648
	246,000	HP, Inc., 4.300%, 6/01/2021		258,969
	72,000	Ingram Micro, Inc., 5.450%, 12/15/2024		70,846
	89,000	Jabil Circuit, Inc., 5.625%, 12/15/2020		95,230
	22,000	Jabil Circuit, Inc., 8.250%, 3/15/2018		23,251
	36,000	KLA-Tencor Corp., 4.125%, 11/01/2021		37,691
	405,000	Pitney Bowes, Inc., 3.375%, 10/01/2021		398,010
	655,000	Seagate HDD Cayman, 4.875%, 3/01/2024, 144A		643,569
	290,000	Tech Data Corp., 3.700%, 2/15/2022		291,005
	77,000	Xerox Corp., 4.070%, 3/17/2022, 144A		77,995
				5,233,702
		Tobacco — 0.0%
	31,000	Philip Morris International, Inc., 2.900%, 11/15/2021		31,374
	5,000	Philip Morris International, Inc., 5.650%, 5/16/2018		5,228
				36,602
		Transportation Services — 0.6%
	690,000	Penske Truck Leasing Co. LP/PTL Finance Corp., 4.200%, 4/01/2027, 144A		702,538
	430,000	TTX Co., 2.600%, 6/15/2020, 144A		430,820
				1,133,358
		Treasuries — 14.3%
	7,065,000	U.S. Treasury Note, 1.875%, 2/28/2022		7,049,825
	3,900,000	U.S. Treasury Note, 2.125%, 12/31/2022		3,909,446
	3,390,000	U.S. Treasury Note, 2.125%, 11/30/2023		3,378,345
	11,195,000	U.S. Treasury Note, 2.250%, 2/15/2027		11,052,006
				25,389,622
		Wireless — 0.2%
	185,000	Crown Castle International Corp., 4.875%, 4/15/2022		199,003
	200,000	Crown Castle International Corp., 5.250%, 1/15/2023		218,248
				417,251
		Wirelines — 2.2%
	400,000	Deutsche Telekom International Finance BV, 1.500%, 9/19/2019, 144A		393,540
	415,000	Deutsche Telekom International Finance BV, 2.820%, 1/19/2022, 144A		412,611
	790,000	Orange S.A., 1.625%, 11/03/2019		778,840
	750,000	Telefonica Emisiones SAU, 4.103%, 3/08/2027		755,293

See accompanying notes to financial statements.

39  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Wirelines — continued
$	715,000	TELUS Corp., 3.700%, 9/15/2027	$	715,330
	870,000	Verizon Communications, Inc., 4.125%, 3/16/2027		884,739
				3,940,353
		Total Non-Convertible Bonds (Identified Cost $176,302,933)		176,225,614
	Municipals — 0.1%
		New Jersey — 0.1%
	45,000	New Jersey Economic Development Authority Revenue, School Facilities Construction, Refunding, Series QQ, 1.802%, 6/15/2017		45,051
	230,000	New Jersey Economic Development Authority Revenue, School Facilities Construction, Refunding, Series QQ, 1.802%, 6/15/2017		230,187
		Total Municipals (Identified Cost $275,000)		275,238
		Total Bonds and Notes (Identified Cost $176,577,933)		176,500,852
	Short-Term Investments — 1.9%
	3,273,303	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2017 at 0.220% to be repurchased at $3,273,363 on 4/03/2017 collateralized by $3,350,000 U.S. Treasury Note, 1.750% due 11/30/2021 valued at $3,342,734 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $3,273,303)		3,273,303
		Total Investments — 101.4% (Identified Cost $179,851,236)(a)		179,774,155
		Other assets less liabilities — (1.4)%		(2,412,338	)
		Net Assets — 100.0%	$	177,361,817
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information (Amounts exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
		At March 31, 2017, the net unrealized depreciation on investments based on a cost of $180,157,428 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	$	885,455
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(1,268,728	)
		Net unrealized depreciation	$	(383,273	)
	(b)	Variable rate security. Rate as of March 31, 2017 is disclosed.
	(c)	Fair valued by the Fund’s adviser. At March 31, 2017, the value of these securities amounted to $29,584 or less than 0.1% of net assets. See Note 2 of Notes to Financial Statements.
	(d)	Coupon rate is a fixed rate for an initial period than resets at a specified date and rate.

See accompanying notes to financial statements.

|  40

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

(e)	The Fund’s investment in mortgage related securities of 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.
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, 2017, the value of Rule 144A holdings amounted to $42,410,068 or 23.9% of net assets.
ABS	Asset-Backed Securities
ARMs	Adjustable Rate Mortgages
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
REITs	Real Estate Investment Trusts

Industry Summary at March 31, 2017 (Unaudited)

Banking	18.9	%
Treasuries	14.3
ABS Car Loan	9.5
Non-Agency Commercial Mortgage-Backed Securities	8.0
Electric	4.0
Agency Commercial Mortgage-Backed Securities	4.0
Mortgage Related	3.6
ABS Credit Card	3.2
Technology	3.0
Automotive	2.6
Wirelines	2.2
ABS Other	2.0
Other Investments, less than 2% each	24.2
Short-Term Investments	1.9
Total Investments	101.4
Other assets less liabilities	(1.4	)
Net Assets	100.0	%

See accompanying notes to financial statements.

41  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Limited Term Government and Agency Fund

Principal Amount		Description	Value (†)
	Bonds and Notes — 96.5% of Net Assets
		ABS Car Loan — 1.9%
$	1,550,000	Avis Budget Rental Car Funding AESOP LLC, Series 2016-1A, Class A, 2.990%, 6/20/2022, 144A	$	1,568,948
	1,247,245	CPS Auto Receivables Trust, Series 2015-C, Class A, 1.770%, 6/17/2019, 144A		1,249,289
	1,138,825	Credit Acceptance Auto Loan Trust, Series 2014-2A, Class A, 1.880%, 3/15/2022, 144A		1,140,184
	1,825,000	Credit Acceptance Auto Loan Trust, Series 2016-2A, Class A, 2.420%, 11/15/2023, 144A		1,827,155
	2,875,000	Credit Acceptance Auto Loan Trust, Series 2016-3A, Class A, 2.150%, 4/15/2024, 144A		2,858,426
	201,141	First Investors Auto Owner Trust, Series 2014-1A, Class A3, 1.490%, 1/15/2020, 144A		201,117
	2,310,000	Flagship Credit Auto Trust, Series 2016-4, Class A2, 1.960%, 2/16/2021, 144A		2,302,173
	3,500,000	NextGear Floorplan Master Owner Trust, Series 2014-1A, Class A, 1.920%, 10/15/2019, 144A		3,503,603
	725,000	NextGear Floorplan Master Owner Trust, Series 2016-1A, Class A2, 2.740%, 4/15/2021, 144A		731,744
				15,382,639
		ABS Home Equity — 0.6%
	2,339,206	Home Partners of America Trust, Series 2016-1, Class A, 2.563%, 3/17/2033, 144A(b)		2,356,833
	1,028,072	Mill City Mortgage Trust, Series 2015-1, Class A1, 2.230%, 6/25/2056, 144A(b)		1,031,663
	1,630,163	Towd Point Mortgage Trust, Series 2015-2, Class 1AE2, 2.750%, 11/25/2060, 144A(b)		1,626,120
				5,014,616
		ABS Student Loan — 0.0%
	351,571	SoFi Professional Loan Program LLC, Series 2016-D, Class A1, 1.932%, 1/25/2039, 144A(b)		354,289
		Agency Commercial Mortgage-Backed Securities — 18.7%
	5,899,466	Federal National Mortgage Association, Series 2015-M17, Class FA, 1.912%, 11/25/2022(b)		5,924,478
	1,000,000	Federal National Mortgage Association, Series 2016-M3, Class ASQ2, 2.263%, 2/25/2023		978,892
	6,000,000	FHLMC Multifamily Structured Pass Through Certificates, Series K006, Class A2, 4.251%, 1/25/2020		6,361,241
	4,305,000	FHLMC Multifamily Structured Pass Through Certificates, Series K014, Class A2, 3.871%, 4/25/2021		4,581,159
	4,000,000	FHLMC Multifamily Structured Pass Through Certificates, Series K015, Class A2, 3.230%, 7/25/2021		4,155,093
	6,625,000	FHLMC Multifamily Structured Pass Through Certificates, Series K017, Class A2, 2.873%, 12/25/2021		6,809,614
	3,474,611	FHLMC Multifamily Structured Pass Through Certificates, Series K703, Class A2, 2.699%, 5/25/2018		3,513,759
	686,255	FHLMC Multifamily Structured Pass Through Certificates, Series K704, Class A2, 2.412%, 8/25/2018		692,063

See accompanying notes to financial statements.

|  42

Portfolio of Investments – as of March 31, 2017 (Unaudited)

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

Principal Amount		Description	Value (†)
		Agency Commercial Mortgage-Backed Securities — continued
$	2,570,055	FHLMC Multifamily Structured Pass Through Certificates, Series K706, Class A2, 2.323%, 10/25/2018	$	2,594,275
	7,811,281	FHLMC Multifamily Structured Pass Through Certificates, Series K708, Class A2, 2.130%, 1/25/2019		7,868,235
	34,370,000	FHLMC Multifamily Structured Pass Through Certificates, Series K711, Class A2, 1.730%, 7/25/2019		34,311,832
	4,100,025	FHLMC Multifamily Structured Pass Through Certificates, Series KABM, Class A, 1.479%, 9/25/2022(b)		4,110,250
	1,429,113	FHLMC Multifamily Structured Pass Through Certificates, Series KF06, Class A, 1.109%, 11/25/2021(b)		1,429,113
	9,951,730	FHLMC Multifamily Structured Pass Through Certificates, Series KF14, Class A, 1.632%, 1/25/2023(b)		9,995,337
	4,820,861	FHLMC Multifamily Structured Pass Through Certificates, Series KJ04, Class A1, 1.376%, 10/25/2020		4,778,555
	19,300,000	FHLMC Multifamily Structured Pass Through Certificates, Series KLH2, Class A, 1.682%, 11/25/2022(b)		19,399,721
	26,135,000	FHLMC Multifamily Structured Pass Through Certificates, Series KP03, Class A2, 1.780%, 7/25/2019		25,967,932
	210,241	Government National Mortgage Association, Series 2003-72, Class Z, 5.250%, 11/16/2045(b)		223,359
	189,324	Government National Mortgage Association, Series 2003-88, Class Z, 4.877%, 3/16/2046(b)		199,544
	3,539,257	Government National Mortgage Association, Series 2013-52, Class KX, 3.537%, 8/16/2051(b)		3,662,855
				147,557,307
		Collateralized Mortgage Obligations — 17.1%
	87,030	Federal Home Loan Mortgage Corp., REMIC, Series 1500, Class FD, 2.070%, 5/15/2023(b)(c)		84,054
	57,845	Federal Home Loan Mortgage Corp., REMIC, Series 1552, Class I, 1.810%, 8/15/2023(b)(c)		57,100
	227,327	Federal Home Loan Mortgage Corp., REMIC, Series 2131, Class ZB, 6.000%, 3/15/2029		246,058
	719,301	Federal Home Loan Mortgage Corp., REMIC, Series 2874, Class BC, 5.000%, 10/15/2019		738,582
	1,246,775	Federal Home Loan Mortgage Corp., REMIC, Series 2931, Class DE, 4.000%, 2/15/2020		1,261,050
	1,699,061	Federal Home Loan Mortgage Corp., REMIC, Series 2978, Class JG, 5.500%, 5/15/2035		1,899,294
	2,517,480	Federal Home Loan Mortgage Corp., REMIC, Series 3036, Class NE, 5.000%, 9/15/2035		2,751,909
	2,439,377	Federal Home Loan Mortgage Corp., REMIC, Series 3412, Class AY, 5.500%, 2/15/2038		2,628,294
	1,826,093	Federal Home Loan Mortgage Corp., REMIC, Series 3561, Class W, 3.166%, 6/15/2048(b)		1,761,267
	2,146,907	Federal Home Loan Mortgage Corp., REMIC, Series 3620, Class AT, 4.180%, 12/15/2036(b)		2,225,303

See accompanying notes to financial statements.

43  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

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

Principal Amount		Description	Value (†)
		Collateralized Mortgage Obligations — continued
$	801,245	Federal Home Loan Mortgage Corp., REMIC, Series 4212, Class FW, 3.012%, 6/15/2043(b)	$	766,018
	1,693,387	Federal National Mortgage Association, REMIC, Series 2003-48, Class GH, 5.500%, 6/25/2033		1,898,192
	57,868	Federal National Mortgage Association, REMIC, Series 1992-162, Class FB, 2.310%, 9/25/2022(b)(c)		57,225
	56,477	Federal National Mortgage Association, REMIC, Series 1994-42, Class FD, 1.890%, 4/25/2024(b)(c)		55,891
	11,899	Federal National Mortgage Association, REMIC, Series 2002-W10, Class A7, 4.232%, 8/25/2042(b)(c)		12,769
	918,518	Federal National Mortgage Association, REMIC, Series 2005-100, Class BQ, 5.500%, 11/25/2025		995,733
	175,391	Federal National Mortgage Association, REMIC, Series 2005-33, Class QD, 5.000%, 1/25/2034		176,000
	1,001,029	Federal National Mortgage Association, REMIC, Series 2007-73, Class A1, 1.042%, 7/25/2037(b)		980,472
	2,012,888	Federal National Mortgage Association, REMIC, Series 2008-86, Class LA, 3.486%, 8/25/2038(b)		2,088,267
	5,412,360	Federal National Mortgage Association, REMIC, Series 2013-67, Class NF, 1.982%, 7/25/2043(b)		5,284,574
	40,873	Federal National Mortgage Association, REMIC, Series G93-19, Class FD, 1.900%, 4/25/2023(b)(c)		40,448
	10,792	FHLMC Structured Pass Through Securities, Series T-60, Class 2A1, 3.554%, 3/25/2044(b)(c)		11,314
	808,840	FHLMC Structured Pass Through Securities, Series T-62, Class 1A1, 1.814%, 10/25/2044(b)		816,867
	1,307,389	Government National Mortgage Association, Series 2010-H20, Class AF, 1.110%, 10/20/2060(b)		1,294,991
	1,181,024	Government National Mortgage Association, Series 2010-H24, Class FA, 1.130%, 10/20/2060(b)		1,170,009
	1,043,380	Government National Mortgage Association, Series 2011-H06, Class FA, 1.230%, 2/20/2061(b)		1,037,805
	1,787,905	Government National Mortgage Association, Series 2012-124, Class HT, 7.273%, 7/20/2032(b)		2,016,642
	1,940,325	Government National Mortgage Association, Series 2012-H15, Class FA, 1.230%, 5/20/2062(b)		1,942,323
	1,194,615	Government National Mortgage Association, Series 2012-H18, Class NA, 1.300%, 8/20/2062(b)		1,191,546
	5,368,036	Government National Mortgage Association, Series 2012-H29, Class HF, 1.280%, 10/20/2062(b)		5,374,005
	4,687,582	Government National Mortgage Association, Series 2013-H02, Class GF, 1.280%, 12/20/2062(b)		4,693,987
	4,632,674	Government National Mortgage Association, Series 2013-H08, Class FA, 1.130%, 3/20/2063(b)		4,592,296
	3,458,437	Government National Mortgage Association, Series 2013-H10, Class FA, 1.180%, 3/20/2063(b)		3,436,249

See accompanying notes to financial statements.

|  44

Portfolio of Investments – as of March 31, 2017 (Unaudited)

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

Principal Amount		Description	Value (†)
		Collateralized Mortgage Obligations — continued
$	11,560,909	Government National Mortgage Association, Series 2013-H22, Class FT, 1.460%, 4/20/2063(b)	$	11,645,609
	6,621,258	Government National Mortgage Association, Series 2014-H14, Class FA, 1.280%, 7/20/2064(b)		6,590,412
	4,550,719	Government National Mortgage Association, Series 2014-H15, Class FA, 1.280%, 7/20/2064(b)		4,527,303
	4,381,476	Government National Mortgage Association, Series 2015-H05, Class FA, 1.080%, 4/20/2061(b)		4,379,016
	11,199,910	Government National Mortgage Association, Series 2015-H09, Class HA, 1.750%, 3/20/2065		11,146,823
	10,188,431	Government National Mortgage Association, Series 2015-H10, Class JA, 2.250%, 4/20/2065		9,969,389
	2,395,254	Government National Mortgage Association, Series 2015-H11, Class FA, 1.030%, 4/20/2065(b)		2,392,689
	5,944,025	Government National Mortgage Association, Series 2015-H19, Class FH, 1.080%, 7/20/2065(b)		5,939,358
	1,866,626	Government National Mortgage Association, Series 2015-H29, Class FA, 1.480%, 10/20/2065(b)		1,873,142
	1,183,049	Government National Mortgage Association, Series 2015-H30, Class FA, 1.460%, 8/20/2061(b)		1,186,832
	6,674,138	Government National Mortgage Association, Series 2016-H06, Class FC, 1.700%, 2/20/2066(b)		6,718,686
	4,744,355	Government National Mortgage Association, Series 2016-H10, Class FJ, 1.380%, 4/20/2066(b)		4,752,433
	8,475,644	Government National Mortgage Association, Series 2016-H19, Class FJ, 1.180%, 9/20/2063(b)		8,430,717
	314,927	NCUA Guaranteed Notes, Series 2010-A1, Class A, 1.208%, 12/07/2020(b)		314,927
	746,388	NCUA Guaranteed Notes, Series 2010-R1, Class 1A, 1.432%, 10/07/2020(b)		747,204
	1,251,783	NCUA Guaranteed Notes, Series 2010-R3, Class 1A, 1.337%, 12/08/2020(b)		1,256,849
	83,341	NCUA Guaranteed Notes, Series 2010-R3, Class 2A, 1.337%, 12/08/2020(b)		83,759
				135,541,682
		Hybrid ARMs — 13.7%
	1,901,016	FHLMC, 2.720%, 7/01/2033(b)		2,007,352
	886,094	FHLMC, 2.739%, 9/01/2038(b)		933,582
	713,901	FHLMC, 2.740%, 4/01/2036(b)		739,298
	306,017	FHLMC, 2.777%, 9/01/2038(b)		324,000
	1,224,899	FHLMC, 2.807%, 9/01/2038(b)		1,294,128
	5,127,207	FHLMC, 2.822%, 3/01/2037(b)		5,420,554
	1,411,585	FHLMC, 2.873%, 2/01/2036(b)		1,485,178
	3,123,976	FHLMC, 2.881%, 2/01/2036(b)		3,298,021
	647,865	FHLMC, 2.920%, 11/01/2038(b)		688,209
	799,888	FHLMC, 2.997%, 6/01/2037(b)		826,308
	2,102,906	FHLMC, 3.013%, 9/01/2035(b)		2,232,199
	4,276,679	FHLMC, 3.023%, 9/01/2041(b)		4,493,387
	1,253,189	FHLMC, 3.024%, 3/01/2036(b)		1,323,971
	134,204	FHLMC, 3.104%, 12/01/2037(b)		139,008
	516,326	FHLMC, 3.105%, 2/01/2035(b)		541,399

See accompanying notes to financial statements.

45  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

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

Principal Amount		Description	Value (†)
		Hybrid ARMs — continued
$	807,640	FHLMC, 3.111%, 11/01/2038(b)	$	858,434
	1,324,767	FHLMC, 3.137%, 3/01/2038(b)		1,409,697
	560,690	FHLMC, 3.219%, 12/01/2034(b)		593,993
	656,903	FHLMC, 3.287%, 4/01/2037(b)		693,531
	2,616,669	FHLMC, 3.532%, 4/01/2037(b)		2,780,594
	628,423	FHLMC, 3.875%, 3/01/2037(b)		669,348
	768,340	FNMA, 2.682%, 9/01/2036(b)		812,357
	2,495,669	FNMA, 2.709%, 11/01/2033(b)		2,634,425
	1,392,694	FNMA, 2.750%, 6/01/2036(b)		1,469,188
	614,849	FNMA, 2.757%, 12/01/2034(b)		643,636
	332,765	FNMA, 2.761%, 4/01/2033(b)		349,520
	6,494,449	FNMA, 2.795%, with various maturities from 2033 to 2037(b)(d)		6,868,844
	618,734	FNMA, 2.796%, 9/01/2034(b)		651,316
	5,687,781	FNMA, 2.799%, 10/01/2034(b)		6,001,953
	1,903,910	FNMA, 2.802%, with various maturities from 2035 to 2037(b)(d)		1,980,891
	1,221,560	FNMA, 2.803%, 6/01/2033(b)		1,290,939
	3,689,189	FNMA, 2.806%, 6/01/2037(b)		3,922,107
	4,140,345	FNMA, 2.831%, 4/01/2034(b)		4,367,319
	1,563,011	FNMA, 2.840%, 8/01/2035(b)		1,654,300
	1,254,542	FNMA, 2.853%, 1/01/2036(b)		1,332,078
	3,959,352	FNMA, 2.881%, 7/01/2038(b)		4,180,153
	3,059,665	FNMA, 2.885%, 4/01/2037(b)		3,228,215
	409,184	FNMA, 2.893%, 8/01/2035(b)		433,713
	1,330,444	FNMA, 2.901%, 4/01/2034(b)		1,405,421
	965,367	FNMA, 2.905%, 8/01/2034(b)		1,028,367
	397,783	FNMA, 2.907%, 8/01/2038(b)		413,575
	303,417	FNMA, 2.932%, 8/01/2033(b)		321,257
	3,070,612	FNMA, 2.936%, 7/01/2035(b)		3,240,733
	1,820,551	FNMA, 2.941%, 4/01/2037(b)		1,920,755
	4,733,304	FNMA, 3.017%, 3/01/2037(b)		5,014,678
	648,497	FNMA, 3.029%, 11/01/2036(b)		687,068
	369,264	FNMA, 3.055%, 3/01/2034(b)		391,142
	3,734,891	FNMA, 3.095%, with various maturities from 2035 to 2037(b)(d)		3,962,993
	631,277	FNMA, 3.103%, 7/01/2041(b)		660,078
	938,749	FNMA, 3.115%, 5/01/2035(b)		1,000,088
	639,554	FNMA, 3.119%, 10/01/2033(b)		679,991
	5,188,045	FNMA, 3.281%, 10/01/2041(b)		5,487,745
	3,389,098	FNMA, 3.377%, 7/01/2037(b)		3,587,451
	196,145	FNMA, 3.445%, 1/01/2037(b)		208,585
	864,086	FNMA, 3.505%, 2/01/2037(b)		916,522
	1,589,787	FNMA, 3.549%, 2/01/2047(b)		1,669,474
	1,358,106	FNMA, 3.723%, 6/01/2035(b)		1,437,796
				108,606,864
		Mortgage Related — 17.5%
	101,904	FHLMC, 3.000%, 10/01/2026		104,611
	713,322	FHLMC, 4.000%, with various maturities from 2024 to 2042(d)		751,255
	502,200	FHLMC, 4.500%, with various maturities from 2025 to 2034(d)		530,896

See accompanying notes to financial statements.

|  46

Portfolio of Investments – as of March 31, 2017 (Unaudited)

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

Principal Amount		Description	Value (†)
		Mortgage Related — continued
$	214,904	FHLMC, 5.500%, 10/01/2023	$	228,759
	263,872	FHLMC, 5.775%, 6/01/2020(b)		273,874
	406,417	FHLMC, 5.904%, 8/01/2020(b)		424,960
	219,691	FHLMC, 5.924%, 10/01/2020(b)		230,449
	301,200	FHLMC, 5.952%, 11/01/2020(b)		316,512
	15,308	FHLMC, 6.000%, 11/01/2019		15,783
	349,517	FHLMC, 6.500%, with various maturities from 2017 to 2034(d)		397,904
	412	FHLMC, 7.500%, 6/01/2026		463
	707	FHLMC, 10.000%, 7/01/2019		717
	12,995	FHLMC, 11.500%, 4/01/2020		13,180
	180,975	FNMA, 3.000%, 3/01/2042		180,415
	2,016,223	FNMA, 5.000%, with various maturities from 2037 to 2038(d)		2,208,749
	1,089,704	FNMA, 5.500%, with various maturities from 2018 to 2033(d)		1,192,345
	1,445,294	FNMA, 6.000%, with various maturities from 2017 to 2022(d)		1,553,138
	219,886	FNMA, 6.500%, with various maturities from 2032 to 2037(d)		245,646
	10,239	FNMA, 7.000%, 12/01/2022		10,258
	85,011	FNMA, 7.500%, with various maturities from 2030 to 2032(d)		93,695
	4,182,318	GNMA, 2.472%, 2/20/2061(b)		4,348,016
	3,111,880	GNMA, 2.651%, 2/20/2063(b)		3,249,069
	4,186,729	GNMA, 2.926%, 3/20/2063(b)		4,398,988
	2,365,881	GNMA, 3.039%, with various maturities in 2065(b)(d)		2,527,929
	2,359,781	GNMA, 3.132%, 2/20/2063(b)		2,487,250
	3,358,153	GNMA, 4.422%, 6/20/2063(b)		3,549,315
	1,916,670	GNMA, 4.438%, 3/20/2063(b)		2,013,922
	1,829,092	GNMA, 4.457%, 2/20/2063(b)		1,917,410
	3,892,947	GNMA, 4.482%, 2/20/2062(b)		4,056,796
	4,826,111	GNMA, 4.490%, 10/20/2065(b)		5,231,272
	3,985,465	GNMA, 4.525%, 12/20/2061(b)		4,136,860
	15,498,758	GNMA, 4.539%, 12/20/2061(b)		15,998,272
	6,674,258	GNMA, 4.542%, 12/20/2062(b)		6,992,334
	1,851,085	GNMA, 4.554%, 3/20/2062(b)		1,930,624
	1,338,524	GNMA, 4.587%, 4/20/2063(b)		1,410,581
	16,569,627	GNMA, 4.589%, with various maturities from 2061 to 2063(b)(d)		17,328,124
	2,169,623	GNMA, 4.604%, 2/20/2066(b)		2,345,044
	1,572,633	GNMA, 4.629%, 3/20/2062(b)		1,634,473
	1,888,788	GNMA, 4.634%, 3/20/2064(b)		2,031,042
	460,447	GNMA, 4.659%, 1/20/2064(b)		494,712
	6,209,709	GNMA, 4.673%, 2/20/2062(b)		6,462,858
	2,025,258	GNMA, 4.682%, 11/20/2063(b)		2,189,392
	8,220,095	GNMA, 4.685%, with various maturities from 2061 to 2064(b)(d)		8,536,329
	2,934,216	GNMA, 4.687%, 2/20/2062(b)		3,045,280
	1,202,376	GNMA, 4.699%, 6/20/2061(b)		1,228,272
	6,358,749	GNMA, 4.700%, with various maturities in 2061(b)(d)		6,542,157
	1,163,581	GNMA, 4.716%, 3/20/2061(b)		1,194,471
	1,163,088	GNMA, 4.747%, 8/20/2062(b)		1,209,061
	479,686	GNMA, 5.053%, 4/20/2061(b)		500,078
	17,750	GNMA, 6.000%, 12/15/2031		20,589

See accompanying notes to financial statements.

47  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

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

Principal Amount		Description	Value (†)
		Mortgage Related — continued
$	72,424	GNMA, 6.500%, 5/15/2031	$	83,190
	72,957	GNMA, 7.000%, 10/15/2028		81,231
	4,097,216	Government National Mortgage Association, Series 2015-H04, Class FL, 1.250%, 2/20/2065(b)		4,073,256
	6,215,869	Government National Mortgage Association, Series 2015-H12, Class FL, 1.010%, 5/20/2065(b)		6,142,759
				138,164,565
		Non-Agency Commercial Mortgage-Backed Securities — 5.2%
	269,066	Banc of America Commercial Mortgage Trust, Series 2007-5, Class A4, 5.492%, 2/10/2051		270,610
	3,445,000	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2016-ASHF, Class A, 2.812%, 12/15/2033, 144A(b)		3,460,051
	478,172	Barclays Commercial Mortgage Securities, Series 2015-RRI, Class A, 2.062%, 5/15/2032, 144A(b)		478,767
	2,414,059	CDGJ Commercial Mortgage Trust, Series 2014-BXCH, 2.312%, 12/15/2027, 144A(b)		2,418,601
	2,421,529	CG-CCRE Commercial Mortgage Trust, Series 2014-FL1, Class A, 1.862%, 6/15/2031, 144A(b)		2,421,037
	1,310,000	Commercial Mortgage Pass Through Certificates, Series 2012-LTRT, Class A2, 3.400%, 10/05/2030, 144A		1,303,485
	3,425,000	Commercial Mortgage Pass Through Certificates, Series 2014-FL5, Class A, 2.282%, 10/15/2031, 144A(b)		3,430,375
	4,282,000	Commercial Mortgage Pass Through Certificates, Series 2016-DC2, Class ASB, 3.550%, 2/10/2049		4,433,483
	1,399,000	DBUBS Mortgage Trust, Series 2011-LC2A, Class A4, 4.537%, 7/10/2044, 144A		1,497,200
	2,201,488	GP Portfolio Trust, Series 2014-GPP, Class A, 1.862%, 2/15/2027, 144A(b)		2,204,251
	2,710,023	Greenwich Capital Commercial Mortgage Trust, Series 2007-GG11, Class A4, 5.736%, 12/10/2049		2,724,177
	5,535,000	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2014-CBM, Class A, 1.812%, 10/15/2029, 144A(b)		5,534,997
	1,478,689	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-FL5, Class A, 1.892%, 7/15/2031, 144A(b)		1,481,841
	4,115,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2015-SGP, Class A, 2.612%, 7/15/2036, 144A(b)		4,135,619
	110,886	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-6, Class A4, 5.485%, 3/12/2051(b)		110,749
	766,259	Resource Capital Corp. Ltd., Series 2014-CRE2, Class A, 1.993%, 4/15/2032, 144A(b)		766,003
	3,700,000	Starwood Retail Property Trust, Inc., 2.132%, 11/15/2027, 144A(b)		3,679,020
	436,012	Wachovia Bank Commercial Mortgage Trust, Series 2007-C34, Class A3, 5.678%, 5/15/2046		437,769
				40,788,035
		Sovereigns — 0.3%
	1,955,000	U.S. Department of Housing and Urban Development, Series 4, 1.880%, 8/01/2019		1,969,624

See accompanying notes to financial statements.

|  48

Portfolio of Investments – as of March 31, 2017 (Unaudited)

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

Principal Amount		Description	Value (†)
		Treasuries — 21.5%
$	23,145,000	U.S. Treasury Note, 1.125%, 6/30/2021	$	22,475,068
	28,700,000	U.S. Treasury Note, 1.125%, 8/31/2021		27,804,244
	37,270,000	U.S. Treasury Note, 1.375%, 1/31/2021		36,747,363
	17,015,000	U.S. Treasury Note, 2.000%, 12/31/2021		17,080,133
	5,670,000	U.S. Treasury Note, 2.000%, 11/15/2026		5,477,311
	13,945,000	U.S. Treasury Note, 2.125%, 9/30/2021		14,088,801
	19,850,000	U.S. Treasury Note, 2.125%, 3/31/2024		19,732,925
	26,120,000	U.S. Treasury Note, 2.250%, 1/31/2024		26,201,625
				169,607,470
		Total Bonds and Notes (Identified Cost $773,553,513)		762,987,091
	Short-Term Investments — 4.8%
	15,050,000	Federal Home Loan Bank Discount Notes, 0.700%, 4/26/2017(e)		15,043,363
	10,620,000	Federal National Mortgage Association Discount Notes, 0.700%, 4/04/2017(e)		10,619,798
	12,162,919	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2017 at 0.220% to be repurchased at $12,163,142 on 4/03/2017 collateralized by $12,510,000 U.S. Treasury Note, 1.875% due 8/31/2022 valued at $12,410,783 including accrued interest (Note 2 of Notes to Financial Statements)		12,162,919
		Total Short-Term Investments (Identified Cost $37,825,982)		37,826,080
		Total Investments — 101.3% (Identified Cost $811,379,495)(a)		800,813,171
		Other assets less liabilities — (1.3)%		(10,319,529	)
		Net Assets — 100.0%	$	790,493,642
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information (Amounts exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
		At March 31, 2017, the net unrealized depreciation on investments based on a cost of $811,489,803 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	2,913,427
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(13,590,059	)
		Net unrealized depreciation	$	(10,676,632	)
	(b)	Variable rate security. Rate as of March 31, 2017 is disclosed.
	(c)	Fair valued by the Fund’s adviser. At March 31, 2017, the value of these securities amounted to $318,801 or less than 0.1% of net assets. See Note 2 of Notes to Financial Statements.

See accompanying notes to financial statements.

49  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

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

(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)	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, 2017, the value of Rule 144A holdings amounted to $53,562,791 or 6.8% of net assets.
ABS	Asset-Backed Securities
ARMs	Adjustable Rate Mortgages
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
REMIC	Real Estate Mortgage Investment Conduit

Industry Summary at March 31, 2017 (Unaudited)

Treasuries	21.5	%
Agency Commercial Mortgage-Backed Securities	18.7
Mortgage Related	17.5
Collateralized Mortgage Obligations	17.1
Hybrid ARMs	13.7
Non-Agency Commercial Mortgage-Backed Securities	5.2
Other Investments, less than 2% each	2.8
Short-Term Investments	4.8
Total Investments	101.3
Other assets less liabilities	(1.3	)
Net Assets	100.0	%

See accompanying notes to financial statements.

|  50

Statements of Assets and Liabilities

March 31, 2017 (Unaudited)

	High Income Fund			Intermediate Duration Bond Fund			Limited Term Government and Agency Fund
ASSETS
Investments at cost	$	169,362,931		$	179,851,236		$	811,379,495
Net unrealized appreciation (depreciation)		77,904			(77,081	)		(10,566,324	)
Investments at value		169,440,835			179,774,155			800,813,171
Cash		55,063			18			723
Receivable for Fund shares sold		5,618,669			199,246			1,129,715
Receivable for securities sold		495,862			4,358,718			25,876,541
Dividends and interest receivable		2,365,752			598,378			2,458,459
Tax reclaims receivable		113			409			—
Prepaid expenses (Note 8)		70			66			404
TOTAL ASSETS		177,976,364			184,930,990			830,279,013
LIABILITIES
Payable for securities purchased		788,043			7,219,443			32,309,895
Payable for Fund shares redeemed		465,695			156,873			6,565,569
Unrealized depreciation on forward foreign currency contracts (Note 2)		1,223			—			—
Distributions payable		—			—			262,087
Management fees payable (Note 6)		91,835			53,381			239,637
Deferred Trustees’ fees (Note 6)		137,845			93,940			274,605
Administrative fees payable (Note 6)		6,535			6,711			30,538
Payable to distributor (Note 6d)		2,007			926			5,554
Other accounts payable and accrued expenses		46,424			37,899			97,486
TOTAL LIABILITIES		1,539,607			7,569,173			39,785,371
NET ASSETS	$	176,436,757		$	177,361,817		$	790,493,642
NET ASSETS CONSIST OF:
Paid-in capital	$	180,057,301		$	179,899,817		$	819,162,810
Distributions in excess of net investment income		(434,069	)		(312,685	)		(3,575,716	)
Accumulated net realized loss on investments and foreign currency transactions		(3,272,339	)		(2,148,234	)		(14,527,128	)
Net unrealized appreciation (depreciation) on investments and foreign currency translations		85,864			(77,081	)		(10,566,324	)
NET ASSETS	$	176,436,757		$	177,361,817		$	790,493,642

See accompanying notes to financial statements.

51  |

Statements of Assets and Liabilities (continued)

March 31, 2017 (Unaudited)

	High Income Fund			Intermediate Duration Bond Fund		Limited Term Government and Agency Fund
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	36,400,548		$	20,326,453	$	365,895,019
Shares of beneficial interest		8,470,493			1,987,281		32,250,007
Net asset value and redemption price per share	$	4.30		$	10.23	$	11.35
Offering price per share (100/[100-maximum sales charge] of net asset value) (Note 1)	$	4.49		$	10.68	$	11.61
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	12,259,556		$	3,185,556	$	55,207,530
Shares of beneficial interest		2,845,149			311,319		4,861,723
Net asset value and offering price per share	$	4.31		$	10.23	$	11.36
Class N shares:
Net assets	$	1,049		$	—	$	1,587,761
Shares of beneficial interest		245			—		139,545
Net asset value, offering and redemption price per share	$	4.29	(a)	$	—	$	11.38
Class Y shares:
Net assets	$	127,775,604		$	153,849,808	$	367,803,332
Shares of beneficial interest		29,809,281			15,046,429		32,314,181
Net asset value, offering and redemption price per share	$	4.29		$	10.23	$	11.38

(a) Net asset value calculations have been determined utilizing fractional share and penny amounts.

