Loomis Sayles Small Cap Growth Fund (LSSIX) N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-06241

Loomis Sayles Funds II

(Exact name of Registrant as specified in charter)

888 Boylston Street, Suite 800 Boston, Massachusetts	02199-8197
(Address of principal executive offices)	(Zip code)

Russell L. Kane, Esq.

Natixis Distribution, L.P.

888 Boylston Street, Suite 800

Boston, Massachusetts 02199-8197

(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: September 30, 2017

Item 1. Reports to Stockholders.

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

ANNUAL REPORT

September 30, 2017

Loomis Sayles Global Equity and Income Fund

Loomis Sayles Growth Fund

Loomis Sayles Value Fund

TABLE OF CONTENTS

Shareholder Supplement  enclosed

(previously posted to the Funds’ website)

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.

Market Conditions

The 12-month period ending September 30, 2017 was generally positive for global equity and fixed income assets. Despite a muted start, global equity markets posted robust performance for the full period, with all sectors registering positive returns. In general, the more cyclical sectors delivered the strongest returns. Financials, led by banks, were top performers, as investors anticipated pro-growth policies from the US administration, including an easing of financial sector regulations. Technology also performed well, particularly in the final three quarters of the period. Materials also posted strong returns, as did industrials (led by the aerospace and defense industry).

The more defensive telecommunication services and consumer staples sectors posted less robust returns. Energy also lagged the broader market and was one of the more volatile sectors. Initially, energy stocks were supported by an OPEC agreement to curb oil production, but the sector struggled as oil entered bear market territory in the second quarter of 2017 before rebounding in the final quarter of the period.

Corporate credit spreads (the yield difference between non-Treasury and Treasury securities of similar maturity) generally tightened during the period, handily outperforming duration-matched global treasuries (duration refers to a security’s price sensitivity to interest rate changes). Credit continued to perform well due to improving earnings and credit profiles, accommodative central banks and healthy demand, particularly for investment grade credit and emerging market debt.

The Federal Reserve (Fed) raised interest rates three times during the period. Despite these rate increases, the US dollar generally weakened throughout the second half of the period. Accelerating non-US growth, uncertainty about US fiscal policy and diminished prospects for significant monetary policy divergence in major developed markets contributed to the US dollar’s depreciation.

Emerging market (EM) assets posted solid returns, with both sovereign and local bonds outperforming. Investors’ thirst for yield, the weaker US dollar, relatively benign inflation and strong risk appetite boosted the demand for emerging market debt.

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Performance Results

For the 12 months ended September 30, 2017, Class Y shares of Loomis Sayles Global Equity and Income Fund returned 14.42% at net asset value. The Fund underperformed its primary benchmark, the MSCI All Country World Index (Net), which returned 18.65%. The Fund outperformed its secondary blended benchmark, 60% MSCI All Country World Index (Net) / 40% Bloomberg Barclays Global Aggregate Index, which returned 10.31%.

Explanation of Fund Performance

The Fund’s equity allocation contributed strongly to return. Fixed income assets also posted positive returns, albeit not as strong as equity returns, tempering the Fund’s overall results. The Fund’s target asset allocation at the end of the period was 67.5% equity, 22.4% US fixed income, and 10.1% non-US fixed income. The equity allocation rose 2% over the period. The majority equity exposure is in line with the long-term performance objective of the Fund.

Within the Fund’s equity allocation, the largest contributors were Alibaba, Marriott, and Facebook. Shares of the China-based e-commerce company Alibaba surged in the first three quarters of 2017, recovering from a weak end to 2016. The company announced positive results and 2018 revenue guidance that far exceeded consensus expectations. We believe Alibaba continues to be well positioned in a massive and rapidly growing market. The company’s platforms have become more valuable to sellers as the number of users grows and vice versa; this network effect solidifies Alibaba’s leadership position in the industry. The stock remains one of our largest positions. In the United States, technology company Facebook’s earnings results during the period exceeded investors’ expectations on a fairly consistent basis, with strong revenue growth and meaningful margin expansion. We expect Facebook to continue growing its top line, benefiting from significant demand for online advertising and continued monetization of its non-Facebook-branded assets, such as Instagram and WhatsApp. Marriott shares also outperformed as the company completed its acquisition of Starwood Hotels & Resorts Worldwide in September of 2016. Shares were also supported later in the period by better-than-expected lodging industry data. We believe Marriott is well positioned moving forward; it operates a more defensive business model with its managed and franchised hotels, and the Starwood transaction should generate meaningful revenue and cost synergies. The company has also earmarked significant assets for sale.

The Fund’s corporate credit exposure was a positive source of return. Allocations to the banking, communications, consumer cyclical, capital goods and energy sectors were particularly helpful to performance. An allocation to high yield credit contributed to return as the asset class benefited from the “risk-on” environment and the search for yield. Specifically, positioning within higher-quality high yield communications and basic industry issues was quite positive. In addition, euro- and Canadian dollar-denominated fixed income positions added value as those currencies appreciated versus the US dollar. Local currency-denominated EM bonds from Brazil, Mexico and Russia were also positive due to currency appreciation and high bond market returns. Security selection among EM hard-currency issuers from Latin America lifted results.

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TransDigm, Allergan and AutoZone were the largest detractors from performance within the Fund’s equity allocation. TransDigm, a supplier of critical components to the aerospace and defense industry, saw its shares weaken in early 2017. We eliminated the Fund’s position in January due to concerns about the potential slowing of organic growth and the impact on the company’s volumes from increased competition in the aftermarket parts and services business. In addition, we felt TransDigm’s high leverage levels could limit the company’s flexibility should fundamentals deteriorate. Global pharmaceutical company Allergan’s shares fell in the fourth quarter of 2016 after it reported earnings that were below expectations, posting disappointing numbers on both revenues and margins. We eliminated the position in November due to concerns that the difficult reimbursement environment in the United States posed a significant risk to our revenue forecasts. AutoZone, an automobile replacement parts retailer, declined after the company announced underwhelming results in both the first and second quarters of 2017 that were attributable, in part, to delayed IRS rebates to the US consumer. Shares were also pressured as fears about competition from Amazon resurfaced. We eliminated the stock from the Fund in May.

Within the Fund’s corporate credit allocation, selected issuers from the consumer (cyclical and non-cyclical) and communications sectors weighed on performance. Selected non-US-dollar-denominated positions within the Fund’s fixed income allocation also detracted from return. Allocations to the Japanese yen and the Argentine peso were the primary detractors as they depreciated versus the US dollar.

The Fund’s duration and yield curve positioning (the relationship among bond yields across the maturity spectrum) detracted from performance. The middle of the US Treasury yield curve (5- to 10-year maturities) rose higher than other maturities during the period. The Fund’s exposure to that part of the yield curve weighed on performance. In addition, currency forwards detracted from performance, largely due to hedging costs.

Outlook

Risk appetite has remained strong this year, and we expect the trend to continue into 2018. We expect the macroeconomic backdrop of stable growth and inflation to persist in the absence of a geopolitical shock. Despite improving growth, developed economy inflation remains below central banks’ targets; therefore, we believe monetary policymakers will shift gears slowly. We expect the Fed to raise interest rates in December 2017 with two additional hikes by the end of 2018. We do not anticipate a rate hike from the European Central Bank (ECB) within the next 12 months and expect the ECB to maintain ultra-accommodative policies, even if at a lower “dosage.” Japan’s struggle to increase inflation should keep the Bank of Japan accommodative for the foreseeable future.

Government bond yields are expected to rise, but not substantially. Although developed markets could see higher yields in the future, we think they will follow a low trajectory based on our benign view of inflation and monetary policy over the near-to-medium term. An inflation surprise could spur less positive outcomes for bonds, but we think medium- to long-term yields are likely to move only moderately higher over the next 12 months.

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We expect the US dollar to be range bound relative to global peers, particularly in EM, where aggregate economic growth has been outpacing the United States and attracting equity inflows. Strong earnings expectations outside the United States could lead to further US dollar outflows into other countries and markets. While firm global growth is not a bullish factor for US Treasury returns, it is a positive factor for most risk assets, including equities, EM bonds, currencies and global credit spreads broadly.

In equities, strong profit growth and low rates continue to support valuations. Corporate profits rebounded globally in the first half of 2017 and have since broadly exceeded market consensus expectations. This has propelled global equity markets higher and supports somewhat elevated valuation multiples. While these developments have been favorable for equities, we maintain our consistent and disciplined approach to equity investing regardless of benchmark valuations. We invest only in opportunities that meet our three alpha drivers: quality, intrinsic value growth and compelling valuation.

Growth of $100,000 Investment in Class Y Shares⁴

September 30, 2007 through September 30, 2017

See notes to chart on page 6.

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 im.natixis.com.

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Top Ten Holdings as of September 30, 2017

	Security name	% of net assets
1	Alibaba Group Holding Ltd., Sponsored ADR		4.20	%
2	Facebook, Inc., Class A		3.20	%
3	Sherwin-Williams Co. (The)		3.08	%
4	Roper Technologies, Inc.		3.00	%
5	Marriott International, Inc., Class A		2.69	%
6	AIA Group Ltd.		2.50	%
7	Nestle S.A., (Registered)		2.38	%
8	Alphabet, Inc., Class A		2.16	%
9	Northrop Grumman Corp.		2.12	%
10	UnitedHealth Group, Inc.		2.07	%

The portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in the securities referenced. The holdings listed exclude any temporary cash investments.

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Average Annual Total Returns — September 30, 2017⁴

													Expense Ratios5
	1 Year			5 Years			10 Years			Life of Class N			Gross			Net
Class Y (Inception 5/1/96)
NAV		14.42	%		8.76	%		6.72	%		—	%		0.92	%		0.92	%
Class A (Inception 2/1/06)
NAV		14.10			8.48			6.45			—			1.17			1.17
With 5.75% Maximum Sales Charge		7.54			7.20			5.82			—
Class C (Inception 2/1/06)
NAV		13.22			7.67			5.66			—			1.92			1.92
With CDSC1		12.22			7.67			5.66			—
Class N (Inception 2/1/17)
NAV		—			—			—			13.18			0.84			0.84
Comparative Performance
MSCI ACWI (Net)2		18.65			10.20			3.88			14.02
Blended Index3		10.31			6.33			3.95			10.54

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 im.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.

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

5 Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense caps set to expire on 1/31/18. When a Fund’s expenses are below the cap, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense caps.

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LOOMIS SAYLES GROWTH FUND

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

Investment Goal

The Fund seeks long-term growth of capital.

Market Conditions

World equity markets staged a strong rally in the 12-month period, with the gains encompassing large- and small-cap stocks in the United States, as well as the developed and emerging markets worldwide. Investors responded favorably to signs of a continued improvement in global economic conditions, highlighted by rising growth in the previously stagnant European region and mounting evidence that China’s economy has begun to accelerate. The outcome of the November 2016 US election also played a key role in the robust returns for equities, as investors anticipated business-friendly policies from the new administration. The US dollar’s decline relative to non-US currencies since the beginning of 2017 was a further tailwind, bolstering performance of US multinational corporations and companies based in emerging markets. In addition, a resurgence in commodity prices provided a boost to export-dependent emerging market nations and stocks in the energy and materials sectors.

The pickup in global growth fed through to corporate results, with companies around the world reporting gains in both revenues and bottom-line profits. Corporate earnings experienced a synchronized, worldwide upturn for the first time since 2006, providing support for somewhat elevated stock market valuations. Growth stocks, particularly those in the technology sector, were key beneficiaries of this trend.

As the period drew to a close, the direction of US Federal Reserve policy remained a focus of investors against a backdrop of improved employment conditions and muted inflation. However, the markets continued to demonstrate confidence that policymakers will shift gears slowly, removing monetary accommodation over a period of years and at a pace commensurate with underlying economic fundamentals.

Performance Results

For the 12 months ended September 30, 2017, Class Y shares of Loomis Sayles Growth Fund returned 19.31% at net asset value. The Fund underperformed its benchmark, the Russell 1000^® Growth Index, which returned 21.94%.

Explanation of Fund Performance

The Fund’s positions in Alibaba, Facebook and Autodesk contributed most to performance. Stock selection in the consumer staples, consumer discretionary and energy sectors, along

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with our allocations in the information technology, consumer discretionary, financials and healthcare sectors, contributed to relative performance. China-based Alibaba operates several increasingly connected businesses across commerce, technology, advertising, digital media and entertainment, logistics, payments, and local services. The company’s ecosystem facilitates commerce and enables merchants and brands to engage with customers across the entire consumer lifecycle. Alibaba reported fundamentally strong results during the period, with revenue growth consistently exceeding consensus expectations. China’s structural shift to e-commerce is the secular growth driver for Alibaba. With its strong brands and powerful network, Alibaba’s revenue growth accelerated to the fastest rate since the IPO for what is now a much larger company. Alibaba continued to gain market share as gross merchandise volume (GMV) increased at a higher rate than the growth in China’s retail sector. For fiscal year 2017, Alibaba’s GMV of $547 billion was greater than the $485 billion in global revenue generated by Walmart in its 2017 fiscal year. For fiscal year 2018, Alibaba issued revenue growth guidance of 45% to 49%, well above consensus expectations that were closer to 30%. Monetization improved to 273 renminbi per annual active buyer at period-end, compared with approximately 202 renminbi a year earlier. Alibaba ended the period with 466 million annual active buyers and 529 million active monthly mobile users, a 24% increase compared with last year. With the benefits of scale, Alibaba generated attractive operating margins, averaging approximately 60% during the period for the core commerce business. We believe the current market price embeds expectations for key revenue and cash flow growth drivers that are well below our long-term assumptions.

Social media company Facebook reported robust revenue growth throughout the period. Growing at more than twice the rate of its online competitors, by our estimates, and many multiples faster than traditional advertisers, Facebook continued to gain market share. Mobile advertising grew to 87% of advertising revenue during the period, up from 84% a year ago. With more than 2 billion users, up 17% year over year, and with 88% of users residing outside North America, Facebook is one of very few global platforms where advertisers can reach consumers at such scale. User data coupled with the scale and frequency of engagement allows Facebook an unprecedented ability to specifically target direct marketing. Demonstrating the strength of its platform, its network effect, and the virtuous cycle between users and advertising partners, Facebook’s advertising revenue per user rose to $4.65, up 25% year over year, and reflects improved monetization per user in all regions. Free cash flow remained robust during the period. The global structural shift from traditional advertising to online advertising is the secular growth driver for Facebook. With quality characteristics such as its brand, network, and targeting advantage, we believe Facebook is well positioned to grow revenue, free cash flow, and market share over our investment time horizon.

3D design software and services company Autodesk, whose name is synonymous with computer-aided design (CAD), provides state-of-the-art solutions to customers in the architecture, engineering, construction, manufacturing, digital media, consumer and entertainment industries. The company reported solid results during the period, with revenues, subscribers and earnings per share above consensus expectations. Importantly, Autodesk demonstrated progress in its transition to a cloud-computing model, reporting

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that annualized recurring revenue grew to 91% of the revenue mix compared with 69% a year earlier. After July 31, 2016, the company discontinued selling new perpetual licenses for its software products, making the purchase of new licenses available only by subscription – via cloud computing. In our view, growth in recurring revenue improves the overall quality of the business by providing better visibility of future revenue streams. Longer term, we believe the cloud-computing model will drive growth due to a higher lifetime customer value, expanding margins, and greater free cash flow. In February 2017, the company announced that Carl Bass would step down as CEO after ten years but remain on the Board of Directors. In June, interim co-CEO Andrew Anagnost was named to the CEO role. Andrew is a 20-year veteran of Autodesk and one of the chief architects of the business model transition. We have met Andrew several times over the past few years and think he is a strong candidate who is likely to preserve the company’s focus on increasing its competitive position and generating long-term revenue, profit and free cash flow growth. We believe that the market price embeds expectations for growth and profitability that are well below our long-term investment thesis for Autodesk, and that all three contributors sell at a meaningful discount to our estimate of intrinsic value and offer compelling reward-to-risk opportunities.

On the downside, the Fund’s positions in Qualcomm, Schlumberger and SABMiller detracted most from performance. Stock selection in the information technology, healthcare and industrials sectors, along with our allocations in the consumer staples, energy and industrials sectors, detracted from relative performance. Qualcomm, the pioneer developer of 3G and 4G technology, benefits from its difficult-to-replicate skill in designing and manufacturing the chipsets used in mobile devices for wireless communication. A lawsuit filed by Apple alleging unfair practices resulted in a substantial near-term decline in royalty revenues and associated segment margins, which led to a decline in share value. Additionally, after Apple directed its contract manufacturers to withhold payments, Qualcomm lowered its financial guidance. Challenges to Qualcomm’s business model and royalty rates are not new. Over the last two decades, Qualcomm has successfully defended its business model numerous times, establishing a body of legal precedence in a variety of jurisdictions around the world and most recently in China. In our view, Apple’s challenges to Qualcomm’s business model are no different from previous challenges, except for Apple’s aggressiveness in its pursuit. This is not necessarily indicative that Apple has a strong case. We believe the decades-long industry practice that has been repeatedly validated, and is backed by regulations around the world, is not likely to be overturned. We believe that Qualcomm is well positioned to benefit from long-term secular growth in mobile devices and that market expectations embed future growth well below our estimate.

Schlumberger is the world’s leading supplier of technology, equipment, integrated project management, and information solutions to the international oil and gas exploration and production industry. The company reported global sales that were lower compared with the year-ago period. In markets outside of North America, which accounted for approximately 75% of revenue, the company continued to experience low demand for its oilfield services given the oil price environment. However, Schlumberger reported improved results in

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North America during the period, with strong growth in regional rig-count as well as in hydraulic fracturing revenue where the company redeployed idle capacity to accommodate growing well completion activity. While the company’s margins were down meaningfully compared to the year-ago period, Schlumberger has maintained exemplary margins and cash flow for this point in the cycle, and continued to invest to strengthen its ability to offer integrated solutions to clients. Schlumberger generated $1.9 billion of free cash flow over the past 12 months and ended the period with $12.6 billion in net debt, and cash and investments of $7.6 billion. We believe these results highlight the company’s high-quality characteristics, its strong execution, and its proactive management of costs and resources. Increasing consumption in emerging markets and the need to replace naturally depleting reservoirs creates long-term secular growth in the demand for oil and the need to extract hydrocarbons from harsher environments. Oilfield services like those Schlumberger provides are key to accessing difficult-to-reach resources. Thanks to its superior products and services and its competitive advantages, we believe Schlumberger is well positioned to weather the current environment and capitalize on the growth in oilfield services as the market supply-demand normalizes. We believe the shares of both Schlumberger and Qualcomm are selling below our estimate of intrinsic value and offer compelling reward-to-risk opportunities.

SABMiller, a Fund holding since the second quarter of 2012, was the world’s second largest brewer. Following its acquisition by Anheuser Busch Inbev, SA (ABI), the company was delisted and sold from the portfolio in October 2016. Despite the cash consideration for the acquisition being fixed, the appreciation of the US dollar versus the British pound during this period resulted in a decline in the price of the US dollar-denominated American depositary receipts (ADRs, which are certificates issued by US banks in US dollars that represent shares of foreign companies).

Outlook

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

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Growth of $100,000 Investment in Class Y Shares³

September 30, 2007 through September 30, 2017

See notes to chart on page 12.

Top Ten Holdings as of September 30, 2017

	Security name	% of net assets
1	Alibaba Group Holding Ltd., Sponsored ADR		6.35	%
2	Facebook, Inc., Class A		6.28	%
3	Amazon.com, Inc.		5.92	%
4	Visa, Inc., Class A		5.13	%
5	Cisco Systems, Inc.		4.51	%
6	Oracle Corp.		4.23	%
7	Monster Beverage Corp.		3.92	%
8	Autodesk, Inc.		3.82	%
9	Danone S.A., Sponsored ADR		3.32	%
10	Novo Nordisk AS, Sponsored ADR		3.31	%

The portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in the securities referenced. The holdings listed exclude any temporary cash investments.

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Average Annual Total Returns — September 30, 2017³

													Expense Ratios4
	1 Year			5 Years			10 Years			Life of Class N			Gross			Net
Class Y (Inception 5/16/91)
NAV		19.31	%		17.69	%		7.89	%		—	%		0.66	%		0.66	%
Class A (Inception 12/31/96)
NAV		18.99			17.42			7.56			—			0.92			0.92
With 5.75% Maximum Sales Charge		12.14			16.02			6.92			—
Class C (Inception 9/12/03)
NAV		18.03			16.52			6.76			—			1.66			1.66
With CDSC1		17.03			16.52			6.76			—
Class N (Inception 2/1/13)
NAV		19.39			—			—			16.44			0.58			0.58
Comparative Performance
Russell 1000® Growth Index2		21.94			15.26			9.08			15.50

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 im.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 Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense caps set to expire on 1/31/18. When a Fund’s expenses are below the cap, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense caps.

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LOOMIS SAYLES VALUE FUND

Manager	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.

Market Conditions

Despite some concerning headlines recently, domestic equity markets remained fairly calm during the period as they shrugged off a variety of geopolitical, weather and domestic events. Investors’ risk appetite remained strong, given steady economic activity and increased visibility into the Federal Reserve’s (the Fed’s) conservative plan to reduce the size of its balance sheet. Given this muted volatility, markets have continued their march higher, as we have only had two 3% pullbacks for the one-year period ending September 30, 2017. This rather sanguine environment allowed investors to be more focused on the underlying and improving fundamentals of the broader economy and individual businesses instead of concentrating on known risks with unknown outcomes.

Performance Results

For the 12 months ended September 30, 2017, Class Y shares of Loomis Sayles Value Fund returned 16.63% at net asset value. The Fund outperformed its benchmark, the Russell 1000^® Value Index, which returned 15.12%.

Explanation of Fund Performance

Strong stock selection was the primary contributor to the Fund’s performance. Selection was particularly noteworthy in the energy, real estate, financials, healthcare and industrial sectors. The Fund’s relative underweight position to the energy, real estate and consumer staples sectors compared to the benchmark also contributed to performance.

The individual stocks that contributed most were financial holdings Bank of America, JPMorgan Chase and PNC Financial. Despite suffering occasional setbacks, all three companies sustained the positive momentum from the rally in financials early in the period following the UK Brexit decision to leave the European Union and the 2016 US presidential election. They continued to outperform throughout the remainder of the period. Additionally, all three stocks have exhibited stronger fundamentals and scored very well in the Fed’s latest supervisory stress tests released in June 2017, allowing them to return a greater-than-expected amount of additional capital to shareholders.

The main detractor from performance during the period was stock selection within the consumer discretionary sector. The individual stocks that had the greatest negative impact on the Fund’s performance were Teva Pharmaceutical Industries, Advance Auto Parts, Inc.

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and Qualcomm Incorporated. After a series of setbacks, shares of Teva Pharmaceutical declined substantially in the fourth quarter of 2016, when news surfaced that it was under Department of Justice investigation for alleged price collusion on several generic drugs. After initially trimming the position, the Fund eliminated the stock in February 2017.

The decline in Advance Auto shares was primarily due to a mismatch between investor expectations and company fundamentals. After the stock rose sharply following the company’s analyst day in November 2016, investors expected a rapid turnaround in the business. Although the company made progress on many fronts, the broader deceleration in growth of the auto parts industry forced Advance Auto to significantly reduce its guidance. This combination of elevated expectations and industry deceleration put pressure on the stock. Also during the period, digital communications equipment company Qualcomm faced multiple negative legal and regulatory setbacks, causing investors to question the size and sustainability of cash flows coming from its technology licensing business. Regulators in both Korea and the United States challenged some of Qualcomm’s go to market practices, and major customer Apple joined in, filing lawsuits in the United States and in the UK making similar arguments. While these events led the stock to underperform, we believe that these challenges are temporary and that Qualcomm’s licensing model will endure.

Outlook

A steady global economic backdrop has fostered an environment where equities should perform well into 2018 as risk appetite remains strong. Central bank transparency has contributed to low volatility in the markets. With another interest rate hike expected in December, investors are turning their attention to the Fed’s tapering of its balance sheet. The lack of any large pullback in the market this year has led to complacency among investors, and we believe the odds of a correction might be increasing. However, market pullbacks can be healthy, preventing stocks from overheating and allowing investors on the sidelines an opportunity to get in. Regardless of the direction of the markets, we continue to take a long term, security-specific approach and, as always, view opportunities as defined by their risk/reward potential.

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Growth of $100,000 Investment in Class Y Shares⁴

September 30, 2007 through September 30, 2017

See notes to chart on page 16.

Top Ten Holdings as of September 30, 2017

	Security name	% of net assets
1	JPMorgan Chase & Co.		3.26	%
2	Bank of America Corp.		2.87	%
3	Wells Fargo & Co.		2.67	%
4	Citigroup, Inc.		2.46	%
5	Comcast Corp., Class A		2.18	%
6	Pfizer, Inc.		2.17	%
7	Oracle Corp.		2.09	%
8	Chevron Corp.		2.06	%
9	PNC Financial Services Group, Inc. (The)		2.03	%
10	United Technologies Corp.		1.99	%

The portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in the securities referenced. The holdings listed exclude any temporary cash investments.

15  |

Average Annual Total Returns — September 30, 2017⁴

													Expense Ratios5
	1 Year			5 Years			10 Years			Life of Class N			Gross			Net
Class Y (Inception 5/13/91)
NAV		16.63	%		12.33	%		6.03	%		—	%		0.69	%		0.69	%
Class A (Inception 6/30/06)
NAV		16.33			12.05			5.74			—			0.94			0.94
With 5.75% Maximum Sales Charge		9.67			10.74			5.11			—
Class C (Inception 6/1/07)
NAV		15.46			11.21			4.95			—			1.69			1.69
With CDSC2		14.46			11.21			4.95			—
Class N (Inception 2/1/13)
NAV		16.80			—			—			11.18			0.57			0.57
Admin Class (Inception 2/1/10)1
NAV		16.06			11.73			5.45			—			1.19			1.19
Comparative Performance
Russell 1000® Value Index3		15.12			13.20			5.92			12.12

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 im.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 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 Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense caps set to expire on 1/31/18. When a Fund’s expenses are below the cap, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense caps.

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ADDITIONAL INFORMATION

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

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 Investment Managers or any of its related or affiliated companies (collectively “Natixis Affiliates”) and does not sponsor, endorse or participate in the provision of any Natixis Affiliates 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 im.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.

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UNDERSTANDING FUND EXPENSES

As a mutual fund shareholder, you incur different types of costs: transaction costs, including sales charges (loads) on purchases and contingent deferred sales charges on redemptions; and ongoing costs, including management fees, distribution and/or service fees (12b-1 fees), and other fund expenses. Certain exemptions may apply. These costs are described in more detail in the Funds’ 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 April 1, 2017 through September 30, 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.

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LOOMIS SAYLES GLOBAL EQUITY AND INCOME FUND	BEGINNING ACCOUNT VALUE 4/1/2017		ENDING ACCOUNT VALUE 9/30/2017		EXPENSES PAID DURING PERIOD* 4/1/2017 – 9/30/2017
Class A
Actual		$1,000.00		$1,100.40		$6.16
Hypothetical (5% return before expenses)		$1,000.00		$1,019.20		$5.92
Class C
Actual		$1,000.00		$1,096.30		$10.04
Hypothetical (5% return before expenses)		$1,000.00		$1,015.49		$9.65
Class N
Actual		$1,000.00		$1,101.40		$4.58
Hypothetical (5% return before expenses)		$1,000.00		$1,020.71		$4.41
Class Y
Actual		$1,000.00		$1,101.90		$4.85
Hypothetical (5% return before expenses)		$1,000.00		$1,020.46		$4.66

* Hypothetical expenses are equal to the Fund’s annualized expense ratio: 1.17%, 1.91%, 0.87% and 0.92% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), divided by 365 (to reflect the half-year period).

LOOMIS SAYLES GROWTH FUND	BEGINNING ACCOUNT VALUE 4/1/2017		ENDING ACCOUNT VALUE 9/30/2017		EXPENSES PAID DURING PERIOD* 4/1/2017 – 9/30/2017
Class A
Actual		$1,000.00		$1,149.90		$4.85
Hypothetical (5% return before expenses)		$1,000.00		$1,020.56		$4.56
Class C
Actual		$1,000.00		$1,145.40		$8.87
Hypothetical (5% return before expenses)		$1,000.00		$1,016.80		$8.34
Class N
Actual		$1,000.00		$1,151.50		$3.07
Hypothetical (5% return before expenses)		$1,000.00		$1,022.21		$2.89
Class Y
Actual		$1,000.00		$1,151.50		$3.51
Hypothetical (5% return before expenses)		$1,000.00		$1,021.81		$3.29

* Hypothetical expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.90%, 1.65%, 0.57% and 0.65% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), divided by 365 (to reflect the half-year period).

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LOOMIS SAYLES VALUE FUND	BEGINNING ACCOUNT VALUE 4/1/2017		ENDING ACCOUNT VALUE 9/30/2017		EXPENSES PAID DURING PERIOD* 4/1/2017 – 9/30/2017
Class A
Actual		$1,000.00		$1,051.90		$4.94
Hypothetical (5% return before expenses)		$1,000.00		$1,020.26		$4.86
Class C
Actual		$1,000.00		$1,047.90		$8.78
Hypothetical (5% return before expenses)		$1,000.00		$1,016.50		$8.64
Class N
Actual		$1,000.00		$1,054.10		$2.99
Hypothetical (5% return before expenses)		$1,000.00		$1,022.16		$2.94
Class Y
Actual		$1,000.00		$1,053.60		$3.66
Hypothetical (5% return before expenses)		$1,000.00		$1,021.51		$3.60
Admin Class
Actual		$1,000.00		$1,050.60		$6.22
Hypothetical (5% return before expenses)		$1,000.00		$1,019.00		$6.12

* Expenses are equal to the Fund’s annualized expense ratio: 0.96%, 1.71%, 0.58%, 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 (183), divided by 365 (to reflect the half-year period).

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BOARD APPROVAL OF THE EXISTING ADVISORY AGREEMENTS

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

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

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

21  |

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

The Board most recently approved the continuation of the Agreements at its meeting held in June 2017. The Agreements were continued for a one-year period for the Funds. In considering whether to approve the continuation of the Agreements, the Board, including the Independent Trustees, did not identify any single factor as determinative. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. Matters considered by the Trustees, including the Independent Trustees, in connection with their approval of the Agreements included, but were not limited to, the factors listed below.

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

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

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

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

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The Board noted that, through December 31, 2016, each Fund’s one- and three-year performance, as applicable, stated as percentile rankings within categories selected by the independent third-party data provider was as follows (where the best performance would be in the first percentile of its category):

	One-Year			Three-Year
Loomis Sayles Global Equity and Income Fund		68	%		17	%
Loomis Sayles Growth Fund		28	%		6	%
Loomis Sayles Value Fund		82	%		84	%

In the case of each Fund that had performance that lagged that of a relevant peer group median and/or category median for certain (although not all) periods, the Board concluded that other factors relevant to performance supported renewal of the Agreements. These factors included one or more of the following: (1) that the underperformance was attributable, to a significant extent, to investment decisions (such as security selection or sector allocation) by the Adviser that were reasonable and consistent with the Fund’s investment objective and policies; (2) that the Fund’s more recent performance, although lagging in certain periods, had shown improvement relative to its category and (3) that the Fund’s performance, although lagging in certain periods, was stronger over the long term.

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

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

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

23  |

They noted that all three of the Funds included in this report have expense caps in place, and the Trustees considered that the current expenses of each Fund are below the cap.

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

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

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

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

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

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

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

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

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

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

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Trustees, including the Independent Trustees, concluded that each of the existing Agreements should be continued through June 30, 2018.

25  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Global Equity and Income Fund

Shares		Description	Value (†)
	Common Stocks — 67.4% of Net Assets
		Belgium — 0.9%
	131,523	Anheuser-Busch InBev S.A.	$	15,721,894
		Canada — 1.4%
	476,500	CGI Group, Inc., Class A(a)		24,708,115
		China — 4.2%
	434,539	Alibaba Group Holding Ltd., Sponsored ADR(a)		75,049,231
		France — 1.9%
	296,121	Thales S.A.		33,535,826
		Hong Kong — 2.5%
	6,039,000	AIA Group Ltd.		44,708,521
		India — 0.9%
	583,538	HDFC Bank Ltd.		16,249,812
		Japan — 0.8%
	356,687	Nomura Research Institute Ltd.		13,929,710
		Sweden — 2.8%
	998,613	Assa Abloy AB		22,863,629
	645,604	Atlas Copco AB, A Shares		27,388,027
				50,251,656
		Switzerland — 4.3%
	139,662	Dufry AG, (Registered)(a)		22,199,779
	24,342	Geberit AG, (Registered)		11,523,886
	507,118	Nestle S.A., (Registered)		42,568,115
				76,291,780
		United Kingdom — 3.9%
	832,130	Halma PLC		12,485,891
	9,994,804	Legal & General Group PLC		34,836,640
	456,213	London Stock Exchange Group PLC		23,424,663
				70,747,194
		United States — 43.8%
	199,747	Accenture PLC, Class A		26,979,827
	23,332	Alphabet, Inc., Class C(a)		22,377,955
	39,684	Alphabet, Inc., Class A(a)		38,641,105
	29,065	Amazon.com, Inc.(a)		27,941,638
	327,849	CBRE Group, Inc., Class A(a)		12,418,920
	259,480	Colgate-Palmolive Co.		18,903,118
	434,673	Comcast Corp., Class A		16,726,217
	399,512	Danaher Corp.		34,270,139
	670	Dex Media, Inc.(a)(b)(c)(d)(m)		3,886
	154,045	EOG Resources, Inc.		14,902,313
	334,014	Facebook, Inc., Class A(a)		57,072,972
	84,104	FactSet Research Systems, Inc.		15,147,971
	138,980	Goldman Sachs Group, Inc. (The)		32,964,666
	783	Hawaiian Telcom Holdco, Inc.(a)		23,349
	346,439	Intercontinental Exchange, Inc.		23,800,359

See accompanying notes to financial statements.

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Portfolio of Investments – as of September 30, 2017

Loomis Sayles Global Equity and Income Fund – (continued)

Shares		Description	Value (†)
		United States — continued
	217,695	LyondellBasell Industries NV, Class A	$	21,562,690
	165,696	M&T Bank Corp.		26,683,684
	435,380	Marriott International, Inc., Class A		48,004,999
	218,190	McCormick & Co., Inc.		22,395,022
	30,912	Mettler-Toledo International, Inc.(a)		19,355,858
	131,853	Northrop Grumman Corp.		37,936,745
	15,332	Priceline Group, Inc. (The)(a)		28,070,132
	220,371	Roper Technologies, Inc.		53,638,301
	181,986	S&P Global, Inc.		28,446,232
	92,305	Schlumberger Ltd.		6,439,197
	153,618	Sherwin-Williams Co. (The)		55,001,389
	280,969	Texas Instruments, Inc.		25,186,061
	62,969	Travelers Cos., Inc. (The)		7,714,962
	188,600	UnitedHealth Group, Inc.		36,937,310
	417,053	Wells Fargo & Co.		23,000,473
				782,547,490
		Total Common Stocks (Identified Cost $878,108,068)		1,203,741,229
Principal Amount (‡)
	Bonds and Notes — 28.3%
	Non-Convertible Bonds — 27.6%
		Argentina — 0.5%
	17,650,000	Argentine Bonos del Tesoro, 15.500%, 10/17/2026, (ARS)		1,084,258
	17,825,000	Argentine Bonos del Tesoro, 18.200%, 10/03/2021, (ARS)		969,914
	17,000,000	Argentine Bonos del Tesoro, 21.200%, 9/19/2018, (ARS)		977,654
	775,000	Provincia de Buenos Aires, 9.125%, 3/16/2024, 144A		892,777
	535,000	Republic of Argentina, 6.875%, 4/22/2021		583,150
	1,390,000	Republic of Argentina, 7.625%, 4/22/2046		1,542,900
	382,136	Transportadora de Gas del Sur S.A., 9.625%, 5/14/2020, 144A		413,487
	1,270,000	YPF S.A., 8.750%, 4/04/2024, 144A		1,460,500
	17,745,000	YPF S.A., 16.500%, 5/09/2022, 144A, (ARS)		964,848
				8,889,488
		Australia — 0.2%
	970,000	Commonwealth Bank of Australia, 1.375%, 9/06/2018, 144A(e)		967,821
	1,150,000	Commonwealth Bank of Australia, 2.250%, 3/10/2020, 144A(e)		1,155,741
	670,000	GAIF Bond Issuer Pty Ltd., 3.400%, 9/30/2026, 144A(e)		658,926
	110,000	Incitec Pivot Finance LLC, 6.000%, 12/10/2019, 144A		117,909
	95,000	Sydney Airport Finance Co. Pty Ltd., 3.375%, 4/30/2025, 144A		94,759
				2,995,156
		Belgium — 0.1%
	1,040,000	Anheuser-Busch InBev Finance, Inc., 3.650%, 2/01/2026		1,075,893
	440,000	Solvay Finance (America) LLC, 3.400%, 12/03/2020, 144A		454,078
				1,529,971
		Brazil — 0.9%
	800,000	Braskem Finance Ltd., 5.750%, 4/15/2021, 144A		861,000
	8,500(††)	Brazil Notas do Tesouro Nacional, Series F, 10.000%, 1/01/2025, (BRL)		2,754,191

See accompanying notes to financial statements.

27  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Brazil — continued
	2,250(††)	Brazil Notas do Tesouro Nacional, Series F, 10.000%, 1/01/2019, (BRL)	$	732,883
	8,815(††)	Brazil Notas do Tesouro Nacional, Series F, 10.000%, 1/01/2021, (BRL)		2,885,091
	2,300(††)	Brazil Notas do Tesouro Nacional, Series F, 10.000%, 1/01/2027, (BRL)		740,098
	2,300,000	BRF S.A., 7.750%, 5/22/2018, 144A, (BRL)(e)		717,127
	1,000,000	CIMPOR Financial Operations BV, 5.750%, 7/17/2024, 144A		941,250
	400,000	Cosan Luxembourg S.A., 5.000%, 3/14/2023, 144A		405,000
	1,180,000	Embraer Netherlands Finance BV, 5.050%, 6/15/2025(e)		1,252,275
	285,000	Embraer Netherlands Finance BV, 5.400%, 2/01/2027		308,655
	915,000	Itau Unibanco Holding S.A., 2.850%, 5/26/2018, 144A		916,830
	1,825,000	Petrobras Global Finance BV, 4.375%, 5/20/2023		1,804,012
	300,000	Petrobras Global Finance BV, 6.875%, 1/20/2040		303,750
	575,000	Raizen Fuels Finance S.A., 5.300%, 1/20/2027, 144A		603,750
	500,000	Tupy Overseas S.A., 6.625%, 7/17/2024, 144A		526,505
	850,000	Vale S.A., 5.625%, 9/11/2042(e)		867,000
				16,619,417
		Canada — 2.2%
	471,129	Air Canada Pass Through Trust, Series 2015-2, Class A, 4.125%, 6/15/2029, 144A(e)		494,686
	505,000	Alimentation Couche-Tard, Inc., 3.550%, 7/26/2027, 144A		509,256
	815,000	Bank of Montreal, 1.750%, 6/15/2021, 144A(e)		801,634
	3,000,000	BMW Canada Auto Trust, Series 2017-1A, Class A2, 1.677%, 5/20/2020, 144A, (CAD)(e)		2,385,646
	5,720,000	Canadian Government Bond, 0.500%, 3/01/2022, (CAD)(e)		4,345,641
	14,920,000	Canadian Government International Bond, 1.750%, 9/01/2019, (CAD)(e)		12,005,234
	970,000	Canadian Imperial Bank of Commerce, 1.600%, 9/06/2019(e)		964,444
	800,000	CPPIB Capital, Inc., 0.375%, 6/20/2024, 144A, (EUR)(e)		937,776
	430,000	Enbridge, Inc., 2.900%, 7/15/2022		432,517
	905,000	Export Development Canada, 1.800%, 9/01/2022, (CAD)(e)		724,667
	1,335,000	Institutional Mortgage Securities Canada, Inc., Series 2014-5A, Class A2, 2.616%, 7/12/2047, 144A, (CAD)(e)		1,065,796
	6,165,000	Province of Ontario Canada, 1.250%, 6/17/2019(e)		6,112,054
	7,200,000	Province of Ontario Canada, 1.875%, 5/21/2020(e)		7,191,018
	600,000	Telus Corp., Series CG, 5.050%, 12/04/2019, (CAD)(e)		509,689
				38,480,058
		Chile — 0.5%
	770,000,000	Bonos de la Tesoreria de la Republica de Chile, 4.500%, 3/01/2021, 144A, (CLP)(e)		1,237,825
	200,000	Celulosa Arauco y Constitucion S.A., 4.750%, 1/11/2022		211,470
	600,000	Chile Government International Bond, 3.125%, 1/21/2026(e)		616,320
	300,000,000	Chile Government International Bond, 5.500%, 8/05/2020, (CLP)(e)		497,324
	1,160,000	CODELCO, Inc., 4.500%, 9/16/2025, 144A(e)		1,235,934
	1,250,000	Corp. Nacional del Cobre de Chile, 3.625%, 8/01/2027, 144A(e)		1,245,425
	250,000	Engie Energia Chile S.A., 5.625%, 1/15/2021, 144A		273,253
	800,000	Inversiones CMPC S.A., 4.375%, 5/15/2023, 144A(e)		827,118
	550,000	Itau CorpBanca, 3.125%, 1/15/2018(e)		550,771
	240,000	Latam Airlines Group S.A., 7.250%, 6/09/2020, 144A		256,920
	537,957	Latam Airlines Pass Through Trust, Series 2015-1, Class B, 4.500%, 8/15/2025		540,109

See accompanying notes to financial statements.

|  28

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Chile — continued
$	950,000	Latam Finance Ltd., 6.875%, 4/11/2024, 144A	$	1,004,625
	1,120,000	Transelec S.A., 4.250%, 1/14/2025, 144A(e)		1,164,264
				9,661,358
		China — 0.2%
	800,000	Baidu, Inc., 2.250%, 11/28/2017(e)		800,259
	700,000	Baidu, Inc., 3.250%, 8/06/2018(e)		706,535
	400,000	China Resources Gas Group Ltd., 4.500%, 4/05/2022, 144A(e)		424,529
	985,000	Sinopec Group Overseas Development 2017 Ltd., 2.375%, 4/12/2020, 144A(e)		985,404
				2,916,727
		Colombia — 0.2%
	1,265,000,000	Emgesa S.A. E.S.P., 8.750%, 1/25/2021, 144A, (COP)		449,601
	2,140,000,000	Empresas Publicas de Medellin E.S.P., 8.375%, 2/01/2021, 144A, (COP)(e)		753,673
	575,000	Republic of Colombia, 3.875%, 4/25/2027		584,200
	200,000,000	Republic of Colombia, 7.750%, 4/14/2021, (COP)		72,541
	6,150,000,000	Titulos De Tesoreria, Series B, 7.500%, 8/26/2026, (COP)(e)		2,227,226
				4,087,241
		Dominican Republic — 0.1%
	1,410,000	Dominican Republic, 5.500%, 1/27/2025, 144A		1,491,075
	590,000	Dominican Republic, 5.950%, 1/25/2027, 144A		632,692
	425,000	Dominican Republic, 8.625%, 4/20/2027, 144A		517,438
				2,641,205
		France — 0.8%
	970,000	Air Liquide Finance S.A., 1.375%, 9/27/2019, 144A(e)		960,038
	200,000	AXA S.A., 7.125%, 12/15/2020, (GBP)(d)(f)		312,536
	205,000	BNP Paribas S.A., 3.800%, 1/10/2024, 144A(e)		213,108
	205,000	BNP Paribas S.A., 4.375%, 5/12/2026, 144A		214,059
	390,000	Credit Agricole S.A., (fixed rate to 6/23/2026, variable rate thereafter), 7.500%, (GBP)(g)		597,070
	735,000	Danone S.A., 1.691%, 10/30/2019, 144A(e)		730,144
	500,000	Dexia Credit Local S.A., 2.250%, 2/18/2020, 144A(e)		500,944
	1,100,000	Electricite de France SA, (fixed rate to 1/29/2026, variable rate thereafter), 6.000%, (GBP)(g)		1,566,242
	4,830,000	French Republic Government Bond OAT, 4.250%, 10/25/2023, (EUR)(e)		7,166,550
	1,015,000	Societe Generale S.A., 4.750%, 11/24/2025, 144A(e)		1,074,609
	475,000	Societe Generale S.A., (fixed rate to 4/07/2021, variable rate thereafter), 6.750%, (EUR)(g)		618,946
				13,954,246
		Germany — 0.1%
	500,000	Allianz SE, (fixed rate to 7/07/2025, variable rate thereafter), 2.241%, 7/07/2045, (EUR)		605,072
	470,000	Commerzbank AG, EMTN, 4.000%, 3/23/2026, (EUR)		620,457
	675,000	Daimler Finance North America LLC, 1.750%, 10/30/2019, 144A(e)		669,346
	380,000	Deutsche Telekom International Finance BV, 2.820%, 1/19/2022, 144A		382,071
				2,276,946

See accompanying notes to financial statements.

29  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Hong Kong — 0.0%
$	355,000	AIA Group Ltd., 3.200%, 3/11/2025, 144A(e)	$	355,105
		Hungary — 0.1%
	1,330,000	Hungary Government International Bond, 5.375%, 3/25/2024		1,521,188
	980,000	Hungary Government International Bond, 5.750%, 11/22/2023(e)		1,135,614
				2,656,802
		India — 0.1%
	550,000	Axis Bank Ltd., 3.250%, 5/21/2020, 144A		557,393
	650,000	Greenko Dutch BV, 5.250%, 7/24/2024, 144A		662,123
				1,219,516
		Indonesia — 0.5%
	300,000	Indonesia Government International Bond, 4.125%, 1/15/2025, 144A		314,842
	34,000,000,000	Indonesia Government International Bond, 7.000%, 5/15/2022, (IDR)		2,612,666
	3,500,000,000	Indonesia Government International Bond, 9.500%, 7/15/2023, (IDR)		299,279
	781,000,000	Indonesia Government International Bond, 11.500%, 9/15/2019, (IDR)		63,907
	35,310,000,000	Indonesia Government International Bond, Series FR53, 8.250%, 7/15/2021, (IDR)		2,805,086
	14,000,000,000	Indonesia Treasury Bond, 8.375%, 3/15/2024, (IDR)(e)		1,145,518
	795,000	Perusahaan Listrik Negara PT, 5.250%, 10/24/2042, 144A		828,080
	545,000	Republic of Indonesia, 2.875%, 7/08/2021, 144A, (EUR)		693,703
	525,000	Republic of Indonesia, 4.750%, 1/08/2026, 144A		572,759
				9,335,840
		Israel — 0.1%
	510,000	Teva Pharmaceutical Finance Co. LLC, 6.150%, 2/01/2036		552,627
	780,000	Teva Pharmaceutical Finance Netherlands II B.V., 0.375%, 7/25/2020, (EUR)		913,443
				1,466,070
		Italy — 0.1%
	500,000	Assicurazioni Generali S.p.A., EMTN, 4.125%, 5/04/2026, (EUR)		663,148
	530,000	Intesa Sanpaolo SpA, EMTN, 3.928%, 9/15/2026, (EUR)		674,365
	855,000	UniCredit SpA, (fixed rate to 6/19/2027, variable rate thereafter), 5.861%, 6/19/2032, 144A		897,519
				2,235,032
		Japan — 0.2%
	900,000	Bank of Tokyo-Mitsubishi UFJ Ltd. (The), 1.700%, 3/05/2018, 144A(e)		900,193
	940,000	Bank of Tokyo-Mitsubishi UFJ Ltd. (The), 2.150%, 9/14/2018, 144A(e)		942,440
	1,165,000	Nomura Holdings, Inc., GMTN, 2.750%, 3/19/2019(e)		1,175,488
	850,000	SoftBank Group Corp., 4.500%, 4/15/2020, 144A		876,919
				3,895,040
		Korea — 0.3%
	3,700,000	Export-Import Bank of Korea, 3.000%, 5/22/2018, 144A, (NOK)(e)		469,267
	630,000	Korea Development Bank (The), MTN, 4.500%, 11/22/2019, (AUD)(e)		507,503
	910,000	Korea Gas Corp., 2.750%, 7/20/2022, 144A(e)		902,456
	670,000	KT Corp., 2.500%, 7/18/2026, 144A(e)		625,754
	1,125,000	Minera y Metalurgica del Boleo S.A. de CV, 2.875%, 5/07/2019, 144A(e)		1,131,101

See accompanying notes to financial statements.

|  30

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Korea — continued
$	770,000	Shinhan Bank Co. Ltd., 3.875%, 3/24/2026, 144A(e)	$	777,469
	140,000	SK Telecom Co. Ltd., 6.625%, 7/20/2027, 144A(e)		176,288
	200,000	Woori Bank, 5.875%, 4/13/2021, 144A(e)		219,163
				4,809,001
		Mexico — 1.1%
	620,000	Alfa SAB de CV, 6.875%, 3/25/2044		699,050
	770,000	America Movil SAB de CV, 2.125%, 3/10/2028, (EUR)(e)		953,164
	10,000,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)(e)		522,345
	675,000	Banco Nacional de Comercio Exterior SNC, (fixed rate to 8/11/2021, variable rate thereafter), 3.800%, 8/11/2026, 144A		675,844
	300,000	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander, 4.125%, 11/09/2022, 144A(e)		314,460
	1,150,000	Cemex Finance LLC, 6.000%, 4/01/2024, 144A		1,221,886
	300,000	Cemex SAB de CV, 4.375%, 3/05/2023, 144A, (EUR)		375,844
	505,000	Cemex SAB de CV, 5.700%, 1/11/2025, 144A		538,330
	800,000	Gruma SAB de CV, 4.875%, 12/01/2024(e)		869,000
	680,000	Grupo Televisa SAB, 5.000%, 5/13/2045(e)		683,578
	10,000,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)(e)		432,785
	248,744(†††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/10/2021, (MXN)(e)		1,357,492
	899,680(†††)	Mexican Fixed Rate Bonds, Series M-20, 7.500%, 6/03/2027, (MXN)(e)		5,156,733
	95,500(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		558,064
	443,452(†††)	Mexican Fixed Rate Bonds, Series M-30, 10.000%, 11/20/2036, (MXN)(e)		3,144,296
	196,000	Mexico Government International Bond, 4.000%, 3/15/2115, (EUR)(e)		215,668
	1,020,000	Mexico Government International Bond, 4.125%, 1/21/2026(e)		1,074,570
	625,000	Petroleos Mexicanos, 5.625%, 1/23/2046(e)		581,250
	135,000(†††)	Petroleos Mexicanos, 7.470%, 11/12/2026, (MXN)(e)		671,768
	100,000	Sigma Alimentos S.A. de CV, 2.625%, 2/07/2024, 144A, (EUR)		125,271
				20,171,398
		Netherlands — 0.2%
	150,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.625%, 7/01/2022		160,775
	870,000	Cooperatieve Rabobank UA, 4.375%, 8/04/2025(e)		917,276
	675,000	ING Bank NV, 1.650%, 8/15/2019, 144A(e)		669,469
	580,000	Ziggo Bond Finance BV, 6.000%, 1/15/2027, 144A		600,300
	525,000	Ziggo Secured Finance BV, 5.500%, 1/15/2027, 144A		537,962
				2,885,782
		New Zealand — 0.4%
	2,340,000	New Zealand Government Bond, 5.000%, 3/15/2019, (NZD)(e)		1,763,883
	2,939,846	New Zealand Government CPI Linked Bond, 2.000%, 9/20/2025, (NZD)(e)		2,152,318
	2,956,080	New Zealand Government CPI Linked Bond, 3.000%, 9/20/2030, (NZD)(e)		2,382,033
				6,298,234
		Norway — 0.2%
	550,000	Kommunalbanken AS, 1.750%, 9/15/2020, 144A(e)		548,598
	3,815,000	Norway Government Bond, 2.000%, 5/24/2023, 144A, (NOK)(e)		500,471
	13,760,000	Norway Government Bond, 4.500%, 5/22/2019, 144A, (NOK)(e)		1,838,064
				2,887,133

See accompanying notes to financial statements.

31  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Panama — 0.0%
$	680,000	Banco Latinoamericano de Comercio Exterior S.A., 3.250%, 5/07/2020, 144A(e)	$	697,082
		Paraguay — 0.1%
	800,000	Republic of Paraguay, 5.000%, 4/15/2026, 144A		854,000
	572,000	Telefonica Celular del Paraguay S.A., 6.750%, 12/13/2022		594,777
				1,448,777
		Peru — 0.2%
	580,000	Southern Copper Corp., 3.875%, 4/23/2025(e)		599,068
	1,050,000	Transportadora de Gas del Peru S.A., 4.250%, 4/30/2028, 144A(e)		1,086,750
	1,050,000	Union Andina de Cementos SAA, 5.875%, 10/30/2021, 144A		1,106,700
				2,792,518
		Portugal — 0.0%
	400,000	EDP Finance BV, 4.125%, 1/15/2020, 144A		414,848
	225,000	EDP Finance BV, EMTN, 2.000%, 4/22/2025, (EUR)		278,517
				693,365
		Romania — 0.0%
	410,000	Romanian Government International Bond, 2.875%, 5/26/2028, 144A, (EUR)		504,011
		Russia — 0.1%
	80,525,000	Russian Federal Bond - OFZ, Series 6207, 8.150%, 2/03/2027, (RUB)		1,465,454
	63,000,000	Russian Federal Bond - OFZ, Series 6208, 7.500%, 2/27/2019, (RUB)		1,095,342
				2,560,796
		Singapore — 0.0%
	495,000	BOC Aviation Ltd., 3.000%, 3/30/2020(e)		499,784
		South Africa — 0.2%
	930,000	MTN (Mauritius) Investments Ltd., 4.755%, 11/11/2024, 144A		923,955
	800,000	Myriad International Holdings BV, 4.850%, 7/06/2027, 144A		826,392
	500,000	Myriad International Holdings BV, 6.000%, 7/18/2020, 144A		539,480
	35,480,000	South Africa Government International Bond, Series R213, 7.000%, 2/28/2031, (ZAR)(e)		2,183,102
				4,472,929
		Spain — 0.4%
	725,000	Spain Government International Bond, 0.750%, 7/30/2021, (EUR)(e)		879,530
	430,000	Spain Government International Bond, 1.600%, 4/30/2025, 144A, (EUR)(e)		528,682
	1,335,000	Spain Government International Bond, 4.300%, 10/31/2019, 144A, (EUR)(e)		1,727,408
	2,565,000	Spain Government International Bond, 4.400%, 10/31/2023, 144A, (EUR)(e)		3,705,803
				6,841,423
		Supranationals — 0.2%
	1,115,000	Corporacion Andina de Fomento, 4.375%, 6/15/2022(e)		1,204,824
	1,140,000	International Bank for Reconstruction & Development, 2.500%, 3/12/2020, (AUD)(e)		899,501
	70,000,000	International Finance Corp., 7.800%, 6/03/2019, (INR)(e)		1,105,844
				3,210,169

See accompanying notes to financial statements.

|  32

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Sweden — 0.1%
	2,450,000	Sweden Government Bond, 5.000%, 12/01/2020, (SEK)(e)	$	351,584
	9,430,000	Sweden Government Bond, Series 1057, 1.500%, 11/13/2023, 144A, (SEK)(e)		1,244,226
				1,595,810
		Switzerland — 0.1%
	1,075,000	Glencore Finance Canada Ltd., 5.550%, 10/25/2042, 144A(e)		1,189,050
	200,000	LafargeHolcim Finance U.S. LLC, 3.500%, 9/22/2026, 144A		198,206
				1,387,256
		Thailand — 0.3%
	1,010,000	Siam Commercial Bank PCL, 3.500%, 4/07/2019, 144A(e)		1,026,830
	950,000	Thai Oil PCL, 3.625%, 1/23/2023, 144A(e)		974,480
	85,000,000	Thailand Government Bond, 2.125%, 12/17/2026, (THB)		2,507,841
				4,509,151
		Trinidad — 0.0%
	415,000	Trinidad Generation UnLtd., 5.250%, 11/04/2027, 144A		420,810
		Turkey — 0.2%
	800,000	Arcelik AS, 5.000%, 4/03/2023, 144A		823,307
	765,000	TC Ziraat Bankasi, 5.125%, 9/29/2023, 144A		769,544
	735,000	TC Ziraat Bankasi AS, 4.250%, 7/03/2019		740,145
	4,125,000	Turkey Government Bond, 11.000%, 3/02/2022, (TRY)		1,164,695
				3,497,691
		United Arab Emirates — 0.1%
	850,000	DP World Ltd., 3.250%, 5/18/2020, 144A(e)		863,600
	200,000	DP World Ltd., EMTN, 3.250%, 5/18/2020		203,200
	400,000	JAFZ Sukuk 2019 Ltd., 7.000%, 6/19/2019		430,800
				1,497,600
		United Kingdom — 0.5%
	95,000	Avon Products, Inc., 8.950%, 3/15/2043		79,800
	585,000	BP Capital Markets PLC, 3.216%, 11/28/2023(e)		599,277
	545,000	FCE Bank PLC, EMTN, 0.869%, 9/13/2021, (EUR)		650,142
	300,000	HSBC Holdings PLC, 4.375%, 11/23/2026(e)		312,742
	565,000	HSBC Holdings PLC, (fixed rate to 6/01/2021, variable rate thereafter), 6.875% (g)		615,144
	295,000	HSBC Holdings PLC, EMTN, 5.750%, 12/20/2027, (GBP)(e)		481,658
	150,000	Imperial Brands Finance PLC, EMTN, 6.250%, 12/04/2018, (GBP)		212,688
	400,000	Lloyds Banking Group PLC, 4.500%, 11/04/2024(e)		419,080
	1,020,000	Lloyds Banking Group PLC, (fixed rate to 6/27/2024, variable rate thereafter), 7.500%(g)		1,143,675
	400,000	Old Mutual PLC, EMTN, 8.000%, 6/03/2021, (GBP)		615,092
	1,130,000	Royal Bank of Scotland Group PLC, 6.000%, 12/19/2023(e)		1,249,689
	950,000	Royal Bank of Scotland Group PLC, (fixed rate to 8/10/2020, variable rate thereafter), 7.500%(g)		997,614
	350,000	Santander UK Group Holdings PLC, 4.750%, 9/15/2025, 144A(e)		365,610
	250,000	Standard Chartered PLC, EMTN, (fixed rate to 10/21/2020, variable rate thereafter), 4.000%, 10/21/2025, (EUR)(e)		322,111

See accompanying notes to financial statements.

33  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United Kingdom — continued
	130,000	Virgin Media Finance PLC, 4.500%, 1/15/2025, 144A, (EUR)	$	160,561
	115,000	Virgin Media Secured Finance PLC, 4.875%, 1/15/2027, (GBP)		158,581
				8,383,464
		United States — 16.0%
	15,000	21st Century Fox America, Inc., 6.400%, 12/15/2035		19,041
	9,890,000	AbbVie, Inc., 2.500%, 5/14/2020		10,008,505
	1,745,000	AES Corp. (The), 4.875%, 5/15/2023		1,797,350
	8,000,000	Ally Financial, Inc., 4.125%, 2/13/2022		8,264,800
	745,000	Ally Financial, Inc., 5.125%, 9/30/2024		806,835
	129,000	Ally Financial, Inc., 8.000%, 12/31/2018		137,869
	1,728,000	Ally Financial, Inc., 8.000%, 11/01/2031		2,228,947
	2,395,463	American Airlines Pass Through Certificates, Series 2016-1, Class B, 5.250%, 7/15/2025		2,551,672
	555,000	American Airlines Pass Through Certificates, Series 2017-1B, Class B, 4.950%, 8/15/2026		580,641
	160,208	American Airlines Pass Through Trust, Series 2013-1, Class A, 4.000%, 1/15/2027		167,035
	6,190,000	Anadarko Petroleum Corp., 3.450%, 7/15/2024		6,143,023
	300,000	Anadarko Petroleum Corp., 4.500%, 7/15/2044		285,520
	400,000	Antero Resources Corp., 5.125%, 12/01/2022		409,000
	175,000	Antero Resources Corp., 5.375%, 11/01/2021		179,594
	3,060,000	Antero Resources Corp., 5.625%, 6/01/2023		3,190,050
	1,510,000	AT&T, Inc., 3.400%, 5/15/2025		1,489,465
	3,960,000	AT&T, Inc., 4.125%, 2/17/2026		4,063,305
	370,000	Atrium Windows & Doors, Inc., 7.750%, 5/01/2019, 144A		375,254
	925,000	Aviation Capital Group Corp., 6.750%, 4/06/2021, 144A		1,045,554
	200,000	Bank of America Corp., 5.490%, 3/15/2019		208,980
	2,700,000	Bank of America Corp., 6.110%, 1/29/2037		3,375,915
	115,000	Bank of America Corp., MTN, 4.250%, 10/22/2026		120,311
	50,000	Beazer Homes USA, Inc., 7.250%, 2/01/2023		52,000
	71,000	California Resources Corp., 5.500%, 9/15/2021		37,808
	10,000	California Resources Corp., 6.000%, 11/15/2024		4,550
	1,870,000	California Resources Corp., 8.000%, 12/15/2022, 144A		1,215,500
	450,000	CB Escrow Corp., 8.000%, 10/15/2025, 144A		452,250
	60,000	CenturyLink, Inc., 5.625%, 4/01/2025		57,450
	880,000	CenturyLink, Inc., 6.450%, 6/15/2021		915,666
	570,000	CenturyLink, Inc., 7.650%, 3/15/2042		497,325
	55,000	CenturyLink, Inc., Series G, 6.875%, 1/15/2028		53,140
	605,000	CenturyLink, Inc., Series P, 7.600%, 9/15/2039		535,425
	65,000	Chemours Co. (The), 6.625%, 5/15/2023		69,144
	3,210,000	Chesapeake Energy Corp., 4.875%, 4/15/2022		2,985,300
	315,000	Chesapeake Energy Corp., 5.750%, 3/15/2023		290,587
	495,000	Chesapeake Energy Corp., 6.125%, 2/15/2021		498,712
	190,000	Chesapeake Energy Corp., 6.625%, 8/15/2020		195,700
	95,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		97,850
	4,274,000	Chesapeake Energy Corp., 8.000%, 12/15/2022, 144A		4,605,235
	4,700,000	Chesapeake Energy Corp., 8.000%, 6/15/2027, 144A		4,653,000

See accompanying notes to financial statements.

|  34

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	780,000	Chevron Corp., 2.419%, 11/17/2020(e)	$	791,399
	1,635,000	Cimarex Energy Co., 4.375%, 6/01/2024		1,729,630
	525,000	Cincinnati Bell, Inc., 7.000%, 7/15/2024, 144A		514,500
	500,000	Citizens Financial Group, Inc., 4.300%, 12/03/2025		523,397
	2,913,000	Clear Channel Worldwide Holdings, Inc., 7.625%, 3/15/2020		2,876,587
	155,000	Cleaver-Brooks, Inc., 8.750%, 12/15/2019, 144A		158,875
	435,000	Consolidated Communications, Inc., 6.500%, 10/01/2022		418,144
	265,000	Constellation Brands, Inc., 4.750%, 11/15/2024		290,491
	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		1,026,356
	485,000	Continental Resources, Inc., 3.800%, 6/01/2024		468,025
	640,000	Continental Resources, Inc., 4.500%, 4/15/2023		641,600
	115,000	Continental Resources, Inc., 5.000%, 9/15/2022		116,869
	375,000	Cox Communications, Inc., 4.800%, 2/01/2035, 144A		371,310
	155,000	Cummins, Inc., 5.650%, 3/01/2098		174,538
	475,000	Dell International LLC/EMC Corp., 6.020%, 6/15/2026, 144A		527,511
	260,000	Delphi Automotive PLC, 1.600%, 9/15/2028, (EUR)		296,279
	134,672	Delta Air Lines Pass Through Trust, Series 2007-1, Class B, 8.021%, 2/10/2024		153,526
	1,200,000	Devon Energy Corp., 3.250%, 5/15/2022		1,214,197
	42,000	Dillard’s, Inc., 6.625%, 1/15/2018		42,473
	50,000	Dillard’s, Inc., 7.000%, 12/01/2028		55,186
	8,000	Dillard’s, Inc., 7.750%, 7/15/2026		9,272
	300,000	Discovery Communications LLC, 1.900%, 3/19/2027, (EUR)		345,120
	395,000	DISH DBS Corp., 5.000%, 3/15/2023		403,641
	1,495,000	DISH DBS Corp., 5.875%, 11/15/2024		1,566,947
	100,000	DPL, Inc., 6.750%, 10/01/2019		104,500
	310,000	DR Horton, Inc., 4.375%, 9/15/2022		330,694
	315,000	Dynegy, Inc., 8.125%, 1/30/2026, 144A		324,450
	575,000	Enbridge Energy Partners LP, 7.375%, 10/15/2045		740,721
	1,075,000	Energy Transfer LP/Regency Energy Finance Corp., 5.000%, 10/01/2022		1,161,107
	230,000	Energy Transfer LP/Regency Energy Finance Corp., 5.500%, 4/15/2023		236,670
	600,000	EnLink Midstream Partners LP, 4.150%, 6/01/2025		604,842
	410,000	FedEx Corp., 1.000%, 1/11/2023, (EUR)		492,715
	140,000	Foot Locker, Inc., 8.500%, 1/15/2022		163,450
	40,000	Ford Motor Co., 4.346%, 12/08/2026		41,583
	685,000	Ford Motor Co., 5.291%, 12/08/2046		714,732
	25,000	Ford Motor Co., 6.375%, 2/01/2029		29,276
	50,000	Ford Motor Co., 6.625%, 2/15/2028		59,289
	2,105,000	Ford Motor Co., 6.625%, 10/01/2028		2,511,590
	5,000	Ford Motor Co., 7.500%, 8/01/2026		6,141
	5,000,000	Ford Motor Credit Co. LLC, 2.459%, 3/27/2020		5,003,939
	1,600,000	Ford Motor Credit Co. LLC, 3.588%, 6/02/2020, (AUD)(e)		1,266,310
	1,000,000	Ford Motor Credit Co. LLC, 5.000%, 5/15/2018		1,019,889
	905,000	Forethought Financial Group, Inc., 8.625%, 4/15/2021, 144A(d)(f)		1,033,966

See accompanying notes to financial statements.

35  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	2,370,000	Freeport-McMoRan, Inc., 3.875%, 3/15/2023	$	2,334,450
	210,000	Freeport-McMoRan, Inc., 5.400%, 11/14/2034		200,550
	2,475,000	Freeport-McMoRan, Inc., 5.450%, 3/15/2043		2,312,578
	865,000	Frontier Communications Corp., 6.875%, 1/15/2025		646,587
	560,000	Frontier Communications Corp., 11.000%, 9/15/2025		474,600
	155,000	FTS International, Inc., 6.250%, 5/01/2022		142,070
	275,000	Gates Global LLC/Gates Global Co., 6.000%, 7/15/2022, 144A		282,562
	50,000	General Electric Co., GMTN, 3.100%, 1/09/2023		52,152
	740,000	General Electric Co., Series D, (fixed rate to 1/21/2021, variable rate thereafter), 5.000% (e)(g)		782,698
	310,000	General Motors Co., 5.200%, 4/01/2045		312,071
	5,000,000	General Motors Financial Co., Inc., 2.400%, 4/10/2018		5,015,929
	240,000	General Motors Financial Co., Inc., 3.450%, 4/10/2022		243,943
	925,000	General Motors Financial Co., Inc., 5.250%, 3/01/2026		1,004,140
	3,435,000	Georgia-Pacific LLC, 7.250%, 6/01/2028		4,510,812
	105,000	Georgia-Pacific LLC, 7.375%, 12/01/2025		133,427
	180,000	Georgia-Pacific LLC, 7.750%, 11/15/2029		250,070
	315,000	Georgia-Pacific LLC, 8.875%, 5/15/2031		484,693
	800,000	Goldman Sachs Group, Inc. (The), 3.375%, 2/01/2018, (CAD)(e)		644,770
	2,295,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		3,027,774
	165,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		184,388
	22,966	GS Mortgage Securities Trust, Series 2007-GG10, Class AM, 5.780%, 8/10/2045(n)		23,456
	1,000,000	HCA Healthcare, Inc., 6.250%, 2/15/2021		1,082,500
	20,000	HCA, Inc., 4.750%, 5/01/2023		21,100
	225,000	HCA, Inc., 7.050%, 12/01/2027		253,688
	820,000	HCA, Inc., 7.500%, 11/06/2033		930,700
	395,000	HCA, Inc., 8.360%, 4/15/2024		474,000
	195,000	HCA, Inc., MTN, 7.580%, 9/15/2025		225,225
	75,000	HCA, Inc., MTN, 7.750%, 7/15/2036		85,313
	855,000	Hecla Mining Co., 6.875%, 5/01/2021		887,105
	490,000	Hewlett Packard Enterprise Co., 6.350%, 10/15/2045		519,347
	310,000	Hexion, Inc., 7.875%, 2/15/2023(b)(c)(d)		158,100
	485,000	Huntington Ingalls Industries, Inc., 5.000%, 11/15/2025, 144A		523,800
	1,585,000	Hyundai Capital America, 2.750%, 9/27/2026, 144A(e)		1,452,462
	450,000	International Lease Finance Corp., 4.625%, 4/15/2021		478,131
	640,000	International Lease Finance Corp., 5.875%, 8/15/2022		716,625
	1,250,000	International Lease Finance Corp., 6.250%, 5/15/2019		1,328,607
	745,000	INVISTA Finance LLC, 4.250%, 10/15/2019, 144A		767,350
	145,000	iStar, Inc., 4.875%, 7/01/2018		146,827
	3,460,000	iStar, Inc., 5.000%, 7/01/2019		3,505,412
	200,000	iStar, Inc., 7.125%, 2/15/2018		203,760
	48,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		33,960
	5,000	J.C. Penney Corp., Inc., 7.625%, 3/01/2097		3,438
	1,070,000	Jefferies Group LLC, 6.250%, 1/15/2036		1,187,415
	15,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021(d)(f)		13,482
	1,665,000	KB Home, 8.000%, 3/15/2020		1,872,759

See accompanying notes to financial statements.

|  36

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	45,000	Kindred Healthcare, Inc., 8.750%, 1/15/2023	$	41,958
	2,805,000	Kraton Polymers LLC/Kraton Polymers Capital Corp., 10.500%, 4/15/2023, 144A		3,204,712
	140,000	Level 3 Communications, Inc., 5.750%, 12/01/2022		143,850
	330,000	Level 3 Financing, Inc., 5.125%, 5/01/2023		335,569
	760,000	Level 3 Financing, Inc., 5.375%, 5/01/2025		781,375
	20,000	Macy’s Retail Holdings, Inc., 4.500%, 12/15/2034		17,211
	44,000	Masco Corp., 6.500%, 8/15/2032		52,470
	403,000	Masco Corp., 7.750%, 8/01/2029		530,668
	410,000	Micron Technology, Inc., 5.250%, 8/01/2023, 144A		427,630
	254,000	Micron Technology, Inc., 5.500%, 2/01/2025		270,828
	1,430,000	Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc., 7.875%, 10/01/2022, 144A		1,447,875
	825,000	Morgan Stanley, 2.125%, 4/25/2018		827,343
	220,000	Morgan Stanley, 2.500%, 1/24/2019		221,838
	450,000	Morgan Stanley, 3.950%, 4/23/2027		457,776
	725,000	Morgan Stanley, 5.750%, 1/25/2021		800,520
	3,150,000	Morgan Stanley, MTN, 4.100%, 5/22/2023		3,293,731
	600,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		719,186
	25,000	MPLX LP, 4.500%, 7/15/2023		26,597
	95,000	MPLX LP, 4.875%, 6/01/2025		101,812
	3,000,000	Navient Corp., 5.000%, 10/26/2020		3,086,250
	95,000	Navient Corp., 5.875%, 10/25/2024		96,425
	1,600(††††)	Navient Corp., 6.000%, 12/15/2043		38,351
	715,000	Navient Corp., MTN, 6.125%, 3/25/2024		737,165
	915,000	Navient LLC, 5.500%, 1/25/2023		926,437
	60,000	Navient LLC, MTN, 5.500%, 1/15/2019		62,003
	415,000	Navient LLC, MTN, 7.250%, 1/25/2022		453,906
	2,560,000	Navient LLC, Series A, MTN, 5.625%, 8/01/2033(d)(f)		2,210,048
	310,000	Navient LLC, Series A, MTN, 8.450%, 6/15/2018		323,020
	4,557,000	New Albertson’s, Inc., 7.450%, 8/01/2029		3,531,675
	525,000	New Albertson’s, Inc., 7.750%, 6/15/2026		431,035
	5,610,000	New Albertson’s, Inc., 8.000%, 5/01/2031		4,487,607
	2,150,000	New Albertson’s, Inc., 8.700%, 5/01/2030		1,773,750
	1,265,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		974,050
	365,000	Newell Brands, Inc., 4.000%, 12/01/2024		381,255
	65,000	Newfield Exploration Co., 5.625%, 7/01/2024		69,713
	875,000	NGL Energy Partners LP/NGL Energy Finance Corp., 6.125%, 3/01/2025		813,750
	55,000	NGL Energy Partners LP/NGL Energy Finance Corp., 6.875%, 10/15/2021		55,000
	390,000	NGL Energy Partners LP/NGL Energy Finance Corp., 7.500%, 11/01/2023		388,050
	20,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		24,900
	540,000	Nissan Motor Acceptance Corp., 2.000%, 3/08/2019, 144A(e)		540,470
	1,019,000	Noble Energy, Inc., 5.625%, 5/01/2021		1,049,407
	120,000	Oasis Petroleum, Inc., 6.875%, 1/15/2023		121,800
	2,275,000	Oceaneering International, Inc., 4.650%, 11/15/2024		2,259,848
	420,000	Old Republic International Corp., 4.875%, 10/01/2024		451,376
	3,693,000	ONEOK Partners LP, 4.900%, 3/15/2025		3,949,537

See accompanying notes to financial statements.

37  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	25,000	ONEOK Partners LP, 6.200%, 9/15/2043	$	28,491
	55,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 5.250%, 2/15/2022		56,856
	140,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 5.875%, 3/15/2025		146,650
	310,000	Owens Corning, 7.000%, 12/01/2036		401,006
	2,965,000	Owens-Brockway Glass Container, Inc., 5.375%, 1/15/2025, 144A		3,183,669
	540,000	PulteGroup, Inc., 6.000%, 2/15/2035		562,950
	785,000	PulteGroup, Inc., 6.375%, 5/15/2033		851,725
	220,000	PulteGroup, Inc., 7.875%, 6/15/2032		269,566
	285,000	QEP Resources, Inc., 5.250%, 5/01/2023		277,162
	210,000	QEP Resources, Inc., 5.375%, 10/01/2022		206,325
	255,000	Quicken Loans, Inc., 5.750%, 5/01/2025, 144A		267,750
	1,335,000	Qwest Capital Funding, Inc., 6.500%, 11/15/2018		1,401,750
	650,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		621,127
	400,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		416,412
	60,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		55,725
	476,000	Qwest Corp., 6.875%, 9/15/2033		465,817
	115,000	Qwest Corp., 7.250%, 9/15/2025		127,248
	37,000	R.R. Donnelley & Sons Co., 7.000%, 2/15/2022		38,110
	230,000	Range Resources Corp., 4.875%, 5/15/2025		226,550
	850,000	Range Resources Corp., 5.000%, 8/15/2022, 144A		848,937
	220,000	Range Resources Corp., 5.000%, 3/15/2023, 144A		218,350
	970,000	Santander Holdings USA, Inc., 2.650%, 4/17/2020(e)		974,442
	25,000	Sealed Air Corp., 4.875%, 12/01/2022, 144A		26,594
	640,000	Sealed Air Corp., 5.500%, 9/15/2025, 144A		704,000
	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		779,950
	140,000	Silgan Holdings, Inc., 3.250%, 3/15/2025, 144A, (EUR)		169,810
	2,495,000	Springleaf Finance Corp., 5.250%, 12/15/2019		2,597,295
	330,000	Springleaf Finance Corp., 7.750%, 10/01/2021		372,801
	130,000	Springleaf Finance Corp., 8.250%, 10/01/2023		147,550
	2,349,000	Sprint Capital Corp., 6.875%, 11/15/2028		2,630,880
	2,240,000	Sprint Capital Corp., 8.750%, 3/15/2032		2,864,400
	1,720,000	Sprint Communications, Inc., 6.000%, 11/15/2022		1,841,294
	120,000	Sprint Corp., 7.125%, 6/15/2024		135,000
	2,840,000	Sprint Corp., 7.875%, 9/15/2023		3,294,400
	2,910,000	SUPERVALU, Inc., 6.750%, 6/01/2021		2,757,225
	1,365,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.750%, 3/15/2024		1,481,025
	510,000	Tenet Healthcare Corp., 5.125%, 5/01/2025, 144A		502,987
	100,000	Tenet Healthcare Corp., 6.750%, 6/15/2023		96,000
	1,360,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		1,190,000
	820,000	Textron, Inc., 5.950%, 9/21/2021		914,302
	90,000	Time Warner Cable LLC, 4.500%, 9/15/2042		85,297
	85,000	Time Warner Cable LLC, 5.500%, 9/01/2041		88,258
	1,680,000	Transcontinental Gas Pipe Line Co. LLC, 7.850%, 2/01/2026		2,170,136

See accompanying notes to financial statements.

|  38

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	171,000	TransDigm, Inc., 6.500%, 7/15/2024	$	176,558
	185,000	TransDigm, Inc., 6.500%, 5/15/2025		190,550
	6,665,000	TRI Pointe Group, Inc., 4.875%, 7/01/2021		6,964,925
	90,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 4.375%, 6/15/2019		91,913
	5,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.875%, 6/15/2024		5,350
	895,000	TRU Taj LLC/TRU Taj Finance, Inc., 11.000%, 1/22/2019, 144A(b)		917,375
	870,000	TRU Taj LLC/TRU Taj Finance, Inc., 12.000%, 8/15/2021, 144A		829,219
	1,192,774	U.S. Treasury Inflation Indexed Note, 0.125%, 4/15/2022(e)(i)		1,192,693
	5,975,000	U.S. Treasury Note, 0.750%, 1/31/2018		5,966,751
	21,960,000	U.S. Treasury Note,0.750%, 9/30/2018		21,827,039
	7,160,000	U.S. Treasury Note,0.875%, 6/15/2019(e)		7,090,917
	5,130,000	U.S. Treasury Note,1.375%, 5/31/2020		5,102,546
	3,460,000	U.S. Treasury Note,1.750%, 11/30/2021(e)		3,448,241
	630,000	United Continental Holdings, Inc.,6.375%, 6/01/2018		645,435
	2,940,000	United Rentals North America, Inc.,5.500%, 7/15/2025		3,149,475
	2,635,000	United Rentals North America, Inc.,5.750%, 11/15/2024		2,796,394
	50,000	United Rentals North America, Inc.,7.625%, 4/15/2022		52,040
	1,940,000	United States Steel Corp.,6.650%, 6/01/2037		1,862,400
	690,000	United States Steel Corp.,7.375%, 4/01/2020		752,100
	105,078	US Airways Pass Through Trust, Series 2012-1A, Class A, 5.900%, 4/01/2026		118,739
	53,765	US Airways Pass Through Trust, Series 2012-1B, Class B, 8.000%, 4/01/2021		58,335
	391,280	US Airways Pass Through Trust, Series 2012-2A, Class A, 4.625%, 12/03/2026		418,670
	25,000	Viacom, Inc.,4.375%, 3/15/2043		21,537
	176,000	Viacom, Inc.,4.850%, 12/15/2034		165,856
	395,000	Viacom, Inc.,5.250%, 4/01/2044		378,298
	145,000	Viacom, Inc.,5.850%, 9/01/2043		149,013
	1,380,000	Western Digital Corp.,7.375%, 4/01/2023, 144A		1,511,790
	60,000	Weyerhaeuser Co.,6.950%, 10/01/2027		74,985
	315,000	Weyerhaeuser Co.,7.375%, 3/15/2032		436,982
	1,060,000	Whiting Petroleum Corp.,5.000%, 3/15/2019		1,060,318
	590,000	Whiting Petroleum Corp.,5.750%, 3/15/2021		579,675
	130,000	Whiting Petroleum Corp.,6.250%, 4/01/2023		127,791
	55,000	Windstream Services LLC,7.500%, 6/01/2022		39,566
	1,955,000	Windstream Services LLC,7.500%, 4/01/2023		1,392,937
	1,105,000	Windstream Services LLC,7.750%, 10/01/2021		817,700
				285,501,514
		Uruguay — 0.0%
	17,410,000	Republic of Uruguay,9.875%, 6/20/2022, 144A, (UYU)		648,519
		Total Non-Convertible Bonds (Identified Cost $467,716,503)		493,429,435
	Convertible Bonds — 0.7%
		United States — 0.7%
	105,000	CalAmp Corp., 1.625%, 5/15/2020		111,956
	190,000	CalAtlantic Group, Inc., 0.250%, 6/01/2019		181,925

See accompanying notes to financial statements.

