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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-06241

Loomis Sayles Funds II

(Exact name of Registrant as specified in charter)

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: March 31, 2018

Item 1. Reports to Stockholders.

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

Semiannual Report

March 31, 2018

Loomis Sayles Global Allocation Fund

(formerly Loomis Sayles Global Equity and Income Fund)

Loomis Sayles Growth Fund

Loomis Sayles Value Fund

Table of Contents

Portfolio Review	1
Portfolio of Investments	11
Financial Statements	37
Notes to Financial Statements	55

LOOMIS SAYLES GLOBAL ALLOCATION FUND

(formerly Loomis Sayles Global Equity and Income Fund)

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

Investment Goal

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

1  |

Average Annual Total Returns — March 31, 2018⁴

																Expense Ratios5
	6 Months			1 Year			5 Years			10 Years			Life of Class N			Gross			Net
Class Y (Inception 5/1/96)
NAV		6.24	%		17.06	%		8.82	%		7.90	%		—	%		0.93	%		0.93	%
Class A (Inception 2/1/06)
NAV		6.14			16.80			8.55			7.63			—			1.18			1.18
With 5.75% Maximum Sales Charge		0.03			10.07			7.28			6.99			—
Class C (Inception 2/1/06)
NAV		5.75			15.93			7.74			6.83			—			1.93			1.93
With CDSC1		4.75			14.93			7.74			6.83			—
Class N (Inception 2/1/17)
NAV		6.30			17.07			—			—			17.29			0.87			0.87
Comparative Performance
MSCI ACWI (Net)2		4.71			14.85			9.20			5.57			16.54
Blended Index3		3.86			11.71			6.18			4.65			12.67

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) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

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 1/31/19. 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.

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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.

3  |

Average Annual Total Returns — March 31, 2018³

																Expense Ratios4
	6 Months			1 Year			5 Years			10 Years			Life of Class N			Gross			Net
Class Y (Inception 5/16/91)
NAV		6.85	%		23.04	%		16.37	%		10.02	%		—	%		0.66	%		0.66	%
Class A (Inception 12/31/96)
NAV		6.77			22.78			16.10			9.71			—			0.91			0.91
With 5.75% Maximum Sales Charge		0.61			15.76			14.74			9.07			—
Class C (Inception 9/12/03)
NAV		6.37			21.83			15.21			8.90			—			1.66			1.66
With CDSC1		5.37			20.83			15.21			8.90			—
Class N (Inception 2/1/13)
NAV		6.93			23.13			16.37			—			16.24			0.58			0.58
Comparative Performance
Russell 1000® Growth Index2		9.39			21.25			15.53			11.34			15.91

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 1/31/19. 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.

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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.

5  |

Average Annual Total Returns — March 31, 2018⁴

																Expense Ratios5
	6 Months			1 Year			5 Years			10 Years			Life of Class N			Gross			Net
Class Y (Inception 5/13/91)
NAV		2.75	%		8.26	%		9.93	%		7.33	%		—	%		0.71	%		0.71	%
Class A (Inception 6/30/06)
NAV		2.60			7.93			9.65			7.04			—			0.96			0.96
With 5.75% Maximum Sales Charge		-3.30			1.72			8.36			6.41			—
Class C (Inception 6/1/07)
NAV		2.23			7.13			8.83			6.25			—			1.71			1.71
With CDSC2		1.33			6.18			8.83			6.25			—
Class N (Inception 2/1/13)
NAV		2.85			8.42			10.07			—			10.64			0.58			0.58
Admin Class (Inception 2/1/10)1
NAV		2.47			7.66			9.33			6.76			—			1.21			1.21
Comparative Performance
Russell 1000® Value Index3		2.34			6.95			10.78			7.78			11.39

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 1/31/19. 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.

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ADDITIONAL INFORMATION

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

ADDITIONAL INDEX INFORMATION

This document may contain references to third party copyrights, indexes, and trademarks, each of which is the property of its respective owner. Such owner is not affiliated with Natixis 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.

7  |

UNDERSTANDING FUND EXPENSES

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

The first line in the table for each class of Fund shares shows the actual account values and actual fund expenses you would have paid on a $1,000 investment in the Fund from October 1, 2017 through March 31, 2018. 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 ALLOCATION FUND	BEGINNING ACCOUNT VALUE 10/1/2017		ENDING ACCOUNT VALUE 3/31/2018		EXPENSES PAID DURING PERIOD* 10/1/2017 – 3/31/2018
Class A
Actual		$1,000.00		$1,061.40		$6.01
Hypothetical (5% return before expenses)		$1,000.00		$1,019.10		$5.89
Class C
Actual		$1,000.00		$1,057.50		$9.85
Hypothetical (5% return before expenses)		$1,000.00		$1,015.36		$9.65
Class N
Actual		$1,000.00		$1,063.00		$4.32
Hypothetical (5% return before expenses)		$1,000.00		$1,020.74		$4.23
Class Y
Actual		$1,000.00		$1,062.40		$4.73
Hypothetical (5% return before expenses)		$1,000.00		$1,020.34		$4.63

* Hypothetical expenses are equal to the Fund’s annualized expense ratio: 1.17%, 1.92%, 0.84% 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 (182), divided by 365 (to reflect the half-year period).

LOOMIS SAYLES GROWTH FUND	BEGINNING ACCOUNT VALUE 10/1/2017		ENDING ACCOUNT VALUE 3/31/2018		EXPENSES PAID DURING PERIOD* 10/1/2017 – 3/31/2018
Class A
Actual		$1,000.00		$1,067.70		$4.64
Hypothetical (5% return before expenses)		$1,000.00		$1,020.44		$4.53
Class C
Actual		$1,000.00		$1,063.70		$8.49
Hypothetical (5% return before expenses)		$1,000.00		$1,016.70		$8.30
Class N
Actual		$1,000.00		$1,069.30		$2.94
Hypothetical (5% return before expenses)		$1,000.00		$1,022.09		$2.87
Class Y
Actual		$1,000.00		$1,068.50		$3.35
Hypothetical (5% return before expenses)		$1,000.00		$1,021.69		$3.28

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

9  |

LOOMIS SAYLES VALUE FUND	BEGINNING ACCOUNT VALUE 10/1/2017		ENDING ACCOUNT VALUE 3/31/2018		EXPENSES PAID DURING PERIOD* 10/1/2017 – 3/31/2018
Class A
Actual		$1,000.00		$1,026.00		$5.00
Hypothetical (5% return before expenses)		$1,000.00		$1,020.00		$4.99
Class C
Actual		$1,000.00		$1,022.30		$8.77
Hypothetical (5% return before expenses)		$1,000.00		$1,016.26		$8.75
Class N
Actual		$1,000.00		$1,028.50		$3.03
Hypothetical (5% return before expenses)		$1,000.00		$1,021.94		$3.02
Class Y
Actual		$1,000.00		$1,027.50		$3.69
Hypothetical (5% return before expenses)		$1,000.00		$1,021.29		$3.68
Admin Class
Actual		$1,000.00		$1,024.70		$6.26
Hypothetical (5% return before expenses)		$1,000.00		$1,018.75		$6.24

* Expenses are equal to the Fund’s annualized expense ratio: 0.99%, 1.74%, 0.60%, 0.73% and 1.24% for Class A, C, N, Y and Admin Class, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

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Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Global Allocation Fund*

Shares		Description	Value (†)
	Common Stocks — 65.3% of Net Assets
		Belgium — 0.5%
	92,887	Anheuser-Busch InBev S.A.	$	10,212,621
		Canada — 1.6%
	554,200	CGI Group, Inc., Class A(a)		31,961,082
		China — 3.4%
	381,591	Alibaba Group Holding Ltd., Sponsored ADR(a)		70,037,212
		France — 1.5%
	258,588	Thales S.A.		31,502,058
		Hong Kong — 2.9%
	6,949,000	AIA Group Ltd.		59,404,748
		India — 0.8%
	577,154	HDFC Bank Ltd.		17,195,479
		Japan — 1.1%
	473,087	Nomura Research Institute Ltd.		22,408,331
		Sweden — 2.4%
	987,688	Assa Abloy AB		21,408,568
	638,539	Atlas Copco AB, A Shares		27,732,880
				49,141,448
		Switzerland — 4.3%
	177,820	Dufry AG, (Registered)(a)		23,356,616
	24,078	Geberit AG, (Registered)		10,647,829
	496,771	Nestle S.A., (Registered)		39,265,519
	115,098	Temenos Group AG, (Registered)		13,801,317
				87,071,281
		United Kingdom — 4.6%
	1,159,210	Halma PLC		19,188,699
	9,885,973	Legal & General Group PLC		35,819,359
	451,220	London Stock Exchange Group PLC		26,126,877
	146,535	Reckitt Benckiser Group PLC		12,368,702
				93,503,637
		United States — 42.2%
	197,560	Accenture PLC, Class A		30,325,460
	38,643	Alphabet, Inc., Class A(a)		40,078,201
	22,721	Alphabet, Inc., Class C(a)		23,443,301
	32,059	Amazon.com, Inc.(a)		46,400,273
	4,058	Arconic, Inc.		93,496
	8,217	Booking Holdings, Inc.(a)		17,094,565
	541,408	CBRE Group, Inc., Class A(a)		25,565,286
	199,193	Colgate-Palmolive Co.		14,278,154
	464,425	Danaher Corp.		45,471,852
	670	Dex Media, Inc.(a)(b)		5,728
	189,176	EOG Resources, Inc.		19,914,557
	309,090	Facebook, Inc., Class A(a)		49,389,491

See accompanying notes to financial statements.

11  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Global Allocation Fund* – (continued)

Shares		Description	Value (†)
		United States — continued
	158,608	Goldman Sachs Group, Inc. (The)	$	39,947,011
	783	Hawaiian Telcom Holdco, Inc.(a)		20,890
	494,057	Intercontinental Exchange, Inc.		35,829,014
	239,617	LyondellBasell Industries NV, Class A		25,322,725
	201,258	M&T Bank Corp.		37,103,925
	384,662	Marriott International, Inc., Class A		52,306,339
	273,732	McCormick & Co., Inc.		29,122,347
	22,728	Mettler-Toledo International, Inc.(a)		13,069,282
	145,702	Northrop Grumman Corp.		50,867,482
	227,904	Roper Technologies, Inc.		63,970,374
	179,993	S&P Global, Inc.		34,389,463
	147,151	Sherwin-Williams Co. (The)		57,700,850
	335,290	Texas Instruments, Inc.		34,833,278
	145,658	Travelers Cos., Inc. (The)		20,226,070
	67,915	Tyler Technologies, Inc.(a)		14,327,348
	186,701	UnitedHealth Group, Inc.		39,954,014
				861,050,776
		Total Common Stocks (Identified Cost $952,839,013)		1,333,488,673
Principal Amount (‡)
	Bonds and Notes — 26.9%
	Non-Convertible Bonds — 26.4%
		Argentina — 0.3%
	8,410,000	Argentine Bonos del Tesoro, 21.200%, 9/19/2018, (ARS)		412,013
	775,000	Provincia de Buenos Aires, 9.125%, 3/16/2024, 144A		861,792
	535,000	Republic of Argentina, 6.875%, 4/22/2021		567,100
	1,390,000	Republic of Argentina, 7.625%, 4/22/2046		1,381,312
	1,270,000	YPF S.A., 8.750%, 4/04/2024, 144A		1,415,415
	17,745,000	YPF S.A., 16.500%, 5/09/2022, 144A, (ARS)		823,085
				5,460,717
		Australia — 0.3%
	1,675,000	Australia Government Bond, Series 133, 5.500%, 4/21/2023, (AUD)(c)		1,479,092
	970,000	Commonwealth Bank of Australia, 1.375%, 9/06/2018, 144A(c)		964,638
	1,150,000	Commonwealth Bank of Australia, 2.250%, 3/10/2020, 144A(c)		1,133,762
	670,000	GAIF Bond Issuer Pty Ltd., 3.400%, 9/30/2026, 144A(c)		631,656
	110,000	Incitec Pivot Finance LLC, 6.000%, 12/10/2019, 144A		114,853
	935,000	National Australia Bank, 2.500%, 1/12/2021(c)		919,769
	95,000	Sydney Airport Finance Co. Pty Ltd., 3.375%, 4/30/2025, 144A		92,427
				5,336,197
		Belgium — 0.1%
	1,040,000	Anheuser-Busch InBev Finance, Inc., 3.650%, 2/01/2026		1,033,811
	440,000	Solvay Finance (America) LLC, 3.400%, 12/03/2020, 144A		442,262
				1,476,073

See accompanying notes to financial statements.

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Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Global Allocation Fund* – (continued)

Principal Amount (‡)		Description	Value (†)
		Brazil — 0.9%
$	800,000	Braskem Finance Ltd., 5.750%, 4/15/2021, 144A	$	834,400
	8,500(††)	Brazil Notas do Tesouro Nacional, Series F, 10.000%, 1/01/2025, (BRL)		2,673,283
	2,250(††)	Brazil Notas do Tesouro Nacional, Series F, 10.000%, 1/01/2019, (BRL)		699,535
	8,815(††)	Brazil Notas do Tesouro Nacional, Series F, 10.000%, 1/01/2021, (BRL)		2,802,363
	2,300(††)	Brazil Notas do Tesouro Nacional, Series F, 10.000%, 1/01/2027, (BRL)		719,843
	1,085,000	Brazilian Government International Bond, 4.625%, 1/13/2028		1,063,300
	2,300,000	BRF S.A., 7.750%, 5/22/2018, 144A, (BRL)(c)		684,751
	1,000,000	CIMPOR Financial Operations BV, 5.750%, 7/17/2024, 144A		953,500
	400,000	Cosan Luxembourg S.A., 5.000%, 3/14/2023, 144A		400,000
	1,100,000	Embraer Netherlands Finance BV, 5.050%, 6/15/2025(c)		1,128,182
	915,000	Itau Unibanco Holding S.A., 2.850%, 5/26/2018, 144A		914,561
	1,045,000	Klabin Finance S.A., 5.250%, 7/16/2024		1,061,981
	1,825,000	Petrobras Global Finance BV, 5.999%, 1/27/2028, 144A		1,806,750
	300,000	Petrobras Global Finance BV, 6.875%, 1/20/2040		295,050
	575,000	Raizen Fuels Finance S.A., 5.300%, 1/20/2027, 144A		581,038
	500,000	Tupy Overseas S.A., 6.625%, 7/17/2024, 144A		520,000
	850,000	Vale S.A., 5.625%, 9/11/2042(c)		897,175
				18,035,712
		Canada — 1.9%
	459,194	Air Canada Pass Through Trust, Series 2015-2, Class A, 4.125%, 6/15/2029, 144A(c)		464,792
	895,000	Air Canada Pass Through Trust, Series 2017-1, Class AA, 3.300%, 7/15/2031, 144A(c)		858,457
	505,000	Alimentation Couche-Tard, Inc., 3.550%, 7/26/2027, 144A		484,915
	815,000	Bank of Montreal, 1.750%, 6/15/2021, 144A(c)		786,483
	3,000,000	BMW Canada Auto Trust, Series 2017-1A, Class A2, 1.677%, 5/20/2020, 144A, (CAD)(c)		2,315,776
	5,720,000	Canadian Government Bond, 0.500%, 3/01/2022, (CAD)(c)		4,199,195
	15,925,000	Canadian Government International Bond, 1.750%, 9/01/2019, (CAD)(c)		12,367,941
	970,000	Canadian Imperial Bank of Commerce, 1.600%, 9/06/2019(c)		953,754
	800,000	CPPIB Capital, Inc., 0.375%, 6/20/2024, 144A, (EUR)(c)		977,253
	430,000	Enbridge, Inc., 2.900%, 7/15/2022		417,167
	905,000	Export Development Canada, 1.800%, 9/01/2022, (CAD)(c)		688,337
	1,335,000	Institutional Mortgage Securities Canada, Inc., Series 2014-5A, Class A2, 2.616%, 7/12/2047, 144A, (CAD)(c)		1,030,935
	6,165,000	Province of Ontario Canada, 1.250%, 6/17/2019(c)		6,080,909
	7,200,000	Province of Ontario Canada, 1.875%, 5/21/2020(c)		7,085,345
	600,000	Telus Corp., Series CG, 5.050%, 12/04/2019, (CAD)(c)		486,175
				39,197,434
		Chile — 0.4%
	815,000,000	Bonos de la Tesoreria de la Republica de Chile, 4.500%, 3/01/2026, (CLP)(c)		1,354,453
	1,250,000	Corp. Nacional del Cobre de Chile, 3.625%, 8/01/2027, 144A(c)		1,214,112
	1,160,000	Corp. Nacional del Cobre de Chile, 4.500%, 9/16/2025, 144A(c)		1,208,174
	250,000	Engie Energia Chile S.A., 5.625%, 1/15/2021, 144A		263,237
	800,000	Inversiones CMPC S.A., 4.375%, 5/15/2023, 144A(c)		816,602

See accompanying notes to financial statements.

13  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Global Allocation Fund* – (continued)

Principal Amount (‡)		Description	Value (†)
		Chile — continued
$	240,000	Latam Airlines Group S.A., 7.250%, 6/09/2020, 144A	$	253,121
	506,257	Latam Airlines Pass Through Trust, Series 2015-1, Class B, 4.500%, 8/15/2025		492,588
	950,000	Latam Finance Ltd., 6.875%, 4/11/2024, 144A		993,937
	935,000	Republic of Chile, 3.240%, 2/06/2028(c)		916,767
	1,120,000	Transelec S.A., 4.250%, 1/14/2025, 144A(c)		1,129,504
				8,642,495
		China — 0.3%
	920,000	Alibaba Group Holding Ltd., 3.400%, 12/06/2027(c)		873,176
	700,000	Baidu, Inc., 3.250%, 8/06/2018(c)		700,873
	795,000	Baidu, Inc., 3.875%, 9/29/2023		795,803
	400,000	China Resources Gas Group Ltd., 4.500%, 4/05/2022, 144A(c)		411,473
	905,000	Industrial & Commercial Bank of China Ltd., 2.957%, 11/08/2022(c)		883,814
	985,000	Sinopec Group Overseas Development 2017 Ltd., 2.375%, 4/12/2020, 144A(c)		970,156
	500,000	Tencent Holdings Ltd., 2.985%, 1/19/2023, 144A(c)		487,272
				5,122,567
		Colombia — 0.2%
	1,265,000,000	Emgesa S.A. E.S.P., 8.750%, 1/25/2021, 144A, (COP)		473,325
	2,140,000,000	Empresas Publicas de Medellin E.S.P., 8.375%, 2/01/2021, 144A, (COP)(c)		791,332
	575,000	Republic of Colombia, 3.875%, 4/25/2027		567,525
	200,000,000	Republic of Colombia, 7.750%, 4/14/2021, (COP)		75,174
	6,150,000,000	Titulos De Tesoreria, 7.500%, 8/26/2026, (COP)(c)		2,360,860
				4,268,216
		Dominican Republic — 0.1%
	1,410,000	Dominican Republic, 5.500%, 1/27/2025, 144A		1,450,298
	590,000	Dominican Republic, 5.950%, 1/25/2027, 144A		621,818
	425,000	Dominican Republic, 8.625%, 4/20/2027, 144A		501,500
				2,573,616
		France — 0.6%
	970,000	Air Liquide Finance S.A., 1.375%, 9/27/2019, 144A(c)		950,057
	200,000	AXA S.A., 7.125%, 12/15/2020, (GBP)		317,908
	205,000	BNP Paribas S.A., 4.375%, 5/12/2026, 144A		204,366
	390,000	Credit Agricole S.A., (fixed rate to 6/23/2026, variable rate thereafter), 7.500%, (GBP)(d)		630,942
	735,000	Danone S.A., 1.691%, 10/30/2019, 144A(c)		720,221
	500,000	Dexia Credit Local S.A., 2.250%, 2/18/2020, 144A(c)		496,300
	1,100,000	Electricite de France SA, (fixed rate to 1/29/2026, variable rate thereafter), 6.000%, (GBP)(d)		1,604,775
	3,980,000	French Republic Government Bond OAT, 4.250%, 10/25/2023, (EUR)(c)		6,043,632
	205,000	Societe Generale S.A., 4.000%, 1/12/2027, 144A		203,149
	1,015,000	Societe Generale S.A., 4.750%, 11/24/2025, 144A(c)		1,027,374
	475,000	Societe Generale S.A., (fixed rate to 4/07/2021, variable rate thereafter), 6.750%, (EUR)(d)		645,838
				12,844,562

See accompanying notes to financial statements.

|  14

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Global Allocation Fund* – (continued)

Principal Amount (‡)		Description	Value (†)
		Germany — 0.1%
	500,000	Allianz SE, (fixed rate to 7/07/2025, variable rate thereafter), 2.241%, 7/07/2045, (EUR)(c)	$	625,073
	235,000	Commerzbank AG, EMTN, 4.000%, 3/23/2026, (EUR)		321,870
	675,000	Daimler Finance North America LLC, 1.750%, 10/30/2019, 144A(c)		662,571
	200,000	Deutsche Bank AG, EMTN, 4.500%, 5/19/2026, (EUR)		270,376
	380,000	Deutsche Telekom International Finance BV, 2.820%, 1/19/2022, 144A		373,289
				2,253,179
		Greece — 0.1%
	1,310,000	Hellenic Republic Government Bond, 3.750%, 1/30/2028, (EUR)		1,542,094
		Hong Kong — 0.1%
	355,000	AIA Group Ltd., 3.200%, 3/11/2025, 144A(c)		343,090
	1,135,000	AIA Group Ltd., 3.900%, 4/06/2028, 144A		1,143,480
				1,486,570
		India — 0.1%
	650,000	Greenko Dutch BV, 5.250%, 7/24/2024, 144A		625,073
	1,630,000	ICICI Bank Ltd., 3.800%, 12/14/2027		1,518,547
				2,143,620
		Indonesia — 0.5%
	300,000	Indonesia Government International Bond, 4.125%, 1/15/2025, 144A		302,203
	735,000	Indonesia Government International Bond, 4.750%, 1/08/2026		767,701
	34,000,000,000	Indonesia Government International Bond, 7.000%, 5/15/2022, (IDR)		2,558,736
	35,310,000,000	Indonesia Government International Bond, 8.250%, 7/15/2021, (IDR)		2,737,855
	3,500,000,000	Indonesia Government International Bond, 9.500%, 7/15/2023, (IDR)		287,413
	781,000,000	Indonesia Government International Bond, 11.500%, 9/15/2019, (IDR)		61,034
	14,000,000,000	Indonesia Treasury Bond, 8.375%, 3/15/2024, (IDR)(c)		1,116,512
	795,000	Perusahaan Listrik Negara PT, 5.250%, 10/24/2042, 144A		779,100
	545,000	Republic of Indonesia, 2.875%, 7/08/2021, 144A, (EUR)		719,213
	525,000	Republic of Indonesia, 4.750%, 1/08/2026, 144A		548,788
				9,878,555
		Israel — 0.1%
	510,000	Teva Pharmaceutical Finance Co. LLC, 6.150%, 2/01/2036		475,783
	780,000	Teva Pharmaceutical Finance Netherlands II B.V., 0.375%, 7/25/2020, (EUR)		933,283
				1,409,066
		Italy — 0.4%
	500,000	Assicurazioni Generali S.p.A., EMTN, 4.125%, 5/04/2026, (EUR)		679,621
	425,000	Intesa Sanpaolo SpA, 5.710%, 1/15/2026, 144A		426,516
	530,000	Intesa Sanpaolo SpA, EMTN, 3.928%, 9/15/2026, (EUR)		700,766
	4,255,000	Italy Buoni Poliennali Del Tesoro, 5.000%, 3/01/2022, (EUR)		6,189,022
	430,000	UniCredit SpA, (fixed rate to 6/19/2027, variable rate thereafter), 5.861%, 6/19/2032, 144A		436,798
				8,432,723
		Japan — 0.1%
	940,000	Bank of Tokyo-Mitsubishi UFJ Ltd. (The), 2.150%, 9/14/2018, 144A(c)		937,596
	1,165,000	Nomura Holdings, Inc., GMTN, 2.750%, 3/19/2019(c)		1,164,034

See accompanying notes to financial statements.

15  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Global Allocation Fund* – (continued)

Principal Amount (‡)		Description	Value (†)
		Japan — continued
$	850,000	SoftBank Group Corp., 4.500%, 4/15/2020, 144A	$	866,830
				2,968,460
		Korea — 0.5%
	3,700,000	Export-Import Bank of Korea, 3.000%, 5/22/2018, 144A, (NOK)(c)		472,548
	765,000	Export-Import Bank of Korea, 3.000%, 11/01/2022(c)		748,607
	1,100,000	Hyundai Capital Services, Inc., 3.750%, 3/05/2023, 144A		1,091,880
	1,575,000	Kia Motors Corp., 3.000%, 4/25/2023, 144A		1,513,787
	630,000	Korea Development Bank (The), MTN, 4.500%, 11/22/2019, (AUD)(c)		495,351
	910,000	Korea Gas Corp., 2.750%, 7/20/2022, 144A(c)		882,309
	670,000	KT Corp., 2.500%, 7/18/2026, 144A(c)		608,844
	1,125,000	Minera y Metalurgica del Boleo S.A. de CV, 2.875%, 5/07/2019, 144A(c)		1,119,637
	1,440,000,000	Republic of Korea, Series 2209, 2.000%, 9/10/2022, (KRW)(c)		1,326,773
	770,000	Shinhan Bank Co. Ltd., 3.875%, 3/24/2026, 144A(c)		746,415
	140,000	SK Telecom Co. Ltd., 6.625%, 7/20/2027, 144A(c)		169,158
	200,000	Woori Bank, 5.875%, 4/13/2021, 144A(c)		212,378
				9,387,687
		Mexico — 0.5%
	620,000	Alfa SAB de CV, 6.875%, 3/25/2044		646,350
	770,000	America Movil SAB de CV, 2.125%, 3/10/2028, (EUR)(c)		999,351
	10,000,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)(c)		508,119
	675,000	Banco Nacional de Comercio Exterior SNC, (fixed rate to 8/11/2021, variable rate thereafter), 3.800%, 8/11/2026, 144A		661,500
	300,000	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander, 4.125%, 11/09/2022, 144A(c)		299,250
	1,150,000	Cemex Finance LLC, 6.000%, 4/01/2024, 144A		1,184,500
	300,000	Cemex SAB de CV, 4.375%, 3/05/2023, 144A, (EUR)		385,971
	800,000	Gruma SAB de CV, 4.875%, 12/01/2024(c)		828,000
	10,000,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)(c)		416,412
	190,229(†††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/10/2021, (MXN)(c)		1,024,788
	196,000	Mexico Government International Bond, 4.000%, 3/15/2115, (EUR)(c)		222,898
	1,020,000	Mexico Government International Bond, 4.125%, 1/21/2026(c)		1,034,280
	579,000	Petroleos Mexicanos, 6.350%, 2/12/2048, 144A		559,459
	135,000(†††)	Petroleos Mexicanos, 7.470%, 11/12/2026, (MXN)(c)		657,193
	100,000	Sigma Alimentos S.A. de CV, 2.625%, 2/07/2024, 144A, (EUR)		128,913
	1,010,000	Unifin Financiera SAB de CV SOFOM ENR, 7.250%, 9/27/2023		1,027,675
				10,584,659
		Netherlands — 0.2%
	475,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.500%, 5/15/2021		486,558
	870,000	Cooperatieve Rabobank UA, 4.375%, 8/04/2025(c)		878,430
	675,000	ING Bank NV, 1.650%, 8/15/2019, 144A(c)		664,422
	1,105,000	Ziggo Secured Finance BV, 5.500%, 1/15/2027, 144A		1,038,380
				3,067,790
		New Zealand — 0.4%
	2,340,000	New Zealand Government Bond, 5.000%, 3/15/2019, (NZD)(c)		1,742,247

See accompanying notes to financial statements.

|  16

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Global Allocation Fund* – (continued)

Principal Amount (‡)		Description	Value (†)
		New Zealand — continued
	1,680,000	New Zealand Government Bond, Series 0427, 4.500%, 4/15/2027, (NZD)(c)	$	1,384,613
	2,955,721(††††)	New Zealand Government CPI Linked Bond, 2.000%, 9/20/2025, (NZD)(c)		2,220,282
	2,971,900(††††)	New Zealand Government CPI Linked Bond, 3.000%, 9/20/2030, (NZD)(c)		2,446,863
				7,794,005
		Norway — 0.1%
	550,000	Kommunalbanken AS, 1.750%, 9/15/2020, 144A(c)		539,363
	3,815,000	Norway Government Bond, 2.000%, 5/24/2023, 144A, (NOK)(c)		498,625
	13,760,000	Norway Government Bond, 4.500%, 5/22/2019, 144A, (NOK)(c)		1,828,218
				2,866,206
		Panama — 0.0%
	680,000	Banco Latinoamericano de Comercio Exterior S.A., 3.250%, 5/07/2020, 144A(c)		676,770
		Paraguay — 0.1%
	800,000	Republic of Paraguay, 5.000%, 4/15/2026, 144A		834,000
	572,000	Telefonica Celular del Paraguay S.A., 6.750%, 12/13/2022		584,046
				1,418,046
		Peru — 0.1%
	580,000	Southern Copper Corp., 3.875%, 4/23/2025(c)		583,488
	1,050,000	Transportadora de Gas del Peru S.A., 4.250%, 4/30/2028, 144A(c)		1,043,438
	1,050,000	Union Andina de Cementos SAA, 5.875%, 10/30/2021, 144A		1,082,707
				2,709,633
		Poland — 0.1%
	5,380,000	Republic of Poland Government Bond, Series 0726, 2.500%, 7/25/2026, (PLN)(c)		1,512,715
		Portugal — 0.0%
	400,000	EDP Finance BV, 4.125%, 1/15/2020, 144A		406,240
		Romania — 0.0%
	410,000	Romanian Government International Bond, 2.875%, 5/26/2028, 144A, (EUR)		528,447
		Senegal — 0.0%
	625,000	Republic of Senegal, 4.750%, 3/13/2028, 144A, (EUR)		769,416
		Singapore — 0.3%
	785,000	BOC Aviation Ltd., 2.750%, 9/18/2022, 144A		750,839
	495,000	BOC Aviation Ltd., 3.000%, 3/30/2020(c)		491,496
	6,615,000	Republic of Singapore, 2.750%, 7/01/2023, (SGD)(c)		5,207,029
				6,449,364
		South Africa — 0.5%
	930,000	MTN (Mauritius) Investments Ltd., 4.755%, 11/11/2024, 144A		891,638
	800,000	Myriad International Holdings BV, 4.850%, 7/06/2027, 144A		815,936
	500,000	Myriad International Holdings BV, 6.000%, 7/18/2020, 144A		525,696
	113,940,000	South Africa Government International Bond, Series R213, 7.000%, 2/28/2031, (ZAR)(c)		8,544,987
				10,778,257

See accompanying notes to financial statements.

17  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Global Allocation Fund* – (continued)

Principal Amount (‡)		Description	Value (†)
		Spain — 0.4%
	100,000	Iberdrola International BV, EMTN, 0.375%, 9/15/2025, (EUR)	$	117,042
	725,000	Spain Government International Bond, 0.750%, 7/30/2021, (EUR)(c)		920,221
	430,000	Spain Government International Bond, 1.600%, 4/30/2025, 144A, (EUR)(c)		564,074
	1,210,000	Spain Government International Bond, 4.300%, 10/31/2019, 144A, (EUR)(c)		1,598,483
	2,565,000	Spain Government International Bond, 4.400%, 10/31/2023, 144A, (EUR)(c)		3,870,014
				7,069,834
		Supranationals — 0.2%
	1,115,000	Corporacion Andina de Fomento, 4.375%, 6/15/2022(c)		1,168,855
	1,140,000	International Bank for Reconstruction & Development, 2.500%, 3/12/2020, (AUD)(c)		879,701
	70,000,000	International Finance Corp., Series GDIF, MTN, 7.800%, 6/03/2019, (INR)(c)		1,088,717
				3,137,273
		Sweden — 0.0%
	2,450,000	Sweden Government Bond, 5.000%, 12/01/2020, (SEK)(c)		336,475
		Switzerland — 0.1%
	1,075,000	Glencore Finance Canada Ltd., 5.550%, 10/25/2042, 144A(c)		1,133,082
	900,000	Syngenta Finance NV, EMTN, 1.250%, 9/10/2027, (EUR)		946,353
				2,079,435
		Thailand — 0.3%
	1,570,000	Kasikornbank PCL, EMTN, 3.256%, 7/12/2023		1,538,184
	1,010,000	Siam Commercial Bank PCL, 3.500%, 4/07/2019, 144A(c)		1,013,627
	950,000	Thai Oil PCL, 3.625%, 1/23/2023, 144A(c)		948,306
	85,000,000	Thailand Government Bond, 2.125%, 12/17/2026, (THB)		2,658,363
				6,158,480
		Trinidad — 0.0%
	415,000	Trinidad Generation UnLtd., 5.250%, 11/04/2027, 144A		417,698
		Turkey — 0.1%
	800,000	Arcelik AS, 5.000%, 4/03/2023, 144A		787,555
	735,000	TC Ziraat Bankasi AS, 4.250%, 7/03/2019		733,530
	765,000	TC Ziraat Bankasi AS, 5.125%, 9/29/2023, 144A		738,638
				2,259,723
		United Arab Emirates — 0.2%
	1,610,000	Abu Dhabi Crude Oil Pipeline LLC, 3.650%, 11/02/2029(c)		1,536,745
	850,000	DP World Ltd., 3.250%, 5/18/2020, 144A(c)		849,065
	200,000	DP World Ltd., MTN, 3.250%, 5/18/2020		199,780
	400,000	JAFZ Sukuk 2019 Ltd., 7.000%, 6/19/2019		418,000
				3,003,590
		United Kingdom — 0.4%
	95,000	Avon Products, Inc., 8.950%, 3/15/2043		81,462
	585,000	BP Capital Markets PLC, 3.216%, 11/28/2023(c)		579,905
	545,000	FCE Bank PLC, EMTN, 0.869%, 9/13/2021, (EUR)		677,331
	300,000	HSBC Holdings PLC, 4.375%, 11/23/2026(c)		298,772
	565,000	HSBC Holdings PLC, (fixed rate to 6/01/2021, variable rate thereafter), 6.875%(d)		596,781

See accompanying notes to financial statements.

|  18

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Global Allocation Fund* – (continued)

Principal Amount (‡)		Description	Value (†)
		United Kingdom — continued
	295,000	HSBC Holdings PLC, EMTN, 5.750%, 12/20/2027, (GBP)(c)	$	497,187
	150,000	Imperial Brands Finance PLC, EMTN, 6.250%, 12/04/2018, (GBP)		217,416
	400,000	Lloyds Banking Group PLC, 4.500%, 11/04/2024(c)		402,254
	1,020,000	Lloyds Banking Group PLC, (fixed rate to 6/27/2024, variable rate thereafter), 7.500%(d)		1,105,425
	400,000	Old Mutual PLC, EMTN, 8.000%, 6/03/2021, (GBP)		634,141
	1,130,000	Royal Bank of Scotland Group PLC, 6.000%, 12/19/2023(c)		1,203,767
	950,000	Royal Bank of Scotland Group PLC, (fixed rate to 8/10/2020, variable rate thereafter), 7.500%(d)		992,579
	350,000	Santander UK Group Holdings PLC, 4.750%, 9/15/2025, 144A(c)		352,110
	250,000	Standard Chartered PLC, EMTN, 3.125%, 11/19/2024, (EUR)		331,155
	130,000	Virgin Media Finance PLC, 4.500%, 1/15/2025, 144A, (EUR)		161,822
	115,000	Virgin Media Secured Finance PLC, 4.875%, 1/15/2027, (GBP)		158,796
				8,290,903
		United States — 15.3%
	15,000	21st Century Fox America, Inc., 6.400%, 12/15/2035		18,951
	9,890,000	AbbVie, Inc., 2.500%, 5/14/2020		9,762,030
	1,745,000	AES Corp. (The), 4.875%, 5/15/2023		1,775,537
	330,000	Aircastle Ltd., 4.125%, 5/01/2024		323,400
	8,000,000	Ally Financial, Inc., 4.125%, 2/13/2022		7,960,000
	745,000	Ally Financial, Inc., 5.125%, 9/30/2024		760,831
	129,000	Ally Financial, Inc., 8.000%, 12/31/2018		133,031
	1,728,000	Ally Financial, Inc., 8.000%, 11/01/2031		2,108,160
	2,265,503	American Airlines Pass Through Certificates, Series 2016-1, Class B, 5.250%, 7/15/2025		2,344,795
	518,231	American Airlines Pass Through Certificates, Series 2017-1B, Class B, 4.950%, 8/15/2026		532,483
	155,046	American Airlines Pass Through Trust, Series 2013-1 Class A, 4.000%, 1/15/2027		155,998
	6,190,000	Anadarko Petroleum Corp., 3.450%, 7/15/2024		6,009,505
	300,000	Anadarko Petroleum Corp., 4.500%, 7/15/2044		287,920
	400,000	Antero Resources Corp., 5.125%, 12/01/2022		403,000
	175,000	Antero Resources Corp., 5.375%, 11/01/2021		178,063
	3,060,000	Antero Resources Corp., 5.625%, 6/01/2023		3,121,200
	260,000	Aptiv PLC, 1.600%, 9/15/2028, (EUR)		314,622
	1,510,000	AT&T, Inc., 3.400%, 5/15/2025		1,454,957
	3,960,000	AT&T, Inc., 4.125%, 2/17/2026		3,969,592
	245,000	Atrium Windows & Doors, Inc., 7.750%, 5/01/2019, 144A		245,674
	925,000	Aviation Capital Group LLC, 6.750%, 4/06/2021, 144A		1,017,592
	200,000	Bank of America Corp., 5.490%, 3/15/2019		204,680
	2,700,000	Bank of America Corp., 6.110%, 1/29/2037		3,248,550
	115,000	Bank of America Corp., MTN, 4.250%, 10/22/2026		115,806
	3,000	Beazer Homes USA, Inc., 7.250%, 2/01/2023		3,101
	71,000	California Resources Corp., 5.500%, 9/15/2021		54,728
	10,000	California Resources Corp., 6.000%, 11/15/2024		6,110
	1,870,000	California Resources Corp., 8.000%, 12/15/2022, 144A		1,467,950
	450,000	CB Escrow Corp., 8.000%, 10/15/2025, 144A		419,062

See accompanying notes to financial statements.

19  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Global Allocation Fund* – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	60,000	CenturyLink, Inc., 5.625%, 4/01/2025	$	54,150
	55,000	CenturyLink, Inc., Series G, 6.875%, 1/15/2028		49,775
	605,000	CenturyLink, Inc., Series P, 7.600%, 9/15/2039		521,262
	880,000	CenturyLink, Inc., Series S, 6.450%, 6/15/2021		897,600
	570,000	CenturyLink, Inc., Series U, 7.650%, 3/15/2042		483,075
	65,000	Chemours Co. (The), 6.625%, 5/15/2023		68,250
	3,210,000	Chesapeake Energy Corp., 4.875%, 4/15/2022		2,969,250
	315,000	Chesapeake Energy Corp., 5.750%, 3/15/2023		283,894
	495,000	Chesapeake Energy Corp., 6.125%, 2/15/2021		497,475
	190,000	Chesapeake Energy Corp., 6.625%, 8/15/2020		195,700
	95,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		98,088
	3,232,000	Chesapeake Energy Corp., 8.000%, 12/15/2022, 144A		3,421,880
	4,700,000	Chesapeake Energy Corp., 8.000%, 6/15/2027, 144A		4,488,500
	780,000	Chevron Corp., 2.419%, 11/17/2020(c)		774,251
	1,635,000	Cimarex Energy Co., 4.375%, 6/01/2024		1,682,554
	525,000	Cincinnati Bell, Inc., 7.000%, 7/15/2024, 144A		469,875
	500,000	Citizens Financial Group, Inc., 4.300%, 12/03/2025		505,678
	2,913,000	Clear Channel Worldwide Holdings, Inc., Series B, 7.625%, 3/15/2020		2,909,359
	390,000	Consolidated Communications, Inc., 6.500%, 10/01/2022		345,150
	265,000	Constellation Brands, Inc., 4.750%, 11/15/2024		278,654
	30,175	Continental Airlines Pass Through Certificates, Series 1999-1, Class B, 6.795%, 2/02/2020(e)		30,402
	1,005,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		1,005,000
	485,000	Continental Resources, Inc., 3.800%, 6/01/2024		466,812
	640,000	Continental Resources, Inc., 4.500%, 4/15/2023		647,200
	115,000	Continental Resources, Inc., 5.000%, 9/15/2022		116,581
	375,000	Cox Communications, Inc., 4.800%, 2/01/2035, 144A		367,992
	395,000	CSC Holdings LLC, 5.375%, 2/01/2028, 144A		373,113
	155,000	Cummins, Inc., 5.650%, 3/01/2098		171,389
	475,000	Dell International LLC/EMC Corp., 6.020%, 6/15/2026, 144A		511,538
	124,112	Delta Air Lines Pass Through Trust, Series 2007-1, Class B, 8.021%, 2/10/2024		138,198
	1,200,000	Devon Energy Corp., 3.250%, 5/15/2022		1,185,522
	50,000	Dillard’s, Inc., 7.000%, 12/01/2028		53,852
	8,000	Dillard’s, Inc., 7.750%, 7/15/2026		8,980
	115,000	Discovery Communications LLC, 1.900%, 3/19/2027, (EUR)		139,804
	1,680,000	DISH DBS Corp., 5.000%, 3/15/2023		1,509,900
	1,495,000	DISH DBS Corp., 5.875%, 11/15/2024		1,332,419
	310,000	DR Horton, Inc., 4.375%, 9/15/2022		320,940
	315,000	Dynegy, Inc., 8.125%, 1/30/2026, 144A		347,681
	340,000	Enable Midstream Partners LP, 5.000%, 5/15/2044		318,595
	235,000	Enbridge Energy Partners LP, 7.375%, 10/15/2045		303,628
	1,075,000	Energy Transfer Partners LP/Regency Energy Finance Corp., 5.000%, 10/01/2022		1,117,560
	600,000	EnLink Midstream Partners LP, 4.150%, 6/01/2025		583,158
	410,000	FedEx Corp., 1.000%, 1/11/2023, (EUR)		513,414

See accompanying notes to financial statements.

|  20

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Global Allocation Fund* – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	1,310,000	FHLMC Multifamily Structured Pass Through Certificates, Series K057, Class A2, 2.570%, 7/25/2026(c)	$	1,253,474
	85,000	Foot Locker, Inc., 8.500%, 1/15/2022		97,963
	40,000	Ford Motor Co., 4.346%, 12/08/2026		39,567
	685,000	Ford Motor Co., 5.291%, 12/08/2046		669,859
	25,000	Ford Motor Co., 6.375%, 2/01/2029		27,984
	50,000	Ford Motor Co., 6.625%, 2/15/2028		57,374
	2,105,000	Ford Motor Co., 6.625%, 10/01/2028		2,420,860
	5,000	Ford Motor Co., 7.500%, 8/01/2026		5,976
	5,000,000	Ford Motor Credit Co. LLC, 2.459%, 3/27/2020		4,928,728
	770,000	Ford Motor Credit Co. LLC, 3.470%, 4/05/2021		768,987
	1,600,000	Ford Motor Credit Co. LLC, 3.588%, 6/02/2020, (AUD)(c)		1,246,354
	1,000,000	Ford Motor Credit Co. LLC, 5.000%, 5/15/2018		1,002,399
	210,000	Freeport-McMoRan, Inc., 5.400%, 11/14/2034		199,561
	2,475,000	Freeport-McMoRan, Inc., 5.450%, 3/15/2043		2,276,257
	865,000	Frontier Communications Corp., 6.875%, 1/15/2025		511,431
	560,000	Frontier Communications Corp., 11.000%, 9/15/2025		419,650
	131,000	Gates Global LLC/Gates Global Co., 6.000%, 7/15/2022, 144A		133,129
	50,000	General Electric Co., GMTN, 3.100%, 1/09/2023		48,983
	740,000	General Electric Co., Series D, (fixed rate to 1/21/2021, variable rate thereafter), 5.000%(c)(d)		732,600
	310,000	General Motors Co., 5.200%, 4/01/2045		301,598
	5,000,000	General Motors Financial Co., Inc., 2.400%, 4/10/2018		4,999,641
	240,000	General Motors Financial Co., Inc., 3.450%, 4/10/2022		238,027
	925,000	General Motors Financial Co., Inc., 5.250%, 3/01/2026		976,987
	3,435,000	Georgia-Pacific LLC, 7.250%, 6/01/2028		4,430,479
	105,000	Georgia-Pacific LLC, 7.375%, 12/01/2025		129,937
	180,000	Georgia-Pacific LLC, 7.750%, 11/15/2029		245,635
	315,000	Georgia-Pacific LLC, 8.875%, 5/15/2031		476,316
	905,000	Global Atlantic Fin Co., 8.625%, 4/15/2021, 144A		1,025,090
	2,295,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		2,874,977
	165,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		177,375
	10,951	GS Mortgage Securities Trust, Series 2007-GG10, Class AM, 5.826%, 8/10/2045(f)		11,044
	1,000,000	HCA Healthcare, Inc., 6.250%, 2/15/2021		1,050,000
	20,000	HCA, Inc., 4.750%, 5/01/2023		20,225
	225,000	HCA, Inc., 7.050%, 12/01/2027		237,938
	820,000	HCA, Inc., 7.500%, 11/06/2033		895,850
	395,000	HCA, Inc., 8.360%, 4/15/2024		451,287
	195,000	HCA, Inc., MTN, 7.580%, 9/15/2025		213,769
	75,000	HCA, Inc., MTN, 7.750%, 7/15/2036		82,500
	855,000	Hecla Mining Co., 6.875%, 5/01/2021		871,031
	490,000	Hewlett Packard Enterprise Co., 6.350%, 10/15/2045		523,516
	310,000	Hexion, Inc., 7.875%, 2/15/2023(g)(h)		225,525
	485,000	Huntington Ingalls Industries, Inc., 5.000%, 11/15/2025, 144A		509,856
	1,585,000	Hyundai Capital America, 2.750%, 9/27/2026, 144A(c)		1,412,346
	450,000	International Lease Finance Corp., 4.625%, 4/15/2021		464,463

See accompanying notes to financial statements.

21  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Global Allocation Fund* – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	1,250,000	International Lease Finance Corp., 6.250%, 5/15/2019	$	1,292,904
	745,000	INVISTA Finance LLC, 4.250%, 10/15/2019, 144A		743,957
	3,460,000	iStar, Inc., 5.000%, 7/01/2019		3,470,968
	48,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		29,760
	5,000	J.C. Penney Corp., Inc., 7.625%, 3/01/2097		3,150
	1,070,000	Jefferies Group LLC, 6.250%, 1/15/2036		1,163,447
	2,765,000	Jeld-Wen, Inc., 4.625%, 12/15/2025, 144A		2,633,662
	15,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021(g)(h)		13,562
	1,665,000	KB Home, 8.000%, 3/15/2020		1,789,875
	295,000	Kindred Healthcare, Inc., 8.750%, 1/15/2023		311,963
	650,000	Kraton Polymers LLC/Kraton Polymers Capital Corp., 10.500%, 4/15/2023, 144A		721,500
	330,000	Level 3 Financing, Inc., 5.125%, 5/01/2023		323,812
	760,000	Level 3 Financing, Inc., 5.375%, 5/01/2025		737,200
	140,000	Level 3 Parent LLC, 5.750%, 12/01/2022		139,650
	20,000	Macy’s Retail Holdings, Inc., 4.500%, 12/15/2034		17,440
	44,000	Masco Corp., 6.500%, 8/15/2032		50,980
	403,000	Masco Corp., 7.750%, 8/01/2029		510,218
	254,000	Micron Technology, Inc., 5.500%, 2/01/2025		263,525
	1,430,000	Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc., 7.875%, 10/01/2022, 144A		1,433,575
	825,000	Morgan Stanley, 2.125%, 4/25/2018		824,756
	220,000	Morgan Stanley, 2.500%, 1/24/2019		219,608
	450,000	Morgan Stanley, 3.950%, 4/23/2027		438,154
	725,000	Morgan Stanley, 5.750%, 1/25/2021		772,649
	3,150,000	Morgan Stanley, MTN, 4.100%, 5/22/2023		3,192,378
	600,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		692,973
	25,000	MPLX LP, 4.500%, 7/15/2023		25,878
	95,000	MPLX LP, 4.875%, 6/01/2025		99,194
	3,000,000	Navient Corp., 5.000%, 10/26/2020		3,018,750
	95,000	Navient Corp., 5.875%, 10/25/2024		93,100
	1,600(†††††)	Navient Corp., 6.000%, 12/15/2043		37,109
	715,000	Navient Corp., MTN, 6.125%, 3/25/2024		712,319
	915,000	Navient LLC, 5.500%, 1/25/2023		898,987
	60,000	Navient LLC, MTN, 5.500%, 1/15/2019		60,660
	415,000	Navient LLC, MTN, 7.250%, 1/25/2022		438,344
	2,560,000	Navient LLC, Series A, MTN, 5.625%, 8/01/2033(g)(h)		2,240,000
	310,000	Navient LLC, Series A, MTN, 8.450%, 6/15/2018		312,635
	4,627,000	New Albertsons LP, 7.450%, 8/01/2029		3,701,600
	525,000	New Albertsons LP, 7.750%, 6/15/2026		451,500
	5,540,000	New Albertsons LP, 8.000%, 5/01/2031		4,542,800
	2,150,000	New Albertsons LP, 8.700%, 5/01/2030		1,897,375
	1,265,000	New Albertsons LP, Series C, MTN, 6.625%, 6/01/2028		974,050
	365,000	Newell Brands, Inc., 4.000%, 12/01/2024		360,465
	65,000	Newfield Exploration Co., 5.625%, 7/01/2024		68,575
	900,000	NGL Energy Partners LP/NGL Energy Finance Corp., 6.125%, 3/01/2025		857,250
	55,000	NGL Energy Partners LP/NGL Energy Finance Corp., 6.875%, 10/15/2021		54,863

See accompanying notes to financial statements.

|  22

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Global Allocation Fund* – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	405,000	NGL Energy Partners LP/NGL Energy Finance Corp., 7.500%, 11/01/2023	$	406,519
	20,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		24,200
	540,000	Nissan Motor Acceptance Corp., 2.000%, 3/08/2019, 144A(c)		535,961
	1,019,000	Noble Energy, Inc., 5.625%, 5/01/2021		1,035,722
	120,000	Oasis Petroleum, Inc., 6.875%, 1/15/2023		121,500
	2,275,000	Oceaneering International, Inc., 4.650%, 11/15/2024		2,197,149
	420,000	Old Republic International Corp., 4.875%, 10/01/2024		442,870
	3,693,000	ONEOK Partners LP, 4.900%, 3/15/2025		3,855,003
	25,000	ONEOK Partners LP, 6.200%, 9/15/2043		29,153
	55,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 5.250%, 2/15/2022		55,963
	140,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 5.875%, 3/15/2025		141,925
	310,000	Owens Corning, 7.000%, 12/01/2036		396,813
	2,965,000	Owens-Brockway Glass Container, Inc., 5.375%, 1/15/2025, 144A		2,976,119
	585,000	Prologis LP, 2.250%, 6/30/2029, (GBP)		779,480
	540,000	PulteGroup, Inc., 6.000%, 2/15/2035		546,750
	785,000	PulteGroup, Inc., 6.375%, 5/15/2033		820,325
	220,000	PulteGroup, Inc., 7.875%, 6/15/2032		262,900
	285,000	QEP Resources, Inc., 5.250%, 5/01/2023		274,324
	210,000	QEP Resources, Inc., 5.375%, 10/01/2022		209,738
	135,000	Quicken Loans, Inc., 5.250%, 1/15/2028, 144A		126,225
	120,000	Quicken Loans, Inc., 5.750%, 5/01/2025, 144A		119,700
	1,335,000	Qwest Capital Funding, Inc., 6.500%, 11/15/2018		1,355,025
	650,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		585,000
	400,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		399,816
	60,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		54,000
	476,000	Qwest Corp., 6.875%, 9/15/2033		452,985
	115,000	Qwest Corp., 7.250%, 9/15/2025		124,076
	37,000	R.R. Donnelley & Sons Co., 7.000%, 2/15/2022		38,341
	230,000	Range Resources Corp., 4.875%, 5/15/2025		213,325
	850,000	Range Resources Corp., 5.000%, 8/15/2022		822,375
	220,000	Range Resources Corp., 5.000%, 3/15/2023		210,936
	970,000	Santander Holdings USA, Inc., 2.650%, 4/17/2020(c)		959,187
	25,000	Sealed Air Corp., 4.875%, 12/01/2022, 144A		25,250
	640,000	Sealed Air Corp., 5.500%, 9/15/2025, 144A		662,400
	420,000	ServiceMaster Co. LLC (The), 7.450%, 8/15/2027		452,550
	760,000	Shearer’s Foods LLC/Chip Finance Corp., 9.000%, 11/01/2019, 144A		776,150
	140,000	Silgan Holdings, Inc., 3.250%, 3/15/2025, (EUR)		175,009
	2,495,000	Springleaf Finance Corp., 5.250%, 12/15/2019		2,544,900
	860,000	Springleaf Finance Corp., 6.875%, 3/15/2025		863,225
	330,000	Springleaf Finance Corp., 7.750%, 10/01/2021		357,225
	130,000	Springleaf Finance Corp., 8.250%, 10/01/2023		140,400
	2,349,000	Sprint Capital Corp., 6.875%, 11/15/2028		2,190,442
	2,240,000	Sprint Capital Corp., 8.750%, 3/15/2032		2,340,800
	1,720,000	Sprint Communications, Inc., 6.000%, 11/15/2022		1,687,750
	120,000	Sprint Corp., 7.125%, 6/15/2024		117,000

See accompanying notes to financial statements.

23  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Global Allocation Fund* – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	2,840,000	Sprint Corp., 7.875%, 9/15/2023	$	2,896,800
	2,910,000	SUPERVALU, Inc., 6.750%, 6/01/2021		2,866,350
	1,365,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.750%, 3/15/2024		1,443,460
	795,000	Tenet Healthcare Corp., 5.125%, 5/01/2025, 144A		764,194
	100,000	Tenet Healthcare Corp., 6.750%, 6/15/2023		97,875
	1,360,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		1,237,600
	820,000	Textron, Inc., 5.950%, 9/21/2021		887,294
	90,000	Time Warner Cable LLC, 4.500%, 9/15/2042		77,949
	85,000	Time Warner Cable LLC, 5.500%, 9/01/2041		84,450
	1,680,000	Transcontinental Gas Pipe Line Co. LLC, 7.850%, 2/01/2026		2,067,162
	171,000	TransDigm, Inc., 6.500%, 7/15/2024		175,275
	185,000	TransDigm, Inc., 6.500%, 5/15/2025		186,850
	6,665,000	TRI Pointe Group, Inc., 4.875%, 7/01/2021		6,708,656
	90,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 4.375%, 6/15/2019		90,225
	5,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.875%, 6/15/2024		5,074
	885,000	TRU Taj LLC/TRU Taj Finance, Inc., 11.000%, 1/22/2019, 144A(g)(h)		917,055
	870,000	TRU Taj LLC/TRU Taj Finance, Inc., 12.000%, 8/15/2021, 144A(g)(h)		672,075
	9,278,268	U.S. Treasury Inflation Indexed Note, 0.125%, 4/15/2022(c)(i)		9,147,481
	4,001,745	U.S. Treasury Inflation Indexed Note, 0.375%, 7/15/2027(c)(i)		3,903,919
	9,005,000	U.S. Treasury Note, 0.750%, 9/30/2018		8,952,588
	12,915,000	U.S. Treasury Note, 0.875%, 6/15/2019(c)		12,714,717
	7,930,000	U.S. Treasury Note, 1.375%, 4/30/2020		7,777,905
	24,950,000	U.S. Treasury Note, 1.500%, 11/30/2019		24,642,998
	3,460,000	U.S. Treasury Note, 1.750%, 11/30/2021(c)		3,371,878
	3,110,000	U.S. Treasury Note, 2.375%, 1/31/2023		3,084,488
	7,780,000	U.S. Treasury Note, 2.750%, 2/28/2025		7,812,518
	630,000	United Continental Holdings, Inc., 6.375%, 6/01/2018		631,575
	2,940,000	United Rentals North America, Inc., 5.500%, 7/15/2025		3,009,825
	2,635,000	United Rentals North America, Inc., 5.750%, 11/15/2024		2,743,167
	1,940,000	United States Steel Corp., 6.650%, 6/01/2037		1,901,200
	690,000	United States Steel Corp., 7.375%, 4/01/2020		733,125
	101,760	US Airways Pass Through Trust, Series 2012-1A, Class A, 5.900%, 4/01/2026		109,901
	50,951	US Airways Pass Through Trust, Series 2012-1B, Class B, 8.000%, 4/01/2021		53,881
	378,604	US Airways Pass Through Trust, Series 2012-2A, Class A, 4.625%, 12/03/2026		390,227
	25,000	Viacom, Inc., 4.375%, 3/15/2043		22,403
	395,000	Viacom, Inc., 5.250%, 4/01/2044		399,792
	145,000	Viacom, Inc., 5.850%, 9/01/2043		156,324
	60,000	Weyerhaeuser Co., 6.950%, 10/01/2027		73,105
	315,000	Weyerhaeuser Co., 7.375%, 3/15/2032		416,057
	525,000	Whiting Petroleum Corp., 5.750%, 3/15/2021		530,239
	195,000	Whiting Petroleum Corp., 6.250%, 4/01/2023		196,973
	1,970,000	Windstream Services LLC/Windstream Finance Corp., 7.500%, 4/01/2023		1,393,420
	65,000	Windstream Services LLC/Windstream Finance Corp., 7.750%, 10/15/2020		54,275

See accompanying notes to financial statements.

|  24

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Global Allocation Fund* – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	1,075,000	Windstream Services LLC/Windstream Finance Corp., 8.750%, 12/15/2024, 144A	$	637,572
				312,225,497
		Uruguay — 0.0%
	17,410,000	Republic of Uruguay, 9.875%, 6/20/2022, 144A, (UYU)		623,676
		Total Non-Convertible Bonds (Identified Cost $524,024,249)		537,623,675
	Convertible Bonds — 0.5%
		United States — 0.5%
	1,450,000	Booking Holdings, Inc., 0.900%, 9/15/2021		1,809,745
	105,000	CalAmp Corp., 1.625%, 5/15/2020		111,964
	60,000	Chesapeake Energy Corp., 5.500%, 9/15/2026		51,666
	430,000	DISH Network Corp., 2.375%, 3/15/2024		380,245
	2,290,000	DISH Network Corp., 3.375%, 8/15/2026		2,205,728
	290,000	Evolent Health, Inc., 2.000%, 12/01/2021		291,143
	245,000	iStar, Inc., 3.125%, 9/15/2022, 144A		233,121
	885,000	KB Home, 1.375%, 2/01/2019		1,001,709
	1,985,000	Nuance Communications, Inc., 1.000%, 12/15/2035		1,888,172
	210,000	Nuance Communications, Inc., 1.250%, 4/01/2025, 144A		207,715
	10,000	Nuance Communications, Inc., 1.500%, 11/01/2035		10,190
	1,660,000	Rovi Corp., 0.500%, 3/01/2020		1,599,626
	40,000	RPM International, Inc., 2.250%, 12/15/2020		44,920
	240,000	SM Energy Co., 1.500%, 7/01/2021		226,560
	45,000	Trinity Industries, Inc., 3.875%, 6/01/2036		61,330
		Total Convertible Bonds (Identified Cost $9,525,641)		10,123,834
	Municipals — 0.0%
		United States — 0.0%
	155,000	State of Illinois, 5.100%, 6/01/2033		145,286
	130,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046		122,740
		Total Municipals (Identified Cost $253,314)		268,026
		Total Bonds and Notes (Identified Cost $533,803,204)		548,015,535
Shares
	Preferred Stocks — 0.1%
		United States — 0.1%
	460	Chesapeake Energy Corp., 5.000%		24,984
	40	Chesapeake Energy Corp., 5.750%		22,850
	736	Chesapeake Energy Corp., 5.750%		416,539

See accompanying notes to financial statements.

25  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Global Allocation Fund* – (continued)

Shares		Description	Value (†)
		United States — continued
	84	Chesapeake Energy Corp., Series A, 5.750% 144A	$	47,985
	15,548	El Paso Energy Capital Trust I, 4.750%		734,798
		Total Preferred Stocks (Identified Cost $1,207,174)		1,247,156
Principal Amount (‡)
	Short-Term Investments — 7.0%
$	10,000,000	Federal Home Loan Bank Discount Notes, 1.445%, 5/10/2018(j)		9,982,060
	4,460,000	Federal Home Loan Bank Discount Notes, 1.652%, 6/01/2018(j)		4,447,213
	5,000,000	Federal National Mortgage Association Discount Notes, 1.400%, 5/21/2018(j)		4,988,430
	51,399,850	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/29/2018 at 0.900% to be repurchased at $51,404,990 on 4/02/2018 collateralized by $51,610,000 U.S. Treasury Note, 2.750% due 11/15/2023 valued at $52,432,767 including accrued interest (Note 2 of Notes to Financial Statements)		51,399,850
	785,000	U.S. Treasury Bills, 1.285%, 4/05/2018(j)		784,894
	20,000,000	U.S. Treasury Bills, 1.455%-1.456%, 5/03/2018(j)(k)		19,972,002
	10,000,000	U.S. Treasury Bills, 1.565%, 5/17/2018(j)		9,979,479
	27,540,000	U.S. Treasury Bills, 1.590%-1.631%, 5/31/2018(j)(k)		27,464,700
	14,000,000	U.S. Treasury Bills, 1.683%, 6/21/2018(j)		13,947,383
		Total Short-Term Investments (Identified Cost $142,973,803)		142,966,011
		Total Investments — 99.3% (Identified Cost $1,630,823,194)		2,025,717,375
		Other assets less liabilities — 0.7%		14,484,792
		Net Assets — 100.0%	$	2,040,202,167
	*	Formerly Loomis Sayles Global Equity and Income Fund.
	(‡)	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 principal amount including inflation adjustments.
	(†††††)	Amount shown represents units. One unit represents a principal amount of 25.
	(a)	Non-income producing security.
	(b)	Securities subject to restriction on resale. At March 31, 2018, the restricted securities held by the Fund are as follows:

	Acquisition Date		Cost		Value		% of Net Assets
Dex Media, Inc.		August 12, 2016		$3,266	$	5,728		Less than 0.1%

See accompanying notes to financial statements.

|  26

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Global Allocation Fund* – (continued)

(c)	Security (or a portion thereof) has been designated to cover the Fund’s obligations under open derivative contracts.
(d)	Perpetual bond with no specified maturity date.
(e)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
(f)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of March 31, 2018 is disclosed.
(g)	Illiquid security.
(h)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At March 31, 2018, the value of these securities amounted to $4,068,217 or 0.2% of net assets. See Note 2 of Notes to Financial Statements.
(i)	Treasury Inflation Protected Security (TIPS).
(j)	Interest rate represents discount rate at time of purchase; not a coupon rate.
(k)	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.
144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2018, the value of Rule 144A holdings amounted to $109,903,904 or 5.4% 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
FHLMC	Federal Home Loan Mortgage Corp.
GMTN	Global Medium Term Note
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
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
PLN	Polish Zloty
SEK	Swedish Krona

See accompanying notes to financial statements.

