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

FORMN-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, 2019

Item 1. Reports to Stockholders.

The Registrant’s semi-annual report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940 is as follows:

Semiannual Report

March 31, 2019

Loomis Sayles Intermediate Duration Bond Fund

Loomis Sayles Limited Term Government and Agency Fund

Table of Contents

Portfolio Review	1
Portfolio of Investments	8
Financial Statements	35
Notes to Financial Statements	47

IMPORTANT NOTICE TO SHAREHOLDERS

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Funds’ website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you wish to continue receiving paper copies of your shareholder reports after January 1, 2021, you can inform the Fund at any time by calling 1-800-225-5478. If you hold your account with a financial intermediary and you wish to continue receiving paper copies after January 1, 2021, you should call your financial intermediary directly. Paper copies are provided free of charge, and your election to receive reports in paper will apply to all funds held with the Natixis Funds complex. If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You currently may elect to receive shareholder reports and other communications from the Fund or your financial intermediary electronically atwww.icsdelivery.com/natixisfunds.

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 N    LSDNX
	Class Y    LSDIX

Investment Goal

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

1  |

Average Annual Total Returns — March 31, 2019^4,5

													Life of			Expense Ratios6
	6 Months			1 Year			5 Years			10 Years			Class N			Gross			Net
Class Y (Inception 1/28/98)1
NAV		4.00	%		4.48	%		2.38	%		4.73	%		—	%		0.45	%		0.40	%
Class A (Inception 5/28/10)1
NAV		3.97			4.22			2.12			4.48			—			0.70			0.65
With 4.25% Maximum Sales Charge		-0.43			-0.24			1.24			4.02			—
Class C (Inception 8/31/16)1
NAV		3.46			3.30			1.31			3.59			—			1.45			1.40
With CDSC2		2.46			2.30			1.31			3.59			—
Class N (Inception 2/01/19)																	0.40			0.35
NAV		—			—			—			—			1.97
Comparative Performance
Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index3		4.01			4.24			2.12			3.14			1.64

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

1 As of 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 within 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 limitations set to expire on 1/31/20. When a Fund’s expenses are below the limitation, 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 limitations.

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LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND

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

Investment Goal

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

3  |

LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND

Average Annual Total Returns — March 31, 2019³

													Life of			Expense Ratios4
	6 Months			1 Year			5 Years			10 Years			Class N			Gross			Net
Class Y (Inception 3/31/94)
NAV		2.31	%		2.66	%		1.21	%		2.40	%		—	%		0.55	%		0.55	%
Class A (Inception 1/3/89)
NAV		2.28			2.50			0.97			2.14			—			0.80			0.80
With 2.25% Maximum Sales Charge		-0.07			0.17			0.51			1.91			—
Class C (Inception 12/30/94)
NAV		1.90			1.74			0.22			1.39			—			1.55			1.55
With CDSC1		0.90			0.74			0.22			1.39			—
Class N (Inception 2/1/17)
NAV		2.45			2.76			—			—			1.69			0.48			0.46
Comparative Performance
Bloomberg Barclays U.S.1-5 Year Government Bond Index2		2.98			3.17			1.26			1.49			1.52

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 Bond 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 limitations set to expire on 1/31/20. When a Fund’s expenses are below the limitation, 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 limitations.

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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 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 as an exhibit on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at www.sec.gov.

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UNDERSTANDING FUND EXPENSES

As a mutual fund shareholder, you incur different costs: transaction costs, including sales charges (loads) on purchases and contingent deferred sales charges on redemptions, and ongoing costs, including management fees, distribution and/or service fees (12b-1 fees), and other fund expenses. Certain exemptions may apply. 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 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, 2018 through March 31, 2019. 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.

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LOOMIS SAYLES INTERMEDIATE DURATION BOND FUND	BEGINNING ACCOUNT VALUE 10/1/2018		ENDING ACCOUNT VALUE 3/31/2019		EXPENSES PAID DURING PERIOD* 10/1/2018 – 3/31/2019
Class A
Actual		$1,000.00		$1,039.70		$3.31	1
Hypothetical (5% return before expenses)		$1,000.00		$1,021.69		$3.28	*
Class C
Actual		$1,000.00		$1,034.60		$7.10	1
Hypothetical (5% return before expenses)		$1,000.00		$1,017.95		$7.04	*
Class N
Actual		$1,000.00		$1,019.70		$0.53	2
Hypothetical (5% return before expenses)		$1,000.00		$1,023.29		$1.66	*
Class Y
Actual		$1,000.00		$1,040.00		$2.03	1
Hypothetical (5% return before expenses)		$1,000.00		$1,022.94		$2.02	*

* Hypothetical expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.65%, 1.40%, 0.33% and 0.40% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

¹ Actual expenses for Class A, C and Y are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.65%, 1.40% and 0.40%, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

² Class N commenced operations on February 1, 2019. Actual expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement) of 0.33%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal period (58), divided by 365 (to reflect the partial period).

LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND	BEGINNING ACCOUNT VALUE 10/1/2018		ENDING ACCOUNT VALUE 3/31/2019		EXPENSES PAID DURING PERIOD* 10/1/2018 – 3/31/2019
Class A
Actual		$1,000.00		$1,022.80		$4.03
Hypothetical (5% return before expenses)		$1,000.00		$1,020.94		$4.03
Class C
Actual		$1,000.00		$1,019.00		$7.80
Hypothetical (5% return before expenses)		$1,000.00		$1,017.20		$7.80
Class N
Actual		$1,000.00		$1,024.50		$2.32
Hypothetical (5% return before expenses)		$1,000.00		$1,022.64		$2.32
Class Y
Actual		$1,000.00		$1,023.10		$2.77
Hypothetical (5% return before expenses)		$1,000.00		$1,022.19		$2.77

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.80%, 1.55%, 0.46% and 0.55% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

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Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund

Principal Amount		Description	Value (†)
	Bonds and Notes — 98.5% of Net Assets
		ABS Car Loan — 8.9%
$	64,075	ACC Trust, Series2018-1, Class A, 3.700%, 12/21/2020, 144A	$	64,142
	152,000	AmeriCredit Automobile Receivables Trust, Series2016-1, Class C, 2.890%, 1/10/2022		152,020
	72,000	AmeriCredit Automobile Receivables Trust, Series2016-2, Class C, 2.870%, 11/08/2021		71,997
	160,000	AmeriCredit Automobile Receivables Trust, Series2016-3, Class C, 2.240%, 4/08/2022		158,795
	555,000	Americredit Automobile Receivables Trust, Series2016-4, Class B, 1.830%, 12/08/2021(a)		551,067
	110,000	AmeriCredit Automobile Receivables Trust, Series2017-1, Class B, 2.300%, 2/18/2022		109,275
	300,000	AmeriCredit Automobile Receivables Trust, Series2017-2, Class B, 2.400%, 5/18/2022		298,552
	170,000	AmeriCredit Automobile Receivables Trust, Series2017-3, Class B, 2.240%, 6/19/2023		168,730
	510,000	AmeriCredit Automobile Receivables Trust, Series2018-3, Class B, 3.580%, 10/18/2024		519,507
	140,000	Avis Budget Rental Car Funding AESOP LLC, Series2014-1A, Class A, 2.460%, 7/20/2020, 144A		139,886
	360,000	Avis Budget Rental Car Funding AESOP LLC, Series2016-1A, Class A, 2.990%, 6/20/2022, 144A(a)		360,501
	365,000	Avis Budget Rental Car Funding AESOP LLC, Series2017-1A, Class A, 3.070%, 9/20/2023, 144A(a)		365,306
	100,000	Avis Budget Rental Car Funding AESOP LLC, Series2019-1, Class A, 3.450%, 3/20/2023, 144A		101,039
	285,000	Bank of the West Auto Trust, Series2017-1, Class A3, 2.110%, 1/15/2023, 144A		282,757
	520,000	California Republic Auto Receivables Trust, Series2017-1, Class A4, 2.280%, 6/15/2022(a)		517,463
	175,000	Capital Auto Receivables Asset Trust, Series2017-1, Class A3, 2.020%, 8/20/2021, 144A		174,280
	941,188	CarMax Auto Owner Trust, Series2017-2, Class A3, 1.930%, 3/15/2022(a)		935,687
	117,128	Chrysler Capital Auto Receivables Trust, Series2016-BA, Class A3, 1.640%, 7/15/2021, 144A		116,775
	45,141	CIG Auto Receivables Trust, Series2017-1A, Class A, 2.710%, 5/15/2023, 144A		45,044
	9,334	CPS Auto Receivables Trust, Series2015-A, Class B, 2.790%, 2/16/2021, 144A		9,334
	123,510	CPS Auto Receivables Trust, Series2017-C, Class B, 2.300%, 7/15/2021, 144A		123,246
	775,000	CPS Auto Receivables Trust, Series2018-D, Class B, 3.610%, 11/15/2022, 144A		781,585
	800,000	Credit Acceptance Auto Loan Trust, Series2016-2A, Class B, 3.180%, 5/15/2024, 144A		799,996
	133,027	Credit Acceptance Auto Loan Trust, Series2016-3A, Class A, 2.150%, 4/15/2024, 144A		132,723
	60,419	Drive Auto Receivables Trust, Series2016-BA, Class C, 3.190%, 7/15/2022, 144A		60,438
	185,000	Drive Auto Receivables Trust, Series2017-3, Class C, 2.800%, 7/15/2022		184,985
	153,175	Drive Auto Receivables Trust, Series2017-AA, Class C, 2.980%, 1/18/2022, 144A		153,228
	96,635	Drive Auto Receivables Trust, Series2017-BA, Class C, 2.610%, 8/16/2021, 144A		96,587
	1,005,000	Drive Auto Receivables Trust, Series2018-5, Class B, 3.680%, 7/15/2023		1,016,633

See accompanying notes to financial statements.

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Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		ABS Car Loan — continued
$	60,323	DT Auto Owner Trust, Series2015-2A, Class D, 4.250%, 2/15/2022, 144A	$	60,372
	231,651	DT Auto Owner Trust, Series2015-3A, Class D, 4.530%, 10/17/2022, 144A		233,000
	241,928	DT Auto Owner Trust, Series2016-2A, Class D, 5.430%, 11/15/2022, 144A		244,832
	118,603	DT Auto Owner Trust, Series2016-4A, Class C, 2.740%, 10/17/2022, 144A(a)		118,577
	51,547	DT Auto Owner Trust, Series2017-1A, Class C, 2.700%, 11/15/2022, 144A		51,485
	143,380	DT Auto Owner Trust, Series2017-3A, Class B, 2.400%, 5/17/2021, 144A		143,307
	60,000	DT Auto Owner Trust, Series2018-2A, Class C, 3.670%, 3/15/2024, 144A		60,395
	285,000	DT Auto Owner Trust, Series2019-1A, Class C, 3.610%, 11/15/2024, 144A		286,989
	300,000	Exeter Automobile Receivables Trust, Series2017-2A, Class B, 2.820%, 5/16/2022, 144A		299,693
	190,000	Exeter Automobile Receivables Trust, Series2018-1A, Class B, 2.750%, 4/15/2022, 144A		189,765
	400,000	Exeter Automobile Receivables Trust, Series2018-2A, Class B, 3.270%, 5/16/2022, 144A		400,436
	260,000	First Investors Auto Owner Trust, Series2017-1A, Class A2, 2.200%, 3/15/2022, 144A		259,151
	315,000	First Investors Auto Owner Trust, Series2017-2A, Class A2, 2.270%, 7/15/2022, 144A		313,144
	460,747	First Investors Auto Owner Trust, Series2018-2A, Class A1, 3.230%, 12/15/2022, 144A		462,247
	144,709	Flagship Credit Auto Trust, Series2015-2, Class B, 3.080%, 12/15/2021, 144A		144,747
	195,000	Flagship Credit Auto Trust, Series2016-2, Class B, 3.840%, 9/15/2022, 144A		195,969
	102,025	Flagship Credit Auto Trust, Series2016-3, Class B, 2.430%, 6/15/2021, 144A		101,922
	160,000	Flagship Credit Auto Trust, Series2016-4, Class B, 2.410%, 10/15/2021, 144A		159,640
	800,000	Flagship Credit Auto Trust, Series2018-4, Class B, 3.880%, 10/16/2023, 144A		815,059
	230,000	Ford Credit Auto Owner Trust, Series2014-2, Class A, 2.310%, 4/15/2026, 144A		229,373
	705,000	Ford Credit Auto Owner Trust, Series2016-2, Class A, 2.030%, 12/15/2027, 144A(a)		693,449
	595,000	Ford Credit Auto Owner Trust, Series2018-1, Class A, 3.190%, 7/15/2031, 144A(a)		595,408
	115,000	Ford Credit Auto Owner Trust/Ford Credit, Series2014-1, Class A, 2.260%, 11/15/2025, 144A		114,943
	265,000	GLS Auto Receivables Trust, Series2018-3A, Class B, 3.780%, 8/15/2023, 144A		268,127
	233,200	GM Financial Consumer Automobile Receivables Trust, Series2017-1A, Class A3, 1.780%, 10/18/2021, 144A		232,005
	500,000	GM Financial Consumer Automobile Receivables Trust, Series2017-3A, Class A3, 1.970%, 5/16/2022, 144A(a)		496,184
	120,000	NextGear Floorplan Master Owner Trust, Series2016-2A, Class A2, 2.190%, 9/15/2021, 144A		119,570
	510,000	NextGear Floorplan Master Owner Trust, Series2017-1A, Class A2, 2.540%, 4/18/2022, 144A(a)		508,304
	150,000	NextGear Floorplan Master Owner Trust, Series2017-2A, Class A2, 2.560%, 10/17/2022, 144A		149,329
	125,000	NextGear Floorplan Master Owner Trust, Series2018-1A, Class A2, 3.220%, 2/15/2023, 144A		125,455
	310,000	NextGear Floorplan Master Owner Trust, Series2018-2A, Class A2, 3.690%, 10/15/2023, 144A		315,489
	91,359	Prestige Auto Receivables Trust, Series2016-2A, Class A3, 1.760%, 1/15/2021, 144A(a)		91,331

See accompanying notes to financial statements.

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Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		ABS Car Loan — continued
$	162,827	Santander Drive Auto Receivables Trust, Series2016-2, Class C, 2.660%, 11/15/2021	$	162,747
	73,542	Santander Drive Auto Receivables Trust, Series2017-1, Class B, 2.100%, 6/15/2021		73,476
	164,129	Santander Drive Auto Receivables Trust, Series2017-2, Class B, 2.210%, 10/15/2021		163,943
	370,000	Santander Drive Auto Receivables Trust, Series2018-1, Class B, 2.630%, 7/15/2022		369,503
	180,000	Santander Drive Auto Receivables Trust, Series2018-2, Class B, 3.030%, 9/15/2022		180,316
	460,000	Santander Drive Auto Receivables Trust, Series2018-5, Class C, 3.810%, 12/16/2024		466,864
	73,727	Westlake Automobile Receivables Trust, Series2017-1A, Class B, 2.300%, 10/17/2022, 144A		73,708
	135,000	Westlake Automobile Receivables Trust, Series2018-1A, Class B, 2.670%, 5/17/2021, 144A		134,652
	515,000	Westlake Automobile Receivables Trust, Series2019-1A, Class B, 3.260%, 10/17/2022, 144A		516,704
	110,000	World Omni Auto Receivables Trust, Series2017-B, Class A3, 1.950%, 2/15/2023		108,869
				19,222,057
		ABS Credit Card — 1.8%
	620,000	American Express Credit Account Master Trust, Series2019-1, Class A, 2.870%, 10/15/2024		625,679
	415,000	Barclays Dryrock Issuance Trust, Series2014-3, Class A, 2.410%, 7/15/2022(a)		414,432
	805,000	Capital One Multi-Asset Execution Trust, Series2017-A4, Class A4, 1.990%, 7/17/2023(a)		798,280
	260,000	Citibank Credit Card Issuance Trust, Series2014-A1, Class A1, 2.880%, 1/23/2023		261,454
	470,000	Synchrony Credit Card Master Note Trust, Series2016-3, Class A, 1.580%, 9/15/2022(a)		467,407
	555,000	World Financial Network Credit Card Master Trust, Series2016-C, Class A, 1.720%, 8/15/2023(a)		551,808
	730,000	World Financial Network Credit Card Master Trust, Series2017-A, Class A, 2.120%, 3/15/2024(a)		724,803
				3,843,863
		ABS Home Equity — 0.6%
	285,981	Bayview Opportunity Master Fund IVa Trust, Series 2016-SPL1, Class A, 4.000%, 4/28/2055, 144A		289,356
	114,165	Colony American Finance Ltd., Series2015-1, Class A, 2.896%, 10/15/2047, 144A		113,731
	152,496	CoreVest American Finance Trust, Series2017-1, Class A, 2.968%, 10/15/2049, 144A		151,161
	13,762	Countrywide Alternative Loan Trust, Series2006-J5, Class 4A1, 5.003%, 7/25/2021(b)(c)(d)		12,929
	7,295	Countrywide Asset-Backed Certificates, Series2004-S1, Class A3, 5.115%, 2/25/2035(b)(c)(d)		7,244

See accompanying notes to financial statements.

|  10

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		ABS Home Equity — continued
$	370,354	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M2,1-month LIBOR + 1.850%, 4.336%, 10/25/2027(a)(e)	$	374,241
	112,659	Mill City Mortgage Loan Trust, Series2016-1, Class A1, 2.500%, 4/25/2057, 144A(c)		111,642
	97,801	Towd Point Mortgage Trust, Series2015-2, Class 1A12, 2.750%, 11/25/2060, 144A(c)		96,902
	41,637	Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR10, Class 2A4, 4.796%, 5/01/2035(c)		42,890
				1,200,096
		ABS Other — 2.6%
	263,212	Diamond Resorts Owner Trust, Series2018-1, Class A, 3.700%, 1/21/2031, 144A		267,329
	270,000	John Deere Owner Trust, Series2017-B, Class A3, 1.820%, 10/15/2021		268,285
	520,000	Mariner Finance Issuance Trust, Series2017-BA, Class A, 2.920%, 12/20/2029, 144A		517,619
	294,610	Merlin Aviation Holdings DAC, Series2016-1, Class A, 4.500%, 12/15/2032, 144A(c)		300,921
	24,399	OneMain Financial Issuance Trust, Series2015-1A, Class A, 3.190%, 3/18/2026, 144A		24,404
	281,280	OneMain Financial Issuance Trust, Series2016-1A, Class A, 3.660%, 2/20/2029, 144A		282,480
	555,000	OneMain Financial Issuance Trust, Series2018-1A, Class A, 3.300%, 3/14/2029, 144A(a)		557,579
	308,583	S-Jets Ltd., Series2017-1, Class A, 3.967%, 8/15/2042, 144A		309,556
	475,007	SCF Equipment Trust LLC, Series2018-1A, Class A2, 3.630%, 10/20/2024, 144A(a)		476,876
	79,050	Sierra Timeshare Conduit Receivables Funding LLC, Series2017-1A, Class A, 2.910%, 3/20/2034, 144A		78,379
	255,000	SoFi Consumer Loan Program Trust, Series2018-1A, Class A2, 3.140%, 2/25/2027, 144A		255,449
	730,000	SoFi Consumer Loan Program Trust, Series2018-2, Class A2, 3.350%, 4/26/2027, 144A		732,162
	1,123,151	SoFi Consumer Loan Program Trust, Series2018-4, Class A, 3.540%, 11/26/2027, 144A		1,129,740
	135,208	TAL Advantage V LLC, Series2014-1A, Class A, 3.510%, 2/22/2039, 144A		135,069
	58,056	TAL Advantage V LLC, Series2014-2A, Class A2, 3.330%, 5/20/2039, 144A		57,983
	141,667	TAL Advantage V LLC, Series2014-3A, Class A, 3.270%, 11/21/2039, 144A		140,815
				5,534,646
		ABS Student Loan — 0.4%
	112,056	Earnest Student Loan Program LLC, Series2017-A, Class A2, 2.650%, 1/25/2041, 144A		110,927
	165,956	North Carolina State Education Assistance Authority, Series2011-2, Class A2,3-month LIBOR + 0.800%, 3.571%, 7/25/2025(e)		166,244
	46,955	SoFi Professional Loan Program LLC, Series2015-A, Class A2, 2.420%, 3/25/2030, 144A		46,542
	218,624	SoFi Professional Loan Program LLC, Series2016-B, Class A2B, 2.740%, 10/25/2032, 144A		218,038
	180,000	SoFi Professional Loan Program LLC, Series2017-E, Class A2B, 2.720%, 11/26/2040, 144A		177,918

See accompanying notes to financial statements.

11  |

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		ABS Student Loan — continued
$	119,980	South Carolina Student Loan Corp., Series2010-1, Class A2,3-month LIBOR + 1.000%, 3.771%, 7/25/2025(e)	$	119,980
				839,649
		ABS Whole Business — 0.3%
	601,975	Planet Fitness Master Issuer LLC, Series2018-1A, Class A2II, 4.666%, 9/05/2048, 144A		621,166
		Aerospace & Defense — 0.3%
	450,000	Rolls-Royce PLC, 2.375%, 10/14/2020, 144A		445,891
	105,000	Spirit AeroSystems, Inc., 4.600%, 6/15/2028		105,607
				551,498
		Agency Commercial Mortgage-Backed Securities — 1.2%
	648,018	FHLMC Multifamily Structured Pass Through Certificates, Series K013, Class A2, 3.974%, 1/25/2021(a)(c)		661,526
	509,476	FHLMC Multifamily Structured Pass Through Certificates, Series K029, Class A2, 3.320%, 2/25/2023(a)(c)		523,233
	701,647	FHLMC Multifamily Structured Pass Through Certificates, Series K042, Class A2, 2.670%, 12/25/2024(a)		700,734
	580,484	FHLMC Multifamily Structured Pass Through Certificates, Series K711, Class A2, 1.730%, 7/25/2019(a)		578,338
	68,650	FHLMC Multifamily Structured Pass Through Certificates, Series KP03, Class A2, 1.780%, 7/25/2019		68,340
				2,532,171
		Airlines — 0.0%
	40,014	Delta Air Lines Pass Through Trust, Series2009-1, Class A, 7.750%, 6/17/2021		41,081
		Automotive — 4.5%
	425,000	American Honda Finance Corp., MTN, 2.000%, 2/14/2020		422,699
	245,000	American Honda Finance Corp., MTN, 3.625%, 10/10/2023		253,690
	290,000	BMW U.S. Capital LLC, 1.850%, 9/15/2021, 144A		283,241
	1,100,000	Daimler Finance North America LLC, 3.350%, 2/22/2023, 144A		1,112,367
	670,000	Ford Motor Credit Co. LLC, 2.979%, 8/03/2022		640,345
	425,000	Ford Motor Credit Co. LLC, 3.810%, 1/09/2024		402,420
	805,000	General Motors Financial Co., Inc., 4.150%, 6/19/2023		812,549
	390,000	General Motors Financial Co., Inc., 5.250%, 3/01/2026		402,492
	500,000	Harley-Davidson Financial Services, Inc., 3.350%, 2/15/2023, 144A		494,915
	220,000	Harley-Davidson Financial Services, Inc., 4.050%, 2/04/2022, 144A		222,417
	940,000	Hyundai Capital America, 2.750%, 9/18/2020, 144A		932,788
	175,000	Hyundai Capital America, 3.450%, 3/12/2021, 144A		175,319
	1,065,000	Nissan Motor Acceptance Corp., 2.150%, 7/13/2020, 144A		1,050,758
	730,000	Nissan Motor Acceptance Corp., 3.450%, 3/15/2023, 144A		728,753
	150,000	PACCAR Financial Corp., MTN, 1.200%, 8/12/2019		149,191
	870,000	Toyota Motor Credit Corp., MTN, 2.150%, 9/08/2022		857,925
	615,000	Volkswagen Group of America Finance LLC, 4.250%, 11/13/2023, 144A		633,705
				9,575,574

See accompanying notes to financial statements.

|  12

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Banking — 20.7%
$	530,000	ABN AMRO Bank NV, 1.800%, 9/20/2019, 144A	$	527,424
	440,000	AIB Group PLC, 4.750%, 10/12/2023, 144A		454,377
	315,000	American Express Co., 2.200%, 10/30/2020		312,568
	495,000	American Express Co., 3.700%, 8/03/2023		507,258
	915,000	ANZ New Zealand International Ltd., 2.200%, 7/17/2020, 144A		908,655
	510,000	ANZ New Zealand International Ltd., 3.400%, 3/19/2024, 144A		514,633
	715,000	Bank of America Corp., (fixed rate to 3/15/2024, variable rate thereafter), MTN, 3.458%, 3/15/2025		722,117
	395,000	Bank of Ireland Group PLC, 4.500%, 11/25/2023, 144A		401,431
	1,355,000	Bank of New York Mellon Corp. (The), (fixed rate to 5/16/2022, variable rate thereafter), MTN, 2.661%, 5/16/2023		1,347,920
	950,000	Bank of Nova Scotia, 2.150%, 7/14/2020		944,815
	450,000	Banque Federative du Credit Mutuel S.A., 2.200%, 7/20/2020, 144A		446,418
	460,000	Banque Federative du Credit Mutuel S.A., 2.700%, 7/20/2022, 144A		456,024
	485,000	Banque Federative du Credit Mutuel S.A., 3.750%, 7/20/2023, 144A		496,821
	1,110,000	Barclays PLC, (fixed rate to 5/16/2023, variable rate thereafter), 4.338%, 5/16/2024		1,122,284
	1,015,000	BB&T Corp., MTN, 3.050%, 6/20/2022		1,020,919
	490,000	BNZ International Funding Ltd., 2.400%, 2/21/2020, 144A		488,259
	1,055,000	Canadian Imperial Bank of Commerce, 3.100%, 4/02/2024		1,051,965
	865,000	Capital One Financial Corp., 3.300%, 10/30/2024		856,434
	215,000	Citigroup, Inc., 2.900%, 12/08/2021		214,943
	1,000,000	Citigroup, Inc., (fixed rate to 1/24/2022, variable rate thereafter), 3.142%, 1/24/2023		1,003,454
	715,000	Citigroup, Inc., (fixed rate to 3/20/2029, variable rate thereafter), 3.980%, 3/20/2030		726,876
	310,000	Citizens Bank NA, 2.250%, 3/02/2020		308,555
	250,000	Comerica Bank, 2.500%, 6/02/2020		248,936
	225,000	Comerica, Inc., 3.700%, 7/31/2023		231,079
	660,000	Cooperatieve Rabobank U.A. (NY), 2.750%, 1/10/2023		654,315
	925,000	Credit Agricole S.A., 3.750%, 4/24/2023, 144A		935,159
	365,000	Danske Bank A/S, 5.375%, 1/12/2024, 144A		379,622
	940,000	Danske Bank AS, 3.875%, 9/12/2023, 144A		923,380
	215,000	Deutsche Bank AG, 3.150%, 1/22/2021		211,767
	190,000	Deutsche Bank AG, 4.100%, 1/13/2026		181,511
	335,000	Deutsche Bank AG, Series D, 5.000%, 2/14/2022		342,426
	725,000	Discover Financial Services, 4.500%, 1/30/2026		744,620
	780,000	Fifth Third Bank, 1.625%, 9/27/2019		775,824
	520,000	Goldman Sachs Group, Inc. (The), (fixed rate to 10/31/2021, variable rate thereafter), 2.876%, 10/31/2022		515,374
	520,000	HSBC Holdings PLC, (fixed rate to 9/12/2025, variable rate thereafter), 4.292%, 9/12/2026		536,242
	185,000	HSBC USA, Inc., 2.375%, 11/13/2019		184,532
	700,000	ING Groep NV, 4.625%, 1/06/2026, 144A		734,452
	1,020,000	JPMorgan Chase & Co., (fixed rate to 4/1/2022, variable rate thereafter), 3.207%, 4/01/2023		1,026,139
	585,000	JPMorgan Chase Bank NA, 1.650%, 9/23/2019		582,194
	555,000	Key Bank NA, 1.600%, 8/22/2019		552,617

See accompanying notes to financial statements.

13  |

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Banking — continued
$	340,000	KeyCorp, MTN, 4.150%, 10/29/2025	$	357,927
	405,000	Lloyds Banking Group PLC, 3.900%, 3/12/2024		410,178
	495,000	Lloyds Banking Group PLC, 4.050%, 8/16/2023		504,744
	525,000	Macquarie Group Ltd., (fixed rate to 1/15/2029, variable rate thereafter), 5.033%, 1/15/2030, 144A		557,023
	930,000	National Australia Bank Ltd., 3.700%, 11/04/2021		948,974
	1,135,000	National Bank of Canada, 2.200%, 11/02/2020		1,124,649
	620,000	Nationwide Building Society, (fixed rate to 3/08/2023, variable rate thereafter), 3.766%, 3/08/2024, 144A		617,345
	1,020,000	NatWest Markets PLC, 3.625%, 9/29/2022, 144A		1,019,546
	540,000	Nordea Bank Abp, 1.625%, 9/30/2019, 144A		536,814
	1,055,000	Nordea Bank Abp, 2.125%, 5/29/2020, 144A		1,047,056
	315,000	Northern Trust Corp., (fixed rate to 5/08/2027, variable rate thereafter), 3.375%, 5/08/2032		308,645
	590,000	Royal Bank of Scotland Group PLC, (fixed rate to 3/22/2024, variable rate thereafter), 4.269%, 3/22/2025		596,274
	635,000	Santander Holdings USA, Inc., 3.700%, 3/28/2022		642,549
	235,000	Santander Holdings USA, Inc., 4.450%, 12/03/2021		242,130
	505,000	Santander UK Group Holdings PLC, (fixed rate to 11/15/2023, variable rate thereafter), 4.796%, 11/15/2024		519,953
	350,000	Santander UK PLC, 2.125%, 11/03/2020		346,159
	715,000	Santander UK PLC, 2.500%, 1/05/2021		709,732
	1,015,000	Societe Generale S.A., 3.875%, 3/28/2024, 144A		1,018,243
	305,000	State Street Corp., (fixed rate to 5/15/2022, variable rate thereafter), 2.653%, 5/15/2023		303,239
	235,000	Sumitomo Mitsui Financial Group, Inc., 2.784%, 7/12/2022		233,788
	1,015,000	SunTrust Bank, 3.200%, 4/01/2024		1,023,415
	515,000	Svenska Handelsbanken AB, 3.900%, 11/20/2023		535,718
	1,140,000	Synchrony Bank, 3.650%, 5/24/2021		1,150,509
	150,000	Synchrony Financial, 3.700%, 8/04/2026		141,326
	75,000	Synchrony Financial, 4.250%, 8/15/2024		75,452
	1,065,000	Toronto Dominion Bank (The), Series MTN, 3.250%, 6/11/2021		1,077,249
	840,000	U.S. Bank NA, 2.000%, 1/24/2020		835,641
	1,150,000	UBS AG, 2.200%, 6/08/2020, 144A		1,142,916
	665,000	UniCredit SpA, 3.750%, 4/12/2022, 144A		662,020
	1,030,000	Wells Fargo Bank NA, 3.625%, 10/22/2021		1,049,302
	195,000	Westpac Banking Corp., 2.800%, 1/11/2022		195,268
				44,528,123
		Brokerage — 0.6%
	415,000	Ameriprise Financial, Inc., 3.000%, 3/22/2022		417,384
	335,000	Cboe Global Markets, Inc., 1.950%, 6/28/2019		334,331
	610,000	Lazard Group LLC, 4.375%, 3/11/2029		616,484
				1,368,199
		Building Materials — 0.5%
	107,000	Fortune Brands Home & Security, Inc., 3.000%, 6/15/2020		107,116
	280,000	Fortune Brands Home & Security, Inc., 4.000%, 9/21/2023		287,723

See accompanying notes to financial statements.

|  14

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Building Materials — continued
$	600,000	Martin Marietta Materials, Inc.,3-month LIBOR + 0.650%, 3.313%, 5/22/2020(e)	$	599,874
	40,000	Masco Corp., 3.500%, 4/01/2021		40,272
	4,000	Masco Corp., 7.125%, 3/15/2020		4,157
				1,039,142
		Cable Satellite — 0.3%
	300,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.908%, 7/23/2025		316,553
	320,000	Cox Communications, Inc., 3.150%, 8/15/2024, 144A		318,548
				635,101
		Chemicals — 0.4%
	255,000	DowDuPont, Inc., 3.766%, 11/15/2020		259,657
	9,000	Eastman Chemical Co., 4.500%, 1/15/2021		9,191
	170,000	Eastman Chemical Co., 4.500%, 12/01/2028		175,188
	385,000	EI du Pont de Nemours & Co., 2.200%, 5/01/2020		383,621
	45,000	Methanex Corp., 3.250%, 12/15/2019		44,972
				872,629
		Collateralized Mortgage Obligations — 3.3%
	801,576	Government National Mortgage Association, Series2010-H02, Class FA, 1-month LIBOR + 0.680%, 3.159%, 2/20/2060(e)		804,442
	365,539	Government National Mortgage Association, Series2010-H03, Class FA, 1-month LIBOR + 0.550%, 3.029%, 3/20/2060(e)		366,010
	183,874	Government National Mortgage Association, Series2014-H14, Class FA, 1-month LIBOR + 0.500%, 3.007%, 7/20/2064(e)		184,596
	126,943	Government National Mortgage Association, Series2014-H15, Class FA, 1-month LIBOR + 0.500%, 3.009%, 7/20/2064(e)		126,963
	70,303	Government National Mortgage Association, Series2015-H09, Class HA, 1.750%, 3/20/2065		69,680
	367,086	Government National Mortgage Association, Series2015-H10, Class JA, 2.250%, 4/20/2065(a)		354,957
	520,543	Government National Mortgage Association, Series2016-H06, Class FC, 1-month LIBOR + 0.920%, 3.427%, 2/20/2066(a)(e)		526,157
	787,495	Government National Mortgage Association, Series2016-H10, Class FJ, 1-month LIBOR + 0.600%, 3.109%, 4/20/2066(a)(e)		788,675
	2,231,967	Government National Mortgage Association, Series2018-H17, Class JA, 3.750%, 9/20/2068(c)		2,317,866
	1,645,134	Government National Mortgage Association, Series2019-H01, Class FT, 1-month LIBOR + 0.400%, 2.909%, 10/20/2068(e)		1,642,383
				7,181,729
		Construction Machinery — 0.5%
	300,000	Caterpillar Financial Services Corp., MTN, 3.150%, 9/07/2021		303,456
	500,000	Caterpillar Financial Services Corp., MTN, 3.650%, 12/07/2023		521,448
	174,000	John Deere Capital Corp., Series 0014, MTN, 2.450%, 9/11/2020		173,360
				998,264

See accompanying notes to financial statements.

15  |

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Consumer Cyclical Services — 0.8%
$	680,000	Expedia Group, Inc., 3.800%, 2/15/2028	$	656,174
	485,000	Experian Finance PLC, 4.250%, 2/01/2029, 144A		501,018
	495,000	Western Union Co. (The), 4.250%, 6/09/2023		510,974
				1,668,166
		Consumer Products — 0.0%
	85,000	Whirlpool Corp., 4.750%, 2/26/2029		87,202
		Diversified Manufacturing — 1.3%
	640,000	Ingersoll-Rand Luxembourg Finance S.A., 3.800%, 3/21/2029		649,057
	455,000	Kennametal, Inc., 4.625%, 6/15/2028		456,076
	265,000	Timken Co. (The), 4.500%, 12/15/2028		266,984
	860,000	United Technologies Corp., 3.650%, 8/16/2023		882,758
	175,000	Wabtec Corp.,3-month LIBOR + 1.300%, 3.911%, 9/15/2021(e)		174,793
	415,000	Wabtec Corp., 4.950%, 9/15/2028		421,166
				2,850,834
		Electric — 5.2%
	720,000	Alliant Energy Finance LLC, 4.250%, 6/15/2028, 144A		736,130
	285,000	American Electric Power Co., Inc., Series J, 4.300%, 12/01/2028		302,421
	120,000	Consolidated Edison Co. of New York, Inc., Series B, 2.900%, 12/01/2026		115,505
	1,035,000	Consolidated Edison, Inc., Series A, 2.000%, 3/15/2020		1,026,130
	1,135,000	Duke Energy Carolinas LLC, 3.050%, 3/15/2023		1,151,052
	690,000	Enel Finance International NV, 4.625%, 9/14/2025, 144A		713,632
	451,000	Exelon Corp., 2.450%, 4/15/2021		445,767
	179,000	Exelon Generation Co. LLC, 2.950%, 1/15/2020		178,792
	116,000	Exelon Generation Co. LLC, 4.250%, 6/15/2022		120,329
	605,000	Fortis, Inc., 2.100%, 10/04/2021		591,784
	188,000	National Rural Utilities Cooperative Finance Corp., (fixed rate to 4/30/2023, variable rate thereafter), 4.750%, 4/30/2043		181,100
	690,000	National Rural Utilities Cooperative Finance Corp., MTN, 1.500%, 11/01/2019		684,452
	765,000	Nextera Energy Capital Holdings, Inc., 3.150%, 4/01/2024		767,764
	245,000	Niagara Mohawk Power Corp., 4.278%, 12/15/2028, 144A		259,924
	1,115,000	PNM Resources, Inc., 3.250%, 3/09/2021		1,114,331
	740,000	PSEG Power LLC, 3.850%, 6/01/2023		758,833
	273,000	Southern Co. (The), 2.750%, 6/15/2020		272,969
	720,000	Southern Power Co., Series E, 2.500%, 12/15/2021		712,164
	1,030,000	Wisconsin Public Service Corp., 3.350%, 11/21/2021		1,045,913
				11,178,992
		Finance Companies — 1.7%
	410,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.450%, 4/03/2026		410,695
	720,000	Air Lease Corp., 3.875%, 7/03/2023		727,832
	210,000	Aircastle Ltd., 4.125%, 5/01/2024		210,230
	250,000	Aircastle Ltd., 4.400%, 9/25/2023		254,573
	875,000	Ares Capital Corp., 3.625%, 1/19/2022		876,768
	305,000	Aviation Capital Group LLC, 3.875%, 5/01/2023, 144A		305,937
	225,000	Aviation Capital Group LLC, 4.375%, 1/30/2024, 144A		229,269
	545,000	GATX Corp., 4.350%, 2/15/2024		564,948
				3,580,252

See accompanying notes to financial statements.

|  16

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Financial Other — 0.4%
$	410,000	Mitsubishi UFJ Lease & Finance Co. Ltd., 2.652%, 9/19/2022, 144A	$	403,021
	370,000	ORIX Corp., 3.250%, 12/04/2024		369,529
				772,550
		Food & Beverage — 2.4%
	400,000	Anheuser-Busch InBev Worldwide, Inc., 4.750%, 1/23/2029		426,159
	835,000	Bacardi Ltd., 4.700%, 5/15/2028, 144A		834,847
	245,000	Brown-Forman Corp., 3.500%, 4/15/2025		251,368
	525,000	Bunge Ltd. Finance Corp., 4.350%, 3/15/2024		531,658
	1,095,000	General Mills, Inc., 2.600%, 10/12/2022		1,082,103
	640,000	Kraft Heinz Foods Co., 4.000%, 6/15/2023		657,443
	845,000	Molson Coors Brewing Co., 2.250%, 3/15/2020		839,592
	140,000	Smithfield Foods, Inc., 3.350%, 2/01/2022, 144A		136,955
	320,000	Sysco Corp., 3.550%, 3/15/2025		324,459
				5,084,584
		Government Owned – No Guarantee — 0.7%
	305,000	Electricite de France S.A., 4.500%, 9/21/2028, 144A		314,791
	240,000	Petroleos Mexicanos, 6.375%, 2/04/2021		248,880
	155,000	Petroleos Mexicanos, 6.875%, 8/04/2026		161,003
	780,000	Sinopec Group Overseas Development 2016 Ltd., 1.750%, 9/29/2019, 144A		775,757
				1,500,431
		Health Insurance — 0.5%
	310,000	Humana, Inc., 2.500%, 12/15/2020		307,640
	765,000	UnitedHealth Group, Inc., 3.500%, 2/15/2024		787,469
				1,095,109
		Healthcare — 1.6%
	750,000	Becton, Dickinson and Co., 2.133%, 6/06/2019		748,965
	640,000	Cardinal Health, Inc., 1.948%, 6/14/2019		638,853
	630,000	Cigna Corp., 3.750%, 7/15/2023, 144A		645,941
	45,000	Express Scripts Holding Co., 3.000%, 7/15/2023		44,725
	95,000	Express Scripts Holding Co., 4.500%, 2/25/2026		99,450
	65,000	Express Scripts Holding Co., 4.750%, 11/15/2021		67,899
	183,000	Life Technologies Corp., 6.000%, 3/01/2020		187,948
	650,000	McKesson Corp., 4.750%, 5/30/2029		679,203
	310,000	MEDNAX, Inc., 6.250%, 1/15/2027, 144A		313,100
	94,000	Quest Diagnostics, Inc., 4.750%, 1/30/2020		95,430
				3,521,514
		Hybrid ARMs — 0.1%
	44,863	FHLMC,1-year CMT + 2.252%, 4.542%, 1/01/2035(e)		47,146
	106,702	FHLMC,1-year CMT + 2.500%, 4.750%, 5/01/2036(e)		112,978
				160,124
		Independent Energy — 0.2%
	300,000	Apache Corp., 4.375%, 10/15/2028		302,223
	179,000	Encana Corp., 6.500%, 5/15/2019		179,437
				481,660

See accompanying notes to financial statements.

17  |

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Industrial Other — 0.4%
$	525,000	Ferguson Finance PLC, 4.500%, 10/24/2028, 144A	$	528,421
	30,000	Fluor Corp., 4.250%, 9/15/2028		30,000
	355,000	Steelcase, Inc., 5.125%, 1/18/2029		370,301
				928,722
		Life Insurance — 1.3%
	85,000	AIG Global Funding, 2.150%, 7/02/2020, 144A		84,333
	380,000	Athene Global Funding, 2.750%, 4/20/2020, 144A		378,932
	110,000	Athene Holding Ltd., 4.125%, 1/12/2028		105,738
	330,000	Brighthouse Financial, Inc., Series WI, 3.700%, 6/22/2027		299,239
	310,000	Jackson National Life Global Funding, 3.875%, 6/11/2025, 144A		320,427
	915,000	New York Life Global Funding, 2.950%, 1/28/2021, 144A		920,157
	720,000	Reliance Standard Life Global Funding, 3.850%, 9/19/2023, 144A		734,760
	63,000	Unum Group, 5.625%, 9/15/2020		65,310
				2,908,896
		Lodging — 0.4%
	360,000	Marriott International Inc., 3.600%, 4/15/2024		363,078
	525,000	Marriott International, Inc., Series Z, 4.150%, 12/01/2023		545,893
				908,971
		Media Entertainment — 0.8%
	95,000	Activision Blizzard, Inc., 2.300%, 9/15/2021		93,670
	425,000	CBS Corp., 2.900%, 6/01/2023		419,804
	130,000	Interpublic Group of Cos., Inc. (The), 3.500%, 10/01/2020		131,121
	365,000	Moody’s Corp., 4.250%, 2/01/2029		382,622
	500,000	RELX Capital, Inc., 4.000%, 3/18/2029		510,167
	112,000	S&P Global, Inc., 3.300%, 8/14/2020		112,952
				1,650,336
		Metals & Mining — 0.2%
	135,000	ArcelorMittal, 4.550%, 3/11/2026		137,960
	310,000	Glencore Funding LLC Co., 4.125%, 3/12/2024, 144A		312,999
				450,959
		Midstream — 0.6%
	185,000	Buckeye Partners LP, 3.950%, 12/01/2026		175,891
	60,000	Energy Transfer Operating LP, 4.750%, 1/15/2026		62,715
	465,000	Kinder Morgan Energy Partners LP, 4.150%, 2/01/2024		481,566
	85,000	Kinder Morgan, Inc., 4.300%, 6/01/2025		88,654
	440,000	Midwest Connector Capital Co. LLC, 3.625%, 4/01/2022, 144A		446,209
				1,255,035
		Mortgage Related — 2.8%
	3,096	FHLMC, 3.000%, 10/01/2026		3,137
	294	FHLMC, 6.500%, 1/01/2024		326
	61	FHLMC, 8.000%, 7/01/2025		65
	86	FNMA, 6.000%, 9/01/2021		86
	285,033	GNMA, 4.232%, 2/20/2063(a)(c)		287,243
	198,376	GNMA, 4.234%, 2/20/2063(c)		200,952

See accompanying notes to financial statements.

|  18

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Mortgage Related — continued
$	81,653	GNMA, 4.379%, 5/20/2062(c)	$	82,244
	106,765	GNMA, 4.403%, 10/20/2062(c)		107,972
	61,635	GNMA, 4.413%, 6/20/2066(c)		65,532
	227,792	GNMA, 4.416%, 10/20/2066(c)		244,302
	109,983	GNMA, 4.429%, 9/20/2066(c)		117,501
	135,619	GNMA, 4.453%, 4/20/2063(c)		137,574
	63,741	GNMA, 4.458%, 11/20/2066(c)		68,001
	67,166	GNMA, 4.464%, 8/20/2066(c)		71,640
	79,037	GNMA, 4.499%, 5/20/2062(c)		79,728
	315,525	GNMA, 4.505%, 4/20/2063(a)(c)		319,605
	282,161	GNMA, 4.516%, with various maturities from 2064 to 2066(c)(f)		292,602
	120,983	GNMA, 4.524%, 10/20/2066(c)		129,679
	1,231,548	GNMA, 4.533%, with various maturities from 2066 to 2067(a)(c)(f)		1,329,585
	93,720	GNMA, 4.543%, 10/20/2066(c)		101,176
	481,877	GNMA, 4.559%, 7/20/2067(a)(c)		522,749
	147,070	GNMA, 4.560%, 3/20/2063(c)		148,842
	145,848	GNMA, 4.572%, 2/20/2063(c)		147,403
	854,954	GNMA, 4.590%, 1/20/2067(a)(c)		927,213
	57,103	GNMA, 4.636%, 7/20/2062(c)		57,466
	459,652	GNMA, 4.688%, 5/20/2064(a)(c)		489,836
	658	GNMA, 4.700%, 8/20/2061(c)		703
	944	GNMA, 6.500%, 12/15/2023		1,036
	59	GNMA, 8.500%, 9/15/2022		59
				5,934,257
		Natural Gas — 0.4%
	965,000	Sempra Energy, 1.625%, 10/07/2019		958,134
		Non-Agency Commercial Mortgage-Backed Securities — 5.8%
	565,000	Barclays Commercial Mortgage Securities Trust, Series2017-C1, Class A2, 3.189%, 2/15/2050(a)		568,949
	491,600	CFCRE Commercial Mortgage Trust, Series2016-C3, Class A3, 3.865%, 1/10/2048(a)		510,881
	361,996	CFCRE Commercial Mortgage Trust, Series2016-C4, Class A4, 3.283%, 5/10/2058		361,351
	992,138	Citigroup Commercial Mortgage Trust, Series 2016-GC37, Class A4, 3.314%, 4/10/2049(a)		1,006,672
	263,676	Commercial Mortgage Pass Through Certificates, Series2013-CR8, Class A5, 3.612%, 6/10/2046(c)		271,024
	535,000	Commercial Mortgage Pass Through Certificates, Series 2012-LTRT, Class A2, 3.400%, 10/05/2030, 144A(a)		533,537
	28,710	Commercial Mortgage Pass Through Certificates, Series 2014-CR14, Class A2, 3.147%, 2/10/2047		28,674
	68,558	Commercial Mortgage Pass Through Certificates, Series 2014-CR15, Class A2, 2.928%, 2/10/2047		68,472
	205,578	Commercial Mortgage Pass Through Certificates, Series 2014-CR16, Class ASB, 3.653%, 4/10/2047		209,552
	478,193	Commercial Mortgage Pass Through Certificates, Series 2014-LC17, Class A3, 3.723%, 10/10/2047(a)		488,020

See accompanying notes to financial statements.

19  |

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Non-Agency Commercial Mortgage-Backed Securities — continued
$	730,000	Commercial Mortgage Pass Through Certificates, Series2014-TWC, Class A,1-month LIBOR + 0.850%, 3.349%, 2/13/2032, 144A(a)(e)	$	730,001
	280,000	Commercial Mortgage Pass Through Certificates, Series 2014-UBS3, Class A4, 3.819%, 6/10/2047		291,507
	520,299	Commercial Mortgage Pass Through Certificates, Series2016-DC2, Class A5, 3.765%, 2/10/2049(a)		538,583
	280,000	Commercial Mortgage Trust, Series2015-DC1, Class A5, 3.350%, 2/10/2048		283,779
	640,000	Credit Suisse Mortgage Capital Certificates, Series2014-USA, Class A2, 3.953%, 9/15/2037, 144A(a)		659,953
	84,913	CSAIL Commercial Mortgage Trust, Series2015-C4, Class ASB, 3.617%, 11/15/2048		87,225
	340,000	GS Mortgage Securities Corp. Trust, Series 2013-PEMB, Class A, 3.550%, 3/05/2033, 144A(c)		340,229
	330,000	GS Mortgage Securities Trust, Series 2014-GC18, Class A4, 4.074%, 1/10/2047		345,401
	180,000	Hudsons Bay Simon JV Trust, Series 2015-HB10, Class A10, 4.155%, 8/05/2034, 144A		181,910
	355,000	Hudsons Bay Simon JV Trust, Series2015-HB7, Class A7, 3.914%, 8/05/2034, 144A		356,557
	114,683	JPMorgan Chase Commercial Mortgage Securities Trust, Series2014-C19, Class ASB, 3.584%, 4/15/2047		116,729
	193,354	JPMorgan Chase Commercial Mortgage Securities Trust, Series2017-JP5, Class A1, 2.086%, 3/15/2050		191,206
	240,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series2013-C10, Class A4, 4.085%, 7/15/2046(c)		252,337
	223,737	Morgan Stanley Bank of America Merrill Lynch Trust, Series2014-C14, Class A3, 3.669%, 2/15/2047		226,392
	129,604	Morgan Stanley Bank of America Merrill Lynch Trust, Series2015-C22, Class A4, 3.306%, 4/15/2048		131,448
	198,222	Starwood Retail Property Trust, Inc., Series 2014-STAR, Class A, 1-month LIBOR + 1.220%, 3.704%, 11/15/2027, 144A(e)		197,737
	505,000	UBS-Barclays Commercial Mortgage Trust, Series2012-TFT, Class A, 2.892%, 6/05/2030, 144A(a)		502,356
	565,000	UBS-Barclays Commercial Mortgage Trust, Series2013-C6, Class A4, 3.244%, 4/10/2046(a)		574,503
	201,109	Wells Fargo Commercial Mortgage Trust, Series2016-C33, Class A4, 3.426%, 3/15/2059		204,241
	1,295,000	Wells Fargo Commercial Mortgage Trust, Series2017-RC1, Class A2, 3.118%, 1/15/2060(a)		1,300,931
	157,476	WFRBS Commercial Mortgage Trust, Series2014-C19, Class A3, 3.660%, 3/15/2047		159,437
	325,000	WFRBS Commercial Mortgage Trust, Series2014-C19, Class A5, 4.101%, 3/15/2047		342,573
	348,589	WFRBS Commercial Mortgage Trust, Series2014-C20, Class ASB, 3.638%, 5/15/2047(a)		355,569
				12,417,736

See accompanying notes to financial statements.

|  20

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Oil Field Services — 0.4%
$	980,000	Baker Hughes a GE Co. LLC/Baker HughesCo-Obligor, Inc., 2.773%, 12/15/2022	$	973,612
		Paper — 0.4%
	835,000	WRKCo., Inc., 3.750%, 3/15/2025		842,470
		Pharmaceuticals — 2.1%
	600,000	AbbVie, Inc., 4.250%, 11/14/2028		612,818
	22,000	Amgen, Inc., 2.200%, 5/22/2019		21,991
	235,000	Bayer U.S. Finance II LLC, 3.375%, 7/15/2024, 144A		228,996
	940,000	GlaxoSmithKline Capital PLC, 3.000%, 6/01/2024		944,686
	715,000	Merck & Co., Inc., 3.400%, 3/07/2029		733,520
	525,000	Pfizer, Inc., 3.200%, 9/15/2023		537,078
	710,000	Pfizer, Inc., 3.450%, 3/15/2029		728,198
	775,000	Shire Acquisitions Investments Ireland DAC, 1.900%, 9/23/2019		771,652
				4,578,939
		Property & Casualty Insurance — 0.4%
	645,000	American Financial Group, Inc., 3.500%, 8/15/2026		622,379
	180,000	Assurant, Inc., 4.200%, 9/27/2023		183,381
				805,760
		Railroads — 0.2%
	206,000	CSX Corp., 3.700%, 10/30/2020		208,642
	215,000	Union Pacific Corp., 3.646%, 2/15/2024		221,859
				430,501
		Refining — 0.2%
	525,000	Valero Energy Corp., 4.000%, 4/01/2029		529,790
		REITs – Apartments — 0.1%
	245,000	American Homes 4 Rent LP, 4.900%, 2/15/2029		254,047
		REITs – Health Care — 0.3%
	615,000	Omega Healthcare Investors, Inc., 4.500%, 1/15/2025		624,976
		REITs – Office Property — 0.1%
	290,000	Office Properties Income Trust, 4.250%, 5/15/2024		276,713
		REITs – Shopping Centers — 0.3%
	565,000	Brixmor Operating Partnership LP, 3.650%, 6/15/2024		563,586
		Restaurants — 0.8%
	1,280,000	McDonald’s Corp., MTN, 2.625%, 1/15/2022		1,277,450
	420,000	McDonald’s Corp., MTN, 3.350%, 4/01/2023		428,628
				1,706,078
		Retailers — 1.1%
	345,000	AutoNation, Inc., 3.500%, 11/15/2024		334,592
	290,000	AutoNation, Inc., 4.500%, 10/01/2025		291,122
	415,000	Best Buy Co., Inc., 4.450%, 10/01/2028		420,306
	470,000	Ralph Lauren Corp., 3.750%, 9/15/2025		482,022
	850,000	Seven & i Holdings Co. Ltd., 3.350%, 9/17/2021, 144A		860,209
				2,388,251

See accompanying notes to financial statements.

