Loomis Sayles Funds Ii NCSR Certified 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: September 30, 2019

Item 1. Reports to Stockholders.

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

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Loomis Sayles Small Cap Growth Fund

Loomis Sayles Small Cap Value Fund

Loomis Sayles Small/Mid Cap Growth Fund

Annual Report

September 30, 2019



TABLE OF CONTENTS

Portfolio Review			1

Portfolio of Investments			22

Financial Statements			40

Notes to Financial Statements			52

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.

Market Conditions

The12-month period ending September 30, 2019 was challenging for domestic small cap equities. The worst market conditions came in the fourth quarter of 2018, as stocks sold off dramatically. On a market cap basis, large cap stocks outperformed, as measured by the Russell indices.

Small cap value managers generally fared better than their growth peers, as the Russell 2000^® Growth Index was down close to 10% during the12-month period, compared to the Russell 2000^® Value Index’s 8.24% decline. Most sectors in the benchmark, the Russell 2000^® Growth Index, posted negative returns, with energy being a particularly noteworthy underperformer. The utility sector, however, was an outlier to the upside, posting returns close to 27%.

Performance Results

For the 12 months ended September 30, 2019, Institutional Class shares of the Loomis Sayles Small Cap Growth Fund returned-6.88% at net asset value. The Fund held up better than its benchmark, the Russell 2000^® Growth Index, which returned-9.63%.

Explanation of Fund Performance

Among contributors to overall return, stock selection in the financials and communication services sectors, along with an overweight position in the information technology sector, drove the Fund’s outperformance. By contrast, underweight positioning in the real estate and utilities sectors, which outperformed the benchmark, and an overweight position to the energy sector, which underperformed the benchmark, hurt relative performance.

Among individual stocks, the Fund’s top contributors to performance were insurance company Kinsale Capital Group Inc., Goosehead Insurance Inc. and medical device producer Insulet Corp. Kinsale Capital was the Fund’s top performing stock. Kinsale is the only publicly traded property and casualty insurance company focused on the excess and surplus market, and results were strong during the year due to premium growth as the competitive environment became more favorable. Goosehead Insurance reported strong results driven by growth in its franchise and corporate business segments, while better than expected commissions helped to boost results. Insulet reported strong results during the

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year, with healthy international sales after working through inventory issues in the previous quarter. Margins were strong, and US new patient starts were at anall-time high. Insulet also began distributing into a new channel (pharmacy) which expanded its market reach and ease of access for patients.

Conversely, optical retailer National Vision Holdings Inc., cloud-based healthcare management platform provider HealthEquity Inc. and casino gaming products specialist PlayAGS Inc. were the largest detractors to the Fund’s performance. National Vision declined during the year amid concerns that comparable sales would fail to accelerate, attracting a short-seller research report that weighed on the stock. HealthEquity suffered from concerns around slowing growth and abating catalysts. Despite reporting solid results, expectations were high and investors were disappointed. Concern also grew about the impact of lower interest rates on HealthEquity’s custody business. Finally, PlayAGS reported results that fell short of expectations. The shortfall was due to a variety of issues, including regional product weakness, weather and higher than anticipated expenses.

Outlook

As we look forward, we continue to be focused on the underlying business trends of our existing holdings and potential new additions to ensure revenue and earnings growth trends can remain intact. This may prove challenging if earnings estimates continue to see downward pressure.

Markets may be volatile as investors search for clues about the health of the global economy. Central banks appear to be willing to support the global economy, which may reduce some near-term risks. US trade policy remains a source of uncertainty for corporate decision makers and investors. If theUS-China trade war is resolved, there could be a rebound in the broader global economy towards the end of the year. Business confidence indicators in the US have shown some signs of weakness, and the inversion of the yield curve further supports the market’s position at the later stages of the cycle. Volatility remains subdued, but macroeconomic and geopolitical events could cause it to return.

While the outlook remains uncertain, we will not attempt to alter our process. As always, we look to deliver to our clients a compelling level of positive risk-adjusted returns that compound over time.

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LOOMIS SAYLES SMALL CAP GROWTH FUND

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

September 30, 2009 through September 30, 2019²

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Top Ten Holdings as of September 30, 2019


	Security name	% of assets
1	Kinsale Capital Group, Inc.		1.82	%
2	POOL CORP.		1.75
3	WNS Holdings Ltd., ADR		1.74
4	Albany International Corp., Class A		1.72
5	InterXion Holding NV		1.68
6	Mercury Systems, Inc.		1.64
7	Trex Co., Inc.		1.63
8	Goosehead Insurance, Inc., Series A		1.57
9	SiteOne Landscape Supply, Inc.		1.55
10	RBC Bearings, Inc.		1.53

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

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Average Annual Total Returns — September30, 2019²


													Expense Ratios³
	1 year			5 years			10 years			Life of Class N			Gross			Net

Institutional Class (Inception12/31/96)		-6.88	%		11.17	%		14.32	%		—	%		0.94	%		0.94	%

Retail Class (Inception12/31/96)		-7.11			10.90			14.03			—			1.19			1.19

Class N (Inception2/1/13)		-6.76			11.31			—			12.56			0.82			0.82

Comparative Performance
Russell2000^® Growth Index¹		-9.63			9.08			12.25			10.75

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.

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.

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

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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LOOMIS SAYLES SMALL CAP VALUE FUND


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

Investment Objective

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

Market Conditions

Stocks tumbled during the fourth quarter of 2018 over concerns about US Federal Reserve (the Fed) policy tightening, trade wars, and weaker global growth which contributed to a negative turn in investor sentiment. The equity market then staged a remarkable rally during the first nine weeks of 2019 before settling into a trading range for the balance of the12-month period. Large cap stocks recorded a modest gain for the period, while small cap stocks finished modestly lower.

Lingering investor concerns over the Fed having “overtightened” in 2018, evidence of a softening global economy, and heightened activity related to international trade and tariffs led to increased market volatility throughout the year. Top performers included more defensive investments, including larger capitalization stocks, higher visibility business models, and companies with the healthiest balance sheets.

Interest rates fell fairly dramatically across the maturity spectrum as the result of softer economic data and the Fed moving to an accommodative stance, lowering interest rates twice during the third quarter of 2019.

Small cap growth stocks and value stocks swapped leadership throughout the period with small cap value returns ending just ahead of growth, helped by a stunning value rally in the month of September.

Performance Results

For the 12 months ended September 30, 2019, Institutional Class shares of the Loomis Sayles Small Cap Value Fund returned-4.11% at net asset value. The Fund held up better than its benchmark, the Russell 2000^® Value Index, which returned-8.24%.

Explanation of Fund Performance

The Fund started the fiscal year period positioned fairly conservatively, favoring the upper portion of the market capitalization range and emphasizing companies with highly durable business models. The Fund maintained a fairly significant underweight to the energy sector, which was by far the worst performing area of the small cap market. An overweight to information technology also added to relative performance.

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Stock selection was favorable across most sectors of the Fund, but especially so in the consumer discretionary and health care sectors. Among individual stocks, Mellanox Technologies, Ltd., Aerojet Rocketdyne Holdings, Inc. and Euronet Worldwide, Inc. had the largest positive contributions to performance for the period.

Mellanox Technologies is a leading provider of networking technologies used for high performance and cloud computing. The company has benefited from the explosion of data and proliferation of data centers driving demand for faster networks and interconnects. During the first quarter of 2019, Mellanox agreed to be acquired, providing an additional boost to their share price.

Aerojet Rocketdyne is the leading independent provider of propulsion systems to space, missile defense, and tactical missile customers. It is benefiting from the overall growth of investments in space as well as an increasingly complex geopolitical environment. Profit margins have improved as the company has consolidated its manufacturing footprint.

Euronet facilitates electronic financial transactions on a global basis and manages ATM networks. The stock outperformed as prior regulatory concerns in its electronic funds transfer segment abated and high earnings visibility companies were in favor with investors.

On the negative side, the Fund’s underweight in the “bond proxy” sectors such as real estate and utilities detracted from relative performance, as interest rates declined fairly substantially during the period. Stock selection was also weak within the information technology and financials sectors. During the12-month period, Conduent, Inc., Avanos Medical, Inc. and Apergy Corporation detracted the most from performance.

Conduent is a leading service company specializing in transaction-intensive services including health savings account administration and toll processing. The company was spun off from Xerox Corporation in 2016 and has made progress reducing its cost structure. However, it has been burdened by legacy technology systems issues and has been unable to add new business as quickly as originally anticipated.