27  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Global Allocation Fund* – (continued)

SGD	Singapore Dollar
THB	Thai Baht
UYU	Uruguayan Peso
ZAR	South African Rand

At March 31, 2018, 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.		6/20/2018	BRL		S	18,850,000	$	5,727,916	$	5,671,890	$	56,026
Credit Suisse International		6/20/2018	AUD		S	3,428,000		2,677,354		2,633,362		43,992
Credit Suisse International		6/20/2018	CAD		B	2,045,000		1,579,725		1,589,627		9,902
Credit Suisse International		6/20/2018	CAD		S	22,745,000		17,749,286		17,680,230		69,056
Credit Suisse International		6/20/2018	GBP		B	3,180,000		4,438,523		4,475,828		37,305
Credit Suisse International		6/20/2018	GBP		S	450,000		643,181		633,372		9,809
Credit Suisse International		6/20/2018	IDR		S	71,391,415,000		5,117,297		5,152,793		(35,496	)
Credit Suisse International		5/09/2018	JPY		B	5,011,320,000		47,365,571		47,192,510		(173,061	)
Credit Suisse International		6/20/2018	NZD		S	8,162,000		5,920,200		5,897,167		23,033
Morgan Stanley & Co.		6/20/2018	EUR		B	35,485,000		44,182,196		43,910,693		(271,503	)
UBS AG		6/20/2018	MXN		S	19,075,000		1,011,916		1,036,607		(24,691	)
UBS AG		6/20/2018	NOK		S	4,200,000		541,322		537,093		4,229
UBS AG		6/20/2018	SEK		B	7,350,000		898,003		885,301		(12,702	)
UBS AG		6/20/2018	ZAR		S	101,820,000		8,561,159		8,511,760		49,399
Total											$	(214,702	)

At March 31, 2018, 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		6/20/2018	NOK	14,180,000		EUR	1,478,326	$	1,829,346	$	16,016

See accompanying notes to financial statements.

|  28

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Global Allocation Fund* – (continued)

Industry Summary at March 31, 2018 (Unaudited)

Internet Software & Services	8.9	%
Treasuries	8.4
Capital Markets	6.8
Insurance	5.7
Aerospace & Defense	4.2
IT Services	4.2
Chemicals	4.1
Food Products	3.3
Industrial Conglomerates	3.1
Internet & Direct Marketing Retail	3.1
Banks	2.6
Hotels, Restaurants & Leisure	2.6
Banking	2.6
Health Care Equipment & Supplies	2.2
Health Care Providers & Services	2.0
Other Investments, less than 2% each	28.5
Short-Term Investments	7.0
Total Investments	99.3
Other assets less liabilities (including forward foreign currency contracts)	0.7
Net Assets	100.0	%

Currency Exposure Summary at March 31, 2018 (Unaudited)

United States Dollar	74.2	%
British Pound	4.7
Swiss Franc	4.3
Euro	3.6
Hong Kong Dollar	2.9
Canadian Dollar	2.6
Swedish Krona	2.4
Other, less than 2% each	4.6
Total Investments	99.3
Other assets less liabilities (including forward foreign currency contracts)	0.7
Net Assets	100.0	%

See accompanying notes to financial statements.

29  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Growth Fund

Shares		Description	Value (†)
	Common Stocks — 96.3% of Net Assets
		Air Freight & Logistics — 4.4%
	3,667,242	Expeditors International of Washington, Inc.	$	232,136,418
	1,205,745	United Parcel Service, Inc., Class B		126,193,272
				358,329,690
		Beverages — 6.5%
	4,884,497	Coca-Cola Co. (The)		212,133,705
	5,448,279	Monster Beverage Corp.(a)		311,696,041
				523,829,746
		Biotechnology — 4.7%
	846,002	Amgen, Inc.		144,226,421
	676,906	Regeneron Pharmaceuticals, Inc.(a)		233,099,350
				377,325,771
		Capital Markets — 5.3%
	729,536	FactSet Research Systems, Inc.		145,484,069
	3,795,239	SEI Investments Co.		284,301,354
				429,785,423
		Communications Equipment — 4.2%
	7,897,552	Cisco Systems, Inc.		338,726,005
		Consumer Finance — 1.2%
	1,009,652	American Express Co.		94,180,339
		Energy Equipment & Services — 3.0%
	3,722,979	Schlumberger Ltd.		241,174,580
		Food Products — 3.3%
	16,226,180	Danone S.A., Sponsored ADR		263,837,687
		Health Care Equipment & Supplies — 2.3%
	1,506,402	Varian Medical Systems, Inc.(a)		184,760,205
		Health Care Technology — 2.1%
	2,951,551	Cerner Corp.(a)		171,189,958
		Hotels, Restaurants & Leisure — 3.7%
	655,101	Starbucks Corp.		37,923,797
	2,678,596	Yum China Holdings, Inc.		111,161,734
	1,789,683	Yum! Brands, Inc.		152,355,714
				301,441,245
		Household Products — 2.9%
	329,156	Colgate-Palmolive Co.		23,593,902
	2,693,946	Procter & Gamble Co. (The)		213,576,039
				237,169,941
		Internet & Direct Marketing Retail — 7.0%
	389,167	Amazon.com, Inc.(a)		563,256,966
		Internet Software & Services — 15.9%
	2,494,077	Alibaba Group Holding Ltd., Sponsored ADR(a)		457,762,893
	194,559	Alphabet, Inc., Class A(a)		201,784,921

See accompanying notes to financial statements.

|  30

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Growth Fund – (continued)

Shares		Description	Value (†)
		Internet Software & Services — continued
	194,290	Alphabet, Inc., Class C(a)	$	200,466,479
	2,648,309	Facebook, Inc., Class A(a)		423,173,295
				1,283,187,588
		IT Services — 6.1%
	629,086	Automatic Data Processing, Inc.		71,388,679
	3,514,774	Visa, Inc., Class A		420,437,266
				491,825,945
		Machinery — 3.0%
	1,580,393	Deere & Co.		245,466,641
		Pharmaceuticals — 6.0%
	1,473,649	Merck & Co., Inc.		80,269,661
	1,788,015	Novartis AG, Sponsored ADR		144,561,013
	5,266,262	Novo Nordisk AS, Sponsored ADR		259,363,403
				484,194,077
		Semiconductors & Semiconductor Equipment — 2.8%
	4,167,822	QUALCOMM, Inc.		230,939,017
		Software — 11.9%
	2,594,203	Autodesk, Inc.(a)		325,780,013
	2,814,136	Microsoft Corp.		256,846,192
	8,220,724	Oracle Corp.		376,098,123
				958,724,328
		Total Common Stocks (Identified Cost $5,973,123,108)		7,779,345,152
Principal Amount
	Short-Term Investments — 2.5%
$	203,505,884	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/29/2018 at 0.900% to be repurchased at $203,526,235 on 4/02/2018 collateralized by $204,320,000 U.S. Treasury Note, 2.750% due 11/15/2023 valued at $207,577,269 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $203,505,884)		203,505,884
		Total Investments — 98.8% (Identified Cost $6,176,628,992)		7,982,851,036
		Other assets less liabilities — 1.2%		93,863,516
		Net Assets — 100.0%	$	8,076,714,552
	(†)	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.

31  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Growth Fund – (continued)

Industry Summary at March 31, 2018 (Unaudited)

Internet Software & Services	15.9	%
Software	11.9
Internet & Direct Marketing Retail	7.0
Beverages	6.5
IT Services	6.1
Pharmaceuticals	6.0
Capital Markets	5.3
Biotechnology	4.7
Air Freight & Logistics	4.4
Communications Equipment	4.2
Hotels, Restaurants & Leisure	3.7
Food Products	3.3
Machinery	3.0
Energy Equipment & Services	3.0
Household Products	2.9
Semiconductors & Semiconductor Equipment	2.8
Health Care Equipment & Supplies	2.3
Health Care Technology	2.1
Consumer Finance	1.2
Short-Term Investments	2.5
Total Investments	98.8
Other assets less liabilities	1.2
Net Assets	100.0	%

See accompanying notes to financial statements.

|  32

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Value Fund

Shares		Description	Value (†)
	Common Stocks — 98.6% of Net Assets
		Aerospace & Defense — 4.9%
	42,162	Harris Corp.	$	6,799,888
	21,076	Northrop Grumman Corp.		7,358,053
	84,538	United Technologies Corp.		10,636,571
				24,794,512
		Automobiles — 0.7%
	86,798	Harley-Davidson, Inc.		3,721,898
		Banks — 15.0%
	566,209	Bank of America Corp.		16,980,608
	170,606	Citigroup, Inc.		11,515,905
	220,062	Fifth Third Bancorp		6,986,969
	156,688	JPMorgan Chase & Co.		17,230,979
	61,447	PNC Financial Services Group, Inc. (The)		9,293,244
	270,575	Wells Fargo & Co.		14,180,836
				76,188,541
		Beverages — 1.4%
	65,077	PepsiCo, Inc.		7,103,155
		Building Products — 1.3%
	181,380	Johnson Controls International PLC		6,391,831
		Capital Markets — 2.9%
	51,247	Ameriprise Financial, Inc.		7,581,481
	70,596	State Street Corp.		7,040,539
				14,622,020
		Chemicals — 1.5%
	116,608	DowDuPont, Inc.		7,429,096
		Communications Equipment — 2.1%
	247,962	Cisco Systems, Inc.		10,635,090
		Construction Materials — 0.9%
	40,701	Vulcan Materials Co.		4,646,833
		Consumer Finance — 2.4%
	62,634	American Express Co.		5,842,500
	90,340	Discover Financial Services		6,498,156
				12,340,656
		Containers & Packaging — 0.9%
	110,454	Sealed Air Corp.		4,726,327
		Diversified Telecommunication Services — 1.4%
	150,487	Verizon Communications, Inc.		7,196,288
		Electric Utilities — 4.0%
	211,508	Exelon Corp.		8,250,927
	50,090	NextEra Energy, Inc.		8,181,200
	90,887	PG&E Corp.		3,992,666
				20,424,793

See accompanying notes to financial statements.

33  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Value Fund – (continued)

Shares		Description	Value (†)
		Electrical Equipment — 2.3%
	69,877	Eaton Corp. PLC	$	5,583,871
	119,005	Sensata Technologies Holding PLC(a)		6,168,029
				11,751,900
		Energy Equipment & Services — 2.2%
	233,321	Baker Hughes, a GE Co.		6,479,324
	102,405	Halliburton Co.		4,806,891
				11,286,215
		Food & Staples Retailing — 1.0%
	78,344	CVS Health Corp.		4,873,780
		Food Products — 1.5%
	185,066	Mondelez International, Inc., Class A		7,722,804
		Health Care Equipment & Supplies — 3.9%
	156,792	Abbott Laboratories		9,394,977
	132,380	Medtronic PLC		10,619,523
				20,014,500
		Health Care Providers & Services — 4.3%
	22,055	Humana, Inc.		5,929,046
	49,915	Laboratory Corp. of America Holdings(a)		8,073,751
	37,383	UnitedHealth Group, Inc.		7,999,962
				22,002,759
		Household Durables — 0.7%
	141,207	Newell Brands, Inc.		3,597,954
		Industrial Conglomerates — 1.2%
	43,326	Honeywell International, Inc.		6,261,040
		Insurance — 5.8%
	159,898	American International Group, Inc.		8,701,649
	146,299	FNF Group		5,854,886
	161,309	MetLife, Inc.		7,402,470
	52,357	Travelers Cos., Inc. (The)		7,270,293
				29,229,298
		Internet & Direct Marketing Retail — 1.2%
	234,043	Liberty Interactive Corp./QVC Group, Class A(a)		5,890,862
		IT Services — 1.3%
	32,087	Alliance Data Systems Corp.		6,830,039
		Machinery — 1.4%
	101,838	Pentair PLC		6,938,223
		Media — 3.2%
	289,444	Comcast Corp., Class A		9,890,302
	175,089	Twenty-First Century Fox, Inc., Class B		6,367,987
				16,258,289

See accompanying notes to financial statements.

|  34

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Value Fund – (continued)

Shares		Description	Value (†)
		Oil, Gas & Consumable Fuels — 7.1%
	142,349	Anadarko Petroleum Corp.	$	8,599,303
	86,349	Chevron Corp.		9,847,240
	79,747	Hess Corp.		4,036,793
	106,782	Marathon Petroleum Corp.		7,806,832
	91,533	Royal Dutch Shell PLC, Sponsored ADR		5,840,721
				36,130,889
		Pharmaceuticals — 6.4%
	42,520	Allergan PLC		7,155,691
	69,856	Bristol-Myers Squibb Co.		4,418,392
	61,041	Eli Lilly & Co.		4,722,742
	146,524	Merck & Co., Inc.		7,981,162
	231,104	Pfizer, Inc.		8,201,881
				32,479,868
		Professional Services — 1.2%
	187,524	Nielsen Holdings PLC		5,961,388
		Real Estate Management & Development — 1.3%
	137,519	CBRE Group, Inc., Class A(a)		6,493,647
		REITs – Diversified — 1.9%
	168,070	Outfront Media, Inc.		3,149,632
	186,879	Weyerhaeuser Co.		6,540,765
				9,690,397
		Road & Rail — 1.4%
	53,907	Norfolk Southern Corp.		7,319,493
		Semiconductors & Semiconductor Equipment — 1.0%
	94,807	QUALCOMM, Inc.		5,253,256
		Software — 4.6%
	107,353	Microsoft Corp.		9,798,108
	218,530	Oracle Corp.		9,997,748
	131,625	Symantec Corp.		3,402,506
				23,198,362
		Specialty Retail — 1.0%
	42,384	Advance Auto Parts, Inc.		5,024,623
		Technology Hardware, Storage & Peripherals — 1.8%
	35,632	Apple, Inc.		5,978,337
	200,488	Diebold Nixdorf, Inc.		3,087,515
				9,065,852
		Tobacco — 1.5%
	76,838	Philip Morris International, Inc.		7,637,697
		Total Common Stocks (Identified Cost $365,946,634)		501,134,175

See accompanying notes to financial statements.

35  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Value Fund – (continued)

Principal Amount		Description	Value (†)
	Short-Term Investments — 1.3%
$	6,629,354	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/29/2018 at 0.900% to be repurchased at $6,630,017 on 4/02/2018 collateralized by $6,660,000 U.S. Treasury Note, 2.750% due 11/15/2023 valued at $6,766,174 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $6,629,354)	$	6,629,354
		Total Investments — 99.9% (Identified Cost $372,575,988)		507,763,529
		Other assets less liabilities — 0.1%		310,210
		Net Assets — 100.0%	$	508,073,739
	(†)	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 March 31, 2018 (Unaudited)

Banks	15.0	%
Oil, Gas & Consumable Fuels	7.1
Pharmaceuticals	6.4
Insurance	5.8
Aerospace & Defense	4.9
Software	4.6
Health Care Providers & Services	4.3
Electric Utilities	4.0
Health Care Equipment & Supplies	3.9
Media	3.2
Capital Markets	2.9
Consumer Finance	2.4
Electrical Equipment	2.3
Energy Equipment & Services	2.2
Communications Equipment	2.1
Other Investments, less than 2% each	27.5
Short-Term Investments	1.3
Total Investments	99.9
Other assets less liabilities	0.1
Net Assets	100.0	%

See accompanying notes to financial statements.

|  36

Statements of Assets and Liabilities

March 31, 2018 (Unaudited)

	Global Allocation Fund*		Growth Fund		Value Fund
ASSETS
Investments at cost	$	1,630,823,194	$	6,176,628,992	$	372,575,988
Net unrealized appreciation		394,894,181		1,806,222,044		135,187,541
Investments at value		2,025,717,375		7,982,851,036		507,763,529
Cash		308,193		—		262,430
Due from brokers (Note 2)		77,000		—		—
Foreign currency at value (identified cost $3,920,890, $0 and $0, respectively)		3,891,966		—		—
Receivable for Fund shares sold		8,773,479		24,029,684		577,499
Receivable for securities sold		10,434,463		165,736,239		1,015,490
Collateral received for open forward foreign currency contracts (Note 4)		150,000		—		—
Dividends and interest receivable		6,783,800		12,291,288		420,113
Unrealized appreciation on forward foreign currency contracts (Note 2)		318,767		—		—
Tax reclaims receivable		566,779		3,622,352		—
Prepaid expenses (Note 8)		182		674		141
TOTAL ASSETS		2,057,022,004		8,188,531,273		510,039,202
LIABILITIES
Payable for securities purchased		12,604,984		99,577,925		1,013,958
Payable for Fund shares redeemed		1,803,301		8,054,605		285,534
Unrealized depreciation on forward foreign currency contracts (Note 2)		517,453		—		—
Foreign taxes payable (Note 2)		36,605		—		—
Due to brokers (Note 2)		150,000		—		—
Management fees payable (Note 6)		1,293,493		3,498,443		221,678
Deferred Trustees’ fees (Note 6)		166,625		246,499		356,580
Administrative fees payable (Note 6)		77,123		312,790		20,091
Payable to distributor (Note 6d)		37,774		66,943		7,302
Other accounts payable and accrued expenses		132,479		59,516		60,320
TOTAL LIABILITIES		16,819,837		111,816,721		1,965,463
NET ASSETS	$	2,040,202,167	$	8,076,714,552	$	508,073,739
NET ASSETS CONSIST OF:
Paid-in capital	$	1,591,406,604	$	6,144,301,052	$	186,165,481
Undistributed net investment income		2,169,274		14,249,503		1,788,833
Accumulated net realized gain on investments, forward foreign currency contracts and foreign currency transactions		51,968,622		111,941,953		184,931,884
Net unrealized appreciation on investments and foreign currency translations		394,657,667		1,806,222,044		135,187,541
NET ASSETS	$	2,040,202,167	$	8,076,714,552	$	508,073,739

See accompanying notes to financial statements.

37  |

Statements of Assets and Liabilities (continued)

March 31, 2018 (Unaudited)

	Global Allocation Fund*		Growth Fund		Value Fund
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	345,222,554	$	1,040,677,720	$	167,539,298
Shares of beneficial interest		15,383,985		71,059,294		8,072,404
Net asset value and redemption price per share	$	22.44	$	14.65	$	20.75
Offering price per share (100/94.25 of net asset value) (Note 1)	$	23.81	$	15.54	$	22.02
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	368,912,452	$	134,458,388	$	10,030,175
Shares of beneficial interest		16,609,953		9,999,488		488,707
Net asset value and offering price per share	$	22.21	$	13.45	$	20.52
Class N shares:
Net assets	$	70,309,734	$	453,219,640	$	94,289,786
Shares of beneficial interest		3,117,607		29,022,222		4,532,571
Net asset value, offering and redemption price per share	$	22.55	$	15.62	$	20.80
Class Y shares:
Net assets	$	1,255,757,427	$	6,448,358,804	$	235,302,477
Shares of beneficial interest		55,654,665		412,793,705		11,291,611
Net asset value, offering and redemption price per share	$	22.56	$	15.62	$	20.84
Admin Class shares:
Net assets	$	—	$	—	$	912,003
Shares of beneficial interest		—		—		44,027
Net asset value, offering and redemption price per share	$	—	$	—	$	20.71

* Formerly Global Equity and Income Fund.

See accompanying notes to financial statements.

|  38

Statements of Operations

For the Six Months Ended March 31, 2018 (Unaudited)

	Global Allocation Fund*			Growth Fund			Value Fund
INVESTMENT INCOME
Dividends	$	5,491,895		$	51,768,371		$	8,952,838
Interest		12,869,178			337,912			28,211
Less net foreign taxes withheld		(182,850	)		(1,429,033	)		(43,266	)
		18,178,223			50,677,250			8,937,783
Expenses
Management fees (Note 6)		7,203,451			19,769,509			2,054,325
Service and distribution fees (Note 6)		2,225,282			2,010,088			279,825
Administrative fees (Note 6)		425,518			1,751,485			181,991
Trustees’ fees and expenses (Note 6)		41,504			120,158			40,320
Transfer agent fees and expenses (Notes 6 and 7)		752,281			3,226,710			344,983
Audit and tax services fees		25,070			18,505			18,154
Custodian fees and expenses		103,366			105,000			17,988
Legal fees		16,788			74,839			8,148
Registration fees		104,637			133,283			54,740
Shareholder reporting expenses		71,918			313,404			50,474
Miscellaneous expenses (Note 8)		51,521			114,925			22,508
Total expenses		11,021,336			27,637,906			3,073,456
Less waiver and/or expense reimbursement (Note 6)		(269	)		(19,953	)		—
Net expenses		11,021,067			27,617,953			3,073,456
Net investment income		7,157,156			23,059,297			5,864,327
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FORWARD FOREIGN CURRENCY CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		57,512,605			146,521,546			199,045,860
Forward foreign currency contracts (Note 2d)		3,305,698			—			—
Foreign currency transactions (Note 2c)		(40,013	)		—			—
Net change in unrealized appreciation (depreciation) on:
Investments		41,864,721			320,699,300			(160,193,812	)
Forward foreign currency contracts (Note 2d)		3,607			—			—
Foreign currency translations (Note 2c)		29,201			—			—
Net realized and unrealized gain on investments, forward foreign currency contracts and foreign currency transactions		102,675,819			467,220,846			38,852,048
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	109,832,975		$	490,280,143		$	44,716,375

* Formerly Global Equity and Income Fund.

See accompanying notes to financial statements.

39  |

Statements of Changes in Net Assets

	Global Allocation Fund*						Growth Fund
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
FROM OPERATIONS:
Net investment income	$	7,157,156		$	24,109,319		$	23,059,297		$	35,730,679
Net realized gain on investments, forward foreign currency contracts and foreign currency transactions		60,778,290			12,813,326			146,521,546			111,820,263
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		41,897,529			173,627,998			320,699,300			937,804,825
Net increase in net assets resulting from operations		109,832,975			210,550,643			490,280,143			1,085,355,767
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(2,787,305	)		(3,289,853	)		(3,322,449	)		(2,941,318	)
Class C		(130,546	)		(1,771,656	)		—			—
Class N		(754,353	)		—			(2,208,842	)		(688,493	)
Class Y		(11,861,573	)		(12,428,003	)		(32,169,309	)		(21,181,423	)
Net realized capital gains
Class A		(4,327,227	)		—			(20,303,722	)		(7,024,882	)
Class C		(4,696,446	)		—			(2,938,721	)		(1,227,895	)
Class N		(888,515	)		—			(6,945,133	)		(992,374	)
Class Y		(14,683,357	)		—			(115,155,092	)		(34,329,937	)
Total distributions		(40,129,322	)		(17,489,512	)		(183,043,268	)		(68,386,322	)
NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 12)		184,633,196			53,800,129			562,365,783			1,795,629,622
Net increase in net assets		254,336,849			246,861,260			869,602,658			2,812,599,067
NET ASSETS
Beginning of the period		1,785,865,318			1,539,004,058			7,207,111,894			4,394,512,827
End of the period	$	2,040,202,167		$	1,785,865,318		$	8,076,714,552		$	7,207,111,894
UNDISTRIBUTED NET INVESTMENT INCOME	$	2,169,274		$	10,545,895		$	14,249,503		$	28,890,806

* Formerly Global Equity and Income Fund.

See accompanying notes to financial statements.

|  40

Statements of Changes in Net Assets (continued)

	Value Fund
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
FROM OPERATIONS:
Net investment income	$	5,864,327		$	23,540,447
Net realized gain on investments		199,045,860			125,860,403
Net change in unrealized appreciation (depreciation) on investments		(160,193,812	)		39,943,740
Net increase in net assets resulting from operations		44,716,375			189,344,590
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(2,729,331	)		(3,300,870	)
Class C		(82,114	)		(110,502	)
Class N		(11,776,263	)		(10,337,308	)
Class Y		(5,988,237	)		(10,883,174	)
Admin Class		(11,567	)		—
Net realized capital gains
Class A		(19,426,458	)		(4,790,308	)
Class C		(1,201,090	)		(300,799	)
Class N		(66,540,819	)		(12,741,866	)
Class Y		(37,076,345	)		(14,291,711	)
Admin Class		(95,503	)		(20,087	)
Total distributions		(144,927,727	)		(56,776,625	)
NET DECREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 12)		(559,983,498	)		(221,330,302	)
Net decrease in net assets		(660,194,850	)		(88,762,337	)
NET ASSETS
Beginning of the period		1,168,268,589			1,257,030,926
End of the period	$	508,073,739		$	1,168,268,589
UNDISTRIBUTED NET INVESTMENT INCOME	$	1,788,833		$	16,512,018

See accompanying notes to financial statements.

41  |

Financial Highlights

For a share outstanding throughout each period.

	Global Allocation Fund*—Class A
	Six Months Ended March 31, 2018 (Unaudited)			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	$	21.60		$	19.17		$	18.45		$	19.77		$	18.57		$	17.07
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.08			0.31			0.24			0.21			0.28			0.32	(b)
Net realized and unrealized gain (loss)		1.24			2.36			1.47			(0.37	)		1.49			1.45
Total from Investment Operations		1.32			2.67			1.71			(0.16	)		1.77			1.77
LESS DISTRIBUTIONS FROM:
Net investment income		(0.19	)		(0.24	)		(0.15	)		(0.20	)		(0.33	)		(0.27	)
Net realized capital gains		(0.29	)		—			(0.84	)		(0.96	)		(0.24	)		—
Total Distributions		(0.48	)		(0.24	)		(0.99	)		(1.16	)		(0.57	)		(0.27	)
Net asset value, end of the period	$	22.44		$	21.60		$	19.17		$	18.45		$	19.77		$	18.57
Total return(c)		6.14	%(d)		14.10	%		9.64	%		(0.91	)%		9.62	%		10.54	%(b)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	345,223		$	305,275		$	280,263		$	246,371		$	237,167		$	251,211
Net expenses		1.17	%(e)		1.18	%		1.17	%		1.18	%		1.17	%		1.18	%
Gross expenses		1.17	%(e)		1.18	%		1.17	%		1.18	%		1.17	%		1.18	%
Net investment income		0.72	%(e)		1.57	%		1.32	%		1.06	%		1.46	%		1.82	%(b)
Portfolio turnover rate		15	%		35	%		43	%		48	%		49	%		58	%

* Formerly Global Equity and Income Fund.

(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.

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

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

See accompanying notes to financial statements.

|  42

Financial Highlights (continued)

For a share outstanding throughout each period.

	Global Allocation Fund*—Class C
	Six Months Ended March 31, 2018 (Unaudited)			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	$	21.29		$	18.89		$	18.19		$	19.51		$	18.36		$	16.90
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.00	)(b)		0.16			0.10			0.06			0.14			0.19	(c)
Net realized and unrealized gain (loss)		1.22			2.33			1.46			(0.36	)		1.45			1.45
Total from Investment Operations		1.22			2.49			1.56			(0.30	)		1.59			1.64
LESS DISTRIBUTIONS FROM:
Net investment income		(0.01	)		(0.09	)		(0.02	)		(0.06	)		(0.20	)		(0.18	)
Net realized capital gains		(0.29	)		—			(0.84	)		(0.96	)		(0.24	)		—
Total Distributions		(0.30	)		(0.09	)		(0.86	)		(1.02	)		(0.44	)		(0.18	)
Net asset value, end of the period	$	22.21		$	21.29		$	18.89		$	18.19		$	19.51		$	18.36
Total return(d)		5.75	%(e)		13.22	%		8.88	%		(1.66	)%		8.72	%		9.77	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	368,912		$	354,017		$	423,350		$	393,416		$	377,001		$	340,561
Net expenses		1.92	%(f)		1.93	%		1.92	%		1.93	%		1.92	%		1.93	%
Gross expenses		1.92	%(f)		1.93	%		1.92	%		1.93	%		1.92	%		1.93	%
Net investment income (loss)		(0.03	)%(f)		0.84	%		0.57	%		0.31	%		0.71	%		1.07	%(c)
Portfolio turnover rate		15	%		35	%		43	%		48	%		49	%		58	%

* Formerly Global Equity and Income Fund.

(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) 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%.

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

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

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

See accompanying notes to financial statements.

43  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Global Allocation Fund*—Class N
	Six Months Ended March 31, 2018 (Unaudited)			Period Ended September 30, 2017**
Net asset value, beginning of the period	$	21.73		$	19.20
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.12			0.20
Net realized and unrealized gain (loss)		1.24			2.33
Total from Investment Operations		1.36			2.53
LESS DISTRIBUTIONS FROM:
Net investment income		(0.25	)		—
Net realized capital gains		(0.29	)		—
Total Distributions		(0.54	)		—
Net asset value, end of the period	$	22.55		$	21.73
Total return(b)		6.30	%		13.18	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	70,310		$	59,512
Net expenses(c)		0.84	%		0.87	%
Gross expenses(c)		0.84	%		0.87	%
Net investment income(c)		1.05	%		1.48	%
Portfolio turnover rate		15	%		35	%(d)

* Formerly Global Equity and Income Fund.

** 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.

|  44

Financial Highlights (continued)

For a share outstanding throughout each period.

	Global Allocation Fund*—Class Y
	Six Months Ended March 31, 2018 (Unaudited)			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	$	21.74		$	19.29		$	18.55		$	19.89		$	18.68		$	17.15
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.11			0.36			0.29			0.25			0.33			0.37	(b)
Net realized and unrealized gain (loss)		1.24			2.37			1.49			(0.37	)		1.49			1.47
Total from Investment Operations		1.35			2.73			1.78			(0.12	)		1.82			1.84
LESS DISTRIBUTIONS FROM:
Net investment income		(0.24	)		(0.28	)		(0.20	)		(0.26	)		(0.37	)		(0.31	)
Net realized capital gains		(0.29	)		—			(0.84	)		(0.96	)		(0.24	)		—
Total Distributions		(0.53	)		(0.28	)		(1.04	)		(1.22	)		(0.61	)		(0.31	)
Net asset value, end of the period	$	22.56		$	21.74		$	19.29		$	18.55		$	19.89		$	18.68
Total return		6.24	%(c)		14.42	%		9.97	%		(0.72	)%		9.87	%		10.90	%(b)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,255,757		$	1,067,062		$	835,391		$	604,609		$	633,057		$	570,694
Net expenses		0.92	%(d)		0.93	%		0.92	%		0.93	%		0.92	%		0.93	%
Gross expenses		0.92	%(d)		0.93	%		0.92	%		0.93	%		0.92	%		0.93	%
Net investment income		0.97	%(d)		1.79	%		1.58	%		1.30	%		1.69	%		2.07	%(b)
Portfolio turnover rate		15	%		35	%		43	%		48	%		49	%		58	%

* Formerly Global Equity and Income Fund.

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

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

(c) 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.

	Growth Fund—Class A
	Six Months Ended March 31, 2018 (Unaudited)			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	$	14.04		$	11.96		$	9.90		$	9.45		$	8.07		$	6.50
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.03			0.06			0.06			0.05			0.05			0.04
Net realized and unrealized gain (loss)		0.92			2.18			2.05			0.45			1.34			1.59
Total from Investment Operations		0.95			2.24			2.11			0.50			1.39			1.63
LESS DISTRIBUTIONS FROM:
Net investment income		(0.05	)		(0.05	)		(0.05	)		(0.05	)		(0.01	)		(0.06	)
Net realized capital gains		(0.29	)		(0.11	)		—			—			—			—
Total Distributions		(0.34	)		(0.16	)		(0.05	)		(0.05	)		(0.01	)		(0.06	)
Net asset value, end of the period	$	14.65		$	14.04		$	11.96		$	9.90		$	9.45		$	8.07
Total return(b)		6.77	%(c)		18.99	%		21.32	%		5.30	%		17.23	%		25.23	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,040,678		$	983,047		$	729,989		$	122,203		$	63,682		$	50,248
Net expenses		0.90	%(d)		0.91	%		0.92	%		0.92	%		0.94	%		1.03	%
Gross expenses		0.90	%(d)		0.91	%		0.92	%		0.92	%		0.94	%		1.03	%
Net investment income		0.38	%(d)		0.45	%		0.58	%		0.45	%		0.55	%		0.57	%
Portfolio turnover rate		5	%		8	%		11	%		27	%(e)		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) Periods less than one year are not annualized.

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

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

See accompanying notes to financial statements.

|  46

Financial Highlights (continued)

For a share outstanding throughout each period.

	Growth Fund—Class C
	Six Months Ended March 31, 2018 (Unaudited)			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	$	12.92		$	11.06		$	9.18		$	8.79		$	7.55		$	6.09
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.03	)		(0.03	)		(0.02	)		(0.03	)		(0.02	)		(0.01	)
Net realized and unrealized gain (loss)		0.85			2.00			1.90			0.42			1.26			1.48
Total from Investment Operations		0.82			1.97			1.88			0.39			1.24			1.47
LESS DISTRIBUTIONS FROM:
Net investment income		—			—			—			—			—			(0.01	)
Net realized capital gains		(0.29	)		(0.11	)		—			—			—			—
Total Distributions		(0.29	)		(0.11	)		—			—			—			(0.01	)
Net asset value, end of the period	$	13.45		$	12.92		$	11.06		$	9.18		$	8.79		$	7.55
Total return(b)		6.37	%(c)		18.03	%		20.48	%		4.44	%		16.42	%		24.21	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	134,458		$	133,329		$	109,798		$	41,421		$	29,837		$	20,798
Net expenses		1.65	%(d)		1.66	%		1.66	%		1.67	%		1.69	%		1.78	%
Gross expenses		1.65	%(d)		1.66	%		1.66	%		1.67	%		1.69	%		1.78	%
Net investment loss		(0.38	)%(d)		(0.29	)%		(0.16	)%		(0.29	)%		(0.20	)%		(0.20	)%
Portfolio turnover rate		5	%		8	%		11	%		27	%(e)		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) Periods less than one year are not annualized.

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

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

See accompanying notes to financial statements.

47  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Growth Fund—Class N
	Six Months Ended March 31, 2018 (Unaudited)			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	$	14.97		$	12.73		$	10.52		$	10.01		$	8.56		$	7.58
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.06			0.11			0.10			0.08			0.05			0.03
Net realized and unrealized gain (loss)		0.97			2.32			2.18			0.49			1.42			0.95
Total from Investment Operations		1.03			2.43			2.28			0.57			1.47			0.98
LESS DISTRIBUTIONS FROM:
Net investment income		(0.09	)		(0.08	)		(0.07	)		(0.06	)		(0.02	)		—
Net realized capital gains		(0.29	)		(0.11	)		—			—			—			—
Total Distributions		(0.38	)		(0.19	)		(0.07	)		(0.06	)		(0.02	)		—
Net asset value, end of the period	$	15.62		$	14.97		$	12.73		$	10.52		$	10.01		$	8.56
Total return		6.93	%(b)(c)		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)	$	453,220		$	341,160		$	60,765		$	1		$	1		$	1
Net expenses		0.57	%(d)(e)		0.57	%(d)		0.58	%		0.55	%(d)		0.95	%(d)		0.95	%(d)(e)
Gross expenses		0.58	%(e)		0.58	%		0.58	%		9.82	%		3.45	%		3.50	%(e)
Net investment income		0.72	%(e)		0.80	%		0.82	%		0.71	%		0.52	%		0.60	%(e)
Portfolio turnover rate		5	%		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.

|  48

Financial Highlights (continued)

For a share outstanding throughout each period.

	Growth Fund—Class Y
	Six Months Ended March 31, 2018 (Unaudited)			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	$	14.97		$	12.73		$	10.53		$	10.04		$	8.57		$	6.90
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.05			0.09			0.10			0.07			0.08			0.05
Net realized and unrealized gain (loss)		0.97			2.33			2.16			0.49			1.42			1.69
Total from Investment Operations		1.02			2.42			2.26			0.56			1.50			1.74
LESS DISTRIBUTIONS FROM:
Net investment income		(0.08	)		(0.07	)		(0.06	)		(0.07	)		(0.03	)		(0.07	)
Net realized capital gains		(0.29	)		(0.11	)		—			—			—			—
Total Distributions		(0.37	)		(0.18	)		(0.06	)		(0.07	)		(0.03	)		(0.07	)
Net asset value, end of the period	$	15.62		$	14.97		$	12.73		$	10.53		$	10.04		$	8.57
Total return		6.85	% (b)		19.31	%		21.55	%		5.59	%		17.51	%		25.49	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	6,448,359		$	5,749,576		$	3,493,961		$	1,174,150		$	1,004,157		$	541,245
Net expenses		0.65	%(c)		0.66	%		0.66	%		0.67	%		0.69	%		0.77	%
Gross expenses		0.65	%(c)		0.66	%		0.66	%		0.67	%		0.69	%		0.77	%
Net investment income		0.63	%(c)		0.69	%		0.82	%		0.69	%		0.79	%		0.68	%
Portfolio turnover rate		5	%		8	%		11	%		27	%(d)		14	%		6	%

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

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

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

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

See accompanying notes to financial statements.

49  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Value Fund—Class A
	Six Months Ended March 31, 2018 (Unaudited)			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	$	23.10		$	20.73		$	23.98		$	28.47		$	25.59		$	20.86
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.13			0.36			0.34			0.29			0.45	(b)		0.31
Net realized and unrealized gain (loss)		0.52			2.95			1.80			(1.58	)		4.00			4.70
Total from Investment Operations		0.65			3.31			2.14			(1.29	)		4.45			5.01
LESS DISTRIBUTIONS FROM:
Net investment income		(0.37	)		(0.38	)		(0.28	)		(0.53	)		(0.27	)		(0.28	)
Net realized capital gains		(2.63	)		(0.56	)		(5.11	)		(2.67	)		(1.30	)		—
Total Distributions		(3.00	)		(0.94	)		(5.39	)		(3.20	)		(1.57	)		(0.28	)
Net asset value, end of the period	$	20.75		$	23.10		$	20.73		$	23.98		$	28.47		$	25.59
Total return(c)		2.60	%(d)		16.33	%		9.65	%		(5.59	)%		17.97	%(b)		24.35	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	167,539		$	185,153		$	191,909		$	124,662		$	580,092		$	171,327
Net expenses		0.99	%(e)		0.96	%		0.94	%		0.95	%		0.96	%		0.97	%
Gross expenses		0.99	%(e)		0.96	%		0.94	%		0.95	%		0.96	%		0.97	%
Net investment income		1.18	%(e)		1.65	%		1.65	%		1.07	%		1.63	%(b)		1.31	%
Portfolio turnover rate		6	%		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.

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

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

See accompanying notes to financial statements.

|  50

Financial Highlights (continued)

For a share outstanding throughout each period.

	Value Fund—Class C
	Six Months Ended March 31, 2018 (Unaudited)			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	$	22.77		$	20.43		$	23.69		$	28.14		$	25.33		$	20.65
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.05			0.19			0.20			0.10			0.31	(b)		0.13
Net realized and unrealized gain (loss)		0.51			2.91			1.76			(1.57	)		3.89			4.68
Total from Investment Operations		0.56			3.10			1.96			(1.47	)		4.20			4.81
LESS DISTRIBUTIONS FROM:
Net investment income		(0.18	)		(0.20	)		(0.11	)		(0.31	)		(0.09	)		(0.13	)
Net realized capital gains		(2.63	)		(0.56	)		(5.11	)		(2.67	)		(1.30	)		—
Total Distributions		(2.81	)		(0.76	)		(5.22	)		(2.98	)		(1.39	)		(0.13	)
Net asset value, end of the period	$	20.52		$	22.77		$	20.43		$	23.69		$	28.14		$	25.33
Total return(c)		2.23	%(d)		15.46	%		8.85	%		(6.30	)%		17.07	%(b)		23.41	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	10,030		$	10,948		$	11,474		$	15,071		$	16,958		$	15,158
Net expenses		1.74	%(e)		1.71	%		1.69	%		1.70	%		1.71	%		1.72	%
Gross expenses		1.74	%(e)		1.71	%		1.69	%		1.70	%		1.71	%		1.72	%
Net investment income		0.43	%(e)		0.89	%		0.94	%		0.40	%		1.15	%(b)		0.55	%
Portfolio turnover rate		6	%		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.

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

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

See accompanying notes to financial statements.

51  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Value Fund—Class N
	Six Months Ended March 31, 2018 (Unaudited)			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	$	23.19		$	20.80		$	24.09		$	28.58		$	25.65		$	22.59
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.18			0.46			0.44			0.42			0.63	(b)		0.25
Net realized and unrealized gain (loss)		0.53			2.94			1.80			(1.61	)		3.94			2.81
Total from Investment Operations		0.71			3.40			2.24			(1.19	)		4.57			3.06
LESS DISTRIBUTIONS FROM:
Net investment income		(0.47	)		(0.45	)		(0.42	)		(0.63	)		(0.34	)		—
Net realized capital gains		(2.63	)		(0.56	)		(5.11	)		(2.67	)		(1.30	)		—
Total Distributions		(3.10	)		(1.01	)		(5.53	)		(3.30	)		(1.64	)		—
Net asset value, end of the period	$	20.80		$	23.19		$	20.80		$	24.09		$	28.58		$	25.65
Total return		2.85	%(c)		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)	$	94,290		$	594,165		$	499,533		$	554,946		$	392,811		$	260,643
Net expenses		0.60	%(d)		0.58	%		0.57	%		0.57	%		0.57	%		0.57	%(d)
Gross expenses		0.60	%(d)		0.58	%		0.57	%		0.57	%		0.57	%		0.57	%(d)
Net investment income		1.58	%(d)		2.07	%		2.11	%		1.55	%		2.28	%(b)		1.50	%(d)
Portfolio turnover rate		6	%		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.

|  52

Financial Highlights (continued)

For a share outstanding throughout each period.

	Value Fund—Class Y
	Six Months Ended March 31, 2018 (Unaudited)			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	$	23.21		$	20.81		$	24.10		$	28.58		$	25.65		$	20.91
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.16			0.41			0.41			0.37			0.60	(b)		0.36
Net realized and unrealized gain (loss)		0.53			2.97			1.79			(1.60	)		3.94			4.72
Total from Investment Operations		0.69			3.38			2.20			(1.23	)		4.54			5.08
LESS DISTRIBUTIONS FROM:
Net investment income		(0.43	)		(0.42	)		(0.38	)		(0.58	)		(0.31	)		(0.34	)
Net realized capital gains		(2.63	)		(0.56	)		(5.11	)		(2.67	)		(1.30	)		—
Total Distributions		(3.06	)		(0.98	)		(5.49	)		(3.25	)		(1.61	)		(0.34	)
Net asset value, end of the period	$	20.84		$	23.21		$	20.81		$	24.10		$	28.58		$	25.65
Total return		2.75	%(c)		16.63	%		9.92	%		(5.37	)%		18.27	%(b)		24.65	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	235,302		$	377,162		$	553,259		$	681,109		$	1,303,492		$	1,513,807
Net expenses		0.73	%(d)		0.71	%		0.69	%		0.70	%		0.71	%		0.72	%
Gross expenses		0.73	%(d)		0.71	%		0.69	%		0.70	%		0.71	%		0.72	%
Net investment income		1.45	%(d)		1.86	%		1.95	%		1.36	%		2.19	%(b)		1.56	%
Portfolio turnover rate		6	%		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%.

(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.

53  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Value Fund—Admin Class
	Six Months Ended March 31, 2018 (Unaudited)			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	$	23.04		$	20.37		$	23.81		$	28.34		$	25.51		$	20.79
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.10			0.31			0.32			0.26			0.30	(b)		0.24
Net realized and unrealized gain (loss)		0.52			2.92			1.69			(1.61	)		4.07			4.71
Total from Investment Operations		0.62			3.23			2.01			(1.35	)		4.37			4.95
LESS DISTRIBUTIONS FROM:
Net investment income		(0.32	)		—			(0.34	)		(0.51	)		(0.24	)		(0.23	)
Net realized capital gains		(2.63	)		(0.56	)		(5.11	)		(2.67	)		(1.30	)		—
Total Distributions		(2.95	)		(0.56	)		(5.45	)		(3.18	)		(1.54	)		(0.23	)
Net asset value, end of the period	$	20.71		$	23.04		$	20.37		$	23.81		$	28.34		$	25.51
Total return		2.47	%(c)		16.06	%		9.11	%		(5.83	)%		17.68	%(b)		24.08	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	912		$	841		$	854		$	85,387		$	268		$	12
Net expenses		1.24	%(d)		1.21	%		1.19	%		1.23	%		1.21	%		1.19	%
Gross expenses		1.24	%(d)		1.21	%		1.19	%		1.23	%		1.21	%		1.19	%
Net investment income		0.93	%(d)		1.44	%		1.61	%		1.03	%		1.07	%(b)		1.01	%
Portfolio turnover rate		6	%		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%.

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

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

See accompanying notes to financial statements.

|  54

Notes to Financial Statements

March 31, 2018 (Unaudited)

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

Loomis Sayles Global Allocation Fund (formerly Loomis Sayles Global Equity and Income Fund) (the “Global Allocation 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.

Each Fund offers Class A, Class C, Class N 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.

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 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,

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

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

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

Listed equity securities (including shares of closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. Unlisted equity securities (except unlisted preferred equity securities) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available. In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used. Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Funds by an independent pricing service or bid prices obtained from broker-dealers. Senior loans

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

are valued at bid prices supplied by an independent pricing service, if available. Broker-dealer bid prices may be used to value debt and unlisted equity securities and senior loans where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security. Forward foreign currency contracts are valued utilizing interpolated rates determined based on information provided by an independent pricing service.

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. 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 Fund’s pricing policies and procedures.

As of March 31, 2018, securities held by Global Allocation Fund were fair valued as follows:

Equity securities1	Percentage of Net Assets			Securities classified as fair valued		Percentage of Net Assets
$348,031,272		17.1	%	$	4,068,217		0.2	%

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

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

trade date. Dividend income is recorded on ex-dividend date, or in the case of certain foreign securities, as soon as a Fund is notified, and interest income is recorded on an accrual basis. Interest income is increased by the accretion of discount and decreased by the amortization of premium, if applicable. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis. Investment income, non-class specific expenses and realized and unrealized gains and losses are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund.

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.

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.

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

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

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

net obligations under outstanding delayed delivery commitments by segregating or earmarking cash or securities at the custodian.

Purchases of when-issued or delayed delivery securities may have a similar effect on the Funds’ NAV as if the Funds’ had created a degree of leverage in the portfolio. Risks may arise upon entering into such transactions from the potential inability of counterparties to meet their obligations under the transactions. Additionally, losses may arise due to changes in the value of the underlying securities.

There were no when-issued or delayed delivery securities held by the Funds as of March 31, 2018.

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 March 31, 2018 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

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

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

h.  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as foreign currency gains and losses, paydown gains and losses, contingent payment debt instruments, capital gain and return of capital distributions received, 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 year ended September 30, 2017 was as follows:

	2017 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
Global Allocation Fund	$	17,489,512	$	—	$	17,489,512
Growth Fund		37,517,315		30,869,007		68,386,322
Value Fund		24,631,854		32,144,771		56,776,625

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 March 31, 2018, the cost of investments (including derivatives, if applicable) and unrealized appreciation (depreciation) on a federal tax basis was as follows:

	Global Allocation Fund			Growth Fund			Value Fund
Federal tax cost	$	1,632,167,493		$	6,176,628,992		$	372,575,988
Gross tax appreciation	$	410,399,720		$	1,899,964,998		$	150,108,923
Gross tax depreciation		(17,048,524	)		(93,742,954	)		(14,921,382	)
Net tax appreciation	$	393,351,196		$	1,806,222,044		$	135,187,541

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

Amounts exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.

i.  Repurchase Agreements.  Each Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which each Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is each Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities. As of March 31, 2018, each Fund, as applicable, had investments in repurchase agreements for which the value of the related collateral exceeded the value of the repurchase agreement. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes.

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

For the six months ended March 31, 2018, 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

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

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

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

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

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

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

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

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2018, at value:

Global Allocation Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Common Stocks
Belgium	$	—	$	10,212,621	$	—		$	10,212,621
France		—		31,502,058		—			31,502,058
Hong Kong		—		59,404,748		—			59,404,748
India		—		17,195,479		—			17,195,479
Sweden		—		49,141,448		—			49,141,448
Switzerland		—		87,071,281		—			87,071,281
United Kingdom		—		93,503,637		—			93,503,637
United States		861,045,048		5,728		—			861,050,776
All Other Common Stocks(a)		124,406,625		—		—			124,406,625
Total Common Stocks		985,451,673		348,037,000		—			1,333,488,673
Bonds and Notes
Non-Convertible Bonds
United States		37,109		312,157,986		30,402	(b)		312,225,497
All Other Non-Convertible Bonds(a)		—		225,398,178		—			225,398,178
Total Non-Convertible Bonds		37,109		537,556,164		30,402			537,623,675
Convertible Bonds(a)		—		10,123,834		—			10,123,834
Municipals(a)		—		268,026		—			268,026
Total Bonds and Notes		37,109		547,948,024		30,402			548,015,535
Preferred Stocks(a)		734,798		512,358		—			1,247,156
Short-Term Investments		—		142,966,011		—			142,966,011
Forward Foreign Currency Contracts (unrealized appreciation)		—		318,767		—			318,767
Total	$	986,223,580	$	1,039,782,160	$	30,402		$	2,026,036,142

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

Global Allocation Fund (continued)

Liability Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—		$(517,453)	$	—		$(517,453)

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

(b) Valued using broker-dealer bid prices.

A common stock valued at $13,929,710 was transferred from Level 2 to Level 1 during the period ended March 31, 2018. 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. At March 31, 2018, this security was valued at the market price in the foreign market in accordance with the Fund’s valuation policies.

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

Growth Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	7,779,345,152	$	—	$	—	$	7,779,345,152
Short-Term Investments		—		203,505,884		—		203,505,884
Total	$	7,779,345,152	$	203,505,884	$	—	$	7,982,851,036

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

For the six months ended March 31, 2018, 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)	$	501,134,175	$	—	$	—	$	501,134,175
Short-Term Investments		—		6,629,354		—		6,629,354
Total	$	501,134,175	$	6,629,354	$	—	$	507,763,529

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

For the six months ended March 31, 2018, there were no transfers among Levels 1, 2 and 3.

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of September 30, 2017 and/or March 31, 2018:

Global Allocation Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2017		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases
Common Stocks
United States	$	3,886	$	—	$	—		$	—		$	—
Bonds and Notes
Non-Convertible Bonds
United States		1,075,475		—		—			(679	)		—
Total	$	1,079,361	$	—	$	—		$	(679	)	$	—
Investments in Securities	Sales		Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2018			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2018
Common Stocks
United States	$	—	$	—	$	(3,886	)	$	—		$	—
Bonds and Notes
Non-Convertible Bonds
United States		—		31,081		(1,075,475	)		30,402			(679	)
Total	$	—	$	31,081	$	(1,079,361	)	$	30,402		$	(679	)

A common stock valued at $3,886 was transferred from Level 3 to Level 2 during the period ended March 31, 2018. At September 30, 2017, this security was valued at fair value as determined in good faith by the Fund’s advisor using broker-dealer bid prices for which the inputs are unobservable to the Fund. At March 31, 2018, this security was valued on the basis of closing bid quotations furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

A debt security valued at $31,081 was transferred from Level 2 to Level 3 during the period ended March 31, 2018. 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. At March 31, 2018, this security was valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service did not provide a reliable price for the security.

A debt security valued at $158,100 was transferred from Level 3 to Level 2 during the period ended March 31, 2018. At September 30, 2017, this security was valued at fair value as determined in good faith by the Fund’s investment adviser as an independent pricing service did not provide a reliable price for the security. At March 31, 2018, 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 $917,375 was transferred from Level 3 to Level 2 during the period ended March 31, 2018. At September 30, 2017, this security was valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service was unable to price the security. At March 31, 2018, 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 Global Allocation Fund used during the period include forward foreign currency contracts.

Global Allocation Fund is subject to the risk that changes in foreign currency exchange rates will have an unfavorable effect on the value of Fund assets denominated in foreign currencies. The Fund may enter into forward foreign currency contracts for hedging purposes to protect the value of the Fund’s holdings of foreign securities. The Fund may also use forward foreign currency contracts to gain exposure to foreign currencies, regardless of whether securities denominated in such currencies are held in the Fund. During the six months ended March 31, 2018, 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 Allocation Fund as of March 31, 2018, 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	$318,767

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

Liabilities	Unrealized depreciation on forward foreign currency contracts
Over-the-counter liability derivatives
Foreign exchange contracts	$(517,453)

Transactions in derivative instruments for Global Allocation Fund during the six months ended March 31, 2018 as reflected within the Statements of Operations were as follows:

Net Realized Gain (Loss) on:	Forward foreign currency contracts
Foreign exchange contracts	$3,305,698

Net Change in Unrealized Appreciation (Depreciation) on:	Forward foreign currency contracts
Foreign exchange contracts	$3,607

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

The volume of forward foreign currency contract activity, as a percentage of net assets, for Global Allocation Fund, based on gross month-end notional amounts outstanding during the period, including long and short positions at absolute value, was as follows for the six months ended March 31, 2018:

Global Allocation Fund	Forwards
Average Notional Amount Outstanding		7.24	%
Highest Notional Amount Outstanding		8.05	%
Lowest Notional Amount Outstanding		6.85	%
Notional Amount Outstanding as of March 31, 2018		7.33	%

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 Allocation Fund enters into over-the-counter derivatives, including forward foreign currency contracts, pursuant to International Swaps and Derivatives

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

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.

As of March 31, 2018, 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 Allocation Fund

Counterparty	Gross Amounts of Assets			Offset Amount			Net Asset Balance			Collateral (Received)/ Pledged			Net Amount
Bank of America, N.A.	$	56,026		$	—		$	56,026		$	—		$	56,026
Credit Suisse International		209,113			(208,557	)		556			(556	)		—
UBS AG		53,628			(37,393	)		16,235			—			16,235
	$	318,767		$	(245,950	)	$	72,817		$	(556	)	$	72,261
Counterparty	Gross Amounts of Liabilities			Offset Amount			Net Liability Balance			Collateral (Received)/ Pledged			Net Amount
Credit Suisse International	$	(208,557	)	$	208,557		$	—		$	—		$	—
Morgan Stanley & Co.		(271,503	)		—			(271,503	)		77,000			(194,503	)
UBS AG		(37,393	)		37,393			—			—			—
	$	(517,453	)	$	245,950		$	(271,503	)	$	77,000		$	(194,503	)

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

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

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. A Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the Fund’s aggregated unrealized gains and the amount of any collateral pledged to the counterparty, which may be offset by any collateral posted to the Fund by the counterparty. ISDA master agreements can help to manage counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under these ISDA agreements, collateral is routinely transferred if the total net exposure in respect of certain transactions, net of existing collateral already in place, exceeds a specified amount (typically $250,000, depending on the counterparty). With exchange-traded derivatives, there is minimal counterparty credit risk to the Fund because the exchange’s clearinghouse, as counterparty to these instruments, stands between the buyer and the seller of the contract. Credit risk still exists in exchange-traded derivatives with respect to initial and variation margin that is held in a broker’s customer accounts. While brokers are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro rata basis across all of the broker’s customers, potentially resulting in losses to the Fund. Based on balances reflected on each Fund’s Statement of Assets and Liabilities, the following table shows (i) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the 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 March 31, 2018:

Fund	Maximum Amount of Loss - Gross		Maximum Amount of Loss - Net
Global Allocation Fund	$	395,767	$	72,261

Net loss amount reflects cash received as collateral for Global Allocation Fund of $150,000.

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

5.  Purchases and Sales of Securities.  For the six months ended March 31, 2018, 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 Allocation Fund	$	263,240,898	$	229,742,545
Growth Fund		660,912,980		356,086,323
Value Fund		45,638,316		738,379,383

For the six months ended March 31, 2018, purchases and sales of U.S. Government/Agency securities by the Global Allocation Fund were $80,738,263 and $37,741,690, respectively.

6.  Management Fees and Other Transactions with Affiliates.

a.  Management Fees.  Loomis, Sayles & Company, L.P. (“Loomis Sayles”) serves as investment adviser to each Fund. Separate management agreements for each Fund in effect for the six months ended March 31, 2018, 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 Allocation 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, 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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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

For the six months ended March 31, 2018 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 Allocation 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.

For the six months ended March 31, 2018, the management fees for each Fund were as follows:

Fund	Gross Management Fees		Percentage of Average Daily Net Assets
Global Allocation Fund	$	7,203,451		0.75	%
Growth Fund		19,769,509		0.50	%
Value Fund		2,054,325		0.50	%

No expenses were recovered for any of the Funds during the six months ended March 31, 2018 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”).

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

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.

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 six months ended March 31, 2018, 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 Allocation Fund	$	416,062	$	452,305	$	—	$	1,356,915	$	—
Growth Fund		1,318,188		172,975		—		518,925		—
Value Fund		224,441		13,291		1,111		39,871		1,111

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

73  |

Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

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 six months ended March 31, 2018, the administrative fees for each Fund were as follows:

Fund	Administrative Fees
Global Allocation Fund	$	425,518
Growth Fund		1,751,485
Value Fund		181,991

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 six months ended March 31, 2018, 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 Allocation Fund	$	718,543
Growth Fund		3,023,620
Value Fund		310,373

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

As of March 31, 2018, 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 Allocation Fund	$	37,774
Growth Fund		66,943
Value Fund		7,302

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 six months ended March 31, 2018, were as follows:

Fund	Commissions
Global Allocation Fund	$	49,153
Growth Fund		32,972
Value Fund		1,240

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 US or their affiliates. The Chairperson of the Board of Trustees receives a retainer fee at the annual rate of $340,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that he attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $170,000. 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 $20,000. The chairperson of the Governance Committee receives an additional retainer fee at the annual rate of $12,000. 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)

March 31, 2018 (Unaudited)

Prior to January 1, 2018, the Chairperson of the Board received a retainer fee at the annual rate of $325,000 and each Independent Trustee (other than the Chairperson) received, in the aggregate, a retainer fee at the annual rate of $155,000, the chairperson of the Contract Review Committee and Audit Committee each received an additional retainer fee at the annual rate of $17,500 and the chairperson of the Governance Committee received an additional retainer fee at the annual rate of $10,000. All other Trustee fees remained unchanged.

A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Funds until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts, on the normal payment dates, in certain funds of the Natixis Funds Trusts, 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 March 31, 2018, Loomis Sayles Funded Pension Plan and Trust (“Pension Plan”) and Loomis Sayles Employees’ Profit Sharing Retirement Plan (“Retirement Plan”) held shares of the Funds representing the following percentages of the Funds’ net assets:

Fund	Pension Plan			Retirement Plan			Total Affiliated Ownership
Global Allocation Fund		—			0.95	%		0.95	%
Growth Fund		0.22	%		0.64	%		0.86	%
Value Fund		3.38	%		4.81	%		8.19	%

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 Allocation Fund to reimburse any and all transfer agency expenses for the Fund’s Class N shares. This undertaking is in effect through January 31, 2019.

Natixis Advisors has given a binding contractual undertaking to the Growth Fund to reimburse any and all transfer agency expenses attributable to accounts admitted to Class N via a provision that allows Natixis Distribution, at its sole discretion, to waive the investment minimum for certain accounts, as described in the Fund’s prospectus. This undertaking is in effect through June 30, 2019. Prior to February 1, 2018, Natixis

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

Advisors had given a binding contractual undertaking to the Fund to reimburse any and all transfer agency expenses for the Fund’s Class N shares.

Expenses reimbursed pursuant to these undertakings are not subject to recovery under the expense limitation agreement described above.

For the six months ended March 31, 2018, Natixis Advisors reimbursed the Funds for transfer agency expenses as follows:

Fund	Reimbursement of Transfer Agency Expenses
	Class N
Global Allocation Fund	$	269
Growth Fund		19,953

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 six months ended March 31, 2018 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 Allocation Fund	$	135,040	$	146,970	$	269	$	470,002	$	—
Growth Fund		450,541		59,117		20,131		2,696,921		—
Value Fund		125,774		7,456		1,077		210,050		626

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 and its contractual obligations under the line of credit. 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.

77  |

Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

For the six months ended March 31, 2018, none of the Funds had borrowings under this agreement.

Effective April 12, 2018, the line of credit with Citibank, N.A. expired, and the Funds, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts, and Natixis ETF Trust, entered into a $400,000,000 committed unsecured line of credit provided by State Street Bank and Trust. Any one Fund may borrow up to $350,000,000 under the line of credit agreement (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 and its contractual obligations under the line of credit. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit.

9.  Brokerage Commission Recapture.  Each Fund has entered into agreements with certain brokers whereby the brokers will rebate a portion of brokerage commissions. All amounts rebated by the brokers are returned to the Funds under such agreements and are included in realized gains on investments on the Statements of Operations. For the six months ended March 31, 2018, amounts rebated under these agreements were as follows:

Fund	Rebates
Global Allocation Fund	$	19,202
Growth Fund		42,577
Value Fund		19,128

Effective March 9, 2018, the brokerage commission recapture program was terminated.

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

11.  Concentration of Ownership.  From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of March 31, 2018, based on management’s evaluation of the shareholder account base, the Funds had accounts representing controlling ownership of more than 5% of the Funds’ total outstanding shares. The number of such accounts, based on accounts that represent more than 5% of an individual class of shares, and the aggregate percentage of net assets represented by such holdings were as follows:

Fund	Number of 5% Non-Affiliated Account Holders		Percentage of Non-Affiliated Ownership			Percentage of Affiliated Ownership (Note 6g)			Total Percentage of Ownership
Growth Fund		7		65.41	%		—			65.41	%
Value Fund		2		19.53	%		8.19	%		27.72	%

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

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:

	Six Months Ended March 31, 2018					Year Ended September 30, 2017(a)
Global Allocation Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	3,350,659		$	75,350,150		4,990,165		$	100,716,829
Issued in connection with the reinvestment of distributions	259,737			5,734,994		140,170			2,609,969
Redeemed	(2,359,203	)		(53,057,215	)	(5,616,924	)		(111,165,803	)
Net change	1,251,193		$	28,027,929		(486,589	)	$	(7,839,005	)
Class C
Issued from the sale of shares	1,956,391		$	43,547,431		1,966,061		$	38,867,350
Issued in connection with the reinvestment of distributions	149,300			3,268,181		55,158			1,018,222
Redeemed	(2,123,314	)		(47,119,326	)	(7,808,773	)		(152,602,063	)
Net change	(17,623	)	$	(303,714	)	(5,787,554	)	$	(112,716,491	)
Class N
Issued from the sale of shares	417,795		$	9,338,581		2,739,038		$	58,209,318
Issued in connection with the reinvestment of distributions	70,593			1,565,046		—			—
Redeemed	(109,712	)		(2,523,536	)	(107	)		(2,286	)
Net change	378,676		$	8,380,091		2,738,931		$	58,207,032
Class Y
Issued from the sale of shares	10,367,133		$	234,813,502		19,036,860		$	382,730,980
Issued in connection with the reinvestment of distributions	905,490			20,083,757		520,438			9,732,190
Redeemed	(4,710,920	)		(106,368,369	)	(13,769,090	)		(276,314,577	)
Net change	6,561,703		$	148,528,890		5,788,208		$	116,148,593
Increase (decrease) from capital share transactions	8,173,949		$	184,633,196		2,252,996		$	53,800,129

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

79  |

Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

12.  Capital Shares (continued).

	Six Months Ended March 31, 2018					Year Ended September 30, 2017
Growth Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	6,393,080		$	94,806,542		23,963,667		$	290,490,483
Issued in connection with the reinvestment of distributions	1,464,494			21,381,619		786,586			8,974,953
Redeemed	(6,794,622	)		(101,617,238	)	(15,774,109	)		(197,838,024	)
Net change	1,062,952		$	14,570,923		8,976,144		$	101,627,412
Class C
Issued from the sale of shares	764,380		$	10,448,356		3,905,114		$	42,699,406
Issued in connection with the reinvestment of distributions	148,410			1,993,146		68,093			719,057
Redeemed	(1,229,818	)		(16,831,480	)	(3,588,005	)		(41,290,336	)
Net change	(317,028	)	$	(4,389,978	)	385,202		$	2,128,127
Class N
Issued from the sale of shares	8,276,686		$	130,037,609		19,181,068		$	266,844,514
Issued in connection with the reinvestment of distributions	380,354			5,914,497		138,457			1,680,867
Redeemed	(2,420,312	)		(38,419,119	)	(1,306,361	)		(17,394,963	)
Net change	6,236,728		$	97,532,987		18,013,164		$	251,130,418
Class Y
Issued from the sale of shares	72,752,735		$	1,156,689,974		245,187,409		$	3,227,208,558
Issued in connection with the reinvestment of distributions	7,592,419			118,138,051		2,860,266			34,723,626
Redeemed	(51,553,851	)		(820,176,174	)	(138,438,910	)		(1,821,188,519	)
Net change	28,791,303		$	454,651,851		109,608,765		$	1,440,743,665
Increase (decrease) from capital share transactions	35,773,955		$	562,365,783		136,983,275		$	1,795,629,622

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

12.  Capital Shares (continued).

	Six Months Ended March 31, 2018					Year Ended September 30, 2017
Value Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	439,041		$	9,537,552		627,507		$	13,731,208
Issued in connection with the reinvestment of distributions	960,441			20,265,302		349,224			7,462,922
Redeemed	(1,342,334	)		(30,549,285	)	(2,219,069	)		(48,341,791	)
Net change	57,148		$	(746,431	)	(1,242,338	)	$	(27,147,661	)
Class C
Issued from the sale of shares	33,608		$	712,815		110,232		$	2,365,298
Issued in connection with the reinvestment of distributions	51,179			1,070,149		14,244			301,816
Redeemed	(76,818	)		(1,686,181	)	(205,329	)		(4,437,924	)
Net change	7,969		$	96,783		(80,853	)	$	(1,770,810	)
Class N
Issued from the sale of shares	425,596		$	9,579,782		7,781,464		$	169,587,495
Issued in connection with the reinvestment of distributions	3,640,565			76,852,331		1,078,970			23,079,174
Redeemed	(25,153,587	)		(533,906,064	)	(7,260,407	)		(156,585,697	)
Net change	(21,087,426	)	$	(447,473,951	)	1,600,027		$	36,080,972
Class Y
Issued from the sale of shares	1,386,045		$	30,694,568		4,271,030		$	92,962,427
Issued in connection with the reinvestment of distributions	1,987,223			42,069,519		1,131,792			24,254,317
Redeemed	(8,333,393	)		(184,783,422	)	(15,444,649	)		(339,300,791	)
Redeemed in-kind (Note 13)	—			—		(292,779	)		(6,300,603	)
Net change	(4,960,125	)	$	(112,019,335	)	(10,334,606	)	$	(228,384,650	)
Admin Class
Issued from the sale of shares	8,771		$	188,356		7,818		$	170,605
Issued in connection with the reinvestment of distributions	3			58		—			2
Redeemed	(1,254	)		(28,978	)	(13,253	)		(278,760	)
Net change	7,520		$	159,436		(5,435	)	$	(108,153	)
Increase (decrease) from capital share transactions	(25,974,914	)	$	(559,983,498	)	(10,063,205	)	$	(221,330,302	)

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. For the year ended September 30, 2017, Value Fund participated in a redemption in-kind transaction. For the six months ended March 31, 2018, none of the Funds participated in redemption in-kind transactions.