21  |

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Student Loans — 0.2%
$	350,554	Massachusetts Educational Financing Authority, Series2018-A, Class A, 3.850%, 5/25/2033	$	363,987
		Technology — 2.4%
	1,015,000	Broadcom, Inc., 4.750%, 4/15/2029, 144A		1,010,179
	450,000	Genpact Luxembourg S.a.r.l., 3.700%, 4/01/2022		444,456
	610,000	Hewlett Packard Enterprise Co., 2.100%, 10/04/2019, 144A		607,416
	120,000	Hewlett Packard Enterprise Co., 4.900%, 10/15/2025		127,518
	89,000	Jabil, Inc., 5.625%, 12/15/2020		92,275
	715,000	KLA-Tencor Corp., 4.100%, 3/15/2029		727,688
	175,000	Marvell Technology Group Ltd., 4.200%, 6/22/2023		178,430
	140,000	Microchip Technology, Inc., 3.922%, 6/01/2021, 144A		141,229
	885,000	NetApp, Inc., 2.000%, 9/27/2019		881,293
	205,000	Seagate HDD Cayman, 4.875%, 3/01/2024		203,795
	500,000	Texas Instruments, Inc., 3.875%, 3/15/2039		517,426
	45,000	Trimble, Inc., 4.150%, 6/15/2023		45,794
	160,000	Verisk Analytics, Inc., 4.125%, 3/15/2029		164,234
				5,141,733
		Tobacco — 0.1%
	325,000	Altria Group, Inc., 4.400%, 2/14/2026		334,047
		Transportation Services — 1.4%
	695,000	Penske Truck Leasing Co. LP/PTL Finance Corp., 4.125%, 8/01/2023, 144A		715,289
	265,000	Penske Truck Leasing Co. LP/PTL Finance Corp., 4.450%, 1/29/2026, 144A		270,815
	150,000	Ryder System, Inc., MTN, 3.650%, 3/18/2024		153,000
	360,000	Ryder System, Inc., MTN, 3.750%, 6/09/2023		368,579
	275,000	Ryder System, Inc., MTN, 3.875%, 12/01/2023		281,265
	430,000	TTX Co., 2.600%, 6/15/2020, 144A		428,802
	715,000	United Parcel Service, Inc., 3.400%, 3/15/2029		727,938
				2,945,688
		Treasuries — 12.2%
	7,545,000	U.S. Treasury Note, 1.125%, 2/28/2021		7,379,069
	4,135,000	U.S. Treasury Note, 2.500%, 3/31/2023		4,176,673
	5,260,000	U.S. Treasury Note, 2.625%, 2/15/2029		5,356,570
	2,055,000	U.S. Treasury Note, 2.875%, 10/31/2023		2,111,192
	3,965,000	U.S. Treasury Note, 2.875%, 11/30/2023		4,076,825
	3,035,000	U.S. Treasury Note, 2.875%, 5/15/2028		3,152,488
				26,252,817
		Wireless — 0.2%
	200,000	SK Telecom Co. Ltd., 3.750%, 4/16/2023, 144A		204,493
	140,000	Vodafone Group PLC, 4.125%, 5/30/2025		142,676
				347,169
		Wirelines — 1.1%
	315,000	AT&T, Inc.,3-month LIBOR + 1.180%, 3.777%, 6/12/2024(e)		312,475
	715,000	AT&T, Inc., 4.350%, 3/01/2029		730,423
	205,000	British Telecommunications PLC, 4.500%, 12/04/2023		214,384

See accompanying notes to financial statements.

|  22

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Principal Amount		Description	Value (†)
		Wirelines — continued
$	400,000	Deutsche Telekom International Finance BV, 1.500%, 9/19/2019, 144A	$	397,372
	144,000	Verizon Communications, Inc., 3.376%, 2/15/2025		145,696
	475,000	Verizon Communications, Inc., 4.016%, 12/03/2029, 144A		488,666
				2,289,016
		Total Bonds and Notes (Identified Cost $210,148,034)		211,628,632
	Short-Term Investments — 2.0%
	4,306,373	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/29/2019 at 1.500% to be repurchased at $4,306,912 on 4/01/2019 collateralized by $4,385,000 U.S. Treasury Note, 2.125% due 12/31/2022 valued at $4,396,668 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $4,306,373)		4,306,373
		Total Investments — 100.5% (Identified Cost $214,454,407)		215,935,005
		Other assets less liabilities — (0.5)%		(1,120,674	)
		Net Assets — 100.0%	$	214,814,331
	(†)	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)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
	(c)	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, 2019 is disclosed.
	(d)	Fair valued by the Fund’s adviser. At March 31, 2019, the value of these securities amounted to $20,173 or less than 0.1% of net assets. See Note 2 of Notes to Financial Statements.
	(e)	Variable rate security. Rate as of March 31, 2019 is disclosed.
	(f)	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, 2019, the value of Rule 144A holdings amounted to $59,633,998 or 27.8% of net assets.
	ABS	Asset-Backed Securities
	ARMs	Adjustable Rate Mortgages
	CMT	Constant Maturity Treasury
	FHLMC	Federal Home Loan Mortgage Corp.
	FNMA	Federal National Mortgage Association

See accompanying notes to financial statements.

23  |

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

GNMA	Government National Mortgage Association
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
REITs	Real Estate Investment Trusts

At March 31, 2019, open long futures contracts were as follows:

Financial Futures	Expiration Date		Contracts	Notional Amount		Value		Unrealized Appreciation (Depreciation)
5 Year U.S. Treasury Note		6/28/2019	174	$	19,958,673	$	20,154,094	$	195,421

Industry Summary at March 31, 2019 (Unaudited)

Banking	20.7	%
Treasuries	12.2
ABS Car Loan	8.9
Non-Agency CommercialMortgage-Backed Securities	5.8
Electric	5.2
Automotive	4.5
Collateralized Mortgage Obligations	3.3
Mortgage Related	2.8
ABS Other	2.6
Technology	2.4
Food & Beverage	2.4
Pharmaceuticals	2.1
Other Investments, less than 2% each	25.6
Short-Term Investments	2.0
Total Investments	100.5
Other assets less liabilities (including futures contracts)	(0.5	)
Net Assets	100.0	%

See accompanying notes to financial statements.

|  24

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Limited Term Government and Agency Fund

Principal Amount		Description	Value (†)
	Bonds and Notes — 82.0% of Net Assets
		ABS Car Loan — 1.4%
$	1,550,000	Avis Budget Rental Car Funding AESOP LLC, Series2016-1A, Class A, 2.990%, 6/20/2022, 144A	$	1,552,155
	840,000	Avis Budget Rental Car Funding AESOP LLC, Series2019-1, Class A, 3.450%, 3/20/2023, 144A		848,726
	57,853	Credit Acceptance Auto Loan Trust, Series2016-2A, Class A, 2.420%, 11/15/2023, 144A		57,842
	1,390,735	Credit Acceptance Auto Loan Trust, Series2016-3A, Class A, 2.150%, 4/15/2024, 144A		1,387,554
	1,596,159	First Investors Auto Owner Trust, Series2018-2A, Class A1, 3.230%, 12/15/2022, 144A		1,601,355
	190,488	Flagship Credit Auto Trust, Series2016-4, Class A2, 1.960%, 2/16/2021, 144A		190,403
	2,090,000	Foursight Capital Automobile Receivables Trust, Series2018-2, Class A3, 3.640%, 5/15/2023, 144A		2,115,565
	725,000	NextGear Floorplan Master Owner Trust, Series2016-1A, Class A2, 2.740%, 4/15/2021, 144A		724,943
	1,495,000	NextGear Floorplan Master Owner Trust, Series2017-1A, Class A2, 2.540%, 4/18/2022, 144A		1,490,030
	685,000	NextGear Floorplan Master Owner Trust, Series2017-2A, Class A2, 2.560%, 10/17/2022, 144A		681,934
				10,650,507
		ABS Home Equity — 0.2%
	884,474	CoreVest American Finance Trust, Series2017-1, Class A, 2.968%, 10/15/2049, 144A		876,736
	893,901	Towd Point Mortgage Trust, Series2015-2, Class 1A12, 2.750%, 11/25/2060, 144A(a)		885,684
				1,762,420
		ABS Other — 0.7%
	990,916	Diamond Resorts Owner Trust, Series2018-1, Class A, 3.700%, 1/21/2031, 144A		1,006,414
	825,000	Navistar Financial Dealer Note Master Owner Trust II, Series2018-1, Class A,1-month LIBOR + 0.630%, 3.116%, 9/25/2023, 144A(b)		826,228
	3,898,708	SoFi Consumer Loan Program Trust, Series2018-4, Class A, 3.540%, 11/26/2027, 144A		3,921,578
				5,754,220
		ABS Student Loan — 0.0%
	117,085	SoFi Professional Loan Program LLC, Series2016-D, Class A1, 1-month LIBOR + 0.950%, 3.436%, 1/25/2039, 144A(b)		117,728
		Agency Commercial Mortgage-Backed Securities — 13.2%
	2,007,412	Federal National Mortgage Association, Series2015-M17, Class FA, 1-month LIBOR + 0.930%, 3.411%, 11/25/2022(b)		2,011,150
	897,144	Federal National Mortgage Association, Series2016-M3, Class ASQ2, 2.263%, 2/25/2023		882,700
	13,445,000	FHLMC Multifamily Structured Pass Through Certificates, Series KJ20, Class A2, 3.799%, 12/25/2025		14,114,971

See accompanying notes to financial statements.

25  |

Portfolio of Investments – as of March 31, 2019 (Unaudited)

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

Principal Amount		Description	Value (†)
		Agency Commercial Mortgage-Backed Securities — continued
$	6,000,000	FHLMC Multifamily Structured Pass Through Certificates, Series K006, Class A2, 4.251%, 1/25/2020	$	6,032,127
	4,229,760	FHLMC Multifamily Structured Pass Through Certificates, Series K014, Class A2, 3.871%, 4/25/2021		4,318,268
	4,000,000	FHLMC Multifamily Structured Pass Through Certificates, Series K015, Class A2, 3.230%, 7/25/2021		4,050,061
	6,451,367	FHLMC Multifamily Structured Pass Through Certificates, Series K017, Class A2, 2.873%, 12/25/2021		6,489,458
	2,580,000	FHLMC Multifamily Structured Pass Through Certificates, Series K064, Class A2, 3.224%, 3/25/2027		2,643,778
	19,666,397	FHLMC Multifamily Structured Pass Through Certificates, Series K711, Class A2, 1.730%, 7/25/2019		19,593,687
	2,504,748	FHLMC Multifamily Structured Pass Through Certificates, Series K725, Class A1, 2.666%, 5/25/2023		2,506,656
	5,170,000	FHLMC Multifamily Structured Pass Through Certificates, Series K732, Class A2, 3.700%, 5/25/2025		5,438,289
	297,328	FHLMC Multifamily Structured Pass Through Certificates, Series KF06, Class A,1-month LIBOR + 0.330%, 2.820%, 11/25/2021(b)		296,955
	2,600,258	FHLMC Multifamily Structured Pass Through Certificates, Series KF14, Class A,1-month LIBOR + 0.650%, 3.140%, 1/25/2023(b)		2,601,892
	4,919,587	FHLMC Multifamily Structured Pass Through Certificates, Series KF53, Class A,1-month LIBOR + 0.390%, 2.880%, 10/25/2025(b)		4,901,120
	1,332,824	FHLMC Multifamily Structured Pass Through Certificates, Series KI01, Class A,1-month LIBOR + 0.160%, 2.650%, 9/25/2022(b)		1,329,516
	2,997,167	FHLMC Multifamily Structured Pass Through Certificates, Series KI02, Class A,1-month LIBOR + 0.200%, 2.690%, 2/25/2023(b)		2,992,096
	10,261,000	FHLMC Multifamily Structured Pass Through Certificates, Series KJ21, Class A2, 3.700%, 9/25/2026		10,774,792
	2,973,787	FHLMC Multifamily Structured Pass Through Certificates, Series KP03, Class A2, 1.780%, 7/25/2019		2,960,381
	6,695,315	FHLMC Multifamily Structured Pass Through Certificates, Series Q008, Class A,1-month LIBOR + 0.390%, 2.880%, 10/25/2045(b)		6,649,644
	168,424	Government National Mortgage Association, Series2003-72, Class Z, 5.272%, 11/16/2045(a)		177,113
	105,636	Government National Mortgage Association, Series2003-88, Class Z, 4.501%, 3/16/2046(a)		108,581
				100,873,235
		Collateralized Mortgage Obligations — 11.5%
	44,682	Federal Home Loan Mortgage Corp., REMIC, Series 1500, Class FD, 7-year Treasury - 0.200%, 2.360%, 5/15/2023(b)(c)(d)		43,436
	31,274	Federal Home Loan Mortgage Corp., REMIC, Series 1552, Class I, 10-year Treasury - 0.650%, 2.010%, 8/15/2023(b)(c)(d)		30,489
	132,825	Federal Home Loan Mortgage Corp., REMIC, Series 2131, Class ZB, 6.000%, 3/15/2029(c)(d)		139,803
	15,304	Federal Home Loan Mortgage Corp., REMIC, Series 2874, Class BC, 5.000%, 10/15/2019(c)(d)		15,161

See accompanying notes to financial statements.

|  26

Portfolio of Investments – as of March 31, 2019 (Unaudited)

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

Principal Amount		Description	Value (†)
		Collateralized Mortgage Obligations — continued
$	140,347	Federal Home Loan Mortgage Corp., REMIC, Series 2931, Class DE, 4.000%, 2/15/2020(c)(d)	$	139,992
	1,127,127	Federal Home Loan Mortgage Corp., REMIC, Series 2978, Class JG, 5.500%, 5/15/2035		1,247,830
	1,673,276	Federal Home Loan Mortgage Corp., REMIC, Series 3036, Class NE, 5.000%, 9/15/2035		1,815,410
	1,001,527	Federal Home Loan Mortgage Corp., REMIC, Series 3412, Class AY, 5.500%, 2/15/2038		1,093,481
	1,221,233	Federal Home Loan Mortgage Corp., REMIC, Series 3561, Class W, 2.850%, 6/15/2048(a)(e)		1,113,397
	1,438,089	Federal Home Loan Mortgage Corp., REMIC, Series 3620, Class AT, 4.032%, 12/15/2036(a)(e)		1,497,834
	732,179	Federal Home Loan Mortgage Corp., REMIC, Series 4212, Class FW, 1-month LIBOR + 2.100%, 4.584%, 6/15/2043(b)		737,380
	1,213,037	Federal National Mortgage Association, REMIC, Series2003-48, Class GH, 5.500%, 6/25/2033		1,336,648
	23,973	Federal National Mortgage Association, REMIC, Series1992-162, Class FB, 7-year Treasury - 0.050%, 2.460%, 9/25/2022(b)(c)(d)		23,653
	31,316	Federal National Mortgage Association, REMIC, Series1994-42, Class FD, 10-year Treasury - 0.500%, 2.160%, 4/25/2024(b)(c)(d)		30,467
	8,693	Federal National Mortgage Association, REMIC, Series2002-W10, Class A7, 4.606%, 8/25/2042(a)(c)(d)		8,805
	488,484	Federal National Mortgage Association, REMIC, Series2005-100, Class BQ, 5.500%, 11/25/2025(c)(d)		502,717
	592,031	Federal National Mortgage Association, REMIC, Series2007-73, Class A1, 1-month LIBOR + 0.060%, 2.550%, 7/25/2037(b)		581,891
	1,261,760	Federal National Mortgage Association, REMIC, Series2008-86, Class LA, 3.438%, 8/25/2038(a)		1,286,633
	5,412,360	Federal National Mortgage Association, REMIC, Series2013-67, Class NF, 1-month LIBOR + 1.000%, 3.486%, 7/25/2043(b)		5,305,817
	11,531	Federal National Mortgage Association, REMIC, SeriesG93-19, Class FD, 10-year Treasury - 0.650%, 1.970%, 4/25/2023(b)(c)(d)		11,414
	8,697	FHLMC Structured Pass Through Securities, SeriesT-60, Class 2A1, 4.255%, 3/25/2044(a)(c)(d)		9,033
	567,710	FHLMC Structured Pass Through Securities, SeriesT-62, Class 1A1, 12-month MTA + 1.200%, 3.597%, 10/25/2044(b)		573,702
	1,094,914	Government National Mortgage Association, Series2010-H20, Class AF, 1-month LIBOR + 0.330%, 2.839%, 10/20/2060(b)		1,090,289
	1,037,239	Government National Mortgage Association, Series2010-H24, Class FA, 1-month LIBOR + 0.350%, 2.859%, 10/20/2060(b)		1,033,081
	835,720	Government National Mortgage Association, Series2011-H06, Class FA, 1-month LIBOR + 0.450%, 2.959%, 2/20/2061(b)		834,794
	810,619	Government National Mortgage Association, Series2011-H23, Class HA, 3.000%, 12/20/2061		809,146
	1,119,804	Government National Mortgage Association, Series2012-124, Class HT, 7.252%, 7/20/2032(a)		1,144,675
	196,520	Government National Mortgage Association, Series2012-H15, Class FA, 1-month LIBOR + 0.450%, 2.957%, 5/20/2062(b)(c)(d)		195,511

See accompanying notes to financial statements.

27  |

Portfolio of Investments – as of March 31, 2019 (Unaudited)

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

Principal Amount		Description	Value (†)
		Collateralized Mortgage Obligations — continued
$	944,338	Government National Mortgage Association, Series2012-H18, Class NA, 1-month LIBOR + 0.520%, 3.029%, 8/20/2062(b)	$	944,745
	1,263,840	Government National Mortgage Association, Series2012-H29, Class HF, 1-month LIBOR + 0.500%, 3.009%, 10/20/2062(b)		1,261,948
	584,403	Government National Mortgage Association, Series2013-H02, Class GF, 1-month LIBOR + 0.500%, 3.009%, 12/20/2062(b)(c)(d)		581,526
	3,725,503	Government National Mortgage Association, Series2013-H08, Class FA, 1-month LIBOR + 0.350%, 2.859%, 3/20/2063(b)		3,713,777
	2,557,760	Government National Mortgage Association, Series2013-H10, Class FA, 1-month LIBOR + 0.400%, 2.909%, 3/20/2063(b)		2,552,466
	9,138,667	Government National Mortgage Association, Series2013-H22, Class FT, 1-year CMT + 0.650%, 3.240%, 4/20/2063(b)		9,205,637
	5,535,369	Government National Mortgage Association, Series2014-H14, Class FA, 1-month LIBOR + 0.500%, 3.007%, 7/20/2064(b)		5,557,110
	3,772,501	Government National Mortgage Association, Series2014-H15, Class FA, 1-month LIBOR + 0.500%, 3.009%, 7/20/2064(b)		3,773,090
	3,309,856	Government National Mortgage Association, Series2015-H04, Class FL, 1-month LIBOR + 0.470%, 2.979%, 2/20/2065(b)		3,307,136
	70,222	Government National Mortgage Association, Series2015-H05, Class FA, 1-month LIBOR + 0.300%, 2.809%, 4/20/2061(b)(c)(d)		69,684
	1,878,177	Government National Mortgage Association, Series2015-H09, Class HA, 1.750%, 3/20/2065		1,861,524
	6,204,225	Government National Mortgage Association, Series2015-H10, Class JA, 2.250%, 4/20/2065		5,999,224
	221,049	Government National Mortgage Association, Series2015-H11, Class FA, 1-month LIBOR + 0.250%, 2.759%, 4/20/2065(b)		220,768
	4,839,674	Government National Mortgage Association, Series2015-H12, Class FL, 1-month LIBOR + 0.230%, 2.739%, 5/20/2065(b)		4,810,277
	1,776,722	Government National Mortgage Association, Series2015-H19, Class FH, 1-month LIBOR + 0.300%, 2.809%, 7/20/2065(b)		1,774,136
	261,187	Government National Mortgage Association, Series2015-H29, Class FA, 1-month LIBOR + 0.700%, 3.207%, 10/20/2065(b)(c)(d)		260,203
	118,400	Government National Mortgage Association, Series2015-H30, Class FA, 1-month LIBOR + 0.680%, 3.189%, 8/20/2061(b)(c)(d)		117,951
	5,703,012	Government National Mortgage Association, Series2016-H06, Class FC, 1-month LIBOR + 0.920%, 3.427%, 2/20/2066(b)		5,764,514
	2,936,222	Government National Mortgage Association, Series2016-H10, Class FJ, 1-month LIBOR + 0.600%, 3.109%, 4/20/2066(b)		2,940,624
	4,403,022	Government National Mortgage Association, Series2016-H19, Class FJ, 1-month LIBOR + 0.400%, 2.909%, 9/20/2063(b)		4,400,577
	4,469,116	Government National Mortgage Association, Series2017-H24, Class FJ, 1-month LIBOR + 0.250%, 2.759%, 10/20/2067(b)		4,462,130
	224,668	NCUA Guaranteed Notes, Series2010-A1, Class A,1-month LIBOR + 0.350%, 2.842%, 12/07/2020(b)		224,691
	386,214	NCUA Guaranteed Notes, Series2010-R1, Class 1A,1-month LIBOR + 0.450%, 2.931%, 10/07/2020(b)		386,964
	919,904	NCUA Guaranteed Notes, Series2010-R3, Class 1A,1-month LIBOR + 0.560%, 3.041%, 12/08/2020(b)		922,236

See accompanying notes to financial statements.

|  28

Portfolio of Investments – as of March 31, 2019 (Unaudited)

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

Principal Amount		Description	Value (†)
		Collateralized Mortgage Obligations — continued
$	59,703	NCUA Guaranteed Notes, Series2010-R3, Class 2A, 1-month LIBOR + 0.560%, 3.041%, 12/08/2020(b)	$	59,934
				87,825,361
		Hybrid ARMs — 7.2%
	354,728	FHLMC,1-year CMT + 1.870%, 4.170%, 9/01/2038(b)		368,213
	470,827	FHLMC,6-month LIBOR + 1.660%, 4.235%, 6/01/2037(b)		478,649
	1,858,533	FHLMC,12-month LIBOR + 1.896%, 4.271%, 9/01/2041(b)		1,940,794
	359,581	FHLMC, 12-month LIBOR + 1.829%, 4.332%, 3/01/2038(b)		379,835
	258,154	FHLMC,12-month LIBOR + 1.616%, 4.335%, 11/01/2038(b)		269,580
	557,582	FHLMC, 1-year CMT + 2.165%, 4.416%, 4/01/2036(b)		574,456
	1,124,210	FHLMC,1-year CMT + 2.220%, 4.434%, 7/01/2033(b)		1,177,322
	77,021	FHLMC,12-month LIBOR + 1.720%, 4.459%, 12/01/2037(b)		79,612
	327,938	FHLMC, 12-month LIBOR + 1.831%, 4.464%, 11/01/2038(b)		344,569
	263,164	FHLMC,12-month LIBOR + 1.713%, 4.491%, 4/01/2037(b)		275,444
	745,029	FHLMC,1-year CMT + 2.249%, 4.519%, 9/01/2038(b)		782,115
	1,276,260	FHLMC,12-month LIBOR + 1.771%, 4.520%, 9/01/2035(b)		1,335,102
	2,932,671	FHLMC,1-year CMT + 2.253%, 4.557%, 3/01/2037(b)		3,080,591
	272,721	FHLMC,12-month LIBOR + 1.936%, 4.581%, 12/01/2034(b)		287,834
	168,880	FHLMC,1-year CMT + 2.212%, 4.598%, 9/01/2038(b)		177,551
	669,936	FHLMC,1-year CMT + 2.245%, 4.694%, 3/01/2036(b)		706,058
	1,739,006	FHLMC,1-year CMT + 2.273%, 4.756%, 2/01/2036(b)		1,825,872
	1,041,881	FHLMC,1-year CMT + 2.286%, 4.772%, 2/01/2036(b)		1,096,229
	1,156,974	FHLMC,12-month LIBOR + 1.781%, 4.831%, 4/01/2037(b)		1,213,029
	289,985	FHLMC,1-year CMT + 2.250%, 5.000%, 2/01/2035(b)		305,151
	213,882	FHLMC, 12-month LIBOR + 2.180%, 5.305%, 3/01/2037(b)		227,198
	653,767	FNMA, 12-month LIBOR + 1.635%, 3.914%, 4/01/2037(b)		681,164
	211,021	FNMA,1-year CMT + 2.193%, 4.068%, 4/01/2033(b)		218,935
	213,054	FNMA,12-month LIBOR + 1.800%, 4.083%, 3/01/2034(b)		222,646
	1,813,118	FNMA,12-month LIBOR + 1.776%, 4.117%, 3/01/2037(b)		1,900,065
	879,183	FNMA,6-month LIBOR + 1.543%, 4.208%, 7/01/2035(b)		908,114
	1,737,734	FNMA,12-month LIBOR + 1.561%, 4.244%, 4/01/2037(b)		1,806,095
	746,451	FNMA,1-year CMT + 2.179%, 4.267%, 6/01/2036(b)		784,934
	1,351,544	FNMA,12-month LIBOR + 1.741%, 4.267%, 9/01/2037(b)		1,416,574
	190,253	FNMA,12-month LIBOR + 1.567%, 4.319%, 8/01/2035(b)		199,148
	1,479,161	FNMA,12-month LIBOR + 1.611%, 4.355%, 7/01/2035(b)		1,540,661
	1,503,379	FNMA,12-month LIBOR + 1.609%, 4.364%, 9/01/2037(b)		1,561,874
	387,727	FNMA,1-year CMT + 2.145%, 4.368%, 9/01/2036(b)		407,214
	1,310,435	FNMA,1-year CMT + 2.272%, 4.383%, 6/01/2037(b)		1,380,845
	596,965	FNMA,1-year CMT +2.287%, 4.390%, 6/01/2033(b)		624,918
	623,847	FNMA,12-month LIBOR + 1.640%, 4.393%, 7/01/2038(b)		648,417
	374,544	FNMA,12-month LIBOR + 1.657%, 4.407%, 8/01/2038(b)		386,902
	2,050,090	FNMA,1-year CMT + 2.189%, 4.409%, 12/01/2040(b)		2,145,847
	76,649	FNMA,6-month LIBOR + 1.543%, 4.418%, 2/01/2037(b)		79,164
	3,529,138	FNMA,1-year CMT + 2.188%, 4.441%, 10/01/2034(b)		3,705,259
	227,120	FNMA,12-month LIBOR + 1.802%, 4.461%, 7/01/2041(b)		236,454
	686,217	FNMA,12-month LIBOR + 1.712%, 4.462%, 8/01/2034(b)		718,078
	570,116	FNMA,1-year CMT + 2.223%, 4.473%, 8/01/2035(b)		602,208

See accompanying notes to financial statements.

29  |

Portfolio of Investments – as of March 31, 2019 (Unaudited)

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

Principal Amount		Description	Value (†)
		Hybrid ARMs — continued
$	1,638,016	FNMA,1-year CMT + 2.182%, 4.479%, 11/01/2033(b)	$	1,719,323
	365,771	FNMA,12-month LIBOR + 1.687%, 4.491%, 11/01/2036(b)		382,412
	248,875	FNMA,12-month LIBOR + 1.743%, 4.500%, 11/01/2035(b)		260,052
	330,730	FNMA,12-month LIBOR + 1.656%, 4.501%, 10/01/2033(b)		344,637
	804,052	FNMA,1-year CMT + 2.235%, 4.527%, 4/01/2034(b)		845,502
	331,884	FNMA,1-year CMT + 2.185%, 4.616%, 12/01/2034(b)		345,872
	426,082	FNMA,1-year CMT + 2.138%, 4.619%, 9/01/2034(b)		447,035
	439,047	FNMA,1-year CMT + 2.287%, 4.620%, 10/01/2033(b)		459,423
	120,738	FNMA,1-year CMT + 2.439%, 4.641%, 8/01/2033(b)		127,047
	2,288,528	FNMA,12-month LIBOR + 1.800%, 4.663%, 10/01/2041(b)		2,389,991
	2,662,588	FNMA,1-year CMT + 2.218%, 4.670%, 4/01/2034(b)		2,800,296
	559,627	FNMA,12-month LIBOR + 1.800%, 4.800%, 12/01/2041(b)		588,371
	75,398	FNMA,12-month LIBOR + 1.807%, 4.821%, 1/01/2037(b)		79,417
	215,017	FNMA,1-year CMT + 2.500%, 4.830%, 8/01/2036(b)		227,717
	728,629	FNMA,1-year CMT + 2.185%, 4.849%, 1/01/2036(b)		766,722
	493,331	FNMA,12-month LIBOR + 1.765%, 4.890%, 2/01/2037(b)		515,215
	1,175,533	FNMA,6-month LIBOR + 2.277%, 4.923%, 7/01/2037(b)		1,244,057
	1,147,696	FNMA,12-month LIBOR + 1.820%, 4.945%, 2/01/2047(b)		1,218,300
	522,395	FNMA,1-year CMT + 2.483%, 5.060%, 5/01/2035(b)		554,953
	521,839	FNMA,12-month LIBOR + 2.473%, 5.098%, 6/01/2035(b)		556,594
				54,973,656
		Mortgage Related — 7.3%
	63,216	FHLMC, 3.000%, 10/01/2026		64,048
	467,890	FHLMC, 4.000%, with various maturities from 2024 to 2042(f)		484,859
	230,992	FHLMC, 4.500%, with various maturities from 2025 to 2034(f)		238,007
	96,429	FHLMC, 5.500%, 10/01/2023		99,644
	67,195	FHLMC, COFI + 1.250%, 5.773%, 6/01/2020(b)		67,628
	100,246	FHLMC, COFI + 1.250%, 5.894%, 8/01/2020(b)		101,121
	81,727	FHLMC, COFI + 1.250%, 5.923%, 10/01/2020(b)		82,572
	115,012	FHLMC, COFI + 1.250%, 5.953%, 11/01/2020(b)		116,193
	2,305	FHLMC, 6.000%, 11/01/2019		2,311
	237,431	FHLMC, 6.500%, 12/01/2034		270,376
	177	FHLMC, 7.500%, 6/01/2026		189
	133,931	FNMA, 3.000%, 3/01/2042		134,021
	1,359,001	FNMA, 5.000%, with various maturities from 2037 to 2038(f)		1,461,989
	627,992	FNMA, 5.500%, with various maturities from 2023 to 2033(f)		660,874
	612,844	FNMA, 6.000%, with various maturities from 2021 to 2022(f)		632,249
	180,856	FNMA, 6.500%, with various maturities from 2032 to 2037(f)		200,596
	69,992	FNMA, 7.500%, with various maturities from 2030 to 2032(f)		75,672
	3,164,710	GNMA,1-month LIBOR + 1.716%, 4.220%, 2/20/2061(b)		3,296,997
	875,457	GNMA, 4.309%, 12/20/2061(a)		879,124
	1,292,993	GNMA, 4.378%, 3/20/2063(a)		1,310,223
	2,574,075	GNMA, 4.393%, 12/20/2061(a)		2,580,931
	1,185,663	GNMA, 4.402%, 2/20/2063(a)		1,200,038
	2,498,049	GNMA,1-month LIBOR + 1.890%, 4.410%, 2/20/2063(b)		2,602,877
	2,734,494	GNMA, 4.419%, 6/20/2063(a)		2,780,700
	1,367,456	GNMA, 4.421%, 2/20/2062(a)		1,371,174

See accompanying notes to financial statements.

|  30

Portfolio of Investments – as of March 31, 2019 (Unaudited)

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

Principal Amount		Description	Value (†)
		Mortgage Related — continued
$	121,531	GNMA, 4.477%, 8/20/2061(a)	$	122,865
	644,881	GNMA, 4.478%, 3/20/2062(a)		648,041
	3,315,511	GNMA, 4.486%, 10/20/2065(a)		3,537,920
	1,646,838	GNMA, 4.490%, 6/20/2062(a)		1,655,407
	3,678,580	GNMA, 4.534%, 12/20/2062(a)		3,717,952
	923,158	GNMA, 4.544%, 4/20/2063(a)		934,643
	5,661,975	GNMA, 4.586%, 11/20/2062(a)		5,716,468
	413,475	GNMA, 4.598%, 3/20/2062(a)		414,772
	485,315	GNMA, 4.599%, 7/20/2063(a)		511,864
	1,890,078	GNMA, 4.603%, 2/20/2066(a)		2,006,295
	1,894,353	GNMA, 4.624%, 3/20/2064(a)		2,005,829
	506,180	GNMA, 4.649%, 2/20/2062(a)		507,413
	402,170	GNMA, 4.651%, 1/20/2064(a)		427,093
	1,682,776	GNMA, 4.652%, 2/20/2062(a)		1,686,358
	3,216,268	GNMA,1-month LIBOR + 2.149%, 4.670%, 3/20/2063(b)		3,347,652
	1,820,155	GNMA, 4.674%, 11/20/2063(a)		1,920,966
	1,513,384	GNMA, 4.688%, 5/20/2064(a)		1,612,763
	57,150	GNMA, 4.700%, with various maturities in 2061(a)(f)		59,160
	43,627	GNMA, 4.707%, 3/20/2061(a)		44,108
	32,346	GNMA, 4.710%, 8/20/2061(a)		33,196
	293,942	GNMA, 4.711%, 8/20/2062(a)		295,860
	838,316	GNMA,1-month LIBOR + 2.264%, 4.784%, 5/20/2065(b)		888,776
	883,865	GNMA,1-month LIBOR + 2.286%, 4.806%, 6/20/2065(b)		941,405
	1,740,631	GNMA,1-month LIBOR + 2.365%, 4.886%, 2/20/2063(b)		1,819,359
	132,756	GNMA, 4.967%, 4/20/2061(a)		134,294
	11,874	GNMA, 6.000%, 12/15/2031		13,127
	50,375	GNMA, 6.500%, 5/15/2031		57,026
	57,731	GNMA, 7.000%, 10/15/2028		63,153
				55,838,178
		Non-Agency Commercial Mortgage-Backed Securities — 2.1%
	1,310,000	Commercial Mortgage Pass Through Certificates, Series 2012-LTRT, Class A2, 3.400%, 10/05/2030, 144A		1,306,417
	1,488,000	Commercial Mortgage Pass Through Certificates, Series 2014-UBS2, Class A5, 3.961%, 3/10/2047		1,557,367
	4,282,000	Commercial Mortgage Pass Through Certificates, Series2016-DC2, Class ASB, 3.550%, 2/10/2049		4,402,514
	1,397,747	DBUBS Mortgage Trust, Series 2011-LC2A, Class A4, 4.537%, 7/10/2044, 144A		1,440,068
	2,600,000	Hudsons Bay Simon JV Trust, Series2015-HB7, Class A7, 3.914%, 8/05/2034, 144A		2,611,405
	1,040,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series2013-C8, Class A4, 3.134%, 12/15/2048		1,051,767
	3,333,727	Starwood Retail Property Trust, Inc., Series 2014-STAR, Class A,1-month LIBOR + 1.220%, 3.704%, 11/15/2027, 144A(b)		3,325,573
				15,695,111
		Sovereigns — 0.3%
	1,955,000	U.S. Department of Housing and Urban Development, 1.880%, 8/01/2019		1,950,152

See accompanying notes to financial statements.

31  |

Portfolio of Investments – as of March 31, 2019 (Unaudited)

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

Principal Amount		Description	Value (†)
		Treasuries — 38.1%
$	18,165,000	U.S. Treasury Note, 1.125%, 8/31/2021	$	17,681,073
	20,945,000	U.S. Treasury Note, 1.250%, 7/31/2023		20,090,837
	9,635,000	U.S. Treasury Note, 1.375%, 1/31/2021		9,472,409
	5,000,000	U.S. Treasury Note, 1.375%, 9/30/2023		4,814,648
	6,795,000	U.S. Treasury Note, 1.625%, 8/31/2022		6,658,569
	26,050,000	U.S. Treasury Note, 1.750%, 11/30/2021		25,713,182
	8,460,000	U.S. Treasury Note, 1.750%, 6/30/2022		8,332,439
	12,605,000	U.S. Treasury Note, 1.750%, 9/30/2022		12,399,184
	7,895,000	U.S. Treasury Note, 1.875%, 4/30/2022		7,809,882
	9,900,000	U.S. Treasury Note, 2.000%, 2/28/2021		9,843,539
	17,015,000	U.S. Treasury Note, 2.000%, 12/31/2021		16,909,986
	2,855,000	U.S. Treasury Note, 2.000%, 11/15/2026		2,785,521
	13,945,000	U.S. Treasury Note, 2.125%, 9/30/2021		13,899,243
	8,305,000	U.S. Treasury Note, 2.125%, 11/30/2023		8,259,906
	650,000	U.S. Treasury Note, 2.125%, 3/31/2024		646,395
	4,215,000	U.S. Treasury Note, 2.250%, 3/31/2021		4,213,024
	16,475,000	U.S. Treasury Note, 2.250%, 1/31/2024		16,473,713
	9,950,000	U.S. Treasury Note, 2.250%, 11/15/2027		9,844,281
	8,000,000	U.S. Treasury Note, 2.375%, 12/31/2020		8,006,563
	3,865,000	U.S. Treasury Note, 2.500%, 12/31/2020		3,876,625
	7,835,000	U.S. Treasury Note, 2.875%, 11/15/2021		7,957,116
	67,520,000	U.S. Treasury Note, 2.875%, 10/31/2023		69,366,250
	6,030,000	U.S. Treasury Note, 2.875%, 11/30/2023		6,200,065
				291,254,450
		Total Bonds and Notes (Identified Cost $628,078,478)		626,695,018
	Short-Term Investments — 31.2%
	103,345,000	Federal Home Loan Bank Discount Notes,2.300%-2.340%, 4/01/2019(g)(h)		103,345,000
	58,005,000	Federal Home Loan Bank Discount Notes, 2.200%, 4/08/2019(g)		57,977,705
	8,705,207	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/29/2019 at 1.500% to be repurchased at $8,706,296 on 4/01/2019 collateralized by $8,885,000 U.S. Treasury Note, 2.000% due 11/30/2022 valued at $8,882,361 including accrued interest (Note 2 of Notes to Financial Statements)		8,705,207
	45,705,000	U.S. Treasury Bills, 2.335%, 4/04/2019(g)		45,696,007
	14,430,000	U.S. Treasury Bills,2.365%-2.413%, 4/18/2019(g)(h)		14,413,884
	8,265,000	U.S. Treasury Bills, 2.468%, 2/27/2020(g)		8,087,785
		Total Short-Term Investments (Identified Cost $238,217,165)		238,225,588
		Total Investments — 113.2% (Identified Cost $866,295,643)		864,920,606
		Other assets less liabilities — (13.2)%		(100,930,543	)
		Net Assets — 100.0%	$	763,990,063

See accompanying notes to financial statements.

|  32

Portfolio of Investments – as of March 31, 2019 (Unaudited)

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

(†)	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, 2019 is disclosed.
(b)	Variable rate security. Rate as of March 31, 2019 is disclosed.
(c)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
(d)	Fair valued by the Fund’s adviser. At March 31, 2019, the value of these securities amounted to $2,179,845 or 0.3% 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, 2019, the value of Rule 144A holdings amounted to $26,968,338 or 3.5% 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

See accompanying notes to financial statements.

33  |

Portfolio of Investments – as of March 31, 2019 (Unaudited)

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

Industry Summary at March 31, 2019 (Unaudited)

Treasuries	38.1	%
Agency Commercial Mortgage-Backed Securities	13.2
Collateralized Mortgage Obligations	11.5
Mortgage Related	7.3
Hybrid ARMs	7.2
Non-Agency CommercialMortgage-Backed Securities	2.1
Other Investments, less than 2% each	2.6
Short-Term Investments	31.2
Total Investments	113.2
Other assets less liabilities	(13.2	)
Net Assets	100.0	%

See accompanying notes to financial statements.

|  34

Statements of Assets and Liabilities

March 31, 2019 (Unaudited)

	Intermediate Duration Bond Fund			Limited Term Government and Agency Fund
ASSETS
Investments at cost	$	214,454,407		$	866,295,643
Net unrealized appreciation (depreciation)		1,480,598			(1,375,037	)
Investments at value		215,935,005			864,920,606
Cash		20			12
Due from brokers (Note 2)		135,000			—
Receivable for Fund shares sold		353,324			1,489,530
Receivable for securities sold		957,192			102,499,376
Interest receivable		1,151,607			3,243,740
Tax reclaims receivable		3,608			—
Prepaid expenses (Note 8)		10			43
TOTAL ASSETS		218,535,766			972,153,307
LIABILITIES
Payable for securities purchased		3,238,914			206,283,780
Payable for Fund shares redeemed		267,364			836,841
Payable for variation margin on futures contracts (Note 2)		39,467			—
Distributions payable		—			334,769
Management fees payable (Note 6)		33,635			225,802
Deferred Trustees’ fees (Note 6)		103,620			313,516
Administrative fees payable (Note 6)		7,804			27,436
Payable to distributor (Note 6d)		2,067			11,846
Other accounts payable and accrued expenses		28,564			129,254
TOTAL LIABILITIES		3,721,435			208,163,244
NET ASSETS	$	214,814,331		$	763,990,063
NET ASSETS CONSIST OF:
Paid-in capital	$	216,607,921		$	800,746,331
Accumulated loss		(1,793,590	)		(36,756,268	)
NET ASSETS	$	214,814,331		$	763,990,063

See accompanying notes to financial statements.

35  |

Statements of Assets and Liabilities (continued)

March 31, 2019 (Unaudited)

	Intermediate Duration Bond Fund			Limited Term Government and Agency Fund
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	19,357,491		$	338,747,449
Shares of beneficial interest		1,892,976			30,198,284
Net asset value and redemption price per share	$	10.23		$	11.22
Offering price per share(100/[100-maximum sales charge] of net asset value) (Note 1)	$	10.68		$	11.48
Class C shares:(redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	286,938		$	25,378,264
Shares of beneficial interest		27,983			2,260,561
Net asset value and offering price per share	$	10.25		$	11.23
Class N shares:
Net assets	$	1,020		$	5,367,567
Shares of beneficial interest		100			477,129
Net asset value, offering and redemption price per share	$	10.22	*	$	11.25
Class Y shares:
Net assets	$	195,168,882		$	394,496,783
Shares of beneficial interest		19,091,801			35,051,659
Net asset value, offering and redemption price per share	$	10.22		$	11.25

* Net asset value calculations have been determined utilizing fractional share and penny amounts.

See accompanying notes to financial statements.

|  36

Statements of Operations

For the Six Months Ended March 31, 2019 (Unaudited)

	Intermediate Duration Bond Fund			Limited Term Government and Agency Fund
INVESTMENT INCOME
Interest	$	3,333,227		$	7,685,076
Less net foreign taxes withheld		(1,480	)		—
		3,331,747			7,685,076
Expenses
Management fees (Note 6)		258,307			1,350,989
Service and distribution fees (Note 6)		24,408			547,499
Administrative fees (Note 6)		45,657			161,709
Trustees’ fees and expenses (Note 6)		6,418			10,451
Transfer agent fees and expenses (Notes 6 and 7)		81,006			347,666
Audit and tax services fees		26,390			28,498
Custodian fees and expenses		9,861			18,527
Legal fees		1,848			6,673
Registration fees		34,439			69,123
Shareholder reporting expenses		5,373			34,774
Miscellaneous expenses (Note 8)		13,976			11,996
Total expenses		507,683			2,587,905
Less waiver and/or expense reimbursement (Note 6)		(69,970	)		(17,427	)
Net expenses		437,713			2,570,478
Net investment income		2,894,034			5,114,598
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FUTURES CONTRACTS
Net realized gain (loss) on:
Investments		503,834			(2,369,372	)
Futures contracts		245,038			—
Net change in unrealized appreciation (depreciation) on:
Investments		4,380,981			13,950,115
Futures contracts		320,133			—
Net realized and unrealized gain on investments and futures contracts		5,449,986			11,580,743
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	8,344,020		$	16,695,341

See accompanying notes to financial statements.

37  |

Statements of Changes in Net Assets

	Intermediate Duration Bond Fund						Limited Term Government and Agency Fund
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
FROM OPERATIONS:
Net investment income	$	2,894,034		$	4,230,759		$	5,114,598		$	7,851,107
Net realized gain (loss) on investments and futures contracts		748,872			(2,736,102	)		(2,369,372	)		(1,854,197	)
Net change in unrealized appreciation (depreciation) on investments and futures contracts		4,701,114			(2,837,300	)		13,950,115			(6,897,838	)
Net increase (decrease) in net assets resulting from operations		8,344,020			(1,342,643	)		16,695,341			(900,928	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(249,813	)		(457,955	)		(3,662,554	)		(6,062,622	)
Class C		(1,334	)		(30,450	)		(185,132	)		(373,941	)
Class N		(5	)		—			(57,014	)		(53,072	)
Class Y		(2,753,410	)		(3,945,026	)		(4,493,433	)		(7,556,453	)
Total distributions		(3,004,562	)		(4,433,431	)		(8,398,133	)		(14,046,088	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		42,203,899			(6,673,219	)		33,853,485			(4,981,212	)
Net increase (decrease) in net assets		47,543,357			(12,449,293	)		42,150,693			(19,928,228	)
NET ASSETS
Beginning of the period		167,270,974			179,720,267			721,839,370			741,767,598
End of the period	$	214,814,331		$	167,270,974		$	763,990,063		$	721,839,370

See accompanying notes to financial statements.

|  38

Financial Highlights

For a share outstanding throughout each period.

	Intermediate Duration Bond Fund—Class A*
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of the period	$	9.97		$	10.29		$	10.52		$	10.39		$	10.39		$	10.34
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.13			0.22			0.17			0.20			0.20			0.22
Net realized and unrealized gain (loss)		0.26			(0.31	)		(0.12	)		0.17			0.03			0.11
Total from Investment Operations		0.39			(0.09	)		0.05			0.37			0.23			0.33
LESS DISTRIBUTIONS FROM:
Net investment income		(0.13	)		(0.23	)		(0.20	)		(0.21	)		(0.22	)		(0.25	)
Net realized capital gains		—			—			(0.08	)		(0.03	)		(0.01	)		(0.03	)
Total Distributions		(0.13	)		(0.23	)		(0.28	)		(0.24	)		(0.23	)		(0.28	)
Net asset value, end of the period	$	10.23		$	9.97		$	10.29		$	10.52		$	10.39		$	10.39
Total return(b)(c)		3.97	%(d)		(0.85	)%		0.44	%		3.64	%		2.17	%		3.24	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	19,357		$	19,149		$	21,828		$	19,327		$	18,425		$	5,931
Net expenses(e)		0.65	%(f)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Gross expenses		0.72	%(f)		0.70	%		0.72	%		0.72	%		0.71	%		0.85	%
Net investment income		2.57	%(f)		2.17	%		1.69	%		1.89	%		1.93	%		2.07	%
Portfolio turnover rate		64	%		152	%		216	%		151	%		151	%		134	%

* 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.

39  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Intermediate Duration Bond Fund—Class C
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Period Ended September 30, 2016*
Net asset value, beginning of the period	$	10.00		$	10.30		$	10.53		$	10.53
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.09			0.13			0.10			0.01
Net realized and unrealized gain (loss)		0.25			(0.31	)		(0.13	)		0.00	(b)
Total from Investment Operations		0.34			(0.18	)		(0.03	)		0.01
LESS DISTRIBUTIONS FROM:
Net investment income		(0.09	)		(0.12	)		(0.12	)		(0.01	)
Net realized capital gains		—			—			(0.08	)		—
Total Distributions		(0.09	)		(0.12	)		(0.20	)		(0.01	)
Net asset value, end of the period	$	10.25		$	10.00		$	10.30		$	10.53
Total return(c)(d)		3.46	%(e)		(1.71	)%		(0.29	)%		0.08	%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	287		$	2		$	3,225		$	3,088
Net expenses(f)		1.40	%(g)		1.40	%		1.40	%		1.40	%(g)
Gross expenses		1.49	%(g)		1.45	%		1.48	%		1.56	%(g)
Net investment income		1.89	%(g)		1.31	%		0.95	%		0.86	%(g)
Portfolio turnover rate		64	%		152	%		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.

|  40

Financial Highlights (continued)

For a share outstanding throughout each period.

	Intermediate Duration Bond Fund—Class N
	Period Ended March 31, 2019* (Unaudited)
Net asset value, beginning of the period	$	10.07
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.04
Net realized and unrealized gain (loss)		0.16
Total from Investment Operations		0.20
LESS DISTRIBUTIONS FROM:
Net investment income		(0.05	)
Net asset value, end of the period	$	10.22
Total return(b)(c)		1.97	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1
Net expenses(d)(e)		0.33	%
Gross expenses(e)		3.14	%
Net investment income(e)		2.67	%
Portfolio turnover rate		64	%(f)

* From commencement of Class operations on February 1, 2019 through March 31, 2019.

(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) Represents the Fund’s portfolio turnover rate for the six months ended March 31, 2019.

See accompanying notes to financial statements.

41  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Intermediate Duration Bond Fund—Class Y*
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of the period	$	9.97		$	10.29		$	10.52		$	10.39		$	10.39		$	10.33
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.14			0.25			0.20			0.22			0.22			0.24
Net realized and unrealized gain (loss)		0.26			(0.31	)		(0.13	)		0.18			0.04			0.12
Total from Investment Operations		0.40			(0.06	)		0.07			0.40			0.26			0.36
LESS DISTRIBUTIONS FROM:
Net investment income		(0.15	)		(0.26	)		(0.22	)		(0.24	)		(0.25	)		(0.27	)
Net realized capital gains		—			—			(0.08	)		(0.03	)		(0.01	)		(0.03	)
Total Distributions		(0.15	)		(0.26	)		(0.30	)		(0.27	)		(0.26	)		(0.30	)
Net asset value, end of the period	$	10.22		$	9.97		$	10.29		$	10.52		$	10.39		$	10.39
Total return(b)		4.00	%(c)		(0.60	)%		0.69	%		3.90	%		2.42	%		3.60	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	195,169		$	148,119		$	154,668		$	139,398		$	88,592		$	66,759
Net expenses(d)		0.40	%(e)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Gross expenses		0.47	%(e)		0.45	%		0.47	%		0.47	%		0.47	%		0.57	%
Net investment income		2.82	%(e)		2.43	%		1.93	%		2.11	%		2.15	%		2.31	%
Portfolio turnover rate		64	%		152	%		216	%		151	%		151	%		134	%

* 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.

|  42

Financial Highlights (continued)

For a share outstanding throughout each period.

	Limited Term Government and Agency Fund—Class A
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of the period	$	11.09		$	11.32		$	11.51		$	11.57		$	11.61		$	11.68
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.07			0.11			0.08			0.11			0.14			0.16
Net realized and unrealized gain (loss)		0.18			(0.13	)		(0.09	)		0.00	(b)		0.01	(c)		0.01
Total from Investment Operations		0.25			(0.02	)		(0.01	)		0.11			0.15			0.17
LESS DISTRIBUTIONS FROM:
Net investment income		(0.12	)		(0.21	)		(0.18	)		(0.17	)		(0.19	)		(0.24	)
Net asset value, end of the period	$	11.22		$	11.09		$	11.32		$	11.51		$	11.57		$	11.61
Total return(d)		2.28	%(e)(f)		(0.17	)%		(0.04	)%		0.93	%		1.26	%		1.44	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	338,747		$	328,475		$	336,227		$	442,671		$	346,317		$	314,360
Net expenses		0.80	%(g)(h)		0.80	%		0.80	%		0.77	%		0.77	%		0.80	%(i)
Gross expenses		0.81	%(h)		0.80	%		0.80	%		0.77	%		0.77	%		0.80	%(i)
Net investment income		1.29	%(h)		1.02	%		0.67	%		0.96	%		1.21	%		1.35	%
Portfolio turnover rate		258	%(j)		157	%		126	%		109	%(k)		48	%		24	%

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

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

(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.

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

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

(j) The variation in the Fund’s turnover rate from 2018 to 2019 is due to the use of certain trading strategies.

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

See accompanying notes to financial statements.

43  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Limited Term Government and Agency Fund—Class C
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of the period	$	11.10		$	11.33		$	11.52		$	11.58		$	11.62		$	11.69
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.03			0.03			(0.01	)		0.02			0.05			0.07
Net realized and unrealized gain (loss)		0.18			(0.13	)		(0.08	)		0.00	(b)		0.01	(c)		0.01
Total from Investment Operations		0.21			(0.10	)		(0.09	)		0.02			0.06			0.08
LESS DISTRIBUTIONS FROM:
Net investment income		(0.08	)		(0.13	)		(0.10	)		(0.08	)		(0.10	)		(0.15	)
Net asset value, end of the period	$	11.23		$	11.10		$	11.33		$	11.52		$	11.58		$	11.62
Total return(d)		1.90	%(e)(f)		(0.91	)%		(0.79	)%		0.18	%		0.51	%		0.69	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	25,378		$	23,341		$	43,319		$	73,027		$	63,167		$	56,936
Net expenses		1.55	%(g)(h)		1.55	%		1.55	%		1.52	%		1.53	%		1.55	%(i)
Gross expenses		1.56	%(h)		1.55	%		1.55	%		1.52	%		1.53	%		1.55	%(i)
Net investment income (loss)		0.55	%(h)		0.24	%		(0.09	)%		0.21	%		0.47	%		0.61	%
Portfolio turnover rate		258	%(j)		157	%		126	%		109	%(k)		48	%		24	%

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

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

(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.

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

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

(j) The variation in the Fund’s turnover rate from 2018 to 2019 is due to the use of certain trading strategies.

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

See accompanying notes to financial statements.

|  44

Financial Highlights (continued)

For a share outstanding throughout each period.

	Limited Term Government and Agency Fund—Class N
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Period Ended September 30, 2017*
Net asset value, beginning of the period	$	11.12		$	11.36		$	11.39
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.09			0.15			0.05
Net realized and unrealized gain (loss)		0.18			(0.14	)		0.08	(b)
Total from Investment Operations		0.27			0.01			0.13
LESS DISTRIBUTIONS FROM:
Net investment income		(0.14	)		(0.25	)		(0.16	)
Net asset value, end of the period	$	11.25		$	11.12		$	11.36
Total return(c)		2.45	%(d)		0.09	%		1.12	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	5,368		$	3,176		$	1,900
Net expenses(e)		0.46	%(f)		0.46	%		0.47	%(f)
Gross expenses		0.47	%(f)		0.48	%		0.50	%(f)
Net investment income		1.64	%(f)		1.37	%		0.64	%(f)
Portfolio turnover rate		258	%(g)		157	%		126	%(h)

* 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) The variation in the Fund’s turnover rate from 2018 to 2019 is due to the use of certain trading strategies.

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

See accompanying notes to financial statements.

45  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Limited Term Government and Agency Fund—Class Y
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of the period	$	11.13		$	11.36		$	11.55		$	11.61		$	11.65		$	11.72
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.09			0.14			0.11			0.14			0.17			0.18
Net realized and unrealized gain (loss)		0.17			(0.13	)		(0.09	)		0.00	(b)		0.01	(c)		0.02
Total from Investment Operations		0.26			0.01			0.02			0.14			0.18			0.20
LESS DISTRIBUTIONS FROM:
Net investment income		(0.14	)		(0.24	)		(0.21	)		(0.20	)		(0.22	)		(0.27	)
Net asset value, end of the period	$	11.25		$	11.13		$	11.36		$	11.55		$	11.61		$	11.65
Total return		2.31	%(d)		0.09	%		0.22	%		1.19	%		1.51	%		1.70	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	394,497		$	366,847		$	360,322		$	411,898		$	431,727		$	330,224
Net expenses		0.55	%(e)		0.55	%		0.55	%		0.52	%		0.52	%		0.55	%(f)
Gross expenses		0.55	%(e)		0.55	%		0.55	%		0.52	%		0.52	%		0.55	%(f)
Net investment income		1.53	%(e)		1.26	%		0.92	%		1.20	%		1.45	%		1.58	%
Portfolio turnover rate		258	%(g)		157	%		126	%		109	%(h)		48	%		24	%

(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) The variation in the Fund’s turnover rate from 2018 to 2019 is due to the use of certain trading strategies.

(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.

|  46

Notes to Financial Statements

March 31, 2019 (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 anopen-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 Limited Term Government and Agency Fund (the “Limited Term Government and Agency Fund”)

Each Fund is a diversified investment company.

Each Fund offers Class A, Class C, Class N (effective February 1, 2019 for Intermediate Duration Bond Fund) and Class Y shares.

Class A shares of Intermediate Duration Bond Fund are sold with a maximumfront-end sales charge of 4.25%. Class A shares of Limited Term Government and Agency Fund are sold with a maximumfront-end sales charge of 2.25%. Class C shares do not pay afront-end sales charge, pay higher Rule12b-1 fees than Class A shares for 10 years (at which point they automatically convert to Class A shares) and may be subject to a contingent deferred sales charge (“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 afront-end sales charge, a CDSC or Rule12b-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 bornepro rata by the holders of each class of shares, except that each class bears expenses unique to that class (such as the Rule12b-1 fees applicable to Class A and Class C) and transfer agent fees 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 Rule12b-1 Plan. Shares of each class would receive theirpro rata share of

47  |

Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

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 Funds by an independent pricing service or bid prices obtained from broker-dealers. Listed equity securities (including shares ofclosed-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 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. 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.

|  48

Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

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

Illiquid securities for which market quotations are readily available and have been evaluated by the adviser are considered and classified as fair valued securities pursuant to the Funds’ pricing policies and procedures.

As of March 31, 2019, securities held by the Funds were fair valued as follows:

Fund	Securities fair valued by the Fund’s adviser		Percentage of Net Assets
Intermediate Duration Bond Fund	$	20,173		Less than 0.1%
Limited Term Government and Agency Fund		2,179,845		0.3%

b.  Investment Transactions and Related Investment Income.  Investment transactions are accounted for on a trade date plus one day basis for daily NAV calculation. However, for financial reporting purposes, investment transactions are reported on trade date. Dividend income (including income reinvested) and foreign withholding tax, if applicable, is recorded onex-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,

49  |

Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

non-class specific expenses and realized and unrealized gains and losses are allocated on apro 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, if any, 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.