Avanos was spun off from Kimberly-Clark in 2015 and has now transformed itself into a pure-play medical device company. Industry-wide shortages of two pain medications manufactured by Pfizer that are used in the company’sOn-Q pain pumps have temporarily constrained top line growth, negatively affecting investor enthusiasm for the stock.

Apergy provides equipment and services in the drilling and production phases of oil and gas wells. Energy stocks were the worst performing sector over the trailing 12 months, and oil services stocks were the weakest segment within energy as rig counts have fallen and drilling companies have cut back on capital expenditures to maintain current wells.

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LOOMIS SAYLES SMALL CAP VALUE FUND

Outlook

We remain committed to identify inefficiencies in the small cap market that result in stock prices and valuations that do not accurately reflect our assessment of the underlying value of the corporate enterprise. We apply this approach consistently over time, regardless of the current market environment.

While many forms of inefficiency may exist in the market, we focus on companies that are misunderstood, underfollowed or in the midst of a “special situation” where we believe we can use our strengths and consistent process. We require fundamentally sound business models, capable management teams and financial stability. Key to our process are distinct, company-specific catalysts on the horizon to sustain, enhance, or highlight the fundamental outlook. These principles are applied consistently over time, regardless of the current market environment. With a margin of safety and a proper time horizon, our goal is to achieve an attractive return for our investors, while managing to an appropriate level of risk.

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

September 30, 2009 through September 30, 2019³

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Top Ten Holdings as of September 30, 2019


	Security name	% of assets
1	ALLETE, Inc.		1.54	%
2	Viad Corp.		1.42
3	Churchill Downs, Inc.		1.31
4	NextEra Energy Partners LP		1.23
5	Nomad Foods Ltd.		1.22
6	Littelfuse, Inc.		1.19
7	Vistra Energy Corp.		1.17
8	Armstrong World Industries, Inc.		1.15
9	GCI Liberty, Inc., Class A		1.15
10	Reinsurance Group of America, Inc.		1.14

See notes to chart on page 9.

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LOOMIS SAYLES SMALL CAP VALUE FUND

Average Annual Total Returns — September30, 2019³


													Expense Ratios⁴
	1 year			5 years			10 years			Life of Class N			Gross			Net

Institutional Class (Inception5/13/91)		-4.11	%		7.57	%		10.97	%		—	%		0.95	%		0.93	%

Retail Class (Inception12/31/96)		-4.33			7.30			10.70			—			1.20			1.18

Admin Class (Inception1/2/98)		-4.60			7.04			10.43			—			1.45			1.43

Class N (Inception2/1/13)		-4.07			7.64			—			9.15			0.86			0.86

Comparative Performance
Russell2000^® Value Index¹		-8.24			7.17			10.06			8.23
Russell2000^® Index²		-8.89			8.19			11.19			9.53

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.

Russell2000^® Index is an unmanaged index that measures the performance of the small-cap segment of the U.S. equity universe.

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

⁴

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LOOMIS SAYLES SMALL/MID CAP GROWTH FUND


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

Investment Objective

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

Market Conditions

The12-month period ending September 30, 2019 was challenging for domestic small cap equities. Mid-cap and large cap equities posted positive returns over the year. After a dramatic selloff in the fourth quarter of 2018, most domestic equity indices bounced back, but the Russell 2500^TM Growth Index (the Index) still finished lower for the period. On a market cap basis, large cap stocks outperformed, as measured by the Russell indices.

The Russell benchmarks showed minimal performance differential between growth and value managers in the small/mid-cap market. Most sectors in the growth benchmark posted negative returns, with energy being a particularly noteworthy underperformer within the Index, losing approximately 48%. The utility sector, however, was an outlier to the upside, posting returns close to 27%.

Performance Results

For the 12 months ended September 30, 2019, Institutional Class shares of the Loomis Sayles Small/Mid Cap Growth Fund returned-3.27% at net asset value. The Fund held up better than its benchmark, the Russell 2500^TM Growth Index, which returned-4.11%.

Explanation of Fund Performance

The Fund’s relative performance was driven by stock selection, with particularly strong contributions from the health care, industrials and financials sectors. Stock selection in the information technology sector detracted from relative performance.

Among individual stocks, the Fund’s top contributors to performance were medical device producer Insulet Corp., electronic fixed income trading platform provider MarketAxess Holdings Inc. and aftermarket aircraft parts supplier Heico Corp. Insulet reported strong results during the year, with healthy international sales after working through inventory issues in the previous quarter. Margins were also strong, and US new patient starts were at anall-time high. The company began distributing into a new channel (pharmacy) which expanded its market reach and ease of access for patients. MarketAxess reported solid results throughout the year, citing improving market conditions for credit trading, and volume trended ahead of prior time periods. Heico benefited from robust demand and a strong pipeline of M&A targets. The market has been favorable for its flight support business, givenair-traffic increases and fleet expansion. Rising US defense spending has also benefited its electronic technologies business.

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LOOMIS SAYLES SMALL/MID CAP GROWTH FUND

Conversely, transportation and logistics services company XPO Logistics, cloud-based healthcare management platform provider HealthEquity Inc. and modular space rental solutions specialist WillScot Corp. were the largest detractors to performance for the12-month time period. The bulk of the impact from these holdings was concentrated in the market selloff of the fourth quarter of 2018. XPO Logistics declined in response to a report from a short-selling investment firm. The logistics company disputed the report’s merit, but given heavy selling pressure across all equities, the stock declined significantly. HealthEquity suffered from concerns around slowing growth and abating catalysts. Despite reporting solid results, expectations were high and investors were disappointed. Concern also grew about the impact of lower interest rates on HealthEquity’s custody business. Finally, WillScot issued stock to warrant holders during poor market conditions, which likely created selling pressure on the stock.

Outlook

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Hypothetical Growth of $1,000,000 Investment in Institutional Class Shares

June 30, 2015 (inception) through September 30, 2019²

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Top Ten Holdings as of September 30, 2019


	Security name	% of assets
1	Insulet Corp.		2.04	%
2	Live Nation Entertainment, Inc.		1.75
3	EPAM Systems, Inc.		1.75
4	Bright Horizons Family Solutions, Inc.		1.64
5	Guidewire Software, Inc.		1.63
6	Generac Holdings, Inc.		1.59
7	Hexcel Corp.		1.51
8	HEICO Corp.		1.49
9	Booz Allen Hamilton Holding Corp.		1.47
10	ICON PLC		1.46

See notes to chart on page 13.

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LOOMIS SAYLES SMALL/MID CAP GROWTH FUND

Average Annual Total Returns — September30, 2019²


							Expense Ratios³
	1 year			Life of Fund			Gross			Net

Institutional Class (Inception6/30/15)		-3.27	%		10.02	%		1.42	%		0.85	%

Comparative Performance
Russell2500^TM Growth Index¹		-4.11			8.23

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.

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^TM Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2500^TM Growth Index is constructed to provide a comprehensive and unbiased barometer of the small-to-mid-cap growth market. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-to-mid-cap opportunity set and that the represented companies continue to reflect growth characteristics. Indices are unmanaged.

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

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ADDITIONAL INFORMATION

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

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

Additional Index Information

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

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

Proxy Voting Information

A description of the 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”) website at www.sec.gov. Information about how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Funds’ website and the SEC’s website.

Quarterly Portfolio Schedules

The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at www.sec.gov.

CFA^® and Chartered Financial Analyst^® are registered trademarks owned by the CFA Institute.

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

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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 April 1, 2019 through September 30, 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 Fund provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid on your investment for the period. You may use this information to compare the ongoing costs of investing in the Funds to other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

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

Loomis Sayles Small Cap Growth Fund


Institutional Class	Beginning Account Value 4/1/2019		Ending Account Value 9/30/2019		Expenses Paid During Period* 4/1/2019 – 9/30/2019
Actual		$1,000.00		$1,000.00		$4.76
Hypothetical (5% return before expenses)		$1,000.00		$1,020.31		$4.81

Retail Class
Actual		$1,000.00		$998.70		$6.01
Hypothetical (5% return before expenses)		$1,000.00		$1,019.05		$6.07

Class N
Actual		$1,000.00		$1,000.80		$4.16
Hypothetical (5% return before expenses)		$1,000.00		$1,020.91		$4.20

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.95%, 1.20% and 0.83% for Institutional Class, Retail Class and Class N, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), divided by 365 (to reflect the half-year period).