39  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	60,000	Chesapeake Energy Corp., 5.500%, 9/15/2026, 144A	$	55,050
	2,290,000	DISH Network Corp., 3.375%, 8/15/2026		2,561,938
	530,000	Hologic, Inc., (accretes to principal after 3/01/2018), 2.000%, 3/01/2042(j)		645,275
	275,000	Iconix Brand Group, Inc., 1.500%, 3/15/2018		272,250
	1,000,000	KB Home, 1.375%, 2/01/2019		1,049,375
	1,690,000	Nuance Communications, Inc., 1.000%, 12/15/2035		1,585,068
	2,095,000	Old Republic International Corp., 3.750%, 3/15/2018		2,678,981
	1,450,000	Priceline Group, Inc. (The), 0.900%, 9/15/2021		1,663,875
	1,660,000	Rovi Corp., 0.500%, 3/01/2020		1,679,821
	40,000	RPM International, Inc., 2.250%, 12/15/2020		46,100
	90,000	Trinity Industries, Inc., 3.875%, 6/01/2036		120,656
		Total Convertible Bonds (Identified Cost $11,069,269)		12,652,270
	Municipals — 0.0%
		United States — 0.0%
	155,000	State of Illinois, 5.100%, 6/01/2033		156,751
	130,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046		118,923
		Total Municipals (Identified Cost $252,751)		275,674
		Total Bonds and Notes (Identified Cost $479,038,523)		506,357,379
	Senior Loans — 0.0%
		United States — 0.0%
	120,000	PowerTeam Services LLC, 2nd Lien Term Loan, 3-month LIBOR + 7.250%, 8.583%, 11/06/2020(h)		119,250
		Total Senior Loans (Identified Cost $119,490)		119,250
Shares
	Preferred Stocks — 0.1%
	Convertible Preferred Stocks — 0.1%
		United States — 0.1%
	460	Chesapeake Energy Corp., 5.000%		26,623
	40	Chesapeake Energy Corp., 5.750%		22,875
	736	Chesapeake Energy Corp., 5.750%		448,960
	84	Chesapeake Energy Corp., Series A, 5.750% 144A		48,037
	10,373	El Paso Energy Capital Trust I, 4.750%		508,277
		Total Convertible Preferred Stocks (Identified Cost $953,299)		1,054,772
	Non-Convertible Preferred Stock — 0.0%
		United States — 0.0%
	2,585	Arconic, Inc., 5.375% (Identified Cost $125,174)		100,556
		Total Preferred Stocks (Identified Cost $1,078,473)		1,155,328

See accompanying notes to financial statements.

|  40

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Global Equity and Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
	Short-Term Investments — 5.7%
$	2,190,000	Federal National Mortgage Association Discount Notes, 1.040%, 10/30/2017(k)	$	2,188,314
	6,000,000	Federal National Mortgage Association Discount Notes, 1.040%, 11/08/2017(k)		5,993,832
	69,519,314	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/29/2017 at 0.340% to be repurchased at $69,521,284 on 10/02/2017 collateralized by $56,320,000 Federal Home Loan Mortgage Corp., 1.625% due 10/25/2019 valued at $56,726,180; $14,175,000 U.S. Treasury Note, 1.250% due 10/31/2019 valued at $14,187,247 including accrued interest (Note 2 of Notes to Financial Statements)		69,519,314
	11,590,000	U.S. Treasury Bills, 0.995%, 10/05/2017(k)		11,589,299
	2,810,000	U.S. Treasury Bills, 1.020%, 10/12/2017(k)		2,809,278
	8,985,000	U.S. Treasury Bills, 1.041%-1.066%, 02/01/2018(k)(l)		8,952,572
		Total Short-Term Investments (Identified Cost $101,052,039)		101,052,609
		Total Investments — 101.5% (Identified Cost $1,459,396,593)		1,812,425,795
		Other assets less liabilities — (1.5)%		(26,560,477	)
		Net Assets — 100.0%	$	1,785,865,318
	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(††)	Amount shown represents units. One unit represents a principal amount of 1,000.
	(†††)	Amount shown represents units. One unit represents a principal amount of 100.
	(††††)	Amount shown represents units. One unit represents a principal amount of 25.
	(a)	Non-income producing security.
	(b)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
	(c)	Fair valued by the Fund’s adviser. At September 30, 2017, the value of these securities amounted to $161,986 or less than 0.1% of net assets. See Note 2 of Notes to Financial Statements.
	(d)	Illiquid security. (Unaudited)
	(e)	Security (or a portion thereof) has been designated to cover the Fund’s obligations under open derivative contracts.
	(f)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At September 30, 2017, the value of these securities amounted to $3,570,032 or 0.2% of net assets. See Note 2 of Notes to Financial Statements.
	(g)	Perpetual bond with no specified maturity date.
	(h)	Variable rate security. Rate as of September 30, 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.
	(l)	The Fund’s investment in U.S. Treasury Bills is comprised of various lots with differing discount rates. These separate investments, which have the same maturity date, have been aggregated for the purpose of presentation in the Portfolio of Investments.

See accompanying notes to financial statements.

41  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Global Equity and Income Fund – (continued)

(m)	Security subject to restrictions on resale. This security was acquired on August 12, 2016 at a cost of $3,266. At September 30, 2017, the value of this security amounted to $3,886 or less than 0.1% of net assets.
(n)	Variable rate security. The interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate as of September 30, 2017 is disclosed.
144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2017, the value of Rule 144A holdings amounted to $111,052,808 or 6.2% 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
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
ARS	Argentine Peso
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CLP	Chilean Peso
COP	Colombian Peso
EUR	Euro
GBP	British Pound
IDR	Indonesian Rupiah
INR	Indian Rupee
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
RUB	New Russian Ruble
SEK	Swedish Krona
THB	Thai Baht
TRY	Turkish Lira
UYU	Uruguayan Peso
ZAR	South African Rand

See accompanying notes to financial statements.

|  42

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Global Equity and Income Fund – (continued)

At September 30, 2017, the Fund had the following open forward foreign currency contracts:

Counterparty	Delivery Date		Currency Bought/ Sold (B/S)	Units of Currency			In Exchange for		Notional Value		Unrealized Appreciation (Depreciation)
Bank of America, N.A.		12/20/2017	BRL		S	20,235,000	$	6,480,177	$	6,322,779	$	157,398
Credit Suisse International		12/20/2017	AUD		S	3,428,000		2,751,974		2,686,492		65,482
Credit Suisse International		12/20/2017	CAD		S	21,060,000		17,369,044		16,886,819		482,225
Credit Suisse International		12/20/2017	GBP		B	3,580,000		4,739,637		4,808,702		69,065
Credit Suisse International		12/20/2017	GBP		S	400,000		539,024		537,285		1,739
Credit Suisse International		12/20/2017	IDR		S	39,600,000,000		2,950,160		2,920,088		30,072
Credit Suisse International		12/20/2017	JPY		B	4,016,500,000		37,047,627		35,830,188		(1,217,439	)
Credit Suisse International		12/20/2017	NZD		S	8,162,000		5,907,247		5,886,495		20,752
Morgan Stanley & Co.		12/20/2017	EUR		B	31,800,000		37,975,401		37,747,974		(227,427	)
UBS AG		12/20/2017	MXN		S	189,000,000		10,519,107		10,251,050		268,057
UBS AG		12/20/2017	NOK		S	4,200,000		540,721		528,275		12,446
UBS AG		12/20/2017	ZAR		S	29,520,000		2,256,277		2,153,480		102,797
UBS AG		12/20/2017	SEK		B	3,100,000		382,403		382,355		(48	)
UBS AG		12/21/2017	SEK		B	7,350,000		906,721		906,620		(101	)
UBS AG		12/20/2017	SEK		S	3,100,000		392,333		382,355		9,978
Total											$	(225,004	)

At September 30, 2017, the Fund had the following open forward cross currency contracts:

Counterparty	Settlement Date		Deliver/Units of Currency		Receive/Units of Currency			Notional Value		Unrealized Appreciation (Depreciation)
Credit Suisse International		12/20/2017	NOK	14,180,000		EUR	1,521,654	$	1,806,268	$	22,711

See accompanying notes to financial statements.

|  43

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Global Equity and Income Fund – (continued)

Industry Summary at September 30, 2017

Internet Software & Services	10.8	%
Treasuries	7.2
Capital Markets	6.8
Insurance	4.8
Chemicals	4.7
Aerospace & Defense	4.2
Banks	3.7
IT Services	3.7
Food Products	3.7
Internet & Direct Marketing Retail	3.2
Banking	3.2
Industrial Conglomerates	3.0
Hotels, Restaurants & Leisure	2.7
Health Care Providers & Services	2.1
Building Products	2.0
Independent Energy	2.0
Other Investments, less than 2% each	28.0
Short-Term Investments	5.7
Total Investments	101.5
Other assets less liabilities (including forward foreign currency contracts)	(1.5	)
Net Assets	100.0	%

Currency Exposure Summary at September 30, 2017

United States Dollar	76.4	%
Swiss Franc	4.3
British Pound	4.0
Euro	4.0
Swedish Krona	2.8
Canadian Dollar	2.6
Hong Kong Dollar	2.5
Other, less than 2% each	4.9
Total Investments	101.5
Other assets less liabilities (including forward foreign currency contracts)	(1.5	)
Net Assets	100.0	%

See accompanying notes to financial statements.

|  44

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Growth Fund

Shares		Description	Value (†)
	Common Stocks — 97.2% of Net Assets
		Air Freight & Logistics — 5.3%
	3,435,911	Expeditors International of Washington, Inc.	$	205,673,633
	1,466,681	United Parcel Service, Inc., Class B		176,133,721
				381,807,354
		Beverages — 6.8%
	4,562,039	Coca-Cola Co. (The)		205,337,375
	5,107,482	Monster Beverage Corp.(a)		282,188,381
				487,525,756
		Biotechnology — 4.7%
	788,507	Amgen, Inc.		147,017,130
	432,525	Regeneron Pharmaceuticals, Inc.(a)		193,390,578
				340,407,708
		Capital Markets — 4.7%
	684,541	FactSet Research Systems, Inc.		123,292,680
	3,563,534	SEI Investments Co.		217,589,386
				340,882,066
		Communications Equipment — 4.5%
	9,660,607	Cisco Systems, Inc.		324,886,213
		Consumer Finance — 1.5%
	1,173,658	American Express Co.		106,169,103
		Energy Equipment & Services — 3.0%
	3,075,803	Schlumberger Ltd.		214,568,017
		Food Products — 3.3%
	15,183,151	Danone S.A., Sponsored ADR		239,134,628
		Health Care Equipment & Supplies — 2.2%
	1,555,038	Varian Medical Systems, Inc.(a)		155,597,102
		Health Care Technology — 2.4%
	2,450,299	Cerner Corp.(a)		174,755,325
		Hotels, Restaurants & Leisure — 3.1%
	2,511,475	Yum China Holdings, Inc.(a)		100,383,656
	1,675,693	Yum! Brands, Inc.		123,347,761
				223,731,417
		Household Products — 2.9%
	2,289,457	Procter & Gamble Co. (The)		208,294,798
		Internet & Direct Marketing Retail — 5.9%
	443,465	Amazon.com, Inc.(a)		426,325,078
		Internet Software & Services — 17.8%
	2,651,723	Alibaba Group Holding Ltd., Sponsored ADR(a)		457,979,079
	194,559	Alphabet, Inc., Class A(a)		189,445,989
	194,290	Alphabet, Inc., Class C(a)		186,345,482
	2,648,309	Facebook, Inc., Class A(a)		452,516,559
				1,286,287,109

See accompanying notes to financial statements.

45  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Growth Fund – (continued)

Shares		Description	Value (†)
		IT Services — 6.0%
	576,292	Automatic Data Processing, Inc.	$	63,000,241
	3,514,774	Visa, Inc., Class A		369,894,816
				432,895,057
		Machinery — 2.6%
	1,476,881	Deere & Co.		185,481,485
		Pharmaceuticals — 6.5%
	1,351,062	Merck & Co., Inc.		86,508,500
	1,675,756	Novartis AG, Sponsored ADR		143,863,652
	4,954,639	Novo Nordisk AS, Sponsored ADR		238,565,868
				468,938,020
		Semiconductors & Semiconductor Equipment — 3.3%
	392,465	Analog Devices, Inc.		33,818,709
	3,872,996	QUALCOMM, Inc.		200,776,113
				234,594,822
		Software — 10.7%
	2,450,235	Autodesk, Inc.(a)		275,063,381
	2,615,070	Microsoft Corp.		194,796,564
	6,312,290	Oracle Corp.		305,199,222
				775,059,167
		Total Common Stocks (Identified Cost $5,521,817,481)		7,007,340,225
Principal Amount
	Short-Term Investments — 1.9%
$	138,504,239	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/29/2017 at 0.340% to be repurchased at $138,508,163 on 10/02/2017 collateralized by $141,190,000 Federal Home Loan Mortgage Corp., 1.250% due 10/02/2019 valued at $141,276,126 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $138,504,239)		138,504,239
		Total Investments — 99.1% (Identified Cost $5,660,321,720)		7,145,844,464
		Other assets less liabilities — 0.9%		61,267,430
		Net Assets — 100.0%	$	7,207,111,894
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.
	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.

See accompanying notes to financial statements.

|  46

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Growth Fund – (continued)

Industry Summary at September 30, 2017

Internet Software & Services	17.8	%
Software	10.7
Beverages	6.8
Pharmaceuticals	6.5
IT Services	6.0
Internet & Direct Marketing Retail	5.9
Air Freight & Logistics	5.3
Capital Markets	4.7
Biotechnology	4.7
Communications Equipment	4.5
Food Products	3.3
Semiconductors & Semiconductor Equipment	3.3
Hotels, Restaurants & Leisure	3.1
Energy Equipment & Services	3.0
Household Products	2.9
Machinery	2.6
Health Care Technology	2.4
Health Care Equipment & Supplies	2.2
Consumer Finance	1.5
Short-Term Investments	1.9
Total Investments	99.1
Other assets less liabilities	0.9
Net Assets	100.0	%

See accompanying notes to financial statements.

47  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Value Fund

Shares		Description	Value (†)
	Common Stocks — 98.9% of Net Assets
		Aerospace & Defense — 3.5%
	62,517	Northrop Grumman Corp.	$	17,987,391
	200,538	United Technologies Corp.		23,278,451
				41,265,842
		Automobiles — 0.8%
	190,085	Harley-Davidson, Inc.		9,163,998
		Banks — 14.5%
	1,322,263	Bank of America Corp.		33,506,144
	394,763	Citigroup, Inc.		28,715,061
	496,922	Fifth Third Bancorp		13,903,877
	399,162	JPMorgan Chase & Co.		38,123,963
	175,905	PNC Financial Services Group, Inc. (The)		23,706,717
	564,613	Wells Fargo & Co.		31,138,407
				169,094,169
		Beverages — 1.4%
	143,404	PepsiCo, Inc.		15,979,508
		Building Products — 1.8%
	523,419	Johnson Controls International PLC		21,088,552
		Capital Markets — 2.9%
	121,565	Ameriprise Financial, Inc.		18,053,618
	167,469	State Street Corp.		15,999,988
				34,053,606
		Chemicals — 1.7%
	285,615	DowDuPont, Inc.		19,773,127
		Communications Equipment — 3.4%
	588,212	Cisco Systems, Inc.		19,781,570
	154,912	Harris Corp.		20,398,812
				40,180,382
		Construction Materials — 1.0%
	94,136	Vulcan Materials Co.		11,258,666
		Consumer Finance — 2.3%
	148,580	American Express Co.		13,440,547
	214,305	Discover Financial Services		13,818,386
				27,258,933
		Containers & Packaging — 1.4%
	388,191	Sealed Air Corp.		16,583,520
		Diversified Telecommunication Services — 1.4%
	340,579	Verizon Communications, Inc.		16,855,255
		Electric Utilities — 4.1%
	342,491	Exelon Corp.		12,901,636
	116,572	NextEra Energy, Inc.		17,083,627
	255,137	PG&E Corp.		17,372,278
				47,357,541

See accompanying notes to financial statements.

|  48

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Value Fund – (continued)

Shares		Description	Value (†)
		Electrical Equipment — 1.1%
	165,761	Eaton Corp. PLC	$	12,728,787
		Energy Equipment & Services — 2.2%
	323,287	Baker Hughes, a GE Co.		11,838,770
	313,875	Halliburton Co.		14,447,666
				26,286,436
		Food & Staples Retailing — 0.8%
	120,220	CVS Health Corp.		9,776,290
		Food Products — 1.6%
	450,718	Mondelez International, Inc., Class A		18,326,194
		Health Care Equipment & Supplies — 3.7%
	403,458	Abbott Laboratories		21,528,519
	272,629	Medtronic PLC		21,202,357
				42,730,876
		Health Care Providers & Services — 5.1%
	83,476	Aetna, Inc.		13,273,519
	46,939	Humana, Inc.		11,435,748
	108,908	Laboratory Corp. of America Holdings(a)		16,441,841
	92,636	UnitedHealth Group, Inc.		18,142,761
				59,293,869
		Household Durables — 1.1%
	291,494	Newell Brands, Inc.		12,438,049
		Industrial Conglomerates — 1.6%
	135,176	Honeywell International, Inc.		19,159,846
		Insurance — 6.3%
	317,912	American International Group, Inc.		19,516,618
	347,048	FNF Group		16,470,898
	382,653	MetLife, Inc.		19,878,823
	141,179	Travelers Cos., Inc. (The)		17,297,251
				73,163,590
		Internet & Direct Marketing Retail — 1.2%
	601,048	Liberty Interactive Corp./QVC Group, Class A(a)		14,166,701
		IT Services — 1.4%
	72,733	Alliance Data Systems Corp.		16,113,996
		Machinery — 1.3%
	231,797	Pentair PLC		15,752,924
		Media — 2.2%
	662,011	Comcast Corp., Class A		25,474,183
		Midstream — 1.1%
	209,336	Royal Dutch Shell PLC, Sponsored ADR		12,681,575
		Oil, Gas & Consumable Fuels — 5.6%
	337,681	Anadarko Petroleum Corp.		16,495,717
	204,834	Chevron Corp.		24,067,995
	186,720	Hess Corp.		8,755,301
	281,840	Marathon Petroleum Corp.		15,805,587
				65,124,600

See accompanying notes to financial statements.

49  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Value Fund – (continued)

Shares		Description	Value (†)
		Pharmaceuticals — 6.5%
	73,280	Allergan PLC	$	15,018,736
	165,709	Bristol-Myers Squibb Co.		10,562,292
	121,151	Eli Lilly & Co.		10,363,256
	226,104	Merck & Co., Inc.		14,477,439
	709,623	Pfizer, Inc.		25,333,541
				75,755,264
		Professional Services — 1.0%
	268,695	Nielsen Holdings PLC		11,137,408
		Real Estate Management & Development — 1.1%
	330,074	CBRE Group, Inc., Class A(a)		12,503,203
		REITs – Diversified — 1.9%
	278,081	Outfront Media, Inc.		7,002,079
	449,258	Weyerhaeuser Co.		15,288,250
				22,290,329
		Road & Rail — 1.5%
	137,194	Norfolk Southern Corp.		18,142,535
		Semiconductors & Semiconductor Equipment — 1.2%
	263,314	QUALCOMM, Inc.		13,650,198
		Software — 4.8%
	284,739	Microsoft Corp.		21,210,208
	504,112	Oracle Corp.		24,373,815
	328,063	Symantec Corp.		10,763,747
				56,347,770
		Specialty Retail — 0.9%
	107,592	Advance Auto Parts, Inc.		10,673,126
		Technology Hardware, Storage & Peripherals — 2.0%
	90,605	Apple, Inc.		13,964,042
	424,336	Diebold Nixdorf, Inc.		9,696,078
				23,660,120
		Tobacco — 1.5%
	161,776	Philip Morris International, Inc.		17,958,754
		Total Common Stocks (Identified Cost $859,868,369)		1,155,249,722

See accompanying notes to financial statements.

|  50

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Value Fund – (continued)

Principal Amount		Description	Value (†)
	Short-Term Investments – 1.1%
$	13,575,209	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/29/2017 at 0.340% to be repurchased at $13,575,593 on 10/02/2017 collateralized by $13,840,000 Federal Home Loan Mortgage Corp., 1.250% due 10/02/2019 valued at $13,848,442 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $13,575,209)	$	13,575,209
		Total Investments — 100.0% (Identified Cost $873,443,578)		1,168,824,931
		Other assets less liabilities – (0.0)%		(556,342	)
		Net Assets — 100.0%	$	1,168,268,589
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.
	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
	REITs	Real Estate Investment Trusts

Industry Summary at September 30, 2017

Banks	14.5	%
Pharmaceuticals	6.5
Insurance	6.3
Oil, Gas & Consumable Fuels	5.6
Health Care Providers & Services	5.1
Software	4.8
Electric Utilities	4.1
Health Care Equipment & Supplies	3.7
Aerospace & Defense	3.5
Communications Equipment	3.4
Capital Markets	2.9
Consumer Finance	2.3
Energy Equipment & Services	2.2
Media	2.2
Technology Hardware, Storage & Peripherals	2.0
Other Investments, less than 2% each	29.8
Short-Term Investments	1.1
Total Investments	100.0
Other assets less liabilities	(0.0	)
Net Assets	100.0	%

See accompanying notes to financial statements.

51  |

Statements of Assets and Liabilities

September 30, 2017

	Global Equity and Income Fund		Growth Fund		Value Fund
ASSETS
Investments at cost	$	1,459,396,593	$	5,660,321,720	$	873,443,578
Net unrealized appreciation		353,029,202		1,485,522,744		295,381,353
Investments at value		1,812,425,795		7,145,844,464		1,168,824,931
Cash		211,000		—		—
Due from brokers (Note 2)		996,404		—		—
Foreign currency at value (identified cost $5,140,171, $0 and $0, respectively)		5,076,021		—		—
Receivable for Fund shares sold		5,248,174		96,421,599		454,626
Receivable for securities sold		5,131,688		—		—
Collateral received for open forward foreign currency contracts (Note 4)		360,000		—		—
Dividends and interest receivable		6,996,700		5,078,086		949,460
Unrealized appreciation on forward foreign currency contracts (Note 2)		1,242,722		—		—
Tax reclaims receivable		551,992		2,056,535		—
Prepaid expenses (Note 8)		1,944		9,864		1,246
TOTAL ASSETS		1,838,242,440		7,249,410,548		1,170,230,263
LIABILITIES
Payable for securities purchased		47,319,598		—		—
Payable for Fund shares redeemed		1,710,037		38,561,819		961,280
Unrealized depreciation on forward foreign currency contracts (Note 2)		1,445,015		—		—
Foreign taxes payable (Note 2)		36,347		—		—
Due to brokers (Note 2)		360,000		—		—
Management fees payable (Note 6)		1,075,660		2,916,555		480,183
Deferred Trustees’ fees (Note 6)		162,425		221,002		363,027
Administrative fees payable (Note 6)		64,124		260,633		43,012
Payable to distributor (Note 6d)		17,238		66,374		9,424
Other accounts payable and accrued expenses		186,678		272,271		104,748
TOTAL LIABILITIES		52,377,122		42,298,654		1,961,674
NET ASSETS	$	1,785,865,318	$	7,207,111,894	$	1,168,268,589
NET ASSETS CONSIST OF:
Paid-in capital	$	1,406,773,408	$	5,581,935,269	$	746,148,979
Undistributed net investment income		10,545,895		28,890,806		16,512,018
Accumulated net realized gain on investments, short sales, forward foreign currency contracts and foreign currency transactions		15,785,877		110,763,075		110,226,239
Net unrealized appreciation on investments and foreign currency translations		352,760,138		1,485,522,744		295,381,353
NET ASSETS	$	1,785,865,318	$	7,207,111,894	$	1,168,268,589

See accompanying notes to financial statements.

|  52

Statements of Assets and Liabilities (continued)

September 30, 2017

	Global Equity and Income Fund		Growth Fund		Value Fund
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	305,275,012	$	983,046,747	$	185,152,562
Shares of beneficial interest		14,132,792		69,996,342		8,015,256
Net asset value and redemption price per share	$	21.60	$	14.04	$	23.10
Offering price per share (100/94.25 of net asset value) (Note 1)	$	22.92	$	14.90	$	24.51
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	354,016,805	$	133,328,516	$	10,947,816
Shares of beneficial interest		16,627,576		10,316,516		480,738
Net asset value and offering price per share	$	21.29	$	12.92	$	22.77
Class N shares:
Net assets	$	59,511,731	$	341,160,250	$	594,165,194
Shares of beneficial interest		2,738,931		22,785,494		25,619,997
Net asset value, offering and redemption price per share	$	21.73	$	14.97	$	23.19
Class Y shares:
Net assets	$	1,067,061,770	$	5,749,576,381	$	377,161,899
Shares of beneficial interest		49,092,962		384,002,402		16,251,736
Net asset value, offering and redemption price per share	$	21.74	$	14.97	$	23.21
Admin Class shares:
Net assets	$	—	$	—	$	841,118
Shares of beneficial interest		—		—		36,507
Net asset value, offering and redemption price per share	$	—	$	—	$	23.04

See accompanying notes to financial statements.

53  |

Statements of Operations

For the Year Ended September 30, 2017

	Global Equity and Income Fund			Growth Fund			Value Fund
INVESTMENT INCOME
Dividends	$	18,689,598		$	74,011,021		$	32,268,334
Non-cash dividend income (Note 2b)		—			4,174,098			—
Interest		25,187,537			203,235			38,038
Less net foreign taxes withheld		(622,521	)		(2,075,923	)		(159,959	)
		43,254,614			76,312,431			32,146,413
Expenses
Management fees (Note 6)		11,866,210			28,270,208			6,153,022
Service and distribution fees (Note 6)		4,456,882			3,412,749			588,662
Administrative fees (Note 6)		705,928			2,522,317			549,206
Trustees’ fees and expenses (Note 6)		72,132			177,047			86,181
Transfer agent fees and expenses (Notes 6 and 7)		1,361,257			4,987,239			867,615
Audit and tax services fees		139,007			43,047			41,013
Custodian fees and expenses		215,051			195,148			36,586
Legal fees		34,416			119,355			27,237
Registration fees		111,991			442,430			126,359
Shareholder reporting expenses		101,756			257,838			73,271
Miscellaneous expenses (Note 8)		80,930			155,722			56,814
Total expenses		19,145,560			40,583,100			8,605,966
Less waiver and/or expense reimbursement (Note 6)		(265	)		(1,348	)		—
Net expenses		19,145,295			40,581,752			8,605,966
Net investment income		24,109,319			35,730,679			23,540,447
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, SHORT SALES, FORWARD FOREIGN CURRENCY CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		17,044,626			111,820,263			125,807,423
Short sales		—			—			52,980
Forward foreign currency contracts (Note 2e)		(4,243,171	)		—			—
Foreign currency transactions (Note 2d)		11,871			—			—
Net change in unrealized appreciation (depreciation) on:
Investments		174,153,946			937,804,825			39,946,464
Short sales		—			—			(2,724	)
Forward foreign currency contracts (Note 2e)		(519,161	)		—			—
Foreign currency translations (Note 2d)		(6,787	)		—			—
Net realized and unrealized gain on investments, short sales, forward foreign currency contracts and foreign currency transactions		186,441,324			1,049,625,088			165,804,143
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	210,550,643		$	1,085,355,767		$	189,344,590

See accompanying notes to financial statements.

|  54

Statements of Changes in Net Assets

	Global Equity and Income Fund						Growth Fund
	Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2017			Year Ended September 30, 2016
FROM OPERATIONS:
Net investment income	$	24,109,319		$	17,726,830		$	35,730,679		$	20,422,191
Net realized gain (loss) on investments, short sales, forward foreign currency contracts and foreign currency transactions		12,813,326			(11,136,128	)		111,820,263			61,467,333
Net change in unrealized appreciation (depreciation) on investments, short sales, forward foreign currency contracts and foreign currency translations		173,627,998			125,656,810			937,804,825			460,433,284
Net increase in net assets resulting from operations		210,550,643			132,247,512			1,085,355,767			542,322,808
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(3,289,853	)		(2,081,218	)		(2,941,318	)		(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	)		(7,024,882	)		—
Class C		—			(18,956,422	)		(1,227,895	)		—
Class N		—			—			(992,374	)		—
Class Y		—			(31,143,894	)		(34,329,937	)		—
Total distributions		(17,489,512	)		(71,515,402	)		(68,386,322	)		(8,526,987	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 12)		53,800,129			233,875,615			1,795,629,622			2,522,919,151
Net increase (decrease) in net assets		246,861,260			294,607,725			2,812,599,067			3,056,714,972
NET ASSETS
Beginning of the year		1,539,004,058			1,244,396,333			4,394,512,827			1,337,797,855
End of the year	$	1,785,865,318		$	1,539,004,058		$	7,207,111,894		$	4,394,512,827
UNDISTRIBUTED NET INVESTMENT INCOME	$	10,545,895		$	10,444,127		$	28,890,806		$	17,971,361

See accompanying notes to financial statements.

55  |

Statements of Changes in Net Assets (continued)

	Value Fund
	Year Ended September 30, 2017			Year Ended September 30, 2016
FROM OPERATIONS:
Net investment income	$	23,540,447		$	27,575,585
Net realized gain (loss) on investments and short sales		125,860,403			20,497,235
Net change in unrealized appreciation (depreciation) on investments and securities short sales		39,943,740			85,543,390
Net increase in net assets resulting from operations		189,344,590			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 INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 12)		(221,330,302	)		(11,555,512	)
Net increase (decrease) in net assets		(88,762,337	)		(204,203,827	)
NET ASSETS
Beginning of the year		1,257,030,926			1,461,234,753
End of the year	$	1,168,268,589		$	1,257,030,926
UNDISTRIBUTED NET INVESTMENT INCOME	$	16,512,018		$	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.

|  56

Financial Highlights

For a share outstanding throughout each period.

	Global Equity and Income Fund—Class A
	Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	19.17		$	18.45		$	19.77		$	18.57		$	17.07
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.31			0.24			0.21			0.28			0.32	(b)
Net realized and unrealized gain (loss)		2.36			1.47			(0.37	)		1.49			1.45
Total from Investment Operations		2.67			1.71			(0.16	)		1.77			1.77
LESS DISTRIBUTIONS FROM:
Net investment income		(0.24	)		(0.15	)		(0.20	)		(0.33	)		(0.27	)
Net realized capital gains		—			(0.84	)		(0.96	)		(0.24	)		—
Total Distributions		(0.24	)		(0.99	)		(1.16	)		(0.57	)		(0.27	)
Net asset value, end of the period	$	21.60		$	19.17		$	18.45		$	19.77		$	18.57
Total return(c)		14.10	%		9.64	%		(0.91	)%		9.62	%		10.54	%(b)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	305,275		$	280,263		$	246,371		$	237,167		$	251,211
Net expenses		1.18	%		1.17	%		1.18	%		1.17	%		1.18	%
Gross expenses		1.18	%		1.17	%		1.18	%		1.17	%		1.18	%
Net investment income		1.57	%		1.32	%		1.06	%		1.46	%		1.82	%(b)
Portfolio turnover rate		35	%		43	%		48	%		49	%		58	%

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

See accompanying notes to financial statements.

57  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Global Equity and Income Fund—Class C
	Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	18.89		$	18.19		$	19.51		$	18.36		$	16.90
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.16			0.10			0.06			0.14			0.19	(b)
Net realized and unrealized gain (loss)		2.33			1.46			(0.36	)		1.45			1.45
Total from Investment Operations		2.49			1.56			(0.30	)		1.59			1.64
LESS DISTRIBUTIONS FROM:
Net investment income		(0.09	)		(0.02	)		(0.06	)		(0.20	)		(0.18	)
Net realized capital gains		—			(0.84	)		(0.96	)		(0.24	)		—
Total Distributions		(0.09	)		(0.86	)		(1.02	)		(0.44	)		(0.18	)
Net asset value, end of the period	$	21.29		$	18.89		$	18.19		$	19.51		$	18.36
Total return(c)		13.22	%		8.88	%		(1.66	)%		8.72	%		9.77	%(b)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	354,017		$	423,350		$	393,416		$	377,001		$	340,561
Net expenses		1.93	%		1.92	%		1.93	%		1.92	%		1.93	%
Gross expenses		1.93	%		1.92	%		1.93	%		1.92	%		1.93	%
Net investment income		0.84	%		0.57	%		0.31	%		0.71	%		1.07	%(b)
Portfolio turnover rate		35	%		43	%		48	%		49	%		58	%

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

See accompanying notes to financial statements.

|  58

Financial Highlights (continued)

For a share outstanding throughout each period.

	Global Equity and Income Fund—Class N
	Period Ended September 30, 2017*
Net asset value, beginning of the period	$	19.20
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.20
Net realized and unrealized gain (loss)		2.33
Total from Investment Operations		2.53
Total Distributions		—
Net asset value, end of the period	$	21.73
Total return(b)		13.18	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	59,512
Net expenses(c)		0.87	%
Gross expenses(c)		0.87	%
Net investment income(c)		1.48	%
Portfolio turnover rate(d)		35	%

* From commencement of Class operations on February 1, 2017 through September 30, 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) Computed on an annualized basis for periods less than one year.

(d) Represents the Fund’s portfolio turnover rate for the year ended September 30, 2017.

See accompanying notes to financial statements.

59  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Global Equity and Income Fund—Class Y
	Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	19.29		$	18.55		$	19.89		$	18.68		$	17.15
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.36			0.29			0.25			0.33			0.37	(b)
Net realized and unrealized gain (loss)		2.37			1.49			(0.37	)		1.49			1.47
Total from Investment Operations		2.73			1.78			(0.12	)		1.82			1.84
LESS DISTRIBUTIONS FROM:
Net investment income		(0.28	)		(0.20	)		(0.26	)		(0.37	)		(0.31	)
Net realized capital gains		—			(0.84	)		(0.96	)		(0.24	)		—
Total Distributions		(0.28	)		(1.04	)		(1.22	)		(0.61	)		(0.31	)
Net asset value, end of the period	$	21.74		$	19.29		$	18.55		$	19.89		$	18.68
Total return		14.42	%		9.97	%		(0.72	)%		9.87	%		10.90	%(b)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,067,062		$	835,391		$	604,609		$	633,057		$	570,694
Net expenses		0.93	%		0.92	%		0.93	%		0.92	%		0.93	%
Gross expenses		0.93	%		0.92	%		0.93	%		0.92	%		0.93	%
Net investment income		1.79	%		1.58	%		1.30	%		1.69	%		2.07	%(b)
Portfolio turnover rate		35	%		43	%		48	%		49	%		58	%

(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%.

See accompanying notes to financial statements.

|  60

Financial Highlights (continued)

For a share outstanding throughout each period.

	Growth Fund—Class A
	Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	11.96		$	9.90		$	9.45		$	8.07		$	6.50
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.06			0.06			0.05			0.05			0.04
Net realized and unrealized gain (loss)		2.18			2.05			0.45			1.34			1.59
Total from Investment Operations		2.24			2.11			0.50			1.39			1.63
LESS DISTRIBUTIONS FROM:
Net investment income		(0.05	)		(0.05	)		(0.05	)		(0.01	)		(0.06	)
Net realized capital gains		(0.11	)		—			—			—			—
Total Distributions		(0.16	)		(0.05	)		(0.05	)		(0.01	)		(0.06	)
Net asset value, end of the period	$	14.04		$	11.96		$	9.90		$	9.45		$	8.07
Total return(b)		18.99	%		21.32	%		5.30	%		17.23	%		25.23	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	983,047		$	729,989		$	122,203		$	63,682		$	50,248
Net expenses		0.91	%		0.92	%		0.92	%		0.94	%		1.03	%
Gross expenses		0.91	%		0.92	%		0.92	%		0.94	%		1.03	%
Net investment income		0.45	%		0.58	%		0.45	%		0.55	%		0.57	%
Portfolio turnover rate		8	%		11	%		27	%(c)		14	%		6	%

(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) Portfolio turnover would have been 6% if excluding the transfer in-kind amounts that occurred during the period.

See accompanying notes to financial statements.

61  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Growth Fund—Class C
	Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	11.06		$	9.18		$	8.79		$	7.55		$	6.09
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.03	)		(0.02	)		(0.03	)		(0.02	)		(0.01	)
Net realized and unrealized gain (loss)		2.00			1.90			0.42			1.26			1.48
Total from Investment Operations		1.97			1.88			0.39			1.24			1.47
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	$	12.92		$	11.06		$	9.18		$	8.79		$	7.55
Total return(b)		18.03	%		20.48	%		4.44	%		16.42	%		24.21	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	133,329		$	109,798		$	41,421		$	29,837		$	20,798
Net expenses		1.66	%		1.66	%		1.67	%		1.69	%		1.78	%
Gross expenses		1.66	%		1.66	%		1.67	%		1.69	%		1.78	%
Net investment loss		(0.29	)%		(0.16	)%		(0.29	)%		(0.20	)%		(0.20	)%
Portfolio turnover rate		8	%		11	%		27	%(c)		14	%		6	%

(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) Portfolio turnover would have been 6% if excluding the transfer in-kind amounts that occurred during the period.

See accompanying notes to financial statements.

|  62

Financial Highlights (continued)

For a share outstanding throughout each period.

	Growth Fund—Class N
	Year Ended September 30, 2017			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)		0.11			0.10			0.08			0.05			0.03
Net realized and unrealized gain (loss)		2.32			2.18			0.49			1.42			0.95
Total from Investment Operations		2.43			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	$	14.97		$	12.73		$	10.52		$	10.01		$	8.56
Total return		19.39	%(b)		21.75	%		5.65	%(b)		17.21	%(b)		12.93	%(b)(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	341,160		$	60,765		$	1		$	1		$	1
Net expenses		0.57	%(d)		0.58	%		0.55	%(d)		0.95	%(d)		0.95	%(d)(e)
Gross expenses		0.58	%		0.58	%		9.82	%		3.45	%		3.50	%(e)
Net investment income		0.80	%		0.82	%		0.71	%		0.52	%		0.60	%(e)
Portfolio turnover rate		8	%		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) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

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

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

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

(f) Portfolio turnover would have been 6% if excluding the transfer in-kind amounts that occurred during the period.

See accompanying notes to financial statements.

63  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Growth Fund—Class Y
	Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	12.73		$	10.53		$	10.04		$	8.57		$	6.90
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.09			0.10			0.07			0.08			0.05
Net realized and unrealized gain (loss)		2.33			2.16			0.49			1.42			1.69
Total from Investment Operations		2.42			2.26			0.56			1.50			1.74
LESS DISTRIBUTIONS FROM:
Net investment income		(0.07	)		(0.06	)		(0.07	)		(0.03	)		(0.07	)
Net realized capital gains		(0.11	)		—			—			—			—
Total Distributions		(0.18	)		(0.06	)		(0.07	)		(0.03	)		(0.07	)
Net asset value, end of the period	$	14.97		$	12.73		$	10.53		$	10.04		$	8.57
Total return		19.31	%		21.55	%		5.59	%		17.51	%		25.49	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	5,749,576		$	3,493,961		$	1,174,150		$	1,004,157		$	541,245
Net expenses		0.66	%		0.66	%		0.67	%		0.69	%		0.77	%
Gross expenses		0.66	%		0.66	%		0.67	%		0.69	%		0.77	%
Net investment income		0.69	%		0.82	%		0.69	%		0.79	%		0.68	%
Portfolio turnover rate		8	%		11	%		27	%(b)		14	%		6	%

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

(b) Portfolio turnover would have been 6% if excluding the transfer in-kind amounts that occurred during the period.

See accompanying notes to financial statements.

|  64

Financial Highlights (continued)

For a share outstanding throughout each period.

	Value Fund—Class A
	Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	20.73		$	23.98		$	28.47		$	25.59		$	20.86
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.36			0.34			0.29			0.45	(b)		0.31
Net realized and unrealized gain (loss)		2.95			1.80			(1.58	)		4.00			4.70
Total from Investment Operations		3.31			2.14			(1.29	)		4.45			5.01
LESS DISTRIBUTIONS FROM:
Net investment income		(0.38	)		(0.28	)		(0.53	)		(0.27	)		(0.28	)
Net realized capital gains		(0.56	)		(5.11	)		(2.67	)		(1.30	)		—
Total Distributions		(0.94	)		(5.39	)		(3.20	)		(1.57	)		(0.28	)
Net asset value, end of the period	$	23.10		$	20.73		$	23.98		$	28.47		$	25.59
Total return(c)		16.33	%		9.65	%		(5.59	)%		17.97	%(b)		24.35	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	185,153		$	191,909		$	124,662		$	580,092		$	171,327
Net expenses		0.96	%		0.94	%		0.95	%		0.96	%		0.97	%
Gross expenses		0.96	%		0.94	%		0.95	%		0.96	%		0.97	%
Net investment income		1.65	%		1.65	%		1.07	%		1.63	%(b)		1.31	%
Portfolio turnover rate		27	%		15	%		20	%		28	%		24	%

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

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

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

See accompanying notes to financial statements.

65  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Value Fund—Class C
	Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	20.43		$	23.69		$	28.14		$	25.33		$	20.65
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.19			0.20			0.10			0.31	(b)		0.13
Net realized and unrealized gain (loss)		2.91			1.76			(1.57	)		3.89			4.68
Total from Investment Operations		3.10			1.96			(1.47	)		4.20			4.81
LESS DISTRIBUTIONS FROM:
Net investment income		(0.20	)		(0.11	)		(0.31	)		(0.09	)		(0.13	)
Net realized capital gains		(0.56	)		(5.11	)		(2.67	)		(1.30	)		—
Total Distributions		(0.76	)		(5.22	)		(2.98	)		(1.39	)		(0.13	)
Net asset value, end of the period	$	22.77		$	20.43		$	23.69		$	28.14		$	25.33
Total return(c)		15.46	%		8.85	%		(6.30	)%		17.07	%(b)		23.41	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	10,948		$	11,474		$	15,071		$	16,958		$	15,158
Net expenses		1.71	%		1.69	%		1.70	%		1.71	%		1.72	%
Gross expenses		1.71	%		1.69	%		1.70	%		1.71	%		1.72	%
Net investment income		0.89	%		0.94	%		0.40	%		1.15	%(b)		0.55	%
Portfolio turnover rate		27	%		15	%		20	%		28	%		24	%

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

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

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

See accompanying notes to financial statements.

|  66

Financial Highlights (continued)

For a share outstanding throughout each period.

	Value Fund—Class N
	Year Ended September 30, 2017			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)		0.46			0.44			0.42			0.63	(b)		0.25
Net realized and unrealized gain (loss)		2.94			1.80			(1.61	)		3.94			2.81
Total from Investment Operations		3.40			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	$	23.19		$	20.80		$	24.09		$	28.58		$	25.65
Total return		16.80	%		10.08	%		(5.23	)%		18.43	%(b)		13.55	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	594,165		$	499,533		$	554,946		$	392,811		$	260,643
Net expenses		0.58	%		0.57	%		0.57	%		0.57	%		0.57	%(d)
Gross expenses		0.58	%		0.57	%		0.57	%		0.57	%		0.57	%(d)
Net investment income		2.07	%		2.11	%		1.55	%		2.28	%(b)		1.50	%(d)
Portfolio turnover rate		27	%		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.

67  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Value Fund—Class Y
	Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	20.81		$	24.10		$	28.58		$	25.65		$	20.91
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.41			0.41			0.37			0.60	(b)		0.36
Net realized and unrealized gain (loss)		2.97			1.79			(1.60	)		3.94			4.72
Total from Investment Operations		3.38			2.20			(1.23	)		4.54			5.08
LESS DISTRIBUTIONS FROM:
Net investment income		(0.42	)		(0.38	)		(0.58	)		(0.31	)		(0.34	)
Net realized capital gains		(0.56	)		(5.11	)		(2.67	)		(1.30	)		—
Total Distributions		(0.98	)		(5.49	)		(3.25	)		(1.61	)		(0.34	)
Net asset value, end of the period	$	23.21		$	20.81		$	24.10		$	28.58		$	25.65
Total return		16.63	%		9.92	%		(5.37	)%		18.27	%(b)		24.65	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	377,162		$	553,259		$	681,109		$	1,303,492		$	1,513,807
Net expenses		0.71	%		0.69	%		0.70	%		0.71	%		0.72	%
Gross expenses		0.71	%		0.69	%		0.70	%		0.71	%		0.72	%
Net investment income		1.86	%		1.95	%		1.36	%		2.19	%(b)		1.56	%
Portfolio turnover rate		27	%		15	%		20	%		28	%		24	%

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

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

See accompanying notes to financial statements.

|  68

Financial Highlights (continued)

For a share outstanding throughout each period.

	Value Fund—Admin Class
	Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	20.37		$	23.81		$	28.34		$	25.51		$	20.79
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.31			0.32			0.26			0.30	(b)		0.24
Net realized and unrealized gain (loss)		2.92			1.69			(1.61	)		4.07			4.71
Total from Investment Operations		3.23			2.01			(1.35	)		4.37			4.95
LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.34	)		(0.51	)		(0.24	)		(0.23	)
Net realized capital gains		(0.56	)		(5.11	)		(2.67	)		(1.30	)		—
Total Distributions		(0.56	)		(5.45	)		(3.18	)		(1.54	)		(0.23	)
Net asset value, end of the period	$	23.04		$	20.37		$	23.81		$	28.34		$	25.51
Total return		16.06	%		9.11	%		(5.83	)%		17.68	%(b)		24.08	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	841		$	854		$	85,387		$	268		$	12
Net expenses		1.21	%		1.19	%		1.23	%		1.21	%		1.19	%
Gross expenses		1.21	%		1.19	%		1.23	%		1.21	%		1.19	%
Net investment income		1.44	%		1.61	%		1.03	%		1.07	%(b)		1.01	%
Portfolio turnover rate		27	%		15	%		20	%		28	%		24	%

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

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

See accompanying notes to financial statements.

69  |

Notes to Financial Statements

September 30, 2017

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.

Growth Fund was closed to new investors effective April 28, 2017. Growth Fund continues to offer Class A, Class C, Class N, and Class Y shares to 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 Growth 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.

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. Class T shares of the Funds are not currently available for purchase. 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 offered with an initial minimum investment of $100,000. Certain categories of investors are exempted from the minimum investment amounts 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 (“Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”), and Natixis ETF Trust. Expenses of a Fund are borne pro rata by the holders of each class of shares, except that each class bears

|  70

Notes to Financial Statements (continued)

September 30, 2017

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 (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.

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

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

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independent pricing service does not provide a reliable price for the security. Forward foreign currency contracts are valued utilizing interpolated rates determined based on information provided by an independent pricing service.

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

As of September 30, 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
$321,436,393	18.0%	$3,570,032	0.2%	$161,986	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, including income reinvested, 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. Dividends reinvested are reflected as non-cash dividend on the Statement of Operations. Interest income is increased by the accretion of discount and decreased by the amortization of premium, if applicable. In

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

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

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

During the year ended September 30, 2017, the amount of income available to be distributed by Global Equity and Income Fund has been reduced by $7,930,360.

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

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September 30, 2017

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

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

f.  When-Issued and Delayed Delivery Transactions.  The Funds may enter into when-issued or delayed delivery transactions. When-issued refers to transactions made conditionally because a security, although authorized, has not been issued. Delayed delivery refers to transactions for which delivery or payment will occur at a later date, beyond the normal settlement period. The price of when-issued and delayed delivery securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The security and the obligation to pay for it are recorded by the Funds at the time the commitment is entered into. The value of the security may vary with market fluctuations during the time before the Funds take delivery of the security. No interest accrues to the Funds until the transaction settles.

Delayed delivery transactions include those designated as To Be Announced (“TBAs”) in the Portfolios of Investments. For TBAs, the actual security that will be delivered to fulfill the transaction is not designated at the time of the trade. The security is “to be announced” 48 hours prior to the established trade settlement date. Certain transactions require the Funds or counterparty to post cash and/or securities as collateral for the net mark-to-market exposure to the other party. The Funds cover their net obligations under outstanding delayed delivery commitments by segregating or earmarking cash or securities at the custodian.

Purchases of when-issued or delayed delivery securities may have a similar effect on the Funds’ NAV as if the Funds’ had created a degree of leverage in the portfolio. Risks may arise upon entering into such transactions from the potential inability of

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Notes to Financial Statements (continued)

September 30, 2017

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 September 30, 2017.

g.  Federal and Foreign Income Taxes.  The Trust treats each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund’s tax positions for the open tax years as of September 30, 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 twelve months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

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

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

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September 30, 2017

distributions received, convertible bonds, capital gains taxes, redemptions in-kind 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, 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 years ended September 30, 2017 and 2016 were as follows:

	2017 Distributions Paid From:						2016 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total		Ordinary Income		Long-Term Capital Gains		Total
Global Equity and Income Fund	$	17,489,512	$	—	$	17,489,512	$	13,560,829	$	57,954,573	$	71,515,402
Growth Fund		37,517,315		30,869,007		68,386,322		8,526,987		—		8,526,987
Value Fund		24,631,854		32,144,771		56,776,625		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, 2017, the components of distributable earnings on a tax basis were as follows:

	Global Equity and Income Fund		Growth Fund		Value Fund
Undistributed ordinary income	$	10,707,388	$	29,427,423	$	23,352,385
Undistributed long-term capital gains		17,299,264		121,055,922		105,751,631
Total undistributed earnings		28,006,652		150,483,345		129,104,016
Unrealized appreciation		351,247,683		1,474,914,282		293,378,621
Total accumulated earnings	$	379,254,335	$	1,625,397,627	$	422,482,637
Capital loss carryforward utilized in the current year	$	5,486,121	$	—	$	—

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Notes to Financial Statements (continued)

September 30, 2017

As of September 30, 2017, unrealized appreciation (depreciation) as a component of distributable earnings was as follows:

	Global Equity and Income Fund			Growth Fund		Value Fund
Unrealized appreciation (depreciation)
Investments	$	353,536,260		$	1,474,914,282	$	293,378,621
Foreign currency translations		(2,288,577	)		—		—
Total unrealized appreciation (depreciation)	$	351,247,683		$	1,474,914,282	$	293,378,621

As of September 30, 2017, the cost of investments (including derivatives, if applicable) and unrealized appreciation (depreciation) on a federal tax basis were as follows:

	Global Equity and Income Fund			Growth Fund			Value Fund
Federal tax cost	$	1,461,143,306		$	5,670,930,182		$	875,446,310
Gross tax appreciation	$	362,601,925		$	1,511,887,526		$	319,270,542
Gross tax depreciation		(11,297,707	)		(36,973,244	)		(25,891,921	)
Net tax appreciation	$	351,304,218		$	1,474,914,282		$	293,378,621

Differences between these amounts and those reported in the components of distributable earnings are primarily attributable to foreign currency translation and capital gains taxes.

i.  Repurchase Agreements.  Each Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which each Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is each Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities. As of September 30, 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.

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September 30, 2017

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

For the year ended September 30, 2017, none of the Funds had loaned securities under this agreement.

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

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

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

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

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

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Notes to Financial Statements (continued)

September 30, 2017

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

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

The following is a summary of the inputs used to value the Funds’ investments as of September 30, 2017, at value:

Global Equity and Income Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Common Stocks
Belgium	$	—	$	15,721,894	$	—		$	15,721,894
France		—		33,535,826		—			33,535,826
Hong Kong		—		44,708,521		—			44,708,521
India		—		16,249,812		—			16,249,812
Japan		—		13,929,710		—			13,929,710
Sweden		—		50,251,656		—			50,251,656
Switzerland		—		76,291,780		—			76,291,780
United Kingdom		—		70,747,194		—			70,747,194
United States		782,543,604		—		3,886	(b)		782,547,490
All Other Common Stocks(a)		99,757,346		—		—			99,757,346
Total Common Stocks		882,300,950		321,436,393		3,886			1,203,741,229

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September 30, 2017

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	$	38,351	$	284,387,688	$	1,075,475	(c)	$	285,501,514
All Other Non-Convertible Bonds(a)		—		207,927,921		—			207,927,921
Total Non-Convertible Bonds		38,351		492,315,609		1,075,475			493,429,435
Convertible Bonds(a)		—		12,652,270		—			12,652,270
Municipals(a)		—		275,674		—			275,674
Total Bonds and Notes		38,351		505,243,553		1,075,475			506,357,379
Senior Loans(a)		—		119,250		—			119,250
Preferred Stocks
Convertible Preferred Stocks(a)		508,277		546,495		—			1,054,772
Non-Convertible Preferred Stock(a)		100,556		—		—			100,556
Total Preferred Stocks		608,833		546,495		—			1,155,328
Short-Term Investments		—		101,052,609		—			101,052,609
Forward Foreign Currency Contracts (unrealized appreciation)		—		1,242,722		—			1,242,722
Total	$	882,948,134	$	929,641,022	$	1,079,361		$	1,813,668,517

Liability Valuation Inputs
Description	Level 1		Level 2			Level 3		Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—	$	(1,445,015	)	$	—	$	(1,445,015	)

(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 ($917,375) or fair valued by the Fund’s adviser ($158,100).

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Notes to Financial Statements (continued)

September 30, 2017

A common stock valued at $15,561,172 was transferred from Level 1 to Level 2 during the period ended September 30, 2017. At September 30, 2016, this security was valued at the market price in the foreign market in accordance with the Fund’s valuation policies. At September 30, 2017, this security was fair valued pursuant to procedures approved by the Board of Trustees as events occurring after the close of the foreign market were believed to materially affect the value of the security.

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

Growth Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	7,007,340,225	$	—	$	—	$	7,007,340,225
Short-Term Investments		—		138,504,239		—		138,504,239
Total	$	7,007,340,225	$	138,504,239	$	—	$	7,145,844,464

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

For the year ended September 30, 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)	$	1,155,249,722	$	—	$	—	$	1,155,249,722
Short-Term Investments		—		13,575,209		—		13,575,209
Total	$	1,155,249,722	$	13,575,209	$	—	$	1,168,824,931

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

For the year ended September 30, 2017, there were no transfers among Levels 1, 2 and 3.

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September 30, 2017

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 September 30, 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		$	—	$	—	$	2,554		$	—
Bonds and Notes
Non-Convertible Bonds
United States		118,622			4,772		1,150		98,833			859,200
Warrants		3,776			—		5,273		(3,776	)		—
Total	$	123,730		$	4,772	$	6,423	$	97,611		$	859,200
Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3		Balance as of September 30, 2017			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at September 30, 2017
Common Stocks
United States	$	—		$	—	$	—	$	3,886		$	2,554
Bonds and Notes
Non-Convertible Bonds
United States		(7,102	)		—		—		1,075,475			99,903
Warrants		(5,273	)		—		—		—			—
Total	$	(12,375	)	$	—	$	—	$	1,079,361		$	102,457

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.

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Notes to Financial Statements (continued)

September 30, 2017

Global Equity and Income Fund is subject to the risk that changes in foreign currency exchange rates will have an unfavorable effect on the value of Fund assets denominated in foreign currencies. The Fund may enter into forward foreign currency contracts for hedging purposes to protect the value of the Fund’s holdings of foreign securities. The Fund may also use forward foreign currency contracts to gain exposure to foreign currencies, regardless of whether securities denominated in such currencies are held in the Fund. During the year ended September 30, 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 September 30, 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	$1,242,722
Liabilities	Unrealized Depreciation on forward foreign currency contracts
Over-the-counter liability derivatives
Foreign exchange contracts	$(1,445,015)

Transactions in derivative instruments for the Global and Equity Income Fund during the year ended September 30, 2017, as reflected within the Statement of Operations, were as follows:

Net Realized Gain (Loss) on:	Forward foreign currency contracts
Foreign exchange contracts	$(4,243,171)

Net Change in Unrealized Appreciation (Depreciation) on:	Forward foreign currency contracts
Foreign exchange contracts	$(519,161)

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

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The volume of forward foreign currency contract activity, as a percentage of net assets, for Global Equity and Income Fund, based on gross month-end notional amounts outstanding during the period, including long and short positions at absolute value, was as follows for the year ended September 30, 2017:

Global Equity and Income Fund	Forwards
Average Notional Amount Outstanding		8.04	%
Highest Notional Amount Outstanding		9.14	%
Lowest Notional Amount Outstanding		7.09	%
Notional Amount Outstanding as of September 30, 2017		7.38	%

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 a Fund declines beyond a certain threshold. For financial reporting purposes, the Fund does not offset derivative assets and liabilities, and any related collateral received or pledged, on the Statements of Assets and Liabilities.

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As of September 30, 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
Bank of America, N.A.	$	157,398		$	—		$	157,398		$	—		$	157,398
Credit Suisse International		692,046			(692,046	)		—			—			—
UBS AG		393,278			(149	)		393,129			(360,000	)		33,129
	$	1,242,722		$	(692,195	)	$	550,527		$	(360,000	)	$	190,527
Counterparty	Gross Amounts of Liabilities			Offset Amount			Net Liability Balance			Collateral (Received)/ Pledged			Net Amount
Credit Suisse International	$	(1,217,439	)	$	692,046		$	(525,393	)	$	525,393		$	—
Morgan Stanley & Co.		(227,427	)		—			(227,427	)		227,427			—
UBS AG		(149	)		149			—			—			—
	$	(1,445,015	)	$	692,195		$	(752,820	)	$	752,820		$	—

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

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

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specified amount (typically $250,000, depending on the counterparty). With exchange-traded derivatives, there is minimal counterparty credit risk to the Fund because the exchange’s clearinghouse, as counterparty to these instruments, stands between the buyer and the seller of the contract. Credit risk still exists in exchange-traded derivatives with respect to initial and variation margin that is held in a broker’s customer accounts. While brokers are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro rata basis across all of the broker’s customers, potentially resulting in losses to the Fund. Based on balances reflected on the Fund’s Statement of Assets and Liabilities, the following table shows (i) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the Fund would incur if parties (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 Fund would incur after taking into account master netting provisions pursuant to ISDA agreements, as of September 30, 2017:

Fund	Maximum Amount of Loss - Gross		Maximum Amount of Loss - Net
Global Equity and Income Fund	$	2,239,126	$	434,111

These amounts include cash received as collateral for Global Equity and Income Fund of $360,000.

5.  Purchases and Sales of Securities.  For the year ended September 30, 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	$	489,907,456	$	487,232,442
Growth Fund		2,072,416,567		435,295,944
Value Fund		324,354,769		567,099,287

For the year ended September 30, 2017, purchases and sales of U.S. Government/Agency securities by the Global Equity and Income Fund were $80,074,238 and $52,565,050, respectively.

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September 30, 2017

6. Management Fees and Other Transactions with Affiliates.

a.  Management Fees.  Loomis, Sayles & Company, L.P. (“Loomis Sayles”) serves as investment adviser to each Fund. Separate management agreements for each Fund in effect for the year ended September 30, 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 year ended September 30, 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.

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September 30, 2017

For the year ended September 30, 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	$	11,866,210		0.75	%
Growth Fund		28,270,208		0.50	%
Value Fund		6,153,022		0.50	%

No expenses were recovered for any of the Funds during the year ended September 30, 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 Investment Managers, L.P. (“Natixis”), which is part of Natixis Investment Managers, an international asset management group based in Paris, France.

b.  Service and Distribution Fees.  Natixis Distribution, L.P. (“Natixis Distribution”), which is a wholly-owned subsidiary of Natixis, has entered into a distribution agreement with the Trust. Pursuant to this agreement, Natixis 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 Natixis 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 Natixis 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 Natixis 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 Natixis 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 Natixis 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 Natixis Distribution in connection with the marketing or sale of Class C shares.

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Notes to Financial Statements (continued)

September 30, 2017

Under the Admin Class Plan, Value Fund pays Natixis 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 Natixis Distribution in connection with the marketing or sale of Admin Class shares or for payments made by Natixis 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 Natixis Distribution an administrative service fee, at an annual rate not to exceed 0.25% of the average daily net assets attributable to Admin Class shares. These fees are subsequently paid to securities dealers or financial intermediaries for providing personal services and/or account maintenance for their customers who hold such shares.

For the year ended September 30, 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	$	685,934	$	942,737	$	—	$	2,828,211	$	—
Growth Fund		2,142,985		317,441		—		952,323		—
Value Fund		467,921		29,156		2,058		87,469		2,058

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

For the year ended September 30, 2017, the administrative fees for each Fund were as follows:

Fund	Administrative Fees
Global Equity and Income Fund	$	705,928
Growth Fund		2,522,317
Value Fund		549,206

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d.  Sub-Transfer Agent Fees.  Natixis 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 Natixis Distribution for all or a portion of the servicing fees paid to these intermediaries. The reimbursement amounts (sub-transfer agent fees) paid to Natixis 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 year ended September 30, 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	$	1,287,609
Growth Fund		4,705,620
Value Fund		778,033

As of September 30, 2017, the Funds owe Natixis 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	$	17,238
Growth Fund		66,374
Value Fund		9,424

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.

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September 30, 2017

e.  Commissions.  Commissions (including CDSCs) on Fund shares retained by Natixis Distribution during the year ended September 30, 2017, were as follows:

Fund	Commissions
Global Equity and Income Fund	$	116,819
Growth Fund		131,895
Value Fund		7,394

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 Natixis Advisors, Natixis Distribution, Natixis 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, Loomis Sayles Funds Trusts and Natixis ETF Trust based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

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

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g.  Affiliated Ownership.  As of September 30, 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
Global Equity and Income Fund		0.75	%		1.00	%
Growth Fund		0.16	%		0.68	%
Value Fund		0.95	%		2.29	%

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

h.  Reimbursement of Transfer Agent Fees and Expenses.  Natixis Advisors has given a binding contractual undertaking to the Global Equity and Income Fund and Growth 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 year ended September 30, 2017, Natixis Advisors reimbursed the Funds for transfer agency expenses as follows:

Fund	Reimbursement of Transfer Agency Expenses
	Class N
Global Equity and Income Fund	$	265
Growth Fund		1,348

7.  Class-Specific Transfer Agent Fees and Expenses.  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.

For the year ended September 30, 2017 (February 1, 2017, commencement of Class N operations, through September 30, 2017 for Global Equity and Income Fund), 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	$	237,266	$	326,888	$	265	$	796,838	$	—
Growth Fund		777,606		115,714		1,348		4,092,571		—
Value Fund		236,640		14,747		1,243		613,941		1,044

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,

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September 30, 2017

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 0.15% 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.

Prior to April 13, 2017, the commitment fee was 0.10% per annum based on the average daily unused portion of the line of credit.

For the year ended September 30, 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 year ended September 30, 2017, amounts rebated under these agreements were as follows:

Fund	Rebates
Global Equity and Income Fund	$	30,352
Growth Fund		84,817
Value Fund		62,099

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

11.  Concentration of Ownership.  From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of September 30, 2017, based on management’s evaluation of the shareholder account base, the Funds had accounts representing controlling ownership of more than

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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
Growth Fund		5		54.90	%
Value Fund		3		50.79	%

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

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

	Year Ended September 30, 2017					Year Ended September 30, 2016
Global Equity and Income Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	4,990,165		$	100,716,829		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	(5,616,924	)		(111,165,803	)	(5,833,275	)		(106,983,972	)
Net change	(486,589	)	$	(7,839,005	)	1,262,678		$	22,009,853
Class C
Issued from the sale of shares	1,966,061		$	38,867,350		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	(7,808,773	)		(152,602,063	)	(4,961,383	)		(89,655,498	)
Net change	(5,787,554	)	$	(112,716,491	)	789,379		$	14,062,180
Class N(a)
Issued from the sale of shares	2,739,038		$	58,209,318		—		$	—
Redeemed	(107	)		(2,286	)	—			—
Net change	2,738,931		$	58,207,032		—		$	—
Class Y
Issued from the sale of shares	19,036,860		$	382,730,980		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	(13,769,090	)		(276,314,577	)	(11,843,072	)		(215,508,066	)
Net change	5,788,208		$	116,148,593		10,719,848		$	197,803,582
Increase (decrease) from capital share transactions	2,252,996		$	53,800,129		12,771,905		$	233,875,615

(a) From commencement of Class operations on February 1, 2017 through September 30, 2017.

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12.  Capital Shares (continued).

	Year Ended September 30, 2017					Year Ended September 30, 2016
Growth Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	23,963,667		$	290,490,483		56,665,269		$	606,177,061
Issued in connection with the reinvestment of distributions	786,586			8,974,953		45,231			484,871
Redeemed	(15,774,109	)		(197,838,024	)	(8,031,026	)		(87,510,712	)
Net change	8,976,144		$	101,627,412		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	3,905,114		$	42,699,406		7,094,313		$	72,448,712
Issued in connection with the reinvestment of distributions	68,093			719,057		—			—
Redeemed	(3,588,005	)		(41,290,336	)	(1,673,262	)		(16,737,009	)
Net change	385,202		$	2,128,127		5,421,051		$	55,711,703
Class N
Issued from the sale of shares	19,181,068		$	266,844,514		4,862,039		$	58,891,254
Issued in connection with the reinvestment of distributions	138,457			1,680,867		2,429			27,613
Redeemed	(1,306,361	)		(17,394,963	)	(92,271	)		(1,120,395	)
Net change	18,013,164		$	251,130,418		4,772,197		$	57,798,472
Class Y
Issued from the sale of shares	245,187,409		$	3,227,208,558		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	(138,438,910	)		(1,821,188,519	)	(48,951,026	)		(574,527,325	)
Net change	109,608,765		$	1,440,743,665		162,882,942		$	1,890,281,067
Increase (decrease) from capital share transactions	136,983,275		$	1,795,629,622		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.

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Notes to Financial Statements (continued)

September 30, 2017

12.  Capital Shares (continued).

	Year Ended September 30, 2017					Year Ended September 30, 2016
Value Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	627,507		$	13,731,208		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	(2,219,069	)		(48,341,791	)	(2,577,346	)		(52,841,200	)
Net change	(1,242,338	)	$	(27,147,661	)	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	110,232		$	2,365,298		122,952		$	2,535,303
Issued in connection with the reinvestment of distributions	14,244			301,816		113,598			2,260,606
Redeemed	(205,329	)		(4,437,924	)	(311,075	)		(6,355,498	)
Net change	(80,853	)	$	(1,770,810	)	(74,525	)	$	(1,559,589	)
Class N
Issued from the sale of shares	7,781,464		$	169,587,495		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	(7,260,407	)		(156,585,697	)	(11,927,955	)		(242,790,215	)
Net change	1,600,027		$	36,080,972		984,889		$	19,290,760
Class Y
Issued from the sale of shares	4,271,030		$	92,962,427		6,678,218		$	137,583,491
Issued in connection with the reinvestment of distributions	1,131,792			24,254,317		6,872,653			138,277,784
Redeemed	(15,444,649	)		(339,300,791	)	(15,223,159	)		(315,369,325	)
Redeemed in-kind (Note 13)	(292,779	)		(6,300,603	)	—			—
Net change	(10,334,606	)	$	(228,384,650	)	(1,672,288	)	$	(39,508,050	)
Admin Class
Issued from the sale of shares	7,818		$	170,605		303,761		$	6,542,562
Issued in connection with the reinvestment of distributions	—			2		972,040			19,256,108
Redeemed	(13,253	)		(278,760	)	(4,819,733	)		(96,326,889	)
Net change	(5,435	)	$	(108,153	)	(3,543,932	)	$	(70,528,219	)
Increase (decrease) from capital share transactions	(10,063,205	)	$	(221,330,302	)	(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.

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Notes to Financial Statements (continued)

September 30, 2017

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 year ended September 30, 2017. This amount is included in realized gain (loss) on the Statements of Operations.

14.  Subsequent Event.  On November 17, 2017, the Board of Trustees of Loomis Sayles Funds II approved a change to the name of the Global Equity and Income Fund. Effective December 1, 2017, the Fund’s name will be changed to Loomis Sayles Global Allocation Fund.

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Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Loomis Sayles Global Equity and Income Fund, Loomis Sayles Growth Fund, and Loomis Sayles Value Fund, each a series of Loomis Sayles Funds II, (collectively, the “Funds”) as of September 30, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of September 30, 2017 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

November 21, 2017

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2017 U.S. Tax Distribution Information to Shareholders (Unaudited)

Corporate Dividends Received Deduction.  For the fiscal year ended September 30, 2017, a percentage of dividends distributed by the Funds listed below qualify for the dividends received deduction for corporate shareholders. These percentages are as follows:

Fund	Qualifying Percentage
Global Equity and Income		41.82	%
Growth		92.36	%
Value		97.86	%

Capital Gains Distributions.  Pursuant to Internal Revenue Section 852(b), the following Funds paid distributions, which have been designated as capital gains distributions for the fiscal year ended September 30, 2017, unless subsequently determined to be different.

Fund	Amount
Growth	$	30,869,007
Value		32,144,771

Qualified Dividend Income.  For the fiscal year ended September 30, 2017, the Funds below will designate up to the maximum amount allowable pursuant to the Internal Revenue Code as qualified dividend income eligible for reduced tax rates. These lower rates range from 0% to 20% depending on an individual’s tax bracket. If the Funds pay a distribution during calendar year 2017, complete information will be reported in conjunction with Form 1099-DIV.

Fund

Global Equity and Income

Growth

Value

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Trustee and Officer Information

The tables below provide certain information regarding the trustees and officers of Loomis Sayles Funds II (the “Trust”). Unless otherwise indicated, the address of all persons below is 888 Boylston Street, Suite 800, Boston, MA 02199-8197. The Funds’ Statement of Additional Information includes additional information about the trustees of the Trust and is available by calling Natixis Funds at 800-225-5478.

Name and Year of Birth	Position(s) Held with the Trust, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INDEPENDENT TRUSTEES
Kenneth A. Drucker (1945)	Chairperson of the Board of Trustees since January 2017 Trustee since 2008 Ex Officio member of Audit Committee, Contract Review Committee and Governance Committee	Retired	53 None	Significant experience on the Board and on the boards of other business organizations (including at investment companies); executive experience (including as treasurer of an aerospace, automotive, and metal manufacturing corporation)
Edmond J. English (1953)	Trustee since 2013 Audit Committee Member	Executive Chairman; formerly, Chief Executive Officer of Bob’s Discount Furniture (retail)	53 Director, Burlington Stores, Inc. (retail)	Experience on the Board and significant experience on the boards of other business organizations (including retail companies and a bank); executive experience (including at a retail company)

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Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trust, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INDEPENDENT TRUSTEES continued
Richard A. Goglia (1951)	Trustee since 2015 Audit Committee Member	Retired; formerly Vice President and Treasurer of Raytheon Company (defense)	53 None	Experience on the Board and executive experience (including his role as vice president and treasurer of a defense company and experience at a financial services company)
Wendell J. Knox (1948)	Trustee since 2009 Contract Review Committee Member and Governance Committee Member	Director of Abt Associates Inc. (research and consulting)	53 Director, Eastern Bank (bank); Director, The Hanover Insurance Group (property and casualty insurance)	Significant experience on the Board and on the boards of other business organizations (including at a bank and at a property and casualty insurance firm); executive experience (including roles as president and chief executive officer of a research and consulting company)

101  |

Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trust, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INDEPENDENT TRUSTEES continued
Martin T. Meehan (1956)	Trustee since 2012 Contract Review Committee Member	President, University of Massachusetts; formerly, Chancellor and faculty member, University of Massachusetts Lowell	53 None	Significant experience on the Board and on the boards of other business organizations; experience as President of the University of Massachusetts; government experience (including as a member of the U.S. House of Representatives); academic experience
Maureen B. Mitchell3 (1951)	Trustee since 2017 Contract Review Committee Member	Retired; formerly President, Global Sales and Marketing, GE Asset Management, Inc. (financial services)	53 None	Experience on the Board; financial services industry and executive experience (including role as president of global sales and marketing at a financial services company)

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Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trust, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INDEPENDENT TRUSTEES continued
Sandra O. Moose (1942)	Trustee since 2003 Audit Committee Member and Governance Committee Member	President, Strategic Advisory Services (management consulting)	53 Formerly, Director, AES Corporation (international power company); formerly, Director, Verizon Communications (telecommunications company)	Significant experience on the Board and on the boards of other business organizations (including at a telecommunications company, an international power company and a specialty chemicals corporation); executive experience (including at a management consulting company)
James P. Palermo (1955)	Trustee since 2016 Contract Review Committee Member	Founding Partner, Breton Capital Management, LLC (private equity); Partner, STEP Partners, LLC (private equity); formerly, Chief Executive Officer of Global Client Management of The Bank of New York Mellon Corporation	53 None	Experience on the Board; financial services industry and executive experience (including roles as chief executive officer of client management and asset servicing for a banking and financial services company)

103  |

Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trust, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INDEPENDENT TRUSTEES continued
Erik R. Sirri (1958)	Trustee since 2009 Chairperson of the Audit Committee	Professor of Finance at Babson College	53 None	Significant experience on the Board; experience as Director of the Division of Trading and Markets at the Securities and Exchange Commission; academic experience; training as an economist
Peter J. Smail (1952)	Trustee since 2009 Chairperson of the Contract Review Committee and Governance Committee Member	Retired	53 None	Significant experience on the Board; mutual fund industry and executive experience (including roles as president and chief executive officer for an investment adviser)
Cynthia L. Walker (1956)	Trustee since 2005 Chairperson of the Governance Committee and Audit Committee Member	Deputy Dean for Finance and Administration, Yale University School of Medicine	53 None	Significant experience on the Board; executive experience in a variety of academic organizations (including roles as dean for finance and administration)

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Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trust, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INTERESTED TRUSTEES
Kevin P. Charleston4 (1965) One Financial Center Boston, MA 02111	Trustee since 2015	President, Chief Executive Officer and Chairman of the Board of Directors; formerly, Chief Financial Officer, Loomis, Sayles & Company, L.P.	53 None	Experience on the Board; continuing service as President, Chief Executive Officer and Chairman of the Board of Directors of Loomis, Sayles & Company, L.P.
David L. Giunta5 (1965)	Trustee since 2011 President since 2008; Chief Executive Officer since 2015	President and Chief Executive Officer, Natixis Advisors, L.P., Natixis Distribution, L.P., Natixis Distribution Corporation and Chairman of the Board of Natixis Distribution Corporation	53 None	Significant experience on the Board; experience as President and Chief Executive Officer, Natixis Advisors, L.P., Natixis Distribution, L.P., Natixis Distribution Corporation and Chairman of the Board of Natixis Distribution Corporation

¹  Each trustee serves until retirement, resignation or removal from the Board. The current retirement age is 75. The position of Chairperson of the Board is appointed for a three-year term.

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

³  Ms. Mitchell was appointed as a Trustee effective July 1, 2017.

⁴  Mr. Charleston is deemed an “interested person” of the Trust because he holds the following positions with an affiliated person of the Trust: President, Chief Executive Officer and Chairman of the Board of Directors of Loomis, Sayles & Company, L.P.

⁵  Mr. Giunta is deemed an “interested person” of the Trust because he holds the following positions with an affiliated person of the Trust: President and Chief Executive Officer of Natixis Advisors, L.P., Natixis Distribution, L.P., Natixis Distribution Corporation and Chairman of the Board of Natixis Distribution Corporation.

105  |

Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trust	Term of Office1 and Length of Time Served	Principal Occupation(s) During Past 5 Years2
OFFICERS OF THE TRUST
Daniel J. Fuss (1933) One Financial Center Boston, MA 02111	Executive Vice President	Since June 2003	Vice Chairman and Director, Loomis, Sayles & Company, L.P.
Russell L. Kane (1969)	Secretary, Clerk and Chief Legal Officer	Since July 2016	Executive Vice President, General Counsel, Secretary and Clerk, Natixis Distribution Corporation, Natixis Advisors, L.P. and Natixis Distribution, L.P.; formerly, Chief Compliance Officer for Mutual Funds, Senior Vice President, Deputy General Counsel, Assistant Secretary and Assistant Clerk, Natixis Distribution Corporation, Natixis Advisors, L.P. and Natixis Distribution, L.P.
Michael C. Kardok (1959)	Treasurer, Principal Financial and Accounting Officer	Since October 2004	Senior Vice President, Natixis Advisors, L.P. and Natixis Distribution, L.P.
Rosa Licea-Mailloux (1976)	Chief Compliance Officer, Assistant Secretary and Anti-Money Laundering Officer	Since July 2016	Senior Vice President, Deputy General Counsel, Assistant Secretary and Assistant Clerk, Natixis Distribution Corporation, Natixis Advisors, L.P. and Natixis Distribution, L.P.; formerly, Associate General Counsel, Natixis Distribution, L.P.