See accompanying notes to financial statements.

|  52

Statements of Operations

For the Six Months Ended March 31, 2017 (Unaudited)

	High Income Fund			Intermediate Duration Bond Fund			Limited Term Government and Agency Fund
INVESTMENT INCOME
Interest	$	5,003,358		$	1,866,039		$	6,537,734
Dividends		317,736			—			—
Less net foreign taxes withheld		(5,505	)		—			—
		5,315,589			1,866,039			6,537,734
Expenses
Management fees (Note 6)		508,152			210,492			1,564,397
Service and distribution fees (Note 6)		102,809			39,682			838,712
Administrative fees (Note 6)		37,866			37,647			191,868
Trustees’ fees and expenses (Note 6)		17,354			15,240			32,415
Transfer agent fees and expenses (Notes 6 and 7)		105,276			36,296			392,338
Audit and tax services fees		27,127			35,128			27,157
Custodian fees and expenses		11,838			10,504			23,264
Legal fees		1,758			1,764			9,317
Registration fees		42,488			38,162			76,939
Shareholder reporting expenses		21,197			10,952			38,134
Miscellaneous expenses (Note 8)		11,689			9,576			23,370
Total expenses		887,554			445,443			3,217,911
Less waiver and/or expense reimbursement (Note 6)		(64,578	)		(68,944	)		(18,085	)
Net expenses		822,976			376,499			3,199,826
Net investment income		4,492,613			1,489,540			3,337,908
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		(634,188	)		(1,810,472	)		(1,547,489	)
Foreign currency transactions		6,489			—			—
Net change in unrealized appreciation (depreciation) on:
Investments		3,135,271			(1,402,656	)		(7,583,017	)
Foreign currency translations		9,405			—			—
Net realized and unrealized gain (loss) on investments and foreign currency transactions		2,516,977			(3,213,128	)		(9,130,506	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	7,009,590		$	(1,723,588	)	$	(5,792,598	)

See accompanying notes to financial statements.

53  |

Statements of Changes in Net Assets

	High Income Fund						Intermediate Duration Bond Fund
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016
FROM OPERATIONS:
Net investment income	$	4,492,613		$	8,583,675		$	1,489,540		$	2,750,862
Net realized gain (loss) on investments and foreign currency transactions		(627,699	)		(5,345,683	)		(1,810,472	)		1,570,969
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		3,144,676			13,406,022			(1,402,656	)		1,160,767
Net increase (decrease) in net assets resulting from operations		7,009,590			16,644,014			(1,723,588	)		5,482,598
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(875,545	)		(1,391,187	)		(184,108	)		(390,657	)
Class B(a)		—			(14	)		—			—
Class C		(260,793	)		(384,341	)		(17,708	)		(1	)
Class N		(18	)		—			—			—
Class Y		(3,328,207	)		(4,855,484	)		(1,553,436	)		(2,556,145	)
Net realized capital gains
Class A		—			(81,866	)		(146,821	)		(64,649	)
Class B(a)		—			(3	)		—			—
Class C		—			(29,530	)		(22,477	)		—
Class Y		—			(273,287	)		(1,093,586	)		(284,383	)
Total distributions		(4,464,563	)		(7,015,712	)		(3,018,136	)		(3,295,835	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(2,384,731	)		(670,213	)		20,290,017			52,609,062
Net increase in net assets		160,296			8,958,089			15,548,293			54,795,825
NET ASSETS
Beginning of the period		176,276,461			167,318,372			161,813,524			107,017,699
End of the period	$	176,436,757		$	176,276,461		$	177,361,817		$	161,813,524
DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME	$	(434,069	)	$	(462,119	)	$	(312,685	)	$	(46,973	)

(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.

|  54

Statements of Changes in Net Assets (continued)

	Limited Term Government and Agency Fund
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016
FROM OPERATIONS:
Net investment income	$	3,337,908		$	9,196,702
Net realized gain (loss) on investments		(1,547,489	)		2,246,153
Net change in unrealized appreciation (depreciation) on investments		(7,583,017	)		(2,140,764	)
Net increase (decrease) in net assets resulting from operations		(5,792,598	)		9,302,091
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(3,304,890	)		(5,792,542	)
Class B(a)		—			(5,359	)
Class C		(277,619	)		(543,862	)
Class N		(2,547	)		—
Class Y		(3,535,539	)		(7,311,896	)
Total distributions		(7,120,595	)		(13,653,659	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(124,189,401	)		88,093,679
Net increase (decrease) in net assets		(137,102,594	)		83,742,111
NET ASSETS
Beginning of the period		927,596,236			843,854,125
End of the period	$	790,493,642		$	927,596,236
UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME	$	(3,575,716	)	$	206,971

(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.

55  |

Financial Highlights

For a share outstanding throughout each period.

	High Income Fund—Class A
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of the period	$	4.23		$	3.99		$	4.49		$	4.59		$	4.60		$	4.46
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.11			0.20			0.19			0.21			0.24			0.24
Net realized and unrealized gain (loss)		0.07			0.21			(0.39	)		0.17			0.03			0.59
Total from Investment Operations		0.18			0.41			(0.20	)		0.38			0.27			0.83
LESS DISTRIBUTIONS FROM:
Net investment income		(0.11	)		(0.16	)		(0.19	)		(0.22	)		(0.27	)		(0.30	)
Net realized capital gains		—			(0.01	)		(0.11	)		(0.26	)		(0.01	)		(0.39	)
Total Distributions		(0.11	)		(0.17	)		(0.30	)		(0.48	)		(0.28	)		(0.69	)
Net asset value, end of the period	$	4.30		$	4.23		$	3.99		$	4.49		$	4.59		$	4.60
Total return(b)		4.29	%(c)(d)		10.66	%(d)		(4.78	)%(d)		8.42	%		6.27	%		20.90	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	36,401		$	34,820		$	37,870		$	42,630		$	45,791		$	95,876
Net expenses		1.10	%(e)(f)		1.10	%(f)		1.11	%(f)(g)		1.14	%		1.15	%(h)		1.15	%(f)
Gross expenses		1.18	%(e)		1.14	%		1.13	%		1.14	%		1.15	%(h)		1.19	%
Net investment income		5.18	%(e)		5.16	%		4.41	%		4.57	%		5.11	%		5.50	%
Portfolio turnover rate		15	%		38	%		69	%		59	%		47	%		34	%

(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%.

See accompanying notes to financial statements.

|  56

Financial Highlights (continued)

For a share outstanding throughout each period.

	High Income Fund—Class C
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of the period	$	4.24		$	4.00		$	4.50		$	4.61		$	4.61		$	4.47
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.09			0.18			0.16			0.18			0.21			0.21
Net realized and unrealized gain (loss)		0.07			0.20			(0.39	)		0.16			0.04			0.59
Total from Investment Operations		0.16			0.38			(0.23	)		0.34			0.25			0.80
LESS DISTRIBUTIONS FROM:
Net investment income		(0.09	)		(0.13	)		(0.16	)		(0.19	)		(0.24	)		(0.27	)
Net realized capital gains		—			(0.01	)		(0.11	)		(0.26	)		(0.01	)		(0.39	)
Total Distributions		(0.09	)		(0.14	)		(0.27	)		(0.45	)		(0.25	)		(0.66	)
Net asset value, end of the period	$	4.31		$	4.24		$	4.00		$	4.50		$	4.61		$	4.61
Total return(b)		3.88	%(c)(d)		9.81	%(d)		(5.48	)%(d)		7.60	%		5.46	%		19.96	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	12,260		$	12,288		$	12,609		$	14,555		$	15,233		$	16,863
Net expenses		1.85	%(e)(f)		1.85	%(f)		1.86	%(f)(g)		1.89	%		1.90	%(h)		1.90	%(f)
Gross expenses		1.93	%(e)		1.89	%		1.88	%		1.89	%		1.90	%(h)		1.94	%
Net investment income		4.43	%(e)		4.43	%		3.68	%		3.84	%		4.36	%		4.78	%
Portfolio turnover rate		15	%		38	%		69	%		59	%		47	%		34	%

(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.

57  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	High Income Fund—Class N
	Period Ended March 31, 2017 (Unaudited)*
Net asset value, beginning of the period	$	4.16
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.08
Net realized and unrealized gain (loss)		0.12
Total from Investment Operations		0.20
LESS DISTRIBUTIONS FROM:
Net investment income		(0.07	)
Net realized capital gains		—
Total Distributions		(0.07	)
Net asset value, end of the period	$	4.29
Total return(b)(c)		4.92	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1
Net expenses(d)(e)		0.74	%
Gross expenses(e)		14.48	%
Net investment income(e)		5.51	%
Portfolio turnover rate		15	%

* From commencement of Class operations on November 30, 2016 through March 31, 2017.

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

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

See accompanying notes to financial statements.

|  58

Financial Highlights (continued)

For a share outstanding throughout each period.

	High Income Fund—Class Y
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of the period	$	4.22		$	3.98		$	4.48		$	4.59		$	4.59		$	4.46
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.11			0.21			0.20			0.22			0.25			0.26
Net realized and unrealized gain (loss)		0.07			0.21			(0.39	)		0.16			0.04			0.57
Total from Investment Operations		0.18			0.42			(0.19	)		0.38			0.29			0.83
LESS DISTRIBUTIONS FROM:
Net investment income		(0.11	)		(0.17	)		(0.20	)		(0.23	)		(0.28	)		(0.31	)
Net realized capital gains		—			(0.01	)		(0.11	)		(0.26	)		(0.01	)		(0.39	)
Total Distributions		(0.11	)		(0.18	)		(0.31	)		(0.49	)		(0.29	)		(0.70	)
Net asset value, end of the period	$	4.29		$	4.22		$	3.98		$	4.48		$	4.59		$	4.59
Total return		4.44	%(b)(c)		10.98	%(c)		(4.54	)%(c)		8.72	%		6.56	%		20.93	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	127,776		$	129,169		$	116,837		$	125,185		$	108,170		$	110,917
Net expenses		0.85	%(d)(e)		0.85	%(e)		0.86	%(e)(f)		0.89	%		0.90	%(g)		0.90	%(e)
Gross expenses		0.93	%(d)		0.89	%		0.88	%		0.89	%		0.90	%(g)		0.95	%
Net investment income		5.43	%(d)		5.43	%		4.67	%		4.83	%		5.37	%		5.78	%
Portfolio turnover rate		15	%		38	%		69	%		59	%		47	%		34	%

(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.

59  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Intermediate Duration Bond Fund—Class A*
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of the period	$	10.52		$	10.39		$	10.39		$	10.34		$	10.80		$	10.55
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.08			0.20			0.20			0.22			0.18			0.20
Net realized and unrealized gain (loss)		(0.19	)		0.17			0.03			0.11			(0.23	)		0.39
Total from Investment Operations		(0.11	)		0.37			0.23			0.33			(0.05	)		0.59
LESS DISTRIBUTIONS FROM:
Net investment income		(0.10	)		(0.21	)		(0.22	)		(0.25	)		(0.24	)		(0.26	)
Net realized capital gains		(0.08	)		(0.03	)		(0.01	)		(0.03	)		(0.17	)		(0.08	)
Total Distributions		(0.18	)		(0.24	)		(0.23	)		(0.28	)		(0.41	)		(0.34	)
Net asset value, end of the period	$	10.23		$	10.52		$	10.39		$	10.39		$	10.34		$	10.80
Total return(b)(c)		(1.11	)%(d)		3.64	%		2.17	%		3.24	%		(0.46	)%		5.69	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	20,326		$	19,327		$	18,425		$	5,931		$	5,601		$	3,084
Net expenses(e)		0.65	%(f)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Gross expenses		0.73	%(f)		0.72	%		0.71	%		0.85	%		0.79	%		0.84	%
Net investment income		1.56	%(f)		1.89	%		1.93	%		2.07	%		1.71	%		1.91	%
Portfolio turnover rate		104	%		151	%		151	%		134	%		124	%		82	%

* Effective August 31, 2016, Retail Class shares were redesignated as Class A shares.

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

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

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

(d) 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.

|  60

Financial Highlights (continued)

For a share outstanding throughout each period.

	Intermediate Duration Bond Fund—Class C
	Six Months Ended March 31, 2017 (Unaudited)			Period Ended September 30, 2016*
Net asset value, beginning of the period	$	10.53		$	10.53
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.04			0.01
Net realized and unrealized gain (loss)		(0.20	)		0.00	(b)
Total from Investment Operations		(0.16	)		0.01
LESS DISTRIBUTIONS FROM:
Net investment income		(0.06	)		(0.01	)
Net realized capital gains		(0.08	)		—
Total Distributions		(0.14	)		(0.01	)
Net asset value, end of the period	$	10.23		$	10.53
Total return(c)(d)(e)		(1.55	)%		0.08	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	3,186		$	3,088
Net expenses(f)(g)		1.40	%		1.40	%
Gross expenses(g)		1.49	%		1.56	%
Net investment income(g)		0.86	%		0.86	%
Portfolio turnover rate		104	%		151	%

* From commencement of Class operations on August 31, 2016 through September 30, 2016.

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

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

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

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

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

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

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

See accompanying notes to financial statements.

61  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Intermediate Duration Bond Fund—Class Y*
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of the period	$	10.52		$	10.39		$	10.39		$	10.33		$	10.80		$	10.54
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.09			0.22			0.22			0.24			0.21			0.22
Net realized and unrealized gain (loss)		(0.19	)		0.18			0.04			0.12			(0.24	)		0.40
Total from Investment Operations		(0.10	)		0.40			0.26			0.36			(0.03	)		0.62
LESS DISTRIBUTIONS FROM:
Net investment income		(0.11	)		(0.24	)		(0.25	)		(0.27	)		(0.27	)		(0.28	)
Net realized capital gains		(0.08	)		(0.03	)		(0.01	)		(0.03	)		(0.17	)		(0.08	)
Total Distributions		(0.19	)		(0.27	)		(0.26	)		(0.30	)		(0.44	)		(0.36	)
Net asset value, end of the period	$	10.23		$	10.52		$	10.39		$	10.39		$	10.33		$	10.80
Total return(b)		(1.08	)%(c)		3.90	%		2.42	%		3.60	%		(0.30	)%		6.06	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	153,850		$	139,398		$	88,592		$	66,759		$	66,424		$	75,588
Net expenses(d)		0.40	%(e)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Gross expenses		0.48	%(e)		0.47	%		0.47	%		0.57	%		0.48	%		0.51	%
Net investment income		1.82	%(e)		2.11	%		2.15	%		2.31	%		1.97	%		2.12	%
Portfolio turnover rate		104	%		151	%		151	%		134	%		124	%		82	%

* Effective August 31, 2016, Institutional Class shares were redesignated as Class Y shares.

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

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

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

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

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

See accompanying notes to financial statements.

|  62

Financial Highlights (continued)

For a share outstanding throughout each period.

	Limited Term Government and Agency Fund—Class A
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of the period	$	11.51		$	11.57		$	11.61		$	11.68		$	12.04		$	11.87
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.04			0.11			0.14			0.16			0.13			0.18
Net realized and unrealized gain (loss)		(0.11	)		0.00	(b)		0.01	(c)		0.01			(0.23	)		0.28
Total from Investment Operations		(0.07	)		0.11			0.15			0.17			(0.10	)		0.46
LESS DISTRIBUTIONS FROM:
Net investment income		(0.09	)		(0.17	)		(0.19	)		(0.24	)		(0.26	)		(0.29	)
Net realized capital gains		—			—			—			—			(0.00	)(b)		(0.00	)(b)
Paid-in capital		—			—			—			—			(0.00	)(b)		—
Total Distributions		(0.09	)		(0.17	)		(0.19	)		(0.24	)		(0.26	)		(0.29	)
Net asset value, end of the period	$	11.35		$	11.51		$	11.57		$	11.61		$	11.68		$	12.04
Total return(d)		(0.60	)%(e)		0.93	%		1.26	%		1.44	%		(0.81	)%		3.94	%(f)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	365,895		$	442,671		$	346,317		$	314,360		$	355,212		$	357,870
Net expenses		0.80	%(g)		0.77	%		0.77	%		0.80	%(h)		0.87	%(i)		0.85	%(j)
Gross expenses		0.80	%(g)		0.77	%		0.77	%		0.80	%(h)		0.87	%(i)		0.90	%
Net investment income		0.72	%(g)		0.96	%		1.21	%		1.35	%		1.11	%		1.54	%
Portfolio turnover rate		62	%		109	%(k)		48	%		24	%		39	%		56	%

(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) 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.

(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.

(k) The variation in the Fund’s turnover rate from 2015 to 2016 was primarily due to fluctuation in the level of fund assets due to shareholder flows.

See accompanying notes to financial statements.

63  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Limited Term Government and Agency Fund—Class C
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of the period	$	11.52		$	11.58		$	11.62		$	11.69		$	12.05		$	11.88
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.00	)(b)		0.02			0.05			0.07			0.04			0.10
Net realized and unrealized gain (loss)		(0.11	)		0.00	(b)		0.01	(c)		0.01			(0.23	)		0.27
Total from Investment Operations		(0.11	)		0.02			0.06			0.08			(0.19	)		0.37
LESS DISTRIBUTIONS FROM:
Net investment income		(0.05	)		(0.08	)		(0.10	)		(0.15	)		(0.17	)		(0.20	)
Net realized capital gains		—			—			—			—			(0.00	)(b)		(0.00	)(b)
Paid-in capital		—			—			—			—			(0.00	)(b)		—
Total Distributions		(0.05	)		(0.08	)		(0.10	)		(0.15	)		(0.17	)		(0.20	)
Net asset value, end of the period	$	11.36		$	11.52		$	11.58		$	11.62		$	11.69		$	12.05
Total return(d)		(0.97	)%(e)		0.18	%		0.51	%		0.69	%		(1.55	)%		3.17	%(f)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	55,208		$	73,027		$	63,167		$	56,936		$	71,963		$	75,522
Net expenses		1.55	%(g)		1.52	%		1.53	%		1.55	%(h)		1.62	%(i)		1.60	%(j)
Gross expenses		1.55	%(g)		1.52	%		1.53	%		1.55	%(h)		1.62	%(i)		1.65	%
Net investment income (loss)		(0.03	)%(g)		0.21	%		0.47	%		0.61	%		0.36	%		0.80	%
Portfolio turnover rate		62	%		109	%(k)		48	%		24	%		39	%		56	%

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

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

(c) 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.

(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.

(k) The variation in the Fund’s turnover rate from 2015 to 2016 was primarily due to fluctuation in the level of fund assets due to shareholder flows.

See accompanying notes to financial statements.

|  64

Financial Highlights (continued)

For a share outstanding throughout each period.

	Limited Term Government and Agency Fund—Class N
	Period Ended March 31, 2017 (Unaudited)*
Net asset value, beginning of the period	$	11.39
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.01	)
Net realized and unrealized gain (loss)		0.04
Total from Investment Operations		0.03
LESS DISTRIBUTIONS FROM:
Net investment income		(0.04	)
Net realized capital gains		—
Total Distributions		(0.04	)
Net asset value, end of the period	$	11.38
Total return(b)(c)		0.30	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,588
Net expenses(d)(e)		0.49	%
Gross expenses(e)		0.50	%
Net investment loss(e)		(0.41	)%
Portfolio turnover rate		62	%

* From commencement of Class operations on February 1, 2017 through March 31, 2017.

(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.

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

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

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

See accompanying notes to financial statements.

65  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Limited Term Government and Agency Fund—Class Y
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of the period	$	11.55		$	11.61		$	11.65		$	11.72		$	12.08		$	11.91
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.06			0.14			0.17			0.18			0.16			0.21
Net realized and unrealized gain (loss)		(0.12	)		0.00	(b)		0.01	(c)		0.02			(0.23	)		0.28
Total from Investment Operations		(0.06	)		0.14			0.18			0.20			(0.07	)		0.49
LESS DISTRIBUTIONS FROM:
Net investment income		(0.11	)		(0.20	)		(0.22	)		(0.27	)		(0.29	)		(0.32	)
Net realized capital gains		—			—			—			—			(0.00	)(b)		(0.00	)(b)
Paid-in capital		—			—			—			—			(0.00	)(b)		—
Total Distributions		(0.11	)		(0.20	)		(0.22	)		(0.27	)		(0.29	)		(0.32	)
Net asset value, end of the period	$	11.38		$	11.55		$	11.61		$	11.65		$	11.72		$	12.08
Total return		(0.55	)%(d)		1.19	%		1.51	%		1.70	%		(0.56	)%		4.19	%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	367,803		$	411,898		$	431,727		$	330,224		$	252,127		$	220,444
Net expenses		0.55	%(f)		0.52	%		0.52	%		0.55	%(g)		0.62	%(h)		0.60	%(i)
Gross expenses		0.55	%(f)		0.52	%		0.52	%		0.55	%(g)		0.62	%(h)		0.65	%
Net investment income		0.97	%(f)		1.20	%		1.45	%		1.58	%		1.35	%		1.77	%
Portfolio turnover rate		62	%		109	%(j)		48	%		24	%		39	%		56	%

(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) 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.

(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.

(j) The variation in the Fund’s turnover rate from 2015 to 2016 was primarily due to fluctuation in the level of fund assets due to shareholder flows.

See accompanying notes to financial statements.

|  66

Notes to Financial Statements

March 31, 2017 (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 Intermediate Duration Bond Fund (the “Intermediate Duration 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, High Income Fund and Limited Term Government and Agency Fund began offering Class N shares effective November 30, 2016 and February 1, 2017, respectively. As of the close of business on January 11, 2016, Class B shares of High Income Fund and Limited Term Government and Agency Fund were converted into Class A shares and are no longer offered.

Class A shares of Intermediate Duration Bond Fund and High Income Fund are sold with a maximum front-end sales charge of 4.25%. Class A shares of Limited Term Government and Agency Fund are sold with a maximum front-end sales charge of 2.25%. Class C shares do not pay a front-end sales charge, do not convert to any other class of shares, pay higher Rule 12b-1 fees than Class A shares and may be subject to a CDSC of 1.00% if those shares are redeemed within one year of acquisition, except for reinvested distributions. Class N and Class Y shares do not pay a front-end sales charge, a CDSC or Rule 12b-1 fees. Class N shares are offered with an initial minimum investment of $1,000,000. Class Y shares are generally intended for institutional investors with a minimum initial investment of $100,000. Certain categories of investors are exempted from the minimum investment amounts for Class N and Class Y as outlined in the relevant 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 and Natixis ETF Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”). Expenses of a Fund are

67  |

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

borne pro rata by the holders of each class of shares, except that each class bears expenses unique to that class (such as the Rule 12b-1 fees applicable to Class A and Class C) and transfer agent fees for High Income Fund and Limited Term Government and Agency Fund are borne collectively for Class A, Class C and Class Y, and individually for Class N. In addition, each class votes as a class only with respect to its own Rule 12b-1 Plan. Shares of each class would receive their pro rata share of the net assets of a Fund if the Fund were liquidated. The Trustees approve separate distributions from net investment income on each class of shares.

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

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

Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers. Senior loans are valued at bid prices supplied by an independent pricing service, if available. Listed equity securities (including 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

|  68

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

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. 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.

Illiquid securities for which market quotations are readily available and have been evaluated by the adviser are considered and classified as fair valued securities.

69  |

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

As of March 31, 2017, securities held by the funds were fair valued as follows:

Fund	Securities classified as fair valued		Percentage of Net Assets			Securities fair valued by the Fund’s adviser		Percentage of Net Assets
High Income Fund	$	3,461,170		2.0	%	$	1,873,999		1.1	%
Intermediate Duration Bond Fund		—		—			29,584		Less than 0.1	%
Limited Term Government and Agency Fund		—		—			318,801		Less than 0.1	%

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, if applicable. 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

|  70

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

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.

During the six months ended March 31, 2017, the amount of income available to be distributed by High Income Fund has been reduced by $81,795, 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

71  |

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

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

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

No futures contracts were held by the Funds during the six months ended March 31, 2017.

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.

|  72

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

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 (“OTC”) market and may be entered into as a bilateral contract or centrally cleared (“centrally cleared swaps”). Bilateral swap agreements are traded between counterparties and, as such, are subject to the risk that a party to the agreement will not be able to meet its obligations. In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the “CCP”) and the Fund 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, 2017.

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

73  |

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

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.

There were no when-issued or delayed delivery securities held by the Funds as of March 31, 2017.

h.  Federal and Foreign Income Taxes.  The Trusts treat each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund’s tax positions for the open tax years as of March 31, 2017 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,

|  74

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

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, basis tracking from corporate actions, premium amortization, defaulted and/or non-income producing securities, paydown gains and losses, return of capital distributions received, convertible bonds 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 contracts mark-to-market, basis tracking from corporate actions, contingent payment debt instruments, convertible bonds, defaulted and/or non-income producing securities and return of capital distributions received. Amounts of income and capital gain available to be distributed on a tax basis are determined annually, and at other times during the Funds’ fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distribution. Distributions from net investment income and short-term capital gains are considered to be distributed from ordinary income for tax purposes.

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, 2016 was as follows:

	2016 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
High Income Fund	$	6,619,464	$	396,248	$	7,015,712
Intermediate Duration Bond Fund		3,295,835		—		3,295,835
Limited Term Government and Agency Fund		13,653,659		—		13,653,659

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.

75  |

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

As of September 30, 2016, the capital loss carryforwards were as follows:

	High Income Fund			Intermediate Duration Bond Fund		Limited Term Government and Agency Fund
Capital loss carryforward:
Short-term:
No expiration date	$	(251,066	)	$	—	$	(848,283	)
Long-term:
No expiration date		(2,330,822	)		—		(11,847,451	)
Total capital loss carryforward	$	(2,581,888	)	$	—	$	(12,695,734	)

As of March 31, 2017, unrealized appreciation (depreciation) on a tax basis was approximately as follows:

	High Income Fund			Intermediate Duration Bond Fund			Limited Term Government and Agency Fund
Unrealized appreciation (depreciation)
Investments	$	1,455,614		$	(383,273	)	$	(10,676,632	)
Foreign currency translations		(1,611,009	)		—			—
Total unrealized depreciation	$	(155,395	)	$	(383,273	)	$	(10,676,632	)

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, 2017, 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.

|  76

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

k.  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, 2017, none of the Funds had loaned securities under this agreement.

l.  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.

m.   New Accounting Pronouncement.  In October 2016, the SEC adopted amendments to rules under the Investment Company Act of 1940 (“final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. The final rules amend Regulation S-X and require funds to provide standardized, enhanced derivative disclosures in fund financial statements in a format designed for individual investors. The amendments to Regulation S-X also update the disclosures for other investments, including investments in and advances to affiliates, and amend the rules regarding the general form and content of fund financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the amendments and the impact, if any, on the Funds’ financial statements.

77  |

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

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

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

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

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

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

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

|  78

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2017, at value:

High Income Fund

Asset Valuation Inputs

Description	Level 1		Level 2			Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	—	$	3,000,407		$	26,982	(c)	$	3,027,389
ABS Other		—		—			258,592	(b)		258,592
Home Construction		—		2,343,212			12	(c)		2,343,224
Non-Agency Commercial Mortgage-Backed Securities		—		2,221,415			910,014	(b)		3,131,429
All Other Non-Convertible Bonds(a)		—		135,433,117			—			135,433,117
Total Non-Convertible Bonds		—		142,998,151			1,195,600			144,193,751
Convertible Bonds(a)		—		8,675,459			—			8,675,459
Total Bonds and Notes		—		151,673,610			1,195,600			152,869,210
Senior Loans(a)		—		3,024,745			—			3,024,745
Preferred Stocks
Convertible Preferred Stocks
Food & Beverage		—		518,447			—			518,447
Midstream		—		741,387			—			741,387
Pharmaceuticals		827,686		370,493			—			1,198,179
Total Convertible Preferred Stocks		827,686		1,630,327			—			2,458,013
Non-Convertible Preferred Stocks		511,547		—			—			511,547
Total Preferred Stocks		1,339,233		1,630,327			—			2,969,560
Other Investments(a)		—		—			1,835,900	(d)		1,835,900
Common Stocks
Internet Software & Services		—		—			11,105	(c)		11,105
All Other Common Stocks(a)		2,531,886		—			—			2,531,886
Total Common Stocks		2,531,886		—			11,105			2,542,991
Warrants		6,263		—	(e)		—			6,263
Short-Term Investments		—		6,192,166			—			6,192,166
Total	$	3,877,382	$	162,520,848		$	3,042,605		$	169,440,835

79  |

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

High Income Fund (continued)

Liability Valuation Inputs

Description	Level 1		Level 2			Level 3		Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—	$	(1,223	)	$	—	$	(1,223	)

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

(b) Valued using broker-dealer bid prices.

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

(d) 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 2 inputs.

A preferred stock valued at $324,791 was transferred from Level 1 to Level 2 during the period ended March 31, 2017. At September 30, 2016, this security was valued at the last sale price in accordance with the Fund’s valuation policies. At March 31, 2017, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service as a market price was not available.

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

Intermediate Duration Bond Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Car Loan	$	—	$	16,631,229	$	274,964	(b)	$	16,906,193
ABS Home Equity		—		2,288,325		29,584	(c)		2,317,909
All Other Non-Convertible Bonds(a)		—		157,001,512		—			157,001,512
Total Non-Convertible Bonds		—		175,921,066		304,548			176,225,614
Municipals(a)		—		275,238		—			275,238
Total Bonds and Notes		—		176,196,304		304,548			176,500,852
Short-Term Investments		—		3,273,303		—			3,273,303
Total	$	—	$	179,469,607	$	304,548		$	179,774,155

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

(b) Valued using broker-dealer bid prices.

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

|  80

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

Limited Term Government and Agency Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Agency Commercial Mortgage-Backed Securities	$	—	$	143,894,452	$	3,662,855	(b)	$	147,557,307
Collateralized Mortgage Obligations		—		135,222,881		318,801	(c)		135,541,682
All Other Bonds and Notes(a)		—		479,888,102		—			479,888,102
Total Bonds and Notes		—		759,005,435		3,981,656			762,987,091
Short-Term Investments		—		37,826,080		—			37,826,080
Total	$	—	$	796,831,515	$	3,981,656		$	800,813,171

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

(b) Valued using broker-dealer bid prices.

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

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of September 30, 2016 and/or March 31, 2017:

High Income Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2016		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Purchases
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	98,704	$	—	$	5,869		$	3,786	$	—
ABS Other		—		—		—			5,011		—
Government Owned - No Guarantee		594,150		—		—			—		—
Home Construction		23		13,314		(1,039,997	)		1,026,694		—
Non-Agency Commercial Mortgage-Backed Securities		908,874		—		—			1,140		—
Senior Loans
Wirelines		150,561		57		550			8,156		—
Other Investments
Aircraft ABS		985,586		—		—			8,814		1,841,500
Common Stocks
Internet Software & Services		8,177		—		—			2,928		—
Warrants		5,383		—		—			—		—
Total	$	2,751,458	$	13,371	$	(1,033,578	)	$	1,056,529	$	1,841,500

81  |

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

High Income Fund (continued)

Asset Valuation Inputs (continued)

Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2017		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2017
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	(81,377	)	$	—	$	—		$	26,982	$	316
ABS Other		(11,071	)		264,652		—			258,592		5,011
Government Owned - No Guarantee		—			—		(594,150	)		—		—
Home Construction		(22	)		—		—			12		(10,144	)
Non-Agency Commercial Mortgage-Backed Securities		—			—		—			910,014		1,140
Senior Loans
Wirelines		(159,324	)		—		—			—		—
Other Investments
Aircraft ABS		(1,000,000	)		—		—			1,835,900		(5,600	)
Common Stocks
Internet Software & Services		—			—		—			11,105		2,928
Warrants		—			—		(5,383	)		—		—
Total	$	(1,251,794	)	$	264,652	$	(599,533	)	$	3,042,605	$	(6,349	)

A debt security valued at $264,652 was transferred from Level 2 to Level 3 during the period ended March 31, 2017. At September 30, 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. At March 31, 2017, 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.

A debt security valued at $594,150 was transferred from Level 3 to Level 2 during the period ended March 31, 2017. At September 30, 2016, 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, 2017, 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.

|  82

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

Warrants valued at $5,383 were transferred from Level 3 to Level 1 during the period ended March 31, 2017. At September 30, 2016, 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, 2017, this security was valued at the last sale price in accordance with the Fund’s valuation policies.

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

Intermediate Duration Bond Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2016			Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Purchases
Bonds and Notes
Non-Convertible Bonds
ABS Car Loan	$	439,742		$	—	$	—		$	—	$	274,964
ABS Home Equity		23,756			—		(427	)		866		—
Total	$	463,498		$	—	$	(427	)	$	866	$	274,964
Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2017		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2017
Bonds and Notes
Non-Convertible Bonds
ABS Car Loan	$	—		$	—	$	(439,742	)	$	274,964	$	—
ABS Home Equity		(15,246	)		20,635		—			29,584		394
Total	$	(15,246	)	$	20,635	$	(439,742	)	$	304,548	$	394

A debt security valued at $439,742 was transferred from Level 3 to Level 2 during the period ended March 31, 2017. At September 30, 2016, 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, 2017, 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 $20,635 was transferred from Level 2 to Level 3 during the period ended March 31, 2017. At September 30, 2016, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in

83  |

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

accordance with the Fund’s valuation policies. At March 31, 2017, 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

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, 2016		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Purchases
Bonds and Notes
ABS Student Loan	$	400,000	$	—	$	—		$	—	$	—
Agency Commercial Mortgage-Backed Securities		11,781,022		—		(1,408,102	)		1,112,724		—
Collateralized Mortgage Obligations		1,488,611		—		(25,881	)		33,138		—
Non-Agency Commercial Mortgage-Backed Securities		3,037,018		—		(3,950	)		6,932		—
Total	$	16,706,651	$	—	$	(1,437,933	)	$	1,152,794	$	—

Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2017		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2017
Bonds and Notes
ABS Student Loan	$	—		$	—	$	(400,000	)	$	—	$	—
Agency Commercial Mortgage-Backed Securities		(7,822,789	)		—		—			3,662,855		(6,912	)
Collateralized Mortgage Obligations		(464,343	)		—		(712,724	)		318,801		3,459
Non-Agency Commercial Mortgage-Backed Securities		(3,040,000	)		—		—			—		—
Total	$	(11,327,132	)	$	—	$	(1,112,724	)	$	3,981,656	$	(3,453	)

|  84

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

A debt security valued at $400,000 was transferred from Level 3 to Level 2 during the period ended March 31, 2017. At September 30, 2016, 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, 2017, 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.

Debt securities valued at $712,724 were transferred from Level 3 to Level 2 during the period ended March 31, 2017. At September 30, 2016, these securities were 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 securities. At March 31, 2017, these securities were valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

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

4.  Derivatives.  Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of an underlying asset, reference rate or index. Derivative instruments that High Income Fund used during the period include forward foreign currency contracts.

High 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, 2017, High Income Fund engaged in forward foreign currency transactions for hedging purposes.

The following is a summary of derivative instruments for High Income Fund as of March 31, 2017, as reflected within the Statements of Assets and Liabilities:

Liability	Unrealized depreciation on forward foreign currency contracts
Over-the-counter liability derivatives
Foreign exchange contracts	$	(1,223	)

85  |

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

Transactions in derivative instruments for High Income Fund during the six months ended March 31, 2017, as reflected within the Statements of Operations, were as follows:

Net Realized Gain (Loss) on:	Foreign currency transactions1
Foreign exchange contracts	$	12,717
Net Change in Unrealized Appreciation (Depreciation) on:	Foreign currency translations1
Foreign exchange contracts	$	(1,456	)

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

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

The volume of forward foreign currency contract 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, 2017:

High Income Fund	Forwards
Average Notional Amount Outstanding		0.11	%
Highest Notional Amount Outstanding		0.11	%
Lowest Notional Amount Outstanding		0.10	%
Notional Amount Outstanding as of March 31, 2017		0.10	%

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 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

|  86

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

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.

As of March 31, 2017, 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:

Counterparty	Gross Amounts of Liabilities			Offset Amount		Net Liability Balance			Collateral (Received)/ Pledged		Net Amount
Bank of America, N.A.	$	(1,223	)	$	—	$	(1,223	)	$	—	$	(1,223	)

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.

87  |

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

While brokers are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro rata basis across all of the broker’s customers, potentially resulting in losses to the Fund. Based on balances reflected on each Fund’s Statement of Assets and Liabilities, the following table shows (i) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the applicable Fund would incur if parties (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, 2017:

Fund	Maximum Amount of Loss - Gross		Maximum Amount of Loss - Net
High Income Fund	$	—	$	—

5.  Purchases and Sales of Securities.   For the six months ended March 31, 2017, 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
High Income Fund	$	3,453,111	$	3,449,467	$	20,826,051	$	24,987,985
Intermediate Duration Bond Fund		69,083,031		82,620,523		128,757,123		90,970,726
Limited Term Government and Agency Fund		509,208,272		602,722,440		8,015,001		49,883,533

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 $500 million			Next $1.5 billion			Over $2 billion
High Income Fund		0.6000	%		0.6000	%		0.6000	%
Intermediate Duration Bond Fund		0.2500	%		0.2500	%		0.2500	%
Limited Term Government and Agency Fund		0.3750	%		0.3500	%		0.3000	%

|  88

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

Loomis Sayles has given binding undertakings to the Funds to waive management fees and/or reimburse certain expenses to limit the Funds’ operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes, organizational and extraordinary expenses such as litigation and indemnification expenses. These undertakings are in effect until January 31, 2018, may be terminated before then only with the consent of the Funds’ Board of Trustees, and are reevaluated on an annual basis. Management fees payable, as reflected on the Statements of Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to these undertakings. Waivers/reimbursements that exceed management fees payable are reflected on the Statements of Assets and Liabilities as receivable from investment adviser.