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Loomis Sayles Small Cap Value Fund


Institutional Class	Beginning Account Value 4/1/2019		Ending Account Value 9/30/2019		Expenses Paid During Period* 4/1/2019 – 9/30/2019
Actual		$1,000.00		$1,035.80		$4.59
Hypothetical (5% return before expenses)		$1,000.00		$1,020.56		$4.56

Retail Class
Actual		$1,000.00		$1,035.00		$5.87
Hypothetical (5% return before expenses)		$1,000.00		$1,019.30		$5.82

Admin Class
Actual		$1,000.00		$1,033.30		$7.14
Hypothetical (5% return before expenses)		$1,000.00		$1,018.05		$7.08

Class N
Actual		$1,000.00		$1,036.10		$4.24
Hypothetical (5% return before expenses)		$1,000.00		$1,020.91		$4.20

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.90%, 1.15%, 1.40% and 0.83% for Institutional Class, Retail Class, Admin Class and Class N, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), divided by 365 (to reflect the half-year period).

Loomis Sayles Small/Mid Cap Growth Fund


Institutional Class	Beginning Account Value 4/1/2019		Ending Account Value 9/30/2019		Expenses Paid During Period* 4/1/2019 – 9/30/2019
Actual		$1,000.00		$1,028.70		$4.32
Hypothetical (5% return before expenses)		$1,000.00		$1,020.81		$4.31

* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement) of 0.85%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), divided by 365 (to reflect the half-year period).

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BOARD APPROVAL OF THE EXISTING ADVISORY AGREEMENTS

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

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

In addition to the materials requested by the Trustees in connection with their annual consideration of the continuation of the Agreements, the Trustees receive materials in advance of each regular quarterly meeting of the Board that provide detailed information about the Funds’ investment performance and the fees charged to the Funds for advisory and other services. This information generally includes, among other things, an internal performance rating for each Fund based on agreed-upon criteria, graphs showing each Fund’s performance and expense differentials against each Fund’s peer group/category, performance ratings provided by a third-party, total return information for various periods, and third-party performance rankings for various periods comparing a Fund against similarly categorized funds. The portfolio management team for each Fund or

17 |

other representatives of the Adviser make periodic presentations to the Contract Review Committee and/or the full Board, and Funds identified as presenting possible performance concerns may be subject to more frequent Board or Committee presentations and reviews. In addition, each quarter the Trustees are provided with detailed statistical information about each Fund’s portfolio. The Trustees also receive periodic updates between meetings.

The Board most recently approved the continuation of the Agreements for aone-year period at its meeting held in June 2019. In considering whether to approve the continuation of the Agreements, the Board, including the Independent Trustees, did not identify any single factor as determinative. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. Matters considered by the Trustees, including the Independent Trustees, in connection with their approval of the Agreements included, but were not limited to, the factors listed below.

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

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

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

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

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

| 18

The Board noted that, through December 31, 2018, each Fund’sone-, three- and five-year performance, as applicable, stated as percentile rankings within categories selected by the independent third-party data provider was as follows (where the best performance would be in the first percentile of its category):


	One-Year		Three-Year		Five-Year
Loomis Sayles Small Cap Growth Fund		20%		32%		29%
Loomis Sayles Small Cap Value Fund		80%		62%		48%
Loomis Sayles Small/Mid Cap Growth Fund		63%		27%		N/A

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

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

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

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

19 |

regarding reductions in advisory fee rates, implementation of advisory fee breakpoints and the institution of advisory fee waivers and expense caps for various funds in the fund family. They noted that all of the Funds have expense caps in place, and they considered the amounts waived or reimbursed by the Adviser for certain Funds under their caps. The Trustees also considered that Loomis Sayles Small Cap Growth Fund’s current expenses are below its cap. The Trustees noted that the Funds had total advisory fee rates that were below the medians of their respective peer groups of funds.

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

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

Economies of Scale. The Trustees considered the existence of any economies of scale in the provision of services by the Adviser and whether those economies are shared with the Funds through breakpoints in their investment advisory fees or other means, such as expense caps. The Trustees also considered management’s explanation of the factors that are taken into account with respect to the implementation of breakpoints in investment advisory fees or expense caps. With respect to economies of scale, the Trustees noted that although none of the Funds’ management fees were subject to breakpoints, each of the Funds was subject to an expense cap. In considering these issues, the Trustees also took note of the costs of the services provided (both on an absolute and on a relative basis) and the profitability to the Adviser and its affiliates of their relationships with the Funds, as discussed above. The Trustees also considered that the Funds have benefitted from the substantial reinvestment the Adviser has made into its business.

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

| 20

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

•

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

•

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

•

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

•

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

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Trustees, including the Independent Trustees, concluded that each of the existing Agreements should be continued through June 30, 2020.

21 |

Portfolio of Investments – as of September 30, 2019

Loomis Sayles Small Cap Growth Fund


Shares		Description	Value (†)

	Common Stocks –97.0% of Net Assets

		Aerospace & Defense –4.9%
	396,117	AAR Corp.	$	16,323,982
	299,980	Hexcel Corp.		24,637,357
	627,968	Kratos Defense & Security Solutions, Inc.(a)		11,677,065
	331,133	Mercury Systems, Inc.(a)		26,878,066

				79,516,470


		Air Freight & Logistics –0.6%
	468,325	Air Transport Services Group, Inc.(a)		9,844,192


		Auto Components –1.8%
	211,674	Fox Factory Holding Corp.(a)		13,174,590
	533,557	Stoneridge, Inc.(a)		16,524,260

				29,698,850


		Banks –0.8%
	324,015	TCF Financial Corp.		12,335,251


		Biotechnology –6.8%
	542,550	Aimmune Therapeutics, Inc.(a)		11,360,997
	130,269	Argenx SE, ADR(a)		14,845,455
	155,230	Blueprint Medicines Corp.(a)		11,404,748
	891,462	Epizyme, Inc.(a)		9,195,431
	191,893	Genomic Health, Inc.(a)		13,014,183
	717,044	Halozyme Therapeutics, Inc.(a)		11,121,353
	214,459	PTC Therapeutics, Inc.(a)		7,253,003
	211,167	Repligen Corp.(a)		16,194,397
	132,173	Ultragenyx Pharmaceutical, Inc.(a)		5,654,361
	324,210	Xencor, Inc.(a)		10,935,603

				110,979,531


		Building Products –3.3%
	381,251	AAON, Inc.		17,514,671
	280,254	Advanced Drainage Systems, Inc.		9,043,796
	292,715	Trex Co., Inc.(a)		26,616,575

				53,175,042


		Capital Markets –1.5%
	473,303	AssetMark Financial Holdings, Inc.(a)		12,329,543
	210,143	Hamilton Lane, Inc., Class A		11,969,745

				24,299,288


		Commercial Services & Supplies –1.4%
	407,711	Casella Waste Systems, Inc., Class A(a)		17,507,110
	82,854	McGrath RentCorp		5,765,810

				23,272,920

See accompanying notes to financial statements.

| 22

Portfolio of Investments – as of September 30, 2019

Loomis Sayles Small Cap Growth Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Construction & Engineering –0.7%
	586,308	Primoris Services Corp.	$	11,497,500


		Distributors –1.7%
	142,067	POOL CORP.		28,654,914


		Diversified Consumer Services –2.7%
	65,770	Chegg, Inc.(a)		1,969,811
	221,828	Grand Canyon Education, Inc.(a)		21,783,510
	1,213,083	Laureate Education, Inc., Class A(a)		20,106,851

				43,860,172


		Diversified Telecommunication Services –1.8%
	175,533	Bandwidth, Inc., Class A(a)		11,428,954
	313,582	Cogent Communications Holdings, Inc.		17,278,368

				28,707,322


		Electrical Equipment –1.5%
	306,443	Generac Holdings, Inc.(a)		24,006,745


		Electronic Equipment, Instruments & Components –1.8%
	224,265	Novanta, Inc.(a)		18,326,936
	79,955	Rogers Corp.(a)		10,930,648

				29,257,584


		Energy Equipment & Services –1.5%
	361,165	Apergy Corp.(a)		9,769,513
	486,364	Cactus, Inc., Class A(a)		14,075,374

				23,844,887


		Entertainment –1.0%
	772,351	IMAX Corp.(a)		16,953,104


		Food & Staples Retailing –1.2%
	490,272	Chefs’ Warehouse, Inc. (The)(a)		19,767,767


		Food Products –2.5%
	486,364	Freshpet, Inc.(a)		24,206,336
	592,544	Simply Good Foods Co. (The)(a)		17,177,851

				41,384,187


		Health Care Equipment & Supplies –4.3%
	539,957	AtriCure, Inc.(a)		13,466,527
	232,358	CONMED Corp.		22,341,222
	403,478	CryoLife, Inc.(a)		10,954,428
	86,196	Penumbra, Inc.(a)		11,592,500
	191,307	Quidel Corp.(a)		11,736,684

				70,091,361

See accompanying notes to financial statements.