81  |

Additional Information

Special Meeting of Shareholders. (Unaudited)

A special meeting of shareholders of the Trust was held on December 4, 2017 to consider a proposal to elect thirteen Trustees to the Board of Trustees. The proposal was approved by shareholders of the Trust. The results of the shareholder vote were as follows:

Loomis Sayles Funds II

Nominee	Voted “FOR”*		Withheld*
Kevin Charleston		1,650,323,196.06		13,951,932.67
Kenneth A. Drucker		1,649,298,883.81		14,976,244.92
Edmond J. English		1,650,162,849.38		14,112,279.34
David L. Giunta		1,649,705,816.93		14,569,311.79
Richard A. Goglia		1,650,200,499.41		14,074,629.32
Wendell J. Knox		1,649,845,960.13		14,429,168.60
Martin T. Meehan		1,649,803,233.76		14,471,894.97
Maureen B. Mitchell		1,650,894,337.38		13,380,791.35
Sandra O. Moose**		1,649,617,852.02		14,657,276.71
James P. Palermo		1,650,208,171.55		14,066,957.18
Erik R. Sirri		1,649,620,219.44		14,654,909.29
Peter J. Smail		1,650,200,577.97		14,074,550.76
Cynthia L. Walker		1,651,179,641.66		13,095,487.07

* Trust-wide voting results.

** Ms. Moose retired as a Trustee effective January 1, 2018.

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Semiannual Report

March 31, 2018

Loomis Sayles High Income Fund

Loomis Sayles Intermediate Duration Bond Fund

Loomis Sayles Limited Term Government and Agency Fund

Table of Contents

Portfolio Review	1
Portfolio of Investments	11
Financial Statements	53
Notes to Financial Statements	69

LOOMIS SAYLES HIGH INCOME FUND

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

Investment Goal

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

1  |

Average Annual Total Returns — March 31, 2018³

																Expense Ratios4
	6 Months			1 Year			5 Years			10 Years			Life of Class N			Gross			Net
Class Y (Inception 2/29/08)
NAV		-0.15	%		3.70	%		4.15	%		6.88	%		—	%		0.90	%		0.80	%
Class A (Inception 2/22/84)
NAV		-0.28			3.43			3.91			6.62			—			1.15			1.05
With 4.25% Maximum Sales Charge		-4.44			-0.95			3.03			6.17			—
Class C (Inception 3/2/98)
NAV		-0.66			2.64			3.12			5.84			—			1.90			1.80
With CDSC1		-1.64			1.65			3.12			5.84			—
Class N (Inception 11/30/16)
NAV		0.10			3.99			—			—			6.76			31.73			0.75
Comparative Performance
Bloomberg Barclays U.S. Corporate High-Yield Bond Index2		-0.39			3.78			4.99			8.27			4.26

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. 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.

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 1/31/19. 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.

|  2

LOOMIS SAYLES INTERMEDIATE DURATION BOND FUND

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

Investment Goal

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

3  |

Average Annual Total Returns — March 31, 2018^4,5

													Expense Ratios6
	6 Months			1 Year			5 Years			10 Years			Gross			Net
Class Y (Inception 1/28/98)1
NAV		-1.06	%		0.72	%		1.67	%		4.12	%		0.47	%		0.40	%
Class A (Inception 5/28/10)1
NAV		-1.09			0.46			1.41			3.86			0.72			0.65
With 4.25% Maximum Sales Charge		-5.32			-3.77			0.53			3.41
Class C (Inception 8/31/16)1
NAV		-1.55			-0.29			0.63			2.95			1.48			1.40
With CDSC2		-2.53			-1.27			0.63			2.95
Comparative Performance
Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index3		-1.18			0.35			1.25			2.92

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit 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.

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 1/31/19. 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.

|  4

LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND

Managers	Symbols
Christopher T. Harms	Class A    NEFLX
Clifton V. Rowe, CFA®	Class C    NECLX
Kurt L. Wagner, CFA®, CIC	Class N    LGANX
Loomis, Sayles & Company, L.P.	Class Y    NELYX

Investment Goal

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

5  |

Average Annual Total Returns — March 31, 2018³

																Expense Ratios4
	6 Months			1 Year			5 Years			10 Years			Life of Class N			Gross			Net
Class Y (Inception 3/31/94)
NAV		-0.26	%		0.51	%		0.69	%		2.59	%		—	%		0.55	%		0.55	%
Class A (Inception 1/3/89)
NAV		-0.39			0.17			0.42			2.32			—			0.80			0.80
With 2.25% Maximum Sales Charge		-2.62			-2.07			-0.03			2.09			—
Class C (Inception 12/30/94)
NAV		-0.76			-0.58			-0.33			1.57			—			1.55			1.55
With CDSC1		-1.75			-1.56			-0.33			1.57			—
Class N (Inception 2/1/17)
NAV		-0.22			0.60			—			—			0.78			0.50			0.47
Comparative Performance
Bloomberg Barclays U.S. 1-5 Year Government Bond Index2		-0.79			-0.09			0.63			1.66			0.12

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 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 1/31/19. 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.

|  6

ADDITIONAL INFORMATION

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

ADDITIONAL INDEX INFORMATION

This document may contain references to third party copyrights, indexes, and trademarks, each of which is the property of its respective owner. Such owner is not affiliated with Natixis 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.

7  |

UNDERSTANDING FUND EXPENSES

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

The first line in the table of each class of Fund shares shows the actual account values and actual Fund expenses you would have paid on a $1,000 investment in the Fund from October 1, 2017 through March 31, 2018. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example $8,600 account value divided by $1,000 = 8.6) and multiply the result by the number in the Expenses Paid During Period column as shown below for your class.

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

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

|  8

LOOMIS SAYLES HIGH INCOME FUND	BEGINNING ACCOUNT VALUE 10/1/2017		ENDING ACCOUNT VALUE 3/31/2018		EXPENSES PAID DURING PERIOD* 10/1/2017 – 3/31/2018
Class A
Actual		$1,000.00		$997.20		$5.23
Hypothetical (5% return before expenses)		$1,000.00		$1,019.70		$5.29
Class C
Actual		$1,000.00		$993.40		$8.95
Hypothetical (5% return before expenses)		$1,000.00		$1,015.96		$9.05
Class N
Actual		$1,000.00		$1,001.00		$3.74
Hypothetical (5% return before expenses)		$1,000.00		$1,021.19		$3.78
Class Y
Actual		$1,000.00		$998.50		$3.99
Hypothetical (5% return before expenses)		$1,000.00		$1,020.94		$4.03

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.05%, 1.80%, 0.75% and 0.80% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

LOOMIS SAYLES INTERMEDIATE DURATION BOND FUND	BEGINNING ACCOUNT VALUE 10/1/2017		ENDING ACCOUNT VALUE 3/31/2018		EXPENSES PAID DURING PERIOD* 10/1/2017 – 3/31/2018
Class A
Actual		$1,000.00		$989.10		$3.22
Hypothetical (5% return before expenses)		$1,000.00		$1,021.69		$3.28
Class C
Actual		$1,000.00		$984.50		$6.93
Hypothetical (5% return before expenses)		$1,000.00		$1,017.95		$7.04
Class Y
Actual		$1,000.00		$989.40		$1.98
Hypothetical (5% return before expenses)		$1,000.00		$1,022.94		$2.02

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

9  |

LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND	BEGINNING ACCOUNT VALUE 10/1/2017		ENDING ACCOUNT VALUE 3/31/2018		EXPENSES PAID DURING PERIOD* 10/1/2017 – 3/31/2018
Class A
Actual		$1,000.00		$996.10		$3.98
Hypothetical (5% return before expenses)		$1,000.00		$1,020.94		$4.03
Class C
Actual		$1,000.00		$992.40		$7.70
Hypothetical (5% return before expenses)		$1,000.00		$1,017.20		$7.80
Class N
Actual		$1,000.00		$997.80		$2.34
Hypothetical (5% return before expenses)		$1,000.00		$1,022.59		$2.37
Class Y
Actual		$1,000.00		$997.40		$2.74
Hypothetical (5% return before expenses)		$1,000.00		$1,022.19		$2.77

* Hypothetical expenses are equal to the Fund’s annualized expense ratio: 0.80%, 1.55%, 0.47% and 0.55% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

|  10

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles High Income Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 92.0% of Net Assets
	Non-Convertible Bonds — 81.6%
		ABS Home Equity — 1.3%
$	93,222	Banc of America Alternative Loan Trust, Series 2003-8, Class 1CB1, 5.500%, 10/25/2033	$	95,036
	102,977	Banc of America Funding Trust, Series 2005-7, Class 3A1, 5.750%, 11/25/2035		108,192
	83,002	Banc of America Funding Trust, Series 2007-4, Class 5A1, 5.500%, 11/25/2034		84,701
	28,569	Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-HYB7, Class 2A, 3.806%, 11/20/2035(a)		26,383
	203,372	DSLA Mortgage Loan Trust, Series 2005-AR5, Class 2A1A, 1-month LIBOR + 0.330%, 2.138%, 9/19/2045(b)		165,710
	305,000	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M3, 1-month LIBOR + 3.300%, 5.172%, 10/25/2027(b)(c)		339,520
	125,082	GMAC Mortgage Corp. Loan Trust, Series 2005-AR4, Class 3A1, 3.968%, 7/19/2035(a)		119,914
	246,266	MASTR Adjustable Rate Mortgages Trust, Series 2005-2, Class 3A1, 3.495%, 3/25/2035(a)		242,966
	259,992	MASTR Adjustable Rate Mortgages Trust, Series 2005-2, Class 4A1, 3.160%, 3/25/2035(a)		243,367
	100,000	RCO Mortgage LLC, Series 2017-1, Class A2, 5.125%, 8/25/2022, 144A(a)		100,074
	470,000	VOLT LVI LLC, Series 2017-NPL3, Class A2, 5.875%, 3/25/2047, 144A(a)		470,096
	220,000	VOLT XL LLC, Series 2015-NP14, Class A2, 4.875%, 11/27/2045, 144A(a)		220,003
				2,215,962
		ABS Other — 0.3%
	224,562	AIM Aviation Finance Ltd., Series 2015-1A, Class B1, 5.072%, 2/15/2040, 144A(a)		223,045
	248,472	Wave LLC, Series 2017-1A, Class B, 5.682%, 11/15/2042, 144A(d)		249,093
				472,138
		Aerospace & Defense — 1.2%
	95,000	Engility Corp., 8.875%, 9/01/2024		98,771
	638,000	Leonardo U.S. Holdings, Inc., 6.250%, 1/15/2040, 144A		709,571
	383,000	Leonardo U.S. Holdings, Inc., 7.375%, 7/15/2039, 144A		467,260
	845,000	TransDigm, Inc., 6.500%, 7/15/2024		866,125
				2,141,727
		Airlines — 0.4%
	535,000	Latam Finance Ltd., 6.875%, 4/11/2024, 144A		559,744
	43,850	Virgin Australia Pass Through Certificates, Series 2013-1B, 6.000%, 4/23/2022, 144A		44,737
	44,323	Virgin Australia Pass Through Certificates, Series 2013-1C, 7.125%, 10/23/2018, 144A		44,916
				649,397
		Automotive — 1.1%
	680,000	Allison Transmission, Inc., 4.750%, 10/01/2027, 144A		640,900
	195,000	Allison Transmission, Inc., 5.000%, 10/01/2024, 144A		193,294

See accompanying notes to financial statements.

11  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Automotive — continued
$	285,000	Dana Financing Luxembourg S.a.r.l., 5.750%, 4/15/2025, 144A	$	290,344
	115,000	Goodyear Tire & Rubber Co. (The), 5.000%, 5/31/2026		111,837
	240,000	Goodyear Tire & Rubber Co. (The), 5.125%, 11/15/2023		241,500
	420,000	Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc., 7.875%, 10/01/2022, 144A		421,050
				1,898,925
		Banking — 4.8%
	1,985,000	Ally Financial, Inc., 4.625%, 3/30/2025		1,960,187
	485,000	Ally Financial, Inc., 5.750%, 11/20/2025		499,695
	6,605,000	Banco Hipotecario S.A., Argentina Deposit Rates Badlar Private Banks + 2.500%, 23.708%, 1/12/2020, 144A, (ARS)(b)		321,857
	6,270,000	Banco Hipotecario S.A., Argentina Deposit Rates Badlar Private Banks + 4.000%, 26.771%, 11/07/2022, 144A, (ARS)(b)		313,715
	8,775,000	Banco Macro S.A., 17.500%, 5/08/2022, 144A, (ARS)		412,708
	7,075,000	Banco Supervielle S.A., Argentina Deposit Rates Badlar Private Banks + 4.500%, 27.271%, 8/09/2020, 144A, (ARS)(b)		343,711
	1,280,000	Barclays PLC, 5.200%, 5/12/2026(c)		1,290,295
	1,195,000	Commerzbank AG, 8.125%, 9/19/2023, 144A		1,391,972
	400,000	Deutsche Bank AG, (fixed rate to 12/01/2027, variable rate thereafter), 4.875%, 12/01/2032		369,844
	470,000	Intesa Sanpaolo SpA, 5.017%, 6/26/2024, 144A		463,584
	895,000	Intesa Sanpaolo SpA, 5.710%, 1/15/2026, 144A		898,191
				8,265,759
		Brokerage — 0.3%
	535,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 6.875%, 4/15/2022, 144A		529,650
		Building Materials — 1.5%
	610,000	Beacon Escrow Corp., 4.875%, 11/01/2025, 144A		581,025
	230,000	Cemex SAB de CV, 5.700%, 1/11/2025, 144A		235,865
	350,000	Cemex SAB de CV, 7.750%, 4/16/2026, 144A		385,595
	420,000	James Hardie International Finance Ltd., 4.750%, 1/15/2025, 144A		411,600
	445,000	James Hardie International Finance Ltd., 5.000%, 1/15/2028, 144A		431,650
	130,000	Jeld-Wen, Inc., 4.625%, 12/15/2025, 144A		123,825
	160,000	Jeld-Wen, Inc., 4.875%, 12/15/2027, 144A		151,200
	50,000	Masco Corp., 6.500%, 8/15/2032		57,932
	180,000	U.S. Concrete, Inc., 6.375%, 6/01/2024		186,750
				2,565,442
		Cable Satellite — 5.0%
	795,000	Altice Financing S.A., 6.625%, 2/15/2023, 144A		787,050
	475,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 2/15/2023		478,087
	625,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2023, 144A		625,781
	15,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 1/15/2024		15,225
	865,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 2/15/2026, 144A		860,684
	1,360,000	CSC Holdings LLC, 5.500%, 4/15/2027, 144A		1,302,200
	75,000	CSC Holdings LLC, 6.750%, 11/15/2021		78,094
	355,000	Sirius XM Radio, Inc., 5.000%, 8/01/2027, 144A		333,700

See accompanying notes to financial statements.

|  12

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Cable Satellite — continued
$	800,000	Telenet Finance Luxembourg Notes S.a.r.l., 5.500%, 3/01/2028, 144A	$	762,104
	1,485,000	Unitymedia GmbH, 6.125%, 1/15/2025, 144A		1,557,394
	265,000	Virgin Media Finance PLC, 6.000%, 10/15/2024, 144A		262,350
	485,000	Virgin Media Finance PLC, 6.375%, 4/15/2023, 144A		492,275
	375,000	Virgin Media Secured Finance PLC, 5.500%, 1/15/2025, 144A		365,625
	840,000	Ziggo Secured Finance BV, 5.500%, 1/15/2027, 144A		789,356
				8,709,925
		Chemicals — 0.9%
	1,510,000	Hercules LLC, 6.500%, 6/30/2029(e)(f)		1,530,763
		Construction Machinery — 1.1%
	225,000	Ashtead Capital, Inc., 4.125%, 8/15/2025, 144A		216,000
	235,000	Ashtead Capital, Inc., 4.375%, 8/15/2027, 144A		223,250
	615,000	United Rentals North America, Inc., 4.625%, 10/15/2025		598,087
	15,000	United Rentals North America, Inc., 5.500%, 5/15/2027		15,113
	800,000	United Rentals North America, Inc., 5.750%, 11/15/2024		832,840
				1,885,290
		Consumer Cyclical Services — 0.3%
	235,000	IHS Markit Ltd., 4.000%, 3/01/2026, 144A		225,600
	350,000	ServiceMaster Co. LLC (The), 7.450%, 8/15/2027		377,125
				602,725
		Consumer Products — 0.5%
	790,000	Coty, Inc., 6.500%, 4/15/2026, 144A		793,950
		Electric — 1.6%
	125,000	AES Corp., 5.125%, 9/01/2027		127,187
	479,000	AES Corp. (The), 5.500%, 4/15/2025		496,196
	150,000	AES Corp. (The), 6.000%, 5/15/2026		157,875
	808,000,000	Empresas Publicas de Medellin ESP, 8.375%, 11/08/2027, 144A, (COP)		296,944
	1,502,000	Enel SpA, (fixed rate to 9/24/2023, variable rate thereafter), 8.750%, 9/24/2073, 144A		1,779,870
				2,858,072
		Environmental — 0.1%
	100,000	GFL Environmental, Inc., 5.625%, 5/01/2022, 144A		100,000
	95,000	GFL Environmental, Inc., 9.875%, 2/01/2021, 144A		100,225
				200,225
		Finance Companies — 3.3%
	1,055,000	Aircastle Ltd., 4.125%, 5/01/2024		1,033,900
	515,000	Aircastle Ltd., 5.500%, 2/15/2022		536,887
	120,000	CIT Group, Inc., 4.125%, 3/09/2021		120,600
	120,000	iStar, Inc., 4.625%, 9/15/2020		120,150
	505,000	iStar, Inc., 5.000%, 7/01/2019		506,601
	395,000	iStar, Inc., 5.250%, 9/15/2022		382,163
	720,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.250%, 10/01/2025, 144A		682,200

See accompanying notes to financial statements.

13  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Finance Companies — continued
$	255,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.875%, 8/01/2021, 144A	$	259,452
	315,000	Provident Funding Associates LP/PFG Finance Corp., 6.375%, 6/15/2025, 144A		316,181
	620,000	Quicken Loans, Inc., 5.250%, 1/15/2028, 144A		579,700
	710,000	Quicken Loans, Inc., 5.750%, 5/01/2025, 144A		708,225
	405,000	Unifin Financiera SAB de CV SOFOM ENR, 7.250%, 9/27/2023, 144A		412,691
				5,658,750
		Financial Other — 0.4%
	565,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp, 6.000%, 8/01/2020		576,300
	180,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.875%, 2/01/2022		180,450
				756,750
		Food & Beverage — 2.1%
	200,000	BRF GmbH, 4.350%, 9/29/2026, 144A		173,160
	840,000	Cosan Luxembourg S.A., 7.000%, 1/20/2027, 144A		893,416
	330,000	JBS USA LUX S.A./JBS USA Finance, Inc., 5.750%, 6/15/2025, 144A		307,725
	255,000	JBS USA LUX S.A./JBS USA Finance, Inc., 7.250%, 6/01/2021, 144A		256,912
	385,000	Marfrig Holdings Europe BV, Class B, 8.000%, 6/08/2023, 144A		386,686
	280,000	Pilgrim’s Pride Corp., 5.750%, 3/15/2025, 144A		271,911
	540,000	Pilgrim’s Pride Corp., 5.875%, 9/30/2027, 144A		508,842
	830,000	Post Holdings, Inc., 5.750%, 3/01/2027, 144A		825,850
				3,624,502
		Gaming — 0.9%
	175,000	Boyd Gaming Corp., 6.375%, 4/01/2026		182,457
	375,000	GLP Capital LP/GLP Financing II, Inc., 5.375%, 4/15/2026		380,625
	210,000	MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc., 4.500%, 1/15/2028		196,938
	725,000	MGM Resorts International, 6.000%, 3/15/2023		761,250
				1,521,270
		Government Owned – No Guarantee — 2.7%
	740,000	Petrobras Global Finance BV, 5.625%, 5/20/2043		645,650
	175,000	Petrobras Global Finance BV, 5.750%, 2/01/2029		169,335
	755,000	Petrobras Global Finance BV, 5.999%, 1/27/2028, 144A		747,450
	50,000	Petrobras Global Finance BV, 6.750%, 1/27/2041		48,750
	160,000	Petrobras Global Finance BV, 6.875%, 1/20/2040		157,360
	405,000	Petrobras Global Finance BV, 7.250%, 3/17/2044		413,100
	160,521(††)	Petroleos Mexicanos, 7.190%, 9/12/2024, 144A, (MXN)(c)		796,071
	129,850(††)	Petroleos Mexicanos, 7.470%, 11/12/2026, (MXN)(c)		632,123
	710,000	YPF S.A., 6.950%, 7/21/2027, 144A		712,911
	510,000	YPF S.A., Argentina Deposit Rates Badlar Private Banks + 4.000%, 27.125%, 7/07/2020, 144A(b)		391,024
				4,713,774
		Health Insurance — 0.2%
	365,000	Centene Corp., 6.125%, 2/15/2024		379,856

See accompanying notes to financial statements.

|  14

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Healthcare — 4.5%
$	155,000	HCA, Inc., 4.500%, 2/15/2027	$	149,575
	25,000	HCA, Inc., 5.250%, 4/15/2025		25,555
	90,000	HCA, Inc., 5.250%, 6/15/2026		91,170
	260,000	HCA, Inc., 5.375%, 2/01/2025		260,650
	170,000	HCA, Inc., 7.050%, 12/01/2027		179,775
	655,000	HCA, Inc., 7.500%, 12/15/2023		718,862
	145,000	HCA, Inc., 7.500%, 11/06/2033		158,413
	590,000	HCA, Inc., 7.690%, 6/15/2025		650,475
	480,000	HCA, Inc., 8.360%, 4/15/2024		548,400
	820,000	HCA, Inc., MTN, 7.580%, 9/15/2025		898,925
	515,000	HCA, Inc., MTN, 7.750%, 7/15/2036		566,500
	275,000	Hologic, Inc., 4.375%, 10/15/2025, 144A		265,375
	315,000	Hologic, Inc., 4.625%, 2/01/2028, 144A		302,400
	390,000	Polaris Intermediate Corp., PIK, 8.500%, 12/01/2022, 144A(g)		397,804
	200,000	Quintiles IMS, Inc., 5.000%, 10/15/2026, 144A		199,272
	960,000	Surgery Center Holdings, Inc., 6.750%, 7/01/2025, 144A		931,200
	390,000	Tenet Healthcare Corp., 5.125%, 5/01/2025, 144A		374,888
	180,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		163,800
	830,000	Tenet Healthcare Corp., 7.500%, 1/01/2022, 144A		874,612
				7,757,651
		Home Construction — 2.0%
	1,200,000	Corporacion GEO SAB de CV, 8.875%, 3/27/2022, 144A(d)(f)(h)(i)		12
	750,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021(e)(f)		678,105
	800,000	Lennar Corp., 4.750%, 5/30/2025		788,000
	1,130,000	PulteGroup, Inc., 5.500%, 3/01/2026		1,164,465
	915,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 4.375%, 6/15/2019		917,287
				3,547,869
		Independent Energy — 8.2%
	460,000	Aker BP ASA, 5.875%, 3/31/2025, 144A		465,750
	335,000	Aker BP ASA, 6.000%, 7/01/2022, 144A		345,888
	310,000	Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.000%, 4/01/2022, 144A		334,800
	685,000	Baytex Energy Corp., 5.625%, 6/01/2024, 144A		602,800
	90,000	California Resources Corp., 5.500%, 9/15/2021		69,373
	41,000	California Resources Corp., 6.000%, 11/15/2024		25,050
	460,000	California Resources Corp., 8.000%, 12/15/2022, 144A		361,100
	140,000	Callon Petroleum Co., 6.125%, 10/01/2024		143,192
	153,000	Chesapeake Energy Corp., 4.875%, 4/15/2022		141,525
	8,000	Chesapeake Energy Corp., 5.750%, 3/15/2023		7,210
	13,000	Chesapeake Energy Corp., 6.125%, 2/15/2021		13,065
	34,000	Chesapeake Energy Corp., 6.625%, 8/15/2020		35,020
	795,000	CNX Resources Corp., 5.875%, 4/15/2022		799,969
	645,000	Continental Resources, Inc., 3.800%, 6/01/2024		620,812
	235,000	Continental Resources, Inc., 4.500%, 4/15/2023		237,644
	470,000	Continental Resources, Inc., 5.000%, 9/15/2022		476,462
	690,000	Eclipse Resources Corp., 8.875%, 7/15/2023		651,187

See accompanying notes to financial statements.

15  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Independent Energy — continued
$	595,000	Gulfport Energy Corp., 6.375%, 5/15/2025	$	569,712
	265,000	Gulfport Energy Corp., 6.375%, 1/15/2026		251,750
	202,000	Halcon Resources Corp., 6.750%, 2/15/2025		198,465
	145,000	Matador Resources Co., 6.875%, 4/15/2023		150,800
	410,000	MEG Energy Corp., 6.375%, 1/30/2023, 144A		342,350
	600,000	MEG Energy Corp., 6.500%, 1/15/2025, 144A		582,000
	585,000	MEG Energy Corp., 7.000%, 3/31/2024, 144A		482,625
	185,000	Newfield Exploration Co., 5.625%, 7/01/2024		195,175
	625,000	Oasis Petroleum, Inc., 6.875%, 3/15/2022		633,900
	100,000	PDC Energy, Inc., 6.125%, 9/15/2024		102,000
	445,000	QEP Resources, Inc., 5.375%, 10/01/2022		444,444
	1,150,000	Rex Energy Corp., 8.000%, 10/01/2020(e)(f)		327,750
	565,000	RSP Permian, Inc., 6.625%, 10/01/2022		590,419
	330,000	Sanchez Energy Corp., 6.125%, 1/15/2023		240,694
	755,000	Sanchez Energy Corp., 7.250%, 2/15/2023, 144A		758,775
	325,000	Seven Generations Energy Ltd., 5.375%, 9/30/2025, 144A		310,375
	920,000	SM Energy Co., 5.000%, 1/15/2024		853,300
	35,000	SM Energy Co., 6.125%, 11/15/2022		35,000
	60,000	SM Energy Co., 6.500%, 1/01/2023		59,550
	190,000	SM Energy Co., 6.750%, 9/15/2026		188,100
	395,000	Southwestern Energy Co., 6.700%, 1/23/2025		383,348
	285,000	Southwestern Energy Co., 7.500%, 4/01/2026		287,850
	405,000	Whiting Petroleum Corp., 5.750%, 3/15/2021		409,042
	50,000	Whiting Petroleum Corp., 6.250%, 4/01/2023		50,506
	355,000	Whiting Petroleum Corp., 6.625%, 1/15/2026, 144A		357,663
				14,136,440
		Integrated Energy — 0.1%
	200,000	Geopark Ltd., 6.500%, 9/21/2024, 144A		200,108
		Leisure — 0.2%
	85,000	Boyne USA, Inc., 7.250%, 5/01/2025, 144A		87,231
	230,000	Constellation Merger Sub, Inc., 8.500%, 9/15/2025, 144A		222,525
				309,756
		Life Insurance — 0.2%
	340,000	CNO Financial Group, Inc., 5.250%, 5/30/2025		338,300
		Local Authorities — 0.4%
	325,000	Provincia de Buenos Aires, 6.500%, 2/15/2023, 144A		332,862
	270,000	Provincia de Buenos Aires, 7.875%, 6/15/2027, 144A		280,125
	2,390,000	Provincia de Buenos Aires, Argentina Deposit Rates Badlar Private Banks + 3.830%, 26.832%, 5/31/2022, (ARS)(b)		122,865
				735,852
		Lodging — 0.9%
	150,000	Hilton Domestic Operating Co., Inc., 4.250%, 9/01/2024		145,500
	755,000	Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.625%, 4/01/2025		754,056

See accompanying notes to financial statements.

|  16

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Lodging — continued
$	705,000	Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.875%, 4/01/2027	$	697,069
				1,596,625
		Media Entertainment — 2.7%
	890,000	AMC Networks, Inc., 4.750%, 8/01/2025		857,631
	1,155,000	Clear Channel Worldwide Holdings, Inc., Series B, 6.500%, 11/15/2022		1,178,908
	1,305,000	Clear Channel Worldwide Holdings, Inc., Series B, 7.625%, 3/15/2020		1,303,369
	160,000	Match Group, Inc., 5.000%, 12/15/2027, 144A		157,600
	395,000	Meredith Corp., 6.875%, 2/01/2026, 144A		405,369
	890,000	Netflix, Inc., 4.875%, 4/15/2028, 144A		855,824
				4,758,701
		Metals & Mining — 2.2%
	610,000	ArcelorMittal, 7.000%, 3/01/2041		709,125
	400,000	First Quantum Minerals Ltd., 6.500%, 3/01/2024, 144A		379,500
	145,000	First Quantum Minerals Ltd., 7.000%, 2/15/2021, 144A		145,453
	270,000	First Quantum Minerals Ltd., 7.250%, 5/15/2022, 144A		270,000
	1,375,000	Freeport-McMoRan, Inc., 4.550%, 11/14/2024		1,350,938
	400,000	Gerdau Trade, Inc., 4.875%, 10/24/2027, 144A		394,932
	245,000	Glencore Finance Canada Ltd., 5.550%, 10/25/2042, 144A		258,237
	80,000	Vale Overseas Ltd., 6.875%, 11/10/2039		94,800
	190,000	Vale S.A., 5.625%, 9/11/2042		200,545
				3,803,530
		Midstream — 3.4%
	435,000	Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/2027		431,737
	1,265,000	Hess Infrastructure Partners LP/Hess Infrastructure Partners Finance Corp., 5.625%, 2/15/2026, 144A		1,242,862
	570,000	NGL Energy Partners LP/NGL Energy Finance Corp., 5.125%, 7/15/2019		570,331
	200,000	NGL Energy Partners LP/NGL Energy Finance Corp., 6.125%, 3/01/2025		190,500
	135,000	NGL Energy Partners LP/NGL Energy Finance Corp., 6.875%, 10/15/2021		134,663
	405,000	NGL Energy Partners LP/NGL Energy Finance Corp., 7.500%, 11/01/2023		406,519
	165,000	NGPL PipeCo LLC, 4.375%, 8/15/2022, 144A		163,969
	700,000	NGPL PipeCo LLC, 4.875%, 8/15/2027, 144A		689,500
	385,000	SemGroup Corp./Rose Rock Finance Corp., 5.625%, 7/15/2022		373,450
	935,000	Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 5.500%, 8/15/2022		911,625
	95,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.250%, 11/15/2023		91,200
	640,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.250%, 5/01/2023		644,800
				5,851,156
		Non-Agency Commercial Mortgage-Backed Securities — 0.8%
	1,020,000	Credit Suisse Mortgage Trust, Series 2014-USA, Class E, 4.373%, 9/15/2037, 144A		910,604
	264,395	GS Mortgage Securities Trust, Series 2007-GG10, Class AM, 5.826%, 8/10/2045(a)		266,631

See accompanying notes to financial statements.

17  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Non-Agency Commercial Mortgage-Backed Securities — continued
$	25,103	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LDPX, Class AM, 5.464%, 1/15/2049(a)	$	25,172
	125,000	WFRBS Commercial Mortgage Trust, Series 2012-C7, Class E, 4.826%, 6/15/2045, 144A(a)		101,184
				1,303,591
		Oil Field Services — 1.1%
	430,000	Ensco PLC, 5.750%, 10/01/2044		291,325
	160,000	Noble Holding International Ltd., 5.250%, 3/15/2042		99,200
	160,000	Noble Holding International Ltd., 6.050%, 3/01/2041		104,800
	420,000	Noble Holding International Ltd., 7.750%, 1/15/2024		389,550
	530,000	Noble Holding International Ltd., 7.875%, 2/01/2026, 144A		522,050
	35,000	Parker Drilling Co., 6.750%, 7/15/2022		27,334
	105,000	Shelf Drilling Holdings Ltd., 8.250%, 2/15/2025, 144A		105,262
	252,000	Transocean Proteus Ltd., 6.250%, 12/01/2024, 144A		256,410
	175,000	Transocean, Inc., 7.500%, 1/15/2026, 144A		172,375
				1,968,306
		Packaging — 1.7%
	200,000	ARD Finance S.A., PIK, 7.125%, 9/15/2023(g)		207,250
	395,000	Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc., 4.625%, 5/15/2023, 144A		396,481
	200,000	Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc., 7.250%, 5/15/2024, 144A		212,750
	665,000	Ball Corp., 4.875%, 3/15/2026		666,729
	610,000	Berry Global, Inc., 4.500%, 2/15/2026, 144A		577,213
	350,000	Crown Americas LLC/Crown Americas Capital Corp., 4.750%, 2/01/2026, 144A		338,625
	600,000	Signode Industrial Group Lux S.A./Signode Industrial Group U.S., Inc., 6.375%, 5/01/2022, 144A		617,250
				3,016,298
		Paper — 0.4%
	440,000	Klabin Finance S.A., 4.875%, 9/19/2027, 144A		422,950
	210,000	Suzano Austria GmbH, 5.750%, 7/14/2026, 144A		220,521
				643,471
		Pharmaceuticals — 1.1%
	280,000	Catalent Pharma Solutions, Inc., 4.875%, 1/15/2026, 144A		273,000
	200,000	Endo Dac/Endo Finance LLC/Endo Finance, Inc., 5.875%, 10/15/2024, 144A		197,000
	380,000	Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/2046		279,458
	265,000	Valeant Pharmaceuticals International, Inc., 5.500%, 3/01/2023, 144A		231,875
	85,000	Valeant Pharmaceuticals International, Inc., 5.625%, 12/01/2021, 144A		81,175
	990,000	Valeant Pharmaceuticals International, Inc., 5.875%, 5/15/2023, 144A		873,665
				1,936,173
		Property & Casualty Insurance — 1.3%
	435,000	Ardonagh Midco 3 PLC, 8.375%, 7/15/2023, 144A, (GBP)		625,319
	820,000	Ardonagh Midco 3 PLC, 8.625%, 7/15/2023, 144A		846,322

See accompanying notes to financial statements.

|  18

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Property & Casualty Insurance — continued
$	786,000	HUB International Ltd., 7.875%, 10/01/2021, 144A	$	813,510
				2,285,151
		Refining — 0.4%
	635,000	Parkland Fuel Corp., 6.000%, 4/01/2026, 144A		638,175
		Restaurants — 0.5%
	890,000	1011778 B.C. ULC/New Red Finance, Inc., 5.000%, 10/15/2025, 144A		847,458
		Retailers — 0.7%
	40,000	Dillard’s, Inc., 7.000%, 12/01/2028		43,081
	435,000	Dillard’s, Inc., 7.750%, 7/15/2026		488,292
	205,000	Dillard’s, Inc., 7.750%, 5/15/2027		233,488
	250,000	L Brands, Inc., 6.750%, 7/01/2036		240,000
	180,000	L Brands, Inc., 6.875%, 11/01/2035		174,600
	520,000	Nine West Holdings, Inc., 6.125%, 11/15/2034(e)(f)		52,000
				1,231,461
		Sovereigns — 0.3%
	10,810,000	Argentina Politica Monetaria, Argentina Central Bank 7-day Repo Reference Rate, 27.935%, 6/21/2020, (ARS)(b)		571,042
		Supermarkets — 0.6%
	335,000	Albertson’s Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC, 5.750%, 3/15/2025		285,688
	935,000	New Albertsons LP, Series C, MTN, 6.625%, 6/01/2028		719,950
				1,005,638
		Supranational — 1.1%
	5,190,000,000	International Bank for Reconstruction and Development, 4.250%, 6/20/2019, (COP)(c)		1,852,757
		Technology — 4.5%
	416,000	Blackboard, Inc., 9.750%, 10/15/2021, 144A		353,600
	170,000	Camelot Finance S.A., 7.875%, 10/15/2024, 144A		177,438
	60,000	CommScope Technologies LLC, 6.000%, 6/15/2025, 144A		62,430
	1,440,000	Dell International LLC/EMC Corp., 6.020%, 6/15/2026, 144A		1,550,767
	1,345,000	Dell International LLC/EMC Corp., 8.350%, 7/15/2046, 144A		1,708,392
	430,000	First Data Corp., 5.000%, 1/15/2024, 144A		430,000
	800,000	First Data Corp., 7.000%, 12/01/2023, 144A		839,760
	55,000	Micron Technology, Inc., 5.250%, 1/15/2024, 144A		56,856
	95,000	Micron Technology, Inc., 5.500%, 2/01/2025		98,563
	515,000	Open Text Corp., 5.625%, 1/15/2023, 144A		533,669
	190,000	Open Text Corp., 5.875%, 6/01/2026, 144A		195,405
	275,000	Sabre GLBL, Inc., 5.250%, 11/15/2023, 144A		277,832
	405,000	Sabre GLBL, Inc., 5.375%, 4/15/2023, 144A		408,544
	200,000	Veritas U.S., Inc./Veritas Bermuda Ltd., 10.500%, 2/01/2024, 144A		187,000
	900,000	Western Digital Corp., 4.750%, 2/15/2026		898,020
				7,778,276
		Transportation Services — 0.2%
	275,000	APL Ltd., 8.000%, 1/15/2024(e)(f)		266,750

See accompanying notes to financial statements.

19  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Treasuries — 6.4%
	263,668(††)	Mexican Fixed Rate Bonds, Series M, 5.750%, 3/05/2026, (MXN)(c)	$	1,316,890
	210,870(††)	Mexican Fixed Rate Bonds, Series M, 7.750%, 11/13/2042, (MXN)		1,177,288
	131,759(††)	Mexican Fixed Rate Bonds, Series M-20, 10.000%, 12/05/2024, (MXN)(c)		831,415
	29,260,000	South Africa Government International Bond, 8.750%, 1/31/2044, (ZAR)		2,429,224
	2,685,000	U.S. Treasury Note, 1.250%, 6/30/2019		2,653,955
	2,705,000	U.S. Treasury Note, 1.375%, 2/15/2020		2,659,881
				11,068,653
		Wireless — 3.3%
	6,000,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		304,871
	6,100,000	America Movil SAB de CV, 8.460%, 12/18/2036, (MXN)		304,521
	200,000	Millicom International Cellular S.A., 5.125%, 1/15/2028, 144A		190,750
	105,000	Nokia Oyj, 3.375%, 6/12/2022		101,138
	865,000	Nokia Oyj, 4.375%, 6/12/2027		812,019
	786,000	Sprint Capital Corp., 6.875%, 11/15/2028		732,945
	1,420,000	Sprint Corp., 7.250%, 9/15/2021		1,467,925
	315,000	T-Mobile USA, Inc., 4.500%, 2/01/2026		302,400
	895,000	T-Mobile USA, Inc., 4.750%, 2/01/2028		860,319
	530,000	T-Mobile USA, Inc., 6.000%, 4/15/2024		552,048
				5,628,936
		Wirelines — 2.4%
	705,000	CenturyLink, Inc., Series U, 7.650%, 3/15/2042		597,488
	130,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		126,100
	60,000,000	Empresa de Telecomunicaniones de Bogota, 7.000%, 1/17/2023, 144A, (COP)		17,510
	495,000	Frontier Communications Corp., 8.500%, 4/01/2026, 144A		478,913
	405,000	Frontier Communications Corp., 9.000%, 8/15/2031		246,038
	1,545,000	Level 3 Financing, Inc., 5.250%, 3/15/2026		1,456,162
	705,000	Level 3 Parent LLC, 5.750%, 12/01/2022		703,237
	120,000	Telecom Italia Capital S.A., 7.200%, 7/18/2036		140,700
	505,000	Windstream Services LLC/Windstream Finance Corp., 7.750%, 10/15/2020		421,675
				4,187,823
		Total Non-Convertible Bonds (Identified Cost $142,134,061)		141,240,799
	Convertible Bonds — 10.4%
		Aerospace & Defense — 0.2%
	375,000	Kaman Corp., 3.250%, 5/01/2024, 144A		425,415
		Building Materials — 0.2%
	320,000	Tutor Perini Corp., 2.875%, 6/15/2021		337,146
		Cable Satellite — 1.1%
	1,330,000	DISH Network Corp., 2.375%, 3/15/2024		1,176,107
	735,000	DISH Network Corp., 3.375%, 8/15/2026		707,952
				1,884,059
		Consumer Cyclical Services — 0.5%
	910,000	Macquarie Infrastructure Corp., 2.000%, 10/01/2023		807,625

See accompanying notes to financial statements.

|  20

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Diversified Operations — 0.1%
$	160,000	RWT Holdings, Inc., 5.625%, 11/15/2019	$	160,800
		Healthcare — 0.8%
	510,000	Evolent Health, Inc., 2.000%, 12/01/2021		512,010
	125,000	Insulet Corp., 1.375%, 11/15/2024, 144A		143,065
	610,000	Teladoc, Inc., 3.000%, 12/15/2022, 144A		720,793
				1,375,868
		Leisure — 0.1%
	185,000	Rovi Corp., 0.500%, 3/01/2020		178,272
		Midstream — 0.7%
	940,000	Chesapeake Energy Corp., 5.500%, 9/15/2026		809,434
	195,000	PDC Energy, Inc., 1.125%, 9/15/2021		189,335
	60,000	SM Energy Co., 1.500%, 7/01/2021		56,640
	170,000	Whiting Petroleum Corp., 1.250%, 4/01/2020		160,010
				1,215,419
		Oil Field Services — 0.4%
	95,000	Hercules Capital, Inc., 4.375%, 2/01/2022		96,122
	860,000	Nabors Industries, Inc., 0.750%, 1/15/2024, 144A		643,640
				739,762
		Pharmaceuticals — 3.8%
	355,000	Acorda Therapeutics, Inc., 1.750%, 6/15/2021		322,657
	1,625,000	BioMarin Pharmaceutical, Inc., 0.599%, 8/01/2024		1,525,469
	435,000	BioMarin Pharmaceutical, Inc., 1.500%, 10/15/2020		479,044
	115,000	Dermira, Inc., 3.000%, 5/15/2022, 144A		91,002
	410,000	Flexion Therapeutics, Inc., 3.375%, 5/01/2024, 144A		466,573
	465,000	Horizon Pharma Investment Ltd., 2.500%, 3/15/2022		426,433
	1,710,000	Intercept Pharmaceuticals, Inc., 3.250%, 7/01/2023		1,370,137
	310,000	Ionis Pharmaceuticals, Inc., 1.000%, 11/15/2021		306,260
	565,000	Neurocrine Biosciences, Inc., 2.250%, 5/15/2024, 144A		740,085
	460,000	Pacira Pharmaceuticals, Inc., 2.375%, 4/01/2022		419,175
	85,000	SareptaTherapeutics, Inc., 1.500%, 11/15/2024, 144A		105,928
	270,000	Supernus Pharmaceuticals, Inc., 0.625%, 4/01/2023, 144A		286,563
				6,539,326
		Railroads — 0.3%
	35,000	Echo Global Logistics, Inc., 2.500%, 5/01/2020		35,515
	410,000	Greenbrier Cos., Inc. (The), 2.875%, 2/01/2024		468,426
				503,941
		REITs – Mortgage — 0.2%
	435,000	iStar, Inc., 3.125%, 9/15/2022, 144A		413,910
		Technology — 2.0%
	1,370,000	Finisar Corp., 0.500%, 12/15/2036		1,230,820
	295,000	MagnaChip Semiconductor S.A., 5.000%, 3/01/2021		396,259
	1,105,000	Nuance Communications, Inc., 1.000%, 12/15/2035		1,051,098
	315,000	Nuance Communications, Inc., 1.250%, 4/01/2025, 144A		311,573

See accompanying notes to financial statements.

21  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Technology — continued
$	450,000	Verint Systems, Inc., 1.500%, 6/01/2021	$	438,080
				3,427,830
		Total Convertible Bonds (Identified Cost $18,516,135)		18,009,373
		Total Bonds and Notes (Identified Cost $160,650,196)		159,250,172
	Loan Participations — 0.3%
		ABS Other — 0.3%
	476,191	Harbour Aircraft Investments Ltd., Series 2017-1, Class C, 8.000%, 11/15/203(d)(h) (Identified Cost $475,073)		474,775
	Senior Loans — 1.2%
		Independent Energy — 0.3%
	531,086	Chesapeake Energy Corp., Term Loan, 3-month LIBOR + 7.500%, 9.444%, 8/23/2021(b)		563,424
		Supermarkets — 0.3%
	431,053	Albertsons LLC, USD 2017 Term Loan B4, 1-month LIBOR + 2.750%, 4.627%, 8/25/2021(b)		425,518
		Transportation Services — 0.6%
	1,042,134	Uber Technologies, 2018 Term Loan, 4/04/2025(j)		1,046,042
		Total Senior Loans (Identified Cost $1,999,501)		2,034,984
Shares
	Preferred Stocks — 1.3%
	Convertible Preferred Stocks — 1.3%
		Food & Beverage — 0.9%
	14,765	Bunge Ltd., 4.875%		1,600,146
		Midstream — 0.4%
	137	Chesapeake Energy Corp., 5.750%		78,261
	988	Chesapeake Energy Corp., 5.750%		559,159
	20	Chesapeake Energy Corp., 5.750%, 144A		11,319
				648,739
		Total Convertible Preferred Stocks (Identified Cost $2,234,677)		2,248,885

See accompanying notes to financial statements.

|  22

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Shares		Description	Value (†)
	Non-Convertible Preferred Stock — 0.0%
		Finance Companies — 0.0%
	550	iStar, Inc., Series G, 7.650% (Identified Cost $10,956)	$	13,585
		Total Preferred Stocks (Identified Cost $2,245,633)		2,262,470
	Other Investments — 0.6%
		Aircraft ABS — 0.6%
	8,415	Aergen LLC(d)(f)(h)(k)		44,852
	100	ECAF I Blocker Ltd.(d)(f)(h)(k)		990,301
		Total Aircraft ABS (Identified Cost $1,009,913)		1,035,153
	Common Stocks — 1.8%
		Media — 0.0%
	4,113	Dex Media, Inc.(k)(l)		35,166
		Oil, Gas & Consumable Fuels — 1.5%
	24,185	Bonanza Creek Energy, Inc.(l)		670,166
	8,265	Frontera Energy Corp.(l)		231,011
	12,992	Halcon Resources Corp.(l)		63,271
	14,882	Kinder Morgan, Inc.		224,123
	5,106	Paragon Offshore Ltd., Litigation Units, Class B(k)(l)		150,627
	3,403	Paragon Offshore Ltd., Litigation Units, Class A(k)(l)		3,631
	1,725	Rex Energy Corp.(e)(f)(l)		1,573
	36,249	Whiting Petroleum Corp.(l)		1,226,666
				2,571,068
		Pharmaceuticals — 0.3%
	1,189	Allergan PLC		200,097
	5,539	Bristol-Myers Squibb Co.		350,342
				550,439
		Total Common Stocks (Identified Cost $6,991,656)		3,156,673
	Warrants — 0.0%
	3,528	Halcon Resources Corp., Expiration on 9/9/2020 at $14.04(l) (Identified Cost $—)		1,799

See accompanying notes to financial statements.

23  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
	Short-Term Investments — 3.4%
$	5,837,065	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/29/2018 at 0.900% to be repurchased at $5,837,649 on 4/02/2018 collateralized by $5,910,000 U.S. Treasury Note, 2.750% due 2/15/2024 valued at $5,957,540 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $5,837,065)	$	5,837,065
		Total Investments — 100.6% (Identified Cost $179,209,037)		174,053,091
		Other assets less liabilities — (0.6)%		(989,382	)
		Net Assets — 100.0%	$	173,063,709
	(‡)	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. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of March 31, 2018 is disclosed.
	(b)	Variable rate security. Rate as of March 31, 2018 is disclosed.
	(c)	Security (or a portion thereof) has been designated to cover the Fund’s obligations under open derivative contracts.
	(d)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
	(e)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At March 31, 2018, the value of these securities amounted to $2,856,941 or 1.7% of net assets. See Note 2 of Notes to Financial Statements.
	(f)	Illiquid security.
	(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. For the period ended March 31, 2018, interest payments were made in cash.
	(h)	Fair valued by the Fund’s adviser. At March 31, 2018, the value of these securities amounted to $1,509,940 or 0.9% of net assets. See Note 2 of Notes to Financial Statements.
	(i)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
	(j)	Position is unsettled. Contract rate was not determined at March 31, 2018 and does not take effect until settlement date. Maturity date is not finalized until settlement date.
	(k)	Securities subject to restriction on resale. At March 31, 2018, the restricted securities held by the Fund are as follows:

	Acquisition Date	Cost		Value		% of Net Assets
Aergen LLC	March 6, 2017	$	841,500	$	44,852		Less than 0.1%
Dex Media, Inc.	August 12, 2016		20,040		35,166		Less than 0.1%
ECAF I Blocker Ltd.	Decemeber 20, 2016		1,000,000		990,301		0.6%
Paragon Offshore Ltd., Litigation Units Class A	July 18, 2017		25,887		3,631		Less than 0.1%
Paragon Offshore Ltd., Litigation Units Class B	July 18, 2017		517,958		150,627		0.1%

See accompanying notes to financial statements.

|  24

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles High Income Fund – (continued)

(l)	Non-income producing security.
144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2018, the value of Rule 144A holdings amounted to $69,220,732 or 40.0% of net assets.
ABS	Asset-Backed Securities
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
PIK	Payment-in-Kind
REITs	Real Estate Investment Trusts
ARS	Argentine Peso
COP	Colombian Peso
GBP	British Pound
MXN	Mexican Peso
ZAR	South African Rand

At March 31, 2018, 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)
HSBC Bank USA		5/02/2018	GBP	S		165,000	$	234,028	$	231,771	$	2,257
HSBC Bank USA		5/02/2018	GBP	S		175,000		244,486		245,817		(1,331	)
Bank of America, N.A.		5/02/2018	ZAR	S		25,220,000		1,748,414		2,121,816		(373,402	)
Total											$	(372,476	)

See accompanying notes to financial statements.

25  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Industry Summary at March 31, 2018 (Unaudited)

Independent Energy	8.5	%
Technology	6.5
Treasuries	6.4
Cable Satellite	6.1
Healthcare	5.3
Pharmaceuticals	5.2
Banking	4.8
Midstream	4.5
Finance Companies	3.3
Wireless	3.3
Food & Beverage	3.0
Media Entertainment	2.7
Government Owned - No Guarantee	2.7
Wirelines	2.4
Metals & Mining	2.2
Home Construction	2.0
Other Investments, less than 2% each	28.3
Short-Term Investments	3.4
Total Investments	100.6
Other assets less liabilities (including forward foreign currency contracts)	(0.6	)
Net Assets	100.0	%

See accompanying notes to financial statements.

|  26

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund

Principal Amount		Description	Value (†)
	Bonds and Notes — 99.2% of Net Assets
		ABS Car Loan — 11.5%
$	152,000	AmeriCredit Automobile Receivables Trust, Series 2016-1, Class C, 2.890%, 1/10/2022	$	152,147
	72,000	AmeriCredit Automobile Receivables Trust, Series 2016-2, Class C, 2.870%, 11/08/2021		72,136
	160,000	AmeriCredit Automobile Receivables Trust, Series 2016-3, Class C, 2.240%, 4/08/2022		157,046
	555,000	Americredit Automobile Receivables Trust, Series 2016-4, Class B, 1.830%, 12/08/2021		544,232
	110,000	AmeriCredit Automobile Receivables Trust, Series 2017-1, Class B, 2.300%, 2/18/2022		108,447
	300,000	AmeriCredit Automobile Receivables Trust, Series 2017-2, Class B, 2.400%, 5/18/2022		296,838
	170,000	AmeriCredit Automobile Receivables Trust, Series 2017-3, Class B, 2.240%, 6/19/2023		167,457
	210,000	Avis Budget Rental Car Funding AESOP LLC, Series 2014-1A, Class A, 2.460%, 7/20/2020, 144A		209,188
	360,000	Avis Budget Rental Car Funding AESOP LLC, Series 2016-1A, Class A, 2.990%, 6/20/2022, 144A		358,020
	365,000	Avis Budget Rental Car Funding AESOP LLC, Series 2017-1A, Class A, 3.070%, 9/20/2023, 144A		361,388
	285,000	Bank of the West Auto Trust, Series 2017-1, Class A3, 2.110%, 1/15/2023, 144A		280,280
	520,000	California Republic Auto Recievables Trust, Series 2017-1, Class A4, 2.280%, 6/15/2022		514,613
	175,000	Capital Auto Receivables Asset Trust, Series 2017-1, Class A3, 2.020%, 8/20/2021, 144A		173,062
	3,979	CarFinance Capital Auto Trust, Series 2014-2A, Class A, 1.440%, 11/16/2020, 144A		3,978
	1,000,000	CarMax Auto Owner Trust, Series 2017-2, Class A3, 1.930%, 3/15/2022(a)		987,937
	170,000	CarMax Auto Owner Trust, Series 2017-4, Class A3, 2.110%, 10/17/2022		167,677
	325,000	Chrysler Capital Auto Receivables Trust, Series 2016-BA, Class A3, 1.640%, 7/15/2021, 144A		322,643
	100,956	CIG Auto Receivables Trust, Series 2017-1A, Class A, 2.710%, 5/15/2023, 144A		100,382
	423,295	CPS Auto Receivables Trust, Series 2015-A, Class B, 2.790%, 2/16/2021, 144A		423,540
	125,000	CPS Auto Receivables Trust, Series 2017-C, Class B, 2.300%, 7/15/2021, 144A		123,928
	7,132	Credit Acceptance Auto Loan Trust, Series 2015-1A, Class B, 2.610%, 1/17/2023, 144A		7,135
	800,000	Credit Acceptance Auto Loan Trust, Series 2016-2A, Class B, 3.180%, 5/15/2024, 144A		797,871
	275,000	Credit Acceptance Auto Loan Trust, Series 2016-3A, Class A, 2.150%, 4/15/2024, 144A		272,684
	72,243	Drive Auto Receivables Trust, Series 2015-BA, Class C, 2.760%, 7/15/2021, 144A		72,377
	362,000	Drive Auto Receivables Trust, Series 2016-BA, Class C, 3.190%, 7/15/2022, 144A		362,919
	369,080	Drive Auto Receivables Trust, Series 2016-CA, Class B, 2.370%, 11/16/2020, 144A		369,241
	185,000	Drive Auto Receivables Trust, Series 2017-3, Class C, 2.800%, 7/15/2022		184,424
	230,000	Drive Auto Receivables Trust, Series 2017-AA, Class C, 2.980%, 1/18/2022, 144A		230,075

See accompanying notes to financial statements.

27  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		ABS Car Loan — continued
$	275,000	Drive Auto Receivables Trust, Series 2017-BA, Class C, 2.610%, 8/16/2021, 144A	$	274,781
	107,000	DT Auto Owner Trust, Series 2015-2A, Class D, 4.250%, 2/15/2022, 144A		107,906
	335,000	DT Auto Owner Trust, Series 2015-3A, Class D, 4.530%, 10/17/2022, 144A		339,911
	255,000	DT Auto Owner Trust, Series 2016-2A, Class D, 5.430%, 11/15/2022, 144A		260,762
	440,000	DT Auto Owner Trust, Series 2016-4A, Class C, 2.740%, 10/17/2022, 144A		439,357
	90,000	DT Auto Owner Trust, Series 2017-1A, Class C, 2.700%, 11/15/2022, 144A		89,666
	350,000	DT Auto Owner Trust, Series 2017-3A, Class B, 2.400%, 5/17/2021, 144A		348,290
	300,000	Exeter Automobile Receivables Trust, Series 2017-2A, Class B, 2.820%, 5/16/2022, 144A		297,941
	190,000	Exeter Automobile Receivables Trust, Series 2018-1A, Class B, 2.750%, 4/15/2022, 144A		188,613
	260,000	First Investors Auto Owner Trust, Series 2017-1A, Class A2, 2.200%, 3/15/2022, 144A		257,832
	315,000	First Investors Auto Owner Trust, Series 2017-2A, Class A2, 2.270%, 7/15/2022, 144A		311,373
	290,000	Flagship Credit Auto Trust, Series 2015-2, Class B, 3.080%, 12/15/2021, 144A		290,033
	195,000	Flagship Credit Auto Trust, Series 2016-2, Class B, 3.840%, 9/15/2022, 144A		197,198
	135,000	Flagship Credit Auto Trust, Series 2016-3, Class B, 2.430%, 6/15/2021, 144A		134,372
	160,000	Flagship Credit Auto Trust, Series 2016-4, Class B, 2.410%, 10/15/2021, 144A		158,839
	230,000	Ford Credit Auto Owner Trust, Series 2014-2, Class A, 2.310%, 4/15/2026, 144A		228,633
	705,000	Ford Credit Auto Owner Trust, Series 2016-2, Class A, 2.030%, 12/15/2027, 144A		685,336
	595,000	Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.190%, 7/15/2031, 144A		592,890
	115,000	Ford Credit Auto Owner Trust/Ford Credit, Series 2014-1, Class A, 2.260%, 11/15/2025, 144A		114,585
	477,258	GM Financial Automobile Leasing Trust, Series 2016-2, Class A3, 1.620%, 9/20/2019		475,490
	275,000	GM Financial Consumer Automobile, Series 2017-1A, Class A3, 1.780%, 10/18/2021, 144A		271,250
	500,000	GM Financial Consumer Automobile Receivables Trust, Series 2017-3A, Class A3, 1.970%, 5/16/2022, 144A		492,445
	900,000	Hyundai Auto Lease Securitization Trust, Series 2017-B, Class A3, 1.970%, 7/15/2020, 144A(a)		892,050
	120,000	NextGear Floorplan Master Owner Trust, Series 2016-2A, Class A2, 2.190%, 9/15/2021, 144A		118,703
	510,000	NextGear Floorplan Master Owner Trust, Series 2017-1A, Class A2, 2.540%, 4/18/2022, 144A		505,752
	150,000	NextGear Floorplan Master Owner Trust, Series 2017-2A, Class A2, 2.560%, 10/17/2022, 144A		148,068
	125,000	NextGear Floorplan Master Owner Trust, Series 2018-1A, Class A2, 3.220%, 2/15/2023, 144A		125,166
	505,000	Prestige Auto Receivables Trust, Series 2016-2A, Class A3, 1.760%, 1/15/2021, 144A		501,667
	188,000	Santander Drive Auto Receivables Trust, Series 2016-2, Class C, 2.660%, 11/15/2021		187,564
	165,000	Santander Drive Auto Receivables Trust, Series 2017-1, Class B, 2.100%, 6/15/2021		164,240
	265,000	Santander Drive Auto Receivables Trust, Series 2017-2, Class B, 2.210%, 10/15/2021		263,478

See accompanying notes to financial statements.

|  28

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		ABS Car Loan — continued
$	370,000	Santander Drive Auto Receivables Trust, Series 2018-1, Class B, 2.630%, 7/15/2022	$	368,120
	800,000	Westlake Automobile Receivables Trust, Series 2016-3A, Class B, 2.070%, 12/15/2021, 144A		796,691
	295,000	Westlake Automobile Receivables Trust, Series 2017-1A, Class B, 2.300%, 10/17/2022, 144A		294,042
	135,000	Westlake Automobile Receivables Trust, Series 2018-1A, Class B, 2.670%, 5/17/2021, 144A		134,494
	40,560	World Omni Auto Receivables Trust, Series 2014-B, Class A3, 1.140%, 1/15/2020		40,472
	1,330,000	World Omni Auto Receivables Trust, Series 2017-A, Class A3, 1.930%, 9/15/2022(a)		1,314,756
	110,000	World Omni Auto Receivables Trust, Series 2017-B, Class A3, 1.950%, 2/15/2023		107,778
				20,342,209
		ABS Credit Card — 3.5%
	605,000	American Express Credit Account Master Trust, Series 2017-1, Class A, 1.930%, 9/15/2022		596,768
	630,000	Bank of America Credit Card Trust, Series 2017-A1, Class A1, 1.950%, 8/15/2022		621,182
	415,000	Barclays Dryrock Issuance Trust, Series 2014-3, Class A, 2.410%, 7/15/2022		413,455
	745,000	Capital One Multi-Asset Execution Trust, Series 2017-A1, Class A1, 2.000%, 1/17/2023(a)		735,005
	805,000	Capital One Multi-Asset Execution Trust, Series 2017-A4, Class A4, 1.990%, 7/17/2023(a)		790,741
	1,085,000	Chase Issuance Trust, Series 2016-A4, Class A4, 1.490%, 7/15/2022(a)		1,055,762
	260,000	Citibank Credit Card Issuance Trust, Series 2014-A1, Class A1, 2.880%, 1/23/2023		260,500
	470,000	Synchrony Credit Card Master Note Trust, Series 2016-3, Class A, 1.580%, 9/15/2022		462,666
	555,000	World Financial Network Credit Card Master Trust, Series 2016-C, Class A, 1.720%, 8/15/2023		545,767
	730,000	World Financial Network Credit Card Master Trust, Series 2017-A, Class A, 2.120%, 3/15/2024(a)		719,187
				6,201,033
		ABS Home Equity — 1.0%
	376,511	Bayview Opportunity Master Fund IVa Trust, Series 2016-SPL1, Class A, 4.000%, 4/28/2055, 144A		382,961
	250,721	Colony American Finance Ltd., Series 2015-1, Class A, 2.896%, 10/15/2047, 144A		249,350
	197,782	CoreVest American Finance Trust, Series 2017-1, Class A, 2.968%, 10/15/2049, 144A		194,089
	17,401	Countrywide Alternative Loan Trust, Series 2006-J5, Class 4A1, 4.974%, 7/25/2021(b)		16,960
	10,793	Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 5.115%, 2/25/2035(b)		10,877
	500,000	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M2, 1-month LIBOR + 1.850%, 3.722%, 10/25/2027(c)		510,370
	154,123	Mill City Mortgage Trust, Series 2016-1, Class A1, 2.500%, 4/25/2057, 144A(b)		151,933

See accompanying notes to financial statements.