For the six months ended March 31, 2017, 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 C			Class N			Class Y
High Income Fund		1.10	%		1.85	%		0.80	%		0.85	%
Intermediate Duration Bond Fund		0.65	%		1.40	%		—			0.40	%
Limited Term Government and Agency Fund		0.80	%		1.55	%		0.50	%		0.55	%

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

For the six months ended March 31, 2017, the management fees and waivers of management fees for each Fund were as follows:

Fund	Gross Management Fees		Waivers of Management Fees1		Net Management Fees		Percentage of Average Daily Net Assets
							Gross			Net
High Income Fund	$	508,152		—	$	508,152		0.60	%		0.60	%
Intermediate Duration Bond Fund		210,492		68,944		141,548		0.25	%		0.17	%
Limited Term Government and Agency Fund		1,564,397		—		1,564,397		0.36	%		0.36	%

89  |

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

For the six months ended March 31, 2017, class-specific expenses have been reimbursed as follows:

	Reimbursement1
Fund	Class A		Class C		Class Y		Total
High Income Fund	$	13,248	$	4,612	$	46,671	$	64,531
Limited Term Government and Agency Fund		9,010		1,327		7,732		18,069

¹  Waiver/expense reimbursements are subject to possible recovery until September 30, 2018.

No expenses were recovered for any of the Funds during the six months ended March 31, 2017 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 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”) (effective August 31, 2016 for Intermediate Duration Bond Fund), 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.

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.

|  90

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

For the six months ended March 31, 2017, the service and distribution fees for each Fund were as follows:

	Service Fees				Distribution Fees
Fund	Class A		Class C		Class C
High Income Fund	$	42,602	$	15,052	$	45,155
Intermediate Duration Bond Fund		24,542		3,785		11,355
Limited Term Government and Agency Fund		514,454		81,065		243,193

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

For the six months ended March 31, 2017, the administrative fees for each Fund were as follows:

Fund	Administrative Fees
High Income Fund	$	37,866
Intermediate Duration Bond Fund		37,647
Limited Term Government and Agency Fund		191,868

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.

91  |

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

For the six months ended March 31, 2017, 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
High Income Fund	$	92,824
Intermediate Duration Bond Fund		32,615
Limited Term Government and Agency Fund		233,725

As of March 31, 2017, 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
High Income Fund	$	2,007
Intermediate Duration Bond Fund		926
Limited Term Government and Agency Fund		5,554

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, 2017 were as follows:

Fund	Commissions
High Income Fund	$	1,526
Limited Term Government and Agency Fund		12,637

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

|  92

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

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

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

g.  Affiliated Ownership.  As of March 31, 2017, Natixis US held shares of Intermediate Duration Bond representing less than 0.01% of the Fund’s net assets. 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
Intermediate Duration Bond		1.05	%
Limited Term Government and Agency Fund		0.53	%

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 High Income Fund and Limited Term Government and Agency Fund to reimburse any and all transfer agency expenses for the Funds’ Class N shares. This undertaking is in effect through January 31, 2018 and is not subject to recovery under the expense limitation agreement described above.

For the six months ended March 31, 2017, NGAM Advisors reimbursed the Funds for transfer agency expenses as follows:

	Reimbursement of Transfer Agency Expenses
Fund	Class N
High Income Fund	$	47
Limited Term Government and Agency Fund		16

93  |

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

7.  Class-Specific Transfer Agent Fees and Expenses.  For the six months ended March 31, 2017, 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 C		Class N		Class Y
High Income Fund	$	21,177	$	7,481	$	47	$	76,571
Intermediate Duration Bond		31,404		4,230		—		662
Limited Term Government and Agency Fund		188,288		29,611		16		174,423

Transfer agent fees and expenses attributable to Class A, 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, 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 at a rate equal to the greater of the eurodollar or the federal funds rate plus 1.00%. In addition, a commitment fee of 0.10% per annum, payable on the last business day of each month, 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, which are being amortized over a period of 364 days and are reflected as miscellaneous expenses on the Statements of Operations. The unamortized balance is reflected as prepaid expenses on the Statements of Assets and Liabilities.

Effective April 13, 2017, the commitment fee is 0.15% per annum based on the average daily unused portion of the line of credit.

For the six months ended March 31, 2017, none of the Funds had borrowings under this 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

|  94

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

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, 2017, 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
High Income		3		27.15	%
Intermediate Duration Bond		5		41.41	%

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.

95  |

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

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

	Six Months Ended March 31, 2017					Year Ended September 30, 2016
High Income Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	1,857,162		$	7,876,340		5,509,748		$	22,242,447
Issued in connection with the reinvestment of distributions	169,106			715,844		299,177			1,169,586
Redeemed	(1,786,950	)		(7,562,340	)	(7,071,447	)		(28,018,252	)
Net change	239,318		$	1,029,844		(1,262,522	)	$	(4,606,219	)
Class B(a)
Issued in connection with the reinvestment of distributions	—			—		4			17
Redeemed	—			—		(623	)		(2,485	)
Net change	—		$	—		(619	)	$	(2,468	)
Class C
Issued from the sale of shares	371,106		$	1,572,763		799,861		$	3,141,922
Issued in connection with the reinvestment of distributions	51,235			217,356		88,851			345,998
Redeemed	(474,817	)		(2,015,122	)	(1,144,474	)		(4,485,915	)
Net change	(52,476	)	$	(225,003	)	(255,762	)	$	(997,995	)
Class N(b)
Issued from the sale of shares	241		$	1,000		—		$	—
Issued in connection with the reinvestment of distributions	4			18		—			—
Net change	245		$	1,018		—		$	—
Class Y
Issued from the sale of shares	6,038,074		$	25,606,940		14,901,804		$	58,204,609
Issued in connection with the reinvestment of distributions	649,312			2,741,023		1,041,928			4,056,961
Redeemed	(7,487,070	)		(31,538,553	)	(14,689,863	)		(57,325,101	)
Net change	(799,684	)	$	(3,190,590	)	1,253,869		$	4,936,469
Increase (decrease) from capital share transactions	(612,597	)	$	(2,384,731	)	(265,034	)	$	(670,213	)

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

(b) From commencement of Class operations on November 30, 2016 through March 31, 2017.

|  96

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

11.  Capital Shares (continued).

	Six Months Ended March 31, 2017					Year Ended September 30, 2016
Intermediate Duration Bond Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	283,000		$	2,905,875		525,035		$	5,443,679
Issued in connection with the reinvestment of distributions	31,883			325,508		43,720			453,187
Redeemed	(163,947	)		(1,687,142	)	(505,357	)		(5,247,036	)
Net change	150,936		$	1,544,241		63,398		$	649,830
Class C*
Issued from the sale of shares	14,096		$	144,076		293,283		$	3,088,274
Issued in connection with the reinvestment of distributions	3,940			40,185		—	(a)		1
Net change	18,036		$	184,261		293,283		$	3,088,275
Class Y
Issued from the sale of shares	3,091,874		$	31,797,923		7,746,460		$	80,334,377
Issued in connection with the reinvestment of distributions	204,120			2,083,435		231,356			2,401,500
Redeemed	(1,498,101	)		(15,319,843	)	(1,681,603	)		(17,455,864	)
Redeemed in-kind (Note 12)	—			—		(1,574,765	)		(16,409,056	)
Net change	1,797,893		$	18,561,515		4,721,448		$	48,870,957
Increase (decrease) from capital share transactions	1,966,865		$	20,290,017		5,078,129		$	52,609,062

* From commencement of operations on August 31, 2016 through September 30, 2016 for Class C shares.

(a) Amount rounds to less than one share.

	Six Months Ended March 31, 2017					Year Ended September 30, 2016
Limited Term Government and Agency Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	2,316,852		$	26,383,219		23,688,131		$	272,639,541
Issued in connection with the reinvestment of distributions	244,667			2,784,337		418,361			4,816,572
Redeemed	(8,773,249	)		(99,734,041	)	(15,575,978	)		(179,339,659	)
Net change	(6,211,730	)	$	(70,566,485	)	8,530,514		$	98,116,454
Class B(a)
Issued from the sale of shares	—		$	—		1,448		$	16,709
Issued in connection with the reinvestment of distributions	—			—		426			4,887
Redeemed	—			—		(230,595	)		(2,644,555	)
Net change	—		$	—		(228,721	)	$	(2,622,959	)
Class C
Issued from the sale of shares	652,132		$	7,428,211		4,330,687		$	49,825,855
Issued in connection with the reinvestment of distributions	16,165			184,042		29,632			341,361
Redeemed	(2,146,045	)		(24,426,057	)	(3,475,708	)		(40,028,796	)
Net change	(1,477,748	)	$	(16,813,804	)	884,611		$	10,138,420

97  |

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

11.  Capital Shares (continued).

	Six Months Ended March 31, 2017					Year Ended September 30, 2016
Limited Term Government and Agency Fund (continued)	Shares			Amount		Shares			Amount
Class N(b)
Issued from the sale of shares	139,693		$	1,591,100		—		$	—
Issued in connection with the reinvestment of distributions	224			2,547		—			—
Redeemed	(372	)		(4,219	)	—			—
Net change	139,545		$	1,589,428		—		$	—
Class Y
Issued from the sale of shares	7,036,891		$	80,345,028		22,122,240		$	255,439,801
Issued in connection with the reinvestment of distributions	213,666			2,438,564		391,770			4,524,155
Redeemed	(10,610,129	)		(121,182,132	)	(24,037,266	)		(277,502,192	)
Net change	(3,359,572	)	$	(38,398,540	)	(1,523,256	)	$	(17,538,236	)
Increase (decrease) from capital share transactions	(10,909,505	)	$	(124,189,401	)	7,663,148		$	88,093,679

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

(b) From commencement of Class operations on February 1, 2017 through March 31, 2017.

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.

|  98

SEMIANNUAL REPORT

March 31, 2017

Loomis Sayles Investment Grade Bond Fund

Loomis Sayles Strategic Income Fund

TABLE OF CONTENTS

Portfolio Review  page 1

Portfolio of Investments  page 9

Financial Statements  page  39

Notes to Financial Statements  page 53

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

Investment Goal

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

1  |

Average Annual Total Returns — March 31, 2017⁴

																Expense Ratios5
	6 Months			1 Year			5 Years			10 Years			Life of Class N			Gross			Net
Class Y (Inception 12/31/96)
NAV		0.35	%		5.09	%		3.38	%		5.84	%		—	%		0.60	%		0.60	%
Class A (Inception 12/31/96)
NAV		0.13			4.73			3.12			5.57			—			0.85			0.85
With 4.25% Maximum Sales Charge		-4.09			0.25			2.22			5.11			—
Class C (Inception 9/12/03)
NAV		-0.26			3.99			2.34			4.78			—			1.60			1.60
With CDSC2		-1.20			3.01			2.34			4.78			—
Class N (Inception 2/1/13)
NAV		0.41			5.22			—			—			2.26			0.47			0.47
Admin Class (Inception 2/1/10)1
NAV		0.14			4.62			2.88			5.26			—			1.07			1.07
Comparative Performance
Bloomberg Barclays U.S. Government/Credit Bond Index3		-2.46			0.54			2.46			4.34			2.06

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit ngam.natixis.com. Performance for other share classes will be greater or less than shown based on differences in fees and sales charges. You may not invest directly in an index. 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. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares.

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 The Bloomberg Barclays U.S. Government/Credit Bond Index is a component of the Bloomberg Barclays U.S. Aggregate Bond Index and includes securities in the Government and Credit Indices. The Bloomberg Barclays U.S. Government Bond Index includes Treasuries (i.e., public obligations of the U.S. Treasury that have remaining maturities of more than one year) and Agencies (i.e., publicly issued debt of U.S. government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. government). The Bloomberg Barclays U.S. Credit Index includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements. You may not invest directly in an index.

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

5 As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses (with certain exceptions) once the expense cap of the Fund has been exceeded. This arrangement is set to expire on 1/31/18. When an expense cap has not been exceeded, the Fund may have similar expense ratios.

|  2

LOOMIS SAYLES STRATEGIC INCOME FUND

Managers	Symbols
Matthew J. Eagan, CFA®	Class A	NEFZX
Daniel J. Fuss, CFA®, CIC	Class C	NECZX
Brian P. Kennedy	Class N	NEZNX
Elaine M. Stokes	Class Y	NEZYX
Loomis, Sayles & Company, L.P.	Admin Class	NEZAX

Investment Goal

The Fund seeks high current income with a secondary objective of capital growth.

3  |

Average Annual Total Returns — March 31, 2017⁵

																Expense Ratios6
	6 Months			1 Year			5 Years			10 Years			Life of Class N			Gross			Net
Class Y (Inception 12/1/99)
NAV		2.84	%		10.23	%		5.42	%		6.43	%		—	%		0.71	%		0.71	%
Class A (Inception 5/1/95)
NAV		2.77			10.01			5.16			6.17			—			0.96			0.96
With 4.25% Maximum Sales Charge		-1.58			5.37			4.26			5.71			—
Class C (Inception 5/1/95)
NAV		2.42			9.18			4.39			5.38			—			1.71			1.71
With CDSC2		1.44			8.18			4.39			5.38			—
Class N (Inception 2/1/13)
NAV		2.88			10.31			—			—			4.40			0.63			0.63
Admin Class (Inception 2/1/10)1
NAV		2.67			9.72			4.91			5.89			—			1.20			1.20
Comparative Performance
Bloomberg Barclays U.S. Aggregate Bond Index3		-2.18			0.44			2.34			4.27			2.07
Bloomberg Barclays U.S. Universal Bond Index4		-1.54			1.92			2.83			4.52			2.44

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit ngam.natixis.com. Performance for other share classes will be greater or less than shown based on differences in fees and sales charges. You may not invest directly in an index. 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. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares.

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 The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS. The Bloomberg Barclays U.S. Aggregate Bond Index rolls up into other Bloomberg Barclays flagship indices, such as the multi-currency Bloomberg Barclays Global Aggregate Index and the Bloomberg Barclays U.S. Universal Index, which includes high yield and emerging markets debt. The Bloomberg Barclays U.S. Aggregate Bond Index was created in 1986, with index history backfilled to January 1, 1976.

4 The Bloomberg Barclays U.S. Universal Bond Index represents the union of the U.S. Aggregate Index, the U.S. High-Yield Corporate Index, the 144A Index, the Eurodollar Index, the Emerging Markets Index, and the non-ERISA portion of the CMBS Index. Municipal debt, private placements, and non-dollar-denominated issues are excluded from the Universal Index. The only constituent of the index that includes floating-rate debt is the Emerging Markets Index.

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

6 As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses (with certain exceptions) once the expense cap of the Fund has been exceeded. This arrangement is set to expire on 1/31/18. When an expense cap has not been exceeded, the Fund may have similar expense ratios.

|  4

ADDITIONAL INFORMATION

All investing involves risk, including the risk of loss. There is no assurance that any investment will meet its performance objectives or that losses will be avoided.

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 most recent 12-month period ended June 30 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.

5  |

UNDERSTANDING YOUR FUND’S EXPENSES

As a mutual fund shareholder, you incur different types of costs: transaction costs, including sales charges (loads) on purchases and contingent deferred sales charges on redemptions; and ongoing costs, including management fees, distribution fees (12b-1 fees) and/or service fees, and other fund expenses. Certain exemptions may apply. These costs are described in more detail in the 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 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, 2016 through March 31, 2017. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example $8,600 account value divided by $1,000 = 8.6) and multiply the result by the number in the Expenses Paid During Period column as shown below for your class.

The second line in the table 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, such as sales charges. Therefore, the second line in the table of each fund is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. If transaction costs were included, total costs would be higher.

|  6

LOOMIS SAYLES INVESTMENT GRADE BOND FUND	BEGINNING ACCOUNT VALUE 10/1/2016		ENDING ACCOUNT VALUE 3/31/2017		EXPENSES PAID DURING PERIOD* 10/1/2016 – 3/31/2017
Class A
Actual		$1,000.00		$1,001.30		$4.14
Hypothetical (5% return before expenses)		$1,000.00		$1,020.79		$4.18
Class C
Actual		$1,000.00		$997.40		$7.87
Hypothetical (5% return before expenses)		$1,000.00		$1,017.05		$7.95
Class N
Actual		$1,000.00		$1,004.10		$2.45
Hypothetical (5% return before expenses)		$1,000.00		$1,022.49		$2.47
Class Y
Actual		$1,000.00		$1,003.50		$2.90
Hypothetical (5% return before expenses)		$1,000.00		$1,022.04		$2.92
Admin Class
Actual		$1,000.00		$1,001.40		$4.94
Hypothetical (5% return before expenses)		$1,000.00		$1,020.00		$4.99

* Expenses are equal to the Fund’s annualized expense ratio: 0.83%, 1.58%, 0.49%, 0.58% and 0.99% 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 (182), divided by 365 (to reflect the half-year period).

7  |

LOOMIS SAYLES STRATEGIC INCOME FUND	BEGINNING ACCOUNT VALUE 10/1/2016		ENDING ACCOUNT VALUE 3/31/2017		EXPENSES PAID DURING PERIOD* 10/1/2016 – 3/31/2017
Class A
Actual		$1,000.00		$1,027.70		$4.85
Hypothetical (5% return before expenses)		$1,000.00		$1,020.15		$4.84
Class C
Actual		$1,000.00		$1,024.20		$8.63
Hypothetical (5% return before expenses)		$1,000.00		$1,016.41		$8.60
Class N
Actual		$1,000.00		$1,028.80		$3.19
Hypothetical (5% return before expenses)		$1,000.00		$1,021.79		$3.18
Class Y
Actual		$1,000.00		$1,028.40		$3.59
Hypothetical (5% return before expenses)		$1,000.00		$1,021.39		$3.58
Admin Class
Actual		$1,000.00		$1,026.70		$5.91
Hypothetical (5% return before expenses)		$1,000.00		$1,019.10		$5.89

* Expenses are equal to the Fund’s annualized expense ratio: 0.96%, 1.71%, 0.63%, 0.71% and 1.17% 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 (182), divided by 365 (to reflect the half-year period).

|  8

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Investment Grade Bond Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 90.1% of Net Assets
	Non-Convertible Bonds — 85.3%
		ABS Other — 1.7%
$	53,977,111	FAN Engine Securitization Ltd., Series 2013-1A, Class 1A, 4.625%, 10/15/2043, 144A(b)(c)	$	53,356,374
	11,217,587	Trinity Rail Leasing LLC, Series 2010-1A, Class A, 5.194%, 10/16/2040, 144A		11,507,132
	32,396,888	Trinity Rail Leasing LP, Series 2009-1A, Class A, 6.657%, 11/16/2039, 144A		33,293,831
	2,342,792	Trinity Rail Leasing LP, Series 2012-1A, Class A1, 2.266%, 1/15/2043, 144A		2,254,594
	5,058,841	Trip Rail Master Funding LLC, Series 2011-1A, Class A1A, 4.370%, 7/15/2041, 144A		5,092,963
				105,504,894
		Aerospace & Defense — 2.0%
	7,068,000	Arconic, Inc., 5.900%, 2/01/2027		7,566,648
	4,934,000	Arconic, Inc., 6.750%, 1/15/2028		5,411,981
	2,100,000	Bombardier, Inc., 7.450%, 5/01/2034, 144A		2,042,250
	1,455,000	Embraer Netherlands Finance BV, 5.400%, 2/01/2027		1,500,803
	1,295,000	Meccanica Holdings USA, Inc., 6.250%, 1/15/2040, 144A		1,366,225
	1,530,000	Meccanica Holdings USA, Inc., 7.375%, 7/15/2039		1,736,550
	78,795,000	Textron, Inc., 5.950%, 9/21/2021		87,693,083
	11,040,000	Textron, Inc., EMTN, 6.625%, 4/07/2020, (GBP)		15,608,993
				122,926,533
		Airlines — 2.2%
	4,013,067	Air Canada Pass Through Trust, Series 2013-1, Class B, 5.375%, 11/15/2022, 144A		4,133,459
	1,977,739	Continental Airlines Pass Through Certificates, Series 2012-1, Class B, 6.250%, 10/11/2021		2,076,626
	18,340,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		19,053,426
	35,959	Continental Airlines Pass Through Trust, Series 1998-1, Class A, 6.648%, 3/15/2019		36,726
	425,647	Continental Airlines Pass Through Trust, Series 1999-1, Class A, 6.545%, 8/02/2020		452,249
	726,614	Continental Airlines Pass Through Trust, Series 2001-1, Class A-1, 6.703%, 12/15/2022		766,578
	45,232,226	Continental Airlines Pass Through Trust, Series 2007-1, Class A, 5.983%, 10/19/2023		49,755,449
	1,268,090	Delta Air Lines Pass Through Trust, Series 2007-1, Class A, 6.821%, 2/10/2024		1,464,644
	7,762,727	Delta Air Lines Pass Through Trust, Series 2007-1, Class B, 8.021%, 2/10/2024		8,888,322
	15,581,728	Delta Air Lines Pass Through Trust, Series 2009-1, Class A, 7.750%, 6/17/2021		17,171,532
	9,789,777	Delta Air Lines Pass Through Trust, Series 2010-1, Class A, 6.200%, 1/02/2020		10,291,503
	16,657,441	UAL Pass Through Trust, Series 2007-1, Class A, 6.636%, 1/02/2024		18,010,859
	1,722,964	Virgin Australia Pass Through Certificates, Series 2013-1A, 5.000%, 4/23/2025, 144A		1,786,662
				133,888,035

See accompanying notes to financial statements.

9  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Automotive — 1.3%
$	23,581,000	Cummins, Inc., 5.650%, 3/01/2098	$	25,011,872
	5,274,000	Cummins, Inc., 6.750%, 2/15/2027		6,259,784
	125,000	Ford Motor Co., 6.500%, 8/01/2018		132,414
	255,000	Ford Motor Co., 6.625%, 2/15/2028		296,216
	240,000	Ford Motor Co., 7.500%, 8/01/2026		291,097
	5,000,000	Ford Motor Credit Co. LLC, 5.000%, 5/15/2018		5,165,870
	40,126,000	Ford Motor Credit Co. LLC, 6.625%, 8/15/2017		40,857,818
	2,370,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		2,583,300
				80,598,371
		Banking — 11.6%
	1,468,000	Ally Financial, Inc., 8.000%, 11/01/2031		1,743,250
	7,200,000	American Express Centurion Bank, Series BKN1, 6.000%, 9/13/2017		7,342,999
	84,339,000	Bank of America Corp., 6.110%, 1/29/2037		98,530,471
	100,000	Bank of America Corp., MTN, 4.250%, 10/22/2026		101,542
	25,627,000	Bank of America Corp., Series L, MTN, 4.183%, 11/25/2027		25,720,129
	25,090,000	Bank of Nova Scotia (The), 2.130%, 6/15/2020, (CAD)		19,187,336
	2,173,000	Bear Stearns Cos. LLC (The), 4.650%, 7/02/2018		2,247,614
	17,000,000	Citigroup, Inc., 3.500%, 5/15/2023		17,123,471
	1,660,000	Citigroup, Inc., 4.500%, 1/14/2022		1,776,484
	22,960,000	Citigroup, Inc., 5.130%, 11/12/2019, (NZD)		16,733,071
	44,910,000	Citigroup, Inc., 6.250%, 6/29/2017, (NZD)		31,709,041
	86,800,000	Goldman Sachs Group, Inc. (The), 3.375%, 2/01/2018, (CAD)		66,396,436
	1,174,000	Goldman Sachs Group, Inc. (The), 6.450%, 5/01/2036		1,400,199
	6,645,000	Goldman Sachs Group, Inc. (The), GMTN, 5.375%, 3/15/2020		7,203,692
	700,000	ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 6.375%, 4/30/2022, 144A		700,000
	70,245,000	JPMorgan Chase & Co., 4.125%, 12/15/2026		71,572,982
	36,745,000	JPMorgan Chase & Co., 4.250%, 11/02/2018, (NZD)		26,134,719
	2,950,000	JPMorgan Chase & Co., EMTN, 0.817%, 5/30/2017, (GBP)(d)		3,694,164
	100,000	Keybank NA, 6.950%, 2/01/2028		125,040
	5,100,000	Lloyds Banking Group PLC, 5.300%, 12/01/2045		5,405,495
	40,126,000	Merrill Lynch & Co., Inc., Series C, MTN, 6.050%, 6/01/2034		44,534,242
	1,845,000	Morgan Stanley, 4.350%, 9/08/2026		1,889,787
	30,000,000	Morgan Stanley, 4.750%, 11/16/2018, (AUD)		23,601,907
	5,900,000	Morgan Stanley, 5.750%, 1/25/2021		6,549,331
	151,076,000	Morgan Stanley, 7.600%, 8/08/2017, (NZD)		107,535,272
	60,800,000	Morgan Stanley, 8.000%, 5/09/2017, (AUD)		46,721,715
	20,695,000	Morgan Stanley, MTN, 4.100%, 5/22/2023		21,373,610
	38,206,000	Morgan Stanley, Series F, GMTN, 5.625%, 9/23/2019		41,254,533
	2,875,000	National City Bank of Indiana, 4.250%, 7/01/2018		2,957,524
	8,638,000	National City Corp., 6.875%, 5/15/2019		9,486,925
				710,752,981
		Brokerage — 1.4%
	50,270,000	Jefferies Group LLC, 5.125%, 1/20/2023		54,020,092
	19,498,000	Jefferies Group LLC, 6.250%, 1/15/2036		20,491,852
	8,760,000	Jefferies Group LLC, 6.450%, 6/08/2027		9,909,321
				84,421,265

See accompanying notes to financial statements.

|  10

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Building Materials — 1.5%
$	6,058,000	Masco Corp., 6.500%, 8/15/2032	$	7,149,730
	24,203,000	Masco Corp., 7.125%, 3/15/2020		27,265,648
	5,725,000	Masco Corp., 7.750%, 8/01/2029		7,360,947
	41,379,000	Owens Corning, 7.000%, 12/01/2036		50,613,717
				92,390,042
		Cable Satellite — 1.6%
	17,832,000	Shaw Communications, Inc., 5.650%, 10/01/2019, (CAD)		14,627,778
	13,630,000	Time Warner Cable LLC, 4.125%, 2/15/2021		14,179,725
	2,800,000	Time Warner Cable LLC, 4.500%, 9/15/2042		2,537,595
	64,548,000	Time Warner Cable LLC, 6.750%, 7/01/2018		68,255,121
				99,600,219
		Chemicals — 0.9%
	2,270,000	Consolidated Energy Finance S.A., 6.750%, 10/15/2019, 144A		2,287,025
	50,500,000	INVISTA Finance LLC, 4.250%, 10/15/2019, 144A		51,888,750
				54,175,775
		Construction Machinery — 0.1%
	6,787,000	Toro Co. (The), 6.625%, 5/01/2037(b)(c)		7,568,394
		Consumer Products — 0.1%
	7,458,000	Hasbro, Inc., 6.600%, 7/15/2028		8,375,118
		Diversified Manufacturing — 0.7%
	35,580,000	General Electric Co., GMTN, 4.250%, 1/17/2018, (NZD)		25,240,871
	5,305,000	General Electric Co., Series A, MTN, 1.323%, 5/13/2024(d)		5,133,861
	1,395,000	Ingersoll-Rand Global Holding Co. Ltd., 6.875%, 8/15/2018		1,489,998
	11,754,000	Snap-on, Inc., 6.700%, 3/01/2019		12,811,072
				44,675,802
		Electric — 1.8%
	26,999,538	Alta Wind Holdings LLC, 7.000%, 6/30/2035, 144A		29,596,866
	8,175,456	Bruce Mansfield Unit Pass Through Trust, 6.850%, 6/01/2034(b)(c)		2,708,120
	9,066,000	Cleveland Electric Illuminating Co. (The), 5.700%, 4/01/2017		9,066,000
	30,430,000	EDP Finance BV, 4.125%, 1/15/2020, 144A		31,251,610
	4,491,000	Empresa Nacional de Electricidad S.A., 7.875%, 2/01/2027		5,504,224
	13,025,000	Enel Finance International NV, 6.000%, 10/07/2039, 144A		14,844,879
	9,007,000	Enel Finance International NV, 6.800%, 9/15/2037, 144A		11,145,487
	3,966,440	Mackinaw Power LLC, 6.296%, 10/31/2023, 144A(b)(c)		4,187,966
				108,305,152
		Finance Companies — 3.7%
	18,830,000	International Lease Finance Corp., 4.625%, 4/15/2021		19,855,576
	62,425(††)	Navient Corp., 6.000%, 12/15/2043		1,410,597
	5,615,000	Navient Corp., MTN, 6.125%, 3/25/2024		5,348,288
	7,447,000	Navient Corp., Series A, MTN, 5.000%, 6/15/2018		7,474,926
	90,196,000	Navient LLC, 5.500%, 1/25/2023		86,137,180
	3,280,000	Navient LLC, MTN, 7.250%, 1/25/2022		3,406,116
	641,000	Navient LLC, MTN, 8.000%, 3/25/2020		696,286

See accompanying notes to financial statements.

11  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Finance Companies — continued
$	22,116,000	Navient LLC, Series A, MTN, 5.625%, 8/01/2033(b)(c)	$	17,195,190
	14,625,000	Quicken Loans, Inc., 5.750%, 5/01/2025, 144A		14,369,063
	16,717,000	Springleaf Finance Corp., 5.250%, 12/15/2019		16,863,274
	31,883,000	Springleaf Finance Corp., 7.750%, 10/01/2021		33,955,395
	16,599,000	Springleaf Finance Corp., 8.250%, 10/01/2023		17,491,196
				224,203,087
		Government Guaranteed — 0.4%
	4,000,000	Japan Bank for International Cooperation (Japan), 2.300%, 3/19/2018, (CAD)		3,033,094
	31,142,000	Queensland Treasury Corp., 7.125%, 9/18/2017, 144A, (NZD)		22,311,352
				25,344,446
		Government Owned – No Guarantee — 0.7%
	3,720,000	Abu Dhabi National Energy Co. PJSC, 6.500%, 10/27/2036, 144A		4,501,200
	12,575,000	Pertamina Persero PT, 6.450%, 5/30/2044, 144A		14,188,536
	17,435,000	Petrobras Global Finance BV, 4.375%, 5/20/2023		16,519,662
	11,555,000	Petrobras Global Finance BV, 5.625%, 5/20/2043		9,535,186
	1,000,000	Telekom Malaysia Berhad, 7.875%, 8/01/2025, 144A		1,272,258
				46,016,842
		Health Insurance — 0.1%
	1,569,000	Cigna Corp., 7.875%, 5/15/2027		2,099,650
	1,174,000	Cigna Corp., (Step to 8.080% on 1/15/2023), 8.300%, 1/15/2033(e)		1,618,346
				3,717,996
		Healthcare — 0.8%
	7,692,000	Boston Scientific Corp., 6.000%, 1/15/2020		8,427,471
	7,374,000	Covidien International Finance S.A., 6.000%, 10/15/2017		7,552,517
	9,385,000	HCA, Inc., 4.500%, 2/15/2027		9,385,000
	4,806,000	HCA, Inc., 7.050%, 12/01/2027		5,280,592
	1,592,000	HCA, Inc., 7.500%, 11/06/2033		1,741,250
	3,807,000	HCA, Inc., 7.690%, 6/15/2025		4,335,221
	2,480,000	HCA, Inc., MTN, 7.580%, 9/15/2025		2,786,900
	3,068,000	HCA, Inc., MTN, 7.750%, 7/15/2036		3,378,635
	4,785,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		4,103,138
				46,990,724
		Home Construction — 0.2%
	3,990,000	PulteGroup, Inc., 6.000%, 2/15/2035		3,910,200
	3,567,000	PulteGroup, Inc., 6.375%, 5/15/2033		3,656,175
	1,615,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.875%, 6/15/2024		1,663,450
				9,229,825
		Independent Energy — 1.9%
	11,295,000	California Resources Corp., 8.000%, 12/15/2022, 144A		9,177,187
	7,335,000	Continental Resources, Inc., 3.800%, 6/01/2024		6,821,550
	60,038,000	EQT Corp., 6.500%, 4/01/2018		62,664,783
	9,787,000	EQT Corp., 8.125%, 6/01/2019		10,927,000
	29,027,000	Noble Energy, Inc., 3.900%, 11/15/2024		29,421,825

See accompanying notes to financial statements.

|  12

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Independent Energy — continued
$	400,000	QEP Resources, Inc., 5.250%, 5/01/2023	$	392,156
	60,000	Whiting Petroleum Corp., 6.250%, 4/01/2023		59,700
				119,464,201
		Integrated Energy — 0.1%
	7,700,000	Reliance Holdings USA, Inc., 5.400%, 2/14/2022, 144A		8,402,155
		Life Insurance — 1.8%
	1,475,000	American International Group, Inc., 4.875%, 6/01/2022		1,596,553
	600,000	AXA S.A., EMTN, (fixed rate to 10/16/2019, variable rate thereafter), 6.772%, (GBP)(f)		810,940
	5,900,000	AXA S.A., EMTN, (fixed rate to 4/16/2020, variable rate thereafter), 5.250%, 4/16/2040, (EUR)		7,011,076
	15,000,000	Forethought Financial Group, Inc., 8.625%, 4/15/2021, 144A(b)(c)		17,047,155
	9,063,000	Mutual of Omaha Insurance Co., 6.800%, 6/15/2036, 144A		11,088,880
	26,914,000	National Life Insurance Co., 10.500%, 9/15/2039, 144A(b)(c)		41,161,033
	6,440,000	NLV Financial Corp., 7.500%, 8/15/2033, 144A(b)(c)		7,834,898
	2,872,000	Penn Mutual Life Insurance Co. (The), 6.650%, 6/15/2034, 144A		3,296,306
	14,489,000	Penn Mutual Life Insurance Co. (The), 7.625%, 6/15/2040, 144A		18,889,787
				108,736,628
		Local Authorities — 2.5%
	37,829,000	New South Wales Treasury Corp., 3.500%, 3/20/2019, (AUD)		29,770,149
	152,895,000	New South Wales Treasury Corp., 6.000%, 2/01/2018, (AUD)		120,950,611
	489,000	Province of Nova Scotia, 6.600%, 6/01/2027, (CAD)		498,928
				151,219,688
		Lodging — 0.9%
	52,516,000	Choice Hotels International, Inc., 5.700%, 8/28/2020		56,914,215
		Media Entertainment — 0.4%
	4,482,000	21st Century Fox America, Inc., 8.150%, 10/17/2036		6,246,949
	358,000,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		14,486,568
	5,000,000	iHeartCommunications, Inc., 9.000%, 3/01/2021		3,800,000
	1,805,000	R.R. Donnelley & Sons Co., 6.500%, 11/15/2023		1,750,850
				26,284,367
		Metals & Mining — 2.1%
	1,689,997	1839688 Alberta ULC, PIK, 14.000%, 2/13/2020(c)(g)(h)(i)		676
	430,000	ArcelorMittal, 6.250%, 3/01/2021		464,400
	4,085,000	ArcelorMittal, 7.000%, 2/25/2022		4,646,197
	47,920,000	ArcelorMittal, 7.500%, 3/01/2041		53,632,064
	19,365,000	ArcelorMittal, 7.750%, 10/15/2039		21,979,275
	20,625,000	Barminco Finance Pty Ltd., 9.000%, 6/01/2018, 144A		21,656,250
	15,701,000	Freeport-McMoRan, Inc., 6.500%, 11/15/2020, 144A		16,054,272
	4,612,000	United States Steel Corp., 6.650%, 6/01/2037		4,081,620
	3,655,000	Vale Overseas Ltd., 6.875%, 11/21/2036		3,929,491
	4,893,000	Worthington Industries, Inc., 6.500%, 4/15/2020		5,402,758
				131,847,003

See accompanying notes to financial statements.