23 |

Portfolio of Investments – as of September 30, 2019

Loomis Sayles Small Cap Growth Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Health Care Providers & Services –3.1%
	143,042	Amedisys, Inc.(a)	$	18,739,933
	292,130	BioTelemetry, Inc.(a)		11,898,455
	172,197	LHC Group, Inc.(a)		19,554,691

				50,193,079


		Health Care Technology –2.0%
	480,653	HMS Holdings Corp.(a)		16,565,706
	317,354	Inovalon Holdings, Inc., Class A(a)		5,201,432
	123,736	Medidata Solutions, Inc.(a)		11,321,844

				33,088,982


		Hotels, Restaurants & Leisure –1.9%
	227,202	Planet Fitness, Inc., Class A(a)		13,148,180
	200,181	Wingstop, Inc.		17,471,797

				30,619,977


		Insurance –5.4%
	521,174	Goosehead Insurance, Inc., Series A		25,719,937
	298,454	James River Group Holdings Ltd.		15,292,783
	288,327	Kinsale Capital Group, Inc.		29,787,062
	227,700	Palomar Holdings, Inc.(a)		8,975,934
	312,539	Trupanion, Inc.(a)		7,944,742

				87,720,458


		IT Services –6.0%
	419,962	EVERTEC, Inc.		13,111,213
	694,439	Evo Payments, Inc., Class A(a)		19,527,625
	336,496	InterXion Holding NV(a)		27,410,964
	489,661	NIC, Inc.		10,111,500
	485,096	WNS Holdings Ltd., ADR(a)		28,499,390

				98,660,692


		Leisure Products –1.0%
	807,526	Callaway Golf Co.		15,674,080


		Life Sciences Tools & Services –2.6%
	248,963	Adaptive Biotechnologies Corp.(a)		7,692,957
	556,959	NeoGenomics, Inc.(a)		10,649,056
	248,935	PRA Health Sciences, Inc.(a)		24,701,820

				43,043,833


		Machinery –7.1%
	312,022	Albany International Corp., Class A		28,131,904
	259,953	Chart Industries, Inc.(a)		16,210,669
	757,470	Harsco Corp.(a)		14,361,631
	558,616	Kornit Digital Ltd.(a)		17,194,200

See accompanying notes to financial statements.

| 24

Portfolio of Investments – as of September 30, 2019

Loomis Sayles Small Cap Growth Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Machinery – continued
	154,255	Proto Labs, Inc.(a)	$	15,749,436
	150,266	RBC Bearings, Inc.(a)		24,930,632

				116,578,472


		Pharmaceuticals –3.7%
	526,049	Horizon Therapeutics PLC(a)		14,324,314
	169,856	MyoKardia, Inc.(a)		8,857,991
	292,093	Pacira BioSciences, Inc.(a)		11,119,981
	123,053	Reata Pharmaceuticals, Inc., Class A(a)		9,879,925
	279,844	Supernus Pharmaceuticals, Inc.(a)		7,690,113
	211,004	Zogenix, Inc.(a)		8,448,600

				60,320,924


		Professional Services –2.5%
	329,963	Huron Consulting Group, Inc.(a)		20,239,931
	241,771	ICF International, Inc.		20,422,396

				40,662,327


		Semiconductors & Semiconductor Equipment –2.6%
	145,285	Monolithic Power Systems, Inc.		22,610,705
	184,287	Silicon Laboratories, Inc.(a)		20,520,357

				43,131,062


		Software –10.4%
	219,097	Cornerstone OnDemand, Inc.(a)		12,010,898
	311,826	Envestnet, Inc.(a)		17,680,534
	422,789	Five9, Inc.(a)		22,720,681
	155,913	Globant S.A.(a)		14,278,512
	108,071	HubSpot, Inc.(a)		16,384,644
	396,852	Mimecast Ltd.(a)		14,155,711
	167,402	PROS Holdings, Inc.(a)		9,977,159
	299,638	Q2 Holdings, Inc.(a)		23,632,449
	397,340	Rapid7, Inc.(a)		18,035,263
	342,834	RealPage, Inc.(a)		21,550,545

				170,426,396


		Specialty Retail –1.4%
	618,740	National Vision Holdings, Inc.(a)		14,893,072
	265,304	Sonic Automotive, Inc., Class A		8,333,198

				23,226,270


		Textiles, Apparel & Luxury Goods –2.1%
	218,610	Columbia Sportswear Co.		21,181,123
	368,575	Steven Madden Ltd.		13,191,299

				34,372,422

See accompanying notes to financial statements.

25 |

Portfolio of Investments – as of September 30, 2019

Loomis Sayles Small Cap Growth Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Thrifts & Mortgage Finance –1.9%
	342,306	Essent Group Ltd.	$	16,317,727
	563,784	NMI Holdings, Inc., Class A(a)		14,804,968

				31,122,695


		Trading Companies & Distributors –1.5%
	342,054	SiteOne Landscape Supply, Inc.(a)		25,318,837


		Total Common Stocks (Identified Cost $1,312,164,600)		1,585,307,593


	Principal Amount

	Short-Term Investments –3.4%

$	55,500,624	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2019 at 1.100% to be repurchased at $55,502,319 on 10/01/2019 collateralized by $54,620,000 U.S. Treasury Note, 2.125% due 5/15/2025 valued at $56,612,374 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $55,500,624)		55,500,624


		Total Investments –100.4% (Identified Cost $1,367,665,224)		1,640,808,217

		Other assets less liabilities—(0.4)%		(6,644,063	)


		Net Assets –100.0%	$	1,634,164,154


	(†)	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.

| 26

Portfolio of Investments – as of September 30, 2019

Loomis Sayles Small Cap Growth Fund – continued

Industry Summary at September 30, 2019


Software	10.4	%
Machinery	7.1
Biotechnology	6.8
IT Services	6.0
Insurance	5.4
Aerospace & Defense	4.9
Health Care Equipment & Supplies	4.3
Pharmaceuticals	3.7
Building Products	3.3
Health Care Providers & Services	3.1
Diversified Consumer Services	2.7
Semiconductors & Semiconductor Equipment	2.6
Life Sciences Tools & Services	2.6
Food Products	2.5
Professional Services	2.5
Textiles, Apparel & Luxury Goods	2.1
Health Care Technology	2.0
Other Investments, less than 2% each	25.0
Short-Term Investments	3.4

Total Investments	100.4
Other assets less liabilities	(0.4	)

Net Assets	100.0	%

See accompanying notes to financial statements.

27 |

Portfolio of Investments – as of September 30, 2019

Loomis Sayles Small Cap Value Fund


Shares		Description	Value (†)

	Common Stocks – 99.0% of Net Assets

		Aerospace & Defense –1.7%
	156,282	Aerojet Rocketdyne Holdings, Inc.(a)	$	7,893,804
	74,984	BWX Technologies, Inc.		4,289,834

				12,183,638


		Auto Components –1.5%
	152,445	Cooper Tire & Rubber Co.		3,981,863
	48,454	Fox Factory Holding Corp.(a)		3,015,777
	39,753	LCI Industries		3,651,313

				10,648,953


		Banks –15.0%
	154,250	Ameris Bancorp		6,207,020
	166,240	BancorpSouth Bank		4,922,366
	107,053	Bank OZK		2,919,335
	160,522	Bryn Mawr Bank Corp.		5,860,658
	93,549	Carolina Financial Corp.		3,324,732
	138,995	Cathay General Bancorp		4,827,991
	227,100	CenterState Bank Corp.		5,446,994
	256,269	CVB Financial Corp.		5,348,334
	220,906	First Financial Bancorp		5,406,674
	346,655	Home BancShares, Inc.		6,515,381
	89,891	IBERIABANK Corp.		6,790,366
	139,260	PacWest Bancorp		5,060,709
	95,744	Pinnacle Financial Partners, Inc.		5,433,472
	151,044	Popular, Inc.		8,168,460
	108,832	Prosperity Bancshares, Inc.		7,686,804
	40,560	Signature Bank		4,835,563
	160,207	TCF Financial Corp.		6,099,081
	197,480	Triumph Bancorp, Inc.(a)		6,297,637
	113,943	Wintrust Financial Corp.		7,364,136

				108,515,713


		Beverages –0.7%
	416,350	Cott Corp.		5,191,884


		Biotechnology –0.5%
	44,384	United Therapeutics Corp.(a)		3,539,624


		Building Products –1.7%
	46,323	American Woodmark Corp.(a)		4,118,578
	85,931	Armstrong World Industries, Inc.		8,309,528