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

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

|  50

Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

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.

e.  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 netmark-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, 2019.

f.  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

51  |

Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

income and any net realized capital gains at least annually. Management has performed an analysis of each Fund’s tax positions for the open tax years as of March 31, 2019 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.

g.  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded onex-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 premium amortization and paydown gains and losses. 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 and futures contractmark-to-market. 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 net realized short-term capital gains are reported as distributed from ordinary income for tax purposes.

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Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

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, 2018 was as follows:

	2018 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
Intermediate Duration Bond Fund	$	4,433,431	$	—	$	4,433,431
Limited Term Government and Agency Fund		14,046,088		—		14,046,088

Distributions paid to shareholders from net investment income and net realized capital gains, based on accounting principles generally accepted in the United States of America, are consolidated and reported on the Statements of Changes in Net Assets as Distributions to Shareholders. Distributions paid to shareholders from net investment income and net realized capital gains expressed inper-share amounts, based on accounting principles generally accepted in the United States of America, are separately stated and reported within the Financial Highlights.

As of September 30, 2018, capital loss carryforwards were as follows:

	Intermediate Duration Bond Fund			Limited Term Government and Agency Fund
Capital loss carryforward:
Short-term:
No expiration date	$	(3,060,576	)	$	(2,596,770	)
Long-term:
No expiration date		(1,011,526	)		(26,585,289	)
Total capital loss carryforward	$	(4,072,102	)	$	(29,182,059	)

As of March 31, 2019, the tax cost of investments (including derivatives, if applicable) and unrealized appreciation (depreciation) on a federal tax basis were as follows:

	Intermediate Duration Bond Fund			Limited Term Government and Agency Fund
Federal tax cost	$	214,557,039		$	866,616,776
Gross tax appreciation	$	2,672,485		$	6,597,592
Gross tax depreciation		(1,099,098	)		(8,293,762	)
Net tax appreciation (depreciation)	$	1,573,387		$	(1,696,170	)

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Notes to Financial Statements (continued)

March 31, 2019 (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 and derivativesmark-to-market.

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 aretri-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, 2019, 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.  Due from Brokers.  Transactions and positions in certain futures contracts are maintained and cleared by registered U.S. broker/dealers pursuant to customer agreements between the Funds and the various broker/dealers. The due from broker balance in the Statements of Assets and Liabilities for Intermediate Duration Bond Fund represents cash pledged as initial margin for futures contracts. In certain circumstances the Fund’s use of cash held at brokers is restricted by regulation or broker mandated limits.

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 fornon-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 bynon-U.S. Governments andnon-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.

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Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

For the six months ended March 31, 2019, neither Fund had loaned securities under this agreement.

k.  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.

l.  New Accounting Pronouncement.  In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU)No. 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in the ASU shorten the amortization period for certain callable debt securities acquired at a premium, to be amortized to the earliest call date. The ASU does not require an accounting change for securities acquired at a discount, which continues to be amortized to maturity. The ASU is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. Management has evaluated the application of this provision and has determined the impact to be immaterial to the Funds.

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

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Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

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

The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2019, at value:

Intermediate Duration Bond Fund

Asset Valuation Inputs

Description	Level 1		Level 2			Level 3			Total
Bonds and Notes					��
ABS Home Equity	$	—	$	1,179,923		$	20,173	(b)	$	1,200,096
All Other Bonds and Notes(a)		—		210,428,536			—			210,428,536
Total Bonds and Notes		—		211,608,459			20,173			211,628,632
Short-Term Investments		—		4,306,373			—			4,306,373
Total Investments		—		215,914,832			20,173			215,935,005
Futures Contracts (unrealized appreciation)		195,421		—			—			195,421
Total	$	195,421	$	215,914,832		$	20,173		$	216,130,426

(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, 2019 (Unaudited)

Limited Term Government and Agency Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Collateralized Mortgage Obligations	$	—	$	85,645,516	$	2,179,845	(b)	$	87,825,361
All Other Bonds and Notes(a)		—		538,869,657		—			538,869,657
Total Bonds and Notes		—		624,515,173		2,179,845			626,695,018
Short-Term Investments		—		238,225,588		—			238,225,588
Total	$	—	$	862,740,761	$	2,179,845		$	864,920,606

(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.

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of September 30, 2018 and/or March 31, 2019:

Intermediate Duration Bond Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2018			Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases
Bonds and Notes
ABS Home Equity	$	14,830		$	—	$	(8	)	$	(144	)	$	—
Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2019			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2019
Bonds and Notes
ABS Home Equity	$	(3,560	)	$	9,055	$	—		$	20,173		$	(243	)

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Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

A debt security valued at $9,055 was transferred from Level 2 to Level 3 during the period ended March 31, 2019. At September 30, 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. At March 31, 2019 this security was valued at fair value as determined in good faith by the Fund’s adviser as an independent pricing service did not provide a reliable price for the security.

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

Limited Term Government and Agency Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2018			Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Purchases
Bonds and Notes
Collateralized Mortgage Obligations	$	191,318		$	—	$	(36,935	)	$	17,064	$	—
Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2019		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2019
Bonds and Notes
Collateralized Mortgage Obligations	$	(1,937,758	)	$	3,946,156	$	—		$	2,179,845	$	16,498

Debt securities valued at $3,946,156 were transferred from Level 2 to Level 3 during the period ended March 31, 2019. At September 30, 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. At March 31, 2019 these securities were valued at fair value as determined in good faith by the Fund’s adviser as an independent pricing service did not provide a reliable price for the securities.

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

4.  Derivatives.  Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of an underlying

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Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

asset, reference rate or index. Derivative instruments that Intermediate Duration Bond Fund used during the period include futures contracts.

Intermediate Duration Bond Fund is subject to the risk that changes in interest rates will affect the value of the Fund’s investments in fixed-income securities. A Fund will be subject to increased interest rate risk to the extent that it invests in fixed-income securities with longer maturities or durations, as compared to investing in fixed-income securities with shorter maturities or durations. The Fund may use futures contracts to hedge against changes in interest rates and to manage its duration in order to control interest rate risk without having to buy or sell portfolio securities. During the six months ended March 31, 2019, Intermediate Duration Bond Fund used futures contracts for hedging purposes and to manage duration.

The following is a summary of derivative instruments for Intermediate Duration Bond Fund as of March 31, 2019, as reflected within the Statements of Assets and Liabilities:

Assets	Unrealized appreciation on futures contracts
Exchange-traded asset derivatives
Interest rate contracts	$	195,421

Transactions in derivative instruments for Intermediate Duration Bond Fund during the six months ended March 31, 2019, as reflected within the Statements of Operations, were as follows:

Net Realized Gain (Loss) on:	Futures contracts
Interest rate contracts	$	245,038
Net Change in Unrealized Appreciation (Depreciation) on:	Futures contracts
Interest rate contracts	$	320,133

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 benon-hedge transactions for the purpose of these disclosures.

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Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

The volume of futures contract activity, as a percentage of net assets, based on grossmonth-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, 2019:

Intermediate Duration Bond Fund	Futures
Average Notional Amount Outstanding		9.89	%
Highest Notional Amount Outstanding		9.98	%
Lowest Notional Amount Outstanding		9.34	%
Notional Amount Outstanding as of March 31, 2019		9.38	%

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

Unrealized gain and/or loss on open futures is recorded in the Statements of Assets and Liabilities. The aggregate notional values of futures contracts are not recorded in the Statements of Assets and Liabilities, and therefore are not included in the Funds’ net assets.

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. With exchange-traded derivatives, there is minimal counterparty credit risk to the Fund because the exchange’s clearing house, 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 the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the applicable Fund would incur if parties (including 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:

Fund	Maximum Amount of Loss - Gross		Maximum Amount of Loss - Net
Intermediate Duration Bond Fund	$	135,000	$	135,000

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Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

5.  Purchases and Sales of Securities.  For the six months ended March 31, 2019, 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
Intermediate Duration Bond Fund	$	74,649,975	$	51,773,873	$	97,406,960	$	75,999,399
Limited Term Government and Agency Fund		1,612,717,335		1,628,695,443		21,904,421		53,890,358

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. Loomis Sayles is a limited partnership whose sole general partner, Loomis, Sayles & Company, Inc., 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.

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
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, 2020, 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, 2019 (Unaudited)

For the six months ended March 31, 2019 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
Intermediate Duration Bond Fund		0.65	%		1.40	%		0.35	%		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 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, 2019, the management fees and waivers of 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
Intermediate Duration Bond Fund	$	258,307	$	27,877	$	230,430		0.25	%		0.22	%
Limited Term Government and Agency Fund		1,350,989		—		1,350,989		0.37	%		0.37	%

For the six months ended March 31, 2019, class-specific expenses have been reimbursed as follows:

	Reimbursement1
Fund	Class A		Class C		Class N		Class Y		Total
Intermediate Duration Bond Fund	$	3,720	$	56	$	—	$	37,243	$	41,019
Limited Term Government and Agency Fund		7,153		618		—		5,615		13,386

¹   Waiver/expense reimbursements are subject to possible recovery until September 30, 2020.

No expenses were recovered for either Fund during the six months ended March 31, 2019 under the terms of the expense limitation agreements.

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.

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Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

Pursuant to Rule12b-1 under the 1940 Act, the Trusts have adopted a Service Plan relating to each Fund’s Class A shares (the “Class A Plans”) and a Distribution and Service Plan relating to each Fund’s Class C shares (the “Class C Plans”).

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

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

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

For the six months ended March 31, 2019, the service and distribution fees for each Fund were as follows:

	Service Fees				Distribution Fees
Fund	Class A		Class C		Class C
Intermediate Duration Bond Fund	$	23,660	$	187	$	561
Limited Term Government and Agency Fund		419,071		32,107		96,321

c.  Administrative Fees.  Natixis Advisors, L.P. (“Natixis Advisors”) provides certain administrative services for the Funds and contracts with State Street Bank to serve assub-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 itspro 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, 0.0275% of the next $30 billion and 0.0225% 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.

Effective October 1, 2018, State Street Bank agreed to reduce the fees it receives from Natixis Advisors for serving assub-administrator to the Funds. Also, effective October 1, 2018, Natixis Advisors agreed to voluntarily waive fees paid by the Funds in an amount equal to the reduction insub-administrative fees discussed above. The

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Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

waiver is in effect through June 30, 2019, at which time it will be reevaluated as part of the annual review of the administrative services contract, as noted above.

For the six months ended March 31, 2019, the administrative fees for each Fund were as follows:

Fund	Administrative Fees		Waiver of Administrative Fees		Net Administrative Fees
Intermediate Duration Bond Fund	$	45,657	$	1,070	$	44,587
Limited Term Government and Agency Fund		161,709		3,820		157,889

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 currentper-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, 2019, thesub-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
Intermediate Duration Bond Fund	$	77,269
Limited Term Government and Agency Fund		190,446

As of March 31, 2019, the Funds owe Natixis Distribution the following reimbursements forsub-transfer agent fees (which are reflected in the Statements of Assets and Liabilities as payable to distributor):

Fund	Reimbursements ofSub-Transfer Agent Fees
Intermediate Duration Bond Fund	$	2,067
Limited Term Government and Agency Fund		11,846

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Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

Sub-transfer agent fees attributable to Class A, Class C and Class Y are allocated on apro 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, 2019 were as follows:

Fund	Commissions
Limited Term Government and Agency Fund	$	6,783

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 $360,000. 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 $190,000. 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 $15,000. 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, 2019, the Chairperson of the Board received a retainer fee at the annual rate of $340,000 and each Independent Trustee (other than the Chairperson) received, in the aggregate, a retainer fee at the annual rate of $170,000, and the chairperson of the Governance Committee received an additional retainer fee at the annual rate of $12,000. 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’

65  |

Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

deferral accounts are allocatedpro 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.

For the six months ended March 31, 2019, net depreciation in the value of participants’ deferral accounts has been reclassified as miscellaneous expenses on the Statements of Operations, as follows:

Fund	Amount
Intermediate Duration Bond Fund	$	2,819
Limited Term Government and Agency Fund		12,625

Certain officers and employees of Natixis Advisors and Loomis Sayles are also officers and/or Trustees of the Trusts.

g.  Affiliated Ownership.  As of March 31, 2019, the percentage of each Fund’s net assets owned by affiliates is as follows:

Intermediate Duration Bond Fund	Percentage of Net Assets
Loomis Sayles Employees’ Profit Sharing Retirement Plan		0.99%
Natixis Advisors		less than 0.01	%
Limited Term Government and Agency Fund	Percentage of Net Assets
Loomis Sayles Employees’ Profit Sharing Retirement Plan		0.21%
Loomis Sayles Distribution		0.20%
Natixis Sustainable Future 2015 Fund		0.07%
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		0.03%
Natixis Sustainable Future 2040 Fund		0.02%
Natixis Sustainable Future 2045 Fund		0.01%
Natixis Sustainable Future 2050 Fund		less than 0.01	%
Natixis Sustainable Future 2055 Fund		less than 0.01	%
Natixis Sustainable Future 2060 Fund		less than 0.01	%

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

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Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

h.  Reimbursement of Transfer Agent Fees and Expenses.  Natixis Advisors has given a binding contractual undertaking to the Funds to reimburse any and all transfer agency expenses for the Funds’ Class N shares. This undertaking is in effect through January 31, 2020 and is not subject to recovery under the expense limitation agreement described above.

For the six months ended March 31, 2019 (for the period from February 1, 2019, commencement of Class N operations, through March 31, 2019 for Intermediate Duration Bond Fund), Natixis Advisors reimbursed the Funds for transfer agency expenses as follows:

	Reimbursement of Transfer Agency Expenses
Fund	Class N
Intermediate Duration Bond Fund	$	4
Limited Term Government and Agency Fund		221

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 apro 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, 2019 (for the period from February 1, 2019, commencement of operations, through March 31, 2019 for Intermediate Duration Bond Fund Class N), the Funds incurred the following class-specific transfer agent fees and expenses (includingsub-transfer agent fees, where applicable):

	Transfer Agent Fees and Expenses
Fund	Class A		Class C		Class N		Class Y
Intermediate Duration Bond Fund	$	7,398	$	79	$	4	$	73,525
Limited Term Government and Agency Fund		159,295		12,201		221		175,949

8.  Line of Credit.  Each Fund, 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. 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. The Funds paid an arrangement fee, an upfront fee, and other fees in connection with the new line of

67  |

Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

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, 2019, neither Fund had borrowings under this agreement.

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

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

10.  Concentration of Ownership.  From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of March 31, 2019, 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:

	Number of 5% Account Holders		Percentage of Ownership
Intermediate Duration Bond Fund		2		26.53	%

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 anon-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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Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

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

	Six Months Ended March 31, 2019					Year Ended September 30, 2018
Intermediate Duration Bond Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	141,971		$	1,423,634		419,513		$	4,226,997
Issued in connection with the reinvestment of distributions	24,521			246,240		44,777			451,282
Redeemed	(193,887	)		(1,938,177	)	(664,405	)		(6,691,192	)
Net change	(27,395	)	$	(268,303	)	(200,115	)	$	(2,012,913	)
Class C
Issued from the sale of shares	27,610		$	276,309		244		$	3,933
Issued in connection with the reinvestment of distributions	131			1,334		3,007			30,450
Redeemed	(1	)		(14	)	(316,184	)		(3,174,018	)
Net change	27,740		$	277,629		(312,933	)	$	(3,139,635	)
Class N(a)
Issued from the sale of shares	99		$	1,000		—		$	—
Issued in connection with the reinvestment of distributions	1			5		—			—
Net change	100		$	1,005		—		$	—
Class Y
Issued from the sale of shares	7,279,574		$	72,671,662		3,847,881		$	38,930,563
Issued in connection with the reinvestment of distributions	255,535			2,565,136		331,230			3,335,145
Redeemed	(3,303,133	)		(33,043,230	)	(4,349,784	)		(43,786,379	)
Net change	4,231,976		$	42,193,568		(170,673	)	$	(1,520,671	)
Increase (decrease) from capital share transactions	4,232,421		$	42,203,899		(683,721	)	$	(6,673,219	)

(a) From commencement of Class operations on February 1, 2019 through March 31, 2019.

69  |

Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

11.  Capital Shares (continued).

	Six Months Ended March 31, 2019					Year Ended September 30, 2018
Limited Term Government and Agency Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	5,185,106		$	57,701,166		8,514,333		$	95,199,331
Issued in connection with the reinvestment of distributions	249,185			2,779,761		415,392			4,644,926
Redeemed	(4,848,027	)		(53,981,879	)	(9,012,064	)		(100,870,225	)
Net change	586,264		$	6,499,048		(82,339	)	$	(1,025,968	)
Class C
Issued from the sale of shares	1,131,577		$	12,604,981		404,620		$	4,537,413
Issued in connection with the reinvestment of distributions	11,799			131,741		25,353			283,986
Redeemed	(985,334	)		(10,991,207	)	(2,149,966	)		(24,060,145	)
Net change	158,042		$	1,745,515		(1,719,993	)	$	(19,238,746	)
Class N
Issued from the sale of shares	265,534		$	2,961,042		707,393		$	7,898,516
Issued in connection with the reinvestment of distributions	4,977			55,706		4,698			52,619
Redeemed	(78,911	)		(882,402	)	(593,846	)		(6,627,527	)
Net change	191,600		$	2,134,346		118,245		$	1,323,608
Class Y
Issued from the sale of shares	14,817,965		$	165,600,213		15,567,203		$	174,641,549
Issued in connection with the reinvestment of distributions	307,095			3,436,118		509,058			5,709,282
Redeemed	(13,037,592	)		(145,561,755	)	(14,832,325	)		(166,390,937	)
Net change	2,087,468		$	23,474,576		1,243,936		$	13,959,894
Increase (decrease) from capital share transactions	3,023,374		$	33,853,485		(440,151	)	$	(4,981,212	)

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Semiannual Report

March 31, 2019

Loomis Sayles Growth Fund

Loomis Sayles Strategic Income Fund

Table of Contents

Portfolio Review	1
Portfolio of Investments	9
Financial Statements	27
Notes to Financial Statements	40

IMPORTANT NOTICE TO SHAREHOLDERS

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Funds’ website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you wish to continue receiving paper copies of your shareholder reports after January 1, 2021, you can inform the Fund at any time by calling 1-800-225-5478. If you hold your account with a financial intermediary and you wish to continue receiving paper copies after January 1, 2021, you should call your financial intermediary directly. Paper copies are provided free of charge, and your election to receive reports in paper will apply to all funds held with the Natixis Funds complex. If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You currently may elect to receive shareholder reports and other communications from the Fund or your financial intermediary electronically atwww.icsdelivery.com/natixisfunds.

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.

1  |

Average Annual Total Returns — March 31, 2019³

																Expense Ratios4
	6 Months			1 Year			5 Years			10 Years			Life of Class N			Gross			Net
Class Y (Inception 5/16/91)
NAV		2.45	%		12.41	%		14.17	%		17.24	%		—	%		0.65	%		0.65	%
Class A (Inception 12/31/96)
NAV		2.31			12.09			13.87			16.93			—			0.90			0.90
With 5.75% Maximum Sales Charge		-3.58			5.67			12.52			16.24			—
Class C (Inception 9/12/03)
NAV		1.94			11.27			13.01			16.06			—			1.65			1.65
With CDSC1		0.98			10.27			13.01			16.06			—
Class N (Inception 2/1/13)
NAV		2.43			12.46			14.24			—			15.62			0.58			0.58
Comparative Performance
Russell 1000® Growth Index2		-2.34			12.75			13.50			17.52			15.39

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 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 limitations set to expire on 1/31/20. When a Fund’s expenses are below the limitation, 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 limitations.

|  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, 2019⁵

																Expense Ratios6
	6 Months			1 Year			5 Years			10 Years			Life of Class N			Gross			Net
Class Y (Inception 12/1/99)
NAV		0.07	%		1.30	%		2.47	%		9.28	%		—	%		0.71	%		0.71	%
Class A (Inception 5/1/95)
NAV		0.02			1.05			2.22			9.01			—			0.96			0.96
With 4.25% Maximum Sales Charge		-4.24			-3.23			1.34			8.54			—
Class C (Inception 5/1/95)
NAV		-0.37			0.31			1.44			8.19			—			1.71			1.71
With CDSC2		-1.35			-0.66			1.44			8.19			—
Class N (Inception 2/1/13)
NAV		0.11			1.38			2.54			—			3.97			0.63			0.63
Admin Class (Inception 2/1/10)1
NAV		-0.11			0.80			1.98			8.74			—			1.20			1.20
Comparative Performance
Bloomberg Barclays U.S. Aggregate Bond Index3		4.63			4.48			2.74			3.77			2.32
Bloomberg Barclays U.S. Universal Bond Index4		4.53			4.53			3.00			4.36			2.63

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. Formost 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 limitations set to expire on 1/31/20. When a Fund’s expenses are below the limitation, 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 limitations.

|  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 as an exhibit on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at www.sec.gov.

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, 2018 through March 31, 2019. 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 GROWTH FUND	BEGINNING ACCOUNT VALUE 10/1/2018		ENDING ACCOUNT VALUE 3/31/2019		EXPENSES PAID DURING PERIOD* 10/1/2018 – 3/31/2019
Class A
Actual		$1,000.00		$1,023.10		$4.59
Hypothetical (5% return before expenses)		$1,000.00		$1,020.39		$4.58
Class C
Actual		$1,000.00		$1,019.40		$8.36
Hypothetical (5% return before expenses)		$1,000.00		$1,016.65		$8.35
Class N
Actual		$1,000.00		$1,024.30		$2.83
Hypothetical (5% return before expenses)		$1,000.00		$1,022.14		$2.82
Class Y
Actual		$1,000.00		$1,024.50		$3.33
Hypothetical (5% return before expenses)		$1,000.00		$1,021.64		$3.33

* Expenses are equal to the Fund’s annualized expense ratio: 0.91%, 1.66%, 0.56% and 0.66% 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).

7  |

LOOMIS SAYLES STRATEGIC INCOME FUND	BEGINNING ACCOUNT VALUE 10/1/2018		ENDING ACCOUNT VALUE 3/31/2019		EXPENSES PAID DURING PERIOD* 10/1/2018 – 3/31/2019
Class A
Actual		$1,000.00		$1,000.20		$4.79
Hypothetical (5% return before expenses)		$1,000.00		$1,020.15		$4.84
Class C
Actual		$1,000.00		$996.30		$8.51
Hypothetical (5% return before expenses)		$1,000.00		$1,016.41		$8.60
Class N
Actual		$1,000.00		$1,001.10		$3.14
Hypothetical (5% return before expenses)		$1,000.00		$1,021.79		$3.18
Class Y
Actual		$1,000.00		$1,000.70		$3.54
Hypothetical (5% return before expenses)		$1,000.00		$1,021.39		$3.58
Admin Class
Actual		$1,000.00		$998.90		$5.88
Hypothetical (5% return before expenses)		$1,000.00		$1,019.05		$5.94

* Expenses are equal to the Fund’s annualized expense ratio: 0.96%, 1.71%, 0.63%, 0.71% and 1.18% 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, 2019 (Unaudited)

Loomis Sayles Growth Fund

Shares		Description	Value (†)
	Common Stocks — 98.7% of Net Assets
		Air Freight & Logistics — 2.9%
	3,256,070	Expeditors International of Washington, Inc.	$	247,135,713
		Beverages — 5.6%
	4,336,849	Coca-Cola Co. (The)		203,224,744
	4,837,418	Monster Beverage Corp.(a)		264,026,275
				467,251,019
		Biotechnology — 5.1%
	751,151	Amgen, Inc.		142,703,667
	697,875	Regeneron Pharmaceuticals, Inc.(a)		286,561,432
				429,265,099
		Capital Markets — 4.0%
	647,744	FactSet Research Systems, Inc.		160,815,403
	3,369,711	SEI Investments Co.		176,067,400
				336,882,803
		Communications Equipment — 3.2%
	4,931,399	Cisco Systems, Inc.		266,246,232
		Consumer Finance — 1.2%
	885,206	American Express Co.		96,753,016
		Energy Equipment & Services — 1.7%
	3,305,558	Schlumberger Ltd.		144,023,162
		Food Products — 2.7%
	14,829,274	Danone S.A., Sponsored ADR		228,222,527
		Health Care Equipment & Supplies — 2.0%
	1,170,629	Varian Medical Systems, Inc.(a)		165,901,542
		Health Care Technology — 2.0%
	2,972,190	Cerner Corp.(a)		170,038,990
		Hotels, Restaurants & Leisure — 6.6%
	3,632,226	Starbucks Corp.		270,019,681
	2,859,157	Yum China Holdings, Inc.		128,404,741
	1,589,025	Yum! Brands, Inc.		158,600,585
				557,025,007
		Household Products — 5.0%
	2,350,856	Colgate-Palmolive Co.		161,127,670
	2,482,475	Procter & Gamble Co. (The)		258,301,524
				419,429,194
		Interactive Media & Services — 10.7%
	194,559	Alphabet, Inc., Class A(a)		228,974,541
	194,290	Alphabet, Inc., Class C(a)		227,962,400
	2,647,607	Facebook, Inc., Class A(a)		441,329,611
				898,266,552
		Internet & Direct Marketing Retail — 12.1%
	2,494,077	Alibaba Group Holding Ltd., Sponsored ADR(a)		455,044,349

See accompanying notes to financial statements.

9  |

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Growth Fund – (continued)

Shares		Description	Value (†)
		Internet & Direct Marketing Retail — continued
	313,743	Amazon.com, Inc.(a)	$	558,697,847
				1,013,742,196
		IT Services — 7.5%
	558,556	Automatic Data Processing, Inc.		89,223,735
	3,478,690	Visa, Inc., Class A		543,336,591
				632,560,326
		Machinery — 2.7%
	1,403,201	Deere & Co.		224,287,648
		Pharmaceuticals — 6.0%
	1,308,427	Merck & Co., Inc.		108,821,874
	1,587,543	Novartis AG, Sponsored ADR		152,626,384
	4,675,808	Novo Nordisk AS, Sponsored ADR		244,591,516
				506,039,774
		Semiconductors & Semiconductor Equipment — 4.9%
	1,102,397	NVIDIA Corp.		197,946,405
	3,700,524	QUALCOMM, Inc.		211,040,884
				408,987,289
		Software — 12.8%
	2,303,338	Autodesk, Inc.(a)		358,906,127
	2,498,615	Microsoft Corp.		294,686,653
	7,893,517	Oracle Corp.		423,960,798
				1,077,553,578
		Total Common Stocks (Identified Cost $5,912,504,707)		8,289,611,667
Principal Amount
	Short-Term Investments  — 1.0%
$	84,803,572	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/29/2019 at 1.500% to be repurchased at $84,814,173 on 4/01/2019 collateralized by $86,530,000 U.S. Treasury Note, 2.000% due 11/30/2022 valued at $86,504,301 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $84,803,572)		84,803,572
		Total Investments — 99.7% (Identified Cost $5,997,308,279)		8,374,415,239
		Other assets less liabilities — 0.3%		22,184,793
		Net Assets — 100.0%	$	8,396,600,032
	(†)	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.

|  10

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Growth Fund – (continued)

Industry Summary at March 31, 2019 (Unaudited)

Software	12.8	%
Internet & Direct Marketing Retail	12.1
Interactive Media & Services	10.7
IT Services	7.5
Hotels, Restaurants & Leisure	6.6
Pharmaceuticals	6.0
Beverages	5.6
Biotechnology	5.1
Household Products	5.0
Semiconductors & Semiconductor Equipment	4.9
Capital Markets	4.0
Communications Equipment	3.2
Air Freight & Logistics	2.9
Food Products	2.7
Machinery	2.7
Health Care Technology	2.0
Health Care Equipment & Supplies	2.0
Other Investments, less than 2% each	2.9
Short-Term Investments	1.0
Total Investments	99.7
Other assets less liabilities	0.3
Net Assets	100.0	%

See accompanying notes to financial statements.

11  |

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Strategic Income Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 69.2% of Net Assets
	Non-Convertible Bonds — 63.0%
		ABS Other — 0.4%
$	22,938,697	GCA2014 Holdings Ltd., Series2014-1, Class C, 6.000%, 1/05/2030, 144A(a)(b)(c)(d)	$	18,305,080
	9,327,126	GCA2014 Holdings Ltd., Series2014-1, Class D, 7.500%, 1/05/2030, 144A(a)(b)(c)(d)		4,664,496
	42,000,000	GCA2014 Holdings Ltd., Series2014-1, Class E, Zero Coupon, 1/05/2030, 144A(a)(b)(c)(d)(e)		—
	8,896,754	Global Container Assets Ltd., Series2015-1A, Class B, 4.500%, 2/05/2030, 144A(d)(f)		8,592,449
				31,562,025
		Aerospace & Defense — 1.0%
	620,000	Bombardier, Inc., 7.350%, 12/22/2026, 144A, (CAD)		470,710
	10,225,000	Bombardier, Inc., 7.450%, 5/01/2034, 144A		10,276,125
	3,145,000	Embraer Netherlands Finance BV, 5.400%, 2/01/2027		3,388,738
	9,576,000	Leonardo U.S. Holdings, Inc., 6.250%, 1/15/2040, 144A		8,878,963
	8,815,000	Leonardo U.S. Holdings, Inc., 7.375%, 7/15/2039, 144A		9,277,788
	5,310,000	Textron Financial Corp.,3-month LIBOR + 1.735%, 4.419%, 2/15/2067, 144A(g)		4,035,600
	24,513,000	TransDigm, Inc., 6.500%, 7/15/2024		25,187,107
	17,765,000	TransDigm, Inc., 6.500%, 5/15/2025		18,033,251
				79,548,282
		Airlines — 2.7%
	130,040,000	American Airlines Group, Inc., 5.500%, 10/01/2019, 144A		131,652,496
	1,868,814	American Airlines Pass Through Certificates, Series2016-3, Class B, 3.750%, 4/15/2027		1,832,594
	1,108,954	American Airlines Pass Through Certificates, Series2017-2, Class B, 3.700%, 4/15/2027		1,082,485
	8,783,731	American Airlines Pass Through Certificates, Series2013-1, Class A, 4.000%, 1/15/2027		8,919,352
	1,761,389	Continental Airlines Pass Through Certificates, Series2012-1, Class B, 6.250%, 10/11/2021		1,787,880
	1,788,181	Continental Airlines Pass Through Certificates, Series2012-2, Class B, 5.500%, 4/29/2022		1,814,378
	930	Continental Airlines Pass Through Trust, Series1999-2, Class B, 7.566%, 9/15/2021		958
	193,163	Continental Airlines Pass Through Trust, Series2001-1,Class A-1, 6.703%, 12/15/2022		203,632
	301,407	Northwest Airlines, Inc., Series2002-1, Class G2, (MBIA Insured), 6.264%, 5/20/2023(a)		309,484
	4,772,133	US Airways Pass Through Trust, Series2012-1B, Class B, 8.000%, 4/01/2021		4,858,509
	48,950,000	Virgin Australia Holdings Ltd., 8.500%, 11/15/2019, 144A		49,929,000
	927,069	Virgin Australia Pass Through Certificates, Series2013-1B, 6.000%, 4/23/2022, 144A		932,853
				203,323,621

See accompanying notes to financial statements.

|  12

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Automotive — 0.8%
$	1,210,000	Allison Transmission, Inc., 4.750%, 10/01/2027, 144A	$	1,154,038
	1,220,000	Ford Motor Co., 6.625%, 2/15/2028		1,293,163
	1,345,000	Ford Motor Co., 7.500%, 8/01/2026		1,499,692
	18,565,000	Ford Motor Credit Co. LLC, 5.596%, 1/07/2022		19,147,755
	4,795,000	Goodyear Tire & Rubber Co. (The), 4.875%, 3/15/2027		4,381,431
	4,977,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		5,138,753
	26,055,000	Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc., 7.875%, 10/01/2022, 144A		24,556,837
				57,171,669
		Banking — 4.8%
	6,000,000	Ally Financial, Inc., 8.000%, 11/01/2031		7,447,500
	983,000	Bank of America Corp., (fixed rate to 12/20/2027, variable rate thereafter), 3.419%, 12/20/2028		961,226
	265,000	Bank of America Corp., MTN, 4.250%, 10/22/2026		272,246
	7,045,000	Bank of America Corp., Series L, MTN, 4.183%, 11/25/2027		7,154,132
	36,445,000	Citigroup, Inc., 5.130%, 11/12/2019, (NZD)		25,198,673
	3,450,000	Cooperatieve Rabobank UA, 3.950%, 11/09/2022		3,513,237
	3,095,000	Deutsche Bank AG, (fixed rate to 12/01/2027, variable rate thereafter), 4.875%, 12/01/2032		2,727,221
	25,000,000	Goldman Sachs Group, Inc. (The), 3.550%, 2/12/2021, (CAD)		19,085,569
	19,245,000	Intesa Sanpaolo SpA, 5.017%, 6/26/2024, 144A		18,602,008
	36,195,000	Morgan Stanley, 4.350%, 9/08/2026		37,133,968
	185,000,000	Morgan Stanley, GMTN, 5.000%, 9/30/2021, (AUD)		139,432,936
	46,735,000	Morgan Stanley, MTN, 4.100%, 5/22/2023		48,123,059
	10,000,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		11,582,721
	53,095,000	Morgan Stanley, Series MPLE, 3.125%, 8/05/2021, (CAD)		40,391,296
				361,625,792
		Brokerage — 1.5%
	3,325,000	Jefferies Finance LLC/JFINCo-Issuer Corp., 6.875%, 4/15/2022, 144A		3,341,625
	1,675,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.250%, 8/15/2024, 144A		1,649,875
	22,540,000	Jefferies Finance LLC/JFINCo-Issuer Corp., 7.500%, 4/15/2021, 144A		22,878,100
	43,025,000	Jefferies Group LLC, 5.125%, 1/20/2023		45,578,166
	20,010,000	Jefferies Group LLC, 6.250%, 1/15/2036		20,724,484
	15,215,000	Jefferies Group LLC, 6.450%, 6/08/2027		16,611,330
				110,783,580
		Building Materials — 0.3%
	5,565,000	American Woodmark Corp., 4.875%, 3/15/2026, 144A		5,439,788
	1,859,000	Masco Corp., 6.500%, 8/15/2032		2,114,824
	195,000	Masco Corp., 7.125%, 3/15/2020		202,620
	1,226,000	Masco Corp., 7.750%, 8/01/2029		1,488,776
	10,800,000	Owens Corning, 7.000%, 12/01/2036		12,281,749
				21,527,757
		Cable Satellite — 1.4%
	850,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2023, 144A		869,967
	975,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.375%, 5/01/2025, 144A		1,006,687

See accompanying notes to financial statements.

13  |

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Cable Satellite — continued
$	3,315,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 1/15/2024	$	3,402,019
	4,360,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.875%, 5/01/2027, 144A		4,524,808
	17,880,000	CSC Holdings LLC, 5.375%, 2/01/2028, 144A		17,924,700
	17,679,000	DISH DBS Corp., 5.875%, 11/15/2024		14,850,360
	25,270,000	Shaw Communications, Inc., 5.650%, 10/01/2019, (CAD)		19,211,138
	4,835,000	Time Warner Cable LLC, 4.500%, 9/15/2042		4,225,917
	135,000	Time Warner Cable LLC, 5.875%, 11/15/2040		138,361
	11,275,000	Videotron Ltd., 5.625%, 6/15/2025, 144A, (CAD)		8,900,952
	7,000,000	Virgin Media Finance PLC, 6.000%, 10/15/2024, 144A		7,236,110
	18,245,000	VTR Finance BV, 6.875%, 1/15/2024, 144A		18,701,125
	6,150,000	Ziggo BV, 5.500%, 1/15/2027, 144A		6,073,125
				107,065,269
		Chemicals — 2.0%
	19,810,000	Aruba Investments, Inc., 8.750%, 2/15/2023, 144A		19,810,000
	3,416,000	Chemours Co. (The), 6.625%, 5/15/2023		3,531,597
	18,254,000	Consolidated Energy Finance S.A., 6.500%, 5/15/2026, 144A		18,162,730
	26,164,000	Hexion, Inc., 7.875%, 2/15/2023(d)(f)		9,180,163
	8,757,000	Hexion, Inc., 9.200%, 3/15/2021(d)(f)		2,189,250
	21,660,000	Hexion, Inc./Hexion Nova Scotia Finance ULC, 9.000%, 11/15/2020(d)(f)		5,415,000
	90,205,000	INVISTA Finance LLC, 4.250%, 10/15/2019, 144A		90,580,363
	885,000	TPC Group, Inc., 8.750%, 12/15/2020, 144A		871,725
				149,740,828
		Construction Machinery — 0.1%
	1,310,000	United Rentals North America, Inc., 4.875%, 1/15/2028		1,274,237
	5,105,000	United Rentals North America, Inc., 5.750%, 11/15/2024		5,245,388
	3,850,000	United Rentals North America, Inc., 6.500%, 12/15/2026		4,052,125
				10,571,750
		Consumer Cyclical Services — 0.1%
	5,500,000	ServiceMaster Co. LLC (The), 7.450%, 8/15/2027		5,788,750
		Consumer Products — 0.1%
	11,880,000	Avon Products, Inc., 8.950%, 3/15/2043		11,342,430
		Electric — 1.2%
	5,093,000	AES Corp. (The), 4.875%, 5/15/2023		5,163,029
	9,371,000	AES Corp. (The), 5.500%, 4/15/2025		9,702,827
	31,019,830	Alta Wind Holdings LLC, 7.000%, 6/30/2035, 144A		33,015,592
	29,959,000	EDP Finance BV, 4.125%, 1/15/2020, 144A		30,086,026
	3,570,000	Empresa Nacional de Electricidad S.A., 7.875%, 2/01/2027		4,348,709
	5,991,000	Vistra Energy Corp., 7.625%, 11/01/2024		6,335,602
				88,651,785
		Finance Companies — 3.3%
	12,710,000	GE Capital International Funding Co. Unlimited Co., 4.418%, 11/15/2035		11,750,224
	2,260,000	Navient Corp., 5.875%, 10/25/2024		2,186,550
	109,950(††)	Navient Corp., 6.000%, 12/15/2043		2,308,217
	47,944,000	Navient Corp., MTN, 6.125%, 3/25/2024		47,884,070

See accompanying notes to financial statements.

|  14

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Finance Companies — continued
$	22,945,000	Navient LLC, 5.500%, 1/25/2023	$	22,973,681
	6,490,000	Navient LLC, MTN, 7.250%, 1/25/2022		6,879,400
	50,910,000	Navient LLC, Series A, MTN, 5.625%, 8/01/2033		38,946,150
	23,115,000	Springleaf Finance Corp., 6.875%, 3/15/2025		23,837,344
	4,075,000	Springleaf Finance Corp., 7.125%, 3/15/2026		4,148,839
	26,970,000	Springleaf Finance Corp., 7.750%, 10/01/2021		29,060,175
	55,015,000	Springleaf Finance Corp., 8.250%, 10/01/2023		60,654,037
				250,628,687
		Financial Other — 0.3%
	25,465,000	Nationstar Mortgage Holdings, Inc., 9.125%, 7/15/2026, 144A		25,846,975
		Gaming — 0.1%
	5,475,000	International Game Technology PLC, 6.250%, 1/15/2027, 144A		5,611,875
		Government Owned – No Guarantee — 0.7%
	22,160,000	Pertamina Persero PT, 6.450%, 5/30/2044, 144A		25,245,381
	30,955,000	Petrobras Global Finance BV, 5.625%, 5/20/2043		27,689,248
				52,934,629
		Healthcare — 3.8%
	40,686,000	HCA, Inc., 5.875%, 5/01/2023		43,381,447
	14,620,000	HCA, Inc., 7.050%, 12/01/2027		15,972,350
	20,447,000	HCA, Inc., 7.500%, 12/15/2023		22,798,405
	24,215,000	HCA, Inc., 7.500%, 11/06/2033		27,786,713
	14,056,000	HCA, Inc., 7.690%, 6/15/2025		15,953,560
	32,745,000	HCA, Inc., 8.360%, 4/15/2024		37,820,475
	10,815,000	HCA, Inc., MTN, 7.580%, 9/15/2025		12,166,875
	9,492,000	HCA, Inc., MTN, 7.750%, 7/15/2036		10,820,880
	955,000	Tenet Healthcare Corp., 4.375%, 10/01/2021		971,617
	18,365,000	Tenet Healthcare Corp., 5.125%, 5/01/2025		18,457,743
	40,800,000	Tenet Healthcare Corp., 6.750%, 6/15/2023		42,024,000
	42,294,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		39,756,360
	990,000	Tenet Healthcare Corp., 8.125%, 4/01/2022		1,065,092
				288,975,517
		Home Construction — 1.1%
	151,000	Beazer Homes USA, Inc., 7.250%, 2/01/2023		144,583
	13,360,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021		11,022,000
	47,260,000	PulteGroup, Inc., 6.000%, 2/15/2035		45,310,525
	13,190,000	PulteGroup, Inc., 6.375%, 5/15/2033		13,140,537
	10,305,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 4.375%, 6/15/2019		10,317,881
	195,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.875%, 6/15/2024		195,975
				80,131,501
		Independent Energy — 4.4%
	595,000	Anadarko Petroleum Corp., 3.450%, 7/15/2024		594,717
	540,000	Anadarko Petroleum Corp., 4.500%, 7/15/2044		508,150
	4,810,000	Antero Resources Corp., 5.625%, 6/01/2023		4,876,137

See accompanying notes to financial statements.

15  |

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Independent Energy — continued
$	18,736,000	Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.000%, 4/01/2022, 144A	$	20,521,541
	8,145,000	Baytex Energy Corp., 5.125%, 6/01/2021, 144A		8,043,187
	8,225,000	Baytex Energy Corp., 5.625%, 6/01/2024, 144A		7,638,969
	17,375,000	Bellatrix Exploration Ltd., 8.500%, 5/15/2020, 144A(d)(f)		10,402,934
	8,645,000	California Resources Corp., 5.500%, 9/15/2021		6,725,291
	1,188,000	California Resources Corp., 6.000%, 11/15/2024		772,699
	57,490,000	California Resources Corp., 8.000%, 12/15/2022, 144A		45,146,897
	1,310,000	Chesapeake Energy Corp., 4.875%, 4/15/2022		1,290,350
	21,335,000	Chesapeake Energy Corp., 8.000%, 1/15/2025		21,761,700
	39,020,000	Chesapeake Energy Corp., 8.000%, 6/15/2027		38,434,700
	15,215,000	Continental Resources, Inc., 3.800%, 6/01/2024	��	15,314,507
	5,450,000	Continental Resources, Inc., 4.500%, 4/15/2023		5,641,740
	440,000	Continental Resources, Inc., 5.000%, 9/15/2022		443,136
	1,567,000	Halcon Resources Corp., 6.750%, 2/15/2025		940,200
	15,580,000	Lonestar Resources America, Inc., 11.250%, 1/01/2023, 144A		15,324,176
	180,000	MEG Energy Corp., 6.375%, 1/30/2023, 144A		166,500
	12,740,000	MEG Energy Corp., 7.000%, 3/31/2024, 144A		11,880,050
	19,290,000	Montage Resources Corp., 8.875%, 7/15/2023		18,379,512
	1,065,000	Oasis Petroleum, Inc., 6.875%, 1/15/2023		1,065,000
	7,170,000	Pan American Energy LLC, 7.875%, 5/07/2021, 144A		7,277,550
	2,055,000	QEP Resources, Inc., 5.250%, 5/01/2023		1,936,838
	17,908,000	Sanchez Energy Corp., 6.125%, 1/15/2023		2,417,580
	9,520,000	Sanchez Energy Corp., 7.750%, 6/15/2021		1,344,319
	8,241,000	SM Energy Co., 5.000%, 1/15/2024		7,622,925
	15,904,000	SM Energy Co., 6.125%, 11/15/2022		15,904,000
	95,000	SM Energy Co., 6.750%, 9/15/2026		91,081
	1,110,000	Southwestern Energy Co., 6.200%, 1/23/2025		1,090,575
	14,955,000	Vine Oil & Gas LP/Vine Oil & Gas Finance Corp., 8.750%, 4/15/2023, 144A		11,889,225
	19,960,000	Whiting Petroleum Corp., 5.750%, 3/15/2021		20,189,540
	3,550,000	Whiting Petroleum Corp., 6.250%, 4/01/2023		3,568,709
	21,785,000	Whiting Petroleum Corp., 6.625%, 1/15/2026		21,349,300
				330,553,735
		Life Insurance — 0.8%
	15,000,000	Global Atlantic Fin Co., 8.625%, 4/15/2021, 144A		16,506,181
	20,000,000	National Life Insurance Co., 10.500%, 9/15/2039, 144A(d)(f)		31,977,989
	8,920,000	NLV Financial Corp., 7.500%, 8/15/2033, 144A(d)(f)		11,491,149
				59,975,319
		Local Authorities — 0.9%
	95,480,000	New South Wales Treasury Corp., 4.000%, 4/08/2021, (AUD)		70,977,603
		Media Entertainment — 1.3%
	111,590,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		3,889,560
	16,770,000	iHeartCommunications, Inc., 9.000%, 12/15/2019(h)		11,906,700
	47,480,000	iHeartCommunications, Inc., 9.000%, 3/01/2021(h)		33,473,400
	33,370,000	iHeartCommunications, Inc., 9.000%, 9/15/2022(h)		23,525,850
	7,180,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 5.250%, 2/15/2022		7,251,800

See accompanying notes to financial statements.

|  16

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Media Entertainment — continued
$	17,950,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 5.875%, 3/15/2025	$	18,398,750
				98,446,060
		Metals & Mining — 1.2%
	8,202,122	1839688 Alberta ULC, 14.000% PIK, 14.000% Cash, 2/13/2020(a)(c)(d)(h)(i)		—
	2,000,000	AK Steel Corp., 7.625%, 10/01/2021		2,005,000
	25,271,000	ArcelorMittal, 6.750%, 3/01/2041		28,170,363
	8,705,000	Barrick North America Finance LLC, 5.750%, 5/01/2043		10,095,353
	12,315,000	First Quantum Minerals Ltd., 7.250%, 5/15/2022, 144A		12,391,969
	1,810,000	First Quantum Minerals Ltd., 7.500%, 4/01/2025, 144A		1,733,075
	16,135,000	Russel Metals, Inc., 6.000%, 4/19/2022, 144A, (CAD)		12,209,764
	11,719,000	United States Steel Corp., 6.650%, 6/01/2037		10,312,720
	10,000,000	Worthington Industries, Inc., 6.500%, 4/15/2020		10,365,681
				87,283,925
		Midstream — 0.6%
	8,935,000	IFM U.S. Colonial Pipeline 2 LLC, 6.450%, 5/01/2021, 144A		9,246,385
	13,667,000	NGL Energy Partners LP/NGL Energy Finance Corp., 6.125%, 3/01/2025		13,188,655
	8,125,000	NGL Energy Partners LP/NGL Energy Finance Corp., 7.500%, 11/01/2023		8,406,125
	505,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		606,000
	11,820,000	Summit Midstream Partners LP, Series A, (fixed rate to 12/15/2022, variable rate thereafter), 9.500%(j)		11,068,839
				42,516,004
		Oil Field Services — 2.6%
	11,165,000	Ensco PLC, 7.750%, 2/01/2026		9,420,469
	7,120,000	Global Marine, Inc., 7.000%, 6/01/2028		6,141,000
	1,765,000	Noble Holding International Ltd., 7.750%, 1/15/2024		1,589,118
	19,385,000	Noble Holding International Ltd., 7.875%, 2/01/2026, 144A		17,979,587
	18,385,000	Pioneer Energy Services Corp., 6.125%, 3/15/2022		11,446,133
	12,020,000	Precision Drilling Corp., 5.250%, 11/15/2024		11,238,700
	401,770	Precision Drilling Corp., 6.500%, 12/15/2021		404,783
	2,080,000	Shelf Drilling Holdings Ltd., 8.250%, 2/15/2025, 144A		1,976,000
	71,364,000	Transocean Proteus Ltd., 6.250%, 12/01/2024, 144A		73,237,305
	39,300,000	Transocean, Inc., 5.800%, 10/15/2022		38,514,000
	28,580,000	Transocean, Inc., 6.800%, 3/15/2038		22,149,500
				194,096,595
		Paper — 0.6%
	15,225,000	Georgia-Pacific LLC, 7.750%, 11/15/2029		20,685,727
	4,865,000	WestRock MWV LLC, 7.950%, 2/15/2031		6,342,065
	8,750,000	WestRock MWV LLC, 8.200%, 1/15/2030		11,434,744
	2,840,000	Weyerhaeuser Co., 6.950%, 10/01/2027		3,435,154
				41,897,690
		Property & Casualty Insurance — 0.3%
	12,510,000	MBIA Insurance Corp.,3-month LIBOR + 11.260%, 14.047%, 1/15/2033, 144A(e)(g)		8,194,050

See accompanying notes to financial statements.

17  |

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Property & Casualty Insurance — continued
$	17,870,000	XL Group PLC,3-month LIBOR + 2.458%, 5.245%(g)(j)	$	17,166,369
				25,360,419
		Retailers — 0.3%
	3,325,000	Dillard’s, Inc., 7.000%, 12/01/2028		3,476,620
	1,500,000	Dillard’s, Inc., 7.750%, 7/15/2026		1,617,540
	7,000	J.C. Penney Corp., Inc., 5.650%, 6/01/2020		6,376
	27,224,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		9,528,400
	2,510,000	J.C. Penney Corp., Inc., 7.625%, 3/01/2097		840,850
	6,365,000	Marks & Spencer PLC, 7.125%, 12/01/2037, 144A		6,893,796
				22,363,582
		Supermarkets — 2.3%
	11,495,000	Albertson’s Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC, 5.750%, 3/15/2025		10,905,881
	9,465,000	Albertson’s Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC, 6.625%, 6/15/2024		9,559,650
	87,475,000	New Albertsons LP, 7.450%, 8/01/2029		77,415,375
	25,595,000	New Albertsons LP, 7.750%, 6/15/2026		23,325,235
	28,915,000	New Albertsons LP, 8.000%, 5/01/2031		26,022,633
	9,390,000	New Albertsons LP, 8.700%, 5/01/2030		8,638,800
	18,387,000	New Albertsons LP, Series C, MTN, 6.625%, 6/01/2028		14,893,470
	2,290,000	Safeway, Inc., 7.250%, 2/01/2031		2,061,000
				172,822,044
		Technology — 1.1%
	4,537,000	Advanced Micro Devices, Inc., 7.000%, 7/01/2024		4,749,694
	56,340,000	KLA-Tencor Corp., 4.650%, 11/01/2024		60,182,712
	15,170,000	KLA-Tencor Corp., 5.650%, 11/01/2034		16,451,827
	135,000	Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		154,734
	2,550,000	Seagate HDD Cayman, 4.875%, 6/01/2027		2,430,879
				83,969,846
		Transportation Services — 0.1%
	10,503,000	APL Ltd., 8.000%, 1/15/2024(d)(f)		9,335,592
		Treasuries — 16.5%
	312,000,000	Canadian Government Bond, 0.750%, 9/01/2020, (CAD)		230,796,184
	80,645,000	Canadian Government International Bond, 1.750%, 9/01/2019, (CAD)		60,349,628
	1,010,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2024, (EUR)(k)		1,176,261
	1,100,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2035, (EUR)(k)		1,158,573
	4,000,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2036, (EUR)(k)		4,171,080
	4,455,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2037, (EUR)(k)		4,615,701
	5,820,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2038, (EUR)(k)		5,963,355

See accompanying notes to financial statements.

|  18

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Treasuries — continued
	4,000,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2039, (EUR)(k)	$	4,077,473
	4,680,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2040, (EUR)(k)		4,763,592
	5,970,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2041, (EUR)(k)		6,073,219
	4,000,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2042, (EUR)(k)		4,063,496
	1,605,660,000	Iceland Government International Bond, 7.250%, 10/26/2022, (ISK)		14,216,720
	10,000,000(†††)	Mexican Fixed Rate Bonds, Series M, 5.750%, 3/05/2026, (MXN)		45,507,915
	9,930,439(†††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/10/2021, (MXN)		49,815,270
	4,250,000(†††)	Mexican Fixed Rate Bonds, Series M, 7.750%, 5/29/2031, (MXN)		21,157,327
	7,740,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 7.500%, 6/03/2027, (MXN)		38,610,578
	27,224,481(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		141,193,793
	3,035,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.500%, 5/31/2029, (MXN)		16,073,722
	21,700,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 10.000%, 12/05/2024, (MXN)		122,726,956
	175,365,000	New Zealand Government Bond, 6.000%, 5/15/2021, (NZD)		130,771,531
	458,725,000	Norway Government Bond, 3.750%, 5/25/2021, 144A, (NOK)		55,949,563
	658,049,000	Norway Government Bond, 4.500%, 5/22/2019, 144A, (NOK)		76,625,272
	162,850,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)		42,632,523
	55,925,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		16,112,102
	144,325,000	U.S. Treasury Bond, 3.000%, 8/15/2048		149,398,926
				1,248,000,760
		Wireless — 1.4%
	293,000,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		13,887,508
	134,600,000	America Movil SAB de CV, 8.460%, 12/18/2036, (MXN)		5,999,338
	49,955,000	Sprint Capital Corp., 6.875%, 11/15/2028		48,019,244
	6,260,000	Sprint Capital Corp., 8.750%, 3/15/2032		6,604,926
	21,052,000	Sprint Communications, Inc., 6.000%, 11/15/2022		21,216,205
	8,200,000	Sprint Corp., 7.125%, 6/15/2024		8,323,000
	4,727,000	Sprint Corp., 7.250%, 9/15/2021		4,963,350
				109,013,571
		Wirelines — 2.9%
	12,810,000	AT&T, Inc., 4.500%, 3/09/2048		12,019,524
	14,095,000	AT&T, Inc., 4.550%, 3/09/2049		13,310,672
	4,370,000	Bell Canada, Inc., MTN, 6.550%, 5/01/2029, 144A, (CAD)		4,114,082
	7,545,000	Bell Canada, Inc., Series M-17, 6.100%, 3/16/2035, (CAD)		7,036,919
	1,240,000	CenturyLink, Inc., 5.625%, 4/01/2025		1,199,700
	7,410,000	CenturyLink, Inc., Series G, 6.875%, 1/15/2028		6,965,400
	28,385,000	CenturyLink, Inc., Series S, 6.450%, 6/15/2021		29,555,881
	7,940,000	CenturyLink, Inc., Series W, 6.750%, 12/01/2023		8,287,375
	350,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		303,674
	2,405,000	Cincinnati Bell, Inc., 7.000%, 7/15/2024, 144A		2,213,995
	18,905,000	Cincinnati Bell, Inc., 8.000%, 10/15/2025, 144A		17,250,812
	10,410,000	Frontier Communications Corp., 7.875%, 1/15/2027		5,290,050
	25,745,000	Level 3 Parent LLC, 5.750%, 12/01/2022		26,010,173

See accompanying notes to financial statements.