13  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Midstream — 3.1%
$	650,000	DCP Midstream Operating LP, 6.450%, 11/03/2036, 144A	$	689,000
	3,328,000	Florida Gas Transmission Co. LLC, 7.900%, 5/15/2019, 144A		3,692,007
	14,300,000	IFM U.S. Colonial Pipeline 2 LLC, 6.450%, 5/01/2021, 144A		15,413,827
	14,660,000	Kinder Morgan Energy Partners LP, 3.500%, 9/01/2023		14,428,592
	3,105,000	Kinder Morgan Energy Partners LP, 5.300%, 9/15/2020		3,357,828
	7,461,000	Kinder Morgan Energy Partners LP, 5.800%, 3/01/2021		8,196,796
	85,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		95,200
	31,311,000	ONEOK Partners LP, 4.900%, 3/15/2025		33,144,259
	9,899,000	Panhandle Eastern Pipe Line Co. LP, 6.200%, 11/01/2017		10,132,458
	47,594,000	Panhandle Eastern Pipe Line Co. LP, 7.000%, 6/15/2018		49,981,553
	1,404,000	Panhandle Eastern Pipe Line Co. LP, 8.125%, 6/01/2019		1,557,592
	15,683,000	Plains All American Pipeline LP/PAA Finance Corp., 6.500%, 5/01/2018		16,414,204
	525,000	Regency Energy Partners LP/Regency Energy Finance Corp., 4.500%, 11/01/2023		538,713
	4,125,000	Southern Natural Gas Co., 5.900%, 4/01/2017, 144A		4,125,000
	19,574,000	Texas Eastern Transmission LP, 6.000%, 9/15/2017, 144A		19,948,646
	8,405,000	Williams Partners LP, 3.350%, 8/15/2022		8,390,779
				190,106,454
		Mortgage Related — 0.0%
	17,615	FHLMC, 5.000%, 12/01/2031		19,212
	2,981	FNMA, 6.000%, 7/01/2029		3,390
				22,602
		Natural Gas — 0.6%
	1,745,000	NiSource Finance Corp., 6.125%, 3/01/2022		1,998,751
	8,900,000	NiSource Finance Corp., 6.400%, 3/15/2018		9,282,700
	21,614,000	NiSource Finance Corp., 6.800%, 1/15/2019		23,382,414
				34,663,865
		Non-Agency Commercial Mortgage-Backed Securities — 0.6%
	11,450,000	CDGJ Commercial Mortgage Trust, Series 2014-BXCH, 3.412%, 12/15/2027, 144A(d)		11,498,240
	6,243,298	Institutional Mortgage Securities Canada, Inc., Series 2014-5A, Class A1, 2.003%, 7/12/2047, 144A, (CAD)		4,708,212
	27,000,000	Institutional Mortgage Securities Canada, Inc., Series 2014-5A, Class A2, 2.616%, 7/12/2047, 144A, (CAD)		20,613,475
	2,125,000	WFRBS Commercial Mortgage Trust, Series 2011-C3, Class D, 5.641%, 3/15/2044, 144A(d)		2,175,320
				38,995,247
		Oil Field Services — 0.1%
	5,000,000	Nabors Industries, Inc., 5.100%, 9/15/2023		5,050,000
	587,000	Transocean, Inc., 7.375%, 4/15/2018		606,078
				5,656,078
		Paper — 1.3%
	363,000	Georgia-Pacific LLC, 7.750%, 11/15/2029		503,987
	7,049,000	International Paper Co., 8.700%, 6/15/2038		10,097,248
	5,270,000	WestRock MWV LLC, 7.550%, 3/01/2047(b)(c)		6,548,312

See accompanying notes to financial statements.

|  14

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Paper — continued
$	4,273,000	WestRock MWV LLC, 8.200%, 1/15/2030	$	5,783,826
	26,007,000	Weyerhaeuser Co., 6.875%, 12/15/2033		31,695,277
	7,374,000	Weyerhaeuser Co., 7.375%, 10/01/2019		8,265,554
	13,539,000	Weyerhaeuser Co., 7.375%, 3/15/2032		17,802,756
				80,696,960
		Property & Casualty Insurance — 0.1%
	2,740,000	Fidelity National Financial, Inc., 5.500%, 9/01/2022		2,893,553
	1,889,000	MBIA Insurance Corp., 12.283%, 1/15/2033, 144A(d)(j)		887,830
	2,212,000	XLIT Ltd., 6.250%, 5/15/2027		2,602,608
				6,383,991
		Railroads — 0.2%
	9,787,000	Canadian Pacific Railway Co., 7.250%, 5/15/2019		10,819,773
	237,000	Missouri Pacific Railroad Co., 4.750%, 1/01/2030(b)(c)		232,167
	1,701,000	Missouri Pacific Railroad Co., 5.000%, 1/01/2045(b)(c)		1,581,878
	191,000	Missouri Pacific Railroad Co., Series A, 4.750%, 1/01/2020(b)(c)		188,422
				12,822,240
		Real Estate Operations/Development — 0.2%
	10,276,000	First Industrial LP, 5.950%, 5/15/2017		10,326,424
		REITs – Apartments — 0.3%
	16,491,000	Camden Property Trust, 5.700%, 5/15/2017		16,567,865
		REITs – Health Care — 0.1%
	5,972,000	Welltower, Inc., 6.500%, 3/15/2041		7,314,733
		REITs – Single Tenant — 0.6%
	8,690,000	Realty Income Corp., 5.750%, 1/15/2021		9,566,352
	22,701,000	Realty Income Corp., 6.750%, 8/15/2019		25,098,838
				34,665,190
		Restaurants — 0.2%
	10,320,000	Darden Restaurants, Inc., 6.000%, 8/15/2035		11,251,669
		Retailers — 0.6%
	1,255,000	Group 1 Automotive, Inc., 5.000%, 6/01/2022		1,264,413
	430,000	J.C. Penney Corp., Inc., 5.750%, 2/15/2018		438,600
	5,979,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		4,558,987
	5,446,000	J.C. Penney Corp., Inc., 7.625%, 3/01/2097		4,193,420
	10,467,000	Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027		11,096,831
	8,064,000	Marks & Spencer PLC, 7.125%, 12/01/2037, 144A		9,233,159
	3,755,000	PVH Corp., 7.750%, 11/15/2023		4,393,350
				35,178,760
		Sovereigns — 0.6%
	33,600,000	Republic of Iceland, 5.875%, 5/11/2022, 144A		37,950,494
		Supermarkets — 0.7%
	4,510,000	Albertson’s Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC, 6.625%, 6/15/2024, 144A		4,611,475
	1,120,000	Koninklijke Ahold Delhaize NV, 5.700%, 10/01/2040		1,276,787

See accompanying notes to financial statements.

15  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Supermarkets — continued
$	3,269,000	Kroger Co. (The), 6.400%, 8/15/2017	$	3,326,917
	6,595,000	New Albertson’s, Inc., 7.450%, 8/01/2029		6,248,762
	7,875,000	New Albertson’s, Inc., 8.000%, 5/01/2031		7,619,062
	989,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		885,155
	17,290,000	SUPERVALU, Inc., 6.750%, 6/01/2021		17,203,550
				41,171,708
		Supranational — 0.3%
	9,640,000	European Investment Bank, MTN, 6.000%, 8/06/2020, (AUD)		8,188,448
	12,982,000	Inter-American Development Bank, EMTN, 6.000%, 12/15/2017, (NZD)		9,333,585
				17,522,033
		Technology — 0.5%
	1,028,000	Arrow Electronics, Inc., 6.875%, 6/01/2018		1,083,001
	7,487,000	Corning, Inc., 7.250%, 8/15/2036		9,027,547
	16,735,000	KLA-Tencor Corp., 5.650%, 11/01/2034		17,893,765
	1,502,000	Motorola Solutions, Inc., 6.625%, 11/15/2037		1,575,313
	1,551,000	Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		1,821,727
				31,401,353
		Treasuries — 27.8%
	132,000,000	Canadian Government International Bond, 0.750%, 9/01/2020, (CAD)		98,600,233
	209,501,000	Canadian Government International Bond, 1.250%, 9/01/2018, (CAD)		158,725,148
	61,795,000	Canadian Government International Bond, 1.750%, 9/01/2019, (CAD)		47,511,310
	391,985,000	Iceland Government International Bond, 7.250%, 10/26/2022, (ISK)		2,587,568
	1,195,394,000	Iceland Government International Bond, 8.750%, 2/26/2019, (ISK)		7,588,617
	2,755,000(†††)	Mexican Fixed Rate Bonds, Series M, 7.750%, 5/29/2031, (MXN)		15,293,416
	2,965,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 7.500%, 6/03/2027, (MXN)		16,278,459
	7,555,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		42,534,542
	1,925,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.500%, 5/31/2029, (MXN)		11,357,472
	23,970,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 10.000%, 12/05/2024, (MXN)		150,608,763
	36,850,000	New Zealand Government Bond, 5.000%, 3/15/2019, (NZD)		27,221,956
	109,763,000	New Zealand Government Bond, 6.000%, 12/15/2017, (NZD)		79,173,977
	290,574,000	Norway Government Bond, 3.750%, 5/25/2021, 144A, (NOK)		37,694,550
	974,276,000	Norway Government Bond, 4.250%, 5/19/2017, 144A, (NOK)		113,969,255
	416,760,000	Norway Government Bond, 4.500%, 5/22/2019, 144A, (NOK)		52,518,885
	43,590,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)		13,227,656
	23,848,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		7,731,975
	150,000,000	U.S. Treasury Note, 0.625%, 6/30/2018		149,062,500
	125,000,000	U.S. Treasury Note, 0.750%, 1/31/2018		124,697,250
	205,000,000	U.S. Treasury Note, 0.750%, 8/31/2018		203,830,885
	350,000,000	U.S. Treasury Note, 0.750%, 9/30/2018		347,771,550
				1,707,985,967
		Wireless — 0.7%
	559,910,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		27,872,511
	58,200,000	America Movil SAB de CV, 8.460%, 12/18/2036, (MXN)		2,805,512
	6,373,000	Sprint Capital Corp., 6.875%, 11/15/2028		6,731,481
	612,000	Sprint Capital Corp., 8.750%, 3/15/2032		735,930

See accompanying notes to financial statements.

|  16

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Wireless — continued
$	1,609,000	Sprint Communications, Inc., 6.000%, 11/15/2022	$	1,645,203
	985,000	Sprint Corp., 7.125%, 6/15/2024		1,051,488
				40,842,125
		Wirelines — 4.2%
	33,710,000	AT&T, Inc., 2.625%, 12/01/2022		32,938,783
	26,815,000	AT&T, Inc., 3.000%, 2/15/2022		26,753,111
	406,000	Bell Canada, Inc., MTN, 7.300%, 2/23/2032, (CAD)		410,549
	2,936,000	BellSouth Telecommunications LLC, 5.850%, 11/15/2045		2,946,981
	2,710,000	CenturyLink, Inc., 6.450%, 6/15/2021		2,879,077
	670,000	CenturyLink, Inc., 7.650%, 3/15/2042		588,763
	4,990,000	CenturyLink, Inc., Series G, 6.875%, 1/15/2028		4,840,300
	4,508,000	CenturyLink, Inc., Series P, 7.600%, 9/15/2039		3,985,342
	195,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		192,075
	24,103,000	Embarq Corp., 7.995%, 6/01/2036		23,982,485
	265,000	Frontier Communications Corp., 7.875%, 1/15/2027		217,586
	1,365,000	Frontier Communications Corp., 9.000%, 8/15/2031		1,173,900
	5,200,000	Oi S.A., 9.750%, 9/15/2016, 144A, (BRL)(g)		379,959
	8,450,000	Portugal Telecom International Finance BV, EMTN, 4.500%, 6/16/2025, (EUR)(g)		2,884,627
	18,850,000	Portugal Telecom International Finance BV, EMTN, 5.000%, 11/04/2019, (EUR)(g)		6,560,619
	2,755,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		2,613,806
	4,370,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		4,506,562
	3,469,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		3,252,187
	333,000	Qwest Corp., 6.500%, 6/01/2017		334,668
	12,308,000	Qwest Corp., 6.875%, 9/15/2033		12,255,814
	9,077,000	Qwest Corp., 7.250%, 9/15/2025		9,921,297
	9,474,000	Qwest Corp., 7.250%, 10/15/2035		9,399,771
	3,185,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		3,145,188
	7,955,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		8,039,482
	4,100,000	Telefonica Emisiones SAU, EMTN, 5.289%, 12/09/2022, (GBP)		5,994,907
	9,100,000	Telefonica Emisiones SAU, EMTN, 5.375%, 2/02/2026, (GBP)		13,717,291
	54,665,000	Telus Corp., Series CG, 5.050%, 12/04/2019, (CAD)		44,669,220
	32,509,000	Verizon Communications, Inc., 2.450%, 11/01/2022		31,357,759
				259,942,109
		Total Non-Convertible Bonds (Identified Cost $5,406,390,621)		5,233,021,625
	Convertible Bonds — 4.5%
		Finance Companies — 0.1%
	3,905,000	Euronet Worldwide, Inc., 1.500%, 10/01/2044		4,937,384
		Midstream — 0.0%
	243,000	Chesapeake Energy Corp., 2.500%, 5/15/2037		239,355
		Property & Casualty Insurance — 1.0%
	46,995,000	Old Republic International Corp., 3.750%, 3/15/2018		62,532,722

See accompanying notes to financial statements.

17  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Technology — 3.4%
$	75,689,000	Intel Corp., 3.250%, 8/01/2039	$	132,219,222
	11,515,000	Lam Research Corp., Series B, 1.250%, 5/15/2018		24,390,210
	352,807	Liberty Interactive LLC, 3.500%, 1/15/2031		343,837
	46,000,000	Priceline Group, Inc. (The), 0.900%, 9/15/2021		51,721,250
				208,674,519
		Total Convertible Bonds (Identified Cost $182,738,044)		276,383,980
	Municipals — 0.3%
		Illinois — 0.1%
	9,150,000	State of Illinois, 5.100%, 6/01/2033		8,348,643
		Michigan — 0.0%
	2,240,000	Michigan Tobacco Settlement Finance Authority Taxable Turbo, Series A, 7.309%, 6/01/2034		2,192,422
		Virginia — 0.2%
	10,740,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046		9,000,335
		Total Municipals (Identified Cost $19,923,016)		19,541,400
		Total Bonds and Notes (Identified Cost $5,609,051,681)		5,528,947,005
Shares
	Common Stocks — 0.8%
		Automobiles — 0.8%
	4,063,816	Ford Motor Co. (Identified Cost $34,826,997)		47,302,818
	Preferred Stocks — 0.0%
		Midstream — 0.0%
	43,031	Chesapeake Energy Corp., 5.000% (Identified Cost $3,673,619)		2,753,984
Principal Amount (‡)
	Short-Term Investments — 7.9%
$	59,845,000	Federal Home Loan Bank Discount Notes, 0.550%, 4/04/2017(k)		59,843,863
	140,155,000	Federal Home Loan Bank Discount Notes, 0.520%-0.560%, 4/10/2017(k)		140,136,219
	207,223,675	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2017 at 0.220% to be repurchased at $207,227,474 on 4/03/2017 collateralized by $50,000,000 U.S. Treasury Note, 2.125% due 12/31/2021 valued at $50,667,350; $155,945,000 U.S. Treasury Note, 1.750% due 11/30/2021 valued at $155,606,755; $5,045,000 U.S. Treasury Note, 2.125% due 6/30/2022 valued at $5,098,144 including accrued interest (Note 2 of Notes to Financial Statements)		207,223,675

See accompanying notes to financial statements.

|  18

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
	Short-Term Investments — (continued)
$	75,000,000	U.S. Treasury Bills, 0.730%, 04/27/2017(k)	$	74,963,475
		Total Short-Term Investments (Identified Cost $482,162,756)		482,167,232
		Total Investments — 98.8% (Identified Cost $6,129,715,053)(a)		6,061,171,039
		Other assets less liabilities — 1.2%		71,560,069
		Net Assets — 100.0%	$	6,132,731,108
	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(††)	Amount shown represents units. One unit represents a principal amount of 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, 2017, the net unrealized depreciation on investments based on a cost of $6,176,098,317 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	$	382,499,545
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(497,426,823	)
		Net unrealized depreciation	$	(114,927,278	)
	(b)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At March 31, 2017, the value of these securities amounted to $159,609,909 or 2.6% of net assets. See Note 2 of Notes to Financial Statements.
	(c)	Illiquid security.
	(d)	Variable rate security. Rate as of March 31, 2017 is disclosed.
	(e)	Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.
	(f)	Perpetual bond with no specified maturity date.
	(g)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
	(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)	Fair valued by the Fund’s adviser. At March 31, 2017, the value of this security amounted to $676 or less than 0.1% of net assets. See Note 2 of Notes to Financial Statements.
	(j)	Non-income producing security.
	(k)	Interest rate represents discount rate at time of purchase; not a coupon rate.
	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2017, the value of Rule 144A holdings amounted to $814,012,666 or 13.3% of net assets.
	ABS	Asset-Backed Securities

See accompanying notes to financial statements.

19  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

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
ISK	Icelandic Krona
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar

Industry Summary at March 31, 2017 (Unaudited)

Treasuries	27.8	%
Banking	11.6
Wirelines	4.2
Technology	3.9
Finance Companies	3.8
Midstream	3.1
Local Authorities	2.5
Airlines	2.2
Metals & Mining	2.1
Aerospace & Defense	2.0
Other Investments, less than 2% each	27.7
Short-Term Investments	7.9
Total Investments	98.8
Other assets less liabilities	1.2
Net Assets	100.0	%

Currency Exposure Summary at March 31, 2017 (Unaudited)

United States Dollar	72.2	%
Canadian Dollar	7.7
New Zealand Dollar	5.7
Mexican Peso	4.7
Australian Dollar	3.8
Norwegian Krone	3.4
Other, less than 2% each	1.3
Total Investments	98.8
Other assets less liabilities	1.2
Net Assets	100.0	%

See accompanying notes to financial statements.

|  20

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Strategic Income Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 77.7% of Net Assets
	Non-Convertible Bonds — 70.8%
		ABS Other — 0.2%
$	20,460,830	GCA2014 Holdings Ltd., Series 2014-1, Class C, 6.000%, 1/05/2030, 144A(b)(c)	$	12,931,245
	8,033,348	GCA2014 Holdings Ltd., Series 2014-1, Class D, 7.500%, 1/05/2030, 144A(b)(c)		2,315,211
	42,000,000	GCA2014 Holdings Ltd., Series 2014-1, Class E, Zero Coupon, 1/05/2030, 144A(b)(c)(d)		92,400
	11,238,245	Global Container Assets Ltd., Series 2015-1A, Class B, 4.500%, 2/05/2030, 144A(b)(e)		10,786,350
				26,125,206
		Aerospace & Defense — 1.1%
	790,000	Arconic, Inc., 5.900%, 2/01/2027		845,734
	3,685,000	Arconic, Inc., 6.750%, 1/15/2028		4,041,984
	620,000	Bombardier, Inc., 7.350%, 12/22/2026, 144A, (CAD)		456,311
	11,800,000	Bombardier, Inc., 7.450%, 5/01/2034, 144A		11,475,500
	3,145,000	Embraer Netherlands Finance BV, 5.400%, 2/01/2027		3,244,005
	22,548,000	Meccanica Holdings USA, Inc., 6.250%, 1/15/2040, 144A		23,788,140
	20,755,000	Meccanica Holdings USA, Inc., 7.375%, 7/15/2039, 144A		23,556,925
	5,310,000	Textron Financial Corp., 2.774%, 2/15/2067, 144A(f)		4,009,050
	24,513,000	TransDigm, Inc., 6.500%, 7/15/2024		24,850,054
	17,765,000	TransDigm, Inc., 6.500%, 5/15/2025		17,920,444
				114,188,147
		Airlines — 2.7%
	130,040,000	American Airlines Group, Inc., 5.500%, 10/01/2019, 144A		135,241,600
	12,054,116	American Airlines Pass Through Trust, Series 2013-1, Class A, 4.000%, 1/15/2027		12,422,852
	175,117	Continental Airlines Pass Through Certificates, Series 1999-1, Class B, 6.795%, 2/02/2020		180,370
	2,568,157	Continental Airlines Pass Through Certificates, Series 2012-1, Class B, 6.250%, 10/11/2021		2,696,564
	2,379,778	Continental Airlines Pass Through Certificates, Series 2012-2, Class B, 5.500%, 4/29/2022		2,490,771
	21,015,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		21,832,484
	930	Continental Airlines Pass Through Trust, Series 1999-2, Class B, 7.566%, 9/15/2021		919
	432,962	Continental Airlines Pass Through Trust, Series 2001-1, Class A-1, 6.703%, 12/15/2022		456,775
	474,975	Northwest Airlines, Inc., Series 2002-1, Class G2, (MBIA insured), 6.264%, 5/20/2023		512,973
	6,442,952	US Airways Pass Through Trust, Series 2010-1B, Class B, 8.500%, 10/22/2018		6,463,183
	34,669,397	US Airways Pass Through Trust, Series 2011-1B, Class B, 9.750%, 4/22/2020		38,172,393

See accompanying notes to financial statements.

21  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Airlines — continued
$	5,498,371	US Airways Pass Through Trust, Series 2012-1B, Class B, 8.000%, 4/01/2021	$	5,938,241
	48,950,000	Virgin Australia Holdings Ltd., 8.500%, 11/15/2019, 144A		51,519,875
	3,211,416	Virgin Australia Pass Through Certificates, Series 2013-1B, 6.000%, 4/23/2022, 144A		3,259,715
	4,535,766	Virgin Australia Pass Through Certificates, Series 2013-1C, 7.125%, 10/23/2018, 144A		4,604,528
				285,793,243
		Automotive — 0.3%
	1,220,000	Ford Motor Co., 6.625%, 2/15/2028		1,417,189
	1,345,000	Ford Motor Co., 7.500%, 8/01/2026		1,631,357
	4,977,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		5,424,930
	26,055,000	Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc., 7.875%, 10/01/2022, 144A		26,901,787
				35,375,263
		Banking — 5.7%
	6,000,000	Ally Financial, Inc., 8.000%, 11/01/2031		7,125,000
	265,000	Bank of America Corp., MTN, 4.250%, 10/22/2026		269,087
	1,500,000	Bank of America Corp., Series K, (fixed rate to 1/30/2018, variable rate thereafter), 8.000%(g)		1,545,000
	7,045,000	Bank of America Corp., Series L, MTN, 4.183%, 11/25/2027		7,070,601
	10,000,000	Bank of Nova Scotia (The), 2.462%, 3/14/2019, (CAD)		7,679,287
	36,445,000	Citigroup, Inc., 5.130%, 11/12/2019, (NZD)		26,560,835
	22,091,000	Citigroup, Inc., 6.250%, 6/29/2017, (NZD)		15,597,516
	3,450,000	Cooperatieve Rabobank UA, 3.950%, 11/09/2022		3,540,497
	25,000,000	Goldman Sachs Group, Inc. (The), 3.550%, 2/12/2021, (CAD)		19,778,170
	9,090,000	ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 6.375%, 4/30/2022, 144A		9,090,000
	19,245,000	Intesa Sanpaolo SpA, 5.017%, 6/26/2024, 144A		18,104,368
	45,620,000	JPMorgan Chase & Co., 4.250%, 11/02/2018, (NZD)		32,447,023
	800,000	Merrill Lynch & Co., Inc., Series C, MTN, 6.050%, 6/01/2034		887,888
	36,195,000	Morgan Stanley, 4.350%, 9/08/2026		37,073,634
	35,325,000	Morgan Stanley, 4.750%, 11/16/2018, (AUD)		27,791,246
	185,000,000	Morgan Stanley, 5.000%, 9/30/2021, (AUD)		150,699,339
	74,310,000	Morgan Stanley, 7.600%, 8/08/2017, (NZD)		52,893,551
	100,265,000	Morgan Stanley, 8.000%, 5/09/2017, (AUD)		77,048,565
	46,735,000	Morgan Stanley, MTN, 4.100%, 5/22/2023		48,267,487
	10,000,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		11,897,510
	53,095,000	Morgan Stanley, Series MPLE, 3.125%, 8/05/2021, (CAD)		41,519,384
				596,885,988
		Brokerage — 1.1%
	5,000,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 6.875%, 4/15/2022, 144A		4,775,000
	22,540,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.500%, 4/15/2021, 144A		22,737,225
	43,025,000	Jefferies Group LLC, 5.125%, 1/20/2023		46,234,622
	20,010,000	Jefferies Group LLC, 6.250%, 1/15/2036		21,029,950
	15,215,000	Jefferies Group LLC, 6.450%, 6/08/2027		17,211,223
				111,988,020

See accompanying notes to financial statements.

|  22

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Building Materials — 0.5%
$	19,945,000	Atrium Windows & Doors, Inc., 7.750%, 5/01/2019, 144A	$	18,823,094
	6,995,000	Masco Corp., 6.500%, 8/15/2032		8,255,590
	1,515,000	Masco Corp., 7.125%, 3/15/2020		1,706,708
	2,630,000	Masco Corp., 7.750%, 8/01/2029		3,381,536
	2,000,000	NCI Building Systems, Inc., 8.250%, 1/15/2023, 144A		2,170,000
	18,640,000	Owens Corning, 7.000%, 12/01/2036		22,799,963
				57,136,891
		Cable Satellite — 1.3%
	850,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2023, 144A		875,500
	975,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.375%, 5/01/2025, 144A		1,000,594
	3,315,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 1/15/2024		3,447,600
	4,360,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.875%, 5/01/2027, 144A		4,578,000
	17,679,000	DISH DBS Corp., 5.875%, 11/15/2024		18,567,370
	25,270,000	Shaw Communications, Inc., 5.650%, 10/01/2019, (CAD)		20,729,248
	4,835,000	Time Warner Cable LLC, 4.500%, 9/15/2042		4,381,883
	135,000	Time Warner Cable LLC, 5.875%, 11/15/2040		143,310
	44,800,000	UPC Holding BV, 6.375%, 9/15/2022, 144A, (EUR)		50,193,733
	11,275,000	Videotron Ltd., 5.625%, 6/15/2025, 144A, (CAD)		8,891,722
	7,000,000	Virgin Media Finance PLC, 6.000%, 10/15/2024, 144A		7,253,750
	20,300,000	VTR Finance BV, 6.875%, 1/15/2024, 144A		21,112,000
				141,174,710
		Chemicals — 2.8%
	19,810,000	Aruba Investments, Inc., 8.750%, 2/15/2023, 144A		20,404,300
	35,665,000	Chemours Co. (The), 6.625%, 5/15/2023		37,804,900
	85,854,000	Consolidated Energy Finance S.A., 6.750%, 10/15/2019, 144A		86,497,905
	20,000,000	Eco Services Operations LLC/Eco Finance Corp., 8.500%, 11/01/2022, 144A		21,050,000
	26,164,000	Hexion, Inc., 7.875%, 2/15/2023(b)(c)		13,343,640
	8,757,000	Hexion, Inc., 9.200%, 3/15/2021(b)(c)		4,728,780
	16,660,000	Hexion, Inc./Hexion Nova Scotia Finance ULC, 9.000%, 11/15/2020		12,495,000
	90,205,000	INVISTA Finance LLC, 4.250%, 10/15/2019, 144A		92,685,637
	885,000	TPC Group, Inc., 8.750%, 12/15/2020, 144A		805,527
				289,815,689
		Construction Machinery — 0.1%
	840,000	Joy Global, Inc., 6.625%, 11/15/2036		1,021,233
	5,105,000	United Rentals North America, Inc., 5.750%, 11/15/2024		5,321,962
	4,178,000	United Rentals North America, Inc., 7.625%, 4/15/2022		4,350,342
				10,693,537
		Consumer Cyclical Services — 0.1%
	670,000	ServiceMaster Co. LLC (The), 7.100%, 3/01/2018		693,450
	5,500,000	ServiceMaster Co. LLC (The), 7.450%, 8/15/2027		6,008,750
				6,702,200
		Consumer Products — 0.1%
	11,880,000	Avon Products, Inc., 8.950%, 3/15/2043		10,490,040

See accompanying notes to financial statements.

23  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Diversified Manufacturing — 0.4%
	57,000,000	General Electric Co., GMTN, 4.250%, 1/17/2018, (NZD)	$	40,436,470
		Electric — 1.3%
	5,093,000	AES Corp. (The), 4.875%, 5/15/2023		5,067,535
	9,505,000	AES Corp. (The), 5.500%, 3/15/2024		9,647,575
	10,185,000	AES Corp. (The), 5.500%, 4/15/2025		10,337,775
	36,948,752	Alta Wind Holdings LLC, 7.000%, 6/30/2035, 144A		40,503,185
	49,217,455	Bruce Mansfield Unit Pass Through Trust, 6.850%, 6/01/2034(b)(e)		16,303,282
	1,022,976	CE Generation LLC, 7.416%, 12/15/2018		961,598
	19,705,000	Dynegy, Inc., 7.625%, 11/01/2024		18,818,275
	29,959,000	EDP Finance BV, 4.125%, 1/15/2020, 144A		30,767,893
	3,570,000	Empresa Nacional de Electricidad S.A., 7.875%, 2/01/2027		4,375,435
	341,935	Red Oak Power LLC, Series A, 8.540%, 11/30/2019		341,935
				137,124,488
		Finance Companies — 3.6%
	4,095,000	iStar, Inc., 4.875%, 7/01/2018		4,120,594
	14,060,000	iStar, Inc., 5.000%, 7/01/2019		14,147,875
	2,260,000	Navient Corp., 5.875%, 10/25/2024		2,108,151
	109,950(††)	Navient Corp., 6.000%, 12/15/2043		2,484,503
	30,265,000	Navient Corp., MTN, 6.125%, 3/25/2024		28,827,412
	14,465,000	Navient Corp., Series A, MTN, 5.000%, 6/15/2018		14,519,244
	23,020,000	Navient LLC, 4.875%, 6/17/2019		23,566,725
	22,945,000	Navient LLC, 5.500%, 1/25/2023		21,912,475
	5,910,000	Navient LLC, MTN, 4.625%, 9/25/2017		5,954,325
	7,780,000	Navient LLC, MTN, 5.500%, 1/15/2019		8,060,080
	6,490,000	Navient LLC, MTN, 7.250%, 1/25/2022		6,739,541
	2,160,000	Navient LLC, MTN, 8.000%, 3/25/2020		2,346,300
	50,910,000	Navient LLC, Series A, MTN, 5.625%, 8/01/2033(b)(e)		39,582,525
	46,475,000	Springleaf Finance Corp., 5.250%, 12/15/2019		46,881,656
	97,110,000	Springleaf Finance Corp., 7.750%, 10/01/2021		103,422,150
	55,015,000	Springleaf Finance Corp., 8.250%, 10/01/2023		57,972,056
				382,645,612
		Food & Beverage — 0.1%
	4,880,000	Shearer’s Foods LLC/Chip Finance Corp., 9.000%, 11/01/2019, 144A		5,087,400
		Government Owned – No Guarantee — 0.7%
	22,160,000	Pertamina Persero PT, 6.450%, 5/30/2044, 144A		25,003,416
	21,145,000	Petrobras Global Finance BV, 4.375%, 5/20/2023		20,034,888
	30,955,000	Petrobras Global Finance BV, 5.625%, 5/20/2043		25,544,066
				70,582,370
		Healthcare — 3.1%
	2,160,000	BioScrip, Inc., 8.875%, 2/15/2021		1,856,887
	14,335,000	CHS/Community Health Systems, Inc., 6.875%, 2/01/2022		12,328,100
	40,686,000	HCA, Inc., 5.875%, 5/01/2023		43,940,880
	14,620,000	HCA, Inc., 7.050%, 12/01/2027		16,063,725
	20,447,000	HCA, Inc., 7.500%, 12/15/2023		23,360,698
	24,215,000	HCA, Inc., 7.500%, 11/06/2033		26,485,156

See accompanying notes to financial statements.

|  24

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Healthcare — continued
$	43,928,000	HCA, Inc., 7.690%, 6/15/2025	$	50,023,010
	32,745,000	HCA, Inc., 8.360%, 4/15/2024		38,598,169
	10,815,000	HCA, Inc., MTN, 7.580%, 9/15/2025		12,153,356
	9,492,000	HCA, Inc., MTN, 7.750%, 7/15/2036		10,453,065
	955,000	Tenet Healthcare Corp., 4.375%, 10/01/2021		955,000
	29,130,000	Tenet Healthcare Corp., 5.000%, 3/01/2019		29,174,569
	25,780,000	Tenet Healthcare Corp., 6.750%, 6/15/2023		25,328,850
	33,959,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		29,119,842
	1,015,000	Tenet Healthcare Corp., 7.500%, 1/01/2022, 144A		1,096,200
	990,000	Tenet Healthcare Corp., 8.125%, 4/01/2022		1,033,313
				321,970,820
		Home Construction — 1.0%
	3,075,000	Beazer Homes USA, Inc., 7.250%, 2/01/2023		3,174,938
	13,360,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021(b)(e)		10,788,200
	29,735,000	K. Hovnanian Enterprises, Inc., 8.000%, 11/01/2019, 144A		24,680,050
	47,260,000	PulteGroup, Inc., 6.000%, 2/15/2035		46,314,800
	13,190,000	PulteGroup, Inc., 6.375%, 5/15/2033		13,519,750
	10,305,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 4.375%, 6/15/2019		10,536,862
	195,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.875%, 6/15/2024		200,850
				109,215,450
		Independent Energy — 2.5%
	595,000	Anadarko Petroleum Corp., 3.450%, 7/15/2024		580,144
	540,000	Anadarko Petroleum Corp., 4.500%, 7/15/2044		509,379
	4,810,000	Antero Resources Corp., 5.625%, 6/01/2023		4,918,225
	28,825,000	Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.000%, 4/01/2022, 144A		29,833,875
	8,145,000	Baytex Energy Corp., 5.125%, 6/01/2021, 144A		7,350,862
	8,225,000	Baytex Energy Corp., 5.625%, 6/01/2024, 144A		7,238,000
	15,000,000	Bellatrix Exploration Ltd., 8.500%, 5/15/2020, 144A		14,231,250
	8,645,000	California Resources Corp., 5.500%, 9/15/2021		6,397,300
	1,188,000	California Resources Corp., 6.000%, 11/15/2024		831,600
	38,185,000	California Resources Corp., 8.000%, 12/15/2022, 144A		31,025,312
	1,310,000	Chesapeake Energy Corp., 4.875%, 4/15/2022		1,179,000
	55,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		54,863
	21,335,000	Chesapeake Energy Corp., 8.000%, 1/15/2025, 144A		21,335,000
	6,505,000	Continental Resources, Inc., 3.800%, 6/01/2024		6,049,650
	19,290,000	Eclipse Resources Corp., 8.875%, 7/15/2023		19,675,800
	3,490,000	Halcon Resources Corp., 6.750%, 2/15/2025, 144A		3,427,180
	180,000	MEG Energy Corp., 6.375%, 1/30/2023, 144A		160,875
	4,515,000	MEG Energy Corp., 7.000%, 3/31/2024, 144A		4,040,925
	1,022,000	Noble Energy, Inc., 5.625%, 5/01/2021		1,052,650
	1,065,000	Oasis Petroleum, Inc., 6.875%, 1/15/2023		1,083,638
	7,170,000	Pan American Energy LLC/Argentine Branch, 7.875%, 5/07/2021, 144A		7,738,294
	2,055,000	QEP Resources, Inc., 5.250%, 5/01/2023		2,014,701
	17,187,000	Rex Energy Corp., (Step to 8.000% on 10/01/2017), 1.000%, 10/01/2020(h)		8,851,305
	2,565,000	Rice Energy, Inc., 6.250%, 5/01/2022		2,641,950

See accompanying notes to financial statements.