				12,428,106


		Capital Markets –1.5%
	325,208	Donnelley Financial Solutions, Inc.(a)		4,006,563
	116,480	Stifel Financial Corp.		6,683,622

				10,690,185

See accompanying notes to financial statements.

| 28

Portfolio of Investments – as of September 30, 2019

Loomis Sayles Small Cap Value Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Chemicals –3.1%
	186,220	AdvanSix, Inc.(a)	$	4,789,578
	53,359	Ashland Global Holdings, Inc.		4,111,311
	122,555	Cabot Corp.		5,554,193
	40,317	Ingevity Corp.(a)		3,420,494
	69,697	WR Grace & Co.		4,652,972

				22,528,548


		Commercial Services & Supplies –4.4%
	89,279	Clean Harbors, Inc.(a)		6,892,339
	172,650	IAA, Inc.(a)		7,204,684
	172,650	KAR Auction Services, Inc.		4,238,557
	175,199	Kimball International, Inc., Class B		3,381,341
	152,591	Viad Corp.		10,246,486

				31,963,407


		Communications Equipment –1.2%
	272,103	Digi International, Inc.(a)		3,706,043
	360,583	Viavi Solutions, Inc.(a)		5,049,965

				8,756,008


		Construction & Engineering –0.9%
	186,609	Arcosa, Inc.		6,383,894


		Distributors –0.6%
	127,834	Core-Mark Holding Co., Inc.		4,105,389


		Diversified Consumer Services –1.6%
	112,585	frontdoor, Inc.(a)		5,468,253
	149,813	OneSpaWorld Holdings Ltd.(a)		2,326,596
	66,542	ServiceMaster Global Holdings, Inc.(a)		3,719,698

				11,514,547


		Diversified Financial Services –0.8%
	226,416	Cannae Holdings, Inc.(a)		6,219,648


		Diversified Telecommunication Services –1.1%
	133,581	GCI Liberty, Inc., Class A(a)		8,291,373


		Electric Utilities –1.5%
	127,026	ALLETE, Inc.		11,103,343


		Electrical Equipment –0.6%
	227,061	TPI Composites, Inc.(a)		4,257,394


		Electronic Equipment, Instruments & Components –2.8%
	108,422	Kimball Electronics, Inc.(a)		1,573,203
	48,470	Littelfuse, Inc.		8,594,216
	157,993	Methode Electronics, Inc.		5,314,884

See accompanying notes to financial statements.

29 |

Portfolio of Investments – as of September 30, 2019

Loomis Sayles Small Cap Value Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Electronic Equipment, Instruments & Components – continued
	15,858	Rogers Corp.(a)	$	2,167,947
	201,758	TTM Technologies, Inc.(a)		2,460,439

				20,110,689


		Energy Equipment & Services –1.1%
	223,506	Apergy Corp.(a)		6,045,837
	41,390	DMC Global, Inc.		1,820,332

				7,866,169


		Entertainment –0.5%
	128,200	Liberty Media Corp.-Liberty Braves, Class C(a)		3,557,550


		Food Products –3.6%
	224,605	Darling Ingredients, Inc.(a)		4,296,693
	35,446	J&J Snack Foods Corp.		6,805,632
	431,084	Nomad Foods Ltd.(a)		8,837,222
	56,983	Post Holdings, Inc.(a)		6,031,081

				25,970,628


		Health Care Equipment & Supplies –2.0%
	112,321	Avanos Medical, Inc.(a)		4,207,545
	77,360	Quidel Corp.(a)		4,746,036
	187,113	Varex Imaging Corp.(a)		5,340,205

				14,293,786


		Health Care Providers & Services –0.8%
	100,333	AMN Healthcare Services, Inc.(a)		5,775,167


		Hotels, Restaurants & Leisure –2.8%
	76,463	Churchill Downs, Inc.		9,439,740
	22,981	Cracker Barrel Old Country Store, Inc.		3,737,860
	70,132	Marriott Vacations Worldwide Corp.		7,266,376

				20,443,976


		Household Durables –0.8%
	35,486	Helen of Troy Ltd.(a)		5,594,723


		Independent Power & Renewable Electricity Producers –3.2%
	168,813	NextEra Energy Partners LP		8,920,079
	140,035	NRG Energy, Inc.		5,545,386
	317,351	Vistra Energy Corp.		8,482,792

				22,948,257


		Industrial Conglomerates –0.7%
	162,759	Raven Industries, Inc.		5,445,916


		Insurance –3.9%
	178,589	Employers Holdings, Inc.		7,782,908

See accompanying notes to financial statements.

| 30

Portfolio of Investments – as of September 30, 2019

Loomis Sayles Small Cap Value Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Insurance – continued
	122,468	First American Financial Corp.	$	7,226,837
	133,106	ProAssurance Corp.		5,360,179
	51,406	Reinsurance Group of America, Inc.		8,218,791

				28,588,715


		Internet & Direct Marketing Retail –0.4%
	287,102	Qurate Retail, Inc., Class A(a)		2,961,457


		IT Services –5.1%
	376,418	Conduent, Inc.(a)		2,341,320
	115,704	CSG Systems International, Inc.		5,979,583
	49,840	Euronet Worldwide, Inc.(a)		7,291,592
	204,987	Genpact Ltd.		7,943,246
	224,297	Perspecta, Inc.		5,858,638
	37,706	WEX, Inc.(a)		7,619,251

				37,033,630


		Leisure Products –0.6%
	77,944	Brunswick Corp.		4,062,441


		Machinery –4.2%
	55,864	Alamo Group, Inc.		6,576,310
	67,500	Altra Industrial Motion Corp.		1,869,413
	157,864	Columbus McKinnon Corp.		5,750,986
	357,465	Harsco Corp.(a)		6,777,536
	34,564	John Bean Technologies Corp.		3,436,699
	69,131	Kadant, Inc.		6,069,010

				30,479,954


		Marine –0.4%
	35,137	Kirby Corp.(a)		2,886,856


		Media –1.3%
	374,795	Gray Television, Inc.(a)		6,116,654
	78,466	John Wiley & Sons, Inc., Class A		3,447,796

				9,564,450


		Metals & Mining –0.4%
	507,316	Ferroglobe R&W Trust(a)(b)(c)(d)		—
	81,689	Haynes International, Inc.		2,927,734

				2,927,734


		Multi-Utilities –2.1%
	245,544	MDU Resources Group, Inc.		6,921,885
	108,521	NorthWestern Corp.		8,144,501

				15,066,386

See accompanying notes to financial statements.

31 |

Portfolio of Investments – as of September 30, 2019

Loomis Sayles Small Cap Value Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Oil, Gas & Consumable Fuels –1.5%
	35,050	Arch Coal, Inc., Class A	$	2,600,710
	565,046	SRC Energy, Inc.(a)		2,633,114
	192,547	Viper Energy Partners LP		5,327,776

				10,561,600


		Personal Products –0.5%
	35,613	Medifast, Inc.		3,690,575


		Pharmaceuticals –1.4%
	124,259	Catalent, Inc.(a)		5,922,184
	143,865	Supernus Pharmaceuticals, Inc.(a)		3,953,410

				9,875,594


		Professional Services –2.8%
	92,412	ASGN, Inc.(a)		5,809,018
	241,312	Clarivate Analytics PLC(a)		4,070,933
	61,988	Insperity, Inc.		6,113,257
	111,257	Korn Ferry		4,298,971

				20,292,179


		REITs – Apartments –0.8%
	119,160	American Campus Communities, Inc.		5,729,213


		REITs – Diversified –0.6%
	160,546	Outfront Media, Inc.		4,459,968


		REITs – Hotels –0.8%
	71,375	Ryman Hospitality Properties, Inc.		5,839,189


		REITs – Office Property –0.9%
	160,908	JBG SMITH Properties		6,309,203


		REITs – Shopping Centers –0.8%
	314,399	Retail Opportunity Investments Corp.		5,731,494


		REITs – Single Tenant –1.5%
	274,618	Essential Properties Realty Trust, Inc.		6,291,498
	85,107	National Retail Properties, Inc.		4,800,035

				11,091,533


		REITs – Storage –0.9%
	182,971	CubeSmart		6,385,688


		REITs – Warehouse/Industrials –2.9%
	184,388	Americold Realty Trust		6,835,263
	87,780	CyrusOne, Inc.		6,943,398
	173,265	Rexford Industrial Realty, Inc.		7,627,125

				21,405,786

See accompanying notes to financial statements.