29  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		ABS Home Equity — continued
$	139,352	Towd Point Mortgage Trust, Series 2015-2, Class 1A12, 2.750%, 11/25/2060, 144A(b)	$	137,720
	60,323	Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR10, Class 2A4, 3.645%, 5/01/2035(b)		61,878
				1,716,138
		ABS Other — 2.6%
	270,000	John Deere Owner Trust, Series 2017-B, Class A3, 1.820%, 10/15/2021		265,911
	520,000	Mariner Finance Issuance Trust, Series 2017-BA, Class A, 2.920%, 12/20/2029, 144A		513,768
	397,692	Merlin Aviation Holdings DAC, Series 2016-1, Class A, 4.500%, 12/15/2032, 144A(b)		403,699
	308,986	OneMain Financial Issuance Trust, Series 2015-1A, Class A, 3.190%, 3/18/2026, 144A		309,655
	350,000	OneMain Financial Issuance Trust, Series 2016-1A, Class A, 3.660%, 2/20/2029, 144A		353,248
	555,000	OneMain Financial Issuance Trust, Series 2018-1A, Class A, 3.300%, 3/14/2029, 144A		555,965
	331,583	S-Jets Ltd., Series 2017-1, Class A, 3.967%, 8/15/2042, 144A		331,823
	199,636	Shenton Aircraft Investment I Ltd., Series 2015-1A, Class A, 4.750%, 10/15/2042, 144A		205,404
	131,413	Sierra Receivables Funding Co. LLC, Series 2017-1A, Class A, 2.910%, 3/20/2034, 144A		129,996
	255,000	Sofi Consumer Loan Program Trust, Series 2018-1A, Class A2, 3.140%, 2/25/2027, 144A		253,608
	162,708	TAL Advantage V LLC, Series 2014-1A, Class A, 3.510%, 2/22/2039, 144A		162,201
	75,382	TAL Advantage V LLC, Series 2014-2A, Class A2, 3.330%, 5/20/2039, 144A		74,989
	166,667	TAL Advantage V LLC, Series 2014-3A, Class A, 3.270%, 11/21/2039, 144A		164,527
	795,000	Verizon Owner Trust, Series 2017-1A, Class A, 2.060%, 9/20/2021, 144A(a)		787,121
				4,511,915
		ABS Student Loan — 0.8%
	164,274	Earnest Student Loan Program LLC, Series 2017-A, Class A2, 2.650%, 1/25/2041, 144A		161,096
	264,722	North Carolina State Education Assistance Authority, Series 2011-2, Class A2, 3-month LIBOR + 0.800%, 2.545%, 7/25/2025(c)		265,514
	75,855	SoFi Professional Loan Program LLC, Series 2015-A, Class A2, 2.420%, 3/25/2030, 144A		75,270
	306,324	SoFi Professional Loan Program LLC, Series 2015-C, Class A2, 2.510%, 8/25/2033, 144A		301,660
	295,000	SoFi Professional Loan Program LLC, Series 2016-B, Class A2B, 2.740%, 10/25/2032, 144A		291,892
	180,000	SoFi Professional Loan Program LLC, Series 2017-E, Class A2B, 2.720%, 11/26/2040, 144A		176,869
	229,896	South Carolina Student Loan Corp., Series 2010-1, Class A2, 3-month LIBOR + 1.000%, 2.745%, 7/25/2025(c)		230,820
				1,503,121

See accompanying notes to financial statements.

|  30

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Aerospace & Defense — 0.2%
$	450,000	Rolls-Royce PLC, 2.375%, 10/14/2020, 144A	$	442,579
		Agency Commercial Mortgage-Backed Securities — 1.7%
	648,018	FHLMC Multifamily Structured Pass Through Certificates, Series K013, Class A2, 3.974%, 1/25/2021(b)		666,636
	509,476	FHLMC Multifamily Structured Pass Through Certificates, Series K029, Class A2, 3.320%, 2/25/2023(b)		518,975
	701,647	FHLMC Multifamily Structured Pass Through Certificates, Series K042, Class A2, 2.670%, 12/25/2024		686,145
	1,014,484	FHLMC Multifamily Structured Pass Through Certificates, Series K711, Class A2, 1.730%, 7/25/2019(a)		1,005,112
	153,882	FHLMC Multifamily Structured Pass Through Certificates, Series KP03, Class A2, 1.780%, 7/25/2019		152,544
				3,029,412
		Airlines — 0.4%
	105,000	Air Canada Pass Through Trust, Series 2017-1, Class A, 3.550%, 7/15/2031, 144A		103,535
	52,671	Delta Air Lines Pass Through Trust, Series 2009-1, Class A, 7.750%, 6/17/2021		55,711
	515,000	Southwest Airlines Co., 3.450%, 11/16/2027		497,995
				657,241
		Automotive — 5.1%
	425,000	American Honda Finance Corp., MTN, 2.000%, 2/14/2020		418,682
	45,000	Aptiv PLC, 3.150%, 11/19/2020		44,918
	290,000	BMW U.S. Capital LLC, 1.850%, 9/15/2021, 144A		278,066
	740,000	Daimler Finance North America LLC, 2.200%, 5/05/2020, 144A		726,225
	220,000	Daimler Finance North America LLC, 2.450%, 5/18/2020, 144A		216,879
	890,000	Daimler Finance North America LLC, 3.350%, 2/22/2023, 144A		886,876
	1,560,000	Ford Motor Credit Co. LLC, 2.979%, 8/03/2022		1,513,691
	625,000	General Motors Financial Co., Inc., 3.500%, 11/07/2024		603,395
	670,000	Harley-Davidson Financial Services, Inc., 3.350%, 2/15/2023, 144A		660,118
	730,000	Hyundai Capital America, 2.750%, 9/18/2020, 144A		718,976
	175,000	Hyundai Capital America, 3.450%, 3/12/2021, 144A		175,037
	930,000	Nissan Motor Acceptance Corp., 2.150%, 7/13/2020, 144A		911,625
	885,000	Nissan Motor Acceptance Corp., 3.450%, 3/15/2023, 144A		886,120
	150,000	PACCAR Financial Corp., MTN, 1.200%, 8/12/2019		147,224
	165,000	Toyota Motor Credit Corp., GMTN, 2.700%, 1/11/2023		161,889
	660,000	Toyota Motor Credit Corp., MTN, 2.150%, 9/08/2022		635,204
				8,984,925
		Banking — 22.0%
	530,000	ABN AMRO Bank NV, 1.800%, 9/20/2019, 144A		521,080
	315,000	American Express Co., 2.200%, 10/30/2020		307,193
	910,000	American Express Co., 3.400%, 2/27/2023		906,930
	915,000	ANZ New Zealand (Int’l) Ltd., 2.200%, 7/17/2020, 144A		897,019
	910,000	Bank of America Corp., (fixed rate to 3/5/2023, variable rate thereafter), 3.550%, 3/05/2024		913,761
	116,000	Bank of America Corp., MTN, 6.875%, 4/25/2018		116,301
	1,080,000	Bank of New York Mellon Corp. (The), (fixed rate to 5/16/2022, variable rate thereafter), MTN, 2.661%, 5/16/2023		1,051,052

See accompanying notes to financial statements.

31  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Banking — continued
$	740,000	Bank of Nova Scotia, 2.150%, 7/14/2020	$	725,882
	450,000	Banque Federative du Credit Mutuel S.A., 2.200%, 7/20/2020, 144A		440,492
	460,000	Banque Federative du Credit Mutuel S.A., 2.700%, 7/20/2022, 144A		448,048
	625,000	BB&T Corp., MTN, 2.150%, 2/01/2021		609,198
	1,280,000	BNP Paribas S.A., 3.375%, 1/09/2025, 144A		1,238,128
	885,000	BNP Paribas S.A., 3.500%, 3/01/2023, 144A		877,981
	490,000	BNZ International Funding Ltd., 2.400%, 2/21/2020, 144A		484,240
	655,000	Capital One Financial Corp., 3.300%, 10/30/2024		631,377
	215,000	Citigroup, Inc., 2.900%, 12/08/2021		211,725
	750,000	Citigroup, Inc., (fixed rate to 1/24/2022, variable rate thereafter), 3.142%, 1/24/2023		740,947
	625,000	Citizens Bank NA, 2.250%, 3/02/2020		614,291
	365,000	Citizens Bank NA, 3.700%, 3/29/2023		366,480
	430,000	Citizens Bank NA, MTN, 2.500%, 3/14/2019		428,620
	250,000	Comerica Bank, 2.500%, 6/02/2020		246,906
	970,000	Commonwealth Bank of Australia, 1.750%, 11/07/2019, 144A		952,592
	615,000	Commonwealth Bank of Australia, 3.150%, 9/19/2027, 144A		586,519
	625,000	Commonwealth Bank of Australia, 3.900%, 3/16/2028, 144A		629,868
	910,000	Cooperatieve Rabobank U.A. (NY), 2.750%, 1/10/2023		885,509
	735,000	Danske Bank AS, 2.200%, 3/02/2020, 144A		724,154
	385,000	Deutsche Bank AG, 3.950%, 2/27/2023		383,907
	495,000	Deutsche Bank AG, 4.100%, 1/13/2026		479,092
	480,000	Deutsche Bank AG (NY), 3.150%, 1/22/2021		472,844
	780,000	Fifth Third Bank, 1.625%, 9/27/2019		766,602
	1,105,000	Goldman Sachs Group, Inc. (The), (fixed rate to 10/31/2021, variable rate thereafter), 2.876%, 10/31/2022		1,081,720
	185,000	HSBC USA, Inc., 2.375%, 11/13/2019		183,318
	1,035,000	JPMorgan Chase & Co., 3-month LIBOR + 0.550%, 2.607%, 3/09/2021(c)		1,037,991
	585,000	JPMorgan Chase Bank NA, 1.650%, 9/23/2019		576,966
	555,000	Key Bank NA, 1.600%, 8/22/2019		546,320
	910,000	KeyBank N.A., 2.400%, 6/09/2022		879,078
	340,000	Lloyds Banking Group PLC, 4.375%, 3/22/2028		343,399
	890,000	Macquarie Group Ltd., (fixed rate to 3/27/2023, variable rate thereafter), 4.150%, 3/27/2024, 144A		893,512
	575,000	Mitsubishi UFJ Financial Group, Inc., 3.777%, 3/02/2025		575,510
	640,000	Mizuho Financial Group, Inc., 4.018%, 3/05/2028		643,335
	855,000	Morgan Stanley, Series 3NC2, 3-month LIBOR + 0.800%, 2.633%, 2/14/2020(c)		857,594
	295,000	National Bank of Canada, 2.100%, 12/14/2018		293,895
	885,000	National Bank of Canada, 2.200%, 11/02/2020		864,778
	620,000	Nationwide Building Society, (fixed rate to 3/08/2023, variable rate thereafter), 3.766%, 3/08/2024, 144A		618,286
	540,000	Nordea Bank AB, 1.625%, 9/30/2019, 144A		530,291
	845,000	Nordea Bank AB, 2.125%, 5/29/2020, 144A		828,472
	315,000	Northern Trust Corp., (fixed rate to 5/08/2027, variable rate thereafter), 3.375%, 5/08/2032		302,576
	305,000	PNC Bank NA, 3.100%, 10/25/2027		290,843
	890,000	Royal Bank of Canada, 2.150%, 10/26/2020		870,628

See accompanying notes to financial statements.

|  32

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Banking — continued
$	425,000	Santander Holdings USA, Inc., 3.700%, 3/28/2022	$	425,896
	890,000	Santander UK PLC, 2.125%, 11/03/2020		869,320
	505,000	Santander UK PLC, 2.500%, 1/05/2021		496,782
	380,000	State Street Corp., (fixed rate to 5/15/2022, variable rate thereafter), 2.653%, 5/15/2023		371,091
	235,000	Sumitomo Mitsui Financial Group, Inc., 2.784%, 7/12/2022		229,199
	525,000	Svenska Handelsbanken AB, MTN, 1.500%, 9/06/2019		515,295
	575,000	Synchrony Financial, 3.950%, 12/01/2027		543,763
	910,000	Toronto-Dominion Bank, GMTN, 2.550%, 1/25/2021		898,900
	840,000	U.S. Bank NA, 2.000%, 1/24/2020		828,518
	920,000	UBS AG, 2.200%, 6/08/2020, 144A		901,885
	455,000	UniCredit SpA, 3.750%, 4/12/2022, 144A		451,686
	855,000	Wells Fargo & Co., MTN, 2.625%, 7/22/2022		827,036
	280,000	Westpac Banking Corp., 2.750%, 1/11/2023		272,762
	400,000	Westpac Banking Corp., 3.400%, 1/25/2028		389,264
				38,898,647
		Brokerage — 0.2%
	335,000	Cboe Global Markets, Inc., 1.950%, 6/28/2019		331,077
		Building Materials — 0.9%
	885,000	CRH America Finance, Inc., 3.950%, 4/04/2028, 144A		882,218
	107,000	Fortune Brands Home & Security, Inc., 3.000%, 6/15/2020		106,493
	600,000	Martin Marietta Materials, Inc., 3-month LIBOR + 0.650%, 2.554%, 5/22/2020(c)		602,346
	40,000	Masco Corp., 3.500%, 4/01/2021		40,169
	4,000	Masco Corp., 7.125%, 3/15/2020		4,289
				1,635,515
		Cable Satellite — 0.5%
	300,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.908%, 7/23/2025		306,572
	645,000	Cox Communications, Inc., 3.150%, 8/15/2024, 144A		618,565
				925,137
		Chemicals — 0.6%
	9,000	Eastman Chemical Co., 4.500%, 1/15/2021		9,299
	385,000	EI du Pont de Nemours & Co., 2.200%, 5/01/2020		379,679
	45,000	Methanex Corp., 3.250%, 12/15/2019		44,785
	635,000	PPG Industries, Inc., 3.750%, 3/15/2028		638,006
				1,071,769
		Collateralized Mortgage Obligations — 1.6%
	200,693	Government National Mortgage Association, Series 2014-H14, Class FA, 1-month LIBOR + 0.500%, 2.062%, 7/20/2064(c)		201,347
	137,475	Government National Mortgage Association, Series 2014-H15, Class FA, 1-month LIBOR + 0.500%, 2.075%, 7/20/2064(c)		138,001
	254,199	Government National Mortgage Association, Series 2015-H09, Class HA, 1.750%, 3/20/2065		252,116
	510,225	Government National Mortgage Association, Series 2015-H10, Class JA, 2.250%, 4/20/2065		490,445

See accompanying notes to financial statements.

33  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Collateralized Mortgage Obligations — continued
$	552,571	Government National Mortgage Association, Series 2016-H06, Class FC, 1-month LIBOR + 0.920%, 2.495%, 2/20/2066(c)	$	561,466
	1,117,580	Government National Mortgage Association, Series 2016-H10, Class FJ, 1-month LIBOR + 0.600%, 2.175%, 4/20/2066(a)(c)		1,119,268
				2,762,643
		Construction Machinery — 0.5%
	320,000	Caterpillar Financial Services Corp., MTN, 2.550%, 11/29/2022		310,886
	350,000	John Deere Capital Corp., MTN, 1.950%, 6/22/2020		343,325
	174,000	John Deere Capital Corp., Series 0014, MTN, 2.450%, 9/11/2020		172,496
				826,707
		Consumer Cyclical Services — 0.6%
	225,000	Alibaba Group Holding Ltd., 2.500%, 11/28/2019		223,448
	375,000	Amazon.com, Inc., 5.200%, 12/03/2025		417,922
	470,000	Expedia Group, Inc., 3.800%, 2/15/2028		436,507
				1,077,877
		Consumer Products — 0.4%
	755,000	Unilever Capital Corp., 3.375%, 3/22/2025		754,220
		Diversified Manufacturing — 0.7%
	380,000	ABB Finance USA, Inc., 3.375%, 4/03/2023		380,997
	880,000	Nvent Finance S.a.r.l, 3.950%, 4/15/2023, 144A		882,587
				1,263,584
		Electric — 5.0%
	350,000	American Electric Power Co., Inc., 3.200%, 11/13/2027		333,539
	120,000	Consolidated Edison Co. of New York, Inc., Series B, 2.900%, 12/01/2026		114,623
	1,035,000	Consolidated Edison, Inc., Series A, 2.000%, 3/15/2020		1,017,477
	905,000	Duke Energy Carolinas LLC, 3.050%, 3/15/2023		903,386
	355,000	Entergy Louisiana LLC, 4.000%, 3/15/2033		362,011
	455,000	Entergy Texas, Inc., 3.450%, 12/01/2027		444,907
	451,000	Exelon Corp., 2.450%, 4/15/2021		440,783
	179,000	Exelon Generation Co. LLC, 2.950%, 1/15/2020		178,501
	116,000	Exelon Generation Co. LLC, 4.250%, 6/15/2022		119,797
	395,000	Fortis, Inc., 2.100%, 10/04/2021		377,601
	188,000	National Rural Utilities Cooperative Finance Corp., (fixed rate to 4/30/2023, variable rate thereafter), 4.750%, 4/30/2043		192,126
	690,000	National Rural Utilities Cooperative Finance Corp., MTN, 1.500%, 11/01/2019		676,311
	280,000	NextEra Energy Capital Holdings, Inc., 1.649%, 9/01/2018		278,694
	290,000	Pacific Gas & Electric Co., 3.500%, 6/15/2025		282,989
	905,000	PNM Resources, Inc., 3.250%, 3/09/2021		904,067
	635,000	Southern California Edison Co., Series B, 3.650%, 3/01/2028		636,397
	273,000	Southern Co. (The), 2.750%, 6/15/2020		270,687
	720,000	Southern Power Co., Series E, 2.500%, 12/15/2021		700,752
	670,000	Virginia Electric & Power Co., Series A, 3.800%, 4/01/2028		678,361
				8,913,009

See accompanying notes to financial statements.

|  34

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Finance Companies — 1.4%
$	635,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.500%, 1/15/2025	$	612,257
	675,000	Air Lease Corp., 2.500%, 3/01/2021		661,637
	630,000	Air Lease Corp., 3.625%, 12/01/2027		597,383
	665,000	Ares Capital Corp., 3.625%, 1/19/2022		655,310
				2,526,587
		Financial Other — 0.4%
	410,000	Mitsubishi UFJ Lease & Finance Co. Ltd., 2.652%, 9/19/2022, 144A		395,955
	370,000	ORIX Corp., 3.250%, 12/04/2024		359,493
				755,448
		Food & Beverage — 3.1%
	9,000	Anheuser-Busch Cos. LLC, 5.000%, 3/01/2019		9,199
	875,000	Anheuser-Busch InBev Worldwide, Inc., 4.000%, 4/13/2028		885,682
	245,000	Brown-Forman Corp., 3.500%, 4/15/2025		246,118
	910,000	Campbell Soup Co., 3.650%, 3/15/2023		910,666
	885,000	General Mills, Inc., 2.600%, 10/12/2022		852,497
	230,000	Kellogg Co., 3.400%, 11/15/2027		220,024
	735,000	Kraft Heinz Food Co., 3-month LIBOR + 0.570%, 2.381%, 2/10/2021(c)		732,993
	845,000	Molson Coors Brewing Co., 2.250%, 3/15/2020		832,817
	140,000	Smithfield Foods, Inc., 3.350%, 2/01/2022, 144A		137,086
	480,000	Sysco Corp., 3.550%, 3/15/2025		477,376
	240,000	The JM Smucker Co. (The), 3.375%, 12/15/2027		228,728
				5,533,186
		Government Owned – No Guarantee — 0.8%
	445,000	Petroleos Mexicanos, 6.375%, 2/04/2021		474,147
	155,000	Petroleos Mexicanos, 6.875%, 8/04/2026		170,345
	780,000	Sinopec Group Overseas Development 2016 Ltd., 1.750%, 9/29/2019, 144A		765,586
				1,410,078
		Health Insurance — 0.7%
	905,000	Anthem, Inc., 4.101%, 3/01/2028		904,345
	310,000	Humana, Inc., 2.500%, 12/15/2020		304,059
				1,208,404
		Healthcare — 2.1%
	750,000	Becton, Dickinson and Co., 2.133%, 6/06/2019		741,509
	640,000	Cardinal Health, Inc., 1.948%, 6/14/2019		633,058
	1,195,000	CVS Health Corp., 4.300%, 3/25/2028		1,200,092
	45,000	Express Scripts Holding Co., 3.000%,��7/15/2023		43,127
	65,000	Express Scripts Holding Co., 4.750%, 11/15/2021		67,759
	183,000	Life Technologies Corp., 6.000%, 3/01/2020		192,329
	175,000	McKesson Corp., 3.950%, 2/16/2028		172,831
	94,000	Quest Diagnostics, Inc., 4.750%, 1/30/2020		97,131
	630,000	Stryker Corp., 3.650%, 3/07/2028		632,610
				3,780,446
		Hybrid ARMs — 0.1%
	54,597	FHLMC, 1-year CMT + 2.248%, 3.406%, 1/01/2035(c)		57,565

See accompanying notes to financial statements.

35  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Hybrid ARMs — continued
$	138,877	FHLMC, 1-year CMT + 2.494%, 3.613%, 5/01/2036(c)	$	147,327
				204,892
		Independent Energy — 0.4%
	240,000	Concho Resources, Inc., 3.750%, 10/01/2027		234,670
	179,000	Encana Corp., 6.500%, 5/15/2019		185,579
	220,000	EQT Corp., 3.900%, 10/01/2027		210,463
				630,712
		Industrial Other — 0.1%
	265,000	American Homes 4 Rent LP, 4.250%, 2/15/2028		259,682
		Integrated Energy — 0.4%
	660,000	Cenovus Energy, Inc., 4.250%, 4/15/2027		643,331
		Life Insurance — 2.3%
	85,000	AIG Global Funding, 2.150%, 7/02/2020, 144A		83,378
	875,000	American International Group, Inc., 4.200%, 4/01/2028		886,764
	380,000	Athene Global Funding, 2.750%, 4/20/2020, 144A		376,822
	375,000	Athene Global Funding, 3.000%, 7/01/2022, 144A		365,254
	540,000	Athene Holding Ltd., 4.125%, 1/12/2028		518,189
	330,000	Brighthouse Financial, Inc., 3.700%, 6/22/2027, 144A		306,171
	830,000	Jackson National Life Global Funding, 2.200%, 1/30/2020, 144A		820,509
	344,000	Reliance Standard Life Global Funding II, 2.150%, 10/15/2018, 144A		342,973
	63,000	Unum Group, 5.625%, 9/15/2020		66,569
	260,000	Voya Financial, Inc., 3.125%, 7/15/2024		250,254
				4,016,883
		Media Entertainment — 0.9%
	95,000	Activision Blizzard, Inc., 2.300%, 9/15/2021		91,806
	425,000	CBS Corp., 2.900%, 6/01/2023, 144A		409,952
	230,000	Discovery Communications LLC, 3.950%, 3/20/2028		220,626
	715,000	Moody’s Corp., 3-month LIBOR + 0.350%, 2.375%, 9/04/2018(c)		715,096
	112,000	S&P Global, Inc, 3.300%, 8/14/2020		112,628
				1,550,108
		Metals & Mining — 0.0%
	31,000	Reliance Steel & Aluminum Co., 4.500%, 4/15/2023		31,952
		Midstream — 1.3%
	185,000	Buckeye Partners LP, 3.950%, 12/01/2026		174,658
	155,000	Enbridge, Inc., 3.500%, 6/10/2024		150,466
	255,000	Energy Transfer Partners LP, 2.500%, 6/15/2018		255,046
	60,000	Energy Transfer Partners LP, 4.900%, 2/01/2024		61,594
	255,000	Kinder Morgan Energy Partners LP, 4.150%, 2/01/2024		255,804
	635,000	Kinder Morgan, Inc., 4.300%, 3/01/2028		632,231
	160,000	Plains All American Pipeline LP/PAA Finance Corp., 3.850%, 10/15/2023		156,037
	345,000	Transcontinental Gas Pipe Line Co. LLC, 4.000%, 3/15/2028, 144A		337,441
	240,000	Valero Energy Partners LP, 4.500%, 3/15/2028		241,408
				2,264,685

See accompanying notes to financial statements.

|  36

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Mortgage Related — 4.0%
$	3,940	FHLMC, 3.000%, 10/01/2026	$	3,962
	396	FHLMC, 6.500%, 1/01/2024		447
	74	FHLMC, 8.000%, 7/01/2025		80
	142	FNMA, 6.000%, 9/01/2021		143
	422,142	GNMA, 4.284%, 2/20/2063(b)		431,515
	229,157	GNMA, 4.285%, 2/20/2063(b)		235,274
	58,979	GNMA, 4.412%, 6/20/2066(b)		62,600
	240,733	GNMA, 4.413%, 10/20/2066(b)		256,810
	105,661	GNMA, 4.427%, 9/20/2066(b)		112,416
	172,260	GNMA, 4.444%, 10/20/2062(b)		176,153
	159,801	GNMA, 4.454%, 5/20/2062(b)		162,647
	60,984	GNMA, 4.457%, 11/20/2066(b)		64,944
	69,120	GNMA, 4.479%, 8/20/2066(b)		73,687
	216,243	GNMA, 4.497%, 5/20/2062(b)		219,837
	112,824	GNMA, 4.515%, 11/20/2066(b)		120,591
	209,766	GNMA, 4.516%, 4/20/2063(b)		215,132
	116,151	GNMA, 4.522%, 10/20/2066(b)		124,134
	1,504,413	GNMA, 4.527%, with various maturities from 2063 to 2067(a)(b)(d)		1,598,001
	186,212	GNMA, 4.534%, 9/20/2066(b)		199,685
	461,021	GNMA, 4.559%, 7/20/2067(a)(b)		498,064
	102,978	GNMA, 4.563%, 10/20/2066(b)		110,835
	194,663	GNMA, 4.566%, 3/20/2063(b)		199,930
	298,109	GNMA, 4.583%, 11/20/2064(b)		304,340
	217,392	GNMA, 4.584%, 2/20/2063(b)		222,749
	861,693	GNMA, 4.595%, 1/20/2067(a)(b)		929,421
	116,868	GNMA, 4.610%, 7/20/2062(b)		119,191
	556,316	GNMA, 4.684%, with various maturities from 2061 to 2064(b)(d)		590,024
	1,290	GNMA, 6.500%, 12/15/2023		1,442
	153	GNMA, 8.500%, 9/15/2022		153
	261	GNMA, 9.500%, 1/15/2019		263
				7,034,470
		Natural Gas — 0.7%
	375,000	CenterPoint Energy Resources Corp., 4.000%, 4/01/2028		377,332
	965,000	Sempra Energy, 1.625%, 10/07/2019		946,316
				1,323,648
		Non-Agency Commercial Mortgage-Backed Securities — 7.8%
	565,000	Barclays Commercial Mortgage Securities Trust, Series 2017-C1, Class A2, 3.189%, 2/15/2050(a)		567,506
	491,600	CFCRE Commercial Mortgage Trust, Series 2016-C3, Class A3, 3.865%, 1/10/2048		499,360
	361,996	CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A4, 3.283%, 5/10/2058		353,476
	992,138	Citigroup Commercial Mortgage Trust, Series 2016-GC37, Class A4, 3.314%, 4/10/2049(a)		976,907
	263,676	Commercial Mortgage Pass Through Certificates, Series 2013-CR8, Class A5, 3.612%, 6/10/2046(b)		268,477
	535,000	Commercial Mortgage Pass Through Certificates, Series 2012-LTRT, Class A2, 3.400%, 10/05/2030, 144A		520,615

See accompanying notes to financial statements.

37  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Non-Agency Commercial Mortgage-Backed Securities — continued
$	84,913	Commercial Mortgage Pass Through Certificates, Series 2014-CR14, Class A2, 3.147%, 2/10/2047	$	85,153
	212,682	Commercial Mortgage Pass Through Certificates, Series 2014-CR15, Class A2, 2.928%, 2/10/2047		213,228
	205,578	Commercial Mortgage Pass Through Certificates, Series 2014-CR16, Class ASB, 3.653%, 4/10/2047		209,491
	478,193	Commercial Mortgage Pass Through Certificates, Series 2014-LC17, Class A3, 3.723%, 10/10/2047		487,594
	730,000	Commercial Mortgage Pass Through Certificates, Series 2014-TWC, Class A, 1-month LIBOR + 0.850%, 2.568%, 2/13/2032, 144A(c)		730,464
	280,000	Commercial Mortgage Pass Through Certificates, Series 2014-UBS3, Class A4, 3.819%, 6/10/2047		288,081
	520,299	Commercial Mortgage Pass Through Certificates, Series 2016-DC2, Class A5, 3.765%, 2/10/2049		532,026
	280,000	Commercial Mortgage Trust, Series 2015-DC1, Class A5, 3.350%, 2/10/2048		277,505
	640,000	Credit Suisse Mortgage Capital Certificates, Series 2014-USA, Class A2, 3.953%, 9/15/2037, 144A		652,854
	84,913	CSAIL Commercial Mortgage Trust, Series 2015-C4, Class ASB, 3.617%, 11/15/2048		85,891
	107,224	GP Portfolio Trust, Series 2014-GPP, Class A, 1-month LIBOR + 1.200%, 2.977%, 2/15/2027, 144A(c)		107,244
	340,000	GS Mortgage Securities Corp. Trust, Series 2013-PEMB, Class A, 3.550%, 3/05/2033, 144A(b)		325,608
	330,000	GS Mortgage Securities Trust, Series 2014-GC18, Class A4, 4.074%, 1/10/2047		342,363
	197,078	GS Mortgage Securities Trust, Series 2014-GC20, Class A3, 3.680%, 4/10/2047		199,358
	180,000	Hudsons Bay Simon JV Trust, Series 2015-HB10, Class A10, 4.155%, 8/05/2034, 144A		178,058
	355,000	Hudsons Bay Simon JV Trust, Series 2015-HB7, Class A7, 3.914%, 8/05/2034, 144A		353,487
	120,665	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-C19, Class ASB, 3.584%, 4/15/2047		122,405
	447,921	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2015-SGP, Class A, 1-month LIBOR + 1.700%, 3.477%, 7/15/2036, 144A(c)		448,755
	238,579	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2017-JP5, Class A1, 2.086%, 3/15/2050		234,864
	240,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C10, Class A4, 4.082%, 7/15/2046(b)		249,320
	263,676	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C14, Class A3, 3.669%, 2/15/2047		268,198
	129,604	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A4, 3.306%, 4/15/2048		128,460
	215,000	SCG Trust, Series 2013-SRP1, Class A, 1-month LIBOR + 1.650%, 3.427%, 11/15/2026, 144A(c)		214,999
	185,000	SCG Trust, Series 2013-SRP1, Class B, 1-month LIBOR + 2.500%, 4.527%, 11/15/2026, 144A(c)		183,491
	203,753	Starwood Retail Property Trust, Inc., Series 2014-STAR, Class A, 1-month LIBOR + 1.220%, 2.997%, 11/15/2027, 144A(c)		203,956

See accompanying notes to financial statements.

|  38

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Non-Agency Commercial Mortgage-Backed Securities — continued
$	505,000	UBS-Barclays Commercial Mortgage Trust, Series 2012-TFT, Class A, 2.892%, 6/05/2030, 144A	$	493,203
	565,000	UBS-Barclays Commercial Mortgage Trust, Series 2013-C6, Class A4, 3.244%, 4/10/2046(a)		567,886
	201,109	Wells Fargo Commercial Mortgage Trust, Series 2016-C33, Class A4, 3.426%, 3/15/2059		199,692
	1,295,000	Wells Fargo Commercial Mortgage Trust, Series 2017-RC1, Class A2, 3.118%, 1/15/2060(a)		1,295,676
	111,281	WFCG Commercial Mortgage Trust, Series 2015-BXRP, Class A, 1-month LIBOR + 1.122%, 2.899%, 11/15/2029, 144A(c)		111,280
	178,764	WFRBS Commercial Mortgage Trust, Series 2014-C19, Class A3, 3.660%, 3/15/2047		181,021
	325,000	WFRBS Commercial Mortgage Trust, Series 2014-C19, Class A5, 4.101%,��3/15/2047		338,118
	348,589	WFRBS Commercial Mortgage Trust, Series 2014-C20, Class ASB, 3.638%, 5/15/2047		354,649
				13,850,719
		Oil Field Services — 0.6%
	770,000	Baker Hughes a GE Co. LLC / Baker Hughes Co-Obligor, Inc., 2.773%, 12/15/2022		753,979
	310,000	Schlumberger Finance Canada Ltd., 2.650%, 11/20/2022, 144A		302,889
				1,056,868
		Paper — 0.4%
	625,000	WestRock Co., 3.750%, 3/15/2025, 144A		623,553
		Pharmaceuticals — 1.1%
	22,000	Amgen, Inc., 2.200%, 5/22/2019		21,862
	535,000	Amgen, Inc., 3.200%, 11/02/2027		506,915
	620,000	Mylan, Inc., 4.550%, 4/15/2028, 144A		621,008
	775,000	Shire Acquisitions Investments Ireland DAC, 1.900%, 9/23/2019		762,209
				1,911,994
		Property & Casualty Insurance — 0.4%
	435,000	American Financial Group, Inc., 3.500%, 8/15/2026		416,854
	285,000	Assurant, Inc., 4.200%, 9/27/2023		286,548
				703,402
		Railroads — 0.3%
	206,000	CSX Corp., 3.700%, 10/30/2020		209,547
	27,000	CSX Corp., 6.150%, 5/01/2037		33,521
	215,000	Union Pacific Corp., 3.646%, 2/15/2024		219,475
				462,543
		REITs – Apartments — 0.1%
	195,000	ERP Operating LP, 3.500%, 3/01/2028		191,000
		REITs – Health Care — 0.5%
	31,000	Healthcare Realty Trust, Inc., 3.750%, 4/15/2023		31,057
	85,000	Omega Healthcare Investors, Inc., 4.500%, 1/15/2025		83,107
	225,000	Omega Healthcare Investors, Inc., 4.500%, 4/01/2027		216,561

See accompanying notes to financial statements.

39  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		REITs – Health Care — continued
$	155,000	Omega Healthcare Investors, Inc., 4.750%, 1/15/2028	$	150,415
	390,000	Ventas Realty LP, 4.000%, 3/01/2028		383,967
				865,107
		REITs – Shopping Centers — 0.2%
	355,000	Brixmor Operating Partnership LP, 3.650%, 6/15/2024		345,987
		REITs – Single Tenant — 0.3%
	305,000	Realty Income Corp., 3.875%, 4/15/2025		304,035
	290,000	Select Income REIT, 4.250%, 5/15/2024		283,145
				587,180
		Restaurants — 1.0%
	1,030,000	McDonald’s Corp., MTN, 2.625%, 1/15/2022		1,013,961
	325,000	McDonald’s Corp., MTN, 3.350%, 4/01/2023		326,800
	455,000	Starbucks Corp., 3.100%, 3/01/2023		455,241
				1,796,002
		Retailers — 0.3%
	465,000	AutoNation, Inc., 3.500%, 11/15/2024		448,154
		Sovereigns — 0.4%
	675,000	Republic of Chile, 3.240%, 2/06/2028		661,837
		Technology — 2.4%
	45,000	Apple, Inc., 2.250%, 2/23/2021		44,323
	225,000	Baidu, Inc., 4.375%, 3/29/2028		226,080
	450,000	Genpact Luxembourg S.a.r.l., 3.700%, 4/01/2022, 144A		441,605
	610,000	Hewlett Packard Enterprise Co., 2.100%, 10/04/2019, 144A		601,961
	120,000	Hewlett Packard Enterprise Co., 4.900%, 10/15/2025		124,590
	89,000	Jabil, Inc., 5.625%, 12/15/2020		93,851
	885,000	NetApp, Inc., 2.000%, 9/27/2019		871,292
	215,000	Pitney Bowes, Inc., 4.125%, 5/15/2022		203,175
	425,000	Pitney Bowes, Inc., 4.700%, 4/01/2023		398,438
	655,000	Seagate HDD Cayman, 4.875%, 3/01/2024, 144A		654,655
	630,000	Xerox Corp., 3.625%, 3/15/2023		615,185
				4,275,155
		Tobacco — 0.0%
	5,000	Philip Morris International, Inc., 5.650%, 5/16/2018		5,019
		Transportation Services — 0.7%
	375,000	Penske Truck Leasing Co. LP/PTL Finance Corp., 3.950%, 3/10/2025, 144A		375,804
	360,000	Ryder System, Inc., MTN, 3.400%, 3/01/2023		358,908
	430,000	TTX Co., 2.600%, 6/15/2020, 144A		425,223
				1,159,935
		Treasuries — 3.0%
	4,625,000	U.S. Treasury Bond, 2.250%, 8/15/2027		4,434,580
	885,000	U.S. Treasury Bond, 2.750%, 2/15/2028		885,449
				5,320,029

See accompanying notes to financial statements.

|  40

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Wirelines — 1.2%
$	400,000	Deutsche Telekom International Finance BV, 1.500%, 9/19/2019, 144A	$	392,420
	790,000	Orange S.A., 1.625%, 11/03/2019		773,645
	870,000	Verizon Communications, Inc., 4.125%, 3/16/2027		881,235
				2,047,300
		Total Bonds and Notes (Identified Cost $177,762,442)		175,335,054
	Short-Term Investments — 1.8%
	3,168,419	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/29/2018 at 0.900% to be repurchased at $3,168,736 on 4/02/2018 collateralized by $3,185,000 U.S. Treasury Note, 2.750% due 11/15/2023 valued at $3,235,775 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $3,168,419)		3,168,419
		Total Investments — 101.0% (Identified Cost $180,930,861)		178,503,473
		Other assets less liabilities — (1.0)%		(1,780,584	)
		Net Assets — 100.0%	$	176,722,889
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Security (or a portion thereof) has been designated to cover the Fund’s obligations under open derivative contracts.
	(b)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of March 31, 2018 is disclosed.
	(c)	Variable rate security. Rate as of March 31, 2018 is disclosed.
	(d)	The Fund’s investment in mortgage related securities of Government National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2018, the value of Rule 144A holdings amounted to $54,154,119 or 30.6% 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.

41  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

At March 31, 2018, open long futures contracts were as follows:

Financial Futures	Expiration Date		Contracts	Notional Amount		Value		Unrealized Appreciation (Depreciation)
5 Year U.S. Treasury Note		6/29/2018	80	$	9,130,813	$	9,156,875	$	26,062

Industry Summary at March 31, 2018 (Unaudited)

Banking	22.0	%
ABS Car Loan	11.5
Non-Agency Commercial Mortgage-Backed Securities	7.8
Automotive	5.1
Electric	5.0
Mortgage Related	4.0
ABS Credit Card	3.5
Food & Beverage	3.1
Treasuries	3.0
ABS Other	2.6
Technology	2.4
Life Insurance	2.3
Healthcare	2.1
Other Investments, less than 2% each	24.8
Short-Term Investments	1.8
Total Investments	101.0
Other assets less liabilities (including futures contracts)	(1.0	)
Net Assets	100.0	%

See accompanying notes to financial statements.

|  42

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Limited Term Government and Agency Fund

Principal Amount		Description	Value (†)
	Bonds and Notes — 94.0% of Net Assets
		ABS Car Loan — 1.6%
$	1,550,000	Avis Budget Rental Car Funding AESOP LLC, Series 2016-1A, Class A, 2.990%, 6/20/2022, 144A	$	1,541,476
	1,825,000	Credit Acceptance Auto Loan Trust, Series 2016-2A, Class A, 2.420%, 11/15/2023, 144A		1,820,624
	2,875,000	Credit Acceptance Auto Loan Trust, Series 2016-3A, Class A, 2.150%, 4/15/2024, 144A		2,850,785
	2,310,000	Flagship Credit Auto Trust, Series 2016-4, Class A2, 1.960%, 2/16/2021, 144A		2,299,734
	725,000	NextGear Floorplan Master Owner Trust, Series 2016-1A, Class A2, 2.740%, 4/15/2021, 144A		725,301
	1,495,000	NextGear Floorplan Master Owner Trust, Series 2017-1A, Class A2, 2.540%, 4/18/2022, 144A		1,482,549
	685,000	NextGear Floorplan Master Owner Trust, Series 2017-2A, Class A2, 2.560%, 10/17/2022, 144A		676,175
				11,396,644
		ABS Home Equity — 0.3%
	1,147,133	CoreVest American Finance Trust, Series 2017-1, Class A, 2.968%, 10/15/2049, 144A		1,125,719
	1,273,675	Towd Point Mortgage Trust, Series 2015-2, Class 1A12, 2.750%, 11/25/2060, 144A(a)		1,258,758
				2,384,477
		ABS Student Loan — 0.0%
	219,040	SoFi Professional Loan Program LLC, Series 2016-D, Class A1, 1-month LIBOR + 0.950%, 2.822%, 1/25/2039, 144A(b)		221,230
		Agency Commercial Mortgage-Backed Securities — 14.2%
	3,271,732	Federal National Mortgage Association, Series 2015-M17, Class FA, 1-month LIBOR + 0.930%, 2.518%, 11/25/2022(b)		3,294,622
	1,000,000	Federal National Mortgage Association, Series 2016-M3, Class ASQ2, 2.263%, 2/25/2023		974,259
	6,000,000	FHLMC Multifamily Structured Pass Through Certificates, Series K006, Class A2, 4.251%, 1/25/2020		6,146,082
	4,305,000	FHLMC Multifamily Structured Pass Through Certificates, Series K014, Class A2, 3.871%, 4/25/2021		4,422,676
	4,000,000	FHLMC Multifamily Structured Pass Through Certificates, Series K015, Class A2, 3.230%, 7/25/2021		4,042,004
	6,625,000	FHLMC Multifamily Structured Pass Through Certificates, Series K017, Class A2, 2.873%, 12/25/2021		6,621,305
	2,580,000	FHLMC Multifamily Structured Pass Through Certificates, Series K064, Class A2, 3.224%, 3/25/2027		2,581,247
	2,132,227	FHLMC Multifamily Structured Pass Through Certificates, Series K703, Class A2, 2.699%, 5/25/2018		2,129,442
	503,158	FHLMC Multifamily Structured Pass Through Certificates, Series K704, Class A2, 2.412%, 8/25/2018		502,416
	2,511,116	FHLMC Multifamily Structured Pass Through Certificates, Series K706, Class A2, 2.323%, 10/25/2018		2,507,091

See accompanying notes to financial statements.

43  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

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

Principal Amount		Description	Value (†)
		Agency Commercial Mortgage-Backed Securities — continued
$	7,412,655	FHLMC Multifamily Structured Pass Through Certificates, Series K708, Class A2, 2.130%, 1/25/2019	$	7,387,124
	34,370,000	FHLMC Multifamily Structured Pass Through Certificates, Series K711, Class A2, 1.730%, 7/25/2019		34,052,497
	2,649,854	FHLMC Multifamily Structured Pass Through Certificates, Series K725, Class A1, 2.666%, 5/25/2023		2,633,382
	4,100,025	FHLMC Multifamily Structured Pass Through Certificates, Series KABM, Class A, 1-month LIBOR + 0.700%, 2.370%, 9/25/2022(b)		4,115,271
	558,406	FHLMC Multifamily Structured Pass Through Certificates, Series KF06, Class A, 1-month LIBOR + 0.330%, 2.000%, 11/25/2021(b)		558,406
	5,222,898	FHLMC Multifamily Structured Pass Through Certificates, Series KF14, Class A, 1-month LIBOR + 0.650%, 2.320%, 1/25/2023(b)		5,239,228
	3,015,000	FHLMC Multifamily Structured Pass Through Certificates, Series KI01, Class A, 1-month LIBOR + 0.160%, 1.830%, 9/25/2022(b)		3,014,999
	2,548,171	FHLMC Multifamily Structured Pass Through Certificates, Series KJ04, Class A1, 1.376%, 10/25/2020		2,526,919
	6,665,901	FHLMC Multifamily Structured Pass Through Certificates, Series KP03, Class A2, 1.780%, 7/25/2019		6,607,939
	178,225	Government National Mortgage Association, Series 2003-72, Class Z, 5.267%, 11/16/2045(a)		186,429
	156,370	Government National Mortgage Association, Series 2003-88, Class Z, 4.769%, 3/16/2046(a)		160,918
				99,704,256
		Collateralized Mortgage Obligations — 17.7%
	66,359	Federal Home Loan Mortgage Corp., REMIC, Series 1500, Class FD, 7-year Treasury - 0.200%, 2.630%, 5/15/2023(b)(c)(d)		64,285
	44,042	Federal Home Loan Mortgage Corp., REMIC, Series 1552, Class I, 10-year Treasury - 0.650%, 2.260%, 8/15/2023(b)(c)(d)		43,480
	172,099	Federal Home Loan Mortgage Corp., REMIC, Series 2131, Class ZB, 6.000%, 3/15/2029		181,141
	265,117	Federal Home Loan Mortgage Corp., REMIC, Series 2874, Class BC, 5.000%, 10/15/2019		267,683
	561,094	Federal Home Loan Mortgage Corp., REMIC, Series 2931, Class DE, 4.000%, 2/15/2020		566,855
	1,321,441	Federal Home Loan Mortgage Corp., REMIC, Series 2978, Class JG, 5.500%, 5/15/2035		1,436,475
	2,019,234	Federal Home Loan Mortgage Corp., REMIC, Series 3036, Class NE, 5.000%, 9/15/2035		2,151,788
	1,432,765	Federal Home Loan Mortgage Corp., REMIC, Series 3412, Class AY, 5.500%, 2/15/2038		1,555,446
	1,553,157	Federal Home Loan Mortgage Corp., REMIC, Series 3561, Class W, 2.862%, 6/15/2048(a)(e)		1,440,944
	1,686,151	Federal Home Loan Mortgage Corp., REMIC, Series 3620, Class AT, 4.274%, 12/15/2036(a)(e)		1,776,138
	764,513	Federal Home Loan Mortgage Corp., REMIC, Series 4212, Class FW, 1-month LIBOR + 2.100%, 3.877%, 6/15/2043(b)		738,035

See accompanying notes to financial statements.

|  44

Portfolio of Investments – as of March 31, 2018 (Unaudited)

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

Principal Amount		Description	Value (†)
		Collateralized Mortgage Obligations — continued
$	1,412,837	Federal National Mortgage Association, REMIC, Series 2003-48, Class GH, 5.500%, 6/25/2033	$	1,539,123
	37,944	Federal National Mortgage Association, REMIC, Series 1992-162, Class FB, 7-year Treasury - 0.050%, 2.720%, 9/25/2022(b)(c)(d)		37,554
	42,864	Federal National Mortgage Association, REMIC, Series 1994-42, Class FD, 10-year Treasury - 0.500%, 2.410%, 4/25/2024(b)(c)(d)		42,402
	9,958	Federal National Mortgage Association, REMIC, Series 2002-W10, Class A7, 4.094%, 8/25/2042(a)(c)(d)		10,135
	678,961	Federal National Mortgage Association, REMIC, Series 2005-100, Class BQ, 5.500%, 11/25/2025		717,300
	709,700	Federal National Mortgage Association, REMIC, Series 2007-73, Class A1, 1-month LIBOR + 0.060%, 1.932%, 7/25/2037(b)		697,856
	1,574,110	Federal National Mortgage Association, REMIC, Series 2008-86, Class LA, 3.386%, 8/25/2038(a)		1,604,458
	5,412,360	Federal National Mortgage Association, REMIC, Series 2013-67, Class NF, 1-month LIBOR + 1.000%, 2.872%, 7/25/2043(b)		5,269,110
	24,741	Federal National Mortgage Association, REMIC, Series G93-19, Class FD, 10-year Treasury - 0.650%, 2.190%, 4/25/2023(b)(c)(d)		24,488
	9,609	FHLMC Structured Pass Through Securities, Series T-60, Class 2A1, 3.819%, 3/25/2044(a)(c)(d)		10,040
	685,152	FHLMC Structured Pass Through Securities, Series T-62, Class 1A1, 12-month MTA + 1.200%, 2.401%, 10/25/2044(b)		693,608
	1,208,766	Government National Mortgage Association, Series 2010-H20, Class AF, 1-month LIBOR + 0.330%, 1.905%, 10/20/2060(b)		1,205,687
	1,117,739	Government National Mortgage Association, Series 2010-H24, Class FA, 1-month LIBOR + 0.350%, 1.925%, 10/20/2060(b)		1,115,425
	936,059	Government National Mortgage Association, Series 2011-H06, Class FA, 1-month LIBOR + 0.450%, 2.025%, 2/20/2061(b)		936,906
	4,628,989	Government National Mortgage Association, Series 2011-H23, Class HA, 3.000%, 12/20/2061		4,631,342
	1,437,257	Government National Mortgage Association, Series 2012-124, Class HT, 7.265%, 7/20/2032(a)		1,546,666
	857,874	Government National Mortgage Association, Series 2012-H15, Class FA, 1-month LIBOR + 0.450%, 2.025%, 5/20/2062(b)		858,850
	1,076,213	Government National Mortgage Association, Series 2012-H18, Class NA, 1-month LIBOR + 0.520%, 2.095%, 8/20/2062(b)		1,079,800
	3,281,302	Government National Mortgage Association, Series 2012-H29, Class HF, 1-month LIBOR + 0.500%, 2.075%, 10/20/2062(b)		3,284,839
	2,522,900	Government National Mortgage Association, Series 2013-H02, Class GF, 1-month LIBOR + 0.500%, 2.075%, 12/20/2062(b)		2,526,901
	4,221,467	Government National Mortgage Association, Series 2013-H08, Class FA, 1-month LIBOR + 0.350%, 1.925%, 3/20/2063(b)		4,213,560
	2,977,131	Government National Mortgage Association, Series 2013-H10, Class FA, 1-month LIBOR + 0.400%, 1.975%, 3/20/2063(b)		2,975,492
	10,586,711	Government National Mortgage Association, Series 2013-H22, Class FT, 1-year CMT + 0.650%, 2.440%, 4/20/2063(b)		10,661,718
	6,041,700	Government National Mortgage Association, Series 2014-H14, Class FA, 1-month LIBOR + 0.500%, 2.062%, 7/20/2064(b)		6,061,406

See accompanying notes to financial statements.

45  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

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

Principal Amount		Description	Value (†)
		Collateralized Mortgage Obligations — continued
$	4,085,481	Government National Mortgage Association, Series 2014-H15, Class FA, 1-month LIBOR + 0.500%, 2.075%, 7/20/2064(b)	$	4,101,118
	3,677,468	Government National Mortgage Association, Series 2015-H04, Class FL, 1-month LIBOR + 0.470%, 2.045%, 2/20/2065(b)		3,685,038
	1,463,290	Government National Mortgage Association, Series 2015-H05, Class FA, 1-month LIBOR + 0.300%, 1.875%, 4/20/2061(b)		1,463,365
	6,791,037	Government National Mortgage Association, Series 2015-H09, Class HA, 1.750%, 3/20/2065		6,735,365
	8,623,454	Government National Mortgage Association, Series 2015-H10, Class JA, 2.250%, 4/20/2065		8,289,141
	1,061,131	Government National Mortgage Association, Series 2015-H11, Class FA, 1-month LIBOR + 0.250%, 1.825%, 4/20/2065(b)		1,061,032
	5,572,461	Government National Mortgage Association, Series 2015-H12, Class FL, 1-month LIBOR + 0.230%, 1.805%, 5/20/2065(b)		5,544,716
	3,813,530	Government National Mortgage Association, Series 2015-H19, Class FH, 1-month LIBOR + 0.300%, 1.875%, 7/20/2065(b)		3,815,473
	987,674	Government National Mortgage Association, Series 2015-H29, Class FA, 1-month LIBOR + 0.700%, 2.275%, 10/20/2065(b)		990,580
	627,563	Government National Mortgage Association, Series 2015-H30, Class FA, 1-month LIBOR + 0.680%, 2.255%, 8/20/2061(b)		629,190
	6,053,906	Government National Mortgage Association, Series 2016-H06, Class FC, 1-month LIBOR + 0.920%, 2.495%, 2/20/2066(b)		6,151,355
	4,166,966	Government National Mortgage Association, Series 2016-H10, Class FJ, 1-month LIBOR + 0.600%, 2.175%, 4/20/2066(b)		4,173,260
	6,842,973	Government National Mortgage Association, Series 2016-H19, Class FJ, 1-month LIBOR + 0.400%, 1.975%, 9/20/2063(b)		6,855,204
	7,170,147	Government National Mortgage Association, Series 2017-H24, Class FJ, 1-month LIBOR + 0.250%, 1.825%, 10/20/2067(b)		7,153,009
	245,212	NCUA Guaranteed Notes, Series 2010-A1, Class A, 1-month LIBOR + 0.350%, 1.929%, 12/07/2020(b)		245,500
	552,783	NCUA Guaranteed Notes, Series 2010-R1, Class 1A, 1-month LIBOR + 0.450%, 2.161%, 10/07/2020(b)		554,801
	1,047,471	NCUA Guaranteed Notes, Series 2010-R3, Class 1A, 1-month LIBOR + 0.560%, 2.181%, 12/08/2020(b)		1,052,572
	70,097	NCUA Guaranteed Notes, Series 2010-R3, Class 2A, 1-month LIBOR + 0.560%, 2.181%, 12/08/2020(b)		70,515
				124,538,170
		Hybrid ARMs — 11.0%
	668,203	FHLMC, 1-year CMT + 2.105%, 3.157%, 9/01/2038(b)		702,604
	533,307	FHLMC, 6-month LIBOR + 1.687%, 3.187%, 6/01/2037(b)		545,831
	682,898	FHLMC, 1-year CMT + 2.165%, 3.240%, 4/01/2036(b)		703,941
	1,651,491	FHLMC, 1-year CMT + 2.220%, 3.319%, 7/01/2033(b)		1,741,749
	229,094	FHLMC, 1-year CMT + 2.218%, 3.385%, 9/01/2038(b)		240,713
	3,917,727	FHLMC, 1-year CMT + 2.252%, 3.398%, 3/01/2037(b)		4,129,922
	961,433	FHLMC, 1-year CMT + 2.249%, 3.398%, 9/01/2038(b)		1,012,398
	478,515	FHLMC, 12-month LIBOR + 1.642%, 3.424%, 11/01/2038(b)		498,678
	96,891	FHLMC, 12-month LIBOR + 1.722%, 3.472%, 12/01/2037(b)		99,907

See accompanying notes to financial statements.

|  46

Portfolio of Investments – as of March 31, 2018 (Unaudited)

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

Principal Amount		Description	Value (†)
		Hybrid ARMs — continued
$	1,635,094	FHLMC, 12-month LIBOR + 1.767%, 3.517%, 9/01/2035(b)	$	1,715,712
	1,264,453	FHLMC, 1-year CMT + 2.286%, 3.529%, 2/01/2036(b)		1,331,110
	2,450,380	FHLMC, 1-year CMT + 2.267%, 3.550%, 2/01/2036(b)		2,580,090
	410,783	FHLMC, 12-month LIBOR + 1.810%, 3.564%, 4/01/2037(b)		429,821
	438,939	FHLMC, 12-month LIBOR + 1.867%, 3.630%, 11/01/2038(b)		459,575
	2,403,454	FHLMC, 12-month LIBOR + 1.896%, 3.646%, 9/01/2041(b)		2,517,744
	384,384	FHLMC, 12-month LIBOR + 1.907%, 3.656%, 12/01/2034(b)		405,273
	970,853	FHLMC, 1-year CMT + 2.245%, 3.672%, 3/01/2036(b)		1,021,518
	602,018	FHLMC, 12-month LIBOR + 1.883%, 3.681%, 3/01/2038(b)		631,318
	1,603,300	FHLMC, 12-month LIBOR + 1.822%, 3.801%, 4/01/2037(b)		1,679,466
	398,309	FHLMC, 1-year CMT + 2.250%, 3.963%, 2/01/2035(b)		419,735
	377,547	FHLMC, 12-month LIBOR + 2.180%, 4.124%, 3/01/2037(b)		399,710
	314,826	FNMA, 1-year CMT + 2.214%, 3.010%, 4/01/2033(b)		328,816
	1,211,626	FNMA, 6-month LIBOR + 1.543%, 3.126%, 7/01/2035(b)		1,253,996
	957,158	FNMA, 1-year CMT + 2.194%, 3.215%, 6/01/2036(b)		1,006,321
	499,898	FNMA, 1-year CMT + 2.145%, 3.240%, 9/01/2036(b)		524,528
	127,089	FNMA, 6-month LIBOR + 1.512%, 3.265%, 2/01/2037(b)		131,331
	2,269,643	FNMA, 1-year CMT + 2.274%, 3.274%, 6/01/2037(b)		2,391,041
	1,068,865	FNMA, 1-year CMT + 2.287%, 3.287%, 6/01/2033(b)		1,133,603
	3,068,700	FNMA, 1-year CMT + 2.175%, 3.290%, 12/01/2040(b)		3,236,205
	2,697,639	FNMA, 12-month LIBOR + 1.568%, 3.322%, 9/01/2037(b)		2,798,961
	2,146,331	FNMA, 1-year CMT + 2.174%, 3.326%, 11/01/2033(b)		2,263,753
	4,362,642	FNMA, 1-year CMT + 2.191%, 3.341%, 10/01/2034(b)		4,593,333
	1,175,705	FNMA, 1-year CMT + 2.223%, 3.348%, 8/01/2035(b)		1,240,536
	2,158,392	FNMA, 12-month LIBOR + 1.612%, 3.366%, 7/01/2038(b)		2,245,729
	283,406	FNMA, 12-month LIBOR + 1.619%, 3.369%, 8/01/2035(b)		296,623
	2,414,837	FNMA, 12-month LIBOR + 1.570%, 3.376%, 4/01/2037(b)		2,522,966
	465,017	FNMA, 1-year CMT + 2.185%, 3.378%, 12/01/2034(b)		484,122
	775,849	FNMA, 12-month LIBOR + 1.632%, 3.382%, 8/01/2034(b)		811,948
	739,016	FNMA, 12-month LIBOR + 1.629%, 3.391%, 4/01/2037(b)		764,695
	2,182,884	FNMA, 12-month LIBOR + 1.612%, 3.407%, 7/01/2035(b)		2,285,623
	385,852	FNMA, 12-month LIBOR + 1.657%, 3.407%, 8/01/2038(b)		400,155
	498,567	FNMA, 12-month LIBOR + 1.663%, 3.413%, 10/01/2033(b)		522,303
	542,500	FNMA, 1-year CMT + 2.126%, 3.464%, 9/01/2034(b)		569,521
	855,011	FNMA, 1-year CMT + 2.287%, 3.467%, 10/01/2033(b)		899,248
	3,188,141	FNMA, 1-year CMT + 2.218%, 3.474%, 4/01/2034(b)		3,351,020
	506,217	FNMA, 12-month LIBOR + 1.677%, 3.489%, 11/01/2036(b)		531,139
	398,672	FNMA, 12-month LIBOR + 1.747%, 3.500%, 11/01/2035(b)		418,785
	1,102,380	FNMA, 1-year CMT + 2.231%, 3.508%, 4/01/2034(b)		1,160,693
	150,444	FNMA, 1-year CMT + 2.441%, 3.526%, 8/01/2033(b)		158,415
	3,039,599	FNMA, 12-month LIBOR + 1.800%, 3.550%, 10/01/2041(b)		3,169,419
	874,543	FNMA, 12-month LIBOR + 1.800%, 3.550%, 12/01/2041(b)		905,991
	1,881,496	FNMA, 12-month LIBOR + 1.743%, 3.554%, 9/01/2037(b)		1,968,398
	263,840	FNMA, 12-month LIBOR + 1.800%, 3.563%, 3/01/2034(b)		277,187
	2,265,295	FNMA, 12-month LIBOR + 1.784%, 3.579%, 3/01/2037(b)		2,369,634
	356,359	FNMA, 12-month LIBOR + 1.802%, 3.595%, 7/01/2041(b)		370,664
	925,811	FNMA, 1-year CMT + 2.185%, 3.610%, 1/01/2036(b)		971,501

See accompanying notes to financial statements.

47  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

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

Principal Amount		Description	Value (†)
		Hybrid ARMs — continued
$	105,235	FNMA, 12-month LIBOR + 1.829%, 3.634%, 1/01/2037(b)	$	110,026
	368,627	FNMA, 1-year CMT + 2.500%, 3.688%, 8/01/2036(b)		391,146
	513,996	FNMA, 12-month LIBOR + 1.765%, 3.692%, 2/01/2037(b)		537,587
	1,997,013	FNMA, 6-month LIBOR + 2.161%, 3.717%, 7/01/2037(b)		2,110,473
	753,209	FNMA, 1-year CMT + 2.516%, 3.836%, 5/01/2035(b)		801,068
	1,168,032	FNMA, 12-month LIBOR + 1.820%, 3.917%, 2/01/2047(b)		1,234,668
	700,042	FNMA, 12-month LIBOR + 2.473%, 4.348%, 6/01/2035(b)		752,450
				77,562,436
		Mortgage Related — 13.5%
	80,455	FHLMC, 3.000%, 10/01/2026		80,906
	583,485	FHLMC, 4.000%, with various maturities from 2024 to 2042(f)		603,243
	345,542	FHLMC, 4.500%, with various maturities from 2025 to 2034(f)		359,352
	150,741	FHLMC, 5.500%, 10/01/2023		156,814
	141,178	FHLMC, COFI + 1.250%, 5.767%, 6/01/2020(b)		143,635
	247,575	FHLMC, COFI + 1.250%, 5.897%, 8/01/2020(b)		254,210
	127,372	FHLMC, COFI + 1.250%, 5.923%, 10/01/2020(b)		130,216
	190,368	FHLMC, COFI + 1.250%, 5.953%, 11/01/2020(b)		194,257
	7,191	FHLMC, 6.000%, 11/01/2019		7,285
	281,716	FHLMC, 6.500%, 12/01/2034		317,262
	317	FHLMC, 7.500%, 6/01/2026		347
	2,534	FHLMC, 11.500%, 4/01/2020		2,538
	157,945	FNMA, 3.000%, 3/01/2042		155,303
	1,623,276	FNMA, 5.000%, with various maturities from 2037 to 2038(f)		1,752,533
	861,629	FNMA, 5.500%, with various maturities from 2018 to 2033(f)		916,740
	941,033	FNMA, 6.000%, with various maturities from 2021 to 2022(f)		981,813
	200,266	FNMA, 6.500%, with various maturities from 2032 to 2037(f)		223,610
	3,741	FNMA, 7.000%, 12/01/2022		3,744
	76,089	FNMA, 7.500%, with various maturities from 2030 to 2032(f)		82,517
	3,639,151	GNMA, 1-month LIBOR + 1.719%, 3.330%, 2/20/2061(b)		3,804,815
	2,785,991	GNMA, 1-month LIBOR + 1.890%, 3.454%, 2/20/2063(b)		2,923,172
	3,732,933	GNMA, 1-month LIBOR + 2.160%, 3.724%, 3/20/2063(b)		3,920,615
	905,214	GNMA, 1-month LIBOR + 2.263%, 3.827%, 5/20/2065(b)		964,123
	1,011,978	GNMA, 1-month LIBOR + 2.275%, 3.836%, 6/20/2065(b)		1,082,220
	2,031,165	GNMA, 1-month LIBOR + 2.369%, 3.932%, 2/20/2063(b)		2,144,447
	1,550,793	GNMA, 4.439%, 2/20/2063(a)		1,589,740
	3,248,588	GNMA, 4.440%, 6/20/2063(a)		3,346,337
	1,694,006	GNMA, 4.443%, 3/20/2063(a)		1,739,380
	3,258,490	GNMA, 4.450%, 2/20/2062(a)		3,304,871
	3,687,082	GNMA, 4.500%, 10/20/2065(a)		3,931,145
	2,685,400	GNMA, 4.509%, 12/20/2061(a)		2,723,635
	10,537,921	GNMA, 4.510%, 12/20/2061(a)		10,655,188
	6,033,492	GNMA, 4.541%, 12/20/2062(a)		6,178,974
	1,461,788	GNMA, 4.555%, 3/20/2062(a)		1,485,980
	565,080	GNMA, 4.556%, 8/20/2061(a)		572,289
	2,837,144	GNMA, 4.558%, 6/20/2062(a)		2,890,408
	10,694,961	GNMA, 4.577%, with various maturities from 2062 to 2063(a)(f)		10,932,335
	622,179	GNMA, 4.589%, 7/20/2063(a)		659,169

See accompanying notes to financial statements.

|  48

Portfolio of Investments – as of March 31, 2018 (Unaudited)

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

Principal Amount		Description	Value (†)
		Mortgage Related — continued
$	1,971,028	GNMA, 4.603%, 2/20/2066(a)	$	2,098,409
	1,808,914	GNMA, 4.624%, 3/20/2064(a)		1,926,815
	1,131,527	GNMA, 4.641%, 3/20/2062(a)		1,148,203
	399,887	GNMA, 4.652%, 1/20/2064(a)		426,862
	4,430,697	GNMA, 4.673%, 2/20/2062(a)		4,492,854
	2,086,076	GNMA, 4.683%, 11/20/2063(a)		2,210,809
	4,267,458	GNMA, 4.684%, with various maturities from 2061 to 2064(a)(f)		4,397,304
	2,039,769	GNMA, 4.687%, 2/20/2062(a)		2,066,846
	3,664,848	GNMA, 4.700%, with various maturities in 2061(a)(f)		3,691,637
	400,837	GNMA, 4.717%, 3/20/2061(a)		403,542
	752,799	GNMA, 4.732%, 8/20/2062(a)		765,491
	278,765	GNMA, 5.024%, 4/20/2061(a)		284,936
	13,986	GNMA, 6.000%, 12/15/2031		15,645
	59,821	GNMA, 6.500%, 5/15/2031		67,326
	66,478	GNMA, 7.000%, 10/15/2028		73,153
				95,285,000
		Non-Agency Commercial Mortgage-Backed Securities — 3.9%
	1,310,000	Commercial Mortgage Pass Through Certificates, Series 2012-LTRT, Class A2, 3.400%, 10/05/2030, 144A		1,274,777
	1,672,583	Commercial Mortgage Pass Through Certificates, Series 2014-FL5, Class A, 1-month LIBOR + 1.370%, 3.110%, 10/15/2031, 144A(b)		1,676,170
	1,488,000	Commercial Mortgage Pass Through Certificates, Series 2014-UBS2, Class A5, 3.961%, 3/10/2047		1,536,483
	4,282,000	Commercial Mortgage Pass Through Certificates, Series 2016-DC2, Class ASB, 3.550%, 2/10/2049		4,361,936
	1,398,894	DBUBS Mortgage Trust, Series 2011-LC2A, Class A4, 4.537%, 7/10/2044, 144A		1,454,129
	1,177,707	GP Portfolio Trust, Series 2014-GPP, Class A, 1-month LIBOR + 1.200%, 2.977%, 2/15/2027, 144A(b)		1,177,921
	2,600,000	Hudsons Bay Simon JV Trust, Series 2015-HB7, Class A7, 3.914%, 8/05/2034, 144A		2,588,922
	5,535,000	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2014-CBM, Class A, 1-month LIBOR + 0.900%, 2.677%, 10/15/2029, 144A(b)		5,534,993
	3,544,608	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2015-SGP, Class A, 1-month LIBOR + 1.700%, 3.477%, 7/15/2036, 144A(b)		3,551,206
	1,040,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C8, Class A4, 3.134%, 12/15/2048		1,035,757
	3,426,748	Starwood Retail Property Trust, Inc., Series 2014-STAR, Class A, 1-month LIBOR + 1.220%, 2.997%, 11/15/2027, 144A(b)		3,430,163
				27,622,457
		Sovereigns — 0.3%
	1,955,000	U.S. Department of Housing and Urban Development, 1.880%, 8/01/2019		1,943,641
		Treasuries — 31.5%
	4,190,000	U.S. Treasury Note, 0.625%, 4/30/2018		4,186,863
	7,100,000	U.S. Treasury Note, 0.875%, 7/31/2019		6,977,969
	7,000,000	U.S. Treasury Note, 1.125%, 2/28/2021		6,750,625
	20,395,000	U.S. Treasury Note, 1.125%, 6/30/2021		19,564,860

See accompanying notes to financial statements.