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

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

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NATIXIS FUNDS

Supplement dated June 30, 2017 to the Natixis Funds Summary Prospectuses, dated February 28, 2017, March 31, 2017, and May 1, 2017, as may be revised or supplemented from time to time, for the following funds:

AEW Real Estate Fund	Loomis Sayles Limited Term Government and Agency Fund
ASG Dynamic Allocation Fund	Loomis Sayles Multi-Asset Income Fund
ASG Global Alternatives Fund	Loomis Sayles Senior Floating Rate and Fixed Income Fund
ASG Managed Futures Strategy Fund	Loomis Sayles Strategic Alpha Fund
ASG Tactical U.S. Market Fund	Loomis Sayles Strategic Income Fund
Gateway Equity Call Premium Fund	Loomis Sayles Value Fund
Gateway Fund	Mirova Global Green Bond Fund
Loomis Sayles Core Plus Bond Fund	Mirova Global Sustainable Equity Fund
Loomis Sayles Dividend Income Fund	McDonnell Intermediate Municipal Bond Fund
Loomis Sayles Global Equity and Income Fund	Natixis Oakmark Fund
Loomis Sayles Global Growth Fund	Natixis Oakmark International Fund
Loomis Sayles Growth Fund	Natixis U.S. Equity Opportunities Fund
Loomis Sayles High Income Fund	Vaughan Nelson Select Fund
Loomis Sayles Intermediate Duration Bond Fund	Vaughan Nelson Small Cap Value Fund
Loomis Sayles Investment Grade Bond Fund	Vaughan Nelson Value Opportunity Fund

This page not part of shareholder report

Effective July 1, 2017, the information under sub-sections “Class A and C Shares” and “Class A Shares,” as applicable, in the section “Purchase and Sale of Fund Shares” in each Fund’s Summary is hereby amended and restated as follows:

The following chart shows the investment minimums for various types of accounts:

Type of Account	Minimum Initial Purchase		Minimum Subsequent Purchase
Any account other than those listed below	$	2,500	$	50
For shareholders participating in Natixis Funds’ Investment Builder Program	$	1,000	$	50
For Traditional IRA, Roth IRA, Rollover IRA, SEP-IRA and Keogh plans using the Natixis Funds’ prototype document (direct accounts, not held through intermediary)	$	1,000	$	50
Coverdell Education Savings Accounts using the Natixis Funds’ prototype document (direct accounts, not held through intermediary)	$	500	$	50

There is no initial or subsequent investment minimum for:

• Wrap Fee Programs of certain broker-dealers, the advisers or NGAM Distribution, L.P. Please consult your financial representative to determine if your wrap fee program is subject to additional or different conditions or fees.

• Certain Retirement Plans. Please consult your retirement plan administrator to determine if your retirement plan is subject to additional or different conditions or fees.

• Clients of a Registered Investment Adviser where the Registered Investment Adviser receives an advisory, management or consulting fee.

Effective July 1, 2017, the information under sub-section “Class Y Shares” in the section “Purchase and Sale of Fund Shares” in each Fund’s Summary is hereby amended and restated as follows:

Class Y shares of the Fund are generally subject to a minimum initial investment of $100,000 and a minimum subsequent investment of $50, except there is no minimum initial or subsequent investment for:

• Wrap Fee Programs of certain broker-dealers, the advisers or NGAM Distribution, L.P. Please consult your financial representative to determine if your wrap fee program is subject to additional or different conditions or fees.

This page not part of shareholder report

• Certain Retirement Plans. Please consult your retirement plan administrator to determine if your retirement plan is subject to additional or different conditions or fees.

• Certain Individual Retirement Accounts if the amounts invested represent rollover distributions from investments by any of the retirement plans invested in the Fund.

• Clients of a Registered Investment Adviser where the Registered Investment Adviser receives an advisory, management or consulting fee.

• Fund Trustees, former Fund trustees, employees of affiliates of the Natixis Funds and other individuals who are affiliated with any Natixis Fund (this also applies to any spouse, parents, children, siblings, grandparents, grandchildren and in-laws of those mentioned) and Natixis affiliate employee benefit plans.

At the discretion of NGAM Advisors, clients of NGAM Advisors and its affiliates may purchase Class Y shares of the Fund below the stated minimums.

This page not part of shareholder report

Loomis Sayles Small Cap Growth Fund

Loomis Sayles Small Cap Value Fund

Loomis Sayles Small/Mid Cap Growth Fund

Annual Report

September 30, 2017

TABLE OF CONTENTS
Portfolio Review	1
Portfolio of Investments	21
Financial Statements	39
Notes to Financial Statements	51
Shareholder Supplement	enclosed
(previously posted to the Funds’ website)

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.

Market Conditions

The period began with significant underperformance by growth stocks in the small-cap segment of the market; factors such as beta (risk/reward potential) also drove early performance trends. These trends shifted during the period as growth and value performed in line with each other and company fundamentals became more influenced by returns.

For the one-year period ended September 30, 2017, most domestic equity markets posted strong returns. Small-cap stocks outperformed their mid-cap and large-cap counterparts.

Almost all sectors in the Russell 2000^® Growth Index posted positive returns, with the exception of energy. The biotechnology industry was an area of strength, up almost 34% during the time period.

The divergence in performance between the best and worst-performing sectors was at historic levels; the best sector was up over 50%, while the worst-performing sector was down over 20%.

Performance Results

For the 12 months ended September 30, 2017, Institutional Class shares of Loomis Sayles Small Cap Growth Fund returned 24.24% at net asset value. The Fund outperformed its benchmark, the Russell 2000^®Growth Index, which returned 20.98%.

Explanation of Fund Performance

Stock selection in the information technology and consumer discretionary sectors primarily accounted for the Fund’s outperformance. An overweight position in the energy sector and stock selection in the telecommunication services and healthcare sectors detracted from relative performance.

On an individual basis, Grand Canyon Education and MKS Instruments were the top contributors to performance. For-profit higher education provider Grand Canyon Education was the top contributor. The company continued to steadily gain share in the education market, offering both a traditional campus and online programs. Enrollment growth in both the campus and online programs has been very strong and continued to accelerate. MKS Instruments is a semiconductor equipment company. The overall environment for semiconductor activity has been very healthy, and the company has

1  |

continued to hold a dominant market position. The company reported record revenues because of their presence within some of the strongest segments of the market and greater-than-expected growth from a recent acquisition.

Another top contributor to performance was fiber laser company IPG Photonics. The company reported growth across multiple products, end markets and geographies as high power fiber lasers have increasingly replaced legacy cutting and welding techniques.

The three largest detractors from performance were Amplify Snack Brands, Evolent Health and Benefitfocus.

Amplify reported disappointing results at the end of 2016. An acquisition distracted management’s attention from its core brand, and the company was therefore not able to execute as well as expected. Sales volumes were weaker than anticipated based on the level of promotional activity. Given the fundamental concerns, the stock was sold from the Fund.

Health care technology company Evolent Health’s shares came under pressure shortly after the 2016 presidential election, amid concerns about the potential impact from the repeal and replacement of the Affordable Care Act. The stock fell sufficiently to trigger our stop-loss risk management criteria and was sold from the Fund.

Benefitfocus, a provider of cloud-based healthcare benefit management solutions, reported solid results but gave disappointing guidance due to a weaker-than-expected private-exchange market. A longer sales process for larger clients also weighed on the company’s outlook. The stock triggered our stop-loss criteria and was sold from the Fund.

Outlook

Small-cap earnings growth has been challenged in 2017, significantly lagging the earnings growth of large-cap stocks. If the improvement in global economic indicators continues to be sustainable, we could see an acceleration of earnings across the board, including in small-caps. Domestically, this could be further accentuated with a lowering of the corporate tax rate. While forecasting global economic conditions and predicting legislative changes are not our daily focus, we believe these factors would provide a favorable backdrop for the strategy.

Our daily focus is the discovery and analysis of secular growth companies that could develop into large and high-quality businesses that create wealth for shareholders. We believe these types of companies are likely to reward investors, particularly in an environment where global growth is steadily improving. Steady global growth allows excess liquidity to drain from the system, which should favor higher-quality companies that have better access to capital. This environment also tends to lead to lower stock correlations, supporting active managers that can use their experience and resources to identify potential winners. As always, we remain focused on underlying business fundamentals and investing in secular growth companies.

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LOOMIS SAYLES SMALL CAP GROWTH FUND

Hypothetical Growth of $100,000 Investment in Institutional Class Shares

September 30, 2007 through September 30, 2017²

Top Ten Holdings as of September 30, 2017

Security name		% of net assets
1	Medidata Solutions, Inc.		1.53	%
2	Bright Horizons Family Solutions, Inc.		1.52	%
3	Grand Canyon Education, Inc.		1.49	%
4	MKS Instruments, Inc.		1.44	%
5	HealthEquity, Inc.		1.42	%
6	2U, Inc.		1.41	%
7	SiteOne Landscape Supply, Inc.		1.38	%
8	Insulet Corp.		1.38	%
9	Guidewire Software, Inc.		1.37	%
10	RingCentral, Inc., Class A		1.36	%

The portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in the securities referenced. The holdings listed exclude any temporary cash investments.

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Average Annual Total Returns — September 30, 2017²

													Expense Ratios3
	1 year			5 years			10 years			Life of Class N			Gross			Net
Institutional Class (Inception 12/31/96)		24.24	%		13.77	%		8.70	%		—	%		0.95	%		0.95	%
Retail Class (Inception 12/31/96)		23.93			13.47			8.41			—			1.20			1.20
Class N (Inception 2/1/13)		24.38			—			—			13.65			0.83			0.83
Comparative Performance
Russell 2000® Growth Index1		20.98			14.28			8.47			13.50

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  Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense caps set to expire on 01/31/18. When a Fund’s expenses are below the cap, gross and net expense ratios will be the same. See Note 5 of the Notes to Financial Statements for more information about the Fund’s expense caps.

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LOOMIS SAYLES SMALL CAP VALUE FUND

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

Investment Objective

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

Market Conditions

Equity markets finished the 12 months on a strong note, completing a remarkable period of broad-based gains. The year was characterized by a sharp rotation between small-caps and large-caps and growth and value stocks, as well as a wide performance variation among sectors.

For the period, small-cap stocks outperformed large-cap stocks, and small-cap value stocks closely matched the performance of small-cap growth stocks.

Immediately following the US elections, performance among sectors and asset classes varied substantially. Variation was driven by investor perceptions of which sectors would or would not benefit from improved economic growth, higher interest rates, infrastructure spending, lower regulation, and tax reform.

While initial equity performance favored small-caps and value stocks, market leadership shifted toward large-caps and growth stocks as the year went on. The shift reflected a lack of improvement in economic data and revised expectations about the timing and scope of policy change and reform.

Performance Review

For the 12 months ended September 30, 2017, Institutional Class shares of Loomis Sayles Small Cap Value Fund returned 19.68% at net asset value. The Fund underperformed its benchmark, the Russell 2000^® Value Index, which returned 20.55%.

Explanation of Fund Performance

Among contributors to overall return, performance of the consumer discretionary stocks held by the Fund was notably positive, followed by strong stock selection in the materials sector. The Fund’s overweight in the industrials sector added to its gains.

The top three contributors to performance were Marriott Vacations Worldwide, Littelfuse and AdvanSix.

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Marriott Vacations Worldwide, a developer of timeshare ownership properties operating under the Ritz-Carlton and Marriott brand names, continued to report strong quarterly results. Expectations for further consolidation within the timeshare industry led to solid gains in the stock.

Littelfuse manufactures and sells fuses and other circuit protection devices for use in virtually every market that uses electrical energy, ranging from consumer electronics to automobiles, commercial vehicles and industrial equipment. Greater use of electronics in vehicles and the proliferation of mobile battery-powered devices continued to drive demand for circuit protection. The company exceeded earnings forecasts during the year and announced an accretive acquisition.

AdvanSix, spun out of Honeywell in September 2016, is a leading manufacturer of Nylon 6, a synthetic polymer used for engineered plastics, films, fibers, and filaments. These products are used in carpeting, automobile components, clothing, industrial packaging, and electrical components. The combination of anticipated improvements in market conditions after 2017, continuing post-spinoff efficiency gains and product mix improvements helped the stock meaningfully outperform the small-cap market since the Fund purchased it.

Among detractors from overall return, stock selection lagged in the information technology, real estate, industrials and energy sectors. Also, an underweight versus our benchmark in the financial sector detracted from our performance. Cash reserves were quite low throughout the year, but nevertheless underperformed strong equity returns.

The leading individual detractors were Synchronoss Technologies, Inc., QEP Resources, Inc. and Genesco Inc. Synchronoss Technologies, a provider of hosted storage, software and services to the telecommunications industry, suffered a sharp decline during the period. The company pre-announced a first quarter earnings shortfall in late April, as well as the sudden departure of the new CEO and CFO, both of whom had served in their roles for only a few months. Our investment thesis was clearly broken, and we promptly eliminated the holding despite a material decline in the stock price.

QEP Resources, an independent exploration and production company, declined on lower energy commodity prices and a shortfall in oil production volume. The company continued to shift production from gas to oil in anticipation of helping the stock get a higher valuation. We maintained our position due to the management team, the under-appreciated asset base, and the potential monetization of certain assets.

Genesco is a mall-based retailer of footwear and headwear, operating the Journeys, Johnston & Murphy, Schuh and Lids retail brands. While retail in general has been weak, fashion trends have improved for the Journeys store concept (specialty teen). Other brands, such as Lids (headwear), had weak traffic due to soft hat sales. The stock continued to trade at a deeply discounted valuation, and we are maintaining our current position.

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LOOMIS SAYLES SMALL CAP VALUE FUND

Outlook

Our focus will remain on small-cap companies where the stock’s current price and valuation do not accurately reflect our assessment of the underlying value of the corporate enterprise. We believe these types of opportunities are available in all market environments. As always, our investments tend to be misunderstood, overlooked, or in the midst of a “special situation” that has created an investment opportunity. We look for trustworthy and capable management teams with interests aligned with shareholders and fundamentally sound business models with sustainable and understandable advantages leading to growth in value over time. Identifying unique, company-specific catalysts on the horizon to sustain, enhance or highlight the fundamental outlook is key to our investment process.

Hypothetical Growth of $100,000 Investment in Institutional Class Shares

September 30, 2007 through September 30, 2017³

Top Ten Holdings as of September 30, 2017

Security name		% of net assets
1	Littelfuse, Inc.		1.86	%
2	Employers Holdings, Inc.		1.35	%
3	ALLETE, Inc.		1.28	%
4	Wintrust Financial Corp.		1.24	%
5	Viad Corp.		1.19	%
6	Churchill Downs, Inc.		1.13	%
7	Euronet Worldwide, Inc.		1.12	%
8	AdvanSix, Inc.		1.07	%
9	Liberty Ventures, Series A		1.06	%
10	Cathay General Bancorp		1.06	%

The portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in the securities referenced. The holdings listed exclude any temporary cash investments.

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Average Annual Total Returns — September 30, 2017³

													Expense Ratios4
	1 year			5 years			10 years			Life of Class N			Gross			Net
Institutional Class (Inception 5/13/91)		19.68	%		14.28	%		8.38	%		—	%		0.99	%		0.96	%
Retail Class (Inception 12/31/96)		19.38			13.99			8.11			—			1.24			1.21
Admin Class (Inception 1/2/98)		19.10			13.71			7.84			—			1.48			1.45
Class N (Inception 2/1/13)		19.78			—			—			12.86			0.89			0.89
Comparative Performance
Russell 2000® Value Index1		20.55			13.27			7.14			11.89
Russell 2000® Index2		20.74			13.79			7.85			12.71

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  Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense caps set to expire on 01/31/18. When a Fund’s expenses are below the cap, gross and net expense ratios will be the same. See Note 5 of the Notes to Financial Statements for more information about the Fund’s expense caps.

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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.

Market Conditions

For the one-year period ended September 30, 2017, most domestic equity markets posted strong returns. Small-cap stocks outperformed their mid-cap and large-cap counterparts.

Growth stocks outperformed value stocks in the Small/Mid-cap segment of the market.

Almost all sectors in the Russell 2500^TM Growth Index posted positive returns, with the exception of energy and consumer staples. The biotechnology industry was an area of strength, up almost 24% during the time period.

The divergence in performance between the best and worst-performing sectors was at historic levels; the best sector was up almost 38%, while the worst-performing sector was down over 30%.

Performance Results

For the 12 months ended September 30, 2017, Institutional Class shares of Loomis Sayles Small/Mid Cap Growth Fund returned 26.74% at net asset value. The Fund outperformed its benchmark, the Russell 2500^TM Growth Index, which returned 20.07%.

Explanation of Fund Performance

Relative performance was driven by stock selection, with particular strength in the consumer discretionary and information technology sectors.

Among individual stocks, the top contributors to the Fund’s performance were Grand Canyon Education, Align Technology and Coherent.

For-profit higher education provider Grand Canyon Education was the top contributor. The company continued to steadily gain share in the education market, offering both a traditional campus and online programs. Enrollment growth in both the campus and online programs has been very strong and continued to accelerate.

Align Technology designs, markets and manufactures the Invisalign orthodontic system. The company continued to gain market share steadily in an underpenetrated market. Sales volumes have accelerated in the teen market, which is the least penetrated market. International volumes have also been positive.

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Coherent is a laser company whose products are used in the OLED (organic light-emitting diode) manufacturing process, which creates digital displays in devices such as phones, televisions, tablets, and computer monitors. The company reported strong quarterly results during the period and made upward revisions to guidance.

Our overweight position to the energy sector detracted from relative performance. Among individual stocks, Dexcom, Acuity Brands and SPS Commerce were the largest detractors from performance for the 12-month period.

Dexcom declined during the year after the FDA approved a competitor’s glucose monitoring system, creating uncertainty for the company’s competitive landscape.

Acuity Brands, a leading lighting manufacturer and distributor, reported a weak fiscal first quarter. The poor performance came as a result of a slowdown in spending on small projects leading up to the US presidential election.

SPS Commerce, a provider of electronic data interchange and analytics software to retailers and their suppliers, lowered guidance due to two primary factors: an upgrade cycle pushing out deployments of software and a reorganization in its sales group. The negative reaction in the stock triggered our stop-loss risk management criteria, and the position was sold from the portfolio.

Outlook

Small-cap earnings growth has been challenged in 2017, significantly lagging the earnings growth of large-cap stocks. If the improvement in global economic indicators continues to be sustainable, we could see an acceleration of earnings across the board, including in small-caps. Domestically, this could be further accentuated with a lowering of the corporate tax rate. While forecasting global economic conditions and predicting legislative changes are not our daily focus, we believe these factors would provide a favorable backdrop for the strategy.

Our daily focus is the discovery and analysis of secular growth companies that could develop into large and high-quality businesses that create wealth for shareholders. We believe these types of companies are likely to reward investors, particularly in an environment where global growth is steadily improving. Steady global growth allows excess liquidity to drain from the system, which should favor higher-quality companies that have better access to capital. This environment also tends to lead to lower stock correlations, supporting active managers that can use their experience and resources to identify potential winners. As always, we remain focused on underlying business fundamentals and investing in secular growth companies.

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LOOMIS SAYLES SMALL/MID CAP GROWTH FUND

Hypothetical Growth of $1,000,000 investment in Institutional Class Shares²

June 30, 2015 (inception) through September 30, 2017

Top Ten Holdings as of September 30, 2017

Security name		% of net assets
1	XPO Logistics, Inc.		1.78	%
2	Grand Canyon Education, Inc.		1.73
3	Align Technology, Inc.		1.72
4	HubSpot, Inc.		1.71
5	Bright Horizons Family Solutions, Inc.		1.66
6	ICON PLC		1.64
7	Guidewire Software, Inc.		1.60
8	CoStar Group, Inc.		1.58
9	WellCare Health Plans, Inc.		1.58
10	Trimble, Inc.		1.57

The portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in the securities referenced. The holdings listed exclude any temporary cash investments.

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Average Annual Total Returns — September 30, 2017²

							Expense Ratios3
	1 year			Life of Fund			Gross			Net
Institutional Class (Inception 6/30/15)		26.74	%		9.75	%		1.75	%		0.85	%
Comparative Performance
Russell 2500TM Growth Index1		20.07			7.85

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^TM 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  Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense caps set to expire on 01/31/18. When a Fund’s expenses are below the cap, gross and net expense ratios will be the same. See Note 5 of the Notes to Financial Statements for more information about the Fund’s expense caps.

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ADDITIONAL INFORMATION

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

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 Investment Managers or any of its related or affiliated companies (collectively “Natixis Affiliates”) and does not sponsor, endorse or participate in the provision of any Natixis Affiliates 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.

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The first line in the table of each Fund shows the actual amount of Fund expenses you would have paid on a $1,000 investment in the Fund from April 1, 2017 through September 30, 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 Fund provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid on your investment for the period. You may use this information to compare the ongoing costs of investing in the Funds to other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

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

Loomis Sayles Small Cap Growth Fund

Institutional Class	Beginning Account Value 4/1/2017		Ending Account Value 9/30/2017		Expenses Paid During Period* 4/1/2017 – 9/30/2017
Actual		$1,000.00		$1,123.10		$5.00
Hypothetical (5% return before expenses)		$1,000.00		$1,020.36		$4.76
Retail Class
Actual		$1,000.00		$1,121.70		$6.33
Hypothetical (5% return before expenses)		$1,000.00		$1,019.10		$6.02
Class N
Actual		$1,000.00		$1,123.80		$4.37
Hypothetical (5% return before expenses)		$1,000.00		$1,020.96		$4.15
*   Expenses are equal to the Fund’s annualized expense ratio: 0.94%, 1.19% and 0.82% for Institutional Class, Retail Class and Class N, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), divided by 365 (to reflect the half-year period).

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Loomis Sayles Small Cap Value Fund

Institutional Class	Beginning Account Value 4/1/2017		Ending Account Value 9/30/2017		Expenses Paid During Period* 4/1/2017 – 9/30/2017
Actual		$1,000.00		$1,063.50		$4.66
Hypothetical (5% return before expenses)		$1,000.00		$1,020.56		$4.56
Retail Class
Actual		$1,000.00		$1,062.30		$5.95
Hypothetical (5% return before expenses)		$1,000.00		$1,019.30		$5.82
Admin Class
Actual		$1,000.00		$1,061.10		$7.23
Hypothetical (5% return before expenses)		$1,000.00		$1,018.05		$7.08
Class N
Actual		$1,000.00		$1,064.00		$4.29
Hypothetical (5% return before expenses)		$1,000.00		$1,020.91		$4.20
*   Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.90%, 1.15%, 1.40% and 0.83% for Institutional Class, Retail Class, Admin Class and Class N, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), divided by 365 (to reflect the half-year period).

Loomis Sayles Small/Mid Cap Growth Fund

Institutional Class	Beginning Account Value 4/1/2017		Ending Account Value 9/30/2017		Expenses Paid During Period* 4/1/2017 – 9/30/2017
Actual		$1,000.00		$1,145.10		$4.57
Hypothetical (5% return before expenses)		$1,000.00		$1,020.81		$4.31
*   Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement) of 0.85%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), divided by 365 (to reflect the half-year period).

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BOARD APPROVAL OF THE EXISTING ADVISORY AGREEMENTS

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

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

In addition to the materials requested by the Trustees in connection with their annual consideration of the continuation of the Agreements, the Trustees receive materials in advance of each regular quarterly meeting of the Board that provide detailed information about the Funds’ investment performance and the fees charged to the Funds for advisory and other services. This information generally includes, among other things, an internal

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

The Board most recently approved the continuation of the Agreements at its meeting held in June 2017. The Agreements were continued for a one-year period for the Funds. In considering whether to approve the continuation of the Agreements, the Board, including the Independent Trustees, did not identify any single factor as determinative. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. Matters considered by the Trustees, including the Independent Trustees, in connection with their approval of the Agreements included, but were not limited to, the factors listed below.

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

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

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

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

The Board noted that, through December 31, 2016, each Fund’s one- and three-year performance, as applicable, stated as percentile rankings within categories selected by the

17  |

independent third-party data provider was as follows (where the best performance would be in the first percentile of its category):

	One-Year		Three-Year
Loomis Sayles Small Cap Growth Fund		89%		64%
Loomis Sayles Small Cap Value Fund		16%		20%
Loomis Sayles Small/Mid Cap Growth Fund		39%		N/A

In the case of each Fund that had performance that lagged that of a relevant peer group median and/or category median for certain (although not necessarily all) periods, the Board concluded that other factors relevant to performance supported renewal of the Agreements. These factors included one or more of the following: (1) that the underperformance was attributable, to a significant extent, to investment decisions (such as security selection or sector allocation) by the Adviser that were reasonable and consistent with the Fund’s investment objective and policies; and (2) that the Fund’s more recent performance, although lagging in certain periods, had shown improvement relative to its category.

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

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

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

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considered the amounts waived or reimbursed by the Adviser for certain Funds that had current expenses above their caps. The Trustees also considered that Loomis Sayles Small Cap Growth Fund’s current expenses are below its cap.

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

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

Economies of Scale. The Trustees considered the existence of any economies of scale in the provision of services by the Adviser and whether those economies are shared with the Funds through breakpoints in their investment advisory fees or other means, such as expense waivers or caps. The Trustees also discussed with management the factors considered with respect to the implementation of breakpoints in investment advisory fees or expense waivers or caps for certain funds. Management explained that a number of factors are taken into account in considering the implementation of breakpoints or an expense cap for a fund, including, among other things, factors such as a fund’s assets, the projected growth of a fund, projected profitability and a fund’s fees and performance. With respect to economies of scale, the Trustees noted that although none of the Funds’ management fees were subject to breakpoints, each Fund’s management fee and overall net expense ratio was below the median fee for a peer group of funds and that each Fund was subject to an expense cap or waiver. In considering these issues, the Trustees also took note of the costs of the services provided (both on an absolute and on a relative basis) and the profitability to the Adviser and its affiliates of their relationships with the Funds, as discussed above.

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

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

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

19  |

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

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

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

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

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Trustees, including the Independent Trustees, concluded that each of the existing Agreements should be continued through June 30, 2018.

|  20

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Small Cap Growth Fund

Shares		Description	Value (†)
	Common Stocks – 96.4% of Net Assets
		Aerospace & Defense – 3.3%
	224,226	Hexcel Corp.	$	12,875,057
	211,563	KLX, Inc.(a)		11,198,029
	299,395	Mercury Systems, Inc.(a)		15,532,613
				39,605,699
		Auto Components – 3.1%
	150,405	Dorman Products, Inc.(a)		10,772,006
	220,724	Fox Factory Holding Corp.(a)		9,513,204
	144,006	Gentherm, Inc.(a)		5,349,823
	105,276	LCI Industries		12,196,225
				37,831,258
		Banks – 3.8%
	220,724	Chemical Financial Corp.		11,535,036
	200,113	Pinnacle Financial Partners, Inc.		13,397,565
	298,048	Renasant Corp.		12,786,259
	110,597	UMB Financial Corp.		8,238,371
				45,957,231
		Beverages – 0.3%
	69,002	MGP Ingredients, Inc.		4,183,591
		Biotechnology – 4.2%
	105,142	Advanced Accelerator Applications S.A., ADR(a)		7,109,702
	115,514	Agios Pharmaceuticals, Inc.(a)		7,710,560
	354,223	Genomic Health, Inc.(a)		11,367,016
	608,355	Ironwood Pharmaceuticals, Inc.(a)		9,593,758
	540,037	Lexicon Pharmaceuticals, Inc.(a)		6,637,055
	133,566	Prothena Corp. PLC(a)		8,651,070
				51,069,161
		Building Products – 3.0%
	237,361	Apogee Enterprises, Inc.		11,455,042
	124,607	Patrick Industries, Inc.(a)		10,479,449
	165,088	Trex Co., Inc.(a)		14,869,476
				36,803,967
		Capital Markets – 2.0%
	308,690	Financial Engines, Inc.		10,726,977
	75,909	MarketAxess Holdings, Inc.		14,005,970
				24,732,947
		Chemicals – 0.9%
	166,772	Ingevity Corp.(a)		10,418,247
		Commercial Services & Supplies – 1.1%
	235,609	Healthcare Services Group, Inc.		12,715,818

See accompanying notes to financial statements.

21  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Small Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Construction & Engineering – 2.2%
	233,319	Granite Construction, Inc.	$	13,520,836
	450,945	Primoris Services Corp.		13,266,802
				26,787,638
		Consumer Finance – 0.9%
	214,190	Green Dot Corp., Class A(a)		10,619,540
		Distributors – 0.9%
	104,266	Pool Corp.		11,278,453
		Diversified Consumer Services – 3.0%
	213,113	Bright Horizons Family Solutions, Inc.(a)		18,372,472
	198,833	Grand Canyon Education, Inc.(a)		18,058,013
				36,430,485
		Diversified Telecommunication Services – 2.1%
	292,458	Cogent Communications Holdings, Inc.		14,301,196
	1,019,494	ORBCOMM, Inc.(a)		10,674,102
				24,975,298
		Electrical Equipment – 1.0%
	262,417	Generac Holdings, Inc.(a)		12,052,813
		Electronic Equipment, Instruments & Components – 0.9%
	277,707	II-VI, Inc.(a)		11,427,643
		Energy Equipment & Services – 1.1%
	152,291	Dril-Quip, Inc.(a)		6,723,647
	419,423	Forum Energy Technologies, Inc.(a)		6,668,826
				13,392,473
		Health Care Equipment & Supplies – 7.3%
	456,738	AtriCure, Inc.(a)		10,217,229
	123,732	Inogen, Inc.(a)		11,766,913
	303,167	Insulet Corp.(a)		16,698,438
	337,047	Merit Medical Systems, Inc.(a)		14,273,941
	137,270	Neogen Corp.(a)		10,632,934
	116,727	Penumbra, Inc.(a)		10,540,448
	539,451	Wright Medical Group NV(a)		13,955,598
				88,085,501
		Health Care Providers & Services – 4.9%
	310,913	AMN Healthcare Services, Inc.(a)		14,208,724
	340,145	HealthEquity, Inc.(a)		17,204,534
	429,594	Teladoc, Inc.(a)		14,241,041
	349,845	Tivity Health, Inc.(a)		14,273,676
				59,927,975

See accompanying notes to financial statements.

|  22

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Small Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Health Care Technology – 1.5%
	237,832	Medidata Solutions, Inc.(a)	$	18,565,166
		Hotels, Restaurants & Leisure – 2.2%
	536,487	Planet Fitness, Inc., Class A		14,474,419
	363,046	Wingstop, Inc.		12,071,280
				26,545,699
		Household Durables – 1.8%
	239,449	Installed Building Products, Inc.(a)		15,516,295
	76,785	iRobot Corp.(a)		5,917,052
				21,433,347
		Insurance – 0.8%
	223,620	Kinsale Capital Group, Inc.		9,653,675
		Internet Software & Services – 8.3%
	305,727	2U, Inc.(a)		17,132,941
	284,240	Envestnet, Inc.(a)		14,496,240
	156,424	Five9, Inc.(a)		3,738,534
	125,820	LogMeIn, Inc.		13,846,491
	385,610	Mimecast Ltd.(a)		10,959,036
	382,714	Q2 Holdings, Inc.(a)		15,940,038
	758,424	Quotient Technology, Inc.(a)		11,869,335
	165,829	Wix.com Ltd.(a)		11,914,814
				99,897,429
		IT Services – 4.5%
	251,303	Blackhawk Network Holdings, Inc.(a)		11,007,071
	169,534	Euronet Worldwide, Inc.(a)		16,070,128
	314,213	InterXion Holding NV(a)		16,002,868
	323,374	WNS Holdings Ltd., ADR(a)		11,803,151
				54,883,218
		Life Sciences Tools & Services – 2.0%
	347,891	Accelerate Diagnostics, Inc.(a)		7,810,153
	209,880	PRA Health Sciences, Inc.(a)		15,986,560
				23,796,713
		Machinery – 4.0%
	204,424	Albany International Corp., Class A		11,733,938
	174,046	Astec Industries, Inc.		9,748,316
	144,949	Proto Labs, Inc.(a)		11,639,405
	124,944	RBC Bearings, Inc.(a)		15,636,741
				48,758,400

See accompanying notes to financial statements.

23  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Small Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Multiline Retail – 1.2%
	302,291	Ollie’s Bargain Outlet Holdings, Inc.(a)	$	14,026,302
		Oil, Gas & Consumable Fuels – 0.6%
	148,451	PDC Energy, Inc.(a)		7,278,553
		Pharmaceuticals – 3.0%
	300,675	Aclaris Therapeutics, Inc.(a)		7,760,422
	152,425	Aerie Pharmaceuticals, Inc.(a)		7,407,855
	278,178	Dermira, Inc.(a)		7,510,806
	353,819	Supernus Pharmaceuticals, Inc.(a)		14,152,760
				36,831,843
		Professional Services – 1.3%
	251,208	WageWorks, Inc.(a)		15,248,326
		Semiconductors & Semiconductor Equipment – 4.7%
	184,621	MKS Instruments, Inc.		17,437,454
	130,333	Monolithic Power Systems, Inc.		13,886,981
	285,048	Semtech Corp.(a)		10,703,552
	182,196	Silicon Laboratories, Inc.(a)		14,557,460
				56,585,447
		Software – 9.0%
	148,384	Blackbaud, Inc.		13,028,115
	515,809	Callidus Software, Inc.(a)		12,714,692
	198,025	CommVault Systems, Inc.(a)		12,039,920
	213,719	Guidewire Software, Inc.(a)		16,640,161
	172,969	HubSpot, Inc.(a)		14,538,044
	276,360	RealPage, Inc.(a)		11,026,764
	393,760	RingCentral, Inc., Class A(a)		16,439,480
	65,671	Ultimate Software Group, Inc. (The)(a)		12,451,222
				108,878,398
		Textiles, Apparel & Luxury Goods – 1.7%
	158,257	Columbia Sportswear Co.		9,745,466
	253,526	Steven Madden Ltd.(a)		10,977,676
				20,723,142
		Thrifts & Mortgage Finance – 1.0%
	302,157	Essent Group Ltd.(a)		12,237,359
		Trading Companies & Distributors – 2.8%
	141,648	Beacon Roofing Supply, Inc.(a)		7,259,460
	446,230	BMC Stock Holdings, Inc.(a)		9,527,011
	287,541	SiteOne Landscape Supply, Inc.(a)		16,706,132
				33,492,603
		Total Common Stocks (Identified Cost $842,542,400)		1,167,131,358

See accompanying notes to financial statements.

|  24

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Small Cap Growth Fund – continued

Principal Amount		Description	Value (†)
	Short-Term Investments – 3.5%
$	42,636,661	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/29/2017 at 0.340% to be repurchased at $42,637,869 on 10/02/2017 collateralized by $41,625,000 U.S. Treasury Note, 3.625% due 8/15/2019 valued at $43,491,049 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $42,636,661)	$	42,636,661
		Total Investments – 99.9% (Identified Cost $885,179,061)		1,209,768,019
		Other assets less liabilities—0.1%		1,230,784
		Net Assets – 100.0%	$	1,210,998,803
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.
	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.

Industry Summary at September 30, 2017

Software	9.0	%
Internet Software & Services	8.3
Health Care Equipment & Supplies	7.3
Health Care Providers & Services	4.9
Semiconductors & Semiconductor Equipment	4.7
IT Services	4.5
Biotechnology	4.2
Machinery	4.0
Banks	3.8
Aerospace & Defense	3.3
Auto Components	3.1
Pharmaceuticals	3.0
Building Products	3.0
Diversified Consumer Services	3.0
Trading Companies & Distributors	2.8
Construction & Engineering	2.2
Hotels, Restaurants & Leisure	2.2
Diversified Telecommunication Services	2.1
Capital Markets	2.0
Life Sciences Tools & Services	2.0
Other Investments, less than 2% each	17.0
Short-Term Investments	3.5
Total Investments	99.9
Other assets less liabilities	0.1
Net Assets	100.0	%

See accompanying notes to financial statements.

25  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Small Cap Value Fund

Shares		Description	Value (†)
	Common Stocks – 99.2% of Net Assets
		Aerospace & Defense – 1.9%
	265,079	Aerojet Rocketdyne Holdings, Inc.(a)	$	9,280,416
	192,699	BWX Technologies, Inc.		10,794,998
				20,075,414
		Auto Components – 3.3%
	121,341	Adient PLC		10,191,431
	136,200	Cooper Tire & Rubber Co.		5,093,880
	102,382	Fox Factory Holding Corp.(a)		4,412,664
	339,163	Horizon Global Corp.(a)		5,982,835
	89,035	LCI Industries		10,314,705
				35,995,515
		Banks – 17.3%
	291,869	BancorpSouth, Inc.		9,354,401
	122,778	Bank of the Ozarks, Inc.		5,899,483
	235,206	Bryn Mawr Bank Corp.		10,302,023
	93,559	Carolina Financial Corp.		3,356,897
	285,690	Cathay General Bancorp		11,484,738
	331,025	CenterState Bank Corp.		8,871,470
	189,785	Chemical Financial Corp.		9,918,164
	428,530	CVB Financial Corp.		10,357,570
	340,783	First Financial Bancorp		8,911,475
	150,066	First Financial Bankshares, Inc.		6,782,983
	325,784	Home BancShares, Inc.		8,216,273
	128,635	IBERIABANK Corp.		10,567,365
	145,331	LegacyTexas Financial Group, Inc.		5,801,614
	199,619	PacWest Bancorp		10,082,756
	124,735	Pinnacle Financial Partners, Inc.		8,351,008
	269,947	Popular, Inc.		9,701,895
	156,062	Prosperity Bancshares, Inc.		10,257,955
	53,627	Signature Bank(a)		6,866,401
	114,716	Texas Capital Bancshares, Inc.(a)		9,842,633
	289,256	Triumph Bancorp, Inc.(a)		9,328,506
	171,079	Wintrust Financial Corp.		13,397,197
				187,652,807
		Beverages – 0.6%
	439,837	Cott Corp.		6,601,953
		Building Products – 1.6%
	87,946	Apogee Enterprises, Inc.		4,244,274
	133,662	Armstrong World Industries, Inc.(a)		6,850,177
	86,005	Masonite International Corp.(a)		5,951,546
				17,045,997

See accompanying notes to financial statements.

|  26

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Capital Markets – 1.4%
	233,795	Donnelley Financial Solutions, Inc.(a)	$	5,040,620
	179,068	Stifel Financial Corp.		9,572,975
				14,613,595
		Chemicals – 3.3%
	292,262	AdvanSix, Inc.(a)		11,617,415
	59,157	Ashland Global Holdings, Inc.		3,868,276
	103,845	Cabot Corp.		5,794,551
	118,904	Ingevity Corp.(a)		7,427,933
	105,863	Minerals Technologies, Inc.		7,479,221
				36,187,396
		Commercial Services & Supplies – 3.8%
	94,019	Clean Harbors, Inc.(a)		5,330,877
	238,526	KAR Auction Services, Inc.		11,387,231
	218,513	Kimball International, Inc.		4,320,002
	135,679	Knoll, Inc.		2,713,580
	284,953	LSC Communications, Inc.		4,704,574
	211,762	Viad Corp.		12,896,306
				41,352,570
		Communications Equipment – 1.3%
	174,957	ARRIS International PLC(a)		4,984,525
	343,605	Digi International, Inc.(a)		3,642,213
	600,447	Viavi Solutions, Inc.(a)		5,680,229
				14,306,967
		Construction & Engineering – 0.6%
	99,805	MYR Group, Inc.(a)		2,908,318
	85,960	Quanta Services, Inc.(a)		3,212,325
				6,120,643
		Construction Materials – 0.6%
	84,574	U.S. Concrete, Inc.(a)		6,452,996
		Consumer Finance – 0.6%
	219,421	PRA Group, Inc.(a)		6,286,412
		Distributors – 0.6%
	196,034	Core-Mark Holding Co., Inc.		6,300,533
		Diversified Consumer Services – 1.2%
	190,517	Adtalem Global Education, Inc.		6,830,035
	525,781	Houghton Mifflin Harcourt Co.(a)		6,335,661
				13,165,696

See accompanying notes to financial statements.

27  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Diversified Financial Services – 0.5%
	310,245	FNFV Group(a)	$	5,320,702
		Electric Utilities – 1.3%
	180,009	ALLETE, Inc.		13,912,896
		Electrical Equipment – 0.6%
	265,485	TPI Composites, Inc.(a)		5,930,935
		Electronic Equipment, Instruments & Components – 5.2%
	107,123	Belden, Inc.		8,626,615
	190,865	II-VI, Inc.(a)		7,854,095
	83,204	Kimball Electronics, Inc.(a)		1,801,366
	102,732	Littelfuse, Inc.		20,123,144
	133,698	Methode Electronics, Inc.		5,662,110
	58,638	Rogers Corp.(a)		7,815,273
	218,026	Vishay Intertechnology, Inc.		4,098,889
				55,981,492
		Energy Equipment & Services – 2.9%
	317,535	C&J Energy Services, Inc.(a)		9,516,524
	240,094	Natural Gas Services Group, Inc.(a)		6,818,670
	326,184	RPC, Inc.		8,086,101
	240,166	U.S. Silica Holdings, Inc.		7,461,958
				31,883,253
		Food & Staples Retailing – 0.5%
	214,629	SpartanNash Co.		5,659,767
		Food Products – 2.0%
	318,092	Darling Ingredients, Inc.(a)		5,572,972
	20,566	J&J Snack Foods Corp.		2,700,316
	102,238	Post Holdings, Inc.(a)		9,024,548
	523,103	SunOpta, Inc.(a)		4,550,996
				21,848,832
		Health Care Equipment & Supplies – 1.6%
	182,748	Halyard Health, Inc.(a)		8,229,142
	265,328	Varex Imaging Corp.(a)		8,978,700
				17,207,842
		Health Care Providers & Services – 0.4%
	82,392	AMN Healthcare Services, Inc.(a)		3,765,314
		Hotels, Restaurants & Leisure – 3.4%
	593,376	Caesars Entertainment Corp.(a)		7,921,570
	278,250	Carrols Restaurant Group, Inc.(a)		3,032,925
��	59,259	Churchill Downs, Inc.		12,219,206
	19,562	Cracker Barrel Old Country Store, Inc.		2,965,990
	89,176	Marriott Vacations Worldwide Corp.		11,105,087
				37,244,778

See accompanying notes to financial statements.

|  28

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Household Durables – 0.7%
	77,742	Helen of Troy Ltd.(a)	$	7,533,200
		Household Products – 0.4%
	295,958	HRG Group, Inc.(a)		4,619,904
		Industrial Conglomerates – 0.7%
	226,336	Raven Industries, Inc.		7,333,286
		Insurance – 3.9%
	125,076	Atlas Financial Holdings, Inc.(a)		2,363,936
	320,846	Employers Holdings, Inc.		14,582,451
	131,997	First American Financial Corp.		6,595,890
	154,995	ProAssurance Corp.		8,470,477
	71,516	Reinsurance Group of America, Inc., Class A		9,978,627
				41,991,381
		Internet & Direct Marketing Retail – 2.1%
	310,985	1-800-Flowers.com, Inc., Class A(a)		3,063,202
	81,135	HSN, Inc.		3,168,322
	101,668	Liberty Expedia Holdings, Inc., Series A(a)		5,399,588
	199,899	Liberty Ventures, Series A(a)		11,504,187
				23,135,299
		Internet Software & Services – 1.2%
	176,033	CommerceHub, Inc., Series C(a)		3,758,304
	81,415	IAC/InterActiveCorp(a)		9,572,776
				13,331,080
		IT Services – 4.0%
	113,291	Booz Allen Hamilton Holding Corp.		4,235,950
	405,978	Conduent, Inc.(a)		6,361,675
	107,076	CSG Systems International, Inc.		4,293,748
	154,758	DST Systems, Inc.		8,493,119
	128,121	Euronet Worldwide, Inc.(a)		12,144,590
	72,208	WEX, Inc.(a)		8,103,182
				43,632,264
		Leisure Products – 0.4%
	245,671	Nautilus, Inc.(a)		4,151,840
		Life Sciences Tools & Services – 0.6%
	209,906	VWR Corp.(a)		6,949,988
		Machinery – 5.8%
	55,852	Alamo Group, Inc.		5,996,829
	155,875	Albany International Corp., Class A		8,947,225
	65,445	Altra Industrial Motion Corp.		3,147,904
	216,095	Columbus McKinnon Corp.		8,183,518

See accompanying notes to financial statements.

29  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Machinery – continued
	106,764	EnPro Industries, Inc.	$	8,597,705
	93,199	John Bean Technologies Corp.		9,422,419
	68,513	RBC Bearings, Inc.(a)		8,574,402
	90,290	Standex International Corp.		9,588,798
				62,458,800
		Marine – 0.4%
	68,699	Kirby Corp.(a)		4,530,699
		Media – 1.9%
	341,869	E.W. Scripps Co. (The), Class A(a)		6,533,117
	151,253	Emerald Expositions Events, Inc.		3,515,120
	250,932	Gray Television, Inc.(a)		3,939,632
	118,098	John Wiley & Sons, Inc., Class A		6,318,243
				20,306,112
		Metals & Mining – 0.5%
	507,316	Ferroglobe R&W Trust(a)(b)(c)(d)		—
	135,487	Haynes International, Inc.		4,865,338
				4,865,338
		Multi-Utilities – 0.9%
	163,333	NorthWestern Corp.		9,300,181
		Oil, Gas & Consumable Fuels – 2.2%
	93,551	Arch Coal, Inc., Class A		6,711,349
	294,996	Gulfport Energy Corp.(a)		4,230,242
	415,097	QEP Resources, Inc.(a)		3,557,381
	1,009,422	SRC Energy, Inc.(a)		9,761,111
				24,260,083
		Pharmaceuticals – 1.2%
	188,243	Catalent, Inc.(a)		7,514,660
	103,420	Prestige Brands Holdings, Inc.(a)		5,180,308
				12,694,968
		Professional Services – 1.8%
	100,932	Insperity, Inc.		8,882,016
	271,493	Korn/Ferry International		10,704,969
				19,586,985
		REITs – Apartments – 0.6%
	156,503	American Campus Communities, Inc.		6,909,607
		REITs – Health Care – 0.3%
	168,558	Sabra Healthcare REIT, Inc.		3,698,163

See accompanying notes to financial statements.

|  30

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		REITs – Hotels – 0.4%
	233,372	Hersha Hospitality Trust	$	4,357,055
		REITs – Mortgage – 0.6%
	549,511	iStar, Inc.(a)		6,484,230
		REITs – Office Property – 0.4%
	123,588	JBG SMITH Properties(a)		4,227,945
		REITs – Shopping Centers – 1.0%
	588,668	Retail Opportunity Investments Corp.		11,190,579
		REITs – Single Tenant – 0.5%
	133,635	National Retail Properties, Inc.		5,567,234
		REITs – Storage – 0.8%
	351,530	CubeSmart		9,125,719
		REITs – Warehouse/Industrials – 1.3%
	133,931	CyrusOne, Inc.		7,892,554
	203,425	Rexford Industrial Realty, Inc.		5,822,023
				13,714,577
		Road & Rail – 1.6%
	100,199	Genesee & Wyoming, Inc., Class A(a)		7,415,728
	90,418	Old Dominion Freight Line, Inc.		9,955,926
				17,371,654
		Semiconductors & Semiconductor Equipment – 2.5%
	25,360	Advanced Energy Industries, Inc.(a)		2,048,074
	182,785	Mellanox Technologies Ltd.(a)		8,618,313
	132,532	Semtech Corp.(a)		4,976,576
	307,376	Teradyne, Inc.		11,462,051
				27,105,014
		Software – 1.0%
	282,408	TiVo Corp.		5,605,799
	132,554	Verint Systems, Inc.(a)		5,547,385
				11,153,184
		Specialty Retail – 1.5%
	191,305	Camping World Holdings, Inc., Class A		7,793,766
	135,400	Genesco, Inc.(a)		3,601,640
	220,129	Sally Beauty Holdings, Inc.(a)		4,310,126
				15,705,532
		Technology Hardware, Storage & Peripherals – 0.3%
	172,209	Cray, Inc.(a)		3,349,465

See accompanying notes to financial statements.

31  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Thrifts & Mortgage Finance – 1.2%
	102,361	Federal Agricultural Mortgage Corp., Class C	$	7,445,739
	207,155	OceanFirst Financial Corp.		5,694,691
				13,140,430
		Total Common Stocks (Identified Cost $702,063,383)		1,074,696,101
	Closed-End Investment Companies – 0.3%
	259,234	Hercules Capital, Inc. (Identified Cost $3,522,560)		3,344,118
	Principal Amount
	Short-Term Investments – 1.1%
$	11,351,292	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/29/2017 at 0.340% to be repurchased at $11,351,614 on 10/02/2017 collateralized by $11,575,000 Federal Home Loan Mortgage Corp., 1.250% due 10/02/2019 valued at $11,582,061 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $11,351,292)		11,351,292
		Total Investments – 100.6% (Identified Cost $716,937,235)		1,089,391,511
		Other assets less liabilities – (0.6)%		(6,061,997	)
		Net Assets – 100.0%	$	1,083,329,514
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.
	(b)	Illiquid security. (Unaudited)
	(c)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At September 30, 2017, the value of these securities amounted to $0 or 0.0% of net assets. See Note 2 of Notes to Financial Statements.
	(d)	Security subject to restrictions on resale. This security was acquired on November 29, 2016 at a cost of $0. At September 30, 2017, the value of this security amounted to $0 or 0.0% of net assets.
	REITs	Real Estate Investment Trusts

See accompanying notes to financial statements.

|  32

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Small Cap Value Fund – continued

Industry Summary at September 30, 2017

Banks	17.3	%
Machinery	5.8
Electronic Equipment, Instruments & Components	5.2
IT Services	4.0
Insurance	3.9
Commercial Services & Supplies	3.8
Hotels, Restaurants & Leisure	3.4
Chemicals	3.3
Auto Components	3.3
Energy Equipment & Services	2.9
Semiconductors & Semiconductor Equipment	2.5
Oil, Gas & Consumable Fuels	2.2
Internet & Direct Marketing Retail	2.1
Food Products	2.0
Other Investments, less than 2% each	37.8
Short-Term Investments	1.1
Total Investments	100.6
Other assets less liabilities	(0.6	)
Net Assets	100.0	%

See accompanying notes to financial statements.

33  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Small/Mid Cap Growth Fund

Shares		Description	Value (†)
	Common Stocks – 97.1% of Net Assets
		Aerospace & Defense – 4.2%
	2,530	HEICO Corp.	$	227,219
	3,216	Hexcel Corp.		184,663
	3,930	Mercury Systems, Inc.(a)		203,888
				615,770
		Air Freight & Logistics – 1.8%
	3,832	XPO Logistics, Inc.(a)		259,733
		Auto Components – 1.2%
	1,489	LCI Industries		172,501
		Banks – 4.5%
	4,000	Columbia Banking System, Inc.		168,440
	1,202	First Republic Bank		125,561
	6,681	Home BancShares, Inc.		168,495
	3,612	Western Alliance Bancorp(a)		191,725
				654,221
		Biotechnology – 3.1%
	10,192	Ironwood Pharmaceuticals, Inc.(a)		160,728
	2,458	Neurocrine Biosciences, Inc.(a)		150,626
	2,089	Prothena Corp. PLC(a)		135,305
				446,659
		Building Products – 1.2%
	1,832	American Woodmark Corp.(a)		176,330
		Capital Markets – 6.3%
	1,956	CBOE Holdings, Inc.		210,524
	1,033	MarketAxess Holdings, Inc.		190,599
	1,504	MSCI, Inc.		175,817
	3,553	SEI Investments Co.		216,946
	2,258	Stifel Financial Corp.		120,713
				914,599
		Commercial Services & Supplies – 3.5%
	3,411	Healthcare Services Group, Inc.		184,092
	3,660	KAR Auction Services, Inc.		174,728
	4,703	Ritchie Bros. Auctioneers, Inc.		148,709
				507,529
		Consumer Finance – 0.6%
	8,268	SLM Corp.(a)		94,834
		Diversified Consumer Services – 3.4%
	2,806	Bright Horizons Family Solutions, Inc.(a)		241,905
	2,783	Grand Canyon Education, Inc.(a)		252,752
				494,657

See accompanying notes to financial statements.

|  34

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Small/Mid Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Diversified Telecommunication Services – 1.5%
	4,482	Cogent Communications Holdings, Inc.	$	219,170
		Electrical Equipment – 1.3%
	4,002	Generac Holdings, Inc.(a)		183,812
		Electronic Equipment, Instruments & Components – 5.1%
	526	Coherent, Inc.(a)		123,699
	4,903	National Instruments Corp.		206,760
	1,372	Rogers Corp.(a)		182,860
	5,853	Trimble, Inc.(a)		229,730
				743,049
		Energy Equipment & Services – 1.1%
	2,034	Dril-Quip, Inc.(a)		89,801
	2,965	Oil States International, Inc.(a)		75,163
				164,964
		Food Products – 0.8%
	4,083	Blue Buffalo Pet Products, Inc.(a)		115,753
		Health Care Equipment & Supplies – 8.9%
	665	ABIOMED, Inc.(a)		112,119
	1,345	Align Technology, Inc.(a)		250,533
	1,351	Cantel Medical Corp.		127,224
	5,119	Merit Medical Systems, Inc.(a)		216,789
	1,583	Penumbra, Inc.(a)		142,945
	1,377	STERIS PLC		121,727
	1,384	West Pharmaceutical Services, Inc.		133,224
	7,823	Wright Medical Group NV(a)		202,381
				1,306,942
		Health Care Providers & Services – 3.1%
	4,327	HealthEquity, Inc.(a)		218,860
	1,341	WellCare Health Plans, Inc.(a)		230,303
				449,163
		Health Care Technology – 2.3%
	4,132	Cotiviti Holdings, Inc.(a)		148,670
	3,286	Veeva Systems, Inc., Class A(a)		185,363
				334,033
		Hotels, Restaurants & Leisure – 3.1%
	8,467	Planet Fitness, Inc., Class A		228,440
	996	Vail Resorts, Inc.		227,207
				455,647

See accompanying notes to financial statements.

35  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Small/Mid Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Internet Software & Services – 3.5%
	860	CoStar Group, Inc.(a)	$	230,695
	4,914	GTT Communications, Inc.(a)		155,528
	1,774	j2 Global, Inc.		131,063
				517,286
		IT Services – 4.1%
	3,236	Black Knight Financial Services, Inc., Class A(a)		139,310
	1,905	Broadridge Financial Solutions, Inc.		153,962
	1,283	EPAM Systems, Inc.(a)		112,814
	1,553	Gartner, Inc.(a)		193,209
				599,295
		Leisure Products – 1.2%
	3,040	Brunswick Corp.		170,149
		Life Sciences Tools & Services – 1.6%
	2,103	ICON PLC(a)		239,490
		Machinery – 7.6%
	4,061	Altra Industrial Motion Corp.		195,334
	7,770	Gardner Denver Holdings, Inc.(a)		213,831
	1,164	John Bean Technologies Corp.		117,680
	1,287	Middleby Corp. (The)(a)		164,955
	3,707	Sun Hydraulics Corp.		200,178
	1,427	WABCO Holdings, Inc.(a)		211,196
				1,103,174
		Media – 1.5%
	5,104	Live Nation Entertainment, Inc.(a)		222,279
		Oil, Gas & Consumable Fuels – 1.7%
	1,473	Diamondback Energy, Inc.(a)		144,295
	3,963	Parsley Energy, Inc., Class A(a)		104,385
				248,680
		Professional Services – 1.4%
	4,221	TransUnion(a)		199,484
		Real Estate Management & Development – 1.1%
	2,522	First Service Corp.		165,973
		Semiconductors & Semiconductor Equipment – 2.8%
	2,552	Advanced Energy Industries, Inc.(a)		206,099
	2,472	Silicon Laboratories, Inc.(a)		197,513
				403,612

See accompanying notes to financial statements.

|  36

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Small/Mid Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Software – 10.0%
	2,146	Blackbaud, Inc.	$	188,419
	7,976	Callidus Software, Inc.(a)		196,609
	3,005	Guidewire Software, Inc.(a)		233,969
	2,967	HubSpot, Inc.(a)		249,376
	2,594	Paylocity Holding Corp.(a)		126,639
	3,193	PTC, Inc.(a)		179,702
	2,674	Talend S.A., ADR(a)		109,474
	894	Ultimate Software Group, Inc. (The)(a)		169,502
				1,453,690
		Specialty Retail – 1.8%
	3,928	Camping World Holdings, Inc., Class A		160,027
	2,750	Floor & Decor Holdings, Inc., Class A(a)		107,057
				267,084
		Textiles, Apparel & Luxury Goods – 0.7%
	1,697	Columbia Sportswear Co.		104,501
		Trading Companies & Distributors – 1.1%
	7,556	BMC Stock Holdings, Inc.(a)		161,321
		Total Common Stocks (Identified Cost $10,749,363)		14,165,384
	Principal Amount
	Short-Term Investments – 4.7%
$	689,253	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/29/2017 at 0.340%, to be repurchased at $689,273 on 10/02/2017 collateralized by $700,000 Federal Home Loan Mortgage Corp., 1.625% due 10/25/2019 valued at $705,048 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $689,253)		689,253
		Total Investments – 101.8% (Identified Cost $11,438,616)		14,854,637
		Other assets less liabilities—(1.8)%		(262,448	)
		Net Assets – 100.0%	$	14,592,189
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	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.
	SLM	Sallie Mae

See accompanying notes to financial statements.

37  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Small/Mid Cap Growth Fund – continued

Industry Summary at September 30, 2017

Software	10.0	%
Health Care Equipment & Supplies	8.9
Machinery	7.6
Capital Markets	6.3
Electronic Equipment, Instruments & Components	5.1
Banks	4.5
Aerospace & Defense	4.2
IT Services	4.1
Internet Software & Services	3.5
Commercial Services & Supplies	3.5
Diversified Consumer Services	3.4
Hotels, Restaurants & Leisure	3.1
Health Care Providers & Services	3.1
Biotechnology	3.1
Semiconductors & Semiconductor Equipment	2.8
Health Care Technology	2.3
Other Investments, less than 2% each	21.6
Short-Term Investments	4.7
Total Investments	101.8
Other assets less liabilities	(1.8	)
Net Assets	100.0	%

See accompanying notes to financial statements.

|  38

Statements of Assets and Liabilities

September 30, 2017

	Small Cap Growth Fund			Small Cap Value Fund			Small/Mid Cap Growth Fund
ASSETS
Investments at cost	$	885,179,061		$	716,937,235		$	11,438,616
Net unrealized appreciation		324,588,958			372,454,276			3,416,021
Investments at value		1,209,768,019			1,089,391,511			14,854,637
Cash		—			19,862			—
Receivable for Fund shares sold		1,478,518			5,043,749			—
Receivable for securities sold		14,640,497			1,246,016			81,790
Dividends and interest receivable		156,519			824,502			2,768
Prepaid expenses (Note 7)		1,359			1,400			12
TOTAL ASSETS		1,226,044,912			1,096,527,040			14,939,207
LIABILITIES
Payable for securities purchased		13,101,448			2,318,437			286,441
Payable for Fund shares redeemed		929,250			9,910,349			—
Management fees payable (Note 5)		722,480			616,421			1,125
Deferred Trustees’ fees (Note 5)		147,266			210,306			15,885
Administrative fees payable (Note 5)		43,069			38,568			500
Payable to distributor (Note 5d)		14,918			13,143			5
Other accounts payable and accrued expenses		87,678			90,302			43,062
TOTAL LIABILITIES		15,046,109			13,197,526			347,018
NET ASSETS	$	1,210,998,803		$	1,083,329,514		$	14,592,189
NET ASSETS CONSIST OF:
Paid-in capital	$	761,488,895		$	604,710,592		$	11,650,100
Accumulated net investment loss/Distributions in excess of net investment income		(5,263,019	)		(210,306	)		(61,727	)
Accumulated net realized gain (loss) on investments		130,183,969			106,374,952			(412,205	)
Net unrealized appreciation on investments		324,588,958			372,454,276			3,416,021
NET ASSETS	$	1,210,998,803		$	1,083,329,514		$	14,592,189
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Institutional Class:
Net assets	$	824,103,365		$	665,228,647		$	14,592,189
Shares of beneficial interest		30,112,909			17,800,747			1,185,482
Net asset value, offering and redemption price per share	$	27.37		$	37.37		$	12.31
Retail Class:
Net assets	$	107,387,452		$	251,405,361		$	—
Shares of beneficial interest		4,206,162			6,825,664			—
Net asset value, offering and redemption price per share	$	25.53		$	36.83		$	—
Admin Class shares:
Net assets	$	—		$	30,533,300		$	—
Shares of beneficial interest		—			858,205			—
Net asset value, offering and redemption price per share	$	—		$	35.58		$	—
Class N shares:
Net assets	$	279,507,986		$	136,162,206		$	—
Shares of beneficial interest		10,164,413			3,640,096			—
Net asset value, offering and redemption price per share	$	27.50		$	37.41		$	—

See accompanying notes to financial statements.

39  |

Statements of Operations

For the Year Ended September 30, 2017

	Small Cap Growth Fund			Small Cap Value Fund			Small/Mid Cap Growth Fund
INVESTMENT INCOME
Dividends	$	4,963,053		$	13,859,637		$	108,118
Interest		81,334			44,009			824
Less net foreign taxes withheld		—			(41,104	)		(649	)
		5,044,387			13,862,542			108,293
Expenses
Management fees (Note 5)		8,403,095			8,194,663			94,144
Service and distribution fees (Note 5)		268,701			847,827			—
Administrative fees (Note 5)		499,964			487,649			5,601
Trustees’ fees and expenses (Note 5)		58,837			65,114			17,436
Transfer agent fees and expenses (Notes 5 and 6)		1,130,392			1,007,283			1,685
Audit and tax services fees		39,804			40,683			39,801
Custodian fees and expenses		39,323			34,928			5,556
Legal fees		24,646			24,720			274
Registration fees		53,535			86,248			22,669
Shareholder reporting expenses		54,386			78,674			2,067
Miscellaneous expenses (Note 7)		44,026			44,792			7,573
Total expenses		10,616,709			10,912,581			196,806
Less waiver and/or expense reimbursement (Note 5)		—			(296,015	)		(90,110	)
Net expenses		10,616,709			10,616,566			106,696
Net investment income (loss)		(5,572,322	)		3,245,976			1,597
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain on:
Investments		135,932,255			115,058,075			678,497
Net change in unrealized appreciation (depreciation) on:
Investments		112,076,460			73,375,443			2,355,415
Net realized and unrealized gain on investments		248,008,715			188,433,518			3,033,912
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	242,436,393		$	191,679,494		$	3,035,509

See accompanying notes to financial statements.

|  40

Statements of Changes in Net Assets

	Small Cap Growth Fund						Small Cap Value Fund
	Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2017			Year Ended September 30, 2016
FROM OPERATIONS:
Net investment income (loss)	$	(5,572,322	)	$	(4,723,031	)	$	3,245,976		$	4,590,712
Net realized gain (loss) on investments		135,932,255			(7,969,145	)		115,058,075			95,614,322
Net change in unrealized appreciation (depreciation) on investments		112,076,460			88,312,376			73,375,443			60,726,807
Net increase in net assets resulting from operations		242,436,393			75,620,200			191,679,494			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)		(159,223,554	)		11,449,327			(55,801,811	)		(76,857,263	)
Net increase (decrease) in net assets		83,212,839			1,407,181			48,587,433			(22,042,717	)
NET ASSETS
Beginning of the year		1,127,785,964			1,126,378,783			1,034,742,081			1,056,784,798
End of the year	$	1,210,998,803		$	1,127,785,964		$	1,083,329,514		$	1,034,742,081
ACCUMULATED NET INVESTMENT LOSS/UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME	$	(5,263,019	)	$	(3,237,689	)	$	(210,306	)	$	1,498,395

See accompanying notes to financial statements.

41  |

Statements of Changes in Net Assets – continued

	Small/Mid Cap Growth Fund
	Year Ended September 30, 2017			Year Ended September 30, 2016
FROM OPERATIONS:
Net investment income (loss)	$	1,597		$	(23,360	)
Net realized gain (loss) on investments		678,497			(943,201	)
Net change in unrealized appreciation (depreciation) on investments		2,355,415			1,835,053
Net increase in net assets resulting from operations		3,035,509			868,492
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Institutional Class		(22,881	)		—
Total distributions		(22,881	)		—
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 10)		(394,862	)		1,863,761
Net increase in net assets		2,617,766			2,732,253
NET ASSETS
Beginning of the year		11,974,423			9,242,170
End of the year	$	14,592,189		$	11,974,423
ACCUMULATED NET INVESTMENT LOSS/DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME	$	(61,727	)	$	(18,730	)

See accompanying notes to financial statements.

|  42

Financial Highlights

For a share outstanding throughout each period.

	Small Cap Growth Fund—Institutional Class
	Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	22.03		$	22.22		$	24.27		$	26.35		$	19.17
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.12	)		(0.09	)		(0.14	)		(0.16	)(b)		(0.15	)(c)
Net realized and unrealized gain (loss)		5.46			1.59			1.63			(0.09	)		7.33
Total from Investment Operations		5.34			1.50			1.49			(0.25	)		7.18
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	$	27.37		$	22.03		$	22.22		$	24.27		$	26.35
Total return		24.24	%		6.92	%		5.78	%		(1.31	)%(b)		37.45	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	824,103		$	812,383		$	800,883		$	852,131		$	914,000
Net expenses		0.95	%		0.95	%		0.94	%		0.94	%		0.94	%
Gross expenses		0.95	%		0.95	%		0.94	%		0.94	%		0.94	%
Net investment loss		(0.49	)%		(0.41	)%		(0.57	)%		(0.63	)%(b)		(0.70	)%(c)
Portfolio turnover rate		45	%		56	%		78	%		63	%		56	%

(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)%.

See accompanying notes to financial statements.

43  |

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Growth Fund—Retail Class
	Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	20.61		$	20.93		$	23.10		$	25.23		$	18.41
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.16	)		(0.13	)		(0.19	)		(0.22	)(b)		(0.20	)(c)
Net realized and unrealized gain (loss)		5.08			1.50			1.56			(0.08	)		7.02
Total from Investment Operations		4.92			1.37			1.37			(0.30	)		6.82
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	$	25.53		$	20.61		$	20.93		$	23.10		$	25.23
Total return		23.93	%		6.61	%		5.58	%		(1.58	)%(b)		37.05	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	107,387		$	118,670		$	162,906		$	175,393		$	211,724
Net expenses		1.20	%		1.20	%		1.19	%		1.21	%		1.25	%(d)
Gross expenses		1.20	%		1.20	%		1.19	%		1.21	%		1.25	%(d)
Net investment loss		(0.73	)%		(0.66	)%		(0.82	)%		(0.90	)%(b)		(0.99	)%(c)
Portfolio turnover rate		45	%		56	%		78	%		63	%		56	%

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

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

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

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

See accompanying notes to financial statements.

|  44

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Growth Fund—Class N
	Year Ended September 30, 2017			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)		(0.09	)		(0.06	)		(0.12	)		(0.14	)(b)		(0.11	)
Net realized and unrealized gain (loss)		5.48			1.59			1.64			(0.10	)		6.25
Total from Investment Operations		5.39			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	$	27.50		$	22.11		$	22.27		$	24.29		$	26.36
Total return		24.38	%		7.05	%		5.92	%		(1.27	)%(b)		30.37	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	279,508		$	196,733		$	162,591		$	15,080		$	7,580
Net expenses		0.82	%		0.83	%		0.83	%		0.83	%		0.83	%(d)
Gross expenses		0.82	%		0.83	%		0.83	%		0.83	%		0.83	%(d)
Net investment loss		(0.39	)%		(0.29	)%		(0.51	)%		(0.53	)%(b)		(0.63	)%(d)
Portfolio turnover rate		45	%		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.

45  |

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Value Fund—Institutional Class
	Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	33.78		$	32.19		$	36.40		$	37.42		$	29.14
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.13			0.17			0.27			0.20			0.20
Net realized and unrealized gain (loss)		6.36			4.82			0.49			2.18			8.41
Total from Investment Operations		6.49			4.99			0.76			2.38			8.61
LESS DISTRIBUTIONS FROM:
Net investment income		(0.14	)		(0.22	)		(0.22	)		(0.10	)		(0.30	)
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	)
Net asset value, end of the period	$	37.37		$	33.78		$	32.19		$	36.40		$	37.42
Total return(b)		19.68	%		16.75	%		1.20	%		6.17	%		29.82	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	665,229		$	654,501		$	666,107		$	730,901		$	733,512
Net expenses(c)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Gross expenses		0.93	%		0.93	%		0.92	%		0.91	%		0.91	%
Net investment income		0.37	%		0.52	%		0.75	%		0.53	%		0.61	%
Portfolio turnover rate		25	%		22	%		22	%		23	%		22	%

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

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

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

See accompanying notes to financial statements.

|  46

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Value Fund—Retail Class
	Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	33.33		$	31.78		$	35.98		$	37.03		$	28.84
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.04			0.08			0.18			0.10			0.12
Net realized and unrealized gain (loss)		6.27			4.77			0.48			2.16			8.32
Total from Investment Operations		6.31			4.85			0.66			2.26			8.44
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	$	36.83		$	33.33		$	31.78		$	35.98		$	37.03
Total return(b)		19.38	%		16.47	%		0.94	%		5.90	%		29.48	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	251,405		$	267,936		$	306,360		$	358,698		$	403,475
Net expenses(c)		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Gross expenses		1.18	%		1.18	%		1.17	%		1.20	%		1.22	%
Net investment income		0.12	%		0.27	%		0.50	%		0.28	%		0.37	%
Portfolio turnover rate		25	%		22	%		22	%		23	%		22	%

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

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

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

See accompanying notes to financial statements.

47  |

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Value Fund—Admin Class
	Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	32.31		$	30.88		$	35.06		$	36.24		$	28.22
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.04	)		0.01			0.09			0.01			0.04
Net realized and unrealized gain (loss)		6.07			4.62			0.48			2.11			8.15
Total from Investment Operations		6.03			4.63			0.57			2.12			8.19
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	$	35.58		$	32.31		$	30.88		$	35.06		$	36.24
Total return(c)		19.10	%		16.19	%		0.71	%		5.63	%		29.17	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	30,533		$	43,973		$	45,762		$	61,791		$	74,892
Net expenses(d)		1.40	%		1.39	%(e)		1.38	%(f)		1.40	%		1.40	%
Gross expenses		1.43	%		1.42	%(e)		1.40	%(f)		1.51	%		1.52	%
Net investment income (loss)		(0.11	)%		0.03	%		0.28	%		0.02	%		0.11	%
Portfolio turnover rate		25	%		22	%		22	%		23	%		22	%

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

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

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

See accompanying notes to financial statements.

|  48

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Value Fund—Class N
	Year Ended September 30, 2017			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)		0.15			0.19			0.27			0.23			0.06
Net realized and unrealized gain (loss)		6.37			4.83			0.50			2.18			5.30
Total from Investment Operations		6.52			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	$	37.41		$	33.81		$	32.22		$	36.44		$	37.44
Total return		19.78	%		16.84	%		1.25	%		6.25	%(b)		16.71	%(b)(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	136,162		$	68,332		$	38,555		$	2,568		$	1
Net expenses		0.83	%		0.83	%		0.83	%(d)		0.85	%(e)		0.85	%(e)(f)
Gross expenses		0.83	%		0.83	%		0.83	%(d)		0.89	%		14.45	%(f)
Net investment income		0.44	%		0.61	%		0.76	%		0.60	%		0.27	%(f)
Portfolio turnover rate		25	%		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) Had certain expenses not been waived/reimbursed during the period, total returns would have been lower.

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

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

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

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

See accompanying notes to financial statements.

49  |

Financial Highlights – continued

For a share outstanding throughout each period.

	Small/Mid Cap Growth Fund— Institutional Class
	Year Ended September 30, 2017			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)		0.00	(b)		(0.02	)		(0.01	)
Net realized and unrealized gain (loss)		2.60			0.70			(0.94	)
Total from Investment Operations		2.60			0.68			(0.95	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.02	)		—			—
Total Distributions		(0.02	)		—			—
Net asset value, end of the period	$	12.31		$	9.73		$	9.05
Total return(c)		26.74	%		7.51	%		(9.50	)%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	14,592		$	11,974		$	9,242
Net expenses(e)		0.85	%		0.85	%		0.85	%(f)
Gross expenses		1.57	%		1.75	%		2.65	%(f)
Net investment income (loss)		0.01	%		(0.22	)%		(0.53	)%(f)
Portfolio turnover rate		49	%		53	%		14	%

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

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

(b) Amount rounds to less than $0.01.

(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.

|  50

Notes to Financial Statements

September 30, 2017

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 amount 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 and Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”), and Natixis ETF Trust. Expenses of a Fund are borne pro rata by the holders of each class of shares, except that each class bears expenses unique to that class (such as the Rule 12b-1 fees applicable to Retail Class and Admin Class), and transfer agent fees 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.

51  |

Notes to Financial Statements – continued

September 30, 2017

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

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

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Notes to Financial Statements – continued

September 30, 2017

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 pursuant to the Funds’ pricing policies and procedures.

b.  Investment Transactions and Related Investment Income. Investment transactions are accounted for on a trade date plus one day basis for daily NAV calculation. However, for financial reporting purposes, investment transactions are reported on trade date. Dividend income is recorded on ex-dividend date, or in the case of certain foreign securities, as soon as 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.

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September 30, 2017

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.

The values of investment securities are presented at the foreign exchange rates prevailing at the end of the period for financial reporting purposes. Net realized and unrealized gains or losses on investments reported in the Statements of Operations reflect gains or losses resulting from changes in exchange rates and fluctuations which arise due to changes in market prices of investment securities.

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

d.  Federal and Foreign Income Taxes. The Trusts treat each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund’s tax positions for the open tax years as of September 30, 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 twelve months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

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

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

e.  Dividends and Distributions to Shareholders. Dividends and distributions are recorded on ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as return of capital distributions received, distributions in excess of income and/or capital gain, distribution re-designations, 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 years ended September 30, 2017 and 2016 were as follows:

	2017 Distributions Paid From:						2016 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total		Ordinary Income		Long-Term Capital Gains		Total
Small Cap Growth Fund	$	—	$	—	$	—	$	—	$	85,662,346	$	85,662,346
Small Cap Value Fund		3,961,114		83,329,136		87,290,250		7,118,205		98,999,090		106,117,295
Small/Mid Cap Growth Fund		22,881		—		22,881		—		—		—

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

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As of September 30, 2017, the components of distributable earnings on a tax basis were as follows:

	Small Cap Growth Fund			Small Cap Value Fund			Small/Mid Cap Growth Fund
Undistributed long-term capital gains	$	129,613,161		$	107,585,778		$	—
Capital loss carryforward:
Short-term:
No expiration date		—			—			(407,754	)
Late-year ordinary and post-October capital loss deferrals*		(5,115,753	)		(1,516,032	)		(45,842	)
Unrealized appreciation		325,159,766			372,759,482			3,411,570
Total accumulated earnings	$	449,657,174		$	478,829,228		$	2,957,974
Capital loss carryforward utilized in the current year	$	6,873,084		$	—		$	693,519

* Under current tax law, net operating losses, 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. Small Cap Growth Fund and Small/Mid Cap Growth Fund are deferring net operating losses. Small Cap Value Fund is deferring capital losses.

As of September 30, 2017, the cost of investments and unrealized appreciation (depreciation) on a federal tax basis were as follows:

	Small Cap Growth Fund			Small Cap Value Fund			Small/Mid Cap Growth Fund
Federal tax cost	$	884,608,253		$	716,632,029		$	11,443,067
Gross tax appreciation	$	335,810,831		$	394,382,186		$	3,515,114
Gross tax depreciation		(10,651,065	)		(21,622,704	)		(103,544	)
Net tax appreciation	$	325,159,766		$	372,759,482		$	3,411,570

f.  Repurchase Agreements. Each Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which each Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is each Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities. As of September 30, 2017, each Fund, as applicable, had investments in repurchase agreements for which the value of the related collateral exceeded

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Notes to Financial Statements – continued

September 30, 2017

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

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

For the year ended September 30, 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.

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

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September 30, 2017

for an asset or liability (unobservable inputs reflect each Fund’s own assumptions in determining the fair value of assets or liabilities and would be based on the best information available).

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

The following is a summary of the inputs used to value the Funds’ investments as of September 30, 2017, at value:

Small Cap Growth Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	1,167,131,358	$	—	$	—	$	1,167,131,358
Short-Term Investments		—		42,636,661		—		42,636,661
Total	$	1,167,131,358	$	42,636,661	$	—	$	1,209,768,019

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

For the year ended September 30, 2017, there were no transfers among Levels 1, 2 and 3.

Small Cap Value Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	1,074,696,101	$	—	$	—	$	1,074,696,101
Closed-End Investment Companies		3,344,118		—		—		3,344,118
Short-Term Investments		—		11,351,292		—		11,351,292
Total	$	1,078,040,219	$	11,351,292	$	—	$	1,089,391,511

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

For the year ended September 30, 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)	$	14,165,384	$	—	$	—	$	14,165,384
Short-Term Investments		—		689,253		—		689,253
Total	$	14,165,384	$	689,253	$	—	$	14,854,637

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

For the year ended September 30, 2017, there were no transfers among Levels 1, 2 and 3.

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September 30, 2017

4.Purchases and Sales of Securities. For the year ended September 30, 2017, purchases and sales of securities (excluding short-term investments) were as follows:

Fund	Purchases		Sales
Small Cap Growth Fund	$	489,086,012	$	661,629,571
Small Cap Value Fund		266,759,428		398,398,176
Small/Mid Cap Growth Fund		5,975,263		6,485,030

5.  Management Fees and Other Transactions with Affiliates.

a.  Management Fees. Loomis, Sayles & Company, L.P. (“Loomis Sayles”) serves as investment adviser to each Fund. Under the terms of the management agreements, each Fund pays a management fee at the following annual rates, calculated daily and payable monthly, based on each Fund’s average daily net assets:

Fund	Percentage of Average  Daily Net Assets
Small Cap Growth Fund		0.75%
Small Cap Value Fund		0.75%
Small/Mid Cap Growth Fund		0.75%

Loomis Sayles has given binding undertakings to the Funds to waive management fees and/or reimburse certain expenses to limit the Funds’ operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes, organizational and extraordinary expenses such as litigation and indemnification expenses. These undertakings are in effect until January 31, 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 year ended September 30, 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.

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For the year ended September 30, 2017, the management fees for each Fund were as follows:

	Gross Management		Contractual Waivers of Management		Net Management		Percentage of Average Daily Net Assets
Fund	Fees		Fees1		Fees		Gross		Net
Small Cap Growth Fund	$	8,403,095	$	—	$	8,403,095		0.75%		0.75%
Small Cap Value Fund		8,194,663		—		8,194,663		0.75%		0.75%
Small/Mid Cap Growth Fund		94,144		90,110		4,034		0.75%		0.03%

For the year ended September 30, 2017, class-specific expenses have been reimbursed as follows:

	Reimbursement1
Fund	Institutional Class		Retail Class		Admin Class		Class N		Total
Small Cap Value Fund	$	205,968	$	79,867	$	10,180	$	—	$	296,015

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

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

b.  Service and Distribution Fees. Natixis Distribution, L.P. (“Natixis Distribution”), which is a wholly-owned subsidiary of Natixis, has entered into a distribution agreement with the Trusts. Pursuant to this agreement, Natixis 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 Natixis 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 Natixis Distribution in connection with the marketing or sale of Retail Class shares or for payments made by Natixis 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 Natixis 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

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September 30, 2017

Natixis Distribution in connection with the marketing or sale of Admin Class shares or for payments made by Natixis 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 Natixis Distribution an administrative service fee, at an annual rate not to exceed 0.25% of the average daily net assets attributable to Admin Class shares. These fees are subsequently paid to securities dealers or financial intermediaries for providing personal services and/or account maintenance for their customers who hold such shares.