| 32

Portfolio of Investments – as of September 30, 2019

Loomis Sayles Small Cap Value Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Road & Rail –1.2%
	39,114	Genesee & Wyoming, Inc., Class A(a)	$	4,322,488
	24,283	Old Dominion Freight Line, Inc.		4,127,382

				8,449,870


		Semiconductors & Semiconductor Equipment –2.1%
	97,629	Advanced Energy Industries, Inc.(a)		5,604,881
	39,706	Mellanox Technologies Ltd.(a)		4,351,381
	167,797	Tower Semiconductor Ltd.(a)		3,228,414
	35,140	Versum Materials, Inc.		1,859,960

				15,044,636


		Software –1.5%
	123,311	ACI Worldwide, Inc.(a)		3,862,717
	42,553	LogMeIn, Inc.		3,019,561
	95,772	Verint Systems, Inc.(a)		4,097,126

				10,979,404


		Specialty Retail –1.7%
	106,551	Aaron’s, Inc.		6,846,967
	189,878	Urban Outfitters, Inc.(a)		5,333,673

				12,180,640


		Thrifts & Mortgage Finance –2.0%
	51,558	Federal Agricultural Mortgage Corp., Class C		4,210,226
	152,408	Meta Financial Group, Inc.		4,970,025
	214,056	OceanFirst Financial Corp.		5,051,722

				14,231,973


		Total Common Stocks (Identified Cost $511,675,605)		716,158,683


	Principal Amount

	Short-Term Investments –1.0%

$	7,065,933	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2019 at 1.100% to be repurchased at $7,066,149 on 10/01/2019 collateralized by $6,755,000 U.S. Treasury Note, 2.625% due 12/31/2025 valued at $7,207,524 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $7,065,933)		7,065,933


		Total Investments –100.0% (Identified Cost $518,741,538)		723,224,616

		Other assets less liabilities—(0.0)%		(252,118	)


		Net Assets –100.0%	$	722,972,498

See accompanying notes to financial statements.

33 |

Portfolio of Investments – as of September 30, 2019

Loomis Sayles Small Cap Value Fund – continued



	(†)			See Note 2 of Notes to Financial Statements.

	(a)			Non-income producing security.

	(b)			Security subject to restrictions on resale. This security was acquired on November 29, 2016 at a cost of $0. At September 30, 2019, the value of this security amounted to $0.

	(c)			Illiquid security. (Unaudited)

	(d)			Security classified as fair valued pursuant to the Fund’s pricing policies and procedures. At September 30, 2019, the value of this security amounted to $0. See Note 2 of Notes to Financial Statements.

	REITs			Real Estate Investment Trusts

Industry Summary at September30, 2019


Banks	15.0	%
IT Services	5.1
Commercial Services & Supplies	4.4
Machinery	4.2
Insurance	3.9
Food Products	3.6
Independent Power & Renewable Electricity Producers	3.2
Chemicals	3.1
REITs – Warehouse/Industrials	2.9
Hotels, Restaurants & Leisure	2.8
Professional Services	2.8
Electronic Equipment, Instruments & Components	2.8
Multi-Utilities	2.1
Semiconductors & Semiconductor Equipment	2.1
Health Care Equipment & Supplies	2.0
Thrifts & Mortgage Finance	2.0
Other Investments, less than 2% each	37.0
Short-Term Investments	1.0

Total Investments	100.0
Other assets less liabilities	(0.0	)

Net Assets	100.0	%

See accompanying notes to financial statements.

| 34

Portfolio of Investments – as of September 30, 2019

Loomis Sayles Small/Mid Cap Growth Fund


Shares		Description	Value (†)

	Common Stocks –89.1% of Net Assets

		Aerospace & Defense –3.0%
	4,107	HEICO Corp.	$	512,882
	6,313	Hexcel Corp.		518,487

				1,031,369


		Banks –1.1%
	8,551	Western Alliance Bancorp		394,030


		Biotechnology –3.3%
	1,938	Argenx SE, ADR(a)		220,855
	2,826	Ascendis Pharma AS, ADR(a)		272,200
	3,554	Blueprint Medicines Corp.(a)		261,112
	4,152	Neurocrine Biosciences, Inc.(a)		374,137

				1,128,304


		Capital Markets –3.6%
	15,962	Ares Management Corp., Class A		427,941
	1,237	MarketAxess Holdings, Inc.		405,118
	2,695	Morningstar, Inc.		393,847

				1,226,906


		Commercial Services & Supplies –1.4%
	11,984	Ritchie Bros. Auctioneers, Inc.		478,162


		Communications Equipment –1.3%
	11,391	Ciena Corp.(a)		446,869


		Distributors –1.4%
	2,308	POOL CORP.		465,524


		Diversified Consumer Services –4.2%
	3,685	Bright Horizons Family Solutions, Inc.(a)		561,962
	4,925	Grand Canyon Education, Inc.(a)		483,635
	24,873	Laureate Education, Inc., Class A(a)		412,270

				1,457,867


		Diversified Telecommunication Services –1.1%
	7,051	Cogent Communications Holdings, Inc.		388,510


		Electrical Equipment –2.6%
	2,479	Acuity Brands, Inc.		334,144
	6,961	Generac Holdings, Inc.(a)		545,325

				879,469


		Electronic Equipment, Instruments & Components –2.5%
	8,104	FLIR Systems, Inc.		426,189
	10,712	Trimble, Inc.(a)		415,733

				841,922

See accompanying notes to financial statements.

35 |

Portfolio of Investments – as of September30, 2019

Loomis Sayles Small/Mid Cap Growth Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Energy Equipment & Services –0.8%
	9,363	Cactus, Inc., Class A(a)	$	270,965


		Entertainment –1.7%
	9,036	Live Nation Entertainment, Inc.(a)		599,448


		Food & Staples Retailing –2.0%
	2,641	Casey’s General Stores, Inc.		425,624
	13,951	Sprouts Farmers Market, Inc.(a)		269,812

				695,436


		Food Products –2.4%
	8,733	Freshpet, Inc.(a)		434,641
	19,623	Nomad Foods Ltd.(a)		402,272

				836,913


		Health Care Equipment & Supplies –4.9%
	6,340	Globus Medical, Inc., Class A(a)		324,101
	4,236	Insulet Corp.(a)		698,643
	1,616	Penumbra, Inc.(a)		217,336
	3,129	West Pharmaceutical Services, Inc.		443,755

				1,683,835


		Health Care Providers & Services –2.0%
	3,988	LHC Group, Inc.(a)		452,877
	918	WellCare Health Plans, Inc.(a)		237,918

				690,795


		Health Care Technology –1.4%
	6,578	HMS Holdings Corp.(a)		226,711
	2,960	Medidata Solutions, Inc.(a)		270,840

				497,551


		Hotels, Restaurants & Leisure –3.2%
	6,168	Planet Fitness, Inc., Class A(a)		356,942
	6,444	Texas Roadhouse, Inc.		338,439
	1,717	Vail Resorts, Inc.		390,721

				1,086,102


		Insurance –2.1%
	5,023	Kemper Corp.		391,543
	3,159	Kinsale Capital Group, Inc.		326,356

				717,899


		IT Services –8.6%
	8,011	Black Knight, Inc.(a)		489,152
	7,122	Booz Allen Hamilton Holding Corp.		505,804
	3,789	Broadridge Financial Solutions, Inc.		471,465

See accompanying notes to financial statements.

| 36

Portfolio of Investments – as of September30, 2019

Loomis Sayles Small/Mid Cap Growth Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		IT Services – continued
	3,284	EPAM Systems, Inc.(a)	$	598,739
	13,730	Evo Payments, Inc., Class A(a)		386,088
	2,453	WEX, Inc.(a)		495,678

				2,946,926


		Life Sciences Tools & Services –3.4%
	1,824	Charles River Laboratories International, Inc.(a)		241,443
	3,399	ICON PLC(a)		500,809
	4,131	PRA Health Sciences, Inc.(a)		409,919

				1,152,171


		Machinery –4.8%
	5,190	Albany International Corp., Class A		467,930
	14,330	Gardner Denver Holdings, Inc.(a)		405,396
	6,983	Helios Technologies, Inc.		283,300
	1,730	WABCO Holdings, Inc.(a)		231,388
	2,258	Woodward, Inc.		243,480

				1,631,494


		Oil, Gas & Consumable Fuels –0.7%
	2,605	Diamondback Energy, Inc.		234,215


		Pharmaceuticals –1.8%
	6,406	Catalent, Inc.(a)		305,310
	10,986	Horizon Therapeutics PLC(a)		299,149

				604,459


		Professional Services –2.5%
	5,991	TransUnion		485,930
	6,195	TriNet Group, Inc.(a)		385,267

				871,197


		Semiconductors & Semiconductor Equipment –5.4%
	5,954	Advanced Energy Industries, Inc.(a)		341,819
	3,415	MKS Instruments, Inc.		315,136
	2,300	Monolithic Power Systems, Inc.		357,949
	7,036	Semtech Corp.(a)		342,020
	4,312	Silicon Laboratories, Inc.(a)		480,141

				1,837,065


		Software –9.3%
	4,167	Everbridge, Inc.(a)		257,146
	5,318	Guidewire Software, Inc.(a)		560,411
	3,107	HubSpot, Inc.(a)		471,052
	5,360	j2 Global, Inc.		486,795
	5,121	Paylocity Holding Corp.(a)		499,707
	3,868	Pegasystems, Inc.		263,217

See accompanying notes to financial statements.