19  |

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description		Value (†)
		Wirelines — continued
$	17,810,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		$	16,095,787
	30,646,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034			28,347,550
	16,440,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033			15,864,600
	14,223,000	Verizon Communications, Inc., 4.329%, 9/21/2028			15,048,361
	6,309,000	Windstream Services LLC/Windstream Finance Corp., 9.000%, 6/30/2025, 144A(e)			4,290,120
	8,865,000	Windstream Services LLC/Windstream Finance Corp., 10.500%, 6/30/2024, 144A(e)			6,537,937
					219,742,612
		TotalNon-Convertible Bonds (Identified Cost $5,232,543,360)			4,759,188,079
			��
	Convertible Bonds — 4.4%
		Cable Satellite — 1.7%
	14,660,000	DISH Network Corp., 2.375%, 3/15/2024			12,092,612
	138,515,000	DISH Network Corp., 3.375%, 8/15/2026			117,668,508
					129,761,120
		Finance Companies — 0.2%
	14,245,000	iStar, Inc., 3.125%, 9/15/2022			13,069,788
		Independent Energy — 0.6%
	31,000,000	Chesapeake Energy Corp., 5.500%, 9/15/2026			28,724,419
	10,955,000	SM Energy Co., 1.500%, 7/01/2021			10,228,028
	6,625,000	Whiting Petroleum Corp., 1.250%, 4/01/2020			6,404,136
					45,356,583
		Leisure — 0.4%
	27,795,000	Rovi Corp., 0.500%, 3/01/2020			26,959,204
		Media Entertainment — 0.1%
	4,931,976	Liberty Interactive LLC, 3.500%, 1/15/2031			7,101,385
		Pharmaceuticals — 0.0%
	870,000	BioMarin Pharmaceutical, Inc., 0.599%, 8/01/2024			890,119
	715,000	BioMarin Pharmaceutical, Inc., 1.500%, 10/15/2020			812,638
					1,702,757
		Technology — 1.4%
	10,415,000	Booking Holdings, Inc., 0.900%, 9/15/2021			11,496,077
	8,835,000	Evolent Health, Inc., 2.000%, 12/01/2021			8,518,864
	23,990,000	Nuance Communications, Inc., 1.000%, 12/15/2035			22,346,685
	11,265,000	Nuance Communications, Inc., 1.250%, 4/01/2025			11,175,218
	39,710,000	Nuance Communications, Inc., 1.500%, 11/01/2035			39,511,450
	17,000,000	Western Digital Corp., 1.500%, 2/01/2024, 144A			14,951,719
					108,000,013
		Total Convertible Bonds (Identified Cost $355,763,450)			331,950,850

See accompanying notes to financial statements.

|  20

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Principal Amount (‡)		Description	Value (†)
	Municipals — 1.8%
		District of Columbia — 0.1%
$	3,850,000	Metropolitan Washington Airports Authority, Series D, 8.000%, 10/01/2047	$	5,681,638
		Illinois — 0.2%
	17,570,000	State of Illinois, 5.100%, 6/01/2033		17,264,633
		Michigan — 0.1%
	8,930,000	Michigan Tobacco Settlement Finance Authority Taxable Turbo, Series A, 7.309%, 6/01/2034		8,868,115
		Puerto Rico — 0.5%
	63,900,000	Commonwealth of Puerto Rico, GO, Refunding, Series A, 8.000%, 7/01/2035(h)		33,148,125
		Virginia — 0.9%
	69,695,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046		67,335,127
		Total Municipals (Identified Cost $150,706,225)		132,297,638
		Total Bonds and Notes (Identified Cost $5,739,013,035)		5,223,436,567
	Senior Loans — 1.1%
		Chemicals — 0.4%
	31,355,000	Houghton International, Inc., New 2nd Lien Term Loan,1-month LIBOR + 8.500%, 10.999%, 12/20/2020(g)		31,198,225
		Construction Machinery — 0.4%
	21,276,992	Onsite Rental Group Pty Ltd., Notes, 6.100%, 10/26/2023, 144A(b)(d)(f)		16,383,284
	15,562,263	Onsite Rental Group Pty Ltd., Term Loan B,1-month LIBOR + 4.500%, 6.986%, 10/26/2022(d)(f)(g)		15,173,206
				31,556,490
		Financial Other — 0.2%
	12,617,087	DBRS Ltd., Term Loan,3-month LIBOR + 5.250%, 7.879%, 3/04/2022(g)		12,490,916
		Oil Field Services — 0.0%
	2,843,103	Petroleum Geo-Services ASA, New Term Loan B,3-month LIBOR + 2.500%, 5.101%, 3/19/2021(g)		2,720,508
		Technology — 0.1%
	9,507,380	IQOR U.S., Inc., 2nd Lien Term Loan,3-month LIBOR + 8.750%, 11.547%, 4/01/2022(d)(f)(g)		7,447,416
		Total Senior Loans (Identified Cost $87,574,492)		85,413,555
Shares
	Common Stocks — 8.0%
		Diversified Telecommunication Services — 3.3%
	7,868,481	AT&T, Inc.		246,755,564

See accompanying notes to financial statements.

21  |

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Shares		Description	Value (†)
		Electronic Equipment, Instruments & Components — 0.4%
	970,728	Corning, Inc.	$	32,131,097
		Media — 0.0%
	303,043	Dex Media, Inc.(b)(e)		3,163,163
		Oil, Gas & Consumable Fuels — 0.2%
	846,398	Chesapeake Energy Corp.(e)		2,623,834
	5,886	Frontera Energy Corp.		49,903
	156,902	Paragon Offshore Ltd., Litigation Units, Class A(b)(e)		127,561
	225,503	Paragon Offshore Ltd., Litigation Units, Class B(b)(e)		8,061,732
	1,514	Southcross Holdings Group LLC(b)(e)		—
	1,514	Southcross Holdings LP, Class A(b)(e)		794,850
				11,657,880
		Pharmaceuticals — 4.1%
	6,514,190	Bristol-Myers Squibb Co.		310,792,005
		Specialty Retail — 0.0%
	11,662,687	Onsite Rental Group Pty Ltd.(a)(b)(c)(d)(e)		—
		Total Common Stocks (Identified Cost $466,062,701)		604,499,709
	Preferred Stocks — 1.8%
	Convertible Preferred Stocks — 1.7%
		Banking — 0.3%
	19,062	Bank of America Corp., Series L, 7.250%		24,816,246
		Communications — 0.0%
	3,704	Cincinnati Bell, Inc., Series B, 6.750%		143,122
		Independent Energy — 0.5%
	172,972	Chesapeake Energy Corp., 4.500%		9,606,865
	231,033	Chesapeake Energy Corp., 5.000%		12,418,024
	32,522	Chesapeake Energy Corp., Series A, 5.750%, 144A(a)		16,529,957
				38,554,846
		Midstream — 0.7%
	23,928	Chesapeake Energy Corp., 5.750%(a)		12,161,885
	43,178	Chesapeake Energy Corp., 5.750%, 144A(a)		21,589,000
	6,017	Chesapeake Energy Corp., 5.750%(a)		3,008,500
	242,297	El Paso Energy Capital Trust I, 4.750%		13,125,228
				49,884,613
		REITs – Diversified — 0.2%
	325,207	iStar, Inc., Series J, 4.500%		13,886,339
		Total Convertible Preferred Stocks (Identified Cost $161,635,228)		127,285,166
	Non-Convertible Preferred Stocks — 0.1%
		Finance Companies — 0.0%
	10,425	iStar, Inc., Series G, 7.650%		260,104

See accompanying notes to financial statements.

|  22

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

Shares		Description	Value (†)
		Home Construction — 0.0%
	208,246	Hovnanian Enterprises, Inc., 7.625%(e)	$	728,861
		REITs – Office Property — 0.0%
	1,596	Highwoods Realty LP, Series A, 8.625%		1,875,300
		REITs – Warehouse/Industrials — 0.1%
	116,192	Prologis, Inc., Series Q, 8.540%		7,988,200
		TotalNon-Convertible Preferred Stocks (Identified Cost $8,540,569)		10,852,465
		Total Preferred Stocks (Identified Cost $170,175,797)		138,137,631
	Closed-End Investment Companies — 0.1%
	170,282	NexPoint Strategic Opportunities Fund (Identified Cost $10,230,310)		3,707,039
Principal Amount (‡)
	Short-Term Investments — 17.5%
$	83,800,000	Ford Motor Credit Co. LLC, 4.331%, 12/02/2019(l)		81,829,713
	184,650,098	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/29/2019 at 1.500% to be repurchased at $184,673,179 on 4/01/2019 collateralized by $188,400,000 U.S. Treasury Note, 2.000% due 11/30/2022 valued at $188,344,045 including accrued interest (Note 2 of Notes to Financial Statements)		184,650,098
	325,000,000	U.S. Treasury Bills,2.160%-2.346%, 4/25/2019(l)(m)		324,493,270
	75,000,000	U.S. Treasury Bills, 2.341%, 5/02/2019(l)		74,848,310
	75,000,000	U.S. Treasury Bills, 2.381%, 9/26/2019(l)		74,121,125
	25,000,000	U.S. Treasury Bills, 2.441%, 9/05/2019(l)		24,742,422
	410,000,000	U.S. Treasury Bills,2.435%-2.437%, 8/15/2019(l)(m)		406,309,770
	100,000,000	U.S. Treasury Bills, 2.445%, 8/29/2019(l)		99,017,708
	55,000,000	U.S. Treasury Bills, 2.460%, 5/30/2019(l)		54,787,948
		Total Short-Term Investments (Identified Cost $1,324,279,556)		1,324,800,364
		Total Investments — 97.7% (Identified Cost $7,797,335,891)		7,379,994,865
		Other assets less liabilities — 2.3%		172,939,429
		Net Assets — 100.0%	$	7,552,934,294
	(‡)	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.

See accompanying notes to financial statements.

23  |

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

(b) Securities subject to restriction on resale. At March 31, 2019, the restricted securities held by the Fund are as follows:

	Acquisition Date	Acquisition Cost		Value		% of Net Assets
Dex Media, Inc.	August 12, 2016	$	1,476,220	$	3,163,163		Less than 0.1%
GCA2014 Holdings Ltd., Series2014-1, Class C	December 18, 2014		21,396,647		18,305,080		0.2%
GCA2014 Holdings Ltd., Series2014-1, Class D	December 18, 2014		8,494,926		4,664,496		0.1%
GCA2014 Holdings Ltd., Series2014-1, Class E	December 18, 2014		32,732,982		—		—
Onsite Rental Group Pty Ltd.	October 26, 2017		—		—		—
Onsite Rental Group Pty Ltd., Notes	October 26, 2017		15,666,497		16,383,284		0.2%
Paragon Offshore Ltd., Litigation Units, Class A	July 18, 2017		1,167,146		127,561		Less than 0.1%
Paragon Offshore Ltd., Litigation Units, Class B	July 18, 2017		22,768,653		8,061,732		0.1%
Southcross Holdings Group LLC	April 29, 2016		—		—		—
Southcross Holdings LP, Class A	April 29, 2016		2,215,133		794,850		Less than 0.1%

(c)	Fair valued by the Fund’s adviser. At March 31, 2019, the value of these securities amounted to $22,969,576 or 0.3% of net assets. See Note 2 of Notes to Financial Statements.
(d)	Illiquid security.
(e)	Non-income producing security.
(f)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At March 31, 2019, the value of these securities amounted to $127,588,432 or 1.7% of net assets. See Note 2 of Notes to Financial Statements.
(g)	Variable rate security. Rate as of March 31, 2019 is disclosed.
(h)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
(i)	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. No payments were made during the period.
(j)	Perpetual bond with no specified maturity date.
(k)	Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.
(l)	Interest rate represents discount rate at time of purchase; not a coupon rate.
(m)	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, 2019, the value of Rule 144A holdings amounted to $1,218,430,726 or 16.1% of net assets.
ABS	Asset-Backed Securities
EMTN	Euro Medium Term Note
GMTN	Global Medium Term Note
GO	General Obligation
LIBOR	London Interbank Offered Rate
MBIA	Municipal Bond Investors Assurance Corp.
MTN	Medium Term Note
PIK	Payment-in-Kind
REITs	Real Estate Investment Trusts

See accompanying notes to financial statements.

|  24

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Strategic Income Fund – (continued)

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, 2019 (Unaudited)

Treasuries	16.5	%
Independent Energy	5.5
Banking	5.1
Pharmaceuticals	4.1
Healthcare	3.8
Finance Companies	3.5
Diversified Telecommunication Services	3.3
Cable Satellite	3.1
Wirelines	2.9
Airlines	2.7
Technology	2.6
Oil Field Services	2.6
Chemicals	2.4
Supermarkets	2.3
Other Investments, less than 2% each	19.7
Short-Term Investments	17.5
Closed-End Investment Companies	0.1
Total Investments	97.7
Other assets less liabilities	2.3
Net Assets	100.0	%

Currency Exposure Summary at March 31, 2019 (Unaudited)

United States Dollar	78.2	%
Mexican Peso	6.1
Canadian Dollar	5.4
Australian Dollar	2.7
New Zealand Dollar	2.0
Other, less than 2% each	3.3
Total Investments	97.7
Other assets less liabilities	2.3
Net Assets	100.0	%

See accompanying notes to financial statements.

25  |

This Page Intentionally Left Blank

|  26

Statements of Assets and Liabilities

March 31, 2019 (Unaudited)

	Growth Fund		Strategic Income Fund
ASSETS
Investments at cost	$	5,997,308,279	$	7,797,335,891
Net unrealized appreciation (depreciation)		2,377,106,960		(417,341,026	)
Investments at value		8,374,415,239		7,379,994,865
Cash		82		359,911
Receivable for Fund shares sold		20,296,898		11,143,264
Receivable for securities sold		—		68,194,166
Dividends and interest receivable		8,277,631		108,852,553
Tax reclaims receivable		5,216,746		438,304
Prepaid expenses (Note 7)		509		570
TOTAL ASSETS		8,408,207,105		7,568,983,633
LIABILITIES
Payable for Fund shares redeemed		6,958,467		10,218,868
Management fees payable (Note 5)		3,494,265		3,627,717
Deferred Trustees’ fees (Note 5)		345,705		1,382,966
Administrative fees payable (Note 5)		302,997		278,775
Payable to distributor (Note 5d)		78,181		73,851
Other accounts payable and accrued expenses		427,458		467,162
TOTAL LIABILITIES		11,607,073		16,049,339
NET ASSETS	$	8,396,600,032	$	7,552,934,294
NET ASSETS CONSIST OF:
Paid-in capital	$	5,939,447,995	$	8,111,870,299
Accumulated earnings (loss)		2,457,152,037		(558,936,005	)
NET ASSETS	$	8,396,600,032	$	7,552,934,294

See accompanying notes to financial statements.

27  |

Statements of Assets and Liabilities (continued)

March 31, 2019 (Unaudited)

	Growth Fund		Strategic Income Fund
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	1,054,561,982	$	1,840,876,872
Shares of beneficial interest		68,086,995		130,972,866
Net asset value and redemption price per share	$	15.49	$	14.06
Offering price per share(100/[100-maximum sales charge] of net asset value) (Note 1)	$	16.44	$	14.68
Class C shares:(redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	123,140,336	$	860,277,439
Shares of beneficial interest		8,734,667		60,638,242
Net asset value and offering price per share	$	14.10	$	14.19
Class N shares:
Net assets	$	549,573,532	$	200,993,124
Shares of beneficial interest		33,164,940		14,315,380
Net asset value, offering and redemption price per share	$	16.57	$	14.04
Class Y shares:
Net assets	$	6,669,324,182	$	4,524,117,724
Shares of beneficial interest		402,294,230		322,244,935
Net asset value, offering and redemption price per share	$	16.58	$	14.04
Admin Class shares:
Net assets	$	—	$	126,669,135
Shares of beneficial interest		—		9,043,139
Net asset value, offering and redemption price per share	$	—	$	14.01

See accompanying notes to financial statements.

|  28

Statements of Operations

For the Six Months Ended March 31, 2019 (Unaudited)

	Growth Fund			Strategic Income Fund
INVESTMENT INCOME
Dividends	$	52,669,545		$	16,464,347
Interest		775,266			181,584,145
Less net foreign taxes withheld		(1,219,865	)		(488,160	)
		52,224,946			197,560,332
Expenses
Management fees (Note 5)		19,757,329			22,118,526
Service and distribution fees (Note 5)		1,831,733			7,557,246
Administrative fees (Note 5)		1,745,416			1,729,841
Trustees’ fees and expenses (Note 5)		96,129			38,534
Transfer agent fees and expenses (Notes 5 and 6)		3,493,587			3,241,327
Audit and tax services fees		21,057			32,264
Custodian fees and expenses		98,972			158,184
Legal fees		83,850			76,661
Registration fees		118,071			130,638
Shareholder reporting expenses		209,676			209,437
Miscellaneous expenses (Note 7)		151,111			132,049
Total expenses		27,606,931			35,424,707
Less waiver and/or expense reimbursement (Note 5)		(40,872	)		(40,528	)
Net expenses		27,566,059			35,384,179
Net investment income		24,658,887			162,176,153
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		124,375,818			(76,009,746	)
Foreign currency transactions (Note 2c)		—			(789,331	)
Net change in unrealized appreciation (depreciation) on:
Investments		(10,988,869	)		(114,436,451	)
Foreign currency translations (Note 2c)		—			622,361
Net realized and unrealized gain (loss) on investments and foreign currency transactions		113,386,949			(190,613,167	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	138,045,836		$	(28,437,014	)

See accompanying notes to financial statements.

29  |

Statements of Changes in Net Assets

	Growth Fund						Strategic Income Fund
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
FROM OPERATIONS:
Net investment income	$	24,658,887		$	48,813,777		$	162,176,153		$	331,027,757
Net realized gain (loss) on investments and foreign currency transactions		124,375,818			330,004,291			(76,799,077	)		2,141,142
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(10,988,869	)		902,573,085			(113,814,090	)		(220,599,041	)
Net increase (decrease) in net assets resulting from operations		138,045,836			1,281,391,153			(28,437,014	)		112,569,858
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(51,082,669	)		(23,626,171	)		(43,001,403	)		(83,233,392	)
Class C		(6,370,291	)		(2,938,721	)		(18,931,922	)		(65,182,313	)
Class N		(29,366,126	)		(9,153,975	)		(4,579,168	)		(7,465,601	)
Class Y		(317,599,223	)		(147,324,401	)		(115,420,087	)		(249,028,627	)
Admin Class		—			—			(2,803,389	)		(5,735,653	)
Total distributions		(404,418,309	)		(183,043,268	)		(184,735,969	)		(410,645,586	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 10)		(173,206,115	)		530,718,841			(801,737,345	)		(1,369,576,617	)
Net increase (decrease) in net assets		(439,578,588	)		1,629,066,726			(1,014,910,328	)		(1,667,652,345	)
NET ASSETS
Beginning of the period		8,836,178,620			7,207,111,894			8,567,844,622			10,235,496,967
End of the period	$	8,396,600,032		$	8,836,178,620		$	7,552,934,294		$	8,567,844,622

See accompanying notes to financial statements.

|  30

Financial Highlights

For a share outstanding throughout each period.

	Growth Fund—Class A
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of the period	$	16.05		$	14.04		$	11.96		$	9.90		$	9.45		$	8.07
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.03			0.06			0.06			0.06			0.05			0.05
Net realized and unrealized gain (loss)		0.20			2.29			2.18			2.05			0.45			1.34
Total from Investment Operations		0.23			2.35			2.24			2.11			0.50			1.39
LESS DISTRIBUTIONS FROM:
Net investment income		(0.05	)		(0.05	)		(0.05	)		(0.05	)		(0.05	)		(0.01	)
Net realized capital gains		(0.74	)		(0.29	)		(0.11	)		—			—			—
Total Distributions		(0.79	)		(0.34	)		(0.16	)		(0.05	)		(0.05	)		(0.01	)
Net asset value, end of the period	$	15.49		$	16.05		$	14.04		$	11.96		$	9.90		$	9.45
Total return(b)		2.31	%(c)		16.98	%		18.99	%		21.32	%		5.30	%		17.23	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,054,562		$	1,083,362		$	983,047		$	729,989		$	122,203		$	63,682
Net expenses		0.91	%(d)		0.90	%		0.91	%		0.92	%		0.92	%		0.94	%
Gross expenses		0.91	%(d)		0.90	%		0.91	%		0.92	%		0.92	%		0.94	%
Net investment income		0.41	%(d)		0.39	%		0.45	%		0.58	%		0.45	%		0.55	%
Portfolio turnover rate		3	%		11	%		8	%		11	%		27	%(e)		14	%

(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 transferin-kind amounts that occurred during the period.

See accompanying notes to financial statements.

31  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Growth Fund—Class C
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of the period	$	14.68		$	12.92		$	11.06		$	9.18		$	8.79		$	7.55
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.02	)		(0.05	)		(0.03	)		(0.02	)		(0.03	)		(0.02	)
Net realized and unrealized gain (loss)		0.18			2.10			2.00			1.90			0.42			1.26
Total from Investment Operations		0.16			2.05			1.97			1.88			0.39			1.24
LESS DISTRIBUTIONS FROM:
Net realized capital gains		(0.74	)		(0.29	)		(0.11	)		—			—			—
Net asset value, end of the period	$	14.10		$	14.68		$	12.92		$	11.06		$	9.18		$	8.79
Total return(b)		1.94	%(c)		16.09	%		18.03	%		20.48	%		4.44	%		16.42	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	123,140		$	130,133		$	133,329		$	109,798		$	41,421		$	29,837
Net expenses		1.66	%(d)		1.65	%		1.66	%		1.66	%		1.67	%		1.69	%
Gross expenses		1.66	%(d)		1.65	%		1.66	%		1.66	%		1.67	%		1.69	%
Net investment loss		(0.34	)%(d)		(0.36	)%		(0.29	)%		(0.16	)%		(0.29	)%		(0.20	)%
Portfolio turnover rate		3	%		11	%		8	%		11	%		27	%(e)		14	%

(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 transferin-kind amounts that occurred during the period.

See accompanying notes to financial statements.

|  32

Financial Highlights (continued)

For a share outstanding throughout each period.

	Growth Fund—Class N
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of the period	$	17.15		$	14.97		$	12.73		$	10.52		$	10.01		$	8.56
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.06			0.12			0.11			0.10			0.08			0.05
Net realized and unrealized gain (loss)		0.21			2.44			2.32			2.18			0.49			1.42
Total from Investment Operations		0.27			2.56			2.43			2.28			0.57			1.47
LESS DISTRIBUTIONS FROM:
Net investment income		(0.11	)		(0.09	)		(0.08	)		(0.07	)		(0.06	)		(0.02	)
Net realized capital gains		(0.74	)		(0.29	)		(0.11	)		—			—			—
Total Distributions		(0.85	)		(0.38	)		(0.19	)		(0.07	)		(0.06	)		(0.02	)
Net asset value, end of the period	$	16.57		$	17.15		$	14.97		$	12.73		$	10.52		$	10.01
Total return		2.43	%(b)		17.40	%(c)		19.39	%(c)		21.75	%		5.65	%(c)		17.21	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	549,574		$	1,001,688		$	341,160		$	60,765		$	1		$	1
Net expenses		0.56	%(d)		0.57	%(e)		0.57	%(e)		0.58	%		0.55	%(e)		0.95	%(e)
Gross expenses		0.56	%(d)		0.58	%		0.58	%		0.58	%		9.82	%		3.45	%
Net investment income		0.72	%(d)		0.73	%		0.80	%		0.82	%		0.71	%		0.52	%
Portfolio turnover rate		3	%		11	%		8	%		11	%		27	%(f)		14	%

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

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

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

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

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

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

See accompanying notes to financial statements.

33  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Growth Fund—Class Y
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of the period	$	17.14		$	14.97		$	12.73		$	10.53		$	10.04		$	8.57
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.05			0.10			0.09			0.10			0.07			0.08
Net realized and unrealized gain (loss)		0.23			2.44			2.33			2.16			0.49			1.42
Total from Investment Operations		0.28			2.54			2.42			2.26			0.56			1.50
LESS DISTRIBUTIONS FROM:
Net investment income		(0.10	)		(0.08	)		(0.07	)		(0.06	)		(0.07	)		(0.03	)
Net realized capital gains		(0.74	)		(0.29	)		(0.11	)		—			—			—
Total Distributions		(0.84	)		(0.37	)		(0.18	)		(0.06	)		(0.07	)		(0.03	)
Net asset value, end of the period	$	16.58		$	17.14		$	14.97		$	12.73		$	10.53		$	10.04
Total return		2.45	%(b)		17.25	%		19.31	%		21.55	%		5.59	%		17.51	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	6,669,324		$	6,620,996		$	5,749,576		$	3,493,961		$	1,174,150		$	1,004,157
Net expenses		0.66	%(c)		0.65	%		0.66	%		0.66	%		0.67	%		0.69	%
Gross expenses		0.66	%(c)		0.65	%		0.66	%		0.66	%		0.67	%		0.69	%
Net investment income		0.67	%(c)		0.64	%		0.69	%		0.82	%		0.69	%		0.79	%
Portfolio turnover rate		3	%		11	%		8	%		11	%		27	%(d)		14	%

(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 transferin-kind amounts that occurred during the period.

See accompanying notes to financial statements.

|  34

Financial Highlights (continued)

For a share outstanding throughout each period.

	Strategic Income Fund—Class A
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of the period	$	14.39		$	14.84		$	14.70		$	14.70		$	16.75		$	15.93
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.28			0.52			0.56			0.57			0.64			0.58
Net realized and unrealized gain (loss)		(0.28	)		(0.33	)		0.42			0.61			(1.74	)		0.90
Total from Investment Operations		(0.00	)(b)		0.19			0.98			1.18			(1.10	)		1.48
LESS DISTRIBUTIONS FROM:
Net investment income		(0.26	)		(0.57	)		(0.52	)		(0.36	)		(0.57	)		(0.62	)
Net realized capital gains		(0.07	)		(0.07	)		(0.32	)		(0.82	)		(0.38	)		(0.04	)
Total Distributions		(0.33	)		(0.64	)		(0.84	)		(1.18	)		(0.95	)		(0.66	)
Net asset value, end of the period	$	14.06		$	14.39		$	14.84		$	14.70		$	14.70		$	16.75
Total return(c)		0.02	%(d)		1.34	%		7.01	%		8.72	%		(6.88	)%		9.34	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,840,877		$	1,986,300		$	1,999,385		$	2,514,770		$	3,318,262		$	4,408,257
Net expenses		0.96	%(e)		0.96	%		0.96	%		0.96	%		0.94	%		0.94	%
Gross expenses		0.96	%(e)		0.96	%		0.96	%		0.96	%		0.94	%		0.94	%
Net investment income		4.08	%(e)		3.57	%		3.82	%		4.01	%		3.95	%		3.44	%
Portfolio turnover rate		8	%		6	%		11	%		17	%		23	%		26	%

(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 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.

35  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Strategic Income Fund—Class C
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of the period	$	14.52		$	14.97		$	14.81		$	14.80		$	16.85		$	16.03
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.23			0.41			0.45			0.47			0.52			0.45
Net realized and unrealized gain (loss)		(0.29	)		(0.33	)		0.44			0.61			(1.74	)		0.90
Total from Investment Operations		(0.06	)		0.08			0.89			1.08			(1.22	)		1.35
LESS DISTRIBUTIONS FROM:
Net investment income		(0.20	)		(0.46	)		(0.41	)		(0.25	)		(0.45	)		(0.49	)
Net realized capital gains		(0.07	)		(0.07	)		(0.32	)		(0.82	)		(0.38	)		(0.04	)
Total Distributions		(0.27	)		(0.53	)		(0.73	)		(1.07	)		(0.83	)		(0.53	)
Net asset value, end of the period	$	14.19		$	14.52		$	14.97		$	14.81		$	14.80		$	16.85
Total return(b)		(0.37	)%(c)		0.60	%		6.20	%		7.91	%		(7.60	)%		8.54	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	860,277		$	1,153,853		$	2,248,939		$	3,433,204		$	4,295,139		$	5,390,222
Net expenses		1.71	%(d)		1.71	%		1.71	%		1.71	%		1.69	%		1.69	%
Gross expenses		1.71	%(d)		1.71	%		1.71	%		1.71	%		1.69	%		1.69	%
Net investment income		3.32	%(d)		2.79	%		3.08	%		3.26	%		3.20	%		2.68	%
Portfolio turnover rate		8	%		6	%		11	%		17	%		23	%		26	%

(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.

|  36

Financial Highlights (continued)

For a share outstanding throughout each period.

	Strategic Income Fund—Class N
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of the period	$	14.38		$	14.83		$	14.69		$	14.69		$	16.73		$	15.92
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.31			0.56			0.60			0.61			0.69			0.61
Net realized and unrealized gain (loss)		(0.30	)		(0.32	)		0.43			0.62			(1.73	)		0.91
Total from Investment Operations		0.01			0.24			1.03			1.23			(1.04	)		1.52
LESS DISTRIBUTIONS FROM:
Net investment income		(0.28	)		(0.62	)		(0.57	)		(0.41	)		(0.62	)		(0.67	)
Net realized capital gains		(0.07	)		(0.07	)		(0.32	)		(0.82	)		(0.38	)		(0.04	)
Total Distributions		(0.35	)		(0.69	)		(0.89	)		(1.23	)		(1.00	)		(0.71	)
Net asset value, end of the period	$	14.04		$	14.38		$	14.83		$	14.69		$	14.69		$	16.73
Total return		0.11	%(b)		1.67	%		7.38	%		9.09	%		(6.58	)%		9.70	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	200,993		$	176,456		$	141,695		$	130,637		$	83,405		$	57,752
Net expenses		0.63	%(c)		0.63	%		0.63	%		0.63	%		0.62	%		0.62	%
Gross expenses		0.63	%(c)		0.63	%		0.63	%		0.63	%		0.62	%		0.62	%
Net investment income		4.42	%(c)		3.91	%		4.13	%		4.34	%		4.33	%		3.62	%
Portfolio turnover rate		8	%		6	%		11	%		17	%		23	%		26	%

(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.

37  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Strategic Income Fund— Class Y
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of the period	$	14.38		$	14.83		$	14.69		$	14.69		$	16.73		$	15.92
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.30			0.55			0.59			0.61			0.68			0.61
Net realized and unrealized gain (loss)		(0.29	)		(0.32	)		0.43			0.61			(1.73	)		0.90
Total from Investment Operations		0.01			0.23			1.02			1.22			(1.05	)		1.51
LESS DISTRIBUTIONS FROM:
Net investment income		(0.28	)		(0.61	)		(0.56	)		(0.40	)		(0.61	)		(0.66	)
Net realized capital gains		(0.07	)		(0.07	)		(0.32	)		(0.82	)		(0.38	)		(0.04	)
Total Distributions		(0.35	)		(0.68	)		(0.88	)		(1.22	)		(0.99	)		(0.70	)
Net asset value, end of the period	$	14.04		$	14.38		$	14.83		$	14.69		$	14.69		$	16.73
Total return		0.07	%(b)		1.66	%		7.22	%		9.00	%		(6.65	)%		9.63	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	4,524,118		$	5,118,016		$	5,702,607		$	5,350,759		$	7,018,369		$	8,747,384
Net expenses		0.71	%(c)		0.71	%		0.71	%		0.71	%		0.69	%		0.69	%
Gross expenses		0.71	%(c)		0.71	%		0.71	%		0.71	%		0.69	%		0.69	%
Net investment income		4.32	%(c)		3.82	%		4.04	%		4.26	%		4.21	%		3.65	%
Portfolio turnover rate		8	%		6	%		11	%		17	%		23	%		26	%

(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.

|  38

Financial Highlights (continued)

For a share outstanding throughout each period.

	Strategic Income Fund—Admin Class
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of the period	$	14.34		$	14.79		$	14.65		$	14.66		$	16.70		$	15.89
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.27			0.48			0.52			0.53			0.60			0.53
Net realized and unrealized gain (loss)		(0.29	)		(0.33	)		0.43			0.61			(1.73	)		0.90
Total from Investment Operations		(0.02	)		0.15			0.95			1.14			(1.13	)		1.43
LESS DISTRIBUTIONS FROM:
Net investment income		(0.24	)		(0.53	)		(0.49	)		(0.33	)		(0.53	)		(0.58	)
Net realized capital gains		(0.07	)		(0.07	)		(0.32	)		(0.82	)		(0.38	)		(0.04	)
Total Distributions		(0.31	)		(0.60	)		(0.81	)		(1.15	)		(0.91	)		(0.62	)
Net asset value, end of the period	$	14.01		$	14.34		$	14.79		$	14.65		$	14.66		$	16.70
Total return		(0.11	)%(b)		1.09	%		6.79	%		8.42	%		(7.13	)%		9.12	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	126,669		$	133,220		$	142,871		$	143,275		$	141,844		$	139,423
Net expenses		1.18	%(c)(d)		1.20	%(e)		1.19	%(f)		1.20	%(e)		1.19	%		1.19	%
Gross expenses		1.18	%(c)(d)		1.20	%(e)		1.19	%(f)		1.20	%(e)		1.19	%		1.19	%
Net investment income		3.86	%(c)		3.33	%		3.57	%		3.76	%		3.73	%		3.15	%
Portfolio turnover rate		8	%		6	%		11	%		17	%		23	%		26	%

(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 0.01%.

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

See accompanying notes to financial statements.

39  |

Notes to Financial Statements

March 31, 2019 (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 anopen-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 Growth Fund (the “Growth Fund”)

Loomis Sayles Strategic Income Fund (the “Strategic Income 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, defined contribution and defined benefit plans and clients of registered investment advisers and registered representatives trading through intermediary programs/platforms on which the Fund is already available. Strategic Income Fund offers Class A, Class C, Class N, Class Y and Admin Class shares.

Class A shares are sold with a maximumfront-end sales charge of 5.75% for Growth Fund and 4.25% for Strategic Income Fund. Class C shares do not pay afront-end sales charge, pay higher Rule12b-1 fees than Class A shares for ten years (at which point they automatically convert to Class A shares) and may be subject to a contingent deferred sales charge (“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 afront-end sales charge, a CDSC or Rule12b-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 afront-end sales charge or a CDSC, but do pay aRule 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 bornepro rataby the holders of each class of shares, except that each class bears expenses unique to that class (such as the Rule12b-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 Rule12b-1 Plan. Shares of each class would receive theirpro 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.

|  40

Notes to Financial Statements (continued)

March 31, 2019 (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 ofclosed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. Unlisted equity securities (except unlisted preferred equity securities) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available. In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used. Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Funds by an independent pricing service or bid prices obtained from broker-dealers. Senior loans are valued at bid prices supplied by an independent pricing service, if available. Broker-dealer bid prices may be used to value debt and unlisted equity securities and senior loans where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security.

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

41  |

Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

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.

As of March 31, 2019, securities held by Strategic Income Fund were fair valued as follows:

Securities classified as fair valued	Percentage of Net Assets			Securities fair valued by the Fund’s adviser		Percentage of Net Assets
$127,588,432		1.7	%	$	22,969,576		0.3	%

b.  Investment Transactions and Related Investment Income.  Investment transactions are accounted for on a trade date plus one day basis for daily NAV calculation. However, for financial reporting purposes, investment transactions are reported on trade date. Dividend income (including income reinvested) and foreign withholding tax, if applicable, is recorded onex-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 apro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund.

|  42

Notes to Financial Statements (continued)

March 31, 2019 (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, if any, 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 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.

For the six months ended March 31, 2019, the amount of income available to be distributed by the Strategic Income Fund has been reduced by $41,121,317 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.  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

43  |

Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

March 31, 2019 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.

e.  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded onex-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, defaulted and/ornon-income producing securities, foreign currency gains and losses, premium amortization, convertible bonds, paydown gains and losses, partnership basis adjustments, 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/ornon-income producing securities, contingent payment debt instruments, partnership basis adjustments and convertible bonds.

Amounts of income and capital gain available to be distributed on a tax basis are

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Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

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 net realized short-term capital gains are reported as 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, 2018 was as follows:

	2018 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
Growth Fund	$	38,048,905	$	144,994,363	$	183,043,268
Strategic Income Fund		365,189,758		45,455,828		410,645,586

Distributions paid to shareholders from net investment income and net realized capital gains, based on accounting principles generally accepted in the United States of America, are consolidated and reported on the Statements of Changes in Net Assets as Distributions to Shareholders. Distributions paid to shareholders from net investment income and net realized capital gains expressed inper-share amounts, based on accounting principles generally accepted in the United States of America, are separately stated and reported within the Financial Highlights.

As of March 31, 2019, unrealized appreciation (depreciation) on a tax basis was approximately as follows:

	Growth Fund		Strategic Income Fund
Unrealized appreciation (depreciation)
Investments	$	2,377,106,960	$	(27,705,456	)
Foreign currency translations		—		(429,732,765	)
Total unrealized appreciation (depreciation)	$	2,377,106,960	$	(457,438,221	)

As of March 31, 2019, the tax cost of investments and unrealized appreciation (depreciation) on a federal tax basis were as follows:

	Growth Fund			Strategic Income Fund
Federal tax cost	$	5,997,308,279		$	7,846,398,842
Gross tax appreciation	$	2,475,041,588		$	465,141,071
Gross tax depreciation		(97,934,628	)		(931,545,048	)
Net tax appreciation (depreciation)	$	2,377,106,960		$	(466,403,977	)

45  |

Notes to Financial Statements (continued)

March 31, 2019 (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.

The difference between these amounts and those reported in the preceding table are primarily attributable to foreign currencymark-to-market.

f.  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.

g.  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 aretri-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, 2019, 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.

h.  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

|  46

Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

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 fornon-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 bynon-U.S. Governments andnon-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, 2019, neither Fund had loaned securities under this agreement.

i.  Indemnifications.  Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the 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.

j.  New Accounting Pronouncement.  In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No.2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in the ASU shorten the amortization period for certain callable debt securities acquired at a premium, to be amortized to the earliest call date. The ASU does not require an accounting change for securities acquired at a discount, which continues to be amortized to maturity. The ASU is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. Management has evaluated the application of this provision and has determined the impact to be immaterial to the Funds.

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, 2019 (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.

The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2019, at value:

Growth Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	8,289,611,667	$	—	$	—	$	8,289,611,667
Short-Term Investments		—		84,803,572		—		84,803,572
Total	$	8,289,611,667	$	84,803,572	$	—	$	8,374,415,239

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

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Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

For the six months ended March 31, 2019, there were no transfers among Levels 1, 2 and 3.

Strategic Income Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—	$	8,592,449	$	22,969,576	(b)(c)	$	31,562,025
Airlines		—		203,014,137		309,484	(d)		203,323,621
Finance Companies		2,308,217		248,320,470		—			250,628,687
Metals & Mining		—		87,283,925		—	(c)		87,283,925
All OtherNon-Convertible Bonds(a)		—		4,186,389,821		—			4,186,389,821
TotalNon-Convertible Bonds		2,308,217		4,733,600,802		23,279,060			4,759,188,079
Convertible Bonds(a)		—		331,950,850		—			331,950,850
Municipals(a)		—		132,297,638		—			132,297,638
Total Bonds and Notes		2,308,217		5,197,849,290		23,279,060			5,223,436,567
Senior Loans(a)				85,413,555					85,413,555
Common Stocks
Media		—		3,163,163		—			3,163,163
Oil, Gas & Consumable Fuels		2,673,737		8,984,143		—			11,657,880
Specialty Retail		—		—		—	(c)		—
All Other Common Stocks(a)		589,678,666		—		—			589,678,666
Total Common Stocks		592,352,403		12,147,306		—			604,499,709
Preferred Stocks
Convertible Preferred Stocks
Independent Energy		9,606,865		12,418,024		16,529,957	(d)		38,554,846
Midstream		13,125,228		—		36,759,385	(d)		49,884,613
REITs – Diversified		—		13,886,339		—			13,886,339
All Other Convertible Preferred Stocks(a)		24,959,368		—		—			24,959,368
Total Convertible Preferred Stocks		47,691,461		26,304,363		53,289,342			127,285,166

49  |

Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

Strategic Income Fund (continued)

Asset Valuation Inputs (continued)

Description	Level 1		Level 2		Level 3		Total
Non-Convertible Preferred Stocks
REITs – Office Property	$	—	$	1,875,300	$	—	$	1,875,300
REITs – Warehouse/Industrials		—		7,988,200		—		7,988,200
All OtherNon-Convertible Preferred Stocks(a)		988,965		—		—		988,965
TotalNon-Convertible Preferred Stocks		988,965		9,863,500		—		10,852,465
Total Preferred Stocks		48,680,426		36,167,863		53,289,342		138,137,631
Closed-End Investment Companies		3,707,039		—		—		3,707,039
Short-Term Investments		—		1,324,800,364		—		1,324,800,364
Total	$	647,048,085	$	6,656,378,378	$	76,568,402	$	7,379,994,865

(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 ($4,664,496) or fair valued by the Fund’s adviser using broker-dealer bid prices for which the inputs are unobservable to the Fund ($18,305,080).

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

(d) Valued using broker-dealer bid prices.

|  50

Notes to Financial Statements (continued)

March 31, 2019 (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, 2018 and/or March 31, 2019:

Strategic Income Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2018			Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	20,680,219	(a)	$	—	$	—		$	1,387,395		$	901,962
Airlines		455,986			—		11,182			(13,400	)		—
Metals & Mining		4,101			37,363		—			(41,464	)		—
Loan Participations
ABS Other		8,343,807			—		(65,527	)		458,691			—
Common Stocks
Specialty Retail		—	(a)		—		—			—			—
Preferred Stocks
Convertible Preferred Stocks
Independent Energy		—			—		—			(2,945,078	)		—
Midstream		—			—		—			(8,228,897	)		2,688,241
Total	$	29,484,113		$	37,363	$	(54,345	)	$	(9,382,753	)	$	3,590,203

51  |

Notes to Financial Statements (continued)

March��31, 2019 (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, 2019			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2019
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—		$	—	$	—	$	22,969,576	(a)	$	1,387,395
Airlines		(144,284	)		—		—		309,484			1,115
Metals & Mining		—			—		—		—	(a)		(41,464	)
Loan Participations
ABS Other		(8,736,971	)		—		—		—			—
Common Stocks
Specialty Retail		—			—		—		—	(a)		—
Preferred Stocks
Convertible Preferred Stocks
Independent Energy		—			19,475,035		—		16,529,957			(2,945,078	)
Midstream		—			42,300,041		—		36,759,385			(8,228,897	)
Total	$	(8,881,255	)	$	61,775,076	$	—	$	76,568,402		$	(9,826,929	)

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

Preferred stocks valued at $61,775,076 were transferred from Level 2 to Level 3 during the period ended March 31, 2019. At September 30, 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. At March 31, 2019, these securities were valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service did not provide a reliable price for the securities.

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

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Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

4.  Purchases and Sales of Securities.  For the six months ended March 31, 2019, 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
Growth Fund	$	—	$	—	$	212,127,080	$	728,107,177
Strategic Income Fund		133,905,765		250,000,000		398,867,600		696,049,179

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. Loomis Sayles is a limited partnership whose sole general partner, Loomis, Sayles & Company, Inc., 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.

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
Growth Fund		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Strategic Income Fund		0.65	%		0.60	%		0.55	%		0.54	%		0.53	%

Loomis Sayles has given binding undertakings to the Funds to waive management fees and/or reimburse certain expenses to limit the Funds’ operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes, organizational and extraordinary expenses such as litigation and indemnification expenses. These undertakings are in effect until January 31, 2020, 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.

53  |

Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

For the six months ended March 31, 2019 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
Growth Fund		1.25	%		2.00	%		0.95	%		1.00	%		—
Strategic Income Fund		1.25	%		2.00	%		0.95	%		1.00	%		1.50	%

Loomis Sayles shall be permitted to recover expenses borne under the expense limitation agreements (whether through waiver of 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, 2019, the management fees for each Fund were as follows:

Fund	Gross Management Fees		Percentage of Average Daily Net Assets
Growth Fund	$	19,757,329		0.50	%
Strategic Income Fund		22,118,526		0.56	%

No expenses were recovered for either Fund during the six months ended March 31, 2019 under the terms of the expense limitation agreements.

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 Rule12b-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 Strategic Income Fund has adopted a Distribution Plan relating to its Admin Class shares (the “Admin Class Plan”).

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

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Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

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, Strategic Income 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 Strategic Income 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, 2019, 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
Growth Fund	$	1,236,425	$	148,826	$	—	$	446,482	$	—
Strategic Income Fund		2,312,361		1,236,620		140,034		3,709,862		158,369

For the six months ended March 31, 2019, Natixis Distribution refunded Strategic Income Fund $18,335 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 assub-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 itspro rata

55  |

Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

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, 0.0275% of the next $30 billion and 0.0225% 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.

Effective October 1, 2018, State Street Bank agreed to reduce the fees it receives from Natixis Advisors for serving assub-administrator to the Funds. Also, effective October 1, 2018, Natixis Advisors agreed to voluntarily waive fees paid by the Funds in an amount equal to the reduction insub-administrative fees discussed above. The waiver is in effect through June 30, 2019, at which time it will be reevaluated as part of the annual review of the administrative services contract, as noted above.

For the six months ended March 31, 2019, the administrative fees for each Fund were as follows:

Fund	Gross Administrative Fees		Waiver of Administrative Fees		Net Administrative Fees
Growth Fund	$	1,745,416	$	40,872	$	1,704,544
Strategic Income Fund		1,729,841		40,528		1,689,313

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 currentper-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.

|  56

Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

For the six months ended March 31, 2019, thesub-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
Growth Fund	$	3,121,666
Strategic Income Fund		3,026,743

As of March 31, 2019, the Funds owe Natixis Distribution the following reimbursements forsub-transfer agent fees (which are reflected in the Statements of Assets and Liabilities as payable to distributor):

Fund	Reimbursements of Sub-Transfer Agent Fees
Growth Fund	$	78,181
Strategic Income Fund		73,851

Sub-transfer agent fees attributable to Class A, Class C, Class Y, and Admin Class are allocated on apro ratabasis 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, 2019, were as follows:

Fund	Commissions
Growth Fund	$	22,284
Strategic Income Fund		47,069

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 $360,000. 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 $190,000. 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 $15,000. 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

57  |

Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

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, 2019, the Chairperson of the Board received a retainer fee at the annual rate of $340,000 and each Independent Trustee (other than the Chairperson) received, in the aggregate, a retainer fee at the annual rate of $170,000, and the chairperson of the Governance Committee received an additional retainer fee at the annual rate of $12,000. 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 allocatedpro 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.

Certain officers and employees of Natixis Advisors and Loomis Sayles are also officers and/or Trustees of the Trust.

g.  Affiliated Ownership.  As of March 31, 2019, Loomis Sayles Funded Pension Plan and Trust (“Pension Plan”) and Loomis Sayles Employees’ Profit Sharing Retirement Plan (“Retirement Plan”) held shares of the Growth Fund representing 0.23% and 0.69%, respectively, of the Fund’s net assets.

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

6.  Class-Specific Transfer Agent Fees and Expenses.  Transfer agent fees and expenses attributable to Class A, Class C, Class Y and Admin Class are allocated on apro ratabasis to each class based on the relative net assets of each class to the total net assets of those classes. Transfer agent fees and expenses attributable to Class N are allocated to Class N.

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Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

For the six months ended March 31, 2019, the Funds incurred the following class-specific transfer agent fees and expenses (includingsub-transfer agent fees, where applicable):

	Transfer Agent Fees and Expenses
Fund	Class A		Class C		Class N		Class Y		Admin Class
Growth Fund	$	474,953	$	57,205	$	2,322	$	2,959,107	$	—
Strategic Income Fund		782,335		418,555		1,041		1,985,800		53,596

7.  Line of Credit.  Each Fund, 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. 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. 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, 2019, neither Fund had borrowings under this agreement.

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

9.  Concentration of Ownership.  From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of March 31, 2019, 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:

	Number of 5% Account Holders		Percentage of Ownership
Growth Fund		5		51.99	%

59  |

Notes to Financial Statements (continued)

March 31, 2019 (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 anon-discretionary customer are included in the table above. For other omnibus accounts, the Fund does not have information on the individual shareholder accounts underlying the omnibus accounts; therefore, there could be other 5% shareholders in addition to those disclosed in the table above.

10.  Capital Shares.  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, 2019					Year Ended September 30, 2018
Growth Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	3,417,849		$	47,529,429		9,892,333		$	148,235,534
Issued in connection with the reinvestment of distributions	3,582,167			47,177,140		1,464,494			21,381,619
Redeemed	(6,400,462	)		(93,186,126	)	(13,865,728	)		(209,484,702	)
Net change	599,554		$	1,520,443		(2,508,901	)	$	(39,867,549	)
Class C
Issued from the sale of shares	819,074		$	10,445,611		1,122,136		$	15,439,085
Issued in connection with the reinvestment of distributions	332,912			3,998,270		148,410			1,993,145
Redeemed	(1,279,757	)		(17,052,638	)	(2,724,624	)		(37,772,137	)
Net change	(127,771	)	$	(2,608,757	)	(1,454,078	)	$	(20,339,907	)
Class N
Issued from the sale of shares	4,186,290		$	66,514,042		43,285,115		$	684,373,304
Issued in connection with the reinvestment of distributions	2,024,898			28,510,563		380,354			5,914,498
Redeemed	(31,470,598	)		(501,747,369	)	(8,026,613	)		(130,323,337	)
Net change	(25,259,410	)	$	(406,722,764	)	35,638,856		$	559,964,465
Class Y
Issued from the sale of shares	61,386,970		$	957,540,615		134,173,905		$	2,158,881,553
Issued in connection with the reinvestment of distributions	16,819,594			236,988,075		7,592,419			118,138,051
Redeemed	(62,115,189	)		(959,923,727	)	(139,565,871	)		(2,246,057,772	)
Net change	16,091,375		$	234,604,963		2,200,453		$	30,961,832
Increase (decrease) from capital share transactions	(8,696,252	)	$	(173,206,115	)	33,876,330		$	530,718,841

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Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

10.  Capital Shares (continued).

	Six Months Ended March 31, 2019					Year Ended September 30, 2018
Strategic Income Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	14,784,115		$	205,852,925		51,625,278		$	738,924,261
Issued in connection with the reinvestment of distributions	2,273,376			31,487,857		4,060,455			58,682,435
Redeemed	(24,090,141	)		(335,171,312	)	(52,391,158	)		(758,110,873	)
Net change	(7,032,650	)	$	(97,830,530	)	3,294,575		$	39,495,823
Class C
Issued from the sale of shares	1,770,518		$	24,787,225		2,803,621		$	41,029,278
Issued in connection with the reinvestment of distributions	935,840			13,070,591		3,309,104			48,333,624
Redeemed	(21,519,577	)		(302,130,308	)	(76,940,917	)		(1,116,045,348	)
Net change	(18,813,219	)	$	(264,272,492	)	(70,828,192	)	$	(1,026,682,446	)
Class N
Issued from the sale of shares	3,406,805		$	47,504,390		4,812,920		$	69,711,732
Issued in connection with the reinvestment of distributions	292,229			4,043,936		485,081			6,999,401
Redeemed	(1,656,429	)		(23,063,798	)	(2,582,475	)		(37,282,778	)
Net change	2,042,605		$	28,484,528		2,715,526		$	39,428,355
Class Y
Issued from the sale of shares	37,388,729		$	519,924,508		77,541,895		$	1,122,643,031
Issued in connection with the reinvestment of distributions	6,091,381			84,274,459		12,318,919			177,879,588
Redeemed	(77,219,523	)		(1,068,945,455	)	(118,518,308	)		(1,716,975,666	)
Net change	(33,739,413	)	$	(464,746,488	)	(28,657,494	)	$	(416,453,047	)
Admin Class
Issued from the sale of shares	571,689		$	7,939,477		1,110,070		$	16,029,203
Issued in connection with the reinvestment of distributions	177,839			2,453,955		336,388			4,845,855
Redeemed	(994,683	)		(13,765,795	)	(1,818,549	)		(26,240,360	)
Net change	(245,155	)	$	(3,372,363	)	(372,091	)	$	(5,365,302	)
Decrease from capital share transactions	(57,787,832	)	$	(801,737,345	)	(93,847,676	)	$	(1,369,576,617	)

61  |

Semiannual Report

March 31, 2019

Loomis Sayles Core Plus Bond Fund

Loomis Sayles Global Allocation Fund

Table of Contents

Portfolio Review	1
Portfolio of Investments	8
Financial Statements	43
Notes to Financial Statements	55

IMPORTANT NOTICE TO SHAREHOLDERS

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Funds’ website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you wish to continue receiving paper copies of your shareholder reports after January 1, 2021, you can inform the Fund at any time by calling 1-800-225-5478. If you hold your account with a financial intermediary and you wish to continue receiving paper copies after January 1, 2021, you should call your financial intermediary directly. Paper copies are provided free of charge, and your election to receive reports in paper will apply to all funds held with the Natixis Funds complex. If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You currently may elect to receive shareholder reports and other communications from the Fund or your financial intermediary electronically atwww.icsdelivery.com/natixisfunds.

LOOMIS SAYLES CORE PLUS BOND FUND

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

Investment Goal

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

1  |

LOOMIS SAYLES CORE PLUS BOND FUND

Average Annual Total Returns — March 31, 2019³

													Life of			Expense Ratios4
	6 Months			1 Year			5 Years			10 Years			Class N			Gross			Net
Class Y (Inception 12/30/94)
NAV		3.52	%		3.57	%		2.78	%		6.35	%		—	%		0.48	%		0.48	%
Class A (Inception 11/7/73)
NAV		3.42			3.34			2.53			6.08			—			0.73			0.73
With 4.25% Maximum Sales Charge		-1.01			-1.08			1.64			5.62			—
Class C (Inception 12/30/94)
NAV		3.03			2.56			1.75			5.29			—			1.48			1.48
With CDSC1		2.03			1.56			1.75			5.29
Class N (Inception 2/1/13)
NAV		3.65			3.67			2.87			—			2.85			0.39			0.39
Comparative Performance
Bloomberg Barclays U.S. Aggregate Bond Index2		4.63			4.48			2.74			3.77			2.32

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

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

4 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 limitations set to expire on 1/31/20. When a Fund’s expenses are below the limitation, 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 limitations.

|  2

LOOMIS SAYLES GLOBAL ALLOCATION 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.

3  |

LOOMIS SAYLES GLOBAL ALLOCATION FUND

Average Annual Total Returns — March 31, 2019⁴

																Expense Ratios5
	6 Months			1 Year			5 Years			10 Years			Life of Class N			Gross			Net
Class Y (Inception 5/1/96)
NAV		1.45	%		4.56	%		7.37	%		12.99	%		—	%		0.91	%		0.91	%
Class A (Inception 2/1/06)
NAV		1.27			4.25			7.09			12.69			—			1.16			1.16
With 5.75% Maximum Sales Charge		-4.56			-1.75			5.84			12.03			—
Class C (Inception 2/1/06)
NAV		0.88			3.47			6.30			11.85			—			1.91			1.91
With CDSC1		-0.09			2.47			6.30			11.85			—
Class N (Inception 2/1/17)
NAV		1.45			4.60			—			—			11.23			0.83			0.83
Comparative Performance
MSCI All Country World Index (Net)2		-2.13			2.60			6.45			11.98			9.86
Blended Index3		0.27			1.64			4.40			8.54			7.42

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit 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 limitations set to expire on 1/31/20. When a Fund’s expenses are below the limitation, 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 limitations.

|  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 Fund’s website at im.natixis.com; and on the Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities the most recent 12-month period ended June 30 is available from the Fund’s 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-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at www.sec.gov.

5  |

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 Fund’s prospectuses. The following examples are intended to help you understand the ongoing costs of investing in the Fund and help you compare these with the ongoing costs of investing in other mutual funds.

The first line in the table 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, 2018 through March 31, 2019. 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 the fund is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. If transaction costs were included, total costs would be higher.

LOOMIS SAYLES CORE PLUS BOND FUND	BEGINNING ACCOUNT VALUE 10/1/2018		ENDING ACCOUNT VALUE 3/31/2019		EXPENSES PAID DURING PERIOD* 10/1/2018 – 3/31/2019
Class A
Actual		$1,000.00		$1,034.20		$3.70
Hypothetical (5% return before expenses)		$1,000.00		$1,021.29		$3.68
Class C
Actual		$1,000.00		$1,030.30		$7.49
Hypothetical (5% return before expenses)		$1,000.00		$1,017.55		$7.44
Class N
Actual		$1,000.00		$1,036.50		$1.98
Hypothetical (5% return before expenses)		$1,000.00		$1,022.99		$1.97
Class Y
Actual		$1,000.00		$1,035.20		$2.44
Hypothetical (5% return before expenses)		$1,000.00		$1,022.54		$2.42

* Expenses are equal to the Fund’s annualized expense ratio: 0.73%, 1.48%, 0.39% and 0.48% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

|  6

LOOMIS SAYLES GLOBAL ALLOCATION FUND	BEGINNING ACCOUNT VALUE 10/1/2018		ENDING ACCOUNT  VALUE 3/31/2019		EXPENSES PAID DURING PERIOD* 10/1/2018 – 3/31/2019
Class A
Actual		$1,000.00		$1,012.70		$5.82
Hypothetical (5% return before expenses)		$1,000.00		$1,019.15		$5.84
Class C
Actual		$1,000.00		$1,008.80		$9.57
Hypothetical (5% return before expenses)		$1,000.00		$1,015.41		$9.60
Class N
Actual		$1,000.00		$1,014.50		$4.17
Hypothetical (5% return before expenses)		$1,000.00		$1,020.79		$4.18
Class Y
Actual		$1,000.00		$1,014.50		$4.57
Hypothetical (5% return before expenses)		$1,000.00		$1,020.39		$4.58

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.16%, 1.91%, 0.83% and 0.91% 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).