25  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Independent Energy — continued
$	1,735,000	RSP Permian, Inc., 6.625%, 10/01/2022	$	1,826,088
	17,908,000	Sanchez Energy Corp., 6.125%, 1/15/2023		16,609,670
	9,520,000	Sanchez Energy Corp., 7.750%, 6/15/2021		9,401,000
	8,241,000	SM Energy Co., 5.000%, 1/15/2024		7,787,745
	21,280,000	SM Energy Co., 6.125%, 11/15/2022		21,439,600
	801,000	SM Energy Co., 6.500%, 11/15/2021		821,025
	2,522,000	SM Energy Co., 6.500%, 1/01/2023		2,559,830
	1,110,000	Southwestern Energy Co., 6.700%, 1/23/2025		1,093,350
	10,845,000	Whiting Petroleum Corp., 5.000%, 3/15/2019		10,817,887
	4,855,000	Whiting Petroleum Corp., 5.750%, 3/15/2021		4,806,450
	945,000	Whiting Petroleum Corp., 6.250%, 4/01/2023		940,275
				260,324,698
		Industrial Other — 0.1%
	6,880,000	Broadspectrum Ltd., 8.375%, 5/15/2020, 144A		7,189,600
		Life Insurance — 0.6%
	15,000,000	Forethought Financial Group, Inc., 8.625%, 4/15/2021, 144A(b)(e)		17,047,155
	1,225,000	Genworth Holdings, Inc., 3.042%, 11/15/2066(f)		606,375
	3,230,000	Genworth Holdings, Inc., 4.800%, 2/15/2024		2,656,675
	6,955,000	Genworth Holdings, Inc., 4.900%, 8/15/2023		5,790,038
	20,000,000	National Life Insurance Co., 10.500%, 9/15/2039, 144A(b)(e)		30,587,080
	8,920,000	NLV Financial Corp., 7.500%, 8/15/2033, 144A(b)(e)		10,852,063
				67,539,386
		Local Authorities — 1.4%
	95,480,000	New South Wales Treasury Corp., 4.000%, 4/08/2021, (AUD)		77,771,898
	82,840,000	New South Wales Treasury Corp., 6.000%, 2/01/2018, (AUD)		65,532,219
				143,304,117
		Media Entertainment — 1.3%
	111,590,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		4,515,520
	64,250,000	iHeartCommunications, Inc., 9.000%, 3/01/2021		48,830,000
	33,370,000	iHeartCommunications, Inc., 9.000%, 9/15/2022		25,069,213
	7,180,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 5.250%, 2/15/2022		7,431,300
	17,950,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 5.875%, 3/15/2025		18,802,625
	27,185,000	R.R. Donnelley & Sons Co., 6.000%, 4/01/2024		25,316,031
	2,410,000	R.R. Donnelley & Sons Co., 6.500%, 11/15/2023		2,337,700
	283,000	R.R. Donnelley & Sons Co., 7.000%, 2/15/2022		287,245
	5,925,000	R.R. Donnelley & Sons Co., 7.875%, 3/15/2021		6,369,375
				138,959,009
		Metals & Mining — 2.0%
	8,202,122	1839688 Alberta ULC, PIK, 14.000%, 2/13/2020(b)(c)(i)(j)		3,281
	2,000,000	AK Steel Corp., 7.625%, 10/01/2021		2,087,500
	25,271,000	ArcelorMittal, 7.500%, 3/01/2041		28,283,303
	30,695,000	Barminco Finance Pty Ltd., 9.000%, 6/01/2018, 144A		32,229,750
	8,705,000	Barrick North America Finance LLC, 5.750%, 5/01/2043		10,088,059

See accompanying notes to financial statements.

|  26

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Metals & Mining — continued
$	26,350,000	Essar Steel Algoma, Inc., 9.500%, 11/15/2019, 144A(b)(e)(i)	$	2,964,375
	12,315,000	First Quantum Minerals Ltd., 7.250%, 5/15/2022, 144A		12,699,844
	14,645,000	Lundin Mining Corp., 7.500%, 11/01/2020, 144A		15,487,087
	51,000,000	Lundin Mining Corp., 7.875%, 11/01/2022, 144A		55,781,250
	4,200,000	Rain CII Carbon LLC/CII Carbon Corp., 8.250%, 1/15/2021, 144A		4,373,250
	16,135,000	Russel Metals, Inc., 6.000%, 4/19/2022, 144A, (CAD)		12,390,772
	11,719,000	United States Steel Corp., 6.650%, 6/01/2037		10,371,315
	4,835,000	United States Steel Corp., 6.875%, 4/01/2021		4,943,788
	2,655,000	United States Steel Corp., 7.375%, 4/01/2020		2,854,125
	10,000,000	Worthington Industries, Inc., 6.500%, 4/15/2020		11,041,810
				205,599,509
		Midstream — 0.1%
	8,935,000	IFM U.S. Colonial Pipeline 2 LLC, 6.450%, 5/01/2021, 144A		9,630,947
	505,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		565,600
	3,185,492	Transportadora de Gas del Sur S.A., 9.625%, 5/14/2020, 144A		3,426,793
				13,623,340
		Non-Agency Commercial Mortgage-Backed Securities — 1.3%
	24,669,810	Commercial Mortgage Pass Through Certificates, Series 2014-FL4, Class AR1, 2.591%, 5/13/2031, 144A(b)(e)(f)		24,608,343
	12,902,000	Commercial Mortgage Pass Through Certificates, Series 2014-FL4, Class AR2, 3.091%, 5/13/2031, 144A(b)(e)(f)		12,939,080
	8,622,000	Commercial Mortgage Pass Through Certificates, Series 2014-FL4, Class AR3, 3.541%, 5/13/2031, 144A(b)(e)(f)		8,705,580
	16,080,000	Commercial Mortgage Pass Through Certificates, Series 2014-FL4, Class AR4, 4.641%, 5/13/2031, 144A(b)(e)(f)		15,718,115
	35,060,000	GS Mortgage Securities Trust, Series 2007-GG10, Class AM, 5.949%, 8/10/2045(f)		35,087,154
	11,458,772	Institutional Mortgage Securities Canada, Inc., Series 2014-5A, Class A1, 2.003%, 7/12/2047, 144A, (CAD)		8,641,319
	29,760,498	Motel 6 Trust, Series 2015-M6MZ, Class M, 8.230%, 2/05/2020, 144A(b)(e)		30,132,504
				135,832,095
		Oil Field Services — 1.8%
	19,335,000	FTS International, Inc., 6.250%, 5/01/2022		16,676,438
	7,120,000	Global Marine, Inc., 7.000%, 6/01/2028		6,301,200
	17,482,000	Paragon Offshore PLC, 6.750%, 7/15/2022, 144A(b)(e)(i)		3,146,760
	40,403,000	Paragon Offshore PLC, 7.250%, 8/15/2024, 144A(b)(e)(i)		7,272,540
	18,385,000	Pioneer Energy Services Corp., 6.125%, 3/15/2022		16,730,350
	12,020,000	Precision Drilling Corp., 5.250%, 11/15/2024		11,388,950
	594,000	Precision Drilling Corp., 6.500%, 12/15/2021		592,646
	1,548,586	Precision Drilling Corp., 6.625%, 11/15/2020		1,556,329
	89,205,000	Transocean Proteus Ltd., 6.250%, 12/01/2024, 144A		92,104,162
	39,300,000	Transocean, Inc., 5.550%, 10/15/2022		36,966,562
	1,320,000	Transocean, Inc., 6.800%, 3/15/2038		1,085,700
				193,821,637

See accompanying notes to financial statements.

27  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Packaging — 0.0%
$	1,705,000	Signode Industrial Group Lux S.A./Signode Industrial Group U.S., Inc., 6.375%, 5/01/2022, 144A	$	1,748,682
		Paper — 0.4%
	15,225,000	Georgia-Pacific LLC, 7.750%, 11/15/2029		21,138,299
	4,865,000	WestRock MWV LLC, 7.950%, 2/15/2031		6,584,062
	8,750,000	WestRock MWV LLC, 8.200%, 1/15/2030		11,843,781
	2,840,000	Weyerhaeuser Co., 6.950%, 10/01/2027		3,430,993
				42,997,135
		Property & Casualty Insurance — 0.2%
	12,510,000	MBIA Insurance Corp., 12.283%, 1/15/2033, 144A(d)(f)		5,879,700
	3,000,000	Sirius International Group Ltd., (fixed rate to 6/30/2017, variable rate thereafter), 7.506%, 144A(g)		3,060,000
	17,870,000	XL Group PLC, (fixed rate to 4/15/2017, variable rate thereafter), 6.500%(g)		15,010,800
				23,950,500
		Railroads — 0.0%
	1,153,000	Missouri Pacific Railroad Co., 5.000%, 1/01/2045(b)(e)		1,072,254
		Restaurants — 0.0%
	1,330,000	Wagamama Finance PLC, 7.875%, 2/01/2020, 144A, (GBP)		1,735,095
		Retailers — 0.9%
	3,325,000	Dillard’s, Inc., 7.000%, 12/01/2028		3,762,537
	1,500,000	Dillard’s, Inc., 7.750%, 7/15/2026		1,738,335
	10,270,000	Foot Locker, Inc., 8.500%, 1/15/2022		12,080,087
	830,000	J.C. Penney Corp., Inc., 5.650%, 6/01/2020		821,700
	3,335,000	J.C. Penney Corp., Inc., 5.750%, 2/15/2018		3,401,700
	27,224,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		20,758,300
	2,510,000	J.C. Penney Corp., Inc., 7.625%, 3/01/2097		1,932,700
	8,170,000	J.C. Penney Corp., Inc., 8.125%, 10/01/2019		8,823,600
	12,275,000	Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027		13,013,624
	6,365,000	Marks & Spencer PLC, 7.125%, 12/01/2037, 144A		7,287,830
	3,765,000	Nine West Holdings, Inc., 6.125%, 11/15/2034		795,356
	22,871,000	TRU Taj LLC/TRU Taj Finance, Inc., 12.000%, 8/15/2021, 144A		20,183,657
				94,599,426
		Sovereigns — 1.9%
	206,715,000	Portugal Government International Bond, 5.125%, 10/15/2024, 144A		200,348,178
		Supermarkets — 2.1%
	4,555,000	Albertson’s Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC, 6.625%, 6/15/2024, 144A		4,657,488
	1,720,000	Albertsons Cos. LLC/Safeway, Inc./New Albertson’s/Albertson’s LLC, 5.750%, 3/15/2025, 144A		1,668,400
	86,530,000	New Albertson’s, Inc., 7.450%, 8/01/2029		81,987,175
	25,595,000	New Albertson’s, Inc., 7.750%, 6/15/2026		24,955,125
	29,135,000	New Albertson’s, Inc., 8.000%, 5/01/2031		28,188,112
	7,245,000	New Albertson’s, Inc., 8.700%, 5/01/2030		7,172,550
	16,482,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		14,751,390

See accompanying notes to financial statements.

|  28

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Supermarkets — continued
$	34,580,000	SUPERVALU, Inc., 6.750%, 6/01/2021	$	34,407,100
	23,400,000	SUPERVALU, Inc., 7.750%, 11/15/2022		22,961,250
				220,748,590
		Supranational — 0.2%
	24,450,000	Inter-American Development Bank, EMTN, 6.000%, 12/15/2017, (NZD)		17,578,660
		Technology — 1.4%
	4,537,000	Advanced Micro Devices, Inc., 7.000%, 7/01/2024		4,831,905
	44,160,000	Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		48,576,000
	17,060,000	Amkor Technology, Inc., 6.375%, 10/01/2022		17,614,450
	56,340,000	KLA-Tencor Corp., 4.650%, 11/01/2024		59,987,846
	15,170,000	KLA-Tencor Corp., 5.650%, 11/01/2034		16,220,401
	2,562,000	Motorola Solutions, Inc., 6.625%, 11/15/2037		2,687,051
	165,000	Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		193,801
				150,111,454
		Transportation Services — 0.1%
	10,503,000	APL Ltd., 8.000%, 1/15/2024(b)(e)		7,680,319
	1,863,683	Atlas Air Pass Through Trust, Series 1998-1, Class C, 8.010%, 7/02/2011(c)(k)		1,863,683
				9,544,002
		Treasuries — 21.5%
	312,000,000	Canadian Government International Bond, 0.750%, 9/01/2020, (CAD)		233,055,096
	29,490,000	Canadian Government International Bond, 1.250%, 9/01/2018, (CAD)		22,342,636
	80,645,000	Canadian Government International Bond, 1.750%, 9/01/2019, (CAD)		62,004,201
	6,710,000	Hellenic Republic Government Bond, 3.375%, 7/17/2017, 144A, (EUR)		7,045,141
	1,010,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2024, (EUR)(h)		866,780
	1,100,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2035, (EUR)(h)		780,336
	4,000,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2036, (EUR)(h)		2,819,210
	4,455,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2037, (EUR)(h)		3,124,911
	5,820,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2038, (EUR)(h)		4,068,610
	4,000,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2039, (EUR)(h)		2,791,602
	4,680,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2040, (EUR)(h)		3,270,468
	5,970,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2041, (EUR)(h)		4,160,632
	4,000,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2042, (EUR)(h)		2,799,283
	1,605,660,000	Iceland Government International Bond, 7.250%, 10/26/2022, (ISK)		10,599,267
	4,496,156,000	Iceland Government International Bond, 8.750%, 2/26/2019, (ISK)		28,542,562
	10,000,000(†††)	Mexican Fixed Rate Bonds, Series M, 5.750%, 3/05/2026, (MXN)		48,888,889

See accompanying notes to financial statements.

29  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Treasuries — continued
	9,930,439(†††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/10/2021, (MXN)	$	52,375,179
	4,250,000(†††)	Mexican Fixed Rate Bonds, Series M, 7.750%, 5/29/2031, (MXN)		23,592,383
	7,740,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 7.500%, 6/03/2027, (MXN)		42,494,191
	27,224,481(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		153,273,439
	3,035,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.500%, 5/31/2029, (MXN)		17,906,455
	21,700,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 10.000%, 12/05/2024, (MXN)		136,345,856
	252,700,000	New Zealand Government Bond, 5.000%, 3/15/2019, (NZD)		186,675,395
	175,365,000	New Zealand Government Bond, 6.000%, 5/15/2021, (NZD)		139,674,125
	458,725,000	Norway Government Bond, 3.750%, 5/25/2021, 144A, (NOK)		59,507,844
	836,485,000	Norway Government Bond, 4.250%, 5/19/2017, 144A, (NOK)		97,850,683
	658,049,000	Norway Government Bond, 4.500%, 5/22/2019, 144A, (NOK)		82,925,425
	162,850,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)		49,417,843
	55,925,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		18,131,948
	275,000,000	U.S. Treasury Note, 0.500%, 7/31/2017		274,741,500
	250,000,000	U.S. Treasury Note, 0.750%, 9/30/2018		248,408,250
	250,000,000	U.S. Treasury Note, 1.000%, 11/30/2018		249,140,500
				2,269,620,640
		Wireless — 1.1%
	293,000,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		14,585,640
	134,600,000	America Movil SAB de CV, 8.460%, 12/18/2036, (MXN)		6,488,349
	49,955,000	Sprint Capital Corp., 6.875%, 11/15/2028		52,764,969
	6,260,000	Sprint Capital Corp., 8.750%, 3/15/2032		7,527,650
	21,052,000	Sprint Communications, Inc., 6.000%, 11/15/2022		21,525,670
	8,200,000	Sprint Corp., 7.125%, 6/15/2024		8,753,500
	4,727,000	Sprint Corp., 7.250%, 9/15/2021		5,102,797
				116,748,575
		Wirelines — 3.7%
	4,370,000	Bell Canada, Inc., MTN, 6.550%, 5/01/2029, 144A, (CAD)		4,140,861
	7,545,000	Bell Canada, Inc., Series M-17, 6.100%, 3/16/2035, (CAD)		6,936,736
	28,385,000	CenturyLink, Inc., 6.450%, 6/15/2021		30,155,940
	765,000	CenturyLink, Inc., 7.650%, 3/15/2042		672,244
	7,410,000	CenturyLink, Inc., Series G, 6.875%, 1/15/2028		7,187,700
	2,965,000	CenturyLink, Inc., Series P, 7.600%, 9/15/2039		2,621,238
	7,940,000	CenturyLink, Inc., Series W, 6.750%, 12/01/2023		8,277,450
	350,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		344,750
	3,620,000	Cincinnati Bell, Inc., 7.000%, 7/15/2024, 144A		3,796,475
	10,703,000	Consolidated Communications, Inc., 6.500%, 10/01/2022		10,274,880
	5,330,000	Embarq Corp., 7.995%, 6/01/2036		5,303,350
	16,755,000	Frontier Communications Corp., 6.250%, 9/15/2021		15,582,150
	18,725,000	Frontier Communications Corp., 6.875%, 1/15/2025		15,494,938
	38,336,000	Frontier Communications Corp., 7.875%, 1/15/2027		31,476,923
	25,745,000	Level 3 Communications, Inc., 5.750%, 12/01/2022		26,646,075
	4,667,000	Oi Brasil Holdings Cooperatief UA, 5.750%, 2/10/2022, 144A(i)		1,545,944
	16,550,000	Portugal Telecom International Finance BV, EMTN, 4.500%, 6/16/2025, (EUR)(i)		5,649,772
	29,750,000	Portugal Telecom International Finance BV, EMTN, 5.000%, 11/04/2019, (EUR)(i)		10,354,292

See accompanying notes to financial statements.

|  30

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Wirelines — continued
$	42,460,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028	$	40,283,925
	12,463,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		12,852,469
	32,395,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		30,370,312
	26,401,000	Qwest Corp., 6.875%, 9/15/2033		26,289,060
	39,171,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		38,681,362
	22,645,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		22,885,490
	18,600,000	Telus Corp., Series CG, 5.050%, 12/04/2019, (CAD)		15,198,893
	14,776,000	Verizon Communications, Inc., 2.450%, 11/01/2022		14,252,738
	1,225,000	Windstream Services LLC, 7.500%, 6/01/2022		1,194,375
	3,760,000	Windstream Services LLC, 7.500%, 4/01/2023		3,534,400
				392,004,742
		Total Non-Convertible Bonds (Identified Cost $8,035,158,875)		7,462,432,868
	Convertible Bonds — 5.5%
		Building Materials — 0.3%
	9,592,000	CalAtlantic Group, Inc., 0.250%, 6/01/2019		9,004,490
	19,486,000	KB Home, 1.375%, 2/01/2019		19,960,971
				28,965,461
		Cable Satellite — 1.5%
	133,515,000	Dish Network Corp., 3.375%, 8/15/2026, 144A		161,302,809
		Chemicals — 0.0%
	4,305,000	RPM International, Inc., 2.250%, 12/15/2020		5,179,453
		Diversified Manufacturing — 0.1%
	4,727,000	Trinity Industries, Inc., 3.875%, 6/01/2036		5,740,351
		Healthcare — 0.1%
	4,930,000	Evolent Health, Inc., 2.000%, 12/01/2021, 144A		5,814,319
		Leisure — 0.3%
	27,795,000	Rovi Corp., 0.500%, 3/01/2020		26,992,003
		Midstream — 0.2%
	261,000	Chesapeake Energy Corp., 2.500%, 5/15/2037		257,085
	10,235,000	Chesapeake Energy Corp., 5.500%, 9/15/2026, 144A		10,599,622
	4,580,000	SM Energy Co., 1.500%, 7/01/2021		4,537,062
	1,000,000	Whiting Petroleum Corp., 1.250%, 4/01/2020		871,250
				16,265,019
		Pharmaceuticals — 0.0%
	1,655,000	BioMarin Pharmaceutical, Inc., 1.500%, 10/15/2020		1,953,934
		Property & Casualty Insurance — 0.5%
	42,319,000	Old Republic International Corp., 3.750%, 3/15/2018		56,310,719
		Technology — 2.5%
	7,185,000	Ciena Corp., 3.750%, 10/15/2018, 144A		9,376,425
	99,304,000	Intel Corp., 3.250%, 8/01/2039		173,471,675
	5,233,865	Liberty Interactive LLC, 3.500%, 1/15/2031		5,100,794

See accompanying notes to financial statements.

31  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Technology — continued
$	13,270,000	Nuance Communications, Inc., 1.000%, 12/15/2035	$	12,623,486
	2,115,000	Nuance Communications, Inc., 1.250%, 4/01/2025, 144A		2,111,034
	39,460,000	Nuance Communications, Inc., 1.500%, 11/01/2035		40,471,163
	10,415,000	Priceline Group, Inc. (The), 0.900%, 9/15/2021		11,710,366
	11,570,000	Viavi Solutions, Inc., 0.625%, 8/15/2033		12,871,625
				267,736,568
		Total Convertible Bonds (Identified Cost $450,095,697)		576,260,636
	Municipals — 1.4%
		District of Columbia — 0.0%
	3,850,000	Metropolitan Washington Airports Authority, Series D, 8.000%, 10/01/2047		5,212,130
		Illinois — 0.1%
	17,570,000	State of Illinois, 5.100%, 6/01/2033		16,031,220
		Michigan — 0.1%
	12,040,000	Michigan Tobacco Settlement Finance Authority Taxable Turbo, Series A, 7.309%, 6/01/2034		11,784,270
		Puerto Rico — 0.4%
	63,900,000	Commonwealth of Puerto Rico, GO, Refunding, Series A, 8.000%, 7/01/2035(i)		39,618,000
		Virginia — 0.8%
	97,200,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046		81,455,544
		Total Municipals (Identified Cost $180,532,547)		154,101,164
		Total Bonds and Notes (Identified Cost $8,665,787,119)		8,192,794,668
	Loan Participations — 0.1%
		ABS Other — 0.1%
	11,125,330	Rise Ltd., Series 2014-1, Class B, 6.500%, 2/15/2039 (b)(e)(f) (Identified Cost $11,208,770)		11,055,797
	Senior Loans — 1.8%
		Automotive — 0.3%
	21,859,233	IBC Capital Ltd., 1st Lien Term Loan, 4.870%, 9/09/2021(f)		21,385,544
	5,948,124	IBC Capital Ltd., 2nd Lien Term Loan, 8.120%, 9/09/2022(f)		5,591,236
				26,976,780
		Chemicals — 0.3%
	31,355,000	Houghton International, Inc., New 2nd Lien Term Loan, 9.750%, 12/20/2020(f)		31,276,612

See accompanying notes to financial statements.

|  32

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Construction Machinery — 0.3%
$	43,556,384	Onsite U.S. Finco LLC, Term Loan, 5.500%, 7/30/2021(f)	$	30,925,032
		Consumer Cyclical Services — 0.6%
	28,645,902	SourceHov LLC, 2014 1st Lien Term Loan, 7.897%, 10/31/2019(f)		27,697,150
	43,000,000	SourceHov LLC, 2014 2nd Lien Term Loan, 11.647%, 4/30/2020(f)		41,145,840
				68,842,990
		Financial Other — 0.1%
	12,879,943	DBRS Ltd., Term Loan, 6.304%, 3/04/2022(f)		12,257,455
		Media Entertainment — 0.0%
	958,511	Dex Media, Inc., Term Loan, 11.000%, 7/29/2021(f)		972,889
		Natural Gas — 0.0%
	1,409,558	Southcross Holdings Borrower LP, Exit Term Loan B, 3.500%, 4/13/2023(f)		1,245,105
		Oil Field Services — 0.1%
	2,618,182	FTS International, Inc., New Term Loan B, 5.750%, 4/16/2021(f)		2,271,823
	5,413,154	Paragon Offshore Finance Co., Term Loan B, 5.750%, 7/18/2021(b)(e)(f)(i)		2,101,008
	2,902,957	Petroleum Geo-Services ASA, New Term Loan B, 3.647%, 3/19/2021(f)		2,387,682
				6,760,513
		Other Utility — 0.0%
	1,298,000	PowerTeam Services LLC, 2nd Lien Term Loan, 8.397%, 11/06/2020(f)		1,291,510
		Retailers — 0.0%
	2,703,454	Toys “R” Us Property Co. I LLC, New Term Loan B, 6.000%, 8/21/2019(f)		2,581,799
		Technology — 0.1%
	9,507,380	IQOR U.S., Inc., 2nd Lien Term Loan, 9.750%, 4/01/2022(b)(e)(f)		8,311,066
		Transportation Services — 0.0%
	3,495,979	OSG Bulk Ships, Inc., OBS Term Loan, 5.290%, 8/05/2019(f)		3,461,019
		Total Senior Loans (Identified Cost $220,859,212)		194,902,770
Shares
	Common Stocks — 6.4%
		Diversified Telecommunication Services — 0.1%
	232,155	Hawaiian Telcom Holdco, Inc.(d)		5,318,671
	1,634,010	Telecom Italia SpA, Sponsored ADR		11,944,613
				17,263,284
		Energy Equipment & Services — 0.0%
	220,216	Hercules Offshore, Inc.(b)(d)(e)(m)		—
		Internet Software & Services — 0.0%
	303,043	Dex Media, Inc.(b)(c)(d)		818,216
		Oil, Gas & Consumable Fuels — 0.1%
	846,398	Chesapeake Energy Corp.(d)		5,027,604
	2,943	Pacific Exploration and Production Corp.(d)		94,054
	257,805	Rex Energy Corp.(d)		121,040
	1,514	Southcross Holdings Group LLC(b)(c)(d)		—
	1,514	Southcross Holdings LP, Class A(b)(c)(d)		605,600
				5,848,298

See accompanying notes to financial statements.

33  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Shares		Description	Value (†)
		Pharmaceuticals — 4.4%
	8,514,190	Bristol-Myers Squibb Co.	$	463,001,652
		Semiconductors & Semiconductor Equipment — 1.8%
	5,260,789	Intel Corp.		189,756,659
		Total Common Stocks (Identified Cost $399,098,533)		676,688,109
	Preferred Stocks — 2.1%
	Convertible Preferred Stocks — 1.6%
		Banking — 0.3%
	19,062	Bank of America Corp., Series L, 7.250%		22,780,234
	8,533	Wells Fargo & Co., Series L, Class A, 7.500%		10,580,920
				33,361,154
		Communications — 0.0%
	10,483	Cincinnati Bell, Inc., 6.750%		519,118
		Electric — 0.2%
	374,193	AES Trust III, 6.750%		19,121,262
		Energy — 0.1%
	242,297	El Paso Energy Capital Trust I, 4.750%		12,114,850
		Midstream — 0.8%
	172,972	Chesapeake Energy Corp., 4.500%		10,445,779
	231,033	Chesapeake Energy Corp., 5.000%		14,786,112
	6,017	Chesapeake Energy Corp., 5.750%		3,896,008
	43,178	Chesapeake Energy Corp., 5.750%, 144A		27,957,755
	32,522	Chesapeake Energy Corp., Series A, 5.750%, 144A		21,057,995
				78,143,649
		REITs – Health Care — 0.1%
	116,700	Welltower, Inc., 6.500%		7,366,104
		REITs – Hotels — 0.0%
	167,167	FelCor Lodging Trust, Inc., Series A, 1.950%		4,075,531
		REITs – Mortgage — 0.0%
	38,767	iStar, Inc., Series J, 4.500%		1,963,549
		Technology — 0.1%
	63,993	Belden, Inc., 6.750%		6,207,321
		Total Convertible Preferred Stocks (Identified Cost $175,314,502)		162,872,538
	Non-Convertible Preferred Stocks — 0.5%
		Electric — 0.0%
	393	Entergy New Orleans, Inc., 4.750%		40,823
		Finance Companies — 0.1%
	39,200	iStar, Inc., Series E, 7.875%		952,952
	39,300	iStar, Inc., Series F, 7.800%		964,029
	10,425	iStar, Inc., Series G, 7.650%		253,328

See accompanying notes to financial statements.

|  34

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Shares		Description	Value (†)
		Finance Companies — continued
	101,175	SLM Corp., Series A, 6.970%	$	5,129,572
				7,299,881
		Home Construction — 0.0%
	208,246	Hovnanian Enterprises, Inc., 7.625%(d)		1,457,722
		Metals & Mining — 0.3%
	906,807	Arconic, Inc., 5.375%		37,224,427
		REITs – Office Property — 0.0%
	1,596	Highwoods Realty LP, Series A, 8.625%		2,028,915
		REITs – Warehouse/Industrials — 0.1%
	116,192	ProLogis, Inc., Series Q, 8.540%		8,818,973
		Total Non-Convertible Preferred Stocks (Identified Cost $56,449,808)		56,870,741
		Total Preferred Stocks (Identified Cost $231,764,310)		219,743,279
	Closed-End Investment Companies — 0.0%
	170,282	NexPoint Credit Strategies Fund (Identified Cost $10,230,310)		3,899,458
Principal Amount (‡)
	Short-Term Investments — 10.8%
$	29,920,000	Federal Home Loan Bank Discount Notes, 0.550%, 4/04/2017(l)		29,919,432
	395,080,000	Federal Home Loan Bank Discount Notes, 0.520% - 0.560%, 4/10/2017(l)		395,027,059
	3,147,318	Repurchase Agreement with State Street Bank and Trust Company, dated 3/31/2017 at 0.000% to be repurchased at $3,147,318 on 4/03/2017 collateralized by $3,191,900 U.S. Treasury Note, 1.500% due 8/31/2018 valued at $3,210,271 including accrued interest (Note 2 of Notes to Financial Statements)	��	3,147,318
	274,023,812	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2017 at 0.220% to be repurchased at $274,028,836 on 4/03/2017 collateralized by $155,000 U.S. Treasury Note, 1.875% due 3/31/2022 valued at $154,419; $281,590,000 U.S. Treasury Note, 1.875% due 8/31/2022 valued at $279,356,710 including accrued interest (Note 2 of Notes to Financial Statements)		274,023,812
	325,000,000	U.S. Treasury Bills, 0.525%-0.642%, 06/22/2017(l)		324,456,600
	107,000,000	U.S. Treasury Bills, 0.490%, 06/15/2017(l)		106,843,673
		Total Short-Term Investments (Identified Cost $1,133,607,009)		1,133,417,894
		Total Investments — 98.9% (Identified Cost $10,672,555,263)(a)		10,432,501,975
		Other assets less liabilities — 1.1%		111,877,044
		Net Assets — 100.0%	$	10,544,379,019

See accompanying notes to financial statements.

35  |

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
(†)	See Note 2 of Notes to Financial Statements.
(††)	Amount shown represents units. One unit represents a principal amount of 25.
(†††)	Amount shown represents units. One unit represents a principal amount of 100.
(a)	Federal Tax Information (Amounts exclude certain adjustments 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, 2017, the net unrealized depreciation on investments based on a cost of $10,716,677,250 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	$	778,893,523
	Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(1,063,068,798	)
	Net unrealized depreciation	$	(284,175,275	)
(b)	Illiquid security.
(c)	Fair valued by the Fund’s adviser. At March 31, 2017, the value of these securities amounted to $36,702,056 or 0.3% of net assets. See Note 2 of Notes to Financial Statements.
(d)	Non-income producing security.
(e)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At March 31, 2017, the value of these securities amounted to $271,654,396 or 2.6% of net assets. See Note 2 of Notes to Financial Statements.
(f)	Variable rate security. Rate as of March 31, 2017 is disclosed.
(g)	Perpetual bond with no specified maturity date.
(h)	Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.
(i)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
(j)	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.
(k)	Maturity has been extended under the terms of a plan of reorganization.
(l)	Interest rate represents discount rate at time of purchase; not a coupon rate.
(m)	Escrow shares.
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, 2017, the value of Rule 144A holdings amounted to $2,115,795,841 or 20.1% 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
SLM	Sallie Mae

See accompanying notes to financial statements.

|  36

Portfolio of Investments – as of March 31, 2017 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
ISK	Icelandic Krona
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar

Industry Summary at March 31, 2017 (Unaudited)

Treasuries	21.5	%
Banking	6.0
Pharmaceuticals	4.4
Technology	4.1
Wirelines	3.7
Finance Companies	3.7
Healthcare	3.2
Chemicals	3.1
Cable Satellite	2.8
Airlines	2.7
Independent Energy	2.5
Metals & Mining	2.3
Supermarkets	2.1
Other Investments, less than 2% each	26.0
Short-Term Investments	10.8
Total Investments	98.9
Other assets less liabilities	1.1
Net Assets	100.0	%

Currency Exposure Summary at March 31, 2017 (Unaudited)

United States Dollar	76.9	%
New Zealand Dollar	4.9
Mexican Peso	4.7
Canadian Dollar	4.4
Australian Dollar	3.8
Norwegian Krone	2.3
Other, less than 2% each	1.9
Total Investments	98.9
Other assets less liabilities	1.1
Net Assets	100.0	%

See accompanying notes to financial statements.

37  |

This Page Intentionally Left Blank

|  38

Statements of Assets and Liabilities

March 31, 2017 (Unaudited)

	Investment Grade Bond Fund			Strategic Income Fund
ASSETS
Investments at cost	$	6,129,715,053		$	10,672,555,263
Net unrealized depreciation		(68,544,014	)		(240,053,288	)
Investments at value		6,061,171,039			10,432,501,975
Cash		—			958,376
Foreign currency at value (identified cost $471,717 and $101, respectively)		474,504			102
Receivable for Fund shares sold		14,851,371			31,627,284
Receivable for securities sold		6,195,022			24,677,136
Dividends and interest receivable		68,239,775			133,222,567
Tax reclaims receivable		—			970,082
Receivable from distributor (Note 5d)		42,070			—
Prepaid expenses (Note 7)		3,070			4,982
TOTAL ASSETS		6,150,976,851			10,623,962,504
LIABILITIES
Payable for securities purchased		—			38,229,944
Payable for Fund shares redeemed		15,045,000			34,354,096
Management fees payable (Note 5)		2,103,368			5,043,501
Deferred Trustees’ fees (Note 5)		627,812			1,138,562
Administrative fees payable (Note 5)		235,157			405,776
Payable to distributor (Note 5d)		—			94,859
Other accounts payable and accrued expenses		234,406			316,747
TOTAL LIABILITIES		18,245,743			79,583,485
NET ASSETS	$	6,132,731,108		$	10,544,379,019
NET ASSETS CONSIST OF:
Paid-in capital	$	6,185,079,852		$	10,864,370,751
Distributions in excess of net investment income		(19,025,094	)		(73,376,887	)
Accumulated net realized gain (loss) on investments and foreign currency transactions		34,954,326			(7,064,495	)
Net unrealized depreciation on investments and foreign currency translations		(68,277,976	)		(239,550,350	)
NET ASSETS	$	6,132,731,108		$	10,544,379,019

See accompanying notes to financial statements.

39  |

Statements of Assets and Liabilities (continued)

March 31, 2017 (Unaudited)

	Investment Grade Bond Fund		Strategic Income Fund
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	932,179,756	$	2,161,661,646
Shares of beneficial interest		84,825,820		149,485,367
Net asset value and redemption price per share	$	10.99	$	14.46
Offering price per share (100/95.75 of net asset value) (Note 1)	$	11.48	$	15.10
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	815,148,925	$	2,856,545,353
Shares of beneficial interest		74,897,628		195,970,098
Net asset value and offering price per share	$	10.88	$	14.58
Class N shares:
Net assets	$	1,113,234,651	$	140,063,005
Shares of beneficial interest		101,301,809		9,696,315
Net asset value, offering and redemption price per share	$	10.99	$	14.44
Class Y shares:
Net assets	$	3,242,535,661	$	5,244,791,235
Shares of beneficial interest		294,900,002		363,091,459
Net asset value, offering and redemption price per share	$	11.00	$	14.44
Admin Class shares:
Net assets	$	29,632,115	$	141,317,780
Shares of beneficial interest		2,702,234		9,806,961
Net asset value, offering and redemption price per share	$	10.97	$	14.41

See accompanying notes to financial statements.

|  40

Statements of Operations

For the Six Months Ended March 31, 2017 (Unaudited)

	Investment Grade Bond Fund			Strategic Income Fund
INVESTMENT INCOME
Interest	$	134,320,483		$	243,207,143
Dividends		1,838,027			31,445,453
Less net foreign taxes withheld		—			(531,649	)
		136,158,510			274,120,947
Expenses
Management fees (Note 5)		12,626,255			30,446,842
Service and distribution fees (Note 5)		5,781,650			18,759,971
Administrative fees (Note 5)		1,411,225			2,430,373
Trustees’ fees and expenses (Note 5)		116,227			196,877
Transfer agent fees and expenses (Notes 5 and 6)		3,249,670			4,337,690
Audit and tax services fees		29,734			29,547
Custodian fees and expenses		166,598			294,774
Legal fees		64,306			111,610
Registration fees		132,081			107,342
Shareholder reporting expenses		208,154			255,740
Miscellaneous expenses (Note 7)		126,880			209,366
Total expenses		23,912,780			57,180,132
Net investment income		112,245,730			216,940,815
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		88,889,764			57,881,506
Foreign currency transactions		(392,742	)		(1,652,800	)
Net change in unrealized appreciation (depreciation) on:
Investments		(198,633,769	)		6,487,686
Foreign currency translations		345,854			576,103
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(109,790,893	)		63,292,495
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,454,837		$	280,233,310

See accompanying notes to financial statements.

41  |

Statements of Changes in Net Assets

	Investment Grade Bond Fund						Strategic Income Fund
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016
FROM OPERATIONS:
Net investment income	$	112,245,730		$	272,538,402		$	216,940,815		$	486,779,533
Net realized gain on investments and foreign currency transactions		88,497,022			136,404,927			56,228,706			11,559,349
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(198,287,915	)		144,713,586			7,063,789			475,109,457
Net increase in net assets resulting from operations		2,454,837			553,656,915			280,233,310			973,448,339
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(14,487,788	)		(28,165,815	)		(48,661,003	)		(72,039,658	)
Class B(a)		—			(414	)		—			(5,681	)
Class C		(9,760,577	)		(14,105,068	)		(53,310,126	)		(67,805,939	)
Class N		(7,230,746	)		(797,188	)		(3,098,623	)		(3,297,872	)
Class Y		(62,969,819	)		(121,740,690	)		(117,145,608	)		(162,237,969	)
Admin Class		(431,012	)		(703,125	)		(2,833,976	)		(3,176,118	)
Net realized capital gains
Class A		(37,991,534	)		(19,604,662	)		(51,098,074	)		(168,275,106	)
Class B(a)		—			(1,141	)		—			(25,900	)
Class C		(35,231,779	)		(15,331,597	)		(69,058,405	)		(223,566,427	)
Class N		(2,725,590	)		(444,917	)		(2,996,727	)		(6,479,496	)
Class Y		(166,690,816	)		(77,370,095	)		(114,763,610	)		(342,430,922	)
Admin Class		(1,202,096	)		(517,149	)		(3,099,821	)		(7,801,515	)
Total distributions		(338,721,757	)		(278,781,861	)		(466,065,973	)		(1,057,142,603	)
NET DECREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 10)		(316,589,150	)		(2,478,069,233	)		(842,433,308	)		(3,201,646,172	)
Net decrease in net assets		(652,856,070	)		(2,203,194,179	)		(1,028,265,971	)		(3,285,340,436	)
NET ASSETS
Beginning of the period		6,785,587,178			8,988,781,357			11,572,644,990			14,857,985,426
End of the period	$	6,132,731,108		$	6,785,587,178		$	10,544,379,019		$	11,572,644,990
DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME	$	(19,025,094	)	$	(36,390,882	)	$	(73,376,887	)	$	(65,268,366	)

(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.

|  42

Financial Highlights

For a share outstanding throughout each period.