37 |

Portfolio of Investments – as of September30, 2019

Loomis Sayles Small/Mid Cap Growth Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Software – continued
	1,068	Tyler Technologies, Inc.(a)	$	280,350
	4,993	Zendesk, Inc.(a)		363,890

				3,182,568


		Specialty Retail –2.3%
	6,547	Aaron’s, Inc.		420,710
	2,968	Five Below, Inc.(a)		374,265

				794,975


		Textiles, Apparel & Luxury Goods –2.1%
	2,764	Carter’s, Inc.		252,104
	4,296	Columbia Sportswear Co.		416,240
	2,710	Under Armour, Inc., Class A(a)		54,037

				722,381


		Thrifts & Mortgage Finance –1.0%
	7,247	Essent Group Ltd.		345,464


		Trading Companies & Distributors –1.2%
	5,778	SiteOne Landscape Supply, Inc.(a)		427,688


		Total Common Stocks (Identified Cost $28,230,728)		30,568,479


	Principal Amount

	Short-Term Investments –3.6%

$	1,255,709	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2019 at 1.100% to be repurchased at $1,255,747 on 10/01/2019 collateralized by $1,205,000 U.S. Treasury Note, 2.625% due 1/31/2026 valued at $1,283,779 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $1,255,709)		1,255,709


		Total Investments –92.7% (Identified Cost $29,486,437)		31,824,188

		Other assets less liabilities—7.3%		2,487,780


		Net Assets –100.0%	$	34,311,968


	(†)	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.

| 38

Portfolio of Investments – as of September30, 2019

Loomis Sayles Small/Mid Cap Growth Fund – continued

Industry Summary at September 30, 2019


Software	9.3	%
IT Services	8.6
Semiconductors & Semiconductor Equipment	5.4
Health Care Equipment & Supplies	4.9
Machinery	4.8
Diversified Consumer Services	4.2
Capital Markets	3.6
Life Sciences Tools & Services	3.4
Biotechnology	3.3
Hotels, Restaurants & Leisure	3.2
Aerospace & Defense	3.0
Electrical Equipment	2.6
Professional Services	2.5
Electronic Equipment, Instruments & Components	2.5
Food Products	2.4
Specialty Retail	2.3
Textiles, Apparel & Luxury Goods	2.1
Insurance	2.1
Food & Staples Retailing	2.0
Health Care Providers & Services	2.0
Other Investments, less than 2% each	14.9
Short-Term Investments	3.6

Total Investments	92.7
Other assets less liabilities	7.3

Net Assets	100.0	%

See accompanying notes to financial statements.

39 |

Statements of Assets and Liabilities

September 30, 2019


	Small Cap Growth Fund		Small Cap Value Fund		Small/Mid Cap Growth Fund
ASSETS
Investments at cost	$	1,367,665,224	$	518,741,538	$	29,486,437
Net unrealized appreciation		273,142,993		204,483,078		2,337,751

Investments at value		1,640,808,217		723,224,616		31,824,188
Cash		—		21		—
Receivable for Fund shares sold		3,854,047		733,146		2,650,150
Receivable for securities sold		16,226,878		1,184,781		499,418
Dividends and interest receivable		280,448		771,685		3,543
Prepaid expenses (Note 7)		117		64		2

TOTAL ASSETS		1,661,169,707		725,914,313		34,977,301

LIABILITIES
Payable for securities purchased		24,440,223		1,135,768		547,215
Payable for Fund shares redeemed		1,139,557		1,001,424		22,414
Management fees payable (Note 5)		1,033,060		440,042		15,288
Deferred Trustees’ fees (Note 5)		197,406		236,970		25,174
Administrative fees payable (Note 5)		60,030		26,246		1,161
Payable to distributor (Note 5d)		15,155		6,383		9
Other accounts payable and accrued expenses		120,122		94,982		54,072

TOTAL LIABILITIES		27,005,553		2,941,815		665,333

NET ASSETS	$	1,634,164,154	$	722,972,498	$	34,311,968

NET ASSETS CONSIST OF:
Paid-in capital	$	1,222,672,893	$	466,918,155	$	31,416,440
Accumulated earnings		411,491,261		256,054,343		2,895,528

NET ASSETS	$	1,634,164,154	$	722,972,498	$	34,311,968


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Institutional Class:
Net assets	$	908,615,572	$	433,360,358	$	34,311,968

Shares of beneficial interest		34,548,404		15,119,422		3,422,035

Net asset value, offering and redemption price per share	$	26.30	$	28.66	$	10.03

Retail Class:
Net assets	$	95,634,525	$	134,434,310	$	—

Shares of beneficial interest		3,993,192		4,783,042		—

Net asset value, offering and redemption price per share	$	23.95	$	28.11	$	—

Admin Class shares:
Net assets	$	—	$	13,356,614	$	—

Shares of beneficial interest		—		500,586		—

Net asset value, offering and redemption price per share	$	—	$	26.68	$	—

Class N shares:
Net assets	$	629,914,057	$	141,821,216	$	—

Shares of beneficial interest		23,745,799		4,944,207		—

Net asset value, offering and redemption price per share	$	26.53	$	28.68	$	—

See accompanying notes to financial statements.

| 40

Statements of Operations

For the Year Ended September 30, 2019


	Small Cap Growth Fund			Small Cap Value Fund			Small/Mid Cap Growth Fund
INVESTMENT INCOME
Dividends	$	4,070,821		$	9,917,219		$	104,043
Interest		922,045			163,867			12,865
Less net foreign taxes withheld		—			(35,326	)		(998	)

		4,992,866			10,045,760			115,910

Expenses
Management fees (Note 5)		11,217,209			5,996,267			175,353
Service and distribution fees (Note 5)		269,104			475,016			—
Administrative fees (Note 5)		658,351			351,874			10,310
Trustees’ fees and expenses (Note 5)		63,099			42,520			16,461
Transfer agent fees and expenses (Notes 5 and 6)		1,209,125			655,051			2,908
Audit and tax services fees		39,427			40,130			39,697
Custodian fees and expenses		48,492			25,667			6,563
Legal fees (Note 7)		44,056			24,161			637
Registration fees		111,127			77,888			26,339
Shareholder reporting expenses		63,833			56,174			1,497
Miscellaneous expenses (Note 7)		70,796			45,910			23,580

Total expenses		13,794,619			7,790,658			303,345
Less waiver and/or expense reimbursement (Note 5)		(11,103	)		(216,358	)		(104,533	)

Net expenses		13,783,516			7,574,300			198,812

Net investment income (loss)		(8,790,650	)		2,471,460			(82,902	)


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on:
Investments		155,991,266			55,538,968			707,633
Net change in unrealized appreciation (depreciation) on:
Investments		(268,064,056	)		(109,251,529	)		(112,924	)

Net realized and unrealized gain (loss) on investments		(112,072,790	)		(53,712,561	)		594,709


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(120,863,440	)	$	(51,241,101	)	$	511,807

See accompanying notes to financial statements.