7  |

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Core Plus Bond Fund

Principal Amount (‡)		Description		Value (†)
	Bonds and Notes — 84.5% of Net Assets
		ABS Car Loan — 1.5%
$	116,899	AmeriCredit Automobile Receivables Trust,Series 2014-4, Class C, 2.470%, 11/09/2020		$	116,883
	4,441,183	AmeriCredit Automobile Receivables Trust,Series 2015-1, Class C, 2.510%, 1/08/2021			4,440,090
	1,844,693	AmeriCredit Automobile Receivables Trust,Series 2015-4, Class B, 2.110%, 1/08/2021			1,843,920
	4,495,000	AmeriCredit Automobile Receivables Trust,Series 2015-4, Class C, 2.880%, 7/08/2021			4,496,693
	320,305	AmeriCredit Automobile Receivables Trust, Series2017-1, Class A3, 1.870%, 8/18/2021			319,277
	2,000,000	Avis Budget Rental Car Funding AESOP LLC, Series2015-1A, Class A, 2.500%, 7/20/2021, 144A			1,990,617
	11,955,000	Avis Budget Rental Car Funding AESOP LLC, Series2016-1A, Class A, 2.990%, 6/20/2022, 144A			11,971,623
	15,005,000	Avis Budget Rental Car Funding AESOP LLC, Series2016-2A, Class A, 2.720%, 11/20/2022, 144A			14,904,816
	10,350,000	Avis Budget Rental Car Funding AESOP LLC, Series2017-1A, Class A, 3.070%, 9/20/2023, 144A			10,358,678
	4,985,000	Avis Budget Rental Car Funding AESOP LLC, Series2019-1, Class A, 3.450%, 3/20/2023, 144A	��		5,036,783
	6,613,898	CPS Auto Receivables Trust, Series2015-C, Class C, 3.420%, 8/16/2021, 144A			6,620,607
	238,229	Credit Acceptance Auto Loan Trust, Series2016-2A, Class A, 2.420%, 11/15/2023, 144A			238,181
	3,981,129	Credit Acceptance Auto Loan Trust, Series2016-3A, Class A, 2.150%, 4/15/2024, 144A			3,972,025
	3,199,967	Credit Acceptance Auto Loan Trust, Series2017-1A, Class A, 2.560%, 10/15/2025, 144A			3,195,010
	7,435,000	Credit Acceptance Auto Loan Trust, Series2017-3A, Class B, 3.210%, 8/17/2026, 144A			7,426,579
	1,211,728	Drive Auto Receivables Trust, Series2016-BA, Class C, 3.190%, 7/15/2022, 144A			1,212,097
	2,414,171	Drive Auto Receivables Trust, Series2017-AA, Class C, 2.980%, 1/18/2022, 144A			2,415,004
	4,177,068	Exeter Automobile Receivables Trust, Series2018-2A, Class A, 2.790%, 7/15/2021, 144A			4,176,783
	10,006	First Investors Auto Owner Trust, Series2017-1A, Class A1, 1.690%, 4/15/2021, 144A			10,002
	246,828	Flagship Credit Auto Trust, Series2016-1, Class A, 2.770%, 12/15/2020, 144A			246,810
	2,749,935	Santander Drive Auto Receivables Trust, Series2017-2, Class B, 2.210%, 10/15/2021			2,746,821
	5,755,000	Santander Drive Auto Receivables Trust, Series2018-2, Class B, 3.030%, 9/15/2022			5,765,089
	4,140,000	Santander Drive Auto Receivables Trust, Series2018-2, Class C, 3.350%, 7/17/2023			4,159,969
					97,664,357

See accompanying notes to financial statements.

|  8

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		ABS Credit Card — 0.3%
$	11,115,000	World Financial Network Credit Card Master Trust, Series2016-A, Class A, 2.030%, 4/15/2025	$	10,935,215
	12,265,000	World Financial Network Credit Card Master Trust, Series2016-C, Class A, 1.720%, 8/15/2023		12,194,458
				23,129,673
		ABS Home Equity — 2.3%
	3,647,662	Bayview Opportunity Master Fund IVa Trust, Series 2016-SPL1, Class A, 4.000%, 4/28/2055, 144A		3,690,711
	1,992,341	Bayview Opportunity Master Fund IVa Trust,Series 2017-RT1, Class A1, 3.000%, 3/28/2057, 144A(a)		1,980,783
	10,477,281	Bayview Opportunity Master Fund IVa Trust,Series 2017-RT5, Class A, 3.500%, 5/28/2069, 144A(a)		10,527,076
	5,610,754	Bayview Opportunity Master Fund IVa Trust, Series 2017-SPL1, Class A, 4.000%, 10/28/2064, 144A(a)		5,698,009
	2,334,313	Bayview Opportunity Master Fund IVb Trust, Series 2017-SPL2, Class A, 4.000%, 6/28/2054, 144A(a)		2,371,129
	2,589,100	Bayview Opportunity Master Fund IVb Trust, Series 2017-SPL3, Class A, 4.000%, 11/28/2053, 144A(a)		2,630,540
	6,635,696	Colony American Finance Ltd.,Series 2015-1, Class A, 2.896%, 10/15/2047, 144A		6,610,433
	57,114	Countrywide Asset-Backed Certificates,Series 2004-S1, Class A3, 5.115%, 2/25/2035(a)(b)(c)		56,719
	26,401,465	Invitation Homes Trust, Series 2018-SFR2, Class A,1-month LIBOR + 0.900%, 3.384%, 6/17/2037, 144A(d)		26,377,294
	9,600,000	Lanark Master Issuer PLC,Series 2019-1A, Class 1A1,3-month LIBOR + 0.770%, 3.467%, 12/22/2069, 144A(d)		9,624,547
	3,002,616	Mill City Mortgage Loan Trust,Series 2016-1, Class A1, 2.500%, 4/25/2057, 144A(a)		2,975,503
	11,104,170	Onslow Bay Financial LLC, Series 2018-EXP1, Class 1A3, 4.000%, 4/25/2048, 144A(a)		11,203,480
	3,226,847	Sequoia Mortgage Trust,Series 2017-CH1, Class A1, 4.000%, 8/25/2047, 144A(a)		3,277,342
	3,424,998	Sequoia Mortgage Trust,Series 2017-CH2, Class A10, 4.000%, 12/25/2047, 144A(a)		3,456,672
	7,064,126	Sequoia Mortgage Trust,Series 2018-CH1, Class A1, 4.000%, 2/25/2048, 144A(a)		7,181,555
	17,312,277	Sequoia Mortgage Trust,Series 2018-CH3, Class A2, 4.000%, 8/25/2048, 144A(a)		17,596,434
	1,454,000	Towd Point Mortgage Trust,Series 2015-1, Class A5, 3.908%, 10/25/2053, 144A(a)		1,503,389
	8,346,513	Towd Point Mortgage Trust,Series 2015-2, Class 1A12, 2.750%, 11/25/2060, 144A(a)		8,269,786
	5,018,000	Towd Point Mortgage Trust,Series 2015-4, Class M2, 3.750%, 4/25/2055, 144A(a)		5,006,903
	6,731,404	Towd Point Mortgage Trust,Series 2016-2, Class A1A, 2.750%, 8/25/2055, 144A(a)		6,654,675

See accompanying notes to financial statements.

9  |

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		ABS Home Equity — continued
$	6,017,000	Towd Point Mortgage Trust,Series 2016-2, Class M2, 3.000%, 8/25/2055, 144A(a)	$	5,646,325
	13,844,246	Towd Point Mortgage Trust,Series 2018-3, Class A1, 3.750%, 5/25/2058, 144A(a)		14,000,399
				156,339,704
		ABS Other — 0.3%
	1,220,275	OneMain Financial Issuance Trust,Series 2015-1A, Class A, 3.190%, 3/18/2026, 144A		1,220,499
	11,235,134	OneMain Financial Issuance Trust,Series 2016-1A, Class A, 3.660%, 2/20/2029, 144A		11,283,047
	1,612,271	OneMain Financial Issuance Trust,Series 2016-2A, Class A, 4.100%, 3/20/2028, 144A		1,614,713
	4,909,600	TAL Advantage V LLC,Series 2014-3A, Class A, 3.270%, 11/21/2039, 144A		4,880,099
				18,998,358
		ABS Student Loan — 0.0%
	308,802	SoFi Professional Loan Program LLC,Series 2014-A, Class A2, 3.020%, 10/25/2027, 144A		308,869
	844,876	SoFi Professional Loan Program LLC,Series 2014-B, Class A2, 2.550%, 8/27/2029, 144A		841,143
				1,150,012
		ABS Whole Business — 0.5%
	19,247,175	Coinstar Funding LLC,Series 2017-1A, Class A2, 5.216%, 4/25/2047, 144A		19,607,734
	14,407,600	Planet Fitness Master Issuer LLC,Series 2018-1A, Class A2I, 4.262%, 9/05/2048, 144A		14,640,139
				34,247,873
		Aerospace & Defense — 0.3%
	921,000	Bombardier, Inc., 5.750%, 3/15/2022, 144A		942,874
	14,932,000	Embraer Netherlands Finance BV, 5.050%, 6/15/2025		15,753,260
				16,696,134
		Agency Commercial Mortgage-Backed Securities — 3.2%
	15,165,000	Federal National Mortgage Association,Series 2015-M15, Class A2, 2.923%, 10/25/2025(a)		15,293,137
	6,750,000	Federal National Mortgage Association,Series 2015-M17, Class A2, 2.939%, 11/25/2025(a)		6,827,374
	10,975,000	Federal National Mortgage Association,Series 2016-M4, Class A2, 2.576%, 3/25/2026		10,804,332
	20,355,000	Federal National Mortgage Association,Series 2017-M14, Class A2, 2.877%, 11/25/2027(a)		20,243,284
	1,660,000	Federal National Mortgage Association,Series 2017-M15, Class A2, 2.960%, 9/25/2027(a)		1,665,309
	7,591,000	Federal National Mortgage Association,Series 2017-M3, Class A2, 2.486%, 12/25/2026(a)		7,393,106
	6,538,096	Federal National Mortgage Association,Series 2017-M7, Class A2, 2.961%, 2/25/2027(a)		6,548,479

See accompanying notes to financial statements.

|  10

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Agency Commercial Mortgage-Backed Securities — continued
$	11,860,279	Federal National Mortgage Association,Series 2018-M1, Class A2, 2.987%, 12/25/2027(a)	$	11,880,734
	2,460,000	Federal National Mortgage Association,Series 2018-M10, Class A2, 3.385%, 7/25/2028(a)		2,536,441
	6,965,000	Federal National Mortgage Association,Series 2018-M7, Class A2, 3.052%, 3/25/2028(a)		6,998,192
	4,665,000	Federal National Mortgage Association,Series 2018-M8, Class A2, 3.325%, 6/25/2028(a)		4,796,442
	7,350,000	FHLMC Multifamily Structured Pass Through Certificates, Series K725, Class A2, 3.002%, 1/25/2024		7,469,466
	2,770,000	FHLMC Multifamily Structured Pass Through Certificates, Series K058, Class A2, 2.653%, 8/25/2026		2,740,008
	6,195,000	FHLMC Multifamily Structured Pass Through Certificates, Series K061, Class A2, 3.347%, 11/25/2026(a)		6,406,191
	6,995,000	FHLMC Multifamily Structured Pass Through Certificates, Series K062, Class A2, 3.413%, 12/25/2026		7,262,078
	5,105,490	FHLMC Multifamily Structured Pass Through Certificates, Series K063, Class A2, 3.430%, 1/25/2027(a)		5,306,098
	915,000	FHLMC Multifamily Structured Pass Through Certificates, Series K069, Class A2, 3.187%, 9/25/2027(a)		933,576
	1,310,000	FHLMC Multifamily Structured Pass Through Certificates, Series K071, Class A2, 3.286%, 11/25/2027		1,346,405
	8,045,000	FHLMC Multifamily Structured Pass Through Certificates, Series K072, Class A2, 3.444%, 12/25/2027		8,365,359
	2,550,000	FHLMC Multifamily Structured Pass Through Certificates, Series K073, Class A2, 3.350%, 1/25/2028		2,631,592
	21,680,000	FHLMC Multifamily Structured Pass Through Certificates, Series K081, Class A2, 3.900%, 8/25/2028(a)		23,337,076
	7,205,000	FHLMC Multifamily Structured Pass Through Certificates, Series K082, Class A2, 3.920%, 9/25/2028(a)		7,768,896
	11,410,000	FHLMC Multifamily Structured Pass Through Certificates, Series K727, Class A2, 2.946%, 7/25/2024		11,558,816
	7,760,000	FHLMC Multifamily Structured Pass Through Certificates, Series KPLB, Class A, 2.770%, 5/25/2025		7,737,496
	10,465,000	FHLMC Multifamily Structured Pass Through Trust, Series K084, Class A2, 3.780%, 10/25/2028(a)		11,150,828
	2,151,433	FNMA, 2.880%, 12/01/2027		2,138,840
	6,485,000	FNMA, 2.900%, 12/01/2027		6,447,144
	5,035,000	FNMA, 2.950%, 11/01/2027		5,047,274
	1,826,000	FNMA, 3.015%, 7/01/2028		1,840,957
				214,474,930
		Airlines — 0.0%
	2,373,323	Continental Airlines Pass Through Certificates, Series2012-2, Class A, 4.000%, 4/29/2026		2,417,917
	524,379	Continental Airlines Pass Through Trust, Series2010-1, Class A, 4.750%, 7/12/2022		535,061
				2,952,978

See accompanying notes to financial statements.

11  |

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Automotive — 1.4%
$	12,010,000	Ford Motor Credit Co. LLC, 3.336%, 3/18/2021	$	11,827,059
	27,688,000	Ford Motor Credit Co. LLC, 5.750%, 2/01/2021		28,514,190
	16,412,000	Ford Motor Credit Co. LLC, 5.875%, 8/02/2021		16,993,508
	15,446,000	General Motors Co., 5.000%, 4/01/2035		14,011,318
	22,752,000	Hyundai Capital America, 3.000%, 10/30/2020, 144A		22,640,246
				93,986,321
		Banking — 5.7%
	17,853,000	Ally Financial, Inc., 3.750%, 11/18/2019		17,897,632
	16,016,000	Banco Santander Chile, 3.875%, 9/20/2022, 144A		16,314,002
	31,480,000	Bangkok Bank PCL, 4.050%, 3/19/2024, 144A		32,316,997
	2,572,000	Bank of America Corp., (fixed rate to 12/20/2022, variable rate thereafter), 3.004%, 12/20/2023		2,561,757
	5,715,000	Bank of America Corp., GMTN, 2.625%, 4/19/2021		5,700,758
	6,608,000	Bank of America Corp., Series L, 2.650%, 4/01/2019		6,608,000
	10,850,000	Bank of Montreal, Series D, 3.100%, 4/13/2021		10,946,181
	45,518,000	Barclays PLC, 2.875%, 6/08/2020		45,414,219
	7,058,000	Barclays PLC, 3.200%, 8/10/2021		7,050,293
	5,780,000	Citigroup, Inc., 2.650%, 10/26/2020		5,765,552
	27,055,000	Citigroup, Inc., 4.050%, 7/30/2022		27,862,249
	5,780,000	Goldman Sachs Group, Inc. (The), 2.600%, 4/23/2020		5,763,605
	9,636,000	Goldman Sachs Group, Inc. (The), 3.625%, 1/22/2023		9,801,901
	14,867,000	Goldman Sachs Group, Inc. (The), 5.750%, 1/24/2022		15,944,523
	13,448,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		16,394,133
	3,205,000	JPMorgan Chase & Co., 2.550%, 3/01/2021		3,194,372
	8,819,000	JPMorgan Chase & Co., 3.200%, 1/25/2023		8,940,250
	1,785,000	JPMorgan Chase & Co., 4.250%, 10/15/2020		1,825,346
	10,223,000	JPMorgan Chase & Co., 4.350%, 8/15/2021		10,581,573
	23,597,000	JPMorgan Chase & Co., 4.500%, 1/24/2022		24,683,513
	3,235,000	Lloyds Banking Group PLC, 3.000%, 1/11/2022		3,219,023
	3,955,000	Lloyds Banking Group PLC, 3.100%, 7/06/2021		3,956,163
	23,780,000	Lloyds Banking Group PLC, 4.344%, 1/09/2048		21,331,648
	7,690,000	Morgan Stanley, 2.800%, 6/16/2020		7,695,936
	19,598,000	Morgan Stanley, 5.750%, 1/25/2021		20,581,196
	3,381,000	Morgan Stanley, GMTN, 3.700%, 10/23/2024		3,440,360
	12,550,000	Morgan Stanley, GMTN, 5.500%, 7/28/2021		13,279,384
	21,770,000	Morgan Stanley, Series F, 3.875%, 4/29/2024		22,391,077
	9,123,000	Santander UK Group Holdings PLC, 5.625%, 9/15/2045, 144A		9,396,086
				380,857,729
		Building Materials — 0.1%
	8,563,000	Owens Corning, 4.200%, 12/01/2024		8,652,101
		Cable Satellite — 0.2%
	924,000	Time Warner Cable LLC, 5.500%, 9/01/2041		908,590
	2,648,000	Time Warner Cable LLC, 5.875%, 11/15/2040		2,713,932
	8,447,000	Time Warner Cable LLC, 6.550%, 5/01/2037		9,331,659
	2,013,000	Time Warner Cable LLC, 6.750%, 6/15/2039		2,245,179
				15,199,360

See accompanying notes to financial statements.

|  12

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Chemicals — 1.2%
$	26,749,000	Braskem America Finance Co., 7.125%, 7/22/2041, 144A	$	30,828,222
	3,680,000	Koppers, Inc., 6.000%, 2/15/2025, 144A		3,597,200
	3,566,000	Methanex Corp., 3.250%, 12/15/2019		3,563,790
	14,107,000	Methanex Corp., 5.250%, 3/01/2022		14,539,600
	10,242,000	Mexichem SAB de CV, 5.875%, 9/17/2044, 144A		10,131,182
	11,165,000	Mexichem SAB de CV, 6.750%, 9/19/2042, 144A		12,072,268
	4,402,000	RPM International, Inc., 3.450%, 11/15/2022		4,404,221
	3,558,000	RPM International, Inc., 6.125%, 10/15/2019		3,616,881
				82,753,364
		Collateralized Mortgage Obligations — 1.5%
	24,755,838	Federal Home Loan Mortgage Corp., Series 277, Class 30, 3.000%, 9/15/2042		24,898,828
	2,928,487	Federal Home Loan Mortgage Corp., Series 353, Class 300, 3.000%, 12/15/2046		2,923,778
	5,000,000	Federal Home Loan Mortgage Corp., Series 3654, Class DC, 5.000%, 4/15/2030		5,478,150
	536,284	Government National Mortgage Association, Series2010-H20, Class AF,1-month LIBOR + 0.330%, 2.839%, 10/20/2060(d)		534,019
	434,681	Government National Mortgage Association, Series2010-H24, Class FA,1-month LIBOR + 0.350%, 2.859%, 10/20/2060(d)		432,939
	361,885	Government National Mortgage Association, Series2011-H06, Class FA,1-month LIBOR + 0.450%, 2.959%, 2/20/2061(d)		361,484
	4,096,845	Government National Mortgage Association, Series2012-H12, Class FA,1-month LIBOR + 0.550%, 3.057%, 4/20/2062(d)		4,101,911
	526,242	Government National Mortgage Association, Series2012-H18, Class NA,1-month LIBOR + 0.520%, 3.029%, 8/20/2062(d)		526,469
	4,201,220	Government National Mortgage Association, Series2012-H27, Class FA,1-month LIBOR + 0.400%, 2.909%, 10/20/2062(d)		4,191,774
	1,919,765	Government National Mortgage Association, Series2013-H01, Class FA, 1.650%, 1/20/2063		1,899,216
	2,816,042	Government National Mortgage Association, Series2013-H03, Class HA, 1.750%, 12/20/2062		2,785,820
	4,083,963	Government National Mortgage Association, Series2013-H04, Class BA, 1.650%, 2/20/2063		4,037,983
	10,505,329	Government National Mortgage Association, Series2013-H07, Class DA, 2.500%, 3/20/2063		10,458,020
	16,149,827	Government National Mortgage Association, Series2013-H10, Class PA, 2.500%, 4/20/2063		16,023,750
	14,643,497	Government National Mortgage Association, Series2015-H10, Class JA, 2.250%, 4/20/2065		14,159,646
	6,870,901	Government National Mortgage Association, Series2015-H13, Class FG,1-month LIBOR + 0.400%, 2.907%, 4/20/2065(d)		6,855,678
	623,685	Government National Mortgage Association, Series2015-H13, Class FL,1-month LIBOR + 0.280%, 2.787%, 5/20/2063(d)		622,980
				100,292,445
		Construction Machinery — 0.1%
	8,705,000	CNH Industrial Capital LLC, 4.375%, 4/05/2022		8,927,848

See accompanying notes to financial statements.

13  |

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Consumer Cyclical Services — 0.4%
$	25,600,000	Amazon.com, Inc., 4.250%, 8/22/2057	$	27,530,591
		Consumer Products — 0.2%
	11,675,000	Whirlpool Corp., 4.750%, 2/26/2029		11,977,484
	3,495,000	Whirlpool Corp., MTN, 4.850%, 6/15/2021		3,630,453
				15,607,937
		Diversified Manufacturing — 0.1%
	1,158,000	Crane Co., 6.550%, 11/15/2036		1,372,459
	2,770,000	General Electric Co., 5.300%, 2/11/2021		2,866,888
				4,239,347
		Electric — 0.9%
	26,762,505	Cometa Energia S.A. de CV, 6.375%, 4/24/2035, 144A		26,160,349
	3,315,000	Enel Americas S.A., 4.000%, 10/25/2026		3,265,242
	3,364,000	Enel Generacion Chile S.A., 4.250%, 4/15/2024		3,436,823
	17,247,000	National Rural Utilities Cooperative Finance Corp., (fixed rate to 4/30/2023, variable rate thereafter), 4.750%, 4/30/2043		16,614,035
	8,413,000	Transelec S.A., 4.250%, 1/14/2025, 144A		8,490,904
	4,380,000	Transelec S.A., 4.625%, 7/26/2023, 144A		4,498,304
				62,465,657
		Finance Companies — 1.8%
	1,534,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.300%, 1/23/2023		1,505,577
	16,922,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.750%, 5/15/2019		16,935,876
	18,154,000	International Lease Finance Corp., 5.875%, 4/01/2019		18,154,000
	3,910,000	International Lease Finance Corp., 5.875%, 8/15/2022		4,215,463
	16,190,000	International Lease Finance Corp., 6.250%, 5/15/2019		16,249,168
	15,445,000	iStar, Inc., 6.500%, 7/01/2021		15,715,288
	14,547,000	Navient LLC, MTN, 8.000%, 3/25/2020		15,128,880
	644,000	Quicken Loans, Inc., 5.750%, 5/01/2025, 144A		646,254
	29,780,000	Springleaf Finance Corp., 6.125%, 3/15/2024		30,449,454
				118,999,960
		Financial Other — 0.2%
	15,649,000	Cielo S.A./Cielo USA, Inc., 3.750%, 11/16/2022, 144A		15,238,214
		Food & Beverage — 0.4%
	7,380,000	Bacardi Ltd., 5.150%, 5/15/2038, 144A		7,047,534
	16,885,000	Bacardi Ltd., 5.300%, 5/15/2048, 144A		16,183,448
	3,490,000	Gruma SAB de CV, 4.875%, 12/01/2024, 144A		3,642,723
	1,230,000	Sigma Alimentos S.A. de CV, 6.875%, 12/16/2019, 144A		1,259,397
				28,133,102
		Government Owned – No Guarantee — 2.7%
	7,757,000	CNPC General Capital Ltd., 3.950%, 4/19/2022, 144A		7,919,121
	17,981,000	Dolphin Energy Ltd. LLC, 5.500%, 12/15/2021, 144A		18,925,002
	11,005,000	Mexico City Airport Trust, 5.500%, 7/31/2047, 144A		10,124,600
	18,213,000	OCP S.A., 5.625%, 4/25/2024, 144A		19,102,559

See accompanying notes to financial statements.

|  14

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Government Owned – No Guarantee — continued
$	7,355,000	Ooredoo International Finance Ltd., 3.250%, 2/21/2023, 144A	$	7,299,838
	9,385,000	Ooredoo International Finance Ltd., 3.875%, 1/31/2028, 144A		9,377,173
	2,862,000	Ooredoo International Finance Ltd., 7.875%, 6/10/2019, 144A		2,887,758
	6,365,000	Petrobras Global Finance BV, 5.625%, 5/20/2043		5,693,493
	12,145,000	Petrobras Global Finance BV, 6.850%, 6/05/2115		11,746,644
	18,945,000	Syngenta Finance NV, 3.698%, 4/24/2020, 144A		19,012,456
	24,223,000	Tennessee Valley Authority, 4.250%, 9/15/2065		28,854,719
	6,160,000	Tennessee Valley Authority, 4.625%, 9/15/2060		7,881,694
	6,401,000	Tennessee Valley Authority, 4.875%, 1/15/2048		8,182,102
	10,957,000	Tennessee Valley Authority, 5.250%, 9/15/2039		14,097,008
	10,930,000	Transportadora de Gas Internacional S.A. E.S.P., 5.550%, 11/01/2028, 144A		11,818,063
				182,922,230
		Healthcare — 0.7%
	4,445,000	Cigna Corp., 4.800%, 8/15/2038, 144A		4,568,521
	8,505,000	Cigna Corp., 4.900%, 12/15/2048, 144A		8,776,278
	17,350,000	CVS Health Corp., 5.050%, 3/25/2048		17,478,473
	3,089,000	PerkinElmer, Inc., 5.000%, 11/15/2021		3,235,648
	10,364,000	Universal Health Services, Inc., 4.750%, 8/01/2022, 144A		10,454,685
				44,513,605
		Hybrid ARMs — 0.0%
	32,438	FNMA,6-month LIBOR + 1.543%, 4.418%, 2/01/2037(d)		33,503
		Independent Energy — 0.6%
	13,888,000	Pan American Energy LLC, 7.875%, 5/07/2021, 144A		14,096,320
	4,632,000	QEP Resources, Inc., 5.250%, 5/01/2023		4,365,660
	10,701,000	Range Resources Corp., 5.000%, 8/15/2022		10,593,990
	8,785,000	SM Energy Co., 6.125%, 11/15/2022		8,785,000
				37,840,970
		Industrial Other — 0.3%
	11,005,000	CK Hutchison International 16 Ltd., 2.750%, 10/03/2026, 144A		10,427,216
	3,495,000	Ferreycorp SAA, 4.875%, 4/26/2020, 144A		3,486,297
	4,020,000	Georgetown University (The), Class A, 5.215%, 10/01/2118		4,535,002
	3,750,000	Georgetown University (The), Class B, 4.315%, 4/01/2049		4,111,763
				22,560,278
		Integrated Energy — 0.1%
	6,325,000	Hunt Oil Co. of Peru LLC Sucursal Del Peru, 6.375%, 6/01/2028, 144A		6,815,187
		Media Entertainment — 0.8%
	63,720,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		2,221,013
	15,635,000	Myriad International Holdings BV, 4.850%, 7/06/2027, 144A		16,108,115
	32,599,000	Myriad International Holdings BV, 6.000%, 7/18/2020, 144A		33,537,851
				51,866,979
		Metals & Mining — 0.5%
	17,322,000	Freeport-McMoRan, Inc., 3.550%, 3/01/2022		17,127,127
	5,097,000	Freeport-McMoRan, Inc., 6.875%, 2/15/2023		5,402,820
	8,717,000	Southern Copper Corp., 5.875%, 4/23/2045		9,769,844
				32,299,791

See accompanying notes to financial statements.

15  |

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Midstream — 1.2%
$	1,600,000	AmeriGas Partners LP/AmeriGas Finance Corp., 5.500%, 5/20/2025	$	1,594,000
	670,000	Energy Transfer Operating LP, 5.150%, 2/01/2043		640,891
	6,959,000	Energy Transfer Operating LP, 5.950%, 10/01/2043		7,339,445
	10,082,000	Energy Transfer Operating LP, 6.500%, 2/01/2042		11,199,714
	1,578,000	Energy Transfer Operating LP, 6.625%, 10/15/2036		1,781,374
	13,236,000	Energy Transfer Partners LP/Regency Energy Finance Corp., 5.000%, 10/01/2022		13,953,015
	2,745,000	Energy Transfer Partners LP/Regency Energy Finance Corp., 5.875%, 3/01/2022		2,934,163
	2,555,000	Kinder Morgan Energy Partners LP, 4.150%, 2/01/2024		2,646,024
	10,668,000	Kinder Morgan Energy Partners LP, 4.300%, 5/01/2024		11,144,548
	4,861,000	Kinder Morgan, Inc., 5.000%, 2/15/2021, 144A		5,023,382
	17,979,000	Kinder Morgan, Inc., 5.625%, 11/15/2023, 144A		19,635,084
				77,891,640
		Mortgage Related — 26.7%
	4,274,543	FHLMC, 3.000%, with various maturities from 2042 to 2046(e)		4,270,237
	83,237,721	FHLMC, 3.500%, with various maturities from 2043 to 2048(e)		84,864,259
	42,596,360	FHLMC, 4.000%, with various maturities from 2044 to 2048(e)		44,328,707
	40,584,678	FHLMC, 4.500%, with various maturities from 2041 to 2048(e)		42,890,039
	11,444	FHLMC, 6.000%, 6/01/2035		12,610
	159,391,678	FNMA, 2.500%, with various maturities from 2045 to 2057(e)(f)		154,672,252
	279,150,058	FNMA, 3.000%, with various maturities from 2045 to 2058(e)		277,371,769
	181,716,204	FNMA, 3.500%, with various maturities from 2042 to 2056(e)		185,019,482
	238,738,173	FNMA, 4.000%, with various maturities from 2041 to 2049(e)		246,708,634
	45,505,148	FNMA, 4.500%, with various maturities from 2043 to 2048(e)		47,851,430
	169,353	FNMA, 6.000%, with various maturities from 2034 to 2037(e)		186,656
	14,547	FNMA, 6.500%, with various maturities from 2029 to 2031(e)		16,100
	41,803	FNMA, 7.000%, with various maturities in 2030(e)		45,584
	23,318	FNMA, 7.500%, with various maturities from 2024 to 2032(e)		26,030
	68,402,000	FNMA (TBA), 3.000%, 6/01/2049(g)		67,977,655
	173,081,000	FNMA (TBA), 3.500%, 5/01/2049(g)		175,264,689
	112,415,000	FNMA (TBA), 4.000%, 5/01/2049(g)		115,524,916
	168,861,000	FNMA (TBA), 4.500%, 5/01/2049(g)		175,798,153
	25,493,000	FNMA (TBA), 5.000%, 5/01/2049(g)		26,917,427
	129,969	GNMA, 4.106%, 1/20/2063(a)		131,236
	111,939	GNMA, 4.296%, 5/20/2063(a)		113,552
	141,848	GNMA, 4.371%, 7/20/2063(a)		144,512
	10,498,480	GNMA, 4.379%, 12/20/2066(a)		11,273,290
	2,761,126	GNMA, 4.393%, 12/20/2061(a)		2,768,480
	2,907,981	GNMA, 4.416%, 10/20/2066(a)		3,118,752
	5,619,421	GNMA, 4.426%, 11/20/2066(a)		5,999,513
	383,684	GNMA, 4.447%, 8/20/2062(a)		386,198
	1,541,710	GNMA, 4.448%, 6/20/2062(a)		1,548,874
	595,513	GNMA,1-month LIBOR + 1.940%, 4.460%, 9/20/2063(d)		623,884
	480,737	GNMA, 4.463%, 11/20/2062(a)		485,055
	537,551	GNMA, 4.471%, 7/20/2063(a)		546,145
	4,346,353	GNMA, 4.472%, 2/20/2066(a)		4,643,664

See accompanying notes to financial statements.

|  16

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Mortgage Related — continued
$	52,258	GNMA, 4.477%, 8/20/2061(a)	$	52,832
	482,059	GNMA, 4.481%, 12/20/2062(a)		486,477
	1,004,257	GNMA, 4.490%, 6/20/2062(a)		1,009,483
	1,993,740	GNMA, 4.496%, 10/20/2062(a)		2,008,712
	4,981,438	GNMA, 4.514%, 6/20/2066(a)		5,351,176
	7,034,596	GNMA, 4.517%, 11/20/2062(a)		7,104,025
	4,783,486	GNMA, 4.525%, 12/20/2064(a)		5,078,350
	3,465,595	GNMA, 4.528%, 6/20/2066(a)		3,707,931
	3,889,579	GNMA, 4.532%, 12/20/2063(a)		4,075,358
	3,206,502	GNMA, 4.533%, 9/20/2066(a)		3,452,561
	7,224,204	GNMA, 4.534%, with various maturities from 2065 to 2066(a)(e)		7,702,110
	3,747,725	GNMA, 4.536%, 6/20/2066(a)		4,033,020
	457,494	GNMA, 4.539%, 5/20/2063(a)		464,544
	10,805,814	GNMA, 4.541%, 12/20/2066(a)		11,667,077
	2,526,246	GNMA, 4.543%, 1/20/2065(a)		2,677,251
	4,539,851	GNMA, 4.546%, 2/20/2065(a)		4,812,065
	3,870,126	GNMA, 4.557%, 6/20/2064(a)		4,110,315
	2,418,633	GNMA, 4.565%, 4/20/2066(a)		2,590,809
	6,140,887	GNMA, 4.577%, 10/20/2064(a)		6,492,330
	854,508	GNMA, 4.592%, 10/20/2062(a)		862,598
	7,182,699	GNMA, 4.596%, 12/20/2064(a)		7,623,895
	11,737,041	GNMA, 4.601%, with various maturities from 2065 to 2066(a)(e)		12,554,115
	643,459	GNMA, 4.618%, 7/20/2062(a)		647,987
	793,513	GNMA, 4.627%, 1/20/2064(a)		836,065
	183,905	GNMA, 4.629%, 5/20/2062(a)		184,584
	2,965,823	GNMA, 4.643%, 3/20/2065(a)		3,145,113
	433,435	GNMA, 4.650%, 1/20/2061(a)		441,692
	1,770,122	GNMA, 4.652%, 5/20/2062(a)		1,774,886
	1,971,545	GNMA, 4.653%, 4/20/2062(a)		1,985,079
	3,222,971	GNMA, 4.671%, 1/20/2064(a)		3,372,040
	5,442,645	GNMA, 4.675%, 6/20/2064(a)		5,791,258
	17,894	GNMA, 4.700%, with various maturities in 2061(a)(e)		18,040
	66,089	GNMA, 4.703%, 3/20/2062(a)		66,160
	3,747,683	GNMA, 4.710%, 1/20/2064(a)		3,978,962
	281,919	GNMA, 5.500%, 4/15/2038		308,498
	48,825	GNMA, 6.000%, with various maturities from 2029 to 2038(e)		53,944
	50,432	GNMA, 6.500%, with various maturities from 2029 to 2032(e)		55,398
	63,231	GNMA, 7.000%, with various maturities from 2025 to 2029(e)		64,881
	7,873	GNMA, 7.500%, with various maturities from 2025 to 2030(e)		8,517
	1,484	GNMA, 8.500%, with various maturities from 2020 to 2022(e)		1,487
				1,802,181,409
		Natural Gas — 0.2%
	14,480,000	Infraestructura Energetica Nova, S.A.B. de C.V., 4.875%, 1/14/2048, 144A		12,398,500
		Non-Agency Commercial Mortgage-Backed Securities — 0.5%
	1,025,000	Commercial Mortgage Trust,Series 2010-C1, Class D, 6.128%, 7/10/2046, 144A(a)		1,050,529

See accompanying notes to financial statements.

17  |

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Non-Agency Commercial Mortgage-Backed Securities — continued
$	3,052,113	DBUBS Mortgage Trust, Series 2011-LC1A, Class E, 5.699%, 11/10/2046, 144A(a)	$	3,161,596
	6,637,000	GS Mortgage Securities Trust,Series 2011-GC5, Class C, 5.391%, 8/10/2044, 144A(a)		6,756,461
	8,150,000	UBS-Barclays Commercial Mortgage Trust,Series 2013-C5, Class A4, 3.185%, 3/10/2046		8,263,666
	9,412,653	Wells Fargo Commercial Mortgage Trust,Series 2010-C1, Class D, 5.598%, 11/15/2043, 144A(a)		9,555,546
	5,876,392	WFRBS Commercial Mortgage Trust,Series 2011-C4, Class D, 5.232%, 6/15/2044, 144A(a)		5,868,069
				34,655,867
		Oil Field Services — 1.2%
	8,690,000	Ensco PLC, 4.500%, 10/01/2024		6,615,263
	7,342,000	Ensco PLC, 5.750%, 10/01/2044		4,717,235
	2,447,000	Nabors Industries, Inc., 4.625%, 9/15/2021		2,416,413
	3,434,000	Nabors Industries, Inc., 5.000%, 9/15/2020		3,456,184
	23,633,000	Nabors Industries, Inc., 5.100%, 9/15/2023		21,633,648
	4,150,000	Nabors Industries, Inc., 5.500%, 1/15/2023		3,961,175
	29,916,000	Thaioil Treasury Center Co. Ltd., 4.875%, 1/23/2043, 144A		31,263,117
	7,663,950	Transocean Guardian Ltd., 5.875%, 1/15/2024, 144A		7,778,909
				81,841,944
		Paper — 0.5%
	5,797,000	Celulosa Arauco y Constitucion S.A., 4.500%, 8/01/2024		5,970,910
	10,350,000	Klabin Austria GmbH, 7.000%, 4/03/2049, 144A		10,313,775
	16,950,000	Suzano Austria GmbH, 5.750%, 7/14/2026, 144A		18,061,920
	1,989,000	WestRock RKT LLC, 4.900%, 3/01/2022		2,078,432
				36,425,037
		Pharmaceuticals — 0.2%
	4,989,000	Bausch Health Cos., Inc., 5.500%, 3/01/2023, 144A		5,013,945
	6,293,000	Biogen, Inc., 2.900%, 9/15/2020		6,290,614
				11,304,559
		Property & Casualty Insurance — 0.2%
	13,365,000	Ardonagh Midco 3 PLC, 8.625%, 7/15/2023, 144A		11,494,167
	3,171,000	Willis Towers Watson PLC, 5.750%, 3/15/2021		3,320,276
				14,814,443
		Refining — 0.4%
	28,300,000	Ultrapar International S.A., 5.250%, 10/06/2026, 144A		28,476,875
		Retailers — 0.9%
	27,630,000	El Puerto de Liverpool SAB de CV, 3.875%, 10/06/2026, 144A		26,352,112
	17,710,000	GameStop Corp., 5.500%, 10/01/2019, 144A		17,710,000
	9,929,000	SACI Falabella, 3.750%, 4/30/2023, 144A		9,994,088
	7,559,000	SACI Falabella, 4.375%, 1/27/2025, 144A		7,717,188
				61,773,388

See accompanying notes to financial statements.

|  18

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Sovereigns — 1.6%
$	32,145,000	Kingdom of Saudi Arabia, 3.250%, 10/26/2026, 144A	$	31,283,000
	20,805,000	Republic of Argentina, 7.500%, 4/22/2026		17,642,640
	19,040,000	Republic of Argentina, 7.625%, 4/22/2046		14,994,000
	8,015,000	Republic of Indonesia, 3.700%, 1/08/2022, 144A		8,114,226
	11,125,000	Republic of Oman, 3.875%, 3/08/2022, 144A		10,736,960
	11,680,000	State of Kuwait, 3.500%, 3/20/2027, 144A		11,931,587
	11,830,000	State of Qatar, 3.875%, 4/23/2023, 144A		12,166,800
				106,869,213
		Technology — 1.2%
	3,000,000	Equifax, Inc., 3.300%, 12/15/2022		3,004,911
	5,101,000	Equifax, Inc., 7.000%, 7/01/2037		5,820,995
	15,427,000	Hewlett Packard Enterprise Co., 3.600%, 10/15/2020		15,561,546
	16,191,000	Hewlett Packard Enterprise Co., 6.200%, 10/15/2035		17,128,146
	3,601,000	KLA-Tencor Corp., 3.375%, 11/01/2019		3,610,151
	7,515,000	Microchip Technology, Inc., 4.333%, 6/01/2023, 144A		7,667,410
	10,996,000	Molex Electronic Technologies LLC, 2.878%, 4/15/2020, 144A		10,977,176
	7,255,000	Molex Electronic Technologies LLC, 3.900%, 4/15/2025, 144A		7,318,439
	12,486,000	Tencent Holdings Ltd., 3.375%, 5/02/2019, 144A		12,493,289
				83,582,063
		Tobacco — 0.1%
	8,190,000	Altria Group, Inc., 4.400%, 2/14/2026		8,417,989
		Treasuries — 19.1%
	8,268,000(††)	Mexican Fixed Rate Bonds, Series M, 5.750%, 3/05/2026, (MXN)		37,625,944
	10,395,400(††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/10/2021, (MXN)		52,147,711
	496,730,000	Republic of Uruguay, 8.500%, 3/15/2028, 144A, (UYU)		12,925,216
	212,174,000	Republic of Uruguay, 9.875%, 6/20/2022, 144A, (UYU)		6,288,867
	21,005,000	U.S. Treasury Bond, 3.000%, 2/15/2049		21,763,149
	46,625,000	U.S. Treasury Bond, 3.125%, 5/15/2048		49,438,891
	113,574,605	U.S. Treasury Inflation Indexed Bond, 0.750%, 2/15/2045(f)(h)		109,075,429
	147,707,465	U.S. Treasury Inflation Indexed Bond, 0.875%, 2/15/2047(f)(h)		146,055,013
	174,566,497	U.S. Treasury Inflation Indexed Bond, 1.000%, 2/15/2046(f)(h)		177,801,419
	60,489,193	U.S. Treasury Inflation Indexed Note, 0.125%, 7/15/2024(f)(h)		59,723,735
	39,898,264	U.S. Treasury Inflation Indexed Note, 0.250%, 1/15/2025(h)		39,464,424
	67,579,456	U.S. Treasury Inflation Indexed Note, 0.625%, 1/15/2024(f)(h)		68,219,038
	60,735,000	U.S. Treasury Note, 1.375%, 7/31/2019		60,511,988
	90,345,000	U.S. Treasury Note, 2.125%, 3/31/2024		89,843,867
	53,280,000	U.S. Treasury Note, 2.250%, 3/31/2026		53,044,819
	1,310,800	U.S. Treasury Note, 2.625%, 2/15/2029		1,334,865
	76,080,000	U.S. Treasury Note, 2.875%, 8/15/2028		79,045,932
	214,032,000	U.S. Treasury Note, 3.125%, 11/15/2028		227,032,772
				1,291,343,079
		Utility Other — 0.4%
	25,420,000	ACWA Power Management And Investments One Ltd., 5.950%, 12/15/2039, 144A		25,610,650

See accompanying notes to financial statements.

19  |

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Wireless — 0.4%
$	1,424,000	American Tower Corp., 4.700%, 3/15/2022	$	1,489,806
	20,973,000	Bharti Airtel Ltd., 4.375%, 6/10/2025, 144A		20,618,049
	3,960,000	Millicom International Cellular S.A., 6.625%, 10/15/2026, 144A		4,158,000
				26,265,855
		Wirelines — 1.4%
	720,000	AT&T, Inc., 4.350%, 6/15/2045		660,638
	6,549,000	AT&T, Inc., 4.500%, 3/09/2048		6,144,876
	1,615,000	AT&T, Inc., 4.750%, 5/15/2046		1,578,156
	7,715,000	AT&T, Inc., 5.250%, 3/01/2037		8,083,120
	10,055,000	AT&T, Inc., 5.450%, 3/01/2047		10,742,292
	6,530,000	AT&T, Inc., 5.700%, 3/01/2057		7,074,041
	11,187,000	Colombia Telecomunicaciones S.A. E.S.P., 5.375%, 9/27/2022, 144A		11,399,553
	13,650,000	Embarq Corp., 7.995%, 6/01/2036		13,291,688
	5,000,000	Telefonica Celular del Paraguay S.A., 6.750%, 12/13/2022, 144A		5,106,250
	3,890,000	Telefonica Emisiones S.A., 5.134%, 4/27/2020		3,979,880
	23,277,000	Telefonica Emisiones S.A., 5.462%, 2/16/2021		24,324,489
				92,384,983
		Total Bonds and Notes (Identified Cost $5,729,192,203)		5,703,628,032
	Senior Loans — 3.4%
		Automotive — 0.2%
	8,915,324	Dayco Products LLC, 2017 Term Loan B,3-month LIBOR + 4.250%, 6.879%, 5/19/2023(d)		8,670,153
	1,486,867	KAR Auction Services, Inc., Term Loan B5, 3/09/2023(i)		1,481,291
	1,487,781	Visteon Corp., 2018 Term Loan B, LIBOR + 1.750%, 4.267%, 3/25/2024(j)		1,461,745
				11,613,189
		Chemicals — 0.1%
	4,176,400	Venator Materials Corp., Term Loan B,1-month LIBOR + 3.000%, 5.499%, 8/08/2024(d)		4,113,754
		Consumer Cyclical Services — 0.2%
	1,383,445	FrontDoor, Inc., 2018 Term Loan B,1-month LIBOR + 2.500%, 5.000%, 8/14/2025(d)		1,375,670
	9,805,024	Go Daddy Operating Company LLC, 2017 Repriced Term Loan, 2/15/2024(i)		9,724,720
				11,100,390
		Consumer Products — 0.3%
	11,333,316	Coty, Inc., 2018 USD Term Loan B,1-month LIBOR + 2.250%, 4.742%, 4/07/2025(d)		10,950,817
	2,110,000	Energizer Holdings, Inc., 2018 Term Loan B,3-month LIBOR + 2.250%, 4.734%, 12/17/2025(d)		2,083,625
	1,241,457	Resideo Funding, Inc., Term Loan B,3-month LIBOR + 2.000%, 4.610%, 10/24/2025(d)		1,236,802

See accompanying notes to financial statements.

|  20

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Consumer Products — continued
$	11,591,464	Serta Simmons Bedding LLC, 1st Lien Term Loan,1-month LIBOR + 3.500%, 5.983%, 11/08/2023(k)	$	8,552,298
				22,823,542
		Electric — 0.2%
	11,260,593	AES Corp., 2018 Term Loan B,3-month LIBOR + 1.750%, 4.379%, 5/31/2022(d)		11,218,365
		Food & Beverage — 0.1%
	9,006,117	Post Holdings, Inc., 2017 Series A Incremental Term Loan,1-month LIBOR + 2.000%, 4.490%, 5/24/2024(d)		8,917,497
		Gaming — 0.1%
	4,476,338	Churchill Downs, Inc., 2017 Term Loan B,1-month LIBOR + 2.000%, 4.500%, 12/27/2024(d)		4,459,551
		Industrial Other — 0.1%
	3,320,933	Altra Industrial Motion Corp., 2018 Term Loan B,1-month LIBOR + 2.000%, 4.499%, 10/01/2025(d)		3,258,665
		Leisure — 0.2%
	9,880,000	AMC Entertainment Holdings, Inc., 2019 Term Loan B, 3/14/2026(i)		9,800,960
	3,204,600	AMC Entertainment Holdings, Inc., Incremental Term Loan,1-month LIBOR + 2.250%, 4.734%, 12/15/2023(d)		3,201,395
				13,002,355
		Media Entertainment — 0.2%
	7,444,271	CBS Radio, Inc., 2017 Term Loan B,1-month LIBOR + 2.750%, 5.249%, 11/18/2024(d)		7,228,387
	3,494,859	Lamar Media Corp., 2018 Term Loan B,1-month LIBOR + 1.750%, 4.250%, 3/14/2025(d)		3,483,221
	3,873,444	Meredith Corp., 2018 Term Loan B,1-month LIBOR + 2.750%, 5.249%, 1/31/2025(d)		3,861,592
				14,573,200
		Packaging — 0.0%
	574,195	Crown Americas LLC, 2018 Term Loan B,1-month LIBOR + 2.000%, 4.484%, 4/03/2025(d)		575,016
	2,723,525	Plastipak Packaging, Inc., 2018 Term Loan B,1-month LIBOR + 2.500%, 5.000%, 10/14/2024(d)		2,673,739
				3,248,755
		Pharmaceuticals — 0.3%
	4,540,260	Bausch Health Cos., Inc., Term Loan B,1-month LIBOR + 2.750%, 5.231%, 11/27/2025(d)		4,484,233
	9,211,200	Change Healthcare Holdings LLC, 2017 Term Loan B,1-month LIBOR + 2.750%, 5.249%, 3/01/2024(d)		9,081,691
	9,800,000	Grifols Worldwide Operations USA, Inc., 2017 Acquisition Term Loan, 1/31/2025(i)		9,730,616
				23,296,540
		Property & Casualty Insurance — 0.0%
	2,728,450	USI, Inc., 2017 Repriced Term Loan,3-month LIBOR + 3.000%, 5.601%, 5/16/2024(d)		2,642,040

See accompanying notes to financial statements.

21  |

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Restaurants — 0.2%
$	10,728,451	1011778 B.C. Unlimited Liability Co., Term Loan B3,1-month LIBOR + 2.250%, 4.749%, 2/16/2024(d)	$	10,549,607
		Retailers — 0.5%
	2,994,750	Hanesbrands, Inc., 2017 Term Loan B,1-month LIBOR + 1.750%, 4.243%, 12/15/2024(d)		2,981,034
	14,390,759	Michaels Stores, Inc., 2018 Term Loan B,1-month LIBOR + 2.500%, 4.997%, 1/30/2023(k)		14,078,911
	16,150,563	Staples, Inc., 2017 Term Loan B,1-month LIBOR + 4.000%, 6.489%, 9/12/2024(d)		16,003,431
				33,063,376
		Technology — 0.4%
	3,272,080	First Data Corp., 2017 USD Term Loan,1-month LIBOR + 2.000%, 4.486%, 7/08/2022(d)		3,263,835
	4,420,839	First Data Corp., 2024 USD Term Loan,1-month LIBOR + 2.000%, 4.486%, 4/26/2024(d)		4,406,958
	10,031,047	Iron Mountain, Inc., 2018 Term Loan B, 1/02/2026(i)		9,711,358
	1,974,852	Sabre GLBL, Inc., 2018 Term Loan B,1-month LIBOR + 2.000%, 4.499%, 2/22/2024(d)		1,958,184
	9,789,744	SS&C Technologies Inc., 2018 Term Loan B5, 4/16/2025(i)		9,697,133
				29,037,468
		Transportation Services — 0.1%
	9,814,834	Uber Technologies, Inc., 2018 Incremental Term Loan, 7/13/2023(i)		9,733,076
		Wirelines — 0.2%
	4,306,343	Consolidated Communications, Inc., 2016 Term Loan B,1-month LIBOR + 3.000%, 5.500%, 10/04/2023(d)		4,065,920
	10,284,063	Level 3 Financing, Inc., 2017 Term Loan B,3-month LIBOR + 2.250%, 4.736%, 2/22/2024(d)		10,153,353
				14,219,273
		Total Senior Loans (Identified Cost $236,487,782)		230,870,643
Shares
	Preferred Stocks — 0.3%
		Cable Satellite — 0.3%
	17,563,000	NBCUniversal Enterprise, Inc., 5.250%, 144A (Identified Cost $18,210,290)		17,826,445
	Common Stocks — 0.1%
		Oil, Gas & Consumable Fuels — 0.1%
	77,870	Paragon Offshore Ltd., Litigation Units, Class A(l)(m)		63,308
	116,806	Paragon Offshore Ltd., Litigation Units, Class B(l)(m)		4,175,815
		Total Common Stocks (Identified Cost $9,028,818)		4,239,123

See accompanying notes to financial statements.

|  22

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

Principal Amount (‡)		Description	Value (†)
	Short-Term Investments — 19.8%
$	106,900,000	Federal Home Loan Bank Discount Notes,2.300%-2.340%, 4/01/2019(n)(o)	$	106,900,000
	60,590,000	Federal Home Loan Bank Discount Notes,2.330%-2.400%, 4/04/2019(n)(o)		60,577,781
	107,509,919	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/29/2019 at 1.500% to be repurchased at $107,523,358 on 4/01/2019 collateralized by $102,020,000 U.S. Treasury Note, 2.000% due 11/30/2022 valued at $101,989,700; $7,655,000 U.S. Treasury Note, 2.125% due 12/31/2022 valued at $7,675,370 including accrued interest (Note 2 of Notes to Financial Statements)		107,509,919
	382,685,000	U.S. Treasury Bills,2.200%-2.342%, 4/25/2019(f)(n)(o)		382,088,329
	40,855,000	U.S. Treasury Bills, 2.361%, 5/02/2019(n)		40,772,370
	249,670,000	U.S. Treasury Bills,2.375%-2.385%, 5/30/2019(n)(o)		248,707,400
	25,545,000	U.S. Treasury Bills, 2.391%, 6/06/2019(n)		25,434,475
	269,050,000	U.S. Treasury Bills,2.392%-2.395%, 6/13/2019(n)(o)		267,760,400
	100,000,000	U.S. Treasury Bills, 2.402%, 6/20/2019(n)		99,474,667
		Total Short-Term Investments (Identified Cost $1,339,215,728)		1,339,225,341
		Total Investments — 108.1% (Identified Cost $7,332,134,821)		7,295,789,584
		Other assets less liabilities — (8.1)%		(548,546,892	)
		Net Assets — 100.0%	$	6,747,242,692
	(‡)	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, 2019 is disclosed.
	(b)	Fair valued by the Fund’s adviser. At March 31, 2019, the value of this security amounted to $56,719 or less than 0.1% of net assets. See Note 2 of Notes to Financial Statements.
	(c)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
	(d)	Variable rate security. Rate as of March 31, 2019 is disclosed.
	(e)	The Fund’s investment in mortgage related securities of Federal Home Loan Mortgage Corporation, Federal National Mortgage Association and Government National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(f)	Security (or a portion thereof) has been designated to cover the Fund’s obligations under open TBA transactions.
	(g)	When-issued/delayed delivery. See Note 2 of Notes to Financial Statements.
	(h)	Treasury Inflation Protected Security (TIPS).
	(i)	Position is unsettled. Contract rate was not determined at March 31, 2019 and does not take effect until settlement date. Maturity date is not finalized until settlement date.

See accompanying notes to financial statements.