49  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

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

Principal Amount		Description	Value (†)
		Treasuries — continued
$	25,890,000	U.S. Treasury Note, 1.125%, 8/31/2021	$	24,762,369
	4,500,000	U.S. Treasury Note, 1.375%, 12/15/2019		4,432,851
	4,145,000	U.S. Treasury Note, 1.375%, 1/31/2021		4,029,879
	5,000,000	U.S. Treasury Note, 1.500%, 10/31/2019		4,941,602
	7,550,000	U.S. Treasury Note, 1.750%, 11/15/2020		7,432,326
	15,000,000	U.S. Treasury Note, 1.750%, 12/31/2020		14,750,977
	8,460,000	U.S. Treasury Note, 1.750%, 6/30/2022		8,199,260
	12,605,000	U.S. Treasury Note, 1.750%, 9/30/2022		12,184,013
	7,895,000	U.S. Treasury Note, 1.875%, 4/30/2022		7,699,784
	3,505,000	U.S. Treasury Note, 1.875%, 7/31/2022		3,410,940
	17,015,000	U.S. Treasury Note, 2.000%, 12/31/2021		16,713,914
	16,245,000	U.S. Treasury Note, 2.000%, 11/15/2026		15,321,066
	13,945,000	U.S. Treasury Note, 2.125%, 9/30/2021		13,785,395
	26,120,000	U.S. Treasury Note, 2.250%, 1/31/2024		25,581,275
	1,780,000	U.S. Treasury Note, 2.250%, 11/15/2027		1,705,045
	19,350,000	U.S. Treasury Note, 2.625%, 3/31/2025		19,272,902
				221,703,915
		Total Bonds and Notes (Identified Cost $676,835,699)		662,362,226
	Short-Term Investments — 6.7%
	22,900,000	Federal Home Loan Bank Discount Notes, 1.465%-1.690%, 4/02/2018(g)(h)		22,900,000
	24,383,280	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/29/2018 at 0.900% to be repurchased at $24,385,719 on 4/02/2018 collateralized by $24,675,000 U.S. Treasury Note, 2.750% due 2/15/2024 valued at $24,873,486 including accrued interest (Note 2 of Notes to Financial Statements)		24,383,280
		Total Short-Term Investments (Identified Cost $47,282,318)		47,283,280
		Total Investments — 100.7% (Identified Cost $724,118,017)		709,645,506
		Other assets less liabilities — (0.7)%		(4,589,535	)
		Net Assets — 100.0%	$	705,055,971
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of March 31, 2018 is disclosed.
	(b)	Variable rate security. Rate as of March 31, 2018 is disclosed.
	(c)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.

See accompanying notes to financial statements.

|  50

Portfolio of Investments – as of March 31, 2018 (Unaudited)

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

(d)	Fair valued by the Fund’s adviser. At March 31, 2018, the value of these securities amounted to $232,384 or less than 0.1% of net assets. See Note 2 of Notes to Financial Statements.
(e)	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.
(f)	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.
(g)	Interest rate represents discount rate at time of purchase; not a coupon rate.
(h)	The Fund’s investment in U.S. Government/Agency securities 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.
144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2018, the value of Rule 144A holdings amounted to $34,690,632 or 4.9% of net assets.
ABS	Asset-Backed Securities
ARMs	Adjustable Rate Mortgages
CMT	Constant Maturity Treasury
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 Interest
REMIC	Real Estate Mortgage Investment Conduit

Industry Summary at March 31, 2018 (Unaudited)

Treasuries	31.5	%
Collateralized Mortgage Obligations	17.7
Agency Commercial Mortgage-Backed Securities	14.2
Mortgage Related	13.5
Hybrid ARMs	11.0
Non-Agency Commercial Mortgage-Backed Securities	3.9
Other Investments, less than 2% each	2.2
Short-Term Investments	6.7
Total Investments	100.7
Other assets less liabilities	(0.7	)
Net Assets	100.0	%

See accompanying notes to financial statements.

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|  52

Statements of Assets and Liabilities

March 31, 2018 (Unaudited)

	High Income Fund			Intermediate Duration Bond Fund			Limited Term Government and Agency Fund
ASSETS
Investments at cost	$	179,209,037		$	180,930,861		$	724,118,017
Net unrealized depreciation		(5,155,946	)		(2,427,388	)		(14,472,511	)
Investments at value		174,053,091			178,503,473			709,645,506
Cash		346,854			4,396			33
Due from brokers (Note 2)		270,000			60,000			—
Foreign currency at value (identified cost $44,584, $0 and $0, respectively)		44,783			—			—
Receivable for Fund shares sold		93,118			283,126			689,621
Receivable for securities sold		46,988			486,796			43,818,279
Dividends and interest receivable		2,430,602			754,668			2,556,808
Unrealized appreciation on forward foreign currency contracts (Note 2)		2,257			—			—
Tax reclaims receivable		2,304			—			—
Receivable for variation margin on futures contracts (Note 2)		—			8,750			—
Receivable from distributor (Note 6d)		3,479			—			—
Prepaid expenses (Note 8)		20			21			92
TOTAL ASSETS		177,293,496			180,101,230			756,710,339
LIABILITIES
Payable for securities purchased		2,511,299			3,049,252			47,832,456
Payable for Fund shares redeemed		1,054,833			143,771			2,862,024
Unrealized depreciation on forward foreign currency contracts (Note 2)		374,733			—			—
Distributions payable		—			—			268,155
Management fees payable (Note 6)		81,297			32,350			234,870
Deferred Trustees’ fees (Note 6)		147,541			103,513			293,339
Administrative fees payable (Note 6)		6,693			6,718			27,118
Payable to distributor (Note 6d)		—			1,272			11,353
Other accounts payable and accrued expenses		53,391			41,465			125,053
TOTAL LIABILITIES		4,229,787			3,378,341			51,654,368
NET ASSETS	$	173,063,709		$	176,722,889		$	705,055,971
NET ASSETS CONSIST OF:
Paid-in capital	$	178,142,605		$	182,188,007		$	744,923,733
Distributions in excess of net investment income		(163,423	)		(149,062	)		(2,976,225	)
Accumulated net realized gain (loss) on investments, futures contracts, forward foreign currency contracts and foreign currency transactions		606,737			(2,914,730	)		(22,419,026	)
Net unrealized depreciation on investments, futures contracts, forward foreign currency contracts and foreign currency translations		(5,522,210	)		(2,401,326	)		(14,472,511	)
NET ASSETS	$	173,063,709		$	176,722,889		$	705,055,971

See accompanying notes to financial statements.

53  |

Statements of Assets and Liabilities (continued)

March 31, 2018 (Unaudited)

	High Income Fund		Intermediate Duration Bond Fund		Limited Term Government and Agency Fund
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	28,252,661	$	17,858,783	$	318,741,309
Shares of beneficial interest		6,629,992		1,773,879		28,525,509
Net asset value and redemption price per share	$	4.26	$	10.07	$	11.17
Offering price per share (100/[100-maximum sales charge] of net asset value) (Note 1)	$	4.45	$	10.52	$	11.43
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	9,343,561	$	3,163,568	$	33,954,298
Shares of beneficial interest		2,186,246		314,104		3,036,089
Net asset value and offering price per share	$	4.27	$	10.07	$	11.18
Class N shares:
Net assets	$	10,302,423	$	—	$	2,383,367
Shares of beneficial interest		2,421,049		—		212,688
Net asset value, offering and redemption price per share	$	4.26	$	—	$	11.21
Class Y shares:
Net assets	$	125,165,064	$	155,700,538	$	349,976,997
Shares of beneficial interest		29,450,718		15,470,980		31,220,607
Net asset value, offering and redemption price per share	$	4.25	$	10.06	$	11.21

See accompanying notes to financial statements.

|  54

Statements of Operations

For the Six Months Ended March 31, 2018 (Unaudited)

	High Income Fund			Intermediate Duration Bond Fund			Limited Term Government and Agency Fund
INVESTMENT INCOME
Interest	$	4,996,798		$	2,416,246		$	6,483,826
Dividends		100,070			—			—
Less net foreign taxes withheld		(1,240	)		—			—
		5,095,628			2,416,246			6,483,826
Expenses
Management fees (Note 6)		526,816			227,216			1,337,479
Service and distribution fees (Note 6)		90,118			43,172			604,287
Administrative fees (Note 6)		38,895			40,261			161,392
Trustees’ fees and expenses (Note 6)		18,711			15,871			34,631
Transfer agent fees and expenses (Notes 6 and 7)		99,773			47,526			319,147
Audit and tax services fees		23,474			23,474			25,258
Custodian fees and expenses		13,329			9,735			20,500
Legal fees		1,578			1,698			5,890
Registration fees		52,216			18,917			45,233
Shareholder reporting expenses		14,491			11,537			48,364
Miscellaneous expenses (Note 8)		9,237			8,283			16,308
Total expenses		888,638			447,690			2,618,489
Less waiver and/or expense reimbursement (Note 6)		(96,541	)		(40,973	)		(11,272	)
Net expenses		792,097			406,717			2,607,217
Net investment income		4,303,531			2,009,529			3,876,609
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FORWARD FOREIGN CURRENCY CONTRACTS, FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		1,745,800			(1,435,148	)		(372,142	)
Futures contracts		—			(334,910	)		—
Foreign currency transactions (Note 2c)		527			—			—
Net change in unrealized appreciation (depreciation) on:
Investments		(6,097,451	)		(2,342,868	)		(6,045,197	)
Futures contracts		—			129,337			—
Forward foreign currency contracts (Note 2d)		(372,476	)		—			—
Foreign currency translations (Note 2c)		6,822			—			—
Net realized and unrealized loss on investments, forward foreign currency contracts, futures contracts and foreign currency transactions		(4,716,778	)		(3,983,589	)		(6,417,339	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(413,247	)	$	(1,974,060	)	$	(2,540,730	)

See accompanying notes to financial statements.

55  |

Statements of Changes in Net Assets

	High Income Fund						Intermediate Duration Bond Fund
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
FROM OPERATIONS:
Net investment income	$	4,303,531		$	8,976,856		$	2,009,529		$	3,346,060
Net realized gain (loss) on investments, forward foreign currency contracts, futures contracts and foreign currency transactions		1,746,327			838,850			(1,770,058	)		(364,816	)
Net change in unrealized appreciation (depreciation) on investments, futures contracts, forward foreign currency contracts, and foreign currency translations		(6,463,105	)		3,999,707			(2,213,531	)		(1,513,370	)
Net increase (decrease) in net assets resulting from operations		(413,247	)		13,815,413			(1,974,060	)		1,467,874
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(699,389	)		(1,577,362	)		(226,235	)		(390,277	)
Class C		(191,537	)		(453,429	)		(22,124	)		(36,839	)
Class N		(45,245	)		(41	)		—			—
Class Y		(3,173,424	)		(6,175,066	)		(1,885,725	)		(3,322,106	)
Net realized capital gains
Class A		—			—			—			(146,821	)
Class C		—			—			—			(22,477	)
Class Y		—			—			—			(1,093,586	)
Total distributions		(4,109,595	)		(8,205,898	)		(2,134,084	)		(5,012,106	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(1,621,362	)		(2,678,063	)		1,110,766			21,450,975
Net increase (decrease) in net assets		(6,144,204	)		2,931,452			(2,997,378	)		17,906,743
NET ASSETS
Beginning of the period		179,207,913			176,276,461			179,720,267			161,813,524
End of the period	$	173,063,709		$	179,207,913		$	176,722,889		$	179,720,267
DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME	$	(163,423	)	$	(357,359	)	$	(149,062	)	$	(24,507	)

See accompanying notes to financial statements.

|  56

Statements of Changes in Net Assets (continued)

	Limited Term Government and Agency Fund
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
FROM OPERATIONS:
Net investment income	$	3,876,609		$	5,954,599
Net realized loss on investments		(372,142	)		(1,193,894	)
Net change in unrealized appreciation (depreciation) on investments		(6,045,197	)		(5,444,007	)
Net decrease in net assets resulting from operations		(2,540,730	)		(683,302	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(3,111,709	)		(6,178,474	)
Class C		(222,689	)		(492,969	)
Class N		(23,046	)		(19,353	)
Class Y		(3,863,127	)		(6,976,388	)
Total distributions		(7,220,571	)		(13,667,184	)
NET DECREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(26,950,326	)		(171,478,152	)
Net decrease in net assets		(36,711,627	)		(185,828,638	)
NET ASSETS
Beginning of the period		741,767,598			927,596,236
End of the period	$	705,055,971		$	741,767,598
UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME	$	(2,976,225	)	$	367,737

See accompanying notes to financial statements.

57  |

Financial Highlights

For a share outstanding throughout each period.

	High Income Fund—Class A
	Six Months Ended March 31, 2018 (Unaudited)			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	$	4.37		$	4.23		$	3.99		$	4.49		$	4.59		$	4.60
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.10			0.22			0.20			0.19			0.21			0.24
Net realized and unrealized gain (loss)		(0.11	)		0.12			0.21			(0.39	)		0.17			0.03
Total from Investment Operations		(0.01	)		0.34			0.41			(0.20	)		0.38			0.27
LESS DISTRIBUTIONS FROM:
Net investment income		(0.10	)		(0.20	)		(0.16	)		(0.19	)		(0.22	)		(0.27	)
Net realized capital gains		—			—			(0.01	)		(0.11	)		(0.26	)		(0.01	)
Total Distributions		(0.10	)		(0.20	)		(0.17	)		(0.30	)		(0.48	)		(0.28	)
Net asset value, end of the period	$	4.26		$	4.37		$	4.23		$	3.99		$	4.49		$	4.59
Total return(b)		(0.28	)%(c)(d)		8.17	%(d)		10.66	%(d)		(4.78	)%(d)		8.42	%		6.27	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	28,253		$	34,039		$	34,820		$	37,870		$	42,630		$	45,791
Net expenses		1.05	%(e)(f)		1.09	%(f)(g)		1.10	%(f)		1.11	%(f)(h)		1.14	%		1.15	%(i)
Gross expenses		1.16	%(e)		1.15	%		1.14	%		1.13	%		1.14	%		1.15	%(i)
Net investment income		4.74	%(e)		5.03	%		5.16	%		4.41	%		4.57	%		5.11	%
Portfolio turnover rate		27	%		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) Periods less than one year are not annualized.

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

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

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

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

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

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

See accompanying notes to financial statements.

|  58

Financial Highlights (continued)

For a share outstanding throughout each period.

	High Income Fund—Class C
	Six Months Ended March 31, 2018 (Unaudited)			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	$	4.38		$	4.24		$	4.00		$	4.50		$	4.61		$	4.61
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.09			0.18			0.18			0.16			0.18			0.21
Net realized and unrealized gain (loss)		(0.12	)		0.12			0.20			(0.39	)		0.16			0.04
Total from Investment Operations		(0.03	)		0.30			0.38			(0.23	)		0.34			0.25
LESS DISTRIBUTIONS FROM:
Net investment income		(0.08	)		(0.16	)		(0.13	)		(0.16	)		(0.19	)		(0.24	)
Net realized capital gains		—			—			(0.01	)		(0.11	)		(0.26	)		(0.01	)
Total Distributions		(0.08	)		(0.16	)		(0.14	)		(0.27	)		(0.45	)		(0.25	)
Net asset value, end of the period	$	4.27		$	4.38		$	4.24		$	4.00		$	4.50		$	4.61
Total return(b)		(0.66	)%(c)(d)		7.33	%(d)		9.81	%(d)		(5.48	)%(d)		7.60	%		5.46	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	9,344		$	11,227		$	12,288		$	12,609		$	14,555		$	15,233
Net expenses		1.80	%(e)(f)		1.84	%(f)(g)		1.85	%(f)		1.86	%(f)(h)		1.89	%		1.90	%(i)
Gross expenses		1.91	%(e)		1.90	%		1.89	%		1.88	%		1.89	%		1.90	%(i)
Net investment income		3.97	%(e)		4.29	%		4.43	%		3.68	%		3.84	%		4.36	%
Portfolio turnover rate		27	%		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) Periods less than one year are not annualized.

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

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

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

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

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

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

See accompanying notes to financial statements.

59  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	High Income Fund—Class N
	Six Months Ended March 31, 2018 (Unaudited)			Period Ended September 30, 2017*
Net asset value, beginning of the period	$	4.36		$	4.16
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.08			0.19
Net realized and unrealized gain (loss)		(0.08	)		0.18
Total from Investment Operations		—			0.37
LESS DISTRIBUTIONS FROM:
Net investment income		(0.10	)		(0.17	)
Net asset value, end of the period	$	4.26		$	4.36
Total return(b)(c)		0.10	%		8.99	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	10,302		$	1
Net expenses(d)(e)		0.75	%		0.75	%(f)
Gross expenses(d)		0.81	%		31.73	%
Net investment income(d)		4.06	%		5.19	%
Portfolio turnover rate		27	%		46	%(g)

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

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

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

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

(f) 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.

|  60

Financial Highlights (continued)

For a share outstanding throughout each period.

	High Income Fund—Class Y
	Six Months Ended March 31, 2018 (Unaudited)			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	$	4.36		$	4.22		$	3.98		$	4.48		$	4.59		$	4.59
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.11			0.23			0.21			0.20			0.22			0.25
Net realized and unrealized gain (loss)		(0.12	)		0.12			0.21			(0.39	)		0.16			0.04
Total from Investment Operations		(0.01	)		0.35			0.42			(0.19	)		0.38			0.29
LESS DISTRIBUTIONS FROM:
Net investment income		(0.10	)		(0.21	)		(0.17	)		(0.20	)		(0.23	)		(0.28	)
Net realized capital gains		—			—			(0.01	)		(0.11	)		(0.26	)		(0.01	)
Total Distributions		(0.10	)		(0.21	)		(0.18	)		(0.31	)		(0.49	)		(0.29	)
Net asset value, end of the period	$	4.25		$	4.36		$	4.22		$	3.98		$	4.48		$	4.59
Total return		(0.15	)%(b)(c)		8.47	%(c)		10.98	%(c)		(4.54	)%(c)		8.72	%		6.56	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	125,165		$	133,940		$	129,169		$	116,837		$	125,185		$	108,170
Net expenses		0.80	%(d)(e)		0.84	%(e)(f)		0.85	%(e)		0.86	%(e)(g)		0.89	%		0.90	%(h)
Gross expenses		0.91	%(d)		0.90	%		0.89	%		0.88	%		0.89	%		0.90	%(h)
Net investment income		5.02	%(d)		5.28	%		5.43	%		4.67	%		4.83	%		5.37	%
Portfolio turnover rate		27	%		46	%		38	%		69	%		59	%		47	%

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

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

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

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

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

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

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

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

See accompanying notes to financial statements.

61  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Intermediate Duration Bond Fund—Class A*
	Six Months Ended March 31, 2018 (Unaudited)			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	$	10.29		$	10.52		$	10.39		$	10.39		$	10.34		$	10.80
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.10			0.17			0.20			0.20			0.22			0.18
Net realized and unrealized gain (loss)		(0.21	)		(0.12	)		0.17			0.03			0.11			(0.23	)
Total from Investment Operations		(0.11	)		0.05			0.37			0.23			0.33			(0.05	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.11	)		(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		(0.11	)		(0.28	)		(0.24	)		(0.23	)		(0.28	)		(0.41	)
Net asset value, end of the period	$	10.07		$	10.29		$	10.52		$	10.39		$	10.39		$	10.34
Total return(b)(c)		(1.09	)%(d)		0.44	%		3.64	%		2.17	%		3.24	%		(0.46	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	17,859		$	21,828		$	19,327		$	18,425		$	5,931		$	5,601
Net expenses(e)		0.65	%(f)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Gross expenses		0.69	%(f)		0.72	%		0.72	%		0.71	%		0.85	%		0.79	%
Net investment income		2.00	%(f)		1.69	%		1.89	%		1.93	%		2.07	%		1.71	%
Portfolio turnover rate		81	%		216	%		151	%		151	%		134	%		124	%

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

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

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

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

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

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

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

See accompanying notes to financial statements.

|  62

Financial Highlights (continued)

For a share outstanding throughout each period.

	Intermediate Duration Bond Fund—Class C
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Period Ended September 30, 2016*
Net asset value, beginning of the period	$	10.30		$	10.53		$	10.53
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.06			0.10			0.01
Net realized and unrealized gain (loss)		(0.22	)		(0.13	)		0.00	(b)
Total from Investment Operations		(0.16	)		(0.03	)		0.01
LESS DISTRIBUTIONS FROM:
Net investment income		(0.07	)		(0.12	)		(0.01	)
Net realized capital gains		—			(0.08	)		—
Total Distributions		(0.07	)		(0.20	)		(0.01	)
Net asset value, end of the period	$	10.07		$	10.30		$	10.53
Total return(c)(d)		(1.55	)%(e)		(0.29	)%		0.08	%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	3,164		$	3,225		$	3,088
Net expenses(f)		1.40	%(g)		1.40	%		1.40	%(g)
Gross expenses		1.45	%(g)		1.48	%		1.56	%(g)
Net investment income		1.26	%(g)		0.95	%		0.86	%(g)
Portfolio turnover rate		81	%		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.

63  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Intermediate Duration Bond Fund—Class Y*
	Six Months Ended March 31, 2018 (Unaudited)			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	$	10.29		$	10.52		$	10.39		$	10.39		$	10.33		$	10.80
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.11			0.20			0.22			0.22			0.24			0.21
Net realized and unrealized gain (loss)		(0.22	)		(0.13	)		0.18			0.04			0.12			(0.24	)
Total from Investment Operations		(0.11	)		0.07			0.40			0.26			0.36			(0.03	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.12	)		(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		(0.12	)		(0.30	)		(0.27	)		(0.26	)		(0.30	)		(0.44	)
Net asset value, end of the period	$	10.06		$	10.29		$	10.52		$	10.39		$	10.39		$	10.33
Total return(b)		(1.06	)%(c)		0.69	%		3.90	%		2.42	%		3.60	%		(0.30	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	155,701		$	154,668		$	139,398		$	88,592		$	66,759		$	66,424
Net expenses(d)		0.40	%(e)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Gross expenses		0.45	%(e)		0.47	%		0.47	%		0.47	%		0.57	%		0.48	%
Net investment income		2.26	%(e)		1.93	%		2.11	%		2.15	%		2.31	%		1.97	%
Portfolio turnover rate		81	%		216	%		151	%		151	%		134	%		124	%

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

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

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

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

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

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

See accompanying notes to financial statements.

|  64

Financial Highlights (continued)

For a share outstanding throughout each period.

	Limited Term Government and Agency Fund—Class A
	Six Months Ended March 31, 2018 (Unaudited)			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	$	11.32		$	11.51		$	11.57		$	11.61		$	11.68		$	12.04
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.05			0.08			0.11			0.14			0.16			0.13
Net realized and unrealized gain (loss)		(0.09	)		(0.09	)		0.00	(b)		0.01	(c)		0.01			(0.23	)
Total from Investment Operations		(0.04	)		(0.01	)		0.11			0.15			0.17			(0.10	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.11	)		(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		(0.11	)		(0.18	)		(0.17	)		(0.19	)		(0.24	)		(0.26	)
Net asset value, end of the period	$	11.17		$	11.32		$	11.51		$	11.57		$	11.61		$	11.68
Total return(d)		(0.39	)%(e)		(0.04	)%		0.93	%		1.26	%		1.44	%		(0.81	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	318,741		$	336,227		$	442,671		$	346,317		$	314,360		$	355,212
Net expenses		0.80	%(f)		0.80	%		0.77	%		0.77	%		0.80	%(g)		0.87	%(h)
Gross expenses		0.80	%(f)		0.80	%		0.77	%		0.77	%		0.80	%(g)		0.87	%(h)
Net investment income		0.98	%(f)		0.67	%		0.96	%		1.21	%		1.35	%		1.11	%
Portfolio turnover rate		69	%		126	%		109	%(i)		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) Periods less than one year are not annualized.

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

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

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

(i) 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.

65  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Limited Term Government and Agency Fund—Class C
	Six Months Ended March 31, 2018 (Unaudited)			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	$	11.33		$	11.52		$	11.58		$	11.62		$	11.69		$	12.05
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.01			(0.01	)		0.02			0.05			0.07			0.04
Net realized and unrealized gain (loss)		(0.10	)		(0.08	)		0.00	(b)		0.01	(c)		0.01			(0.23	)
Total from Investment Operations		(0.09	)		(0.09	)		0.02			0.06			0.08			(0.19	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.06	)		(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		(0.06	)		(0.10	)		(0.08	)		(0.10	)		(0.15	)		(0.17	)
Net asset value, end of the period	$	11.18		$	11.33		$	11.52		$	11.58		$	11.62		$	11.69
Total return(d)		(0.76	)%(e)		(0.79	)%		0.18	%		0.51	%		0.69	%		(1.55	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	33,954		$	43,319		$	73,027		$	63,167		$	56,936		$	71,963
Net expenses		1.55	%(f)		1.55	%		1.52	%		1.53	%		1.55	%(g)		1.62	%(h)
Gross expenses		1.55	%(f)		1.55	%		1.52	%		1.53	%		1.55	%(g)		1.62	%(h)
Net investment income (loss)		0.22	%(f)		(0.09	)%		0.21	%		0.47	%		0.61	%		0.36	%
Portfolio turnover rate		69	%		126	%		109	%(i)		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) Periods less than one year are not annualized.

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

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

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

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

See accompanying notes to financial statements.

|  66

Financial Highlights (continued)

For a share outstanding throughout each period.

	Limited Term Government and Agency Fund—Class N
	Six Months Ended March 31, 2018 (Unaudited)			Period Ended September 30, 2017*
Net asset value, beginning of the period	$	11.36		$	11.39
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.07			0.05
Net realized and unrealized gain (loss)		(0.09	)		0.08	(b)
Total from Investment Operations		(0.02	)		0.13
LESS DISTRIBUTIONS FROM:
Net investment income		(0.13	)		(0.16	)
Net asset value, end of the period	$	11.21		$	11.36
Total return(c)(d)		(0.22	)%		1.12	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	2,383		$	1,900
Net expenses(e)(f)		0.47	%		0.47	%
Gross expenses(f)		0.48	%		0.50	%
Net investment income(f)		1.32	%		0.64	%
Portfolio turnover rate		69	%		126	%(g)

* 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.

67  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Limited Term Government and Agency Fund—Class Y
	Six Months Ended March 31, 2018 (Unaudited)			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	$	11.36		$	11.55		$	11.61		$	11.65		$	11.72		$	12.08
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.07			0.11			0.14			0.17			0.18			0.16
Net realized and unrealized gain (loss)		(0.10	)		(0.09	)		0.00	(b)		0.01	(c)		0.02			(0.23	)
Total from Investment Operations		(0.03	)		0.02			0.14			0.18			0.20			(0.07	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.12	)		(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		(0.12	)		(0.21	)		(0.20	)		(0.22	)		(0.27	)		(0.29	)
Net asset value, end of the period	$	11.21		$	11.36		$	11.55		$	11.61		$	11.65		$	11.72
Total return		(0.26	)%(d)		0.22	%		1.19	%		1.51	%		1.70	%		(0.56	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	349,977		$	360,322		$	411,898		$	431,727		$	330,224		$	252,127
Net expenses		0.55	%(e)		0.55	%		0.52	%		0.52	%		0.55	%(f)		0.62	%(g)
Gross expenses		0.55	%(e)		0.55	%		0.52	%		0.52	%		0.55	%(f)		0.62	%(g)
Net investment income		1.23	%(e)		0.92	%		1.20	%		1.45	%		1.58	%		1.35	%
Portfolio turnover rate		69	%		126	%		109	%(h)		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) Periods less than one year are not annualized.

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

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

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

(h) 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.

|  68

Notes to Financial Statements

March 31, 2018 (Unaudited)

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

Loomis Sayles Funds I:

Loomis Sayles Intermediate Duration Bond Fund (the “Intermediate Duration Bond Fund”)

Loomis Sayles Funds II:

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

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

Each Fund is a diversified investment company.

The Funds each offer Class A, Class C and Class Y shares. In addition, High Income Fund and Limited Term Government and Agency Fund began offering Class N shares effective November 30, 2016 and February 1, 2017, respectively. Class T shares of the Funds are not currently available for purchase.

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 Class C) and transfer agent fees for High Income Fund and Limited Term Government

69  |

Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

and Agency Fund are borne collectively for Class A, Class C and Class Y, and individually for Class N. In addition, each class votes as a class only with respect to its own Rule 12b-1 Plan. Shares of each class would receive their pro rata share of the net assets of a Fund if the Fund were liquidated. The Trustees approve separate distributions from net investment income on each class of shares.

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

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

Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers. Senior loans are valued at bid prices supplied by an independent pricing service, if available. Listed equity securities (including shares of closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. Unlisted equity securities (except unlisted preferred equity securities) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or 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

|  70

Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

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. 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.

71  |

Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

As of March 31, 2018, 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	$	2,856,941		1.7	%	$	1,509,940		0.9	%
Limited Term Government and Agency Fund		—		—			232,384		Less than 0.1	%

b.  Investment Transactions and Related Investment Income.  Investment transactions are accounted for on a trade date plus one day basis for daily NAV calculation. However, for financial reporting purposes, investment transactions are reported on trade date. Dividend income is recorded on ex-dividend date, or in the case of certain foreign securities, as soon as a Fund is notified, and interest income is recorded on an accrual basis. Interest income is increased by the accretion of discount and decreased by the amortization of premium, if applicable. Periodic principal adjustments for inflation-protected securities are recorded to interest income. Negative principal adjustments (in the event of deflation) are recorded as reductions of interest income to the extent of interest income earned, not to exceed the amount of positive principal adjustments on a cumulative basis. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis. Investment income, non-class specific expenses and realized and unrealized gains and losses are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund.

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

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

|  72

Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

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

During the six months ended March 31, 2018, the amount of income available to be distributed by High Income Fund has been reduced by $214,847, 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

73  |

Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

amounts of the contracts are not recorded in the financial statements. Fluctuations in the value of the contracts are recorded in the Statements of Assets and Liabilities as an asset (liability) and in the Statements of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses). Realized gain or loss on a futures position is equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, minus brokerage commissions. When a Fund enters into a futures contract certain risks may arise, such as illiquidity in the futures market, which may limit a Fund’s ability to close out a futures contract prior to settlement date, and unanticipated movements in the value of securities or interest rates.

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

f.  Swap Agreements.  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

|  74

Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

the agreement and are recorded in the Statement of Assets and Liabilities as fees receivable or payable. When received or paid, fees are recorded in the Statement of Operations as realized gain or loss. Upfront premiums paid or received by the Funds are recorded on the Statements of Assets and Liabilities as an asset or liability, respectively, and are amortized or accreted over the term of the agreement and recorded as realized gain or loss. Payments made or received by the Funds as a result of a credit event or termination of the agreement are recorded as realized gain or loss.

Swap agreements are privately negotiated in the over-the-counter (“OTC”) market and may be entered into as a bilateral contract or centrally cleared (“centrally cleared swaps”). Bilateral swap agreements are traded between counterparties and, as such, are subject to the risk that a party to the agreement will not be able to meet its obligations. In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the “CCP”) and the Fund faces the CCP through a broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Subsequent payments, known as “variation margin,” are made or received by the Fund based on the daily change in the value of the centrally cleared swap agreement. For centrally cleared swaps, the Fund’s counterparty credit risk is reduced as the CCP stands between the Fund and the counterparty. The Funds cover their net obligations under outstanding swap agreements by segregating or earmarking cash or securities.

No swap agreements were held by the Funds during the six months ended March 31, 2018.

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

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

collateral for the net mark-to-market exposure to the other party. The Funds cover their net obligations under outstanding delayed delivery commitments by segregating or earmarking cash or securities at the custodian.

Purchases of when-issued or delayed delivery securities may have a similar effect on the Funds’ NAV as if the Funds’ had created a degree of leverage in the portfolio. Risks may arise upon entering into such transactions from the potential inability of counterparties to meet their obligations under the transactions. Additionally, losses may arise due to changes in the value of the underlying securities.

There were no when-issued or delayed delivery securities held by the Funds as of March 31, 2018.

h.  Federal and Foreign Income Taxes.  The Trusts treat each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund’s tax positions for the open tax years as of March 31, 2018 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

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

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

i.  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as 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 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 year ended September 30, 2017 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

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)

March 31, 2018 (Unaudited)

As of September 30, 2017, capital loss carryforwards and late-year ordinary and post-October capital loss deferrals were as follows:

	High Income Fund			Intermediate Duration Bond Fund			Limited Term Government and Agency Fund
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	)	$	—

* 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, respectively.

As of March 31, 2018, unrealized depreciation on a tax basis was as follows:

	High Income Fund			Intermediate Duration Bond Fund			Limited Term Government and Agency Fund
Unrealized depreciation
Investments	$	(4,554,146	)	$	(2,504,295	)	$	(14,693,184	)
Foreign currency translations		(1,101,217	)		—			—
Total unrealized depreciation	$	(5,655,363	)	$	(2,504,295	)	$	(14,693,184	)

As of March 31, 2018, the tax 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	$	179,342,190		$	181,033,830		$	724,338,690
Gross tax appreciation	$	5,742,388		$	478,202		$	2,173,456
Gross tax depreciation		(11,403,963	)		(2,982,497	)		(16,866,640	)
Net tax depreciation	$	(5,661,575	)	$	(2,504,295	)	$	(14,693,184	)

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

Amounts exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.

Differences between these amounts and those reported in the preceding table are primarily attributable to foreign currency mark-to-market.

j.  Loan Participations.  High Income Fund may invest in loans to corporate, governmental or other borrowers. The Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans. A loan is often administered by a bank or other financial institution that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. When investing in a loan participation, (i) 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.

k.  Repurchase Agreements.  Each Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which each Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is each Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities. As of March 31, 2018, 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.

l.  Due from Brokers.  Transactions and positions in certain futures and 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 brokers balance in the Statements of Assets and Liabilities for High Income Fund represents cash pledged as collateral for forward foreign currency contracts. The due from broker balance in the Statements of Assets and Liabilities for

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

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.

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

For the six months ended March 31, 2018, none of the Funds had loaned securities under this agreement.

n.  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

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

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

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

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

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2018, at value:

High Income Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—	$	223,045	$	249,093	(b)	$	472,138
Home Construction		—		3,547,857		12	(c)		3,547,869
All Other Non-Convertible Bonds(a)		—		137,220,792		—			137,220,792
Total Non-Convertible Bonds		—		140,991,694		249,105			141,240,799
Convertible Bonds(a)		—		18,009,373		—			18,009,373
Total Bonds and Notes		—		159,001,067		249,105			159,250,172
Loan Participations(a)		—		—		474,775	(d)		474,775
Senior Loans(a)		—		2,034,984		—			2,034,984
Preferred Stocks
Convertible Preferred Stocks(a)		—		2,248,885		—			2,248,885
Non-Convertible Preferred Stocks(a)		13,585		—		—			13,585
Total Preferred Stocks		13,585		2,248,885		—			2,262,470
Other Investments(a)		—		—		1,035,153	(e)		1,035,153
Common Stocks
Media		—		35,166		—			35,166
Oil, Gas & Consumable Fuels		2,416,810		154,258		—			2,571,068
All Other Common Stocks(a)		550,439		—		—			550,439
Total Common Stocks		2,967,249		189,424		—			3,156,673
Warrants		1,799		—		—			1,799
Short-Term Investments		—		5,837,065		—			5,837,065
Forward Foreign Currency Contracts (unrealized appreciation)		—		2,257		—			2,257
Total	$	2,982,633	$	169,313,682	$	1,759,033		$	174,055,348

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

High Income Fund (continued)

Liability Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—		$(374,733)	$	—		$(374,733)

(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) Fair valued by the Fund’s adviser ($44,852) or fair valued by the Fund’s adviser using broker-dealer bid prices for which the inputs are unobservable to the Fund ($990,301).

Intermediate Duration Bond Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Bonds and Notes(a)	$	—	$	175,335,054	$	—	$	175,335,054
Short-Term Investments		—		3,168,419		—		3,168,419
Futures Contracts (unrealized appreciation)		26,062		—		—		26,062
Total	$	26,062	$	178,503,473	$	—	$	178,529,535

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

For the six months ended March 31, 2018, there were no transfers among Levels 1, 2 and 3.

Limited Term Government and Agency Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Collateralized Mortgage Obligations	$	—	$	124,305,786	$	232,384	(b)	$	124,538,170
All Other Bonds and Notes(a)		—		537,824,056		—			537,824,056
Total Bonds and Notes		—		662,129,842		232,384			662,362,226
Short-Term Investments		—		47,283,280		—			47,283,280
Total	$	—	$	709,413,122	$	232,384		$	709,645,506

(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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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

For the six months ended March 31, 2018, there were no transfers among Levels 1, 2 and 3.

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of September 30, 2017 and/or March 31, 2018:

High Income Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2017			Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—		$	—	$	—		$	624		$	254,997
Home Construction		12			12,283		—			(12,283	)		—
Non-Agency Commercial Mortgage-Backed Securities		939,675			—		—			(4,675	)		—
Loan Participations
ABS Other		—			9		54			(298	)		497,937
Other Investments
Aircraft ABS		1,853,562			—		—			(818,409	)		—
Common Stocks
Media		23,855			—		—			—			—
Oil, Gas & Consumable Fuels		154,523			—		(498,179	)		592,218			—
Warrants		—	(a)		—		—			—			—
Total	$	2,971,627		$	12,292	$	(498,125	)	$	(242,823	)	$	752,934

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

High Income Fund (continued)

Asset Valuation Inputs (continued)

Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2018		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2018
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	(6,528	)	$	—	$	—		$	249,093	$	624
Home Construction		—			—		—			12		(12,283	)
Non-Agency Commercial Mortgage-Backed Securities		(935,000	)		—		—			—		—
Loan Participations
ABS Other		(22,927	)		—		—			474,775		(298	)
Other Investments
Aircraft ABS		—			—		—			1,035,153		(818,409	)
Common Stocks
Media		—			—		(23,855	)		—		—
Oil, Gas & Consumable Fuels		(149,338	)		—		(99,224	)		—		—
Warrants		—			—		—			—		—
Total	$	(1,113,793	)	$	—	$	(123,079	)	$	1,759,033	$	(830,366	)

(a) Includes a security fair valued at zero using Level 3 inputs that expired as worthless during the period.

Common stocks valued at $123,079 were transferred from Level 3 to Level 2 during the period ended March 31, 2018. At September 30, 2017, these securities were valued at fair value as determined in good faith by the Fund’s advisor using broker-dealer bid prices for which the inputs are unobservable to the Fund. At March 31, 2018, these securities were valued on the basis of closing bid quotations 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.

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

Limited Term Government and Agency Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2017			Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Purchases
Bonds and Notes
Collateralized Mortgage Obligations	$	274,554		$	—	$	(77	)	$	277	$	—
Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2018		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2018
Bonds and Notes
Collateralized Mortgage Obligations	$	(42,370	)	$	—	$	—		$	232,384	$	(368	)

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, respectively.

High Income Fund is subject to the risk that changes in foreign currency exchange rates will have an unfavorable effect on the value of Fund assets denominated in foreign currencies. The Fund may enter into forward foreign currency contracts for hedging purposes to protect the value of the Fund’s holdings of foreign securities. The Fund may also use forward foreign currency contracts to gain exposure to foreign currencies, regardless of whether securities denominated in such currencies are held in the Fund. During the six months ended March 31, 2018, 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

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

hedge against changes in interest rates and to manage its duration in order to control interest rate risk without having to buy or sell portfolio securities. During the six months ended March 31, 2018, Intermediate Duration Bond Fund used futures contracts for hedging purposes and to manage duration.

The following is a summary of derivative instruments for High Income Fund as of March 31, 2018, as reflected within the Statements of Assets and Liabilities:

Assets	Unrealized appreciation on forward foreign currency contracts
Over-the-counter asset derivatives
Foreign exchange contracts	$	2,257
Liabilities	Unrealized depreciation on forward foreign currency contracts
Over-the-counter liability derivatives
Foreign exchange contracts	$	(374,733	)

Transactions in derivative instruments for High Income Fund during the six months ended March 31, 2018, as reflected within the Statements of Operations, were as follows:

Net Change in Unrealized Appreciation (Depreciation) on:	Forward foreign currency contracts
Foreign exchange contracts	$	(372,476	)

The following is a summary of derivative instruments for Intermediate Duration Bond Fund as of March 31, 2018, as reflected within the Statements of Assets and Liabilities:

Assets	Unrealized appreciation on futures contracts
Exchange-traded/cleared asset derivatives
Interest rate contracts	$	26,062

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

Transactions in derivative instruments for Intermediate Duration Bond Fund during the six months ended March 31, 2018, as reflected within the Statements of Operations, were as follows:

Net Realized Gain (Loss) on:	Futures contracts
Interest rate contracts	$	(334,910	)
Net Change in Unrealized Appreciation (Depreciation) on:	Futures contracts
Interest rate contracts	$	129,337

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

The volume of forward foreign currency contract and futures contract activity, as a percentage of net assets, based on gross month-end notional amounts outstanding during the period, including long and short positions at absolute value, was as follows for the six months ended March 31, 2018:

High Income Fund	Forwards
Average Notional Amount Outstanding		1.13	%
Highest Notional Amount Outstanding		1.61	%
Lowest Notional Amount Outstanding		0.95	%
Notional Amount Outstanding as of March 31, 2018		1.50	%
Intermediate Duration Bond Fund	Futures
Average Notional Amount Outstanding		5.10	%
Highest Notional Amount Outstanding		5.18	%
Lowest Notional Amount Outstanding		4.93	%
Notional Amount Outstanding as of March 31, 2018		5.18	%

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

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

agreements typically contain, among other things, terms for the posting of collateral and master netting provisions in the event of a default or other termination event. Collateral is posted by a Fund or the counterparty to the extent of the net mark-to-market exposure to the other party of all open contracts under the agreement, subject to minimum transfer requirements. Master netting provisions allow the Funds and the counterparty, in the event of a default or other termination event, to offset amounts owed by each related to derivative contracts, including any posted collateral, to one net amount payable by either the Funds or the counterparty. The Funds’ ISDA agreements typically contain provisions that allow a counterparty to terminate open contracts early if the NAV of a Fund declines beyond a certain threshold. For financial reporting purposes, the Funds do not offset derivative assets and liabilities, and any related collateral received or pledged, on the Statements of Assets and Liabilities.

As of March 31, 2018, gross amounts of over-the-counter derivative assets and liabilities not offset in the Statements of Assets and Liabilities and the related net amounts after taking into account master netting arrangements, by counterparty, are as follows:

High Income Fund

Counterparty	Gross Amounts of Assets			Offset Amount			Net Asset Balance			Collateral (Received)/ Pledged		Net Amount
HSBC Bank USA	$	2,257		$	(1,331	)	$	926		$	—	$	926
Counterparty	Gross Amounts of Liabilities			Offset Amount			Net Liability Balance			Collateral (Received)/ Pledged		Net Amount
Bank of America, N.A.	$	(373,402	)	$	—		$	(373,402	)	$	270,000	$	(103,402	)
HSBC Bank USA		(1,331	)		1,331			—			—		—
	$	(374,733	)	$	1,331		$	(373,402	)	$	270,000	$	(103,402	)

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. A Fund’s risk of loss from counterparty

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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 each Fund’s Statement of Assets and Liabilities, the following table shows (i) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the 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 March 31, 2018:

Fund	Maximum Amount of Loss - Gross		Maximum Amount of Loss - Net
High Income Fund	$	272,257	$	926
Intermediate Duration Bond Fund		68,750		68,750

5.  Purchases and Sales of Securities.  For the six months ended March 31, 2018, 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	$	5,314,678	$	—	$	42,553,395	$	45,046,434
Intermediate Duration Bond Fund		52,696,882		74,232,261		94,209,278		71,098,354
Limited Term Government and Agency Fund		445,342,676		425,339,384		17,794,955		56,707,923

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6.  Management Fees and Other Transactions with Affiliates.

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

	Percentage of Average Daily Net Assets
Fund	First $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, 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.

For the six months ended March 31, 2018 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	%

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.

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For the six months ended March 31, 2018, 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	$	526,816	$	96,455	$	430,361		0.60	%		0.49	%
Intermediate Duration Bond Fund		227,216		40,973		186,243		0.25	%		0.20	%
Limited Term Government and Agency Fund		1,337,479		—		1,337,479		0.37	%		0.37	%

For the six months ended March 31, 2018, class-specific expenses have been reimbursed as follows:

	Reimbursement1
Fund	Class A		Class C		Class N		Class Y		Total
Limited Term Government and Agency Fund	$	5,339	$	586	$	—	$	5,209	$	11,134

¹  Waiver/expense reimbursements are subject to possible recovery until September 30, 2019.

No expenses were recovered for any of the Funds during the six months ended March 31, 2018 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 B and 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.

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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 six months ended March 31, 2018, 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	$	38,690	$	12,857	$	38,571
Intermediate Duration Bond Fund		27,206		3,992		11,974
Limited Term Government and Agency Fund		409,388		48,725		146,174

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 six months ended March 31, 2018, the administrative fees for each Fund were as follows:

Fund	Administrative Fees
High Income Fund	$	38,895
Intermediate Duration Bond Fund		40,261
Limited Term Government and Agency Fund		161,392

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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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 six months ended March 31, 2018, 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	$	89,257
Intermediate Duration Bond Fund		45,427
Limited Term Government and Agency Fund		183,083

As of March 31, 2018, 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
Intermediate Duration Bond Fund	$	1,272
Limited Term Government and Agency Fund		11,353

As of March 31, 2018, Natixis Distribution owes the High Income Fund $3,479 for overpayments of sub-transfer agent fees (which are reflected in the Statement of Assets and Liabilities as receivable from distributor).

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 six months ended March 31, 2018 were as follows:

Fund	Commissions
High Income Fund	$	1,786
Intermediate Duration Bond Fund		88
Limited Term Government and Agency Fund		11,455

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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 $340,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that he attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $170,000. 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 $20,000. The chairperson of the Governance Committee receives an additional retainer fee at the annual rate of $12,000. 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.

Prior to January 1, 2018, the Chairperson of the Board received a retainer fee at the annual rate of $325,000 and each Independent Trustee (other than the Chairperson) received, in the aggregate, a retainer fee at the annual rate of $155,000, the chairperson of the Contract Review Committee and Audit Committee each received an additional retainer fee at the annual rate of $17,500 and the chairperson of the Governance Committee received an additional retainer fee at the annual rate of $10,000. All other Trustee fees remained unchanged.

A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Funds until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts, on the normal payment dates, in certain funds of the Natixis Funds Trusts, 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 March 31, 2018, the percentage of each Fund’s net assets owned by affiliates is as follows:

Limited Term Government and Agency Fund	Percentage of Net Assets
Loomis Sayles Employees’ Profit Sharing Retirement Plan	0.52%
Natixis Sustainable Future 2015 Fund	0.08%
Natixis Sustainable Future 2020 Fund	0.07%
Natixis Sustainable Future 2025 Fund	0.05%
Natixis Sustainable Future 2030 Fund	0.03%
Natixis Sustainable Future 2035 Fund	0.02%
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%
Intermediate Duration Bond Fund	Percentage of Net Assets
Loomis Sayles Employees’ Profit Sharing Retirement Plan	0.87%

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, 2019 and is not subject to recovery under the expense limitation agreement described above.

For the six months ended March 31, 2018, Natixis Advisors reimbursed the Funds for transfer agency expenses as follows:

	Reimbursement of Transfer Agency Expenses
Fund	Class N
High Income Fund	$	86
Limited Term Government and Agency Fund		138

i.  Payment by Affiliates.  For the six months ended March 31, 2018, Loomis Sayles reimbursed High Income Fund $4,468 in connection with a trading error.

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

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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 six months ended March 31, 2018, the Funds incurred the following class-specific transfer agent fees and expenses (including sub-transfer agent fees, where applicable):

	Transfer Agent Fees and Expenses
Fund	Class A		Class C		Class N		Class Y
High Income Fund	$	17,747	$	5,890	$	86	$	76,050
Limited Term Government and Agency Fund		143,843		17,102		138		158,064

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 and its contractual obligations under the line of credit. 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.

For the six months ended March 31, 2018, none of the Funds had borrowings under this agreement.

Effective April 12, 2018, the line of credit with Citibank, N.A. expired, and the Funds, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts, and Natixis ETF Trust, entered into a $400,000,000 committed unsecured line of credit provided by State Street Bank and Trust. Any one Fund may borrow up to $350,000,000 under the line of credit agreement (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 and its contractual obligations under the line of credit. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, is

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accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit.

9.  Concentration of Risk.  Limited Term Government and Agency Fund’s investments in mortgage-related and asset-backed securities are subject to certain risks not associated with investments in other securities. Mortgage-related and asset-backed securities are subject to the risk that unexpected changes in interest rates will have a direct effect on expected maturity. A shortened maturity may result in the reinvestment of prepaid amounts in securities with lower yields than the original obligations. An extended maturity may result in a reduction of a security’s value.

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

10.  Concentration of Ownership.  From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of March 31, 2018, based on management’s evaluation of the shareholder account base, the Funds had accounts representing controlling ownership of more than 5% of the Fund’s total outstanding shares. The number of such accounts, based on accounts that represent more than 5% of an individual class of shares, and the aggregate percentage of net assets represented by such holdings were as follows:

Fund	Number of 5% Account Holders		Percentage of Ownership
High Income Fund		3		34.75	%
Intermediate Duration Bond Fund		3		22.11	%

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.

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

	Six Months Ended March 31, 2018					Year Ended September 30, 2017(a)
High Income Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	1,245,556		$	5,403,073		2,869,491		$	12,272,049
Issued in connection with the reinvestment of distributions	137,622			594,097		306,554			1,311,455
Redeemed	(2,537,165	)		(10,972,556	)	(3,623,241	)		(15,504,179	)
Net change	(1,153,987	)	$	(4,975,386	)	(447,196	)	$	(1,920,675	)
Class C
Issued from the sale of shares	66,022		$	288,070		471,847		$	2,010,717
Issued in connection with the reinvestment of distributions	37,473			162,322		88,277			378,228
Redeemed	(477,710	)		(2,080,619	)	(897,288	)		(3,849,291	)
Net change	(374,215	)	$	(1,630,227	)	(337,164	)	$	(1,460,346	)
Class N
Issued from the sale of shares	2,625,318		$	11,210,114		240		$	1,001
Issued in connection with the reinvestment of distributions	10,646			45,245		10			41
Redeemed	(215,165	)		(916,741	)	—			—
Net change	2,420,799		$	10,338,618		250		$	1,042
Class Y
Issued from the sale of shares	4,637,484		$	20,040,866		9,715,068		$	41,499,158
Issued in connection with the reinvestment of distributions	610,218			2,627,592		1,184,729			5,054,088
Redeemed	(6,505,829	)		(28,022,825	)	(10,799,917	)		(45,851,330	)
Net change	(1,258,127	)	$	(5,354,367	)	99,880		$	701,916
Increase (decrease) from capital share transactions	(365,530	)	$	(1,621,362	)	(684,230	)	$	(2,678,063	)

(a) From commencement of operations on November 30, 2016 through September 30, 2017 for Class N shares.

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11.  Capital Shares (continued).

	Six Months Ended March 31, 2018					Year Ended September 30, 2017
Intermediate Duration Bond Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	168,654		$	1,719,071		495,534		$	5,098,171
Issued in connection with the reinvestment of distributions	21,930			223,050		51,612			528,641
Redeemed	(537,191	)		(5,418,274	)	(263,005	)		(2,708,601	)
Net change	(346,607	)	$	(3,476,153	)	284,141		$	2,918,211
Class C
Issued from the sale of shares	244		$	2,500		14,097		$	144,076
Issued in connection with the reinvestment of distributions	2,175			22,124		5,796			59,316
Redeemed	(1,491	)		(15,012	)	—			—
Net change	928		$	9,612		19,893		$	203,392
Class Y
Issued from the sale of shares	2,438,271		$	24,820,058		6,045,802		$	62,224,245
Issued in connection with the reinvestment of distributions	151,818			1,543,166		342,222			3,505,355
Redeemed	(2,149,607	)		(21,785,917	)	(4,606,062	)		(47,400,228	)
Net change	440,482		$	4,577,307		1,781,962		$	18,329,372
Increase (decrease) from capital share transactions	94,803		$	1,110,766		2,085,996		$	21,450,975

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11.  Capital Shares (continued).

	Six Months Ended March 31, 2018					Year Ended September 30, 2017(a)
Limited Term Government and Agency Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	3,736,497		$	42,032,602		3,991,528		$	45,399,327
Issued in connection with the reinvestment of distributions	215,930			2,425,444		454,875			5,170,894
Redeemed	(5,121,277	)		(57,573,591	)	(13,213,781	)		(150,164,121	)
Net change	(1,168,850	)	$	(13,115,545	)	(8,767,378	)	$	(99,593,900	)
Class C
Issued from the sale of shares	228,040		$	2,571,579		757,506		$	8,626,416
Issued in connection with the reinvestment of distributions	15,021			168,888		29,711			337,959
Redeemed	(1,029,484	)		(11,578,366	)	(3,304,176	)		(37,593,668	)
Net change	(786,423	)	$	(8,837,899	)	(2,516,959	)	$	(28,629,293	)
Class N
Issued from the sale of shares	46,622		$	524,127		166,111		$	1,892,253
Issued in connection with the reinvestment of distributions	2,047			23,046		1,700			19,353
Redeemed	(3,265	)		(36,577	)	(527	)		(5,984	)
Net change	45,404		$	510,596		167,284		$	1,905,622
Class Y
Issued from the sale of shares	7,132,077		$	80,453,039		13,725,909		$	156,563,024
Issued in connection with the reinvestment of distributions	259,319			2,921,174		431,654			4,921,367
Redeemed	(7,891,044	)		(88,881,691	)	(18,111,061	)		(206,644,972	)
Net change	(499,648	)	$	(5,507,478	)	(3,953,498	)	$	(45,160,581	)
Increase (decrease) from capital share transactions	(2,409,517	)	$	(26,950,326	)	(15,070,551	)	$	(171,478,152	)

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

101  |

Additional Information

Special Meeting of Shareholders. (Unaudited)

A special meeting of shareholders of the Trust was held on December 4, 2017 to consider a proposal to elect thirteen Trustees to the Board of Trustees. The proposal was approved by shareholders of the Trust. The results of the shareholder vote were as follows:

Loomis Sayles Funds II

Nominee	Voted “FOR”*		Withheld*
Kevin Charleston		1,650,323,196.06		13,951,932.67
Kenneth A. Drucker		1,649,298,883.81		14,976,244.92
Edmond J. English		1,650,162,849.38		14,112,279.34
David L. Giunta		1,649,705,816.93		14,569,311.79
Richard A. Goglia		1,650,200,499.41		14,074,629.32
Wendell J. Knox		1,649,845,960.13		14,429,168.60
Martin T. Meehan		1,649,803,233.76		14,471,894.97
Maureen B. Mitchell		1,650,894,337.38		13,380,791.35
Sandra O. Moose**		1,649,617,852.02		14,657,276.71
James P. Palermo		1,650,208,171.55		14,066,957.18
Erik R. Sirri		1,649,620,219.44		14,654,909.29
Peter J. Smail		1,650,200,577.97		14,074,550.76
Cynthia L. Walker		1,651,179,641.66		13,095,487.07

* Trust-wide voting results.

** Ms. Moose retired as a Trustee effective January 1, 2018.

Loomis Sayles Funds I

Nominee	Voted “FOR”*		Withheld*
Kevin Charleston		1,046,693,133.34		15,163,366.07
Kenneth A. Drucker		1,045,641,428.27		16,215,071.15
Edmond J. English		1,046,277,137.68		15,579,361.74
David L. Giunta		1,046,496,391.62		15,360,107.79
Richard A. Goglia		1,046,269,146.27		15,587,353.15
Wendell J. Knox		1,045,976,095.92		15,880,403.49
Martin T. Meehan		1,046,154,669.52		15,701,829.89
Maureen B. Mitchell		1,047,019,476.25		14,837,023.17
Sandra O. Moose**		1,045,973,479.27		15,883,020.14
James P. Palermo		1,046,549,375.30		15,307,124.11
Erik R. Sirri		1,046,440,355.81		15,416,143.60
Peter J. Smail		1,046,053,910.90		15,802,588.52
Cynthia L. Walker		1,047,362,231.11		14,494,268.31

* Trust-wide voting results.

** Ms. Moose retired as a Trustee effective January 1, 2018.

|  102

Semiannual Report

March 31, 2018

Loomis Sayles Investment Grade Bond Fund

Loomis Sayles Strategic Income Fund

Table of Contents

Portfolio Review	1
Portfolio of Investments	9
Financial Statements	37
Notes to Financial Statements	51

LOOMIS SAYLES INVESTMENT GRADE BOND FUND

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

Investment Goal

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

1  |

Average Annual Total Returns — March 31, 2018⁴

																Expense Ratios5
	6 Months			1 Year			5 Years			10 Years			Life of Class N			Gross			Net
Class Y (Inception 12/31/96)
NAV		0.22	%		4.10	%		2.54	%		5.41	%		—	%		0.57	%		0.55	%
Class A (Inception 12/31/96)
NAV		0.18			3.94			2.29			5.14			—			0.82			0.80
With 4.25% Maximum Sales Charge		-4.06			-0.50			1.41			4.69			—
Class C (Inception 9/12/03)
NAV		-0.20			3.18			1.53			4.35			—			1.57			1.55
With CDSC2		-1.17			2.18			1.53			4.35			—
Class N (Inception 2/1/13)
NAV		0.35			4.28			2.64			—			2.65			0.48			0.48
Admin Class (Inception 2/1/10)1
NAV		-0.03			3.59			2.04			4.84			—			1.03			1.00
Comparative Performance
Bloomberg Barclays U.S. Government/Credit Bond Index3		-1.10			1.38			1.84			3.65			1.93

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.

|  2

LOOMIS SAYLES STRATEGIC INCOME FUND

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

Investment Goal

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

3  |

Average Annual Total Returns — March 31, 2018⁵

																Expense Ratios6
	6 Months			1 Year			5 Years			10 Years			Life of Class N			Gross			Net
Class Y (Inception 12/1/99)
NAV		0.43	%		4.71	%		4.36	%		6.54	%		—	%		0.71	%		0.71	%
Class A (Inception 5/1/95)
NAV		0.30			4.44			4.11			6.28			—			0.96			0.96
With 4.25% Maximum Sales Charge		-3.97			0.02			3.21			5.82			—
Class C (Inception 5/1/95)
NAV		-0.09			3.60			3.33			5.48			—			1.71			1.71
With CDSC2		-1.06			2.60			3.33			5.48			—
Class N (Inception 2/1/13)
NAV		0.40			4.79			4.44			—			4.48			0.63			0.63
Admin Class (Inception 2/1/10)1
NAV		0.18			4.20			3.86			6.01			—			1.19			1.19
Comparative Performance
Bloomberg Barclays U.S. Aggregate Bond Index3		-1.08			1.20			1.82			3.63			1.90
Bloomberg Barclays U.S. Universal Bond Index4		-1.00			1.52			2.19			4.01			2.26

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 1/31/19. 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.

|  4

ADDITIONAL INFORMATION

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

ADDITIONAL INDEX INFORMATION

This document may contain references to third party copyrights, indexes, and trademarks, each of which is the property of its respective owner. Such owner is not affiliated with Natixis 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.

5  |

UNDERSTANDING YOUR FUND’S EXPENSES

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

The first line in the table for each class of Fund shares shows the actual account values and actual Fund expenses you would have paid on a $1,000 investment in the Fund from October 1, 2017 through March 31, 2018. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example $8,600 account value divided by $1,000 = 8.6) and multiply the result by the number in the Expenses Paid During Period column as shown below for your class.