	Investment Grade Bond Fund—Class A
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of the period	$	11.59		$	11.10		$	12.11		$	12.22		$	12.76		$	12.12
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.19			0.39			0.40			0.46			0.48			0.51
Net realized and unrealized gain (loss)		(0.19	)		0.48			(0.95	)		0.26			(0.30	)		0.86
Total from Investment Operations		—			0.87			(0.55	)		0.72			0.18			1.37
LESS DISTRIBUTIONS FROM:
Net investment income		(0.16	)		(0.23	)		(0.34	)		(0.51	)		(0.60	)		(0.62	)
Net realized capital gains		(0.44	)		(0.15	)		(0.12	)		(0.32	)		(0.12	)		(0.11	)
Total Distributions		(0.60	)		(0.38	)		(0.46	)		(0.83	)		(0.72	)		(0.73	)
Net asset value, end of the period	$	10.99		$	11.59		$	11.10		$	12.11		$	12.22		$	12.76
Total return(b)		0.13	%(c)		8.06	%		(4.72	)%		6.04	%		1.34	%		11.74	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	932,180		$	1,130,260		$	1,628,216		$	1,932,847		$	2,431,718		$	2,960,119
Net expenses		0.83	%(d)		0.85	%		0.83	%		0.83	%		0.83	%		0.84	%
Gross expenses		0.83	%(d)		0.85	%		0.83	%		0.83	%		0.83	%		0.84	%
Net investment income		3.48	%(d)		3.49	%		3.38	%		3.75	%		3.85	%		4.17	%
Portfolio turnover rate		5	%		11	%		23	%		19	%		30	%		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.

43  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Investment Grade Bond Fund—Class C
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of the period	$	11.48		$	11.00		$	12.00		$	12.11		$	12.66		$	12.03
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.15			0.30			0.31			0.36			0.39			0.42
Net realized and unrealized gain (loss)		(0.19	)		0.47			(0.94	)		0.27			(0.32	)		0.85
Total from Investment Operations		(0.04	)		0.77			(0.63	)		0.63			0.07			1.27
LESS DISTRIBUTIONS FROM:
Net investment income		(0.12	)		(0.14	)		(0.25	)		(0.42	)		(0.50	)		(0.53	)
Net realized capital gains		(0.44	)		(0.15	)		(0.12	)		(0.32	)		(0.12	)		(0.11	)
Total Distributions		(0.56	)		(0.29	)		(0.37	)		(0.74	)		(0.62	)		(0.64	)
Net asset value, end of the period	$	10.88		$	11.48		$	11.00		$	12.00		$	12.11		$	12.66
Total return(b)		(0.26	)%(c)		7.18	%		(5.40	)%		5.29	%		0.50	%		10.91	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	815,149		$	1,001,522		$	1,219,687		$	1,524,806		$	1,746,822		$	2,281,142
Net expenses		1.58	%(d)		1.60	%		1.58	%		1.58	%		1.58	%		1.59	%
Gross expenses		1.58	%(d)		1.60	%		1.58	%		1.58	%		1.58	%		1.59	%
Net investment income		2.73	%(d)		2.74	%		2.63	%		3.00	%		3.10	%		3.42	%
Portfolio turnover rate		5	%		11	%		23	%		19	%		30	%		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.

|  44

Financial Highlights (continued)

For a share outstanding throughout each period.

	Investment Grade Bond Fund—Class N
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Period Ended September 30, 2013*
Net asset value, beginning of the period	$	11.58		$	11.11		$	12.11		$	12.22		$	12.66
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.21			0.43			0.44			0.50			0.34
Net realized and unrealized gain (loss)		(0.18	)		0.47			(0.93	)		0.26			(0.46	)
Total from Investment Operations		0.03			0.90			(0.49	)		0.76			(0.12	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.18	)		(0.28	)		(0.39	)		(0.55	)		(0.32	)
Net realized capital gains		(0.44	)		(0.15	)		(0.12	)		(0.32	)		—
Total Distributions		(0.62	)		(0.43	)		(0.51	)		(0.87	)		(0.32	)
Net asset value, end of the period	$	10.99		$	11.58		$	11.11		$	12.11		$	12.22
Total return		0.41	%(b)		8.31	%		(4.28	)%		6.41	%		(0.95	)%(b)(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,113,235		$	47,343		$	21,851		$	6,101		$	41
Net expenses		0.49	%(d)		0.47	%		0.47	%		0.47	%(e)		0.65	%(d)(f)
Gross expenses		0.49	%(d)		0.47	%		0.47	%		0.47	%(e)		0.78	%(d)
Net investment income		3.96	%(d)		3.88	%		3.78	%		4.07	%		4.18	%(d)
Portfolio turnover rate		5	%		11	%		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.

45  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Investment Grade Bond Fund—Class Y
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of the period	$	11.59		$	11.11		$	12.12		$	12.23		$	12.77		$	12.13
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.21			0.42			0.43			0.49			0.52			0.54
Net realized and unrealized gain (loss)		(0.18	)		0.47			(0.95	)		0.26			(0.31	)		0.86
Total from Investment Operations		0.03			0.89			(0.52	)		0.75			0.21			1.40
LESS DISTRIBUTIONS FROM:
Net investment income		(0.18	)		(0.26	)		(0.37	)		(0.54	)		(0.63	)		(0.65	)
Net realized capital gains		(0.44	)		(0.15	)		(0.12	)		(0.32	)		(0.12	)		(0.11	)
Total Distributions		(0.62	)		(0.41	)		(0.49	)		(0.86	)		(0.75	)		(0.76	)
Net asset value, end of the period	$	11.00		$	11.59		$	11.11		$	12.12		$	12.23		$	12.77
Total return		0.35	%(b)		8.25	%		(4.47	)%		6.30	%		1.60	%		12.01	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	3,242,536		$	4,571,167		$	6,081,536		$	6,911,938		$	6,130,700		$	6,817,911
Net expenses		0.58	%(c)		0.60	%		0.58	%		0.59	%		0.58	%		0.59	%
Gross expenses		0.58	%(c)		0.60	%		0.58	%		0.59	%		0.58	%		0.59	%
Net investment income		3.72	%(c)		3.74	%		3.63	%		3.99	%		4.11	%		4.41	%
Portfolio turnover rate		5	%		11	%		23	%		19	%		30	%		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.

|  46

Financial Highlights (continued)

For a share outstanding throughout each period.

	Investment Grade Bond Fund—Admin Class
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of the period	$	11.56		$	11.08		$	12.09		$	12.20		$	12.74		$	12.11
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.18			0.37			0.37			0.43			0.45			0.48
Net realized and unrealized gain (loss)		(0.18	)		0.47			(0.95	)		0.26			(0.30	)		0.85
Total from Investment Operations		—			0.84			(0.58	)		0.69			0.15			1.33
LESS DISTRIBUTIONS FROM:
Net investment income		(0.15	)		(0.21	)		(0.31	)		(0.48	)		(0.57	)		(0.59	)
Net realized capital gains		(0.44	)		(0.15	)		(0.12	)		(0.32	)		(0.12	)		(0.11	)
Total Distributions		(0.59	)		(0.36	)		(0.43	)		(0.80	)		(0.69	)		(0.70	)
Net asset value, end of the period	$	10.97		$	11.56		$	11.08		$	12.09		$	12.20		$	12.74
Total return		0.14	%(b)		7.73	%		(4.95	)%		5.79	%		1.10	%		11.41	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	29,632		$	35,294		$	37,355		$	25,585		$	21,557		$	15,968
Net expenses		0.99	%(c)(d)		1.07	%(e)		1.08	%		1.09	%		1.08	%		1.09	%
Gross expenses		0.99	%(c)(d)		1.07	%(e)		1.08	%		1.09	%		1.08	%		1.09	%
Net investment income		3.32	%(c)		3.27	%		3.14	%		3.49	%		3.62	%		3.89	%
Portfolio turnover rate		5	%		11	%		23	%		19	%		30	%		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 0.09%. See Note 5b of Notes to Financial Statements.

(e) Includes refund of prior year service fee of 0.03%.

See accompanying notes to financial statements.

47  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Strategic Income Fund—Class A
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of the period	$	14.70		$	14.70		$	16.75		$	15.93		$	15.30		$	14.21
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.29			0.57			0.64			0.58			0.65			0.72
Net realized and unrealized gain (loss)		0.10			0.61			(1.74	)		0.90			0.76			1.21
Total from Investment Operations		0.39			1.18			(1.10	)		1.48			1.41			1.93
LESS DISTRIBUTIONS FROM:
Net investment income		(0.31	)		(0.36	)		(0.57	)		(0.62	)		(0.78	)		(0.84	)
Net realized capital gains		(0.32	)		(0.82	)		(0.38	)		(0.04	)		—			—
Total Distributions		(0.63	)		(1.18	)		(0.95	)		(0.66	)		(0.78	)		(0.84	)
Net asset value, end of the period	$	14.46		$	14.70		$	14.70		$	16.75		$	15.93		$	15.30
Total return(b)		2.77	%(c)		8.72	%		(6.88	)%		9.34	%		9.43	%		14.02	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	2,161,662		$	2,514,770		$	3,318,262		$	4,408,257		$	5,239,885		$	5,155,287
Net expenses		0.96	%(d)		0.96	%		0.94	%		0.94	%		0.95	%		0.96	%
Gross expenses		0.96	%(d)		0.96	%		0.94	%		0.94	%		0.95	%		0.96	%
Net investment income		4.08	%(d)		4.01	%		3.95	%		3.44	%		4.14	%		4.84	%
Portfolio turnover rate		7	%		17	%		23	%		26	%		22	%		30	%

(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.

|  48

Financial Highlights (continued)

For a share outstanding throughout each period.

	Strategic Income Fund—Class C
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of the period	$	14.81		$	14.80		$	16.85		$	16.03		$	15.39		$	14.29
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.24			0.47			0.52			0.45			0.54			0.61
Net realized and unrealized gain (loss)		0.10			0.61			(1.74	)		0.90			0.76			1.23
Total from Investment Operations		0.34			1.08			(1.22	)		1.35			1.30			1.84
LESS DISTRIBUTIONS FROM:
Net investment income		(0.25	)		(0.25	)		(0.45	)		(0.49	)		(0.66	)		(0.74	)
Net realized capital gains		(0.32	)		(0.82	)		(0.38	)		(0.04	)		—			—
Total Distributions		(0.57	)		(1.07	)		(0.83	)		(0.53	)		(0.66	)		(0.74	)
Net asset value, end of the period	$	14.58		$	14.81		$	14.80		$	16.85		$	16.03		$	15.39
Total return(b)		2.42	%(c)		7.91	%		(7.60	)%		8.54	%		8.61	%		13.18	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	2,856,545		$	3,433,204		$	4,295,139		$	5,390,222		$	4,912,727		$	5,064,186
Net expenses		1.71	%(d)		1.71	%		1.69	%		1.69	%		1.70	%		1.71	%
Gross expenses		1.71	%(d)		1.71	%		1.69	%		1.69	%		1.70	%		1.71	%
Net investment income		3.33	%(d)		3.26	%		3.20	%		2.68	%		3.39	%		4.08	%
Portfolio turnover rate		7	%		17	%		23	%		26	%		22	%		30	%

(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.

49  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Strategic Income Fund—Class N
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Period Ended September 30, 2013*
Net asset value, beginning of the period	$	14.69		$	14.69		$	16.73		$	15.92		$	15.78
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.32			0.61			0.69			0.61			0.46
Net realized and unrealized gain (loss)		0.08			0.62			(1.73	)		0.91			0.16
Total from Investment Operations		0.40			1.23			(1.04	)		1.52			0.62
LESS DISTRIBUTIONS FROM:
Net investment income		(0.33	)		(0.41	)		(0.62	)		(0.67	)		(0.48	)
Net realized capital gains		(0.32	)		(0.82	)		(0.38	)		(0.04	)		—
Total Distributions		(0.65	)		(1.23	)		(1.00	)		(0.71	)		(0.48	)
Net asset value, end of the period	$	14.44		$	14.69		$	14.69		$	16.73		$	15.92
Total return		2.88	%(b)		9.09	%		(6.58	)%		9.70	%		4.01	%(b)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	140,063		$	130,637		$	83,405		$	57,752		$	12,921
Net expenses		0.63	%(c)		0.63	%		0.62	%		0.62	%		0.63	%(c)
Gross expenses		0.63	%(c)		0.63	%		0.62	%		0.62	%		0.63	%(c)
Net investment income		4.41	%(c)		4.34	%		4.33	%		3.62	%		4.38	%(c)
Portfolio turnover rate		7	%		17	%		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.

|  50

Financial Highlights (continued)

For a share outstanding throughout each period.

	Strategic Income Fund—Class Y
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of the period	$	14.69		$	14.69		$	16.73		$	15.92		$	15.29		$	14.20
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.31			0.61			0.68			0.61			0.69			0.75
Net realized and unrealized gain (loss)		0.09			0.61			(1.73	)		0.90			0.76			1.22
Total from Investment Operations		0.40			1.22			(1.05	)		1.51			1.45			1.97
LESS DISTRIBUTIONS FROM:
Net investment income		(0.33	)		(0.40	)		(0.61	)		(0.66	)		(0.82	)		(0.88	)
Net realized capital gains		(0.32	)		(0.82	)		(0.38	)		(0.04	)		—			—
Total Distributions		(0.65	)		(1.22	)		(0.99	)		(0.70	)		(0.82	)		(0.88	)
Net asset value, end of the period	$	14.44		$	14.69		$	14.69		$	16.73		$	15.92		$	15.29
Total return		2.84	%(b)		9.00	%		(6.65	)%		9.63	%		9.72	%		14.31	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	5,244,791		$	5,350,759		$	7,018,369		$	8,747,384		$	4,789,322		$	4,339,240
Net expenses		0.71	%(c)		0.71	%		0.69	%		0.69	%		0.70	%		0.71	%
Gross expenses		0.71	%(c)		0.71	%		0.69	%		0.69	%		0.70	%		0.71	%
Net investment income		4.34	%(c)		4.26	%		4.21	%		3.65	%		4.39	%		5.05	%
Portfolio turnover rate		7	%		17	%		23	%		26	%		22	%		30	%

(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.

51  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Strategic Income Fund—Admin Class
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of the period	$	14.65		$	14.66		$	16.70		$	15.89		$	15.27		$	14.18
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.28			0.53			0.60			0.53			0.61			0.67
Net realized and unrealized gain (loss)		0.09			0.61			(1.73	)		0.90			0.75			1.23
Total from Investment Operations		0.37			1.14			(1.13	)		1.43			1.36			1.90
LESS DISTRIBUTIONS FROM:
Net investment income		(0.29	)		(0.33	)		(0.53	)		(0.58	)		(0.74	)		(0.81	)
Net realized capital gains		(0.32	)		(0.82	)		(0.38	)		(0.04	)		—			—
Total Distributions		(0.61	)		(1.15	)		(0.91	)		(0.62	)		(0.74	)		(0.81	)
Net asset value, end of the period	$	14.41		$	14.65		$	14.66		$	16.70		$	15.89		$	15.27
Total return		2.67	%(b)		8.42	%		(7.13	)%		9.12	%		9.12	%		13.79	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	141,318		$	143,275		$	141,844		$	139,423		$	80,666		$	49,486
Net expenses		1.17	%(c)(d)		1.20	%(e)		1.19	%		1.19	%		1.20	%		1.21	%
Gross expenses		1.17	%(c)(d)		1.20	%(e)		1.19	%		1.19	%		1.20	%		1.21	%
Net investment income		3.87	%(c)		3.76	%		3.73	%		3.15	%		3.89	%		4.52	%
Portfolio turnover rate		7	%		17	%		23	%		26	%		22	%		30	%

(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 0.04%. See Note 5b of Notes to Financial Statements.

(e) Includes refund of prior year service fee of 0.01%.

See accompanying notes to financial statements.

|  52

Notes to Financial Statements

March 31, 2017 (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 Investment Grade Bond Fund (the “Investment Grade Bond Fund”)

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

Each Fund is a diversified investment company.

Each 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%. Class C shares do not pay a front-end sales charge, do not convert to any other class of shares, pay higher Rule 12b-1 fees than Class A shares and may be subject to a CDSC of 1.00% if those shares are redeemed within one year of acquisition, except for reinvested distributions. Class N and Class Y shares do not pay a front-end sales charge, a CDSC or Rule 12b-1 fees. Class N shares are offered with an initial minimum investment of $1,000,000. Class Y shares are generally intended for institutional investors with a minimum initial investment of $100,000. Certain categories of investors are exempted from the minimum investment amounts for Class N and Class Y as outlined in the relevant 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 and Natixis ETF 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 (such as the Rule 12b-1 fees applicable to Class A, Class C and Admin Class), and transfer agent fees are borne collectively for Class A, Class C, Class Y, and Admin Class and individually for Class N. 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.

53  |

Notes to Financial Statements (continued)

March 31, 2017 (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:

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.

|  54

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

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

Illiquid securities for which market quotations are readily available and have been evaluated by the adviser are considered and classified as fair valued securities.

As of March 31, 2017, securities of the Funds were fair valued as follows:

Fund	Securities classified as fair valued		Percentage of Net Assets			Securities fair valued by the Fund’s adviser		Percentage of Net Assets
Investment Grade Bond Fund	$	159,609,909		2.6	%	$	676		Less than 0.1%
Strategic Income Fund		271,654,396		2.6	%		36,702,056		0.3%

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, if applicable. 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.

55  |

Notes to Financial Statements (continued)

March 31, 2017 (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 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.

During the six months ended March 31, 2017, the amount of income available to be distributed has been reduced by the following amounts as a result of losses arising from changes in exchange rates:

Investment Grade Bond Fund	$	41,887,343
Strategic Income Fund	$	49,040,212

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

|  56

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

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.

No forward foreign currency contracts were held by the Funds during the six months ended March 31, 2017.

e.  Federal and Foreign Income Taxes.  The Trust treats each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund’s tax positions for the open tax years as of March 31, 2017 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,

57  |

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

taxes paid on realized gains may be returned to a Fund. Such amounts, if applicable, are reflected as foreign tax rebates receivable on the Statements of Assets and Liabilities and are recorded as a realized gain when received.

f.  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined 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 distribution redesignations, corporate actions, defaulted and/or non-income producing securities, foreign currency gains and losses, premium amortization, convertible bonds, paydown gains and losses, trust preferred securities, contingent payment debt instruments and capital gain and return of capital distributions received. 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 corporate actions, deferred Trustees’ fees, wash sales, 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 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, 2016 was as follows:

	2016 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
Investment Grade Bond Fund	$	173,908,292	$	104,873,569	$	278,781,861
Strategic Income Fund		324,763,496		732,379,107		1,057,142,603

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.

|  58

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

As of March 31, 2017, unrealized appreciation (depreciation) on a tax basis was approximately as follows:

	Investment Grade Bond Fund			Strategic Income Fund
Unrealized appreciation (depreciation)
Investments	$	(392,333,793	)	$	(558,995,872	)
Foreign currency translations		277,672,553			275,102,014
Total unrealized appreciation (depreciation)	$	(114,661,240	)	$	(283,893,858	)

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

g.  Loan Participations.  Each Fund may invest in loans to corporate, governmental or other borrowers. The Funds’ 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) a 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) a 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, a 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 a 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.

h.  Repurchase Agreements.  Each Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which each Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is each Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities. As of March 31, 2017, each Fund, as applicable, had investments in repurchase agreements for which the value of

59  |

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

the related collateral exceeded the value of the repurchase agreement. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes.

i.  Securities Lending.  The Funds have entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Funds, to lend securities to certain designated borrowers. The loans are collateralized with cash or securities in an amount equal to at least 105% or 102% of the market value (including accrued interest) of the loaned international or domestic securities, respectively, when the loan is initiated. Thereafter, the value of the collateral must remain at least 102% of the market value (including accrued interest) of loaned securities for U.S. equities and U.S. corporate debt; at least 105% of the market value (including accrued interest) of loaned securities for non-U.S. equities; and at least 100% of the market value (including accrued interest) of loaned securities for U.S. Government securities, sovereign debt issued by non-U.S. Governments and non-U.S. corporate debt. In the event that the market value of the collateral falls below the required percentages described above, the borrower will deliver additional collateral on the next business day. As with other extensions of credit, the Funds may bear the risk of loss with respect to the investment of the collateral. The Funds invest cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Funds and State Street Bank as lending agent. Excess collateral in the amount of $2,363,841 related to terminated loans with a bankrupt borrower is held by State Street Bank on behalf of Strategic Income Fund.

For the six months ended March 31, 2017, neither Fund had loaned securities under this agreement.

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

k.  New Accounting Pronouncement.  In October 2016, the SEC adopted amendments to rules under the Investment Company Act of 1940 (“final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. The final rules amend Regulation S-X and require funds to provide standardized, enhanced derivative disclosures in fund financial statements in a format designed for individual investors. The amendments to Regulation S-X also update the disclosures for other investments, including investments in and advances to affiliates, and amend the rules regarding the general form and content of fund financial statements. The compliance

|  60

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the amendments and the impact, if any, on the Funds’ financial statements.

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

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

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

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

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

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

61  |

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2017, at value:

Investment Grade Bond Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—	$	49,893,926	$	55,610,968	(b)	$	105,504,894
Airlines		—		133,851,309		36,726	(b)		133,888,035
Finance Companies		1,410,597		222,792,490		—			224,203,087
Metals & Mining		—		131,846,327		676	(c)		131,847,003
All Other Non-Convertible Bonds(a)		—		4,637,578,606		—			4,637,578,606
Total Non-Convertible Bonds		1,410,597		5,175,962,658		55,648,370			5,233,021,625
Convertible Bonds(a)		—		276,383,980		—			276,383,980
Municipals(a)		—		19,541,400		—			19,541,400
Total Bonds and Notes		1,410,597		5,471,888,038		55,648,370			5,528,947,005
Common Stocks(a)		47,302,818		—		—			47,302,818
Preferred Stocks(a)		—		2,753,984		—			2,753,984
Short-Term Investments		—		482,167,232		—			482,167,232
Total	$	48,713,415	$	5,956,809,254	$	55,648,370		$	6,061,171,039

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

(b) Valued using broker-dealer bid prices.

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

|  62

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

Strategic Income Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—	$	10,786,350	$	15,338,856	(b)	$	26,125,206
Airlines		—		285,792,324		919	(c)		285,793,243
Chemicals		—		271,743,269		18,072,420	(d)		289,815,689
Finance Companies		2,484,503		380,161,109		—			382,645,612
Metals & Mining		—		205,596,228		3,281	(d)		205,599,509
Transportation Services		—		7,680,319		1,863,683	(d)		9,544,002
All Other Non-Convertible Bonds(a)		—		6,262,909,607		—			6,262,909,607
Total Non-Convertible Bonds		2,484,503		7,424,669,206		35,279,159			7,462,432,868
Convertible Bonds(a)		—		576,260,636		—			576,260,636
Municipals(a)		—		154,101,164		—			154,101,164
Total Bonds and Notes		2,484,503		8,155,031,006		35,279,159			8,192,794,668
Loan Participations(a)		—		—		11,055,797	(c)		11,055,797
Senior Loans(a)				194,902,770		—			194,902,770
Common Stocks
Internet Software & Services		—		—		818,216	(d)		818,216
Oil, Gas & Consumable Fuels		5,242,698		—		605,600	(d)(e)		5,848,298
All Other Common Stocks(a)		670,021,595		—		—			670,021,595
Total Common Stocks		675,264,293		—		1,423,816			676,688,109

63  |

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

Strategic Income Fund (continued)

Asset Valuation Inputs (continued)

Description	Level 1		Level 2		Level 3		Total
Preferred Stocks
Convertible Preferred Stocks
Midstream	$	10,445,779	$	67,697,870	$	—	$	78,143,649
REITs – Mortgage		—		1,963,549		—		1,963,549
All Other Convertible Preferred Stocks(a)		82,765,340		—		—		82,765,340
Total Convertible Preferred Stocks		93,211,119		69,661,419		—		162,872,538
Non-Convertible Preferred Stocks
Electric		—		40,823		—		40,823
REITs – Office Property		—		2,028,915		—		2,028,915
REITs – Warehouse/Industrials		—		8,818,973		—		8,818,973
All Other Non-Convertible Preferred Stocks(a)		45,982,030		—		—		45,982,030
Total Non-Convertible Preferred Stocks		45,982,030		10,888,711		—		56,870,741
Total Preferred Stocks		139,193,149		80,550,130		—		219,743,279
Closed-End Investment Companies		3,899,458		—		—		3,899,458
Short-Term Investments		—		1,133,417,894		—		1,133,417,894
Total	$	820,841,403	$	9,563,901,800	$	47,758,772	$	10,432,501,975

(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.

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

For the six months ended March 31, 2017, there were no transfers among Levels 1, 2 and 3.

|  64

Notes to Financial Statements (continued)

March 31, 2017 (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, 2016 and/or March 31, 2017:

Investment Grade Bond Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2016			Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	90,763,489		$	—	$	17,323		$	(104,321	)	$	—
Airlines		—			—		4,512			(6,047	)		—
Metals & Mining		676			5,637		—			(5,637	)		—
Non-Agency Commercial Mortgage-Backed Securities		18,290,710			—		(32,180	)		41,470			—
Total	$	109,054,875		$	5,637	$	(10,345	)	$	(74,535	)	$	—
Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2017			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2017
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	(1,412,200	)	$	2,515,138	$	(36,168,461	)	$	55,610,968		$	(99,163	)
Airlines		(106,173	)		144,434		—			36,726			(6,047	)
Metals & Mining		—			—		—			676			(5,637	)
Non-Agency Commercial Mortgage-Backed Securities		(18,300,000	)		—		—			—			—
Total	$	(19,818,373	)	$	2,659,572	$	(36,168,461	)	$	55,648,370		$	(110,847	)

65  |

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

A debt security valued at $2,515,138 was transferred from Level 2 to Level 3 during the period ended March 31, 2017. At September 30, 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. At March 31, 2017, 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.

A debt security valued at $36,168,461 was transferred from Level 3 to Level 2 during the period ended March 31, 2017. At September 30, 2016, 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, 2017, 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 $144,434 was transferred from Level 2 to Level 3 during the period ended March 31, 2017. At September 30, 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. At March 31, 2017, 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.

Strategic Income Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2016		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	15,268,979	$	—	$	—		$	(828,113	)	$	897,990
Airlines		138,786		—		8,930			(10,646	)		—
Chemicals		12,834,270		165,138		—			5,073,012			—
Metals & Mining		3,281		27,149		—			(27,149	)		—
Transportation Services		10,567,554		17,723		1,477,056			(1,595,073	)		—
Loan Participations
ABS Other		12,813,862		—		(13,757	)		90,020			—
Senior Loans
Wirelines		14,173,305		—		—			824,901			—

|  66

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

Strategic Income Fund (continued)

Asset Valuation Inputs (continued)

Investments in Securities	Balance as of September 30, 2016		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Purchases
Common Stocks
Internet Software & Services	$	602,449	$	—	$	—	$	215,767		$	—
Oil, Gas & Consumable Fuels		545,040		—		—		60,560			—
Warrants		112,975		—		157,748		(112,975	)		—
Total	$	67,060,501	$	210,010	$	1,629,977	$	3,690,304		$	897,990

Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3		Balance as of March 31, 2017			Change in Unrealized Appreciation (Depreciation) from Investments Sill Held at March 31, 2017
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—		$	—	$	—	$	15,338,856		$	(828,113	)
Airlines		(136,151	)		—		—		919			(13	)
Chemicals		—			—		—		18,072,420			5,073,012
Metals & Mining		—			—		—		3,281			(27,149	)
Transportation Services		(8,603,577	)		—		—		1,863,683			(41,932	)
Loan Participations
ABS Other		(1,834,328	)		—		—		11,055,797			55,627
Senior Loans
Wirelines		(14,998,206	)		—		—		—			—
Common Stocks
Internet Software & Services		—			—		—		818,216			215,767
Oil, Gas & Consumable Fuels		—			—		—		605,600	(a)		60,560
Warrants		(157,748	)		—		—		—			—
Total	$	(25,730,010	)	$	—	$	—	$	47,758,772		$	4,507,759

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

67  |

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

4.  Purchases and Sales of Securities.  For the six months ended March 31, 2017, 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
Investment Grade Bond Fund	$	249,414,063	$	75,009,521	$	56,492,655	$	985,557,894
Strategic Income Fund		349,257,813		685,000,000		320,973,013		1,870,461,506

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:

	Percentage of Average Daily Net Assets
Fund	First $200 million			Next $1.8 billion			Next $13 billion			Next $10 billion			Over $25 billion
Investment Grade Bond Fund		0.40	%		0.40	%		0.40	%		0.38	%		0.38	%
Strategic Income Fund		0.65	%		0.60	%		0.55	%		0.54	%		0.53	%

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, 2018, may be terminated before then only with the consent of the Funds’ Board of Trustees and are reevaluated on an annual basis. Management fees payable, as reflected on the Statements of Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to these undertakings. Waivers/reimbursements that exceed management fees payable are reflected on the Statements of Assets and Liabilities as receivable from investment adviser.

|  68

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

For the six months ended March 31, 2017 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 C			Class N			Class Y			Admin Class
Investment Grade Bond Fund		0.95	%		1.70	%		0.65	%		0.70	%		1.20	%
Strategic Income Fund		1.25	%		2.00	%		0.95	%		1.00	%		1.50	%

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

For the six months ended March 31, 2017, the management fees for each Fund were as follows:

Fund	Gross Management Fees		Percentage of Average Daily Net Assets
Investment Grade Bond Fund	$	12,626,255		0.40	%
Strategic Income Fund		30,446,842		0.56	%

No expenses were recovered for either Fund during the six months ended March 31, 2017 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, 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 C shares (the Class C Plans”), and 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

69  |

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

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

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

Under the Admin Class Plan, 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 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 Funds 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, 2017, the service and distribution fees for each Fund were as follows:

	Service Fees						Distribution Fees
Fund	Class A		Class C		Admin Class		Class C		Admin Class
Investment Grade Bond Fund	$	1,246,293	$	1,117,799	$	25,076	$	3,353,396	$	39,086
Strategic Income Fund		2,877,413		3,888,784		151,971		11,666,353		175,450

For the six months ended March 31, 2017, NGAM Distribution refunded Investment Grade Bond Fund $14,010 and Strategic Income Fund $23,478 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 these amounts.

|  70

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

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

For the six months ended March 31, 2017, the administrative fees for each Fund were as follows:

Fund	Administrative Fees
Investment Grade Bond Fund	$	1,411,225
Strategic Income Fund		2,430,373

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, 2017, 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
Investment Grade Bond Fund	$	3,112,242
Strategic Income Fund		4,048,295

71  |

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

As of March 31, 2017, Strategic Income Fund owes NGAM Distribution $94,859 in reimbursement for sub-transfer agent fees (which are reflected in the Statements of Assets and Liabilities as payable to distributor).

As of March 31, 2017, NGAM Distribution owes Investment Grade Bond Fund $42,070 for overpayments of sub-transfer agent fees (which are reflected in the Statements of Assets and Liabilities as receivable from 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, 2017, were as follows:

Fund	Commissions
Investment Grade Bond Fund	$	39,666
Strategic Income Fund		73,541

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.

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

|  72

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

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, 2017, Loomis Sayles Employees’ Profit Sharing Retirement Plan held shares of Investment Grade Bond Fund representing 0.13% of the Fund’s net assets.

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

6.  Class-Specific Transfer Agent Fees and Expenses.  For the six months ended March 31, 2017, 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 C		Class N		Class Y		Admin Class
Investment Grade Bond Fund	$	548,819	$	492,134	$	340	$	2,191,219	$	17,158
Strategic Income Fund		929,537		1,256,037		1,053		2,094,337		56,726

Transfer agent fees and expenses attributable to Class A, 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.  Each Fund, 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 at a rate equal to the greater of the eurodollar or the federal funds rate plus 1.00%. In addition, a commitment fee of 0.10% per annum, payable on the last business day of each month, 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, which are being amortized over a period of 364 days and are reflected as miscellaneous expenses on the Statements of Operations. The unamortized balance is reflected as prepaid expenses on the Statements of Assets and Liabilities. Effective April 13, 2017, the commitment fee is 0.15% per annum based on the average daily unused portion of the line of credit.

73  |

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

For the six months ended March 31, 2017, none of the Funds had borrowings under this agreement.

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

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, 2017, based on management’s evaluation of the shareholder account base, the Investment Grade Bond 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		17.45	%

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.

|  74

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

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

	Six Months Ended March 31, 2017					Year Ended September 30, 2016
Investment Grade Bond Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	9,441,282		$	104,660,675		20,129,865		$	224,279,164
Issued in connection with the reinvestment of distributions	4,019,415			43,505,046		3,582,279			39,417,631
Redeemed	(26,189,748	)		(292,572,498	)	(72,797,944	)		(812,934,629	)
Net change	(12,729,051	)	$	(144,406,777	)	(49,085,800	)	$	(549,237,834	)
Class B(a)
Issued from the sale of shares	—		$	—		12		$	127
Issued in connection with the reinvestment of distributions	—			—		132			1,428
Redeemed	—			—		(12,496	)		(135,947	)
Net change	—		$	—		(12,352	)	$	(134,392	)
Class C
Issued from the sale of shares	2,175,103		$	23,574,786		6,745,192		$	73,849,989
Issued in connection with the reinvestment of distributions	2,819,192			30,175,314		1,779,107			19,337,565
Redeemed	(17,347,535	)		(190,810,790	)	(32,161,581	)		(355,433,705	)
Net change	(12,353,240	)	$	(137,060,690	)	(23,637,282	)	$	(262,246,151	)
Class N
Issued from the sale of shares	101,253,780		$	1,104,485,546		3,512,436		$	39,581,827
Issued in connection with the reinvestment of distributions	907,789			9,901,841		112,583			1,242,105
Redeemed	(4,946,850	)		(54,347,465	)	(1,505,453	)		(16,963,552	)
Net change	97,214,719		$	1,060,039,922		2,119,566		$	23,860,380
Class Y
Issued from the sale of shares	44,236,284		$	490,074,455		103,353,597		$	1,157,935,836
Issued in connection with the reinvestment of distributions	19,072,595			206,633,760		16,305,396			179,657,088
Redeemed	(162,774,922	)		(1,787,872,786	)	(272,637,548	)		(3,024,227,049	)
Net change	(99,466,043	)	$	(1,091,164,571	)	(152,978,555	)	$	(1,686,634,125	)
Admin Class
Issued from the sale of shares	425,579		$	4,682,107		1,369,518		$	15,254,126
Issued in connection with the reinvestment of distributions	65,733			709,734		53,619			588,562
Redeemed	(841,647	)		(9,388,875	)	(1,741,799	)		(19,519,799	)
Net change	(350,335	)	$	(3,997,034	)	(318,662	)	$	(3,677,111	)
Increase (decrease) from capital share transactions	(27,683,950	)	$	(316,589,150	)	(223,913,085	)	$	(2,478,069,233	)

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

75  |

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

10.  Capital Shares (continued).

	Six Months Ended March 31, 2017					Year Ended September 30, 2016
Strategic Income Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	10,262,290		$	147,723,976		23,003,978		$	322,739,399
Issued in connection with the reinvestment of distributions	5,439,828			77,240,028		13,635,011			187,725,106
Redeemed	(37,290,062	)		(536,931,886	)	(91,244,683	)		(1,291,828,314	)
Net change	(21,587,944	)	$	(311,967,882	)	(54,605,694	)	$	(781,363,809	)
Class B(a)
Issued from the sale of shares	—		$	—		2		$	26
Issued in connection with the reinvestment of distributions	—			—		2,043			28,399
Redeemed	—			—		(67,108	)		(965,088	)
Net change	—		$	—		(65,063	)	$	(936,663	)
Class C
Issued from the sale of shares	4,573,992		$	65,800,581		14,640,095		$	205,621,637
Issued in connection with the reinvestment of distributions	5,231,883			74,783,893		12,554,510			173,747,924
Redeemed	(45,642,452	)		(662,137,272	)	(85,523,361	)		(1,219,267,539	)
Net change	(35,836,577	)	$	(521,552,798	)	(58,328,756	)	$	(839,897,978	)
Class N
Issued from the sale of shares	2,881,781		$	41,184,077		5,321,977		$	77,302,805
Issued in connection with the reinvestment of distributions	405,515			5,753,512		653,923			9,006,073
Redeemed	(2,486,487	)		(35,386,977	)	(2,757,797	)		(38,915,311	)
Net change	800,809		$	11,550,612		3,218,103		$	47,393,567
Class Y
Issued from the sale of shares	59,556,453		$	854,814,356		97,346,155		$	1,362,714,589
Issued in connection with the reinvestment of distributions	11,826,314			167,776,941		26,448,453			364,282,467
Redeemed	(72,650,681	)		(1,043,349,580	)	(237,195,829	)		(3,355,009,041	)
Net change	(1,267,914	)	$	(20,758,283	)	(113,401,221	)	$	(1,628,011,985	)
Admin Class
Issued from the sale of shares	626,290		$	8,967,201		1,775,529		$	24,914,406
Issued in connection with the reinvestment of distributions	336,472			4,759,867		664,366			9,114,286
Redeemed	(935,284	)		(13,432,025	)	(2,336,993	)		(32,857,996	)
Net change	27,478		$	295,043		102,902		$	1,170,696
Increase (decrease) from capital share transactions	(57,864,148	)	$	(842,433,308	)	(223,079,729	)	$	(3,201,646,172	)

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

|  76

Loomis Sayles Small Cap Growth Fund

Loomis Sayles Small Cap Value Fund

Loomis Sayles Small/Mid Cap Growth Fund

Semiannual Report

March 31, 2017

TABLE OF CONTENTS
Portfolio Review	1
Portfolio of Investments	8
Financial Statements	27
Notes to Financial Statements	39

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

Investment 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, 2017²

																Expense Ratios3
	6 months			1 year			5 years			10 years			Life of Class N			Gross			Net
Institutional Class (Inception 12/31/96)		10.62	%		20.11	%		11.28	%		9.18	%		—	%		0.95	%		0.95	%
Retail Class (Inception 12/31/96)		10.49			19.79			10.98			8.89			—			1.20			1.20
Class N (Inception 2/1/13)		10.67			20.19			—			—			12.22			0.83			0.83
Comparative Performance
Russell 2000® Growth Index1		9.11			23.03			12.10			8.06			12.42

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit loomissayles.com. Performance for other share classes will be greater or less than shown based on differences in fees and sales charges. You may not invest directly in an index. 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. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares.