23  |

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Core Plus Bond Fund – (continued)

(j)	Variable rate security. Rate shown represents the weighted average rate of underlying contracts at March 31, 2019. Interest rates on contracts are primarily redetermined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period.
(k)	Variable rate security. Rate shown represents the weighted average rate of underlying contracts at March 31, 2019.
(l)	Non-income producing security.
(m)	Securities subject to restriction on resale. At March 31, 2019, the restricted securities held by the Fund are as follows:

	Acquisition Date		Acquisition Cost		Value		% of Net Assets
Paragon Offshore Ltd., Litigation Units, Class A		July 18, 2017	$	429,948	$	63,308		Less than 0.1%
Paragon Offshore Ltd., Litigation Units, Class B		July 18, 2017		8,598,870		4,175,815		0.1%

(n)	Interest rate represents discount rate at time of purchase; not a coupon rate.
(o)	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, 2019, the value of Rule 144A holdings amounted to $1,174,845,267 or 17.4% of net assets.
ABS	Asset-Backed Securities
ARMs	Adjustable Rate Mortgages
EMTN	Euro Medium Term Note
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GMTN	Global Medium Term Note
GNMA	Government National Mortgage Association
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
TBA	To Be Announced
MXN	Mexican Peso
UYU	Uruguayan Peso

Industry Summary at March 31, 2019 (Unaudited)

Mortgage Related	26.7	%
Treasuries	19.1
Banking	5.7
Agency Commercial Mortgage-Backed Securities	3.2
Government Owned - No Guarantee	2.7
ABS Home Equity	2.3
Other Investments, less than 2% each	28.6
Short-Term Investments	19.8
Total Investments	108.1
Other assets less liabilities	(8.1	)
Net Assets	100.0	%

See accompanying notes to financial statements.

|  24

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Global Allocation Fund

Shares		Description	Value (†)
	Common Stocks — 66.5% of Net Assets
		Canada — 1.8%
	671,300	CGI, Inc.(a)	$	46,149,834
		China — 2.7%
	380,558	Alibaba Group Holding Ltd., Sponsored ADR(a)		69,432,807
		France — 2.3%
	134,013	Dassault Systemes SE		19,974,451
	329,100	Thales S.A.		39,429,494
				59,403,945
		Hong Kong — 2.6%
	6,861,400	AIA Group Ltd.		68,612,417
		India — 1.0%
	791,016	HDFC Bank Ltd.		26,541,729
		Japan — 1.4%
	788,987	Nomura Research Institute Ltd.		35,938,019
		Sweden — 1.1%
	1,082,341	Atlas Copco AB, Class A		29,116,078
		Switzerland — 3.9%
	647,534	Nestle S.A., (Registered)		61,742,633
	264,040	Temenos AG, (Registered)		38,955,237
				100,697,870
		United Kingdom — 6.0%
	1,801,855	Halma PLC		39,283,926
	12,148,741	Legal & General Group PLC		43,597,246
	237,333	Linde PLC		41,753,995
	524,769	London Stock Exchange Group PLC		32,460,107
				157,095,274
		United States — 43.7%
	288,013	Accenture PLC, Class A		50,696,048
	22,988	Alphabet, Inc., Class C(a)		26,972,050
	46,856	Alphabet, Inc., Class A(a)		55,144,358
	38,490	Amazon.com, Inc.(a)		68,541,067
	9,556	Booking Holdings, Inc.(a)		16,674,360
	943,229	CBRE Group, Inc., Class A(a)		46,642,674
	624,333	Danaher Corp.		82,424,443
	670	Dex Media, Inc.(a)(b)		6,993
	193,535	EOG Resources, Inc.		18,420,661
	268,911	Facebook, Inc., Class A(a)		44,824,775
	148,499	Goldman Sachs Group, Inc. (The)		28,510,323
	493,859	Intercontinental Exchange, Inc.		37,602,424
	287,599	LyondellBasell Industries NV, Class A		24,181,324
	306,756	M&T Bank Corp.		48,166,827
	542,741	Marriott International, Inc., Class A		67,891,472
	142,886	McCormick & Co., Inc.		21,522,918
	56,883	Mettler-Toledo International, Inc.(a)		41,126,409

See accompanying notes to financial statements.

25  |

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)

Shares		Description	Value (†)
		United States — continued
	222,548	Northrop Grumman Corp.	$	59,998,941
	8,070	NVR, Inc.(a)		22,329,690
	283,775	Parker Hannifin Corp.		48,701,466
	265,055	Roper Technologies, Inc.		90,640,858
	191,557	S&P Global, Inc.		40,332,326
	154,107	Sherwin-Williams Co. (The)		66,375,426
	431,850	Texas Instruments, Inc.		45,806,330
	135,564	Tyler Technologies, Inc.(a)		27,709,282
	232,243	UnitedHealth Group, Inc.		57,424,404
				1,138,667,849
		Total Common Stocks (Identified Cost $1,309,305,883)		1,731,655,822
Principal Amount (‡)
	Bonds and Notes — 25.7%
	Non-Convertible Bonds — 25.2%
		Argentina — 0.2%
$	775,000	Provincia de Buenos Aires, 9.125%, 3/16/2024, 144A		644,963
	535,000	Republic of Argentina, 6.875%, 4/22/2021		488,187
	2,460,000	Republic of Argentina, 7.125%, 6/28/2117		1,815,480
	1,390,000	Republic of Argentina, 7.625%, 4/22/2046		1,094,625
	355,000	YPF S.A., 8.750%, 4/04/2024, 144A		356,775
	17,745,000	YPF S.A., 16.500%, 5/09/2022, 144A, (ARS)		265,992
				4,666,022
		Australia — 0.2%
	1,675,000	Australia Government Bond, Series 133, 5.500%, 4/21/2023, (AUD)(c)		1,380,849
	1,150,000	Commonwealth Bank of Australia, 2.250%, 3/10/2020, 144A(c)		1,144,926
	670,000	GAIF Bond Issuer Pty Ltd., 3.400%, 9/30/2026, 144A(c)		646,118
	110,000	Incitec Pivot Finance LLC, 6.000%, 12/10/2019, 144A		112,056
	935,000	National Australia Bank, 2.500%, 1/12/2021(c)		930,512
	95,000	Sydney Airport Finance Co. Pty Ltd., 3.375%, 4/30/2025, 144A		93,413
				4,307,874
		Belgium — 0.1%
	1,690,000	Anheuser – Busch InBev Worldwide, Inc., 4.750%, 1/23/2029		1,800,522
	440,000	Solvay Finance (America) LLC, 3.400%, 12/03/2020, 144A		442,102
				2,242,624
		Brazil — 0.5%
	800,000	Braskem Finance Ltd., 5.750%, 4/15/2021, 144A		828,400
	8,500(††)	Brazil Notas do Tesouro Nacional, Series F, 10.000%, 1/01/2025, (BRL)		2,303,283
	10,980(††)	Brazil Notas do Tesouro Nacional, Series F, 10.000%, 1/01/2021, (BRL)		2,928,143
	2,300(††)	Brazil Notas do Tesouro Nacional, Series F, 10.000%, 1/01/2027, (BRL)		623,187
	1,085,000	Brazilian Government International Bond, 4.625%, 1/13/2028		1,093,691
	400,000	Cosan Luxembourg S.A., 5.000%, 3/14/2023, 144A		395,500

See accompanying notes to financial statements.

|  26

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Brazil — continued
$	1,100,000	Embraer Netherlands Finance BV, 5.050%, 6/15/2025(c)	$	1,160,500
	1,045,000	Klabin Finance S.A., 5.250%, 7/16/2024		1,069,829
	1,350,000	Petrobras Global Finance BV, 5.999%, 1/27/2028		1,366,200
	150,000	Petrobras Global Finance BV, 6.875%, 1/20/2040		152,925
	575,000	Raizen Fuels Finance S.A., 5.300%, 1/20/2027, 144A		588,656
	500,000	Tupy Overseas S.A., 6.625%, 7/17/2024, 144A		515,000
				13,025,314
		Canada — 2.4%
	435,325	Air Canada Pass Through Trust,Series 2015-2, Class A, 4.125%, 6/15/2029, 144A(c)		444,549
	872,088	Air Canada Pass Through Trust,Series 2017-1, Class AA, 3.300%, 7/15/2031, 144A(c)		845,114
	1,010,000	Antares Holdings LP, 6.000%, 8/15/2023, 144A		992,846
	815,000	Bank of Montreal, 1.750%, 6/15/2021, 144A(c)		799,963
	1,797,447	BMW Canada Auto Trust,Series 2017-1A, Class A2, 1.677%, 5/20/2020, 144A, (CAD)(c)		1,342,957
	1,015,000	Brookfield Finance, Inc., 4.850%, 3/29/2029		1,043,609
	12,965,000	Canadian Government Bond, 0.500%, 3/01/2022, (CAD)(c)		9,414,335
	25,500,000	Canadian Government Bond, 0.750%, 3/01/2021, (CAD)(c)		18,795,791
	13,815,000	Canadian Government International Bond, 1.750%, 9/01/2019, (CAD)(c)		10,338,274
	970,000	Canadian Imperial Bank of Commerce, 1.600%, 9/06/2019(c)		965,658
	800,000	CPPIB Capital, Inc., 0.375%, 6/20/2024, 144A, (EUR)(c)		911,786
	430,000	Enbridge, Inc., 2.900%, 7/15/2022		428,747
	905,000	Export Development Canada, 1.800%, 9/01/2022, (CAD)(c)		678,342
	445,000	GMF Canada Leasing Trust,Series 2018-1A, Class A2, 3.030%, 6/21/2021, 144A, (CAD)		334,988
	1,128,624	Institutional Mortgage Securities Canada, Inc.,Series 2014-5A, Class A2, 2.616%, 7/12/2047, 144A, (CAD)(c)		841,382
	6,165,000	Province of Ontario Canada, 1.250%, 6/17/2019(c)		6,147,923
	7,200,000	Province of Ontario Canada, 1.875%, 5/21/2020(c)		7,149,001
	1,690,000	Tornoto-Dominion Bank (The), Series GMTN, 3.500%, 7/19/2023(c)		1,737,052
				63,212,317
		Chile — 0.5%
	1,590,000,000	Bonos de la Tesoreria de la Republica de Chile, 4.000%, 3/01/2023, 144A, (CLP)		2,365,516
	815,000,000	Bonos de la Tesoreria de la Republica de Chile, 4.500%, 3/01/2026, (CLP)(c)		1,237,769
	1,250,000	Corp. Nacional del Cobre de Chile, 3.625%, 8/01/2027, 144A(c)		1,251,263
	1,700,000	Corp. Nacional del Cobre de Chile, 4.500%, 9/16/2025(c)		1,801,405
	1,160,000	Corp. Nacional del Cobre de Chile, 4.500%, 9/16/2025, 144A(c)		1,229,194
	525,000	Enel Chile S.A., 4.875%, 6/12/2028		553,665
	250,000	Engie Energia Chile S.A., 5.625%, 1/15/2021, 144A		259,482
	800,000	Inversiones CMPC S.A., 4.375%, 5/15/2023, 144A(c)		814,252
	240,000	Latam Airlines Group S.A., 7.250%, 6/09/2020, 144A		247,323
	723,823	Latam Airlines Pass Through Trust,Series 2015-1, Class A, 4.200%, 8/15/2029		712,532

See accompanying notes to financial statements.

27  |

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Chile — continued
$	440,729	Latam Airlines Pass Through Trust,Series 2015-1, Class B, 4.500%, 8/15/2025	$	430,372
	950,000	Latam Finance Ltd., 6.875%, 4/11/2024, 144A		973,750
	935,000	Republic of Chile, 3.240%, 2/06/2028(c)		950,895
	1,120,000	Transelec S.A., 4.250%, 1/14/2025, 144A(c)		1,130,371
				13,957,789
		China — 0.2%
	920,000	Alibaba Group Holding Ltd., 3.400%, 12/06/2027(c)		902,122
	795,000	Baidu, Inc., 3.875%, 9/29/2023		810,837
	400,000	China Resources Gas Group Ltd., 4.500%, 4/05/2022, 144A(c)		412,954
	905,000	Industrial & Commercial Bank of China Ltd., 2.957%, 11/08/2022(c)		896,737
	985,000	Sinopec Group Overseas Development 2017 Ltd., 2.375%, 4/12/2020, 144A(c)		979,366
	500,000	Tencent Holdings Ltd., 2.985%, 1/19/2023, 144A(c)		497,819
	1,820,000	Three Gorges Finance I Cayman Islands Ltd., 3.150%, 6/02/2026(c)		1,780,142
				6,279,977
		Colombia — 0.3%
	435,000,000	Emgesa S.A. E.S.P., 8.750%, 1/25/2021, (COP)		142,418
	830,000,000	Emgesa S.A. E.S.P., 8.750%, 1/25/2021, 144A, (COP)		271,739
	2,140,000,000	Empresas Publicas de Medellin E.S.P., 8.375%, 2/01/2021, 144A, (COP)(c)		680,189
	1,140,000	Millicom International Cellular S.A., 6.250%, 3/25/2029, 144A		1,159,733
	575,000	Republic of Colombia, 3.875%, 4/25/2027		583,918
	200,000,000	Republic of Colombia, 7.750%, 4/14/2021, (COP)		65,595
	7,073,300,000	Republic of Colombia, Series B, 6.250%, 11/26/2025, (COP)		2,242,708
	6,150,000,000	Titulos De Tesoreria, Series B, 7.500%, 8/26/2026, (COP)(c)		2,080,554
	870,000	Transportadora de Gas Internacional S.A. E.S.P., 5.550%, 11/01/2028, 144A		940,687
				8,167,541
		Denmark — 0.0%
	670,000	Danske Bank AS, 3.875%, 9/12/2023, 144A		658,154
		Dominican Republic — 0.1%
	1,410,000	Dominican Republic, 5.500%, 1/27/2025, 144A		1,448,789
	590,000	Dominican Republic, 5.950%, 1/25/2027, 144A		621,943
	995,000	Dominican Republic, 6.000%, 7/19/2028, 144A		1,047,944
	425,000	Dominican Republic, 8.625%, 4/20/2027, 144A		497,785
				3,616,461
		France — 1.3%
	970,000	Air Liquide Finance S.A., 1.375%, 9/27/2019, 144A(c)		963,191
	200,000	AXA S.A., 7.125%, 12/15/2020, (GBP)		284,817
	205,000	BNP Paribas S.A., 4.375%, 5/12/2026, 144A		208,252
	1,415,000	Caisse d’Amortissement de la Dette Sociale, 1.875%, 2/12/2022(c)		1,394,093
	250,000	Credit Agricole S.A., 3.250%, 10/04/2024, 144A		246,503
	735,000	Danone S.A., 1.691%, 10/30/2019, 144A(c)		730,224
	500,000	Dexia Credit Local S.A., 2.250%, 2/18/2020, 144A(c)		498,380
	1,300,000	Edenred, 1.875%, 3/06/2026, (EUR)		1,516,583
	415,000	Electricite de France S.A., 4.500%, 9/21/2028, 144A		428,322

See accompanying notes to financial statements.

|  28

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		France — continued
	18,475,000	French Republic Government Bond OAT, 4.250%, 10/25/2023, (EUR)(c)	$	25,125,149
	465,000	French Republic Government Bond OAT, 4.250%, 10/25/2023, (EUR)		632,379
	500,000	Holding d’Infrastructures de Transport, EMTN, 0.625%, 3/27/2023, (EUR)		553,500
	500,000	Holding d’Infrastructures de Transport, EMTN, 1.625%, 11/27/2027, (EUR)		554,655
	1,015,000	Societe Generale S.A., 4.750%, 11/24/2025, 144A(c)		1,041,976
				34,178,024
		Germany — 0.2%
	675,000	Daimler Finance North America LLC, 1.750%, 10/30/2019, 144A(c)		670,655
	380,000	Deutsche Telekom International Finance BV, 2.820%, 1/19/2022, 144A		378,866
	1,825,000	Deutsche Telekom International Finance BV, 4.375%, 6/21/2028, 144A		1,901,345
	1,850,000	RWE AG, (fixed rate to 10/21/2020, variable rate thereafter), 2.750%, 4/21/2075, (EUR)		2,116,328
				5,067,194
		Greece — 0.1%
	430,000	Hellenic Republic Government Bond, 3.450%, 4/02/2024, 144A, (EUR)		501,364
	1,855,000	Hellenic Republic Government Bond, 3.750%, 1/30/2028, (EUR)		2,102,327
				2,603,691
		Hong Kong — 0.1%
	355,000	AIA Group Ltd., 3.200%, 3/11/2025, 144A(c)		352,453
	1,135,000	AIA Group Ltd., 3.900%, 4/06/2028, 144A		1,169,932
				1,522,385
		India — 0.1%
	650,000	Greenko Dutch BV, 5.250%, 7/24/2024, 144A		627,191
	1,630,000	ICICI Bank Ltd., 3.800%, 12/14/2027		1,587,648
				2,214,839
		Indonesia — 0.3%
	35,310,000,000	Indonesia Government International Bond, 8.250%, 7/15/2021, (IDR)		2,555,785
	300,000	Indonesia Government International Bond, 4.125%, 1/15/2025, 144A		307,455
	735,000	Indonesia Government International Bond, 4.750%, 1/08/2026		776,325
	21,768,000,000	Indonesia Government International Bond, 7.000%, 5/15/2022, (IDR)		1,528,591
	1,475,000	Perusahaan Listrik Negara PT, MTN, 4.125%, 5/15/2027		1,452,050
	545,000	Republic of Indonesia, 2.875%, 7/08/2021, 144A, (EUR)		646,323
	525,000	Republic of Indonesia, 4.750%, 1/08/2026, 144A		554,552
				7,821,081
		Ireland — 0.1%
	475,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.500%, 5/15/2021		485,268
	1,250,000	Bank of Ireland Group PLC, 4.500%, 11/25/2023, 144A		1,270,351
	375,000	Ireland Government Bond, 3.400%, 3/18/2024, (EUR)		494,077
				2,249,696

See accompanying notes to financial statements.

29  |

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Israel — 0.1%
$	510,000	Teva Pharmaceutical Finance Co. LLC, 6.150%, 2/01/2036	$	495,406
	780,000	Teva Pharmaceutical Finance Netherlands II BV, 0.375%, 7/25/2020, (EUR)		866,112
				1,361,518
		Italy — 0.7%
	2,180,000	Enel Finance International NV, 4.625%, 9/14/2025, 144A		2,254,662
	1,075,000	Intesa Sanpaolo SpA, 5.710%, 1/15/2026, 144A		1,049,374
	530,000	Intesa Sanpaolo SpA, EMTN, 3.928%, 9/15/2026, (EUR)		623,380
	3,305,000	Italy Buoni Poliennali Del Tesoro, 2.000%, 2/01/2028, (EUR)		3,620,328
	4,255,000	Italy Buoni Poliennali Del Tesoro, 5.000%, 3/01/2022, (EUR)		5,322,530
	3,335,000	Republic of Italy, 2.500%, 11/15/2025, (EUR)		3,846,385
	1,775,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		1,641,875
	430,000	UniCredit SpA, (fixed rate to 6/19/2027, variable rate thereafter), 5.861%, 6/19/2032, 144A		396,065
				18,754,599
		Japan — 0.4%
	985,497,800(†††)	Japan Government CPI Linked Bond, Series 23, 0.100%, 3/10/2028, (JPY)		9,267,402
		Korea — 0.3%
	765,000	Export-Import Bank of Korea, 3.000%, 11/01/2022(c)		767,176
	1,100,000	Hyundai Capital Services, Inc., 3.750%, 3/05/2023, 144A		1,112,639
	1,575,000	Kia Motors Corp., 3.000%, 4/25/2023, 144A		1,545,750
	630,000	Korea Development Bank (The), MTN, 4.500%, 11/22/2019, (AUD)(c)		453,037
	910,000	Korea Gas Corp., 2.750%, 7/20/2022, 144A(c)		905,131
	670,000	KT Corp., 2.500%, 7/18/2026, 144A(c)		630,400
	1,125,000	Minera y Metalurgica del Boleo SAPI de CV, 2.875%, 5/07/2019, 144A(c)		1,124,983
	1,440,000,000	Republic of Korea, Series 2209, 2.000%, 9/10/2022, (KRW)(c)		1,279,988
	770,000	Shinhan Bank Co. Ltd., 3.875%, 3/24/2026, 144A(c)		771,858
	140,000	SK Telecom Co. Ltd., 6.625%, 7/20/2027, 144A(c)		171,478
	200,000	Woori Bank, 5.875%, 4/13/2021, 144A(c)		210,569
				8,973,009
		Mexico — 0.5%
	620,000	Alfa SAB de CV, 6.875%, 3/25/2044		671,931
	770,000	America Movil SAB de CV, 2.125%, 3/10/2028, (EUR)(c)		929,514
	10,000,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)(c)		473,976
	675,000	Banco Nacional de Comercio Exterior SNC, (fixed rate to 8/11/2021, variable rate thereafter), 3.800%, 8/11/2026, 144A		659,819
	1,150,000	CEMEX Finance LLC, 6.000%, 4/01/2024, 144A		1,184,500
	1,055,000	Cemex SAB de CV, 2.750%, 12/05/2024, 144A, (EUR)		1,186,086
	800,000	Gruma SAB de CV, 4.875%, 12/01/2024(c)		835,008
	10,000,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)(c)		348,558
	142,000(††††)	Mexican Fixed Rate Bonds, Series M, 5.750%, 3/05/2026, (MXN)		646,212
	190,229(††††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/10/2021, (MXN)(c)		954,269
	3,600,000	Mexico Government International Bond, 4.000%, 10/02/2023		3,700,800
	196,000	Mexico Government International Bond, 4.000%, 3/15/2115, (EUR)(c)		207,045

See accompanying notes to financial statements.

|  30

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		Mexico — continued
	100,000	Sigma Alimentos S.A. de CV, 2.625%, 2/07/2024, 144A, (EUR)	$	117,675
	835,000	Sigma Alimentos S.A. de CV, 4.125%, 5/02/2026		816,213
	1,010,000	Unifin Financiera SAB de CV SOFOM ENR, 7.250%, 9/27/2023		1,019,383
				13,750,989
		Netherlands — 0.1%
	870,000	Cooperatieve Rabobank UA, 4.375%, 8/04/2025(c)		899,876
	675,000	ING Bank NV, 1.650%, 8/15/2019, 144A(c)		672,294
	1,105,000	Ziggo BV, 5.500%, 1/15/2027, 144A		1,091,187
				2,663,357
		Norway — 0.2%
	17,000,000	City of Oslo, Norway, 3.550%, 2/12/2021, (NOK)(c)		2,038,751
	550,000	Kommunalbanken AS, 1.750%, 9/15/2020, 144A(c)		544,467
	13,760,000	Norway Government Bond, 4.500%, 5/22/2019, 144A, (NOK)(c)		1,602,257
	3,815,000	Norway Government Bond, Series 475, 2.000%, 5/24/2023, 144A, (NOK)(c)		454,186
				4,639,661
		Panama — 0.0%
	680,000	Banco Latinoamericano de Comercio Exterior S.A., 3.250%, 5/07/2020, 144A(c)		678,994
		Paraguay — 0.1%
	800,000	Republic of Paraguay, 5.000%, 4/15/2026, 144A		841,944
	572,000	Telefonica Celular del Paraguay S.A., 6.750%, 12/13/2022		584,155
				1,426,099
		Peru — 0.1%
	580,000	Southern Copper Corp., 3.875%, 4/23/2025(c)		586,737
	1,050,000	Transportadora de Gas del Peru S.A., 4.250%, 4/30/2028, 144A(c)		1,067,062
	350,000	Union Andina de Cementos SAA, 5.875%, 10/30/2021, 144A		357,441
				2,011,240
		Poland — 0.4%
	34,525,000	Republic of Poland Government Bond, Series 0424, 2.500%, 4/25/2024, (PLN)		9,115,809
	5,380,000	Republic of Poland Government Bond, Series 0726, 2.500%, 7/25/2026, (PLN)(c)		1,397,813
				10,513,622
		Portugal — 0.0%
	400,000	EDP Finance BV, 4.125%, 1/15/2020, 144A		401,696
		Singapore — 0.2%
	785,000	BOC Aviation Ltd., 2.750%, 9/18/2022, 144A		767,942
	495,000	BOC Aviation Ltd., 3.000%, 3/30/2020(c)		494,510
	345,000	DBS Group Holdings Ltd., (fixed rate to 12/11/2023, variable rate thereafter), 4.520%, 12/11/2028, 144A		357,437
	3,215,000	United Overseas Bank Ltd., 3.200%, 4/23/2021, 144A(c)		3,242,649
				4,862,538

See accompanying notes to financial statements.

31  |

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		South Africa — 0.1%
$	930,000	MTN (Mauritius) Investments Ltd., 4.755%, 11/11/2024, 144A	$	882,563
	500,000	Myriad International Holdings BV, 6.000%, 7/18/2020, 144A		514,400
	39,185,000	South Africa Government International Bond, Series R213, 7.000%, 2/28/2031, (ZAR)(c)		2,277,163
				3,674,126
		Spain — 0.3%
	400,000	Banco Santander S.A., 3.125%, 2/23/2023		395,304
	100,000	Iberdrola International BV, EMTN, 0.375%, 9/15/2025, (EUR)		111,289
	700,000	Naturgy Finance BV, EMTN, 1.500%, 1/29/2028, (EUR)		813,289
	725,000	Spain Government International Bond, 0.750%, 7/30/2021, (EUR)(c)		832,665
	430,000	Spain Government International Bond, 1.600%, 4/30/2025, 144A, (EUR)(c)		517,034
	760,000	Spain Government International Bond, 4.300%, 10/31/2019, 144A, (EUR)(c)		875,634
	2,565,000	Spain Government International Bond, 4.400%, 10/31/2023, 144A, (EUR)(c)		3,441,356
	1,300,000	Telefonica Emisiones SAU Co., EMTN, 1.495%, 9/11/2025, (EUR)		1,514,127
				8,500,698
		Supranationals — 0.2%
	1,115,000	Corporacion Andina de Fomento, 4.375%, 6/15/2022(c)		1,156,266
	3,515,000	International Bank for Reconstruction & Development, 2.200%, 1/18/2022, (CAD)(c)		2,660,311
	1,140,000	International Bank for Reconstruction & Development, 2.500%, 3/12/2020, (AUD)(c)		815,009
				4,631,586
		Sweden — 0.0%
	2,450,000	Sweden Government Bond, 5.000%, 12/01/2020, (SEK)(c)		287,835
		Switzerland — 0.1%
	300,000	Argentum Netherlands BV for Zurich Insurance Co. Ltd., EMTN, (fixed rate to 10/01/2026, variable rate thereafter), 3.500%, 10/01/2046, (EUR)		372,769
	1,075,000	Glencore Finance Canada Ltd., 5.550%, 10/25/2042, 144A(c)		1,073,570
	900,000	Syngenta Finance NV, EMTN, 1.250%, 9/10/2027, (EUR)		922,780
				2,369,119
		Thailand — 0.2%
	1,570,000	Kasikornbank PCL, EMTN, 3.256%, 7/12/2023		1,563,962
	1,010,000	Siam Commercial Bank PCL, 3.500%, 4/07/2019, 144A(c)		1,010,020
	85,000,000	Thailand Government Bond, 2.125%, 12/17/2026, (THB)		2,636,880
	950,000	Thaioil Treasury Center Co. Ltd., 3.625%, 1/23/2023, 144A		954,712
				6,165,574
		Trinidad — 0.0%
	415,000	Trinidad Generation UnLtd., 5.250%, 11/04/2027, 144A		415,000
		Turkey — 0.0%
	525,000	Turk Telekomunikasyon AS, 6.875%, 2/28/2025, 144A		501,653
		United Arab Emirates — 0.2%
	1,610,000	Abu Dhabi Crude Oil Pipeline LLC, 3.650%, 11/02/2029(c)		1,596,315
	1,275,000	DP World Crescent Ltd., 4.848%, 9/26/2028, 144A		1,333,918

See accompanying notes to financial statements.

|  32

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United Arab Emirates — continued
$	850,000	DP World PLC, 3.250%, 5/18/2020, 144A(c)	$	847,246
	200,000	DP World PLC, MTN, 3.250%, 5/18/2020		199,352
				3,976,831
		United Kingdom — 0.4%
	95,000	Avon Products, Inc., 8.950%, 3/15/2043		90,701
	300,000	HSBC Holdings PLC, 4.375%, 11/23/2026(c)		307,300
	565,000	HSBC Holdings PLC, (fixed rate to 6/01/2021, variable rate thereafter), 6.875%(d)		589,719
	295,000	HSBC Holdings PLC, EMTN, 5.750%, 12/20/2027, (GBP)(c)		462,598
	635,000	Lloyds Banking Group PLC, 4.050%, 8/16/2023		647,499
	400,000	Lloyds Banking Group PLC, 4.500%, 11/04/2024(c)		406,465
	1,130,000	Royal Bank of Scotland Group PLC, 6.000%, 12/19/2023(c)		1,206,221
	350,000	Santander UK Group Holdings PLC, 4.750%, 9/15/2025, 144A(c)		347,423
	250,000	Standard Chartered PLC, EMTN, 3.125%, 11/19/2024, (EUR)		302,855
	500,000	United Kingdom Gilt, 1.750%, 7/22/2019, (GBP)		653,165
	845,000	United Kingdom Gilt, 2.750%, 9/07/2024, (GBP)		1,217,847
	530,000	United Kingdom Gilt, 4.000%, 3/07/2022, (GBP)		757,671
	130,000	Virgin Media Finance PLC, 4.500%, 1/15/2025, 144A, (EUR)		150,664
	115,000	Virgin Media Secured Finance PLC, 4.875%, 1/15/2027, (GBP)		148,299
	1,660,000	Vodafone Group PLC, 4.375%, 5/30/2028		1,687,261
				8,975,688
		United States — 13.9%
	9,890,000	AbbVie, Inc., 2.500%, 5/14/2020		9,860,815
	1,745,000	AES Corp. (The), 4.875%, 5/15/2023		1,768,994
	480,000	Allison Transmission, Inc., 4.750%, 10/01/2027, 144A		457,800
	8,000,000	Ally Financial, Inc., 4.125%, 2/13/2022		8,070,000
	745,000	Ally Financial, Inc., 5.125%, 9/30/2024		783,181
	1,728,000	Ally Financial, Inc., 8.000%, 11/01/2031		2,144,880
	1,595,329	American Airlines Pass Through Certificates,Series 2016-3, Class B, 3.750%, 4/15/2027		1,564,409
	1,775,466	American Airlines Pass Through Certificates,Series 2017-2, Class B, 3.700%, 4/15/2027		1,733,088
	120,325	American Airlines Pass Through Certificates,Series 2013-1, Class A, 4.000%, 1/15/2027		122,183
	2,016,995	American Airlines Pass Through Certificates,Series 2016-1, Class B, 5.250%, 7/15/2025		2,079,262
	461,899	American Airlines Pass Through Certificates,Series 2017-1B, Class B, 4.950%, 8/15/2026		471,114
	6,190,000	Anadarko Petroleum Corp., 3.450%, 7/15/2024		6,187,051
	300,000	Anadarko Petroleum Corp., 4.500%, 7/15/2044		282,305
	400,000	Antero Resources Corp., 5.125%, 12/01/2022		402,120
	175,000	Antero Resources Corp., 5.375%, 11/01/2021		175,656
	3,060,000	Antero Resources Corp., 5.625%, 6/01/2023		3,102,075
	260,000	Aptiv PLC, 1.600%, 9/15/2028, (EUR)		290,541
	1,510,000	AT&T, Inc., 3.400%, 5/15/2025		1,494,169
	3,960,000	AT&T, Inc., 4.300%, 2/15/2030		4,005,454

See accompanying notes to financial statements.

33  |

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	570,000	AT&T, Inc., 4.500%, 3/09/2048	$	534,827
	625,000	AT&T, Inc., 4.550%, 3/09/2049		590,221
	925,000	Aviation Capital Group LLC, 6.750%, 4/06/2021, 144A		985,821
	2,700,000	Bank of America Corp., 6.110%, 1/29/2037		3,203,783
	115,000	Bank of America Corp., MTN, 4.250%, 10/22/2026		118,144
	3,000	Beazer Homes USA, Inc., 7.250%, 2/01/2023		2,873
	585,000	BP Capital Markets America, Inc., 3.216%, 11/28/2023		591,918
	1,170,000	Broadcom, Inc., 4.250%, 4/15/2026, 144A		1,161,354
	71,000	California Resources Corp., 5.500%, 9/15/2021		55,234
	10,000	California Resources Corp., 6.000%, 11/15/2024		6,504
	2,465,000	California Resources Corp., 8.000%, 12/15/2022, 144A		1,935,764
	60,000	CenturyLink, Inc., 5.625%, 4/01/2025		58,050
	55,000	CenturyLink, Inc., Series G, 6.875%, 1/15/2028		51,700
	880,000	CenturyLink, Inc., Series S, 6.450%, 6/15/2021		916,300
	34,000	Chemours Co. (The), 6.625%, 5/15/2023		35,151
	3,210,000	Chesapeake Energy Corp., 4.875%, 4/15/2022		3,161,850
	315,000	Chesapeake Energy Corp., 5.750%, 3/15/2023		307,913
	4,700,000	Chesapeake Energy Corp., 8.000%, 6/15/2027		4,629,500
	780,000	Chevron Corp., 2.419%, 11/17/2020(c)		778,473
	1,635,000	Cimarex Energy Co., 4.375%, 6/01/2024		1,698,376
	345,000	Cincinnati Bell, Inc., 7.000%, 7/15/2024, 144A		317,600
	375,000	Cincinnati Bell, Inc., 8.000%, 10/15/2025, 144A		342,187
	500,000	Citizens Financial Group, Inc., 4.300%, 12/03/2025		512,048
	265,000	Constellation Brands, Inc., 4.750%, 11/15/2024		283,176
	485,000	Continental Resources, Inc., 3.800%, 6/01/2024		488,172
	640,000	Continental Resources, Inc., 4.500%, 4/15/2023		662,516
	92,000	Continental Resources, Inc., 5.000%, 9/15/2022		92,656
	375,000	Cox Communications, Inc., 4.800%, 2/01/2035, 144A		354,643
	595,000	CSC Holdings LLC, 5.375%, 2/01/2028, 144A		596,487
	155,000	Cummins, Inc., 5.650%, 3/01/2098		175,739
	475,000	Dell International LLC/EMC Corp., 6.020%, 6/15/2026, 144A		510,887
	103,596	Delta Air Lines Pass Through Trust,Series 2007-1, Class B, 8.021%, 2/10/2024		114,163
	1,200,000	Devon Energy Corp., 3.250%, 5/15/2022		1,211,426
	50,000	Dillard’s, Inc., 7.000%, 12/01/2028		52,280
	8,000	Dillard’s, Inc., 7.750%, 7/15/2026		8,627
	1,680,000	DISH DBS Corp., 5.000%, 3/15/2023		1,512,000
	1,495,000	DISH DBS Corp., 5.875%, 11/15/2024		1,255,800
	310,000	DR Horton, Inc., 4.375%, 9/15/2022		317,961
	340,000	Enable Midstream Partners LP, 5.000%, 5/15/2044		305,300
	235,000	Enbridge Energy Partners LP, 7.375%, 10/15/2045		325,280
	1,075,000	Energy Transfer Partners LP/Regency Energy Finance Corp., 5.000%, 10/01/2022		1,133,234
	600,000	EnLink Midstream Partners LP, 4.150%, 6/01/2025		577,500
	1,310,000	Federal National Mortgage Association,Series 2017-M14, Class A2, 2.877%, 11/25/2027(c)(e)		1,302,810
	410,000	FedEx Corp., 1.000%, 1/11/2023, (EUR)		470,992

See accompanying notes to financial statements.

|  34

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	650,000	FedEx Corp., 3.400%, 1/14/2022	$	658,681
	40,000	Ford Motor Co., 4.346%, 12/08/2026		37,127
	685,000	Ford Motor Co., 5.291%, 12/08/2046		573,940
	25,000	Ford Motor Co., 6.375%, 2/01/2029		25,785
	50,000	Ford Motor Co., 6.625%, 2/15/2028		52,999
	2,105,000	Ford Motor Co., 6.625%, 10/01/2028		2,195,382
	5,000	Ford Motor Co., 7.500%, 8/01/2026		5,575
	5,000,000	Ford Motor Credit Co. LLC, 2.459%, 3/27/2020		4,959,901
	560,000	Frontier Communications Corp., 11.000%, 9/15/2025		368,550
	131,000	Gates Global LLC/Gates Global Co., 6.000%, 7/15/2022, 144A		131,512
	295,000	General Electric Co., 4.500%, 3/11/2044		269,495
	50,000	General Electric Co., GMTN, 3.100%, 1/09/2023		49,686
	310,000	General Motors Co., 5.200%, 4/01/2045		275,369
	240,000	General Motors Financial Co., Inc., 3.450%, 4/10/2022		240,014
	925,000	General Motors Financial Co., Inc., 5.250%, 3/01/2026		954,628
	100,000	General Motors Financial Co., Inc., EMTN, 0.955%, 9/07/2023, (EUR)		110,722
	3,435,000	Georgia-Pacific LLC, 7.250%, 6/01/2028		4,384,763
	105,000	Georgia-Pacific LLC, 7.375%, 12/01/2025		128,753
	180,000	Georgia-Pacific LLC, 7.750%, 11/15/2029		244,560
	315,000	Georgia-Pacific LLC, 8.875%, 5/15/2031		471,089
	905,000	Global Atlantic Fin Co., 8.625%, 4/15/2021, 144A		995,873
	2,295,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		2,797,779
	1,935,000	Goodyear Tire & Rubber Co. (The), 4.875%, 3/15/2027		1,768,106
	165,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		170,363
	1,000,000	HCA Healthcare, Inc., 6.250%, 2/15/2021		1,050,850
	20,000	HCA, Inc., 4.750%, 5/01/2023		20,958
	6,670,000	HCA, Inc., 5.375%, 9/01/2026		7,028,512
	225,000	HCA, Inc., 7.050%, 12/01/2027		245,813
	820,000	HCA, Inc., 7.500%, 11/06/2033		940,950
	395,000	HCA, Inc., 8.360%, 4/15/2024		456,225
	195,000	HCA, Inc., MTN, 7.580%, 9/15/2025		219,375
	75,000	HCA, Inc., MTN, 7.750%, 7/15/2036		85,500
	855,000	Hecla Mining Co., 6.875%, 5/01/2021		855,000
	490,000	Hewlett Packard Enterprise Co., 6.350%, 10/15/2045		513,491
	310,000	Hexion, Inc., 7.875%, 2/15/2023(f)(g)		108,770
	485,000	Huntington Ingalls Industries, Inc., 5.000%, 11/15/2025, 144A		497,125
	1,585,000	Hyundai Capital America, 2.750%, 9/27/2026, 144A(c)		1,442,730
	450,000	International Lease Finance Corp., 4.625%, 4/15/2021		460,431
	1,250,000	International Lease Finance Corp., 6.250%, 5/15/2019		1,254,568
	745,000	INVISTA Finance LLC, 4.250%, 10/15/2019, 144A		748,100
	48,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		16,800
	5,000	J.C. Penney Corp., Inc., 7.625%, 3/01/2097		1,675
	1,070,000	Jefferies Group LLC, 6.250%, 1/15/2036		1,108,206
	7,760,000	JELD-WEN, Inc., 4.625%, 12/15/2025, 144A		7,372,000
	15,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021		12,375
	1,665,000	KB Home, 8.000%, 3/15/2020		1,734,097
	330,000	Level 3 Financing, Inc., 5.125%, 5/01/2023		332,887

See accompanying notes to financial statements.

35  |

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	760,000	Level 3 Financing, Inc., 5.375%, 5/01/2025	$	769,348
	140,000	Level 3 Parent LLC, 5.750%, 12/01/2022		141,442
	44,000	Masco Corp., 6.500%, 8/15/2032		50,055
	403,000	Masco Corp., 7.750%, 8/01/2029		489,378
	615,000	Medtronic Global Holdings SCA, 1.125%, 3/07/2027, (EUR)		710,800
	254,000	Micron Technology, Inc., 5.500%, 2/01/2025		261,902
	1,430,000	Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc., 7.875%, 10/01/2022, 144A		1,347,775
	450,000	Morgan Stanley, 3.950%, 4/23/2027		449,864
	725,000	Morgan Stanley, 5.750%, 1/25/2021		761,372
	3,150,000	Morgan Stanley, MTN, 4.100%, 5/22/2023		3,243,557
	600,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		694,963
	25,000	MPLX LP, 4.500%, 7/15/2023		26,208
	95,000	MPLX LP, 4.875%, 6/01/2025		101,120
	3,890,000	Nationstar Mortgage Holdings, Inc., 9.125%, 7/15/2026, 144A		3,948,350
	3,000,000	Navient Corp., 5.000%, 10/26/2020		3,041,250
	95,000	Navient Corp., 5.875%, 10/25/2024		91,913
	1,600(†††††)	Navient Corp., 6.000%, 12/15/2043		33,589
	935,000	Navient Corp., 6.750%, 6/15/2026		895,262
	750,000	Navient Corp., MTN, 6.125%, 3/25/2024		749,062
	915,000	Navient LLC, 5.500%, 1/25/2023		916,144
	415,000	Navient LLC, MTN, 7.250%, 1/25/2022		439,900
	3,418,000	Navient LLC, Series A, MTN, 5.625%, 8/01/2033		2,614,770
	4,583,000	New Albertsons LP, 7.450%, 8/01/2029		4,055,955
	525,000	New Albertsons LP, 7.750%, 6/15/2026		478,443
	5,540,000	New Albertsons LP, 8.000%, 5/01/2031		4,985,834
	2,150,000	New Albertsons LP, 8.700%, 5/01/2030		1,978,000
	1,309,000	New Albertsons LP, Series C, MTN, 6.625%, 6/01/2028		1,060,290
	365,000	Newell Brands, Inc., 4.000%, 12/01/2024		351,790
	65,000	Newfield Exploration Co., 5.625%, 7/01/2024		70,993
	900,000	NGL Energy Partners LP/NGL Energy Finance Corp., 6.125%, 3/01/2025		868,500
	405,000	NGL Energy Partners LP/NGL Energy Finance Corp., 7.500%, 11/01/2023		419,013
	20,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		24,000
	1,765,000	Nissan Motor Acceptance Corp., 3.650%, 9/21/2021, 144A		1,774,520
	120,000	Oasis Petroleum, Inc., 6.875%, 1/15/2023		120,000
	2,275,000	Oceaneering International, Inc., 4.650%, 11/15/2024		2,104,102
	420,000	Old Republic International Corp., 4.875%, 10/01/2024		442,961
	3,693,000	ONEOK Partners LP, 4.900%, 3/15/2025		3,928,075
	25,000	ONEOK Partners LP, 6.200%, 9/15/2043		28,470
	55,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 5.250%, 2/15/2022		55,550
	140,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 5.875%, 3/15/2025		143,500
	1,200,000	Owens Corning, 4.400%, 1/30/2048		987,264
	310,000	Owens Corning, 7.000%, 12/01/2036		352,532
	2,965,000	Owens-Brockway Glass Container, Inc., 5.375%, 1/15/2025, 144A		3,016,887
	585,000	Prologis LP, 2.250%, 6/30/2029, (GBP)		756,767

See accompanying notes to financial statements.

|  36

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	540,000	PulteGroup, Inc., 6.000%, 2/15/2035	$	517,725
	785,000	PulteGroup, Inc., 6.375%, 5/15/2033		782,056
	220,000	PulteGroup, Inc., 7.875%, 6/15/2032		247,500
	285,000	QEP Resources, Inc., 5.250%, 5/01/2023		268,613
	210,000	QEP Resources, Inc., 5.375%, 10/01/2022		205,275
	135,000	Quicken Loans, Inc., 5.250%, 1/15/2028, 144A		126,394
	120,000	Quicken Loans, Inc., 5.750%, 5/01/2025, 144A		120,420
	275,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		248,531
	115,000	Qwest Corp., 7.250%, 9/15/2025		123,811
	540,000	Radian Group, Inc., 4.500%, 10/01/2024		531,900
	230,000	Range Resources Corp., 4.875%, 5/15/2025		213,325
	850,000	Range Resources Corp., 5.000%, 8/15/2022		841,500
	220,000	Range Resources Corp., 5.000%, 3/15/2023		215,600
	970,000	Santander Holdings USA, Inc., 2.650%, 4/17/2020(c)		966,628
	25,000	Sealed Air Corp., 4.875%, 12/01/2022, 144A		25,800
	640,000	Sealed Air Corp., 5.500%, 9/15/2025, 144A		673,728
	420,000	ServiceMaster Co. LLC (The), 7.450%, 8/15/2027		442,050
	140,000	Silgan Holdings, Inc., 3.250%, 3/15/2025, (EUR)		162,118
	155,000	SM Energy Co., 6.750%, 9/15/2026		148,606
	1,170,000	Springleaf Finance Corp., 5.625%, 3/15/2023		1,186,087
	860,000	Springleaf Finance Corp., 6.875%, 3/15/2025		886,875
	2,310,000	Springleaf Finance Corp., 7.125%, 3/15/2026		2,351,857
	330,000	Springleaf Finance Corp., 7.750%, 10/01/2021		355,575
	130,000	Springleaf Finance Corp., 8.250%, 10/01/2023		143,325
	2,349,000	Sprint Capital Corp., 6.875%, 11/15/2028		2,257,976
	2,240,000	Sprint Capital Corp., 8.750%, 3/15/2032		2,363,424
	1,720,000	Sprint Communications, Inc., 6.000%, 11/15/2022		1,733,416
	120,000	Sprint Corp., 7.125%, 6/15/2024		121,800
	2,840,000	Sprint Corp., 7.875%, 9/15/2023		2,974,900
	1,365,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.750%, 3/15/2024		1,429,837
	950,000	Tenet Healthcare Corp., 5.125%, 5/01/2025		954,797
	100,000	Tenet Healthcare Corp., 6.750%, 6/15/2023		103,000
	1,630,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		1,532,200
	820,000	Textron, Inc., 5.950%, 9/21/2021		867,405
	90,000	Time Warner Cable LLC, 4.500%, 9/15/2042		78,662
	85,000	Time Warner Cable LLC, 5.500%, 9/01/2041		83,582
	1,680,000	Transcontinental Gas Pipe Line Co. LLC, 7.850%, 2/01/2026		2,100,517
	171,000	TransDigm, Inc., 6.500%, 7/15/2024		175,703
	185,000	TransDigm, Inc., 6.500%, 5/15/2025		187,794
	6,665,000	TRI Pointe Group, Inc., 4.875%, 7/01/2021		6,673,331
	90,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 4.375%, 6/15/2019		90,113
	5,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.875%, 6/15/2024		5,025
	4,380,000	U.S. Treasury Bond, 3.000%, 8/15/2048		4,533,984
	12,818,372	U.S. Treasury Inflation Indexed Note, 0.625%, 4/15/2023(c)(h)		12,907,013
	9,423,311	U.S. Treasury Inflation Indexed Note, 0.125%, 4/15/2022(c)(h)		9,325,860
	4,064,313	U.S. Treasury Inflation Indexed Note, 0.375%, 7/15/2027(c)(h)		4,033,160

See accompanying notes to financial statements.

37  |

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	32,430,000	U.S. Treasury Note, 1.375%, 5/31/2020	$	32,048,694
	12,755,000	U.S. Treasury Note, 1.750%, 11/30/2021(c)		12,590,082
	10,470,000	U.S. Treasury Note, 1.875%, 3/31/2022		10,364,482
	1,020,000	U.S. Treasury Note, 2.625%, 12/31/2023		1,037,332
	6,555,000	U.S. Treasury Note, 2.750%, 5/31/2023(c)		6,687,380
	13,505,000	U.S. Treasury Note, 2.750%, 2/28/2025(c)		13,846,318
	13,540,000	U.S. Treasury Note, 2.875%, 10/15/2021		13,745,216
	9,515,000	U.S. Treasury Note, 2.875%, 5/15/2028(c)		9,883,335
	3,930,000	U.S. Treasury Note, 3.125%, 11/15/2028		4,168,717
	466,319	United Airlines Pass Through Trust,Series 2016-2, Class B, 3.650%, 4/07/2027		454,932
	2,940,000	United Rentals North America, Inc., 5.500%, 7/15/2025		3,006,150
	2,635,000	United Rentals North America, Inc., 5.750%, 11/15/2024		2,707,462
	460,000	United Rentals North America, Inc., 6.500%, 12/15/2026		484,150
	1,940,000	United States Steel Corp., 6.650%, 6/01/2037		1,707,200
	91,703	US Airways Pass Through Trust,Series 2012-1A, Class A, 5.900%, 4/01/2026		99,471
	49,163	US Airways Pass Through Trust,Series 2012-1B, Class B, 8.000%, 4/01/2021		50,053
	346,280	US Airways Pass Through Trust,Series 2012-2A, Class A, 4.625%, 12/03/2026		361,147
	25,000	Viacom, Inc., 4.375%, 3/15/2043		22,476
	395,000	Viacom, Inc., 5.250%, 4/01/2044		398,229
	145,000	Viacom, Inc., 5.850%, 9/01/2043		157,687
	1,150,000	Walmart, Inc., 3.700%, 6/26/2028		1,211,313
	60,000	Weyerhaeuser Co., 6.950%, 10/01/2027		72,574
	315,000	Weyerhaeuser Co., 7.375%, 3/15/2032		415,876
	525,000	Whiting Petroleum Corp., 5.750%, 3/15/2021		531,037
	195,000	Whiting Petroleum Corp., 6.250%, 4/01/2023		196,028
	3,052,000	Windstream Services LLC/Windstream Finance Corp., 9.000%, 6/30/2025, 144A(a)		2,075,360
	65,000	Windstream Services LLC/Windstream Finance Corp., 10.500%, 6/30/2024, 144A(a)		47,938
				361,590,334
		TotalNon-Convertible Bonds (Identified Cost $648,395,839)		656,184,151
	Convertible Bonds — 0.5%
		United States — 0.5%
	1,450,000	Booking Holdings, Inc., 0.900%, 9/15/2021		1,600,510
	105,000	CalAmp Corp., 1.625%, 5/15/2020		102,135
	60,000	Chesapeake Energy Corp., 5.500%, 9/15/2026		55,596
	545,000	DISH Network Corp., 2.375%, 3/15/2024		449,555
	2,290,000	DISH Network Corp., 3.375%, 8/15/2026		1,945,355
	290,000	Evolent Health, Inc., 2.000%, 12/01/2021		279,623
	1,855,000	iStar, Inc., 3.125%, 9/15/2022		1,701,962

See accompanying notes to financial statements.

|  38

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)

Principal Amount (‡)		Description	Value (†)
		United States — continued
$	2,020,000	Nuance Communications, Inc., 1.000%, 12/15/2035	$	1,881,630
	240,000	Nuance Communications, Inc., 1.250%, 4/01/2025		238,087
	10,000	Nuance Communications, Inc., 1.500%, 11/01/2035		9,950
	1,660,000	Rovi Corp., 0.500%, 3/01/2020		1,610,084
	380,000	SM Energy Co., 1.500%, 7/01/2021		354,783
	825,000	Western Digital Corp., 1.500%, 2/01/2024, 144A		725,598
		Total Convertible Bonds (Identified Cost $11,306,142)		10,954,868
	Municipals — 0.0%
		United States — 0.0%
	155,000	State of Illinois, 5.100%, 6/01/2033		152,306
	130,000	Virginia Tobacco Settlement Financing Corp.,Series A-1, 6.706%, 6/01/2046		125,599
		Total Municipals (Identified Cost $254,506)		277,905
		Total Bonds and Notes (Identified Cost $659,956,487)		667,416,924
Shares
	Preferred Stocks — 0.1%
		United States — 0.1%
	736	Chesapeake Energy Corp.(i)		368,000
	84	Chesapeake Energy Corp., Series A, 144A(i)		42,694
	460	Chesapeake Energy Corp.		24,725
	40	Chesapeake Energy Corp.(i)		20,331
	38,952	El Paso Energy Capital Trust I		2,110,030
		Total Preferred Stocks (Identified Cost $2,285,617)		2,565,780
Principal Amount (‡)
	Short-Term Investments — 6.5%
$	3,707,000	Ford Motor Credit Co. LLC, 4.331%, 12/02/2019(j)		3,619,842
	46,703,337	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/29/2019 at 1.500% to be repurchased at $46,709,175 on 4/01/2019 collateralized by $18,810,000 U.S. Treasury Note, 2.000% due 11/30/2022 valued at $18,804,413; $28,760,000 U.S. Treasury Note, 2.125% due 12/31/2022 valued at $28,836,530 including accrued interest (Note 2 of Notes to Financial Statements)		46,703,337
	17,630,000	U.S. Treasury Bills, 2.381%, 9/26/2019(j)		17,423,406
	14,350,000	U.S. Treasury Bills, 2.441%, 9/05/2019(j)		14,202,150
	21,355,000	U.S. Treasury Bills,2.160%-2.200%, 4/25/2019(j)(k)		21,321,704
	14,000,000	U.S. Treasury Bills, 2.396%, 6/13/2019(j)		13,932,896

See accompanying notes to financial statements.

39  |

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)

Principal Amount (‡)		Description	Value (†)
	Short-Term Investments — continued
$	21,035,000	U.S. Treasury Bills,2.412%-2.536%, 8/15/2019(j)(k)	$	20,845,673
	30,585,000	U.S. Treasury Bills, 2.460%, 5/30/2019(j)		30,467,080
		Total Short-Term Investments (Identified Cost $168,481,287)		168,516,088
		Total Investments — 98.8% (Identified Cost $2,140,029,274)		2,570,154,614
		Other assets less liabilities — 1.2%		32,006,088
		Net Assets — 100.0%	$	2,602,160,702
	(‡)	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 principal amount including inflation adjustments.
	(††††)	Amount shown represents units. One unit represents a principal amount of 100.
	(†††††)	Amount shown represents units. One unit represents a principal amount of 25.
	(a)	Non-income producing security.
	(b)	Securities subject to restriction on resale. At March 31, 2019, the restricted securities held by the Fund are as follows:

	Acquisition Date		Acquisition Cost		Value		% of Net Assets
Dex Media, Inc.		August 12, 2016		$3,266	$	6,993		Less than 0.1%

(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)	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, 2019 is disclosed.
(f)	Illiquid security.
(g)	Security classified as fair valued pursuant to the Fund’s pricing policies and procedures. At March 31, 2019, the value of this security amounted to $108,770 or less than 0.1% of net assets. See Note 2 of Notes to Financial Statements.
(h)	Treasury Inflation Protected Security (TIPS).
(i)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
(j)	Interest rate represents discount rate at time of purchase; not a coupon rate.
(k)	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.

See accompanying notes to financial statements.

|  40

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)

144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2019, the value of Rule 144A holdings amounted to $112,598,159 or 4.3% of net assets.
ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
CPI	Consumer Price Index
EMTN	Euro Medium Term Note
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
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
NOK	Norwegian Krone
PLN	Polish Zloty
SEK	Swedish Krona
THB	Thai Baht
ZAR	South African Rand

At March 31, 2019, 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.		6/04/2019	BRL		S	18,445,000	$	4,899,070	$	4,689,736	$	209,334
Credit Suisse International		6/19/2019	CAD		S	47,640,000		35,626,150		35,718,469		(92,319	)
Credit Suisse International		6/19/2019	COP		S	2,593,255,000		813,394		810,097		3,297
Credit Suisse International		6/19/2019	GBP		B	12,290,000		16,232,323		16,069,209		(163,114	)
Credit Suisse International		6/19/2019	JPY		B	7,317,500,000		66,203,566		66,425,860		222,294
Credit Suisse International		6/19/2019	JPY		B	512,500,000		4,669,232		4,652,307		(16,925	)
Goldman Sachs & Co.		6/19/2019	MXN		B	66,055,000		3,341,900		3,360,977		19,077
HSBC Bank USA		6/19/2019	AUD		B	905,000		640,698		643,526		2,828
Morgan Stanley Capital Services, Inc.		6/19/2019	EUR		B	54,000,000		61,444,249		60,973,744		(470,505	)
UBS AG		6/19/2019	NOK		S	4,200,000		486,163		488,420		(2,257	)
UBS AG		6/19/2019	SEK		B	7,350,000		797,818		795,178		(2,640	)
UBS AG		6/19/2019	THB		S	83,000,000		2,618,875		2,620,677		(1,802	)
Total											$	(292,732	)

See accompanying notes to financial statements.