For the year ended September 30, 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	$	—	$	268,701	$	—
Small Cap Value Fund		89,594		668,639		89,594

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

For the year ended September 30, 2017, the administrative fees for each Fund were as follows:

Fund	Administrative Fees
Small Cap Growth Fund	$	499,964
Small Cap Value Fund		487,649
Small/Mid Cap Growth Fund		5,601

d.  Sub-Transfer Agent Fees. Natixis 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

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September 30, 2017

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 Natixis Distribution for all or a portion of the servicing fees paid to these intermediaries. The reimbursement amounts (sub-transfer agent fees) paid to Natixis 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 year ended September 30, 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	$	1,104,880
Small Cap Value Fund		966,928
Small/Mid Cap Growth Fund		298

As of September 30, 2017, the Funds owe Natixis 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	$	14,918
Small Cap Value Fund		13,143
Small/Mid Cap Growth Fund		5

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 Natixis Advisors, Natixis Distribution, Natixis 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

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Notes to Financial Statements – continued

September 30, 2017

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, Loomis Sayles Funds Trusts and Natixis ETF Trust based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

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

f.  Affiliated Ownership. As of September 30, 2017, Loomis Sayles Funded Pension Plan and Trust (“Pension Plan”), Loomis Sayles Employees’ Profit Sharing Retirement Plan (“Retirement Plan”), and Natixis held shares of the Funds representing the following percentages of the Fund’s net assets:

Fund	Pension Plan		Retirement Plan		Natixis		Total Affiliated Ownership
Small Cap Growth Fund		0.63%		1.47%		—		2.10%
Small Cap Value Fund		1.13%		2.80%		—		3.93%
Small/Mid Cap Growth		—		15.21%		68.21%		83.42%

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

6.Class-Specific Transfer Agent Fees and Expenses. 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 the relative net assets of each class to the total net assets of those classes. Transfer agent fees and expenses attributable to Class N are allocated to Class N.

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For the year ended September 30, 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	$	994,456	$	134,729	$	—	$	1,207
Small Cap Value Fund		699,831		270,516		36,332		604
Small/Mid Cap Growth Fund		1,685		—		—		—

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 0.15% 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.

Prior to April 13, 2017, the commitment fee was 0.10% per annum based on the average daily unused portion of the line of credit.

For the year ended September 30, 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 year ended September 30, 2017, amounts rebated under these agreements were as follows:

Fund	Rebates
Small Cap Growth Fund	$	41,991
Small Cap Value Fund		44,378
Small/Mid Cap Growth Fund		457

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

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Notes to Financial Statements – continued

September 30, 2017

Funds. As of September 30, 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 5f)		Total Percentage of Ownership
Small Cap Growth Fund		2		32.46%		—		32.46%
Small Cap Value Fund		2		19.88%		—		19.88%
Small/Mid Cap Growth		—		—		83.42%		83.42%

Omnibus shareholder accounts for which Natixis 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.

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

	Small Cap Growth Fund
	Year Ended September 30, 2017						Year Ended September 30, 2016
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		4,034,738		$	97,151,691			7,447,055		$	155,701,856
Issued in connection with the reinvestment of distributions		—			—			2,716,857			58,412,420
Redeemed		(10,793,297	)		(256,866,078	)		(9,612,542	)		(201,629,117	)
Subscription in-kind (Note 11)		—			—			277,161			5,698,438
Net change		(6,758,559	)	$	(159,714,387	)		828,531		$	18,183,597
Retail Class
Issued from the sale of shares		692,134		$	15,704,343			935,456		$	18,282,313
Issued in connection with the reinvestment of distributions		—			—			588,964			11,867,620
Redeemed		(2,244,929	)		(49,573,803	)		(3,547,121	)		(71,211,754	)
Net change		(1,552,795	)	$	(33,869,460	)		(2,022,701	)	$	(41,061,821	)

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Notes to Financial Statements – continued

September 30, 2017

10.  Capital Shares – continued.

	Small Cap Growth Fund – continued
	Year Ended September 30, 2017						Year Ended September 30, 2016
Class N	Shares			Amount			Shares			Amount
Issued from the sale of shares		3,855,688		$	94,799,081			3,494,879		$	74,656,476
Issued in connection with the reinvestment of distributions		—			—			616,186			13,284,984
Redeemed		(2,588,567	)		(60,438,788	)		(2,515,389	)		(53,613,909	)
Net change		1,267,121		$	34,360,293			1,595,676		$	34,327,551
Increase (decrease) from capital share transactions		(7,044,233	)	$	(159,223,554	)		401,506		$	11,449,327

	Small Cap Value Fund
	Year Ended September 30, 2017						Year Ended September 30, 2016
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		3,564,958		$	126,242,963			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		(6,645,676	)		(233,677,752	)		(5,042,901	)		(158,011,519	)
Redeemed in-kind (Note 11)		—			—			(1,595,784	)		(52,325,759	)
Net change		(1,575,556	)	$	(54,182,167	)		(1,318,498	)	$	(45,505,548	)
Retail Class
Issued from the sale of shares		616,632		$	21,554,720			609,197		$	18,890,158
Issued in connection with the reinvestment of distributions		607,283			21,218,469			943,438			28,142,755
Redeemed		(2,437,522	)		(85,099,728	)		(3,153,621	)		(100,205,101	)
Net change		(1,213,607	)	$	(42,326,539	)		(1,600,986	)	$	(53,172,188	)
Admin Class
Issued from the sale of shares		220,759		$	7,434,300			341,303		$	10,091,067
Issued in connection with the reinvestment of distributions		80,992			2,738,330			111,997			3,244,570
Redeemed		(804,540	)		(27,089,959	)		(574,173	)		(17,370,719	)
Net change		(502,789	)	$	(16,917,329	)		(120,873	)	$	(4,035,082	)

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Notes to Financial Statements – continued

September 30, 2017

10.  Capital Shares – continued.

	Small Cap Value Fund – continued
	Year Ended September 30, 2017						Year Ended September 30, 2016
Class N	Shares			Amount			Shares			Amount
Issued from the sale of shares		1,948,540		$	69,188,229			945,571		$	29,754,154
Issued in connection with the reinvestment of distributions		198,135			7,013,982			140,642			4,245,978
Redeemed		(527,853	)		(18,577,987	)		(261,689	)		(8,144,577	)
Net change		1,618,822		$	57,624,224			824,524		$	25,855,555
Increase (decrease) from capital share transactions		(1,673,130	)	$	(55,801,811	)		(2,215,833	)	$	(76,857,263	)
	Small/Mid Cap Growth Fund
	Year Ended September 30, 2017						Year Ended September 30, 2016
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		183,187		$	1,981,855			214,933		$	1,914,485
Issued in connection with the reinvestment of distributions		2,259			22,881			—			—
Redeemed		(230,300	)		(2,399,598	)		(5,401	)		(50,724	)
Net change		(44,854	)	$	(394,862	)		209,532		$	1,863,761
Increase (decrease) from capital share transactions		(44,854	)	$	(394,862	)		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 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. For the year ended September 30, 2016, Small Cap Growth Fund participated in a subscription in-kind transaction and Small Cap Value Fund participated in a redemption in-kind transaction. There were no subscription in-kind or redemption in-kind transactions for the Funds during the year ended September 30, 2017.

12.Subsequent Event. On November 17, 2017, the Board of Trustees of Loomis Sayles Funds I approved the re-opening of the Loomis Sayles Small Cap Value Fund to new investors. Effective November 27, 2017, the Fund offers Institutional Class, Retail Class, Admin Class and Class N shares to new and existing investors.

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Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Loomis Sayles Small Cap Value Fund, a series of Loomis Sayles Funds I, and Loomis Sayles Small Cap Growth Fund and Loomis Sayles Small/Mid Cap Growth, each a series of Loomis Sayles Funds II, (collectively, the “Funds”) as of September 30, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of September 30, 2017 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

November 21, 2017

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2017 U.S. Tax Distribution Information to Shareholders (Unaudited)

Corporate Dividends Received Deduction. For the fiscal year ended September 30, 2017, a percentage of dividends distributed by the Fund listed below qualifies for the dividends received deduction for corporate shareholders. This percentage is as follows:

Fund	Qualifying Percentage
Small Cap Value		100.00%
Small/Mid Cap Growth		100.00%

Capital Gains Distributions. Pursuant to Internal Revenue Section 852(b), the following Funds paid distributions, which have been designated as capital gains distributions for the fiscal year ended September 30, 2017, unless subsequently determined to be different.

Fund	Amount
Small Cap Value	$	83,329,136

Qualified Dividend Income. For the fiscal year ended September 30, 2017, the Fund below will designate up to the maximum amount allowable pursuant to the Internal Revenue Code as qualified dividend income eligible for reduced tax rates. These lower rates range from 0% to 20% depending on an individual’s tax bracket. If the Fund pays a distribution during calendar year 2017, complete information will be reported in conjunction with Form 1099-DIV.

Fund

Small Cap Value

Small/Mid Cap Growth

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Trustee and Officer Information

The tables below provide certain information regarding the trustees and officers of Loomis Sayles Funds I and Loomis Sayles Funds II (the “Trusts”). Unless otherwise indicated, the address of all persons below is 888 Boylston Street, Suite 800, Boston, MA 02199-8197. The Funds’ Statements of Additional Information includes additional information about the trustees of the Trusts and is available by calling Loomis Sayles Funds at 800-633-3330.

Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INDEPENDENT TRUSTEES
Kenneth A. Drucker (1945)	Chairperson of the Board of Trustees since January 2017 Trustee since 2008 Ex Officio member of Audit Committee, Contract Review Committee and Governance Committee	Retired	53 None	Significant experience on the Board and on the boards of other business organizations (including at investment companies); executive experience (including as treasurer of an aerospace, automotive, and metal manufacturing corporation)
Edmond J. English (1953)	Trustee since 2013 Audit Committee Member	Executive Chairman; formerly, Chief Executive Officer of Bob’s Discount Furniture (retail)	53 Director, Burlington Stores, Inc. (retail)	Experience on the Board and significant experience on the boards of other business organizations (including retail companies and a bank); executive experience (including at a retail company)
Richard A. Goglia (1951)	Trustee since 2015 Audit Committee Member	Retired; formerly Vice President and Treasurer of Raytheon Company (defense)	53 None	Experience on the Board and executive experience (including his role as vice president and treasurer of a defense company and experience at a financial services company)

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Trustee and Officer Information – continued

Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INDEPENDENT TRUSTEES – continued
Wendell J. Knox (1948)	Trustee since 2009 Contract Review Committee Member and Governance Committee Member	Director of Abt Associates Inc. (research and consulting)	53 Director, Eastern Bank (bank); Director, The Hanover Insurance Group (property and casualty insurance)	Significant experience on the Board and on the boards of other business organizations (including at a bank and at a property and casualty insurance firm); executive experience (including roles as president and chief executive officer of a research and consulting company)
Martin T. Meehan (1956)	Trustee since 2012 Contract Review Committee Member	President, University of Massachusetts; formerly, Chancellor and faculty member, University of Massachusetts Lowell	53 None	Significant experience on the Board and on the boards of other business organizations; experience as President of the University of Massachusetts; government experience (including as a member of the U.S. House of Representatives); academic experience
Maureen B. Mitchell3 (1951)	Trustee since 2017 Contract Review Committee Member	Retired; formerly President, Global Sales and Marketing, GE Asset Management, Inc. (financial services)	53 None	Experience on the Board; financial services industry and executive experience (including role as president of global sales and marketing at a financial services company)

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Trustee and Officer Information – continued

Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INDEPENDENT TRUSTEES – continued
Sandra O. Moose (1942)	Trustee since 2003 Audit Committee Member and Governance Committee Member	President, Strategic Advisory Services (management consulting)	53 Formerly, Director, AES Corporation (international power company); formerly, Director, Verizon Communications (telecommunications company)	Significant experience on the Board and on the boards of other business organizations (including at a telecommunications company, an international power company and a specialty chemicals corporation); executive experience (including at a management consulting company)
James P. Palermo (1955)	Trustee since 2016 Contract Review Committee Member	Founding Partner, Breton Capital Management, LLC (private equity); Partner, STEP Partners, LLC (private equity); formerly, Chief Executive Officer of Global Client Management of The Bank of New York Mellon Corporation	53 None	Experience on the Board; financial services industry and executive experience (including roles as chief executive officer of client management and asset servicing for a banking and financial services company)
Erik R. Sirri (1958)	Trustee since 2009 Chairperson of the Audit Committee	Professor of Finance at Babson College	53 None	Significant experience on the Board; experience as Director of the Division of Trading and Markets at the Securities and Exchange Commission; academic experience; training as an economist

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Trustee and Officer Information – continued

Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INDEPENDENT TRUSTEES – continued
Peter J. Smail (1952)	Trustee since 2009 Chairperson of the Contract Review Committee and Governance Committee Member	Retired	53 None	Significant experience on the Board; mutual fund industry and executive experience (including roles as president and chief executive officer for an investment adviser)
Cynthia L. Walker (1956)	Trustee since 2005 Chairperson of the Governance Committee and Audit Committee Member	Deputy Dean for Finance and Administration, Yale University School of Medicine	53 None	Significant experience on the Board; executive experience in a variety of academic organizations (including roles as dean for finance and administration)
INTERESTED TRUSTEES
Kevin P. Charleston4 (1965) One Financial Center Boston, MA 02111	Trustee since 2015 President and Chief Executive Officer of Loomis Sayles Funds I since 2015	President, Chief Executive Officer and Chairman of the Board of Directors; formerly, Chief Financial Officer, Loomis, Sayles & Company, L.P.	53 None	Experience on the Board; continuing service as President, Chief Executive Officer and Chairman of the Board of Directors of Loomis, Sayles & Company, L.P.
David L. Giunta5 (1965)	Trustee since 2011 President of Loomis Sayles Funds II and Executive Vice President of Loomis Sayles Funds I since 2008; Chief Executive Officer of Loomis Sayles Funds II since 2015	President and Chief Executive Officer, Natixis Advisors, L.P., Natixis Distribution, L.P. Natixis Distribution Corporation and Chairman of the Board of Natixis Distribution Corporation.	53 None	Significant experience on the Board; experience as President and Chief Executive Officer, Natixis Advisors, L.P., Natixis Distribution, L.P. Natixis Distribution Corporation and Chairman of the Board of Natixis Distribution Corporation.

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Trustee and Officer Information – continued

¹  Each trustee serves until retirement, resignation or removal from the Board. The current retirement age is 75. The position of Chairperson of the Board is appointed for a three-year term.

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

³  Ms. Mitchell was appointed as a Trustee effective July 1, 2017.

⁴  Mr. Charleston is deemed an “interested person” of the Trusts because he holds the following positions with an affiliated person of the Trusts: President, Chief Executive Officer Chairman of the Board of Directors of Loomis, Sayles & Company, L.P.

⁵  Mr. Giunta is deemed an “interested person” of the Trusts because he holds the following positions with an affiliated person of the Trusts: President and Chief Executive Officer, Natixis Advisors, L.P., Natixis Distribution, L.P. Natixis Distribution Corporation and Chairman of the Board of Natixis Distribution Corporation.

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Trustee and Officer Information – continued

Name and Year of Birth	Position(s) Held with the Trusts	Term of Office1 and Length of Time Served	Principal Occupation(s) During Past 5 Years2
OFFICERS OF THE TRUST
Daniel J. Fuss (1933) One Financial Center Boston, MA 02111	Executive Vice President	Since June 2003	Vice Chairman and Director, Loomis, Sayles & Company, L.P.
Russell L. Kane (1969)	Secretary, Clerk and Chief Legal Officer	Since July 2016	Executive Vice President, General Counsel, Secretary and Clerk, Natixis Distribution Corporation, Natixis Advisors, L.P. and Natixis Distribution, L.P.; formerly, Chief Compliance Officer for Mutual Funds, Senior Vice President, Deputy General Counsel, Assistant Secretary and Assistant Clerk, Natixis Distribution Corporation, Natixis Advisors, L.P. and Natixis Distribution, L.P.
Michael C. Kardok (1959)	Treasurer, Principal Financial and Accounting Officer	Since October 2004	Senior Vice President, Natixis Advisors, L.P. and Natixis Distribution, L.P.
Rosa Licea-Mailloux (1976)	Chief Compliance Officer, Assistant Secretary and Anti-Money Laundering Officer	Since July 2016	Senior Vice President, Deputy General Counsel, Assistant Secretary and Assistant Clerk, Natixis Distribution Corporation, Natixis Advisors, L.P. and Natixis Distribution, L.P.; formerly, Associate General Counsel, Natixis Distribution, L.P.

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

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

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LOOMIS FUNDS

Supplement dated June 30, 2017 to the Loomis Funds Summary Prospectuses, dated February 1, 2017, as may be revised or supplemented from time to time, for the following funds:

Loomis Sayles Bond Fund	Loomis Sayles Small Cap Growth Fund
Loomis Sayles Global Bond Fund	Loomis Sayles Small Cap Value Fund
Loomis Sayles Inflation Protected Securities Fund

Effective July 1, 2017, the information under the sub-section “Retail Class Shares” in the section “Purchase and Sale of Fund Shares” in each Fund’s Summary is hereby amended and restated as follows:

Retail Class Shares

Retail Class shares of the Fund are subject to a minimum initial investment of $2,500 and a minimum subsequent investment of $50.

There is no initial or subsequent investment minimum for:

• Wrap Fee Programs of certain broker-dealers, the advisers or NGAM Distribution, L.P. Please consult your financial representative to determine if your wrap fee program is subject to additional or different conditions or fees.

• Certain Retirement Plans. Please consult your retirement plan administrator to determine if your retirement plan is subject to additional or different conditions or fees.

• Clients of a Registered Investment Adviser where the Registered Investment Adviser receives an advisory, management or consulting fee.

Loomis Sayles Bond Fund	Loomis Sayles Small Cap Growth Fund
Loomis Sayles Global Bond Fund	Loomis Sayles Small Cap Value Fund
Loomis Sayles Inflation Protected Securities Fund

Effective July 1, 2017, the information under the sub-section “Institutional Class Shares” in the section “Purchase and Sale of Fund Shares” in each Fund’s Summary is hereby amended and restated as follows:

Institutional Class Shares

Institutional Class shares of the Fund are generally subject to a minimum initial investment of $100,000 and a minimum subsequent investment of $50, except there is no minimum initial or subsequent investment for:

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• Wrap Fee Programs of certain broker-dealers, the advisers or NGAM Distribution, L.P. Please consult your financial representative to determine if your wrap fee program is subject to additional or different conditions or fees.

• Certain Retirement Plans. Please consult your retirement plan administrator to determine if your retirement plan is subject to additional or different conditions or fees.

• Certain Individual Retirement Accounts if the amounts invested represent rollover distributions from investments by any of the retirement plans invested in the Fund.

• Clients of a Registered Investment Adviser where the Registered Investment Adviser receives an advisory, management or consulting fee.

• Fund Trustees, former Fund trustees, employees of affiliates of the Loomis Sayles Funds and other individuals who are affiliated with any Loomis Fund (this also applies to any spouse, parents, children, siblings, grandparents, grandchildren and in-laws of those mentioned) and Natixis affiliate employee benefit plans.

At the discretion of NGAM Advisors, clients of NGAM Advisors and its affiliates may purchase Institutional Class shares of a Fund below the stated minimums.

LOOMIS SAYLES CORE DISCIPLINED ALPHA BOND FUND

LOOMIS SAYLES SMALL/MID CAP GROWTH FUND

Effective July 1, 2017, the information under the sub-section “Institutional Class Shares” in the section “Purchase and Sale of Fund Shares” in each Fund’s Summary is hereby amended and restated as follows:

Institutional Class Shares

Institutional Class shares of the Fund are generally subject to a minimum initial investment of $1,000,000 and a minimum subsequent investment of $50,000, except there is no minimum initial or subsequent investment for:

• Certain Retirement Plans. Please consult your retirement plan administrator to determine if your retirement plan is subject to additional or different conditions or fees.

• Fund Trustees, former Fund trustees, employees of affiliates of the Loomis Sayles Funds and other individuals who are affiliated with any Loomis Fund (this also applies to any spouse, parents, children, siblings, grandparents, grandchildren and in-laws of those mentioned) and Natixis affiliate employee benefit plans.

Registered Investment Advisers investing on behalf of their clients and certain wrap fee programs may aggregate investments of multiple clients to satisfy the $1,000,000 minimum initial investment amount.

At the discretion of NGAM Advisors, clients of NGAM Advisors and its affiliates may purchase Institutional Class shares of a Fund below the stated minimums.

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Loomis Sayles Bond Fund	Loomis Sayles Small Cap Growth Fund
Loomis Sayles Global Bond Fund	Loomis Sayles Small Cap Value Fund
Loomis Sayles Inflation Protected Securities Fund

Effective July 1, 2017, the information under the sub-section “Class N Shares” in the section “Purchase and Sale of Fund Shares” in each Fund’s Summary is hereby amended and restated as follows:

Class N Shares

Class N shares of the Fund are subject to a $1,000,000 initial investment minimum. There is no initial investment minimum for certain retirement plans and funds of funds that are distributed by NGAM Distribution, L.P. There is no subsequent investment minimum for these shares. In its sole discretion, NGAM Distribution, L.P. may waive the investment minimum requirement for accounts as to which the relevant financial intermediary has provided assurances, in writing, that the accounts will be held in omnibus fashion beginning no more than two years following the establishment date of such accounts in Class N.

LOOMIS SAYLES BOND FUND

LOOMIS SAYLES SMALL CAP VALUE FUND

Admin Class Shares

Admin Class shares of the Fund are intended primarily for certain retirement plans held in an omnibus fashion and are not available for purchase by individual investors. There are no initial or subsequent investment minimums for these shares.

Loomis Sayles Bond Fund	Loomis Sayles Institutional High Income Fund
Loomis Sayles Core Disciplined Alpha Bond Fund	Loomis Sayles Investment Grade Fixed Income Fund
Loomis Sayles Fixed Income Fund	Loomis Sayles Small Cap Growth Fund
Loomis Sayles Global Bond Fund	Loomis Sayles Small Cap Value Fund
Loomis Sayles Inflation Protected Securities Fund	Loomis Sayles Small/Mid Cap Growth Fund

Effective July 1, 2017, the first sentence in the section “Purchase and Sale of Fund Shares” in each Fund’s Summary is hereby amended and restated as follows:

The following information shows the investment minimum for various types of accounts:

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Effective July 1, 2017, the following is added to the section “Purchase and Sale of Fund Shares” in each Fund’s Summary:

Due to operational limitations at your financial intermediary, certain wrap fee programs, retirement plans, individual retirement accounts and accounts of registered investment advisers may be subject to the investment minimums described above.

Effective July 1, 2017, the last paragraph in the section “Purchase and Sale of Fund Shares” in each Fund’s Summary is amended and restated as follows:

The Fund’s shares are available for purchase and are redeemable on any business day through your financial adviser, through your broker-dealer, directly from the Fund by writing to the Fund at Loomis Sayles Funds, P.O. Box 219594, Kansas City, MO 64121-9594, by exchange, by wire, by internet at www.loomissayles.com, by telephone at 800-633-3330, through the Automated Clearing House system, or, in the case of redemptions, by the Systematic Withdrawal Plan. See the section “How Fund Shares are Priced” in the prospectus for details.

79  |

This page not part of shareholder report

ANNUAL REPORT

September 30, 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 23

Financial Statements  page  63

Notes to Financial Statements  page 79

Shareholder Supplement  enclosed

(previously posted to the Funds’ website)

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.

Market Conditions

Following the November 2016 US presidential election, investors expected less accommodative US monetary policy and pro-business reform. These expectations drove the US dollar and equities higher, and weighed on many fixed income assets as the US Treasury yield curve steepened (a curve that shows the relationship among bond yields across the maturity spectrum). The Federal Reserve (Fed) raised interest rates on December 14, 2016, March 15, 2017 and June 14, 2017; investors took the increases in stride as a number of developments supported fixed income market performance through the rest of the period. The yield curve flattened out, the US dollar declined, global growth strengthened and corporate profits rebounded. Government bond yields remained low, driving investors into riskier assets like high yield credit and emerging markets. As a result, nearly all asset classes posted positive returns for the full period.

All US Treasury yields rose during the 12-month period. However, much of the rise in longer-maturity yields took place shortly after the US presidential election while the two-year yield rose steadily over the entire period. Longer-term US Treasury yields declined from the start of 2017 until early September, when expectations for new and expansionary US fiscal policy and inflation began to rise.

Overall, investment grade corporate bonds generated positive return and outperformed duration-matched Treasuries (duration refers to a security’s price sensitivity to interest rate changes). The sector’s longer duration was beneficial as investors moved to the long end of the yield curve. High yield credit was a leading asset class throughout the period, benefiting from the “risk-on” environment and the search for yield. Improving corporate profits around the globe provided an additional tailwind to the sector.

After hitting a 14-year high during the fourth quarter of 2016, the US dollar steadily weakened through the rest of the period as risk appetite remained strong and fears about China’s economy and the potential for a US trade war waned. Many developed and emerging market currencies rallied versus the US dollar and unhedged returns were broadly positive. Emerging market bonds struggled at the beginning of the period, hurt by uncertainties related to global trade, the incoming US administration and geopolitics. But as 2017 progressed, sentiment shifted, emerging market bonds rallied and the asset class

1  |

posted broadly positive returns for the full period. The sector benefited from the weakening US dollar, a rebound in corporate profits, and improving emerging market GDP growth.

Portfolio Review

For the 12 months ended September 30, 2017, Class Y shares of Loomis Sayles High Income Fund returned 8.47% at net asset value. The Fund underperformed its benchmark, the Bloomberg Barclays U.S. Corporate High-Yield Bond Index, which returned 8.88%.

Explanation of Fund Performance

Security selection within high yield corporate credit was a leading contributor to results, with positive contributions from energy, metals and mining, and pharmaceuticals names. An out-of-benchmark allocation to convertible securities also contributed to performance, led by pharmaceutical and technology holdings. In addition, security selection among securitized assets aided results. Finally, an out-of-benchmark allocation to investment grade corporate bonds generated positive return.

The Fund’s out-of-benchmark exposure to equities was the most significant detractor from performance. Selected energy-related equity holdings were among the biggest laggards. An allocation to reserves (typically cash, cash equivalents and short-dated US Treasuries) also weighed on performance.

Outlook

Fund positioning reflects our outlook for stable economic growth and inflation. US and global GDP growth are steadily improving, and US inflation indicators are below Fed and consensus expectations. These inflationary trends support the Fed’s gradual shift to less accommodative monetary policy. The Fed’s balance sheet normalization program formally starts in October, and one more interest rate hike looks possible by year-end.

Steady economic growth is also supporting risk assets, and we are maintaining our exposure to corporate bonds. Spreads (the difference in yield between non-Treasury and Treasury securities of similar maturity) have tightened significantly, and the risk premiums for the investment grade and high yield markets are lower with increasing downside risks.

Within the high yield sector, we believe valuations have become less compelling, and we do not expect broad-based price appreciation from current levels. The underlying fundamentals of the sector remain supportive given the positive outlook for corporate profits and the low probability of defaults or economic recession. At this stage of the credit cycle¹, we are seeing increasing debt levels, but overall, balance sheets remain healthy and interest rate coverage is strong. We are watching for idiosyncratic risk factors or volatility that may allow us to selectively add to existing positions or establish exposure to new issues. In general, we are focusing on undervalued issues and looking for areas where we can move up in quality.

We have been taking a highly selective approach to non-US exposure. We are primarily maintaining current allocations to selected developed market sovereign and credit positions, along with emerging market local-pay bonds that we believe offer attractive yields and total return potential. The risk profile of the global market has been largely

|  2

LOOMIS SAYLES HIGH INCOME FUND

driven by anticipated central bank action, election cycles, geopolitical risks and trade policy uncertainty. In the current global growth environment, the US dollar is likely to be range bound and it may trend lower over the near term.

Looking ahead, our investment themes are centered on broadening portfolio diversification, generating income, lowering duration and reducing overall interest rate sensitivity. In terms of asset allocation, the Fund is structurally very different from the benchmark and is well-positioned going into the Fund’s next fiscal year, in our view. We are also comfortable keeping a larger allocation to reserve-type positions, and we will patiently monitor market developments for better buying opportunities where we feel we can add long-term value for our investors.

During periods in which the US dollar appreciates relative to foreign currencies, funds that hold non-US-dollar-denominated bonds may realize currency losses in connection with the maturity or sale of certain bonds. These losses impact a fund’s ordinary income distributions (to the extent that losses are not offset by realized currency gains within the fund’s fiscal year). A recognized currency loss, in accordance with federal tax rules, decreases the amount of ordinary income a fund has available to distribute, even though these bonds continue to generate coupon income.

Fund officers have analyzed the Fund’s current portfolio of investments, its schedule of maturities and the corresponding amounts of unrealized currency losses that may become realized in the fiscal year ending on September 30, 2018. Based on this analysis, Fund officers believe that realized currency losses may have less of an impact on this Fund’s distributions in the 2018 fiscal year. This analysis is based on certain assumptions, including but not limited to the level of foreign currency exchange rates, security prices, interest rates, fund advisors’ ability to manage realized currency losses and the net asset level of the Fund. Changes to these assumptions could materially impact the analysis and the amounts of future Fund distributions. Fund officers will continue to monitor on a regular basis and take the necessary actions required to manage the Fund’s distributions to address realized currency losses while seeking to avoid a return of capital distribution.

¹  A credit cycle is a cyclical pattern that follows credit availability and corporate health.

3  |

Hypothetical Growth of $100,000 Investment in Class Y Shares^1,4

September 30, 2007 through September 30, 2017

See notes to chart on page 5.

|  4

LOOMIS SAYLES HIGH INCOME FUND

Average Annual Total Returns — September 30, 2017⁴

													Expense Ratios5
	1 Year			5 Years			10 Years			Life of Class N			Gross			Net
Class Y (Inception 2/29/08)1
NAV		8.47	%		5.89	%		6.62	%		—	%		0.89	%		0.80	%
Class A (Inception 2/22/84)
NAV		8.17			5.60			6.38			—			1.14			1.05
With 4.25% Maximum Sales Charge		3.52			4.71			5.91			—
Class C (Inception 3/2/98)
NAV		7.33			4.80			5.59			—			1.89			1.80
With CDSC2		6.33			4.80			5.59			—
Class N (Inception 11/30/16)
NAV		—			—			—			8.99			0.77			0.75
Comparative Performance
Bloomberg Barclays U.S. Corporate High-Yield Bond Index3		8.88			6.36			7.84			5.37

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 im.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, and reflects 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 Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense caps set to expire on 1/31/19. When a Fund’s expenses are below the cap, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense caps.

5  |

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.

Market Conditions

Following the November 2016 US presidential election, investors expected less accommodative US monetary policy and pro-business reform. These expectations drove the US dollar and equities higher, and weighed on many fixed income assets as the US Treasury yield curve steepened (a curve that shows the relationship among bond yields across the maturity spectrum). The Federal Reserve (Fed) raised interest rates on December 14, 2016, March 15, 2017 and June 14, 2017; investors took the increases in stride as a number of developments supported fixed income market performance through the rest of the period. The yield curve flattened out, the US dollar declined, global growth strengthened and corporate profits rebounded. Government bond yields remained low, driving investors into riskier assets such as high yield credit and emerging markets. As a result, nearly all asset classes posted positive returns for the full period.

All US Treasury yields rose during the 12-month period. However, much of the rise in longer-maturity yields took place shortly after the US presidential election while the two-year yield rose steadily over the entire period. Longer-term US Treasury yields declined from the start of 2017 until early September, when expectations for new and expansionary US fiscal policy and inflation began to rise.

Overall, investment grade corporate bonds generated positive return and outperformed duration-matched Treasuries (duration refers to a security’s price sensitivity to interest rate changes). The sector’s longer duration was beneficial as investors moved to the long end of the yield curve.

High yield credit was a leading asset class throughout the period, benefiting from the “risk-on” environment and the search for yield. Improving corporate profits around the globe provided an additional tailwind to the sector.

Securitized credit assets generated positive total returns and outperformed duration-matched Treasuries. In September 2017, volatility remained muted after the Fed announced it would start tapering mortgage-backed security (MBS) reinvestments in October 2017; the move had been well telegraphed and was largely expected.

|  6

LOOMIS SAYLES INTERMEDIATE DURATION BOND FUND

Performance Results

For the 12 months ended September 30, 2017, Class Y shares of Loomis Sayles Intermediate Duration Bond Fund returned 0.69% at net asset value. The Fund outperformed its benchmark, the Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index, which returned 0.23%.

Explanation of Fund Performance

Overall, the Fund’s tilt away from risk-free assets and into spread sectors (non-government sectors) contributed the most to performance. A meaningful underweight to US Treasuries proved to help performance as much as the Fund’s overweight to investment grade corporate bonds.

Within investment grade corporate bonds, the Fund’s overweight to financials and security selection within industrial bonds drove performance during the period.

The Fund’s exposure to non-agency securitized credit contributed to absolute return during the period and had a significant impact on relative performance. Holdings of asset-backed securities (ABS) proved to be a positive contributor to relative return, and our allocation to commercial mortgage-backed securities (CMBS) also generated positive relative results.

The Fund’s underweight exposure to government-related securities detracted slightly from relative performance. While the Fund’s interest-rate sensitivity was similar to the benchmark during a period of rising interest rates, differences in the Fund’s interest rate sensitivity at various points on the yield curve slightly weighed on relative return.

Outlook

We believe that the Fed will tighten monetary conditions in a gradual and measured way as aggregate demand remains healthy, with the third hike of 2017 coming in December. The Fed began balance sheet reductions in October. We expect the market reaction to this activity to remain contained, given the well-telegraphed taper “caps” on both US Treasuries and MBS.

Corporate fundamentals have continued to indicate the United States is in the late expansion phase of the credit cycle,¹ with slowing margin growth, increased mergers and acquisitions and rising leverage. Our view is that the cycle will continue to evolve slowly. The Trump administration may implement fiscal programs and tax reforms that could support asset classes like credit, although any impact is likely a 2018 event.

Any reductions in corporate borrowing may preserve balance sheet health, promoting tighter credit spreads (the difference in yield between non-Treasury and Treasury yields of similar maturity) and lower default rates. While valuations may not be as attractive as they were last year, we continue to favor investment grade credit. We believe the primary risks to the credit markets include the pace of global growth, the timing of Fed tightening, shareholder-friendly activity and commodity price volatility.

We remain underweight government bonds given low yields and continue to favor sectors offering a yield advantage over Treasuries. We continue to be modestly overweight credit.

7  |

We are focused on security selection opportunities, buying new issues with concessions and secondary bonds that can offer favorable risk-return profiles.

We believe valuations in CMBS are fair. We continue to maintain an overweight to the sector, particularly senior parts of the capital stack. We think many areas of the MBS market appear overvalued and do not adequately compensate for prepayment risk. We are focused on securities with limited prepayment risk. The high-quality ABS sector remains attractive relative to government bonds. We are maintaining our exposure to the consumer through prime and subprime auto loans and credit card receivables.

The Fund continues to have a yield advantage and exposure to more credit-sensitive sectors relative to the benchmark. Finally, we continue to monitor and diversify our portfolios and holdings with an eye toward minimizing undue exposure to macro and/or issuer events.

¹  A credit cycle is a cyclical pattern that follows credit availability and corporate health.

Hypothetical Growth of $100,000 Investment in Class Y Shares^1,4,5

September 30, 2007 through September 30, 2017

See notes to chart on page 9.

|  8

LOOMIS SAYLES INTERMEDIATE DURATION BOND FUND

Average Annual Total Returns — September 30, 2017^4,5

										Expense Ratios6
	1 Year			5 Years			10 Years			Gross			Net
Class Y (Inception 1/28/98)1
NAV		0.69	%		2.05	%		4.56	%		0.47	%		0.40	%
Class A (Inception 5/28/10)1
NAV		0.44			1.79			4.30			0.72			0.65
With 4.25% Maximum Sales Charge		-3.86			0.91			3.85
Class C (Inception 8/31/16)1
NAV		-0.29			1.01			3.37			1.56			1.40
With CDSC2		-1.27			1.01			3.37
Comparative Performance
Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index3		0.23			1.61			3.64

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 im.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 Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense caps set to expire on 1/31/18. When a Fund’s expenses are below the cap, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense caps.

9  |

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.

Market Conditions

Following the November 2016 US presidential election, investors expected less accommodative US monetary policy and pro-business reform. These expectations drove the US dollar and equities higher, and weighed on many fixed income assets as the US Treasury yield curve steepened (a curve that shows the relationship among bond yields across the maturity spectrum). The Federal Reserve (Fed) raised interest rates in December 2016 and in March and June 2017; investors took the increases in stride as a number of developments supported fixed income market performance through the rest of the period. The yield curve flattened out, the US dollar declined, global growth strengthened and corporate profits rebounded. Government bond yields remained low, driving investors into riskier assets such as high yield credit and emerging markets. As a result, nearly all asset classes posted positive returns for the full period.

All US Treasury yields rose during the 12-month period. However, much of the rise in longer-maturity yields took place shortly after the US presidential election while the two-year yield rose steadily over the entire period. Longer-term US Treasury yields declined from the start of 2017 until early September, when expectations for new and expansionary US fiscal policy and inflation began to rise.

Securitized credit assets generated positive total returns and outperformed duration-matched Treasuries (duration refers to a security’s price sensitivity to interest rate changes). In September 2017, volatility remained muted after the Fed announced it would start tapering its mortgage-backed security (MBS) reinvestments in October 2017; the move had been well telegraphed and was largely expected.

Performance Results

For the 12 months ended September 30, 2017, Class Y shares of Loomis Sayles Limited Term Government and Agency Fund returned 0.22% at net asset value. The Fund outperformed its benchmark, the Bloomberg Barclays U.S. 1–5 Year Government Bond Index, which returned -0.06%.

Explanation of Fund Performance

Within securitized assets, a significant allocation to agency collateralized mortgage obligations (CMOs) made the largest positive contribution to relative performance. Agency

|  10

LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND

MBS was another one of the Fund’s larger allocations over the 12 months. These securities helped performance but to a lesser degree than CMO securities.

The Fund’s allocation to agency and non-agency commercial mortgage-backed securities (CMBS) generated positive absolute and relative performance. These bonds considerably outperformed Treasuries of comparable duration. Out-of-benchmark exposure to asset-backed securities (ABS) also boosted relative performance as selected car loan names performed particularly well.

Conversely, an underweight allocation to bonds issued by federal government agencies slightly detracted from performance for the period.

Outlook

Agency MBS spreads (the difference in yield between agency MBS and Treasuries of similar maturity) are narrow relative to history. Additionally, refinancing risk is beginning to increase, as mortgages issued in recent years are of relatively high quality compared with those issued in earlier years. Therefore, we favor an underweight to recently issued 30-year MBS and prefer sectors less likely to face refinancing risk, such as low loan balance mortgages and home equity conversion mortgages.

Within the commercial real estate sector, top-tier assets and markets have generally recovered and are at or above prior peak levels. We believe investment grade CMBS remain attractive.

We believe ABS currently offer an attractive combination of strong credit quality and enhanced yield. We favor higher yielding securities and bonds of less frequent issuers. Our analysis indicates the credit risk of these securities is inefficiently priced and they offer potentially attractive opportunities for additional yield.

11  |

Hypothetical Growth of $100,000 Investment in Class Y Shares³

September 30, 2007 through September 30, 2017

See notes to chart on page 13.

|  12

LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND

Average Annual Total Returns — September 30, 2017³

													Expense Ratios4
	1 Year			5 Years			10 Years			Life of Class N			Gross			Net
Class Y (Inception 3/31/94)
NAV		0.22	%		0.81	%		3.01	%		—	%		0.52	%		0.52	%
Class A (Inception 1/3/89)
NAV		-0.04			0.55			2.74			—			0.77			0.77
With 2.25% Maximum Sales Charge		-2.25			0.09			2.51			—
Class C (Inception 12/30/94)
NAV		-0.79			-0.20			1.99			—			1.52			1.52
With CDSC1		-1.77			-0.20			1.99			—
Class N (Inception 2/1/17)
NAV		—			—			—			1.12			0.44			0.44
Comparative Performance
Bloomberg Barclays U.S. 1-5 Year Government Bond Index2		-0.06			0.83			2.38			0.94

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 im.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 Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense caps set to expire on 1/31/18. When a Fund’s expenses are below the cap, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense caps.

13  |

ADDITIONAL INFORMATION

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

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 Investment Managers or any of its related or affiliated companies (collectively “Natixis Affiliates”) and does not sponsor, endorse or participate in the provision of any Natixis Affiliates 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 im.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.

|  14

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 April 1, 2017 through September 30, 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.

15  |

LOOMIS SAYLES HIGH INCOME FUND	BEGINNING ACCOUNT VALUE 4/1/2017		ENDING ACCOUNT VALUE 9/30/2017		EXPENSES PAID DURING PERIOD* 4/1/2017 – 9/30/2017
Class A
Actual		$1,000.00		$1,037.20		$5.52
Hypothetical (5% return before expenses)		$1,000.00		$1,019.65		$5.47
Class C
Actual		$1,000.00		$1,033.20		$9.33
Hypothetical (5% return before expenses)		$1,000.00		$1,015.89		$9.25
Class N
Actual		$1,000.00		$1,038.80		$3.88
Hypothetical (5% return before expenses)		$1,000.00		$1,021.26		$3.85
Class Y
Actual		$1,000.00		$1,038.60		$4.19
Hypothetical (5% return before expenses)		$1,000.00		$1,020.96		$4.15

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.08%, 1.83%, 0.76% and 0.82% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), divided by 365 (to reflect the half-year period).

LOOMIS SAYLES INTERMEDIATE DURATION BOND FUND	BEGINNING ACCOUNT VALUE 4/1/2017		ENDING ACCOUNT VALUE 9/30/2017		EXPENSES PAID DURING PERIOD* 4/1/2017 – 9/30/2017
Class A
Actual		$1,000.00		$1,015.70		$3.28
Hypothetical (5% return before expenses)		$1,000.00		$1,021.81		$3.29
Class C
Actual		$1,000.00		$1,012.80		$7.06
Hypothetical (5% return before expenses)		$1,000.00		$1,018.05		$7.08
Class Y
Actual		$1,000.00		$1,017.90		$2.02
Hypothetical (5% return before expenses)		$1,000.00		$1,023.06		$2.03

* 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 (183), divided by 365 (to reflect the half-year period).

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LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND	BEGINNING ACCOUNT VALUE 4/1/2017		ENDING ACCOUNT VALUE 9/30/2017		EXPENSES PAID DURING PERIOD* 4/1/2017 – 9/30/2017
Class A
Actual		$1,000.00		$1,005.60		$4.02
Hypothetical (5% return before expenses)		$1,000.00		$1,021.06		$4.05
Class C
Actual		$1,000.00		$1,001.80		$7.78
Hypothetical (5% return before expenses)		$1,000.00		$1,017.30		$7.84
Class N
Actual		$1,000.00		$1,008.20		$2.32
Hypothetical (5% return before expenses)		$1,000.00		$1,022.76		$2.33
Class Y
Actual		$1,000.00		$1,007.70		$2.77
Hypothetical (5% return before expenses)		$1,000.00		$1,022.31		$2.79

* Hypothetical expenses are equal to the Fund’s annualized expense ratio: 0.80%, 1.55%, 0.46% 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 (183), divided by 365 (to reflect the half-year period).

17  |

BOARD APPROVAL OF THE EXISTING ADVISORY AGREEMENTS

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

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

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

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

The Board most recently approved the continuation of the Agreements at its meeting held in June 2017. The Agreements were continued for a one-year period for the Funds. In considering whether to approve the continuation of the Agreements, the Board, including the Independent Trustees, did not identify any single factor as determinative. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. Matters considered by the Trustees, including the Independent Trustees, in connection with their approval of the Agreements included, but were not limited to, the factors listed below.

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

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

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

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

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

19  |

The Board noted that, through December 31, 2016, each Fund’s one- and three-year performance stated as percentile rankings within categories selected by the independent third-party data provider was as follows (where the best performance would be in the first percentile of its category):

	One-Year			Three-Year
Loomis Sayles High Income Fund		33	%		39	%
Loomis Sayles Intermediate Duration Bond Fund		70	%		81	%
Loomis Sayles Limited Term Government and Agency Fund		29	%		21	%

In the case of Loomis Sayles Intermediate Duration Bond Fund, which had performance that lagged that of a relevant peer group median and/or category median for all periods, the Board concluded that other factors relevant to performance supported renewal of the Agreements. These factors included the following: (1) that the underperformance was attributable, to a significant extent, to investment decisions (such as security selection or sector allocation) by the Adviser that were reasonable and consistent with the Fund’s investment objective and policies; and (2) that the Fund’s more recent performance, although lagging in certain periods, had shown improvement relative to its category.

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

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

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

|  20

the fund family. They noted that the Funds in this report have expense caps in place, and they considered the amounts waived or reimbursed by the Adviser for certain Funds that had current expenses over their respective caps. The Trustees also considered that the current expenses of Loomis Sayles Limited Term Government and Agency Fund are below its cap. The Trustees noted that Loomis Sayles High Income Fund had a total advisory fee rate that was above the median of a peer group of funds. In this regard, the Trustees considered the factors that management believed justified such relatively higher advisory fee rate, including: (1) that the Fund’s fee rate was only one basis point above the median of the Fund’s peer group; and (2) that management had proposed to reduce the Fund’s expense cap.

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

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

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

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

21  |

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

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

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

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

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

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

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Trustees, including the Independent Trustees, concluded that each of the existing Agreements, with the reduction in Loomis Sayles High Income Fund’s expense cap described above, should be continued through June 30, 2018.

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Portfolio of Investments – as of September 30, 2017

Loomis Sayles High Income Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 90.4% of Net Assets
	Non-Convertible Bonds — 81.6%
		ABS Home Equity — 1.5%
$	101,145	Banc of America Alternative Loan Trust, Series 2003-8, Class 1CB1, 5.500%, 10/25/2033	$	103,069
	106,380	Banc of America Funding Trust, Series 2005-7, Class 3A1, 5.750%, 11/25/2035		111,931
	84,577	Banc of America Funding Trust, Series 2007-4, Class 5A1, 5.500%, 11/25/2034		86,455
	29,479	Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-HYB7, Class 2A, 3.294%, 11/20/2035(k)		27,040
	218,880	DSLA Mortgage Loan Trust, Series 2005-AR5, Class 2A1A, 1-month LIBOR + 0.330%, 1.567%, 9/19/2045(a)		179,078
	250,000	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2013-DN2, Class M2, 1-month LIBOR + 4.250%, 5.487%, 11/25/2023(a)		275,001
	305,000	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M3, 1-month LIBOR + 3.300%, 4.537%, 10/25/2027(a)		338,190
	151,491	GMAC Mortgage Corp. Loan Trust, Series 2005-AR4, Class 3A1, 4.002%, 7/19/2035(k)		146,751
	267,307	MASTR Adjustable Rate Mortgages Trust, Series 2005-2, Class 3A1, 3.422%, 3/25/2035(k)		262,898
	303,384	MASTR Adjustable Rate Mortgages Trust, Series 2005-2, Class 4A1, 3.294%, 3/25/2035(k)		286,590
	58,608	New York Mortgage Trust, Series 2006-1, Class 2A2, 3.616%, 5/25/2036(k)		57,257
	100,000	RCO Mortgage LLC, Series 2017-1, Class A2, 5.125%, 8/25/2022, 144A(k)		99,954
	470,000	VOLT LVI LLC, Series 2017-NPL3, Class A2, 5.875%, 3/25/2047, 144A(k)		473,477
	220,000	VOLT XL LLC, Series 2015-NP14, Class A2, 4.875%, 11/27/2045, 144A(k)		220,501
				2,668,192
		ABS Other — 0.1%
	252,798	AIM Aviation Finance Ltd., Series 2015-1A, Class B1, 5.072%, 2/15/2040, 144A(k)		249,289
		Aerospace & Defense — 2.2%
	210,000	Embraer Netherlands Finance BV, 5.050%, 6/15/2025		222,862
	95,000	Engility Corp., 8.875%, 9/01/2024		104,263
	770,000	KLX, Inc., 5.875%, 12/01/2022, 144A		806,729
	1,500,000	Meccanica Holdings USA, Inc., 6.250%, 1/15/2040, 144A		1,695,000
	900,000	Meccanica Holdings USA, Inc., 7.375%, 7/15/2039, 144A		1,100,250
				3,929,104
		Airlines — 0.4%
	535,000	Latam Finance Ltd., 6.875%, 4/11/2024, 144A		565,762
	57,504	Virgin Australia Pass Through Certificates, Series 2013-1B, 6.000%, 4/23/2022, 144A		59,653
	69,937	Virgin Australia Pass Through Certificates, Series 2013-1C, 7.125%, 10/23/2018, 144A		72,017
				697,432

See accompanying notes to financial statements.

23  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Automotive — 1.2%
$	645,000	Allison Transmission, Inc., 4.750%, 10/01/2027, 144A	$	649,837
	195,000	Allison Transmission, Inc., 5.000%, 10/01/2024, 144A		202,381
	285,000	Dana Financing Luxembourg S.a.r.l., 5.750%, 4/15/2025, 144A		300,497
	115,000	Goodyear Tire & Rubber Co. (The), 5.000%, 5/31/2026		119,888
	240,000	Goodyear Tire & Rubber Co. (The), 5.125%, 11/15/2023		251,100
	670,000	Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc., 7.875%, 10/01/2022, 144A		678,375
				2,202,078
		Banking — 4.3%
	1,985,000	Ally Financial, Inc., 4.625%, 3/30/2025		2,081,769
	485,000	Ally Financial, Inc., 5.750%, 11/20/2025		525,837
	6,605,000	Banco Hipotecario S.A., Argentina Deposit Rates Badlar Pvt Banks + 2.500%, 22.479%, 1/12/2020, 144A, (ARS)(a)		374,796
	2,855,000	Banco Macro S.A., 17.500%, 5/08/2022, 144A, (ARS)		156,884
	7,075,000	Banco Supervielle S.A., Argentina Deposit Rates Badlar Pvt Banks + 4.500%, 25.042%, 8/09/2020, 144A, (ARS)(a)		413,768
	1,280,000	Barclays PLC, 5.200%, 5/12/2026		1,366,597
	1,195,000	Commerzbank AG, 8.125%, 9/19/2023, 144A		1,448,758
	470,000	Intesa Sanpaolo SpA, 5.017%, 6/26/2024, 144A		477,803
	895,000	Intesa Sanpaolo SpA, 5.710%, 1/15/2026, 144A		943,212
				7,789,424
		Brokerage — 0.3%
	535,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 6.875%, 4/15/2022, 144A		537,675
		Building Materials — 0.8%
	230,000	Cemex SAB de CV, 5.700%, 1/11/2025, 144A		245,180
	350,000	Cemex SAB de CV, 7.750%, 4/16/2026, 144A		402,150
	50,000	Masco Corp., 6.500%, 8/15/2032		59,625
	161,000	Masco Corp., 7.750%, 8/01/2029		212,004
	245,000	NCI Building Systems, Inc., 8.250%, 1/15/2023, 144A		262,762
	180,000	U.S. Concrete, Inc., 6.375%, 6/01/2024		193,950
				1,375,671
		Cable Satellite — 6.8%
	795,000	Altice Financing S.A., 6.625%, 2/15/2023, 144A		842,700
	475,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 2/15/2023		490,438
	625,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2023, 144A		650,781
	430,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.250%, 9/30/2022		442,900
	15,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 1/15/2024		15,581
	865,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 2/15/2026, 144A		906,952
	760,000	CSC Holdings LLC, 5.250%, 6/01/2024		768,550
	600,000	CSC Holdings LLC, 5.500%, 4/15/2027, 144A		624,000
	75,000	CSC Holdings LLC, 6.750%, 11/15/2021		82,875
	220,000	CSC Holdings LLC, 10.125%, 1/15/2023, 144A		253,825
	895,000	DISH DBS Corp., 5.125%, 5/01/2020		938,363
	1,620,000	DISH DBS Corp., 5.875%, 11/15/2024		1,697,962
	295,000	DISH DBS Corp., 7.750%, 7/01/2026		338,710

See accompanying notes to financial statements.

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Portfolio of Investments – as of September 30, 2017

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)			Description	Value (†)
			Cable Satellite — continued
$	355,000		Sirius XM Radio, Inc., 5.000%, 8/01/2027, 144A	$	362,100
	1,485,000		Unitymedia GmbH, 6.125%, 1/15/2025, 144A		1,583,381
	265,000		Virgin Media Finance PLC, 6.000%, 10/15/2024, 144A		278,581
	485,000		Virgin Media Finance PLC, 6.375%, 4/15/2023, 144A		506,219
	375,000		Virgin Media Secured Finance PLC, 5.500%, 1/15/2025, 144A		394,219
	141,963		Wave Holdco LLC/Wave Holdco Corp., PIK, 8.250%, 7/15/2019, 144A(b)		142,318
	840,000		Ziggo Secured Finance BV, 5.500%, 1/15/2027, 144A		860,740
					12,181,195
			Chemicals — 0.8%
	1,510,000		Hercules LLC, 6.500%, 6/30/2029(c)(d)		1,517,550
			Construction Machinery — 1.1%
	225,000		Ashtead Capital, Inc., 4.125%, 8/15/2025, 144A		231,750
	235,000		Ashtead Capital, Inc., 4.375%, 8/15/2027, 144A		242,050
	615,000		United Rentals North America, Inc., 4.625%, 10/15/2025		622,687
	15,000		United Rentals North America, Inc., 5.500%, 5/15/2027		15,994
	800,000		United Rentals North America, Inc., 5.750%, 11/15/2024		849,000
					1,961,481
			Consumer Cyclical Services — 0.7%
	1,095,000		ServiceMaster Co. LLC (The), 7.450%, 8/15/2027		1,196,287
		��
			Consumer Products — 0.2%
	290,000		Avon International Operations, Inc., 7.875%, 8/15/2022, 144A		300,875
			Electric — 1.6%
	125,000		AES Corp., 5.125%, 9/01/2027		128,125
	520,000		AES Corp. (The), 5.500%, 4/15/2025		546,952
	150,000		AES Corp. (The), 6.000%, 5/15/2026		161,438
	1,502,000		Enel SpA, (fixed rate to 9/24/2023, variable rate thereafter), 8.750%, 9/24/2073, 144A		1,819,297
	245,000		Minejesa Capital BV, 4.625%, 8/10/2030, 144A		250,147
					2,905,959
			Environmental — 0.1%
	100,000		GFL Environmental, Inc., 5.625%, 5/01/2022, 144A		104,000
	95,000		GFL Environmental, Inc., 9.875%, 2/01/2021, 144A		101,449
					205,449
			Finance Companies — 3.9%
	1,055,000		Aircastle Ltd., 4.125%, 5/01/2024		1,091,925
	515,000		Aircastle Ltd., 5.500%, 2/15/2022		562,637
	600,000		iStar, Inc., 4.000%, 11/01/2017		600,480
	120,000		iStar, Inc., 4.625%, 9/15/2020		122,700
	505,000		iStar, Inc., 5.000%, 7/01/2019		511,628
	395,000		iStar, Inc., 5.250%, 9/15/2022		400,925
	720,000		Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.250%, 10/01/2025, 144A		713,254
	255,000		Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.875%, 8/01/2021, 144A		260,738

See accompanying notes to financial statements.

25  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Finance Companies — continued
$	315,000	Provident Funding Associates LP/PFG Finance Corp., 6.375%, 6/15/2025, 144A	$	330,750
	710,000	Quicken Loans, Inc., 5.750%, 5/01/2025, 144A		745,500
	1,110,000	Springleaf Finance Corp., 7.750%, 10/01/2021		1,253,967
	405,000	Unifin Financiera SAB de CV SOFOM ENR, 7.250%, 9/27/2023, 144A		420,993
				7,015,497
		Financial Other — 0.9%
	565,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp, 6.000%, 8/01/2020		583,052
	180,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.875%, 2/01/2022		185,400
	804,000	Rialto Holdings LLC/Rialto Corp., 7.000%, 12/01/2018, 144A		810,030
				1,578,482
		Food & Beverage — 1.8%
	200,000	BRF GmbH, 4.350%, 9/29/2026, 144A		196,010
	840,000	Cosan Luxembourg S.A., 7.000%, 1/20/2027, 144A		911,786
	330,000	JBS USA LUX S.A./JBS USA Finance, Inc., 5.750%, 6/15/2025, 144A		328,763
	255,000	JBS USA LUX S.A./JBS USA Finance, Inc., 7.250%, 6/01/2021, 144A		260,100
	385,000	Marfrig Holdings Europe BV, 8.000%, 6/08/2023, 144A		399,049
	260,000	Pilgrim’s Pride Corp., 5.875%, 9/30/2027, 144A		265,525
	830,000	Post Holdings, Inc., 5.750%, 3/01/2027, 144A		854,900
				3,216,133
		Gaming — 0.9%
	175,000	Boyd Gaming Corp., 6.375%, 4/01/2026		190,969
	375,000	GLP Capital LP/GLP Financing II, Inc., 5.375%, 4/15/2026		409,219
	210,000	MGM Growth Properties Operating Partnership LP/MGP Finance Co., 4.500%, 1/15/2028, 144A		211,848
	725,000	MGM Resorts International, 6.000%, 3/15/2023		799,312
				1,611,348
		Government Owned – No Guarantee — 3.0%
	740,000	Petrobras Global Finance BV, 5.625%, 5/20/2043		660,450
	1,160,000	Petrobras Global Finance BV, 5.999%, 1/27/2028, 144A		1,159,130
	165,000	Petrobras Global Finance BV, 6.250%, 3/17/2024		176,303
	50,000	Petrobras Global Finance BV, 6.750%, 1/27/2041		49,750
	160,000	Petrobras Global Finance BV, 6.875%, 1/20/2040		162,000
	405,000	Petrobras Global Finance BV, 7.250%, 3/17/2044		421,706
	160,521(††)	Petroleos Mexicanos, 7.190%, 9/12/2024, 144A, (MXN)		805,690
	129,850(††)	Petroleos Mexicanos, 7.470%, 11/12/2026, (MXN)		646,141
	710,000	YPF S.A., 6.950%, 7/21/2027, 144A		752,600
	510,000	YPF S.A., Argentina Deposit Rates Badlar Pvt Banks + 4.000%, 24.104%, 7/07/2020, 144A(a)		482,010
				5,315,780
		Health Insurance — 0.2%
	365,000	Centene Corp., 6.125%, 2/15/2024		394,656

See accompanying notes to financial statements.

|  26

Portfolio of Investments – as of September 30, 2017

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Healthcare — 5.0%
$	235,000	CHS/Community Health Systems, Inc., 6.250%, 3/31/2023	$	230,888
	960,000	CHS/Community Health Systems, Inc., 6.875%, 2/01/2022		753,600
	360,000	Envision Healthcare Corp., 5.625%, 7/15/2022		375,300
	155,000	HCA, Inc., 4.500%, 2/15/2027		158,488
	25,000	HCA, Inc., 5.250%, 4/15/2025		27,031
	90,000	HCA, Inc., 5.250%, 6/15/2026		96,975
	260,000	HCA, Inc., 5.375%, 2/01/2025		273,975
	170,000	HCA, Inc., 7.050%, 12/01/2027		191,675
	655,000	HCA, Inc., 7.500%, 12/15/2023		763,075
	145,000	HCA, Inc., 7.500%, 11/06/2033		164,575
	590,000	HCA, Inc., 7.690%, 6/15/2025		685,875
	480,000	HCA, Inc., 8.360%, 4/15/2024		576,000
	820,000	HCA, Inc., MTN, 7.580%, 9/15/2025		947,100
	515,000	HCA, Inc., MTN, 7.750%, 7/15/2036		585,812
	865,000	MEDNAX, Inc., 5.250%, 12/01/2023, 144A		906,087
	200,000	Quintiles IMS, Inc., 5.000%, 10/15/2026, 144A		212,000
	555,000	SP Finco LLC, 6.750%, 7/01/2025, 144A		521,700
	390,000	Tenet Healthcare Corp., 5.125%, 5/01/2025, 144A		384,638
	180,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		157,500
	830,000	Tenet Healthcare Corp., 7.500%, 1/01/2022, 144A		878,762
				8,891,056
		Home Construction — 2.0%
	1,200,000	Corporacion GEO SAB de CV, 8.875%, 3/27/2022, 144A(c)(e)(f)(g)		12
	750,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021(c)(d)		674,115
	800,000	Lennar Corp., 4.750%, 5/30/2025		836,000
	1,130,000	PulteGroup, Inc., 5.500%, 3/01/2026		1,232,152
	915,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 4.375%, 6/15/2019		934,444
				3,676,723
		Independent Energy — 8.3%
	335,000	Aker BP ASA, 6.000%, 7/01/2022, 144A		348,400
	1,205,000	Antero Resources Corp., 5.125%, 12/01/2022		1,232,112
	110,000	Antero Resources Corp., 5.375%, 11/01/2021		112,888
	310,000	Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.000%, 4/01/2022, 144A		332,475
	685,000	Baytex Energy Corp., 5.625%, 6/01/2024, 144A		621,637
	90,000	California Resources Corp., 5.500%, 9/15/2021		47,925
	41,000	California Resources Corp., 6.000%, 11/15/2024		18,655
	460,000	California Resources Corp., 8.000%, 12/15/2022, 144A		299,000
	140,000	Callon Petroleum Co., 6.125%, 10/01/2024		144,900
	153,000	Chesapeake Energy Corp., 4.875%, 4/15/2022		142,290
	8,000	Chesapeake Energy Corp., 5.750%, 3/15/2023		7,380
	13,000	Chesapeake Energy Corp., 6.125%, 2/15/2021		13,098
	34,000	Chesapeake Energy Corp., 6.625%, 8/15/2020		35,020
	795,000	CONSOL Energy, Inc., 5.875%, 4/15/2022		802,950
	645,000	Continental Resources, Inc., 3.800%, 6/01/2024		622,425
	235,000	Continental Resources, Inc., 4.500%, 4/15/2023		235,588

See accompanying notes to financial statements.

27  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Independent Energy — continued
$	470,000	Continental Resources, Inc., 5.000%, 9/15/2022	$	477,637
	690,000	Eclipse Resources Corp., 8.875%, 7/15/2023		702,075
	835,000	Halcon Resources Corp., 6.750%, 2/15/2025, 144A		864,225
	145,000	Matador Resources Co., 6.875%, 4/15/2023		153,519
	410,000	MEG Energy Corp., 6.375%, 1/30/2023, 144A		357,725
	300,000	MEG Energy Corp., 6.500%, 1/15/2025, 144A		292,875
	585,000	MEG Energy Corp., 7.000%, 3/31/2024, 144A		501,637
	185,000	Newfield Exploration Co., 5.625%, 7/01/2024		198,413
	625,000	Oasis Petroleum, Inc., 6.875%, 3/15/2022		635,937
	100,000	PDC Energy, Inc., 6.125%, 9/15/2024		104,500
	445,000	QEP Resources, Inc., 5.375%, 10/01/2022		437,212
	1,150,000	Rex Energy Corp., (Step to 8.000% on 10/01/2017), 1.000%, 10/01/2020(h)		575,000
	1,025,000	Rice Energy, Inc., 6.250%, 5/01/2022		1,071,125
	565,000	RSP Permian, Inc., 6.625%, 10/01/2022		592,544
	330,000	Sanchez Energy Corp., 6.125%, 1/15/2023		282,150
	325,000	Seven Generations Energy Ltd., 5.375%, 9/30/2025, 144A		327,437
	920,000	SM Energy Co., 5.000%, 1/15/2024		867,100
	35,000	SM Energy Co., 6.125%, 11/15/2022		35,088
	60,000	SM Energy Co., 6.500%, 1/01/2023		60,450
	190,000	SM Energy Co., 6.750%, 9/15/2026		190,000
	395,000	Southwestern Energy Co., 6.700%, 1/23/2025		400,925
	285,000	Southwestern Energy Co., 7.500%, 4/01/2026		296,400
	55,000	Whiting Petroleum Corp., 5.000%, 3/15/2019		55,017
	455,000	Whiting Petroleum Corp., 5.750%, 3/15/2021		447,037
				14,942,771
		Industrial Other — 0.2%
	315,000	II-VI, Inc., 0.250%, 9/01/2022, 144A		351,619
		Integrated Energy — 0.1%
	200,000	Geopark Ltd., 6.500%, 9/21/2024, 144A		200,468
		Leisure — 0.1%
	130,000	Constellation Merger Sub, Inc., 8.500%, 9/15/2025, 144A		127,725
		Life Insurance — 0.2%
	340,000	CNO Financial Group, Inc., 5.250%, 5/30/2025		362,950
		Local Authorities — 0.4%
	325,000	Provincia de Buenos Aires, 6.500%, 2/15/2023, 144A		342,417
	270,000	Provincia de Buenos Aires, 7.875%, 6/15/2027, 144A		292,626
	2,390,000	Provincia de Buenos Aires, Argentina Deposit Rates Badlar Pvt Banks + 3.830%, 25.330%, 5/31/2022, (ARS)(a)		142,411
				777,454
		Lodging — 0.9%
	150,000	Hilton Domestic Operating Co., Inc., 4.250%, 9/01/2024		153,000
	755,000	Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.625%, 4/01/2025		777,650
	705,000	Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.875%, 4/01/2027		740,250
				1,670,900

See accompanying notes to financial statements.

|  28

Portfolio of Investments – as of September 30, 2017

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Media Entertainment — 2.0%
$	890,000	AMC Networks, Inc., 4.750%, 8/01/2025	$	898,900
	470,000	Clear Channel Worldwide Holdings, Inc., 7.625%, 3/15/2020		464,125
	1,155,000	Clear Channel Worldwide Holdings, Inc., Series B, 6.500%, 11/15/2022		1,189,650
	975,000	Viacom, Inc., 4.375%, 3/15/2043		839,943
	49,000	Viacom, Inc., 4.850%, 12/15/2034		46,176
	105,000	Viacom, Inc., (fixed rate to 2/28/2027, variable rate thereafter), 6.250%, 2/28/2057		105,656
				3,544,450
		Metals & Mining — 2.9%
	1,395,000	ArcelorMittal, 7.250%, 3/01/2041		1,651,331
	180,000	Constellium NV, 4.625%, 5/15/2021, 144A, (EUR)		216,631
	145,000	First Quantum Minerals Ltd., 7.000%, 2/15/2021, 144A		149,169
	270,000	First Quantum Minerals Ltd., 7.250%, 5/15/2022, 144A		276,412
	1,375,000	Freeport-McMoRan, Inc., 4.550%, 11/14/2024		1,376,375
	85,000	Freeport-McMoRan, Inc., 5.450%, 3/15/2043		79,422
	245,000	Glencore Finance Canada Ltd., 5.550%, 10/25/2042, 144A		270,993
	440,000	Lundin Mining Corp., 7.500%, 11/01/2020, 144A		457,600
	440,000	Stillwater Mining Co., 6.125%, 6/27/2022, 144A		445,852
	80,000	Vale Overseas Ltd., 6.875%, 11/10/2039		91,696
	190,000	Vale S.A., 5.625%, 9/11/2042		193,800
				5,209,281
		Midstream — 4.3%
	355,000	Andeavor Logistics LP/Tesoro Logistics Finance Corp., 5.500%, 10/15/2019		373,637
	360,000	Andeavor Logistics LP/Tesoro Logistics Finance Corp., 6.250%, 10/15/2022		382,950
	435,000	Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/2027, 144A		448,050
	66,000	Gibson Energy, Inc., 6.750%, 7/15/2021, 144A		68,310
	75,000	Kinder Morgan Energy Partners LP, 4.700%, 11/01/2042		72,068
	30,000	Kinder Morgan Energy Partners LP, 5.000%, 3/01/2043		29,863
	570,000	NGL Energy Partners LP/NGL Energy Finance Corp., 5.125%, 7/15/2019		569,550
	190,000	NGL Energy Partners LP/NGL Energy Finance Corp., 6.125%, 3/01/2025		176,700
	390,000	NGL Energy Partners LP/NGL Energy Finance Corp., 6.875%, 10/15/2021		390,000
	145,000	NGL Energy Partners LP/NGL Energy Finance Corp., 7.500%, 11/01/2023		144,275
	165,000	NGPL PipeCo LLC, 4.375%, 8/15/2022, 144A		171,188
	700,000	NGPL PipeCo LLC, 4.875%, 8/15/2027, 144A		733,495
	480,000	Sabine Pass Liquefaction LLC, 5.625%, 3/01/2025		529,505
	425,000	Sabine Pass Liquefaction LLC, 6.250%, 3/15/2022		478,016
	385,000	SemGroup Corp./Rose Rock Finance Corp., 5.625%, 7/15/2022		376,337
	935,000	Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 5.500%, 8/15/2022		939,675
	973,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.125%, 11/15/2019		982,730
	95,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.250%, 11/15/2023		94,169
	640,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.250%, 5/01/2023		652,800
	180,000	Western Refining Logistics LP/WNRL Finance Corp., 7.500%, 2/15/2023		192,600
				7,805,918

See accompanying notes to financial statements.

29  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Non-Agency Commercial Mortgage-Backed Securities — 1.4%
$	935,000	BXHTL Mortgage Trust, Series 2015-DRMZ, Class M, 1-month LIBOR + 8.200%, 9.433%, 5/15/2020, 144A(a)(c)(d)(e)	$	939,675
	1,020,000	Credit Suisse Mortgage Trust, Series 2014-USA, Class E, 4.373%, 9/15/2037, 144A		909,041
	554,472	GS Mortgage Securities Trust, Series 2007-GG10, Class AM, 5.780%, 8/10/2045(k)		566,285
	38,392	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LDPX, Class AM, 5.464%, 1/15/2049(k)		38,360
				2,453,361
		Oil Field Services — 0.7%
	430,000	Ensco PLC, 5.750%, 10/01/2044		308,525
	160,000	Noble Holding International Ltd., 5.250%, 3/15/2042		104,800
	160,000	Noble Holding International Ltd., 6.050%, 3/01/2041		109,200
	420,000	Noble Holding International Ltd., 7.750%, 1/15/2024		372,750
	35,000	Parker Drilling Co., 6.750%, 7/15/2022		28,033
	266,000	Transocean Proteus Ltd., 6.250%, 12/01/2024, 144A		278,635
				1,201,943
		Packaging — 1.3%
	200,000	ARD Finance S.A., PIK, 7.125%, 9/15/2023(b)		214,060
	395,000	Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc., 4.625%, 5/15/2023, 144A		405,744
	200,000	Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc., 7.250%, 5/15/2024, 144A		219,374
	755,000	Sealed Air Corp., 6.875%, 7/15/2033, 144A		885,237
	600,000	Signode Industrial Group Lux S.A./Signode Industrial Group U.S., Inc., 6.375%, 5/01/2022, 144A		622,500
				2,346,915
		Paper — 0.4%
	440,000	Klabin Finance S.A., 4.875%, 9/19/2027, 144A		436,656
	210,000	Suzano Austria GmbH, 5.750%, 7/14/2026, 144A		225,603
				662,259
		Pharmaceuticals — 1.1%
	200,000	Endo Dac/Endo Finance LLC/Endo Finance, Inc., 5.875%, 10/15/2024, 144A		209,500
	530,000	Valeant Pharmaceuticals International, 7.250%, 7/15/2022, 144A		516,750
	265,000	Valeant Pharmaceuticals International, Inc., 5.500%, 3/01/2023, 144A		232,538
	85,000	Valeant Pharmaceuticals International, Inc., 5.625%, 12/01/2021, 144A		79,475
	990,000	Valeant Pharmaceuticals International, Inc., 5.875%, 5/15/2023, 144A		874,912
				1,913,175
		Property & Casualty Insurance — 0.6%
	180,000	Ardonagh Midco 3 PLC, 8.375%, 7/15/2023, 144A, (GBP)		249,890
	786,000	HUB International Ltd., 7.875%, 10/01/2021, 144A		818,423
				1,068,313

See accompanying notes to financial statements.

|  30

Portfolio of Investments – as of September 30, 2017

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Restaurants — 0.5%
$	890,000	1011778 B.C. ULC/New Red Finance, Inc., 5.000%, 10/15/2025, 144A	$	901,036
		Retailers — 1.1%
	40,000	Dillard’s, Inc., 7.000%, 12/01/2028		44,148
	435,000	Dillard’s, Inc., 7.750%, 7/15/2026		504,191
	205,000	Dillard’s, Inc., 7.750%, 5/15/2027		238,893
	1,035,000	GameStop Corp., 5.500%, 10/01/2019, 144A		1,058,288
	520,000	Nine West Holdings, Inc., 6.125%, 11/15/2034		83,200
				1,928,720
		Sovereigns — 0.4%
	10,810,000	Argentina Politica Monetaria, Argentina Central Bank 7-day Repo Reference Rate, 26.250%, 6/21/2020, (ARS)(a)		660,618
		Supermarkets — 0.6%
	335,000	Albertson’s Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC, 5.750%, 3/15/2025		294,800
	935,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		719,950
				1,014,750
		Supranational — 2.0%
	6,785,000	European Investment Bank, EMTN, 8.750%, 9/18/2021, (TRY)		1,825,139
	5,190,000,000	International Bank for Reconstruction and Development, 4.250%, 6/20/2019, (COP)		1,727,541
				3,552,680
		Technology — 4.7%
	416,000	Blackboard, Inc., 9.750%, 10/15/2021, 144A		371,280
	170,000	Camelot Finance S.A., 7.875%, 10/15/2024, 144A		183,175
	60,000	CommScope Technologies LLC, 6.000%, 6/15/2025, 144A		64,125
	1,440,000	Dell International LLC/EMC Corp., 6.020%, 6/15/2026, 144A		1,599,192
	1,345,000	Dell International LLC/EMC Corp., 8.350%, 7/15/2046, 144A		1,727,427
	480,000	Equinix, Inc., 5.375%, 1/01/2022		503,280
	430,000	First Data Corp., 5.000%, 1/15/2024, 144A		446,469
	800,000	First Data Corp., 7.000%, 12/01/2023, 144A		854,240
	55,000	Micron Technology, Inc., 5.250%, 1/15/2024, 144A		57,888
	95,000	Micron Technology, Inc., 5.500%, 2/01/2025		101,294
	110,000	Microsemi Corp., 9.125%, 4/15/2023, 144A		125,813
	515,000	Open Text Corp., 5.625%, 1/15/2023, 144A		539,462
	190,000	Open Text Corp., 5.875%, 6/01/2026, 144A		208,525
	275,000	Sabre GLBL, Inc., 5.250%, 11/15/2023, 144A		282,562
	405,000	Sabre GLBL, Inc., 5.375%, 4/15/2023, 144A		419,701
	755,000	Western Digital Corp., 10.500%, 4/01/2024		887,125
				8,371,558
		Transportation Services — 0.1%
	275,000	APL Ltd., 8.000%, 1/15/2024(c)(d)		260,563

See accompanying notes to financial statements.

31  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Treasuries — 1.2%
	263,668(††)	Mexican Fixed Rate Bonds, Series M, 5.750%, 3/05/2026, (MXN)	$	1,350,093
	131,759(††)	Mexican Fixed Rate Bonds, Series M-20, 10.000%, 12/05/2024, (MXN)		856,723
				2,206,816
		Wireless — 3.6%
	100,000	Altice Luxembourg S.A., 7.250%, 5/15/2022, 144A, (EUR)		125,636
	355,000	Altice Luxembourg S.A., 7.625%, 2/15/2025, 144A		382,956
	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)		313,407
	6,100,000	America Movil SAB de CV, 8.460%, 12/18/2036, (MXN)		311,107
	200,000	Millicom International Cellular S.A., 5.125%, 1/15/2028, 144A		201,700
	105,000	Nokia Oyj, 3.375%, 6/12/2022		105,787
	170,000	Nokia Oyj, 4.375%, 6/12/2027		174,888
	605,000	SFR Group S.A., 7.375%, 5/01/2026, 144A		653,400
	786,000	Sprint Capital Corp., 6.875%, 11/15/2028		880,320
	1,420,000	Sprint Corp., 7.250%, 9/15/2021		1,577,975
	605,000	T-Mobile USA, Inc., 6.000%, 4/15/2024		642,056
	200,000	Wind Acquisition Finance S.A., 4.750%, 7/15/2020, 144A		202,188
				6,404,501
		Wirelines — 2.7%
	705,000	CenturyLink, Inc., 7.650%, 3/15/2042		615,112
	130,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		127,702
	60,000,000	Empresa de Telecomunicaniones de Bogota, 7.000%, 1/17/2023, 144A, (COP)		16,368
	405,000	Frontier Communications Corp., 9.000%, 8/15/2031		314,888
	340,000	Frontier Communications Corp., 10.500%, 9/15/2022		294,950
	15,000	Frontier Communications Corp., 11.000%, 9/15/2025		12,713
	705,000	Level 3 Communications, Inc., 5.750%, 12/01/2022		724,387
	1,545,000	Level 3 Financing, Inc., 5.250%, 3/15/2026		1,583,146
	345,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		397,181
	250,000	Telecom Italia Capital S.A., 7.200%, 7/18/2036		308,738
	35,000	Telecom Italia Capital S.A., 7.721%, 6/04/2038		44,898
	505,000	Windstream Services LLC, 7.750%, 10/15/2020		404,000
				4,844,083
		Total Non-Convertible Bonds (Identified Cost $140,877,965)		146,202,163
	Convertible Bonds — 8.8%
		Building Materials — 0.1%
	130,000	Tutor Perini Corp., 2.875%, 6/15/2021		151,369
		Cable Satellite — 0.5%
	845,000	Dish Network Corp., 2.375%, 3/15/2024, 144A		839,719
		Consumer Cyclical Services — 0.5%
	860,000	Macquarie Infrastructure Corp., 2.000%, 10/01/2023		833,125
		Diversified Operations — 0.1%
	160,000	RWT Holdings, Inc., 5.625%, 11/15/2019		164,800

See accompanying notes to financial statements.

|  32

Portfolio of Investments – as of September 30, 2017

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Healthcare — 0.9%
$	510,000	Evolent Health, Inc., 2.000%, 12/01/2021, 144A	$	573,113
	940,000	Teladoc, Inc., 3.000%, 12/15/2022, 144A		1,020,487
				1,593,600
		Leisure — 0.1%
	185,000	Rovi Corp., 0.500%, 3/01/2020		187,209
		Midstream — 0.7%
	940,000	Chesapeake Energy Corp., 5.500%, 9/15/2026, 144A		862,450
	195,000	PDC Energy, Inc., 1.125%, 9/15/2021		189,881
	60,000	SM Energy Co., 1.500%, 7/01/2021		56,325
	170,000	Whiting Petroleum Corp., 1.250%, 4/01/2020		151,513
				1,260,169
		Oil Field Services — 0.5%
	255,000	Hercules Capital, Inc., 4.375%, 2/01/2022, 144A		258,984
	860,000	Nabors Industries, Inc., 0.750%, 1/15/2024, 144A		699,288
				958,272
		Pharmaceuticals — 2.7%
	760,000	BioMarin Pharmaceutical, Inc., 0.599%, 8/01/2024		769,975
	895,000	BioMarin Pharmaceutical, Inc., 1.500%, 10/15/2020		1,071,203
	115,000	Dermira, Inc., 3.000%, 5/15/2022, 144A		123,769
	465,000	Horizon Pharma Investment Ltd., 2.500%, 3/15/2022		419,953
	375,000	Impax Laboratories, Inc., 2.000%, 6/15/2022		337,031
	1,100,000	Intercept Pharmaceuticals, Inc., 3.250%, 7/01/2023		849,750
	105,000	Ionis Pharmaceuticals, Inc., 1.000%, 11/15/2021		110,906
	960,000	Neurocrine Biosciences, Inc., 2.250%, 5/15/2024, 144A		1,092,600
	100,000	Pacira Pharmaceuticals, Inc., 2.375%, 4/01/2022, 144A		97,625
				4,872,812
		Railroads — 0.4%
	415,000	Echo Global Logistics, Inc., 2.500%, 5/01/2020		399,178
	275,000	Greenbrier Cos., Inc. (The), 2.875%, 2/01/2024, 144A		309,031
				708,209
		REITs – Mortgage — 0.1%
	265,000	iStar, Inc., 3.125%, 9/15/2022, 144A		267,319
		Technology — 2.2%
	130,000	Cypress Semiconductor Corp., 4.500%, 1/15/2022		169,731
	1,370,000	Finisar Corp., 0.500%, 12/15/2036, 144A		1,284,375
	495,000	MagnaChip Semiconductor S.A., 5.000%, 3/01/2021, 144A		751,781
	1,210,000	Nuance Communications, Inc., 1.000%, 12/15/2035		1,134,871
	115,000	Nuance Communications, Inc., 1.250%, 4/01/2025, 144A		111,119
	450,000	Verint Systems, Inc., 1.500%, 6/01/2021		439,875
				3,891,752
		Total Convertible Bonds (Identified Cost $15,567,455)		15,728,355
		Total Bonds and Notes (Identified Cost $156,445,420)		161,930,518

See accompanying notes to financial statements.