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 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  As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses (with certain exceptions) once the expense cap of the Fund has been exceeded. This arrangement is set to expire on 1/31/18. When an expense cap has not been exceeded, the Fund may have similar expense ratios.

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

Investment Objective

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

|  2

LOOMIS SAYLES SMALL CAP VALUE FUND

Average Annual Total Returns — March 31, 2017³

																Expense Ratios4
	6 months			1 year			5 years			10 years			Life of Class N			Gross			Net
Institutional Class (Inception 5/13/91)		12.54	%		23.27	%		12.72	%		8.15	%		—	%		0.99	%		0.96	%
Retail Class (Inception 12/31/96)		12.38			22.97			12.44			7.87			—			1.24			1.21
Admin Class (Inception 1/2/98)		12.24			22.64			12.16			7.61			—			1.48			1.45
Class N (Inception 2/1/13)		12.57			23.37			—			—			12.82			0.89			0.89
Comparative Performance
Russell 2000® Value Index1		13.93			29.37			12.54			6.09			11.89
Russell 2000® Index2		11.52			26.22			12.35			7.12			12.18

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit loomissayles.com. Performance for other share classes will be greater or less than shown based on differences in fees and sales charges. You may not invest directly in an index. 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. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares.

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.

⁴  As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses (with certain exceptions) once the expense cap of the Fund has been exceeded. This arrangement is set to expire on 1/31/18. When an expense cap has not been exceeded, the Fund may have similar expense ratios.

3  |

LOOMIS SAYLES SMALL/MID CAP GROWTH FUND

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

Investment 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, 2017²

										Expense Ratios3
	6 months			1 year			Life of Fund			Gross			Net
Institutional Class (Inception 6/30/15)		10.68	%		18.73	%		4.32	%		1.75	%		0.85	%
Comparative Performance
Russell 2500™ Growth Index1		9.01			19.77			4.30

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit loomissayles.com. Performance for other share classes will be greater or less than shown based on differences in fees and sales charges. You may not invest directly in an index. 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. The table(s) do not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares.

¹  The Russell 2500^™ Growth Index measures the performance of the small-to-mid-cap growth segment of the US equity universe. It includes those Russell 2500 companies with higher growth earning potential as defined by Russell’s leading style methodology. The Russell 2500^™ Growth Index is constructed to provide a comprehensive and unbiased barometer of the small-to-mid-cap growth market. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-to-mid-cap opportunity set and that the represented companies continue to reflect growth characteristics. Indices are unmanaged.

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

³  As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses (with certain exceptions) once the expense cap of the Fund has been exceeded. This arrangement is set to expire on 1/31/18. When an expense cap has not been exceeded, the Fund may have similar expense ratios.

|  4

ADDITIONAL INFORMATION

All investing involves risk, including the risk of loss. There is no assurance that any investment will meet its performance objectives or that losses will be avoided.

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 most recent 12-month period ended June 30 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, 2016 through March 31, 2017. 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)

5  |

and multiply the result by the number in the Expenses Paid During Period column as shown below for your class.

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

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

Loomis Sayles Small Cap Growth Fund

Institutional Class	Beginning Account Value 10/1/2016		Ending Account Value 3/31/2017		Expenses Paid During Period* 10/1/2016 – 3/31/2017
Actual		$1,000.00		$1,106.20		$4.99
Hypothetical (5% return before expenses)		$1,000.00		$1,020.20		$4.78
Retail Class
Actual		$1,000.00		$1,104.90		$6.30
Hypothetical (5% return before expenses)		$1,000.00		$1,018.95		$6.04
Class N
Actual		$1,000.00		$1,106.70		$4.36
Hypothetical (5% return before expenses)		$1,000.00		$1,020.79		$4.18
*   Expenses are equal to the Fund’s annualized expense ratio: 0.95%, 1.20% and 0.83% for Institutional Class, Retail Class and Class N, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

|  6

Loomis Sayles Small Cap Value Fund

Institutional Class	Beginning Account Value 10/1/2016		Ending Account Value 3/31/2017		Expenses Paid During Period* 10/1/2016 – 3/31/2017
Actual		$1,000.00		$1,125.40		$4.77
Hypothetical (5% return before expenses)		$1,000.00		$1,020.44		$4.53
Retail Class
Actual		$1,000.00		$1,123.80		$6.09
Hypothetical (5% return before expenses)		$1,000.00		$1,019.20		$5.79
Admin Class
Actual		$1,000.00		$1,122.40		$7.41
Hypothetical (5% return before expenses)		$1,000.00		$1,017.95		$7.04
Class N
Actual		$1,000.00		$1,125.70		$4.40
Hypothetical (5% return before expenses)		$1,000.00		$1,020.79		$4.18
*   Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.90%, 1.15%, 1.40% and 0.83% for Institutional Class, Retail Class, Admin Class and Class N, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

Loomis Sayles Small/Mid Cap Growth Fund

Institutional Class	Beginning Account Value 10/1/2016		Ending Account Value 3/31/2017		Expenses Paid During Period* 10/1/2016 – 3/31/2017
Actual		$1,000.00		$1,106.80		$4.46
Hypothetical (5% return before expenses)		$1,000.00		$1,020.69		$4.28
*   Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement) 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 (182), divided by 365 (to reflect the half-year period).

7  |

PORTFOLIO OF INVESTMENTS – as of March 31, 2017 (Unaudited)

Loomis Sayles Small Cap Growth Fund

Shares		Description	Value (†)
	Common Stocks – 98.1% of Net Assets
		Aerospace & Defense – 2.0%
	238,812	Hexcel Corp.	$	13,027,194
	226,957	Mercury Systems, Inc.(b)		8,862,671
				21,889,865
		Air Freight & Logistics – 0.8%
	426,374	Echo Global Logistics, Inc.(b)		9,103,085
		Auto Components – 3.0%
	160,188	Dorman Products, Inc.(b)		13,156,241
	313,659	Fox Factory Holding Corp.(b)		9,002,013
	112,124	LCI Industries		11,189,975
				33,348,229
		Banks – 3.9%
	216,143	Chemical Financial Corp.		11,055,714
	213,130	Pinnacle Financial Partners, Inc.		14,162,489
	118,939	PrivateBancorp, Inc.		7,061,408
	285,943	Renasant Corp.		11,349,078
				43,628,689
		Biotechnology – 3.8%
	282,327	Acorda Therapeutics, Inc.(b)		5,928,867
	318,673	Genomic Health, Inc.(b)		10,035,013
	647,928	Ironwood Pharmaceuticals, Inc.(b)		11,053,652
	498,630	Lexicon Pharmaceuticals, Inc.(b)		7,150,354
	142,308	Prothena Corp. PLC(b)		7,939,363
				42,107,249
		Building Products – 3.3%
	252,800	Apogee Enterprises, Inc.		15,069,408
	130,351	Patrick Industries, Inc.(b)		9,241,886
	175,827	Trex Co., Inc.(b)		12,200,635
				36,511,929
		Capital Markets – 2.9%
	328,770	Financial Engines, Inc.		14,317,934
	94,549	MarketAxess Holdings, Inc.		17,726,992
				32,044,926
		Commercial Services & Supplies – 1.6%
	294,788	Healthcare Services Group, Inc.		12,702,415
	190,069	Team, Inc.(b)		5,141,366
				17,843,781
		Construction & Engineering – 2.0%
	248,496	Granite Construction, Inc.		12,472,014

See accompanying notes to financial statements.

|  8

PORTFOLIO OF INVESTMENTS – as of March 31, 2017 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Construction & Engineering – continued
	431,784	Primoris Services Corp.	$	10,026,025
				22,498,039
		Distributors – 1.2%
	111,048	Pool Corp.		13,251,358
		Diversified Consumer Services – 3.9%
	200,289	Bright Horizons Family Solutions, Inc.(b)		14,518,950
	211,767	Grand Canyon Education, Inc.(b)		15,164,635
	547,281	Nord Anglia Education, Inc.(b)		13,868,100
				43,551,685
		Diversified Telecommunication Services – 1.8%
	311,481	Cogent Communications Holdings, Inc.		13,409,257
	694,620	ORBCOMM, Inc.(b)		6,633,621
				20,042,878
		Electrical Equipment – 0.9%
	279,487	Generac Holdings, Inc.(b)		10,419,275
		Electronic Equipment, Instruments & Components – 2.9%
	257,243	II-VI, Inc.(b)		9,273,610
	119,728	IPG Photonics Corp.(b)		14,451,170
	287,378	Orbotech Ltd.(b)		9,267,940
				32,992,720
		Energy Equipment & Services – 1.6%
	162,197	Dril-Quip, Inc.(b)		8,847,846
	443,847	Forum Energy Technologies, Inc.(b)		9,187,633
				18,035,479
		Food Products – 1.1%
	297,421	Snyder’s-Lance, Inc.		11,989,041
		Health Care Equipment & Supplies – 9.4%
	419,468	AtriCure, Inc.(b)		8,032,812
	165,210	Inogen, Inc.(b)		12,813,688
	307,464	Insulet Corp.(b)		13,248,624
	437,128	Merit Medical Systems, Inc.(b)		12,632,999
	146,199	Neogen Corp.(b)		9,583,344
	95,768	Nevro Corp.(b)		8,973,462
	385,351	NxStage Medical, Inc.(b)		10,338,967
	471,980	Spectranetics Corp.(b)		13,746,418
	528,199	Wright Medical Group NV(b)		16,437,553
				105,807,867
		Health Care Providers & Services – 3.3%
	293,404	AMN Healthcare Services, Inc.(b)		11,912,202

See accompanying notes to financial statements.

9  |

PORTFOLIO OF INVESTMENTS – as of March 31, 2017 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Health Care Providers & Services – continued
	362,271	HealthEquity, Inc.(b)	$	15,378,404
	402,754	Teladoc, Inc.(b)		10,068,850
				37,359,456
		Health Care Technology – 1.3%
	251,016	Medidata Solutions, Inc.(b)		14,481,113
		Hotels, Restaurants & Leisure – 4.1%
	316,503	Chuy’s Holdings, Inc.(b)		9,431,789
	567,696	Planet Fitness, Inc., Class A		10,939,502
	84,864	Vail Resorts, Inc.		16,285,402
	318,727	Wingstop, Inc.		9,013,599
				45,670,292
		Household Durables – 2.0%
	245,985	Installed Building Products, Inc.(b)		12,975,709
	141,178	iRobot Corp.(b)		9,337,513
				22,313,222
		Internet Software & Services – 7.2%
	363,108	2U, Inc.(b)		14,400,863
	286,445	Envestnet, Inc.(b)		9,252,173
	134,004	LogMeIn, Inc.		13,065,390
	274,917	Mimecast Ltd.(b)		6,155,392
	407,609	Q2 Holdings, Inc.(b)		14,205,174
	699,786	Quotient Technology, Inc.(b)		6,682,956
	256,733	Wix.com Ltd.(b)		17,432,171
				81,194,119
		IT Services – 3.4%
	333,767	Acxiom Corp.(b)		9,502,346
	180,561	Euronet Worldwide, Inc.(b)		15,441,577
	334,652	InterXion Holding NV(b)		13,238,833
				38,182,756
		Life Sciences Tools & Services – 2.0%
	370,651	Accelerate Diagnostics, Inc.(b)		8,969,754
	206,889	PRA Health Sciences, Inc.(b)		13,495,370
				22,465,124
		Machinery – 2.7%
	185,368	Astec Industries, Inc.		11,399,205
	40,555	Middleby Corp. (The)(b)		5,533,730
	133,072	RBC Bearings, Inc.(b)		12,919,960
				29,852,895
		Multiline Retail – 0.9%
	288,986	Ollie’s Bargain Outlet Holdings, Inc.(b)		9,681,031

See accompanying notes to financial statements.

|  10

PORTFOLIO OF INVESTMENTS – as of March 31, 2017 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Oil, Gas & Consumable Fuels – 0.9%
	158,108	PDC Energy, Inc.(b)	$	9,858,034
		Pharmaceuticals – 2.3%
	216,819	Aclaris Therapeutics, Inc.(b)		6,465,543
	230,849	Dermira, Inc.(b)		7,874,259
	376,834	Supernus Pharmaceuticals, Inc.(b)		11,794,904
				26,134,706
		Professional Services – 1.5%
	233,862	WageWorks, Inc.(b)		16,908,223
		Semiconductors & Semiconductor Equipment – 5.9%
	230,060	Inphi Corp.(b)		11,231,529
	226,760	MKS Instruments, Inc.		15,589,750
	157,247	Monolithic Power Systems, Inc.		14,482,449
	300,811	Semtech Corp.(b)		10,167,412
	194,048	Silicon Laboratories, Inc.(b)		14,272,230
				65,743,370
		Software – 8.7%
	158,036	Blackbaud, Inc.		12,116,620
	549,361	Callidus Software, Inc.(b)		11,728,857
	190,246	CommVault Systems, Inc.(b)		9,664,497
	266,789	Guidewire Software, Inc.(b)		15,028,224
	183,096	HubSpot, Inc.(b)		11,086,463
	289,169	RealPage, Inc.(b)		10,091,998
	507,316	RingCentral, Inc., Class A(b)		14,357,043
	69,943	Ultimate Software Group, Inc. (The)(b)		13,653,573
				97,727,275
		Specialty Retail – 1.0%
	598,044	Tile Shop Holdings, Inc.		11,512,347
		Textiles, Apparel & Luxury Goods – 1.6%
	129,735	Columbia Sportswear Co.		7,621,931
	270,017	Steven Madden Ltd.(b)		10,409,156
				18,031,087
		Thrifts & Mortgage Finance – 1.0%
	321,811	Essent Group Ltd.(b)		11,639,904
		Trading Companies & Distributors – 2.2%
	209,758	Beacon Roofing Supply, Inc.(b)		10,311,703
	306,245	SiteOne Landscape Supply, Inc.(b)		14,825,321
				25,137,024
		Total Common Stocks (Identified Cost $837,484,970)		1,098,958,073

See accompanying notes to financial statements.

11  |

PORTFOLIO OF INVESTMENTS – as of March 31, 2017 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued

Principal Amount		Description	Value (†)
	Short-Term Investments – 2.7%
$	30,695,203	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2017 at 0.220% to be repurchased at $30,695,766 on 4/03/2017 collateralized by $32,015,000 U.S. Treasury Note, 1.250% due 3/31/2021 valued at $31,309,678 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $30,695,203)	$	30,695,203
		Total Investments – 100.8% (Identified Cost $868,180,173)(a)		1,129,653,276
		Other assets less liabilities—(0.8)%		(9,487,328	)
		Net Assets – 100.0%	$	1,120,165,948
	(†)	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, 2017, the net unrealized appreciation on investments based on a cost of $868,180,173 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	$	276,320,850
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(14,847,747	)
		Net unrealized appreciation	$	261,473,103
	(b)	Non-income producing security.

See accompanying notes to financial statements.

|  12

PORTFOLIO OF INVESTMENTS – as of March 31, 2017 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued

Industry Summary at March 31, 2017 (Unaudited)

Health Care Equipment & Supplies	9.4	%
Software	8.7
Internet Software & Services	7.2
Semiconductors & Semiconductor Equipment	5.9
Hotels, Restaurants & Leisure	4.1
Banks	3.9
Diversified Consumer Services	3.9
Biotechnology	3.8
IT Services	3.4
Health Care Providers & Services	3.3
Building Products	3.3
Auto Components	3.0
Electronic Equipment, Instruments & Components	2.9
Capital Markets	2.9
Machinery	2.7
Pharmaceuticals	2.3
Trading Companies & Distributors	2.2
Construction & Engineering	2.0
Life Sciences Tools & Services	2.0
Household Durables	2.0
Aerospace & Defense	2.0
Other Investments, less than 2% each	17.2
Short-Term Investments	2.7
Total Investments	100.8
Other assets less liabilities	(0.8	)
Net Assets	100.0	%

See accompanying notes to financial statements.

13  |

PORTFOLIO OF INVESTMENTS – as of March 31, 2017 (Unaudited)

Loomis Sayles Small Cap Value Fund

Shares		Description	Value (†)
	Common Stocks – 97.9% of Net Assets
		Aerospace & Defense – 2.2%
	292,757	Aerojet Rocketdyne Holdings, Inc.(b)	$	6,352,827
	257,814	BWX Technologies, Inc.		12,271,946
	185,385	DigitalGlobe, Inc.(b)		6,071,359
				24,696,132
		Auto Components – 2.9%
	121,341	Adient PLC		8,817,850
	136,200	Cooper Tire & Rubber Co.		6,040,470
	161,148	Fox Factory Holding Corp.(b)		4,624,948
	400,616	Horizon Global Corp.(b)		5,560,550
	75,666	LCI Industries		7,551,467
				32,595,285
		Banks – 18.4%
	319,894	BancorpSouth, Inc.		9,676,794
	203,931	Bank of the Ozarks, Inc.		10,606,451
	258,326	Bryn Mawr Bank Corp.		10,203,877
	322,640	Cathay General Bancorp		12,157,075
	185,322	CenterState Banks, Inc.		4,799,840
	217,763	Chemical Financial Corp.		11,138,578
	533,038	CVB Financial Corp.		11,774,809
	484,727	First Financial Bancorp		13,305,756
	150,066	First Financial Bankshares, Inc.		6,017,647
	411,049	Home BancShares, Inc.		11,127,096
	139,856	IBERIABANK Corp.		11,062,610
	168,106	LegacyTexas Financial Group, Inc.		6,707,429
	247,775	PacWest Bancorp		13,196,497
	124,735	Pinnacle Financial Partners, Inc.		8,288,641
	284,947	Popular, Inc.		11,605,891
	156,062	Prosperity Bancshares, Inc.		10,879,082
	91,261	Signature Bank(b)		13,542,220
	123,418	Texas Capital Bancshares, Inc.(b)		10,299,232
	255,353	Triumph Bancorp, Inc.(b)		6,588,107
	226,625	Wintrust Financial Corp.		15,664,320
				208,641,952
		Beverages – 0.5%
	439,837	Cott Corp.		5,436,385
		Building Products – 2.6%
	87,946	Apogee Enterprises, Inc.		5,242,461
	153,765	Armstrong World Industries, Inc.(b)		7,080,878
	146,902	Gibraltar Industries, Inc.(b)		6,052,362
	111,434	Masonite International Corp.(b)		8,831,145
	27,892	Patrick Industries, Inc.(b)		1,977,543
				29,184,389

See accompanying notes to financial statements.

|  14

PORTFOLIO OF INVESTMENTS – as of March 31, 2017 (Unaudited)

Loomis Sayles Small Cap Value Fund  – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Capital Markets – 1.3%
	233,795	Donnelley Financial Solutions, Inc.(b)	$	4,509,906
	191,907	Stifel Financial Corp.(b)		9,631,812
				14,141,718
		Chemicals – 2.1%
	292,262	AdvanSix, Inc.(b)		7,984,598
	120,054	Cabot Corp.		7,192,435
	118,130	Minerals Technologies, Inc.		9,048,758
				24,225,791
		Commercial Services & Supplies – 4.5%
	94,019	Clean Harbors, Inc.(b)		5,229,337
	267,502	KAR Auction Services, Inc.		11,681,813
	294,782	Kimball International, Inc.		4,863,903
	102,095	Knoll, Inc.		2,430,882
	232,877	LSC Communications, Inc.		5,859,185
	365,020	R.R. Donnelley & Sons Co.		4,420,392
	238,745	Viad Corp.		10,791,274
	234,643	West Corp.		5,729,982
				51,006,768
		Communications Equipment – 1.6%
	243,219	ARRIS International PLC(b)		6,433,143
	343,605	Digi International, Inc.(b)		4,088,899
	709,626	Viavi Solutions, Inc.(b)		7,607,191
				18,129,233
		Construction & Engineering – 0.9%
	60,855	MYR Group, Inc.(b)		2,495,055
	219,918	Quanta Services, Inc.(b)		8,161,157
				10,656,212
		Construction Materials – 1.0%
	224,413	Summit Materials, Inc., Class A(b)		5,545,245
	94,184	U.S. Concrete, Inc.(b)		6,079,577
				11,624,822
		Consumer Finance – 0.5%
	165,854	PRA Group, Inc.(b)		5,498,060
		Distributors – 0.6%
	219,700	Core-Mark Holding Co., Inc.		6,852,443
		Diversified Consumer Services – 0.8%
	190,517	DeVry Education Group, Inc.		6,753,828
	277,662	Houghton Mifflin Harcourt Co.(b)		2,818,269
				9,572,097

See accompanying notes to financial statements.

15  |

PORTFOLIO OF INVESTMENTS – as of March 31, 2017 (Unaudited)

Loomis Sayles Small Cap Value Fund  – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Diversified Financial Services – 0.7%
	577,201	FNFV Group(b)	$	7,647,913
		Electric Utilities – 1.2%
	200,898	ALLETE, Inc.		13,602,804
		Electrical Equipment – 0.2%
	45,465	AZZ, Inc.		2,705,167
		Electronic Equipment, Instruments & Components – 5.1%
	107,123	Belden, Inc.		7,411,840
	229,042	II-VI, Inc.(b)		8,256,964
	83,204	Kimball Electronics, Inc.(b)		1,410,308
	118,871	Littelfuse, Inc.		19,008,662
	213,702	Methode Electronics, Inc.		9,744,811
	58,638	Rogers Corp.(b)		5,035,245
	146,249	VeriFone Systems, Inc.(b)		2,739,244
	218,026	Vishay Intertechnology, Inc.		3,586,528
				57,193,602
		Energy Equipment & Services – 3.1%
	282,266	Bristow Group, Inc.		4,293,266
	202,307	C&J Energy Services, Inc.(b)		6,888,553
	240,094	Natural Gas Services Group, Inc.(b)		6,254,449
	326,184	RPC, Inc.		5,972,429
	240,166	U.S. Silica Holdings, Inc.		11,525,566
				34,934,263
		Food & Staples Retailing – 0.8%
	245,864	SpartanNash Co.		8,602,781
		Food Products – 1.8%
	311,985	Darling Ingredients, Inc.(b)		4,530,022
	27,071	J&J Snack Foods Corp.		3,669,745
	142,046	Post Holdings, Inc.(b)		12,431,866
				20,631,633
		Health Care Equipment & Supplies – 0.7%
	210,698	Halyard Health, Inc.(b)		8,025,487
		Health Care Providers & Services – 0.5%
	263,440	PharMerica Corp.(b)		6,164,496
		Hotels, Restaurants & Leisure – 3.4%
	278,250	Carrols Restaurant Group, Inc.(b)		3,937,238
	76,273	Churchill Downs, Inc.		12,115,966
	24,829	Cracker Barrel Old Country Store, Inc.		3,954,018
	130,415	Marriott Vacations Worldwide Corp.		13,032,371
	88,365	Six Flags Entertainment Corp.		5,256,834
				38,296,427

See accompanying notes to financial statements.

|  16

PORTFOLIO OF INVESTMENTS – as of March 31, 2017 (Unaudited)

Loomis Sayles Small Cap Value Fund  – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Household Durables – 0.7%
	88,268	Helen of Troy Ltd.(b)	$	8,314,846
		Household Products – 0.5%
	295,958	HRG Group, Inc.(b)		5,717,909
		Industrial Conglomerates – 0.7%
	265,130	Raven Industries, Inc.		7,702,026
		Insurance – 3.6%
	125,076	Atlas Financial Holdings, Inc.(b)		1,707,287
	371,538	Employers Holdings, Inc.		14,099,867
	107,467	First American Financial Corp.		4,221,304
	172,223	ProAssurance Corp.		10,376,436
	78,516	Reinsurance Group of America, Inc., Class A		9,969,962
				40,374,856
		Internet & Direct Marketing Retail – 1.8%
	310,985	1-800-Flowers.com, Inc., Class A(b)		3,172,047
	81,135	HSN, Inc.		3,010,108
	101,668	Liberty Expedia Holdings, Inc., Series A(b)		4,623,861
	217,697	Liberty Ventures, Series A(b)		9,683,163
				20,489,179
		Internet Software & Services – 0.9%
	176,033	CommerceHub, Inc., Series C(b)		2,733,792
	92,993	IAC/InterActiveCorp(b)		6,855,444
				9,589,236
		IT Services – 4.0%
	305,516	Booz Allen Hamilton Holding Corp.		10,812,211
	92,476	CSG Systems International, Inc.		3,496,518
	90,390	DST Systems, Inc.		11,072,775
	136,906	Euronet Worldwide, Inc.(b)		11,708,201
	80,186	WEX, Inc.(b)		8,299,251
				45,388,956
		Leisure Products – 0.6%
	355,168	Nautilus, Inc.(b)		6,481,816
		Life Sciences Tools & Services – 1.2%
	336,621	Albany Molecular Research, Inc.(b)		4,722,793
	308,530	VWR Corp.(b)		8,700,546
				13,423,339
		Machinery – 4.1%
	72,415	Alamo Group, Inc.		5,517,299
	170,875	Albany International Corp., Class A		7,868,794
	65,445	Altra Industrial Motion Corp.		2,549,083

See accompanying notes to financial statements.

17  |

PORTFOLIO OF INVESTMENTS – as of March 31, 2017 (Unaudited)

Loomis Sayles Small Cap Value Fund  – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Machinery – continued
	37,307	EnPro Industries, Inc.	$	2,654,766
	109,685	John Bean Technologies Corp.		9,646,796
	85,763	RBC Bearings, Inc.(b)		8,326,729
	98,424	Standex International Corp.		9,857,163
				46,420,630
		Marine – 0.4%
	60,154	Kirby Corp.(b)		4,243,865
		Media – 1.6%
	278,178	E.W. Scripps Co. (The), Class A(b)		6,520,492
	133,851	John Wiley & Sons, Inc., Class A		7,201,184
	353,515	National CineMedia, Inc.		4,464,895
				18,186,571
		Metals & Mining – 0.7%
	228,753	Ferroglobe PLC		2,363,019
	507,316	Ferroglobe R&W Trust(b)(c)		—
	135,487	Haynes International, Inc.		5,164,764
				7,527,783
		Multi-Utilities – 0.9%
	180,993	NorthWestern Corp.		10,624,289
		Oil, Gas & Consumable Fuels – 2.1%
	42,265	Arch Coal, Inc., Class A(b)		2,913,749
	379,508	Gulfport Energy Corp.(b)		6,523,742
	415,097	QEP Resources, Inc.(b)		5,275,883
	1,103,597	SRC Energy, Inc.(b)		9,314,359
				24,027,733
		Pharmaceuticals – 0.9%
	189,204	Akorn, Inc.(b)		4,556,032
	208,513	Catalent, Inc.(b)		5,905,088
				10,461,120
		Professional Services – 1.4%
	77,005	Insperity, Inc.		6,826,493
	293,684	Korn/Ferry International		9,248,109
				16,074,602
		REITs – Apartments – 1.5%
	179,360	American Campus Communities, Inc.		8,535,742
	82,015	Mid-America Apartment Communities, Inc.		8,344,206
				16,879,948

See accompanying notes to financial statements.

|  18

PORTFOLIO OF INVESTMENTS – as of March 31, 2017 (Unaudited)

Loomis Sayles Small Cap Value Fund  – continued

Shares		Description	Value (†)
	Common Stocks – continued
		REITs – Health Care – 0.5%
	208,558	Sabra Healthcare REIT, Inc.	$	5,825,025
		REITs – Hotels – 0.5%
	283,562	Hersha Hospitality Trust		5,328,130
		REITs – Mortgage – 0.4%
	344,019	iStar, Inc.(b)		4,059,424
		REITs – Shopping Centers – 1.1%
	588,668	Retail Opportunity Investments Corp.		12,379,688
		REITs – Single Tenant – 0.6%
	159,592	National Retail Properties, Inc.		6,961,403
		REITs – Storage – 0.8%
	351,530	CubeSmart		9,125,719
		REITs – Warehouse/Industrials – 1.0%
	133,931	CyrusOne, Inc.		6,893,429
	203,425	Rexford Industrial Realty, Inc.		4,581,131
				11,474,560
		Road & Rail – 1.6%
	94,752	Avis Budget Group, Inc.(b)		2,802,764
	94,380	Genesee & Wyoming, Inc., Class A(b)		6,404,627
	108,812	Old Dominion Freight Line, Inc.		9,311,043
				18,518,434
		Semiconductors & Semiconductor Equipment – 2.4%
	25,360	Advanced Energy Industries, Inc.(b)		1,738,682
	190,133	Mellanox Technologies Ltd.(b)		9,687,276
	132,532	Semtech Corp.(b)		4,479,581
	367,420	Teradyne, Inc.		11,426,762
				27,332,301
		Software – 1.3%
	253,259	Synchronoss Technologies, Inc.(b)		6,179,519
	183,706	Verint Systems, Inc.(b)		7,968,248
				14,147,767
		Specialty Retail – 1.4%
	152,653	Camping World Holdings, Inc., Class A		4,921,533
	135,400	Genesco, Inc.(b)		7,507,930
	161,351	Sally Beauty Holdings, Inc.(b)		3,298,014
				15,727,477
		Technology Hardware, Storage & Peripherals – 0.3%
	172,209	Cray, Inc.(b)		3,771,377

See accompanying notes to financial statements.

19  |

PORTFOLIO OF INVESTMENTS – as of March 31, 2017 (Unaudited)

Loomis Sayles Small Cap Value Fund  – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Thrifts & Mortgage Finance – 1.0%
	131,644	Federal Agricultural Mortgage Corp., Class C	$	7,578,745
	137,964	OceanFirst Financial Corp.		3,887,136
				11,465,881
		Total Common Stocks (Identified Cost $749,789,043)		1,108,111,750
	Closed-End Investment Companies – 0.6%
	462,007	Hercules Capital, Inc. (Identified Cost $6,009,463)		6,990,166
	Principal Amount
	Short-Term Investments – 1.7%
$	19,315,329	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2017 at 0.220% to be repurchased at $19,315,683 on 4/03/2017 collateralized by $20,195,000 U.S. Treasury Note, 1.250% due 10/31/2021 valued at $19,704,423 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $19,315,329)		19,315,329
		Total Investments – 100.2% (Identified Cost $775,113,835)(a)		1,134,417,245
		Other assets less liabilities—(0.2)%		(1,994,989	)
		Net Assets – 100.0%	$	1,132,422,256
	(†)	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, 2017, the net unrealized appreciation on investments based on a cost of $775,113,835 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	$	392,900,320
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(33,596,910	)
		Net unrealized appreciation	$	359,303,410
	(b)	Non-income producing security.
	(c)	Illiquid security.
	REITs	Real Estate Investment Trusts

See accompanying notes to financial statements.

|  20

PORTFOLIO OF INVESTMENTS – as of March 31, 2017 (Unaudited)

Loomis Sayles Small Cap Value Fund  – continued

Industry Summary at March 31, 2017 (Unaudited)

Banks	18.4	%
Electronic Equipment, Instruments & Components	5.1
Commercial Services & Supplies	4.5
Machinery	4.1
IT Services	4.0
Insurance	3.6
Hotels, Restaurants & Leisure	3.4
Energy Equipment & Services	3.1
Auto Components	2.9
Building Products	2.6
Semiconductors & Semiconductor Equipment	2.4
Aerospace & Defense	2.2
Chemicals	2.1
Oil, Gas & Consumable Fuels	2.1
Other Investments, less than 2% each	38.0
Short-Term Investments	1.7
Total Investments	100.2
Other assets less liabilities	(0.2	)
Net Assets	100.0	%

See accompanying notes to financial statements.

21  |

PORTFOLIO OF INVESTMENTS – as of March 31, 2017 (Unaudited)

Loomis Sayles Small/Mid Cap Growth Fund

Shares		Description	Value (†)
	Common Stocks – 96.7% of Net Assets
		Aerospace & Defense – 3.3%
	1,883	HEICO Corp.	$	164,197
	2,992	Hexcel Corp.		163,214
	318	TransDigm Group, Inc.		70,011
				397,422
		Air Freight & Logistics – 1.4%
	3,565	XPO Logistics, Inc.(b)		170,728
		Auto Components – 1.2%
	1,385	LCI Industries		138,223
		Banks – 4.2%
	3,219	Columbia Banking System, Inc.		125,509
	1,118	First Republic Bank		104,880
	4,759	Home BancShares, Inc.		128,826
	2,982	Western Alliance Bancorp(b)		146,386
				505,601
		Biotechnology – 2.8%
	9,482	Ironwood Pharmaceuticals, Inc.(b)		161,763
	2,026	Neurocrine Biosciences, Inc.(b)		87,726
	1,582	Prothena Corp. PLC(b)		88,259
				337,748
		Building Products – 1.3%
	1,704	American Woodmark Corp.(b)		156,427
		Capital Markets – 5.6%
	1,761	CBOE Holdings, Inc.		142,764
	961	MarketAxess Holdings, Inc.		180,178
	1,400	MSCI, Inc.		136,066
	2,532	SEI Investments Co.		127,714
	1,634	Stifel Financial Corp.(b)		82,011
				668,733
		Commercial Services & Supplies – 3.8%
	3,812	Healthcare Services Group, Inc.		164,259
	3,405	KAR Auction Services, Inc.		148,696
	4,375	Ritchie Bros. Auctioneers, Inc.		143,938
				456,893
		Diversified Consumer Services – 4.7%
	2,415	Bright Horizons Family Solutions, Inc.(b)		175,064
	2,589	Grand Canyon Education, Inc.(b)		185,398
	7,845	Nord Anglia Education, Inc.(b)		198,792
				559,254

See accompanying notes to financial statements.

|  22

PORTFOLIO OF INVESTMENTS – as of March 31, 2017 (Unaudited)

Loomis Sayles Small/Mid Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Diversified Telecommunication Services – 1.5%
	4,169	Cogent Communications Holdings, Inc.	$	179,475
		Electrical Equipment – 3.1%
	567	Acuity Brands, Inc.		115,668
	3,723	Generac Holdings, Inc.(b)		138,794
	2,790	Sensata Technologies Holding NV(b)		121,839
				376,301
		Electronic Equipment, Instruments & Components – 3.7%
	566	Coherent, Inc.(b)		116,392
	4,792	National Instruments Corp.		156,028
	5,445	Trimble, Inc.(b)		174,294
				446,714
		Energy Equipment & Services – 1.6%
	1,892	Dril-Quip, Inc.(b)		103,208
	2,758	Oil States International, Inc.(b)		91,428
				194,636
		Health Care Equipment & Supplies – 9.4%
	1,680	Align Technology, Inc.(b)		192,713
	1,257	Cantel Medical Corp.		100,686
	1,774	DexCom, Inc.(b)		150,311
	5,546	Merit Medical Systems, Inc.(b)		160,279
	1,200	Penumbra, Inc.(b)		100,140
	1,282	STERIS PLC		89,048
	1,287	West Pharmaceutical Services, Inc.		105,032
	7,278	Wright Medical Group NV(b)		226,491
				1,124,700
		Health Care Providers & Services – 4.1%
	4,025	HealthEquity, Inc.(b)		170,861
	1,271	MEDNAX, Inc.(b)		88,182
	645	VCA, Inc.(b)		59,018
	1,247	WellCare Health Plans, Inc.(b)		174,842
				492,903
		Health Care Technology – 2.3%
	2,903	Cotiviti Holdings, Inc.(b)		120,852
	3,057	Veeva Systems, Inc., Class A(b)		156,763
				277,615
		Hotels, Restaurants & Leisure – 6.4%
	2,240	Dunkin’ Brands Group, Inc.		122,483
	619	Panera Bread Co., Class A(b)		162,098
	7,877	Planet Fitness, Inc., Class A		151,790
	2,164	Six Flags Entertainment Corp.		128,736

See accompanying notes to financial statements.