41  |

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Global Allocation Fund – (continued)

At March 31, 2019, 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		6/19/2019	NOK	14,180,000		EUR	1,439,577	$	1,625,489	$	(23,510	)

Industry Summary at March 31, 2019 (Unaudited)

Treasuries	11.0	%
Internet & Direct Marketing Retail	5.9
Capital Markets	5.2
Chemicals	5.1
IT Services	5.1
Interactive Media & Services	4.8
Insurance	4.3
Aerospace & Defense	3.9
Industrial Conglomerates	3.5
Software	3.4
Food Products	3.2
Health Care Equipment & Supplies	3.2
Machinery	3.0
Banks	2.9
Hotels, Restaurants & Leisure	2.6
Health Care Providers & Services	2.2
Other Investments, less than 2% each	23.0
Short-Term Investments	6.5
Total Investments	98.8
Other assets less liabilities (including forward foreign currency contracts)	1.2
Net Assets	100.0	%

Currency Exposure Summary at March 31, 2019 (Unaudited)

United States Dollar	73.9	%
Euro	4.6
British Pound	4.6
Swiss Franc	3.9
Canadian Dollar	3.5
Hong Kong Dollar	2.6
Other, less than 2% each	5.7
Total Investments	98.8
Other assets less liabilities (including forward foreign currency contracts)	1.2
Net Assets	100.0	%

See accompanying notes to financial statements.

|  42

Statements of Assets and Liabilities

March 31, 2019 (Unaudited)

	Core Plus Bond Fund			Global Allocation Fund
ASSETS
Investments at cost	$	7,332,134,821		$	2,140,029,274
Net unrealized appreciation (depreciation)		(36,345,237	)		430,125,340
Investments at value		7,295,789,584			2,570,154,614
Cash		2,209,226			9,575,899
Due from brokers (Note 2)		—			360,000
Foreign currency at value (identified cost $0 and $6,014,821, respectively)		—			5,901,951
Receivable for Fund shares sold		32,205,537			7,995,007
Receivable for securities sold		592,929,278			16,304,640
Receivable for when-issued/delayed delivery securities sold (Note 2)		433,864,892			—
Collateral received for delayed delivery securities and open forward foreign currency contracts (Notes 2 and 4)		3,413,594			400,000
Dividends and interest receivable		37,476,622			7,423,005
Unrealized appreciation on forward foreign currency contracts (Note 2)		—			456,830
Tax reclaims receivable		15,030			685,211
Prepaid expenses (Note 8)		403			132
TOTAL ASSETS		8,397,904,166			2,619,257,289
LIABILITIES
Payable for securities purchased		639,542,704			11,966,839
Payable for when-issued/delayed delivery securities purchased (Note 2)		993,256,334			—
Payable for Fund shares redeemed		11,704,801			1,354,963
Unrealized depreciation on forward foreign currency contracts (Note 2)		—			773,072
Foreign taxes payable (Note 2)		—			459,263
Due to brokers (Note 2)		3,413,594			400,000
Management fees payable (Note 6)		1,794,473			1,620,627
Deferred Trustees’ fees (Note 6)		422,536			199,989
Administrative fees payable (Note 6)		233,137			94,266
Payable to distributor (Note 6d)		52,427			45,117
Other accounts payable and accrued expenses		241,468			182,451
TOTAL LIABILITIES		1,650,661,474			17,096,587
NET ASSETS	$	6,747,242,692		$	2,602,160,702
NET ASSETS CONSIST OF:
Paid-in capital	$	6,948,804,092		$	2,150,846,900
Accumulated earnings (loss)		(201,561,400	)		451,313,802
NET ASSETS	$	6,747,242,692		$	2,602,160,702

See accompanying notes to financial statements.

43  |

Statements of Assets and Liabilities (continued)

March 31, 2019 (Unaudited)

	Core Plus Bond Fund		Global Allocation Fund
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	580,784,978	$	406,309,379
Shares of beneficial interest		45,345,378		18,178,144
Net asset value and redemption price per share	$	12.81	$	22.35
Offering price per share(100/[100-maximum sales charge] of net asset value) (Note 1)	$	13.38	$	23.71
Class C shares:(redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	171,163,957	$	434,152,526
Shares of beneficial interest		13,362,082		19,624,965
Net asset value and offering price per share	$	12.81	$	22.12
Class N shares:
Net assets	$	2,212,191,593	$	127,899,291
Shares of beneficial interest		171,248,822		5,693,994
Net asset value, offering and redemption price per share	$	12.92	$	22.46
Class Y shares:
Net assets	$	3,783,102,164	$	1,633,799,506
Shares of beneficial interest		293,010,151		72,697,297
Net asset value, offering and redemption price per share	$	12.91	$	22.47

See accompanying notes to financial statements.

|  44

Statements of Operations

For the Six Months Ended March 31, 2019 (Unaudited)

	Core Plus Bond Fund			Global Allocation Fund
INVESTMENT INCOME
Interest	$	107,145,045		$	15,178,802
Dividends		—			6,653,802
Less net foreign taxes withheld		(23,227	)		(129,735	)
		107,121,818			21,702,869
Expenses
Management fees (Note 6)		10,219,874			8,837,390
Service and distribution fees (Note 6)		1,609,157			2,465,246
Administrative fees (Note 6)		1,384,952			522,957
Trustees’ fees and expenses (Note 6)		61,817			27,187
Transfer agent fees and expenses (Notes 6 and 7)		2,121,845			1,012,645
Audit and tax services fees		27,036			28,313
Custodian fees and expenses		103,988			93,525
Legal fees		61,185			24,370
Registration fees		166,121			118,105
Shareholder reporting expenses		92,014			65,364
Miscellaneous expenses (Note 8)		108,182			60,928
Total expenses		15,956,171			13,256,030
Less waiver and/or expense reimbursement (Note 6)		(32,662	)		(12,637	)
Net expenses		15,923,509			13,243,393
Net investment income		91,198,309			8,459,476
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FORWARD FOREIGN CURRENCY CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		(10,611,491	)		27,472,322
Forward foreign currency contracts (Note 2d)		(5,254,691	)		(2,659,863	)
Foreign currency transactions (Note 2c)		83,817			(126,741	)
Net change in unrealized appreciation (depreciation) on:
Investments		146,504,019			2,108,962
Forward foreign currency contracts (Note 2d)		—			1,338,435
Foreign currency translations (Note 2c)		(55,003	)		(105,151	)
Net realized and unrealized gain on investments, forward foreign currency contracts and foreign currency transactions		130,666,651			28,027,964
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	221,864,960		$	36,487,440

See accompanying notes to financial statements.

45  |

Statements of Changes in Net Assets

	Core Plus Bond Fund						Global Allocation Fund
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
FROM OPERATIONS:
Net investment income	$	91,198,309		$	190,164,910		$	8,459,476		$	22,346,439
Net realized gain (loss) on investments, forward foreign currency contracts and foreign currency transactions		(15,782,365	)		(23,807,624	)		24,685,718			77,022,216
Net change in unrealized appreciation (depreciation) on investments, forward foreign currency contracts and foreign currency translations		146,449,016			(169,788,966	)		3,342,246			73,033,930
Net increase (decrease) in net assets resulting from operations		221,864,960			(3,431,680	)		36,487,440			172,402,585
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(6,717,409	)		(19,704,399	)		(15,303,424	)		(7,114,532	)
Class C		(1,350,461	)		(5,062,623	)		(13,674,405	)		(4,826,992	)
Class N		(25,397,416	)		(61,623,432	)		(3,466,169	)		(1,642,868	)
Class Y		(46,446,912	)		(127,335,569	)		(64,089,255	)		(26,544,930	)
Total distributions		(79,912,198	)		(213,726,023	)		(96,533,253	)		(40,129,322	)
NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		185,828,507			80,681,752			218,524,843			525,543,091
Net increase (decrease) in net assets		327,781,269			(136,475,951	)		158,479,030			657,816,354
NET ASSETS
Beginning of the period		6,419,461,423			6,555,937,374			2,443,681,672			1,785,865,318
End of the period	$	6,747,242,692		$	6,419,461,423		$	2,602,160,702		$	2,443,681,672

See accompanying notes to financial statements.

|  46

Financial Highlights

For a share outstanding throughout each period.

	Core Plus Bond Fund—Class A
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of the period	$	12.53		$	12.96		$	13.06		$	12.34		$	13.18		$	12.71
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.17			0.35			0.28			0.37			0.37			0.42
Net realized and unrealized gain (loss)		0.25			(0.38	)		(0.04	)		0.71			(0.77	)		0.51
Total from Investment Operations		0.42			(0.03	)		0.24			1.08			(0.40	)		0.93
LESS DISTRIBUTIONS FROM:
Net investment income		(0.14	)		(0.40	)		(0.34	)		(0.36	)		(0.36	)		(0.46	)
Net realized capital gains		—			—			—			—			(0.08	)		(0.00	)(b)
Total Distributions		(0.14	)		(0.40	)		(0.34	)		(0.36	)		(0.44	)		(0.46	)
Net asset value, end of the period	$	12.81		$	12.53		$	12.96		$	13.06		$	12.34		$	13.18
Total return(c)		3.42	%(d)		(0.27	)%		1.86	%		8.90	%		(3.13	)%		7.43	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	580,785		$	600,762		$	676,892		$	776,566		$	912,662		$	642,784
Net expenses		0.73	%(e)		0.73	%		0.73	%		0.73	%		0.74	%		0.79	%(f)
Gross expenses		0.73	%(e)		0.73	%		0.73	%		0.73	%		0.74	%		0.79	%(f)
Net investment income		2.66	%(e)		2.71	%		2.19	%		2.91	%		2.87	%		3.19	%
Portfolio turnover rate		136	%		181	%		195	%		143	%		175	%		122	%

(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 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.

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

See accompanying notes to financial statements.

47  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Core Plus Bond Fund—Class C
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of the period	$	12.53		$	12.96		$	13.06		$	12.33		$	13.18		$	12.72
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.12			0.25			0.19			0.27			0.27			0.32
Net realized and unrealized gain (loss)		0.26			(0.38	)		(0.05	)		0.73			(0.77	)		0.50
Total from Investment Operations		0.38			(0.13	)		0.14			1.00			(0.50	)		0.82
LESS DISTRIBUTIONS FROM:
Net investment income		(0.10	)		(0.30	)		(0.24	)		(0.27	)		(0.27	)		(0.36	)
Net realized capital gains		—			—			—			—			(0.08	)		(0.00	)(b)
Total Distributions		(0.10	)		(0.30	)		(0.24	)		(0.27	)		(0.35	)		(0.36	)
Net asset value, end of the period	$	12.81		$	12.53		$	12.96		$	13.06		$	12.33		$	13.18
Total return(c)		3.03	%(d)		(1.03	)%		1.08	%		8.17	%		(3.86	)%		6.54	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	171,164		$	185,758		$	248,687		$	321,626		$	354,285		$	256,307
Net expenses		1.48	%(e)		1.48	%		1.48	%		1.48	%		1.49	%		1.54	%(f)
Gross expenses		1.48	%(e)		1.48	%		1.48	%		1.48	%		1.49	%		1.54	%(f)
Net investment income		1.91	%(e)		1.96	%		1.44	%		2.16	%		2.11	%		2.46	%
Portfolio turnover rate		136	%		181	%		195	%		143	%		175	%		122	%

(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) Periods less than one year are not annualized.

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

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

See accompanying notes to financial statements.

|  48

Financial Highlights (continued)

For a share outstanding throughout each period.

	Core Plus Bond Fund—Class N
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of the period	$	12.63		$	13.06		$	13.17		$	12.44		$	13.28		$	12.80
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.19			0.39			0.33			0.41			0.42			0.46
Net realized and unrealized gain (loss)		0.27			(0.38	)		(0.06	)		0.73			(0.78	)		0.52
Total from Investment Operations		0.46			0.01			0.27			1.14			(0.36	)		0.98
LESS DISTRIBUTIONS FROM:
Net investment income		(0.17	)		(0.44	)		(0.38	)		(0.41	)		(0.40	)		(0.50	)
Net realized capital gains		—			—			—			—			(0.08	)		(0.00	)(b)
Total Distributions		(0.17	)		(0.44	)		(0.38	)		(0.41	)		(0.48	)		(0.50	)
Net asset value, end of the period	$	12.92		$	12.63		$	13.06		$	13.17		$	12.44		$	13.28
Total return		3.65	%(c)		0.07	%		2.12	%		9.33	%		(2.82	)%		7.81	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	2,212,192		$	1,899,190		$	1,784,150		$	2,134,113		$	2,209,110		$	105,514
Net expenses		0.39	%(d)		0.39	%		0.39	%		0.39	%		0.40	%		0.46	%
Gross expenses		0.39	%(d)		0.39	%		0.39	%		0.39	%		0.40	%		0.46	%
Net investment income		3.01	%(d)		3.06	%		2.53	%		3.25	%		3.27	%		3.42	%
Portfolio turnover rate		136	%		181	%		195	%		143	%		175	%		122	%

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

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

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

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

See accompanying notes to financial statements.

49  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Core Plus Bond Fund—Class Y
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of the period	$	12.63		$	13.06		$	13.16		$	12.43		$	13.27		$	12.80
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.18			0.38			0.31			0.40			0.41			0.45
Net realized and unrealized gain (loss)		0.26			(0.38	)		(0.04	)		0.73			(0.78	)		0.51
Total from Investment Operations		0.44			0.00	(b)		0.27			1.13			(0.37	)		0.96
LESS DISTRIBUTIONS FROM:
Net investment income		(0.16	)		(0.43	)		(0.37	)		(0.40	)		(0.39	)		(0.49	)
Net realized capital gains		—			—			—			—			(0.08	)		(0.00	)(b)
Total Distributions		(0.16	)		(0.43	)		(0.37	)		(0.40	)		(0.47	)		(0.49	)
Net asset value, end of the period	$	12.91		$	12.63		$	13.06		$	13.16		$	12.43		$	13.27
Total return		3.52	%(c)		(0.02	)%		2.10	%		9.22	%		(2.89	)%		7.65	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	3,783,102		$	3,733,751		$	3,846,208		$	2,953,919		$	3,137,371		$	1,310,824
Net expenses		0.48	%(d)		0.48	%		0.48	%		0.48	%		0.49	%		0.54	%(e)
Gross expenses		0.48	%(d)		0.48	%		0.48	%		0.48	%		0.49	%		0.54	%(e)
Net investment income		2.92	%(d)		2.97	%		2.43	%		3.15	%		3.14	%		3.42	%
Portfolio turnover rate		136	%		181	%		195	%		143	%		175	%		122	%

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

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

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

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

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

See accompanying notes to financial statements.

|  50

Financial Highlights (continued)

For a share outstanding throughout each period.

	Global Allocation Fund—Class A
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of the period	$	23.10		$	21.60		$	19.17		$	18.45		$	19.77		$	18.57
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.07			0.23			0.31			0.24			0.21			0.28
Net realized and unrealized gain (loss)		0.09			1.75			2.36			1.47			(0.37	)		1.49
Total from Investment Operations		0.16			1.98			2.67			1.71			(0.16	)		1.77
LESS DISTRIBUTIONS FROM:
Net investment income		(0.16	)		(0.19	)		(0.24	)		(0.15	)		(0.20	)		(0.33	)
Net realized capital gains		(0.75	)		(0.29	)		—			(0.84	)		(0.96	)		(0.24	)
Total Distributions		(0.91	)		(0.48	)		(0.24	)		(0.99	)		(1.16	)		(0.57	)
Net asset value, end of the period	$	22.35		$	23.10		$	21.60		$	19.17		$	18.45		$	19.77
Total return(b)		1.27	%(c)(f)		9.26	%		14.10	%		9.64	%		(0.91	)%		9.62	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	406,309		$	401,036		$	305,275		$	280,263		$	246,371		$	237,167
Net expenses		1.16	%(d)(e)		1.16	%		1.18	%		1.17	%		1.18	%		1.17	%
Gross expenses		1.17	%(d)		1.16	%		1.18	%		1.17	%		1.18	%		1.17	%
Net investment income		0.67	%(d)		1.03	%		1.57	%		1.32	%		1.06	%		1.46	%
Portfolio turnover rate		18	%		22	%		35	%		43	%		48	%		49	%

(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) The administrator agreed to waive a portion of its fees during the period. Without this waiver, expenses would have been higher.

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

See accompanying notes to financial statements.

51  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Global Allocation Fund—Class C
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of the period	$	22.78		$	21.29		$	18.89		$	18.19		$	19.51		$	18.36
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.01	)		0.06			0.16			0.10			0.06			0.14
Net realized and unrealized gain (loss)		0.10			1.73			2.33			1.46			(0.36	)		1.45
Total from Investment Operations		0.09			1.79			2.49			1.56			(0.30	)		1.59
LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(b)		(0.01	)		(0.09	)		(0.02	)		(0.06	)		(0.20	)
Net realized capital gains		(0.75	)		(0.29	)		—			(0.84	)		(0.96	)		(0.24	)
Total Distributions		(0.75	)		(0.30	)		(0.09	)		(0.86	)		(1.02	)		(0.44	)
Net asset value, end of the period	$	22.12		$	22.78		$	21.29		$	18.89		$	18.19		$	19.51
Total return(c)		0.88	%(d)(g)		8.46	%		13.22	%		8.88	%		(1.66	)%		8.72	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	434,153		$	412,610		$	354,017		$	423,350		$	393,416		$	377,001
Net expenses		1.91	%(e)(f)		1.91	%		1.93	%		1.92	%		1.93	%		1.92	%
Gross expenses		1.92	%(e)		1.91	%		1.93	%		1.92	%		1.93	%		1.92	%
Net investment income (loss)		(0.08	)%(e)		0.29	%		0.84	%		0.57	%		0.31	%		0.71	%
Portfolio turnover rate		18	%		22	%		35	%		43	%		48	%		49	%

(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) 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.

(f) The administrator agreed to waive a portion of its fees during the period. Without this waiver, expenses would have been higher.

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

See accompanying notes to financial statements.

|  52

Financial Highlights (continued)

For a share outstanding throughout each period.

	Global Allocation Fund—Class N
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Period Ended September 30, 2017*
Net asset value, beginning of the period	$	23.25		$	21.73		$	19.20
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.11			0.31			0.20
Net realized and unrealized gain (loss)		0.08			1.75			2.33
Total from Investment Operations		0.19			2.06			2.53
LESS DISTRIBUTIONS FROM:
Net investment income		(0.23	)		(0.25	)		—
Net realized capital gains		(0.75	)		(0.29	)		—
Total Distributions		(0.98	)		(0.54	)		—
Net asset value, end of the period	$	22.46		$	23.25		$	21.73
Total return		1.45	%(b)		9.60	%		13.18	%(b)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	127,899		$	80,346		$	59,512
Net expenses		0.83	%(c)		0.83	%		0.87	%(c)
Gross expenses		0.83	%(c)		0.83	%		0.87	%(c)
Net investment income		1.01	%(c)		1.36	%		1.48	%(c)
Portfolio turnover rate		18	%		22	%		35	%(d)

* 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.

53  |

Financial Highlights (continued)

For a share outstanding throughout each period.

	Global Allocation Fund—Class Y
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of the period	$	23.25		$	21.74		$	19.29		$	18.55		$	19.89		$	18.68
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.10			0.29			0.36			0.29			0.25			0.33
Net realized and unrealized gain (loss)		0.09			1.75			2.37			1.49			(0.37	)		1.49
Total from Investment Operations		0.19			2.04			2.73			1.78			(0.12	)		1.82
LESS DISTRIBUTIONS FROM:
Net investment income		(0.22	)		(0.24	)		(0.28	)		(0.20	)		(0.26	)		(0.37	)
Net realized capital gains		(0.75	)		(0.29	)		—			(0.84	)		(0.96	)		(0.24	)
Total Distributions		(0.97	)		(0.53	)		(0.28	)		(1.04	)		(1.22	)		(0.61	)
Net asset value, end of the period	$	22.47		$	23.25		$	21.74		$	19.29		$	18.55		$	19.89
Total return		1.45	%(b)(e)		9.49	%		14.42	%		9.97	%		(0.72	)%		9.87	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,633,800		$	1,549,689		$	1,067,062		$	835,391		$	604,609		$	633,057
Net expenses		0.91	%(c)(d)		0.91	%		0.93	%		0.92	%		0.93	%		0.92	%
Gross expenses		0.92	%(c)		0.91	%		0.93	%		0.92	%		0.93	%		0.92	%
Net investment income		0.92	%(c)		1.29	%		1.79	%		1.58	%		1.30	%		1.69	%
Portfolio turnover rate		18	%		22	%		35	%		43	%		48	%		49	%

(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) The administrator agreed to waive a portion of its fees during the period. Without this waiver, expenses would have been higher.

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

See accompanying notes to financial statements.

|  54

Notes to Financial Statements

March 31, 2019 (Unaudited)

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

Natixis Funds Trust I:

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

Loomis Sayles Funds II:

Loomis Sayles Global Allocation Fund (the “Global Allocation Fund”)

Each Fund is a diversified investment company.

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

Class A shares are sold with a maximumfront-end sales charge of 4.25% for Core Plus Bond Fund and 5.75% for Global Allocation Fund. Class C shares do not pay afront-end sales charge, pay higher Rule12b-1 fees than Class A shares for ten years (at which point they automatically convert to Class A shares) and may be subject to a contingent deferred sales charge (“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 afront-end sales charge, a CDSC or Rule12b-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 bornepro rata by the holders of each class of shares, except that each class bears expenses unique to that class (such as the Rule12b-1 fees applicable to Class A and Class C), and transfer agent fees 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 Rule12b-1 Plan. Shares of each class would receive theirpro 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.

55  |

Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

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

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

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

|  56

Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

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

Illiquid securities for which market quotations are readily available and have been evaluated by the adviser are considered and classified as fair valued securities pursuant to the Funds’ pricing policies and procedures.

As of March 31, 2019, securities held by the Funds were fair valued as follows:

Fund	Equity securities1		Percentage of Net Assets			Securities classified as fair valued		Percentage of Net Assets			Securities fair valued by the Fund’s adviser		Percentage of Net Assets
Core Plus Bond Fund	$	—		—		$	—		—		$	56,719		Less than 0.1	%
Global Allocation Fund		435,651,337		16.7	%		108,770		Less than 0.1	%		—		—

¹  Certain foreign equity securities were fair valued pursuant to procedures approved by the Board of Trustees as events occurring after the close of the foreign market were believed to materially affect the value of those securities.

b.  Investment Transactions and Related Investment Income.  Investment transactions are accounted for on a trade date plus one day basis for daily NAV calculation. However, for financial reporting purposes, investment transactions are reported on trade date. Dividend income (including income reinvested) and foreign withholding tax, if applicable, is recorded onex-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

57  |

Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

(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 apro 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, if any, 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 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.

For the six months ended March 31, 2019, the amount of income available to be distributed by Core Plus Bond Fund has been reduced by $18,558,406 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.

|  58

Notes to Financial Statements (continued)

March 31, 2019 (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 tradedover-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.  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 netmark-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.

f.  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

59  |

Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

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, 2019 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.

g.  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded onex-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, convertible bonds, 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 contractmark-to-market, wash sales, premium amortization, corporate actions, treasury inflation-protected bonds, contingent payment debt instruments, trust

|  60

Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

preferred securities 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 net realized 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, 2018 was as follows:

	2018 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
Core Plus Bond Fund	$	213,726,023	$	—	$	213,726,023
Global Allocation Fund		15,533,777		24,595,545		40,129,322

Distributions paid to shareholders from net investment income and net realized capital gains, based on accounting principles generally accepted in the United States of America, are consolidated and reported on the Statements of Changes in Net Assets as Distributions to Shareholders. Distributions paid to shareholders from net investment income and net realized capital gains expressed inper-share amounts, based on accounting principles generally accepted in the United States of America, are separately stated and reported within the Financial Highlights.

As of September 30, 2018, capital loss carryforwards were as follows:

	Core Plus Bond Fund			Global Allocation Fund
Capital loss carryforward:
Short-term:
No expiration date	$	(19,130,353	)	$	—
Long-term:
No expiration date		(100,464,581	)		—
Total capital loss carryforward	$	(119,594,934	)	$	—

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Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

As of March 31, 2019, unrealized appreciation (depreciation) on a tax basis was approximately as follows:

	Core Plus Bond Fund			Global Allocation Fund
Unrealized appreciation (depreciation)
Investments	$	(41,940,170	)	$	435,015,837
Foreign currency translations		(30,710,838	)		(7,618,440	)
Total unrealized appreciation (depreciation)	$	(72,651,008	)	$	427,397,397

As of March 31, 2019, the tax cost of investments (including derivatives, if applicable) and unrealized appreciation (depreciation) on a federal tax basis were as follows:

	Core Plus Bond Fund			Global Allocation Fund
Federal tax cost	$	7,368,437,251		$	2,141,768,191
Gross tax appreciation	$	105,762,835		$	451,051,196
Gross tax depreciation		(178,410,502	)		(22,981,015	)
Net tax appreciation (depreciation)	$	(72,647,667	)	$	428,070,181

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 and derivativesmark-to-market.

The difference between these amounts and those reported in the preceding table are primarily attributable to capital gains taxes and foreign exchange gains or losses.

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 aretri-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, 2019, each Fund, as applicable, had investments in repurchase agreements for which the value of the related collateral exceeded the value of the repurchase agreement. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes.

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Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

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

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 fornon-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 bynon-U.S. Governments andnon-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, 2019, neither Fund had loaned securities under this agreement.    

k.  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.

l.  New Accounting Pronouncement.  In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU)No. 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic310-20): Premium

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Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

Amortization on Purchased Callable Debt Securities. The amendments in the ASU shorten the amortization period for certain callable debt securities acquired at a premium, to be amortized to the earliest call date. The ASU does not require an accounting change for securities acquired at a discount, which continues to be amortized to maturity. The ASU is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. Management has evaluated the application of this provision and has determined the impact to be immaterial to the Funds.

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

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Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

for which market quotations are not readily available are valued at fair value as determined in good faith by the Funds’ adviser pursuant to procedures approved by the Board of Trustees. Fair valued securities may be categorized in Level 3.

The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2019, at value:

Core Plus Bond Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
ABS Home Equity	$	—	$	156,282,985	$	56,719	(b)	$	156,339,704
All Other Bonds and Notes(a)		—		5,547,288,328		—			5,547,288,328
Total Bonds and Notes		—		5,703,571,313		56,719			5,703,628,032
Senior Loans(a)		—		230,870,643		—			230,870,643
Preferred Stocks(a)		—		17,826,445		—			17,826,445
Common Stocks(a)		—		4,239,123		—			4,239,123
Short-Term Investments		—		1,339,225,341		—			1,339,225,341
Total	$	—	$	7,295,732,865	$	56,719		$	7,295,789,584

(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.

Global Allocation Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks
France	$	—	$	59,403,945	$	—	$	59,403,945
Hong Kong		—		68,612,417		—		68,612,417
India		—		26,541,729		—		26,541,729
Japan		—		35,938,019		—		35,938,019
Sweden		—		29,116,078		—		29,116,078
Switzerland		—		100,697,870		—		100,697,870
United Kingdom		41,753,995		115,341,279		—		157,095,274
United States		1,138,660,856		6,993		—		1,138,667,849
All Other Common Stocks(a)		115,582,641		—		—		115,582,641
Total Common Stocks		1,295,997,492		435,658,330		—		1,731,655,822

65  |

Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

Global Allocation Fund (continued)

Asset Valuation Inputs (continued)

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
United States	$	33,589	$	361,556,745	$	—		$	361,590,334
All OtherNon-Convertible Bonds(a)				294,593,817		—			294,593,817
TotalNon-Convertible Bonds		33,589		656,150,562		—			656,184,151
Convertible Bonds(a)		—		10,954,868		—			10,954,868
Municipals(a)		—		277,905		—			277,905
Total Bonds and Notes		33,589		667,383,335		—			667,416,924
Preferred Stocks(a)		2,110,030		24,725		431,025	(b)		2,565,780
Short-Term Investments		—		168,516,088		—			168,516,088
Total Investments		1,298,141,111		1,271,582,478		431,025			2,570,154,614
Forward Foreign Currency Contracts (unrealized appreciation)		—		456,830		—			456,830
Total	$	1,298,141,111	$	1,272,039,308	$	431,025		$	2,570,611,444
Liability Valuation Inputs
Description	Level 1		Level 2		Level 3			Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—	$	(773,072)	$	—		$	(773,072	)

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

(b) Valued using broker-dealer bid prices.

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Notes to Financial Statements (continued)

March 31, 2019 (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, 2018 and/or March 31, 2019:

Core Plus Bond Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2018			Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Purchases
Bonds and Notes
ABS Home Equity	$	—		$	—	$	—	$	(735	)	$	—
Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3		Balance as of March 31, 2019			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2019
Bonds and Notes
ABS Home Equity	$	(13,447	)	$	70,901	$	—	$	56,719		$	(735	)

A debt security valued at $70,901 was transferred from Level 2 to Level 3 during the period ended March 31, 2019. At September 30, 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. At March 31, 2019 this security was valued at fair value as determined in good faith by the Fund’s adviser as an independent pricing service did not provide a reliable price for the security.

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

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Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

Global Allocation Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2018		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases
Bonds and Notes
Non-Convertible Bonds
United States	$	124,748	$	—	$	—		$	—		$	—
Preferred Stocks
United States		—		—		—			(106,239	)		—
Total	$	124,748	$	—	$	—		$	(106,239	)	$	—
Investments in Securities	Sales		Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2019			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2019
Bonds and Notes
Non-Convertible Bonds
United States	$	—	$	—	$	(124,748	)	$	—		$	—
Preferred Stocks
United States		—		537,264		—			431,025			(106,239	)
Total	$	—	$	537,264	$	(124,748	)	$	431,025		$	(106,239	)

A debt security valued at $124,748 was transferred from Level 3 to Level 2 during the period ended March 31, 2019. At September 30, 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. At March 31, 2019, 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.

Preferred stocks valued at $537,264 were transferred from Level 2 to Level 3 during the period ended March 31, 2019. At September 30, 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. At March 31, 2019, 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.

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Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

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 the Funds used during the period include forward foreign currency contracts.

The Funds are subject to the risk that changes in foreign currency exchange rates will have an unfavorable effect on the value of Fund assets denominated in foreign currencies. The Funds may enter into forward foreign currency contracts for hedging purposes to protect the value of the Funds’ holdings of foreign securities. During the six months ended March 31, 2019, the Funds engaged in forward foreign currency transactions for hedging purposes. The Funds may also use forward foreign currency contracts to gain exposure to foreign currencies, regardless of whether securities denominated in such currencies are held in the Funds. During the six months ended March 31, 2019, Global Allocation Fund engaged in forward foreign currency transactions to gain exposure to foreign currencies.

Transactions in derivative instruments for Core Plus Bond Fund during the six months ended March 31, 2019, as reflected within the Statements of Operations, were as follows:

Net Realized Gain (Loss) on:	Forward foreign currency contracts
Foreign exchange contracts	$	(5,254,691	)

The following is a summary of derivative instruments for Global Allocation Fund as of March 31, 2019, 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	$	456,830
Liabilities	Unrealized depreciation on forward foreign currency contracts
Over-the-counter liability derivatives
Foreign exchange contracts	$	(773,072	)

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Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

Transactions in derivative instruments for Global Allocation Fund during the six months ended March 31, 2019, as reflected within the Statements of Operations, were as follows:

Net Realized Gain (Loss) on:	Forward foreign currency contracts
Foreign exchange contracts	$	(2,659,863	)
Net Change in Unrealized Appreciation (Depreciation) on:	Forward foreign currency contracts
Foreign exchange contracts	$	1,338,435

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 benon-hedge transactions for the purpose of these disclosures.

The volume of forward foreign currency contract activity, as a percentage of net assets, based on grossmonth-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, 2019:

Core Plus Bond Fund	Forwards
Average Notional Amount Outstanding		0.60	%
Highest Notional Amount Outstanding		2.16	%
Lowest Notional Amount Outstanding		0.00	%
Notional Amount Outstanding as of March 31, 2019		0.00	%
Global Allocation Fund	Forwards
Average Notional Amount Outstanding		8.75	%
Highest Notional Amount Outstanding		10.64	%
Lowest Notional Amount Outstanding		7.71	%
Notional Amount Outstanding as of March 31, 2019		7.71	%

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

Unrealized gain and/or loss on open forwards is recorded in the Statements of Assets and Liabilities. The aggregate notional values of forward contracts are not recorded in the Statements of Assets and Liabilities, and therefore are not included in the Funds’ net assets.

Over-the-counter derivatives, including forward foreign currency contracts, are entered into pursuant to International Swaps and Derivatives Association, Inc. (“ISDA”) agreements negotiated between the Funds and their counterparties. ISDA

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Notes to Financial Statements (continued)

March 31, 2019 (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 netmark-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, 2019, gross amounts ofover-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.	$	209,334		$	—		$	209,334		$	—	$	209,334
Credit Suisse International		225,591			(225,591	)		—			—		—
Goldman Sachs & Co.		19,077			—			19,077			—		19,077
HSBC Bank USA		2,828			—			2,828			—		2,828
	$	456,830		$	(225,591	)	$	231,239		$	—	$	231,239
Counterparty	Gross Amounts of Liabilities			Offset Amount			Net Liability Balance			Collateral (Received)/ Pledged		Net Amount
Credit Suisse International	$	(295,868	)	$	225,591		$	(70,277	)	$	—	$	(70,277	)
Morgan Stanley Capital
Services, Inc.		(470,505	)		—			(470,505	)		350,000		(120,505	)
UBS AG		(6,699	)		—			(6,699	)		6,699		—
	$	(773,072	)	$	225,591		$	(547,481	)	$	356,699	$	(190,782	)

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Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

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 aremarked-to-market and when collateral moves. The ISDA agreements includetri-party control agreements under which collateral is held for the benefit of the secured party at a third party custodian, State Street Bank.

Counterparty risk is managed based on policies and procedures established by each Fund’s adviser. Such policies and procedures may include, but are not limited to, minimum counterparty credit rating requirements, monitoring of counterparty credit default swap spreads and posting of collateral. A Fund’s risk of loss from counterparty credit risk onover-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 atpre-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 clearing house, 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, 2019:

Fund	Maximum Amount of Loss - Gross		Maximum Amount of Loss - Net
Global Allocation Fund	$	816,830	$	234,540

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Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

Net loss amount reflects cash received as collateral of $400,000, which is recorded on the Statements of Assets and Liabilities.

5.  Purchases and Sales of Securities.  For the six months ended March 31, 2019, purchases and sales of securities (excluding short-term investments and including paydowns) were as follows:

	U.S. Government/Agency Securities				Other Securities
Fund	Purchases		Sales		Purchases		Sales
Core Plus Bond Fund	$	7,695,213,842	$	7,027,635,861	$	323,618,760	$	784,887,725
Global Allocation Fund		99,338,958		45,042,294		466,050,350		350,233,220

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. Loomis Sayles is a limited partnership whose sole general partner, Loomis, Sayles & Company, Inc., 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.

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 the Fund’s average daily net assets:

	Percentage of Average Daily Net Assets
Fund	First $100 million			Next $1.9 billion			Over $2 billion
Core Plus Bond Fund		0.2000	%		0.1875	%		0.1500	%
Global Allocation Fund		0.7500	%		0.7500	%		0.7300	%

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

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

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

Loomis Sayles has given binding undertakings to the Funds to waive management fees and/or reimburse certain expenses to limit the Funds’ operating expenses, exclusive of

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Notes to Financial Statements (continued)

March 31, 2019 (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, 2020, 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, 2019 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
Core Plus Bond Fund		0.80	%		1.55	%		0.50	%		0.55	%
Global Allocation Fund		1.25	%		2.00	%		0.95	%		1.00	%

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

Loomis Sayles (and Natixis Advisors for Core Plus Bond Fund) shall be permitted to recover expenses borne under the expense limitation agreements (whether through waiver of 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, 2019, the management fees for each Fund were as follows:

Fund	Gross Management Fees		Percentage of Average Daily Net Assets
Core Plus Bond Fund	$	5,109,937		0.16	%
Global Allocation Fund		8,837,390		0.75	%

For the six months ended March 31, 2019, the advisory administration fees for Core Plus Bond Fund were $5,109,937 (effective rate of 0.16% of average daily net assets).

No expenses were recovered for either Fund during the six months ended March 31, 2019 under the terms of the expense limitation agreements.

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Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

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 Rule12b-1 under the 1940 Act, the Trusts have adopted a Service Plan relating to each Fund’s Class A shares (the “Class A Plans”), and a Distribution and Service Plan relating to each Fund’s Class C shares (the “Class C Plans”).

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

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

Also under the Class C Plans, each Fund pays Natixis Distribution a monthly distribution fee at an 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, 2019, the service and distribution fees for each Fund were as follows:

	Service Fees				Distribution Fees
Fund	Class A		Class C		Class C
Core Plus Bond Fund	$	731,513	$	219,411	$	658,233
Global Allocation Fund		471,286		498,490		1,495,470

c.  Administrative Fees.  Natixis Advisors provides certain administrative services for the Funds and contracts with State Street Bank to serve assub-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 itspro 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, 0.0275% of the next $30 billion and 0.0225% 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.

75  |

Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

Effective October 1, 2018, State Street Bank agreed to reduce the fees it receives from Natixis Advisors for serving assub-administrator to the Funds. Also, effective October 1, 2018, Natixis Advisors agreed to voluntarily waive fees paid by the Funds in an amount equal to the reduction insub-administrative fees discussed above. The waiver is in effect through June 30, 2019, at which time it will be reevaluated as part of the annual review of the administrative services contract, as noted above.

For the six months ended March 31, 2019, the administrative fees for each Fund were:

Fund	Gross Administrative Fees		Waiver of Administrative Fees		Net Administrative Fees
Core Plus Bond Fund	$	1,384,952	$	32,662	$	1,352,290
Global Allocation Fund		522,957		12,263		510,694

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 currentper-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, 2019, thesub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statements of Operations) for each Fund were as follows:

Fund	Sub-Transfer Agent Fees
Core Plus Bond Fund	$	2,009,514
Global Allocation Fund		961,742

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Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

As of March 31, 2019, the Funds owe Natixis Distribution the following reimbursements forsub-transfer agent fees (which are reflected in the Statements of Assets and Liabilities as payable to distributor):

Fund	Reimbursements ofSub-Transfer Agent Fees
Core Plus Bond Fund	$	52,427
Global Allocation Fund		45,117

Sub-transfer agent fees attributable to Class A, Class C and Class Y are allocated on apro ratabasis 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, 2019, were as follows:

Fund	Commissions
Core Plus Bond Fund	$	32,138
Global Allocation Fund		95,016

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 $360,000. 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 $190,000. 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 $15,000. 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.

77  |

Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

Prior to January 1, 2019, the Chairperson of the Board received a retainer fee at the annual rate of $340,000 and each Independent Trustee (other than the Chairperson) received, in the aggregate, a retainer fee at the annual rate of $170,000, and the chairperson of the Governance Committee received an additional retainer fee at the annual rate of $12,000. 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 allocatedpro 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.

Certain officers and employees of Natixis Advisors and Loomis Sayles are also officers and/or Trustees of the Trusts.

g.  Affiliated Ownership.  As of March 31, 2019, Loomis Sayles Employees’ Profit Sharing Retirement Plan held shares of the Core Plus Bond Fund and Global Allocation Fund representing 0.13% and 0.74%, respectively, of the Funds’ net assets.

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, 2020.

Expenses reimbursed pursuant to this undertaking is not subject to recovery under the expense limitation agreement described above.

For the six months ended March 31, 2019, Natixis Advisors reimbursed Global Allocation Fund $374 for transfer agency expenses related to Class N shares.

i.  Payment by Affiliates.  For the six months ended March 31, 2019, Loomis Sayles reimbursed Global Allocation Fund $4,199 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 apro ratabasis to each class based on the relative net assets of each class to the total net assets of those classes. Transfer agent fees and expenses attributable to Class N are allocated to Class N.

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Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

For the six months ended March 31, 2019, the Funds incurred the following class-specific transfer agent fees and expenses (includingsub-transfer agent fees, where applicable):

	Transfer Agent Fees and Expenses
Fund	Class A		Class C		Class N		Class Y
Core Plus Bond Fund	$	280,672	$	84,177	$	4,537	$	1,752,459
Global Allocation Fund		167,688		177,507		374		667,076

8.  Line of Credit.  Each Fund, 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. 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. 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, 2019, neither Fund had borrowings under this agreement.

9.  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.

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 Fund. As of March 31, 2019, based on management’s evaluation of the shareholder account base, the Fund had accounts representing controlling ownership of more than 5% of the Fund’s total outstanding shares. The number of such accounts, based on accounts that represent more than 5% of an individual class of shares, and the aggregate percentage of net assets represented by such holdings were as follows:

	Number of 5% Account Holders		Percentage of Ownership
Core Plus Bond Fund		1		7.83	%

79  |

Notes to Financial Statements (continued)

March 31, 2019 (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 anon-discretionary customer are included in the table above. For other omnibus accounts, the Funds do not have information on the individual shareholder accounts underlying the omnibus accounts; therefore, there could be other 5% shareholders in addition to those disclosed in the table above.

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

	Six Months Ended March 31, 2019					Year Ended September 30, 2018
Core Plus Bond Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	7,196,858		$	90,183,090		14,040,643		$	178,690,699
Issued in connection with the reinvestment of distributions	404,199			5,062,369		1,154,778			14,686,836
Redeemed	(10,209,733	)		(127,964,591	)	(19,481,082	)		(248,180,226	)
Net change	(2,608,676	)	$	(32,719,132	)	(4,285,661	)	$	(54,802,691	)
Class C
Issued from the sale of shares	1,063,743		$	13,269,857		1,254,087		$	16,021,820
Issued in connection with the reinvestment of distributions	81,796			1,025,366		296,095			3,768,661
Redeemed	(2,609,580	)		(32,602,604	)	(5,917,216	)		(75,210,340	)
Net change	(1,464,041	)	$	(18,307,381	)	(4,367,034	)	$	(55,419,859	)
Class N
Issued from the sale of shares	35,618,846		$	453,512,404		38,117,548		$	488,137,584
Issued in connection with the reinvestment of distributions	1,852,689			23,430,247		4,499,650			57,668,654
Redeemed	(16,542,512	)		(208,513,851	)	(28,866,367	)		(370,892,754	)
Net change	20,929,023		$	268,428,800		13,750,831		$	174,913,484
Class Y
Issued from the sale of shares	42,134,587		$	532,934,102		75,086,998		$	964,464,952
Issued in connection with the reinvestment of distributions	3,137,233			39,613,325		8,393,721			107,561,723
Redeemed	(47,944,875	)		(604,121,207	)	(82,352,831	)		(1,056,035,857	)
Net change	(2,673,055	)	$	(31,573,780	)	1,127,888		$	15,990,818
Increase from capital share transactions	14,183,251		$	185,828,507		6,226,024		$	80,681,752

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Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

11.  Capital Shares (continued).

	Six Months Ended March 31, 2019					Year Ended September 30, 2018
Global Allocation Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	3,754,335		$	79,952,744		8,103,965		$	184,844,305
Issued in connection with the reinvestment of distributions	622,284			12,134,537		259,737			5,734,993
Redeemed	(3,561,095	)		(75,964,335	)	(5,133,874	)		(116,824,548	)
Net change	815,524		$	16,122,946		3,229,828		$	73,754,750
Class C
Issued from the sale of shares	3,237,223		$	68,262,839		6,101,385		$	137,296,960
Issued in connection with the reinvestment of distributions	519,881			10,054,504		149,300			3,268,181
Redeemed	(2,248,650	)		(47,452,851	)	(4,761,750	)		(107,144,492	)
Net change	1,508,454		$	30,864,492		1,488,935		$	33,420,649
Class N
Issued from the sale of shares	2,429,785		$	51,485,705		880,524		$	20,044,847
Issued in connection with the reinvestment of distributions	168,053			3,290,482		70,593			1,565,047
Redeemed	(359,302	)		(7,896,827	)	(234,590	)		(5,402,022	)
Net change	2,238,536		$	46,879,360		716,527		$	16,207,872
Class Y
Issued from the sale of shares	16,619,075		$	354,619,611		26,704,228		$	611,912,156
Issued in connection with the reinvestment of distributions	2,439,526			47,790,318		905,490			20,083,757
Redeemed	(13,004,168	)		(277,751,884	)	(10,059,816	)		(229,836,093	)
Net change	6,054,433		$	124,658,045		17,549,902		$	402,159,820
Increase from capital share transactions	10,616,947		$	218,524,843		22,985,192		$	525,543,091

81  |

Loomis Sayles Small Cap Growth Fund

Loomis Sayles Small Cap Value Fund

Loomis Sayles Small/Mid Cap Growth Fund

Semiannual Report

March 31, 2019

TABLE OF CONTENTS
Portfolio Review	1
Portfolio of Investments	8
Financial Statements	25
Notes to Financial Statements	37

IMPORTANT NOTICE TO SHAREHOLDERS

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Funds’ website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you wish to continue receiving paper copies of your shareholder reports after January 1, 2021, you can inform the Fund at any time by calling1-800-633-3330. If you hold your account with a financial intermediary and you wish to continue receiving paper copies after January 1, 2021, you should call your financial intermediary directly. Paper copies are provided free of charge, and your election to receive reports in paper will apply to all funds held with the Natixis Funds complex. If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You currently may elect to receive shareholder reports and other communications from the Fund or your financial intermediary electronically atwww.icsdelivery.com/loomissayles.

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 — March31, 2019²

															Expense Ratios3
	6 months			1 year			5 years			10 years			Life of Class N		Gross			Net
Institutional Class (Inception 12/31/96)		-6.88	%		10.41	%		9.31	%		17.57	%		—		0.94	%		0.94	%
Retail Class (Inception12/31/96)		-6.99			10.12			9.03			17.27			—		1.19			1.19
Class N (Inception2/1/13)		-6.83			10.53			9.43			—			13.63		0.82			0.82
Comparative Performance
Russell2000® Growth Index1		-8.22			3.85			8.41			16.52			11.96

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  Russell2000^® 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 limitations set to expire on 01/31/20. When a Fund’s expenses are below the limitation, 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 limitations.

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 — March31, 2019³

																Expense Ratios4
	6 months			1 year			5 years			10 years			Life of Class N			Gross			Net
Institutional Class (Inception 5/13/91)		-7.43	%		-2.33	%		6.02	%		14.34	%		—	%		0.95	%		0.93	%
Retail Class (Inception12/31/96)		-7.56			-2.59			5.75			14.05			—			1.20			1.18
Admin Class (Inception1/2/98)		-7.68			-2.82			5.49			13.77			—			1.45			1.43
Class N (Inception2/1/13)		-7.41			-2.26			6.08			—			9.30			0.86			0.86
Comparative Performance
Russell2000® Value Index1		-8.97			0.17			5.59			14.12			8.79
Russell2000® Index2		-8.56			2.05			7.05			15.36			10.41

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  Russell2000^® 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  Russell2000^® 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 limitations set to expire on 01/31/20. When a Fund’s expenses are below the limitation, 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 limitations.

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 — March31, 2019²

										Expense Ratios3
	6 months			1 year			Life of Fund			Gross			Net
Institutional Class (Inception 6/30/15)		-5.97	%		7.34	%		10.59	%		1.42	%		0.85	%
Comparative Performance
Russell2500TM Growth Index1		-4.90			7.54			9.14

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  TheRussell2500^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.

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 limitations set to expire on 01/31/20. When a Fund’s expenses are below the limitation, 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 limitations.

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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 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 complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at www.sec.gov.

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 theactual amount of Fund expenses you would have paid on a $1,000 investment in the Fund from October 1, 2018 through March 31, 2019. 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.

5  |

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 10/1/2018		Ending Account Value 3/31/2019		Expenses Paid During Period* 10/1/2018 – 3/31/2019
Actual		$1,000.00		$931.20		$4.53
Hypothetical (5% return before expenses)		$1,000.00		$1,020.24		$4.73
Retail Class
Actual		$1,000.00		$930.10		$5.73
Hypothetical (5% return before expenses)		$1,000.00		$1,019.00		$5.99
Class N
Actual		$1,000.00		$931.70		$3.95
Hypothetical (5% return before expenses)		$1,000.00		$1,020.84		$4.13
*  Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.94%, 1.19% and 0.82% for Institutional Class, Retail Class and Class N, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

|  6

Loomis Sayles Small Cap Value Fund

Institutional Class	Beginning Account Value 10/1/2018		Ending Account Value 3/31/2019		Expenses Paid During Period* 10/1/2018 – 3/31/2019
Actual		$1,000.00		$925.70		$4.32
Hypothetical (5% return before expenses)		$1,000.00		$1,020.44		$4.53
Retail Class
Actual		$1,000.00		$924.40		$5.52
Hypothetical (5% return before expenses)		$1,000.00		$1,019.20		$5.79
Admin Class
Actual		$1,000.00		$923.20		$6.71
Hypothetical (5% return before expenses)		$1,000.00		$1,017.95		$7.04
Class N
Actual		$1,000.00		$925.90		$4.03
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 10/1/2018		Ending Account Value 3/31/2019		Expenses Paid During Period* 10/1/2018 – 3/31/2019
Actual		$1,000.00		$940.30		$4.11
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, 2019 (Unaudited)

Loomis Sayles Small Cap Growth Fund

Shares		Description	Value (†)
	Common Stocks –97.3% of Net Assets
		Aerospace & Defense –3.5%
	304,427	AAR Corp.	$	9,896,922
	279,099	Astronics Corp.(a)		9,132,119
	232,309	Hexcel Corp.		16,066,490
	215,944	Mercury Systems, Inc.(a)		13,837,692
				48,933,223
		Air Freight & Logistics –0.7%
	394,967	Air Transport Services Group, Inc.(a)		9,103,989
		Auto Components –0.6%
	295,300	Stoneridge, Inc.(a)		8,522,358
		Banks –1.3%
	208,872	Chemical Financial Corp.		8,597,172
	148,678	UMB Financial Corp.		9,521,339
				18,118,511
		Beverages –0.9%
	157,476	MGP Ingredients, Inc.		12,149,273
		Biotechnology –5.8%
	314,625	Aimmune Therapeutics, Inc.(a)		7,031,869
	109,863	Argenx SE, ADR(a)		13,715,297
	200,567	Biohaven Pharmaceutical Holding Co. Ltd.(a)		10,323,183
	130,915	Blueprint Medicines Corp.(a)		10,479,746
	210,846	Genomic Health, Inc.(a)		14,769,762
	343,817	Invitae Corp.(a)		8,052,194
	264,051	Myriad Genetics, Inc.(a)		8,766,493
	238,848	Xencor, Inc.(a)		7,418,619
				80,557,163
		Building Products –1.9%
	252,361	AAON, Inc.		11,654,031
	246,864	Trex Co., Inc.(a)		15,187,073
				26,841,104
		Chemicals –1.3%
	163,973	Ingevity Corp.(a)		17,317,189
		Construction & Engineering –0.8%
	502,938	Primoris Services Corp.		10,400,758
		Distributors –1.4%
	119,814	POOL CORP.		19,765,716
		Diversified Consumer Services –5.0%
	111,755	Bright Horizons Family Solutions, Inc.(a)		14,205,178
	442,168	Chegg, Inc.(a)		16,855,444
	187,080	Grand Canyon Education, Inc.(a)		21,422,531

See accompanying notes to financial statements.

|  8

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Diversified Consumer Services – continued
	1,075,886	Laureate Education, Inc., Class A(a)	$	16,106,013
				68,589,166
		Diversified Telecommunication Services –1.7%
	108,877	Bandwidth, Inc., Class A(a)		7,290,404
	308,911	Cogent Communications Holdings, Inc.		16,758,422
				24,048,826
		Electrical Equipment –1.2%
	324,103	Generac Holdings, Inc.(a)		16,603,797
		Electronic Equipment, Instruments & Components –0.9%
	144,451	Novanta, Inc.(a)		12,239,333
		Energy Equipment & Services –1.6%
	167,345	Apergy Corp.(a)		6,871,186
	410,179	Cactus, Inc., Class A(a)		14,602,372
				21,473,558
		Entertainment –1.0%
	627,004	IMAX Corp.(a)		14,220,451
		Food & Staples Retailing –0.9%
	378,343	Chefs’ Warehouse, Inc. (The)(a)		11,747,550
		Food Products –1.3%
	436,604	Freshpet, Inc.(a)		18,463,983
		Health Care Equipment & Supplies –7.6%
	518,791	AtriCure, Inc.(a)		13,898,411
	125,241	CONMED Corp.		10,417,546
	202,952	Insulet Corp.(a)		19,298,706
	179,187	iRhythm Technologies, Inc.(a)		13,431,857
	246,618	Merit Medical Systems, Inc.(a)		15,248,391
	72,694	Penumbra, Inc.(a)		10,686,745
	31,250	Tactile Systems Technology, Inc.(a)		1,647,500
	640,104	Wright Medical Group NV(a)		20,131,271
				104,760,427
		Health Care Providers & Services –3.0%
	120,636	Amedisys, Inc.(a)		14,869,593
	246,371	BioTelemetry, Inc.(a)		15,427,752
	105,916	LHC Group, Inc.(a)		11,741,848
				42,039,193
		Health Care Technology –2.9%
	323,834	HMS Holdings Corp.(a)		9,588,725
	239,874	Medidata Solutions, Inc.(a)		17,568,372

See accompanying notes to financial statements.

9  |

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Health Care Technology – continued
	242,506	Teladoc Health, Inc.(a)	$	13,483,333
				40,640,430
		Hotels, Restaurants & Leisure –3.9%
	293,162	Planet Fitness, Inc., Class A(a)		20,146,093
	563,199	PlayAGS, Inc.(a)		13,477,352
	271,946	Wingstop, Inc.		20,676,054
				54,299,499
		Insurance –3.4%
	408,650	Goosehead Insurance, Inc., Series A		11,393,162
	313,686	Kinsale Capital Group, Inc.		21,509,449
	432,320	Trupanion, Inc.(a)		14,154,157
				47,056,768
		Internet & Direct Marketing Retail –0.6%
	348,478	Duluth Holdings, Inc., Class B(a)		8,307,716
		IT Services –7.3%
	117,346	Euronet Worldwide, Inc.(a)		16,732,366
	363,982	EVERTEC, Inc.		10,122,339
	529,733	Evo Payments, Inc., Class A(a)		15,388,744
	283,787	InterXion Holding NV(a)		18,937,107
	337,976	Virtusa Corp.(a)		18,064,817
	392,917	WNS Holdings Ltd., ADR(a)		20,930,689
				100,176,062
		Leisure Products –0.7%
	240,349	Malibu Boats, Inc., Class A(a)		9,513,013
		Life Sciences Tools & Services –2.6%
	598,658	NeoGenomics, Inc.(a)		12,248,543
	209,942	PRA Health Sciences, Inc.(a)		23,154,503
				35,403,046
		Machinery –6.5%
	268,204	Albany International Corp., Class A		19,200,724
	161,095	Chart Industries, Inc.(a)		14,582,319
	755,592	Harsco Corp.(a)		15,232,735
	513,436	Kornit Digital Ltd.(a)		12,219,777
	132,669	Proto Labs, Inc.(a)		13,948,819
	118,416	RBC Bearings, Inc.(a)		15,058,963
				90,243,337
		Oil, Gas & Consumable Fuels –0.6%
	216,849	PDC Energy, Inc.(a)		8,821,417

See accompanying notes to financial statements.

|  10

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Pharmaceuticals –2.5%
	443,649	Horizon Pharma PLC(a)	$	11,725,643
	131,079	MyoKardia, Inc.(a)		6,814,797
	236,009	Supernus Pharmaceuticals, Inc.(a)		8,269,755
	130,175	Zogenix, Inc.(a)		7,160,927
				33,971,122
		Professional Services –1.7%
	217,023	Huron Consulting Group, Inc.(a)		10,247,826
	166,387	ICF International, Inc.		12,658,723
				22,906,549
		Semiconductors & Semiconductor Equipment –2.9%
	120,472	MKS Instruments, Inc.		11,209,920
	122,527	Monolithic Power Systems, Inc.		16,601,183
	157,001	Silicon Laboratories, Inc.(a)		12,695,101
				40,506,204
		Software –14.1%
	222,441	Benefitfocus, Inc.(a)		11,015,278
	184,778	Cornerstone OnDemand, Inc.(a)		10,122,139
	290,155	Envestnet, Inc.(a)		18,973,235
	356,563	Five9, Inc.(a)		18,837,223
	161,522	Globant S.A.(a)		11,532,671
	188,396	Guidewire Software, Inc.(a)		18,304,555
	107,396	HubSpot, Inc.(a)		17,850,289
	334,689	Mimecast Ltd.(a)		15,847,524
	277,987	Q2 Holdings, Inc.(a)		19,253,380
	355,247	Rapid7, Inc.(a)		17,979,051
	312,569	RealPage, Inc.(a)		18,969,813
	156,325	RingCentral, Inc., Class A(a)		16,851,835
				195,536,993
		Textiles, Apparel & Luxury Goods –3.1%
	184,367	Columbia Sportswear Co.		19,207,354
	401,216	Crocs, Inc.(a)		10,331,312
	392,992	Steven Madden Ltd.		13,298,849
				42,837,515
		Thrifts & Mortgage Finance –1.1%
	184,696	Essent Group Ltd.(a)		8,025,041
	280,744	NMI Holdings, Inc., Class A(a)		7,262,848
				15,287,889
		Trading Companies & Distributors –1.0%
	231,651	SiteOne Landscape Supply, Inc.(a)		13,238,855
		Total Common Stocks (Identified Cost $995,902,094)		1,344,641,983

See accompanying notes to financial statements.