33  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
	Senior Loans — 0.8%
		Independent Energy — 0.3%
$	531,086	Chesapeake Energy Corp., Term Loan, 3-month LIBOR + 7.500%, 8.814%, 8/23/2021(a)	$	571,746
		Other Utility — 0.2%
	237,569	PowerTeam Services LLC, 1st Lien Term Loan, 3-month LIBOR + 3.250%, 4.583%, 5/06/2020(a)		236,975
	95,000	PowerTeam Services LLC, 2nd Lien Term Loan, 3-month LIBOR + 7.250%, 8.583%, 11/06/2020(a)		94,406
				331,381
		Supermarkets — 0.3%
	433,224	Albertsons LLC, USD 2017 Term Loan B4, 1-month LIBOR + 2.750%, 3.985%, 8/25/2021(a)		417,316
		Total Senior Loans (Identified Cost $1,296,007)		1,320,443
Shares
	Preferred Stocks — 1.3%
	Convertible Preferred Stocks — 1.0%
		Food & Beverage — 0.5%
	9,229	Bunge Ltd., 4.875%		958,086
		Midstream — 0.4%
	988	Chesapeake Energy Corp., 5.750%		602,680
	20	Chesapeake Energy Corp., 5.750%, 144A		12,200
	137	Chesapeake Energy Corp., 5.750%		78,347
				693,227
		Technology — 0.1%
	1,889	Belden, Inc., 6.750%		204,125
		Total Convertible Preferred Stocks (Identified Cost $1,842,200)		1,855,438
	Non-Convertible Preferred Stocks — 0.3%
		Finance Companies — 0.3%
	12,925	iStar, Inc., Series E, 7.875%		325,064
	7,500	iStar, Inc., Series F, 7.800%		188,700
	550	iStar, Inc., Series G, 7.650%		13,959
				527,723
		Total Non-Convertible Preferred Stocks (Identified Cost $417,822)		527,723
		Total Preferred Stocks (Identified Cost $2,260,022)		2,383,161

See accompanying notes to financial statements.

|  34

Portfolio of Investments – as of September 30, 2017

Loomis Sayles High Income Fund – (continued)

Shares		Description	Value (†)
	Other Investments — 1.0%
		Aircraft ABS — 1.0%
	8,415	Aergen LLC(c)(e)(f)	$	863,261
	100	ECAF I Blocker Ltd.(c)(e)(f)		990,301
		Total Aircraft ABS (Identified Cost $1,841,500)		1,853,562
	Common Stocks — 1.6%
		Media — 0.0%
	4,113	Dex Media, Inc.(c)(e)(f)(i)(j)		23,855
		Oil, Gas & Consumable Fuels — 1.4%
	24,185	Bonanza Creek Energy, Inc.(i)		797,863
	8,265	Frontera Energy Corp.(i)		288,472
	12,992	Halcon Resources Corp.(i)		88,346
	14,882	Kinder Morgan, Inc.		285,437
	3,403	Paragon Offshore Ltd., Litigation Units Class A(e)(f)(i)(l)		3,063
	5,106	Paragon Offshore Ltd., Litigation Units Class B(e)(f)(i)(m)		96,161
	3,403	Paragon Offshore Ltd.(e)(f)(i)		55,299
	1,725	Rex Energy Corp.(i)		4,657
	162,248	Whiting Petroleum Corp.(i)		885,874
				2,505,172
		Pharmaceuticals — 0.2%
	5,539	Bristol-Myers Squibb Co.		353,056
		Total Common Stocks (Identified Cost $7,587,253)		2,882,083
	Warrants — 0.0%
	3,528	Halcon Resources Corp., Expiration on 9/9/2020 at $14.04(i)		1,940
	10,360	FairPoint Communications, Inc., Expiration on 1/24/2018 at $48.81(c)(e)(f)(i)		—
		Total Warrants (Identified Cost $—)		1,940
Principal Amount (‡)
	Short-Term Investments — 3.5%
$	6,240,308	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/29/2017 at 0.340% to be repurchased at $6,240,485 on 10/02/2017 collateralized by $6,050,000 U.S. Treasury Inflation Note, 0.125% due 4/15/2020 valued at $6,367,123 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $6,240,308)		6,240,308
		Total Investments — 98.6% (Identified Cost $175,670,510)		176,612,015
		Other assets less liabilities — 1.4%		2,595,898
		Net Assets — 100.0%	$	179,207,913

See accompanying notes to financial statements.

35  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles High 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 100.
(a)	Variable rate security. Rate as of September 30, 2017 is disclosed.
(b)	Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional principal. For the period ended September 30, 2017, interest payments were made in cash.	��
(c)	Illiquid security. (Unaudited)
(d)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At September 30, 2017, the value of these securities amounted to $3,391,903 or 1.9% of net assets. See Note 2 of Notes to Financial Statements.
(e)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
(f)	Fair valued by the Fund’s adviser. At September 30, 2017, the value of these securities amounted to $2,031,952 or 1.1% of net assets. See Note 2 of Notes to Financial Statements.
(g)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
(h)	Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.
(i)	Non-income producing security.
(j)	Security subject to restrictions on resale. This security was acquired on August 12, 2016 at a cost of $20,040. At September 30, 2017, the value of this security amounted to $23,855 or less than 0.1% of net assets.
(k)	Variable rate security. The interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate as of September 30, 2017 is disclosed.
(l)	Security subject to restrictions on resale. This security was acquired on July 18, 2017 at a cost of $25,887. At September 30, 2017, the value of this security amounted to $3,063 or less than 0.1% of net assets.
(m)	Security subject to restrictions on resale. This security was acquired on July 18, 2017 at a cost of $517,958. At September 30, 2017, the value of this security amounted to $96,161 or 0.1% of net assets.
144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2017, the value of Rule 144A holdings amounted to $71,664,260 or 40.0% of net assets.
ABS	Asset-Backed Securities
EMTN	Euro Medium Term Note
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
PIK	Payment-in-Kind
REITs	Real Estate Investment Trusts
ARS	Argentine Peso
COP	Colombian Peso
EUR	Euro
GBP	British Pound
MXN	Mexican Peso
TRY	Turkish Lira

See accompanying notes to financial statements.

|  36

Portfolio of Investments – as of September 30, 2017

Loomis Sayles High Income Fund – (continued)

Industry Summary at September 30, 2017

Independent Energy	8.6	%
Cable Satellite	7.3
Technology	7.0
Healthcare	5.9
Midstream	5.4
Banking	4.3
Finance Companies	4.2
Pharmaceuticals	4.0
Wireless	3.6
Government Owned - No Guarantee	3.0
Metals & Mining	2.9
Wirelines	2.7
Food & Beverage	2.3
Aerospace & Defense	2.2
Home Construction	2.0
Supranational	2.0
Media Entertainment	2.0
Other Investments, less than 2% each	25.7
Short-Term Investments	3.5
Total Investments	98.6
Other assets less liabilities	1.4
Net Assets	100.0	%

See accompanying notes to financial statements.

37  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Intermediate Duration Bond Fund

Principal Amount		Description	Value (†)
	Bonds and Notes — 99.0% of Net Assets
		ABS Car Loan — 11.6%
$	3,862	AmeriCredit Automobile Receivables Trust, Series 2014-1, Class B, 1.680%, 7/08/2019	$	3,862
	375,000	AmeriCredit Automobile Receivables Trust, Series 2015-3, Class C, 2.730%, 3/08/2021		378,692
	152,000	AmeriCredit Automobile Receivables Trust, Series 2016-1, Class C, 2.890%, 1/10/2022		153,896
	72,000	AmeriCredit Automobile Receivables Trust, Series 2016-2, Class C, 2.870%, 11/08/2021		72,899
	160,000	AmeriCredit Automobile Receivables Trust, Series 2016-3, Class C, 2.240%, 4/08/2022		159,406
	555,000	Americredit Automobile Receivables Trust, Series 2016-4, Class B, 1.830%, 12/08/2021		550,995
	110,000	AmeriCredit Automobile Receivables Trust, Series 2017-1, Class B, 2.300%, 2/18/2022		110,206
	300,000	AmeriCredit Automobile Receivables Trust, Series 2017-2, Class B, 2.400%, 5/18/2022		300,845
	170,000	AmeriCredit Automobile Receivables Trust, Series 2017-3, Class B, 2.240%, 6/19/2023		169,496
	210,000	Avis Budget Rental Car Funding AESOP LLC, Series 2014-1A, Class A, 2.460%, 7/20/2020, 144A		210,673
	360,000	Avis Budget Rental Car Funding AESOP LLC, Series 2016-1A, Class A, 2.990%, 6/20/2022, 144A		363,191
	365,000	Avis Budget Rental Car Funding AESOP LLC, Series 2017-1A, Class A, 3.070%, 9/20/2023, 144A		367,935
	3,962	California Republic Auto Receivables Trust, Series 2013-2, Class A2, 1.230%, 3/15/2019		3,961
	520,000	California Republic Auto Recievables Trust, Series 2017-1, Class A4, 2.280%, 6/15/2022		521,721
	163,064	Capital Auto Receivables Asset Trust, Series 2015-1, Class A3, 1.610%, 6/20/2019		163,096
	36,399	CarFinance Capital Auto Trust, Series 2014-2A, Class A, 1.440%, 11/16/2020, 144A		36,379
	1,000,000	CarMax Auto Owner Trust, Series 2017-2, Class A3, 1.930%, 3/15/2022(d)		999,716
	325,000	Chrysler Capital Auto Receivables Trust, Series 2016-BA, Class A3, 1.640%, 7/15/2021, 144A		324,063
	465,000	CPS Auto Receivables Trust, Series 2015-A, Class B, 2.790%, 2/16/2021, 144A		467,733
	125,000	CPS Auto Receivables Trust, Series 2017-C, Class B, 2.300%, 7/15/2021, 144A		124,806
	275,000	Credit Acceptance Auto Loan Trust, Series 2015-1A, Class B, 2.610%, 1/17/2023, 144A		275,707
	800,000	Credit Acceptance Auto Loan Trust, Series 2016-2A, Class B, 3.180%, 5/15/2024, 144A		805,838
	275,000	Credit Acceptance Auto Loan Trust, Series 2016-3A, Class A, 2.150%, 4/15/2024, 144A		274,316
	185,733	Drive Auto Receivables Trust, Series 2015-BA, Class C, 2.760%, 7/15/2021, 144A		186,600
	362,000	Drive Auto Receivables Trust, Series 2016-BA, Class C, 3.190%, 7/15/2022, 144A		365,674

See accompanying notes to financial statements.

|  38

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		ABS Car Loan — continued
$	470,000	Drive Auto Receivables Trust, Series 2016-CA, Class B, 2.370%, 11/16/2020, 144A	$	471,822
	230,000	Drive Auto Receivables Trust, Series 2017-AA, Class C, 2.980%, 1/18/2022, 144A		232,443
	275,000	Drive Auto Receivables Trust, Series 2017-BA, Class C, 2.610%, 8/16/2021, 144A		276,044
	107,000	DT Auto Owner Trust, Series 2015-2A, Class D, 4.250%, 2/15/2022, 144A		108,933
	335,000	DT Auto Owner Trust, Series 2015-3A, Class D, 4.530%, 10/17/2022, 144A		341,143
	255,000	DT Auto Owner Trust, Series 2016-2A, Class D, 5.430%, 11/15/2022, 144A		264,859
	440,000	DT Auto Owner Trust, Series 2016-4A, Class C, 2.740%, 10/17/2022, 144A		440,939
	90,000	DT Auto Owner Trust, Series 2017-1A, Class C, 2.700%, 11/15/2022, 144A		90,030
	350,000	DT Auto Owner Trust, Series 2017-3A, Class B, 2.400%, 5/17/2021, 144A		349,722
	300,000	Exeter Automobile Receivables Trust, Series 2017-2A, Class B, 2.820%, 5/16/2022, 144A		299,805
	260,000	First Investors Auto Owner Trust, Series 2017-1A, Class A2, 2.200%, 3/15/2022, 144A		259,944
	315,000	First Investors Auto Owner Trust, Series 2017-2A, Class A2, 2.270%, 7/15/2022, 144A		314,580
	290,000	Flagship Credit Auto Trust, Series 2015-2B, 3.080%, 12/15/2021, 144A		292,299
	195,000	Flagship Credit Auto Trust, Series 2016-2, Class B, 3.840%, 9/15/2022, 144A		199,374
	135,000	Flagship Credit Auto Trust, Series 2016-3, Class B, 2.430%, 6/15/2021, 144A		135,374
	160,000	Flagship Credit Auto Trust, Series 2016-4, Class B, 2.410%, 10/15/2021, 144A		160,221
	230,000	Ford Credit Auto Owner Trust, Series 2014-2, Class A, 2.310%, 4/15/2026, 144A		231,875
	705,000	Ford Credit Auto Owner Trust, Series 2016-2, Class A, 2.030%, 12/15/2027, 144A		699,572
	115,000	Ford Credit Auto Owner Trust/Ford Credit, Series 2014-1, Class A, 2.260%, 11/15/2025, 144A		115,840
	590,000	GM Financial Automobile Leasing Trust, Series 2016-2, Class A3, 1.620%, 9/20/2019		589,799
	275,000	GM Financial Consumer Automobile, Series 2017-1A, Class A3, 1.780%, 10/18/2021, 144A		274,731
	490,000	Hyundai Auto Lease Securitization Trust, Series 2016-C, Class A4, 1.650%, 7/15/2020, 144A		488,882
	275,000	Hyundai Auto Lease Securitization Trust, Series 2017-A, Class A3, 1.880%, 8/17/2020, 144A		275,377
	900,000	Hyundai Auto Lease Securitization Trust, Series 2017-B, Class A3, 1.970%, 7/15/2020, 144A(d)		901,188
	595,000	NextGear Floorplan Master Owner Trust, Series 2014-1A, Class A, 1.920%, 10/15/2019, 144A		595,076
	120,000	NextGear Floorplan Master Owner Trust, Series 2016-2A, Class A2, 2.190%, 9/15/2021, 144A		119,665
	510,000	NextGear Floorplan Master Owner Trust, Series 2017-1A, Class A2, 2.540%, 4/18/2022, 144A		510,578
	71,873	Prestige Auto Receivables Trust, Series 2015-1, Class A3, 1.530%, 2/15/2021, 144A		71,872
	505,000	Prestige Auto Receivables Trust, Series 2016-2A, Class A3, 1.760%, 1/15/2021, 144A		503,265
	188,000	Santander Drive Auto Receivables Trust, Series 2016-2, Class C, 2.660%, 11/15/2021		189,585

See accompanying notes to financial statements.

39  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		ABS Car Loan — continued
$	500,000	Santander Drive Auto Receivables Trust, Series 2016-3, Class B, 1.890%, 6/15/2021	$	499,261
	165,000	Santander Drive Auto Receivables Trust, Series 2017-1, Class B, 2.100%, 6/15/2021		165,008
	265,000	Santander Drive Auto Receivables Trust, Series 2017-2, Class B, 2.210%, 10/15/2021		265,412
	800,000	Westlake Automobile Receivables Trust, Series 2016-3A, Class B, 2.070%, 12/15/2021, 144A		798,328
	295,000	Westlake Automobile Receivables Trust, Series 2017-1A, Class B, 2.300%, 10/17/2022, 144A		295,554
	103,847	World Omni Auto Receivables Trust, Series 2014-B, Class A3, 1.140%, 1/15/2020		103,725
	1,330,000	World Omni Auto Receivables Trust, Series 2017-A, Class A3, 1.930%, 9/15/2022(d)		1,330,026
	110,000	World Omni Auto Receivables Trust, Series 2017-B, Class A3, 1.950%, 2/15/2023		109,777
				20,763,634
		ABS Credit Card — 3.3%
	605,000	American Express Credit Account Master Trust, Series 2017-1, Class A, 1.930%, 9/15/2022		605,821
	630,000	Bank of America Credit Card Trust, Series 2017-A1, Class A1, 1.950%, 8/15/2022		630,907
	415,000	Barclays Dryrock Issuance Trust, Series 2014-3, Class A, 2.410%, 7/15/2022		419,392
	745,000	Capital One Multi-Asset Execution Trust, Series 2017-A1, Class A1, 2.000%, 1/17/2023(d)		747,145
	1,085,000	Chase Issuance Trust, Series 2016-A4, Class A4, 1.490%, 7/15/2022(d)		1,071,521
	260,000	Citibank Credit Card Issuance Trust, Series 2014-A1, Class A1, 2.880%, 1/23/2023		267,174
	470,000	Synchrony Credit Card Master Note Trust, Series 2016-3, Class A, 1.580%, 9/15/2022		467,288
	501,000	World Financial Network Credit Card Master Trust, Series 2012-A, Class A, 3.140%, 1/17/2023		510,195
	555,000	World Financial Network Credit Card Master Trust, Series 2016-C, Class A, 1.720%, 8/15/2023		551,534
	730,000	World Financial Network Credit Card Master Trust, Series 2017-A, Class A, 2.120%, 3/15/2024(d)		730,242
				6,001,219
		ABS Home Equity — 1.1%
	418,559	Bayview Opportunity Master Fund IVa Trust, Series 2016-SPL1, Class A, 4.000%, 4/28/2055, 144A		433,437
	296,368	Colony American Finance Ltd., Series 2015-1, Class A, 2.896%, 10/15/2047, 144A		298,135
	207,353	Colony American Homes, Series 2014-1A, Class A, 1-month LIBOR + 1.150%, 2.384%, 5/17/2031, 144A(a)		208,221
	19,148	Countrywide Alternative Loan Trust, Series 2006-J5, Class 4A1, 4.956%, 7/25/2021(c)		18,609

See accompanying notes to financial statements.

|  40

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		ABS Home Equity — continued
$	12,743	Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 5.115%, 2/25/2035(c)	$	12,876
	500,000	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M2, 1-month LIBOR + 1.850%, 3.087%, 10/25/2027(a)		510,792
	176,107	Mill City Mortgage Trust, Series 2016-1, Class A1, 2.500%, 4/25/2057, 144A(c)		176,015
	156,218	Towd Point Mortgage Trust, Series 2015-2, Class 1AE2, 2.750%, 11/25/2060, 144A(c)		156,905
	69,212	Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR10, Class 2A4, 3.296%, 5/01/2035(c)		70,851
				1,885,841
		ABS Other — 2.0%
	131,625	DB Master Finance LLC, Series 2015-1A, Class A2I, 3.262%, 2/20/2045, 144A		131,832
	26,173	FRS I LLC, Series 2013-1A, Class A1, 1.800%, 4/15/2043, 144A		26,065
	270,000	John Deere Owner Trust, Series 2017-B, Class A3, 1.820%, 10/15/2021		269,822
	414,615	Merlin Aviation Holdings DAC, Series 2016-1, Class A, 4.500%, 12/15/2032, 144A(c)		418,361
	30,760	OneMain Financial Issuance Trust, Series 2014-2A, Class A, 2.470%, 9/18/2024, 144A		30,795
	385,000	OneMain Financial Issuance Trust, Series 2015-1A, Class A, 3.190%, 3/18/2026, 144A		388,767
	350,000	OneMain Financial Issuance Trust, Series 2016-1A, Class A, 3.660%, 2/20/2029, 144A		358,278
	343,083	S-Jets Ltd., Series 2017-1, Class A, 3.967%, 8/15/2042, 144A		342,144
	211,606	Shenton Aircraft Investment I Ltd., Series 2015-1A, Class A, 4.750%, 10/15/2042, 144A		221,571
	179,155	Sierra Receivables Funding Co. LLC, Series 2017-1A, Class A, 2.910%, 3/20/2034, 144A		180,143
	176,458	TAL Advantage V LLC, Series 2014-1A, Class A, 3.510%, 2/22/2039, 144A		176,453
	78,593	TAL Advantage V LLC, Series 2014-2A, Class A2, 3.330%, 5/20/2039, 144A		78,407
	179,167	TAL Advantage V LLC, Series 2014-3A, Class A, 3.270%, 11/21/2039, 144A		178,255
	795,000	Verizon Owner Trust, Series 2017-1A, Class A, 2.060%, 9/20/2021, 144A(d)		797,171
				3,598,064
		ABS Student Loan — 0.9%
	199,952	Earnest Student Loan Program LLC, Series 2017-A, Class A2, 2.650%, 1/25/2041, 144A		199,027
	313,842	North Carolina State Education Assistance Authority, Series 2011-2, Class A2, 3-month LIBOR + 0.800%, 2.114%, 7/25/2025(a)		314,366
	100,238	SoFi Professional Loan Program LLC, Series 2015-A, Class A2, 2.420%, 3/25/2030, 144A		100,298
	368,815	SoFi Professional Loan Program LLC, Series 2015-C, Class A2, 2.510%, 8/25/2033, 144A		369,556
	295,000	SoFi Professional Loan Program LLC, Series 2016-B, Class A2B, 2.740%, 10/25/2032, 144A		297,218
	276,564	South Carolina Student Loan Corp., Series 2010-1, Class A2, 3-month LIBOR + 1.000%, 2.314%, 7/25/2025(a)		278,569
				1,559,034

See accompanying notes to financial statements.

41  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Aerospace & Defense — 0.7%
$	580,000	General Dynamics Corp., 2.625%, 11/15/2027	$	561,299
	450,000	Rolls-Royce PLC, 2.375%, 10/14/2020, 144A		448,992
	270,000	Textron, Inc., 3.375%, 3/01/2028		268,069
				1,278,360
		Agency Commercial Mortgage-Backed Securities — 2.1%
	648,018	FHLMC Multifamily Structured Pass Through Certificates, Series K013, Class A2, 3.974%, 1/25/2021(c)		685,760
	509,476	FHLMC Multifamily Structured Pass Through Certificates, Series K029, Class A2, 3.320%, 2/25/2023(c)		533,937
	701,647	FHLMC Multifamily Structured Pass Through Certificates, Series K042, Class A2, 2.670%, 12/25/2024		705,818
	1,014,484	FHLMC Multifamily Structured Pass Through Certificates, Series K711, Class A2, 1.730%, 7/25/2019(d)		1,012,852
	625,673	FHLMC Multifamily Structured Pass Through Certificates, Series KLH2, Class A, 1-month LIBOR + 0.700%, 1.932%, 11/25/2022(a)		628,222
	161,033	FHLMC Multifamily Structured Pass Through Certificates, Series KP03, Class A2, 1.780%, 7/25/2019		160,965
				3,727,554
		Airlines — 0.0%
	59,516	Delta Air Lines Pass Through Trust, Series 2009-1, Class A, 7.750%, 6/17/2021		65,156
		Automotive — 3.9%
	500,000	American Honda Finance Corp., MTN, 1.200%, 7/12/2019		495,467
	425,000	American Honda Finance Corp., MTN, 2.000%, 2/14/2020		425,938
	585,000	BMW U.S. Capital LLC, 1.850%, 9/15/2021, 144A		574,741
	740,000	Daimler Finance North America LLC, 2.200%, 5/05/2020, 144A		740,875
	220,000	Daimler Finance North America LLC, 2.450%, 5/18/2020, 144A		221,545
	45,000	Delphi Automotive PLC, 3.150%, 11/19/2020		46,042
	360,000	Ford Motor Credit Co. LLC, 2.459%, 3/27/2020		360,284
	670,000	Ford Motor Credit Co. LLC, 2.979%, 8/03/2022		667,181
	955,000	General Motors Co., 3-month LIBOR + 0.800%, 2.112%, 8/07/2020(a)		955,861
	730,000	Hyundai Capital America, 2.750%, 9/18/2020, 144A		728,680
	930,000	Nissan Motor Acceptance Corp., 2.150%, 7/13/2020, 144A		932,197
	150,000	PACCAR Financial Corp., MTN, 1.200%, 8/12/2019		148,189
	660,000	Toyota Motor Credit Corp., 2.150%, 9/08/2022		652,682
				6,949,682
		Banking — 17.9%
	530,000	ABN AMRO Bank NV, 1.800%, 9/20/2019, 144A		527,546
	955,000	American Express Co., 2.500%, 8/01/2022		953,906
	915,000	ANZ New Zealand (Int’l) Ltd., 2.200%, 7/17/2020, 144A		915,750
	116,000	Bank of America Corp., MTN, 6.875%, 4/25/2018		119,339
	365,000	Bank of Montreal, MTN, 1.500%, 7/18/2019		362,685
	545,000	Bank of Montreal, MTN, 2.100%, 12/12/2019		546,956
	875,000	Bank of Montreal, MTN, 2.350%, 9/11/2022		866,207
	1,080,000	Bank of New York Mellon Corp. (The), MTN, (fixed rate to 5/16/2022, variable rate thereafter), 2.661%, 5/16/2023		1,084,484

See accompanying notes to financial statements.

|  42

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Banking — continued
$	740,000	Bank of Nova Scotia, 2.150%, 7/14/2020	$	742,009
	450,000	Banque Federative du Credit Mutuel S.A., 2.200%, 7/20/2020, 144A		449,750
	930,000	Banque Federative du Credit Mutuel S.A., 2.700%, 7/20/2022, 144A		934,354
	490,000	BNZ International Funding Ltd., 2.400%, 2/21/2020, 144A		491,853
	750,000	Capital One Financial Corp., 2.500%, 5/12/2020		753,492
	435,000	Citigroup, Inc., 2.750%, 4/25/2022		437,092
	215,000	Citigroup, Inc., 2.900%, 12/08/2021		217,649
	625,000	Citizens Bank NA, 2.250%, 3/02/2020		625,827
	430,000	Citizens Bank NA, Series BKNT, 2.500%, 3/14/2019		433,032
	250,000	Comerica Bank, 2.500%, 6/02/2020		251,363
	970,000	Commonwealth Bank of Australia, 1.750%, 11/07/2019, 144A		965,005
	615,000	Commonwealth Bank of Australia, 3.150%, 9/19/2027, 144A		609,393
	595,000	Credit Agricole S.A., 3.250%, 10/04/2024, 144A		595,179
	615,000	Credit Suisse Group AG, (fixed rate to 12/14/2022, variable rate thereafter), 2.997%, 12/14/2023, 144A		613,175
	735,000	Danske Bank AS, 2.200%, 3/02/2020, 144A		736,618
	1,060,000	Deutsche Bank AG, 2.700%, 7/13/2020		1,064,299
	780,000	Fifth Third Bank, Series BKNT, 1.625%, 9/27/2019		775,201
	215,000	Goldman Sachs Group, Inc. (The), 2.750%, 9/15/2020		217,778
	185,000	HSBC USA, Inc., 2.375%, 11/13/2019		186,317
	580,000	Intesa Sanpaolo SpA, 3.125%, 7/14/2022, 144A		581,431
	1,035,000	JPMorgan Chase & Co., 3-month LIBOR + 0.550%, 1.867%, 3/09/2021(a)		1,035,859
	585,000	JPMorgan Chase Bank NA, 1.650%, 9/23/2019		582,852
	555,000	Key Bank NA, Series BKNT, 1.600%, 8/22/2019		552,023
	910,000	KeyBank N.A., 2.400%, 6/09/2022		906,296
	460,000	Mizuho Bank Ltd., 1.800%, 3/26/2018, 144A		459,931
	670,000	Mizuho Financial Group, Inc., 3.170%, 9/11/2027		655,728
	855,000	Morgan Stanley, Series 3NC2, 3-month LIBOR + 0.800%, 2.109%, 2/14/2020(a)		859,351
	295,000	National Bank of Canada, 2.100%, 12/14/2018		295,693
	540,000	Nordea Bank AB, 1.625%, 9/30/2019, 144A		536,522
	845,000	Nordea Bank AB, 2.125%, 5/29/2020, 144A		845,828
	315,000	Northern Trust Corp., (fixed rate to 5/8/2027, variable rate thereafter), 3.375%, 5/08/2032		315,116
	652,000	Royal Bank of Canada, GMTN, 1.625%, 4/15/2019		649,983
	855,000	Santander Holdings USA, Inc., 3.700%, 3/28/2022, 144A		871,109
	605,000	State Street Corp., (fixed rate to 5/15/2022, variable rate thereafter), 2.653%, 5/15/2023		608,358
	475,000	Sumitomo Mitsui Financial Group, Inc., 2.784%, 7/12/2022		476,840
	525,000	Svenska Handelsbanken AB, Series BKNT, 1.500%, 9/06/2019		521,349
	840,000	U.S. Bank NA, 2.000%, 1/24/2020		842,262
	920,000	UBS AG, 2.200%, 6/08/2020, 144A		921,932
	455,000	UniCredit SpA, 3.750%, 4/12/2022, 144A		466,404
	855,000	Wells Fargo & Co., MTN, 2.625%, 7/22/2022		856,430
	755,000	Wells Fargo & Co., MTN, 3.300%, 9/09/2024		767,433
	770,000	Wells Fargo Bank NA, 1.750%, 5/24/2019		769,467
	375,000	Westpac Banking Corp., 2.500%, 6/28/2022		374,820
				32,229,276

See accompanying notes to financial statements.

43  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Brokerage — 0.5%
$	335,000	CBOE Holdings, Inc., 1.950%, 6/28/2019	$	334,665
	480,000	E*TRADE Financial Corp., 2.950%, 8/24/2022		481,067
				815,732
		Building Materials — 0.4%
	107,000	Fortune Brands Home & Security, Inc., 3.000%, 6/15/2020		108,599
	600,000	Martin Marietta Materials, Inc., 3-month LIBOR + 0.650%, 1.965%, 5/22/2020(a)		602,426
	40,000	Masco Corp., 3.500%, 4/01/2021		41,075
	4,000	Masco Corp., 7.125%, 3/15/2020		4,440
				756,540
		Cable Satellite — 0.5%
	300,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.908%, 7/23/2025		320,704
	645,000	Cox Communications, Inc., 3.150%, 8/15/2024, 144A		640,953
				961,657
		Chemicals — 0.3%
	107,000	Airgas, Inc., 3.050%, 8/01/2020		109,443
	9,000	Eastman Chemical Co., 4.500%, 1/15/2021		9,526
	385,000	EI du Pont de Nemours & Co., 2.200%, 5/01/2020		387,478
	45,000	Methanex Corp., 3.250%, 12/15/2019		45,414
				551,861
		Collateralized Mortgage Obligations — 1.7%
	211,826	Government National Mortgage Association, Series 2014-H14, Class FA, 1-month LIBOR + 0.500%, 1.731%, 7/20/2064(a)		211,488
	143,787	Government National Mortgage Association, Series 2014-H15, Class FA, 1-month LIBOR + 0.500%, 1.731%, 7/20/2064(a)		143,536
	345,087	Government National Mortgage Association, Series 2015-H09, Class HA, 1.750%, 3/20/2065		344,338
	555,860	Government National Mortgage Association, Series 2015-H10, Class JA, 2.250%, 4/20/2065		544,559
	577,472	Government National Mortgage Association, Series 2016-H06, Class FC, 1-month LIBOR + 0.920%, 2.151%, 2/20/2066(a)		584,481
	1,220,658	Government National Mortgage Association, Series 2016-H10, Class FJ, 1-month LIBOR + 0.600%, 1.831%, 4/20/2066(a)(d)		1,223,367
				3,051,769
		Construction Machinery — 0.6%
	174,000	John Deere Capital Corp., 2.450%, 9/11/2020		175,984
	565,000	John Deere Capital Corp., MTN, 2.800%, 9/08/2027		555,480
	350,000	John Deere Capital Corp., MTN, 1.950%, 6/22/2020		350,354
				1,081,818
		Consumer Cyclical Services — 1.2%
	225,000	Alibaba Group Holding Ltd., 2.500%, 11/28/2019		226,840
	885,000	Expedia, Inc., 3.800%, 2/15/2028, 144A		877,185
	1,020,000	Western Union Co. (The), 3.600%, 3/15/2022		1,035,571
				2,139,596

See accompanying notes to financial statements.

|  44

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Consumer Products — 0.2%
$	120,000	Church & Dwight Co., Inc., 2.450%, 8/01/2022	$	119,552
	170,000	Hasbro, Inc., 3.500%, 9/15/2027		168,484
				288,036
		Diversified Manufacturing — 0.7%
	620,000	Eaton Corp., 3.103%, 9/15/2027		612,518
	80,000	Snap-on, Inc., 4.250%, 1/15/2018		80,588
	615,000	United Technologies Corp., 2.800%, 5/04/2024		615,550
				1,308,656
		Electric — 2.5%
	120,000	Consolidated Edison Co. of New York, Inc., Series B, 2.900%, 12/01/2026		118,101
	1,035,000	Consolidated Edison, Inc., Series A, 2.000%, 3/15/2020		1,034,794
	451,000	Exelon Corp., 2.450%, 4/15/2021		451,040
	179,000	Exelon Generation Co. LLC, 2.950%, 1/15/2020		182,166
	116,000	Exelon Generation Co. LLC, 4.250%, 6/15/2022		124,029
	395,000	Fortis, Inc., 2.100%, 10/04/2021		387,828
	188,000	National Rural Utilities Cooperative Finance Corp., (fixed rate to 4/30/2023, variable rate thereafter), 4.750%, 4/30/2043		195,175
	690,000	National Rural Utilities Cooperative Finance Corp., MTN, 1.500%, 11/01/2019		684,546
	280,000	NextEra Energy Capital Holdings, Inc., 1.649%, 9/01/2018		279,878
	273,000	Southern Co. (The), 2.750%, 6/15/2020		277,499
	720,000	Southern Power Co., Series E, 2.500%, 12/15/2021		716,894
				4,451,950
		Finance Companies — 0.4%
	665,000	Ares Capital Corp., 3.500%, 2/10/2023		657,584
		Financial Other — 0.6%
	410,000	Mitsubishi UFJ Lease & Finance Co. Ltd., 2.652%, 9/19/2022, 144A		406,527
	615,000	ORIX Corp., 2.900%, 7/18/2022		617,335
				1,023,862
		Food & Beverage — 1.8%
	9,000	Anheuser-Busch Cos. LLC, 5.000%, 3/01/2019		9,397
	210,000	Dr Pepper Snapple Group, Inc., 3.430%, 6/15/2027, 144A		211,086
	950,000	Kraft Heinz Food Co., 3-month LIBOR + 0.570%, 1.879%, 2/10/2021(a)		950,854
	845,000	Molson Coors Brewing Co., 2.250%, 3/15/2020, 144A		844,474
	140,000	Smithfield Foods, Inc., 3.350%, 2/01/2022, 144A		142,666
	1,070,000	Tyson Foods, Inc., 3-month LIBOR + 0.450%, 1.768%, 5/30/2019(a)		1,071,572
				3,230,049
		Government Owned – No Guarantee — 1.1%
	445,000	Petroleos Mexicanos, 6.375%, 2/04/2021		487,502
	155,000	Petroleos Mexicanos, 6.875%, 8/04/2026		176,312
	625,000	Sinopec Group, 3.250%, 9/13/2027, 144A		618,212
	780,000	Sinopec Group Overseas Development 2016 Ltd., 1.750%, 9/29/2019, 144A		771,631
				2,053,657

See accompanying notes to financial statements.

45  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Healthcare — 1.2%
$	41,000	Agilent Technologies, Inc., 6.500%, 11/01/2017	$	41,134
	750,000	Becton, Dickinson and Co., 2.133%, 6/06/2019		752,065
	640,000	Cardinal Health, Inc., 1.948%, 6/14/2019		640,255
	390,000	Express Scripts Holding Co., 3.500%, 6/15/2024		395,719
	183,000	Life Technologies Corp., 6.000%, 3/01/2020		198,824
	94,000	Quest Diagnostics, Inc., 4.750%, 1/30/2020		99,395
				2,127,392
		Hybrid ARMs — 0.1%
	55,884	FHLMC, 1-year CMT + 2.248%, 3.111%, 1/01/2035(a)		58,979
	155,491	FHLMC, 1-year CMT + 2.495%, 3.268%, 5/01/2036(a)		165,295
				224,274
		Independent Energy — 0.5%
	240,000	Concho Resources, Inc., 3.750%, 10/01/2027		241,068
	107,000	ConocoPhillips Co., 2.875%, 11/15/2021		109,008
	179,000	Encana Corp., 6.500%, 5/15/2019		190,485
	445,000	EQT Corp., 3.900%, 10/01/2027		445,078
				985,639
		Integrated Energy — 1.4%
	620,000	BP Capital Markets PLC, 3.279%, 9/19/2027		619,398
	845,000	Cenovus Energy, Inc., 4.250%, 4/15/2027, 144A		837,803
	1,030,000	Chevron Corp., 1.991%, 3/03/2020		1,033,876
				2,491,077
		Life Insurance — 1.9%
	85,000	AIG Global Funding, 2.150%, 7/02/2020, 144A		84,880
	535,000	Athene Global Funding, 2.750%, 4/20/2020, 144A		539,246
	535,000	Athene Global Funding, 3.000%, 7/01/2022, 144A		532,841
	655,000	Brighthouse Financial, Inc., 3.700%, 6/22/2027, 144A		643,129
	830,000	Jackson National Life Global Funding, 2.200%, 1/30/2020, 144A		830,632
	344,000	Reliance Standard Life Global Funding II, 2.150%, 10/15/2018, 144A		345,379
	63,000	Unum Group, 5.625%, 9/15/2020		68,612
	295,000	Voya Financial, Inc., 3.125%, 7/15/2024		291,137
				3,335,856
		Media Entertainment — 0.9%
	95,000	Activision Blizzard, Inc., 2.300%, 9/15/2021		94,464
	230,000	Discovery Communications LLC, 3.950%, 3/20/2028		228,352
	715,000	Moody’s Corp., 3-month LIBOR + 0.350%, 1.666%, 9/04/2018(a)		716,261
	112,000	S&P Global, Inc, 3.300%, 8/14/2020		114,892
	480,000	Walt Disney Co. (The), MTN, 1.950%, 3/04/2020		481,600
				1,635,569
		Metals & Mining — 0.0%
	40,000	Barrick North America Finance LLC, 4.400%, 5/30/2021		43,015
	31,000	Reliance Steel & Aluminum Co., 4.500%, 4/15/2023		32,893
				75,908

See accompanying notes to financial statements.

|  46

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Midstream — 0.6%
$	155,000	Enbridge, Inc., 3.500%, 6/10/2024	$	157,400
	255,000	Energy Transfer LP, 2.500%, 6/15/2018		256,001
	60,000	Energy Transfer LP, 4.900%, 2/01/2024		63,639
	255,000	Kinder Morgan Energy Partners LP, 4.150%, 2/01/2024		264,324
	160,000	Plains All American Pipeline LP/PAA Finance Corp., 3.850%, 10/15/2023		160,613
	143,000	Williams Partners LP, 3.600%, 3/15/2022		147,747
				1,049,724
		Mortgage Related — 4.4%
	4,429	FHLMC, 3.000%, 10/01/2026		4,555
	462	FHLMC, 6.500%, 1/01/2024		512
	82	FHLMC, 8.000%, 7/01/2025		91
	167	FNMA, 6.000%, 9/01/2021		170
	421,390	GNMA, 4.288%, 2/20/2063(c)		437,884
	231,799	GNMA, 4.297%, 2/20/2063(c)		242,097
	293,208	GNMA, 4.412%, with various maturities in 2066(b)(c)		320,122
	103,536	GNMA, 4.426%, 9/20/2066(c)		112,877
	68,453	GNMA, 4.448%, 11/20/2066(c)		74,677
	188,183	GNMA, 4.466%, 10/20/2062(c)		195,558
	185,432	GNMA, 4.467%, 5/20/2062(c)		191,347
	117,522	GNMA, 4.477%, 11/20/2066(c)		128,545
	67,617	GNMA, 4.479%, 8/20/2066(c)		73,749
	434,326	GNMA, 4.498%, 4/20/2063(c)		452,691
	247,579	GNMA, 4.504%, 5/20/2062(c)		255,320
	226,201	GNMA, 4.518%, 4/20/2063(c)		235,976
	113,837	GNMA, 4.522%, 10/20/2066(c)		124,712
	1,115,841	GNMA, 4.534%, 4/20/2067(c)(d)		1,232,463
	187,574	GNMA, 4.539%, 9/20/2066(c)		206,266
	193,924	GNMA, 4.559%, 3/20/2062(c)		199,947
	100,902	GNMA, 4.562%, 10/20/2066(c)		111,346
	220,484	GNMA, 4.563%, 3/20/2063(c)		230,148
	506,922	GNMA, 4.566%, 7/20/2067(c)(d)		557,642
	174,141	GNMA, 4.580%, 6/20/2062(c)		179,611
	254,434	GNMA, 4.581%, 2/20/2063(c)		264,736
	842,190	GNMA, 4.594%, 1/20/2067(c)(d)		931,912
	349,770	GNMA, 4.599%, 11/20/2064(c)		362,027
	141,452	GNMA, 4.602%, 7/20/2062(c)		146,021
	142,822	GNMA, 4.683%, 8/20/2061(c)		145,168
	474,585	GNMA, 4.684%, 5/20/2064(c)		515,813
	1,502	GNMA, 6.500%, 12/15/2023		1,657
	191	GNMA, 8.500%, 9/15/2022		192
	493	GNMA, 9.500%, 1/15/2019		499
				7,936,331
		Natural Gas — 0.5%
	965,000	Sempra Energy, 1.625%, 10/07/2019		958,915

See accompanying notes to financial statements.

47  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Non-Agency Commercial Mortgage-Backed Securities — 7.5%
$	565,000	Barclays Commercial Mortgage Securities Trust, Series 2017-C1, Class A2, 3.189%, 2/15/2050(d)	$	581,140
	491,600	CFCRE Commercial Mortgage Trust, Series 2016-C3, Class A3, 3.865%, 1/10/2048		515,359
	361,996	CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A4, 3.283%, 5/10/2058		365,292
	992,138	Citigroup Commercial Mortgage Trust, Series 2016-GC37, Class A4, 3.314%, 4/10/2049(d)		1,007,096
	263,676	Commercial Mortgage Pass Through Certificates, Series 2013-CR8, Class A5, 3.612%, 6/10/2046(c)		276,350
	535,000	Commercial Mortgage Pass Through Certificates, Series 2012-LTRT, Class A2, 3.400%, 10/05/2030, 144A		535,747
	84,913	Commercial Mortgage Pass Through Certificates, Series 2014-CR14, Class A2, 3.147%, 2/10/2047		85,969
	232,393	Commercial Mortgage Pass Through Certificates, Series 2014-CR15, Class A2, 2.928%, 2/10/2047		235,307
	205,578	Commercial Mortgage Pass Through Certificates, Series 2014-CR16, Class ASB, 3.653%, 4/10/2047		215,184
	478,193	Commercial Mortgage Pass Through Certificates, Series 2014-LC17, Class A3, 3.723%, 10/10/2047		492,496
	730,000	Commercial Mortgage Pass Through Certificates, Series 2014-TWC, Class A, 1-month LIBOR + 0.850%, 2.087%, 2/13/2032, 144A(a)		730,342
	280,000	Commercial Mortgage Pass Through Certificates, Series 2014-UBS3, Class A4, 3.819%, 6/10/2047		294,745
	520,299	Commercial Mortgage Pass Through Certificates, Series 2016-DC2, Class A5, 3.765%, 2/10/2049		544,389
	280,000	Commercial Mortgage Trust, Series 2015-DC1, Class A5, 3.350%, 2/10/2048		285,902
	380,000	Credit Suisse Mortgage Capital Certificates, Series 2014-USA, Class A2, 3.953%, 9/15/2037, 144A		393,625
	84,913	CSAIL Commercial Mortgage Trust, Series 2015-C4, Class ASB, 3.617%, 11/15/2048		89,075
	107,224	GP Portfolio Trust, Series 2014-GPP, Class A, 1-month LIBOR + 1.200%, 2.427%, 2/15/2027, 144A(a)		107,462
	340,000	GS Mortgage Securities Corp. Trust, Series 2013-PEMB, Class A, 3.668%, 3/05/2033, 144A(c)		336,971
	330,000	GS Mortgage Securities Trust, Series 2014-GC18, Class A4, 4.074%, 1/10/2047		352,623
	216,993	GS Mortgage Securities Trust, Series 2014-GC20, Class A3, 3.680%, 4/10/2047		222,691
	355,000	Hudsons Bay Simon JV Trust, Series 2015-HB7, Class A7, 3.914%, 8/05/2034, 144A		359,557
	120,665	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-C19, Class ASB, 3.584%, 4/15/2047		125,709
	43,022	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-FL5, Class A, 1-month LIBOR + 0.980%, 2.207%, 7/15/2031, 144A(a)		43,086
	459,170	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2015-SGP, Class A, 1-month LIBOR + 1.700%, 2.927%, 7/15/2036, 144A(a)		460,174
	259,993	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2017-JP5, Class A1, 2.086%, 3/15/2050		259,774

See accompanying notes to financial statements.

|  48

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Non-Agency Commercial Mortgage-Backed Securities — continued
$	240,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C10, Class A4, 4.219%, 7/15/2046(c)	$	258,035
	263,676	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C14, Class A3, 3.669%, 2/15/2047		274,459
	129,604	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A4, 3.306%, 4/15/2048		132,391
	185,000	SCG Trust, Series 2013-SRP1, Class B, 1-month LIBOR + 2.500%, 3.977%, 11/15/2026, 144A(a)		182,195
	505,000	UBS-Barclays Commercial Mortgage Trust, Series 2012-TFT, Class A, 2.892%, 6/05/2030, 144A		500,322
	565,000	UBS-Barclays Commercial Mortgage Trust, Series 2013-C6, Class A4, 3.244%, 4/10/2046(d)		583,253
	201,109	Wells Fargo Commercial Mortgage Trust, Series 2016-C33, Class A4, 3.426%, 3/15/2059		206,407
	1,295,000	Wells Fargo Commercial Mortgage Trust, Series 2017-RC1, Class A2, 3.118%, 1/15/2060(d)		1,329,615
	174,460	WFCG Commercial Mortgage Trust, Series 2015-BXRP, Class A, 1-month LIBOR + 1.122%, 2.356%, 11/15/2029, 144A(a)		174,459
	178,764	WFRBS Commercial Mortgage Trust, Series 2004-C19, Class A3, 3.660%, 3/15/2047		186,095
	325,000	WFRBS Commercial Mortgage Trust, Series 2014-C19, Class A5, 4.101%, 3/15/2047		347,389
	348,589	WFRBS Commercial Mortgage Trust, Series 2014-C20, Class ASB, 3.638%, 5/15/2047		365,094
				13,455,779
		Pharmaceuticals — 0.7%
	22,000	Amgen, Inc., 2.200%, 5/22/2019		22,102
	425,000	Novartis Capital Corp. (The), 1.800%, 2/14/2020		425,142
	775,000	Shire Acquisitions Investments Ireland DAC, 1.900%, 9/23/2019		773,468
				1,220,712
		Property & Casualty Insurance — 0.3%
	310,000	Kemper Corp., 4.350%, 2/15/2025		314,256
	235,000	RenaissanceRe Finance, Inc., 3.450%, 7/01/2027		231,612
				545,868
		Railroads — 0.3%
	206,000	CSX Corp., 3.700%, 10/30/2020		214,619
	27,000	CSX Corp., 6.150%, 5/01/2037		34,557
	215,000	Union Pacific Corp., 3.646%, 2/15/2024		226,830
				476,006
		REITs – Health Care — 0.4%
	31,000	Healthcare Realty Trust, Inc., 3.750%, 4/15/2023		31,522
	290,000	MPT Operating Partnership LP/MPT Finance Corp., 5.000%, 10/15/2027		297,250
	465,000	Omega Healthcare Investors, Inc., 4.750%, 1/15/2028		466,849
				795,621

See accompanying notes to financial statements.

49  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		REITs – Shopping Centers — 0.5%
$	480,000	Brixmor Operating Partnership LP, 3.650%, 6/15/2024	$	477,616
	435,000	Kimco Realty Corp., 3.800%, 4/01/2027		439,339
				916,955
		REITs – Single Tenant — 0.2%
	315,000	Select Income REIT, 4.250%, 5/15/2024		315,984
		Restaurants — 0.6%
	1,030,000	McDonald’s Corp., MTN, 2.625%, 1/15/2022		1,037,415
		Retailers — 0.6%
	1,080,000	Costco Wholesale Corp., 2.750%, 5/18/2024		1,082,462
		Sovereigns — 0.6%
	680,000	Kingdom of Saudi Arabia, 3.625%, 3/04/2028, 144A		678,273
	465,000	Republic of South Africa, 4.850%, 9/27/2027		460,196
				1,138,469
		Technology — 3.4%
	45,000	Apple, Inc., 2.250%, 2/23/2021		45,362
	380,000	Apple, Inc., 3.000%, 2/09/2024		389,405
	455,000	Arrow Electronics, Inc., 3.250%, 9/08/2024		449,882
	450,000	Genpact Luxembourg S.a.r.l., 3.700%, 4/01/2022, 144A		455,201
	610,000	Hewlett Packard Enterprise Co., 2.100%, 10/04/2019, 144A		610,207
	120,000	Hewlett Packard Enterprise Co., 4.900%, 10/15/2025		126,944
	246,000	HP, Inc., 4.300%, 6/01/2021		260,659
	665,000	IBM Credit LLC, 2.200%, 9/08/2022		659,516
	89,000	Jabil, Inc., 5.625%, 12/15/2020		96,405
	22,000	Jabil, Inc., 8.250%, 3/15/2018		22,538
	885,000	NetApp, Inc., 2.000%, 9/27/2019		884,723
	385,000	Pitney Bowes, Inc., 3.875%, 5/15/2022		378,804
	425,000	Pitney Bowes, Inc., 4.700%, 4/01/2023		417,896
	655,000	Seagate HDD Cayman, 4.875%, 3/01/2024, 144A		645,544
	725,000	Xerox Corp., 3.625%, 3/15/2023		718,930
				6,162,016
		Tobacco — 0.0%
	5,000	Philip Morris International, Inc., 5.650%, 5/16/2018		5,127
		Transportation Services — 0.2%
	430,000	TTX Co., 2.600%, 6/15/2020, 144A		431,900
		Treasuries — 15.0%
	7,200,000	U.S. Treasury Bond, 2.250%, 8/15/2027		7,151,063
	13,435,000	U.S. Treasury Note, 1.625%, 8/31/2022		13,250,269
	3,585,000	U.S. Treasury Note, 1.875%, 8/31/2022		3,575,757
	2,990,000	U.S. Treasury Note, 2.250%, 1/31/2024		3,016,279
				26,993,368
		Wirelines — 1.2%
	400,000	Deutsche Telekom International Finance BV, 1.500%, 9/19/2019, 144A		395,944
	790,000	Orange S.A., 1.625%, 11/03/2019		784,597

See accompanying notes to financial statements.

|  50

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Wirelines — continued
$	870,000	Verizon Communications, Inc., 4.125%, 3/16/2027	$	907,770
				2,088,311
		Total Bonds and Notes (Identified Cost $178,001,785)		177,917,265
	Short-Term Investments — 1.3%
	2,392,787	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/29/2017 at 0.340% to be repurchased at $2,392,855 on 10/02/2017 collateralized by $2,440,000 U.S. Treasury Note, 1.250% due 10/31/2019 valued at $2,442,108 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $2,392,787)		2,392,787
		Total Investments — 100.3% (Identified Cost $180,394,572)		180,310,052
		Other assets less liabilities — (0.3)%		(589,785	)
		Net Assets — 100.0%	$	179,720,267
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Variable rate security. Rate as of September 30, 2017 is disclosed.
	(b)	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.
	(c)	Variable rate security. The interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate as of September 30, 2017 is disclosed.
	(d)	Security (or a portion thereof) has been designated to cover the Fund’s obligations under open derivative contracts.
	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2017, the value of Rule 144A holdings amounted to $50,025,767 or 27.8% of net assets.
	ABS	Asset-Backed Securities
	ARMs	Adjustable Rate Mortgages
	CMT	Constant Maturity Treasury
	FHLMC	Federal Home Loan Mortgage Corp.
	FNMA	Federal National Mortgage Association
	GMTN	Global Medium Term Note
	GNMA	Government National Mortgage Association
	LIBOR	London Interbank Offered Rate
	MTN	Medium Term Note
	REITs	Real Estate Investment Trusts

See accompanying notes to financial statements.

51  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Intermediate Duration Bond Fund – (continued)

At September 30, 2017, open long futures contracts were as follows:

Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
5 Year U.S. Treasury Note		12/29/2017		80	$	9,503,275	$	9,400,000	$	(103,275	)

Industry Summary at September 30, 2017

Banking	17.9	%
Treasuries	15.0
ABS Car Loan	11.6
Non-Agency Commercial Mortgage-Backed Securities	7.5
Mortgage Related	4.4
Automotive	3.9
Technology	3.4
ABS Credit Card	3.3
Electric	2.5
Agency Commercial Mortgage-Backed Securities	2.1
ABS Other	2.0
Other Investments, less than 2% each	25.4
Short-Term Investments	1.3
Total Investments	100.3
Other assets less liabilities (including futures contracts)	(0.3	)
Net Assets	100.0	%

See accompanying notes to financial statements.

|  52

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Limited Term Government and Agency Fund

Principal Amount		Description	Value (†)
	Bonds and Notes — 92.5% of Net Assets
		ABS Car Loan — 2.0%
$	1,550,000	Avis Budget Rental Car Funding AESOP LLC, Series 2016-1A, Class A, 2.990%, 6/20/2022, 144A	$	1,563,739
	317,749	CPS Auto Receivables Trust, Series 2015-C, Class A, 1.770%, 6/17/2019, 144A		317,809
	1,825,000	Credit Acceptance Auto Loan Trust, Series 2016-2A, Class A, 2.420%, 11/15/2023, 144A		1,833,698
	2,875,000	Credit Acceptance Auto Loan Trust, Series 2016-3A, Class A, 2.150%, 4/15/2024, 144A		2,867,847
	2,310,000	Flagship Credit Auto Trust, Series 2016-4, Class A2, 1.960%, 2/16/2021, 144A		2,311,430
	3,500,000	NextGear Floorplan Master Owner Trust, Series 2014-1A, Class A, 1.920%, 10/15/2019, 144A		3,500,447
	725,000	NextGear Floorplan Master Owner Trust, Series 2016-1A, Class A2, 2.740%, 4/15/2021, 144A		731,080
	1,495,000	NextGear Floorplan Master Owner Trust, Series 2017-1A, Class A2, 2.540%, 4/18/2022, 144A		1,496,696
				14,622,746
		ABS Home Equity — 0.5%
	2,186,080	Home Partners of America Trust, Series 2016-1, Class A, 1-month LIBOR + 1.650%, 2.884%, 3/17/2033, 144A(a)		2,209,319
	1,427,835	Towd Point Mortgage Trust, Series 2015-2, Class 1AE2, 2.750%, 11/25/2060, 144A(g)		1,434,114
				3,643,433
		ABS Student Loan — 0.0%
	275,594	SoFi Professional Loan Program LLC, Series 2016-D, Class A1, 1-month LIBOR + 0.950%, 2.187%, 1/25/2039, 144A(a)		278,313
		Agency Commercial Mortgage-Backed Securities — 16.9%
	4,214,203	Federal National Mortgage Association, Series 2015-M17, Class FA, 1-month LIBOR + 0.930%, 2.162%, 11/25/2022(a)		4,216,131
	1,000,000	Federal National Mortgage Association, Series 2016-M3, Class ASQ2, 2.263%, 2/25/2023		997,294
	6,000,000	FHLMC Multifamily Structured Pass Through Certificates, Series K006, Class A2, 4.251%, 1/25/2020		6,277,790
	4,305,000	FHLMC Multifamily Structured Pass Through Certificates, Series K014, Class A2, 3.871%, 4/25/2021		4,548,375
	4,000,000	FHLMC Multifamily Structured Pass Through Certificates, Series K015, Class A2, 3.230%, 7/25/2021		4,148,592
	6,625,000	FHLMC Multifamily Structured Pass Through Certificates, Series K017, Class A2, 2.873%, 12/25/2021		6,797,383
	2,580,000	FHLMC Multifamily Structured Pass Through Certificates, Series K064, Class A2, 3.224%, 3/25/2027(g)		2,660,113
	3,441,337	FHLMC Multifamily Structured Pass Through Certificates, Series K703, Class A2, 2.699%, 5/25/2018		3,449,820
	679,226	FHLMC Multifamily Structured Pass Through Certificates, Series K704, Class A2, 2.412%, 8/25/2018		681,419
	2,541,425	FHLMC Multifamily Structured Pass Through Certificates, Series K706, Class A2, 2.323%, 10/25/2018		2,553,057

See accompanying notes to financial statements.

53  |

Portfolio of Investments – as of September 30, 2017

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

Principal Amount		Description	Value (†)
		Agency Commercial Mortgage-Backed Securities — continued
$	7,727,120	FHLMC Multifamily Structured Pass Through Certificates, Series K708, Class A2, 2.130%, 1/25/2019	$	7,759,202
	34,370,000	FHLMC Multifamily Structured Pass Through Certificates, Series K711, Class A2, 1.730%, 7/25/2019		34,314,705
	2,689,397	FHLMC Multifamily Structured Pass Through Certificates, Series K725, Class A1, 2.666%, 5/25/2023		2,734,974
	4,100,025	FHLMC Multifamily Structured Pass Through Certificates, Series KABM, Class A, 1-month LIBOR + 0.700%, 1.932%, 9/25/2022(a)		4,107,441
	1,064,430	FHLMC Multifamily Structured Pass Through Certificates, Series KF06, Class A, 1-month LIBOR + 0.330%, 1.562%, 11/25/2021(a)		1,063,593
	8,700,404	FHLMC Multifamily Structured Pass Through Certificates, Series KF14, Class A, 1-month LIBOR + 0.650%, 1.882%, 1/25/2023(a)		8,719,476
	4,027,154	FHLMC Multifamily Structured Pass Through Certificates, Series KJ04, Class A1, 1.376%, 10/25/2020		4,005,377
	19,300,000	FHLMC Multifamily Structured Pass Through Certificates, Series KLH2, Class A, 1-month LIBOR + 0.700%, 1.932%, 11/25/2022(a)		19,378,640
	6,975,663	FHLMC Multifamily Structured Pass Through Certificates, Series KP03, Class A2, 1.780%, 7/25/2019		6,972,689
	182,926	Government National Mortgage Association, Series 2003-72, Class Z, 5.265%, 11/16/2045(g)		194,044
	159,379	Government National Mortgage Association, Series 2003-88, Class Z, 4.771%, 3/16/2046(g)		167,064
				125,747,179
		Collateralized Mortgage Obligations — 16.1%
	76,091	Federal Home Loan Mortgage Corp., REMIC, Series 1500, Class FD, 7-year Treasury - 0.200%, 1.810%, 5/15/2023(a)(b)(c)		73,634
	50,312	Federal Home Loan Mortgage Corp., REMIC, Series 1552, Class I, 10-year Treasury - 0.650%, 1.540%, 8/15/2023(a)(b)(c)		49,678
	193,448	Federal Home Loan Mortgage Corp., REMIC, Series 2131, Class ZB, 6.000%, 3/15/2029		208,308
	467,004	Federal Home Loan Mortgage Corp., REMIC, Series 2874, Class BC, 5.000%, 10/15/2019		475,669
	864,326	Federal Home Loan Mortgage Corp., REMIC, Series 2931, Class DE, 4.000%, 2/15/2020		876,418
	1,507,662	Federal Home Loan Mortgage Corp., REMIC, Series 2978, Class JG, 5.500%, 5/15/2035		1,678,855
	2,245,294	Federal Home Loan Mortgage Corp., REMIC, Series 3036, Class NE, 5.000%, 9/15/2035		2,448,581
	1,824,700	Federal Home Loan Mortgage Corp., REMIC, Series 3412, Class AY, 5.500%, 2/15/2038		1,954,298
	1,667,766	Federal Home Loan Mortgage Corp., REMIC, Series 3561, Class W, 3.024%, 6/15/2048(d)(g)		1,590,875
	1,887,475	Federal Home Loan Mortgage Corp., REMIC, Series 3620, Class AT, 4.217%, 12/15/2036(d)(g)		1,988,184
	775,121	Federal Home Loan Mortgage Corp., REMIC, Series 4212, Class FW, 1-month LIBOR + 2.100%, 3.334%, 6/15/2043(a)		756,323

See accompanying notes to financial statements.

|  54

Portfolio of Investments – as of September 30, 2017

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

Principal Amount		Description	Value (†)
		Collateralized Mortgage Obligations — continued
$	1,551,718	Federal National Mortgage Association, REMIC, Series 2003-48, Class GH, 5.500%, 6/25/2033	$	1,732,413
	48,263	Federal National Mortgage Association, REMIC, Series 1992-162, Class FB, 7-year Treasury - 0.050%, 1.950%, 9/25/2022(a)(b)(c)		47,752
	49,419	Federal National Mortgage Association, REMIC, Series 1994-42, Class FD, 10-year Treasury - 0.500%, 1.690%, 4/25/2024(a)(b)(c)		48,913
	10,928	Federal National Mortgage Association, REMIC, Series 2002-W10, Class A7, 3.857%, 8/25/2042(b)(c)(g)		11,666
	802,598	Federal National Mortgage Association, REMIC, Series 2005-100, Class BQ, 5.500%, 11/25/2025		852,699
	808,709	Federal National Mortgage Association, REMIC, Series 2007-73, Class A1, 1-month LIBOR + 0.060%, 1.297%, 7/25/2037(a)		793,656
	1,764,772	Federal National Mortgage Association, REMIC, Series 2008-86, Class LA, 3.441%, 8/25/2038(g)		1,841,005
	5,412,360	Federal National Mortgage Association, REMIC, Series 2013-67, Class NF, 1-month LIBOR + 1.000%, 2.237%, 7/25/2043(a)		5,262,798
	32,780	Federal National Mortgage Association, REMIC, Series G93-19, Class FD, 10-year Treasury - 0.650%, 1.530%, 4/25/2023(a)(b)(c)		32,443
	10,094	FHLMC Structured Pass Through Securities, Series T-60, Class 2A1, 3.626%, 3/25/2044(b)(c)(g)		10,468
	743,809	FHLMC Structured Pass Through Securities, Series T-62, Class 1A1, 12-month MTA + 1.200%, 2.030%, 10/25/2044(a)		755,873
	1,267,347	Government National Mortgage Association, Series 2010-H20, Class AF, 1-month LIBOR + 0.330%, 1.561%, 10/20/2060(a)		1,258,815
	1,149,273	Government National Mortgage Association, Series 2010-H24, Class FA, 1-month LIBOR + 0.350%, 1.581%, 10/20/2060(a)		1,141,817
	986,041	Government National Mortgage Association, Series 2011-H06, Class FA, 1-month LIBOR + 0.450%, 1.681%, 2/20/2061(a)		984,747
	1,614,628	Government National Mortgage Association, Series 2012-124, Class HT, 7.269%, 7/20/2032(g)		1,809,322
	1,215,475	Government National Mortgage Association, Series 2012-H15, Class FA, 1-month LIBOR + 0.450%, 1.681%, 5/20/2062(a)		1,216,766
	1,139,014	Government National Mortgage Association, Series 2012-H18, Class NA, 1-month LIBOR + 0.520%, 1.751%, 8/20/2062(a)		1,138,620
	4,380,387	Government National Mortgage Association, Series 2012-H29, Class HF, 1-month LIBOR + 0.500%, 1.731%, 10/20/2062(a)		4,385,288
	3,673,455	Government National Mortgage Association, Series 2013-H02, Class GF, 1-month LIBOR + 0.500%, 1.731%, 12/20/2062(a)		3,678,932
	4,423,893	Government National Mortgage Association, Series 2013-H08, Class FA, 1-month LIBOR + 0.350%, 1.581%, 3/20/2063(a)		4,404,586
	3,207,897	Government National Mortgage Association, Series 2013-H10, Class FA, 1-month LIBOR + 0.400%, 1.631%, 3/20/2063(a)		3,199,522
	10,999,057	Government National Mortgage Association, Series 2013-H22, Class FT, 1-year CMT + 0.650%, 1.880%, 4/20/2063(a)		11,087,838
	6,376,841	Government National Mortgage Association, Series 2014-H14, Class FA, 1-month LIBOR + 0.500%, 1.731%, 7/20/2064(a)		6,366,694
	4,273,066	Government National Mortgage Association, Series 2014-H15, Class FA, 1-month LIBOR + 0.500%, 1.731%, 7/20/2064(a)		4,265,601

See accompanying notes to financial statements.

55  |

Portfolio of Investments – as of September 30, 2017

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

Principal Amount		Description	Value (†)
		Collateralized Mortgage Obligations — continued
$	3,165,989	Government National Mortgage Association, Series 2015-H05, Class FA, 1-month LIBOR + 0.300%, 1.531%, 4/20/2061(a)	$	3,165,654
	9,219,131	Government National Mortgage Association, Series 2015-H09, Class HA, 1.750%, 3/20/2065		9,199,138
	9,394,734	Government National Mortgage Association, Series 2015-H10, Class JA, 2.250%, 4/20/2065		9,203,736
	1,721,337	Government National Mortgage Association, Series 2015-H11, Class FA, 1-month LIBOR + 0.250%, 1.481%, 4/20/2065(a)		1,720,462
	4,902,224	Government National Mortgage Association, Series 2015-H19, Class FH, 1-month LIBOR + 0.300%, 1.531%, 7/20/2065(a)		4,901,412
	1,493,377	Government National Mortgage Association, Series 2015-H29, Class FA, 1-month LIBOR + 0.700%, 1.931%, 10/20/2065(a)		1,498,095
	888,741	Government National Mortgage Association, Series 2015-H30, Class FA, 1-month LIBOR + 0.680%, 1.911%, 8/20/2061(a)		891,473
	6,326,714	Government National Mortgage Association, Series 2016-H06, Class FC, 1-month LIBOR + 0.920%, 2.151%, 2/20/2066(a)		6,403,502
	4,551,299	Government National Mortgage Association, Series 2016-H10, Class FJ, 1-month LIBOR + 0.600%, 1.831%, 4/20/2066(a)		4,561,398
	7,676,104	Government National Mortgage Association, Series 2016-H19, Class FJ, 1-month LIBOR + 0.400%, 1.631%, 9/20/2063(a)		7,685,834
	263,799	NCUA Guaranteed Notes, Series 2010-A1, Class A, 1-month LIBOR + 0.350%, 1.582%, 12/07/2020(a)		263,956
	637,567	NCUA Guaranteed Notes, Series 2010-R1, Class 1A, 1-month LIBOR + 0.450%, 1.681%, 10/07/2020(a)		639,459
	1,149,046	NCUA Guaranteed Notes, Series 2010-R3, Class 1A, 1-month LIBOR + 0.560%, 1.791%, 12/08/2020(a)		1,151,403
	77,655	NCUA Guaranteed Notes, Series 2010-R3, Class 2A, 1-month LIBOR + 0.560%, 1.791%, 12/08/2020(a)		78,128
				119,792,707
		Hybrid ARMs — 12.4%
	1,371,695	FHLMC, 1-year CMT + 2.285%, 2.881%, 2/01/2036(a)		1,451,190
	698,129	FHLMC, 1-year CMT + 2.165%, 2.924%, 4/01/2036(a)		721,875
	257,529	FHLMC, 1-year CMT + 2.221%, 2.955%, 9/01/2038(a)		270,984
	2,705,529	FHLMC, 1-year CMT + 2.264%, 2.983%, 2/01/2036(a)		2,854,575
	4,384,778	FHLMC, 1-year CMT + 2.252%, 3.054%, 3/01/2037(a)		4,621,115
	878,901	FHLMC, 1-year CMT + 2.196%, 3.056%, 9/01/2038(a)		927,154
	1,079,995	FHLMC, 1-year CMT + 2.245%, 3.089%, 3/01/2036(a)		1,140,599
	432,881	FHLMC, 1-year CMT + 2.250%, 3.105%, 2/01/2035(a)		456,435
	649,203	FHLMC, 6-month LIBOR + 1.731%, 3.106%, 6/01/2037(a)		668,829
	101,963	FHLMC, 12-month LIBOR + 1.724%, 3.158%, 12/01/2037(a)		105,720
	1,064,973	FHLMC, 1-year CMT + 2.249%, 3.218%, 9/01/2038(a)		1,122,313
	1,801,538	FHLMC, 1-year CMT + 2.220%, 3.319%, 7/01/2033(a)		1,899,821
	501,257	FHLMC, 12-month LIBOR + 1.640%, 3.386%, 11/01/2038(a)		523,048
	1,843,306	FHLMC, 12-month LIBOR + 1.766%, 3.448%, 9/01/2035(a)		1,942,271
	467,091	FHLMC, 12-month LIBOR + 1.900%, 3.534%, 12/01/2034(a)		493,883
	518,531	FHLMC, 12-month LIBOR + 1.909%, 3.543%, 4/01/2037(a)		548,077
	653,723	FHLMC, 12-month LIBOR + 1.856%, 3.564%, 11/01/2038(a)		690,175

See accompanying notes to financial statements.

|  56

Portfolio of Investments – as of September 30, 2017

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

Principal Amount		Description	Value (†)
		Hybrid ARMs — continued
$	1,672,402	FHLMC, 12-month LIBOR + 1.821%, 3.570%, 4/01/2037(a)	$	1,753,922
	801,117	FHLMC, 12-month LIBOR + 1.879%, 3.628%, 3/01/2038(a)		841,146
	2,999,451	FHLMC, 12-month LIBOR + 1.897%, 3.646%, 9/01/2041(a)		3,138,918
	521,266	FHLMC, 12-month LIBOR + 2.180%, 3.888%, 3/01/2037(a)		556,261
	1,060,986	FNMA, 1-year CMT + 2.185%, 2.853%, 1/01/2036(a)		1,117,656
	1,373,622	FNMA, 6-month LIBOR + 1.543%, 2.933%, 7/01/2035(a)		1,420,088
	3,688,861	FNMA, 1-year CMT + 2.220%, 2.950%, 4/01/2034(a)		3,891,983
	153,569	FNMA, 6-month LIBOR + 1.504%, 2.952%, 2/01/2037(a)		158,478
	474,986	FNMA, 1-year CMT + 2.185%, 2.972%, 12/01/2034(a)		496,089
	323,845	FNMA, 1-year CMT + 2.214%, 3.011%, 4/01/2033(a)		339,498
	583,879	FNMA, 1-year CMT + 2.127%, 3.012%, 9/01/2034(a)		614,650
	1,154,507	FNMA, 1-year CMT + 2.287%, 3.039%, 10/01/2033(a)		1,212,250
	1,167,318	FNMA, 1-year CMT + 2.231%, 3.090%, 4/01/2034(a)		1,232,353
	2,237,520	FNMA, 1-year CMT + 2.174%, 3.114%, 11/01/2033(a)		2,358,642
	808,831	FNMA, 1-year CMT + 2.509%, 3.114%, 5/01/2035(a)		861,879
	5,037,535	FNMA, 1-year CMT + 2.194%, 3.125%, 10/01/2034(a)		5,310,260
	3,458,665	FNMA, 1-year CMT + 2.180%, 3.128%, 12/01/2040(a)		3,642,517
	524,494	FNMA, 12-month LIBOR + 1.660%, 3.154%, 10/01/2033(a)		551,966
	410,248	FNMA, 12-month LIBOR + 1.746%, 3.178%, 11/01/2035(a)		432,090
	1,236,991	FNMA, 1-year CMT + 2.200%, 3.191%, 6/01/2036(a)		1,304,694
	640,385	FNMA, 1-year CMT + 2.145%, 3.246%, 9/01/2036(a)		673,747
	2,641,620	FNMA, 12-month LIBOR + 1.585%, 3.258%, 7/01/2035(a)		2,773,171
	2,710,311	FNMA, 12-month LIBOR + 1.560%, 3.259%, 4/01/2037(a)		2,840,146
	421,196	FNMA, 1-year CMT + 2.500%, 3.265%, 8/01/2036(a)		449,620
	2,901,635	FNMA, 1-year CMT + 2.274%, 3.273%, 6/01/2037(a)		3,063,547
	3,629,971	FNMA, 12-month LIBOR + 1.800%, 3.286%, 10/01/2041(a)		3,789,010
	1,147,199	FNMA, 1-year CMT + 2.287%, 3.287%, 6/01/2033(a)		1,213,942
	3,909,514	FNMA, 12-month LIBOR + 1.540%, 3.298%, 9/01/2037(a)		4,079,460
	1,334,537	FNMA, 1-year CMT + 2.223%, 3.348%, 8/01/2035(a)		1,405,656
	2,980,055	FNMA, 12-month LIBOR + 1.614%, 3.364%, 7/01/2038(a)		3,108,431
	295,088	FNMA, 12-month LIBOR + 1.620%, 3.371%, 8/01/2035(a)		308,741
	580,466	FNMA, 12-month LIBOR + 1.677%, 3.373%, 11/01/2036(a)		610,703
	1,172,986	FNMA, 12-month LIBOR + 1.659%, 3.374%, 4/01/2037(a)		1,224,749
	792,524	FNMA, 12-month LIBOR + 1.632%, 3.405%, 8/01/2034(a)		832,995
	391,807	FNMA, 12-month LIBOR + 1.657%, 3.407%, 8/01/2038(a)		407,641
	1,315,017	FNMA, 12-month LIBOR + 1.800%, 3.425%, 12/01/2041(a)		1,377,659
	146,722	FNMA, 12-month LIBOR + 1.841%, 3.432%, 1/01/2037(a)		154,641
	2,644,711	FNMA, 6-month LIBOR + 2.092%, 3.461%, 7/01/2037(a)		2,794,530
	2,059,762	FNMA, 12-month LIBOR + 1.736%, 3.484%, 9/01/2037(a)		2,162,083
	849,578	FNMA, 12-month LIBOR + 1.829%, 3.505%, 2/01/2037(a)		900,809
	213,937	FNMA, 1-year CMT + 2.439%, 3.536%, 8/01/2033(a)		225,317
	2,306,458	FNMA, 12-month LIBOR + 1.784%, 3.546%, 3/01/2037(a)		2,418,022
	1,359,840	FNMA, 12-month LIBOR + 1.820%, 3.546%, 2/01/2047(a)		1,446,158
	282,832	FNMA, 12-month LIBOR + 1.800%, 3.550%, 3/01/2034(a)		298,824
	515,799	FNMA, 12-month LIBOR + 1.802%, 3.552%, 7/01/2041(a)		540,520
	911,513	FNMA, 12-month LIBOR + 2.473%, 4.338%, 6/01/2035(a)		979,515
				91,753,041

See accompanying notes to financial statements.