23  |

PORTFOLIO OF INVESTMENTS – as of March 31, 2017 (Unaudited)

Loomis Sayles Small/Mid Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Hotels, Restaurants & Leisure – continued
	1,040	Vail Resorts, Inc.	$	199,576
				764,683
		Internet Software & Services – 3.3%
	732	CoStar Group, Inc.(b)		151,685
	4,571	GTT Communications, Inc.(b)		111,304
	1,498	j2 Global, Inc.		125,697
				388,686
		IT Services – 4.3%
	2,546	Black Knight Financial Services, Inc., Class A(b)		97,512
	4,295	Booz Allen Hamilton Holding Corp.		152,000
	1,772	Broadridge Financial Solutions, Inc.		120,407
	1,351	Gartner, Inc.(b)		145,895
				515,814
		Leisure Products – 1.2%
	2,283	Brunswick Corp.		139,720
		Life Sciences Tools & Services – 1.3%
	1,956	ICON PLC(b)		155,932
		Machinery – 5.6%
	3,125	Altra Industrial Motion Corp.		121,719
	1,197	Middleby Corp. (The)(b)		163,331
	3,120	Sun Hydraulics Corp.		112,663
	2,378	Toro Co. (The)		148,530
	1,006	WABCO Holdings, Inc.(b)		118,124
				664,367
		Media – 1.4%
	5,326	Live Nation Entertainment, Inc.(b)		161,751
		Oil, Gas & Consumable Fuels – 2.2%
	1,370	Diamondback Energy, Inc.(b)		142,090
	3,687	Parsley Energy, Inc., Class A(b)		119,864
				261,954
		Professional Services – 1.3%
	3,927	TransUnion(b)		150,600
		Real Estate Management & Development – 1.3%
	2,540	First Service Corp.		153,162
		Semiconductors & Semiconductor Equipment – 3.9%
	2,374	Advanced Energy Industries, Inc.(b)		162,761
	2,892	MACOM Technology Solutions Holdings, Inc.(b)		139,684
	2,300	Silicon Laboratories, Inc.(b)		169,165
				471,610

See accompanying notes to financial statements.

|  24

PORTFOLIO OF INVESTMENTS – as of March 31, 2017 (Unaudited)

Loomis Sayles Small/Mid Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Software – 8.0%
	1,997	Blackbaud, Inc.	$	153,110
	7,420	Callidus Software, Inc.(b)		158,417
	2,796	Guidewire Software, Inc.(b)		157,499
	2,610	HubSpot, Inc.(b)		158,035
	1,590	Paylocity Holding Corp.(b)		61,422
	2,248	PTC, Inc.(b)		118,132
	742	Ultimate Software Group, Inc. (The)(b)		144,846
				951,461
		Specialty Retail – 1.0%
	3,654	Camping World Holdings, Inc., Class A		117,805
		Textiles, Apparel & Luxury Goods – 0.8%
	1,579	Columbia Sportswear Co.		92,766
		Trading Companies & Distributors – 0.7%
	3,950	BMC Stock Holdings, Inc.(b)		89,270
		Total Common Stocks (Identified Cost $9,682,155)		11,562,954
	Principal Amount
	Short-Term Investments – 3.0%
$	357,926	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2017 at 0.220% to be repurchased at $357,932 on 4/03/2017 collateralized by $375,000 U.S. Treasury Note, 1.250% due 10/31/2021 valued at $365,891 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $357,926)		357,926
		Total Investments – 99.7% (Identified Cost $10,040,081)(a)		11,920,880
		Other assets less liabilities—0.3%		31,806
		Net Assets – 100.0%	$	11,952,686
	(†)	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, 2017, the net unrealized appreciation on investments based on a cost of $10,040,081 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	1,969,039
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(88,240	)
		Net unrealized appreciation	$	1,880,799
	(b)	Non-income producing security.

See accompanying notes to financial statements.

25  |

PORTFOLIO OF INVESTMENTS – as of March 31, 2017 (Unaudited)

Loomis Sayles Small/Mid Cap Growth Fund – continued

Industry Summary at March 31, 2017 (Unaudited)

Health Care Equipment & Supplies	9.4	%
Software	8.0
Hotels, Restaurants & Leisure	6.4
Capital Markets	5.6
Machinery	5.6
Diversified Consumer Services	4.7
IT Services	4.3
Banks	4.2
Health Care Providers & Services	4.1
Semiconductors & Semiconductor Equipment	3.9
Commercial Services & Supplies	3.8
Electronic Equipment, Instruments & Components	3.7
Aerospace & Defense	3.3
Internet Software & Services	3.3
Electrical Equipment	3.1
Biotechnology	2.8
Health Care Technology	2.3
Oil, Gas & Consumable Fuels	2.2
Other Investments, less than 2% each	16.0
Short-Term Investments	3.0
Total Investments	99.7
Other assets less liabilities	0.3
Net Assets	100.0	%

See accompanying notes to financial statements.

|  26

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2017 (Unaudited)

	Small Cap Growth Fund			Small Cap Value Fund		Small/Mid Cap Growth Fund
ASSETS
Investments at cost	$	868,180,173		$	775,113,835	$	10,040,081
Net unrealized appreciation		261,473,103			359,303,410		1,880,799
Investments at value		1,129,653,276			1,134,417,245		11,920,880
Receivable for Fund shares sold		1,190,593			27,579,322		97,735
Receivable for securities sold		2,884,142			308,585		134,666
Dividends and interest receivable		200,066			932,484		4,014
Prepaid expenses (Note 7)		467			461		6
TOTAL ASSETS		1,133,928,544			1,163,238,097		12,157,301
LIABILITIES
Payable for securities purchased		7,744,891			2,927,449		161,699
Payable for Fund shares redeemed		5,029,971			26,878,709		—
Management fees payable (Note 5)		729,404			713,730		986
Deferred Trustees’ fees (Note 5)		133,164			192,363		13,694
Administrative fees payable (Note 5)		42,566			43,482		432
Payable to distributor (Note 5d)		13,399			10,748		3
Other accounts payable and accrued expenses		69,201			49,360		27,801
TOTAL LIABILITIES		13,762,596			30,815,841		204,615
NET ASSETS	$	1,120,165,948		$	1,132,422,256	$	11,952,686
NET ASSETS CONSIST OF:
Paid-in capital	$	810,287,468		$	718,240,578	$	10,807,761
Undistributed (Distributions in excess of) net investment income/Accumulated net investment loss		(6,043,964	)		759,877		(33,345	)
Accumulated net realized gain (loss) on investments		54,449,341			54,118,391		(702,529	)
Net unrealized appreciation on investments		261,473,103			359,303,410		1,880,799
NET ASSETS	$	1,120,165,948		$	1,132,422,256	$	11,952,686
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Institutional Class:
Net assets	$	793,206,861		$	720,380,110	$	11,952,686
Shares of beneficial interest		32,545,913			20,502,414		1,112,376
Net asset value, offering and redemption price per share	$	24.37		$	35.14	$	10.75
Retail Class:
Net assets	$	105,780,117		$	275,820,549	$	—
Shares of beneficial interest		4,646,564			7,954,809		—
Net asset value, offering and redemption price per share	$	22.77		$	34.67	$	—
Admin Class shares:
Net assets	$	—		$	32,772,927	$	—
Shares of beneficial interest		—			977,282		—
Net asset value, offering and redemption price per share	$	—		$	33.53	$	—
Class N shares:
Net assets	$	221,178,970		$	103,448,670	$	—
Shares of beneficial interest		9,037,320			2,942,543		—
Net asset value, offering and redemption price per share	$	24.47		$	35.16	$	—

See accompanying notes to financial statements.

27  |

STATEMENTS OF OPERATIONS

For the Six Months Ended March 31, 2017 (Unaudited)

	Small Cap Growth Fund			Small Cap Value Fund			Small/Mid Cap Growth Fund
INVESTMENT INCOME
Dividends	$	2,415,500		$	8,108,470		$	59,611
Interest		6,186			4,277			91
Less net foreign taxes withheld		—			(19,315	)		(332	)
		2,421,686			8,093,432			59,370
Expenses
Management fees (Note 5)		4,097,055			4,138,728			45,092
Service and distribution fees (Note 5)		138,258			447,058			—
Administrative fees (Note 5)		244,248			246,760			2,688
Trustees’ fees and expenses (Note 5)		27,908			31,180			9,353
Transfer agent fees and expenses (Notes 5 and 6)		574,446			519,813			470
Audit and tax services fees		19,257			19,704			19,509
Custodian fees and expenses		19,661			15,460			2,701
Legal fees		11,341			11,384			130
Registration fees		40,423			57,301			6,423
Shareholder reporting expenses		29,612			40,135			899
Miscellaneous expenses (Note 7)		25,752			25,900			5,673
Total expenses		5,227,961			5,553,423			92,938
Less waiver and/or expense reimbursement (Note 5)		—			(168,529	)		(41,834	)
Net expenses		5,227,961			5,384,894			51,104
Net investment income (loss)		(2,806,275	)		2,708,538			8,266
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain on:
Investments		62,242,680			64,261,042			409,925
Net change in unrealized appreciation (depreciation) on:
Investments		48,960,605			60,224,577			820,193
Net realized and unrealized gain on investments		111,203,285			124,485,619			1,230,118
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	108,397,010		$	127,194,157		$	1,238,384

See accompanying notes to financial statements.

|  28

STATEMENTS OF CHANGES IN NET ASSETS

	Small Cap Growth Fund						Small Cap Value Fund
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016
FROM OPERATIONS:
Net investment income (loss)	$	(2,806,275	)	$	(4,723,031	)	$	2,708,538		$	4,590,712
Net realized gain (loss) on investments		62,242,680			(7,969,145	)		64,261,042			95,614,322
Net change in unrealized appreciation (depreciation) on investments		48,960,605			88,312,376			60,224,577			60,726,807
Net increase in net assets resulting from operations		108,397,010			75,620,200			127,194,157			160,931,841
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Institutional Class		—			—			(2,669,796	)		(4,437,216	)
Retail Class		—			—			(383,151	)		(1,004,613	)
Admin Class		—			—			—			(29,796	)
Class N		—			—			(394,109	)		(305,471	)
Net realized capital gains
Institutional Class		—			(60,491,317	)		(52,752,875	)		(64,722,294	)
Retail Class		—			(11,886,045	)		(20,871,880	)		(27,186,960	)
Admin Class		—			—			(3,598,566	)		(4,490,438	)
Class N		—			(13,284,984	)		(6,619,873	)		(3,940,507	)
Total distributions		—			(85,662,346	)		(87,290,250	)		(106,117,295	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 10)		(116,017,026	)		11,449,327			57,776,268			(76,857,263	)
Net increase (decrease) in net assets		(7,620,016	)		1,407,181			97,680,175			(22,042,717	)
NET ASSETS
Beginning of the period		1,127,785,964			1,126,378,783			1,034,742,081			1,056,784,798
End of the period	$	1,120,165,948		$	1,127,785,964		$	1,132,422,256		$	1,034,742,081
ACCUMULATED NET INVESTMENT LOSS/UNDISTRIBUTED NET INVESTMENT INCOME	$	(6,043,964	)	$	(3,237,689	)	$	759,877		$	1,498,395

See accompanying notes to financial statements.

29  |

STATEMENTS OF CHANGES IN NET ASSETS – continued

	Small/Mid Cap Growth Fund
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016
FROM OPERATIONS:
Net investment income (loss)	$	8,266		$	(23,360	)
Net realized gain (loss) on investments		409,925			(943,201	)
Net change in unrealized appreciation (depreciation) on investments		820,193			1,835,053
Net increase in net assets resulting from operations		1,238,384			868,492
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Institutional Class		(22,881	)		—
Retail Class		—			—
Admin Class		—			—
Class N		—			—
Net realized capital gains
Institutional Class		—			—
Retail Class		—			—
Admin Class		—			—
Class N		—			—
Total distributions		(22,881	)		—
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 10)		(1,237,240	)		1,863,761
Net increase (decrease) in net assets		(21,737	)		2,732,253
NET ASSETS
Beginning of the period		11,974,423			9,242,170
End of the period	$	11,952,686		$	11,974,423
DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME/ ACCUMULATED NET INVESTMENT LOSS	$	(33,345	)	$	(18,730	)

See accompanying notes to financial statements.

|  30

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period.

	Small Cap Growth Fund—Institutional Class
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of the period	$	22.03		$	22.22		$	24.27		$	26.35		$	19.17		$	15.06
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.06	)		(0.09	)		(0.14	)		(0.16	)(b)		(0.15	)(c)		(0.14	)
Net realized and unrealized gain (loss)		2.40			1.59			1.63			(0.09	)		7.33			4.25
Total from Investment Operations		2.34			1.50			1.49			(0.25	)		7.18			4.11
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	$	24.37		$	22.03		$	22.22		$	24.27		$	26.35		$	19.17
Total return		10.62	%(d)		6.92	%		5.78	%		(1.31	)%(b)		37.45	%(c)		27.29	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	793,207		$	812,383		$	800,883		$	852,131		$	914,000		$	599,469
Net expenses		0.95	%(e)		0.95	%		0.94	%		0.94	%		0.94	%		0.95	%
Gross expenses		0.95	%(e)		0.95	%		0.94	%		0.94	%		0.94	%		0.95	%
Net investment loss		(0.51	)%(e)		(0.41	)%		(0.57	)%		(0.63	)%(b)		(0.70	)%(c)		(0.79	)%
Portfolio turnover rate		26	%		56	%		78	%		63	%		56	%		77	%

(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) 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.

31  |

FINANCIAL HIGHLIGHTS – continued

For a share outstanding throughout each period.

	Small Cap Growth Fund—Retail Class
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of the period	$	20.61		$	20.93		$	23.10		$	25.23		$	18.41		$	14.52
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.08	)		(0.13	)		(0.19	)		(0.22	)(b)		(0.20	)(c)		(0.19	)
Net realized and unrealized gain (loss)		2.24			1.50			1.56			(0.08	)		7.02			4.08
Total from Investment Operations		2.16			1.37			1.37			(0.30	)		6.82			3.89
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	$	22.77		$	20.61		$	20.93		$	23.10		$	25.23		$	18.41
Total return		10.49	%(d)		6.61	%		5.58	%		(1.58	)%(b)		37.05	%(c)		26.79	%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	105,780		$	118,670		$	162,906		$	175,393		$	211,724		$	229,822
Net expenses		1.20	%(f)		1.20	%		1.19	%		1.21	%		1.25	%(g)		1.25	%(h)
Gross expenses		1.20	%(f)		1.20	%		1.19	%		1.21	%		1.25	%(g)		1.28	%
Net investment loss		(0.75	)%(f)		(0.66	)%		(0.82	)%		(0.90	)%(b)		(0.99	)%(c)		(1.09	)%
Portfolio turnover rate		26	%		56	%		78	%		63	%		56	%		77	%

(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) Periods less than one year are not annualized.

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

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

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

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

See accompanying notes to financial statements.

|  32

FINANCIAL HIGHLIGHTS – continued

For a share outstanding throughout each period.

	Small Cap Growth Fund—Class N
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Period Ended September 30, 2013*
Net asset value, beginning of the period	$	22.11		$	22.27		$	24.29		$	26.36		$	20.22
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.05	)		(0.06	)		(0.12	)		(0.14	)(b)		(0.11	)
Net realized and unrealized gain (loss)		2.41			1.59			1.64			(0.10	)		6.25
Total from Investment Operations		2.36			1.53			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	$	24.47		$	22.11		$	22.27		$	24.29		$	26.36
Total return		10.67	%(c)		7.05	%		5.92	%		(1.27	)%(b)		30.37	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	221,179		$	196,733		$	162,591		$	15,080		$	7,580
Net expenses		0.83	%(d)		0.83	%		0.83	%		0.83	%		0.83	%(d)
Gross expenses		0.83	%(d)		0.83	%		0.83	%		0.83	%		0.83	%(d)
Net investment loss		(0.40	)%(d)		(0.29	)%		(0.51	)%		(0.53	)%(b)		(0.63	)%(d)
Portfolio turnover rate		26	%		56	%		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.

33  |

FINANCIAL HIGHLIGHTS – continued

For a share outstanding throughout each period.

	Small Cap Value Fund—Institutional Class
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of the period	$	33.78		$	32.19		$	36.40		$	37.42		$	29.14		$	22.36
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.10			0.17			0.27			0.20			0.20			0.21
Net realized and unrealized gain (loss)		4.16			4.82			0.49			2.18			8.41			6.62
Total from Investment Operations		4.26			4.99			0.76			2.38			8.61			6.83
LESS DISTRIBUTIONS FROM:
Net investment income		(0.14	)		(0.22	)		(0.22	)		(0.10	)		(0.30	)		(0.05	)
Net realized capital gains		(2.76	)		(3.18	)		(4.75	)		(3.30	)		(0.03	)		—
Total Distributions		(2.90	)		(3.40	)		(4.97	)		(3.40	)		(0.33	)		(0.05	)
Net asset value, end of the period	$	35.14		$	33.78		$	32.19		$	36.40		$	37.42		$	29.14
Total return		12.54	%(b)(c)		16.75	%(b)		1.20	%(b)		6.17	%(b)		29.82	%(b)		30.59	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	720,380		$	654,501		$	666,107		$	730,901		$	733,512		$	572,776
Net expenses		0.90	%(d)(e)		0.90	%(e)		0.90	%(e)		0.90	%(e)		0.90	%(e)		0.90	%(f)
Gross expenses		0.93	%(d)		0.93	%		0.92	%		0.91	%		0.91	%		0.90	%(f)
Net investment income		0.57	%(d)		0.52	%		0.75	%		0.53	%		0.61	%		0.76	%
Portfolio turnover rate		13	%		22	%		22	%		23	%		22	%		19	%

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

See accompanying notes to financial statements.

|  34

FINANCIAL HIGHLIGHTS – continued

For a share outstanding throughout each period.

	Small Cap Value Fund—Retail Class
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of the period	$	33.33		$	31.78		$	35.98		$	37.03		$	28.84		$	22.14
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.05			0.08			0.18			0.10			0.12			0.13
Net realized and unrealized gain (loss)		4.10			4.77			0.48			2.16			8.32			6.57
Total from Investment Operations		4.15			4.85			0.66			2.26			8.44			6.70
LESS DISTRIBUTIONS FROM:
Net investment income		(0.05	)		(0.12	)		(0.11	)		(0.01	)		(0.22	)		—
Net realized capital gains		(2.76	)		(3.18	)		(4.75	)		(3.30	)		(0.03	)		—
Total Distributions		(2.81	)		(3.30	)		(4.86	)		(3.31	)		(0.25	)		—
Net asset value, end of the period	$	34.67		$	33.33		$	31.78		$	35.98		$	37.03		$	28.84
Total return(b)		12.38	%(c)		16.47	%		0.94	%		5.90	%		29.48	%		30.26	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	275,821		$	267,936		$	306,360		$	358,698		$	403,475		$	343,480
Net expenses(d)		1.15	%(e)		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Gross expenses		1.18	%(e)		1.18	%		1.17	%		1.20	%		1.22	%		1.22	%
Net investment income		0.31	%(e)		0.27	%		0.50	%		0.28	%		0.37	%		0.49	%
Portfolio turnover rate		13	%		22	%		22	%		23	%		22	%		19	%

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

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

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

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

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

See accompanying notes to financial statements.

35  |

FINANCIAL HIGHLIGHTS – continued

For a share outstanding throughout each period.

	Small Cap Value Fund—Admin Class
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012
Net asset value, beginning of the period	$	32.31		$	30.88		$	35.06		$	36.24		$	28.22		$	21.72
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.01			0.01			0.09			0.01			0.04			0.06
Net realized and unrealized gain (loss)		3.97			4.62			0.48			2.11			8.15			6.44
Total from Investment Operations		3.98			4.63			0.57			2.12			8.19			6.50
LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.02	)		(0.00	)(b)		—			(0.14	)		—
Net realized capital gains		(2.76	)		(3.18	)		(4.75	)		(3.30	)		(0.03	)		—
Total Distributions		(2.76	)		(3.20	)		(4.75	)		(3.30	)		(0.17	)		—
Net asset value, end of the period	$	33.53		$	32.31		$	30.88		$	35.06		$	36.24		$	28.22
Total return(c)		12.24	%(d)		16.19	%		0.71	%		5.63	%		29.17	%		29.93	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	32,773		$	43,973		$	45,762		$	61,791		$	74,892		$	67,853
Net expenses(e)		1.40	%(f)		1.39	%(g)		1.38	%(h)		1.40	%		1.40	%		1.40	%
Gross expenses		1.43	%(f)		1.42	%(g)		1.40	%(h)		1.51	%		1.52	%		1.52	%
Net investment income		0.08	%(f)		0.03	%		0.28	%		0.02	%		0.11	%		0.24	%
Portfolio turnover rate		13	%		22	%		22	%		23	%		22	%		19	%

(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) 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.

(g) Includes refund of prior year service fee of 0.01%.

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

See accompanying notes to financial statements.

|  36

FINANCIAL HIGHLIGHTS – continued

For a share outstanding throughout each period.

	Small Cap Value Fund—Class N
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Period Ended September 30, 2013*
Net asset value, beginning of the period	$	33.81		$	32.22		$	36.44		$	37.44		$	32.08
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.11			0.19			0.27			0.23			0.06
Net realized and unrealized gain (loss)		4.16			4.83			0.50			2.18			5.30
Total from Investment Operations		4.27			5.02			0.77			2.41			5.36
LESS DISTRIBUTIONS FROM:
Net investment income		(0.16	)		(0.25	)		(0.24	)		(0.11	)		—
Net realized capital gains		(2.76	)		(3.18	)		(4.75	)		(3.30	)		—
Total Distributions		(2.92	)		(3.43	)		(4.99	)		(3.41	)		—
Net asset value, end of the period	$	35.16		$	33.81		$	32.22		$	36.44		$	37.44
Total return		12.57	%(b)		16.84	%		1.25	%		6.25	%(c)		16.71	%(b)(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	103,449		$	68,332		$	38,555		$	2,568		$	1
Net expenses		0.83	%(d)		0.83	%		0.83	%(e)		0.85	%(f)		0.85	%(d)(f)
Gross expenses		0.83	%(d)		0.83	%		0.83	%(e)		0.89	%		14.45	%(d)
Net investment income		0.65	%(d)		0.61	%		0.76	%		0.60	%		0.27	%(d)
Portfolio turnover rate		13	%		22	%		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.

37  |

FINANCIAL HIGHLIGHTS – continued

For a share outstanding throughout each period.

	Small/Mid Cap Growth Fund— Institutional Class
	Six Months Ended March 31, 2017 (Unaudited)			Year Ended September 30, 2016			Period Ended September 30, 2015*
Net asset value, beginning of the period	$	9.73		$	9.05		$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.01			(0.02	)		(0.01	)
Net realized and unrealized gain (loss)		1.03			0.70			(0.94	)
Total from Investment Operations		1.04			0.68			(0.95	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.02	)		—			—
Net realized capital gains		—			—			—
Total Distributions		(0.02	)		—			—
Net asset value, end of the period	$	10.75		$	9.73		$	9.05
Total return(b)		10.68	%(c)		7.51	%		(9.50	)%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	11,953		$	11,974		$	9,242
Net expenses(d)		0.85	%(e)		0.85	%		0.85	%(e)
Gross expenses		1.55	%(e)		1.75	%		2.65	%(e)
Net investment income (loss)		0.14	%(e)		(0.22	)%		(0.53	)%(e)
Portfolio turnover rate		28	%		53	%		14	%

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

(a) Per share net investment income (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.

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

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

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

See accompanying notes to financial statements.

|  38

NOTES TO FINANCIAL STATEMENTS

March 31, 2017 (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. Class N shares are offered 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. Certain categories of investors are exempted from the minimum investment amounts for Class N and Institutional Class as outlined in the relevant 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 and Natixis ETF 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 (such as the Rule 12b-1 fees applicable to Retail Class and Admin Class), and transfer agent fees for Small Cap Value Fund and Small Cap Growth Fund are borne collectively for Institutional Class, Retail Class and Admin Class, and individually for Class N. 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.

39  |

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2017 (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

|  40

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2017 (Unaudited)

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

b.  Investment Transactions and Related Investment Income. Investment transactions are accounted for on a trade date plus one day basis for daily NAV calculation. However, for financial reporting purposes, investment transactions are reported on trade date. Dividend income is recorded on ex-dividend date, or in the case of certain foreign securities, as soon as a Fund is notified, and interest income is recorded on an accrual basis. Interest income is increased by the accretion of discount and decreased by the amortization of premium, if applicable. 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

41  |

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2017 (Unaudited)

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.

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, 2017 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.

|  42

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2017 (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 capital gain and return of capital distributions received, distribution re-designations, redemption-in-kind and net operating losses. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital accounts reported on the Statements of Assets and Liabilities. Temporary differences between book and tax distributable 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, 2016 was as follows:

	2016 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
Small Cap Growth Fund	$	—	$	85,662,346	$	85,662,346
Small Cap Value Fund		7,118,205		98,999,090		106,117,295
Small/Mid Cap Growth Fund		—		—		—

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, 2016, the 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	$	(7,329,238	)	$	—	$	(1,072,253	)
Long-term:
No expiration date		—			—		(29,020	)
Total capital loss carryforward		(7,329,238	)		—		(1,101,273	)
Late-year ordinary and post-October capital loss deferrals*	$	(3,107,069	)	$	—	$	(7,917	)

* 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.

43  |

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2017 (Unaudited)

f.  Repurchase Agreements. Each Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which each Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is each Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities. As of March 31, 2017, 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, 2017, 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.

|  44

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2017 (Unaudited)

i.  New Accounting Pronouncement. In October 2016, the SEC adopted amendments to rules under the Investment Company Act of 1940 (“final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. The final rules amend Regulation S-X and require funds to provide standardized, enhanced derivative disclosures in fund financial statements in a format designed for individual investors. The amendments to Regulation S-X also update the disclosures for other investments, including investments in and advances to affiliates, and amend the rules regarding the general form and content of fund financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the amendments and the impact, if any, on the Funds’ financial statements.

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

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

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

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

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

The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2017, at value:

Small Cap Growth Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	1,098,958,073	$	—	$	—	$	1,098,958,073
Short-Term Investments		—		30,695,203		—		30,695,203
Total	$	1,098,958,073	$	30,695,203	$	—	$	1,129,653,276

(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, 2017, there were no transfers among Levels 1, 2 and 3.

45  |

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2017 (Unaudited)

Small Cap Value Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	1,108,111,750	$	—	$	—	$	1,108,111,750
Closed-End Investment Companies		6,990,166		—		—		6,990,166
Short-Term Investments		—		19,315,329		—		19,315,329
Total	$	1,115,101,916	$	19,315,329	$	—	$	1,134,417,245

(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, 2017, there were no transfers among Levels 1, 2 and 3.

Small/Mid Cap Growth Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	11,562,954	$	—	$	—	$	11,562,954
Short-Term Investments		—		357,926		—		357,926
Total	$	11,562,954	$	357,926	$	—	$	11,920,880

(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, 2017, there were no transfers among Levels 1, 2 and 3.

4.  Purchases and Sales of Securities. For the six months ended March 31, 2017, purchases and sales of securities (excluding short-term investments) were as follows:

Fund	Purchases		Sales
Small Cap Growth Fund	$	280,999,382	$	384,045,334
Small Cap Value Fund		144,802,343		176,047,649
Small/Mid Cap Growth Fund		3,240,307		4,535,479

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%

|  46

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2017 (Unaudited)

Loomis Sayles has given binding undertakings to the Funds to waive management fees and/or reimburse certain expenses to limit the Funds’ operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes, organizational and extraordinary expenses such as litigation and indemnification expenses. These undertakings are in effect until January 31, 2018, may be terminated before then only with the consent of the Funds’ Board of Trustees and are reevaluated on an annual basis. Management fees payable, as reflected on the Statements of Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to these undertakings. Waivers/reimbursements that exceed management fees payable are reflected on the Statement of Assets and Liabilities as receivable from investment adviser.

For the six months ended March 31, 2017, 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, 2017, the management fees for each Fund were as follows:

	Gross Management Fees		Contractual Waivers of Management Fees1		Net Management Fees		Percentage of Average Daily Net Assets
Fund							Gross		Net
Small Cap Growth Fund	$	4,097,055	$	—	$	4,097,055		0.75%		0.75%
Small Cap Value Fund		4,138,728		—		4,138,728		0.75%		0.75%
Small/Mid Cap Growth Fund		45,092		41,834		3,258		0.75%		0.05%

For the six months ended March 31, 2017, class-specific expenses have been reimbursed as follows:

	Reimbursement1
Fund	Institutional Class	Retail Class	Admin Class	Class N	Total
Small Cap Value Fund	$116,520	$45,818	$6,191	$    —	$168,529

¹ Waivers/expense reimbursements are subject to possible recovery until September 30, 2018.

47  |

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2017 (Unaudited)

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, which is a wholly-owned subsidiary of Natixis US, has entered into a distribution agreement with the Trusts. Pursuant to this agreement, NGAM Distribution serves as principal underwriter of the Funds of the Trusts.

Pursuant to Rule 12b-1 under the 1940 Act, Small Cap Growth Fund and Small Cap Value Fund have adopted a Distribution Plan relating to each Fund’s Retail Class shares (the “Retail Class Plans”) and Small Cap Value Fund has adopted a Distribution Plan relating to its Admin Class shares (the “Admin Class Plan”).

Under the Retail Class Plans, each Fund pays NGAM Distribution a monthly distribution fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the 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.

|  48

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2017 (Unaudited)

For the six months ended March 31, 2017, 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	$	—	$	138,258	$	—
Small Cap Value Fund		51,105		344,848		51,105

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

For the six months ended March 31, 2017, the administrative fees for each Fund were as follows:

Fund	Administrative Fees
Small Cap Growth Fund	$	244,248
Small Cap Value Fund		246,760
Small/Mid Cap Growth Fund		2,688

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.

49  |

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2017 (Unaudited)

For the six months ended March 31, 2017, 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	$	562,098
Small Cap Value Fund		500,991
Small/Mid Cap Growth Fund		127

As of March 31, 2017, 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	$	13,399
Small Cap Value Fund		10,748
Small/Mid Cap Growth Fund		3

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.

|  50

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2017 (Unaudited)

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

f.  Affiliated Ownership. As of March 31, 2017, 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		Natixis US		Total Affiliated Ownership
Small Cap Growth Fund		0.60%		1.47%		—		2.07%
Small Cap Value Fund		1.03%		2.66%		—		3.69%
Small/Mid Cap Growth		—		12.54%		72.72%		85.26%

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, 2017, 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	$	502,796	$	71,142	$	—	$	508
Small Cap Value Fund		357,638		141,019		20,925		231

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, 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 at a rate equal to the greater of the eurodollar or the federal funds rate plus 1.00%. In addition, a commitment fee of 0.10% per annum, payable on the last

51  |

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2017 (Unaudited)

business day of each month, 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, which are being amortized over a period of 364 days and are reflected as miscellaneous expenses on the Statements of Operations. The unamortized balance is reflected as prepaid expenses on the Statements of Assets and Liabilities.

Effective April 13, 2017, the commitment fee is 0.15% per annum based on the average daily unused portion of the line of credit.

For the six months ended March 31, 2017, none of the Funds had borrowings under this agreement.

8.  Brokerage Commission Recapture. Each Fund has entered into agreements with certain brokers whereby the brokers will rebate a portion of brokerage commissions. All amounts rebated by the brokers are returned to the Funds under such agreements and are included in realized gains on investments in the Statements of Operations. For the six months ended March 31, 2017, amounts rebated under these agreements were as follows:

Fund	Rebates
Small Cap Growth Fund	$	20,910
Small Cap Value Fund		20,630
Small/Mid Cap Growth Fund		286

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, 2017, based on management’s evaluation of the shareholder account base, the Funds had accounts representing controlling ownership of more than 5% of the Fund’s total outstanding shares. The number of such accounts, based on accounts that represent more than 5% of an individual class of shares, and the aggregate percentage of net assets represented by such holdings were as follows:

Fund	Number of 5% Non- Affiliated Account Holders		Percentage of Non-  Affiliated Ownership		Percentage of Affiliated Ownership (Note 5)		Total Percentage of Ownership
Small Cap Growth Fund		2		30.96%		—		30.96%
Small Cap Value Fund		2		20.89%		—		20.89%
Small/Mid Cap Growth		—		—		72.72%		72.72%

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.

|  52

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2017 (Unaudited)

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

	Small Cap Growth Fund
	Six Months Ended March 31, 2017						Year Ended September 30, 2016
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		2,259,665		$	52,060,167			7,447,055		$	155,701,856
Issued in connection with the reinvestment of distributions		—			—			2,716,857			58,412,420
Redeemed		(6,585,220	)		(149,321,264	)		(9,612,542	)		(201,629,117	)
Subscription in-kind (Note 11)		—			—			277,161			5,698,438
Net change		(4,325,555	)	$	(97,261,097	)		828,531		$	18,183,597
Retail Class
Issued from the sale of shares		374,025		$	8,097,266			935,456		$	18,282,313
Issued in connection with the reinvestment of distributions		—			—			588,964			11,867,620
Redeemed		(1,486,418	)		(31,676,219	)		(3,547,121	)		(71,211,754	)
Net change		(1,112,393	)	$	(23,578,953	)		(2,022,701	)	$	(41,061,821	)
Class N
Issued from the sale of shares		1,696,360		$	39,192,872			3,494,879		$	74,656,476
Issued in connection with the reinvestment of distributions		—			—			616,186			13,284,984
Redeemed		(1,556,332	)		(34,369,848	)		(2,515,389	)		(53,613,909	)
Net change		140,028		$	4,823,024			1,595,676		$	34,327,551
Increase (decrease) from capital share transactions		(5,297,920	)	$	(116,017,026	)		401,506		$	11,449,327

	Small Cap Value Fund
	Six Months Ended March 31, 2017						Year Ended September 30, 2016
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		2,587,750		$	91,616,572			3,109,829		$	98,123,134
Issued in connection with the reinvestment of distributions		1,505,162			53,252,622			2,210,358			66,708,596
Redeemed		(2,966,801	)		(104,409,962	)		(5,042,901	)		(158,011,519	)
Redeemed in-kind (Note 11)		—			—			(1,595,784	)		(52,325,759	)
Net change		1,126,111		$	40,459,232			(1,318,498	)	$	(45,505,548	)

53  |

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2017 (Unaudited)

10.  Capital Shares – continued.

	Small Cap Value Fund – continued
	Six Months Ended March 31, 2017						Year Ended September 30, 2016
Retail Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		476,017		$	16,701,038			609,197		$	18,890,158
Issued in connection with the reinvestment of distributions		607,283			21,218,468			943,438			28,142,755
Redeemed		(1,167,762	)		(40,882,752	)		(3,153,621	)		(100,205,101	)
Net change		(84,462	)	$	(2,963,246	)		(1,600,986	)	$	(53,172,188	)
Admin Class
Issued from the sale of shares		152,192		$	5,144,446			341,303		$	10,091,067
Issued in connection with the reinvestment of distributions		80,992			2,738,330			111,997			3,244,570
Redeemed		(616,896	)		(20,816,260	)		(574,173	)		(17,370,719	)
Net change		(383,712	)	$	(12,933,484	)		(120,873	)	$	(4,035,082	)
Class N
Issued from the sale of shares		917,133		$	33,058,603			945,571		$	29,754,154
Issued in connection with the reinvestment of distributions		198,134			7,013,982			140,642			4,245,978
Redeemed		(193,998	)		(6,858,819	)		(261,689	)		(8,144,577	)
Net change		921,269		$	33,213,766			824,524		$	25,855,555
Increase (decrease) from capital share transactions		1,579,206		$	57,776,268			(2,215,833	)	$	(76,857,263	)
	Small/Mid Cap Growth Fund
	Six Months Ended March 31, 2017						Year Ended September 30, 2016
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		88,073		$	894,182			214,933		$	1,914,485
Issued in connection with the reinvestment of distributions		2,259			22,881			—			—
Redeemed		(208,292	)		(2,154,303	)		(5,401	)		(50,724	)
Increase (decrease) from capital share transactions		(117,960	)	$	(1,237,240	)		209,532		$	1,863,761

11.   Redemption/Subscription 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

|  54

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2017 (Unaudited)

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. A Fund may also receive securities in lieu of cash as payment for Fund shares.

55  |

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 25, 2017

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 25, 2017
By:	/s/ Michael C. Kardok
Name:	Michael C. Kardok
Title:	Treasurer
Date:	May 25, 2017