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

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

|  6

LOOMIS SAYLES INVESTMENT GRADE BOND FUND	BEGINNING ACCOUNT VALUE 10/1/2017		ENDING ACCOUNT VALUE 3/31/2018		EXPENSES PAID DURING PERIOD* 10/1/2017 – 3/31/2018
Class A
Actual		$1,000.00		$1,001.80		$3.99
Hypothetical (5% return before expenses)		$1,000.00		$1,020.94		$4.03
Class C
Actual		$1,000.00		$998.00		$7.72
Hypothetical (5% return before expenses)		$1,000.00		$1,017.20		$7.80
Class N
Actual		$1,000.00		$1,003.50		$2.40
Hypothetical (5% return before expenses)		$1,000.00		$1,022.54		$2.42
Class Y
Actual		$1,000.00		$1,002.20		$2.75
Hypothetical (5% return before expenses)		$1,000.00		$1,022.19		$2.77
Admin Class
Actual		$1,000.00		$999.70		$4.89
Hypothetical (5% return before expenses)		$1,000.00		$1,020.05		$4.94

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.80%, 1.55%, 0.48%, 0.55% and 0.98% for Class A, C, N, Y and Admin Class, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

7  |

LOOMIS SAYLES STRATEGIC INCOME FUND	BEGINNING ACCOUNT VALUE 10/1/2017		ENDING ACCOUNT VALUE 3/31/2018		EXPENSES PAID DURING PERIOD* 10/1/2017 – 3/31/2018
Class A
Actual		$1,000.00		$1,003.00		$4.79
Hypothetical (5% return before expenses)		$1,000.00		$1,020.15		$4.84
Class C
Actual		$1,000.00		$999.10		$8.52
Hypothetical (5% return before expenses)		$1,000.00		$1,016.41		$8.60
Class N
Actual		$1,000.00		$1,004.00		$3.15
Hypothetical (5% return before expenses)		$1,000.00		$1,021.79		$3.18
Class Y
Actual		$1,000.00		$1,004.30		$3.55
Hypothetical (5% return before expenses)		$1,000.00		$1,021.39		$3.58
Admin Class
Actual		$1,000.00		$1,001.80		$5.94
Hypothetical (5% return before expenses)		$1,000.00		$1,019.00		$5.99

* Expenses are equal to the Fund’s annualized expense ratio: 0.96%, 1.71%, 0.63%, 0.71% and 1.19% for Class A, C, N, Y and Admin Class, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

|  8

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Investment Grade Bond Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 69.7% of Net Assets
	Non-Convertible Bonds — 68.2%
		ABS Other — 1.5%
$	52,374,737	FAN Engine Securitization Ltd., Series 2013-1A, Class 1A, 4.625%, 10/15/2043, 144A(a)(b)(c)	$	51,772,427
	10,701,183	Trinity Rail Leasing LLC, Series 2010-1A, Class A, 5.194%, 10/16/2040, 144A		11,091,598
	31,219,677	Trinity Rail Leasing LP, Series 2009-1A, Class A, 6.657%, 11/16/2039, 144A(a)		30,870,797
	1,923,849	Trinity Rail Leasing LP, Series 2012-1A, Class A1, 2.266%, 1/15/2043, 144A		1,881,827
				95,616,649
		Aerospace & Defense — 1.7%
	1,865,000	Bombardier, Inc., 7.450%, 5/01/2034, 144A		1,875,556
	1,455,000	Embraer Netherlands Finance BV, 5.400%, 2/01/2027		1,537,353
	550,000	Leonardo U.S. Holdings, Inc., 6.250%, 1/15/2040, 144A		611,699
	650,000	Leonardo U.S. Holdings, Inc., 7.375%, 7/15/2039		793,000
	78,795,000	Textron, Inc., 5.950%, 9/21/2021		85,261,363
	11,040,000	Textron, Inc., EMTN, 6.625%, 4/07/2020, (GBP)		16,758,385
				106,837,356
		Airlines — 1.9%
	3,612,422	Air Canada Pass Through Trust, Series 2013-1, Class B, 5.375%, 11/15/2022, 144A		3,720,795
	1,667,093	Continental Airlines Pass Through Certificates, Series 2012-1, Class B, 6.250%, 10/11/2021		1,725,441
	18,340,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		18,340,000
	226,603	Continental Airlines Pass Through Trust, Series 1999-1, Class A, 6.545%, 8/02/2020		232,132
	408,435	Continental Airlines Pass Through Trust, Series 2001-1, Class A-1, 6.703%, 12/15/2022		437,442
	43,103,646	Continental Airlines Pass Through Trust, Series 2007-1, Class A, 5.983%, 10/19/2023		46,129,953
	1,176,001	Delta Air Lines Pass Through Trust, Series 2007-1, Class A, 6.821%, 2/10/2024		1,299,011
	6,528,922	Delta Air Lines Pass Through Trust, Series 2007-1, Class B, 8.021%, 2/10/2024		7,269,955
	12,303,465	Delta Air Lines Pass Through Trust, Series 2009-1, Class A, 7.750%, 6/17/2021		13,013,621
	7,863,809	Delta Air Lines Pass Through Trust, Series 2010-1, Class A, 6.200%, 1/02/2020(a)		7,966,982
	14,960,517	UAL Pass Through Trust, Series 2007-1, Class A, 6.636%, 1/02/2024		15,681,614
	1,235,185	Virgin Australia Pass Through Certificates, Series 2013-1A, 5.000%, 4/23/2025, 144A		1,266,917
				117,083,863
		Automotive — 0.7%
	23,581,000	Cummins, Inc., 5.650%, 3/01/2098		26,074,369

See accompanying notes to financial statements.

9  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Automotive — continued
$	5,274,000	Cummins, Inc., 6.750%, 2/15/2027	$	6,354,216
	125,000	Ford Motor Co., 6.500%, 8/01/2018		126,506
	255,000	Ford Motor Co., 6.625%, 2/15/2028		292,605
	240,000	Ford Motor Co., 7.500%, 8/01/2026		286,863
	5,000,000	Ford Motor Credit Co. LLC, 5.000%, 5/15/2018		5,011,998
	2,370,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		2,547,750
				40,694,307
		Banking — 7.2%
	1,468,000	Ally Financial, Inc., 8.000%, 11/01/2031		1,792,795
	84,339,000	Bank of America Corp., 6.110%, 1/29/2037		101,473,885
	49,304,000	Bank of America Corp., (fixed rate to 12/20/2027, variable rate thereafter), 3.419%, 12/20/2028, 144A		47,228,165
	100,000	Bank of America Corp., MTN, 4.250%, 10/22/2026		100,701
	25,627,000	Bank of America Corp., Series L, MTN, 4.183%, 11/25/2027		25,405,191
	25,090,000	Bank of Nova Scotia (The), 2.130%, 6/15/2020, (CAD)		19,354,559
	2,173,000	Bear Stearns Cos. LLC (The), 4.650%, 7/02/2018		2,184,214
	17,000,000	Citigroup, Inc., 3.500%, 5/15/2023		16,796,717
	1,660,000	Citigroup, Inc., 4.500%, 1/14/2022		1,724,974
	22,960,000	Citigroup, Inc., 5.130%, 11/12/2019, (NZD)		17,265,996
	2,200,000	Deutsche Bank AG, (fixed rate to 12/01/2027, variable rate thereafter), 4.875%, 12/01/2032		2,034,142
	6,645,000	Goldman Sachs Group, Inc. (The), GMTN, 5.375%, 3/15/2020		6,928,741
	70,245,000	JPMorgan Chase & Co., 4.125%, 12/15/2026		70,594,024
	36,745,000	JPMorgan Chase & Co., 4.250%, 11/02/2018, (NZD)		26,799,525
	100,000	Keybank NA, 6.950%, 2/01/2028		123,368
	5,100,000	Lloyds Banking Group PLC, 5.300%, 12/01/2045		5,438,577
	1,845,000	Morgan Stanley, 4.350%, 9/08/2026		1,858,154
	30,000,000	Morgan Stanley, 4.750%, 11/16/2018, (AUD)		23,356,700
	5,900,000	Morgan Stanley, 5.750%, 1/25/2021		6,287,767
	20,695,000	Morgan Stanley, MTN, 4.100%, 5/22/2023		20,973,413
	38,206,000	Morgan Stanley, Series F, GMTN, 5.625%, 9/23/2019		39,659,834
	2,875,000	National City Bank of Indiana, 4.250%, 7/01/2018		2,886,327
	8,638,000	National City Corp., 6.875%, 5/15/2019		9,016,439
				449,284,208
		Brokerage — 1.4%
	50,270,000	Jefferies Group LLC, 5.125%, 1/20/2023		53,194,366
	19,498,000	Jefferies Group LLC, 6.250%, 1/15/2036		21,200,840
	8,760,000	Jefferies Group LLC, 6.450%, 6/08/2027		9,895,989
				84,291,195
		Building Materials — 0.6%
	1,610,000	Masco Corp., 6.500%, 8/15/2032		1,865,394
	3,110,000	Masco Corp., 7.125%, 3/15/2020		3,334,573
	2,667,000	Masco Corp., 7.750%, 8/01/2029		3,376,554
	23,975,000	Owens Corning, 7.000%, 12/01/2036		30,688,973
				39,265,494

See accompanying notes to financial statements.

|  10

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Cable Satellite — 1.7%
$	10,790,000	DISH DBS Corp., 5.000%, 3/15/2023	$	9,697,512
	17,832,000	Shaw Communications, Inc., 5.650%, 10/01/2019, (CAD)		14,506,848
	13,630,000	Time Warner Cable LLC, 4.125%, 2/15/2021		13,777,566
	2,800,000	Time Warner Cable LLC, 4.500%, 9/15/2042		2,425,081
	64,548,000	Time Warner Cable LLC, 6.750%, 7/01/2018		65,156,280
				105,563,287
		Chemicals — 0.8%
	894,000	Consolidated Energy Finance S.A., 6.750%, 10/15/2019, 144A		904,058
	50,500,000	INVISTA Finance LLC, 4.250%, 10/15/2019, 144A		50,429,300
				51,333,358
		Construction Machinery — 0.1%
	6,787,000	Toro Co. (The), 6.625%, 5/01/2037(b)(c)		7,992,573
		Consumer Products — 0.1%
	7,458,000	Hasbro, Inc., 6.600%, 7/15/2028		8,587,061
		Diversified Manufacturing — 0.1%
	5,305,000	General Electric Co., Series A, MTN, 3-month LIBOR + 0.300%, 2.022%, 5/13/2024(d)		5,054,233
		Electric — 1.6%
	24,891,673	Alta Wind Holdings LLC, 7.000%, 6/30/2035, 144A		28,097,668
	7,969,787	Bruce Mansfield Unit Pass Through Trust, 6.850%, 6/01/2034(b)(c)		2,463,382
	30,430,000	EDP Finance BV, 4.125%, 1/15/2020, 144A		30,904,708
	4,491,000	Empresa Nacional de Electricidad S.A., 7.875%, 2/01/2027		5,592,218
	13,025,000	Enel Finance International NV, 6.000%, 10/07/2039, 144A		15,296,957
	9,007,000	Enel Finance International NV, 6.800%, 9/15/2037, 144A		11,407,980
	3,596,935	Mackinaw Power LLC, 6.296%, 10/31/2023, 144A(b)(c)		3,703,763
				97,466,676
		Finance Companies — 3.6%
	18,830,000	International Lease Finance Corp., 4.625%, 4/15/2021		19,435,201
	62,425(††)	Navient Corp., 6.000%, 12/15/2043		1,447,844
	5,615,000	Navient Corp., MTN, 6.125%, 3/25/2024		5,593,944
	90,196,000	Navient LLC, 5.500%, 1/25/2023		88,617,570
	3,280,000	Navient LLC, MTN, 7.250%, 1/25/2022		3,464,500
	22,116,000	Navient LLC, Series A, MTN, 5.625%, 8/01/2033(b)(c)		19,351,500
	7,805,000	Quicken Loans, Inc., 5.250%, 1/15/2028, 144A		7,297,675
	6,820,000	Quicken Loans, Inc., 5.750%, 5/01/2025, 144A		6,802,950
	16,717,000	Springleaf Finance Corp., 5.250%, 12/15/2019		17,051,340
	4,920,000	Springleaf Finance Corp., 6.875%, 3/15/2025		4,938,450
	31,883,000	Springleaf Finance Corp., 7.750%, 10/01/2021		34,513,347
	16,599,000	Springleaf Finance Corp., 8.250%, 10/01/2023		17,926,920
				226,441,241
		Government Owned – No Guarantee — 0.8%
	3,720,000	Abu Dhabi National Energy Co. PJSC, 6.500%, 10/27/2036, 144A		4,472,928
	12,575,000	Pertamina Persero PT, 6.450%, 5/30/2044, 144A		14,219,584
	17,435,000	Petrobras Global Finance BV, 4.375%, 5/20/2023		17,108,965

See accompanying notes to financial statements.

11  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Government Owned – No Guarantee — continued
$	11,555,000	Petrobras Global Finance BV, 5.625%, 5/20/2043	$	10,081,738
	1,000,000	Telekom Malaysia Berhad, 7.875%, 8/01/2025, 144A		1,246,880
				47,130,095
		Health Insurance — 0.0%
	1,261,000	Cigna Corp., 7.875%, 5/15/2027		1,598,506
		Healthcare — 0.6%
	7,692,000	Boston Scientific Corp., 6.000%, 1/15/2020		8,071,668
	9,385,000	HCA, Inc., 4.500%, 2/15/2027		9,056,525
	4,806,000	HCA, Inc., 7.050%, 12/01/2027		5,082,345
	1,592,000	HCA, Inc., 7.500%, 11/06/2033		1,739,260
	1,295,000	HCA, Inc., 7.690%, 6/15/2025		1,427,738
	2,480,000	HCA, Inc., MTN, 7.580%, 9/15/2025		2,718,700
	3,068,000	HCA, Inc., MTN, 7.750%, 7/15/2036		3,374,800
	4,785,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		4,354,350
				35,825,386
		Home Construction — 0.2%
	3,990,000	PulteGroup, Inc., 6.000%, 2/15/2035		4,039,875
	3,567,000	PulteGroup, Inc., 6.375%, 5/15/2033		3,727,515
	1,615,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.875%, 6/15/2024		1,638,741
				9,406,131
		Independent Energy — 1.1%
	29,185,000	California Resources Corp., 8.000%, 12/15/2022, 144A		22,910,225
	7,335,000	Continental Resources, Inc., 3.800%, 6/01/2024		7,059,938
	9,787,000	EQT Corp., 8.125%, 6/01/2019		10,364,355
	29,027,000	Noble Energy, Inc., 3.900%, 11/15/2024		29,012,078
	400,000	QEP Resources, Inc., 5.250%, 5/01/2023		385,016
	60,000	Whiting Petroleum Corp., 6.250%, 4/01/2023		60,607
				69,792,219
		Integrated Energy — 0.1%
	7,700,000	Reliance Holdings USA, Inc., 5.400%, 2/14/2022, 144A		8,136,132
		Life Insurance — 1.8%
	1,475,000	American International Group, Inc., 4.875%, 6/01/2022		1,555,588
	600,000	AXA S.A., EMTN, (fixed rate to 10/16/2019, variable rate thereafter), 6.772%, (GBP)(e)		891,172
	5,900,000	AXA S.A., EMTN, (fixed rate to 4/16/2020, variable rate thereafter), 5.250%, 4/16/2040, (EUR)		7,935,389
	15,000,000	Global Atlantic Fin Co., 8.625%, 4/15/2021, 144A		16,990,449
	9,063,000	Mutual of Omaha Insurance Co., 6.800%, 6/15/2036, 144A		11,598,677
	26,914,000	National Life Insurance Co., 10.500%, 9/15/2039, 144A(b)(c)		43,620,351
	6,440,000	NLV Financial Corp., 7.500%, 8/15/2033, 144A(b)(c)		7,620,055
	2,872,000	Penn Mutual Life Insurance Co. (The), 6.650%, 6/15/2034, 144A		3,399,506
	14,489,000	Penn Mutual Life Insurance Co. (The), 7.625%, 6/15/2040, 144A		19,354,078
				112,965,265

See accompanying notes to financial statements.

|  12

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Local Authorities — 0.5%
	37,829,000	New South Wales Treasury Corp., 3.500%, 3/20/2019, (AUD)	$	29,478,169
	489,000	Province of Nova Scotia, 6.600%, 6/01/2027, (CAD)		497,134
				29,975,303
		Lodging — 0.9%
	52,516,000	Choice Hotels International, Inc., 5.700%, 8/28/2020		54,222,770
		Media Entertainment — 0.4%
	4,482,000	21st Century Fox America, Inc., 8.150%, 10/17/2036		6,615,867
	358,000,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		14,907,530
	5,000,000	iHeartCommunications, Inc., 9.000%, 3/01/2021(f)		3,931,250
	1,082,000	R.R. Donnelley & Sons Co., 6.500%, 11/15/2023		1,065,770
				26,520,417
		Metals & Mining — 1.5%
	1,689,997	1839688 Alberta ULC, PIK, 14.000%, 2/13/2020(a)(b)(f)(g)(h)		676
	430,000	ArcelorMittal, 5.750%, 3/01/2021		452,575
	47,920,000	ArcelorMittal, 7.000%, 3/01/2041		55,707,000
	19,365,000	ArcelorMittal, 7.250%, 10/15/2039		22,899,113
	4,612,000	United States Steel Corp., 6.650%, 6/01/2037		4,519,760
	3,655,000	Vale Overseas Ltd., 6.875%, 11/21/2036		4,299,011
	4,893,000	Worthington Industries, Inc., 6.500%, 4/15/2020		5,220,633
				93,098,768
		Midstream — 2.2%
	650,000	DCP Midstream Operating LP, 6.450%, 11/03/2036, 144A		698,750
	525,000	Energy Transfer Partners LP/Regency Energy Finance Corp., 4.500%, 11/01/2023		531,749
	3,328,000	Florida Gas Transmission Co. LLC, 7.900%, 5/15/2019, 144A		3,510,280
	14,300,000	IFM U.S. Colonial Pipeline 2 LLC, 6.450%, 5/01/2021, 144A		15,299,821
	14,660,000	Kinder Morgan Energy Partners LP, 3.500%, 9/01/2023		14,336,785
	3,105,000	Kinder Morgan Energy Partners LP, 5.300%, 9/15/2020		3,233,240
	7,461,000	Kinder Morgan Energy Partners LP, 5.800%, 3/01/2021		7,901,305
	85,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		102,850
	31,311,000	ONEOK Partners LP, 4.900%, 3/15/2025		32,684,535
	47,594,000	Panhandle Eastern Pipe Line Co. LP, 7.000%, 6/15/2018		48,064,312
	1,404,000	Panhandle Eastern Pipe Line Co. LP, 8.125%, 6/01/2019		1,484,693
	225,000	Plains All American Pipeline LP / PAA Finance Corp., 2.850%, 1/31/2023		212,243
	8,405,000	Williams Partners LP, 3.350%, 8/15/2022		8,251,094
				136,311,657
		Mortgage Related — 0.0%
	16,386	FHLMC, 5.000%, 12/01/2031		17,556
	2,311	FNMA, 6.000%, 7/01/2029		2,586
				20,142
		Natural Gas — 0.1%
	3,314,000	NiSource, Inc., 6.800%, 1/15/2019		3,414,463

See accompanying notes to financial statements.

13  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Non-Agency Commercial Mortgage-Backed Securities — 0.4%
	4,338,637	Institutional Mortgage Securities Canada, Inc., Series 2014-5A, Class A1, 2.003%, 7/12/2047, 144A, (CAD)	$	3,362,608
	27,000,000	Institutional Mortgage Securities Canada, Inc., Series 2014-5A, Class A2, 2.616%, 7/12/2047, 144A, (CAD)		20,850,367
	2,125,000	WFRBS Commercial Mortgage Trust, Series 2011-C3, Class D, 5.686%, 3/15/2044, 144A(i)		1,859,543
				26,072,518
		Oil Field Services — 0.1%
	5,000,000	Nabors Industries, Inc., 5.100%, 9/15/2023		4,750,550
		Paper — 1.3%
	363,000	Georgia-Pacific LLC, 7.750%, 11/15/2029		495,364
	7,049,000	International Paper Co., 8.700%, 6/15/2038		10,209,259
	5,270,000	WestRock MWV LLC, 7.550%, 3/01/2047(b)(c)		7,016,704
	4,273,000	WestRock MWV LLC, 8.200%, 1/15/2030		5,756,011
	26,007,000	Weyerhaeuser Co., 6.875%, 12/15/2033		33,267,854
	7,374,000	Weyerhaeuser Co., 7.375%, 10/01/2019		7,845,111
	13,539,000	Weyerhaeuser Co., 7.375%, 3/15/2032		17,882,536
				82,472,839
		Property & Casualty Insurance — 0.1%
	2,740,000	Fidelity National Financial, Inc., 5.500%, 9/01/2022		2,958,513
	1,889,000	MBIA Insurance Corp., 3-month LIBOR + 11.260%, 12.982%, 1/15/2033, 144A(d)(j)		812,270
	2,212,000	XLIT Ltd., 6.250%, 5/15/2027		2,543,999
				6,314,782
		Railroads — 0.2%
	9,787,000	Canadian Pacific Railway Co., 7.250%, 5/15/2019		10,259,954
	237,000	Missouri Pacific Railroad Co., 4.750%, 1/01/2030(b)(c)		239,185
	191,000	Missouri Pacific Railroad Co., Series A, 4.750%, 1/01/2020(b)(c)		191,000
				10,690,139
		REITs – Health Care — 0.1%
	5,972,000	Welltower, Inc., 6.500%, 3/15/2041		7,545,558
		REITs – Single Tenant — 0.2%
	8,690,000	Realty Income Corp., 5.750%, 1/15/2021		9,233,822
		Retailers — 0.5%
	1,255,000	Group 1 Automotive, Inc., 5.000%, 6/01/2022		1,264,789
	5,979,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		3,706,980
	5,446,000	J.C. Penney Corp., Inc., 7.625%, 3/01/2097		3,430,980
	10,467,000	Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027		11,227,625
	8,064,000	Marks & Spencer PLC, 7.125%, 12/01/2037, 144A		9,178,594
	3,755,000	PVH Corp., 7.750%, 11/15/2023		4,430,900
				33,239,868
		Supermarkets — 0.6%
	4,510,000	Albertson’s Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC, 6.625%, 6/15/2024		4,042,088

See accompanying notes to financial statements.

|  14

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Supermarkets — continued
$	1,120,000	Koninklijke Ahold Delhaize NV, 5.700%, 10/01/2040	$	1,271,389
	6,830,000	New Albertsons LP, 7.450%, 8/01/2029		5,464,000
	7,640,000	New Albertsons LP, 8.000%, 5/01/2031		6,264,800
	989,000	New Albertsons LP, Series C, MTN, 6.625%, 6/01/2028		761,530
	17,290,000	SUPERVALU, Inc., 6.750%, 6/01/2021		17,030,650
				34,834,457
		Supranational — 0.1%
	9,640,000	European Investment Bank, MTN, 6.000%, 8/06/2020, (AUD)		8,019,227
		Technology — 0.3%
	16,735,000	KLA-Tencor Corp., 5.650%, 11/01/2034		18,616,298
	1,410,000	Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		1,615,677
				20,231,975
		Treasuries — 26.4%
	132,000,000	Canadian Government International Bond, 0.750%, 9/01/2020, (CAD)		99,853,208
	209,501,000	Canadian Government International Bond, 1.250%, 9/01/2018, (CAD)		162,506,170
	61,795,000	Canadian Government International Bond, 1.750%, 9/01/2019, (CAD)		47,992,270
	391,985,000	Iceland Government International Bond, 7.250%, 10/26/2022, (ISK)		3,307,867
	1,195,394,000	Iceland Government International Bond, 8.750%, 2/26/2019, (ISK)		9,603,925
	2,755,000(†††)	Mexican Fixed Rate Bonds, Series M, 7.750%, 5/29/2031, (MXN)		15,506,346
	2,965,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 7.500%, 6/03/2027, (MXN)		16,509,701
	7,555,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		43,054,773
	1,925,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.500%, 5/31/2029, (MXN)		11,484,351
	23,970,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 10.000%, 12/05/2024, (MXN)		151,253,601
	36,850,000	New Zealand Government Bond, 5.000%, 3/15/2019, (NZD)		27,436,672
	290,574,000	Norway Government Bond, 3.750%, 5/25/2021, 144A, (NOK)		39,970,124
	416,760,000	Norway Government Bond, 4.500%, 5/22/2019, 144A, (NOK)		55,372,702
	43,590,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)		13,286,470
	23,848,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		7,948,226
	236,325,000	U.S. Treasury Note, 0.625%, 6/30/2018		235,637,878
	205,000,000	U.S. Treasury Note, 0.750%, 8/31/2018		204,039,063
	350,000,000	U.S. Treasury Note, 0.750%, 9/30/2018		347,962,891
	150,000,000	U.S. Treasury Note, 1.250%, 6/30/2019		148,265,625
				1,640,991,863
		Wireless — 0.7%
	559,910,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		28,450,080
	58,200,000	America Movil SAB de CV, 8.460%, 12/18/2036, (MXN)		2,905,432
	6,373,000	Sprint Capital Corp., 6.875%, 11/15/2028		5,942,823
	612,000	Sprint Capital Corp., 8.750%, 3/15/2032		639,540
	1,609,000	Sprint Communications, Inc., 6.000%, 11/15/2022		1,578,831
	985,000	Sprint Corp., 7.125%, 6/15/2024		960,375
				40,477,081
		Wirelines — 4.0%
	61,415,000	AT&T, Inc., 4.300%, 2/15/2030, 144A		61,064,194
	406,000	Bell Canada, Inc., MTN, 7.300%, 2/23/2032, (CAD)		421,908
	2,936,000	BellSouth Telecommunications LLC, 5.850%, 11/15/2045		3,079,688

See accompanying notes to financial statements.

15  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Wirelines — continued
$	4,990,000	CenturyLink, Inc., Series G, 6.875%, 1/15/2028	$	4,515,950
	4,508,000	CenturyLink, Inc., Series P, 7.600%, 9/15/2039		3,884,048
	2,710,000	CenturyLink, Inc., Series S, 6.450%, 6/15/2021		2,764,200
	670,000	CenturyLink, Inc., Series U, 7.650%, 3/15/2042		567,825
	195,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		189,150
	24,103,000	Embarq Corp., 7.995%, 6/01/2036		22,717,077
	910,000	Frontier Communications Corp., 7.125%, 1/15/2023		613,968
	265,000	Frontier Communications Corp., 7.875%, 1/15/2027		137,800
	455,000	Frontier Communications Corp., 9.000%, 8/15/2031		276,413
	2,755,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		2,479,500
	4,370,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		4,367,990
	3,469,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		3,122,100
	12,308,000	Qwest Corp., 6.875%, 9/15/2033		11,712,904
	9,077,000	Qwest Corp., 7.250%, 9/15/2025		9,793,380
	9,474,000	Qwest Corp., 7.250%, 10/15/2035		9,374,937
	2,490,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		2,582,628
	5,775,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		6,265,875
	4,100,000	Telefonica Emisiones SAU, EMTN, 5.289%, 12/09/2022, (GBP)		6,604,518
	9,100,000	Telefonica Emisiones SAU, EMTN, 5.375%, 2/02/2026, (GBP)		15,129,590
	54,665,000	Telus Corp., Series CG, 5.050%, 12/04/2019, (CAD)		44,294,625
	32,509,000	Verizon Communications, Inc., 2.450%, 11/01/2022		31,223,891
				247,184,159
		Total Non-Convertible Bonds (Identified Cost $4,275,942,860)		4,235,987,593
	Convertible Bonds — 1.2%
		Cable Satellite — 0.1%
	5,825,000	DISH Network Corp., 2.375%, 3/15/2024		5,150,995
	4,620,000	DISH Network Corp., 3.375%, 8/15/2026		4,449,984
				9,600,979
		Finance Companies — 0.1%
	3,905,000	Euronet Worldwide, Inc., 1.500%, 10/01/2044		4,604,631
		REITs – Mortgage — 0.1%
	4,860,000	iStar, Inc., 3.125%, 9/15/2022, 144A		4,624,368
		Technology — 0.9%
	46,000,000	Booking Holdings, Inc., 0.900%, 9/15/2021		57,412,600
	342,809	Liberty Interactive LLC, 3.500%, 1/15/2031		377,212
				57,789,812
		Total Convertible Bonds (Identified Cost $63,153,163)		76,619,790
	Municipals — 0.3%
		Illinois — 0.1%
	9,150,000	State of Illinois, 5.100%, 6/01/2033		8,576,570

See accompanying notes to financial statements.

|  16

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Michigan — 0.0%
$	2,195,000	Michigan Tobacco Settlement Finance Authority Taxable Turbo, Series A, 7.309%, 6/01/2034	$	2,183,388
		Virginia — 0.2%
	10,740,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046		10,140,171
		Total Municipals (Identified Cost $19,946,178)		20,900,129
		Total Bonds and Notes (Identified Cost $4,359,042,201)		4,333,507,512
Shares
	Common Stocks — 0.7%
		Automobiles — 0.7%
	4,063,816	Ford Motor Co. (Identified Cost $34,826,997)		45,027,081
	Preferred Stocks — 0.0%
		Midstream — 0.0%
	43,031	Chesapeake Energy Corp., 5.000% (Identified Cost $3,673,619)		2,337,121
Principal Amount (‡)
	Short-Term Investments — 29.5%
$	300,000,000	Federal Home Loan Bank Discount Notes, 1.445%, 5/10/2018(k)		299,461,800
	35,460,000	Federal Home Loan Bank Discount Notes, 1.560%, 5/21/2018(k)		35,377,946
	89,555,000	Federal Home Loan Bank Discount Notes, 1.652%, 6/01/2018(k)		89,298,246
	289,540,000	Federal National Mortgage Association Discount Notes, 1.400%-1.510%, 5/21/2018(k)(l)		288,870,004
	100,000,000	Federal National Mortgage Association Discount Notes, 1.420%, 5/07/2018(k)		99,834,700
	109,147,547	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/29/2018 at 0.900% to be repurchased at $109,158,462 on 4/02/2018 collateralized by $99,050,000 U.S. Treasury Note, 2.250% due 01/31/2024 valued at $97,210,642; $13,900,000 U.S. Treasury Note, 2.750% due 11/15/2023 valued at $14,121,594 including accrued interest (Note 2 of Notes to Financial Statements)		109,147,547
	49,435,000	U.S. Treasury Bills, 1.285%, 4/05/2018(k)		49,428,302
	25,000,000	U.S. Treasury Bills, 1.415%, 4/12/2018(k)		24,988,639
	150,000,000	U.S. Treasury Bills, 1.416%, 4/19/2018(k)		149,884,276
	211,445,000	U.S. Treasury Bills, 1.590%-1.605%, 5/31/2018(k)(l)		210,866,869
	150,000,000	U.S. Treasury Bills, 1.636%, 6/07/2018(k)		149,543,015
	25,000,000	U.S. Treasury Bills, 1.675%, 6/28/2018(k)		24,898,349

See accompanying notes to financial statements.

17  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
	Short-Term Investments — continued
$	300,000,000	U.S. Treasury Bills, 1.683%, 6/21/2018(k)	$	298,872,501
		Total Short-Term Investments (Identified Cost $1,830,676,152)		1,830,472,194
		Total Investments — 99.9% (Identified Cost $6,228,218,969)		6,211,343,908
		Other assets less liabilities — 0.1%		4,494,841
		Net Assets — 100.0%	$	6,215,838,749
	(‡)	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.
	(c)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At March 31, 2018, the value of these securities amounted to $143,970,940 or 2.3% of net assets. See Note 2 of Notes to Financial Statements.
	(d)	Variable rate security. Rate as of March 31, 2018 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 debt securities.
	(h)	Fair valued by the Fund’s adviser. At March 31, 2018, 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)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of March 31, 2018 is disclosed.
	(j)	Non-income producing security.
	(k)	Interest rate represents discount rate at time of purchase; not a coupon rate.
	(l)	The Fund’s investment in U.S. Government/Agency securities 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.
	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2018, the value of Rule 144A holdings amounted to $677,055,853 or 10.9% of net assets.
	ABS	Asset-Backed Securities
	EMTN	Euro Medium Term Note
	FHLMC	Federal Home Loan Mortgage Corp.
	FNMA	Federal National Mortgage Association

See accompanying notes to financial statements.

|  18

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Investment Grade Bond Fund – (continued)

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 March 31, 2018 (Unaudited)

Treasuries	26.4	%
Banking	7.2
Wirelines	4.0
Finance Companies	3.7
Midstream	2.2
Other Investments, less than 2% each	26.9
Short-Term Investments	29.5
Total Investments	99.9
Other assets less liabilities	0.1
Net Assets	100.0	%

Currency Exposure Summary at March 31, 2018 (Unaudited)

United States Dollar	83.8	%
Canadian Dollar	6.6
Mexican Peso	4.6
Other, less than 2% each	4.9
Total Investments	99.9
Other assets less liabilities	0.1
Net Assets	100.0	%

See accompanying notes to financial statements.

19  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Strategic Income Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 70.6% of Net Assets
	Non-Convertible Bonds — 65.1%
		ABS Other — 0.3%
$	21,719,204	GCA2014 Holdings Ltd., Series 2014-1, Class C, 6.000%, 1/05/2030, 144A(a)(b)(c)(d)	$	16,072,211
	8,655,203	GCA2014 Holdings Ltd., Series 2014-1, Class D, 7.500%, 1/05/2030, 144A(a)(b)(c)(d)		3,440,443
	42,000,000	GCA2014 Holdings Ltd., Series 2014-1, Class E, Zero Coupon, 1/05/2030, 144A(a)(b)(c)(d)(e)		—
	10,609,955	Global Container Assets Ltd., Series 2015-1A, Class B, 4.500%, 2/05/2030, 144A(b)(f)		10,098,433
				29,611,087
		Aerospace & Defense — 0.9%
	620,000	Bombardier, Inc., 7.350%, 12/22/2026, 144A, (CAD)		477,025
	10,225,000	Bombardier, Inc., 7.450%, 5/01/2034, 144A		10,282,873
	3,145,000	Embraer Netherlands Finance BV, 5.400%, 2/01/2027		3,323,007
	9,576,000	Leonardo U.S. Holdings, Inc., 6.250%, 1/15/2040, 144A		10,650,236
	8,815,000	Leonardo U.S. Holdings, Inc., 7.375%, 7/15/2039, 144A		10,754,300
	5,310,000	Textron Financial Corp., 3-month LIBOR + 1.735%, 3.574%, 2/15/2067, 144A(g)		4,845,375
	24,513,000	TransDigm, Inc., 6.500%, 7/15/2024		25,125,825
	17,765,000	TransDigm, Inc., 6.500%, 5/15/2025		17,942,650
				83,401,291
		Airlines — 2.8%
	130,040,000	American Airlines Group, Inc., 5.500%, 10/01/2019, 144A		133,050,426
	11,318,394	American Airlines Pass Through Trust, Series 2013-1 Class A, 4.000%, 1/15/2027		11,387,889
	175,117	Continental Airlines Pass Through Certificates, Series 1999-1, Class B, 6.795%, 2/02/2020(a)		176,430
	2,164,773	Continental Airlines Pass Through Certificates, Series 2012-1, Class B, 6.250%, 10/11/2021		2,240,540
	2,083,946	Continental Airlines Pass Through Certificates, Series 2012-2, Class B, 5.500%, 4/29/2022		2,139,379
	21,015,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		21,015,000
	930	Continental Airlines Pass Through Trust, Series 1999-2, Class B, 7.566%, 9/15/2021(a)		924
	243,371	Continental Airlines Pass Through Trust, Series 2001-1, Class A-1, 6.703%, 12/15/2022		260,655
	445,691	Northwest Airlines, Inc., Series 2002-1, Class G2, (MBIA Insured), 6.264%, 5/20/2023		462,961
	33,395,288	US Airways Pass Through Trust, Series 2011-1B, Class B, 9.750%, 4/22/2020		34,448,576
	4,945,653	US Airways Pass Through Trust, Series 2012-1B, Class B, 8.000%, 4/01/2021		5,230,028
	48,950,000	Virgin Australia Holdings Ltd., 8.500%, 11/15/2019, 144A		50,232,490

See accompanying notes to financial statements.

|  20

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Airlines — continued
$	1,984,885	Virgin Australia Pass Through Certificates, Series 2013-1B, 6.000%, 4/23/2022, 144A	$	2,025,020
	2,111,629	Virgin Australia Pass Through Certificates, Series 2013-1C, 7.125%, 10/23/2018, 144A		2,139,882
				264,810,200
		Automotive — 0.4%
	1,220,000	Ford Motor Co., 6.625%, 2/15/2028		1,399,913
	1,345,000	Ford Motor Co., 7.500%, 8/01/2026		1,607,628
	4,977,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		5,350,275
	26,055,000	Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc., 7.875%, 10/01/2022, 144A		26,120,138
				34,477,954
		Banking — 4.8%
	6,000,000	Ally Financial, Inc., 8.000%, 11/01/2031		7,320,000
	983,000	Bank of America Corp., (fixed rate to 12/20/2027, variable rate thereafter), 3.419%, 12/20/2028, 144A		941,613
	265,000	Bank of America Corp., MTN, 4.250%, 10/22/2026		266,857
	1,500,000	Bank of America Corp., Series K, 3-month LIBOR + 3.630%, 5.397%(g)(h)		1,500,000
	7,045,000	Bank of America Corp., Series L, MTN, 4.183%, 11/25/2027		6,984,023
	10,000,000	Bank of Nova Scotia (The), 2.462%, 3/14/2019, (CAD)		7,793,146
	36,445,000	Citigroup, Inc., 5.130%, 11/12/2019, (NZD)		27,406,761
	3,450,000	Cooperatieve Rabobank UA, 3.950%, 11/09/2022		3,486,229
	25,000,000	Goldman Sachs Group, Inc. (The), 3.550%, 2/12/2021, (CAD)		19,816,626
	19,245,000	Intesa Sanpaolo SpA, 5.017%, 6/26/2024, 144A		18,982,268
	45,620,000	JPMorgan Chase & Co., 4.250%, 11/02/2018, (NZD)		33,272,400
	36,195,000	Morgan Stanley, 4.350%, 9/08/2026		36,453,046
	35,325,000	Morgan Stanley, 4.750%, 11/16/2018, (AUD)		27,502,514
	185,000,000	Morgan Stanley, GMTN, 5.000%, 9/30/2021, (AUD)		151,162,309
	46,735,000	Morgan Stanley, MTN, 4.100%, 5/22/2023		47,363,734
	10,000,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		11,549,549
	53,095,000	Morgan Stanley, Series MPLE, 3.125%, 8/05/2021, (CAD)		41,618,798
				443,419,873
		Brokerage — 1.2%
	3,325,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 6.875%, 4/15/2022, 144A		3,291,750
	1,675,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.250%, 8/15/2024, 144A		1,653,058
	22,540,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.500%, 4/15/2021, 144A		22,793,575
	43,025,000	Jefferies Group LLC, 5.125%, 1/20/2023		45,527,901
	20,010,000	Jefferies Group LLC, 6.250%, 1/15/2036		21,757,555
	15,215,000	Jefferies Group LLC, 6.450%, 6/08/2027		17,188,068
				112,211,907
		Building Materials — 0.3%
	10,265,000	Atrium Windows & Doors, Inc., 7.750%, 5/01/2019, 144A		10,293,229
	1,859,000	Masco Corp., 6.500%, 8/15/2032		2,153,893
	195,000	Masco Corp., 7.125%, 3/15/2020		209,081
	1,226,000	Masco Corp., 7.750%, 8/01/2029		1,552,177

See accompanying notes to financial statements.

21  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Building Materials — continued
$	10,800,000	Owens Corning, 7.000%, 12/01/2036	$	13,824,438
				28,032,818
		Cable Satellite — 1.2%
	850,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2023, 144A		851,063
	975,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.375%, 5/01/2025, 144A		960,375
	3,315,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 1/15/2024		3,364,725
	4,360,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.875%, 5/01/2027, 144A		4,360,000
	17,880,000	CSC Holdings LLC, 5.375%, 2/01/2028, 144A		16,889,269
	17,679,000	DISH DBS Corp., 5.875%, 11/15/2024		15,756,409
	25,270,000	Shaw Communications, Inc., 5.650%, 10/01/2019, (CAD)		20,557,876
	4,835,000	Time Warner Cable LLC, 4.500%, 9/15/2042		4,187,596
	135,000	Time Warner Cable LLC, 5.875%, 11/15/2040		140,998
	11,275,000	Videotron Ltd., 5.625%, 6/15/2025, 144A, (CAD)		9,200,019
	7,000,000	Virgin Media Finance PLC, 6.000%, 10/15/2024, 144A		6,930,000
	20,300,000	VTR Finance BV, 6.875%, 1/15/2024, 144A		21,142,653
	4,010,000	Ziggo Secured Finance BV, 5.500%, 1/15/2027, 144A		3,768,237
				108,109,220
		Chemicals — 2.1%
	19,810,000	Aruba Investments, Inc., 8.750%, 2/15/2023, 144A		20,552,875
	6,605,000	Chemours Co. (The), 6.625%, 5/15/2023		6,935,250
	33,788,000	Consolidated Energy Finance S.A., 6.750%, 10/15/2019, 144A		34,168,115
	26,164,000	Hexion, Inc., 7.875%, 2/15/2023(b)(f)		19,034,310
	8,757,000	Hexion, Inc., 9.200%, 3/15/2021(b)(f)		6,405,308
	16,660,000	Hexion, Inc./Hexion Nova Scotia Finance ULC, 9.000%, 11/15/2020		12,758,561
	90,205,000	INVISTA Finance LLC, 4.250%, 10/15/2019, 144A		90,078,713
	885,000	TPC Group, Inc., 8.750%, 12/15/2020, 144A		889,159
				190,822,291
		Construction Machinery — 0.1%
	1,310,000	United Rentals North America, Inc., 4.875%, 1/15/2028		1,264,150
	5,105,000	United Rentals North America, Inc., 5.750%, 11/15/2024		5,314,560
				6,578,710
		Consumer Cyclical Services — 0.1%
	5,500,000	ServiceMaster Co. LLC (The), 7.450%, 8/15/2027		5,926,250
		Consumer Products — 0.1%
	11,880,000	Avon Products, Inc., 8.950%, 3/15/2043		10,187,100
		Electric — 1.3%
	5,093,000	AES Corp. (The), 4.875%, 5/15/2023		5,182,128
	9,371,000	AES Corp. (The), 5.500%, 4/15/2025		9,707,419
	34,064,148	Alta Wind Holdings LLC, 7.000%, 6/30/2035, 144A		38,451,538
	47,979,300	Bruce Mansfield Unit Pass Through Trust, 6.850%, 6/01/2034(b)(f)		14,829,922
	6,145,000	Dynegy, Inc., 7.625%, 11/01/2024		6,628,919
	11,255,000	Dynegy, Inc., 8.125%, 1/30/2026, 144A		12,422,706
	29,959,000	EDP Finance BV, 4.125%, 1/15/2020, 144A		30,426,360
	3,570,000	Empresa Nacional de Electricidad S.A., 7.875%, 2/01/2027		4,445,384
				122,094,376

See accompanying notes to financial statements.

|  22

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Finance Companies — 3.1%
$	14,060,000	iStar, Inc., 5.000%, 7/01/2019	$	14,104,570
	2,260,000	Navient Corp., 5.875%, 10/25/2024		2,214,800
	109,950(††)	Navient Corp., 6.000%, 12/15/2043		2,550,107
	30,265,000	Navient Corp., MTN, 6.125%, 3/25/2024		30,151,506
	22,945,000	Navient LLC, 5.500%, 1/25/2023		22,543,463
	7,780,000	Navient LLC, MTN, 5.500%, 1/15/2019		7,865,580
	6,490,000	Navient LLC, MTN, 7.250%, 1/25/2022		6,855,063
	50,910,000	Navient LLC, Series A, MTN, 5.625%, 8/01/2033(b)(f)		44,546,250
	45,875,000	Springleaf Finance Corp., 5.250%, 12/15/2019		46,792,500
	23,115,000	Springleaf Finance Corp., 6.875%, 3/15/2025		23,201,681
	26,970,000	Springleaf Finance Corp., 7.750%, 10/01/2021		29,195,025
	55,015,000	Springleaf Finance Corp., 8.250%, 10/01/2023		59,416,200
				289,436,745
		Food & Beverage — 0.1%
	4,880,000	Shearer’s Foods LLC/Chip Finance Corp., 9.000%, 11/01/2019, 144A		4,983,700
		Government Owned – No Guarantee — 0.8%
	22,160,000	Pertamina Persero PT, 6.450%, 5/30/2044, 144A		25,058,129
	21,145,000	Petrobras Global Finance BV, 4.375%, 5/20/2023		20,749,589
	30,955,000	Petrobras Global Finance BV, 5.625%, 5/20/2043		27,008,237
				72,815,955
		Healthcare — 3.0%
	260,000	CHS/Community Health Systems, Inc., 5.125%, 8/01/2021		241,800
	3,195,000	CHS/Community Health Systems, Inc., 6.875%, 2/01/2022		1,849,106
	40,686,000	HCA, Inc., 5.875%, 5/01/2023		42,110,010
	14,620,000	HCA, Inc., 7.050%, 12/01/2027		15,460,650
	20,447,000	HCA, Inc., 7.500%, 12/15/2023		22,440,583
	24,215,000	HCA, Inc., 7.500%, 11/06/2033		26,454,887
	14,056,000	HCA, Inc., 7.690%, 6/15/2025		15,496,740
	32,745,000	HCA, Inc., 8.360%, 4/15/2024		37,411,162
	10,815,000	HCA, Inc., MTN, 7.580%, 9/15/2025		11,855,944
	9,492,000	HCA, Inc., MTN, 7.750%, 7/15/2036		10,441,200
	9,975,000	Kindred Healthcare, Inc., 8.750%, 1/15/2023		10,548,563
	955,000	Tenet Healthcare Corp., 4.375%, 10/01/2021		938,288
	16,825,000	Tenet Healthcare Corp., 5.125%, 5/01/2025, 144A		16,173,031
	36,035,000	Tenet Healthcare Corp., 6.750%, 6/15/2023		35,269,256
	33,959,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		30,902,690
	1,015,000	Tenet Healthcare Corp., 7.500%, 1/01/2022, 144A		1,069,556
	990,000	Tenet Healthcare Corp., 8.125%, 4/01/2022		1,032,075
				279,695,541
		Home Construction — 0.9%
	151,000	Beazer Homes USA, Inc., 7.250%, 2/01/2023		156,096
	13,360,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021(b)(f)		12,079,310
	47,260,000	PulteGroup, Inc., 6.000%, 2/15/2035		47,850,750
	13,190,000	PulteGroup, Inc., 6.375%, 5/15/2033		13,783,550
	10,305,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 4.375%, 6/15/2019		10,330,763

See accompanying notes to financial statements.

23  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Home Construction — continued
$	195,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.875%, 6/15/2024	$	197,867
				84,398,336
		Independent Energy — 4.0%
	595,000	Anadarko Petroleum Corp., 3.450%, 7/15/2024		577,650
	540,000	Anadarko Petroleum Corp., 4.500%, 7/15/2044		518,256
	4,810,000	Antero Resources Corp., 5.625%, 6/01/2023		4,906,200
	28,825,000	Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.000%, 4/01/2022, 144A		31,131,000
	8,145,000	Baytex Energy Corp., 5.125%, 6/01/2021, 144A		7,615,575
	8,225,000	Baytex Energy Corp., 5.625%, 6/01/2024, 144A		7,238,000
	15,000,000	Bellatrix Exploration Ltd., 8.500%, 5/15/2020, 144A		12,237,000
	8,645,000	California Resources Corp., 5.500%, 9/15/2021		6,663,652
	1,188,000	California Resources Corp., 6.000%, 11/15/2024		725,844
	50,620,000	California Resources Corp., 8.000%, 12/15/2022, 144A		39,736,700
	1,310,000	Chesapeake Energy Corp., 4.875%, 4/15/2022		1,211,750
	55,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		56,788
	21,335,000	Chesapeake Energy Corp., 8.000%, 1/15/2025, 144A		20,641,612
	39,020,000	Chesapeake Energy Corp., 8.000%, 6/15/2027, 144A		37,264,100
	15,215,000	Continental Resources, Inc., 3.800%, 6/01/2024		14,644,437
	5,450,000	Continental Resources, Inc., 4.500%, 4/15/2023		5,511,313
	550,000	Continental Resources, Inc., 5.000%, 9/15/2022		557,563
	19,290,000	Eclipse Resources Corp., 8.875%, 7/15/2023		18,204,937
	1,567,000	Halcon Resources Corp., 6.750%, 2/15/2025		1,539,578
	15,580,000	Lonestar Resources America, Inc., 11.250%, 1/01/2023, 144A		15,541,050
	180,000	MEG Energy Corp., 6.375%, 1/30/2023, 144A		150,300
	12,740,000	MEG Energy Corp., 7.000%, 3/31/2024, 144A		10,510,500
	1,022,000	Noble Energy, Inc., 5.625%, 5/01/2021		1,038,771
	1,065,000	Oasis Petroleum, Inc., 6.875%, 1/15/2023		1,078,313
	7,170,000	Pan American Energy LLC/Argentine Branch, 7.875%, 5/07/2021, 144A		7,588,226
	2,055,000	QEP Resources, Inc., 5.250%, 5/01/2023		1,978,020
	18,400,000	Rex Energy Corp., 8.000%, 10/01/2020(b)(f)		5,244,000
	1,735,000	RSP Permian, Inc., 6.625%, 10/01/2022		1,813,058
	17,908,000	Sanchez Energy Corp., 6.125%, 1/15/2023		13,061,648
	9,520,000	Sanchez Energy Corp., 7.750%, 6/15/2021		8,758,400
	8,241,000	SM Energy Co., 5.000%, 1/15/2024		7,643,528
	21,280,000	SM Energy Co., 6.125%, 11/15/2022		21,280,000
	801,000	SM Energy Co., 6.500%, 11/15/2021		806,006
	2,522,000	SM Energy Co., 6.500%, 1/01/2023		2,503,085
	1,110,000	Southwestern Energy Co., 6.700%, 1/23/2025		1,077,255
	14,955,000	Vine Oil & Gas LP/Vine Oil & Gas Finance Corp., 8.750%, 4/15/2023, 144A		13,945,537
	19,960,000	Whiting Petroleum Corp., 5.750%, 3/15/2021		20,159,201
	3,550,000	Whiting Petroleum Corp., 6.250%, 4/01/2023		3,585,926
	21,785,000	Whiting Petroleum Corp., 6.625%, 1/15/2026, 144A		21,948,387
				370,693,166
		Life Insurance — 0.6%
	15,000,000	Global Atlantic Fin Co., 8.625%, 4/15/2021, 144A		16,990,449

See accompanying notes to financial statements.

|  24

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Life Insurance — continued
$	20,000,000	National Life Insurance Co., 10.500%, 9/15/2039, 144A(b)(f)	$	32,414,618
	8,920,000	NLV Financial Corp., 7.500%, 8/15/2033, 144A(b)(f)		10,554,487
				59,959,554
		Local Authorities — 0.8%
	95,480,000	New South Wales Treasury Corp., 4.000%, 4/08/2021, (AUD)		76,990,086
		Media Entertainment — 1.4%
	111,590,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		4,646,735
	64,250,000	iHeartCommunications, Inc., 9.000%, 3/01/2021(i)		50,516,562
	33,370,000	iHeartCommunications, Inc., 9.000%, 9/15/2022(i)		26,195,450
	7,180,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 5.250%, 2/15/2022		7,305,650
	17,950,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 5.875%, 3/15/2025		18,196,813
	16,200,000	R.R. Donnelley & Sons Co., 6.000%, 4/01/2024		15,471,000
	1,445,000	R.R. Donnelley & Sons Co., 6.500%, 11/15/2023		1,423,325
	283,000	R.R. Donnelley & Sons Co., 7.000%, 2/15/2022		293,259
	5,925,000	R.R. Donnelley & Sons Co., 7.875%, 3/15/2021		6,146,891
				130,195,685
		Metals & Mining — 1.0%
	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		2,050,000
	25,271,000	ArcelorMittal, 7.000%, 3/01/2041		29,377,537
	8,705,000	Barrick North America Finance LLC, 5.750%, 5/01/2043		10,136,692
	12,315,000	First Quantum Minerals Ltd., 7.250%, 5/15/2022, 144A		12,315,000
	1,810,000	First Quantum Minerals Ltd., 7.500%, 4/01/2025, 144A		1,782,850
	2,690,000	Freeport-McMoRan, Inc., 3.550%, 3/01/2022		2,602,575
	16,135,000	Russel Metals, Inc., 6.000%, 4/19/2022, 144A, (CAD)		12,727,282
	11,719,000	United States Steel Corp., 6.650%, 6/01/2037		11,484,620
	2,655,000	United States Steel Corp., 7.375%, 4/01/2020		2,820,938
	10,000,000	Worthington Industries, Inc., 6.500%, 4/15/2020		10,669,596
				95,970,371
		Midstream — 0.5%
	8,935,000	IFM U.S. Colonial Pipeline 2 LLC, 6.450%, 5/01/2021, 144A		9,559,713
	13,667,000	NGL Energy Partners LP/NGL Energy Finance Corp., 6.125%, 3/01/2025		13,017,817
	882,000	NGL Energy Partners LP/NGL Energy Finance Corp., 6.875%, 10/15/2021		879,795
	8,125,000	NGL Energy Partners LP/NGL Energy Finance Corp., 7.500%, 11/01/2023		8,155,469
	505,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		611,050
	11,820,000	Summit Midstream Partners LP, Series A, (fixed rate to 12/15/2022, variable rate thereafter), 9.500%(h)		12,041,152
	3,185,492	Transportadora de Gas del Sur S.A., 9.625%, 5/14/2020, 144A		3,325,749
				47,590,745
		Non-Agency Commercial Mortgage-Backed Securities — 0.1%
	5,485,026	GS Mortgage Securities Trust, Series 2007-GG10, Class AM, 5.826%, 8/10/2045(k)		5,531,413

See accompanying notes to financial statements.

25  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Non-Agency Commercial Mortgage-Backed Securities — continued
	7,963,012	Institutional Mortgage Securities Canada, Inc., Series 2014-5A, Class A1, 2.003%, 7/12/2047, 144A, (CAD)	$	6,171,636
				11,703,049
		Oil Field Services — 2.4%
	11,165,000	Ensco PLC, 7.750%, 2/01/2026		10,243,887
	7,120,000	Global Marine, Inc., 7.000%, 6/01/2028		6,977,600
	12,610,000	Noble Holding International Ltd., 7.750%, 1/15/2024		11,695,775
	19,385,000	Noble Holding International Ltd., 7.875%, 2/01/2026, 144A		19,094,225
	18,385,000	Pioneer Energy Services Corp., 6.125%, 3/15/2022		15,918,285
	12,020,000	Precision Drilling Corp., 5.250%, 11/15/2024		11,268,750
	594,000	Precision Drilling Corp., 6.500%, 12/15/2021		598,455
	2,080,000	Shelf Drilling Holdings Ltd., 8.250%, 2/15/2025, 144A		2,085,200
	80,284,500	Transocean Proteus Ltd., 6.250%, 12/01/2024, 144A		81,689,479
	39,300,000	Transocean, Inc., 5.800%, 10/15/2022		37,728,000
	27,725,000	Transocean, Inc., 6.800%, 3/15/2038		21,625,500
				218,925,156
		Packaging — 0.0%
	1,705,000	Signode Industrial Group Lux S.A./Signode Industrial Group U.S., Inc., 6.375%, 5/01/2022, 144A		1,754,019
		Paper — 0.5%
	15,225,000	Georgia-Pacific LLC, 7.750%, 11/15/2029		20,776,639
	4,865,000	WestRock MWV LLC, 7.950%, 2/15/2031		6,465,673
	8,750,000	WestRock MWV LLC, 8.200%, 1/15/2030		11,786,823
	2,840,000	Weyerhaeuser Co., 6.950%, 10/01/2027		3,460,303
				42,489,438
		Property & Casualty Insurance — 0.2%
	12,510,000	MBIA Insurance Corp., 3-month LIBOR + 11.260%, 12.982%, 1/15/2033, 144A(e)(g)		5,379,300
	17,870,000	XL Group PLC, 3-month LIBOR + 2.458%, 4.179%(g)(h)		17,735,975
				23,115,275
		Retailers — 1.0%
	3,325,000	Dillard’s, Inc., 7.000%, 12/01/2028		3,581,125
	1,500,000	Dillard’s, Inc., 7.750%, 7/15/2026		1,683,765
	5,685,000	Foot Locker, Inc., 8.500%, 1/15/2022		6,551,963
	7,000	J.C. Penney Corp., Inc., 5.650%, 6/01/2020		7,175
	27,224,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		16,878,880
	2,510,000	J.C. Penney Corp., Inc., 7.625%, 3/01/2097		1,581,300
	565,000	J.C. Penney Corp., Inc., 8.125%, 10/01/2019		599,606
	12,275,000	Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027		13,167,011
	6,365,000	Marks & Spencer PLC, 7.125%, 12/01/2037, 144A		7,244,760
	3,765,000	Nine West Holdings, Inc., 6.125%, 11/15/2034(b)(f)		376,500
	23,150,000	TRU Taj LLC/TRU Taj Finance, Inc., 11.000%, 1/22/2019, 144A(b)(f)		23,988,493
	22,871,000	TRU Taj LLC/TRU Taj Finance, Inc., 12.000%, 8/15/2021, 144A(b)(f)		17,667,847
				93,328,425

See accompanying notes to financial statements.

|  26

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Supermarkets — 2.1%
$	11,495,000	Albertson’s Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC, 5.750%, 3/15/2025	$	9,802,936
	9,465,000	Albertson’s Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC, 6.625%, 6/15/2024		8,483,006
	88,305,000	New Albertsons LP, 7.450%, 8/01/2029		70,644,000
	25,595,000	New Albertsons LP, 7.750%, 6/15/2026		22,011,700
	28,915,000	New Albertsons LP, 8.000%, 5/01/2031		23,710,300
	9,390,000	New Albertsons LP, 8.700%, 5/01/2030		8,286,675
	17,557,000	New Albertsons LP, Series C, MTN, 6.625%, 6/01/2028		13,518,890
	2,290,000	Safeway, Inc., 7.250%, 2/01/2031		1,854,900
	34,580,000	SUPERVALU, Inc., 6.750%, 6/01/2021		34,061,300
				192,373,707
		Technology — 1.1%
	4,537,000	Advanced Micro Devices, Inc., 7.000%, 7/01/2024		4,763,850
	17,060,000	Amkor Technology, Inc., 6.375%, 10/01/2022		17,529,150
	56,340,000	KLA-Tencor Corp., 4.650%, 11/01/2024		58,842,941
	15,170,000	KLA-Tencor Corp., 5.650%, 11/01/2034		16,875,365
	150,000	Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		171,881
				98,183,187
		Transportation Services — 0.1%
	10,503,000	APL Ltd., 8.000%, 1/15/2024(b)(f)		10,187,910
		Treasuries — 20.8%
	312,000,000	Canadian Government International Bond, 0.750%, 9/01/2020, (CAD)		236,016,672
	29,490,000	Canadian Government International Bond, 1.250%, 9/01/2018, (CAD)		22,874,864
	80,645,000	Canadian Government International Bond, 1.750%, 9/01/2019, (CAD)		62,631,873
	1,010,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2024, (EUR)(l)		1,220,914
	1,100,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2035, (EUR)(l)		1,168,881
	4,000,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2036, (EUR)(l)		4,328,338
	4,455,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2037, (EUR)(l)		4,800,843
	5,820,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2038, (EUR)(l)		6,128,040
	4,000,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2039, (EUR)(l)		4,216,594
	4,680,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2040, (EUR)(l)		4,914,889
	5,970,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2041, (EUR)(l)		6,282,835
	4,000,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2042, (EUR)(l)		4,140,517
	1,605,660,000	Iceland Government International Bond, 7.250%, 10/26/2022, (ISK)		13,549,779
	4,496,156,000	Iceland Government International Bond, 8.750%, 2/26/2019, (ISK)		36,122,605
	10,000,000(†††)	Mexican Fixed Rate Bonds, Series M, 5.750%, 3/05/2026, (MXN)		49,944,995

See accompanying notes to financial statements.

27  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Treasuries — continued
	9,930,439(†††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/10/2021, (MXN)	$	53,496,553
	4,250,000(†††)	Mexican Fixed Rate Bonds, Series M, 7.750%, 5/29/2031, (MXN)		23,920,861
	7,740,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 7.500%, 6/03/2027, (MXN)		43,097,836
	27,224,481(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		155,148,094
	3,035,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.500%, 5/31/2029, (MXN)		18,106,496
	21,700,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 10.000%, 12/05/2024, (MXN)		136,929,626
	252,700,000	New Zealand Government Bond, 5.000%, 3/15/2019, (NZD)		188,147,815
	175,365,000	New Zealand Government Bond, 6.000%, 5/15/2021, (NZD)		141,784,573
	458,725,000	Norway Government Bond, 3.750%, 5/25/2021, 144A, (NOK)		63,100,261
	658,049,000	Norway Government Bond, 4.500%, 5/22/2019, 144A, (NOK)		87,431,499
	162,850,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)		49,637,570
	55,925,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		18,639,069
	250,000,000	U.S. Treasury Note, 0.750%, 9/30/2018		248,544,923
	250,000,000	U.S. Treasury Note, 1.000%, 11/30/2018		248,320,313
				1,934,648,128
		Wireless — 1.2%
	293,000,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		14,887,881
	134,600,000	America Movil SAB de CV, 8.460%, 12/18/2036, (MXN)		6,719,435
	49,955,000	Sprint Capital Corp., 6.875%, 11/15/2028		46,583,038
	6,260,000	Sprint Capital Corp., 8.750%, 3/15/2032		6,541,700
	21,052,000	Sprint Communications, Inc., 6.000%, 11/15/2022		20,657,275
	8,200,000	Sprint Corp., 7.125%, 6/15/2024		7,995,000
	4,727,000	Sprint Corp., 7.250%, 9/15/2021		4,886,536
				108,270,865
		Wirelines — 3.8%
	4,370,000	Bell Canada, Inc., MTN, 6.550%, 5/01/2029, 144A, (CAD)		4,220,212
	7,545,000	Bell Canada, Inc., Series M-17, 6.100%, 3/16/2035, (CAD)		7,266,356
	22,335,000	CB Escrow Corp., 8.000%, 10/15/2025, 144A		20,799,469
	1,240,000	CenturyLink, Inc., 5.625%, 4/01/2025		1,119,100
	7,410,000	CenturyLink, Inc., Series G, 6.875%, 1/15/2028		6,706,050
	2,965,000	CenturyLink, Inc., Series P, 7.600%, 9/15/2039		2,554,614
	28,385,000	CenturyLink, Inc., Series S, 6.450%, 6/15/2021		28,952,700
	2,025,000	CenturyLink, Inc., Series U, 7.650%, 3/15/2042		1,716,188
	7,940,000	CenturyLink, Inc., Series W, 6.750%, 12/01/2023		7,721,650
	350,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		339,500
	3,620,000	Cincinnati Bell, Inc., 7.000%, 7/15/2024, 144A		3,239,900
	8,581,000	Consolidated Communications, Inc., 6.500%, 10/01/2022		7,594,185
	5,330,000	Embarq Corp., 7.995%, 6/01/2036		5,023,525
	18,725,000	Frontier Communications Corp., 6.875%, 1/15/2025		11,071,156
	38,336,000	Frontier Communications Corp., 7.875%, 1/15/2027		19,934,720
	25,745,000	Level 3 Parent LLC, 5.750%, 12/01/2022		25,680,637
	42,460,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		38,214,000
	12,463,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		12,457,267
	33,395,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		30,055,500
	26,401,000	Qwest Corp., 6.875%, 9/15/2033		25,124,503
	30,646,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		31,786,031

See accompanying notes to financial statements.

|  28

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Wirelines — continued
$	16,440,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033	$	17,837,400
	18,600,000	Telus Corp., Series CG, 5.050%, 12/04/2019, (CAD)		15,071,436
	14,776,000	Verizon Communications, Inc., 2.450%, 11/01/2022		14,191,892
	4,495,000	Windstream Services LLC/Windstream Finance Corp., 7.500%, 4/01/2023		3,179,403
	8,865,000	Windstream Services LLC/Windstream Finance Corp., 7.750%, 10/15/2020		7,402,275
	3,392,000	Windstream Services LLC/Windstream Finance Corp., 8.750%, 12/15/2024, 144A		2,011,761
				351,271,430
		Total Non-Convertible Bonds (Identified Cost $6,440,744,395)		6,038,663,550
	Convertible Bonds — 3.9%
		Building Materials — 0.2%
	17,254,000	KB Home, 1.375%, 2/01/2019		19,529,371
		Cable Satellite — 1.6%
	14,660,000	DISH Network Corp., 2.375%, 3/15/2024		12,963,706
	137,245,000	DISH Network Corp., 3.375%, 8/15/2026		132,194,384
				145,158,090
		Chemicals — 0.1%
	4,305,000	RPM International, Inc., 2.250%, 12/15/2020		4,834,455
		Diversified Manufacturing — 0.0%
	2,546,000	Trinity Industries, Inc., 3.875%, 6/01/2036		3,469,908
		Healthcare — 0.1%
	8,835,000	Evolent Health, Inc., 2.000%, 12/01/2021		8,869,828
		Leisure — 0.3%
	27,795,000	Rovi Corp., 0.500%, 3/01/2020		26,784,096
		Midstream — 0.4%
	30,445,000	Chesapeake Energy Corp., 5.500%, 9/15/2026		26,216,189
	10,585,000	SM Energy Co., 1.500%, 7/01/2021		9,992,240
	4,755,000	Whiting Petroleum Corp., 1.250%, 4/01/2020		4,475,582
				40,684,011
		Pharmaceuticals — 0.0%
	1,655,000	BioMarin Pharmaceutical, Inc., 1.500%, 10/15/2020		1,822,569
		REITs – Mortgage — 0.1%
	11,865,000	iStar, Inc., 3.125%, 9/15/2022, 144A		11,289,737
		Technology — 1.1%
	10,415,000	Booking Holdings, Inc., 0.900%, 9/15/2021		12,998,961
	5,085,540	Liberty Interactive LLC, 3.500%, 1/15/2031		5,595,899
	22,740,000	Nuance Communications, Inc., 1.000%, 12/15/2035		21,630,743
	10,155,000	Nuance Communications, Inc., 1.250%, 4/01/2025, 144A		10,044,514
	39,710,000	Nuance Communications, Inc., 1.500%, 11/01/2035		40,466,039

See accompanying notes to financial statements.