57  |

Portfolio of Investments – as of September 30, 2017

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

Principal Amount		Description	Value (†)
		Mortgage Related — 16.7%
$	90,430	FHLMC, 3.000%, 10/01/2026	$	93,007
	644,634	FHLMC, 4.000%, with various maturities from 2024 to 2042(e)		679,401
	409,121	FHLMC, 4.500%, with various maturities from 2025 to 2034(e)		433,225
	181,179	FHLMC, 5.500%, 10/01/2023		191,935
	195,218	FHLMC, COFI + 1.250%, 5.769%, 6/01/2020(a)		199,725
	347,558	FHLMC, COFI + 1.250%, 5.903%, 8/01/2020(a)		357,874
	147,642	FHLMC, COFI + 1.250%, 5.923%, 10/01/2020(a)		151,742
	242,460	FHLMC, COFI + 1.250%, 5.953%, 11/01/2020(a)		250,171
	11,663	FHLMC, 6.000%, 11/01/2019		11,945
	309,295	FHLMC, 6.500%, 12/01/2034		348,965
	356	FHLMC, 7.500%, 6/01/2026		395
	8,460	FHLMC, 11.500%, 4/01/2020		8,565
	168,888	FNMA, 3.000%, 3/01/2042		170,306
	1,802,271	FNMA, 5.000%, with various maturities from 2037 to 2038(e)		1,985,949
	985,666	FNMA, 5.500%, with various maturities from 2018 to 2033(e)		1,076,744
	1,166,532	FNMA, 6.000%, with various maturities from 2017 to 2022(e)		1,236,447
	208,159	FNMA, 6.500%, with various maturities from 2032 to 2037(e)		231,430
	7,056	FNMA, 7.000%, 12/01/2022		7,068
	78,597	FNMA, 7.500%, with various maturities from 2030 to 2032(e)		86,126
	3,888,902	GNMA, 1-month LIBOR + 1.719%, 2.965%, 2/20/2061(a)		4,055,947
	2,915,674	GNMA, 1-month LIBOR + 1.890%, 3.122%, 2/20/2063(a)		3,054,076
	3,956,361	GNMA, 1-month LIBOR + 2.165%, 3.385%, 3/20/2063(a)		4,161,564
	958,706	GNMA, 1-month LIBOR + 2.269%, 3.486%, 5/20/2065(a)		1,026,964
	1,111,008	GNMA, 1-month LIBOR + 2.274%, 3.489%, 6/20/2065(a)		1,193,862
	2,188,834	GNMA, 1-month LIBOR + 2.364%, 3.597%, 2/20/2063(a)		2,309,714
	1,880,983	GNMA, 4.430%, 3/20/2063(g)		1,959,614
	1,663,588	GNMA, 4.441%, 2/20/2063(g)		1,731,073
	3,272,430	GNMA, 4.445%, 6/20/2063(g)		3,431,676
	3,701,347	GNMA, 4.477%, 2/20/2062(g)		3,806,172
	4,306,144	GNMA, 4.492%, 10/20/2065(g)		4,688,944
	3,554,976	GNMA, 4.519%, 12/20/2061(g)		3,647,130
	13,207,030	GNMA, 4.520%, 12/20/2061(g)		13,515,165
	6,436,674	GNMA, 4.540%, 12/20/2062(g)		6,685,089
	1,625,733	GNMA, 4.559%, 3/20/2062(g)		1,676,225
	3,479,634	GNMA, 4.580%, 6/20/2062(g)		3,588,915
	10,450,883	GNMA, 4.585%, 11/20/2062(g)		10,835,675
	1,330,677	GNMA, 4.586%, 4/20/2063(g)		1,388,309
	612,901	GNMA, 4.588%, 7/20/2063(g)		656,744
	854,450	GNMA, 4.592%, 8/20/2061(g)		873,377
	2,093,971	GNMA, 4.604%, 2/20/2066(g)		2,270,849
	1,873,960	GNMA, 4.632%, 3/20/2064(g)		2,012,573
	1,371,026	GNMA, 4.635%, 3/20/2062(g)		1,409,277
	417,480	GNMA, 4.654%, 1/20/2064(g)		449,958
	5,587,103	GNMA, 4.671%, 2/20/2062(g)		5,740,066
	7,122,486	GNMA, 4.683%, with various maturities from 2061 to 2063(e)(g)		7,366,104
	1,562,550	GNMA, 4.684%, 5/20/2064(g)		1,698,292
	2,524,957	GNMA, 4.685%, 2/20/2062(g)		2,589,577

See accompanying notes to financial statements.

|  58

Portfolio of Investments – as of September 30, 2017

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

Principal Amount		Description	Value (†)
		Mortgage Related — continued
$	865,138	GNMA, 4.699%, 6/20/2061(g)	$	877,781
	5,050,086	GNMA, 4.700%, with various maturities in 2061(e)(g)		5,138,809
	957,647	GNMA, 4.716%, 3/20/2061(g)		971,494
	973,625	GNMA, 4.737%, 8/20/2062(g)		1,001,375
	375,511	GNMA, 5.018%, 4/20/2061(g)		388,552
	16,783	GNMA, 6.000%, 12/15/2031		19,247
	65,764	GNMA, 6.500%, 5/15/2031		75,355
	68,685	GNMA, 7.000%, 10/15/2028		76,080
	3,872,523	Government National Mortgage Association, Series 2015-H04, Class FL, 1-month LIBOR + 0.470%, 1.701%, 2/20/2065(a)		3,861,734
	5,895,032	Government National Mortgage Association, Series 2015-H12, Class FL, 1-month LIBOR + 0.230%, 1.461%, 5/20/2065(a)		5,844,949
				123,599,327
		Non-Agency Commercial Mortgage-Backed Securities — 4.5%
	3,445,000	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2016-ASHF, Class A, 1-month LIBOR + 1.900%, 3.127%, 12/15/2033, 144A(a)		3,463,120
	478,172	Barclays Commercial Mortgage Securities, Series 2015-RRI, Class A, 1-month LIBOR + 1.250%, 2.477%, 5/15/2032, 144A(a)		478,473
	1,310,000	Commercial Mortgage Pass Through Certificates, Series 2012-LTRT, Class A2, 3.400%, 10/05/2030, 144A		1,311,828
	2,520,717	Commercial Mortgage Pass Through Certificates, Series 2014-FL5, Class A, 1-month LIBOR + 1.370%, 2.604%, 10/15/2031, 144A(a)		2,529,094
	1,488,000	Commercial Mortgage Pass Through Certificates, Series 2014-UBS2, Class A5, 3.961%, 3/10/2047		1,576,902
	4,282,000	Commercial Mortgage Pass Through Certificates, Series 2016-DC2, Class ASB, 3.550%, 2/10/2049		4,444,863
	1,399,000	DBUBS Mortgage Trust, Series 2011-LC2A, Class A4, 4.537%, 7/10/2044, 144A		1,489,869
	1,177,707	GP Portfolio Trust, Series 2014-GPP, Class A, 1-month LIBOR + 1.200%, 2.427%, 2/15/2027, 144A(a)		1,180,319
	2,600,000	Hudsons Bay Simon JV Trust, Series 2015-HB7, Class A7, 3.914%, 8/05/2034, 144A		2,633,376
	5,535,000	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2014-CBM, Class A, 1-month LIBOR + 0.900%, 2.134%, 10/15/2029, 144A(a)		5,536,727
	202,755	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-FL5, Class A, 1-month LIBOR + 0.980%, 2.207%, 7/15/2031, 144A(a)		203,059
	3,633,627	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2015-SGP, Class A, 1-month LIBOR + 1.700%, 2.927%, 7/15/2036, 144A(a)		3,641,569
	1,040,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C8, Class A4, 3.134%, 12/15/2048		1,069,135
	3,700,000	Starwood Retail Property Trust, Inc., 1-month LIBOR + 1.220%, 2.454%, 11/15/2027, 144A(a)		3,692,613
				33,250,947
		Sovereigns — 0.3%
	1,955,000	U.S. Department of Housing and Urban Development, Series 4, 1.880%, 8/01/2019		1,966,104

See accompanying notes to financial statements.

59  |

Portfolio of Investments – as of September 30, 2017

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

Principal Amount		Description	Value (†)
		Treasuries — 23.1%
$	7,100,000	U.S. Treasury Note, 0.875%, 7/31/2019	$	7,025,949
	20,395,000	U.S. Treasury Note, 1.125%, 6/30/2021		19,923,366
	25,890,000	U.S. Treasury Note, 1.125%, 8/31/2021		25,234,659
	4,145,000	U.S. Treasury Note, 1.375%, 1/31/2021		4,101,121
	8,460,000	U.S. Treasury Note, 1.750%, 6/30/2022		8,398,202
	9,730,000	U.S. Treasury Note, 1.750%, 9/30/2022		9,640,302
	7,895,000	U.S. Treasury Note, 1.875%, 4/30/2022		7,887,907
	1,395,000	U.S. Treasury Note, 1.875%, 7/31/2022		1,391,949
	17,015,000	U.S. Treasury Note, 2.000%, 12/31/2021		17,120,679
	16,230,000	U.S. Treasury Note, 2.125%, 9/30/2024		16,186,889
	14,520,000	U.S. Treasury Note, 2.000%, 11/15/2026		14,149,627
	13,945,000	U.S. Treasury Note, 2.125%, 9/30/2021		14,113,865
	26,120,000	U.S. Treasury Note, 2.250%, 1/31/2024		26,349,570
				171,524,085
		Total Bonds and Notes (Identified Cost $694,606,720)		686,177,882
	Short-Term Investments — 13.0%
	7,310,000	Federal Home Loan Bank Discount Notes, 0.850%-0.990%, 10/02/2017(f)		7,310,000
	7,435,000	Federal Home Loan Bank Discount Notes, 0.950%, 10/05/2017(f)		7,434,383
	6,755,000	Federal Home Loan Bank Discount Notes, 0.950%, 10/06/2017(f)		6,754,257
	16,250,000	Federal Home Loan Bank Discount Notes, 0.985%, 10/31/2017(f)		16,237,032
	9,805,000	Federal Home Loan Bank Discount Notes, 1.070%, 11/02/2017(f)		9,796,558
	33,360,000	Federal National Mortgage Association Discount Notes, 0.900%-0.950%, 10/02/2017(f)		33,360,000
	4,131,975	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/29/2017 at 0.340% to be repurchased at $4,132,092 on 10/02/2017 collateralized by $4,005,000 U.S. Treasury Inflation Note, 0.125% due 4/15/2020 valued at $4,214,930 including accrued interest (Note 2 of Notes to Financial Statements)		4,131,975
	1,390,000	U.S. Treasury Bills, 1.025%, 12/07/2017(f)		1,387,490
	9,795,000	U.S. Treasury Bills, 1.036%, 02/01/2018(f)		9,759,648
		Total Short-Term Investments (Identified Cost $96,169,819)		96,171,343
		Total Investments — 105.5% (Identified Cost $790,776,539)		782,349,225
		Other assets less liabilities — (5.5)%		(40,581,627	)
		Net Assets — 100.0%	$	741,767,598
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Variable rate security. Rate as of September 30, 2017 is disclosed.
	(b)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
	(c)	Fair valued by the Fund’s adviser. At September 30, 2017, the value of these securities amounted to $274,554 or less than 0.1% of net assets. See Note 2 of Notes to Financial Statements.

See accompanying notes to financial statements.

|  60

Portfolio of Investments – as of September 30, 2017

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

(d)	Security represents right to receive monthly interest payments on an underlying pool of mortgages. Principal shown is the outstanding par amount of the pool held as of the end of the period.
(e)	The Fund’s investment in mortgage related securities of Federal Home Loan Mortgage Corporation, Federal National Mortgage Association and Government National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
(f)	Interest rate represents discount rate at time of purchase; not a coupon rate.
(g)	Variable rate security. The interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate as of September 30, 2017 is disclosed.
144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2017, the value of Rule 144A holdings amounted to $44,704,539 or 6.0% of net assets.
ABS	Asset-Backed Securities
ARMs	Adjustable Rate Mortgages
CMT	Constant Maturity Treasuries
COFI	Cost Of Funds Index
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
LIBOR	London Interbank Offered Rate
MTA	Monthly Treasury Average Index
REMIC	Real Estate Mortgage Investment Conduit

Industry Summary at September 30, 2017

Treasuries	23.1	%
Agency Commercial Mortgage-Backed Securities	16.9
Mortgage Related	16.7
Collateralized Mortgage Obligations	16.1
Hybrid ARMs	12.4
Non-Agency Commercial Mortgage-Backed Securities	4.5
ABS Car Loan	2.0
Other Investments, less than 2% each	0.8
Short-Term Investments	13.0
Total Investments	105.5
Other assets less liabilities	(5.5	)
Net Assets	100.0	%

See accompanying notes to financial statements.

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Statements of Assets and Liabilities

September 30, 2017

	High Income Fund			Intermediate Duration Bond Fund			Limited Term Government and Agency Fund
ASSETS
Investments at cost	$	175,670,510		$	180,394,572		$	790,776,539
Net unrealized appreciation (depreciation)		941,505			(84,520	)		(8,427,314	)
Investments at value		176,612,015			180,310,052			782,349,225
Cash		62,338			4,057,303			—
Due from brokers (Note 2)		—			60,000			—
Foreign currency at value (identified cost $40,801, $0 and $0, respectively)		41,276			—			—
Receivable for Fund shares sold		813,835			365,354			1,027,897
Receivable for securities sold		228,039			5,471,875			42,397,492
Dividends and interest receivable		2,385,968			652,050			2,583,787
Tax reclaims receivable		1,280			305			—
Prepaid expenses (Note 8)		232			247			731
TOTAL ASSETS		180,144,983			190,917,186			828,359,132
LIABILITIES
Payable for securities purchased		573,104			10,959,923			84,188,709
Payable for Fund shares redeemed		65,462			27,312			1,456,159
Payable for variation margin on futures contracts (Note 2)		—			13,125			—
Distributions payable		—			—			229,846
Management fees payable (Note 6)		67,126			11,066			209,625
Deferred Trustees’ fees (Note 6)		149,738			102,583			297,934
Administrative fees payable (Note 6)		6,532			6,698			27,431
Payable to distributor (Note 6d)		2,420			1,262			4,522
Other accounts payable and accrued expenses		72,688			74,950			177,308
TOTAL LIABILITIES		937,070			11,196,919			86,591,534
NET ASSETS	$	179,207,913		$	179,720,267		$	741,767,598
NET ASSETS CONSIST OF:
Paid-in capital	$	179,763,967		$	181,077,241		$	771,874,059
Undistributed (Distributions in excess of) net investment income		(357,359	)		(24,507	)		367,737
Accumulated net realized loss on investments, forward foreign currency contracts and foreign currency transactions		(1,139,590	)		(1,144,672	)		(22,046,884	)
Net unrealized appreciation (depreciation) on investments, futures contracts and foreign currency translations		940,895			(187,795	)		(8,427,314	)
NET ASSETS	$	179,207,913		$	179,720,267		$	741,767,598

See accompanying notes to financial statements.

63  |

Statements of Assets and Liabilities (continued)

September 30, 2017

	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	$	34,039,331		$	21,827,511	$	336,226,724
Shares of beneficial interest		7,783,979			2,120,486		29,694,359
Net asset value and redemption price per share	$	4.37		$	10.29	$	11.32
Offering price per share (100/[100-maximum sales charge] of net asset value) (Note 1)	$	4.56		$	10.75	$	11.58
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	11,227,332		$	3,225,055	$	43,319,090
Shares of beneficial interest		2,560,461			313,176		3,822,512
Net asset value and offering price per share	$	4.38		$	10.30	$	11.33
Class N shares:
Net assets	$	1,092		$	—	$	1,899,604
Shares of beneficial interest		250			—		167,284
Net asset value, offering and redemption price per share	$	4.36	(a)	$	—	$	11.36
Class Y shares:
Net assets	$	133,940,158		$	154,667,701	$	360,322,180
Shares of beneficial interest		30,708,845			15,030,498		31,720,255
Net asset value, offering and redemption price per share	$	4.36		$	10.29	$	11.36

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

See accompanying notes to financial statements.

|  64

Statements of Operations

For the Year Ended September 30, 2017

	High Income Fund			Intermediate Duration Bond Fund			Limited Term Government and Agency Fund
INVESTMENT INCOME
Interest	$	10,124,492		$	4,137,730		$	11,940,183
Dividends		519,832			—			—
Less net foreign taxes withheld		(7,820	)		(139	)		—
		10,636,504			4,137,591			11,940,183
Expenses
Management fees (Note 6)		1,042,422			443,227			2,966,461
Service and distribution fees (Note 6)		204,814			82,291			1,520,083
Administrative fees (Note 6)		77,527			79,109			362,331
Trustees’ fees and expenses (Note 6)		36,722			31,504			68,823
Transfer agent fees and expenses (Notes 6 and 7)		214,608			81,778			731,628
Audit and tax services fees		54,578			62,586			56,782
Custodian fees and expenses		24,746			22,464			45,088
Legal fees		3,832			3,893			18,715
Registration fees		64,371			72,653			111,097
Shareholder reporting expenses		34,566			26,480			83,156
Miscellaneous expenses (Note 8)		16,483			14,278			39,212
Total expenses		1,774,669			920,263			6,003,376
Less waiver and/or expense reimbursement (Note 6)		(115,021	)		(128,732	)		(17,792	)
Net expenses		1,659,648			791,531			5,985,584
Net investment income		8,976,856			3,346,060			5,954,599
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FORWARD FOREIGN CURRENCY CONTRACTS, FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		825,959			(364,816	)		(1,193,894	)
Forward foreign currency contracts (Note 2d)		3,351			—			—
Foreign currency transactions (Note 2c)		9,540			—			—
Net change in unrealized appreciation (depreciation) on:
Investments		3,998,872			(1,410,095	)		(5,444,007	)
Forward foreign currency contracts (Note 2d)		(233	)		—			—
Futures contracts		—			(103,275	)		—
Foreign currency translations (Note 2c)		1,068			—			—
Net realized and unrealized gain (loss) on investments, forward foreign currency contracts, futures contracts and foreign currency transactions		4,838,557			(1,878,186	)		(6,637,901	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	13,815,413		$	1,467,874		$	(683,302	)

See accompanying notes to financial statements.

65  |

Statements of Changes in Net Assets

	High Income Fund						Intermediate Duration Bond Fund
	Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2017			Year Ended September 30, 2016
FROM OPERATIONS:
Net investment income	$	8,976,856		$	8,583,675		$	3,346,060		$	2,750,862
Net realized gain (loss) on investments, forward foreign currency contracts and foreign currency transactions		838,850			(5,345,683	)		(364,816	)		1,570,969
Net change in unrealized appreciation (depreciation) on investments, futures contracts, forward foreign currency contracts and foreign currency translations		3,999,707			13,406,022			(1,513,370	)		1,160,767
Net increase in net assets resulting from operations		13,815,413			16,644,014			1,467,874			5,482,598
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(1,577,362	)		(1,391,187	)		(390,277	)		(390,657	)
Class B(a)		—			(14	)		—			—
Class C		(453,429	)		(384,341	)		(36,839	)		(1	)
Class N		(41	)		—			—			—
Class Y		(6,175,066	)		(4,855,484	)		(3,322,106	)		(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		(8,205,898	)		(7,015,712	)		(5,012,106	)		(3,295,835	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(2,678,063	)		(670,213	)		21,450,975			52,609,062
Net increase in net assets		2,931,452			8,958,089			17,906,743			54,795,825
NET ASSETS
Beginning of the year		176,276,461			167,318,372			161,813,524			107,017,699
End of the year	$	179,207,913		$	176,276,461		$	179,720,267		$	161,813,524
DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME	$	(357,359	)	$	(462,119	)	$	(24,507	)	$	(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.

|  66

Statements of Changes in Net Assets (continued)

	Limited Term Government and Agency Fund
	Year Ended September 30, 2017			Year Ended September 30, 2016
FROM OPERATIONS:
Net investment income	$	5,954,599		$	9,196,702
Net realized gain (loss) on investments		(1,193,894	)		2,246,153
Net change in unrealized appreciation (depreciation) on investments		(5,444,007	)		(2,140,764	)
Net increase (decrease) in net assets resulting from operations		(683,302	)		9,302,091
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(6,178,474	)		(5,792,542	)
Class B(a)		—			(5,359	)
Class C		(492,969	)		(543,862	)
Class N		(19,353	)		—
Class Y		(6,976,388	)		(7,311,896	)
Total distributions		(13,667,184	)		(13,653,659	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(171,478,152	)		88,093,679
Net increase (decrease) in net assets		(185,828,638	)		83,742,111
NET ASSETS
Beginning of the year		927,596,236			843,854,125
End of the year	$	741,767,598		$	927,596,236
UNDISTRIBUTED NET INVESTMENT INCOME	$	367,737		$	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.

67  |

Financial Highlights

For a share outstanding throughout each period.

	High Income Fund—Class A
	Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	4.23		$	3.99		$	4.49		$	4.59		$	4.60
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.22			0.20			0.19			0.21			0.24
Net realized and unrealized gain (loss)		0.12			0.21			(0.39	)		0.17			0.03
Total from Investment Operations		0.34			0.41			(0.20	)		0.38			0.27
LESS DISTRIBUTIONS FROM:
Net investment income		(0.20	)		(0.16	)		(0.19	)		(0.22	)		(0.27	)
Net realized capital gains		—			(0.01	)		(0.11	)		(0.26	)		(0.01	)
Total Distributions		(0.20	)		(0.17	)		(0.30	)		(0.48	)		(0.28	)
Net asset value, end of the period	$	4.37		$	4.23		$	3.99		$	4.49		$	4.59
Total return(b)		8.17	%(c)		10.66	%(c)		(4.78	)%(c)		8.42	%		6.27	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	34,039		$	34,820		$	37,870		$	42,630		$	45,791
Net expenses		1.09	%(d)(e)		1.10	%(d)		1.11	%(d)(f)		1.14	%		1.15	%(g)
Gross expenses		1.15	%		1.14	%		1.13	%		1.14	%		1.15	%(g)
Net investment income		5.03	%		5.16	%		4.41	%		4.57	%		5.11	%
Portfolio turnover rate		46	%		38	%		69	%		59	%		47	%

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

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

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

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

(e) Effective July 1, 2017, the expense limit decreased to 1.05%.

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

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

See accompanying notes to financial statements.

|  68

Financial Highlights (continued)

For a share outstanding throughout each period.

	High Income Fund—Class C
	Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	4.24		$	4.00		$	4.50		$	4.61		$	4.61
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.18			0.18			0.16			0.18			0.21
Net realized and unrealized gain (loss)		0.12			0.20			(0.39	)		0.16			0.04
Total from Investment Operations		0.30			0.38			(0.23	)		0.34			0.25
LESS DISTRIBUTIONS FROM:
Net investment income		(0.16	)		(0.13	)		(0.16	)		(0.19	)		(0.24	)
Net realized capital gains		—			(0.01	)		(0.11	)		(0.26	)		(0.01	)
Total Distributions		(0.16	)		(0.14	)		(0.27	)		(0.45	)		(0.25	)
Net asset value, end of the period	$	4.38		$	4.24		$	4.00		$	4.50		$	4.61
Total return(b)		7.33	%(c)		9.81	%(c)		(5.48	)%(c)		7.60	%		5.46	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	11,227		$	12,288		$	12,609		$	14,555		$	15,233
Net expenses		1.84	%(d)(e)		1.85	%(d)		1.86	%(d)(f)		1.89	%		1.90	%(g)
Gross expenses		1.90	%		1.89	%		1.88	%		1.89	%		1.90	%(g)
Net investment income		4.29	%		4.43	%		3.68	%		3.84	%		4.36	%
Portfolio turnover rate		46	%		38	%		69	%		59	%		47	%

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

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

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

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

(e) Effective July 1, 2017, the expense limit decreased to 1.80%.

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

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

See accompanying notes to financial statements.

69  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	High Income Fund—Class N
	Period Ended September 30, 2017*
Net asset value, beginning of the period	$	4.16
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.19
Net realized and unrealized gain (loss)		0.18
Total from Investment Operations		0.37
LESS DISTRIBUTIONS FROM:
Net investment income		(0.17	)
Net asset value, end of the period	$	4.36
Total return(b)(c)		8.99	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1
Net expenses(d)(e)(f)		0.75	%
Gross expenses(e)		31.73	%
Net investment income(e)		5.19	%
Portfolio turnover rate(g)		46	%

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

(f) Effective July 1, 2017, the expense limit decreased to 0.75%.

(g) Represents the Fund’s portfolio turnover rate for the year ended September 30, 2017.

See accompanying notes to financial statements.

|  70

Financial Highlights (continued)

For a share outstanding throughout each period.

	High Income Fund—Class Y
	Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	4.22		$	3.98		$	4.48		$	4.59		$	4.59
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.23			0.21			0.20			0.22			0.25
Net realized and unrealized gain (loss)		0.12			0.21			(0.39	)		0.16			0.04
Total from Investment Operations		0.35			0.42			(0.19	)		0.38			0.29
LESS DISTRIBUTIONS FROM:
Net investment income		(0.21	)		(0.17	)		(0.20	)		(0.23	)		(0.28	)
Net realized capital gains		—			(0.01	)		(0.11	)		(0.26	)		(0.01	)
Total Distributions		(0.21	)		(0.18	)		(0.31	)		(0.49	)		(0.29	)
Net asset value, end of the period	$	4.36		$	4.22		$	3.98		$	4.48		$	4.59
Total return		8.47	%(b)		10.98	%(b)		(4.54	)%(b)		8.72	%		6.56	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	133,940		$	129,169		$	116,837		$	125,185		$	108,170
Net expenses		0.84	%(c)(d)		0.85	%(c)		0.86	%(c)(e)		0.89	%		0.90	%(f)
Gross expenses		0.90	%		0.89	%		0.88	%		0.89	%		0.90	%(f)
Net investment income		5.28	%		5.43	%		4.67	%		4.83	%		5.37	%
Portfolio turnover rate		46	%		38	%		69	%		59	%		47	%

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

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

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

(d) Effective July 1, 2017, the expense limit decreased to 0.80%.

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

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

See accompanying notes to financial statements.

71  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Intermediate Duration Bond Fund—Class A*
	Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	10.52		$	10.39		$	10.39		$	10.34		$	10.80
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.17			0.20			0.20			0.22			0.18
Net realized and unrealized gain (loss)		(0.12	)		0.17			0.03			0.11			(0.23	)
Total from Investment Operations		0.05			0.37			0.23			0.33			(0.05	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.20	)		(0.21	)		(0.22	)		(0.25	)		(0.24	)
Net realized capital gains		(0.08	)		(0.03	)		(0.01	)		(0.03	)		(0.17	)
Total Distributions		(0.28	)		(0.24	)		(0.23	)		(0.28	)		(0.41	)
Net asset value, end of the period	$	10.29		$	10.52		$	10.39		$	10.39		$	10.34
Total return(b)(c)		0.44	%		3.64	%		2.17	%		3.24	%		(0.46	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	21,828		$	19,327		$	18,425		$	5,931		$	5,601
Net expenses(d)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Gross expenses		0.72	%		0.72	%		0.71	%		0.85	%		0.79	%
Net investment income		1.69	%		1.89	%		1.93	%		2.07	%		1.71	%
Portfolio turnover rate		216	%		151	%		151	%		134	%		124	%

* Effective August 31, 2016, Retail Class shares were redesignated as Class A shares. See Note 1 of Notes to Financial Statements.

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

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

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

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

See accompanying notes to financial statements.

|  72

Financial Highlights (continued)

For a share outstanding throughout each period.

	Intermediate Duration Bond Fund—Class C
	Year Ended September 30, 2017			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)		0.10			0.01
Net realized and unrealized gain (loss)		(0.13	)		0.00	(b)
Total from Investment Operations		(0.03	)		0.01
LESS DISTRIBUTIONS FROM:
Net investment income		(0.12	)		(0.01	)
Net realized capital gains		(0.08	)		—
Total Distributions		(0.20	)		(0.01	)
Net asset value, end of the period	$	10.30		$	10.53
Total return(c)(d)		(0.29	)%		0.08	%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	3,225		$	3,088
Net expenses(f)		1.40	%		1.40	%(g)
Gross expenses		1.48	%		1.56	%(g)
Net investment income		0.95	%		0.86	%(g)
Portfolio turnover rate		216	%		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.

73  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Intermediate Duration Bond Fund—Class Y*
	Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	10.52		$	10.39		$	10.39		$	10.33		$	10.80
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.20			0.22			0.22			0.24			0.21
Net realized and unrealized gain (loss)		(0.13	)		0.18			0.04			0.12			(0.24	)
Total from Investment Operations		0.07			0.40			0.26			0.36			(0.03	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.22	)		(0.24	)		(0.25	)		(0.27	)		(0.27	)
Net realized capital gains		(0.08	)		(0.03	)		(0.01	)		(0.03	)		(0.17	)
Total Distributions		(0.30	)		(0.27	)		(0.26	)		(0.30	)		(0.44	)
Net asset value, end of the period	$	10.29		$	10.52		$	10.39		$	10.39		$	10.33
Total return(b)		0.69	%		3.90	%		2.42	%		3.60	%		(0.30	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	154,668		$	139,398		$	88,592		$	66,759		$	66,424
Net expenses(c)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Gross expenses		0.47	%		0.47	%		0.47	%		0.57	%		0.48	%
Net investment income		1.93	%		2.11	%		2.15	%		2.31	%		1.97	%
Portfolio turnover rate		216	%		151	%		151	%		134	%		124	%

* Effective August 31, 2016, Institutional Class shares were redesignated as Class Y shares. See Note 1 of Notes to Financial Statements.

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

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

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

See accompanying notes to financial statements.

|  74

Financial Highlights (continued)

For a share outstanding throughout each period.

	Limited Term Government and Agency Fund—Class A
	Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	11.51		$	11.57		$	11.61		$	11.68		$	12.04
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.08			0.11			0.14			0.16			0.13
Net realized and unrealized gain (loss)		(0.09	)		0.00	(b)		0.01	(c)		0.01			(0.23	)
Total from Investment Operations		(0.01	)		0.11			0.15			0.17			(0.10	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.18	)		(0.17	)		(0.19	)		(0.24	)		(0.26	)
Net realized capital gains		—			—			—			—			(0.00	)(b)
Paid-in capital		—			—			—			—			(0.00	)(b)
Total Distributions		(0.18	)		(0.17	)		(0.19	)		(0.24	)		(0.26	)
Net asset value, end of the period	$	11.32		$	11.51		$	11.57		$	11.61		$	11.68
Total return(d)		(0.04	)%		0.93	%		1.26	%		1.44	%		(0.81	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	336,227		$	442,671		$	346,317		$	314,360		$	355,212
Net expenses		0.80	%		0.77	%		0.77	%		0.80	%(e)		0.87	%(f)
Gross expenses		0.80	%		0.77	%		0.77	%		0.80	%(e)		0.87	%(f)
Net investment income		0.67	%		0.96	%		1.21	%		1.35	%		1.11	%
Portfolio turnover rate		126	%		109	%(g)		48	%		24	%		39	%

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

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

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

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

(g) 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.

75  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Limited Term Government and Agency Fund— Class C
	Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	11.52		$	11.58		$	11.62		$	11.69		$	12.05
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.01	)		0.02			0.05			0.07			0.04
Net realized and unrealized gain (loss)		(0.08	)		0.00	(b)		0.01	(c)		0.01			(0.23	)
Total from Investment Operations		(0.09	)		0.02			0.06			0.08			(0.19	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.10	)		(0.08	)		(0.10	)		(0.15	)		(0.17	)
Net realized capital gains		—			—			—			—			(0.00	)(b)
Paid-in capital		—			—			—			—			(0.00	)(b)
Total Distributions		(0.10	)		(0.08	)		(0.10	)		(0.15	)		(0.17	)
Net asset value, end of the period	$	11.33		$	11.52		$	11.58		$	11.62		$	11.69
Total return(d)		(0.79	)%		0.18	%		0.51	%		0.69	%		(1.55	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	43,319		$	73,027		$	63,167		$	56,936		$	71,963
Net expenses		1.55	%		1.52	%		1.53	%		1.55	%(e)		1.62	%(f)
Gross expenses		1.55	%		1.52	%		1.53	%		1.55	%(e)		1.62	%(f)
Net investment income (loss)		(0.09	)%		0.21	%		0.47	%		0.61	%		0.36	%
Portfolio turnover rate		126	%		109	%(g)		48	%		24	%		39	%

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

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

(g) The 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.

|  76

Financial Highlights (continued)

For a share outstanding throughout each period.

	Limited Term Government and Agency Fund—Class N
	Period Ended September 30, 2017*
Net asset value, beginning of the period	$	11.39
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.05
Net realized and unrealized gain (loss)(b)		0.08
Total from Investment Operations		0.13
LESS DISTRIBUTIONS FROM:
Net investment income		(0.16	)
Net asset value, end of the period	$	11.36
Total return(c)(d)		1.12	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,900
Net expenses(e)(f)		0.47	%
Gross expenses(f)		0.50	%
Net investment income(f)		0.64	%
Portfolio turnover rate(g)		126	%

* From commencement of Class operations on February 1, 2017 through September 30, 2017.

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

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

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

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

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

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

(g) Represents the Fund’s portfolio turnover rate for the year ended September 30, 2017.

See accompanying notes to financial statements.

77  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Limited Term Government and Agency Fund—Class Y
	Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	11.55		$	11.61		$	11.65		$	11.72		$	12.08
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.11			0.14			0.17			0.18			0.16
Net realized and unrealized gain (loss)		(0.09	)		0.00	(b)		0.01	(c)		0.02			(0.23	)
Total from Investment Operations		0.02			0.14			0.18			0.20			(0.07	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.21	)		(0.20	)		(0.22	)		(0.27	)		(0.29	)
Net realized capital gains		—			—			—			—			(0.00	)(b)
Paid-in capital		—			—			—			—			(0.00	)(b)
Total Distributions		(0.21	)		(0.20	)		(0.22	)		(0.27	)		(0.29	)
Net asset value, end of the period	$	11.36		$	11.55		$	11.61		$	11.65		$	11.72
Total return		0.22	%		1.19	%		1.51	%		1.70	%		(0.56	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	360,322		$	411,898		$	431,727		$	330,224		$	252,127
Net expenses		0.55	%		0.52	%		0.52	%		0.55	%(d)		0.62	%(e)
Gross expenses		0.55	%		0.52	%		0.52	%		0.55	%(d)		0.62	%(e)
Net investment income		0.92	%		1.20	%		1.45	%		1.58	%		1.35	%
Portfolio turnover rate		126	%		109	%(f)		48	%		24	%		39	%

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

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

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

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

(f) 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.

|  78

Notes to Financial Statements

September 30, 2017

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. Class T shares of the Funds are not currently available for purchase. 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 offered with an initial minimum 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 and Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”), and Natixis ETF Trust. Expenses of a Fund are borne pro rata by the holders of each class of shares, except that each class bears expenses unique to that class (such as the Rule 12b-1 fees applicable to Class A and

79  |

Notes to Financial Statements (continued)

September 30, 2017

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 year-end through the date the financial statements were issued and has determined that there were no material events that would require disclosure in the Funds’ financial statements.

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

|  80

Notes to Financial Statements (continued)

September 30, 2017

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 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 pursuant to the Funds’ pricing policies and procedures.

As of September 30, 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	$	3,391,903		1.9	%	$	2,031,952		1.1	%
Limited Term Government and Agency Fund		—		—			274,554		Less than 0.1	%

81  |

Notes to Financial Statements (continued)

September 30, 2017

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 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,

|  82

Notes to Financial Statements (continued)

September 30, 2017

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 year ended September 30, 2017, the amount of income available to be distributed by High Income Fund has been reduced by $876,336, as a result of losses arising from changes in exchange rates.

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

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

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

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

83  |

Notes to Financial Statements (continued)

September 30, 2017

which may limit a Fund’s ability to close out a futures contract prior to settlement date, and unanticipated movements in the value of securities or interest rates.

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

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

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

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September 30, 2017

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 year ended September 30, 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 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.

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There were no when-issued or delayed delivery securities held by the Funds as of September 30, 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 September 30, 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 twelve months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

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

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

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September 30, 2017

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, futures contracts mark-to-market, 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 years ended September 30, 2017 and 2016 was as follows:

	2017 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
High Income Fund	$	8,205,898	$	—	$	8,205,898
Intermediate Duration Bond Fund		4,972,573		39,533		5,012,106
Limited Term Government and Agency Fund		13,667,184		—		13,667,184

	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.

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September 30, 2017

As of September 30, 2017, the components of distributable earnings on a tax basis were as follows:

	High Income Fund			Intermediate Duration Bond Fund			Limited Term Government and Agency Fund
Undistributed ordinary income	$	—		$	78,076		$	895,518
Capital loss carryforward:
Short-term:
No expiration date		—			—			(1,659,130	)
Long-term:
No expiration date		(1,006,154	)		—			(20,182,527	)
Total capital loss carryforward		(1,006,154	)		—			(21,841,657	)
Late-year ordinary and post-October* capital loss deferrals		(2,258	)		(1,131,587	)		—
Unrealized appreciation (depreciation)		703,961			(200,880	)		(8,632,541	)
Total accumulated losses	$	(304,451	)	$	(1,254,391	)	$	(29,578,680	)
Capital loss carryforward utilized in the current year	$	1,559,466		$	—		$	—

* 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. High Income Fund and Intermediate Duration Bond Fund are deferring foreign currency losses and capital losses, respectfully.

As of September 30, 2017, unrealized appreciation (depreciation) on a tax basis was as follows:

	High Income Fund			Intermediate Duration Bond Fund			Limited Term Government and Agency Fund
Unrealized appreciation (depreciation)
Investments	$	1,668,247		$	(200,880	)	$	(8,632,541	)
Foreign currency translations		(964,286	)		—			—
Total unrealized appreciation (depreciation)	$	703,961		$	(200,880	)	$	(8,632,541	)

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Notes to Financial Statements (continued)

September 30, 2017

As of September 30, 2017, the cost of investments (including derivatives, if applicable) and unrealized appreciation (depreciation) on a federal tax basis were as follows:

	High Income Fund			Intermediate Duration Bond Fund			Limited Term Government and Agency Fund
Federal tax cost	$	175,907,444		$	180,510,932		$	790,981,766
Gross tax appreciation	$	9,974,653		$	746,282		$	2,717,960
Gross tax depreciation		(9,270,082	)		(947,162	)		(11,350,501	)
Net tax appreciation (depreciation)	$	704,571		$	(200,880	)	$	(8,632,541	)

Differences between these amounts and those reported in the components of distributable earnings are primarily attributable to unrealized foreign exchange gains or losses.

j.  Repurchase Agreements.  Each Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which each Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is each Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities. As of September 30, 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.  Due 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 the Funds and the various broker/dealers. The due from broker balance in the Statement of Assets and Liabilities for Intermediate Duration Bond Fund represents cash pledged as initial margin for futures contracts. In certain circumstances the Fund’s use of cash held at brokers is restricted by regulation or broker mandated limits.

l.  Securities Lending.  The Funds have entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Funds, to lend securities to certain designated borrowers. The loans are collateralized with cash or securities in an amount equal to at least 105% or 102% of the market value (including

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September 30, 2017

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

For the year ended September 30, 2017, none of the Funds had loaned securities under this agreement.

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

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

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

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

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

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

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September 30, 2017

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.

The following is a summary of the inputs used to value the Funds’ investments as of September 30, 2017, at value:

High Income Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
Home Construction	$	—	$	3,676,711	$	12	(c)	$	3,676,723
Non-Agency Commercial Mortgage-Backed Securities		—		1,513,686		939,675	(b)		2,453,361
All Other Non-Convertible Bonds(a)		—		140,072,079		—			140,072,079
Total Non-Convertible Bonds		—		145,262,476		939,687			146,202,163
Convertible Bonds(a)		—		15,728,355		—			15,728,355
Total Bonds and Notes		—		160,990,831		939,687			161,930,518

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September 30, 2017

High Income Fund (continued)

Asset Valuation Inputs (continued)

Description	Level 1		Level 2		Level 3			Total
Senior Loans	$	—	$	1,320,443	$	—		$	1,320,443
Preferred Stocks
Convertible Preferred Stocks
Food & Beverage		—		958,086		—			958,086
Midstream		—		693,227		—			693,227
All Other Convertible Preferred Stocks(a)		204,125		—		—			204,125
Total Convertible Preferred Stocks		204,125		1,651,313		—			1,855,438
Non-Convertible Preferred Stocks(a)		527,723		—		—			527,723
Total Preferred Stocks		731,848		1,651,313		—			2,383,161
Other Investments(a)		—		—		1,853,562	(d)		1,853,562
Common Stocks
Media		—		—		23,855	(d)		23,855
Oil, Gas & Consumable Fuels		2,350,649		—		154,523	(d)		2,505,172
All Other Common Stocks(a)		353,056		—		—			353,056
Total Common Stocks		2,703,705		—		178,378			2,882,083
Warrants		1,940		—		—	(e)		1,940
Short-Term Investments		—		6,240,308		—			6,240,308
Total	$	3,437,493	$	170,202,895	$	2,971,627		$	176,612,015

(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 3 inputs.

A preferred stock valued at $324,791 was transferred from Level 1 to Level 2 during the period ended September 30, 2017. At September 30, 2016, this security was valued at the last sale price in accordance with the Fund’s valuation policies. At September 30, 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.

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September 30, 2017

Intermediate Duration Bond Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Bonds and Notes(a)	$	—	$	177,917,265	$	—	$	177,917,265
Short-Term Investments		—		2,392,787		—		2,392,787
Total	$	—	$	180,310,052	$	—	$	180,310,052

Liability Valuation Inputs

Description	Level 1			Level 2		Level 3		Total
Futures Contracts (unrealized depreciation)		$    (103,275	)	$	—	$	—		$    (103,275	)

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

Limited Term Government and Agency Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Collateralized Mortgage Obligations	$	—	$	119,518,153	$	274,554	(b)	$	119,792,707
All Other Non-Convertible Bonds(a)		—		566,385,175		—			566,385,175
Total Bonds and Notes		—		685,903,328		274,554			686,177,882
Short-Term Investments		—		96,171,343		—			96,171,343
Total	$	—	$	782,074,671	$	274,554		$	782,349,225

(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.

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September 30, 2017

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 September 30, 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	$	—	$	—		$	—		$	—
Government Owned - No Guarantee		594,150		—		—			—			—
Home Construction		23		24,356		(1,039,996	)		1,015,651			—
Non-Agency Commercial Mortgage-Backed Securities		908,874		—		—			30,801			—
Senior Loans
Wirelines		150,561		57		550			8,156			—
Other Investments
Aircraft ABS		985,586		—		—			26,476			1,841,500
Common Stocks
Media		8,177		—		—			15,678			—
Oil, Gas & Consumable Fuels		—		—		(69	)		(1,036,840	)		1,191,432
Warrants		5,383		—		—			—			—
Total	$	2,751,458	$	24,413	$	(1,039,515	)	$	59,922		$	3,032,932

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September 30, 2017

High Income Fund (continued)

Asset Valuation Inputs (continued)

Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of September 30, 2017			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at September 30, 2017
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	—		$	—	$	(98,704	)	$	—		$	—
Government Owned - No Guarantee		—			—		(594,150	)		—			—
Home Construction		(22	)		—		—			12			(21,186	)
Non-Agency Commercial Mortgage-Backed Securities		—			—		—			939,675			30,801
Senior Loans
Wirelines		(159,324	)		—		—			—			—
Other Investments
Aircraft ABS		(1,000,000	)		—		—			1,853,562			12,062
Common Stocks
Media		—			—		—			23,855			15,678
Oil, Gas & Consumable Fuels		—			—		—			154,523			(1,036,840	)
Warrants		—			—		(5,383	)		—	(a)		—
Total	$	(1,159,346	)	$	—	$	(698,237	)	$	2,971,627		$	(999,485	)

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

A debt security valued at $98,704 was transferred from Level 3 to Level 2 during the period ended September 30, 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 September 30, 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 $594,150 was transferred from Level 3 to Level 2 during the period ended September 30, 2017. At September 30, 2016, this security was valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent

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pricing service did not provide a reliable price for the security. At September 30, 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.

Warrants valued at $5,383 were transferred from Level 3 to Level 1 during the period ended September 30, 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 September 30, 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	$	—	$	—	$	—	$	—
ABS Home Equity		23,756		—		—		—		—
Total	$	463,498	$	—	$	—	$	—	$	—

Investments in Securities	Sales		Transfers into Level 3		Transfers out of Level 3			Balance as of September 30, 2017		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at September 30, 2017
Bonds and Notes
Non-Convertible Bonds
ABS Car Loan	$	—	$	—	$	(439,742	)	$	—	$	—
ABS Home Equity		—		—		(23,756	)		—		—
Total	$	—	$	—	$	(463,498	)	$	—	$	—

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Notes to Financial Statements (continued)

September 30, 2017

A debt security valued at $439,742 was transferred from Level 3 to Level 2 during the period ended September 30, 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 September 30, 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 $23,756 was transferred from Level 3 to Level 2 during the period ended September 30, 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 September 30, 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.

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		—		(2,045,169	)		1,626,193		—
Collateralized Mortgage Obligations		1,488,611		—		(53,757	)		61,699		—
Non-Agency Commercial Mortgage-Backed Securities		3,037,018		—		(3,950	)		6,932		—
Total	$	16,706,651	$	—	$	(2,102,876	)	$	1,694,824	$	—

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Limited Term Government and Agency Fund (continued)

Asset Valuation Inputs (continued)

Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of September 30, 2017		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at September 30, 2017
Bonds and Notes
ABS Student Loan	$	—		$	—	$	(400,000	)	$	—	$	—
Agency Commercial Mortgage-Backed Securities		(11,362,046	)		—		—			—		—
Collateralized Mortgage Obligations		(945,337	)		—		(276,662	)		274,554		2,994
Non-Agency Commercial Mortgage-Backed Securities		(3,040,000	)		—		—			—		—
Total	$	(15,347,383	)	$	—	$	(676,662	)	$	274,554	$	2,994

A debt security valued at $400,000 was transferred from Level 3 to Level 2 during the period ended September 30, 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 September 30, 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 $276,662 was transferred from Level 3 to Level 2 during the period ended September 30, 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 September 30, 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.

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 and Intermediate Duration Bond Fund used during the period include forward foreign currency contracts and futures contracts, respectfully.

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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 year ended September 30, 2017, High Income Fund engaged in forward foreign currency transactions for hedging purposes.

Intermediate Duration Bond Fund is subject to the risk that changes in interest rates will affect the value of the Fund’s investments in fixed-income securities. A Fund will be subject to increased interest rate risk to the extent that it invests in fixed-income securities with longer maturities or durations, as compared to investing in fixed-income securities with shorter maturities or durations. The Fund may use futures contracts to hedge against changes in interest rates and to manage its duration without having to buy or sell portfolio securities. During the year ended September 30, 2017, Intermediate Duration Bond Fund used futures contracts for hedging purposes and to manage duration.

The following is a summary of derivative instruments for Intermediate Duration Bond Fund as of September 30, 2017, as reflected within the Statements of Assets and Liabilities:

Liabilities	Unrealized depreciation on futures contracts
Exchange-traded/cleared liability derivatives
Interest rate contracts	$	(103,275	)

Transactions in derivative instruments for High Income Fund during the year ended September 30, 2017, as reflected within the Statements of Operations, were as follows:

Net Realized Gain (Loss) on:	Forward foreign currency contracts
Foreign exchange contracts	$	3,351
Net Change in Unrealized Appreciation (Depreciation) on:	Forward foreign currency contracts
Foreign exchange contracts	$	(233	)

Transactions in derivative instruments for Intermediate Duration Bond Fund during the year ended September 30, 2017, as reflected within the Statements of Operations, were as follows:

Net Change in Unrealized Appreciation (Depreciation) on:	Futures contracts
Interest rate contracts	$	(103,275	)

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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 and futures contract activity, as a percentage of net assets, based on gross month-end notional amounts outstanding during the period, including long and short positions at absolute value, was as follows for the year ended September 30, 2017:

High Income Fund	Forwards
Average Notional Amount Outstanding		0.08	%
Highest Notional Amount Outstanding		0.21	%
Lowest Notional Amount Outstanding		0.00	%
Notional Amount Outstanding as of September 30, 2017		0.00	%

Intermediate Duration Bond Fund	Futures
Average Notional Amount Outstanding		0.25	%
Highest Notional Amount Outstanding		5.23	%
Lowest Notional Amount Outstanding		0.00	%
Notional Amount Outstanding as of September 30, 2017		5.23	%

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

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

Over-the-counter derivatives, including forward foreign currency contracts, are entered into pursuant to International Swaps and Derivatives Association, Inc. (“ISDA”) agreements negotiated between the Funds and their counterparties. ISDA agreements typically contain, among other things, terms for the posting of collateral and master netting provisions in the event of a default or other termination event. Collateral is posted by a Fund or the counterparty to the extent of the net mark-to-market exposure to the other party of all open contracts under the agreement, subject to minimum transfer requirements. Master netting provisions allow the Funds and the counterparty, in the event of a default or other termination event, to offset amounts owed by each related to derivative contracts, including any posted collateral, to one net amount payable by either the Funds or the counterparty. The Funds’ ISDA agreements typically contain provisions that allow a counterparty to terminate open contracts early if the NAV of a Fund declines beyond a certain threshold. For financial

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September 30, 2017

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.

Counterparty risk is managed based on policies and procedures established by the Fund’s adviser. Such policies and procedures may include, but are not limited to, minimum counterparty credit rating requirements, monitoring of counterparty credit default swap spreads and posting of collateral. The Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the Fund’s aggregated unrealized gains and the amount of any collateral pledged to the counterparty, which may be offset by any collateral posted to the Fund by the counterparty. ISDA master agreements can help to manage counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under these ISDA agreements, collateral is routinely transferred if the total net exposure in respect of certain transactions, net of existing collateral already in place, exceeds a specified amount (typically $250,000, depending on the counterparty). With exchange-traded derivatives, there is minimal counterparty credit risk to the Fund because the exchange’s clearinghouse, as counterparty to these instruments, stands between the buyer and the seller of the contract. Credit risk still exists in exchange-traded derivatives with respect to initial and variation margin that is held in a broker’s customer accounts. While brokers are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro rata basis across all of the broker’s customers, potentially resulting in losses to the Fund. Based on balances reflected on the Fund’s Statement of Assets and Liabilities, the following table shows (i) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the Fund would incur if parties (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 Fund would incur after taking into account master netting provisions pursuant to ISDA agreements, as of September 30, 2017:

Fund	Maximum Amount of Loss - Gross		Maximum Amount of Loss - Net
Intermediate Duration Bond Fund	$	60,000	$	60,000

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September 30, 2017

5.  Purchases and Sales of Securities.  For the year ended September 30, 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	$	10,401,073	$	10,403,665	$	64,713,920	$	64,377,698
Intermediate Duration Bond Fund		162,854,260		173,805,354		239,880,334		204,713,816
Limited Term Government and Agency Fund		962,312,642		1,084,022,479		20,244,440		109,944,981

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	%

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, except for High Income Fund which is in effect until January 31, 2019, may be terminated before then only with the consent of the Funds’ Board of Trustees, and are reevaluated on an annual basis. Management fees payable, as reflected on the Statements of Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to these undertakings. Waivers/reimbursements that exceed management fees payable are reflected on the Statements of Assets and Liabilities as receivable from investment adviser.

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For the year ended September 30, 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		1.05	%		1.80	%		0.75	%		0.80	%
Intermediate Duration Bond Fund		0.65	%		1.40	%		—			0.40	%
Limited Term Government and Agency Fund		0.80	%		1.55	%		0.50	%		0.55	%

Prior to July 1, 2017, the expense limits as a percentage of average daily net assets under the expense limitation agreements for High Income Fund 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	%

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 year ended September 30, 2017, the management fees and waivers of management fees for each Fund were as follows:

Fund	Gross Management Fees		Contractual Waivers of Management Fees1		Net Management Fees		Percentage of Average Daily Net Assets
							Gross			Net
High Income Fund	$	1,042,422	$	25,903	$	1,016,519		0.60	%		0.59	%
Intermediate Duration Bond Fund		443,227		128,732		314,495		0.25	%		0.18	%
Limited Term Government and Agency Fund		2,966,461		—		2,966,461		0.37	%		0.37	%

For the year ended September 30, 2017, class-specific expenses have been reimbursed as follows:

	Reimbursement1
Fund	Class A		Class C		Class N		Class Y		Total
High Income Fund	$	17,605	$	5,947	$	—	$	65,295	$	88,847
Limited Term Government and Agency Fund		8,822		1,276		—		7,399		17,497

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

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September 30, 2017

No expenses were recovered for any of the Funds during the year ended September 30, 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 Investment Managers, L.P. (“Natixis”), which is part of Natixis Investment Managers, an international asset management group based in Paris, France.

b.  Service and Distribution Fees.  Natixis Distribution, L.P. (“Natixis Distribution), which is a wholly-owned subsidiary of Natixis, has entered into a distribution agreement with the Trusts. Pursuant to this agreement, Natixis 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 C shares (the “Class C Plans”).

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

For the year ended September 30, 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	$	86,056	$	29,690	$	89,068
Intermediate Duration Bond Fund		51,023		7,817		23,451
Limited Term Government and Agency Fund		952,802		141,820		425,461

c.  Administrative Fees.  Natixis Advisors, L.P. (“Natixis Advisors”) provides certain administrative services for the Funds and contracts with State Street Bank to serve as

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September 30, 2017

sub-administrator. Natixis Advisors is a wholly-owned subsidiary of Natixis. Pursuant to an agreement among Natixis Funds Trusts, Loomis Sayles Funds Trusts, Natixis ETF Trust and Natixis Advisors, each Fund pays Natixis Advisors monthly its pro rata portion of fees equal to an annual rate of 0.0575% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust, 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, Loomis Sayles Funds Trusts and Natixis ETF Trust of $10 million, which is reevaluated on an annual basis.

For the year ended September 30, 2017, the administrative fees for each Fund were as follows:

Fund	Administrative Fees
High Income Fund	$	77,527
Intermediate Duration Bond Fund		79,109
Limited Term Government and Agency Fund		362,331

d.  Sub-Transfer Agent Fees.  Natixis 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 Natixis Distribution for all or a portion of the servicing fees paid to these intermediaries. The reimbursement amounts (sub-transfer agent fees) paid to Natixis 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 year ended September 30, 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	$	186,259
Intermediate Duration Bond Fund		73,438
Limited Term Government and Agency Fund		405,446

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September 30, 2017

As of September 30, 2017, the Funds owe Natixis 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	$	2,420
Intermediate Duration Bond Fund		1,262
Limited Term Government and Agency Fund		4,522

Sub-transfer agent fees 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.

e.  Commissions.  Commissions (including CDSCs) on Fund shares retained by Natixis Distribution during the year ended September 30, 2017 were as follows:

Fund	Commissions
High Income Fund	$	5,340
Intermediate Duration Bond Fund		21
Limited Term Government and Agency Fund		17,560

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 Natixis Advisors, Natixis Distribution, Natixis 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, Loomis Sayles Funds Trusts and Natixis ETF Trust based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

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September 30, 2017

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

g.  Affiliated Ownership.  As of September 30, 2017, the percentage of each Fund’s net assets owned by affiliates is as follows:

High Income Fund	Percentage of Net Assets
Natixis Advisors	Less than 0.01%
Intermediate Duration Bond Fund	Percentage of Net Assets
Loomis Sayles Retirement Plan	0.65%
Limited Term Government and Agency Fund	Percentage of Net Assets
Loomis Sayles Retirement Plan	0.52%
Natixis Sustainable Future 2015 Fund	0.07%
Natixis Sustainable Future 2020 Fund	0.06%
Natixis Sustainable Future 2025 Fund	0.04%
Natixis Sustainable Future 2030 Fund	0.02%
Natixis Sustainable Future 2035 Fund	0.01%
Natixis Sustainable Future 2040 Fund	0.01%
Natixis Sustainable Future 2045 Fund	0.01%
Natixis Sustainable Future 2050 Fund	Less than 0.01%
Natixis Sustainable Future 2055 Fund	Less than 0.01%
Natixis Sustainable Future 2060 Fund	Less than 0.01%

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

h.  Reimbursement of Transfer Agent Fees and Expenses.  Natixis 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.

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For the year ended September 30, 2017, Natixis Advisors reimbursed the Funds for transfer agency expenses as follows:

Fund	Reimbursement of Transfer Agency Expenses
	Class N
High Income Fund	$	271
Limited Term Government and Agency Fund		295

7.  Class-Specific Transfer Agent Fees and Expenses.  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.

Intermediate Duration Bond Fund allocates transfer agent fees and expenses on a pro rata basis based on the relative net assets of each class to the total net assets of those classes.

For the period from November 30, 2016, commencement of Class N operations, through September 30, 2017, High Income Fund 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	$	35,584	$	12,187	$	271	$	131,560

For the period from February 1, 2017, commencement of Class N operations, through September 30, 2017, Limited Term Government and Agency Fund 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
Limited Term Government and Agency Fund	$	220,344	$	31,475	$	295	$	222,566

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 0.15% 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.

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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.

Prior to April 13, 2017, the commitment fee was 0.10% per annum based on the average daily unused portion of the line of credit.

For the year ended September 30, 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 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 September 30, 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 Ownership
High Income Fund		2		28.83	%
Intermediate Duration Bond Fund		3		21.25	%
Limited Term Government and Agency Fund		1		13.19	%

Omnibus shareholder accounts for which Natixis 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

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September 30, 2017

not have information on the individual shareholder accounts underlying the omnibus accounts; therefore, there could be other 5% shareholders in addition to those disclosed in the table above.

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

	Year Ended September 30, 2017					Year Ended September 30, 2016
High Income Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	2,869,491		$	12,272,049		5,509,748		$	22,242,447
Issued in connection with the reinvestment of distributions	306,554			1,311,455		299,177			1,169,586
Redeemed	(3,623,241	)		(15,504,179	)	(7,071,447	)		(28,018,252	)
Net change	(447,196	)	$	(1,920,675	)	(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	471,847		$	2,010,717		799,861		$	3,141,922
Issued in connection with the reinvestment of distributions	88,277			378,228		88,851			345,998
Redeemed	(897,288	)		(3,849,291	)	(1,144,474	)		(4,485,915	)
Net change	(337,164	)	$	(1,460,346	)	(255,762	)	$	(997,995	)
Class N(b)
Issued from the sale of shares	240		$	1,001		—		$	—
Issued in connection with the reinvestment of distributions	10			41		—			—
Net change	250		$	1,042		—		$	—
Class Y
Issued from the sale of shares	9,715,068		$	41,499,158		14,901,804		$	58,204,609
Issued in connection with the reinvestment of distributions	1,184,729			5,054,088		1,041,928			4,056,961
Redeemed	(10,799,917	)		(45,851,330	)	(14,689,863	)		(57,325,101	)
Net change	99,880		$	701,916		1,253,869		$	4,936,469
Increase (decrease) from capital share transactions	(684,230	)	$	(2,678,063	)	(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 September 30, 2017.

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Notes to Financial Statements (continued)

September 30, 2017

11.  Capital Shares (continued).

	Year Ended September 30, 2017					Year Ended September 30, 2016
Intermediate Duration Bond Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	495,534		$	5,098,171		525,035		$	5,443,679
Issued in connection with the reinvestment of distributions	51,612			528,641		43,720			453,187
Redeemed	(263,005	)		(2,708,601	)	(505,357	)		(5,247,036	)
Net change	284,141		$	2,918,211		63,398		$	649,830
Class C(a)
Issued from the sale of shares	14,097		$	144,076		293,283		$	3,088,274
Issued in connection with the reinvestment of distributions	5,796			59,316		—	(b)		1
Net change	19,893		$	203,392		293,283		$	3,088,275
Class Y
Issued from the sale of shares	6,045,802		$	62,224,245		7,746,460		$	80,334,377
Issued in connection with the reinvestment of distributions	342,222			3,505,355		231,356			2,401,500
Redeemed	(4,606,062	)		(47,400,228	)	(1,681,603	)		(17,455,864	)
Redeemed in-kind (Note 12)	—			—		(1,574,765	)		(16,409,056	)
Net change	1,781,962		$	18,329,372		4,721,448		$	48,870,957
Increase (decrease) from capital share transactions	2,085,996		$	21,450,975		5,078,129		$	52,609,062

(a) From commencement of Class operations on August 31, 2016 through September 30, 2016.

(b) Amount rounds to less than one share.

111  |

Notes to Financial Statements (continued)

September 30, 2017

11.  Capital Shares (continued).

	Year Ended September 30, 2017					Year Ended September 30, 2016
Limited Term Government and Agency Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	3,991,528		$	45,399,327		23,688,131		$	272,639,541
Issued in connection with the reinvestment of distributions	454,875			5,170,894		418,361			4,816,572
Redeemed	(13,213,781	)		(150,164,121	)	(15,575,978	)		(179,339,659	)
Net change	(8,767,378	)	$	(99,593,900	)	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	757,506		$	8,626,416		4,330,687		$	49,825,855
Issued in connection with the reinvestment of distributions	29,711			337,959		29,632			341,361
Redeemed	(3,304,176	)		(37,593,668	)	(3,475,708	)		(40,028,796	)
Net change	(2,516,959	)	$	(28,629,293	)	884,611		$	10,138,420
Class N(b)
Issued from the sale of shares	166,111		$	1,892,253		—		$	—
Issued in connection with the reinvestment of distributions	1,700			19,353		—			—
Redeemed	(527	)		(5,984	)	—			—
Net change	167,284		$	1,905,622		—		$	—
Class Y
Issued from the sale of shares	13,725,909		$	156,563,024		22,122,240		$	255,439,801
Issued in connection with the reinvestment of distributions	431,654			4,921,367		391,770			4,524,155
Redeemed	(18,111,061	)		(206,644,972	)	(24,037,266	)		(277,502,192	)
Net change	(3,953,498	)	$	(45,160,581	)	(1,523,256	)	$	(17,538,236	)
Increase (decrease) from capital share transactions	(15,070,551	)	$	(171,478,152	)	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 September 30, 2017.

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Notes to Financial Statements (continued)

September 30, 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. For the year ended September 30, 2016, Intermediate Duration Bond Fund participated in a redemption in-kind transaction. For the year ended September 30, 2017, none of the Funds participated in redemption in-kind transactions.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Loomis Sayles Funds I and Loomis Sayles Funds II and Shareholders of Loomis Sayles Intermediate Duration Bond Fund, Loomis Sayles High Income Fund and Loomis Sayles Limited Term Government and Agency Fund:

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Loomis Sayles Intermediate Duration Fixed Income Fund, a series of Loomis Sayles Funds I, and Loomis Sayles High Income Fund and Loomis Sayles Limited Term Government and Agency Fund, each a series of Loomis Sayles Funds II, (collectively, the “Funds”) as of September 30, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of September 30, 2017 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

November 21, 2017

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2017 U.S. Tax Distribution Information to Shareholders (Unaudited)

Corporate Dividends Received Deduction.  For the fiscal year ended September 30, 2017, a percentage of dividends distributed by the Funds listed below qualify for the dividends received deduction for corporate shareholders. These percentages are as follows:

Fund	Qualifying Percentage
High Income		4.20	%

Capital Gains Distributions.  Pursuant to Internal Revenue Section 852(b), the following Funds paid distributions, which have been designated as capital gains distributions for the fiscal year ended September 30, 2017, unless subsequently determined to be different.

Fund	Amount
Intermediate Duration Bond	$	39,533

Qualified Dividend Income.  For the fiscal year ended September 30, 2017, the Funds below will designate up to the maximum amount allowable pursuant to the Internal Revenue Code as qualified dividend income eligible for reduced tax rates. These lower rates range from 0% to 20% depending on an individual’s tax bracket. If the Funds pay a distribution during calendar year 2017, complete information will be reported in conjunction with Form 1099-DIV.

Fund

High Income

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Trustee and Officer Information

The tables below provide certain information regarding the trustees and officers of Loomis Sayles Funds I and Loomis Sayles Funds II (the “Trusts”). Unless otherwise indicated, the address of all persons below is 888 Boylston Street, Suite 800, Boston, MA 02199-8197. The Funds’ Statements of Additional Information include additional information about the trustees of the Trusts and are available by calling Natixis Funds at 800-225-5478.

Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INDEPENDENT TRUSTEES
Kenneth A. Drucker (1945)	Chairperson of the Board of Trustees since January 2017 Trustee since 2008 Ex Officio member of Audit Committee, Contract Review Committee and Governance Committee	Retired	53 None	Significant experience on the Board and on the boards of other business organizations (including at investment companies); executive experience (including as treasurer of an aerospace, automotive, and metal manufacturing corporation)
Edmond J. English (1953)	Trustee since 2013 Audit Committee Member	Executive Chairman; formerly, Chief Executive Officer of Bob’s Discount Furniture (retail)	53 Director, Burlington Stores, Inc. (retail)	Experience on the Board and significant experience on the boards of other business organizations (including retail companies and a bank); executive experience (including at a retail company)

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Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INDEPENDENT TRUSTEES continued
Richard A. Goglia (1951)	Trustee since 2015 Audit Committee Member	Retired; formerly Vice President and Treasurer of Raytheon Company (defense)	53 None	Experience on the Board and executive experience (including his role as vice president and treasurer of a defense company and experience at a financial services company)
Wendell J. Knox (1948)	Trustee since 2009 Contract Review Committee Member and Governance Committee Member	Director of Abt Associates Inc. (research and consulting)	53 Director, Eastern Bank (bank); Director, The Hanover Insurance Group (property and casualty insurance)	Significant experience on the Board and on the boards of other business organizations (including at a bank and at a property and casualty insurance firm); executive experience (including roles as president and chief executive officer of a research and consulting company)

117  |

Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INDEPENDENT TRUSTEES continued
Martin T. Meehan (1956)	Trustee since 2012 Contract Review Committee Member	President, University of Massachusetts; formerly, Chancellor and faculty member, University of Massachusetts Lowell	53 None	Significant experience on the Board and on the boards of other business organizations; experience as President of the University of Massachusetts; government experience (including as a member of the U.S. House of Representatives); academic experience
Maureen B. Mitchell3 (1951)	Trustee since 2017 Contract Review Committee Member	Retired; formerly President, Global Sales and Marketing, GE Asset Management, Inc. (financial services)	53 None	Experience on the Board; financial services industry and executive experience (including role as president of global sales and marketing at a financial services company)

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Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INDEPENDENT TRUSTEES continued
Sandra O. Moose (1942)	Trustee since 2003 Audit Committee Member and Governance Committee Member	President, Strategic Advisory Services (management consulting)	53 Formerly, Director, AES Corporation (international power company); formerly, Director, Verizon Communications (telecommunications company)	Significant experience on the Board and on the boards of other business organizations (including at a telecommunications company, an international power company and a specialty chemicals corporation); executive experience (including at a management consulting company)
James P. Palermo (1955)	Trustee since 2016 Contract Review Committee Member	Founding Partner, Breton Capital Management, LLC (private equity); Partner, STEP Partners, LLC (private equity); formerly, Chief Executive Officer of Global Client Management of The Bank of New York Mellon Corporation	53 None	Experience on the Board; financial services industry and executive experience (including roles as chief executive officer of client management and asset servicing for a banking and financial services company)

119  |

Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INDEPENDENT TRUSTEES continued
Erik R. Sirri (1958)	Trustee since 2009 Chairperson of the Audit Committee	Professor of Finance at Babson College	53 None	Significant experience on the Board; experience as Director of the Division of Trading and Markets at the Securities and Exchange Commission; academic experience; training as an economist
Peter J. Smail (1952)	Trustee since 2009 Chairperson of the Contract Review Committee and Governance Committee Member	Retired	53 None	Significant experience on the Board; mutual fund industry and executive experience (including roles as president and chief executive officer for an investment adviser)
Cynthia L. Walker (1956)	Trustee since 2005 Chairperson of the Governance Committee and Audit Committee Member	Deputy Dean for Finance and Administration, Yale University School of Medicine	53 None	Significant experience on the Board; executive experience in a variety of academic organizations (including roles as dean for finance and administration)

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Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INTERESTED TRUSTEES
Kevin P. Charleston4 (1965) One Financial Center Boston, MA 02111	Trustee since 2015 President and Chief Executive Officer of Loomis Sayles Funds I since 2015	President, Chief Executive Officer and Chairman of the Board of Directors; formerly, Chief Financial Officer, Loomis, Sayles & Company, L.P.	53 None	Experience on the Board; continuing service as President, Chief Executive Officer and Chairman of the Board of Directors of Loomis, Sayles & Company, L.P.
David L. Giunta5 (1965)	Trustee since 2011 President of Loomis Sayles Funds II and Executive Vice President of Loomis Sayles Funds I since 2008; Chief Executive Officer of Loomis Sayles Funds II since 2015	President and Chief Executive Officer, Natixis Advisors, L.P., Natixis Distribution L.P., Natixis Distribution Corporation and Chairman of the Board of Natixis Distribution Corporation	53 None	Significant experience on the Board; experience as President and Chief Executive Officer, Natixis Advisors, L.P., Natixis Distribution L.P., Natixis Distribution Corporation and Chairman of the Board of Natixis Distribution Corporation

¹  Each trustee serves until retirement, resignation or removal from the Board. The current retirement age is 75. The position of Chairperson of the Board is appointed for a three-year term.

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

³  Ms. Mitchell was appointed as a Trustee effective July 1, 2017.

⁴  Mr. Charleston is deemed an “interested person” of the Trusts because he holds the following positions with an affiliated person of the Trusts: President, Chief Executive Officer and Chairman of the Board of Directors of Loomis, Sayles & Company, L.P.

⁵  Mr. Giunta is deemed an “interested person” of the Trusts because he holds the following positions with an affiliated person of the Trusts: President and Chief Executive Officer Natixis Advisors, L.P., Natixis Distribution L.P., Natixis Distribution Corporation and Chairman of the Board of Natixis Distribution Corporation.

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Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trusts	Term of Office1 and Length of Time Served	Principal Occupation(s) During Past 5 Years2
OFFICERS OF THE TRUSTS
Daniel J. Fuss (1933) One Financial Center Boston, MA 02111	Executive Vice President	Since June 2003	Vice Chairman and Director, Loomis, Sayles & Company, L.P.
Russell L. Kane (1969)	Secretary, Clerk and Chief Legal Officer	Since July 2016	Executive Vice President, General Counsel, Secretary and Clerk, Natixis Distribution Corporation, Natixis Advisors, L.P. and Natixis Distribution, L.P.; formerly, Chief Compliance Officer for Mutual Funds, Senior Vice President, Deputy General Counsel, Assistant Secretary and Assistant Clerk, Natixis Distribution Corporation, Natixis Advisors, L.P. and Natixis Distribution, L.P.
Michael C. Kardok (1959)	Treasurer, Principal Financial and Accounting Officer	Since October 2004	Senior Vice President, Natixis Advisors, L.P. and Natixis Distribution, L.P.
Rosa Licea-Mailloux (1976)	Chief Compliance Officer, Assistant Secretary and Anti-Money Laundering Officer	Since July 2016	Senior Vice President, Deputy General Counsel, Assistant Secretary and Assistant Clerk, Natixis Distribution Corporation, Natixis Advisors, L.P. and Natixis Distribution, L.P.; formerly, Associate General Counsel, Natixis Distribution, L.P.

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

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

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NATIXIS FUNDS

Supplement dated June 30, 2017 to the Natixis Funds Summary Prospectuses, dated February 28, 2017, March 31, 2017, and May 1, 2017, as may be revised or supplemented from time to time, for the following funds:

LOOMIS SAYLES HIGH INCOME FUND

Effective July 1, 2017, Loomis, Sayles & Company, L.P. has given a binding contractual undertaking to the Fund to limit the amount of the Fund’s total annual fund operating expenses (exclusive of brokerage expenses, interest expense, taxes, acquired fund fees and expenses, organizational and extraordinary expenses, such as litigation and indemnification expenses) to 1.05%, 1.80%, 0.75%, 1.05% and 0.80% of the Fund’s average daily net assets for Class A, Class C, Class N, Class T and Class Y shares, respectively.

This undertaking is in effect through January 31, 2019.

Accordingly, the Annual Fund Operating Expenses table and the Example table within the section “Fund Fees & Expenses” are amended and restated as follows with respect to the Fund:

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

	Class A			Class C			Class N			Class T			Class Y
Management fees		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Distribution and/or service (12b-1) fees		0.25	%		1.00	%		0.00	%		0.25	%		0.00	%
Other expenses		0.29	%		0.29	%		0.17	%1		0.29	%1		0.29	%
Total annual fund operating expenses		1.14	%		1.89	%		0.77	%		1.14	%		0.89	%
Fee waiver and/or expense reimbursement2,3		0.09	%		0.09	%		0.02	%		0.09	%		0.09	%
Total annual fund operating expenses after fee waiver and/or expense reimbursement		1.05	%		1.80	%		0.75	%		1.05	%		0.80	%

1 Other expenses are estimated for the current fiscal year.

2 Loomis, Sayles & Company, L.P. (“Loomis Sayles” or the “Adviser”) has given a binding contractual undertaking to the Fund to limit the amount of the Fund’s total annual fund operating expenses to 1.05%, 1.80%, 0.75%, 1.05% and 0.80% of the Fund’s average daily net assets for Class A, C, N, T and Y shares, respectively, exclusive of brokerage

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expenses, interest expense, taxes, acquired fund fees and expenses, organizational and extraordinary expenses, such as litigation and indemnification expenses. This undertaking is in effect through January 31, 2019 and may be terminated before then only with the consent of the Fund’s Board of Trustees. The Adviser will be permitted to recover, on a class by class basis, management fees waived and/or expenses reimbursed to the extent that expenses in later periods fall below the applicable expense limitations for Class A, C, N, T and Y shares. The Fund will not be obligated to repay any such waived/reimbursed fees and expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.

3 NGAM Advisors has given a binding contractual undertaking to the Fund to reimburse any and all transfer agency expenses for Class N shares. This undertaking is in effect through January 31, 2018 and may be terminated before then only with the consent of the Fund’s Board of Trustees.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods (except where indicated). The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the example is based on Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement assuming that such waiver and/or reimbursement will only be in place through the dates noted above and on the Total Annual Fund Operating Expenses for the remaining periods. Although your actual costs may be high or lower, based on these assumptions your costs would be:

If shares are redeemed:
	1 year		3 years		5 years		10 years
Class A	$	528	$	758	$	1,012	$	1,740
Class C	$	283	$	580	$	1,008	$	2,200
Class N	$	77	$	243	$	425	$	951
Class T	$	354	$	589	$	848	$	1,589
Class Y	$	82	$	269	$	479	$	1,083
If shares are not redeemed:
	1 year		3 years		5 years		10 years
Class C	$	183	$	580	$	1,008	$	2,200

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AEW Real Estate Fund	Loomis Sayles Limited Term Government and Agency Fund
ASG Dynamic Allocation Fund	Loomis Sayles Multi-Asset Income Fund
ASG Global Alternatives Fund	Loomis Sayles Senior Floating Rate and Fixed Income Fund
ASG Managed Futures Strategy Fund	Loomis Sayles Strategic Alpha Fund
ASG Tactical U.S. Market Fund	Loomis Sayles Strategic Income Fund
Gateway Equity Call Premium Fund	Loomis Sayles Value Fund
Gateway Fund	Mirova Global Green Bond Fund
Loomis Sayles Core Plus Bond Fund	Mirova Global Sustainable Equity Fund
Loomis Sayles Dividend Income Fund	McDonnell Intermediate Municipal Bond Fund
Loomis Sayles Global Equity and Income Fund	Natixis Oakmark Fund
Loomis Sayles Global Growth Fund	Natixis Oakmark International Fund
Loomis Sayles Growth Fund	Natixis U.S. Equity Opportunities Fund
Loomis Sayles High Income Fund	Vaughan Nelson Select Fund
Loomis Sayles Intermediate Duration Bond Fund	Vaughan Nelson Small Cap Value Fund
Loomis Sayles Investment Grade Bond Fund	Vaughan Nelson Value Opportunity Fund

Effective July 1, 2017, the information under sub-sections “Class A and C Shares” and “Class A Shares,” as applicable, in the section “Purchase and Sale of Fund Shares” in each Fund’s Summary is hereby amended and restated as follows:

The following chart shows the investment minimums for various types of accounts:

Type of Account	Minimum Initial Purchase		Minimum Subsequent Purchase
Any account other than those listed below	$	2,500	$	50
For shareholders participating in Natixis Funds’ Investment Builder Program	$	1,000	$	50
For Traditional IRA, Roth IRA, Rollover IRA, SEP-IRA and Keogh plans using the Natixis Funds’ prototype document (direct accounts, not held through intermediary)	$	1,000	$	50
Coverdell Education Savings Accounts using the Natixis Funds’ prototype document (direct accounts, not held through intermediary)	$	500	$	50

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There is no initial or subsequent investment minimum for:

• Wrap Fee Programs of certain broker-dealers, the advisers or NGAM Distribution, L.P. Please consult your financial representative to determine if your wrap fee program is subject to additional or different conditions or fees.

• Certain Retirement Plans. Please consult your retirement plan administrator to determine if your retirement plan is subject to additional or different conditions or fees.

• Clients of a Registered Investment Adviser where the Registered Investment Adviser receives an advisory, management or consulting fee.

Effective July 1, 2017, the information under sub-section “Class Y Shares” in the section “Purchase and Sale of Fund Shares” in each Fund’s Summary is hereby amended and restated as follows:

Class Y shares of the Fund are generally subject to a minimum initial investment of $100,000 and a minimum subsequent investment of $50, except there is no minimum initial or subsequent investment for:

• Wrap Fee Programs of certain broker-dealers, the advisers or NGAM Distribution, L.P. Please consult your financial representative to determine if your wrap fee program is subject to additional or different conditions or fees.

• Certain Retirement Plans. Please consult your retirement plan administrator to determine if your retirement plan is subject to additional or different conditions or fees.

• Certain Individual Retirement Accounts if the amounts invested represent rollover distributions from investments by any of the retirement plans invested in the Fund.

• Clients of a Registered Investment Adviser where the Registered Investment Adviser receives an advisory, management or consulting fee.

• Fund Trustees, former Fund trustees, employees of affiliates of the Natixis Funds and other individuals who are affiliated with any Natixis Fund (this also applies to any spouse, parents, children, siblings, grandparents, grandchildren and in-laws of those mentioned) and Natixis affiliate employee benefit plans.

At the discretion of NGAM Advisors, clients of NGAM Advisors and its affiliates may purchase Class Y shares of the Fund below the stated minimums.

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ANNUAL REPORT

September 30, 2017

Loomis Sayles Investment Grade Bond Fund

Loomis Sayles Strategic Income Fund

TABLE OF CONTENTS

Portfolio Review  page 1

Portfolio of Investments  page 20

Financial Statements  page  49

Notes to Financial Statements  page 63

Shareholder Supplement enclosed

(previously posted to the Funds’ website)

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.

Market Conditions

Following the November 2016 US presidential election, investors expected less accommodative US monetary policy and pro-business reform. These expectations drove the US dollar and equities higher, and weighed on many fixed income assets as the US Treasury yield curve steepened (a curve that shows the relationship among bond yields across the maturity spectrum). The Federal Reserve (Fed) raised interest rates on December 14, 2016, March 15, 2017 and June 14, 2017; investors took the increases in stride as a number of developments supported fixed income market performance through the rest of the period. The yield curve flattened out, the US dollar declined, global growth strengthened and corporate profits rebounded. Government bond yields remained low, driving investors into riskier assets like high yield credit and emerging markets. As a result, nearly all asset classes posted positive returns for the full period.

All US Treasury yields rose during the 12-month period. However, much of the rise in longer-maturity yields took place shortly after the US presidential election while the two-year yield rose steadily over the entire period. Longer-term US Treasury yields declined from the start of 2017 until early September, when expectations for new and expansionary US fiscal policy and inflation began to rise.

Overall, investment grade corporate bonds generated positive return and outperformed duration-matched Treasuries (duration refers to a security’s price sensitivity to interest rate changes). The sector’s longer duration was beneficial as investors moved to the long end of the yield curve. High yield credit was a leading asset class throughout the period, benefiting from the “risk-on” environment and the search for yield. Improving corporate profits around the globe provided an additional tailwind to the sector.

After hitting a 14-year high during the fourth quarter of 2016, the US dollar steadily weakened through the rest of the period as risk appetite remained strong and fears about China’s economy and the potential for a US trade war waned. Many developed and emerging market currencies rallied versus the US dollar, and unhedged returns were broadly positive. Emerging market bonds struggled at the beginning of the period, hurt by

1  |

uncertainties related to global trade, the incoming US administration and geopolitics. But as 2017 progressed, sentiment shifted, emerging market bonds rallied and the asset class posted broadly positive returns for the full period. The sector benefited from the weakening US dollar, a rebound in corporate profits, and improving emerging market GDP growth.

Performance Results

For the 12 months ended September 30, 2017, Class Y shares of Loomis Sayles Investment Grade Bond Fund returned 4.24%. The Fund outperformed its benchmark, the Bloomberg Barclays U.S. Government/Credit Bond Index, which returned -0.01%.

Explanation of Fund Performance

Out-of-benchmark exposure to high yield corporate bonds added to relative performance, with contributions led by metals and mining and finance company securities. Out-of-benchmark exposure to non-US-dollar-denominated holdings also benefited relative return. In particular, selections denominated in the Mexican peso, Canadian dollar and New Zealand dollar drove performance within the space.

A meaningful underweight to US Treasuries aided performance as investors preferred riskier assets during the period. The Fund’s investment grade corporate holdings also contributed to results, particularly holdings within the banking and insurance segments. Finally, out-of-benchmark equity and convertible security holdings benefited performance, largely due to selected holdings within the technology, insurance, automobile and energy industries.

Among detractors, underweight allocations to the investment grade corporate and emerging market credit sectors limited relative results, though both sectors posted positive absolute returns.

Outlook

Fund positioning reflects our outlook for stable economic growth and inflation. US and global GDP growth are steadily improving, and US inflation indicators are below Fed and consensus expectations. These inflationary trends support the Fed’s gradual shift to less accommodative monetary policy. The Fed’s balance sheet normalization program formally starts in October, and one more interest rate hike looks possible by year-end.

Steady economic growth is also supporting risk assets, and we are maintaining our exposure to corporate bonds. While spreads (the difference in yield between non-Treasury and Treasury securities of similar maturity) have tightened significantly and the risk premiums for the investment grade and high yield markets are lower with increasing downside risks, we see further upside potential given the outlook for earnings growth and the low probability of defaults or economic recession. At this stage of the credit cycle,¹ we are focusing on undervalued issues and looking for areas where we can move up in quality.

We have been taking a highly selective approach to non-US exposure. We are primarily maintaining current allocations to selected developed market sovereign and credit

¹  A credit cycle is a cyclical pattern that follows credit availability and corporate health.