11  |

Portfolio of Investments ��� as of March 31, 2019 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued

Principal Amount		Description	Value (†)
	Short-Term Investments –2.6%
$	36,501,611	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/29/2019 at 1.500% to be repurchased at $36,506,174 on 4/01/2019 collateralized by $37,245,000 U.S. Treasury Note, 2.000% due 11/30/2022 valued at $37,233,938 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $36,501,611)	$	36,501,611
		Total Investments –99.9% (Identified Cost $1,032,403,705)		1,381,143,594
		Other assets less liabilities—0.1%		1,588,318
		Net Assets –100.0%	$	1,382,731,912
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.
	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.

Industry Summary at March 31, 2019 (Unaudited)

Software	14.1	%
Health Care Equipment & Supplies	7.6
IT Services	7.3
Machinery	6.5
Biotechnology	5.8
Diversified Consumer Services	5.0
Hotels, Restaurants & Leisure	3.9
Aerospace & Defense	3.5
Insurance	3.4
Textiles, Apparel & Luxury Goods	3.1
Health Care Providers & Services	3.0
Health Care Technology	2.9
Semiconductors & Semiconductor Equipment	2.9
Life Sciences Tools & Services	2.6
Pharmaceuticals	2.5
Other Investments, less than 2% each	23.2
Short-Term Investments	2.6
Total Investments	99.9
Other assets less liabilities	0.1
Net Assets	100.0	%

See accompanying notes to financial statements.

|  12

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Small Cap Value Fund

Shares		Description	Value (†)
	Common Stocks –99.0% of Net Assets
		Aerospace & Defense – 1.4%
	219,395	Aerojet Rocketdyne Holdings, Inc.(a)	$	7,795,104
	76,382	BWX Technologies, Inc.		3,787,020
				11,582,124
		Auto Components – 1.9%
	155,288	Cooper Tire & Rubber Co.		4,641,558
	95,349	Fox Factory Holding Corp.(a)		6,663,942
	49,769	LCI Industries		3,823,255
				15,128,755
		Banks – 15.6%
	118,473	Ameris Bancorp		4,069,548
	219,446	BancorpSouth Bank		6,192,766
	124,299	Bank OZK		3,602,185
	166,062	Bryn Mawr Bank Corp.		5,999,820
	68,883	Carolina Financial Corp.		2,382,663
	200,538	Cathay General Bancorp		6,800,244
	257,532	CenterState Bank Corp.		6,131,837
	163,194	Chemical Financial Corp.		6,717,065
	317,734	CVB Financial Corp.		6,688,301
	254,623	First Financial Bancorp		6,126,229
	85,671	First Financial Bankshares, Inc.		4,950,070
	402,520	Home BancShares, Inc.		7,072,277
	99,803	IBERIABANK Corp.		7,156,873
	148,007	PacWest Bancorp		5,566,543
	108,577	Pinnacle Financial Partners, Inc.		5,939,162
	166,369	Popular, Inc.		8,672,816
	123,419	Prosperity Bancshares, Inc.		8,523,316
	43,644	Signature Bank		5,589,487
	44,853	Texas Capital Bancshares, Inc.(a)		2,448,525
	225,167	Triumph Bancorp, Inc.(a)		6,617,658
	110,736	Wintrust Financial Corp.		7,455,855
				124,703,240
		Beverages – 0.9%
	498,104	Cott Corp.		7,277,299
		Building Products – 2.2%
	47,187	American Woodmark Corp.(a)		3,899,062
	104,720	Armstrong World Industries, Inc.		8,316,862
	31,423	Masonite International Corp.(a)		1,567,693
	193,326	Resideo Technologies, Inc.(a)		3,729,259
				17,512,876
		Capital Markets – 1.6%
	379,649	Donnelley Financial Solutions, Inc.(a)		5,649,177
	132,092	Stifel Financial Corp.		6,969,174
				12,618,351

See accompanying notes to financial statements.

13  |

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Chemicals – 3.4%
	228,974	AdvanSix, Inc.(a)	$	6,541,787
	60,132	Ashland Global Holdings, Inc.		4,698,113
	126,785	Cabot Corp.		5,278,060
	48,283	Ingevity Corp.(a)		5,099,168
	72,103	WR Grace & Co.		5,626,918
				27,244,046
		Commercial Services & Supplies – 3.6%
	92,361	Clean Harbors, Inc.(a)		6,606,582
	178,609	KAR Auction Services, Inc.		9,164,428
	223,690	Kimball International, Inc.		3,162,977
	175,017	Viad Corp.		9,851,707
				28,785,694
		Communications Equipment – 1.0%
	279,340	Digi International, Inc.(a)		3,539,238
	373,027	Viavi Solutions, Inc.(a)		4,618,074
				8,157,312
		Construction & Engineering – 0.5%
	126,586	Arcosa, Inc.		3,867,202
		Consumer Finance – 0.2%
	62,562	PRA Group, Inc.(a)		1,677,287
		Distributors – 0.2%
	53,467	Core-Mark Holding Co., Inc.		1,985,230
		Diversified Consumer Services – 1.7%
	64,849	Adtalem Global Education, Inc.(a)		3,003,806
	140,075	frontdoor, Inc.(a)		4,821,381
	121,764	ServiceMaster Global Holdings, Inc.(a)		5,686,379
				13,511,566
		Diversified Financial Services – 0.7%
	244,565	Cannae Holdings, Inc.(a)		5,933,147
		Electric Utilities – 1.4%
	141,031	ALLETE, Inc.		11,596,979
		Electrical Equipment – 0.8%
	228,520	TPI Composites, Inc.(a)		6,540,242
		Electronic Equipment, Instruments & Components – 3.7%
	59,900	II-VI, Inc.(a)		2,230,676
	99,149	Kimball Electronics, Inc.(a)		1,535,818
	61,549	Littelfuse, Inc.		11,231,461
	170,773	Methode Electronics, Inc.		4,914,847
	16,154	Rogers Corp.(a)		2,566,548
	360,625	TTM Technologies, Inc.(a)		4,230,131
	181,363	Vishay Intertechnology, Inc.		3,349,775
				30,059,256

See accompanying notes to financial statements.

|  14

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Energy Equipment & Services – 1.7%
	205,249	Apergy Corp.(a)	$	8,427,524
	121,213	C&J Energy Services, Inc.(a)		1,881,226
	130,923	KLX Energy Services Holdings, Inc.(a)		3,291,404
				13,600,154
		Entertainment – 0.4%
	104,357	Liberty Media Corp.-Liberty Braves(a)		2,897,994
		Equity Real Estate Investment Trusts – 0.5%
	189,100	Essential Properties Realty Trust, Inc.		3,691,232
		Food Products – 3.4%
	228,793	Darling Ingredients, Inc.(a)		4,953,369
	43,848	J&J Snack Foods Corp.		6,964,816
	445,961	Nomad Foods Ltd.(a)		9,119,903
	58,046	Post Holdings, Inc.(a)		6,350,232
				27,388,320
		Health Care Equipment & Supplies – 2.3%
	127,578	Avanos Medical, Inc.(a)		5,445,029
	78,803	Quidel Corp.(a)		5,159,233
	224,205	Varex Imaging Corp.(a)		7,596,065
				18,200,327
		Health Care Providers & Services – 0.5%
	89,462	AMN Healthcare Services, Inc.(a)		4,212,766
		Hotels, Restaurants & Leisure – 2.4%
	86,848	Churchill Downs, Inc.		7,838,901
	17,148	Cracker Barrel Old Country Store, Inc.		2,771,288
	88,340	Marriott Vacations Worldwide Corp.		8,259,790
				18,869,979
		Household Durables – 0.6%
	41,462	Helen of Troy Ltd.(a)		4,807,934
		Independent Power & Renewable Electricity Producers – 2.0%
	174,639	NextEra Energy Partners LP		8,145,163
	307,520	Vistra Energy Corp.		8,004,746
				16,149,909
		Industrial Conglomerates – 0.8%
	168,376	Raven Industries, Inc.		6,460,587
		Insurance – 3.7%
	219,731	Employers Holdings, Inc.		8,813,411
	129,416	First American Financial Corp.		6,664,924
	109,115	ProAssurance Corp.		3,776,470
	53,181	Reinsurance Group of America, Inc.		7,550,638
	58,123	Stewart Information Services Corp.		2,481,271
				29,286,714

See accompanying notes to financial statements.

15  |

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Interactive Media & Services – 0.3%
	11,163	IAC/InterActiveCorp(a)	$	2,345,458
		Internet & Direct Marketing Retail – 0.5%
	232,701	Qurate Retail, Inc., Class A(a)		3,718,562
		IT Services – 5.7%
	457,421	Conduent, Inc.(a)		6,326,132
	119,697	CSG Systems International, Inc.		5,063,183
	68,391	Euronet Worldwide, Inc.(a)		9,751,873
	232,696	Genpact Ltd.		8,186,245
	340,535	Perspecta, Inc.		6,885,618
	49,509	WEX, Inc.(a)		9,505,233
				45,718,284
		Life Sciences Tools & Services – 0.8%
	169,107	Cambrex Corp.(a)		6,569,807
		Machinery – 4.4%
	44,493	Alamo Group, Inc.		4,446,630
	179,029	Altra Industrial Motion Corp.		5,558,851
	179,882	Columbus McKinnon Corp.		6,178,947
	296,257	Harsco Corp.(a)		5,972,541
	42,170	John Bean Technologies Corp.		3,875,001
	71,517	Kadant, Inc.		6,290,635
	25,238	RBC Bearings, Inc.(a)		3,209,517
				35,532,122
		Marine – 0.5%
	48,950	Kirby Corp.(a)		3,676,634
		Media – 2.7%
	149,489	GCI Liberty, Inc., Class A(a)		8,313,083
	421,302	Gray Television, Inc.(a)		8,999,011
	97,470	John Wiley & Sons, Inc., Class A		4,310,123
				21,622,217
		Metals & Mining – 0.4%
	507,316	Ferroglobe R&W Trust(a)(b)(c)(d)		—
	101,414	Haynes International, Inc.		3,329,422
				3,329,422
		Multi-Utilities – 1.9%
	254,018	MDU Resources Group, Inc.		6,561,285
	120,485	NorthWestern Corp.		8,483,349
				15,044,634
		Multiline Retail – 0.7%
	156,040	Big Lots, Inc.		5,932,641

See accompanying notes to financial statements.

|  16

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Oil, Gas & Consumable Fuels – 0.9%
	541,580	SRC Energy, Inc.(a)	$	2,772,890
	130,685	Viper Energy Partners LP		4,333,514
				7,106,404
		Pharmaceuticals – 1.0%
	147,072	Catalent, Inc.(a)		5,969,652
	67,912	Prestige Consumer Healthcare, Inc.(a)		2,031,248
				8,000,900
		Professional Services – 2.3%
	51,542	ASGN, Inc.(a)		3,272,401
	69,320	Insperity, Inc.		8,572,111
	142,788	Korn Ferry		6,394,047
				18,238,559

	REITs - Apartments – 0.7%
123,273	American Campus Communities, Inc.	5,865,329
	REITs - Diversified – 0.9%
187,831	CorePoint Lodging, Inc.	2,098,072
103,633	CyrusOne, Inc.	5,434,515
		7,532,587
	REITs - Health Care – 0.3%
103,107	Sabra Health Care REIT, Inc.	2,007,493
	REITs - Hotels – 0.7%
72,706	Ryman Hospitality Properties, Inc.	5,979,341
	REITs - Office Property – 0.9%
166,461	JBG SMITH Properties	6,883,162
	REITs - Shopping Centers – 0.9%
395,228	Retail Opportunity Investments Corp.	6,853,254
	REITs - Single Tenant – 0.7%
97,639	National Retail Properties, Inc.	5,408,224
	REITs - Storage – 0.7%
186,383	CubeSmart	5,971,711
	REITs - Warehouse/Industrials – 1.5%
157,395	Americold Realty Trust	4,802,122
208,288	Rexford Industrial Realty, Inc.	7,458,793
		12,260,915
	Road & Rail – 1.4%
71,947	Genesee & Wyoming, Inc., Class A(a)	6,269,462
35,223	Old Dominion Freight Line, Inc.	5,085,849
		11,355,311

See accompanying notes to financial statements.

17  |

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Small Cap ValueFund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Semiconductors & Semiconductor Equipment – 2.6%
	114,472	Advanced Energy Industries, Inc.(a)	$	5,686,969
	80,303	Mellanox Technologies Ltd.(a)		9,504,663
	110,697	Versum Materials, Inc.		5,569,166
				20,760,798
		Software – 2.4%
	74,811	ACI Worldwide, Inc.(a)		2,459,037
	76,296	CommVault Systems, Inc.(a)		4,939,403
	56,957	LogMeIn, Inc.		4,562,256
	187,429	TiVo Corp.		1,746,838
	97,558	Verint Systems, Inc.(a)		5,839,822
				19,547,356
		Specialty Retail – 1.9%
	108,538	Aaron’s, Inc.		5,709,099
	53,284	Genesco, Inc.(a)		2,427,086
	107,078	Sally Beauty Holdings, Inc.(a)		1,971,306
	183,388	Urban Outfitters, Inc.(a)		5,435,620
				15,543,111
		Technology Hardware, Storage & Peripherals – 0.5%
	143,486	Cray, Inc.(a)		3,737,810
		Thrifts & Mortgage Finance – 1.7%
	64,242	Federal Agricultural Mortgage Corp., Class C		4,653,048
	172,295	Meta Financial Group, Inc.		3,390,766
	226,339	OceanFirst Financial Corp.		5,445,716
				13,489,530
		Total Common Stocks (Identified Cost $575,054,976)		793,778,098
	Principal Amount
	Short-Term Investments – 1.4%
$	11,436,380	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/29/2019 at 1.500% to be repurchased at $11,437,809 on 4/01/2019 collateralized by $11,670,000 U.S. Treasury Note, 2.000% due 11/30/2022 valued at $11,666,534 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $11,436,380)		11,436,380
		Total Investments – 100.4% (Identified Cost $586,491,356)		805,214,478
		Other assets less liabilities — (0.4)%		(3,581,226	)
		Net Assets – 100.0%	$	801,633,252

See accompanying notes to financial statements.

|  18

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

(†)	See Note 2 of Notes to Financial Statements.
(a)	Non-income producing security.
(b)	Illiquid security.
(c)	Security classified as fair valued pursuant to the Fund’s pricing policies and procedures. At March 31, 2019, the value of this security 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 a cost of $0. At March 31, 2019, the value of this security amounted to $0.
REITs	Real Estate Investment Trusts

Industry Summary at March 31, 2019 (Unaudited)

Banks	15.6	%
IT Services	5.7
Machinery	4.4
Electronic Equipment, Instruments & Components	3.7
Insurance	3.7
Commercial Services & Supplies	3.6
Food Products	3.4
Chemicals	3.4
Media	2.7
Semiconductors & Semiconductor Equipment	2.6
Software	2.4
Hotels, Restaurants & Leisure	2.4
Professional Services	2.3
Health Care Equipment & Supplies	2.3
Building Products	2.2
Independent Power & Renewable Electricity Producers	2.0
Other Investments, less than 2% each	36.6
Short-Term Investments	1.4
Total Investments	100.4
Other assets less liabilities	(0.4	)
Net Assets	100.0	%

See accompanying notes to financial statements.

19  |

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Small/Mid Cap Growth Fund

Shares		Description	Value (†)
	Common Stocks –96.6% of Net Assets
		Aerospace & Defense –3.2%
	4,921	HEICO Corp.	$	466,855
	5,321	Hexcel Corp.		368,001
				834,856
		Banks –2.3%
	5,028	Columbia Banking System, Inc.		164,365
	3,314	UMB Financial Corp.		212,229
	5,390	Western Alliance Bancorp(a)		221,206
				597,800
		Biotechnology –3.7%
	1,634	Argenx SE, ADR(a)		203,988
	2,384	Ascendis Pharma AS, ADR(a)		280,597
	2,996	Blueprint Medicines Corp.(a)		239,830
	2,771	Neurocrine Biosciences, Inc.(a)		244,125
				968,540
		Capital Markets –3.6%
	1,542	MarketAxess Holdings, Inc.		379,456
	1,467	Morningstar, Inc.		184,827
	1,831	MSCI, Inc.		364,076
				928,359
		Chemicals –1.8%
	4,428	Ingevity Corp.(a)		467,641
		Commercial Services & Supplies –2.2%
	5,143	KAR Auction Services, Inc.		263,887
	9,180	Ritchie Bros. Auctioneers, Inc.		312,120
				576,007
		Communications Equipment –1.3%
	8,955	Ciena Corp.(a)		334,380
		Distributors –1.2%
	1,955	POOL CORP.		322,516
		Diversified Consumer Services –4.3%
	3,107	Bright Horizons Family Solutions, Inc.(a)		394,931
	4,153	Grand Canyon Education, Inc.(a)		475,560
	15,760	Laureate Education, Inc., Class A(a)		235,927
				1,106,418
		Diversified Telecommunication Services –1.4%
	6,689	Cogent Communications Holdings, Inc.		362,878

See accompanying notes to financial statements.

|  20

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Small/Mid Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Electrical Equipment –2.1%
	7,033	Generac Holdings, Inc.(a)	$	360,301
	3,855	Sensata Technologies Holding PLC(a)		173,552
				533,853
		Electronic Equipment, Instruments & Components –3.7%
	6,344	FLIR Systems, Inc.		301,847
	6,500	National Instruments Corp.		288,340
	9,034	Trimble, Inc.(a)		364,974
				955,161
		Energy Equipment & Services –1.0%
	6,961	Cactus, Inc., Class A(a)		247,812
		Entertainment –1.9%
	7,617	Live Nation Entertainment, Inc.(a)		483,984
		Food & Staples Retailing –1.8%
	1,706	Casey’s General Stores, Inc.		219,682
	11,759	Sprouts Farmers Market, Inc.(a)		253,289
				472,971
		Food Products –1.2%
	14,705	Nomad Foods Ltd.(a)		300,717
		Health Care Equipment & Supplies –8.8%
	4,642	Globus Medical, Inc.(a)		229,361
	2,235	Haemonetics Corp.(a)		195,518
	3,997	Insulet Corp.(a)		380,075
	1,794	LivaNova PLC(a)		174,467
	6,009	Merit Medical Systems, Inc.(a)		371,536
	1,361	Penumbra, Inc.(a)		200,081
	2,622	West Pharmaceutical Services, Inc.		288,944
	13,858	Wright Medical Group NV(a)		435,834
				2,275,816
		Health Care Providers & Services –2.8%
	5,900	Covetrus, Inc.(a)		187,915
	2,923	LHC Group, Inc.(a)		324,044
	775	WellCare Health Plans, Inc.(a)		209,056
				721,015
		Health Care Technology –2.5%
	4,520	Medidata Solutions, Inc.(a)		331,045
	2,451	Veeva Systems, Inc., Class A(a)		310,934
				641,979

See accompanying notes to financial statements.

21  |

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Small/Mid Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Hotels, Restaurants & Leisure –4.2%
	6,023	Planet Fitness, Inc., Class A(a)	$	413,900
	5,435	Texas Roadhouse, Inc.		338,003
	1,487	Vail Resorts, Inc.		323,125
				1,075,028
		Insurance –1.2%
	4,237	Kemper Corp.		322,605
		IT Services –8.3%
	6,752	Black Knight, Inc.(a)		367,984
	6,004	Booz Allen Hamilton Holding Corp.		349,073
	2,557	Broadridge Financial Solutions, Inc.		265,135
	2,769	EPAM Systems, Inc.(a)		468,321
	10,029	Evo Payments, Inc., Class A(a)		291,343
	2,067	WEX, Inc.(a)		396,843
				2,138,699
		Life Sciences Tools & Services –2.2%
	2,225	ICON PLC(a)		303,891
	2,397	PRA Health Sciences, Inc.(a)		264,365
				568,256
		Machinery –3.6%
	6,061	Altra Industrial Motion Corp.		188,194
	10,071	Gardner Denver Holdings, Inc.(a)		280,074
	5,888	Sun Hydraulics Corp.		273,851
	1,459	WABCO Holdings, Inc.(a)		192,340
				934,459
		Oil, Gas & Consumable Fuels –0.9%
	2,199	Diamondback Energy, Inc.		223,264
		Pharmaceuticals –1.8%
	8,127	Horizon Pharma PLC(a)		214,796
	4,463	Zogenix, Inc.(a)		245,510
				460,306
		Professional Services –3.3%
	1,113	CoStar Group, Inc.(a)		519,125
	5,050	TransUnion		337,542
				856,667
		Semiconductors & Semiconductor Equipment –2.6%
	3,305	Advanced Energy Industries, Inc.(a)		164,192
	4,776	Semtech Corp.(a)		243,146
	3,208	Silicon Laboratories, Inc.(a)		259,399
				666,737

See accompanying notes to financial statements.

|  22

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Small/Mid Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Software –12.8%
	2,880	Everbridge, Inc.(a)	$	216,029
	4,485	Guidewire Software, Inc.(a)		435,763
	2,620	HubSpot, Inc.(a)		435,470
	4,001	j2 Global, Inc.		346,487
	4,317	Paylocity Holding Corp.(a)		385,033
	4,729	PTC, Inc.(a)		435,919
	1,381	Tyler Technologies, Inc.(a)		282,276
	1,292	Ultimate Software Group, Inc. (The)(a)		426,528
	4,211	Zendesk, Inc.(a)		357,935
				3,321,440
		Specialty Retail –0.8%
	1,682	Five Below, Inc.(a)		208,989
		Textiles, Apparel & Luxury Goods –3.3%
	2,329	Carter’s, Inc.		234,740
	3,623	Columbia Sportswear Co.		377,444
	11,442	Under Armour, Inc., Class A(a)		241,884
				854,068
		Trading Companies & Distributors –0.8%
	3,645	SiteOne Landscape Supply, Inc.(a)		208,312
		Total Common Stocks (Identified Cost $22,354,795)		24,971,533
	Principal Amount
	Short-Term Investments –3.8%
$	977,785	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/29/2019 at 1.500%, to be repurchased at $977,908 on 4/01/2019 collateralized by $995,000 U.S. Treasury Note, 2.125% due 12/31/2022 valued at $997,648 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $977,785)		977,785
		Total Investments –100.4% (Identified Cost $23,332,580)		25,949,318
		Other assets less liabilities—(0.4)%		(102,320	)
		Net Assets –100.0%	$	25,846,998
	(†)	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.

23  |

Portfolio of Investments – as of March 31, 2019 (Unaudited)

Loomis Sayles Small/Mid Cap Growth Fund – continued

Industry Summary at March 31, 2019 (Unaudited)

Software	12.8	%
Health Care Equipment & Supplies	8.8
IT Services	8.3
Diversified Consumer Services	4.3
Hotels, Restaurants & Leisure	4.2
Biotechnology	3.7
Electronic Equipment, Instruments & Components	3.7
Machinery	3.6
Capital Markets	3.6
Professional Services	3.3
Textiles, Apparel & Luxury Goods	3.3
Aerospace & Defense	3.2
Health Care Providers & Services	2.8
Semiconductors & Semiconductor Equipment	2.6
Health Care Technology	2.5
Banks	2.3
Commercial Services & Supplies	2.2
Life Sciences Tools & Services	2.2
Electrical Equipment	2.1
Other Investments, less than 2% each	17.1
Short-Term Investments	3.8
Total Investments	100.4
Other assets less liabilities	(0.4	)
Net Assets	100.0	%

See accompanying notes to financial statements.

|  24

Statements of Assets and Liabilities

March31, 2019 (Unaudited)

	Small Cap Growth Fund		Small Cap Value Fund		Small/Mid Cap Growth Fund
ASSETS
Investments at cost	$	1,032,403,705	$	586,491,356	$	23,332,580
Net unrealized appreciation		348,739,889		218,723,122		2,616,738
Investments at value		1,381,143,594		805,214,478		25,949,318
Cash		150		62		—
Receivable for Fund shares sold		9,793,079		644,742		49,964
Receivable for securities sold		148,201,494		282,808		374,585
Dividends and interest receivable		392,212		825,033		8,266
Prepaid expenses (Note 7)		82		63		1
TOTAL ASSETS		1,539,530,611		806,967,186		26,382,134
LIABILITIES
Payable for securities purchased		5,497,815		—		462,773
Payable for Fund shares redeemed		150,015,295		4,499,291		—
Management fees payable (Note 5)		971,255		503,834		18,065
Deferred Trustees’ fees (Note 5)		172,758		215,218		21,323
Administrative fees payable (Note 5)		56,141		30,339		936
Payable to distributor (Note 5d)		15,594		6,787		6
Other accounts payable and accrued expenses		69,841		78,465		32,033
TOTAL LIABILITIES		156,798,699		5,333,934		535,136
NET ASSETS	$	1,382,731,912	$	801,633,252	$	25,846,998
NET ASSETS CONSIST OF:
Paid-in capital	$	965,135,946	$	572,994,921	$	23,610,275
Accumulated earnings		417,595,966		228,638,331		2,236,723
NET ASSETS	$	1,382,731,912	$	801,633,252	$	25,846,998
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Institutional Class:
Net assets	$	861,196,682	$	468,276,493	$	25,846,998
Shares of beneficial interest		32,746,176		16,925,826		2,651,496
Net asset value, offering and redemption price per share	$	26.30	$	27.67	$	9.75
Retail Class:
Net assets	$	102,189,666	$	152,505,393	$	—
Shares of beneficial interest		4,261,670		5,614,227		—
Net asset value, offering and redemption price per share	$	23.98	$	27.16	$	—
Admin Class shares:
Net assets	$	—	$	17,145,790	$	—
Shares of beneficial interest		—		664,076		—
Net asset value, offering and redemption price per share	$	—	$	25.82	$	—
Class N shares:
Net assets	$	419,345,564	$	163,705,576	$	—
Shares of beneficial interest		15,818,231		5,914,726		—
Net asset value, offering and redemption price per share	$	26.51	$	27.68	$	—

See accompanying notes to financial statements.

25  |

Statements of Operations

For the Six Months Ended March 31, 2019 (Unaudited)

	Small Cap Growth Fund			Small Cap Value Fund			Small/Mid Cap Growth Fund
INVESTMENT INCOME
Dividends	$	2,147,427		$	5,234,895		$	52,825
Interest		398,436			85,435			4,550
Less net foreign taxes withheld		—			(18,400	)		(462	)
		2,545,863			5,301,930			56,913
Expenses
Management fees (Note 5)		5,332,971			3,115,906			72,820
Service and distribution fees (Note 5)		141,310			257,395			—
Administrative fees (Note 5)		314,118			183,252			4,306
Trustees’ fees and expenses (Note 5)		15,677			6,445			5,496
Transfer agent fees and expenses (Notes 5 and 6)		580,436			346,719			1,666
Audit and tax services fees		20,435			20,860			20,510
Custodian fees and expenses		24,091			12,977			3,738
Legal fees		15,171			8,725			121
Registration fees		51,760			62,398			8,766
Shareholder reporting expenses		26,292			26,748			720
Miscellaneous expenses (Note 7)		34,231			27,052			11,356
Total expenses		6,556,492			4,068,477			129,499
Less waiver and/or expense reimbursement (Note 5)		(7,360	)		(118,202	)		(46,970	)
Net expenses		6,549,132			3,950,275			82,529
Net investment income (loss)		(4,003,269	)		1,351,655			(25,616	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		85,029,610			15,002,258			(230,826	)
Net change in unrealized appreciation (depreciation) on:
Investments		(192,467,160	)		(95,011,485	)		166,063
Net realized and unrealized loss on investments		(107,437,550	)		(80,009,227	)		(64,763	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(111,440,819	)	$	(78,657,572	)	$	(90,379	)

See accompanying notes to financial statements.

|  26

Statements of Changes in Net Assets

	Small Cap Growth Fund						Small Cap Value Fund
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
FROM OPERATIONS:
Net investment income (loss)	$	(4,003,269	)	$	(7,529,984	)	$	1,351,655		$	2,080,621
Net realized gain on investments		85,029,610			143,506,294			15,002,258			118,702,551
Net change in unrealized appreciation (depreciation) on investments		(192,467,160	)		216,618,091			(95,011,485	)		(58,719,669	)
Net increase (decrease) in net assets resulting from operations		(111,440,819	)		352,594,401			(78,657,572	)		62,063,503
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Institutional Class		(74,228,048	)		(93,157,470	)		(67,841,584	)		(73,726,264	)
Retail Class		(11,691,827	)		(13,096,336	)		(23,416,722	)		(27,201,028	)
Admin Class		—			—			(3,000,140	)		(3,453,473	)
Class N		(45,465,070	)		(35,428,773	)		(18,276,952	)		(16,470,360	)
Total distributions		(131,384,945	)		(141,682,579	)		(112,535,398	)		(120,851,125	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 9)		44,494,035			159,153,016			19,141,723			(50,857,393	)
Net increase (decrease) in net assets		(198,331,729	)		370,064,838			(172,051,247	)		(109,645,015	)
NET ASSETS
Beginning of the period		1,581,063,641			1,210,998,803			973,684,499			1,083,329,514
End of the period	$	1,382,731,912		$	1,581,063,641		$	801,633,252		$	973,684,499

See accompanying notes to financial statements.

27  |

Statements of Changes in Net Assets – continued

	Small/Mid Cap Growth Fund
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
FROM OPERATIONS:
Net investment loss	$	(25,616	)	$	(61,563	)
Net realized gain (loss) on investments		(230,826	)		5,067,741
Net change in unrealized appreciation (depreciation) on investments		166,063			(965,346	)
Net increase (decrease) in net assets resulting from operations		(90,379	)		4,040,832
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Institutional Class		(4,717,064	)		—
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE9)		13,154,239			(1,132,819	)
Net increase in net assets		8,346,796			2,908,013
NET ASSETS
Beginning of the period		17,500,202			14,592,189
End of the period	$	25,846,998		$	17,500,202

See accompanying notes to financial statements.

|  28

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period.

	Small Cap Growth Fund—Institutional Class
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of the period	$	31.55		$	27.37		$	22.03		$	22.22		$	24.27		$	26.35
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.08	)		(0.16	)		(0.12	)		(0.09	)		(0.14	)		(0.16	)(b)
Net realized and unrealized gain (loss)		(2.59	)		7.54			5.46			1.59			1.63			(0.09	)
Total from Investment Operations		(2.67	)		7.38			5.34			1.50			1.49			(0.25	)
LESS DISTRIBUTIONS FROM:
Net realized capital gains		(2.58	)		(3.20	)		—			(1.69	)		(3.54	)		(1.83	)
Net asset value, end of the period	$	26.30		$	31.55		$	27.37		$	22.03		$	22.22		$	24.27
Total return		(6.88	)%(c)(d)		29.77	%		24.24	%		6.92	%		5.78	%		(1.31	)%(b)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	861,197		$	926,914		$	824,103		$	812,383		$	800,883		$	852,131
Net expenses		0.94	%(e)(f)		0.94	%		0.95	%		0.95	%		0.94	%		0.94	%
Gross expenses		0.95	%(e)		0.94	%		0.95	%		0.95	%		0.94	%		0.94	%
Net investment loss		(0.59	)%(e)		(0.58	)%		(0.49	)%		(0.41	)%		(0.57	)%		(0.63	)%(b)
Portfolio turnover rate		34	%		41	%		45	%		56	%		78	%		63	%

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

(b) Includes anon-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) 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 administrator agreed to waive a portion of its fees during the period. Without this waiver/reimbursement, expenses would have been higher.

See accompanying notes to financial statements.

29  |

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Growth Fund—Retail Class
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of the period	$	29.09		$	25.53		$	20.61		$	20.93		$	23.10		$	25.23
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.10	)		(0.22	)		(0.16	)		(0.13	)		(0.19	)		(0.22	)(b)
Net realized and unrealized gain (loss)		(2.43	)		6.98			5.08			1.50			1.56			(0.08	)
Total from Investment Operations		(2.53	)		6.76			4.92			1.37			1.37			(0.30	)
LESS DISTRIBUTIONS FROM:
Net realized capital gains		(2.58	)		(3.20	)		—			(1.69	)		(3.54	)		(1.83	)
Net asset value, end of the period	$	23.98		$	29.09		$	25.53		$	20.61		$	20.93		$	23.10
Total return		(6.99	)%(c)		29.45	%		23.93	%		6.61	%		5.58	%		(1.58	)%(b)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	102,190		$	136,415		$	107,387		$	118,670		$	162,906		$	175,393
Net expenses		1.19	%(d)		1.19	%		1.20	%		1.20	%		1.19	%		1.21	%
Gross expenses		1.19	%(d)		1.19	%		1.20	%		1.20	%		1.19	%		1.21	%
Net investment loss		(0.84	)%(d)		(0.82	)%		(0.73	)%		(0.66	)%		(0.82	)%		(0.90	)%(b)
Portfolio turnover rate		34	%		41	%		45	%		56	%		78	%		63	%

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

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

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

See accompanying notes to financial statements.

|  30

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Growth Fund—Class N
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of the period	$	31.76		$	27.50		$	22.11		$	22.27		$	24.29		$	26.36
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.06	)		(0.12	)		(0.09	)		(0.06	)		(0.12	)		(0.14	)(b)
Net realized and unrealized gain (loss)		(2.61	)		7.58			5.48			1.59			1.64			(0.10	)
Total from Investment Operations		(2.67	)		7.46			5.39			1.53			1.52			(0.24	)
LESS DISTRIBUTIONS FROM:
Net realized capital gains		(2.58	)		(3.20	)		—			(1.69	)		(3.54	)		(1.83	)
Net asset value, end of the period	$	26.51		$	31.76		$	27.50		$	22.11		$	22.27		$	24.29
Total return		(6.83	)%(c)		29.93	%		24.38	%		7.05	%		5.92	%		(1.27	)%(b)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	419,346		$	517,734		$	279,508		$	196,733		$	162,591		$	15,080
Net expenses		0.82	%(d)		0.82	%		0.82	%		0.83	%		0.83	%		0.83	%
Gross expenses		0.82	%(d)		0.82	%		0.82	%		0.83	%		0.83	%		0.83	%
Net investment loss		(0.46	)%(d)		(0.43	)%		(0.39	)%		(0.29	)%		(0.51	)%		(0.53	)%(b)
Portfolio turnover rate		34	%		41	%		45	%		56	%		78	%		63	%

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

(b) Includes anon-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.

31  |

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Value Fund—Institutional Class
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of the period	$	35.27		$	37.37		$	33.78		$	32.19		$	36.40		$	37.42
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.05			0.09			0.13			0.17			0.27			0.20
Net realized and unrealized gain (loss)		(3.43	)		2.11			6.36			4.82			0.49			2.18
Total from Investment Operations		(3.38	)		2.20			6.49			4.99			0.76			2.38
LESS DISTRIBUTIONS FROM:
Net investment income		(0.08	)		(0.05	)		(0.14	)		(0.22	)		(0.22	)		(0.10	)
Net realized capital gains		(4.14	)		(4.25	)		(2.76	)		(3.18	)		(4.75	)		(3.30	)
Total Distributions		(4.22	)		(4.30	)		(2.90	)		(3.40	)		(4.97	)		(3.40	)
Net asset value, end of the period	$	27.67		$	35.27		$	37.37		$	33.78		$	32.19		$	36.40
Total return(b)		(7.43	)%(c)		6.21	%		19.68	%		16.75	%		1.20	%		6.17	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	468,276		$	587,198		$	665,229		$	654,501		$	666,107		$	730,901
Net expenses(d)		0.90	%(e)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Gross expenses		0.93	%(e)		0.92	%		0.93	%		0.93	%		0.92	%		0.91	%
Net investment income		0.37	%(e)		0.26	%		0.37	%		0.52	%		0.75	%		0.53	%
Portfolio turnover rate		14	%		19	%		25	%		22	%		22	%		23	%

(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.

|  32

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Value Fund—Retail Class
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of the period	$	34.66		$	36.83		$	33.33		$	31.78		$	35.98		$	37.03
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.02			0.00	(b)		0.04			0.08			0.18			0.10
Net realized and unrealized gain (loss)		(3.38	)		2.08			6.27			4.77			0.48			2.16
Total from Investment Operations		(3.36	)		2.08			6.31			4.85			0.66			2.26
LESS DISTRIBUTIONS FROM:
Net investment income		—			—			(0.05	)		(0.12	)		(0.11	)		(0.01	)
Net realized capital gains		(4.14	)		(4.25	)		(2.76	)		(3.18	)		(4.75	)		(3.30	)
Total Distributions		(4.14	)		(4.25	)		(2.81	)		(3.30	)		(4.86	)		(3.31	)
Net asset value, end of the period	$	27.16		$	34.66		$	36.83		$	33.33		$	31.78		$	35.98
Total return(c)		(7.56	)%(d)		5.95	%		19.38	%		16.47	%		0.94	%		5.90	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	152,505		$	208,310		$	251,405		$	267,936		$	306,360		$	358,698
Net expenses(e)		1.15	%(f)		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Gross expenses		1.18	%(f)		1.17	%		1.18	%		1.18	%		1.17	%		1.20	%
Net investment income		0.12	%(f)		0.01	%		0.12	%		0.27	%		0.50	%		0.28	%
Portfolio turnover rate		14	%		19	%		25	%		22	%		22	%		23	%

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

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

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

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

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

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

See accompanying notes to financial statements.

33  |

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Value Fund—Admin Class
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of the period	$	33.25		$	35.58		$	32.31		$	30.88		$	35.06		$	36.24
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.02	)		(0.08	)		(0.04	)		0.01			0.09			0.01
Net realized and unrealized gain (loss)		(3.27	)		2.00			6.07			4.62			0.48			2.11
Total from Investment Operations		(3.29	)		1.92			6.03			4.63			0.57			2.12
LESS DISTRIBUTIONS FROM:
Net investment income		—			—			—			(0.02	)		(0.00	)(b)		—
Net realized capital gains		(4.14	)		(4.25	)		(2.76	)		(3.18	)		(4.75	)		(3.30	)
Total Distributions		(4.14	)		(4.25	)		(2.76	)		(3.20	)		(4.75	)		(3.30	)
Net asset value, end of the period	$	25.82		$	33.25		$	35.58		$	32.31		$	30.88		$	35.06
Total return(c)		(7.68	)%(d)		5.68	%		19.10	%		16.19	%		0.71	%		5.63	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	17,146		$	24,530		$	30,533		$	43,973		$	45,762		$	61,791
Net expenses(e)		1.40	%(f)		1.40	%		1.40	%		1.39	%(g)		1.38	%(h)		1.40	%
Gross expenses		1.43	%(f)		1.42	%		1.43	%		1.42	%(g)		1.40	%(h)		1.51	%
Net investment income (loss)		(0.14	)%(f)		(0.24	)%		(0.11	)%		0.03	%		0.28	%		0.02	%
Portfolio turnover rate		14	%		19	%		25	%		22	%		22	%		23	%

(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.

|  34

Financial Highlights – continued

For a share outstanding throughout each period.

	Small Cap Value Fund—Class N
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Net asset value, beginning of the period	$	35.31		$	37.41		$	33.81		$	32.22		$	36.44		$	37.44
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.07			0.12			0.15			0.19			0.27			0.23
Net realized and unrealized gain (loss)		(3.45	)		2.11			6.37			4.83			0.50			2.18
Total from Investment Operations		(3.38	)		2.23			6.52			5.02			0.77			2.41
LESS DISTRIBUTIONS FROM:
Net investment income		(0.11	)		(0.08	)		(0.16	)		(0.25	)		(0.24	)		(0.11	)
Net realized capital gains		(4.14	)		(4.25	)		(2.76	)		(3.18	)		(4.75	)		(3.30	)
Total Distributions		(4.25	)		(4.33	)		(2.92	)		(3.43	)		(4.99	)		(3.41	)
Net asset value, end of the period	$	27.68		$	35.31		$	37.41		$	33.81		$	32.22		$	36.44
Total return		(7.41	)%(b)		6.28	%		19.78	%		16.84	%		1.25	%		6.25	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	163,706		$	153,646		$	136,162		$	68,332		$	38,555		$	2,568
Net expenses		0.84	%(d)		0.83	%		0.83	%		0.83	%		0.83	%(e)		0.85	%(f)
Gross expenses		0.84	%(d)		0.83	%		0.83	%		0.83	%		0.83	%(e)		0.89	%
Net investment income		0.47	%(d)		0.33	%		0.44	%		0.61	%		0.76	%		0.60	%
Portfolio turnover rate		14	%		19	%		25	%		22	%		22	%		23	%

(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.

35  |

Financial Highlights – continued

For a share outstanding throughout each period.

	Small/Mid Cap Growth Fund—Institutional Class
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Period Ended September 30, 2015*
Net asset value, beginning of the period	$	15.49		$	12.31		$	9.73		$	9.05		$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.01	)		(0.05	)		0.00	(b)		(0.02	)		(0.01	)
Net realized and unrealized gain (loss)		(1.86	)		3.23			2.60			0.70			(0.94	)
Total from Investment Operations		(1.87	)		3.18			2.60			0.68			(0.95	)
LESS DISTRIBUTIONS FROM:
Net investment income		—			—			(0.02	)		—			—
Net realized capital gains		(3.87	)		—			—			—			—
Total Distributions		(3.87	)		—			0.02			—			—
Net asset value, end of the period	$	9.75		$	15.49		$	12.31		$	9.73		$	9.05
Total return(c)		(5.97	)%(d)		25.83	%		26.74	%		7.51	%		(9.50	)%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	25,847		$	17,500		$	14,592		$	11,974		$	9,242
Net expenses(e)		0.85	%(f)		0.85	%		0.85	%		0.85	%		0.85	%(f)
Gross expenses		1.33	%(f)		1.43	%		1.57	%		1.75	%		2.65	%(f)
Net investment income (loss)		(0.26	)%(f)		(0.35	)%		0.01	%		(0.22	)%		(0.53	)%(f)
Portfolio turnover rate		25	%		102	%(g)		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.

(g) The variation in the Fund’s turnover rate from 2017 to 2018 was primarily due to significant shareholder flows.

See accompanying notes to financial statements.

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Notes to Financial Statements

March 31, 2019 (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 anopen-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 Fundre-opened to new investors effective October 1, 2018. Small Cap Value Fundre-opened to new investors effective November 27, 2017. Small Cap Growth Fund offers Institutional Class, Retail Class and Class N shares. 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 aRule 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 bornepro rata by the holders of each class of shares, except that each class bears expenses unique to that class (such as the Rule12b-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 Rule12b-1 Plan. Shares of each class would receive theirpro rata share

37  |

Notes to Financial Statements – continued

March 31, 2019 (Unaudited)

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 ofclosed-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. 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

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Notes to Financial Statements – continued

March 31, 2019 (Unaudited)

other investments at fair value in other circumstances such as when extraordinary events occur after the close of a foreign market but prior to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration of

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

Illiquid securities for which market quotations are readily available and have been evaluated by the adviser are considered and classified as fair valued securities pursuant to the Funds’ pricing policies and procedures.

b.  Investment Transactions and Related Investment Income. Investment transactions are accounted for on a trade date plus one day basis for daily NAV calculation. However, for financial reporting purposes, investment transactions are reported on trade date. Dividend income (including income reinvested) and foreign withholding tax, if applicable, is recorded onex-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 calendaryear-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 apro 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, if any, are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales

39  |

Notes to Financial Statements – continued

March 31, 2019 (Unaudited)

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.

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, 2019 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

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Notes to Financial Statements – continued

March 31, 2019 (Unaudited)

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.

e.  Dividends and Distributions to Shareholders. Dividends and distributions are recorded onex-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, distributionre-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 net realized short-term capital gains are reported as 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, 2018 was as follows:

	2018 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
Small Cap Growth Fund	$	—	$	141,682,579	$	141,682,579
Small Cap Value Fund		1,359,796		119,491,329		120,851,125
Small/Mid Cap Growth Fund		—		—		—

Distributions paid to shareholders from net investment income and net realized capital gains, based on accounting principles generally accepted in the United States of America, are consolidated and reported on the Statements of Changes in Net Assets as Distributions to Shareholders. Distributions paid to shareholders from net investment income and net realized capital gains expressed inper-share amounts, based on accounting principles generally accepted in the United States of America, are separately stated and reported within the Financial Highlights.

41  |

Notes to Financial Statements – continued

March 31, 2019 (Unaudited)

As of September 30, 2018, 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
Late-year ordinary and post-October capital loss deferrals*	$	(202,395	)	$	—	$	(46,179	)

* Under current tax law, net operating losses, capital losses, foreign currency losses, and losses on passive foreign investment companies and contingent payment debt instruments after October 31 or December 31, as applicable, may be deferred and treated as occurring on the first day of the following taxable year. Small Cap Growth Fund and Small/Mid Cap Growth Fund are deferring net operating losses.

As of March 31, 2019, the tax 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	$	1,032,403,705		$	586,491,356		$	23,332,580
Gross tax appreciation	$	373,996,885		$	247,829,670		$	3,030,472
Gross tax depreciation		(25,256,996	)		(29,106,548	)		(413,734	)
Net tax appreciation	$	348,739,889		$	218,723,122		$	2,616,738

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 aretri-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, 2019, 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

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Notes to Financial Statements – continued

March 31, 2019 (Unaudited)

(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 fornon-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 bynon-U.S. Governments andnon-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, 2019, 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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Notes to Financial Statements – continued

March 31, 2019 (Unaudited)

The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2019, at value:

Small Cap Growth Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	1,344,641,983	$	—	$	—	$	1,344,641,983
Short-Term Investments		—		36,501,611		—		36,501,611
Total	$	1,344,641,983	$	36,501,611	$	—	$	1,381,143,594

(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, 2019, 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)	$	793,778,098	$	—	$	—	$	793,778,098
Short-Term Investments		—		11,436,380		—		11,436,380
Total	$	793,778,098	$	11,436,380	$	—	$	805,214,478

(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, 2019, 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)	$	24,971,533	$	—	$	—	$	24,971,533
Short-Term Investments		—		977,785		—		977,785
Total	$	24,971,533	$	977,785	$	—	$	25,949,318

(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, 2019, there were no transfers among Levels 1, 2 and 3.

4.  Purchases and Sales of Securities. For the six months ended March 31, 2019, purchases and sales of securities (excluding short-term investments) were as follows:

Fund	Purchases		Sales
Small Cap Growth Fund	$	472,553,955	$	523,299,460
Small Cap Value Fund		117,748,361		211,168,263
Small/Mid Cap Growth Fund		12,821,109		4,841,429

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Notes to Financial Statements – continued

March 31, 2019 (Unaudited)

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. Loomis Sayles is a limited partnership whose sole general partner, Loomis, Sayles & Company, Inc., 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.

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, 2020, 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, 2019, 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 borne under the expense limitation agreements (whether through waiver of 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.

45  |

Notes to Financial Statements – continued

March 31, 2019 (Unaudited)

For the six months ended March 31, 2019, 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	$	5,332,971	$	—	$	5,332,971		0.75%		0.75%
Small Cap Value Fund		3,115,906		—		3,115,906		0.75%		0.75%
Small/Mid Cap Growth Fund		72,820		46,869		25,951		0.75%		0.27%

For the six months ended March 31, 2019, class-specific expenses have been reimbursed as follows:

	Reimbursement1
Fund	Institutional Class		Retail Class		Admin Class		Class N		Total
Small Cap Value Fund	$	83,258	$	27,376	$	3,277	$	—	$	113,911

¹Waiver/expense reimbursements are subject to possible recovery until September 30, 2020.

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 Rule12b-1 under the 1940 Act, Small Cap Growth Fund and Small Cap Value Fund have adopted a Distribution Plan relating to each Fund’s Retail Class shares (the “Retail Class Plans”) and Small Cap Value Fund has adopted a Distribution Plan relating to its Admin Class shares (the “Admin Class Plan”).

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

Under the Admin Class Plan, Small Cap Value Fund pays Natixis Distribution a monthly distribution fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund’s Admin Class shares, as compensation for services provided by 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.

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Notes to Financial Statements – continued

March 31, 2019 (Unaudited)

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, 2019, 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	$	—	$	141,310	$	—
Small Cap Value Fund		24,650		208,095		24,650

c.  Administrative Fees. Natixis Advisors, L.P. (“Natixis Advisors”) provides certain administrative services for the Funds and contracts with State Street Bank to serve assub-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 itspro 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, 0.0275% of the next $30 billion and 0.0225% 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.

Effective October 1, 2018, State Street Bank agreed to reduce the fees it receives from Natixis Advisors for serving assub-administrator to the Funds. Also, effective October 1, 2018, Natixis Advisors agreed to voluntarily waive fees paid by the Funds in an amount equal to the reduction insub-administrative fees discussed above. The waiver is in effect through June 30, 2019, at which time it will be reevaluated as part of the annual review of the administrative services contract, as noted above.

For the six months ended March 31, 2019, the administrative fees for each Fund were as follows:

Fund	Administrative Fees		Waiver of Administrative Fees		Net Administrative Fees
Small Cap Growth Fund	$	314,118	$	7,360	$	306,758
Small Cap Value Fund		183,252		4,291		178,961
Small/Mid Cap Growth Fund		4,306		101		4,205

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

47  |

Notes to Financial Statements – continued

March 31, 2019 (Unaudited)

intermediaries that hold positions in the Funds and has agreed to compensate the intermediaries for providing those services. Intermediaries transact with the Funds primarily through the use of omnibus accounts on behalf of their customers who hold positions in the Funds. These services would have been provided by the Funds’ transfer agent and other service providers if the shareholders’ accounts were maintained directly at the Funds’ transfer agent. Accordingly, the Funds have agreed to reimburse 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 currentper-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, 2019, thesub-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	$	571,110
Small Cap Value Fund		332,327
Small/Mid Cap Growth Fund		218

As of March 31, 2019, the Funds owe Natixis Distribution the following reimbursements forsub-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	$	15,594
Small Cap Value Fund		6,787
Small/Mid Cap Growth Fund		6

Sub-transfer agent fees attributable to Institutional Class, Retail Class and Admin Class are allocated on apro 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 $360,000. 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 $190,000. 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

|  48

Notes to Financial Statements – continued

March 31, 2019 (Unaudited)

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 $15,000. 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, 2019, the Chairperson of the Board received a retainer fee at the annual rate of $340,000 and each Independent Trustee (other than the Chairperson) received, in the aggregate, a retainer fee at the annual rate of $170,000, and the chairperson of the Governance Committee received an additional retainer fee at the annual rate of $12,000. 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 allocatedpro 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.

Certain officers and employees of Natixis Advisors and Loomis Sayles are also officers and/or Trustees of the Trusts.

f.  Affiliated Ownership. As of March 31, 2019, 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
Small Cap Growth Fund		0.25%		1.66%		1.91%
Small Cap Value Fund		0.36%		3.47%		3.83%
Small/Mid Cap Growth Fund		—		17.67%		17.67%

49  |

Notes to Financial Statements – continued

March 31, 2019 (Unaudited)

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

6.  Class-Specific Transfer Agent Fees and Expenses. Transfer agent fees and expenses attributable to Institutional Class, Retail Class and Admin Class are allocated on apro 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, 2019, the Funds incurred the following class-specific transfer agent fees and expenses (includingsub-transfer agent fees, where applicable):

	Transfer Agent Fees and Expenses
Fund	Institutional Class		Retail Class		Admin Class		Class N
Small Cap Growth Fund	$	508,755	$	70,974	$	—	$	707
Small Cap Value Fund		252,456		84,005		9,968		290
Small/Mid Cap Growth Fund		1,666		—		—		—

7.  Line of Credit. Each Fund, 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. 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. 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, 2019, none of the Funds had borrowings under this agreement.

8.  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, 2019, 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

|  50

Notes to Financial Statements – continued

March 31, 2019 (Unaudited)

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

Fund	Number of  5% Non-Affiliated Account Holders		Percentage of Non-Affiliated Ownership		Percentage of Affiliated Ownership (Note 5f)		Total Percentage of Ownership
Small Cap Value Fund		1		5.21%		—		5.21%
Small/Mid Cap Growth Fund		2		40.79%		17.67%		58.46%

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 anon-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.

9.  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, 2019						Year Ended September 30, 2018
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		4,936,775		$	128,659,196			5,754,255		$	164,470,396
Issued in connection with the reinvestment of distributions		3,229,384			71,175,640			3,526,960			89,866,953
Redeemed		(4,799,651	)		(124,428,562	)		(10,014,456	)		(275,865,186	)
Net change		3,366,508		$	75,406,274			(733,241	)	$	(21,527,837	)
Retail Class
Issued from the sale of shares		1,006,787		$	24,327,305			1,440,364		$	38,533,569
Issued in connection with the reinvestment of distributions		580,575			11,675,362			555,428			13,074,766
Redeemed		(2,014,821	)		(48,478,485	)		(1,512,825	)		(39,740,093	)
Net change		(427,459	)	$	(12,475,818	)		482,967		$	11,868,242
Class N
Issued from the sale of shares		5,272,385		$	142,731,919			6,071,292		$	171,038,280
Issued in connection with the reinvestment of distributions		2,040,644			45,322,697			1,378,059			35,305,861
Redeemed		(7,797,445	)		(206,491,037	)		(1,311,117	)		(37,531,530	)
Net change		(484,416	)	$	(18,436,421	)		6,138,234		$	168,812,611
Increase from capital share transactions		2,454,633		$	44,494,035			5,887,960		$	159,153,016

51  |

Notes to Financial Statements – continued

March 31, 2019 (Unaudited)

9.  Capital Shares – continued.

	Small Cap Value Fund
	Six Months Ended March 31, 2019						Year Ended September 30, 2018
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		1,173,613		$	32,642,989			2,693,880		$	94,890,273
Issued in connection with the reinvestment of distributions		2,757,754			64,641,757			2,049,039			70,363,994
Redeemed		(3,653,762	)		(101,655,726	)		(5,895,445	)		(207,624,212	)
Net change		277,605		$	(4,370,980	)		(1,152,526	)	$	(42,369,945	)
Retail Class
Issued from the sale of shares		135,416		$	3,816,438			283,804		$	9,876,474
Issued in connection with the reinvestment of distributions		1,013,991			23,352,213			802,859			27,144,677
Redeemed		(1,544,999	)		(40,704,617	)		(1,902,508	)		(66,646,118	)
Net change		(395,592	)	$	(13,535,966	)		(815,845	)	$	(29,624,967	)
Admin Class
Issued from the sale of shares		110,530		$	2,818,543			189,958		$	6,328,263
Issued in connection with the reinvestment of distributions		103,280			2,261,822			78,301			2,544,008
Redeemed		(287,555	)		(7,295,686	)		(388,643	)		(12,936,046	)
Net change		(73,745	)	$	(2,215,321	)		(120,384	)	$	(4,063,775	)
Class N
Issued from the sale of shares		1,446,637		$	39,514,497			829,306		$	29,863,505
Issued in connection with the reinvestment of distributions		779,733			18,276,952			479,347			16,470,360
Redeemed		(663,549	)		(18,527,459	)		(596,844	)		(21,132,571	)
Net change		1,562,821		$	39,263,990			711,809		$	25,201,294
Increase (decrease) from capital share transactions		1,371,089		$	19,141,723			(1,376,946	)	$	(50,857,393	)

	Small/Mid Cap Growth Fund
	Six Months Ended March 31, 2019						Year Ended September 30, 2018
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		1,213,711		$	11,420,375			925,420		$	12,965,329
Issued in connection with the reinvestment of distributions		540,127			4,234,598			—			—
Redeemed		(232,225	)		(2,500,734	)		(981,019	)		(14,098,148	)
Increase (decrease) from capital share transactions		1,521,613		$	13,154,239			(55,599	)	$	(1,132,819	)

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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 forClosed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers ofClosed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities byClosed-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 FormN-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 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 forClosed-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 Rule30a-2(a) under the Investment Company Act of 1940 (17 CFR270.30a-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 22, 2019

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 22, 2019
By:	/s/ Michael C. Kardok
Name:	Michael C. Kardok
Title:	Treasurer
Date:	May 22, 2019