29  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Technology — continued
$	11,570,000	Viavi Solutions, Inc., 0.625%, 8/15/2033	$	11,820,351
				102,556,507
		Total Convertible Bonds (Identified Cost $365,799,009)		364,998,572
	Municipals — 1.6%
		District of Columbia — 0.1%
	3,850,000	Metropolitan Washington Airports Authority, Series D, 8.000%, 10/01/2047		5,349,652
		Illinois — 0.1%
	17,570,000	State of Illinois, 5.100%, 6/01/2033		16,468,888
		Michigan — 0.1%
	11,805,000	Michigan Tobacco Settlement Finance Authority Taxable Turbo, Series A, 7.309%, 6/01/2034		11,742,552
		Puerto Rico — 0.3%
	63,900,000	Commonwealth of Puerto Rico, GO, Refunding, Series A, 8.000%, 7/01/2035(i)		27,157,500
		Virginia — 1.0%
	97,200,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046		91,771,380
		Total Municipals (Identified Cost $180,688,055)		152,489,972
		Total Bonds and Notes (Identified Cost $6,987,231,459)		6,556,152,094
	Loan Participations — 0.1%
		ABS Other — 0.1%
	9,098,865	Rise Ltd., Series 2014-1, Class B, 6.500%, 2/15/2039 (a)(c)(k) (Identified Cost $9,167,106)		9,053,371
	Senior Loans — 1.2%
		Automotive — 0.1%
	5,948,124	IBC Capital Ltd., 2nd Lien Term Loan, 3-month LIBOR + 7.000%, 9.071%, 9/09/2022(g)		5,925,819
		Chemicals — 0.3%
	31,355,000	Houghton International, Inc., New 2nd Lien Term Loan, 1-month LIBOR + 8.500%, 10.377%, 12/20/2020(g)		31,355,000
		Construction Machinery — 0.4%
	21,276,995	Onsite Rental Group Pty Ltd., PIK Term Loan B, 3-month LIBOR, 1.773%, 10/26/2023, 144A(b)(d)(f)(g)(m)		16,383,286
	15,562,263	Onsite Rental Group Pty Ltd., Term Loan B, 1-month LIBOR + 4.500%, 6.372%, 10/26/2022(g)		15,251,018
				31,634,304

See accompanying notes to financial statements.

|  30

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Consumer Cyclical Services — 0.1%
$	8,874,457	Ex-Sigma 2 LLC, 2nd Lien PIK Term Loan, 1-week LIBOR, 2.302%, 7/12/2019(a)(b)(c)(g)(n)	$	7,987,011
		Financial Other — 0.2%
	12,748,515	DBRS Ltd., Term Loan, 3-month LIBOR + 5.250%, 7.234%, 3/04/2022(g)		12,828,193
		Natural Gas — 0.0%
	1,489,747	Southcross Holdings Borrower LP, Exit Term Loan B, PIK, 3.500%, 4/13/2023(o)		1,467,401
		Oil Field Services — 0.0%
	2,873,030	Petroleum Geo-Services ASA, New Term Loan B, 3-month LIBOR + 2.500%, 4.802%, 3/19/2021(g)		2,724,006
		Retailers — 0.0%
	2,614,748	Toys “R” Us Property Co. I LLC, New Term Loan B, 1-month LIBOR + 5.000%, 6.877%, 8/21/2019(b)(f)(g)(i)		2,145,034
		Technology — 0.1%
	9,507,380	IQOR U.S., Inc., 2nd Lien Term Loan, 3-month LIBOR + 8.750%, 10.445%, 4/01/2022(g)		9,117,577
		Transportation Services — 0.0%
	2,918,811	OSG Bulk Ships, Inc., OBS Term Loan, 3-month LIBOR + 4.250%, 6.040%, 8/05/2019(g)		2,802,058
		Total Senior Loans (Identified Cost $114,621,478)		107,986,403
Shares
	Common Stocks — 6.4%
		Aerospace & Defense — 0.4%
	1,423,650	Arconic, Inc.		32,800,896
		Diversified Telecommunication Services — 0.1%
	232,155	Hawaiian Telcom Holdco, Inc.(e)		6,193,895
		Media — 0.0%
	303,043	Dex Media, Inc.(d)(e)		2,591,018
		Oil, Gas & Consumable Fuels — 0.1%
	846,398	Chesapeake Energy Corp.(e)		2,556,122
	2,943	Frontera Energy Corp.(e)		82,258
	156,900	Paragon Offshore Ltd., Litigation Units, Class A(d)(e)		167,413
	225,500	Paragon Offshore Ltd., Litigation Units, Class B(d)(e)		6,652,250
	1,514	Southcross Holdings Group LLC(d)(e)		—
	1,514	Southcross Holdings LP, Class A(d)(e)		454,200
				9,912,243
		Pharmaceuticals — 5.8%
	8,514,190	Bristol-Myers Squibb Co.		538,522,517

See accompanying notes to financial statements.

31  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Shares		Description	Value (†)
		Specialty Retail — 0.0%
	11,664,720	Onsite Rental Group Pty Ltd.(a)(b)(c)(d)(e)	$	—
		Total Common Stocks (Identified Cost $289,460,468)		590,020,569
	Preferred Stocks — 1.6%
	Convertible Preferred Stocks — 1.5%
		Banking — 0.4%
	19,062	Bank of America Corp., Series L, 7.250%		24,579,496
	8,533	Wells Fargo & Co., Series L, Class A, 7.500%		11,007,570
				35,587,066
		Communications — 0.0%
	10,483	Cincinnati Bell, Inc., Series B, 6.750%		512,828
		Energy — 0.1%
	242,297	El Paso Energy Capital Trust I, 4.750%		11,450,956
		Midstream — 0.8%
	172,972	Chesapeake Energy Corp., 4.500%		8,520,601
	231,033	Chesapeake Energy Corp., 5.000%		12,547,980
	32,522	Chesapeake Energy Corp., Series A, 5.750%, 144A		18,578,192
	43,178	Chesapeake Energy Corp., 5.750%, 144A		24,436,589
	6,017	Chesapeake Energy Corp., 5.750%		3,405,321
	5,770	Chesapeake Energy Corp., 5.750%		3,296,113
				70,784,796
		REITs – Health Care — 0.1%
	116,700	Welltower, Inc., Series I, 6.500%		6,493,188
		REITs – Mortgage — 0.1%
	300,307	iStar, Inc., Series J, 4.500%		13,676,762
		Total Convertible Preferred Stocks (Identified Cost $163,285,550)		138,505,596
	Non-Convertible Preferred Stocks — 0.1%
		Finance Companies — 0.0%
	10,425	iStar, Inc., Series G, 7.650%		257,497
		Home Construction — 0.0%
	208,246	Hovnanian Enterprises, Inc., 7.625%(e)		1,480,629
		REITs – Office Property — 0.0%
	1,596	Highwoods Realty LP, Series A, 8.625%		1,945,841
		REITs – Warehouse/Industrials — 0.1%
	116,192	ProLogis, Inc., Series Q, 8.540%		7,536,829
		Total Non-Convertible Preferred Stocks (Identified Cost $8,540,568)		11,220,796
		Total Preferred Stocks (Identified Cost $171,826,118)		149,726,392

See accompanying notes to financial statements.

|  32

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Shares		Description	Value (†)
	Closed-End Investment Companies — 0.0%
	170,282	NexPoint Strategic Opportunities Fund (Identified Cost $10,230,310)	$	3,913,080
Principal Amount (‡)
	Short-Term Investments — 18.8%
$	208,000,000	Federal Home Loan Bank Discount Notes, 1.445%, 5/10/2018(p)		207,626,848
	59,505,000	Federal Home Loan Bank Discount Notes, 1.652%, 6/01/2018(p)		59,334,399
	300,000,000	Federal National Mortgage Association Discount Notes, 1.420%, 5/07/2018(p)		299,504,100
	50,000,000	Federal National Mortgage Association Discount Notes, 1.400%, 5/21/2018(p)		49,884,300
	174,643,735	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/29/2018 at 0.900% to be repurchased at $174,661,199 on 4/02/2018 collateralized by $38,895,000 U.S. Treasury Note, 2.750% due 2/15/2024 valued at $39,207,871; $143,215,000 U.S. Treasury Note, 2.000% due 4/30/2024 valued at $138,929,291 including accrued interest (Note 2 of Notes to Financial Statements)		174,643,735
	75,000,000	U.S. Treasury Bills, 1.455%-1.456%, 5/03/2018(p)(q)		74,895,006
	100,000,000	U.S. Treasury Bills, 1.416%, 4/19/2018(p)		99,922,851
	64,345,000	U.S. Treasury Bills, 1.285%, 4/05/2018(p)		64,336,282
	25,500,000	U.S. Treasury Bills, 1.675%, 6/28/2018(p)		25,396,316
	150,000,000	U.S. Treasury Bills, 1.633%, 6/07/2018(p)		149,543,015
	140,495,000	U.S. Treasury Bills, 1.605%, 5/31/2018(p)		140,110,860
	400,000,000	U.S. Treasury Bills, 1.565%, 5/17/2018(p)		399,179,168
		Total Short-Term Investments (Identified Cost $1,744,564,339)		1,744,376,880
		Total Investments — 98.7% (Identified Cost $9,327,101,278)		9,161,228,789
		Other assets less liabilities — 1.3%		121,844,478
		Net Assets — 100.0%	$	9,283,073,267
	(‡)	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.
	(c)	Fair valued by the Fund’s adviser. At March 31, 2018, the value of these securities amounted to $36,556,317 or 0.4% of net assets. See Note 2 of Notes to Financial Statements.

See accompanying notes to financial statements.

33  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

(d) Securities subject to restriction on resale. At March 31, 2018, the restricted securities held by the Fund are as follows:

	Acquisition Date	Cost		Value		% of Net Assets
Dex Media, Inc.	August 12, 2016	$	1,476,220	$	2,591,018		Less than 0.1%
GCA2014 Holdings Ltd., Series 2014-1, Class C	December 18, 2014		21,396,647		16,072,211		0.2%
GCA2014 Holdings Ltd., Series 2014-1, Class D	December 18, 2014		8,494,926		3,440,443		Less than 0.1%
GCA2014 Holdings Ltd., Series 2014-1, Class E	December 18, 2014		32,732,982		—		—
Onsite Rental Group Pty Ltd., PIK Term Loan B	October 26, 2017		15,666,497		16,383,286		0.2%
Onsite Rental Group Pty Ltd.	October 26, 2017		—		—		—
Paragon Offshore Ltd., Litigation Units Class A	July 18, 2017		1,167,146		167,413		Less than 0.1%
Paragon Offshore Ltd., Litigation Units Class B	July 18, 2017		22,768,653		6,652,250		0.1%
Southcross Holdings Group LLC	April 29, 2016		—		—		—
Southcross Holdings LP, Class A	April 29, 2016		2,215,133		454,200		Less than 0.1%

(e)	Non-income producing security.
(f)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At March 31, 2018, the value of these securities amounted to $225,955,708 or 2.4% of net assets. See Note 2 of Notes to Financial Statements.
(g)	Variable rate security. Rate as of March 31, 2018 is disclosed.
(h)	Perpetual bond with no specified maturity date.
(i)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
(j)	Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional debt securities.
(k)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of March 31, 2018 is disclosed.
(l)	Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.
(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 March 31, 2018, the issuer has not made any interest payments.
(n)	Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional debt securities. For the period ended March 31, 2018 interest payments were made in debt securities.
(o)	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 March 31, 2018, interest payments were made in cash and additional principal.
(p)	Interest rate represents discount rate at time of purchase; not a coupon rate.
(q)	The Fund’s investment in U.S. Government/Agency securities 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.
144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2018, the value of Rule 144A holdings amounted to $1,429,131,288 or 15.4% of net assets.
ABS	Asset-Backed Securities

See accompanying notes to financial statements.

|  34

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

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

Industry Summary at March 31, 2018 (Unaudited)

Treasuries	20.8	%
Pharmaceuticals	5.8
Banking	5.2
Independent Energy	4.0
Wirelines	3.8
Finance Companies	3.1
Healthcare	3.1
Airlines	2.8
Cable Satellite	2.8
Chemicals	2.5
Oil Field Services	2.4
Technology	2.3
Supermarkets	2.1
Other Investments, less than 2% each	19.2
Short-Term Investments	18.8
Total Investments	98.7
Other assets less liabilities	1.3
Net Assets	100.0	%

Currency Exposure Summary at March 31, 2018 (Unaudited)

United States Dollar	77.8	%
Mexican Peso	5.6
Canadian Dollar	5.2
New Zealand Dollar	4.2
Australian Dollar	2.7
Other, less than 2% each	3.2
Total Investments	98.7
Other assets less liabilities	1.3
Net Assets	100.0	%

See accompanying notes to financial statements.

35  |

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|  36

Statements of Assets and Liabilities

March 31, 2018 (Unaudited)

	Investment Grade Bond Fund			Strategic Income Fund
ASSETS
Investments at cost	$	6,228,218,969		$	9,327,101,278
Net unrealized depreciation		(16,875,061	)		(165,872,489	)
Investments at value		6,211,343,908			9,161,228,789
Cash		74,764			7,278,443
Foreign currency at value (identified cost $1,952,861 and $3,654,080, respectively)		1,972,252			3,655,403
Receivable for Fund shares sold		12,936,640			10,611,684
Receivable for securities sold		8,067,938			31,615,729
Dividends and interest receivable		51,798,986			116,489,103
Tax reclaims receivable		—			926,106
Prepaid expenses (Note 7)		706			1,224
TOTAL ASSETS		6,286,195,194			9,331,806,481
LIABILITIES
Payable for securities purchased		27,215,253			27,586,498
Payable for Fund shares redeemed		39,958,968			14,676,247
Management fees payable (Note 5)		2,047,026			4,467,938
Deferred Trustees’ fees (Note 5)		695,134			1,249,998
Administrative fees payable (Note 5)		237,321			357,441
Payable to distributor (Note 5d)		62,098			87,480
Other accounts payable and accrued expenses		140,645			307,612
TOTAL LIABILITIES		70,356,445			48,733,214
NET ASSETS	$	6,215,838,749		$	9,283,073,267
NET ASSETS CONSIST OF:
Paid-in capital	$	6,257,098,512		$	9,558,709,794
Undistributed (Distributions in excess of) net investment income		46,006,130			(14,391,662	)
Accumulated net realized loss on investments and foreign currency transactions		(73,060,849	)		(104,210,877	)
Net unrealized depreciation on investments and foreign currency translations		(14,205,044	)		(157,033,988	)
NET ASSETS	$	6,215,838,749		$	9,283,073,267

See accompanying notes to financial statements.

37  |

Statements of Assets and Liabilities (continued)

March 31, 2018 (Unaudited)

	Investment Grade Bond Fund		Strategic Income Fund
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	866,688,232	$	1,756,834,182
Shares of beneficial interest		78,676,684		121,174,943
Net asset value and redemption price per share	$	11.02	$	14.50
Offering price per share (100/95.75 of net asset value) (Note 1)	$	11.51	$	15.14
Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	588,564,996	$	1,893,797,478
Shares of beneficial interest		53,960,796		129,503,560
Net asset value and offering price per share	$	10.91	$	14.62
Class N shares:
Net assets	$	1,310,286,102	$	167,893,786
Shares of beneficial interest		118,950,183		11,593,212
Net asset value, offering and redemption price per share	$	11.02	$	14.48
Class Y shares:
Net assets	$	3,427,590,637	$	5,325,092,565
Shares of beneficial interest		310,982,920		367,710,616
Net asset value, offering and redemption price per share	$	11.02	$	14.48
Admin Class shares:
Net assets	$	22,708,782	$	139,455,256
Shares of beneficial interest		2,065,167		9,652,460
Net asset value, offering and redemption price per share	$	11.00	$	14.45

See accompanying notes to financial statements.

|  38

Statements of Operations

For the Six Months Ended March 31, 2018 (Unaudited)

	Investment Grade Bond Fund			Strategic Income Fund
INVESTMENT INCOME
Interest	$	105,067,310		$	199,310,564
Dividends		1,901,837			12,560,088
		106,969,147			211,870,652
Expenses
Management fees (Note 5)		12,436,900			27,268,912
Service and distribution fees (Note 5)		4,341,373			13,007,620
Administrative fees (Note 5)		1,377,350			2,152,123
Trustees’ fees and expenses (Note 5)		127,578			205,019
Transfer agent fees and expenses (Notes 5 and 6)		2,626,769			3,871,103
Audit and tax services fees		28,126			28,496
Custodian fees and expenses		141,427			241,103
Legal fees		51,638			82,946
Registration fees		188,794			114,454
Shareholder reporting expenses		342,212			417,096
Miscellaneous expenses (Note 7)		87,718			153,741
Total expenses		21,749,885			47,542,613
Less waiver and/or expense reimbursement (Note 5)		(772,088	)		—
Net expenses		20,977,797			47,542,613
Net investment income		85,991,350			164,328,039
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized loss on:
Investments		(20,877,522	)		(55,246,378	)
Foreign currency transactions (Note 2c)		(1,384,212	)		(962,037	)
Net change in unrealized appreciation (depreciation) on:
Investments		(53,564,788	)		(83,626,630	)
Foreign currency translations (Note 2c)		479,445			554,781
Net realized and unrealized loss on investments and foreign currency transactions		(75,347,077	)		(139,280,264	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	10,644,273		$	25,047,775

See accompanying notes to financial statements.

39  |

Statements of Changes in Net Assets

	Investment Grade Bond Fund						Strategic Income Fund
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
FROM OPERATIONS:
Net investment income	$	85,991,350		$	205,406,044		$	164,328,039		$	398,140,452
Net realized gain (loss) on investments and foreign currency transactions		(22,261,734	)		116,825,138			(56,208,415	)		129,390,356
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(53,085,343	)		(91,129,640	)		(83,071,849	)		172,652,000
Net increase in net assets resulting from operations		10,644,273			231,101,542			25,047,775			700,182,808
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(13,765,884	)		(22,698,039	)		(40,433,746	)		(78,875,422	)
Class C		(7,645,052	)		(13,586,835	)		(35,970,869	)		(78,726,042	)
Class N		(21,370,231	)		(19,578,968	)		(3,509,179	)		(5,305,880	)
Class Y		(57,541,244	)		(95,925,578	)		(124,944,928	)		(205,067,266	)
Admin Class		(345,204	)		(642,265	)		(2,842,131	)		(4,720,753	)
Net realized capital gains
Class A		(9,981,426	)		(37,991,535	)		(8,768,892	)		(51,098,073	)
Class C		(7,341,592	)		(35,231,779	)		(9,599,770	)		(69,058,405	)
Class N		(13,902,118	)		(2,725,590	)		(671,289	)		(2,996,727	)
Class Y		(38,485,396	)		(166,690,814	)		(25,607,819	)		(114,763,610	)
Admin Class		(272,108	)		(1,202,096	)		(647,419	)		(3,099,821	)
Total distributions		(170,650,255	)		(396,273,499	)		(252,996,042	)		(613,711,999	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 10)		101,265,268			(345,835,758	)		(724,475,433	)		(1,423,618,832	)
Net decrease in net assets		(58,740,714	)		(511,007,715	)		(952,423,700	)		(1,337,148,023	)
NET ASSETS
Beginning of the period		6,274,579,463			6,785,587,178			10,235,496,967			11,572,644,990
End of the period	$	6,215,838,749		$	6,274,579,463		$	9,283,073,267		$	10,235,496,967
UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME	$	46,006,130		$	60,682,395		$	(14,391,662	)	$	28,981,152

See accompanying notes to financial statements.

|  40

Financial Highlights

For a share outstanding throughout each period.

	Investment Grade Bond Fund—Class A
	Six Months Ended March 31, 2018 (Unaudited)			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	$	11.30		$	11.59		$	11.10		$	12.11		$	12.22		$	12.76
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.15			0.36			0.39			0.40			0.46			0.48
Net realized and unrealized gain (loss)		(0.13	)		0.05			0.48			(0.95	)		0.26			(0.30	)
Total from Investment Operations		0.02			0.41			0.87			(0.55	)		0.72			0.18
LESS DISTRIBUTIONS FROM:
Net investment income		(0.17	)		(0.26	)		(0.23	)		(0.34	)		(0.51	)		(0.60	)
Net realized capital gains		(0.13	)		(0.44	)		(0.15	)		(0.12	)		(0.32	)		(0.12	)
Total Distributions		(0.30	)		(0.70	)		(0.38	)		(0.46	)		(0.83	)		(0.72	)
Net asset value, end of the period	$	11.02		$	11.30		$	11.59		$	11.10		$	12.11		$	12.22
Total return(b)		0.18	%(c)(d)		3.88	%		8.06	%		(4.72	)%		6.04	%		1.34	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	866,688		$	902,955		$	1,130,260		$	1,628,216		$	1,932,847		$	2,431,718
Net expenses		0.80	%(e)(f)		0.82	%(g)		0.85	%		0.83	%		0.83	%		0.83	%
Gross expenses		0.83	%(e)		0.82	%		0.85	%		0.83	%		0.83	%		0.83	%
Net investment income		2.64	%(e)		3.23	%		3.49	%		3.38	%		3.75	%		3.85	%
Portfolio turnover rate		1	%		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) Periods less than one year are not annualized.

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

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

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

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

See accompanying notes to financial statements.

41  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Investment Grade Bond Fund—Class C
	Six Months Ended March 31, 2018 (Unaudited)			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	$	11.19		$	11.48		$	11.00		$	12.00		$	12.11		$	12.66
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.10			0.27			0.30			0.31			0.36			0.39
Net realized and unrealized gain (loss)		(0.12	)		0.06			0.47			(0.94	)		0.27			(0.32	)
Total from Investment Operations		(0.02	)		0.33			0.77			(0.63	)		0.63			0.07
LESS DISTRIBUTIONS FROM:
Net investment income		(0.13	)		(0.18	)		(0.14	)		(0.25	)		(0.42	)		(0.50	)
Net realized capital gains		(0.13	)		(0.44	)		(0.15	)		(0.12	)		(0.32	)		(0.12	)
Total Distributions		(0.26	)		(0.62	)		(0.29	)		(0.37	)		(0.74	)		(0.62	)
Net asset value, end of the period	$	10.91		$	11.19		$	11.48		$	11.00		$	12.00		$	12.11
Total return(b)		(0.20	)%(c)(d)		3.12	%		7.18	%		(5.40	)%		5.29	%		0.50	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	588,565		$	689,798		$	1,001,522		$	1,219,687		$	1,524,806		$	1,746,822
Net expenses		1.55	%(e)(f)		1.57	%(g)		1.60	%		1.58	%		1.58	%		1.58	%
Gross expenses		1.58	%(e)		1.57	%		1.60	%		1.58	%		1.58	%		1.58	%
Net investment income		1.89	%(e)		2.49	%		2.74	%		2.63	%		3.00	%		3.10	%
Portfolio turnover rate		1	%		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) Periods less than one year are not annualized.

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

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

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

(g) Effective July 1, 2017, the expense limit decreased to 1.55%.

See accompanying notes to financial statements.

|  42

Financial Highlights (continued)

For a share outstanding throughout each period.

	Investment Grade Bond Fund—Class N
	Six Months Ended March 31, 2018 (Unaudited)			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	$	11.30		$	11.58		$	11.11		$	12.11		$	12.22		$	12.66
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.16			0.39			0.43			0.44			0.50			0.34
Net realized and unrealized gain (loss)		(0.12	)		0.07			0.47			(0.93	)		0.26			(0.46	)
Total from Investment Operations		0.04			0.46			0.90			(0.49	)		0.76			(0.12	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.19	)		(0.30	)		(0.28	)		(0.39	)		(0.55	)		(0.32	)
Net realized capital gains		(0.13	)		(0.44	)		(0.15	)		(0.12	)		(0.32	)		—
Total Distributions		(0.32	)		(0.74	)		(0.43	)		(0.51	)		(0.87	)		(0.32	)
Net asset value, end of the period	$	11.02		$	11.30		$	11.58		$	11.11		$	12.11		$	12.22
Total return		0.35	%(b)		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)	$	1,310,286		$	1,203,169		$	47,343		$	21,851		$	6,101		$	41
Net expenses		0.48	%(d)		0.48	%(e)		0.47	%		0.47	%		0.47	%(f)		0.65	%(d)(g)
Gross expenses		0.48	%(d)		0.48	%		0.47	%		0.47	%		0.47	%(f)		0.78	%(d)
Net investment income		2.97	%(d)		3.51	%		3.88	%		3.78	%		4.07	%		4.18	%(d)
Portfolio turnover rate		1	%		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) Periods less than one year are not annualized.

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

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

(e) Effective July 1, 2017, the expense limit increased to 0.50%.

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

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

See accompanying notes to financial statements.

43  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Investment Grade Bond Fund—Class Y
	Six Months Ended March 31, 2018 (Unaudited)			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	$	11.31		$	11.59		$	11.11		$	12.12		$	12.23		$	12.77
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.16			0.39			0.42			0.43			0.49			0.52
Net realized and unrealized gain (loss)		(0.13	)		0.06			0.47			(0.95	)		0.26			(0.31	)
Total from Investment Operations		0.03			0.45			0.89			(0.52	)		0.75			0.21
LESS DISTRIBUTIONS FROM:
Net investment income		(0.19	)		(0.29	)		(0.26	)		(0.37	)		(0.54	)		(0.63	)
Net realized capital gains		(0.13	)		(0.44	)		(0.15	)		(0.12	)		(0.32	)		(0.12	)
Total Distributions		(0.32	)		(0.73	)		(0.41	)		(0.49	)		(0.86	)		(0.75	)
Net asset value, end of the period	$	11.02		$	11.31		$	11.59		$	11.11		$	12.12		$	12.23
Total return		0.22	%(b)(c)		4.24	%		8.25	%		(4.47	)%		6.30	%		1.60	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	3,427,591		$	3,453,137		$	4,571,167		$	6,081,536		$	6,911,938		$	6,130,700
Net expenses		0.55	%(d)(e)		0.57	%(f)		0.60	%		0.58	%		0.59	%		0.58	%
Gross expenses		0.58	%(d)		0.57	%		0.60	%		0.58	%		0.59	%		0.58	%
Net investment income		2.89	%(d)		3.48	%		3.74	%		3.63	%		3.99	%		4.11	%
Portfolio turnover rate		1	%		10	%		11	%		23	%		19	%		30	%

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

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

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

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

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

(f) Effective July 1, 2017, the expense limit decreased to 0.55%.

See accompanying notes to financial statements.

|  44

Financial Highlights (continued)

For a share outstanding throughout each period.

	Investment Grade Bond Fund—Admin Class
	Six Months Ended March 31, 2018 (Unaudited)			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	$	11.28		$	11.56		$	11.08		$	12.09		$	12.20		$	12.74
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.14			0.34			0.37			0.37			0.43			0.45
Net realized and unrealized gain (loss)		(0.13	)		0.06			0.47			(0.95	)		0.26			(0.30	)
Total from Investment Operations		0.01			0.40			0.84			(0.58	)		0.69			0.15
LESS DISTRIBUTIONS FROM:
Net investment income		(0.16	)		(0.24	)		(0.21	)		(0.31	)		(0.48	)		(0.57	)
Net realized capital gains		(0.13	)		(0.44	)		(0.15	)		(0.12	)		(0.32	)		(0.12	)
Total Distributions		(0.29	)		(0.68	)		(0.36	)		(0.43	)		(0.80	)		(0.69	)
Net asset value, end of the period	$	11.00		$	11.28		$	11.56		$	11.08		$	12.09		$	12.20
Total return		(0.03	)%(b)(c)		3.76	%(c)		7.73	%		(4.95	)%		5.79	%		1.10	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	22,709		$	25,521		$	35,294		$	37,355		$	25,585		$	21,557
Net expenses		0.98	%(d)(e)(f)		1.02	%(e)(g)(h)		1.07	%(i)		1.08	%		1.09	%		1.08	%
Gross expenses		1.01	%(d)(f)		1.03	%(g)		1.07	%(i)		1.08	%		1.09	%		1.08	%
Net investment income		2.46	%(d)		3.03	%		3.27	%		3.14	%		3.49	%		3.62	%
Portfolio turnover rate		1	%		10	%		11	%		23	%		19	%		30	%

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

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

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

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

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

(f) Includes refund of prior year service fee of 0.07%. See Note 5b of Notes to Financial Statements.

(g) Includes refund of prior year service fee of 0.05%.

(h) Effective July 1, 2017, the expense limit increased to 1.05%.

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

See accompanying notes to financial statements.

45  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Strategic Income Fund—Class A
	Six Months Ended March 31, 2018 (Unaudited)			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	$	14.84		$	14.70		$	14.70		$	16.75		$	15.93		$	15.30
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.25			0.56			0.57			0.64			0.58			0.65
Net realized and unrealized gain (loss)		(0.20	)		0.42			0.61			(1.74	)		0.90			0.76
Total from Investment Operations		0.05			0.98			1.18			(1.10	)		1.48			1.41
LESS DISTRIBUTIONS FROM:
Net investment income		(0.32	)		(0.52	)		(0.36	)		(0.57	)		(0.62	)		(0.78	)
Net realized capital gains		(0.07	)		(0.32	)		(0.82	)		(0.38	)		(0.04	)		—
Total Distributions		(0.39	)		(0.84	)		(1.18	)		(0.95	)		(0.66	)		(0.78	)
Net asset value, end of the period	$	14.50		$	14.84		$	14.70		$	14.70		$	16.75		$	15.93
Total return(b)		0.30	%(c)		7.01	%		8.72	%		(6.88	)%		9.34	%		9.43	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,756,834		$	1,999,385		$	2,514,770		$	3,318,262		$	4,408,257		$	5,239,885
Net expenses		0.96	%(d)		0.96	%		0.96	%		0.94	%		0.94	%		0.95	%
Gross expenses		0.96	%(d)		0.96	%		0.96	%		0.94	%		0.94	%		0.95	%
Net investment income		3.40	%(d)		3.82	%		4.01	%		3.95	%		3.44	%		4.14	%
Portfolio turnover rate		4	%		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.

(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.

|  46

Financial Highlights (continued)

For a share outstanding throughout each period.

	Strategic Income Fund—Class C
	Six Months Ended March 31, 2018 (Unaudited)			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	$	14.97		$	14.81		$	14.80		$	16.85		$	16.03		$	15.39
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.20			0.45			0.47			0.52			0.45			0.54
Net realized and unrealized gain (loss)		(0.22	)		0.44			0.61			(1.74	)		0.90			0.76
Total from Investment Operations		(0.02	)		0.89			1.08			(1.22	)		1.35			1.30
LESS DISTRIBUTIONS FROM:
Net investment income		(0.26	)		(0.41	)		(0.25	)		(0.45	)		(0.49	)		(0.66	)
Net realized capital gains		(0.07	)		(0.32	)		(0.82	)		(0.38	)		(0.04	)		—
Total Distributions		(0.33	)		(0.73	)		(1.07	)		(0.83	)		(0.53	)		(0.66	)
Net asset value, end of the period	$	14.62		$	14.97		$	14.81		$	14.80		$	16.85		$	16.03
Total return(b)		(0.09	)%(c)		6.20	%		7.91	%		(7.60	)%		8.54	%		8.61	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,893,797		$	2,248,939		$	3,433,204		$	4,295,139		$	5,390,222		$	4,912,727
Net expenses		1.71	%(d)		1.71	%		1.71	%		1.69	%		1.69	%		1.70	%
Gross expenses		1.71	%(d)		1.71	%		1.71	%		1.69	%		1.69	%		1.70	%
Net investment income		2.65	%(d)		3.08	%		3.26	%		3.20	%		2.68	%		3.39	%
Portfolio turnover rate		4	%		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.

(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.

47  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Strategic Income Fund—Class N
	Six Months Ended March 31, 2018 (Unaudited)			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	$	14.83		$	14.69		$	14.69		$	16.73		$	15.92		$	15.78
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.27			0.60			0.61			0.69			0.61			0.46
Net realized and unrealized gain (loss)		(0.21	)		0.43			0.62			(1.73	)		0.91			0.16
Total from Investment Operations		0.06			1.03			1.23			(1.04	)		1.52			0.62
LESS DISTRIBUTIONS FROM:
Net investment income		(0.34	)		(0.57	)		(0.41	)		(0.62	)		(0.67	)		(0.48	)
Net realized capital gains		(0.07	)		(0.32	)		(0.82	)		(0.38	)		(0.04	)		—
Total Distributions		(0.41	)		(0.89	)		(1.23	)		(1.00	)		(0.71	)		(0.48	)
Net asset value, end of the period	$	14.48		$	14.83		$	14.69		$	14.69		$	16.73		$	15.92
Total return		0.40	%(b)		7.38	%		9.09	%		(6.58	)%		9.70	%		4.01	%(b)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	167,894		$	141,695		$	130,637		$	83,405		$	57,752		$	12,921
Net expenses		0.63	%(c)		0.63	%		0.63	%		0.62	%		0.62	%		0.63	%(c)
Gross expenses		0.63	%(c)		0.63	%		0.63	%		0.62	%		0.62	%		0.63	%(c)
Net investment income		3.73	%(c)		4.13	%		4.34	%		4.33	%		3.62	%		4.38	%(c)
Portfolio turnover rate		4	%		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.

|  48

Financial Highlights (continued)

For a share outstanding throughout each period.

	Strategic Income Fund—Class Y
	Six Months Ended March 31, 2018 (Unaudited)			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	$	14.83		$	14.69		$	14.69		$	16.73		$	15.92		$	15.29
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.27			0.59			0.61			0.68			0.61			0.69
Net realized and unrealized gain (loss)		(0.22	)		0.43			0.61			(1.73	)		0.90			0.76
Total from Investment Operations		0.05			1.02			1.22			(1.05	)		1.51			1.45
LESS DISTRIBUTIONS FROM:
Net investment income		(0.33	)		(0.56	)		(0.40	)		(0.61	)		(0.66	)		(0.82	)
Net realized capital gains		(0.07	)		(0.32	)		(0.82	)		(0.38	)		(0.04	)		—
Total Distributions		(0.40	)		(0.88	)		(1.22	)		(0.99	)		(0.70	)		(0.82	)
Net asset value, end of the period	$	14.48		$	14.83		$	14.69		$	14.69		$	16.73		$	15.92
Total return		0.43	%(b)		7.22	%		9.00	%		(6.65	)%		9.63	%		9.72	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	5,325,093		$	5,702,607		$	5,350,759		$	7,018,369		$	8,747,384		$	4,789,322
Net expenses		0.71	%(c)		0.71	%		0.71	%		0.69	%		0.69	%		0.70	%
Gross expenses		0.71	%(c)		0.71	%		0.71	%		0.69	%		0.69	%		0.70	%
Net investment income		3.65	%(c)		4.04	%		4.26	%		4.21	%		3.65	%		4.39	%
Portfolio turnover rate		4	%		11	%		17	%		23	%		26	%		22	%

(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.

49  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Strategic Income Fund—Admin Class
	Six Months Ended March 31, 2018 (Unaudited)			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	$	14.79		$	14.65		$	14.66		$	16.70		$	15.89		$	15.27
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.23			0.52			0.53			0.60			0.53			0.61
Net realized and unrealized gain (loss)		(0.20	)		0.43			0.61			(1.73	)		0.90			0.75
Total from Investment Operations		0.03			0.95			1.14			(1.13	)		1.43			1.36
LESS DISTRIBUTIONS FROM:
Net investment income		(0.30	)		(0.49	)		(0.33	)		(0.53	)		(0.58	)		(0.74	)
Net realized capital gains		(0.07	)		(0.32	)		(0.82	)		(0.38	)		(0.04	)		—
Total Distributions		(0.37	)		(0.81	)		(1.15	)		(0.91	)		(0.62	)		(0.74	)
Net asset value, end of the period	$	14.45		$	14.79		$	14.65		$	14.66		$	16.70		$	15.89
Total return		0.18	%(b)		6.79	%		8.42	%		(7.13	)%		9.12	%		9.12	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	139,455		$	142,871		$	143,275		$	141,844		$	139,423		$	80,666
Net expenses		1.19	%(c)(d)		1.19	%(e)		1.20	%(f)		1.19	%		1.19	%		1.20	%
Gross expenses		1.19	%(c)(d)		1.19	%(e)		1.20	%(f)		1.19	%		1.19	%		1.20	%
Net investment income		3.18	%(c)		3.57	%		3.76	%		3.73	%		3.15	%		3.89	%
Portfolio turnover rate		4	%		11	%		17	%		23	%		26	%		22	%

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

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

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

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

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

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

See accompanying notes to financial statements.

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Notes to Financial Statements

March 31, 2018 (Unaudited)

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

Loomis Sayles Investment Grade Bond Fund (the “Investment Grade Bond Fund”)

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

Each Fund is a diversified investment company.

Each Fund offers Class A, Class C, Class N, Class Y and Admin Class shares. 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.

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

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

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

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

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

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

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

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. 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 Fund’s pricing policies and procedures.

As of March 31, 2018, 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	$	143,970,940		2.3	%	$	676		Less than 0.1	%
Strategic Income Fund		225,955,708		2.4	%		36,556,317		0.4	%

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.

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

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

Net realized foreign exchange gains or losses arise from sales of foreign currency, changes in exchange rates between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of assets and liabilities, other than investment securities, as of the end of the fiscal period, resulting from changes in exchange rates. Net realized foreign exchange gains or losses and the net change in unrealized foreign exchange gains or losses are disclosed in the Statements of Operations. For federal income tax purposes, net realized foreign exchange gains or losses are characterized as ordinary income and may, if the Funds have net losses, reduce the amount of income available to be distributed by the Funds.

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

During the six months ended March 31, 2018, 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	$	55,000,123
Strategic Income Fund	$	27,703,357

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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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

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

No forward foreign currency contracts were held by the Funds during the six months ended March 31, 2018.

e.  Federal and Foreign Income Taxes.  The Trust treats each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund’s tax positions for the open tax years as of March 31, 2018 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

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

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

are reflected as foreign tax rebates receivable on the Statements of Assets and Liabilities and are recorded as a realized gain when received.

f.  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as distribution redesignations, corporate actions, defaulted and/ or non-income producing securities, foreign currency gains and losses, premium amortization, convertible bonds, paydown gains and losses, trust preferred securities, contingent payment debt instruments, and capital gain and return of capital distributions received. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital accounts reported on the Statements of Assets and Liabilities. Temporary differences between book and tax distributable earnings are primarily due to corporate actions, deferred Trustees’ fees, wash sales, premium amortization, return of capital distributions received, trust preferred securities, defaulted and/or non-income producing securities, contingent payment debt instruments and convertible bonds. Amounts of income and capital gain available to be distributed on a tax basis are determined annually, and at other times during the Funds’ fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distribution. Distributions from net investment income and short-term capital gains are considered to be distributed from ordinary income for tax purposes.

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the year ended September 30, 2017 was 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

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)

March 31, 2018 (Unaudited)

As of March 31, 2018, unrealized appreciation (depreciation) on a tax basis was approximately as follows:

	Investment Grade Bond Fund			Strategic Income Fund
Unrealized appreciation (depreciation)
Investments	$	168,906,683		$	174,141,615
Foreign currency translations		(212,321,481	)		(378,456,052	)
Total unrealized depreciation	$	(43,414,798	)	$	(204,314,437	)

As of March 31, 2018, the cost of investments and unrealized appreciation (depreciation) on a federal tax basis were as follows:

	Investment Grade Bond Fund			Strategic Income Fund
Federal tax cost	$	6,257,428,723		$	9,374,381,727
Gross tax appreciation	$	278,425,178		$	663,435,590
Gross tax depreciation		(324,509,993	)		(876,588,528	)
Net tax depreciation	$	(46,084,815	)	$	(213,152,938	)

Amounts exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.

Differences between these amounts and those reported in the preceding table 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 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.

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

h.  Repurchase Agreements.  Each Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which each Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is each Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities. As of March 31, 2018, each Fund, as applicable, had investments in repurchase agreements for which the value of the related collateral exceeded the value of the repurchase agreement. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes.

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

For the six months ended March 31, 2018, 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.

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

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

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

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

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

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

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

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2018, 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	$	—	$	12,973,425	$	82,643,224	(b)	$	95,616,649
Airlines		—		109,116,881		7,966,982	(b)		117,083,863
Finance Companies		1,447,844		224,993,397		—			226,441,241
Metals & Mining		—		93,098,092		676	(c)		93,098,768
All Other Non-Convertible Bonds(a)		—		3,703,747,072		—			3,703,747,072
Total Non-Convertible Bonds		1,447,844		4,143,928,867		90,610,882			4,235,987,593
Convertible Bonds(a)		—		76,619,790		—			76,619,790
Municipals(a)		—		20,900,129		—			20,900,129
Total Bonds and Notes		1,447,844		4,241,448,786		90,610,882			4,333,507,512
Common Stocks(a)		45,027,081		—		—			45,027,081
Preferred Stocks(a)		—		2,337,121		—			2,337,121
Short-Term Investments		—		1,830,472,194		—			1,830,472,194
Total	$	46,474,925	$	6,074,258,101	$	90,610,882		$	6,211,343,908

(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)

March 31, 2018 (Unaudited)

Strategic Income Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—	$	10,098,433	$	19,512,654	(b)(c)	$	29,611,087
Airlines		—		264,632,846		177,354	(d)		264,810,200
Finance Companies		2,550,107		286,886,638		—			289,436,745
Metals & Mining		—		95,967,090		3,281	(e)		95,970,371
All Other Non-Convertible Bonds(a)		—		5,358,835,147		—			5,358,835,147
Total Non-Convertible Bonds		2,550,107		6,016,420,154		19,693,289			6,038,663,550
Convertible Bonds(a)		—		364,998,572		—			364,998,572
Municipals(a)		—		152,489,972		—			152,489,972
Total Bonds and Notes		2,550,107		6,533,908,698		19,693,289			6,556,152,094
Loan Participations(a)		—		—		9,053,371	(f)		9,053,371
Senior Loans
Consumer Cyclical Services		—		—		7,987,011	(e)		7,987,011
All Other Senior Loans(a)		—		99,999,392		—			99,999,392
Total Senior Loans		—		99,999,392		7,987,011			107,986,403
Common Stocks
Media		—		2,591,018		—			2,591,018
Oil, Gas & Consumable Fuels		2,638,380		7,273,863		—			9,912,243
Specialty Retail		—		—		—	(c)		—
All Other Common Stocks(a)		577,517,308		—		—			577,517,308
Total Common Stocks		580,155,688		9,864,881		—			590,020,569

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

Strategic Income Fund (continued)

Asset Valuation Inputs (continued)

Description	Level 1		Level 2		Level 3		Total
Preferred Stocks
Convertible Preferred Stocks
Midstream	$	8,520,601	$	62,264,195	$	—	$	70,784,796
REITs-Mortgage		—		13,676,762		—		13,676,762
All Other Convertible Preferred Stocks(a)		54,044,038		—		—		54,044,038
Total Convertible Preferred Stocks		62,564,639		75,940,957		—		138,505,596
Non-Convertible Preferred Stocks
REITs-Office Property		—		1,945,841		—		1,945,841
REITs-Warehouse/Industrials		—		7,536,829		—		7,536,829
All Other Non-Convertible Preferred Stocks(a)		1,738,126		—		—		1,738,126
Total Non-Convertible Preferred Stocks		1,738,126		9,482,670		—		11,220,796
Total Preferred Stocks		64,302,765		85,423,627		—		149,726,392
Closed-End Investment Companies		3,913,080		—		—		3,913,080
Short-Term Investments		—		1,744,376,880		—		1,744,376,880
Total	$	650,921,640	$	8,473,573,478	$	36,733,671	$	9,161,228,789

(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 ($3,440,443) or fair valued by the Fund’s adviser using broker-dealer bid prices for which the inputs are unobservable to the Fund ($16,072,211).

(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.

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

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of September 30, 2017 and/or March 31, 2018:

Investment Grade Bond Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2017		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Purchases
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	52,564,401	$	—	$	11,718	$	(1,391,301	)	$	—
Airlines		—		—		—		(160,943	)		—
Metals & Mining		676		6,527		—		(6,527	)		—
Total	$	52,565,077	$	6,527	$	11,718	$	(1,558,771	)	$	—

Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3		Balance as of March 31, 2018		Change in Unrealized Appreciation (Depreciation) from Investments Still held at March 31, 2018
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	(1,367,753	)	$	32,826,159	$	—	$	82,643,224	$	(1,388,796	)
Airlines		(940,056	)		9,067,981		—		7,966,982		(160,943	)
Metals & Mining		—			—		—		676		(6,527	)
Total	$	(2,307,809	)	$	41,894,140	$	—	$	90,610,882	$	(1,556,266	)

Debt securities valued at $41,894,140 were transferred from Level 2 to Level 3 during the period ended March 31, 2018. At September 30, 2017, these securities were valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies. At March 31, 2018, these securities were valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service did not provide a reliable price for the securities.

63  |

Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

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, 2017			Accrued Discounts (Premiums)		Realized Gain (Loss)				Change in Unrealized Appreciation (Depreciation)			Purchases
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	16,947,329	(a)	$	—	$	—			$	1,607,416		$	957,909
Airlines		923			—		—				(3,939	)		—
Chemicals		18,072,420			—		—				—			—
Metals & Mining		3,281			31,847		—				(31,847	)		—
Retailers		24,046,500			—		—				—			—
Loan Participations
ABS Other		10,742,735			—		(11,928	)			(87,012	)		—
Senior Loans
Consumer Cyclical Services		7,518,416			—		—				(52,066	)		520,661
Common Stocks
Media		1,757,649			—		—				—			—
Oil, Gas & Consumable Fuels		7,921,777	(a)		—		(22,293,553	)			26,629,418			—
Specialty Retail		—			—		—		��		—			—
Total	$	87,011,030		$	31,847	$	(22,305,481	)		$	28,061,970		$	1,478,570

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

Strategic Income Fund (continued)

Asset Valuation Inputs (continued)

Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2018			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2018
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—		$	—	$	—		$	19,512,654	(a)	$	1,607,416
Airlines		—			180,370		—			177,354			(3,939	)
Chemicals		—			—		(18,072,420	)		—			—
Metals & Mining		—			—		—			3,281			(31,847	)
Retailers		—			—		(24,046,500	)		—			—
Loan Participations
ABS Other		(1,590,424	)		—		—			9,053,371			(90,989	)
Senior Loans
Consumer Cyclical Services		—			—		—			7,987,011			(52,066	)
Common Stocks
Media		—			—		(1,757,649	)		—			—
Oil, Gas & Consumable Fuels		(6,885,490	)		—		(5,372,152	)		—			—
Specialty Retail		—			—		—			—	(a)		—
Total	$	(8,475,914	)	$	180,370	$	(49,248,721	)	$	36,733,671		$	1,428,575

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

A debt security valued at $180,370 was transferred from Level 2 to Level 3 during the period ended March 31, 2018. 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. At March 31, 2018, this security was valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service did not provide a reliable price for the security.

Debt securities valued at $18,072,420 were transferred from Level 3 to Level 2 during the period ended March 31, 2018. At September 30, 2017, these securities were valued at fair value as determined in good faith by the Fund’s investment adviser as an

65  |

Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

independent pricing service did not provide a reliable price for the securities. At March 31, 2018, these securities were valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

A debt security valued at $24,046,500 was transferred from Level 3 to Level 2 during the period ended March 31, 2018. At September 30, 2017, this security was valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service was unable to price the security. At March 31, 2018, 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.

Common stocks valued at $7,129,801 were transferred from Level 3 to Level 2 during the period ended March 31, 2018. At September 30, 2017, these securities were valued at fair value as determined in good faith by the Fund’s advisor using broker-dealer bid prices for which the inputs are unobservable to the Fund. At March 31, 2018, these securities were valued on the basis of closing bid quotations furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

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

4.  Purchases and Sales of Securities.  For the six months ended March 31, 2018, 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	$	—	$	125,000,884	$	43,753,620	$	612,524,796
Strategic Income Fund		—		—		310,457,590		561,120,805

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

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

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, 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.

For the six months ended March 31, 2018 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	%

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

For the six months ended March 31, 2018, the management fees for each Fund were as follows:

Fund	Management Fees		Percentage of Average Daily Net Assets
Investment Grade Bond Fund	$	12,436,900		0.40	%
Strategic Income Fund		27,268,912		0.56	%

For the six months ended March 31, 2018, 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	$	137,029	$	98,525	$	—	$	532,793	$	3,741	$	772,088

1 Expense reimbursements are subject to possible recovery until September 30, 2019.

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

No expenses were recovered for either Fund during the six months ended March 31, 2018 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 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

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

net assets attributable to Admin Class shares. These fees are subsequently paid to securities dealers or financial intermediaries for providing personal services and/or account maintenance for their customers who hold such shares.

For the six months ended March 31, 2018, the service and distribution fees for each Fund were as follows:

	Service Fees						Distribution Fees
Fund	Class A		Class C		Admin Class		Class C		Admin Class
Investment Grade Bond Fund	$	1,102,344	$	796,754	$	21,846	$	2,390,262	$	30,167
Strategic Income Fund		2,349,044		2,581,778		156,350		7,745,335		175,113

For the six months ended March 31, 2018, Natixis Distribution refunded Investment Grade Bond Fund $8,320 and Strategic Income Fund $18,763 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.

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 six months ended March 31, 2018, the administrative fees for each Fund were as follows:

Fund	Administrative Fees
Investment Grade Bond Fund	$	1,377,350
Strategic Income Fund		2,152,123

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

69  |

Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

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 six months ended March 31, 2018, 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	$	2,512,569
Strategic Income Fund		3,629,019

As of March 31, 2018, 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	$	62,098
Strategic Income Fund		87,480

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 six months ended March 31, 2018, were as follows:

Fund	Commissions
Investment Grade Bond Fund	$	27,116
Strategic Income Fund		50,055

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 $340,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

that he attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $170,000. 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 $20,000. The chairperson of the Governance Committee receives an additional retainer fee at the annual rate of $12,000. 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.

Prior to January 1, 2018, the Chairperson of the Board received a retainer fee at the annual rate of $325,000 and each Independent Trustee (other than the Chairperson) received, in the aggregate, a retainer fee at the annual rate of $155,000, the chairperson of the Contract Review Committee and Audit Committee each received an additional retainer fee at the annual rate of $17,500 and the chairperson of the Governance Committee received an additional retainer fee at the annual rate of $10,000. All other Trustee fees remained unchanged.

A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Funds until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts, on the normal payment dates, in certain funds of the Natixis Funds Trusts, 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 March 31, 2018, Loomis Sayles Employees’ Profit Sharing Retirement Plan held shares of the Investment Grade Bond Fund representing 0.06% of the Fund’s net assets.

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

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

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 six months ended March 31, 2018, 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	$	465,830	$	336,390	$	2,360	$	1,809,449	$	12,740
Strategic Income Fund		760,460		835,506		1,001		2,217,414		56,722

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 and its contractual obligations under the line of credit. 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.

For the six months ended March 31, 2018, neither Fund had borrowings under this agreement.

Effective April 12, 2018, the line of credit with Citibank, N.A. expired, and the Funds, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts, and Natixis ETF Trust, entered into a $400,000,000 committed unsecured line of credit provided by State Street Bank and Trust. Any one Fund may borrow up to $350,000,000 under the line of credit agreement (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 and its contractual obligations under the line of credit. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit.

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

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 Funds. As of March 31, 2018, 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		16.62	%

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)

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

	Six Months Ended March 31, 2018					Year Ended September 30, 2017
Investment Grade Bond Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	10,998,048		$	122,401,912		19,528,126		$	217,152,190
Issued in connection with the reinvestment of distributions	1,708,882			18,883,888		4,610,265			50,116,925
Redeemed	(13,911,652	)		(154,764,226	)	(41,811,856	)		(466,635,041	)
Net change	(1,204,722	)	$	(13,478,426	)	(17,673,465	)	$	(199,365,926	)
Class C
Issued from the sale of shares	1,327,197		$	14,587,861		3,086,119		$	33,663,672
Issued in connection with the reinvestment of distributions	1,032,889			11,291,078		3,067,848			32,931,990
Redeemed	(10,018,769	)		(110,382,001	)	(31,785,356	)		(350,114,834	)
Net change	(7,658,683	)	$	(84,503,062	)	(25,631,389	)	$	(283,519,172	)
Class N
Issued from the sale of shares	17,307,185		$	192,539,890		113,062,434		$	1,236,685,568
Issued in connection with the reinvestment of distributions	3,189,252			35,224,339		2,009,435			22,234,080
Redeemed	(7,985,157	)		(88,792,028	)	(12,720,056	)		(141,192,418	)
Net change	12,511,280		$	138,972,201		102,351,813		$	1,117,727,230
Class Y
Issued from the sale of shares	46,926,129		$	521,289,162		96,437,874		$	1,075,867,439
Issued in connection with the reinvestment of distributions	7,705,731			85,179,209		21,650,224			235,495,402
Redeemed	(48,968,517	)		(543,996,239	)	(207,134,566	)		(2,283,144,056	)
Net change	5,663,343		$	62,472,132		(89,046,468	)	$	(971,781,215	)
Admin Class
Issued from the sale of shares	324,954		$	3,601,605		658,125		$	7,267,683
Issued in connection with the reinvestment of distributions	25,634			282,456		74,152			803,727
Redeemed	(547,959	)		(6,081,638	)	(1,522,308	)		(16,968,085	)
Net change	(197,371	)	$	(2,197,577	)	(790,031	)	$	(8,896,675	)
Increase (decrease) from capital share transactions	9,113,847		$	101,265,268		(30,789,540	)	$	(345,835,758	)

|  74

Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

10.  Capital Shares (continued).

	Six Months Ended March 31, 2018					Year Ended September 30, 2017
Strategic Income Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	10,096,679		$	147,899,296		34,163,244		$	498,076,337
Issued in connection with the reinvestment of distributions	2,357,954			34,358,645		6,886,842			98,525,119
Redeemed	(25,990,631	)		(380,560,252	)	(77,412,456	)		(1,124,169,037	)
Net change	(13,535,998	)	$	(198,302,311	)	(36,362,370	)	$	(527,567,581	)
Class C
Issued from the sale of shares	1,783,931		$	26,315,793		6,318,531		$	91,629,894
Issued in connection with the reinvestment of distributions	2,317,096			34,044,126		6,434,294			92,620,761
Redeemed	(24,877,120	)		(367,626,765	)	(94,279,847	)		(1,380,990,323	)
Net change	(20,776,093	)	$	(307,266,846	)	(81,527,022	)	$	(1,196,739,668	)
Class N
Issued from the sale of shares	2,847,144		$	41,606,045		4,399,351		$	63,538,392
Issued in connection with the reinvestment of distributions	269,427			3,921,352		548,523			7,855,589
Redeemed	(1,080,608	)		(15,844,484	)	(4,286,131	)		(61,729,981	)
Net change	2,035,963		$	29,682,913		661,743		$	9,664,000
Class Y
Issued from the sale of shares	42,749,016		$	625,334,043		122,181,068		$	1,771,665,978
Issued in connection with the reinvestment of distributions	7,347,549			106,933,769		16,052,646			229,905,077
Redeemed	(67,027,791	)		(980,690,336	)	(117,951,245	)		(1,708,750,729	)
Net change	(16,931,226	)	$	(248,422,524	)	20,282,469		$	292,820,326
Admin Class
Issued from the sale of shares	668,469		$	9,734,858		1,318,704		$	19,155,611
Issued in connection with the reinvestment of distributions	201,891			2,931,027		441,805			6,304,627
Redeemed	(878,285	)		(12,832,550	)	(1,879,607	)		(27,256,147	)
Net change	(7,925	)	$	(166,665	)	(119,098	)	$	(1,795,909	)
Increase (decrease) from capital share transactions	(49,215,279	)	$	(724,475,433	)	(97,064,278	)	$	(1,423,618,832	)

75  |

Additional Information

Special Meeting of Shareholders. (Unaudited)

A special meeting of shareholders of the Trust was held on December 4, 2017 to consider a proposal to elect thirteen Trustees to the Board of Trustees. The proposal was approved by shareholders of the Trust. The results of the shareholder vote were as follows:

Loomis Sayles Funds II

Nominee	Voted “FOR”*		Withheld*
Kevin Charleston		1,650,323,196.06		13,951,932.67
Kenneth A. Drucker		1,649,298,883.81		14,976,244.92
Edmond J. English		1,650,162,849.38		14,112,279.34
David L. Giunta		1,649,705,816.93		14,569,311.79
Richard A. Goglia		1,650,200,499.41		14,074,629.32
Wendell J. Knox		1,649,845,960.13		14,429,168.60
Martin T. Meehan		1,649,803,233.76		14,471,894.97
Maureen B. Mitchell		1,650,894,337.38		13,380,791.35
Sandra O. Moose**		1,649,617,852.02		14,657,276.71
James P. Palermo		1,650,208,171.55		14,066,957.18
Erik R. Sirri		1,649,620,219.44		14,654,909.29
Peter J. Smail		1,650,200,577.97		14,074,550.76
Cynthia L. Walker		1,651,179,641.66		13,095,487.07

* Trust-wide voting results.

** Ms. Moose retired as a Trustee effective January 1, 2018.

|  76

Loomis Sayles Small Cap Growth Fund

Loomis Sayles Small Cap Value Fund

Loomis Sayles Small/Mid Cap Growth Fund

Semiannual Report

March 31, 2018

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

LOOMIS SAYLES SMALL CAP GROWTH FUND

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

Investment Objective

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

Average Annual Total Returns — March 31, 2018²

																Expense Ratios3
	6 months			1 year			5 years			10 years			Life of Class N			Gross			Net
Institutional Class (Inception 12/31/96)		9.45	%		22.92	%		13.24	%		11.58	%		—	%		0.95	%		0.95	%
Retail Class (Inception 12/31/96)		9.34			22.65			12.95			11.29			—			1.20			1.20
Class N (Inception 2/1/13)		9.52			23.08			13.35			—			14.25			0.82			0.82
Comparative Performance
Russell 2000® Growth Index1		6.99			18.63			12.90			10.95			13.60

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 01/31/19. 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.

1  |

LOOMIS SAYLES SMALL CAP VALUE FUND

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

Investment Objective

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

|  2

LOOMIS SAYLES SMALL CAP VALUE FUND

Average Annual Total Returns — March 31, 2018³

																Expense Ratios4
	6 months			1 year			5 years			10 years			Life of Class N			Gross			Net
Institutional Class (Inception 5/13/91)		0.67	%		7.06	%		10.94	%		10.07	%		—	%		0.98	%		0.95	%
Retail Class (Inception 12/31/96)		0.53			6.80			10.66			9.79			—			1.23			1.20
Admin Class (Inception 1/2/98)		0.41			6.55			10.39			9.52			—			1.48			1.45
Class N (Inception 2/1/13)		0.69			7.13			11.01			—			11.69			0.88			0.88
Comparative Performance
Russell 2000® Value Index1		-0.65			5.13			9.96			8.61			10.54
Russell 2000® Index2		3.25			11.79			11.47			9.84			12.11

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 01/31/19. 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.

3  |

LOOMIS SAYLES SMALL/MID CAP GROWTH FUND

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

Investment Objective

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

Average Annual Total Returns — March 31, 2018²

										Expense Ratios3
	6 months			1 year			Life of Fund			Gross			Net
Institutional Class (Inception 6/30/15)		10.24	%		26.23	%		11.80	%		1.57	%		0.85	%
Comparative Performance
Russell 2500TM Growth Index1		8.88			19.92			9.73

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 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^™ Index companies with higher price-to-book ratios and higher forecasted growth values. 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 01/31/19. 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.

|  4

ADDITIONAL INFORMATION

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

Additional Index Information

This document may contain references to third party copyrights, indexes, and trademarks, each of which is the property of its respective owner. Such owner is not affiliated with Natixis 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.

The first line in the table of each Fund shows the actual amount of Fund expenses you would have paid on a $1,000 investment in the Fund from October 1, 2017 through March 31, 2018. 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

5  |

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

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

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

Loomis Sayles Small Cap Growth Fund

Institutional Class	Beginning Account Value 10/1/2017		Ending Account Value 3/31/2018		Expenses Paid During Period* 10/1/2017 – 3/31/2018
Actual		$1,000.00		$1,094.50		$4.96
Hypothetical (5% return before expenses)		$1,000.00		$1,020.20		$4.78
Retail Class
Actual		$1,000.00		$1,093.40		$6.26
Hypothetical (5% return before expenses)		$1,000.00		$1,018.95		$6.04
Class N
Actual		$1,000.00		$1,095.20		$4.34
Hypothetical (5% return before expenses)		$1,000.00		$1,020.79		$4.18
*  Expenses are equal to the Fund’s annualized expense ratio: 0.95%, 1.20% and 0.83% for Institutional Class, Retail Class and Class N, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

|  6

Loomis Sayles Small Cap Value Fund

Institutional Class	Beginning Account Value 10/1/2017		Ending Account Value 3/31/2018		Expenses Paid During Period* 10/1/2017 – 3/31/2018
Actual		$1,000.00		$1,006.70		$4.50
Hypothetical (5% return before expenses)		$1,000.00		$1,020.44		$4.53
Retail Class
Actual		$1,000.00		$1,005.30		$5.75
Hypothetical (5% return before expenses)		$1,000.00		$1,019.20		$5.79
Admin Class
Actual		$1,000.00		$1,004.10		$7.00
Hypothetical (5% return before expenses)		$1,000.00		$1,017.95		$7.04
Class N
Actual		$1,000.00		$1,006.90		$4.20
Hypothetical (5% return before expenses)		$1,000.00		$1,020.74		$4.23
*  Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.90%, 1.15%, 1.40% and 0.84% for Institutional Class, Retail Class, Admin Class and Class N, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

Loomis Sayles Small/Mid Cap Growth Fund

Institutional Class	Beginning Account Value 10/1/2017		Ending Account Value 3/31/2018		Expenses Paid During Period* 10/1/2017 – 3/31/2018
Actual		$1,000.00		$1,102.40		$4.46
Hypothetical (5% return before expenses)		$1,000.00		$1,020.69		$4.28
*  Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement) of 0.85%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

7  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Small Cap Growth Fund

Shares		Description	Value (†)
	Common Stocks – 96.9% of Net Assets
		Aerospace & Defense – 3.8%
	202,690	Astronics Corp.(a)	$	7,560,337
	218,624	Hexcel Corp.		14,120,924
	206,278	KLX, Inc.(a)		14,658,115
	249,950	Mercury Systems, Inc.(a)		12,077,584
				48,416,960
		Auto Components – 0.9%
	114,376	LCI Industries		11,912,260
		Banks – 4.3%
	215,209	Chemical Financial Corp.		11,767,628
	238,392	Pacific Premier Bancorp, Inc.(a)		9,583,358
	195,113	Pinnacle Financial Partners, Inc.		12,526,255
	290,601	Renasant Corp.		12,367,979
	127,536	UMB Financial Corp.		9,232,331
				55,477,551
		Beverages – 1.0%
	140,616	MGP Ingredients, Inc.		12,597,787
		Biotechnology – 4.1%
	136,270	Agios Pharmaceuticals, Inc.(a)		11,144,161
	251,152	Aimmune Therapeutics, Inc.(a)		7,994,168
	92,459	Argenx SE, ADR(a)		7,437,402
	269,520	Genomic Health, Inc.(a)		8,433,281
	164,595	Global Blood Therapeutics, Inc.(a)		7,949,938
	593,156	Ironwood Pharmaceuticals, Inc.(a)		9,152,397
				52,111,347
		Building Products – 2.0%
	182,241	Patrick Industries, Inc.(a)		11,271,606
	133,775	Trex Co., Inc.(a)		14,550,707
				25,822,313
		Capital Markets – 2.0%
	283,246	Artisan Partners Asset Management, Inc., Class A		9,432,092
	74,013	MarketAxess Holdings, Inc.		16,093,387
				25,525,479
		Chemicals – 0.9%
	162,605	Ingevity Corp.(a)		11,982,362
		Commercial Services & Supplies – 0.9%
	273,145	Healthcare Services Group, Inc.		11,876,345

See accompanying notes to financial statements.

|  8

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Construction & Engineering – 1.8%
	227,490	Granite Construction, Inc.	$	12,707,591
	439,679	Primoris Services Corp.		10,983,182
				23,690,773
		Consumer Finance – 1.0%
	208,839	Green Dot Corp., Class A(a)		13,399,110
		Distributors – 1.2%
	101,661	Pool Corp.		14,864,871
		Diversified Consumer Services – 3.0%
	180,712	Bright Horizons Family Solutions, Inc.(a)		18,020,600
	193,865	Grand Canyon Education, Inc.(a)		20,340,316
				38,360,916
		Diversified Telecommunication Services – 1.7%
	285,151	Cogent Communications Holdings, Inc.		12,375,554
	994,022	ORBCOMM, Inc.(a)		9,313,986
				21,689,540
		Electrical Equipment – 0.9%
	251,986	Generac Holdings, Inc.(a)		11,568,677
		Energy Equipment & Services – 1.4%
	378,515	Cactus, Inc., Class A(a)		10,193,409
	172,456	Dril-Quip, Inc.(a)		7,726,029
				17,919,438
		Health Care Equipment & Supplies – 8.6%
	445,326	AtriCure, Inc.(a)		9,138,090
	98,771	Inogen, Inc.(a)		12,133,030
	234,314	Insulet Corp.(a)		20,310,337
	197,359	iRhythm Technologies, Inc.(a)		12,423,749
	266,105	Merit Medical Systems, Inc.(a)		12,067,862
	178,432	Neogen Corp.(a)		11,953,160
	427,171	Novocure Ltd.(a)		9,312,328
	113,810	Penumbra, Inc.(a)		13,162,126
	525,973	Wright Medical Group NV(a)		10,435,304
				110,935,986
		Health Care Providers & Services – 4.5%
	145,865	Amedisys, Inc.(a)		8,801,494
	303,145	AMN Healthcare Services, Inc.(a)		17,203,479
	331,647	HealthEquity, Inc.(a)		20,077,909
	287,554	Tivity Health, Inc.(a)		11,401,516
				57,484,398

See accompanying notes to financial statements.