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LOOMIS SAYLES INVESTMENT GRADE BOND FUND

positions, along with emerging market local-pay bonds that we believe offer attractive yields and total return potential. The risk profile of the global market has been largely driven by anticipated central bank action, election cycles, geopolitical risks and trade policy uncertainty. In the current global growth environment, the US dollar is likely to be range bound and it may trend lower over the near term.

Looking ahead, our investment themes are centered on broadening portfolio diversification, generating income, lowering duration and reducing overall interest rate sensitivity. In terms of asset allocation, the Fund is structurally very different from the benchmark and is well-positioned going into its next fiscal year, in our view. We are also comfortable keeping a larger allocation to reserve-type positions, and we will patiently monitor market developments for better buying opportunities where we feel we can add long-term value for our investors.

During periods in which the US dollar appreciates relative to foreign currencies, funds that hold non-US-dollar-denominated bonds may realize currency losses in connection with the maturity or sale of certain bonds. These losses impact a fund’s ordinary income distributions (to the extent that losses are not offset by realized currency gains within the fund’s fiscal year). A recognized currency loss, in accordance with federal tax rules, decreases the amount of ordinary income a fund has available to distribute, even though these bonds continue to generate coupon income.

Fund officers have analyzed the Fund’s current portfolio of investments, its schedule of maturities and the corresponding amounts of unrealized currency losses that may become realized in the fiscal year ending on September 30, 2018. Based on this analysis, Fund officers believe that realized currency losses will continue to have a similar impact on the Fund’s distributions in its 2018 fiscal year as it experienced in 2017. This analysis is based on certain assumptions, including but not limited to the level of foreign currency exchange rates, security prices, interest rates, Fund advisors’ ability to manage realized currency losses and the net asset level of the Fund. Changes to these assumptions could materially impact the analysis and the amounts of future Fund distributions. Fund officers will continue to monitor on a regular basis and take the necessary actions required to manage the Fund’s distributions to address realized currency losses while seeking to avoid a return of capital distribution.

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Hypothetical Growth of $100,000 Investment in Class Y Shares⁴

September 30, 2007 through September 30, 2017

See notes to chart on page 5.

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LOOMIS SAYLES INVESTMENT GRADE BOND FUND

Average Annual Total Returns — September 30, 2017⁴

													Expense Ratios5
	1 Year			5 Years			10 Years			Life of Class N			Gross			Net
Class Y (Inception 12/31/96)
NAV		4.24	%		3.09	%		5.70	%		—	%		0.60	%		0.55	%
Class A (Inception 12/31/96)
NAV		3.88			2.82			5.43			—			0.85			0.80
With 4.25% Maximum Sales Charge		-0.50			1.93			4.97			—
Class C (Inception 9/12/03)
NAV		3.12			2.05			4.64			—			1.60			1.55
With CDSC2		2.15			2.05			4.64			—
Class N (Inception 2/1/13)
NAV		4.34			—			—			2.86			0.47			0.47
Admin Class (Inception 2/1/10)1
NAV		3.76			2.59			5.12			—			1.07			1.05
Comparative Performance
Bloomberg Barclays U.S. Government/Credit Bond Index3		-0.01			2.10			4.34			2.38

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 im.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 the non-securitized component of the U.S. Aggregate Index and was the first macro index launched by Barclays Capital. The U.S. Government/Credit Bond Index includes Treasuries (i.e., public obligations of the U.S. Treasury that have remaining maturities of more than one year), government-related issues (i.e., agency, sovereign, supranational, and local authority debt), and corporates. The U.S. Government/Credit Bond Index was launched on January 1, 1979, with index history backfilled to 1973, and is a subset of the U.S. Aggregate Index.

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

5 Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense caps set to expire on 1/31/19. When a Fund’s expenses are below the cap, gross and net expense ratios will be the same. See Note 5 of the Notes to Financial Statements for more information about the Fund’s expense caps.

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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.

Market Conditions

Following the November 2016 US presidential election, investors expected less accommodative US monetary policy and pro-business reform. These expectations drove the US dollar and equities higher, and weighed on many fixed income assets as the US Treasury yield curve steepened (a curve that shows the relationship among bond yields across the maturity spectrum). The Federal Reserve (Fed) raised interest rates on December 14, 2016, March 15, 2017 and June 14, 2017; investors took the increases in stride as a number of developments supported fixed income market performance through the rest of the period. The yield curve flattened out, the US dollar declined, global growth strengthened and corporate profits rebounded. Government bond yields remained low, driving investors into riskier assets like high yield credit and emerging markets. As a result, nearly all asset classes posted positive returns for the full period.

All US Treasury yields rose during the 12-month period. However, much of the rise in longer-maturity yields took place shortly after the US presidential election while the two-year yield rose steadily over the entire period. Longer-term US Treasury yields declined from the start of 2017 until early September, when expectations for new and expansionary US fiscal policy and inflation began to rise.

Overall, investment grade corporate bonds generated positive return and outperformed duration-matched Treasuries (duration refers to a security’s price sensitivity to interest rate changes). The sector’s longer duration was beneficial as investors moved to the long end of the yield curve. High yield credit was a leading asset class throughout the period, benefiting from the “risk-on” environment and the search for yield. Improving corporate profits around the globe provided an additional tailwind to the sector.

After hitting a 14-year high during the fourth quarter of 2016, the US dollar steadily weakened through the rest of the period as risk appetite remained strong and fears about China’s economy and the potential for a US trade war waned. Many developed and emerging market currencies rallied versus the US dollar, and unhedged returns were broadly positive. Emerging market bonds struggled at the beginning of the period, hurt by uncertainties related to global trade, the incoming US administration and geopolitics. But as 2017 progressed, sentiment shifted, emerging market bonds rallied and the asset class

|  6

LOOMIS SAYLES STRATEGIC INCOME FUND

posted broadly positive returns for the full period. The sector benefited from the weakening US dollar, a rebound in corporate profits, and improving emerging market GDP growth.

Performance Results

For the 12 months ended September 30, 2017, Class Y shares of Loomis Sayles Strategic Income Fund returned 7.22%. The Fund outperformed its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, which returned 0.07%.

Explanation of Fund Performance

The Fund’s outperformance can be primarily attributed to out-of-benchmark allocations to high yield corporate credit, common stock and non-US-dollar-denominated securities. Within high yield corporate credit, security selection generated strong relative and absolute performance, driven largely by financial and industrial holdings. Within the Fund’s common stock exposure, allocations to consumer non-cyclical, basic industry and energy issues boosted performance. And among non-US-dollar-denominated holdings, positions in Mexican government bonds were notable contributors. In addition, out-of-benchmark convertible securities contributed to performance, led by selected issues within the basic industry, communications and energy sectors.

Among detractors, a significant underweight to US investment grade corporate credit detracted from relative performance as the sector performed well.

Outlook

Fund positioning reflects our outlook for stable economic growth and inflation. US and global GDP growth are steadily improving, and US inflation indicators are below Fed and consensus expectations. These inflationary trends support the Fed’s gradual shift to less accommodative monetary policy. The Fed’s balance sheet normalization program formally starts in October, and one more interest rate hike looks possible by year-end.

Steady economic growth is also supporting risk assets, and we are maintaining our exposure to corporate bonds. While spreads (the difference in yield between non-Treasury and Treasury securities of similar maturity) have tightened significantly and the risk premiums for the investment grade and high yield markets are lower with increasing downside risks, we see further upside potential given the outlook for earnings growth and the low probability of defaults or economic recession. At this stage of the credit cycle,¹ we are focusing on undervalued issues and looking for areas where we can move up in quality.

We have been taking a highly selective approach to non-US exposure. We are primarily maintaining current allocations to selected developed market sovereign and credit positions, along with emerging market local-pay bonds that we believe offer attractive yields and total return potential. The risk profile of the global market has been largely driven by anticipated central bank action, election cycles, geopolitical risks and trade policy uncertainty. In the current global growth environment, the US dollar is likely to be range bound and it may trend lower over the near term.

¹  A credit cycle is a cyclical pattern that follows credit availability and corporate health.

7  |

Looking ahead, our investment themes are centered on broadening portfolio diversification, generating income, lowering duration and reducing overall interest rate sensitivity. In terms of asset allocation, the Fund is structurally very different from the benchmark and is well-positioned going into its next fiscal year, in our view. We are also comfortable keeping a larger allocation to reserve-type positions, and we will patiently monitor market developments for better buying opportunities where we feel we can add long-term value for our investors.

During periods in which the US dollar appreciates relative to foreign currencies, Funds that hold non-US-dollar-denominated bonds may realize currency losses in connection with the maturity or sale of certain bonds. These losses impact a Fund’s ordinary income distributions (to the extent that losses are not offset by realized currency gains within the Fund’s fiscal year). A recognized currency loss, in accordance with federal tax rules, decreases the amount of ordinary income a Fund has available to distribute, even though these bonds continue to generate coupon income.

Fund officers have analyzed the Fund’s current portfolio of investments, its schedule of maturities and the corresponding amounts of unrealized currency losses that may become realized in the fiscal year ending on September 30, 2018. Based on this analysis, Fund officers believe that realized currency losses may have less of an impact on this Fund’s distributions in the 2018 fiscal year. This analysis is based on certain assumptions, including but not limited to the level of foreign currency exchange rates, security prices, interest rates, Fund advisors’ ability to manage realized currency losses and the net asset level of the Fund. Changes to these assumptions could materially impact the analysis and the amounts of future Fund distributions. Fund officers will continue to monitor on a regular basis and take the necessary actions required to manage the Fund’s distributions to address realized currency losses while seeking to avoid a return of capital distribution.

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LOOMIS SAYLES STRATEGIC INCOME FUND

Hypothetical Growth of $100,000 Investment in Class Y Shares⁵

September 30, 2007 through September 30, 2017

9  |

Average Annual Total Returns — September 30, 2017⁵

													Expense Ratios6
	1 Year			5 Years			10 Years			Life of Class N			Gross			Net
Class Y (Inception 12/1/99)
NAV		7.22	%		5.59	%		6.37	%		—	%		0.71	%		0.71	%
Class A (Inception 5/1/95)
NAV		7.01			5.33			6.10			—			0.96			0.96
With 4.25% Maximum Sales Charge		2.48			4.42			5.65			—
Class C (Inception 5/1/95)
NAV		6.20			4.53			5.31			—			1.71			1.71
With CDSC2		5.20			4.53			5.31			—
Class N (Inception 2/1/13)
NAV		7.38			—			—			4.88			0.63			0.63
Admin Class (Inception 2/1/10)1
NAV		6.79			5.07			5.82			—			1.20			1.20
Comparative Performance
Bloomberg Barclays U.S. Aggregate Bond Index3		0.07			2.06			4.27			2.35
Bloomberg Barclays U.S. Universal Bond Index4		0.96			2.53			4.56			2.73

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

4 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 Bond 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 Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense caps set to expire on 1/31/18. When a Fund’s expenses are below the cap, gross and net expense ratios will be the same. See Note 5 of the Notes to Financial Statements for more information about the Fund’s expense caps.

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ADDITIONAL INFORMATION

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

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 Investment Managers or any of its related or affiliated companies (collectively “Natixis Affiliates”) and does not sponsor, endorse or participate in the provision of any Natixis Affiliates 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 im.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.

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UNDERSTANDING YOUR FUND’S EXPENSES

As a mutual fund shareholder, you incur different types of costs: transaction costs, including sales charges (loads) on purchases and contingent deferred sales charges on redemptions; and ongoing costs, including management fees, distribution fees (12b-1 fees) and/or service fees, and other fund expenses. Certain exemptions may apply. These costs are described in more detail in the 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 April 1, 2017 through September 30, 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.

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LOOMIS SAYLES INVESTMENT GRADE BOND FUND	BEGINNING ACCOUNT VALUE 4/1/2017		ENDING ACCOUNT VALUE 9/30/2017		EXPENSES PAID DURING PERIOD* 4/1/2017 – 9/30/2017
Class A
Actual		$1,000.00		$1,037.50		$4.14
Hypothetical (5% return before expenses)		$1,000.00		$1,021.01		$4.10
Class C
Actual		$1,000.00		$1,033.90		$7.95
Hypothetical (5% return before expenses)		$1,000.00		$1,017.25		$7.89
Class N
Actual		$1,000.00		$1,039.20		$2.40
Hypothetical (5% return before expenses)		$1,000.00		$1,022.71		$2.38
Class Y
Actual		$1,000.00		$1,038.70		$2.86
Hypothetical (5% return before expenses)		$1,000.00		$1,022.26		$2.84
Admin Class
Actual		$1,000.00		$1,036.20		$5.41
Hypothetical (5% return before expenses)		$1,000.00		$1,019.75		$5.37

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.81%, 1.56%, 0.47%, 0.56% and 1.06% for Class A, C, N, Y and Admin Class, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), divided by 365 (to reflect the half-year period).

13  |

LOOMIS SAYLES STRATEGIC INCOME FUND	BEGINNING ACCOUNT VALUE 4/1/2017		ENDING ACCOUNT VALUE 9/30/2017		EXPENSES PAID DURING PERIOD 4/1/2017 – 9/30/2017*
Class A
Actual		$1,000.00		$1,041.30		$4.91
Hypothetical (5% return before expenses)		$1,000.00		$1,020.26		$4.86
Class C
Actual		$1,000.00		$1,036.80		$8.73
Hypothetical (5% return before expenses)		$1,000.00		$1,016.50		$8.64
Class N
Actual		$1,000.00		$1,043.70		$3.23
Hypothetical (5% return before expenses)		$1,000.00		$1,021.91		$3.19
Class Y
Actual		$1,000.00		$1,042.60		$3.64
Hypothetical (5% return before expenses)		$1,000.00		$1,021.51		$3.60
Admin Class
Actual		$1,000.00		$1,040.10		$6.19
Hypothetical (5% return before expenses)		$1,000.00		$1,019.00		$6.12

* Expenses are equal to the Fund’s annualized expense ratio: 0.96%, 1.71%, 0.63%, 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 (183), divided by 365 (to reflect the half-year period).

|  14

BOARD APPROVAL OF THE EXISTING ADVISORY AGREEMENTS

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

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

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

15  |

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

The Board most recently approved the continuation of the Agreements at its meeting held in June 2017. The Agreements were continued for a one-year period for the Funds. In considering whether to approve the continuation of the Agreements, the Board, including the Independent Trustees, did not identify any single factor as determinative. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. Matters considered by the Trustees, including the Independent Trustees, in connection with their approval of the Agreements included, but were not limited to, the factors listed below.

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

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

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

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

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

|  16

The Board noted that, through December 31, 2016, each Fund’s one- and three-year performance stated as percentile rankings within categories selected by the independent third-party data provider was as follows (where the best performance would be in the first percentile of its category):

	One-Year			Three-Year
Loomis Sayles Investment Grade Bond Fund		5	%		93	%
Loomis Sayles Strategic Income Fund		41	%		82	%

In the case of each Fund that had performance that lagged that of a relevant peer group median and/or category median for certain (although not all) periods, the Board concluded that other factors relevant to performance supported renewal of the Agreements. These factors included one or more of the following: (1) that the underperformance was attributable, to a significant extent, to investment decisions (such as security selection or sector allocation) by the Adviser that were reasonable and consistent with the Fund’s investment objective and policies; (2) that the Fund’s more recent performance, although lagging in certain periods, had shown improvement relative to its category; and (3) that the Fund’s performance, although lagging in certain periods, was stronger over the long term.

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

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

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

17  |

place, and the Trustees considered that the current expenses of each Fund are below the cap. The Trustees further noted that management had proposed to reduce the expense cap of the Loomis Sayles Investment Grade Bond Fund.

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

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

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

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

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

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

· Whether each Fund has operated in accordance with its investment objective and the Fund’s record of compliance with its investment restrictions, and the compliance

|  18

programs of the Funds and the Adviser. They also considered the compliance-related resources the Adviser and its affiliates were providing to the Funds.

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

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

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

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Trustees, including the Independent Trustees, concluded that each of the existing Agreements, with the reduction in the expense cap for Loomis Sayles Investment Grade Bond Fund, should be continued through June 30, 2018.

19  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Investment Grade Bond Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 81.4% of Net Assets
	Non-Convertible Bonds — 78.6%
		ABS Other — 1.6%
$	53,175,924	FAN Engine Securitization Ltd., Series 2013-1A, Class 1A, 4.625%, 10/15/2043, 144A(a)(b)(c)	$	52,564,401
	10,925,636	Trinity Rail Leasing LLC, Series 2010-1A, Class A, 5.194%, 10/16/2040, 144A		11,470,654
	31,786,243	Trinity Rail Leasing LP, Series 2009-1A, Class A, 6.657%, 11/16/2039, 144A		32,826,159
	2,140,390	Trinity Rail Leasing LP, Series 2012-1A, Class A1, 2.266%, 1/15/2043, 144A		2,110,862
				98,972,076
		Aerospace & Defense — 1.8%
	1,865,000	Bombardier, Inc., 7.450%, 5/01/2034, 144A		1,772,160
	1,455,000	Embraer Netherlands Finance BV, 5.400%, 2/01/2027		1,575,765
	1,295,000	Meccanica Holdings USA, Inc., 6.250%, 1/15/2040, 144A		1,463,350
	1,530,000	Meccanica Holdings USA, Inc., 7.375%, 7/15/2039		1,870,425
	78,795,000	Textron, Inc., 5.950%, 9/21/2021		87,856,650
	11,040,000	Textron, Inc., EMTN, 6.625%, 4/07/2020, (GBP)		16,386,760
				110,925,110
		Airlines — 2.0%
	3,812,744	Air Canada Pass Through Trust, Series 2013-1, Class B, 5.375%, 11/15/2022, 144A		4,018,633
	1,822,416	Continental Airlines Pass Through Certificates, Series 2012-1, Class B, 6.250%, 10/11/2021		1,922,648
	18,340,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		18,729,725
	414,346	Continental Airlines Pass Through Trust, Series 1999-1, Class A, 6.545%, 8/02/2020		428,848
	547,161	Continental Airlines Pass Through Trust, Series 2001-1, Class A-1, 6.703%, 12/15/2022		579,991
	44,164,714	Continental Airlines Pass Through Trust, Series 2007-1, Class A, 5.983%, 10/19/2023		48,581,186
	1,221,350	Delta Air Lines Pass Through Trust, Series 2007-1, Class A, 6.821%, 2/10/2024		1,407,483
	7,084,437	Delta Air Lines Pass Through Trust, Series 2007-1, Class B, 8.021%, 2/10/2024		8,076,258
	13,902,375	Delta Air Lines Pass Through Trust, Series 2009-1, Class A, 7.750%, 6/17/2021		15,219,904
	8,803,865	Delta Air Lines Pass Through Trust, Series 2010-1, Class A, 6.200%, 1/02/2020		9,067,981
	15,812,523	UAL Pass Through Trust, Series 2007-1, Class A, 6.636%, 1/02/2024		17,235,651
	1,514,824	Virgin Australia Pass Through Certificates, Series 2013-1A, 5.000%, 4/23/2025, 144A		1,573,175
				126,841,483
		Automotive — 0.7%
	23,581,000	Cummins, Inc., 5.650%, 3/01/2098		26,553,395
	5,274,000	Cummins, Inc., 6.750%, 2/15/2027		6,547,974
	125,000	Ford Motor Co., 6.500%, 8/01/2018		129,752

See accompanying notes to financial statements.

|  20

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Automotive — continued
$	255,000	Ford Motor Co., 6.625%, 2/15/2028	$	302,371
	240,000	Ford Motor Co., 7.500%, 8/01/2026		294,757
	5,000,000	Ford Motor Credit Co. LLC, 5.000%, 5/15/2018		5,099,444
	2,370,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		2,648,475
				41,576,168
		Banking — 8.5%
	1,468,000	Ally Financial, Inc., 8.000%, 11/01/2031		1,893,720
	84,339,000	Bank of America Corp., 6.110%, 1/29/2037		105,452,337
	100,000	Bank of America Corp., MTN, 4.250%, 10/22/2026		104,618
	25,627,000	Bank of America Corp., Series L, MTN, 4.183%, 11/25/2027		26,561,774
	25,090,000	Bank of Nova Scotia (The), 2.130%, 6/15/2020, (CAD)		20,073,609
	2,173,000	Bear Stearns Cos. LLC (The), 4.650%, 7/02/2018		2,219,854
	17,000,000	Citigroup, Inc., 3.500%, 5/15/2023		17,318,623
	1,660,000	Citigroup, Inc., 4.500%, 1/14/2022		1,785,741
	22,960,000	Citigroup, Inc., 5.130%, 11/12/2019, (NZD)		17,275,366
	86,800,000	Goldman Sachs Group, Inc. (The), 3.375%, 2/01/2018, (CAD)		69,957,565
	6,645,000	Goldman Sachs Group, Inc. (The), GMTN, 5.375%, 3/15/2020		7,138,520
	70,245,000	JPMorgan Chase & Co., 4.125%, 12/15/2026		73,243,170
	36,745,000	JPMorgan Chase & Co., 4.250%, 11/02/2018, (NZD)		26,928,974
	100,000	Keybank NA, 6.950%, 2/01/2028		125,938
	5,100,000	Lloyds Banking Group PLC, 5.300%, 12/01/2045		5,969,457
	40,126,000	Merrill Lynch & Co., Inc., Series C, MTN, 6.050%, 6/01/2034		46,913,714
	1,845,000	Morgan Stanley, 4.350%, 9/08/2026		1,931,545
	30,000,000	Morgan Stanley, 4.750%, 11/16/2018, (AUD)		24,094,481
	5,900,000	Morgan Stanley, 5.750%, 1/25/2021		6,514,575
	20,695,000	Morgan Stanley, MTN, 4.100%, 5/22/2023		21,639,291
	38,206,000	Morgan Stanley, Series F, GMTN, 5.625%, 9/23/2019		40,807,997
	2,875,000	National City Bank of Indiana, 4.250%, 7/01/2018		2,931,512
	8,638,000	National City Corp., 6.875%, 5/15/2019		9,295,366
				530,177,747
		Brokerage — 1.4%
	50,270,000	Jefferies Group LLC, 5.125%, 1/20/2023		54,908,909
	19,498,000	Jefferies Group LLC, 6.250%, 1/15/2036		21,637,588
	8,760,000	Jefferies Group LLC, 6.450%, 6/08/2027		10,143,036
				86,689,533
		Building Materials — 0.6%
	1,610,000	Masco Corp., 6.500%, 8/15/2032		1,919,911
	3,110,000	Masco Corp., 7.125%, 3/15/2020		3,452,100
	2,667,000	Masco Corp., 7.750%, 8/01/2029		3,511,890
	23,975,000	Owens Corning, 7.000%, 12/01/2036		31,013,322
				39,897,223
		Cable Satellite — 1.6%
	17,832,000	Shaw Communications, Inc., 5.650%, 10/01/2019, (CAD)		15,222,118
	13,630,000	Time Warner Cable LLC, 4.125%, 2/15/2021		14,152,739
	2,800,000	Time Warner Cable LLC, 4.500%, 9/15/2042		2,653,690

See accompanying notes to financial statements.

21  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Cable Satellite — continued
$	64,548,000	Time Warner Cable LLC, 6.750%, 7/01/2018	$	66,884,561
				98,913,108
		Chemicals — 0.8%
	894,000	Consolidated Energy Finance S.A., 6.750%, 10/15/2019, 144A		909,645
	50,500,000	INVISTA Finance LLC, 4.250%, 10/15/2019, 144A		52,015,000
				52,924,645
		Construction Machinery — 0.1%
	6,787,000	Toro Co. (The), 6.625%, 5/01/2037(b)(c)		7,779,964
		Consumer Products — 0.1%
	7,458,000	Hasbro, Inc., 6.600%, 7/15/2028		8,778,771
		Diversified Manufacturing — 0.7%
	35,580,000	General Electric Co., GMTN, 4.250%, 1/17/2018, (NZD)		25,837,574
	5,305,000	General Electric Co., Series A, MTN, 3-month LIBOR + 0.300%, 1.604%, 5/13/2024(d)		5,148,927
	1,395,000	Ingersoll-Rand Global Holding Co. Ltd., 6.875%, 8/15/2018		1,455,590
	11,754,000	Snap-on, Inc., 6.700%, 3/01/2019		12,527,035
				44,969,126
		Electric — 1.6%
	25,467,629	Alta Wind Holdings LLC, 7.000%, 6/30/2035, 144A		28,697,505
	7,969,787	Bruce Mansfield Unit Pass Through Trust, 6.850%, 6/01/2034(b)(c)		3,425,255
	30,430,000	EDP Finance BV, 4.125%, 1/15/2020, 144A		31,559,562
	4,491,000	Empresa Nacional de Electricidad S.A., 7.875%, 2/01/2027		5,745,600
	13,025,000	Enel Finance International NV, 6.000%, 10/07/2039, 144A		16,054,764
	9,007,000	Enel Finance International NV, 6.800%, 9/15/2037, 144A		11,877,449
	3,892,330	Mackinaw Power LLC, 6.296%, 10/31/2023, 144A(b)(c)		4,099,913
				101,460,048
		Finance Companies — 3.7%
	18,830,000	International Lease Finance Corp., 4.625%, 4/15/2021		20,007,140
	62,425(††)	Navient Corp., 6.000%, 12/15/2043		1,496,275
	5,615,000	Navient Corp., MTN, 6.125%, 3/25/2024		5,789,065
	90,196,000	Navient LLC, 5.500%, 1/25/2023		91,323,450
	3,280,000	Navient LLC, MTN, 7.250%, 1/25/2022		3,587,500
	22,116,000	Navient LLC, Series A, MTN, 5.625%, 8/01/2033(b)(c)		19,092,743
	14,625,000	Quicken Loans, Inc., 5.750%, 5/01/2025, 144A		15,356,250
	16,717,000	Springleaf Finance Corp., 5.250%, 12/15/2019		17,402,397
	31,883,000	Springleaf Finance Corp., 7.750%, 10/01/2021		36,018,225
	16,599,000	Springleaf Finance Corp., 8.250%, 10/01/2023		18,839,865
				228,912,910
		Government Guaranteed — 0.1%
	4,000,000	Japan Bank for International Cooperation (Japan), 2.300%, 3/19/2018, (CAD)		3,215,708
		Government Owned – No Guarantee — 0.8%
	3,720,000	Abu Dhabi National Energy Co. PJSC, 6.500%, 10/27/2036, 144A		4,705,651
	12,575,000	Pertamina Persero PT, 6.450%, 5/30/2044, 144A		14,905,437

See accompanying notes to financial statements.

|  22

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Government Owned – No Guarantee — continued
$	17,435,000	Petrobras Global Finance BV, 4.375%, 5/20/2023	$	17,234,497
	11,555,000	Petrobras Global Finance BV, 5.625%, 5/20/2043		10,312,838
	1,000,000	Telekom Malaysia Berhad, 7.875%, 8/01/2025, 144A		1,296,680
				48,455,103
		Health Insurance — 0.0%
	1,261,000	Cigna Corp., 7.875%, 5/15/2027		1,733,672
		Healthcare — 0.7%
	7,692,000	Boston Scientific Corp., 6.000%, 1/15/2020		8,339,782
	7,374,000	Covidien International Finance S.A., 6.000%, 10/15/2017		7,384,580
	9,385,000	HCA, Inc., 4.500%, 2/15/2027		9,596,162
	4,806,000	HCA, Inc., 7.050%, 12/01/2027		5,418,765
	1,592,000	HCA, Inc., 7.500%, 11/06/2033		1,806,920
	1,295,000	HCA, Inc., 7.690%, 6/15/2025		1,505,438
	2,480,000	HCA, Inc., MTN, 7.580%, 9/15/2025		2,864,400
	3,068,000	HCA, Inc., MTN, 7.750%, 7/15/2036		3,489,850
	4,785,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		4,186,875
				44,592,772
		Home Construction — 0.2%
	3,990,000	PulteGroup, Inc., 6.000%, 2/15/2035		4,159,575
	3,567,000	PulteGroup, Inc., 6.375%, 5/15/2033		3,870,195
	1,615,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.875%, 6/15/2024		1,728,050
				9,757,820
		Independent Energy — 2.0%
	29,185,000	California Resources Corp., 8.000%, 12/15/2022, 144A		18,970,250
	7,335,000	Continental Resources, Inc., 3.800%, 6/01/2024		7,078,275
	60,038,000	EQT Corp., 6.500%, 4/01/2018		61,308,427
	9,787,000	EQT Corp., 8.125%, 6/01/2019		10,739,408
	29,027,000	Noble Energy, Inc., 3.900%, 11/15/2024		29,717,071
	400,000	QEP Resources, Inc., 5.250%, 5/01/2023		389,000
	60,000	Whiting Petroleum Corp., 6.250%, 4/01/2023		58,981
				128,261,412
		Integrated Energy — 0.1%
	7,700,000	Reliance Holdings USA, Inc., 5.400%, 2/14/2022, 144A		8,460,746
		Life Insurance — 1.8%
	1,475,000	American International Group, Inc., 4.875%, 6/01/2022		1,620,192
	600,000	AXA S.A., EMTN, (fixed rate to 10/16/2019, variable rate thereafter), 6.772%, (GBP)(b)(c)(e)		881,988
	5,900,000	AXA S.A., EMTN, (fixed rate to 4/16/2020, variable rate thereafter), 5.250%, 4/16/2040, (EUR)(b)(c)		7,796,895
	15,000,000	Forethought Financial Group, Inc., 8.625%, 4/15/2021, 144A(b)(c)		17,137,558
	9,063,000	Mutual of Omaha Insurance Co., 6.800%, 6/15/2036, 144A		11,605,901
	26,914,000	National Life Insurance Co., 10.500%, 9/15/2039, 144A(b)(c)		44,667,964
	6,440,000	NLV Financial Corp., 7.500%, 8/15/2033, 144A(b)(c)		7,904,228
	2,872,000	Penn Mutual Life Insurance Co. (The), 6.650%, 6/15/2034, 144A		3,476,144

See accompanying notes to financial statements.

23  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Life Insurance — continued
$	14,489,000	Penn Mutual Life Insurance Co. (The), 7.625%, 6/15/2040, 144A	$	19,851,412
				114,942,282
		Local Authorities — 2.4%
	37,829,000	New South Wales Treasury Corp., 3.500%, 3/20/2019, (AUD)		30,323,050
	152,895,000	New South Wales Treasury Corp., 6.000%, 2/01/2018, (AUD)		121,641,749
	489,000	Province of Nova Scotia, 6.600%, 6/01/2027, (CAD)		514,482
				152,479,281
		Lodging — 0.9%
	52,516,000	Choice Hotels International, Inc., 5.700%, 8/28/2020		56,979,860
		Media Entertainment — 0.4%
	4,482,000	21st Century Fox America, Inc., 8.150%, 10/17/2036		6,627,620
	358,000,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		15,493,693
	5,000,000	iHeartCommunications, Inc., 9.000%, 3/01/2021		3,550,000
	1,082,000	R.R. Donnelley & Sons Co., 6.500%, 11/15/2023		1,049,540
				26,720,853
		Metals & Mining — 1.8%
	1,689,997	1839688 Alberta ULC, PIK, 14.000%, 2/13/2020(a)(c)(f)(g)(h)		676
	430,000	ArcelorMittal, 6.000%, 3/01/2021		471,925
	4,085,000	ArcelorMittal, 6.750%, 2/25/2022		4,682,431
	47,920,000	ArcelorMittal, 7.250%, 3/01/2041		56,725,300
	19,365,000	ArcelorMittal, 7.500%, 10/15/2039		23,238,000
	15,701,000	Freeport-McMoRan, Inc., 6.500%, 11/15/2020		16,062,123
	4,612,000	United States Steel Corp., 6.650%, 6/01/2037		4,427,520
	3,655,000	Vale Overseas Ltd., 6.875%, 11/21/2036		4,184,975
	4,893,000	Worthington Industries, Inc., 6.500%, 4/15/2020		5,366,731
				115,159,681
		Midstream — 2.6%
	650,000	DCP Midstream Operating LP, 6.450%, 11/03/2036, 144A		682,500
	525,000	Energy Transfer LP/Regency Energy Finance Corp., 4.500%, 11/01/2023		550,164
	3,328,000	Florida Gas Transmission Co. LLC, 7.900%, 5/15/2019, 144A		3,616,575
	14,300,000	IFM U.S. Colonial Pipeline 2 LLC, 6.450%, 5/01/2021, 144A		15,442,613
	14,660,000	Kinder Morgan Energy Partners LP, 3.500%, 9/01/2023		14,820,529
	3,105,000	Kinder Morgan Energy Partners LP, 5.300%, 9/15/2020		3,348,265
	7,461,000	Kinder Morgan Energy Partners LP, 5.800%, 3/01/2021		8,164,768
	85,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		105,825
	31,311,000	ONEOK Partners LP, 4.900%, 3/15/2025		33,486,040
	9,899,000	Panhandle Eastern Pipe Line Co. LP, 6.200%, 11/01/2017		9,932,074
	47,594,000	Panhandle Eastern Pipe Line Co. LP, 7.000%, 6/15/2018		49,216,382
	1,404,000	Panhandle Eastern Pipe Line Co. LP, 8.125%, 6/01/2019		1,528,905
	225,000	Plains All American Pipeline LP / PAA Finance Corp., 2.850%, 1/31/2023		216,252
	15,683,000	Plains All American Pipeline LP/PAA Finance Corp., 6.500%, 5/01/2018		16,060,783
	8,405,000	Williams Partners LP, 3.350%, 8/15/2022		8,531,125
				165,702,800

See accompanying notes to financial statements.

|  24

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Mortgage Related — 0.0%
$	16,925	FHLMC, 5.000%, 12/01/2031	$	18,456
	2,656	FNMA, 6.000%, 7/01/2029		3,014
				21,470
		Natural Gas — 0.1%
	3,314,000	NiSource Finance Corp., 6.800%, 1/15/2019		3,513,698
		Non-Agency Commercial Mortgage-Backed Securities — 0.5%
	5,496,584	Institutional Mortgage Securities Canada, Inc., Series 2014-5A, Class A1, 2.003%, 7/12/2047, 144A, (CAD)		4,393,919
	27,000,000	Institutional Mortgage Securities Canada, Inc., Series 2014-5A, Class A2, 2.616%, 7/12/2047, 144A, (CAD)		21,555,424
	2,125,000	WFRBS Commercial Mortgage Trust, Series 2011-C3, Class D, 5.813%, 3/15/2044, 144A(k)		1,971,368
				27,920,711
		Oil Field Services — 0.1%
	5,000,000	Nabors Industries, Inc., 5.100%, 9/15/2023		4,812,300
		Paper — 1.4%
	363,000	Georgia-Pacific LLC, 7.750%, 11/15/2029		504,308
	7,049,000	International Paper Co., 8.700%, 6/15/2038		10,525,312
	5,270,000	WestRock MWV LLC, 7.550%, 3/01/2047(b)(c)		7,298,604
	4,273,000	WestRock MWV LLC, 8.200%, 1/15/2030		5,986,943
	26,007,000	Weyerhaeuser Co., 6.875%, 12/15/2033		33,710,755
	7,374,000	Weyerhaeuser Co., 7.375%, 10/01/2019		8,141,105
	13,539,000	Weyerhaeuser Co., 7.375%, 3/15/2032		18,781,920
				84,948,947
		Property & Casualty Insurance — 0.1%
	2,740,000	Fidelity National Financial, Inc., 5.500%, 9/01/2022		3,003,964
	1,889,000	MBIA Insurance Corp., 3-month LIBOR + 11.260%, 12.564%, 1/15/2033, 144A(d)(i)		906,720
	2,212,000	XLIT Ltd., 6.250%, 5/15/2027		2,620,090
				6,530,774
		Railroads — 0.2%
	9,787,000	Canadian Pacific Railway Co., 7.250%, 5/15/2019		10,605,830
	237,000	Missouri Pacific Railroad Co., 4.750%, 1/01/2030(b)(c)		229,951
	1,701,000	Missouri Pacific Railroad Co., 5.000%, 1/01/2045(b)(c)		1,639,699
	191,000	Missouri Pacific Railroad Co., Series A, 4.750%, 1/01/2020(b)(c)		190,180
				12,665,660
		REITs – Health Care — 0.1%
	5,972,000	Welltower, Inc., 6.500%, 3/15/2041		7,560,811
		REITs – Single Tenant — 0.6%
	8,690,000	Realty Income Corp., 5.750%, 1/15/2021		9,526,189
	22,701,000	Realty Income Corp., 6.750%, 8/15/2019		24,632,902
				34,159,091

See accompanying notes to financial statements.

25  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Restaurants — 0.2%
$	10,320,000	Darden Restaurants, Inc., 6.000%, 8/15/2035	$	11,843,369
		Retailers — 0.6%
	1,255,000	Group 1 Automotive, Inc., 5.000%, 6/01/2022		1,300,494
	254,000	J.C. Penney Corp., Inc., 5.750%, 2/15/2018		255,270
	5,979,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		4,230,143
	5,446,000	J.C. Penney Corp., Inc., 7.625%, 3/01/2097		3,744,125
	10,467,000	Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027		11,036,767
	8,064,000	Marks & Spencer PLC, 7.125%, 12/01/2037, 144A		9,424,756
	3,755,000	PVH Corp., 7.750%, 11/15/2023		4,534,162
				34,525,717
		Supermarkets — 0.5%
	4,510,000	Albertson’s Cos. LLC/Safeway, Inc./New Albertson’s, Inc./ Albertson’s LLC, 6.625%, 6/15/2024		4,211,212
	1,120,000	Koninklijke Ahold Delhaize NV, 5.700%, 10/01/2040		1,287,366
	6,735,000	New Albertson’s, Inc., 7.450%, 8/01/2029		5,219,625
	7,735,000	New Albertson’s, Inc., 8.000%, 5/01/2031		6,187,459
	989,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		761,530
	17,290,000	SUPERVALU, Inc., 6.750%, 6/01/2021		16,382,275
				34,049,467
		Supranational — 0.3%
	9,640,000	European Investment Bank, MTN, 6.000%, 8/06/2020, (AUD)		8,312,770
	12,982,000	Inter-American Development Bank, EMTN, 6.000%, 12/15/2017, (NZD)		9,450,472
				17,763,242
		Technology — 0.3%
	16,735,000	KLA-Tencor Corp., 5.650%, 11/01/2034		18,988,566
	1,551,000	Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		1,831,762
				20,820,328
		Treasuries — 29.7%
	132,000,000	Canadian Government International Bond, 0.750%, 9/01/2020, (CAD)		103,236,642
	209,501,000	Canadian Government International Bond, 1.250%, 9/01/2018, (CAD)		167,704,900
	61,795,000	Canadian Government International Bond, 1.750%, 9/01/2019, (CAD)		49,722,751
	391,985,000	Iceland Government International Bond, 7.250%, 10/26/2022, (ISK)		3,316,679
	1,195,394,000	Iceland Government International Bond, 8.750%, 2/26/2019, (ISK)		9,748,484
	2,755,000(†††)	Mexican Fixed Rate Bonds, Series M, 7.750%, 5/29/2031, (MXN)		16,034,372
	2,965,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 7.500%, 6/03/2027, (MXN)		16,994,612
	7,555,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		44,148,416
	1,925,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.500%, 5/31/2029, (MXN)		11,869,988
	23,970,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 10.000%, 12/05/2024, (MXN)		155,857,652
	36,850,000	New Zealand Government Bond, 5.000%, 3/15/2019, (NZD)		27,777,384
	109,763,000	New Zealand Government Bond, 6.000%, 12/15/2017, (NZD)		79,977,847
	290,574,000	Norway Government Bond, 3.750%, 5/25/2021, 144A, (NOK)		40,186,809
	416,760,000	Norway Government Bond, 4.500%, 5/22/2019, 144A, (NOK)		55,670,910
	43,590,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)		13,940,707
	23,848,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		8,190,086
	236,325,000	U.S. Treasury Note, 0.625%, 6/30/2018		235,171,070

See accompanying notes to financial statements.

|  26

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Treasuries — continued
$	125,000,000	U.S. Treasury Note, 0.750%, 1/31/2018	$	124,827,424
	205,000,000	U.S. Treasury Note, 0.750%, 8/31/2018		203,878,906
	350,000,000	U.S. Treasury Note, 0.750%, 9/30/2018		347,880,859
	150,000,000	U.S. Treasury Note, 1.250%, 6/30/2019		149,472,657
				1,865,609,155
		Wireless — 0.7%
	559,910,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		29,246,611
	58,200,000	America Movil SAB de CV, 8.460%, 12/18/2036, (MXN)		2,968,270
	6,373,000	Sprint Capital Corp., 6.875%, 11/15/2028		7,137,760
	612,000	Sprint Capital Corp., 8.750%, 3/15/2032		782,595
	1,609,000	Sprint Communications, Inc., 6.000%, 11/15/2022		1,722,467
	985,000	Sprint Corp., 7.125%, 6/15/2024		1,108,125
				42,965,828
		Wirelines — 4.2%
	33,710,000	AT&T, Inc., 2.625%, 12/01/2022		33,406,055
	26,815,000	AT&T, Inc., 3.000%, 2/15/2022		27,098,498
	406,000	Bell Canada, Inc., MTN, 7.300%, 2/23/2032, (CAD)		432,841
	2,936,000	BellSouth Telecommunications LLC, 5.850%, 11/15/2045		3,103,058
	2,710,000	CenturyLink, Inc., 6.450%, 6/15/2021		2,819,836
	670,000	CenturyLink, Inc., 7.650%, 3/15/2042		584,575
	4,990,000	CenturyLink, Inc., Series G, 6.875%, 1/15/2028		4,821,276
	4,508,000	CenturyLink, Inc., Series P, 7.600%, 9/15/2039		3,989,580
	195,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		191,552
	24,103,000	Embarq Corp., 7.995%, 6/01/2036		24,464,545
	265,000	Frontier Communications Corp., 7.875%, 1/15/2027		190,800
	1,365,000	Frontier Communications Corp., 9.000%, 8/15/2031		1,061,287
	5,200,000	Oi S.A., 9.750%, 9/15/2016, 144A, (BRL)(f)		443,301
	8,450,000	Portugal Telecom International Finance BV, EMTN, 4.500%, 6/16/2025, (EUR)(f)		3,395,600
	18,850,000	Portugal Telecom International Finance BV, EMTN, 5.000%, 11/04/2019, (EUR)(f)		7,574,800
	2,755,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		2,632,623
	4,370,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		4,549,301
	3,469,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		3,221,834
	12,308,000	Qwest Corp., 6.875%, 9/15/2033		12,044,688
	9,077,000	Qwest Corp., 7.250%, 9/15/2025		10,043,760
	9,474,000	Qwest Corp., 7.250%, 10/15/2035		9,477,245
	2,490,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		2,754,562
	5,775,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		6,648,469
	4,100,000	Telefonica Emisiones SAU, EMTN, 5.289%, 12/09/2022, (GBP)		6,387,860
	9,100,000	Telefonica Emisiones SAU, EMTN, 5.375%, 2/02/2026, (GBP)		14,582,847
	54,665,000	Telus Corp., Series CG, 5.050%, 12/04/2019, (CAD)		46,436,882
	32,509,000	Verizon Communications, Inc., 2.450%, 11/01/2022		32,261,090
				264,618,765
		Total Non-Convertible Bonds (Identified Cost $4,953,560,871)		4,929,609,235

See accompanying notes to financial statements.

27  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
	Convertible Bonds — 2.5%
		Finance Companies — 0.1%
$	3,905,000	Euronet Worldwide, Inc., 1.500%, 10/01/2044	$	5,281,513
		Property & Casualty Insurance — 1.0%
	46,995,000	Old Republic International Corp., 3.750%, 3/15/2018		60,094,856
		Technology — 1.4%
	11,515,000	Lam Research Corp., Series B, 1.250%, 5/15/2018		35,192,719
	347,852	Liberty Interactive LLC, 3.500%, 1/15/2031		348,607
	46,000,000	Priceline Group, Inc. (The), 0.900%, 9/15/2021		52,785,000
				88,326,326
		Total Convertible Bonds (Identified Cost $107,078,617)		153,702,695
	Municipals — 0.3%
		Illinois — 0.1%
	9,150,000	State of Illinois, 5.100%, 6/01/2033		9,253,395
		Michigan — 0.0%
	2,195,000	Michigan Tobacco Settlement Finance Authority Taxable Turbo, Series A, 7.309%, 6/01/2034		2,167,475
		Virginia — 0.2%
	10,740,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046		9,824,844
		Total Municipals (Identified Cost $19,911,543)		21,245,714
		Total Bonds and Notes (Identified Cost $5,080,551,031)		5,104,557,644
Shares
	Common Stocks — 0.8%
		Automobiles — 0.8%
	4,063,816	Ford Motor Co. (Identified Cost $34,826,997)		48,643,878
	Preferred Stocks — 0.0%
		Midstream — 0.0%
	43,031	Chesapeake Energy Corp., 5.000% (Identified Cost $3,673,619)		2,490,419
Principal Amount (‡)
	Short-Term Investments — 18.1%
$	30,025,000	Federal Home Loan Bank Discount Notes, 1.060%, 01/19/2018(j)		29,926,818
	131,270,000	Federal National Mortgage Association Discount Notes, 1.040%, 10/30/2017(j)		131,168,922

See accompanying notes to financial statements.

|  28

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
	Short-Term Investments — (continued)
$	50,000,000	Federal National Mortgage Association Discount Notes, 1.040%, 11/08/2017(j)	$	49,948,600
	384,252,583	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/29/2017 at 0.340% to be repurchased at $384,263,471 on 10/02/2017 collateralized by $75,000,000 Federal National Mortgage Association, 1.750% due 1/17/2020 valued at $75,276,150; $80,000,000 U.S. Treasury Bond, 8.500% due 2/15/2020 valued at $94,000,720; $16,810,000 U.S. Treasury Inflation Note, 0.125% due 4/15/2020 valued at $17,691,130; $139,000,000 U.S. Treasury Note, 3.375% due 11/15/2019 valued at $146,289,716; $50,000,000 U.S. Treasury Note, 3.625% due 2/15/2020 valued at $52,697,650; $5,980,000 U.S. Treasury Note, 1.250% due 10/31/2019 valued at $5,985,167 including accrued interest (Note 2 of Notes to Financial Statements)		384,252,583
	168,730,000	U.S. Treasury Bills, 1.020%, 10/12/2017(j)		168,686,679
	100,000,000	U.S. Treasury Bills, 1.015%, 11/09/2017(j)		99,898,699
	250,000,000	U.S. Treasury Bills, 1.020%, 11/30/2017(j)		249,594,700
	22,915,000	U.S. Treasury Cash Management Bills, 1.025%, 01/02/2018 (j)		22,854,683
		Total Short-Term Investments (Identified Cost $1,136,282,251)		1,136,331,684
		Total Investments — 100.3% (Identified Cost $6,255,333,898)		6,292,023,625
		Other assets less liabilities — (0.3)%		(17,444,162	)
		Net Assets — 100.0%	$	6,274,579,463
	(‡)	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)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
	(b)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At September 30, 2017, the value of these securities amounted to $174,709,343 or 2.8% of net assets. See Note 2 of Notes to Financial Statements.
	(c)	Illiquid security. (Unaudited)
	(d)	Variable rate security. Rate as of September 30, 2017 is disclosed.
	(e)	Perpetual bond with no specified maturity date.
	(f)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
	(g)	Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional principal.
	(h)	Fair valued by the Fund’s adviser. At September 30, 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.
	(i)	Non-income producing security.
	(j)	Interest rate represents discount rate at time of purchase; not a coupon rate.

See accompanying notes to financial statements.

29  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Investment Grade Bond Fund – (continued)

(k)	Variable rate security. The interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate as of September 30, 2017 is disclosed.
144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2017, the value of Rule 144A holdings amounted to $577,583,935 or 9.2% of net assets.
ABS	Asset-Backed Securities
EMTN	Euro Medium Term Note
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GMTN	Global Medium Term Note
LIBOR	London Interbank Offered Rate
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 September 30, 2017

Treasuries	29.7	%
Banking	8.5
Wirelines	4.2
Finance Companies	3.8
Midstream	2.6
Local Authorities	2.4
Independent Energy	2.0
Airlines	2.0
Other Investments, less than 2% each	27.0
Short-Term Investments	18.1
Total Investments	100.3
Other assets less liabilities	(0.3	)
Net Assets	100.0	%

See accompanying notes to financial statements.

|  30

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Strategic Income Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 67.7% of Net Assets
	Non-Convertible Bonds — 62.2%
		ABS Other — 0.3%
$	21,078,881	GCA2014 Holdings Ltd., Series 2014-1, Class C, 6.000%, 1/05/2030, 144A(a)(b)(c)	$	14,544,428
	8,337,617	GCA2014 Holdings Ltd., Series 2014-1, Class D, 7.500%, 1/05/2030, 144A(a)(b)(c)		2,402,901
	42,000,000	GCA2014 Holdings Ltd., Series 2014-1, Class E, 0.000%, 1/05/2030, 144A(a)(b)(c)(d)		—
	11,238,245	Global Container Assets Ltd., Series 2015-1A, Class B, 4.500%, 2/05/2030, 144A(b)(e)		10,835,373
				27,782,702
		Aerospace & Defense — 1.1%
	620,000	Bombardier, Inc., 7.350%, 12/22/2026, 144A, (CAD)		474,534
	10,225,000	Bombardier, Inc., 7.450%, 5/01/2034, 144A		9,716,000
	3,145,000	Embraer Netherlands Finance BV, 5.400%, 2/01/2027		3,406,035
	22,548,000	Meccanica Holdings USA, Inc., 6.250%, 1/15/2040, 144A		25,479,240
	20,755,000	Meccanica Holdings USA, Inc., 7.375%, 7/15/2039, 144A		25,372,987
	5,310,000	Textron Financial Corp., 3-month LIBOR + 1.735%, 3.050%, 2/15/2067, 144A(f)		4,646,250
	24,513,000	TransDigm, Inc., 6.500%, 7/15/2024		25,309,673
	17,765,000	TransDigm, Inc., 6.500%, 5/15/2025		18,297,950
				112,702,669
		Airlines — 2.7%
	130,040,000	American Airlines Group, Inc., 5.500%, 10/01/2019, 144A		136,216,900
	11,695,210	American Airlines Pass Through Trust, Series 2013-1, Class A, 4.000%, 1/15/2027		12,193,542
	175,117	Continental Airlines Pass Through Certificates, Series 1999-1, Class B, 6.795%, 2/02/2020		180,370
	2,366,465	Continental Airlines Pass Through Certificates, Series 2012-1, Class B, 6.250%, 10/11/2021		2,496,620
	2,231,854	Continental Airlines Pass Through Certificates, Series 2012-2, Class B, 5.500%, 4/29/2022		2,339,117
	21,015,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		21,461,569
	930	Continental Airlines Pass Through Trust, Series 1999-2, Class B, 7.566%, 9/15/2021(a)		923
	326,033	Continental Airlines Pass Through Trust, Series 2001-1, Class A-1, 6.703%, 12/15/2022		345,595
	474,975	Northwest Airlines, Inc., Series 2002-1, Class G2, (MBIA insured), 6.264%, 5/20/2023		505,848
	34,032,343	US Airways Pass Through Trust, Series 2011-1B, Class B, 9.750%, 4/22/2020		36,804,618
	5,218,799	US Airways Pass Through Trust, Series 2012-1B, Class B, 8.000%, 4/01/2021		5,662,397
	48,950,000	Virgin Australia Holdings Ltd., 8.500%, 11/15/2019, 144A		51,519,875

See accompanying notes to financial statements.

31  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Airlines — continued
$	2,602,896	Virgin Australia Pass Through Certificates, Series 2013-1B, 6.000%, 4/23/2022, 144A	$	2,700,192
	3,331,929	Virgin Australia Pass Through Certificates, Series 2013-1C, 7.125%, 10/23/2018, 144A		3,430,987
				275,858,553
		Automotive — 0.3%
	1,220,000	Ford Motor Co., 6.625%, 2/15/2028		1,446,639
	1,345,000	Ford Motor Co., 7.500%, 8/01/2026		1,651,869
	4,977,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		5,561,798
	26,055,000	Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc., 7.875%, 10/01/2022, 144A		26,380,687
				35,040,993
		Banking — 4.5%
	6,000,000	Ally Financial, Inc., 8.000%, 11/01/2031		7,739,400
	265,000	Bank of America Corp., MTN, 4.250%, 10/22/2026		277,239
	1,500,000	Bank of America Corp., Series K, (fixed rate to 1/30/2018, variable rate thereafter), 8.000%(g)		1,521,450
	7,045,000	Bank of America Corp., Series L, MTN, 4.183%, 11/25/2027		7,301,974
	10,000,000	Bank of Nova Scotia (The), 2.462%, 3/14/2019, (CAD)		8,076,458
	36,445,000	Citigroup, Inc., 5.130%, 11/12/2019, (NZD)		27,421,634
	3,450,000	Cooperatieve Rabobank UA, 3.950%, 11/09/2022		3,620,724
	25,000,000	Goldman Sachs Group, Inc. (The), 3.550%, 2/12/2021, (CAD)		20,654,378
	19,245,000	Intesa Sanpaolo SpA, 5.017%, 6/26/2024, 144A		19,564,527
	45,620,000	JPMorgan Chase & Co., 4.250%, 11/02/2018, (NZD)		33,433,114
	800,000	Merrill Lynch & Co., Inc., Series C, MTN, 6.050%, 6/01/2034		935,328
	36,195,000	Morgan Stanley, 4.350%, 9/08/2026		37,892,830
	35,325,000	Morgan Stanley, 4.750%, 11/16/2018, (AUD)		28,371,251
	185,000,000	Morgan Stanley, 5.000%, 9/30/2021, (AUD)		154,704,556
	46,735,000	Morgan Stanley, MTN, 4.100%, 5/22/2023		48,867,469
	10,000,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		11,986,432
	53,095,000	Morgan Stanley, Series MPLE, 3.125%, 8/05/2021, (CAD)		43,338,541
				455,707,305
		Brokerage — 1.1%
	3,325,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 6.875%, 4/15/2022, 144A		3,341,625
	1,675,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.250%, 8/15/2024, 144A		1,679,187
	22,540,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.500%, 4/15/2021, 144A		23,328,900
	43,025,000	Jefferies Group LLC, 5.125%, 1/20/2023		46,995,341
	20,010,000	Jefferies Group LLC, 6.250%, 1/15/2036		22,205,772
	15,215,000	Jefferies Group LLC, 6.450%, 6/08/2027		17,617,157
				115,167,982
		Building Materials — 0.4%
	15,181,000	Atrium Windows & Doors, Inc., 7.750%, 5/01/2019, 144A		15,396,570
	1,859,000	Masco Corp., 6.500%, 8/15/2032		2,216,842
	195,000	Masco Corp., 7.125%, 3/15/2020		216,450
	1,226,000	Masco Corp., 7.750%, 8/01/2029		1,614,390

See accompanying notes to financial statements.

|  32

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Building Materials — continued
$	2,000,000	NCI Building Systems, Inc., 8.250%, 1/15/2023, 144A	$	2,145,000
	10,800,000	Owens Corning, 7.000%, 12/01/2036		13,970,547
				35,559,799
		Cable Satellite — 0.9%
	850,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2023, 144A		885,062
	975,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.375%, 5/01/2025, 144A		1,010,461
	3,315,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 1/15/2024		3,443,456
	4,360,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.875%, 5/01/2027, 144A		4,567,100
	17,679,000	DISH DBS Corp., 5.875%, 11/15/2024		18,529,802
	25,270,000	Shaw Communications, Inc., 5.650%, 10/01/2019, (CAD)		21,571,497
	4,835,000	Time Warner Cable LLC, 4.500%, 9/15/2042		4,582,355
	135,000	Time Warner Cable LLC, 5.875%, 11/15/2040		148,144
	11,275,000	Videotron Ltd., 5.625%, 6/15/2025, 144A, (CAD)		9,680,099
	7,000,000	Virgin Media Finance PLC, 6.000%, 10/15/2024, 144A		7,358,750
	20,300,000	VTR Finance BV, 6.875%, 1/15/2024, 144A		21,495,670
				93,272,396
		Chemicals — 2.0%
	19,810,000	Aruba Investments, Inc., 8.750%, 2/15/2023, 144A		20,255,725
	6,605,000	Chemours Co. (The), 6.625%, 5/15/2023		7,026,069
	33,788,000	Consolidated Energy Finance S.A., 6.750%, 10/15/2019, 144A		34,379,290
	20,000,000	Eco Services Operations LLC/Eco Finance Corp., 8.500%, 11/01/2022, 144A		20,850,000
	26,164,000	Hexion, Inc., 7.875%, 2/15/2023(a)(b)(c)		13,343,640
	8,757,000	Hexion, Inc., 9.200%, 3/15/2021(a)(b)(c)		4,728,780
	16,660,000	Hexion, Inc./Hexion Nova Scotia Finance ULC, 9.000%, 11/15/2020		11,016,425
	90,205,000	INVISTA Finance LLC, 4.250%, 10/15/2019, 144A		92,911,150
	885,000	TPC Group, Inc., 8.750%, 12/15/2020, 144A		858,450
				205,369,529
		Construction Machinery — 0.1%
	840,000	Komatsu Mining Corp., 6.625%, 11/15/2036		1,118,569
	1,310,000	United Rentals North America, Inc., 4.875%, 1/15/2028		1,316,550
	5,105,000	United Rentals North America, Inc., 5.750%, 11/15/2024		5,417,682
	1,979,000	United Rentals North America, Inc., 7.625%, 4/15/2022		2,059,743
				9,912,544
		Consumer Cyclical Services — 0.1%
	670,000	ServiceMaster Co. LLC (The), 7.100%, 3/01/2018		680,050
	5,500,000	ServiceMaster Co. LLC (The), 7.450%, 8/15/2027		6,008,750
				6,688,800
		Consumer Products — 0.1%
	11,880,000	Avon Products, Inc., 8.950%, 3/15/2043		9,979,200
		Diversified Manufacturing — 0.4%
	57,000,000	General Electric Co., GMTN, 4.250%, 1/17/2018, (NZD)		41,392,403

See accompanying notes to financial statements.

33  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Electric — 1.4%
$	5,093,000	AES Corp. (The), 4.875%, 5/15/2023	$	5,245,790
	9,505,000	AES Corp. (The), 5.500%, 3/15/2024		9,897,081
	10,185,000	AES Corp. (The), 5.500%, 4/15/2025		10,712,889
	34,852,340	Alta Wind Holdings LLC, 7.000%, 6/30/2035, 144A		39,272,412
	47,979,300	Bruce Mansfield Unit Pass Through Trust, 6.850%, 6/01/2034(b)(e)		20,620,544
	6,145,000	Dynegy, Inc., 7.625%, 11/01/2024		6,367,756
	11,255,000	Dynegy, Inc., 8.125%, 1/30/2026, 144A		11,592,650
	29,959,000	EDP Finance BV, 4.125%, 1/15/2020, 144A		31,071,078
	3,570,000	Empresa Nacional de Electricidad S.A., 7.875%, 2/01/2027		4,567,311
				139,347,511
		Finance Companies — 2.8%
	4,095,000	iStar, Inc., 4.875%, 7/01/2018		4,146,597
	14,060,000	iStar, Inc., 5.000%, 7/01/2019		14,244,538
	2,260,000	Navient Corp., 5.875%, 10/25/2024		2,293,900
	109,950(††)	Navient Corp., 6.000%, 12/15/2043		2,635,410
	30,265,000	Navient Corp., MTN, 6.125%, 3/25/2024		31,203,215
	22,945,000	Navient LLC, 5.500%, 1/25/2023		23,231,812
	7,780,000	Navient LLC, MTN, 5.500%, 1/15/2019		8,039,696
	6,490,000	Navient LLC, MTN, 7.250%, 1/25/2022		7,098,438
	50,910,000	Navient LLC, Series A, MTN, 5.625%, 8/01/2033(b)(e)		43,950,603
	46,475,000	Springleaf Finance Corp., 5.250%, 12/15/2019		48,380,475
	34,265,000	Springleaf Finance Corp., 7.750%, 10/01/2021		38,709,170
	55,015,000	Springleaf Finance Corp., 8.250%, 10/01/2023		62,442,025
				286,375,879
		Food & Beverage — 0.1%
	4,880,000	Shearer’s Foods LLC/Chip Finance Corp., 9.000%, 11/01/2019, 144A		5,008,100
		Government Owned – No Guarantee — 0.7%
	22,160,000	Pertamina Persero PT, 6.450%, 5/30/2044, 144A		26,266,758
	21,145,000	Petrobras Global Finance BV, 4.375%, 5/20/2023		20,901,833
	30,955,000	Petrobras Global Finance BV, 5.625%, 5/20/2043		27,627,337
				74,795,928
		Healthcare — 2.7%
	260,000	CHS/Community Health Systems, Inc., 5.125%, 8/01/2021		256,750
	28,815,000	CHS/Community Health Systems, Inc., 6.875%, 2/01/2022		22,619,775
	40,686,000	HCA, Inc., 5.875%, 5/01/2023		44,246,025
	14,620,000	HCA, Inc., 7.050%, 12/01/2027		16,484,050
	20,447,000	HCA, Inc., 7.500%, 12/15/2023		23,820,755
	24,215,000	HCA, Inc., 7.500%, 11/06/2033		27,484,025
	14,056,000	HCA, Inc., 7.690%, 6/15/2025		16,340,100
	32,745,000	HCA, Inc., 8.360%, 4/15/2024		39,294,000
	10,815,000	HCA, Inc., MTN, 7.580%, 9/15/2025		12,491,325
	9,492,000	HCA, Inc., MTN, 7.750%, 7/15/2036		10,797,150
	1,465,000	Kindred Healthcare, Inc., 8.750%, 1/15/2023		1,365,966
	955,000	Tenet Healthcare Corp., 4.375%, 10/01/2021		968,131
	7,685,000	Tenet Healthcare Corp., 5.125%, 5/01/2025, 144A		7,579,332

See accompanying notes to financial statements.

|  34

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Healthcare — continued
$	25,780,000	Tenet Healthcare Corp., 6.750%, 6/15/2023	$	24,748,800
	33,959,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		29,714,125
	1,015,000	Tenet Healthcare Corp., 7.500%, 1/01/2022, 144A		1,074,631
	990,000	Tenet Healthcare Corp., 8.125%, 4/01/2022		1,007,325
				280,292,265
		Home Construction — 0.9%
	3,075,000	Beazer Homes USA, Inc., 7.250%, 2/01/2023		3,198,000
	13,360,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021(b)(e)		12,008,235
	47,260,000	PulteGroup, Inc., 6.000%, 2/15/2035		49,268,550
	13,190,000	PulteGroup, Inc., 6.375%, 5/15/2033		14,311,150
	10,305,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 4.375%, 6/15/2019		10,523,981
	195,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.875%, 6/15/2024		208,650
				89,518,566
		Independent Energy — 3.2%
	595,000	Anadarko Petroleum Corp., 3.450%, 7/15/2024		590,484
	540,000	Anadarko Petroleum Corp., 4.500%, 7/15/2044		513,936
	4,810,000	Antero Resources Corp., 5.625%, 6/01/2023		5,014,425
	28,825,000	Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.000%, 4/01/2022, 144A		30,914,812
	8,145,000	Baytex Energy Corp., 5.125%, 6/01/2021, 144A		7,595,213
	8,225,000	Baytex Energy Corp., 5.625%, 6/01/2024, 144A		7,464,188
	15,000,000	Bellatrix Exploration Ltd., 8.500%, 5/15/2020, 144A		13,700,550
	8,645,000	California Resources Corp., 5.500%, 9/15/2021		4,603,463
	1,188,000	California Resources Corp., 6.000%, 11/15/2024		540,540
	50,620,000	California Resources Corp., 8.000%, 12/15/2022, 144A		32,903,000
	1,310,000	Chesapeake Energy Corp., 4.875%, 4/15/2022		1,218,300
	55,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		56,650
	21,335,000	Chesapeake Energy Corp., 8.000%, 1/15/2025, 144A		21,548,350
	37,475,000	Chesapeake Energy Corp., 8.000%, 6/15/2027, 144A		37,100,250
	15,215,000	Continental Resources, Inc., 3.800%, 6/01/2024		14,682,475
	5,450,000	Continental Resources, Inc., 4.500%, 4/15/2023		5,463,625
	550,000	Continental Resources, Inc., 5.000%, 9/15/2022		558,938
	19,290,000	Eclipse Resources Corp., 8.875%, 7/15/2023		19,627,575
	6,475,000	Halcon Resources Corp., 6.750%, 2/15/2025, 144A		6,701,625
	180,000	MEG Energy Corp., 6.375%, 1/30/2023, 144A		157,050
	4,515,000	MEG Energy Corp., 7.000%, 3/31/2024, 144A		3,871,613
	1,022,000	Noble Energy, Inc., 5.625%, 5/01/2021		1,052,496
	1,065,000	Oasis Petroleum, Inc., 6.875%, 1/15/2023		1,080,975
	7,170,000	Pan American Energy LLC/Argentine Branch, 7.875%, 5/07/2021, 144A		7,737,649
	2,055,000	QEP Resources, Inc., 5.250%, 5/01/2023		1,998,488
	17,187,000	Rex Energy Corp., (Step to 8.000% on 10/01/2017), 1.000%, 10/01/2020(h)		8,593,500
	2,565,000	Rice Energy, Inc., 6.250%, 5/01/2022		2,680,425
	1,735,000	RSP Permian, Inc., 6.625%, 10/01/2022		1,819,581
	17,908,000	Sanchez Energy Corp., 6.125%, 1/15/2023		15,311,340
	9,520,000	Sanchez Energy Corp., 7.750%, 6/15/2021		9,020,200
	8,241,000	SM Energy Co., 5.000%, 1/15/2024		7,767,142

See accompanying notes to financial statements.

35  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Independent Energy — continued
$	21,280,000	SM Energy Co., 6.125%, 11/15/2022	$	21,333,200
	801,000	SM Energy Co., 6.500%, 11/15/2021		809,010
	2,522,000	SM Energy Co., 6.500%, 1/01/2023		2,540,915
	1,110,000	Southwestern Energy Co., 6.700%, 1/23/2025		1,126,650
	10,845,000	Whiting Petroleum Corp., 5.000%, 3/15/2019		10,848,253
	21,520,000	Whiting Petroleum Corp., 5.750%, 3/15/2021		21,143,400
	945,000	Whiting Petroleum Corp., 6.250%, 4/01/2023		928,944
				330,619,230
		Life Insurance — 0.6%
	15,000,000	Forethought Financial Group, Inc., 8.625%, 4/15/2021, 144A(b)(e)		17,137,558
	1,225,000	Genworth Holdings, Inc., 3-month LIBOR + 2.003%, 3.318%, 11/15/2066(f)		569,625
	20,000,000	National Life Insurance Co., 10.500%, 9/15/2039, 144A(b)(e)		33,193,107
	8,920,000	NLV Financial Corp., 7.500%, 8/15/2033, 144A(b)(e)		10,948,091
				61,848,381
		Local Authorities — 1.4%
	95,480,000	New South Wales Treasury Corp., 4.000%, 4/08/2021, (AUD)		79,066,496
	82,840,000	New South Wales Treasury Corp., 6.000%, 2/01/2018, (AUD)		65,906,684
				144,973,180
		Media Entertainment — 1.2%
	111,590,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		4,829,445
	64,250,000	iHeartCommunications, Inc., 9.000%, 3/01/2021		45,617,500
	33,370,000	iHeartCommunications, Inc., 9.000%, 9/15/2022		23,525,850
	7,180,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 5.250%, 2/15/2022		7,422,325
	17,950,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 5.875%, 3/15/2025		18,802,625
	16,200,000	R.R. Donnelley & Sons Co., 6.000%, 4/01/2024		15,126,750
	1,445,000	R.R. Donnelley & Sons Co., 6.500%, 11/15/2023		1,401,650
	283,000	R.R. Donnelley & Sons Co., 7.000%, 2/15/2022		291,490
	5,925,000	R.R. Donnelley & Sons Co., 7.875%, 3/15/2021		6,250,875
				123,268,510
		Metals & Mining — 1.7%
	8,202,122	1839688 Alberta ULC, PIK, 14.000%, 2/13/2020(a)(b)(c)(i)(j)		3,281
	2,000,000	AK Steel Corp., 7.625%, 10/01/2021		2,080,000
	25,271,000	ArcelorMittal, 7.250%, 3/01/2041		29,914,546
	8,705,000	Barrick North America Finance LLC, 5.750%, 5/01/2043		10,539,362
	12,315,000	First Quantum Minerals Ltd., 7.250%, 5/15/2022, 144A		12,607,481
	1,810,000	First Quantum Minerals Ltd., 7.500%, 4/01/2025, 144A		1,850,725
	2,690,000	Freeport-McMoRan, Inc., 3.550%, 3/01/2022		2,648,816
	14,645,000	Lundin Mining Corp., 7.500%, 11/01/2020, 144A		15,230,800
	51,000,000	Lundin Mining Corp., 7.875%, 11/01/2022, 144A		55,462,500
	2,431,000	Rain CII Carbon LLC/CII Carbon Corp., 8.250%, 1/15/2021, 144A		2,522,162
	16,135,000	Russel Metals, Inc., 6.000%, 4/19/2022, 144A, (CAD)		13,319,215
	11,719,000	United States Steel Corp., 6.650%, 6/01/2037		11,250,240
	2,655,000	United States Steel Corp., 7.375%, 4/01/2020		2,893,950

See accompanying notes to financial statements.

|  36

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Metals & Mining — continued
$	10,000,000	Worthington Industries, Inc., 6.500%, 4/15/2020	$	10,968,180
				171,291,258
		Midstream — 0.3%
	8,935,000	IFM U.S. Colonial Pipeline 2 LLC, 6.450%, 5/01/2021, 144A		9,648,933
	13,327,000	NGL Energy Partners LP/NGL Energy Finance Corp., 6.125%, 3/01/2025		12,394,110
	882,000	NGL Energy Partners LP/NGL Energy Finance Corp., 6.875%, 10/15/2021		882,000
	7,870,000	NGL Energy Partners LP/NGL Energy Finance Corp., 7.500%, 11/01/2023		7,830,650
	505,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		628,725
	3,185,492	Transportadora de Gas del Sur S.A., 9.625%, 5/14/2020, 144A		3,446,829
				34,831,247
		Non-Agency Commercial Mortgage-Backed Securities — 0.2%
	11,502,831	GS Mortgage Securities Trust, Series 2007-GG10, Class AM, 5.780%, 8/10/2045(p)		11,747,891
	10,088,274	Institutional Mortgage Securities Canada, Inc., Series 2014-5A, Class A1, 2.003%, 7/12/2047, 144A, (CAD)		8,064,474
				19,812,365
		Oil Field Services — 1.9%
	14,840,000	FTS International, Inc., 6.250%, 5/01/2022		13,602,047
	7,120,000	Global Marine, Inc., 7.000%, 6/01/2028		7,191,200
	12,610,000	Noble Holding International Ltd., 7.750%, 1/15/2024		11,191,375
	18,385,000	Pioneer Energy Services Corp., 6.125%, 3/15/2022		15,535,325
	12,020,000	Precision Drilling Corp., 5.250%, 11/15/2024		11,058,400
	594,000	Precision Drilling Corp., 6.500%, 12/15/2021		601,425
	1,548,586	Precision Drilling Corp., 6.625%, 11/15/2020		1,554,393
	84,744,750	Transocean Proteus Ltd., 6.250%, 12/01/2024, 144A		88,770,126
	39,300,000	Transocean, Inc., 5.800%, 10/15/2022		38,612,250
	4,800,000	Transocean, Inc., 6.800%, 3/15/2038		3,912,000
				192,028,541
		Packaging — 0.0%
	1,705,000	Signode Industrial Group Lux S.A./Signode Industrial Group U.S., Inc., 6.375%, 5/01/2022, 144A		1,768,938
		Paper — 0.4%
	15,225,000	Georgia-Pacific LLC, 7.750%, 11/15/2029		21,151,757
	4,865,000	WestRock MWV LLC, 7.950%, 2/15/2031		6,760,595
	8,750,000	WestRock MWV LLC, 8.200%, 1/15/2030		12,259,712
	2,840,000	Weyerhaeuser Co., 6.950%, 10/01/2027		3,549,311
				43,721,375
		Property & Casualty Insurance — 0.2%
	12,510,000	MBIA Insurance Corp., 3-month LIBOR + 11.260%, 12.564%, 1/15/2033, 144A(d)(f)		6,004,800
	3,000,000	Sirius International Group Ltd., (fixed rate to 10/25/2017, variable rate thereafter), 4.535%, 144A(g)		2,997,000
	17,870,000	XL Group PLC, 3-month LIBOR + 2.458%, 3.761%(f)(g)		16,291,543
				25,293,343

See accompanying notes to financial statements.

37  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Railroads — 0.0%
$	1,153,000	Missouri Pacific Railroad Co., 5.000%, 1/01/2045(b)(e)	$	1,111,448
		Retailers — 1.1%
	3,325,000	Dillard’s, Inc., 7.000%, 12/01/2028		3,669,836
	1,500,000	Dillard’s, Inc., 7.750%, 7/15/2026		1,738,590
	9,320,000	Foot Locker, Inc., 8.500%, 1/15/2022		10,881,100
	830,000	J.C. Penney Corp., Inc., 5.650%, 6/01/2020		815,475
	1,968,000	J.C. Penney Corp., Inc., 5.750%, 2/15/2018		1,977,840
	27,224,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		19,260,980
	2,510,000	J.C. Penney Corp., Inc., 7.625%, 3/01/2097		1,725,625
	2,710,000	J.C. Penney Corp., Inc., 8.125%, 10/01/2019		2,892,925
	12,275,000	Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027		12,943,185
	6,365,000	Marks & Spencer PLC, 7.125%, 12/01/2037, 144A		7,439,059
	3,765,000	Nine West Holdings, Inc., 6.125%, 11/15/2034		602,400
	23,460,000	TRU Taj LLC/TRU Taj Finance, Inc., 11.000%, 1/22/2019, 144A(a)		24,046,500
	22,871,000	TRU Taj LLC/TRU Taj Finance, Inc., 12.000%, 8/15/2021, 144A		21,798,922
				109,792,437
		Supermarkets — 1.8%
	1,720,000	Albertson’s Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC, 5.750%, 3/15/2025		1,513,600
	4,555,000	Albertson’s Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC, 6.625%, 6/15/2024		4,253,231
	87,905,000	New Albertson’s, Inc., 7.450%, 8/01/2029		68,126,375
	25,595,000	New Albertson’s, Inc., 7.750%, 6/15/2026		21,014,007
	29,315,000	New Albertson’s, Inc., 8.000%, 5/01/2031		23,449,948
	9,390,000	New Albertson’s, Inc., 8.700%, 5/01/2030		7,746,750
	17,557,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		13,518,890
	2,290,000	Safeway, Inc., 7.250%, 2/01/2031		1,969,400
	34,580,000	SUPERVALU, Inc., 6.750%, 6/01/2021		32,764,550
	12,295,000	SUPERVALU, Inc., 7.750%, 11/15/2022		11,526,563
				185,883,314
		Supranational — 0.2%
	24,450,000	Inter-American Development Bank, EMTN, 6.000%, 12/15/2017, (NZD)		17,798,801
		Technology — 1.0%
	4,537,000	Advanced Micro Devices, Inc., 7.000%, 7/01/2024		4,797,878
	17,060,000	Amkor Technology, Inc., 6.375%, 10/01/2022		17,623,833
	56,340,000	KLA-Tencor Corp., 4.650%, 11/01/2024		61,033,886
	15,170,000	KLA-Tencor Corp., 5.650%, 11/01/2034		17,212,820
	165,000	Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		194,868
				100,863,285
		Transportation Services — 0.1%
	10,503,000	APL Ltd., 8.000%, 1/15/2024(b)(e)		9,951,593
		Treasuries — 19.1%
	312,000,000	Canadian Government International Bond, 0.750%, 9/01/2020, (CAD)		244,013,881
	29,490,000	Canadian Government International Bond, 1.250%, 9/01/2018, (CAD)		23,606,653
	80,645,000	Canadian Government International Bond, 1.750%, 9/01/2019, (CAD)		64,890,221

See accompanying notes to financial statements.

|  38

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Treasuries — continued
	1,010,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2024, (EUR)(h)	$	1,094,259
	1,100,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2035, (EUR)(h)		952,394
	4,000,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2036, (EUR)(h)		3,418,056
	4,455,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2037, (EUR)(h)		3,769,855
	5,820,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2038, (EUR)(h)		4,874,342
	4,000,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2039, (EUR)(h)		3,343,927
	4,680,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2040, (EUR)(h)		3,903,146
	5,970,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2041, (EUR)(h)		4,984,108
	4,000,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2042, (EUR)(h)		3,336,836
	1,605,660,000	Iceland Government International Bond, 7.250%, 10/26/2022, (ISK)		13,585,875
	4,496,156,000	Iceland Government International Bond, 8.750%, 2/26/2019, (ISK)		36,666,327
	10,000,000(†††)	Mexican Fixed Rate Bonds, Series M, 5.750%, 3/05/2026, (MXN)		51,204,283
	9,930,439(†††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/10/2021, (MXN)		54,194,239
	4,250,000(†††)	Mexican Fixed Rate Bonds, Series M, 7.750%, 5/29/2031, (MXN)		24,735,420
	7,740,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 7.500%, 6/03/2027, (MXN)		44,363,674
	27,224,481(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		159,089,043
	3,035,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.500%, 5/31/2029, (MXN)		18,714,500
	21,700,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 10.000%, 12/05/2024, (MXN)		141,097,666
	252,700,000	New Zealand Government Bond, 5.000%, 3/15/2019, (NZD)		190,484,261
	175,365,000	New Zealand Government Bond, 6.000%, 5/15/2021, (NZD)		143,037,008
	458,725,000	Norway Government Bond, 3.750%, 5/25/2021, 144A, (NOK)		63,442,339
	658,049,000	Norway Government Bond, 4.500%, 5/22/2019, 144A, (NOK)		87,902,358
	162,850,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)		52,081,766
	55,925,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		19,206,246
	250,000,000	U.S. Treasury Note, 0.750%, 9/30/2018		248,486,328
	250,000,000	U.S. Treasury Note, 1.000%, 11/30/2018		248,867,188
				1,959,346,199
		Wireless — 1.2%
	293,000,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		15,304,704
	134,600,000	America Movil SAB de CV, 8.460%, 12/18/2036, (MXN)		6,864,763
	49,955,000	Sprint Capital Corp., 6.875%, 11/15/2028		55,949,600
	6,260,000	Sprint Capital Corp., 8.750%, 3/15/2032		8,004,975
	21,052,000	Sprint Communications, Inc., 6.000%, 11/15/2022		22,536,587
	8,200,000	Sprint Corp., 7.125%, 6/15/2024		9,225,000
	4,727,000	Sprint Corp., 7.250%, 9/15/2021		5,252,879
				123,138,508

See accompanying notes to financial statements.