9  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Health Care Technology – 3.0%
	231,890	Medidata Solutions, Inc.(a)	$	14,565,011
	418,860	Teladoc, Inc.(a)		16,880,058
	318,177	Vocera Communications, Inc.(a)		7,451,705
				38,896,774
		Hotels, Restaurants & Leisure – 2.6%
	523,083	Planet Fitness, Inc., Class A(a)		19,756,845
	300,865	Wingstop, Inc.		14,209,854
				33,966,699
		Household Durables – 1.1%
	233,466	Installed Building Products, Inc.(a)		14,019,633
		Insurance – 1.7%
	237,801	Kinsale Capital Group, Inc.		12,206,325
	339,509	Trupanion, Inc.(a)		10,147,924
				22,354,249
		Internet Software & Services – 8.2%
	259,377	2U, Inc.(a)		21,795,449
	277,139	Envestnet, Inc.(a)		15,880,065
	627,954	Five9, Inc.(a)		18,706,750
	122,676	LogMeIn, Inc.		14,175,212
	431,338	Mimecast Ltd.(a)		15,282,305
	410,951	Q2 Holdings, Inc.(a)		18,718,818
				104,558,599
		IT Services – 4.3%
	165,298	Euronet Worldwide, Inc.(a)		13,045,318
	268,601	InterXion Holding NV(a)		16,682,808
	200,956	Virtusa Corp.(a)		9,738,328
	344,978	WNS Holdings Ltd., ADR(a)		15,637,853
				55,104,307
		Life Sciences Tools & Services – 1.8%
	250,816	Accelerate Diagnostics, Inc.(a)		5,731,146
	204,636	PRA Health Sciences, Inc.(a)		16,976,602
				22,707,748
		Machinery – 3.6%
	221,514	Albany International Corp., Class A		13,888,928
	141,327	Proto Labs, Inc.(a)		16,612,989
	121,822	RBC Bearings, Inc.(a)		15,130,292
				45,632,209
		Multiline Retail – 1.4%
	294,739	Ollie’s Bargain Outlet Holdings, Inc.(a)		17,772,762

See accompanying notes to financial statements.

|  10

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Oil, Gas & Consumable Fuels – 0.7%
	190,598	PDC Energy, Inc.(a)	$	9,345,020
		Pharmaceuticals – 2.5%
	293,163	Aclaris Therapeutics, Inc.(a)		5,136,216
	148,617	Aerie Pharmaceuticals, Inc.(a)		8,062,472
	107,903	Intersect ENT, Inc.(a)		4,240,588
	319,169	Supernus Pharmaceuticals, Inc.(a)		14,617,940
				32,057,216
		Professional Services – 0.7%
	186,083	WageWorks, Inc.(a)		8,410,952
		Semiconductors & Semiconductor Equipment – 3.4%
	125,005	MKS Instruments, Inc.		14,456,828
	127,076	Monolithic Power Systems, Inc.		14,711,589
	160,701	Silicon Laboratories, Inc.(a)		14,447,020
				43,615,437
		Software – 9.6%
	144,677	Blackbaud, Inc.		14,729,565
	326,365	Callidus Software, Inc.(a)		11,732,822
	208,379	Guidewire Software, Inc.(a)		16,843,275
	149,809	HubSpot, Inc.(a)		16,224,315
	423,479	Rapid7, Inc.(a)		10,828,358
	269,455	RealPage, Inc.(a)		13,876,932
	253,632	RingCentral, Inc., Class A(a)		16,105,632
	158,370	Talend S.A., ADR(a)		7,620,764
	64,030	Ultimate Software Group, Inc. (The)(a)		15,604,111
				123,565,774
		Specialty Retail – 1.9%
	404,223	At Home Group, Inc.(a)		12,951,305
	333,500	National Vision Holdings, Inc.(a)		10,775,385
				23,726,690
		Textiles, Apparel & Luxury Goods – 2.6%
	191,436	Columbia Sportswear Co.		14,631,453
	480,674	Crocs, Inc.(a)		7,810,953
	247,192	Steven Madden Ltd.		10,851,729
				33,294,135
		Thrifts & Mortgage Finance – 1.0%
	294,607	Essent Group Ltd.(a)		12,538,474
		Trading Companies & Distributors – 2.8%
	138,109	Beacon Roofing Supply, Inc.(a)		7,329,445
	493,333	BMC Stock Holdings, Inc.(a)		9,644,660

See accompanying notes to financial statements.

11  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Trading Companies & Distributors – continued
	240,033	SiteOne Landscape Supply, Inc.(a)	$	18,492,142
				35,466,247
		Total Common Stocks (Identified Cost $854,244,777)		1,242,669,038
	Principal Amount
	Short-Term Investments – 3.8%
$	49,586,552	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/29/2018 at 0.900% to be repurchased at $49,591,511 on 4/02/2018 collateralized by $53,660,000 U.S. Treasury Note, 1.375% due 9/30/2023 valued at $50,578,896 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $49,586,552)		49,586,552
		Total Investments – 100.7% (Identified Cost $903,831,329)		1,292,255,590
		Other assets less liabilities – (0.7)%		(9,501,020	)
		Net Assets – 100.0%	$	1,282,754,570
	(†)	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.

|  12

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued

Industry Summary at March 31, 2018 (Unaudited)

Software	9.6	%
Health Care Equipment & Supplies	8.6
Internet Software & Services	8.2
Health Care Providers & Services	4.5
Banks	4.3
IT Services	4.3
Biotechnology	4.1
Aerospace & Defense	3.8
Machinery	3.6
Semiconductors & Semiconductor Equipment	3.4
Health Care Technology	3.0
Diversified Consumer Services	3.0
Trading Companies & Distributors	2.8
Hotels, Restaurants & Leisure	2.6
Textiles, Apparel & Luxury Goods	2.6
Pharmaceuticals	2.5
Building Products	2.0
Capital Markets	2.0
Other Investments, less than 2% each	22.0
Short-Term Investments	3.8
Total Investments	100.7
Other assets less liabilities	(0.7	)
Net Assets	100.0	%

See accompanying notes to financial statements.

13  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Small Cap Value Fund

Shares		Description	Value (†)
	Common Stocks – 96.9% of Net Assets
		Aerospace & Defense – 1.5%
	241,975	Aerojet Rocketdyne Holdings, Inc.(a)	$	6,768,041
	123,267	BWX Technologies, Inc.		7,831,152
				14,599,193
		Auto Components – 1.3%
	130,637	Cooper Tire & Rubber Co.		3,827,664
	83,894	Fox Factory Holding Corp.(a)		2,927,901
	62,079	LCI Industries		6,465,528
				13,221,093
		Banks – 17.8%
	266,641	BancorpSouth Bank		8,479,184
	108,444	Bank of the Ozarks, Inc.		5,234,592
	207,013	Bryn Mawr Bank Corp.		9,098,221
	93,559	Carolina Financial Corp.		3,674,997
	230,414	Cathay General Bancorp		9,211,952
	295,898	CenterState Bank Corp.		7,850,174
	176,008	Chemical Financial Corp.		9,624,117
	400,581	CVB Financial Corp.		9,069,154
	309,152	First Financial Bancorp		9,073,611
	129,510	First Financial Bankshares, Inc.		5,996,313
	364,502	Home BancShares, Inc.		8,314,291
	111,663	IBERIABANK Corp.		8,709,714
	123,177	LegacyTexas Financial Group, Inc.		5,274,439
	181,590	PacWest Bancorp		8,994,153
	100,926	Pinnacle Financial Partners, Inc.		6,479,449
	230,444	Popular, Inc.		9,591,079
	140,579	Prosperity Bancshares, Inc.		10,210,253
	53,627	Signature Bank(a)		7,612,353
	100,726	Texas Capital Bancshares, Inc.(a)		9,055,267
	266,023	Triumph Bancorp, Inc.(a)		10,960,148
	150,055	Wintrust Financial Corp.		12,912,233
				175,425,694
		Beverages – 0.7%
	453,855	Cott Corp.		6,680,746
		Building Products – 1.6%
	87,946	Apogee Enterprises, Inc.		3,812,459
	120,321	Armstrong World Industries, Inc.(a)		6,774,072
	77,074	Masonite International Corp.(a)		4,728,490
				15,315,021
		Capital Markets – 1.3%
	217,580	Donnelley Financial Solutions, Inc.(a)		3,735,848
	147,790	Stifel Financial Corp.		8,753,602
				12,489,450

See accompanying notes to financial statements.

|  14

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Chemicals – 3.3%
	269,946	AdvanSix, Inc.(a)	$	9,388,722
	70,384	Ashland Global Holdings, Inc.		4,912,099
	93,480	Cabot Corp.		5,208,706
	87,316	Ingevity Corp.(a)		6,434,316
	95,297	Minerals Technologies, Inc.		6,380,134
				32,323,977
		Commercial Services & Supplies – 3.6%
	75,986	Clean Harbors, Inc.(a)		3,708,877
	225,457	KAR Auction Services, Inc.		12,219,769
	232,661	Kimball International, Inc.		3,964,543
	119,323	Knoll, Inc.		2,409,131
	190,190	LSC Communications, Inc.		3,318,816
	183,580	Viad Corp.		9,628,771
				35,249,907
		Communications Equipment – 0.8%
	279,340	Digi International, Inc.(a)		2,877,202
	518,099	Viavi Solutions, Inc.(a)		5,035,922
				7,913,124
		Construction & Engineering – 0.3%
	99,805	MYR Group, Inc.(a)		3,075,990
		Construction Materials – 0.4%
	73,598	U.S. Concrete, Inc.(a)		4,445,319
		Consumer Finance – 0.8%
	195,823	PRA Group, Inc.(a)		7,441,274
		Distributors – 0.4%
	196,034	Core-Mark Holding Co., Inc.		4,167,683
		Diversified Consumer Services – 1.0%
	154,140	Adtalem Global Education, Inc.(a)		7,329,357
	335,361	Houghton Mifflin Harcourt Co.(a)		2,330,759
				9,660,116
		Diversified Financial Services – 0.5%
	249,312	Cannae Holdings, Inc.(a)		4,702,024
		Electric Utilities – 1.2%
	164,450	ALLETE, Inc.		11,881,512
		Electrical Equipment – 0.5%
	228,520	TPI Composites, Inc.(a)		5,130,274
		Electronic Equipment, Instruments & Components – 4.8%
	97,683	Belden, Inc.		6,734,266
	190,865	II-VI, Inc.(a)		7,806,378

See accompanying notes to financial statements.

15  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Electronic Equipment, Instruments & Components – continued
	83,204	Kimball Electronics, Inc.(a)	$	1,343,745
	82,508	Littelfuse, Inc.		17,176,515
	131,419	Methode Electronics, Inc.		5,138,483
	46,883	Rogers Corp.(a)		5,604,394
	181,363	Vishay Intertechnology, Inc.		3,373,352
				47,177,133
		Energy Equipment & Services – 2.3%
	280,567	C&J Energy Services, Inc.(a)		7,244,240
	189,817	Natural Gas Services Group, Inc.(a)		4,527,135
	326,184	RPC, Inc.		5,881,098
	195,592	U.S. Silica Holdings, Inc.		4,991,508
				22,643,981
		Food & Staples Retailing – 0.1%
	58,340	SpartanNash Co.		1,004,031
		Food Products – 2.6%
	161,073	Darling Ingredients, Inc.(a)		2,786,563
	46,824	J&J Snack Foods Corp.		6,394,285
	334,193	Nomad Foods Ltd.(a)		5,260,198
	95,822	Post Holdings, Inc.(a)		7,259,475
	523,103	SunOpta, Inc.(a)		3,714,031
				25,414,552
		Health Care Equipment & Supplies – 2.4%
	162,663	Halyard Health, Inc.(a)		7,495,511
	139,565	Quidel Corp.(a)		7,230,863
	247,116	Varex Imaging Corp.(a)		8,841,810
				23,568,184
		Health Care Providers & Services – 0.7%
	122,581	AMN Healthcare Services, Inc.(a)		6,956,472
		Hotels, Restaurants & Leisure – 3.8%
	411,549	BBX Capital Corp.		3,790,366
	661,715	Caesars Entertainment Corp.(a)		7,444,294
	52,285	Churchill Downs, Inc.		12,760,154
	17,148	Cracker Barrel Old Country Store, Inc.		2,729,962
	79,269	Marriott Vacations Worldwide Corp.		10,558,631
				37,283,407
		Household Durables – 0.5%
	61,399	Helen of Troy Ltd.(a)		5,341,713
		Household Products – 0.7%
	415,099	HRG Group, Inc.(a)		6,844,982

See accompanying notes to financial statements.

|  16

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Industrial Conglomerates – 0.7%
	188,386	Raven Industries, Inc.	$	6,602,929
		Insurance – 3.6%
	238,505	Employers Holdings, Inc.		9,647,528
	120,809	First American Financial Corp.		7,089,072
	127,922	ProAssurance Corp.		6,210,613
	64,717	Reinsurance Group of America, Inc.		9,966,418
	64,948	Stewart Information Services Corp.		2,853,815
				35,767,446
		Internet & Direct Marketing Retail – 0.3%
	107,509	Liberty Interactive Corp./QVC Group, Class A(a)		2,706,002
		Internet Software & Services – 1.3%
	154,223	CommerceHub, Inc., Series C(a)		3,468,475
	58,747	IAC/InterActiveCorp(a)		9,186,856
				12,655,331
		IT Services – 3.8%
	479,063	Conduent, Inc.(a)		8,929,734
	93,053	CSG Systems International, Inc.		4,214,371
	72,819	DST Systems, Inc.		6,091,309
	117,102	Euronet Worldwide, Inc.(a)		9,241,690
	54,566	WEX, Inc.(a)		8,546,127
				37,023,231
		Life Sciences Tools & Services – 0.4%
	83,215	Cambrex Corp.(a)		4,352,144
		Machinery – 5.9%
	51,326	Alamo Group, Inc.		5,640,727
	67,151	Albany International Corp., Class A		4,210,368
	96,052	Altra Industrial Motion Corp.		4,413,589
	199,235	Columbus McKinnon Corp.		7,140,583
	96,109	EnPro Industries, Inc.		7,436,915
	245,084	Evoqua Water Technologies Co.(a)		5,217,838
	93,199	John Bean Technologies Corp.		10,568,767
	43,516	RBC Bearings, Inc.(a)		5,404,687
	81,278	Standex International Corp.		7,749,857
				57,783,331
		Marine – 0.5%
	59,799	Kirby Corp.(a)		4,601,533
		Media – 3.1%
	128,493	Emerald Expositions Events, Inc.		2,503,044
	493,618	Entercom Communications Corp., Class A		4,763,414
	188,976	GCI Liberty, Inc., Class A(a)		9,989,271

See accompanying notes to financial statements.

17  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Media – continued
	528,510	Gray Television, Inc.(a)	$	6,712,077
	97,470	John Wiley & Sons, Inc., Class A		6,208,839
				30,176,645
		Metals & Mining – 0.4%
	507,316	Ferroglobe R&W Trust(a)(b)(c)(d)		—
	111,780	Haynes International, Inc.		4,148,156
				4,148,156
		Multi-Utilities – 0.7%
	134,804	NorthWestern Corp.		7,252,455
		Multiline Retail – 0.3%
	57,370	Big Lots, Inc.		2,497,316
		Oil, Gas & Consumable Fuels – 2.5%
	78,174	Arch Coal, Inc., Class A		7,182,627
	332,301	Gulfport Energy Corp.(a)		3,206,705
	540,026	QEP Resources, Inc.(a)		5,286,855
	908,666	SRC Energy, Inc.(a)		8,568,720
				24,244,907
		Pharmaceuticals – 1.3%
	171,718	Catalent, Inc.(a)		7,050,741
	182,636	Prestige Brands Holdings, Inc.(a)		6,158,486
				13,209,227
		Professional Services – 2.1%
	143,330	Insperity, Inc.		9,968,602
	201,536	Korn/Ferry International		10,397,242
				20,365,844
		REITs – Apartments – 0.5%
	123,273	American Campus Communities, Inc.		4,760,803
		REITs – Health Care – 0.3%
	168,558	Sabra Health Care REIT, Inc.		2,975,049
		REITs – Hotels – 0.4%
	197,797	Hersha Hospitality Trust		3,540,566
		REITs – Mortgage – 0.6%
	571,570	iStar, Inc.(a)		5,812,867
		REITs – Office Property – 0.6%
	190,298	JBG SMITH Properties		6,414,946
		REITs – Shopping Centers – 1.0%
	556,780	Retail Opportunity Investments Corp.		9,838,303

See accompanying notes to financial statements.

|  18

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		REITs – Single Tenant – 0.4%
	107,615	National Retail Properties, Inc.	$	4,224,965
		REITs – Storage – 0.9%
	312,934	CubeSmart		8,824,739
		REITs – Warehouse/Industrials – 1.1%
	115,794	CyrusOne, Inc.		5,929,811
	175,985	Rexford Industrial Realty, Inc.		5,066,608
				10,996,419
		Road & Rail – 1.6%
	90,297	Genesee & Wyoming, Inc., Class A(a)		6,392,125
	66,061	Old Dominion Freight Line, Inc.		9,708,985
				16,101,110
		Semiconductors & Semiconductor Equipment – 3.2%
	77,075	Advanced Energy Industries, Inc.(a)		4,925,092
	150,147	Mellanox Technologies Ltd.(a)		10,938,209
	132,532	Semtech Corp.(a)		5,175,375
	233,645	Teradyne, Inc.		10,679,913
				31,718,589
		Software – 1.6%
	98,604	CommVault Systems, Inc.(a)		5,640,149
	364,975	TiVo Corp.		4,945,411
	116,593	Verint Systems, Inc.(a)		4,966,862
				15,552,422
		Specialty Retail – 1.1%
	115,825	Camping World Holdings, Inc., Class A		3,735,356
	53,284	Genesco, Inc.(a)		2,163,330
	318,221	Sally Beauty Holdings, Inc.(a)		5,234,736
				11,133,422
		Technology Hardware, Storage & Peripherals – 0.3%
	143,486	Cray, Inc.(a)		2,970,160
		Thrifts & Mortgage Finance – 1.5%
	72,343	Federal Agricultural Mortgage Corp., Class C		6,295,288
	35,053	Meta Financial Group, Inc.		3,827,787
	172,521	OceanFirst Financial Corp.		4,614,937
				14,738,012
		Total Common Stocks (Identified Cost $643,093,231)		952,945,721

See accompanying notes to financial statements.

19  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Closed-End Investment Companies – 0.2%
	212,488	Hercules Capital, Inc. (Identified Cost $2,911,138)	$	2,571,105
	Principal Amount
	Short-Term Investments – 3.1%
$	30,149,321	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/29/2018 at 0.900% to be repurchased at $30,152,336 on 4/02/2018 collateralized by $30,270,000 U.S. Treasury Note, 2.750% due 11/15/2023 valued at $30,752,564 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $30,149,321)		30,149,321
		Total Investments – 100.2% (Identified Cost $676,153,690)		985,666,147
		Other assets less liabilities—(0.2)%		(2,393,810	)
		Net Assets – 100.0%	$	983,272,337
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.
	(b)	Illiquid security.
	(c)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At March 31, 2018, the value of these securities amounted to $0. See Note 2 of Notes to Financial Statements.
	(d)	Security subject to restrictions on resale. This security was acquired on November 29, 2016 at cost of $0. At March 31, 2018, the value of this security amounted to $0.
	REITs	Real Estate Investment Trusts

See accompanying notes to financial statements.

|  20

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Industry Summary at March 31, 2018 (Unaudited)

Banks	17.8	%
Machinery	5.9
Electronic Equipment, Instruments & Components	4.8
Hotels, Restaurants & Leisure	3.8
IT Services	3.8
Insurance	3.6
Commercial Services & Supplies	3.6
Chemicals	3.3
Semiconductors & Semiconductor Equipment	3.2
Media	3.1
Food Products	2.6
Oil, Gas & Consumable Fuels	2.5
Health Care Equipment & Supplies	2.4
Energy Equipment & Services	2.3
Professional Services	2.1
Other Investments, less than 2% each	32.3
Short-Term Investments	3.1
Total Investments	100.2
Other assets less liabilities	(0.2	)
Net Assets	100.0	%

See accompanying notes to financial statements.

21  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Small/Mid Cap Growth Fund

Shares		Description	Value (†)
	Common Stocks – 97.2% of Net Assets
		Aerospace & Defense – 4.9%
	2,389	BWX Technologies, Inc.	$	151,773
	3,902	HEICO Corp.		338,733
	3,968	Hexcel Corp.		256,293
	4,811	Mercury Systems, Inc.(a)		232,467
				979,266
		Air Freight & Logistics – 1.8%
	3,420	XPO Logistics, Inc.(a)		348,190
		Auto Components – 1.1%
	2,100	LCI Industries		218,715
		Banks – 4.3%
	4,934	Columbia Banking System, Inc.		206,981
	8,241	Home BancShares, Inc.		187,977
	2,740	UMB Financial Corp.		198,349
	4,456	Western Alliance Bancorp(a)		258,938
				852,245
		Biotechnology – 3.0%
	10,025	Amicus Therapeutics, Inc.(a)		150,776
	12,573	Ironwood Pharmaceuticals, Inc.(a)		194,001
	3,032	Neurocrine Biosciences, Inc.(a)		251,444
				596,221
		Capital Markets – 4.7%
	1,274	MarketAxess Holdings, Inc.		277,019
	1,675	MSCI, Inc.		250,362
	3,176	SEI Investments Co.		237,914
	2,785	Stifel Financial Corp.		164,955
				930,250
		Chemicals – 1.1%
	2,955	Ingevity Corp.(a)		217,754
		Commercial Services & Supplies – 3.6%
	5,613	Healthcare Services Group, Inc.		244,053
	4,829	KAR Auction Services, Inc.		261,732
	6,686	Ritchie Bros. Auctioneers, Inc.		210,408
				716,193
		Consumer Finance – 0.6%
	10,200	SLM Corp.(a)		114,342
		Diversified Consumer Services – 3.6%
	3,462	Bright Horizons Family Solutions, Inc.(a)		345,231
	3,433	Grand Canyon Education, Inc.(a)		360,190
				705,421

See accompanying notes to financial statements.

|  22

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Small/Mid Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Diversified Telecommunication Services – 1.2%
	5,529	Cogent Communications Holdings, Inc.	$	239,959
		Electrical Equipment – 1.1%
	4,937	Generac Holdings, Inc.(a)		226,658
		Electronic Equipment, Instruments & Components – 3.7%
	2,991	FLIR Systems, Inc.		149,580
	6,049	National Instruments Corp.		305,898
	508	Rogers Corp.(a)		60,726
	6,362	Trimble, Inc.(a)		228,269
				744,473
		Energy Equipment & Services – 1.5%
	3,417	Dril-Quip, Inc.(a)		153,082
	5,445	Oil States International, Inc.(a)		142,659
				295,741
		Food & Staples Retailing – 1.0%
	8,395	Sprouts Farmers Market, Inc.(a)		197,031
		Food Products – 1.0%
	5,037	Blue Buffalo Pet Products, Inc.(a)		200,523
		Health Care Equipment & Supplies – 6.6%
	590	ABIOMED, Inc.(a)		171,684
	1,192	Cantel Medical Corp.		132,801
	4,853	Merit Medical Systems, Inc.(a)		220,083
	2,426	Penumbra, Inc.(a)		280,567
	1,699	STERIS PLC		158,619
	1,707	West Pharmaceutical Services, Inc.		150,711
	9,650	Wright Medical Group NV(a)		191,456
				1,305,921
		Health Care Providers & Services – 3.1%
	5,338	HealthEquity, Inc.(a)		323,163
	1,488	WellCare Health Plans, Inc.(a)		288,121
				611,284
		Health Care Technology – 2.4%
	5,097	Cotiviti Holdings, Inc.(a)		175,541
	4,053	Veeva Systems, Inc., Class A(a)		295,950
				471,491
		Hotels, Restaurants & Leisure – 4.5%
	16,178	Arcos Dorados Holdings, Inc., Class A		148,029
	8,729	Planet Fitness, Inc., Class A(a)		329,694
	2,603	Texas Roadhouse, Inc.		150,402
	1,229	Vail Resorts, Inc.		272,469
				900,594

See accompanying notes to financial statements.

23  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Small/Mid Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Internet Software & Services – 2.7%
	5,196	GTT Communications, Inc.(a)	$	294,613
	3,065	j2 Global, Inc.		241,890
				536,503
		IT Services – 4.9%
	5,050	Black Knight, Inc.(a)		237,855
	2,350	Broadridge Financial Solutions, Inc.		257,772
	2,139	EPAM Systems, Inc.(a)		244,958
	1,916	Gartner, Inc.(a)		225,360
				965,945
		Life Sciences Tools & Services – 1.5%
	2,594	ICON PLC(a)		306,455
		Machinery – 7.2%
	5,010	Altra Industrial Motion Corp.		230,209
	8,325	Gardner Denver Holdings, Inc.(a)		255,411
	2,292	John Bean Technologies Corp.		259,913
	1,588	Middleby Corp. (The)(a)		196,579
	4,868	Sun Hydraulics Corp.		260,730
	1,761	WABCO Holdings, Inc.(a)		235,745
				1,438,587
		Media – 1.3%
	6,296	Live Nation Entertainment, Inc.(a)		265,313
		Oil, Gas & Consumable Fuels – 1.2%
	1,817	Diamondback Energy, Inc.(a)		229,887
		Professional Services – 3.4%
	1,061	CoStar Group, Inc.(a)		384,804
	5,207	TransUnion(a)		295,653
				680,457
		Real Estate Management & Development – 1.1%
	3,111	First Service Corp.		227,663
		Semiconductors & Semiconductor Equipment – 2.1%
	2,732	Advanced Energy Industries, Inc.(a)		174,575
	2,653	Silicon Laboratories, Inc.(a)		238,504
				413,079
		Software – 12.9%
	2,648	Blackbaud, Inc.		269,593
	7,645	Callidus Software, Inc.(a)		274,838
	3,708	Guidewire Software, Inc.(a)		299,718
	3,076	HubSpot, Inc.(a)		333,131
	3,648	Paylocity Holding Corp.(a)		186,887

See accompanying notes to financial statements.

|  24

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Small/Mid Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Software – continued
	4,341	PTC, Inc.(a)	$	338,641
	4,498	Talend S.A., ADR(a)		216,444
	950	Tyler Technologies, Inc.(a)		200,412
	1,103	Ultimate Software Group, Inc. (The)(a)		268,801
	3,481	Zendesk, Inc.(a)		166,635
				2,555,100
		Specialty Retail – 1.3%
	4,973	Floor & Decor Holdings, Inc., Class A(a)		259,193
		Textiles, Apparel & Luxury Goods – 1.8%
	1,554	Carter’s, Inc.		161,771
	2,512	Columbia Sportswear Co.		191,992
				353,763
		Trading Companies & Distributors – 1.0%
	10,604	BMC Stock Holdings, Inc.(a)		207,308
		Total Common Stocks (Identified Cost $15,298,223)		19,311,525
	Principal Amount
	Short-Term Investments – 3.0%
$	593,211	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/29/2018 at 0.900%, to be repurchased at $593,270 on 4/02/2018 collateralized by $600,000 U.S. Treasury Note, 2.750% due 11/15/2023 valued at $609,565 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $593,211)		593,211
		Total Investments – 100.2% (Identified Cost $15,891,434)		19,904,736
		Other assets less liabilities—(0.2)%		(47,319	)
		Net Assets – 100.0%	$	19,857,417
	(†)	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.

25  |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Small/Mid Cap Growth Fund – continued

Industry Summary at March 31, 2018 (Unaudited)

Software	12.9	%
Machinery	7.2
Health Care Equipment & Supplies	6.6
Aerospace & Defense	4.9
IT Services	4.9
Capital Markets	4.7
Hotels, Restaurants & Leisure	4.5
Banks	4.3
Electronic Equipment, Instruments & Components	3.7
Commercial Services & Supplies	3.6
Diversified Consumer Services	3.6
Professional Services	3.4
Health Care Providers & Services	3.1
Biotechnology	3.0
Internet Software & Services	2.7
Health Care Technology	2.4
Semiconductors & Semiconductor Equipment	2.1
Other Investments, less than 2% each	19.6
Short-Term Investments	3.0
Total Investments	100.2
Other assets less liabilities	(0.2	)
Net Assets	100.0	%

See accompanying notes to financial statements.

|  26

Statements of Assets and Liabilities

March 31, 2018 (Unaudited)

	Small Cap Growth Fund			Small Cap Value Fund			Small/Mid Cap Growth Fund
ASSETS
Investments at cost	$	903,831,329		$	676,153,690		$	15,891,434
Net unrealized appreciation		388,424,261			309,512,457			4,013,302
Investments at value		1,292,255,590			985,666,147			19,904,736
Cash		55,317			126,678			759
Receivable for Fund shares sold		1,187,841			1,139,792			17,578
Receivable for securities sold		5,327,889			2,381,156			330,477
Dividends and interest receivable		172,439			692,412			7,385
Prepaid expenses (Note 7)		131			130			1
TOTAL ASSETS		1,298,999,207			990,006,315			20,260,936
LIABILITIES
Payable for securities purchased		14,683,305			4,843,866			350,140
Payable for Fund shares redeemed		460,506			951,956			—
Management fees payable (Note 5)		828,633			618,167			6,229
Deferred Trustees’ fees (Note 5)		149,291			212,874			17,170
Administrative fees payable (Note 5)		49,399			37,957			773
Payable to distributor (Note 5d)		12,203			10,220			4
Other accounts payable and accrued expenses		61,300			58,938			29,203
TOTAL LIABILITIES		16,244,637			6,733,978			403,519
NET ASSETS	$	1,282,754,570		$	983,272,337		$	19,857,417
NET ASSETS CONSIST OF:
Paid-in capital	$	861,545,858		$	616,851,524		$	15,303,815
Accumulated net investment loss/Distributions in excess of net investment income		(8,406,958	)		(18,439	)		(91,981	)
Accumulated net realized gain on investments		41,191,409			56,926,795			632,281
Net unrealized appreciation on investments		388,424,261			309,512,457			4,013,302
NET ASSETS	$	1,282,754,570		$	983,272,337		$	19,857,417
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Institutional Class:
Net assets	$	780,760,502		$	584,940,734		$	19,857,417
Shares of beneficial interest		29,336,696			17,496,912			1,463,128
Net asset value, offering and redemption price per share	$	26.61		$	33.43		$	13.57
Retail Class:
Net assets	$	110,372,430		$	225,247,368		$	—
Shares of beneficial interest		4,491,936			6,847,492			—
Net asset value, offering and redemption price per share	$	24.57		$	32.89		$	—
Admin Class shares:
Net assets	$	—		$	26,263,184		$	—
Shares of beneficial interest		—			831,339			—
Net asset value, offering and redemption price per share	$	—		$	31.59		$	—
Class N shares:
Net assets	$	391,621,638		$	146,821,051		$	—
Shares of beneficial interest		14,627,039			4,389,115			—
Net asset value, offering and redemption price per share	$	26.77		$	33.45		$	—

See accompanying notes to financial statements.

27  |

Statements of Operations

For the Six Months Ended March 31, 2018 (Unaudited)

	Small Cap Growth Fund			Small Cap Value Fund			Small/Mid Cap Growth Fund
INVESTMENT INCOME
Dividends	$	2,647,714		$	6,403,521		$	45,094
Interest		116,467			40,499			2,048
Less net foreign taxes withheld		—			(21,023	)		(390	)
		2,764,181			6,422,997			46,752
Expenses
Management fees (Note 5)		4,720,320			3,940,366			67,946
Service and distribution fees (Note 5)		136,486			374,949			—
Administrative fees (Note 5)		278,802			232,727			4,013
Trustees’ fees and expenses (Note 5)		32,216			32,981			8,681
Transfer agent fees and expenses (Notes 5 and 6)		564,383			419,585			598
Audit and tax services fees		18,158			18,670			18,303
Custodian fees and expenses		19,858			15,832			2,538
Legal fees		10,900			9,310			149
Registration fees		56,327			64,113			10,168
Shareholder reporting expenses		48,551			63,477			1,736
Miscellaneous expenses (Note 7)		22,119			21,739			4,773
Total expenses		5,908,120			5,193,749			118,905
Less waiver and/or expense reimbursement (Note 5)		—			(133,863	)		(41,899	)
Net expenses		5,908,120			5,059,886			77,006
Net investment income (loss)		(3,143,939	)		1,363,111			(30,254	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on:
Investments		52,690,019			70,231,724			1,044,486
Net change in unrealized appreciation (depreciation) on:
Investments		63,835,303			(62,941,819	)		597,281
Net realized and unrealized gain on investments		116,525,322			7,289,905			1,641,767
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	113,381,383		$	8,653,016		$	1,611,513

See accompanying notes to financial statements.

|  28

Statements of Changes in Net Assets

	Small Cap Growth Fund						Small Cap Value Fund
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
FROM OPERATIONS:
Net investment income (loss)	$	(3,143,939	)	$	(5,572,322	)	$	1,363,111		$	3,245,976
Net realized gain on investments		52,690,019			135,932,255			70,231,724			115,058,075
Net change in unrealized appreciation (depreciation) on investments		63,835,303			112,076,460			(62,941,819	)		73,375,443
Net increase in net assets resulting from operations		113,381,383			242,436,393			8,653,016			191,679,494
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Institutional Class		—			—			(871,983	)		(2,669,796	)
Retail Class		—			—			—			(383,151	)
Class N		—			—			(299,261	)		(394,109	)
Net realized capital gains
Institutional Class		(93,157,470	)		—			(72,854,281	)		(52,752,875	)
Retail Class		(13,096,336	)		—			(27,201,028	)		(20,871,880	)
Admin Class		—			—			(3,453,473	)		(3,598,566	)
Class N		(35,428,773	)		—			(16,171,099	)		(6,619,873	)
Total distributions		(141,682,579	)		—			(120,851,125	)		(87,290,250	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 10)		100,056,963			(159,223,554	)		12,140,932			(55,801,811	)
Net increase (decrease) in net assets		71,755,767			83,212,839			(100,057,177	)		48,587,433
NET ASSETS
Beginning of the period		1,210,998,803			1,127,785,964			1,083,329,514			1,034,742,081
End of the period	$	1,282,754,570		$	1,210,998,803		$	983,272,337		$	1,083,329,514
ACCUMULATED NET INVESTMENT LOSS/DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME	$	(8,406,958	)	$	(5,263,019	)	$	(18,439	)	$	(210,306	)

See accompanying notes to financial statements.

29  |

Statements of Changes in Net Assets – continued

	Small/Mid Cap Growth Fund
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
FROM OPERATIONS:
Net investment income (loss)	$	(30,254	)	$	1,597
Net realized gain on investments		1,044,486			678,497
Net change in unrealized appreciation (depreciation) on investments		597,281			2,355,415
Net increase in net assets resulting from operations		1,611,513			3,035,509
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)		3,653,715			(394,862	)
Net increase in net assets		5,265,228			2,617,766
NET ASSETS
Beginning of the period		14,592,189			11,974,423
End of the period	$	19,857,417		$	14,592,189
ACCUMULATED NET INVESTMENT LOSS/DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME	$	(91,981	)	$	(61,727	)

See accompanying notes to financial statements.

|  30

Financial Highlights

For a share outstanding throughout each period.

	Small Cap Growth Fund—Institutional Class
	Six Months Ended March 31, 2018 (Unaudited)			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	$	27.37		$	22.03		$	22.22		$	24.27		$	26.35		$	19.17
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.07	)		(0.12	)		(0.09	)		(0.14	)		(0.16	)(b)		(0.15	)(c)
Net realized and unrealized gain (loss)		2.51			5.46			1.59			1.63			(0.09	)		7.33
Total from Investment Operations		2.44			5.34			1.50			1.49			(0.25	)		7.18
LESS DISTRIBUTIONS FROM:
Net investment income		—			—			—			—			—			—
Net realized capital gains		(3.20	)		—			(1.69	)		(3.54	)		(1.83	)		—
Total Distributions		(3.20	)		—			(1.69	)		(3.54	)		(1.83	)		—
Net asset value, end of the period	$	26.61		$	27.37		$	22.03		$	22.22		$	24.27		$	26.35
Total return		9.45	%(d)		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)	$	780,761		$	824,103		$	812,383		$	800,883		$	852,131		$	914,000
Net expenses		0.95	%(e)		0.95	%		0.95	%		0.94	%		0.94	%		0.94	%
Gross expenses		0.95	%(e)		0.95	%		0.95	%		0.94	%		0.94	%		0.94	%
Net investment loss		(0.52	)%(e)		(0.49	)%		(0.41	)%		(0.57	)%		(0.63	)%(b)		(0.70	)%(c)
Portfolio turnover rate		18	%		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)%.

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

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

See accompanying notes to financial statements.

31  |

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Growth Fund—Retail Class
	Six Months Ended March 31, 2018 (Unaudited)			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	$	25.53		$	20.61		$	20.93		$	23.10		$	25.23		$	18.41
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.10	)		(0.16	)		(0.13	)		(0.19	)		(0.22	)(b)		(0.20	)(c)
Net realized and unrealized gain (loss)		2.34			5.08			1.50			1.56			(0.08	)		7.02
Total from Investment Operations		2.24			4.92			1.37			1.37			(0.30	)		6.82
LESS DISTRIBUTIONS FROM:
Net investment income		—			—			—			—			—			—
Net realized capital gains		(3.20	)		—			(1.69	)		(3.54	)		(1.83	)		—
Total Distributions		(3.20	)		—			(1.69	)		(3.54	)		(1.83	)		—
Net asset value, end of the period	$	24.57		$	25.53		$	20.61		$	20.93		$	23.10		$	25.23
Total return		9.34	%(d)		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)	$	110,372		$	107,387		$	118,670		$	162,906		$	175,393		$	211,724
Net expenses		1.20	%(e)		1.20	%		1.20	%		1.19	%		1.21	%		1.25	%(f)
Gross expenses		1.20	%(e)		1.20	%		1.20	%		1.19	%		1.21	%		1.25	%(f)
Net investment loss		(0.76	)%(e)		(0.73	)%		(0.66	)%		(0.82	)%		(0.90	)%(b)		(0.99	)%(c)
Portfolio turnover rate		18	%		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) Periods less than one year are not annualized.

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

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

See accompanying notes to financial statements.

|  32

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Growth Fund—Class N
	Six Months Ended March 31, 2018 (Unaudited)			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	$	27.50		$	22.11		$	22.27		$	24.29		$	26.36		$	20.22
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.05	)		(0.09	)		(0.06	)		(0.12	)		(0.14	)(b)		(0.11	)
Net realized and unrealized gain (loss)		2.52			5.48			1.59			1.64			(0.10	)		6.25
Total from Investment Operations		2.47			5.39			1.53			1.52			(0.24	)		6.14
LESS DISTRIBUTIONS FROM:
Net investment income		—			—			—			—			—			—
Net realized capital gains		(3.20	)		—			(1.69	)		(3.54	)		(1.83	)		—
Total Distributions		(3.20	)		—			(1.69	)		(3.54	)		(1.83	)		—
Net asset value, end of the period	$	26.77		$	27.50		$	22.11		$	22.27		$	24.29		$	26.36
Total return		9.52	%(c)		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)	$	391,622		$	279,508		$	196,733		$	162,591		$	15,080		$	7,580
Net expenses		0.83	%(d)		0.82	%		0.83	%		0.83	%		0.83	%		0.83	%(d)
Gross expenses		0.83	%(d)		0.82	%		0.83	%		0.83	%		0.83	%		0.83	%(d)
Net investment loss		(0.36	)%(d)		(0.39	)%		(0.29	)%		(0.51	)%		(0.53	)%(b)		(0.63	)%(d)
Portfolio turnover rate		18	%		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.

33  |

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Value Fund—Institutional Class
	Six Months Ended March 31, 2018 (Unaudited)			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	$	37.37		$	33.78		$	32.19		$	36.40		$	37.42		$	29.14
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.06			0.13			0.17			0.27			0.20			0.20
Net realized and unrealized gain (loss)		0.30			6.36			4.82			0.49			2.18			8.41
Total from Investment Operations		0.36			6.49			4.99			0.76			2.38			8.61
LESS DISTRIBUTIONS FROM:
Net investment income		(0.05	)		(0.14	)		(0.22	)		(0.22	)		(0.10	)		(0.30	)
Net realized capital gains		(4.25	)		(2.76	)		(3.18	)		(4.75	)		(3.30	)		(0.03	)
Total Distributions		(4.30	)		(2.90	)		(3.40	)		(4.97	)		(3.40	)		(0.33	)
Net asset value, end of the period	$	33.43		$	37.37		$	33.78		$	32.19		$	36.40		$	37.42
Total return(b)		0.67	%(c)		19.68	%		16.75	%		1.20	%		6.17	%		29.82	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	584,941		$	665,229		$	654,501		$	666,107		$	730,901		$	733,512
Net expenses(d)		0.90	%(e)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Gross expenses		0.93	%(e)		0.93	%		0.93	%		0.92	%		0.91	%		0.91	%
Net investment income		0.32	%(e)		0.37	%		0.52	%		0.75	%		0.53	%		0.61	%
Portfolio turnover rate		8	%		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) Periods less than one year are not annualized.

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

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

See accompanying notes to financial statements.

|  34

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Value Fund—Retail Class
	Six Months Ended March 31, 2018 (Unaudited)			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	$	36.83		$	33.33		$	31.78		$	35.98		$	37.03		$	28.84
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.01			0.04			0.08			0.18			0.10			0.12
Net realized and unrealized gain (loss)		0.30			6.27			4.77			0.48			2.16			8.32
Total from Investment Operations		0.31			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		(4.25	)		(2.76	)		(3.18	)		(4.75	)		(3.30	)		(0.03	)
Total Distributions		(4.25	)		(2.81	)		(3.30	)		(4.86	)		(3.31	)		(0.25	)
Net asset value, end of the period	$	32.89		$	36.83		$	33.33		$	31.78		$	35.98		$	37.03
Total return(b)		0.53	%(c)		19.38	%		16.47	%		0.94	%		5.90	%		29.48	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	225,247		$	251,405		$	267,936		$	306,360		$	358,698		$	403,475
Net expenses(d)		1.15	%(e)		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Gross expenses		1.18	%(e)		1.18	%		1.18	%		1.17	%		1.20	%		1.22	%
Net investment income		0.07	%(e)		0.12	%		0.27	%		0.50	%		0.28	%		0.37	%
Portfolio turnover rate		8	%		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) Periods less than one year are not annualized.

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

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

See accompanying notes to financial statements.

35  |

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Value Fund—Admin Class
	Six Months Ended March 31, 2018 (Unaudited)			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	$	35.58		$	32.31		$	30.88		$	35.06		$	36.24		$	28.22
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.03	)		(0.04	)		0.01			0.09			0.01			0.04
Net realized and unrealized gain (loss)		0.29			6.07			4.62			0.48			2.11			8.15
Total from Investment Operations		0.26			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		(4.25	)		(2.76	)		(3.18	)		(4.75	)		(3.30	)		(0.03	)
Total Distributions		(4.25	)		(2.76	)		(3.20	)		(4.75	)		(3.30	)		(0.17	)
Net asset value, end of the period	$	31.59		$	35.58		$	32.31		$	30.88		$	35.06		$	36.24
Total return(c)		0.41	%(d)		19.10	%		16.19	%		0.71	%		5.63	%		29.17	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	26,263		$	30,533		$	43,973		$	45,762		$	61,791		$	74,892
Net expenses(e)		1.40	%(f)		1.40	%		1.39	%(g)		1.38	%(h)		1.40	%		1.40	%
Gross expenses		1.43	%(f)		1.43	%		1.42	%(g)		1.40	%(h)		1.51	%		1.52	%
Net investment income (loss)		(0.18	)%(f)		(0.11	)%		0.03	%		0.28	%		0.02	%		0.11	%
Portfolio turnover rate		8	%		25	%		22	%		22	%		23	%		22	%

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

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

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

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

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

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

See accompanying notes to financial statements.

|  36

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Value Fund—Class N
	Six Months Ended March 31, 2018 (Unaudited)			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	$	37.41		$	33.81		$	32.22		$	36.44		$	37.44		$	32.08
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.07			0.15			0.19			0.27			0.23			0.06
Net realized and unrealized gain (loss)		0.30			6.37			4.83			0.50			2.18			5.30
Total from Investment Operations		0.37			6.52			5.02			0.77			2.41			5.36
LESS DISTRIBUTIONS FROM:
Net investment income		(0.08	)		(0.16	)		(0.25	)		(0.24	)		(0.11	)		—
Net realized capital gains		(4.25	)		(2.76	)		(3.18	)		(4.75	)		(3.30	)		—
Total Distributions		(4.33	)		(2.92	)		(3.43	)		(4.99	)		(3.41	)		—
Net asset value, end of the period	$	33.45		$	37.41		$	33.81		$	32.22		$	36.44		$	37.44
Total return		0.69	%(b)		19.78	%		16.84	%		1.25	%		6.25	%(c)		16.71	%(b)(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	146,821		$	136,162		$	68,332		$	38,555		$	2,568		$	1
Net expenses		0.84	%(d)		0.83	%		0.83	%		0.83	%(e)		0.85	%(f)		0.85	%(d)(f)
Gross expenses		0.84	%(d)		0.83	%		0.83	%		0.83	%(e)		0.89	%		14.45	%(d)
Net investment income		0.39	%(d)		0.44	%		0.61	%		0.76	%		0.60	%		0.27	%(d)
Portfolio turnover rate		8	%		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) Periods less than one year are not annualized.

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

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

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

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

See accompanying notes to financial statements.

37  |

Financial Highlights – continued

For a share outstanding throughout each period.

	Small/Mid Cap Growth Fund—Institutional Class
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Period Ended September 30, 2015*
Net asset value, beginning of the period	$	12.31		$	9.73		$	9.05		$	10.00
Income (loss) from Investment Operations:
Net investment income (loss)(a)		(0.02	)		0.00	(b)		(0.02	)		(0.01	)
Net realized and unrealized gain (loss)		1.28			2.60			0.70			(0.94	)
Total from Investment Operations		1.26			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	$	13.57		$	12.31		$	9.73		$	9.05
Total return(c)		10.24	%(d)		26.74	%		7.51	%		(9.50	)%(d)
Ratios to Average Net Assets:
Net assets, end of the period (000’s)	$	19,857		$	14,592		$	11,974		$	9,242
Net expenses(e)		0.85	%(f)		0.85	%		0.85	%		0.85	%(f)
Gross expenses		1.31	%(f)		1.57	%		1.75	%		2.65	%(f)
Net investment income (loss)		(0.33	)%(f)		0.01	%		(0.22	)%		(0.53	)%(f)
Portfolio turnover rate		20	%		49	%		53	%		14	%

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

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

(b) 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.

|  38

Notes to Financial Statements

March 31, 2018 (Unaudited)

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

Loomis Sayles Funds I:

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

Loomis Sayles Funds II:

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

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

Each Fund is a diversified investment company.

Small Cap Growth Fund and Small Cap Value Fund were closed to new investors effective September 14, 2012 and September 15, 2008, respectively. Small Cap Growth Fund continues to offer Institutional Class, Retail Class and Class N shares to existing investors. Effective November 27, 2017, Small Cap Value Fund re-opened to new investors. Small Cap Value Fund offers Institutional Class, Retail Class, Admin Class and Class N shares. Small/Mid Cap Growth Fund offers Institutional Class shares.

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.

39  |

Notes to Financial Statements – continued

March 31, 2018 (Unaudited)

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

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

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

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

|  40

Notes to Financial Statements – continued

March 31, 2018 (Unaudited)

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.

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

41  |

Notes to Financial Statements – continued

March 31, 2018 (Unaudited)

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 March 31, 2018 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior three fiscal years, where applicable, remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

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

|  42

Notes to Financial Statements – continued

March 31, 2018 (Unaudited)

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 year ended September 30, 2017 was as follows:

	2017 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
Small Cap Growth Fund	$	—	$	—	$	—
Small Cap Value Fund		3,961,114		83,329,136		87,290,250
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.

As of September 30, 2017, capital loss carryforwards and late-year ordinary and post-October capital loss deferrals were as follows:

	Small Cap Growth Fund			Small Cap Value Fund			Small/Mid Cap Growth Fund
Capital loss carryforward:
Short-term:
No expiration date	$	—		$	—		$	(407,754	)
Late-year ordinary and post-October capital loss deferrals*	$	(5,115,753	)	$	(1,516,032	)	$	(45,842	)

* 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

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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 March 31, 2018, 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	$	903,831,329		$	676,153,690		$	15,891,434
Gross tax appreciation	$	402,253,657		$	342,033,026		$	4,254,012
Gross tax depreciation		(13,829,396	)		(32,520,569	)		(240,710	)
Net tax appreciation	$	388,424,261		$	309,512,457		$	4,013,302

Amounts exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.

f.  Repurchase Agreements. Each Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which each Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is each Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities. As of March 31, 2018, each Fund, as applicable, had investments in repurchase agreements for which the value of the related collateral exceeded the value of the repurchase agreement. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes.

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

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may bear the risk of loss with respect to the investment of the collateral. The Funds invest cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Funds and State Street Bank as lending agent.

For the six months ended March 31, 2018, 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 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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The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2018, at value:

Small Cap Growth Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	1,242,669,038	$	—	$	—	$	1,242,669,038
Short-Term Investments		—		49,586,552		—		49,586,552
Total	$	1,242,669,038	$	49,586,552	$	—	$	1,292,255,590

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

For the six months ended March 31, 2018, 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)	$	952,945,721	$	—	$	—	$	952,945,721
Closed-End Investment Companies		2,571,105		—		—		2,571,105
Short-Term Investments		—		30,149,321		—		30,149,321
Total	$	955,516,826	$	30,149,321	$	—	$	985,666,147

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

For the six months ended March 31, 2018, 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)	$	19,311,525	$	—	$	—	$	19,311,525
Short-Term Investments		—		593,211		—		593,211
Total	$	19,311,525	$	593,211	$	—	$	19,904,736

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

For the six months ended March 31, 2018, there were no transfers among Levels 1, 2 and 3.

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4.  Purchases and Sales of Securities. For the six months ended March 31, 2018, purchases and sales of securities (excluding short-term investments) were as follows:

Fund	Purchases		Sales
Small Cap Growth Fund	$	219,083,317	$	259,114,744
Small Cap Value Fund		82,376,399		204,625,771
Small/Mid Cap Growth Fund		6,973,665		3,469,074

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, 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.

For the six months ended March 31, 2018, 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

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waived/reimbursed fees or expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.

For the six months ended March 31, 2018, the management fees for each Fund were as follows:

	Gross Management Fees		Contractual Waivers of Management Fees1		Net Management Fees		Percentage of Average Daily Net Assets
Fund							Gross		Net
Small Cap Growth Fund	$	4,720,320	$	—	$	4,720,320		0.75%		0.75%
Small Cap Value Fund		3,940,366		—		3,940,366		0.75%		0.75%
Small/Mid Cap Growth Fund		67,946		41,899		26,047		0.75%		0.29%

For the six months ended March 31, 2018, class-specific expenses have been reimbursed as follows:

	Reimbursement1
Fund	Institutional Class		Retail Class		Admin Class		Class N		Total
Small Cap Value Fund	$	93,797	$	35,672	$	4,394	$	—	$	133,863

¹ Waivers/expense reimbursements are subject to possible recovery until September 30, 2019.

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.

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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 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 six months ended March 31, 2018, 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	$	—	$	136,486	$	—
Small Cap Value Fund		37,034		300,881		37,034

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 six months ended March 31, 2018, the administrative fees for each Fund were as follows:

Fund	Administrative Fees
Small Cap Growth Fund	$	278,802
Small Cap Value Fund		232,727
Small/Mid Cap Growth Fund		4,013

d.  Sub-Transfer Agent Fees. Natixis Distribution has entered into agreements, which include servicing agreements, with financial intermediaries that provide recordkeeping,

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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 six months ended March 31, 2018, 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	$	554,906
Small Cap Value Fund		404,897
Small/Mid Cap Growth Fund		144

As of March 31, 2018, 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	$	12,203
Small Cap Value Fund		10,220
Small/Mid Cap Growth Fund		4

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 $340,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that he attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $170,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or

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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 $20,000. The chairperson of the Governance Committee receives an additional retainer fee at the annual rate of $12,000. 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.

Prior to January 1, 2018, the Chairperson of the Board received a retainer fee at the annual rate of $325,000 and each Independent Trustee (other than the Chairperson) received, in the aggregate, a retainer fee at the annual rate of $155,000, the chairperson of the Contract Review Committee and Audit Committee each received an additional retainer fee at the annual rate of $17,500 and the chairperson of the Governance Committee received an additional retainer fee at the annual rate of $10,000. All other Trustee fees remained unchanged.

A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Funds until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts, on the normal payment dates, in certain funds of the Natixis Funds Trusts, 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 March 31, 2018, Natixis and affiliates, Loomis Sayles Funded Pension Plan and Trust (“Pension Plan”) and Loomis Sayles Employees’ Profit Sharing Retirement Plan (“Retirement Plan”) held shares of the Funds representing the following percentages of the Funds’ net assets:

Fund	Pension Plan		Retirement Plan		Natixis		Total Affiliated Ownership
Small Cap Growth Fund		0.25%		1.55%		—		1.80%
Small Cap Value Fund		0.31%		3.04%		—		3.35%
Small/Mid Cap Growth Fund		—		14.97%		55.25%		70.22%

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

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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.

For the six months ended March 31, 2018, 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	$	497,099	$	66,764	$	—	$	520
Small Cap Value Fund		293,930		111,623		13,742		290
Small/Mid Cap Growth Fund		598		—		—		—

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 and its contractual obligations under the line of credit. 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.

For the six months ended March 31, 2018, none of the Funds had borrowings under this agreement.

Effective April 12, 2018, the line of credit with Citibank, N.A. expired, and the Funds, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts, and Natixis ETF Trust, entered into a $400,000,000 committed unsecured line of credit provided by State Street Bank and Trust. Any one Fund may borrow up to $350,000,000 under the line of credit agreement (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 and its contractual obligations under the line of credit. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit.

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8.Brokerage Commission Recapture. Each Fund has entered into agreements with certain brokers whereby the brokers will rebate a portion of brokerage commissions. All amounts rebated by the brokers are returned to the Funds under such agreements and are included in realized gains on investments in the Statements of Operations. For the six months ended March 31, 2018, amounts rebated under these agreements were as follows:

Fund	Rebates
Small Cap Growth Fund	$	16,641
Small Cap Value Fund		17,330
Small/Mid Cap Growth Fund		216

Effective March 9, 2018, the brokerage commission recapture program was terminated.

9.Concentration of Ownership. From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of March 31, 2018, 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		34.87%		—		34.87%
Small Cap Value Fund		2		18.67%		—		18.67%
Small/Mid Cap Growth Fund		—		—		70.22%		70.22%

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.

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

	Small Cap Growth Fund
	Six Months Ended March 31, 2018						Year Ended September 30, 2017
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		2,250,951		$	60,860,326			4,034,738		$	97,151,691
Issued in connection with the reinvestment of distributions		3,526,960			89,866,953			—			—
Redeemed		(6,554,124	)		(175,016,242	)		(10,793,297	)		(256,866,078	)
Net change		(776,213	)	$	(24,288,963	)		(6,758,559	)	$	(159,714,387	)
Retail Class
Issued from the sale of shares		524,794		$	13,262,209			692,134		$	15,704,343
Issued in connection with the reinvestment of distributions		555,428			13,074,766			—			—
Redeemed		(794,448	)		(19,979,869	)		(2,244,929	)		(49,573,803	)
Net change		285,774		$	6,357,106			(1,552,795	)	$	(33,869,460	)
Class N
Issued from the sale of shares		3,769,019		$	101,262,479			3,855,688		$	94,799,081
Issued in connection with the reinvestment of distributions		1,378,059			35,305,861			—			—
Redeemed		(684,452	)		(18,579,520	)		(2,588,567	)		(60,438,788	)
Net change		4,462,626		$	117,988,820			1,267,121		$	34,360,293
Increase (decrease) from capital share transactions		3,972,187		$	100,056,963			(7,044,233	)	$	(159,223,554	)

	Small Cap Value Fund
	Six Months Ended March 31, 2018						Year Ended September 30, 2017
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		1,552,717		$	54,666,987			3,564,958		$	126,242,963
Issued in connection with the reinvestment of distributions		2,049,039			70,363,994			1,505,162			53,252,622
Redeemed		(3,905,591	)		(137,618,447	)		(6,645,676	)		(233,677,752	)
Net change		(303,835	)	$	(12,587,466	)		(1,575,556	)	$	(54,182,167	)

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10.  Capital Shares – continued.

	Small Cap Value Fund – continued
	Six Months Ended March 31, 2018						Year Ended September 30, 2017
Retail Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		149,376		$	5,257,671			616,632		$	21,554,720
Issued in connection with the reinvestment of distributions		802,859			27,144,677			607,283			21,218,469
Redeemed		(930,407	)		(33,257,889	)		(2,437,522	)		(85,099,728	)
Net change		21,828		$	(855,541	)		(1,213,607	)	$	(42,326,539	)
Admin Class
Issued from the sale of shares		123,397		$	4,123,032			220,759		$	7,434,300
Issued in connection with the reinvestment of distributions		78,301			2,544,008			80,992			2,738,330
Redeemed		(228,564	)		(7,645,854	)		(804,540	)		(27,089,959	)
Net change		(26,866	)	$	(978,814	)		(502,789	)	$	(16,917,329	)
Class N
Issued from the sale of shares		566,380		$	20,733,254			1,948,540		$	69,188,229
Issued in connection with the reinvestment of distributions		479,347			16,470,360			198,135			7,013,982
Redeemed		(296,708	)		(10,640,861	)		(527,853	)		(18,577,987	)
Net change		749,019		$	26,562,753			1,618,822		$	57,624,224
Increase (decrease) from capital share transactions		440,146		$	12,140,932			(1,673,130	)	$	(55,801,811	)

	Small/Mid Cap Growth Fund
	Six Months Ended March 31, 2018						Year Ended September 30, 2017
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		395,934		$	5,242,738			183,187		$	1,981,855
Issued in connection with the reinvestment of distributions		—			—			2,259			22,881
Redeemed		(118,288	)		(1,589,023	)		(230,300	)		(2,399,598	)
Increase (decrease) from capital share transactions		277,646		$	3,653,715			(44,854	)	$	(394,862	)

55  |

Additional Information

Special Meeting of Shareholders. (Unaudited)

A special meeting of shareholders of the Trust was held on December 4, 2017 to consider a proposal to elect thirteen Trustees to the Board of Trustees. The proposal was approved by shareholders of the Trust. The results of the shareholder vote were as follows:

Loomis Sayles Funds I

Nominee	Voted “FOR”*		Withheld*
Kevin Charleston		1,046,693,133.34		15,163,366.07
Kenneth A. Drucker		1,045,641,428.27		16,215,071.15
Edmond J. English		1,046,277,137.68		15,579,361.74
David L. Giunta		1,046,496,391.62		15,360,107.79
Richard A. Goglia		1,046,269,146.27		15,587,353.15
Wendell J. Knox		1,045,976,095.92		15,880,403.49
Martin T. Meehan		1,046,154,669.52		15,701,829.89
Maureen B. Mitchell		1,047,019,476.25		14,837,023.17
Sandra O. Moose**		1,045,973,479.27		15,883,020.14
James P. Palermo		1,046,549,375.30		15,307,124.11
Erik R. Sirri		1,046,440,355.81		15,416,143.60
Peter J. Smail		1,046,053,910.90		15,802,588.52
Cynthia L. Walker		1,047,362,231.11		14,494,268.31

* Trust-wide voting results.

** Ms. Moose retired as a Trustee effective January 1, 2018.

Loomis Sayles Funds II

Nominee	Voted “FOR”*		Withheld*
Kevin Charleston		1,650,323,196.06		13,951,932.67
Kenneth A. Drucker		1,649,298,883.81		14,976,244.92
Edmond J. English		1,650,162,849.38		14,112,279.34
David L. Giunta		1,649,705,816.93		14,569,311.79
Richard A. Goglia		1,650,200,499.41		14,074,629.32
Wendell J. Knox		1,649,845,960.13		14,429,168.60
Martin T. Meehan		1,649,803,233.76		14,471,894.97
Maureen B. Mitchell		1,650,894,337.38		13,380,791.35
Sandra O. Moose**		1,649,617,852.02		14,657,276.71
James P. Palermo		1,650,208,171.55		14,066,957.18
Erik R. Sirri		1,649,620,219.44		14,654,909.29
Peter J. Smail		1,650,200,577.97		14,074,550.76
Cynthia L. Walker		1,651,179,641.66		13,095,487.07

* Trust-wide voting results.

** Ms. Moose retired as a Trustee effective January 1, 2018.

|  56

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Included as part of the Report to Shareholders filed as Item 1 herewith.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Securities Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Trust’s Board of Trustees.

Item 11. Controls and Procedures.

The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.

There was no change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s last fiscal quarter of the period covered by the report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)	(1)	Not applicable.
(a)	(2)	Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)), filed herewith as Exhibits (a)(2)(1) and (a)(2)(2), respectively.
(a)	(3)	Not applicable.
(b)		Certifications of Principal Executive Officer and Principal Financial Officer pursuant to
		Section 906 of Sarbanes-Oxley Act of 2002 are filed herewith as Exhibit (b).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Loomis Sayles Funds II
By:	/s/ David Giunta
Name:	David Giunta
Title:	Chief Executive Officer
Date:	May 21, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ David Giunta
Name:	David Giunta
Title:	Chief Executive Officer
Date:	May 21, 2018
By:	/s/ Michael C. Kardok
Name:	Michael C. Kardok
Title:	Treasurer
Date:	May 21, 2018