39  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Wirelines — 4.0%
	4,370,000	Bell Canada, Inc., MTN, 6.550%, 5/01/2029, 144A, (CAD)	$	4,315,539
	7,545,000	Bell Canada, Inc., Series M-17, 6.100%, 3/16/2035, (CAD)		7,272,890
	22,335,000	CB Escrow Corp., 8.000%, 10/15/2025, 144A		22,446,675
	1,240,000	CenturyLink, Inc., 5.625%, 4/01/2025		1,187,300
	28,385,000	CenturyLink, Inc., 6.450%, 6/15/2021		29,535,444
	2,025,000	CenturyLink, Inc., 7.650%, 3/15/2042		1,766,813
	7,410,000	CenturyLink, Inc., Series G, 6.875%, 1/15/2028		7,159,449
	2,965,000	CenturyLink, Inc., Series P, 7.600%, 9/15/2039		2,624,025
	7,940,000	CenturyLink, Inc., Series W, 6.750%, 12/01/2023		8,032,009
	350,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		343,812
	3,620,000	Cincinnati Bell, Inc., 7.000%, 7/15/2024, 144A		3,547,600
	9,676,000	Consolidated Communications, Inc., 6.500%, 10/01/2022		9,301,055
	5,330,000	Embarq Corp., 7.995%, 6/01/2036		5,409,950
	16,755,000	Frontier Communications Corp., 6.250%, 9/15/2021		13,775,961
	18,725,000	Frontier Communications Corp., 6.875%, 1/15/2025		13,996,938
	38,336,000	Frontier Communications Corp., 7.875%, 1/15/2027		27,601,920
	25,745,000	Level 3 Communications, Inc., 5.750%, 12/01/2022		26,452,987
	4,667,000	Oi Brasil Holdings Cooperatief UA, 5.750%, 2/10/2022, 144A(i)		1,633,450
	16,550,000	Portugal Telecom International Finance BV, EMTN, 4.500%, 6/16/2025, (EUR)(i)		6,650,553
	29,750,000	Portugal Telecom International Finance BV, EMTN, 5.000%, 11/04/2019, (EUR)(i)		11,954,922
	42,460,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		40,573,927
	12,463,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		12,974,357
	33,395,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		31,015,606
	26,401,000	Qwest Corp., 6.875%, 9/15/2033		25,836,188
	30,646,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		33,902,137
	16,440,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		18,926,550
	18,600,000	Telus Corp., Series CG, 5.050%, 12/04/2019, (CAD)		15,800,348
	14,776,000	Verizon Communications, Inc., 2.450%, 11/01/2022		14,663,320
	1,225,000	Windstream Services LLC, 7.500%, 6/01/2022		881,241
	3,760,000	Windstream Services LLC, 7.500%, 4/01/2023		2,679,000
	5,575,000	Windstream Services LLC, 7.750%, 10/15/2020		4,460,000
				406,721,966
		Total Non-Convertible Bonds (Identified Cost $6,696,289,246)		6,363,837,043
	Convertible Bonds — 4.0%
		Building Materials — 0.3%
	9,592,000	CalAtlantic Group, Inc., 0.250%, 6/01/2019		9,184,340
	19,486,000	KB Home, 1.375%, 2/01/2019		20,448,121
				29,632,461
		Cable Satellite — 1.5%
	133,515,000	DISH Network Corp., 3.375%, 8/15/2026		149,369,906

See accompanying notes to financial statements.

|  40

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Chemicals — 0.0%
$	4,305,000	RPM International, Inc., 2.250%, 12/15/2020	$	4,961,513
		Diversified Manufacturing — 0.1%
	4,727,000	Trinity Industries, Inc., 3.875%, 6/01/2036		6,337,135
		Healthcare — 0.1%
	4,930,000	Evolent Health, Inc., 2.000%, 12/01/2021, 144A		5,540,088
		Leisure — 0.3%
	27,795,000	Rovi Corp., 0.500%, 3/01/2020		28,126,872
		Midstream — 0.3%
	27,695,000	Chesapeake Energy Corp., 5.500%, 9/15/2026, 144A		25,410,162
	9,965,000	SM Energy Co., 1.500%, 7/01/2021		9,354,644
	1,000,000	Whiting Petroleum Corp., 1.250%, 4/01/2020		891,250
				35,656,056
		Pharmaceuticals — 0.1%
	1,655,000	BioMarin Pharmaceutical, Inc., 1.500%, 10/15/2020		1,980,828
	7,595,000	Horizon Pharma Investment Ltd., 2.500%, 3/15/2022		6,859,235
				8,840,063
		Property & Casualty Insurance — 0.5%
	42,319,000	Old Republic International Corp., 3.750%, 3/15/2018		54,115,421
		REITs – Mortgage — 0.0%
	4,395,000	iStar, Inc., 3.125%, 9/15/2022, 144A		4,433,456
		Technology — 0.8%
	5,160,346	Liberty Interactive LLC, 3.500%, 1/15/2031		5,171,559
	13,270,000	Nuance Communications, Inc., 1.000%, 12/15/2035		12,446,066
	3,295,000	Nuance Communications, Inc., 1.250%, 4/01/2025, 144A		3,183,794
	39,460,000	Nuance Communications, Inc., 1.500%, 11/01/2035		39,312,025
	10,415,000	Priceline Group, Inc. (The), 0.900%, 9/15/2021		11,951,212
	11,570,000	Viavi Solutions, Inc., 0.625%, 8/15/2033		12,090,650
				84,155,306
		Total Convertible Bonds (Identified Cost $376,449,614)		411,168,277
	Municipals — 1.5%
		District of Columbia — 0.1%
	3,850,000	Metropolitan Washington Airports Authority, Series D, 8.000%, 10/01/2047		5,456,143
		Illinois — 0.2%
	17,570,000	State of Illinois, 5.100%, 6/01/2033		17,768,541
		Michigan — 0.1%
	11,805,000	Michigan Tobacco Settlement Finance Authority Taxable Turbo, Series A, 7.309%, 6/01/2034		11,656,965
		Puerto Rico — 0.3%
	63,900,000	Commonwealth of Puerto Rico, GO, Refunding, Series A, 8.000%, 7/01/2035(i)		30,991,500

See accompanying notes to financial statements.

41  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Virginia — 0.8%
$	97,200,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046	$	88,917,588
		Total Municipals (Identified Cost $180,508,079)		154,790,737
		Total Bonds and Notes (Identified Cost $7,253,246,939)		6,929,796,057
	Loan Participations — 0.1%
		ABS Other — 0.1%
	10,689,288	Rise Ltd., Series 2014-1, Class B, 6.500%, 2/15/2039(a)(p) (Identified Cost $10,769,458)		10,742,735
	Senior Loans — 1.3%
		Automotive — 0.3%
	21,747,707	IBC Capital Ltd., 1st Lien Term Loan, 3-month LIBOR + 3.750%, 5.067%, 9/09/2021(f)		21,548,280
	5,948,124	IBC Capital Ltd., 2nd Lien Term Loan, 3-month LIBOR + 7.000%, 8.317%, 9/09/2022(f)		5,650,718
				27,198,998
		Chemicals — 0.3%
	31,355,000	Houghton International, Inc., New 2nd Lien Term Loan, 3-month LIBOR + 8.500%, 9.833%, 12/20/2020(f)		31,550,969
		Construction Machinery — 0.4%
	43,333,018	Onsite U.S. Finco LLC, Term Loan, 1-month LIBOR + 4.500%, 5.737%, 7/30/2021(b)(e)(f)		34,233,084
		Consumer Cyclical Services — 0.1%
	8,353,795	Ex-Sigma 2 LLC, 2nd Lien PIK Term Loan, 7/12/2019(a)(c)(k)(l)		7,518,416
		Financial Other — 0.1%
	12,814,229	DBRS Ltd., Term Loan, 3-month LIBOR + 5.250%, 6.567%, 3/04/2022(f)		12,686,086
		Natural Gas — 0.0%
	1,449,208	Southcross Holdings Borrower LP, Exit Term Loan B, PIK, 3.500%, 4/13/2023(m)		1,253,565
		Oil Field Services — 0.0%
	334,897	Paragon Offshore Finance Co., Takeback Term Loan B, 3-month LIBOR + 6.000%, 7.304%, 7/18/2022(b)(e)(f)		277,964
	2,887,994	Petroleum Geo-Services ASA, New Term Loan B, 3-month LIBOR + 2.500%, 3.833%, 3/19/2021(f)		2,425,915
				2,703,879
		Other Utility — 0.0%
	1,298,000	PowerTeam Services LLC, 2nd Lien Term Loan, 3-month LIBOR + 7.250%, 8.583%, 11/06/2020(f)		1,289,887

See accompanying notes to financial statements.

|  42

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Retailers — 0.0%
$	2,614,748	Toys “R” Us Property Co. I LLC, New Term Loan B, 1-month LIBOR + 5.000%, 6.235%, 8/21/2019(f)	$	2,456,006
		Technology — 0.1%
	9,507,380	IQOR U.S., Inc., 2nd Lien Term Loan, 3-month LIBOR + 8.750%, 10.049%, 4/01/2022(f)		9,156,843
		Transportation Services — 0.0%
	3,495,979	OSG Bulk Ships, Inc., OBS Term Loan, 3-month LIBOR + 4.250%, 5.570%, 8/05/2019(f)		3,321,180
		Total Senior Loans (Identified Cost $150,981,470)		133,368,913
Shares
	Common Stocks — 5.5%
		Diversified Telecommunication Services — 0.1%
	232,155	Hawaiian Telcom Holdco, Inc.(d)		6,922,862
		IT Services — 0.0%
	122,857	Exela Technologies, Inc.(d)(n)		601,999
		Media — 0.0%
	303,043	Dex Media, Inc.(a)(b)(c)(d)(n)		1,757,649
		Oil, Gas & Consumable Fuels — 0.1%
	846,398	Chesapeake Energy Corp.(d)		3,639,511
	2,943	Frontera Energy Corp.(d)		102,719
	156,900	Paragon Offshore Ltd., Litigation Units Class A(a)(c)(d)(n)		141,210
	225,500	Paragon Offshore Ltd., Litigation Units Class B(a)(c)(d)(n)		4,246,842
	156,900	Paragon Offshore Ltd.(a)(c)(d)		2,549,625
	1,514	Southcross Holdings Group LLC(a)(b)(c)(d)(n)		—
	1,514	Southcross Holdings LP, Class A(a)(b)(c)(d)(n)		984,100
				11,664,007
		Pharmaceuticals — 5.3%
	8,514,190	Bristol-Myers Squibb Co.		542,694,471
		Total Common Stocks (Identified Cost $276,420,455)		563,640,988
	Preferred Stocks — 1.8%
	Convertible Preferred Stocks — 1.3%
		Banking — 0.4%
	19,062	Bank of America Corp., Series L, 7.250%		24,808,621
	8,533	Wells Fargo & Co., Series L, Class A, 7.500%		11,220,895
				36,029,516
		Communications — 0.0%
	10,483	Cincinnati Bell, Inc., 6.750%		528,238

See accompanying notes to financial statements.

43  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Strategic Income Fund – (continued)

Shares		Description	Value (†)
		Energy — 0.1%
	242,297	El Paso Energy Capital Trust I, 4.750%	$	11,872,553
		Midstream — 0.7%
	172,972	Chesapeake Energy Corp., 4.500%		8,771,410
	231,033	Chesapeake Energy Corp., 5.000%		13,371,035
	43,178	Chesapeake Energy Corp., 5.750%, 144A		26,338,580
	6,017	Chesapeake Energy Corp., 5.750%		3,670,370
	32,522	Chesapeake Energy Corp., Series A, 5.750%, 144A		18,598,519
				70,749,914
		REITs – Health Care — 0.1%
	116,700	Welltower, Inc., 6.500%		7,402,281
		REITs – Mortgage — 0.0%
	46,135	iStar, Inc., Series J, 4.500%		2,288,296
		Technology — 0.0%
	38,709	Belden, Inc., 6.750%		4,182,895
		Total Convertible Preferred Stocks (Identified Cost $151,769,331)		133,053,693
	Non-Convertible Preferred Stocks — 0.5%
		Electric — 0.0%
	393	Entergy New Orleans, Inc., 4.750%		40,639
		Finance Companies — 0.0%
	39,200	iStar, Inc., Series E, 7.875%		985,880
	39,300	iStar, Inc., Series F, 7.800%		988,788
	10,425	iStar, Inc., Series G, 7.650%		264,586
				2,239,254
		Home Construction — 0.0%
	208,246	Hovnanian Enterprises, Inc., 7.625%(d)		1,261,971
		Metals & Mining — 0.4%
	906,807	Arconic, Inc., 5.375%		35,274,792
		REITs – Office Property — 0.0%
	1,596	Highwoods Realty LP, Series A, 8.625%		2,011,459
		REITs – Warehouse/Industrials — 0.1%
	116,192	ProLogis, Inc., Series Q, 8.540%		7,784,864
		Total Non-Convertible Preferred Stocks (Identified Cost $52,073,989)		48,612,979
		Total Preferred Stocks (Identified Cost $203,843,320)		181,666,672
	Closed-End Investment Companies — 0.0%
	170,282	NexPoint Credit Strategies Fund (Identified Cost $10,230,310)		3,925,000

See accompanying notes to financial statements.

|  44

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
	Short-Term Investments — 22.4%
$	283,575,000	Federal Home Loan Bank Discount Notes, 1.060%, 1/19/2018(o)	$	282,647,710
	196,910,000	Federal National Mortgage Association Discount Notes, 1.040%, 10/30/2017(o)		196,758,379
	100,000,000	Federal National Mortgage Association Discount Notes, 1.040%, 11/08/2017(o)		99,897,200
	400,000,000	Federal National Mortgage Association Discount Notes, 1.030%, 11/15/2017(o)		399,511,200
	177,638,850	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/29/2017 at 0.340% to be repurchased at $177,643,884 on 10/02/2017 collateralized by $172,170,000 U.S. Treasury Inflation Indexed Note, 0.125% due 4/15/2020 valued at $181,194,635 including accrued interest (Note 2 of Notes to Financial Statements)		177,638,850
	104,715,000	U.S. Treasury Bills, 0.995%, 10/05/2017(o)		104,708,664
	412,640,000	U.S. Treasury Bills, 1.020%, 11/30/2017(o)		411,971,028
	150,000,000	U.S. Treasury Bills, 1.015%, 11/09/2017(o)		149,848,049
	253,090,000	U.S. Treasury Bills, 1.020%, 10/12/2017(o)		253,025,019
	216,425,000	U.S. Treasury Cash Management Bills, 1.025%, 1/02/2018(o)		215,855,322
		Total Short-Term Investments (Identified Cost $2,291,755,693)		2,291,861,421
		Total Investments — 98.8% (Identified Cost $10,197,247,645)		10,115,001,786
		Other assets less liabilities — 1.2%		120,495,181
		Net Assets — 100.0%	$	10,235,496,967
	(‡)	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)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
	(b)	Illiquid security. (Unaudited)
	(c)	Fair valued by the Fund’s adviser. At September 30, 2017, the value of these securities amounted to $52,220,872 or 0.5% 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 September 30, 2017, the value of these securities amounted to $194,267,600 or 1.9% of net assets. See Note 2 of Notes to Financial Statements.
	(f)	Variable rate security. Rate as of September 30, 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 principal.

See accompanying notes to financial statements.

45  |

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Strategic Income Fund – (continued)

(k)	Position is unsettled. Contract rate was not determined at September 30, 2017 and does not take effect until settlement date. Maturity date is not finalized until settlement date.
(l)	Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional principal. For the period ended September 30, 2017, the issuer has not made any interest payments.
(m)	Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional principal. For the period ended September 30, 2017 interest payments were made in principal.
(n)	Securities subject to restriction on resale. At September 30, 2017, the restricted securities held by the Fund are as follows:
		Acquisition Date		Cost		Value		% of Net Assets
	Exela Technologies, Inc.		July 12, 2017	$	—	$	601,999		Less than 0.1%
	Dex Media, Inc.		August 12, 2016		1,476,220		1,757,649		Less than 0.1%
	Paragon Offshore Ltd., Litigation Units Class A		July 18, 2017		1,167,146		141,210		Less than 0.1%
	Paragon Offshore Ltd., Litigation Units Class B		July 18, 2017		22,768,653		4,246,842		Less than 0.1%
	Southcross Holdings Group LLC		April 29, 2016		—		—		—
	Southcross Holdings LP, Class A		April 29, 2016		2,215,133		984,100		Less than 0.1%
(o)	Interest rate represents discount rate at time of purchase; not a coupon rate.
(p)	Variable rate security. The interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate as of September 30, 2017 is disclosed.
144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2017, the value of Rule 144A holdings amounted to $1,488,860,554 or 14.5% of net assets.
ABS	Asset-Backed Securities
EMTN	Euro Medium Term Note
GMTN	Global Medium Term Note
GO	General Obligation
LIBOR	London Interbank Offered Rate
MBIA	Municipal Bond Investors Assurance Corp.
MTN	Medium Term Note
PIK	Payment-in-Kind
REITs	Real Estate Investment Trusts
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
EUR	Euro
ISK	Icelandic Krona
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar

See accompanying notes to financial statements.

|  46

Portfolio of Investments – as of September 30, 2017

Loomis Sayles Strategic Income Fund – (continued)

Industry Summary at September 30, 2017

Treasuries	19.1	%
Pharmaceuticals	5.4
Banking	4.9
Wirelines	4.0
Independent Energy	3.2
Finance Companies	2.8
Healthcare	2.8
Airlines	2.7
Cable Satellite	2.4
Chemicals	2.3
Metals & Mining	2.1
Other Investments, less than 2% each	24.7
Short-Term Investments	22.4
Total Investments	98.8
Other assets less liabilities	1.2
Net Assets	100.0	%

Currency Exposure Summary at September 30, 2017

United States Dollar	78.1	%
Mexican Peso	5.1
Canadian Dollar	4.8
New Zealand Dollar	4.5
Australian Dollar	3.2
Other, less than 2% each	3.1
Total Investments	98.8
Other assets less liabilities	1.2
Net Assets	100.0	%

See accompanying notes to financial statements.

47  |

This Page Intentionally Left Blank

|  48

Statements of Assets and Liabilities

September 30, 2017

	Investment Grade Bond Fund		Strategic Income Fund
ASSETS
Investments at cost	$	6,255,333,898	$	10,197,247,645
Net unrealized appreciation (depreciation)		36,689,727		(82,245,859	)
Investments at value		6,292,023,625		10,115,001,786
Cash		—		2,075,838
Foreign currency at value (identified cost $1,102,877 and $351,909, respectively)		1,107,335		343,647
Receivable for Fund shares sold		10,778,921		10,989,379
Receivable for securities sold		8,067,938		31,208,440
Dividends and interest receivable		57,135,544		118,804,123
Tax reclaims receivable		—		926,106
Prepaid expenses (Note 7)		5,700		10,953
TOTAL ASSETS		6,369,119,063		10,279,360,272
LIABILITIES
Payable for securities purchased		86,054,795		24,804,925
Payable for Fund shares redeemed		5,094,191		11,971,731
Management fees payable (Note 5)		1,956,606		4,741,994
Deferred Trustees’ fees (Note 5)		690,731		1,249,755
Administrative fees payable (Note 5)		225,033		379,394
Payable to distributor (Note 5d)		56,967		96,997
Other accounts payable and accrued expenses		461,277		618,509
TOTAL LIABILITIES		94,539,600		43,863,305
NET ASSETS	$	6,274,579,463	$	10,235,496,967
NET ASSETS CONSIST OF:
Paid-in capital	$	6,155,833,244	$	10,283,185,227
Undistributed net investment income		60,682,395		28,981,152
Accumulated net realized gain (loss) on investments and foreign currency transactions		19,183,525		(2,707,273	)
Net unrealized appreciation (depreciation) on investments and foreign currency translations		38,880,299		(73,962,139	)
NET ASSETS	$	6,274,579,463	$	10,235,496,967

See accompanying notes to financial statements.

49  |

Statements of Assets and Liabilities (continued)

September 30, 2017

	Investment Grade Bond Fund		Strategic Income Fund
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	902,955,138	$	1,999,384,887
Shares of beneficial interest		79,881,406		134,710,941
Net asset value and redemption price per share	$	11.30	$	14.84
Offering price per share (100/95.75 of net asset value) (Note 1)	$	11.80	$	15.50
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	689,797,644	$	2,248,938,782
Shares of beneficial interest		61,619,479		150,279,653
Net asset value and offering price per share	$	11.19	$	14.97
Class N shares:
Net assets	$	1,203,169,056	$	141,694,967
Shares of beneficial interest		106,438,903		9,557,249
Net asset value, offering and redemption price per share	$	11.30	$	14.83
Class Y shares:
Net assets	$	3,453,136,866	$	5,702,607,446
Shares of beneficial interest		305,319,577		384,641,842
Net asset value, offering and redemption price per share	$	11.31	$	14.83
Admin Class shares:
Net assets	$	25,520,759	$	142,870,885
Shares of beneficial interest		2,262,538		9,660,385
Net asset value, offering and redemption price per share	$	11.28	$	14.79

See accompanying notes to financial statements.

|  50

Statements of Operations

For the Year Ended September 30, 2017

	Investment Grade Bond Fund			Strategic Income Fund
INVESTMENT INCOME
Interest	$	247,585,484		$	462,365,931
Dividends		3,211,568			45,884,313
Less net foreign taxes withheld		—			(531,649	)
		250,797,052			507,718,595
Expenses
Management fees (Note 5)		24,815,274			59,684,040
Service and distribution fees (Note 5)		10,730,236			34,253,612
Administrative fees (Note 5)		2,768,521			4,753,508
Trustees’ fees and expenses (Note 5)		243,576			413,818
Transfer agent fees and expenses (Notes 5 and 6)		5,578,503			8,510,907
Audit and tax services fees		64,223			65,804
Custodian fees and expenses		323,805			574,259
Legal fees		136,288			236,395
Registration fees		182,049			160,241
Shareholder reporting expenses		454,801			520,610
Miscellaneous expenses (Note 7)		229,226			404,949
Total expenses		45,526,502			109,578,143
Less waiver and/or expense reimbursement (Note 5)		(135,494	)		—
Net expenses		45,391,008			109,578,143
Net investment income		205,406,044			398,140,452
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain on:
Investments		115,852,592			127,507,622
Foreign currency transactions		972,546			1,882,734
Net change in unrealized appreciation (depreciation) on:
Investments		(93,400,028	)		164,295,116
Foreign currency translations		2,270,388			8,356,884
Net realized and unrealized gain on investments and foreign currency transactions		25,695,498			302,042,356
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	231,101,542		$	700,182,808

See accompanying notes to financial statements.

51  |

Statements of Changes in Net Assets

	Investment Grade Bond Fund						Strategic Income Fund
	Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2017			Year Ended September 30, 2016
FROM OPERATIONS:
Net investment income	$	205,406,044		$	272,538,402		$	398,140,452		$	486,779,533
Net realized gain on investments and foreign currency transactions		116,825,138			136,404,927			129,390,356			11,559,349
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(91,129,640	)		144,713,586			172,652,000			475,109,457
Net increase in net assets resulting from operations		231,101,542			553,656,915			700,182,808			973,448,339
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(22,698,039	)		(28,165,815	)		(78,875,422	)		(72,039,658	)
Class B(a)		—			(414	)		—			(5,681	)
Class C		(13,586,835	)		(14,105,068	)		(78,726,042	)		(67,805,939	)
Class N		(19,578,968	)		(797,188	)		(5,305,880	)		(3,297,872	)
Class Y		(95,925,578	)		(121,740,690	)		(205,067,266	)		(162,237,969	)
Admin Class		(642,265	)		(703,125	)		(4,720,753	)		(3,176,118	)
Net realized capital gains
Class A		(37,991,535	)		(19,604,662	)		(51,098,073	)		(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		(166,690,814	)		(77,370,095	)		(114,763,610	)		(342,430,922	)
Admin Class		(1,202,096	)		(517,149	)		(3,099,821	)		(7,801,515	)
Total distributions		(396,273,499	)		(278,781,861	)		(613,711,999	)		(1,057,142,603	)
NET DECREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 10)		(345,835,758	)		(2,478,069,233	)		(1,423,618,832	)		(3,201,646,172	)
Net decrease in net assets		(511,007,715	)		(2,203,194,179	)		(1,337,148,023	)		(3,285,340,436	)
NET ASSETS
Beginning of the year		6,785,587,178			8,988,781,357			11,572,644,990			14,857,985,426
End of the year	$	6,274,579,463		$	6,785,587,178		$	10,235,496,967		$	11,572,644,990
UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME	$	60,682,395		$	(36,390,882	)	$	28,981,152		$	(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.

|  52

Financial Highlights

For a share outstanding throughout each period.

	Investment Grade Bond Fund—Class A
	Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	11.59		$	11.10		$	12.11		$	12.22		$	12.76
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.36			0.39			0.40			0.46			0.48
Net realized and unrealized gain (loss)		0.05			0.48			(0.95	)		0.26			(0.30	)
Total from Investment Operations		0.41			0.87			(0.55	)		0.72			0.18
LESS DISTRIBUTIONS FROM:
Net investment income		(0.26	)		(0.23	)		(0.34	)		(0.51	)		(0.60	)
Net realized capital gains		(0.44	)		(0.15	)		(0.12	)		(0.32	)		(0.12	)
Total Distributions		(0.70	)		(0.38	)		(0.46	)		(0.83	)		(0.72	)
Net asset value, end of the period	$	11.30		$	11.59		$	11.10		$	12.11		$	12.22
Total return(b)		3.88	%		8.06	%		(4.72	)%		6.04	%		1.34	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	902,955		$	1,130,260		$	1,628,216		$	1,932,847		$	2,431,718
Net expenses		0.82	%(c)		0.85	%		0.83	%		0.83	%		0.83	%
Gross expenses		0.82	%		0.85	%		0.83	%		0.83	%		0.83	%
Net investment income		3.23	%		3.49	%		3.38	%		3.75	%		3.85	%
Portfolio turnover rate		10	%		11	%		23	%		19	%		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) Effective July 1, 2017, the expense limit decreased to 0.80%.

See accompanying notes to financial statements.

53  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Investment Grade Bond Fund—Class C
	Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	11.48		$	11.00		$	12.00		$	12.11		$	12.66
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.27			0.30			0.31			0.36			0.39
Net realized and unrealized gain (loss)		0.06			0.47			(0.94	)		0.27			(0.32	)
Total from Investment Operations		0.33			0.77			(0.63	)		0.63			0.07
LESS DISTRIBUTIONS FROM:
Net investment income		(0.18	)		(0.14	)		(0.25	)		(0.42	)		(0.50	)
Net realized capital gains		(0.44	)		(0.15	)		(0.12	)		(0.32	)		(0.12	)
Total Distributions		(0.62	)		(0.29	)		(0.37	)		(0.74	)		(0.62	)
Net asset value, end of the period	$	11.19		$	11.48		$	11.00		$	12.00		$	12.11
Total return(b)		3.12	%		7.18	%		(5.40	)%		5.29	%		0.50	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	689,798		$	1,001,522		$	1,219,687		$	1,524,806		$	1,746,822
Net expenses		1.57	%(c)		1.60	%		1.58	%		1.58	%		1.58	%
Gross expenses		1.57	%		1.60	%		1.58	%		1.58	%		1.58	%
Net investment income		2.49	%		2.74	%		2.63	%		3.00	%		3.10	%
Portfolio turnover rate		10	%		11	%		23	%		19	%		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) Effective July 1, 2017, the expense limit decreased to 1.55%.

See accompanying notes to financial statements.

|  54

Financial Highlights (continued)

For a share outstanding throughout each period.

	Investment Grade Bond Fund—Class N
	Year Ended September 30, 2017			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)		0.39			0.43			0.44			0.50			0.34
Net realized and unrealized gain (loss)		0.07			0.47			(0.93	)		0.26			(0.46	)
Total from Investment Operations		0.46			0.90			(0.49	)		0.76			(0.12	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.30	)		(0.28	)		(0.39	)		(0.55	)		(0.32	)
Net realized capital gains		(0.44	)		(0.15	)		(0.12	)		(0.32	)		—
Total Distributions		(0.74	)		(0.43	)		(0.51	)		(0.87	)		(0.32	)
Net asset value, end of the period	$	11.30		$	11.58		$	11.11		$	12.11		$	12.22
Total return		4.34	%		8.31	%		(4.28	)%		6.41	%		(0.95	)%(b)(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,203,169		$	47,343		$	21,851		$	6,101		$	41
Net expenses		0.48	%(d)		0.47	%		0.47	%		0.47	%(e)		0.65	%(f)(g)
Gross expenses		0.48	%		0.47	%		0.47	%		0.47	%(e)		0.78	%(f)
Net investment income		3.51	%		3.88	%		3.78	%		4.07	%		4.18	%(f)
Portfolio turnover rate		10	%		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) 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) Effective July 1, 2017, the expense limit decreased to 0.50%.

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

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

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

See accompanying notes to financial statements.

55  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Investment Grade Bond Fund—Class Y
	Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	11.59		$	11.11		$	12.12		$	12.23		$	12.77
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.39			0.42			0.43			0.49			0.52
Net realized and unrealized gain (loss)		0.06			0.47			(0.95	)		0.26			(0.31	)
Total from Investment Operations		0.45			0.89			(0.52	)		0.75			0.21
LESS DISTRIBUTIONS FROM:
Net investment income		(0.29	)		(0.26	)		(0.37	)		(0.54	)		(0.63	)
Net realized capital gains		(0.44	)		(0.15	)		(0.12	)		(0.32	)		(0.12	)
Total Distributions		(0.73	)		(0.41	)		(0.49	)		(0.86	)		(0.75	)
Net asset value, end of the period	$	11.31		$	11.59		$	11.11		$	12.12		$	12.23
Total return		4.24	%		8.25	%		(4.47	)%		6.30	%		1.60	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	3,453,137		$	4,571,167		$	6,081,536		$	6,911,938		$	6,130,700
Net expenses		0.57	%(b)		0.60	%		0.58	%		0.59	%		0.58	%
Gross expenses		0.57	%		0.60	%		0.58	%		0.59	%		0.58	%
Net investment income		3.48	%		3.74	%		3.63	%		3.99	%		4.11	%
Portfolio turnover rate		10	%		11	%		23	%		19	%		30	%

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

(b) Effective July 1, 2017, the expense limit decreased to 0.55%.

See accompanying notes to financial statements.

|  56

Financial Highlights (continued)

For a share outstanding throughout each period.

	Investment Grade Bond Fund—Admin Class
	Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	11.56		$	11.08		$	12.09		$	12.20		$	12.74
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.34			0.37			0.37			0.43			0.45
Net realized and unrealized gain (loss)		0.06			0.47			(0.95	)		0.26			(0.30	)
Total from Investment Operations		0.40			0.84			(0.58	)		0.69			0.15
LESS DISTRIBUTIONS FROM:
Net investment income		(0.24	)		(0.21	)		(0.31	)		(0.48	)		(0.57	)
Net realized capital gains		(0.44	)		(0.15	)		(0.12	)		(0.32	)		(0.12	)
Total Distributions		(0.68	)		(0.36	)		(0.43	)		(0.80	)		(0.69	)
Net asset value, end of the period	$	11.28		$	11.56		$	11.08		$	12.09		$	12.20
Total return		3.76	%(b)		7.73	%		(4.95	)%		5.79	%		1.10	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	25,521		$	35,294		$	37,355		$	25,585		$	21,557
Net expenses		1.02	%(c)(d)(e)		1.07	%(f)		1.08	%		1.09	%		1.08	%
Gross expenses		1.03	%(c)		1.07	%(f)		1.08	%		1.09	%		1.08	%
Net investment income		3.03	%		3.27	%		3.14	%		3.49	%		3.62	%
Portfolio turnover rate		10	%		11	%		23	%		19	%		30	%

(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) Includes refund of prior year service fee of 0.05%. See Note 5b of Notes to Financial Statements.

(d) Effective July 1, 2017, the expense limit decreased to 1.05%.

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

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

See accompanying notes to financial statements.

57  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Strategic Income Fund—Class A
	Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	14.70		$	14.70		$	16.75		$	15.93		$	15.30
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.56			0.57			0.64			0.58			0.65
Net realized and unrealized gain (loss)		0.42			0.61			(1.74	)		0.90			0.76
Total from Investment Operations		0.98			1.18			(1.10	)		1.48			1.41
LESS DISTRIBUTIONS FROM:
Net investment income		(0.52	)		(0.36	)		(0.57	)		(0.62	)		(0.78	)
Net realized capital gains		(0.32	)		(0.82	)		(0.38	)		(0.04	)		—
Total Distributions		(0.84	)		(1.18	)		(0.95	)		(0.66	)		(0.78	)
Net asset value, end of the period	$	14.84		$	14.70		$	14.70		$	16.75		$	15.93
Total return(b)		7.01	%		8.72	%		(6.88	)%		9.34	%		9.43	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,999,385		$	2,514,770		$	3,318,262		$	4,408,257		$	5,239,885
Net expenses		0.96	%		0.96	%		0.94	%		0.94	%		0.95	%
Gross expenses		0.96	%		0.96	%		0.94	%		0.94	%		0.95	%
Net investment income		3.82	%		4.01	%		3.95	%		3.44	%		4.14	%
Portfolio turnover rate		11	%		17	%		23	%		26	%		22	%

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

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

See accompanying notes to financial statements.

|  58

Financial Highlights (continued)

For a share outstanding throughout each period.

	Strategic Income Fund—Class C
	Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	14.81		$	14.80		$	16.85		$	16.03		$	15.39
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.45			0.47			0.52			0.45			0.54
Net realized and unrealized gain (loss)		0.44			0.61			(1.74	)		0.90			0.76
Total from Investment Operations		0.89			1.08			(1.22	)		1.35			1.30
LESS DISTRIBUTIONS FROM:
Net investment income		(0.41	)		(0.25	)		(0.45	)		(0.49	)		(0.66	)
Net realized capital gains		(0.32	)		(0.82	)		(0.38	)		(0.04	)		—
Total Distributions		(0.73	)		(1.07	)		(0.83	)		(0.53	)		(0.66	)
Net asset value, end of the period	$	14.97		$	14.81		$	14.80		$	16.85		$	16.03
Total return(b)		6.20	%		7.91	%		(7.60	)%		8.54	%		8.61	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	2,248,939		$	3,433,204		$	4,295,139		$	5,390,222		$	4,912,727
Net expenses		1.71	%		1.71	%		1.69	%		1.69	%		1.70	%
Gross expenses		1.71	%		1.71	%		1.69	%		1.69	%		1.70	%
Net investment income		3.08	%		3.26	%		3.20	%		2.68	%		3.39	%
Portfolio turnover rate		11	%		17	%		23	%		26	%		22	%

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

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

See accompanying notes to financial statements.

59  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Strategic Income Fund—Class N
	Year Ended September 30, 2017			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)		0.60			0.61			0.69			0.61			0.46
Net realized and unrealized gain (loss)		0.43			0.62			(1.73	)		0.91			0.16
Total from Investment Operations		1.03			1.23			(1.04	)		1.52			0.62
LESS DISTRIBUTIONS FROM:
Net investment income		(0.57	)		(0.41	)		(0.62	)		(0.67	)		(0.48	)
Net realized capital gains		(0.32	)		(0.82	)		(0.38	)		(0.04	)		—
Total Distributions		(0.89	)		(1.23	)		(1.00	)		(0.71	)		(0.48	)
Net asset value, end of the period	$	14.83		$	14.69		$	14.69		$	16.73		$	15.92
Total return		7.38	%		9.09	%		(6.58	)%		9.70	%		4.01	%(b)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	141,695		$	130,637		$	83,405		$	57,752		$	12,921
Net expenses		0.63	%		0.63	%		0.62	%		0.62	%		0.63	%(c)
Gross expenses		0.63	%		0.63	%		0.62	%		0.62	%		0.63	%(c)
Net investment income		4.13	%		4.34	%		4.33	%		3.62	%		4.38	%(c)
Portfolio turnover rate		11	%		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.

|  60

Financial Highlights (continued)

For a share outstanding throughout each period.

	Strategic Income Fund—Class Y
	Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	14.69		$	14.69		$	16.73		$	15.92		$	15.29
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.59			0.61			0.68			0.61			0.69
Net realized and unrealized gain (loss)		0.43			0.61			(1.73	)		0.90			0.76
Total from Investment Operations		1.02			1.22			(1.05	)		1.51			1.45
LESS DISTRIBUTIONS FROM:
Net investment income		(0.56	)		(0.40	)		(0.61	)		(0.66	)		(0.82	)
Net realized capital gains		(0.32	)		(0.82	)		(0.38	)		(0.04	)		—
Total Distributions		(0.88	)		(1.22	)		(0.99	)		(0.70	)		(0.82	)
Net asset value, end of the period	$	14.83		$	14.69		$	14.69		$	16.73		$	15.92
Total return		7.22	%		9.00	%		(6.65	)%		9.63	%		9.72	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	5,702,607		$	5,350,759		$	7,018,369		$	8,747,384		$	4,789,322
Net expenses		0.71	%		0.71	%		0.69	%		0.69	%		0.70	%
Gross expenses		0.71	%		0.71	%		0.69	%		0.69	%		0.70	%
Net investment income		4.04	%		4.26	%		4.21	%		3.65	%		4.39	%
Portfolio turnover rate		11	%		17	%		23	%		26	%		22	%

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

See accompanying notes to financial statements.

61  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Strategic Income Fund—Admin Class
	Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	14.65		$	14.66		$	16.70		$	15.89		$	15.27
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.52			0.53			0.60			0.53			0.61
Net realized and unrealized gain (loss)		0.43			0.61			(1.73	)		0.90			0.75
Total from Investment Operations		0.95			1.14			(1.13	)		1.43			1.36
LESS DISTRIBUTIONS FROM:
Net investment income		(0.49	)		(0.33	)		(0.53	)		(0.58	)		(0.74	)
Net realized capital gains		(0.32	)		(0.82	)		(0.38	)		(0.04	)		—
Total Distributions		(0.81	)		(1.15	)		(0.91	)		(0.62	)		(0.74	)
Net asset value, end of the period	$	14.79		$	14.65		$	14.66		$	16.70		$	15.89
Total return		6.79	%		8.42	%		(7.13	)%		9.12	%		9.12	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	142,871		$	143,275		$	141,844		$	139,423		$	80,666
Net expenses		1.19	%(b)		1.20	%(c)		1.19	%		1.19	%		1.20	%
Gross expenses		1.19	%(b)		1.20	%(c)		1.19	%		1.19	%		1.20	%
Net investment income		3.57	%		3.76	%		3.73	%		3.15	%		3.89	%
Portfolio turnover rate		11	%		17	%		23	%		26	%		22	%

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

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

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

See accompanying notes to financial statements.

|  62

Notes to Financial Statements

September 30, 2017

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 T shares of the Funds are not currently available for purchase.

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 offered with an initial minimum 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, and Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”) and Natixis ETF Trust. Expenses of a Fund are borne pro rata by the holders of each class of shares, except that each class bears expenses unique to that class (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.

63  |

Notes to Financial Statements (continued)

September 30, 2017

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

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.

|  64

Notes to Financial Statements (continued)

September 30, 2017

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

Illiquid securities for which market quotations are readily available and have been evaluated by the adviser are considered and classified as fair valued securities pursuant to the Funds’ pricing policies and procedures.

As of September 30, 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	$	174,709,343		2.8	%	$	676		Less than 0.1%
Strategic Income Fund		194,267,600		1.9	%		52,220,872		0.5%

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.

65  |

Notes to Financial Statements (continued)

September 30, 2017

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 year ended September 30, 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	$	88,680,717
Strategic Income Fund	$	106,096,720

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

|  66

Notes to Financial Statements (continued)

September 30, 2017

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 year ended September 30, 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 September 30, 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 twelve months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

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

67  |

Notes to Financial Statements (continued)

September 30, 2017

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 years ended September 30, 2017 and 2016 were as follows:

	2017 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
Investment Grade Bond Fund	$	158,093,971	$	238,179,528	$	396,273,499
Strategic Income Fund		372,695,363		241,016,636		613,711,999

	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.

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Notes to Financial Statements (continued)

September 30, 2017

As of September 30, 2017, the components of distributable earnings on a tax basis were as follows:

	Investment Grade Bond Fund			Strategic Income Fund
Undistributed ordinary income	$	64,795,201		$	61,298,036
Undistributed long-term capital gains		69,601,527			45,271,363
Total undistributed earnings		134,396,728			106,569,399
Unrealized depreciation		(12,499,226	)		(133,148,276	)
Total accumulated earnings (losses)	$	121,897,502		$	(26,578,877	)

As of September 30, 2017, unrealized appreciation (depreciation) on a tax basis was as follows:

	Investment Grade Bond Fund			Strategic Income Fund
Unrealized appreciation (depreciation)
Investments	$	254,472,344		$	254,726,411
Foreign currency translations		(266,971,570	)		(387,874,687	)
Total unrealized depreciation	$	(12,499,226	)	$	(133,148,276	)

As of September 30, 2017, the cost of investments (including derivatives, if applicable) and unrealized appreciation (depreciation) on a federal tax basis were as follows:

	Investment Grade Bond Fund			Strategic Income Fund
Federal tax cost	$	6,307,605,278		$	10,256,520,413
Gross tax appreciation	$	366,837,479		$	802,253,755
Gross tax depreciation		(382,419,132	)		(943,772,382	)
Net tax depreciation	$	(15,581,653	)	$	(141,518,627	)

Differences between these amounts and those reported in the components of distributable earnings are primarily attributable to foreign currency mark-to-market.

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

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September 30, 2017

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 September 30, 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.

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

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Notes to Financial Statements (continued)

September 30, 2017

of the income from which is remitted to the borrowers and the remainder allocated between the Funds and State Street Bank as lending agent.

For the year ended September 30, 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.

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

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September 30, 2017

independent pricing service is considered to be reliable. Reliability of all security prices, including those obtained from an independent pricing service and broker-dealer bid prices, is tested in a variety of ways, including comparison to recent transaction prices and daily fluctuations, amongst other validation procedures in place. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by the Funds’ adviser pursuant to procedures approved by the Board of Trustees. Fair valued securities may be categorized in Level 3.

The following is a summary of the inputs used to value the Funds’ investments as of September 30, 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	$	—	$	46,407,675	$	52,564,401	(b)	$	98,972,076
Finance Companies		1,496,275		227,416,635		—			228,912,910
Metals & Mining		—		115,159,005		676	(c)		115,159,681
All Other Non-Convertible Bonds(a)		—		4,486,564,568		—			4,486,564,568
Total Non-Convertible Bonds		1,496,275		4,875,547,883		52,565,077			4,929,609,235
Convertible Bonds(a)		—		153,702,695		—			153,702,695
Municipals(a)		—		21,245,714		—			21,245,714
Total Bonds and Notes		1,496,275		5,050,496,292		52,565,077			5,104,557,644
Common Stocks(a)		48,643,878		—		—			48,643,878
Preferred Stocks(a)		—		2,490,419		—			2,490,419
Short-Term Investments		—		1,136,331,684		—			1,136,331,684
Total	$	50,140,153	$	6,189,318,395	$	52,565,077		$	6,292,023,625

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

(b) Valued using broker-dealer bid prices.

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

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Notes to Financial Statements (continued)

September 30, 2017

Strategic Income Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—	$	10,835,373	$	16,947,329	(b)(c)	$	27,782,702
Airlines		—		275,857,630		923	(d)		275,858,553
Chemicals		—		187,297,109		18,072,420	(e)		205,369,529
Finance Companies		2,635,410		283,740,469		—			286,375,879
Metals & Mining		—		171,287,977		3,281	(e)		171,291,258
Retailers		—		85,745,937		24,046,500	(d)		109,792,437
All Other Non-Convertible Bonds(a)		—		5,287,366,685		—			5,287,366,685
Total Non-Convertible Bonds		2,635,410		6,302,131,180		59,070,453			6,363,837,043
Convertible Bonds(a)		—		411,168,277		—			411,168,277
Municipals(a)		—		154,790,737		—			154,790,737
Total Bonds and Notes		2,635,410		6,868,090,194		59,070,453			6,929,796,057
Loan Participations(a)		—		—		10,742,735	(d)		10,742,735
Senior Loans
Consumer Cyclical Services		—		—		7,518,416	(e)		7,518,416
All Other Senior Loans(a)		—		125,850,497		—			125,850,497
Total Senior Loans		—		125,850,497		7,518,416			133,368,913
Common Stocks
Media		—		—		1,757,649	(b)		1,757,649
Oil, Gas & Consumable Fuels		3,742,230		—		7,921,777	(b)(c)		11,664,007
All Other Common Stocks(a)		550,219,332		—		—			550,219,332
Total Common Stocks		553,961,562		—		9,679,426			563,640,988

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Notes to Financial Statements (continued)

September 30, 2017

Strategic Income Fund (continued)

Asset Valuation Inputs (continued)

Description	Level 1		Level 2		Level 3		Total
Preferred Stocks
Convertible Preferred Stocks
Midstream	$	8,771,410	$	61,978,504	$	—	$	70,749,914
REITs - Mortgage		—		2,288,296		—		2,288,296
All Other Convertible Preferred Stocks(a)		60,015,483		—		—		60,015,483
Total Convertible Preferred Stocks		68,786,893		64,266,800		—		133,053,693
Non-Convertible Preferred Stocks
Electric		—		40,639		—		40,639
REITs – Office Property		—		2,011,459		—		2,011,459
REITs – Warehouse/Industrials		—		7,784,864		—		7,784,864
All Other Non-Convertible Preferred Stocks(a)		38,776,017		—		—		38,776,017
Total Non-Convertible Preferred Stocks		38,776,017		9,836,962		—		48,612,979
Total Preferred Stocks		107,562,910		74,103,762		—		181,666,672
Closed-End Investment Companies		3,925,000		—		—		3,925,000
Short-Term Investments		—		2,291,861,421		—		2,291,861,421
Total	$	668,084,882	$	9,359,905,874	$	87,011,030	$	10,115,001,786

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

(d) Valued using broker-dealer bid prices.

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

For the year ended September 30, 2017, there were no transfers among Levels 1, 2 and 3 for Strategic Income Fund.

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Notes to Financial Statements (continued)

September 30, 2017

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 September 30, 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		$	—	$	29,040		$	(74,054	)	$	—
Metals & Mining		676			11,785		—			(11,785	)		—
Non-Agency Commercial Mortgage-Backed Securities		18,290,710			—		(32,180	)		41,470			—
Total	$	109,054,875		$	11,785	$	(3,140	)	$	(44,369	)	$	—
Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of September 30, 2017			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at September 30, 2017
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	(1,985,613	)	$	—	$	(36,168,461	)	$	52,564,401		$	(65,406	)
Metals & Mining		—			—		—			676			(11,785	)
Non-Agency Commercial Mortgage-Backed Securities		(18,300,000	)		—		—			—			—
Total	$	(20,285,613	)	$	—	$	(36,168,461	)	$	52,565,077		$	(77,191	)

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Notes to Financial Statements (continued)

September 30, 2017

A debt security valued at $36,168,461 was transferred from Level 3 to Level 2 during the period ended September 30, 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 September 30, 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.

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	$	—	$	—		$	(141,959	)	$	1,820,309
Airlines		138,786		—		8,931			(10,643	)		—
Chemicals		12,834,270		340,627		—			4,897,523			—
Metals & Mining		3,281		56,953		—			(56,953	)		—
Retailers		—		—		—			1,524,900			22,521,600
Transportation Services		10,567,554		17,723		1,770,584			(1,888,602	)		—
Loan Participations
ABS Other		12,813,862		—		(17,028	)		216,271			—
Senior Loans
Consumer Cyclical Services		—		—		—			(835,380	)		8,353,796
Wirelines		14,173,305		—		—			824,901			—
Common Stocks
Media		602,449		—		—			1,155,200			—
Oil, Gas & Consumable Fuels		545,040		—		(936	)		(45,738,106	)		53,115,779
Warrants		112,975		—		157,748			(112,975	)		—
Total	$	67,060,501	$	415,303	$	1,919,299		$	(40,165,823	)	$	85,811,484

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Notes to Financial Statements (continued)

September 30, 2017

Strategic Income Fund (continued)

Asset Valuation Inputs (continued)

Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3		Balance as of September 30, 2017			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at September 30, 2017
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—		$	—	$	—	$	16,947,329	(a)	$	(141,959	)
Airlines		(136,151	)		—		—		923			(10	)
Chemicals		—			—		—		18,072,420			4,897,523
Metals & Mining		—			—		—		3,281			(56,953	)
Retailers		—			—		—		24,046,500			1,524,900
Transportation Services		(10,467,259	)		—		—		—			—
Loan Participations
ABS Other		(2,270,370	)		—		—		10,742,735			173,701
Senior Loans
Consumer Cyclical Services		—			—		—		7,518,416			(835,380	)
Wirelines		(14,998,206	)		—		—		—			—
Common Stocks
Media		—			—		—		1,757,649			1,155,200
Oil, Gas & Consumable Fuels		—			—		—		7,921,777	(a)		(45,738,105	)
Warrants		(157,748	)		—		—		—			—
Total	$	(28,029,734	)	$	—	$	—	$	87,011,030		$	(39,021,083	)

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

4.  Purchases and Sales of Securities.  For the year ended September 30, 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	$	485,096,667	$	75,010,535	$	68,930,921	$	1,852,386,767
Strategic Income Fund		349,257,813		960,000,000		631,039,209		3,601,995,539

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Notes to Financial Statements (continued)

September 30, 2017

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 for Strategic Income Fund and January 31, 2019 for Investment Grade Bond Fund, may be terminated before then only with the consent of the Funds’ Board of Trustees and are reevaluated on an annual basis. Management fees payable, as reflected on the Statements of Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to these undertakings. Waivers/reimbursements that exceed management fees payable are reflected on the Statements of Assets and Liabilities as receivable from investment adviser.

For the year ended September 30, 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		0.80	%		1.55	%		0.50	%		0.55	%		1.05	%
Strategic Income Fund		1.25	%		2.00	%		0.95	%		1.00	%		1.50	%

Prior to July 1, 2017, the expense limits as a percentage of average daily net assets under the expense limitation agreements for Investment Grade Bond Fund 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	%

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Notes to Financial Statements (continued)

September 30, 2017

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 year ended September 30, 2017, the management fees for each Fund were as follows:

Fund	Management Fees		Percentage of Average Daily Net Assets
Investment Grade Bond Fund	$	24,815,274		0.40	%
Strategic Income Fund		59,684,040		0.56	%

For the year ended September 30, 2017, class-specific expenses have been reimbursed as follows:

	Reimbursement1
Fund	Class A		Class C		Class N		Class Y		Admin Class		Total
Investment Grade Bond Fund	$	24,551	$	18,608	$	—	$	91,644	$	691	$	135,494

¹  Expense reimbursements are subject to possible recovery until September 30, 2018.

No expenses were recovered for either Fund during the year ended September 30, 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 Investment Managers, L.P. (“Natixis”), which is part of Natixis Investment Managers, an international asset management group based in Paris, France.

b.  Service and Distribution Fees.  Natixis Distribution, L.P. (“Natixis Distribution”), which is a wholly-owned subsidiary of Natixis, has entered into a distribution agreement with the Trust. Pursuant to this agreement, Natixis 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 each Fund’s Admin Class shares (the “Admin Class Plans”).

Under the Class A Plans, each Fund pays Natixis Distribution a monthly service fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the

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Notes to Financial Statements (continued)

September 30, 2017

Fund’s Class A shares, as reimbursement for expenses incurred by Natixis 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 Natixis 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 Natixis 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 Natixis 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 Natixis Distribution in connection with the marketing or sale of Class C shares.

Under the Admin Class Plans, each Fund pays Natixis 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 Natixis Distribution in connection with the marketing or sale of Admin Class shares or for payments made by Natixis 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 Natixis Distribution an administrative service fee, at an annual rate not to exceed 0.25% of the average daily net assets attributable to Admin Class shares. These fees are subsequently paid to securities dealers or financial intermediaries for providing personal services and/or account maintenance for their customers who hold such shares.

For the year ended September 30, 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	$	2,393,233	$	2,050,841	$	59,814	$	6,152,522	$	73,826
Strategic Income Fund		5,466,804		7,026,145		329,376		21,078,433		352,854

For the year ended September 30, 2017, Natixis Distribution refunded Investment Grade Bond Fund $14,010 and Strategic Income Fund $23,478 of prior year Admin Class service fees paid to Natixis 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.

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Notes to Financial Statements (continued)

September 30, 2017

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

For the year ended September 30, 2017, the administrative fees for each Fund were as follows:

Fund	Administrative Fees
Investment Grade Bond Fund	$	2,768,521
Strategic Income Fund		4,753,508

d.  Sub-Transfer Agent Fees.  Natixis 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 Natixis Distribution for all or a portion of the servicing fees paid to these intermediaries. The reimbursement amounts (sub-transfer agent fees) paid to Natixis 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 year ended September 30, 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	$	5,300,301
Strategic Income Fund		7,889,930

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Notes to Financial Statements (continued)

September 30, 2017

As of September 30, 2017, the Funds owe Natixis 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
Investment Grade Bond Fund	$	56,967
Strategic Income Fund		96,997

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.

e.  Commissions.  Commissions (including CDSCs) on Fund shares retained by Natixis Distribution during the year ended September 30, 2017, were as follows:

Fund	Commissions
Investment Grade Bond Fund	$	88,479
Strategic Income Fund		128,443

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 Natixis Advisors, Natixis Distribution, Natixis 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, Loomis Sayles Funds Trusts and Natixis ETF Trust based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

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Notes to Financial Statements (continued)

September 30, 2017

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

g.  Affiliated Ownership.  As of September 30, 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.  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.

For the year ended September 30, 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	$	981,829	$	844,224	$	913	$	3,721,266	$	30,271
Strategic Income Fund		1,770,578		2,272,550		2,255		4,351,280		114,244

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 0.15% 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

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Notes to Financial Statements (continued)

September 30, 2017

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.

Prior to April 13, 2017, the commitment fee was 0.10% per annum based on the average daily unused portion of the line of credit.

For the year ended September 30, 2017, neither Fund 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 September 30, 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
2		23.82	%

Omnibus shareholder accounts for which Natixis 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.

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Notes to Financial Statements (continued)

September 30, 2017

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:

	Year Ended September 30, 2017					Year Ended September 30, 2016
Investment Grade Bond Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	19,528,126		$	217,152,190		20,129,865		$	224,279,164
Issued in connection with the reinvestment of distributions	4,610,265			50,116,925		3,582,279			39,417,631
Redeemed	(41,811,856	)		(466,635,041	)	(72,797,944	)		(812,934,629	)
Net change	(17,673,465	)	$	(199,365,926	)	(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	3,086,119		$	33,663,672		6,745,192		$	73,849,989
Issued in connection with the reinvestment of distributions	3,067,848			32,931,990		1,779,107			19,337,565
Redeemed	(31,785,356	)		(350,114,834	)	(32,161,581	)		(355,433,705	)
Net change	(25,631,389	)	$	(283,519,172	)	(23,637,282	)	$	(262,246,151	)
Class N
Issued from the sale of shares	113,062,434		$	1,236,685,568		3,512,436		$	39,581,827
Issued in connection with the reinvestment of distributions	2,009,435			22,234,080		112,583			1,242,105
Redeemed	(12,720,056	)		(141,192,418	)	(1,505,453	)		(16,963,552	)
Net change	102,351,813		$	1,117,727,230		2,119,566		$	23,860,380
Class Y
Issued from the sale of shares	96,437,874		$	1,075,867,439		103,353,597		$	1,157,935,836
Issued in connection with the reinvestment of distributions	21,650,224			235,495,402		16,305,396			179,657,088
Redeemed	(207,134,566	)		(2,283,144,056	)	(272,637,548	)		(3,024,227,049	)
Net change	(89,046,468	)	$	(971,781,215	)	(152,978,555	)	$	(1,686,634,125	)
Admin Class
Issued from the sale of shares	658,125		$	7,267,683		1,369,518		$	15,254,126
Issued in connection with the reinvestment of distributions	74,152			803,727		53,619			588,562
Redeemed	(1,522,308	)		(16,968,085	)	(1,741,799	)		(19,519,799	)
Net change	(790,031	)	$	(8,896,675	)	(318,662	)	$	(3,677,111	)
Increase (decrease) from capital share transactions	(30,789,540	)	$	(345,835,758	)	(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.

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Notes to Financial Statements (continued)

September 30, 2017

10.  Capital Shares (continued).

	Year Ended September 30, 2017					Year Ended September 30, 2016
Strategic Income Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	34,163,244		$	498,076,337		23,003,978		$	322,739,399
Issued in connection with the reinvestment of distributions	6,886,842			98,525,119		13,635,011			187,725,106
Redeemed	(77,412,456	)		(1,124,169,037	)	(91,244,683	)		(1,291,828,314	)
Net change	(36,362,370	)	$	(527,567,581	)	(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	6,318,531		$	91,629,894		14,640,095		$	205,621,637
Issued in connection with the reinvestment of distributions	6,434,294			92,620,761		12,554,510			173,747,924
Redeemed	(94,279,847	)		(1,380,990,323	)	(85,523,361	)		(1,219,267,539	)
Net change	(81,527,022	)	$	(1,196,739,668	)	(58,328,756	)	$	(839,897,978	)
Class N
Issued from the sale of shares	4,399,351		$	63,538,392		5,321,977		$	77,302,805
Issued in connection with the reinvestment of distributions	548,523			7,855,589		653,923			9,006,073
Redeemed	(4,286,131	)		(61,729,981	)	(2,757,797	)		(38,915,311	)
Net change	661,743		$	9,664,000		3,218,103		$	47,393,567
Class Y
Issued from the sale of shares	122,181,068		$	1,771,665,978		97,346,155		$	1,362,714,589
Issued in connection with the reinvestment of distributions	16,052,646			229,905,077		26,448,453			364,282,467
Redeemed	(117,951,245	)		(1,708,750,729	)	(237,195,829	)		(3,355,009,041	)
Net change	20,282,469		$	292,820,326		(113,401,221	)	$	(1,628,011,985	)
Admin Class
Issued from the sale of shares	1,318,704		$	19,155,611		1,775,529		$	24,914,406
Issued in connection with the reinvestment of distributions	441,805			6,304,627		664,366			9,114,286
Redeemed	(1,879,607	)		(27,256,147	)	(2,336,993	)		(32,857,996	)
Net change	(119,098	)	$	(1,795,909	)	102,902		$	1,170,696
Increase (decrease) from capital share transactions	(97,064,278	)	$	(1,423,618,832	)	(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.

|  86

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Loomis Sayles Funds II and Shareholders of Loomis Sayles Strategic Income Fund and Loomis Sayles Investment Grade Bond Fund:

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Loomis Sayles Strategic Income Fund and Loomis Sayles Investment Grade Bond Fund, each a series of Loomis Sayles Funds II (collectively, the “Funds”) as of September 30, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of September 30, 2017, by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

November 21, 2017

87  |

2017 U.S. Tax Distribution Information to

Shareholders (Unaudited)

Corporate Dividends Received Deduction.  For the fiscal year ended September 30, 2017, a percentage of dividends distributed by the Funds listed below qualify for the dividends received deduction for corporate shareholders. These percentages are as follows:

Fund	Qualifying Percentage
Investment Grade Bond Fund		6.04	%
Strategic Income Fund		13.57	%

Capital Gains Distributions.  Pursuant to Internal Revenue Section 852(b), the following Funds paid distributions, which have been designated as capital gains distributions for the fiscal year ended September 30, 2017, unless subsequently determined to be different.

Fund	Amount
Investment Grade Bond Fund	$	238,179,528
Strategic Income Fund		241,016,636

Qualified Dividend Income.  For the fiscal year ended September 30, 2017, the Funds below will designate up to the maximum amount allowable pursuant to the Internal Revenue Code as qualified dividend income eligible for reduced tax rates. These lower rates range from 0% to 20% depending on an individual’s tax bracket. If the Funds pay a distribution during calendar year 2017, complete information will be reported in conjunction with Form 1099-DIV.

Fund

Investment Grade Bond Fund

Strategic Income Fund

|  88

Trustee and Officer Information

The tables below provide certain information regarding the trustees and officers of Loomis Sayles Funds II (the “Trust”). Unless otherwise indicated, the address of all persons below is 888 Boylston Street, Suite 800, Boston, MA 02199-8197. The Funds’ Statement of Additional Information includes additional information about the trustees of the Trust and is available by calling Natixis Funds at 800-225-5478.

Name and Year of Birth	Position(s) Held with the Trust, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INDEPENDENT TRUSTEES
Kenneth A. Drucker (1945)	Chairperson of the Board of Trustees since January 2017 Trustee since 2008 Ex Officio member of Audit Committee, Contract Review Committee and Governance Committee	Retired	53 None	Significant experience on the Board and on the boards of other business organizations (including at investment companies); executive experience (including as treasurer of an aerospace, automotive, and metal manufacturing corporation)
Edmond J. English (1953)	Trustee since 2013 Audit Committee Member	Executive Chairman; formerly, Chief Executive Officer of Bob’s Discount Furniture (retail)	53 Director, Burlington Stores, Inc. (retail)	Experience on the Board and significant experience on the boards of other business organizations (including retail companies and a bank); executive experience (including at a retail company)

89  |

Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trust, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INDEPENDENT TRUSTEES continued
Richard A. Goglia (1951)	Trustee since 2015 Audit Committee Member	Retired; formerly Vice President and Treasurer of Raytheon Company (defense)	53 None	Experience on the Board and executive experience (including his role as vice president and treasurer of a defense company and experience at a financial services company)
Wendell J. Knox (1948)	Trustee since 2009 Contract Review Committee Member and Governance Committee Member	Director of Abt Associates Inc. (research and consulting)	53 Director, Eastern Bank (bank); Director, The Hanover Insurance Group (property and casualty insurance)	Significant experience on the Board and on the boards of other business organizations (including at a bank and at a property and casualty insurance firm); executive experience (including roles as president and chief executive officer of a research and consulting company)

|  90

Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trust, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INDEPENDENT TRUSTEES continued
Martin T. Meehan (1956)	Trustee since 2012 Contract Review Committee Member	President, University of Massachusetts; formerly, Chancellor and faculty member, University of Massachusetts Lowell	53 None	Significant experience on the Board and on the boards of other business organizations; experience as President of the University of Massachusetts; government experience (including as a member of the U.S. House of Representatives); academic experience
Maureen B. Mitchell3 (1951)	Trustee since 2017 Contract Review Committee Member	Retired; formerly President, Global Sales and Marketing, GE Asset Management, Inc. (financial services)	53 None	Experience on the Board; financial services industry and executive experience (including role as president of global sales and marketing at a financial services company)

91  |

Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trust, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INDEPENDENT TRUSTEES continued
Sandra O. Moose (1942)	Trustee since 2003 Audit Committee Member and Governance Committee Member	President, Strategic Advisory Services (management consulting)	53 Formerly, Director, AES Corporation (international power company); formerly, Director, Verizon Communications (telecommunications company)	Significant experience on the Board and on the boards of other business organizations (including at a telecommunications company, an international power company and a specialty chemicals corporation); executive experience (including at a management consulting company)
James P. Palermo (1955)	Trustee since 2016 Contract Review Committee Member	Founding Partner, Breton Capital Management, LLC (private equity); Partner, STEP Partners, LLC (private equity); formerly, Chief Executive Officer of Global Client Management of The Bank of New York Mellon Corporation	53 None	Experience on the Board; financial services industry and executive experience (including roles as chief executive officer of client management and asset servicing for a banking and financial services company)

|  92

Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trust, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INDEPENDENT TRUSTEES continued
Erik R. Sirri (1958)	Trustee since 2009 Chairperson of the Audit Committee	Professor of Finance at Babson College	53 None	Significant experience on the Board; experience as Director of the Division of Trading and Markets at the Securities and Exchange Commission; academic experience; training as an economist
Peter J. Smail (1952)	Trustee since 2009 Chairperson of the Contract Review Committee and Governance Committee Member	Retired	53 None	Significant experience on the Board; mutual fund industry and executive experience (including roles as president and chief executive officer for an investment adviser)
Cynthia L. Walker (1956)	Trustee since 2005 Chairperson of the Governance Committee and Audit Committee Member	Deputy Dean for Finance and Administration, Yale University School of Medicine	53 None	Significant experience on the Board; executive experience in a variety of academic organizations (including roles as dean for finance and administration)

93  |

Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trust, Length of Time Served and Term of Office1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen2 and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
INTERESTED TRUSTEES
Kevin P. Charleston4 (1965) One Financial Center Boston, MA 02111	Trustee since 2015	President, Chief Executive Officer and Chairman of the Board of Directors; formerly, Chief Financial Officer, Loomis, Sayles & Company, L.P.	53 None	Experience on the Board; continuing service as President, Chief Executive Officer and Chairman of the Board of Directors of Loomis, Sayles & Company, L.P.
David L. Giunta5 (1965)	Trustee since 2011 President since 2008; Chief Executive Officer since 2015	President and Chief Executive Officer, Natixis Advisors, L.P., Natixis Distribution, L.P., Natixis Distribution Corporation and Chairman of the Board of Natixis Distribution Corporation.	53 None	Significant experience on the Board; experience as President and Chief Executive Officer, Natixis Advisors, L.P., Natixis Distribution, L.P., Natixis Distribution Corporation and Chairman of the Board of Natixis Distribution Corporation.

¹  Each trustee serves until retirement, resignation or removal from the Board. The current retirement age is 75. The position of Chairperson of the Board is appointed for a three-year term.

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

³  Ms. Mitchell was appointed as a Trustee effective July 1, 2017.

⁴  Mr. Charleston is deemed an “interested person” of the Trust because he holds the following positions with an affiliated person of the Trust: President, Chief Executive Officer and Chairman of the Board of Directors of Loomis, Sayles & Company, L.P.

⁵  Mr. Giunta is deemed an “interested person” of the Trust because he holds the following positions with an affiliated person of the Trust: President and Chief Executive Officer, Natixis Advisors, L.P., Natixis Distribution, L.P., Natixis Distribution Corporation and Chairman of the Board of Natixis Distribution Corporation.

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Trustee and Officer Information

Name and Year of Birth	Position(s) Held with the Trust	Term of Office1 and Length of Time Served	Principal Occupation(s) During Past 5 Years2
OFFICERS OF THE TRUST
Daniel J. Fuss (1933) One Financial Center Boston, MA 02111	Executive Vice President	Since June 2003	Vice Chairman and Director, Loomis, Sayles & Company, L.P.
Russell L. Kane (1969)	Secretary, Clerk and Chief Legal Officer	Since July 2016	Executive Vice President, General Counsel, Secretary and Clerk, Natixis Distribution Corporation, Natixis Advisors, L.P. and Natixis Distribution, L.P.; formerly, Chief Compliance Officer for Mutual Funds, Senior Vice President, Deputy General Counsel, Assistant Secretary and Assistant Clerk, Natixis Distribution Corporation, Natixis Advisors, L.P. and Natixis Distribution, L.P.
Michael C. Kardok (1959)	Treasurer, Principal Financial and Accounting Officer	Since October 2004	Senior Vice President, Natixis Advisors, L.P. and Natixis Distribution, L.P.
Rosa Licea-Mailloux (1976)	Chief Compliance Officer, Assistant Secretary and Anti-Money Laundering Officer	Since July 2016	Senior Vice President, Deputy General Counsel, Assistant Secretary and Assistant Clerk, Natixis Distribution Corporation, Natixis Advisors, L.P. and Natixis Distribution, L.P.; formerly, Associate General Counsel, Natixis Distribution, L.P.

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

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

95  |

NATIXIS FUNDS

Supplement dated June 30, 2017 to the Natixis Funds Summary Prospectuses, dated February 28, 2017, March 31, 2017, and May 1, 2017, as may be revised or supplemented from time to time, for the following funds:

LOOMIS SAYLES INVESTMENT GRADE BOND FUND

Effective July 1, 2017, Loomis, Sayles & Company, L.P. has given a binding contractual undertaking to the Fund to limit the amount of the Fund’s total annual fund operating expenses (exclusive of brokerage expenses, interest expense, taxes, acquired fund fees and expenses, organizational and extraordinary expenses, such as litigation and indemnification expenses) to 0.80%, 1.55%, 0.50%, 0.80%, 0.55% and 1.05% of the Fund’s average daily net assets for Class A, Class C, Class N, Class T, Class Y and Admin Class shares, respectively.

This undertaking is in effect through January 31, 2019.

Accordingly, the Annual Fund Operating Expenses table and the Example table within the section “Fund Fees & Expenses” are amended and restated as follows with respect to the Fund:

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

	Class A			Class C			Class N			Class T			Class Y			Admin Class
Management fees		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Distribution and/or service (12b-1) fees		0.25	%		1.00	%		0.00	%		0.25	%		0.00	%		0.25	%
Other expenses		0.20	%		0.20	%		0.07	%		0.20	%1		0.20	%		0.42	%2
Total annual fund operating expenses		0.85	%		1.60	%		0.47	%		0.85	%		0.60	%		1.07	%
Fee waiver and/or expense reimbursement3		0.05	%		0.05	%		0.00	%		0.05	%		0.05	%		0.02	%
Total annual fund operating expenses after fee waiver and/or expense reimbursement		0.80	%		1.55	%		0.47	%		0.80	%		0.55	%		1.05	%

1 Other expenses are estimated for the current fiscal year.

2 Other expenses include an administrative service fee of 0.22% for Admin Class shares.

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3 Loomis, Sayles & Company, L.P. (“Loomis Sayles” or the “Adviser”) has given a binding contractual undertaking to the Fund to limit the amount of the Fund’s total annual fund operating expenses to 0.80%, 1.55%, 0.50%, 0.80%, 0.55% and 1.05% of the Fund’s average daily net assets for Class A, C, N, T, Y and Admin Class shares, respectively, exclusive of brokerage expenses, interest expense, taxes, acquired fund fees and expenses, organizational and extraordinary expenses, such as litigation and indemnification expenses. This undertaking is in effect through January 31, 2019 and may be terminated before then only with the consent of the Fund’s Board of Trustees. The Adviser will be permitted to recover, on a class by class basis, management fees waived and/or expenses reimbursed to the extent that expenses in later periods fall below the applicable expense limitations for Class A, C, N, T, Y and Admin Class shares. The Fund will not be obligated to repay any such waived/reimbursed fees and expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods (except where indicated). The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the examples for Class A, Class C, Class T, Class Y and Admin Class are based on the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement assuming that such waiver and/or reimbursement will only be in place through the date noted above and on the Total Annual Fund Operating Expenses for the remaining periods. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

If shares are redeemed:
	1 year		3 years		5 years		10 years
Class A	$	503	$	677	$	869	$	1,422
Class C	$	258	$	497	$	863	$	1,893
Class N	$	48	$	151	$	263	$	591
Class T	$	330	$	507	$	702	$	1,265
Class Y	$	56	$	184	$	327	$	742
Admin Class	$	107	$	337	$	587	$	1,303

If shares are not redeemed:
	1 year		3 years		5 years		10 years
Class C	$	158	$	497	$	863	$	1,893

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AEW Real Estate Fund	Loomis Sayles Limited Term Government and Agency Fund
ASG Dynamic Allocation Fund	Loomis Sayles Multi-Asset Income Fund
ASG Global Alternatives Fund	Loomis Sayles Senior Floating Rate and Fixed Income Fund
ASG Managed Futures Strategy Fund	Loomis Sayles Strategic Alpha Fund
ASG Tactical U.S. Market Fund	Loomis Sayles Strategic Income Fund
Gateway Equity Call Premium Fund	Loomis Sayles Value Fund
Gateway Fund	Mirova Global Green Bond Fund
Loomis Sayles Core Plus Bond Fund	Mirova Global Sustainable Equity Fund
Loomis Sayles Dividend Income Fund	McDonnell Intermediate Municipal Bond Fund
Loomis Sayles Global Equity and Income Fund	Natixis Oakmark Fund
Loomis Sayles Global Growth Fund	Natixis Oakmark International Fund
Loomis Sayles Growth Fund	Natixis U.S. Equity Opportunities Fund
Loomis Sayles High Income Fund	Vaughan Nelson Select Fund
Loomis Sayles Intermediate Duration Bond Fund	Vaughan Nelson Small Cap Value Fund
Loomis Sayles Investment Grade Bond Fund	Vaughan Nelson Value Opportunity Fund

Effective July 1, 2017, the information under sub-sections “Class A and C Shares” and “Class A Shares,” as applicable, in the section “Purchase and Sale of Fund Shares” in each Fund’s Summary is hereby amended and restated as follows:

The following chart shows the investment minimums for various types of accounts:

Type of Account	Minimum Initial Purchase		Minimum Subsequent Purchase
Any account other than those listed below	$	2,500	$	50
For shareholders participating in Natixis Funds’ Investment Builder Program	$	1,000	$	50
For Traditional IRA, Roth IRA, Rollover IRA, SEP-IRA and Keogh plans using the Natixis Funds’ prototype document (direct accounts, not held through intermediary)	$	1,000	$	50
Coverdell Education Savings Accounts using the Natixis Funds’ prototype document (direct accounts, not held through intermediary)	$	500	$	50

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There is no initial or subsequent investment minimum for:

• Wrap Fee Programs of certain broker-dealers, the advisers or NGAM Distribution, L.P. Please consult your financial representative to determine if your wrap fee program is subject to additional or different conditions or fees.

• Certain Retirement Plans. Please consult your retirement plan administrator to determine if your retirement plan is subject to additional or different conditions or fees.

• Clients of a Registered Investment Adviser where the Registered Investment Adviser receives an advisory, management or consulting fee.

Effective July 1, 2017, the information under sub-section “Class Y Shares” in the section “Purchase and Sale of Fund Shares” in each Fund’s Summary is hereby amended and restated as follows:

Class Y shares of the Fund are generally subject to a minimum initial investment of $100,000 and a minimum subsequent investment of $50, except there is no minimum initial or subsequent investment for:

• Wrap Fee Programs of certain broker-dealers, the advisers or NGAM Distribution, L.P. Please consult your financial representative to determine if your wrap fee program is subject to additional or different conditions or fees.

• Certain Retirement Plans. Please consult your retirement plan administrator to determine if your retirement plan is subject to additional or different conditions or fees.

• Certain Individual Retirement Accounts if the amounts invested represent rollover distributions from investments by any of the retirement plans invested in the Fund.

• Clients of a Registered Investment Adviser where the Registered Investment Adviser receives an advisory, management or consulting fee.

• Fund Trustees, former Fund trustees, employees of affiliates of the Natixis Funds and other individuals who are affiliated with any Natixis Fund (this also applies to any spouse, parents, children, siblings, grandparents, grandchildren and in-laws of those mentioned) and Natixis affiliate employee benefit plans.

At the discretion of NGAM Advisors, clients of NGAM Advisors and its affiliates may purchase Class Y shares of the Fund below the stated minimums.

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Item 2. Code of Ethics.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer and persons performing similar functions. There have been no amendments or waivers of the Registrant’s code of ethics during the period.

��

Item 3. Audit Committee Financial Expert.

The Board of Trustees of the Registrant has established an audit committee Mr. Edmond J. English, Mr. Richard A. Goglia, Ms. Sandra O. Moose, Mr. Erik R. Sirri and Ms. Cynthia L. Walker are members of the audit committee and have been designated as “audit committee financial experts” by the Board of Trustees. Each of these individuals is also an Independent Trustee of the Registrant.

Item 4. Principal Accountant Fees and Services.

Fees billed by the Principal Accountant for services rendered to the Registrant.

The table below sets forth fees billed by the principal accountant, PricewaterhouseCoopers LLP, for the past two fiscal years for professional services rendered in connection with a) the audit of the Registrant’s annual financial statements and services provided in connection with regulatory filings; b) audit-related services (including services that are reasonably related to the performance of the audit of the Registrant’s financial statements and but not reported under “Audit Fees”); c) tax compliance, tax advice and tax planning and d) all other fees billed for professional services rendered by the principal accountant to the Registrant, other than the services reported as a part of (a) through (c) of this Item.

	Audit fees				Audit-related fees1				Tax fees2				All other fees
	10/1/15- 9/30/16		10/1/16- 9/30/17		10/1/15- 9/30/16		10/1/16- 9/30/17		10/1/15- 9/30/16		10/1/16- 9/30/17		10/1/15- 9/30/16		10/1/16- 9/30/17
Loomis Sayles Funds II	$	377,341	$	379,111	$	4,498	$	15,384	$	80,572	$	148,072	$	—	$	—

1. Audit-related fees consist of:

2016 & 2017 – performance of agreed-upon procedures related to the Registrant’s deferred compensation plan.

2017 – Prospectus Consent

2. Tax fees consist of:

2016 & 2017 – review of Registrant’s tax returns and tax consulting services.

Aggregate fees billed to the Registrant for non-audit services during 2016 and 2017 were $85,070 and $163,456, respectively.

Fees billed by the Principal Accountant for services rendered to the Adviser and Control Affiliates.

The following table sets forth the fees billed by the Registrant’s principal accountant for non-audit services rendered to Loomis, Sayles & Company, L.P. and entities controlling, controlled by or under common control with Loomis, Sayles & Company, L.P. Registrant (“Control Affiliates”) that provide ongoing services to the Registrant, for engagements that related directly to the operations and financial reporting of the Registrant for the last two fiscal years.

Audit-related fees

Tax fees

All other fees

10/1/15- 9/30/16

10/1/16- 9/30/17

10/1/15- 9/30/16

10/1/16- 9/30/17

10/1/15- 9/30/16

10/1/16- 9/30/17

Control Affiliates

$

—

$

—

$

—

$

—

$

—

$

—

The following table sets forth the aggregate fees billed by the Registrant’s principal accountant for non-audit services rendered to Loomis, Sayles & Company, L.P. and Control Affiliates that provide ongoing services to the Registrant, for the last two fiscal years, including the fees disclosed in the table above.

	Aggregate Non-Audit Fees
	10/1/15-9/30/16		10/1/16-9/30/17
Control Affiliates	$	119,120	$	77,290

None of the services described above were approved pursuant to (c)(7)(i)(C) of Regulation S-X.

Audit Committee Pre Approval Policies.

Annually, the Registrant’s Audit Committee reviews the audit, audit-related, tax and other non-audit services together with the projected fees, for services proposed to be rendered to the Trust and/or other entities for which pre-approval is required during the upcoming year. Any subsequent revisions to already pre-approved services or fees (including fee increases) and requests for pre-approval of new services would be presented for consideration quarterly as needed.

If, in the opinion of management, a proposed engagement by the Registrant’s independent accountants needs to commence before the next regularly scheduled Audit Committee meeting, any member of the Audit Committee who is an independent Board member is authorized to pre-approve the engagement, but only for engagements to provide audit, audit related and tax services. This approval is subject to review of the full Audit Committee at its next quarterly meeting. All other engagements require the approval of all the members of the Audit Committee.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Included as part of the Report to Shareholders filed as Item 1 herewith.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Securities Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s last fiscal quarter of the period covered by the report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a) (1)	Code of Ethics required by Item 2 hereof, filed herewith as Exhibit (a)(1).
(a) (2)	Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)), filed herewith as Exhibits (a)(2)(1) and (a)(2)(2), respectively.
(a) (3)	Not applicable.
(b)	Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002 are filed herewith as Exhibit (b).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Loomis Sayles Funds II
By:	/s/ David L. Giunta
Name:	David L. Giunta
Title:	President and Chief Executive Officer
Date:	November 21, 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 L. Giunta
Name:	David L. Giunta
Title:	President and Chief Executive Officer
Date:	November 21, 2017
By:	/s/ Michael C. Kardok
Name:	Michael C. Kardok
Title:	Treasurer
Date:	November 21, 2017