41 |

Statements of Changes in Net Assets


	Small Cap Growth Fund						Small Cap Value Fund
	Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2019			Year Ended September 30, 2018
FROM OPERATIONS:
Net investment income (loss)	$	(8,790,650	)	$	(7,529,984	)	$	2,471,460		$	2,080,621
Net realized gain on investments		155,991,266			143,506,294			55,538,968			118,702,551
Net change in unrealized appreciation (depreciation) on investments		(268,064,056	)		216,618,091			(109,251,529	)		(58,719,669	)

Net increase (decrease) in net assets resulting from operations		(120,863,440	)		352,594,401			(51,241,101	)		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)		305,348,898			159,153,016			(86,935,502	)		(50,857,393	)

Net increase (decrease) in net assets		53,100,513			370,064,838			(250,712,001	)		(109,645,015	)
NET ASSETS
Beginning of the year		1,581,063,641			1,210,998,803			973,684,499			1,083,329,514

End of the year	$	1,634,164,154		$	1,581,063,641		$	722,972,498		$	973,684,499

See accompanying notes to financial statements.

| 42

Statements of Changes in Net Assets – continued


	Small/Mid Cap Growth Fund
	Year Ended September 30, 2019			Year Ended September 30, 2018
FROM OPERATIONS:
Net investment loss	$	(82,902	)	$	(61,563	)
Net realized gain on investments		707,633			5,067,741
Net change in unrealized appreciation (depreciation) on investments		(112,924	)		(965,346	)

Net increase in net assets resulting from operations		511,807			4,040,832

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Institutional Class		(4,717,064	)		—

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 9)		21,017,023			(1,132,819	)

Net increase in net assets		16,811,766			2,908,013
NET ASSETS
Beginning of the year		17,500,202			14,592,189

End of the year	$	34,311,968		$	17,500,202

See accompanying notes to financial statements.

43 |

Financial Highlights

For a share outstanding throughout each period.


	Small Cap Growth Fund—Institutional Class
	Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015
Net asset value, beginning of the period	$	31.55		$	27.37		$	22.03		$	22.22		$	24.27

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.16	)		(0.16	)		(0.12	)		(0.09	)		(0.14	)
Net realized and unrealized gain (loss)		(2.51	)		7.54			5.46			1.59			1.63

Total from Investment Operations		(2.67	)		7.38			5.34			1.50			1.49

LESS DISTRIBUTIONS FROM:
Net realized capital gains		(2.58	)		(3.20	)		—			(1.69	)		(3.54	)

Net asset value, end of the period	$	26.30		$	31.55		$	27.37		$	22.03		$	22.22

Total return		(6.88	)%		29.77	%		24.24	%		6.92	%		5.78	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	908,616		$	926,914		$	824,103		$	812,383		$	800,883
Net expenses		0.95	%		0.94	%		0.95	%		0.95	%		0.94	%
Gross expenses		0.95	%		0.94	%		0.95	%		0.95	%		0.94	%
Net investment loss		(0.62	)%		(0.58	)%		(0.49	)%		(0.41	)%		(0.57	)%
Portfolio turnover rate		67	%		41	%		45	%		56	%		78	%

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

See accompanying notes to financial statements.

| 44

Financial Highlights – continued

For a share outstanding throughout each period.


	Small Cap Growth Fund—Retail Class
	Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015
Net asset value, beginning of the period	$	29.09		$	25.53		$	20.61		$	20.93		$	23.10

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.21	)		(0.22	)		(0.16	)		(0.13	)		(0.19	)
Net realized and unrealized gain (loss)		(2.35	)		6.98			5.08			1.50			1.56

Total from Investment Operations		(2.56	)		6.76			4.92			1.37			1.37

LESS DISTRIBUTIONS FROM:
Net realized capital gains		(2.58	)		(3.20	)		—			(1.69	)		(3.54	)

Net asset value, end of the period	$	23.95		$	29.09		$	25.53		$	20.61		$	20.93

Total return		(7.11	)%(b)		29.45	%		23.93	%		6.61	%		5.58	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	95,635		$	136,415		$	107,387		$	118,670		$	162,906
Net expenses		1.19	%(c)		1.19	%		1.20	%		1.20	%		1.19	%
Gross expenses		1.20	%		1.19	%		1.20	%		1.20	%		1.19	%
Net investment loss		(0.86	)%		(0.82	)%		(0.73	)%		(0.66	)%		(0.82	)%
Portfolio turnover rate		67	%		41	%		45	%		56	%		78	%

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

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

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

See accompanying notes to financial statements.

45 |

Financial Highlights – continued

For a share outstanding throughout each period.


	Small Cap Growth Fund—Class N
	Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015
Net asset value, beginning of the period	$	31.76		$	27.50		$	22.11		$	22.27		$	24.29

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.13	)		(0.12	)		(0.09	)		(0.06	)		(0.12	)
Net realized and unrealized gain (loss)		(2.52	)		7.58			5.48			1.59			1.64

Total from Investment Operations		(2.65	)		7.46			5.39			1.53			1.52

LESS DISTRIBUTIONS FROM:
Net realized capital gains		(2.58	)		(3.20	)		—			(1.69	)		(3.54	)

Net asset value, end of the period	$	26.53		$	31.76		$	27.50		$	22.11		$	22.27

Total return		(6.76	)%		29.93	%		24.38	%		7.05	%		5.92	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	629,914		$	517,734		$	279,508		$	196,733		$	162,591
Net expenses		0.82	%		0.82	%		0.82	%		0.83	%		0.83	%
Gross expenses		0.82	%		0.82	%		0.82	%		0.83	%		0.83	%
Net investment loss		(0.49	)%		(0.43	)%		(0.39	)%		(0.29	)%		(0.51	)%
Portfolio turnover rate		67	%		41	%		45	%		56	%		78	%

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

See accompanying notes to financial statements.

| 46

Financial Highlights – continued

For a share outstanding throughout each period.


	Small Cap Value Fund—Institutional Class
	Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015
Net asset value, beginning of the period	$	35.27		$	37.37		$	33.78		$	32.19		$	36.40

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.10			0.09			0.13			0.17			0.27
Net realized and unrealized gain (loss)		(2.49	)		2.11			6.36			4.82			0.49

Total from Investment Operations		(2.39	)		2.20			6.49			4.99			0.76

LESS DISTRIBUTIONS FROM:
Net investment income		(0.08	)		(0.05	)		(0.14	)		(0.22	)		(0.22	)
Net realized capital gains		(4.14	)		(4.25	)		(2.76	)		(3.18	)		(4.75	)

Total Distributions		(4.22	)		(4.30	)		(2.90	)		(3.40	)		(4.97	)

Net asset value, end of the period	$	28.66		$	35.27		$	37.37		$	33.78		$	32.19

Total return(b)		(4.11	)%		6.21	%		19.68	%		16.75	%		1.20	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	433,360		$	587,198		$	665,229		$	654,501		$	666,107
Net expenses(c)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Gross expenses		0.93	%		0.92	%		0.93	%		0.93	%		0.92	%
Net investment income		0.36	%		0.26	%		0.37	%		0.52	%		0.75	%
Portfolio turnover rate		24	%		19	%		25	%		22	%		22	%

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

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

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

See accompanying notes to financial statements.

47 |

Financial Highlights – continued

For a share outstanding throughout each period.


	Small Cap Value Fund—Retail Class
	Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015
Net asset value, beginning of the period	$	34.66		$	36.83		$	33.33		$	31.78		$	35.98

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.03			0.00	(b)		0.04			0.08			0.18
Net realized and unrealized gain (loss)		(2.44	)		2.08			6.27			4.77			0.48

Total from Investment Operations		(2.41	)		2.08			6.31			4.85			0.66

LESS DISTRIBUTIONS FROM:
Net investment income		—			—			(0.05	)		(0.12	)		(0.11	)
Net realized capital gains		(4.14	)		(4.25	)		(2.76	)		(3.18	)		(4.75	)

Total Distributions		(4.14	)		(4.25	)		(2.81	)		(3.30	)		(4.86	)

Net asset value, end of the period	$	28.11		$	34.66		$	36.83		$	33.33		$	31.78

Total return(c)		(4.33	)%		5.95	%		19.38	%		16.47	%		0.94	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	134,434		$	208,310		$	251,405		$	267,936		$	306,360
Net expenses(d)		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Gross expenses		1.18	%		1.17	%		1.18	%		1.18	%		1.17	%
Net investment income		0.10	%		0.01	%		0.12	%		0.27	%		0.50	%
Portfolio turnover rate		24	%		19	%		25	%		22	%		22	%

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

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

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

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

See accompanying notes to financial statements.

| 48

Financial Highlights – continued

For a share outstanding throughout each period.


	Small Cap Value Fund—Admin Class
	Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015
Net asset value, beginning of the period	$	33.25		$	35.58		$	32.31		$	30.88		$	35.06

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.04	)		(0.08	)		(0.04	)		0.01			0.09
Net realized and unrealized gain (loss)		(2.39	)		2.00			6.07			4.62			0.48

Total from Investment Operations		(2.43	)		1.92			6.03			4.63			0.57

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	)

Total Distributions		(4.14	)		(4.25	)		(2.76	)		(3.20	)		(4.75	)

Net asset value, end of the period	$	26.68		$	33.25		$	35.58		$	32.31		$	30.88

Total return(c)		(4.60	)%		5.68	%		19.10	%		16.19	%		0.71	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	13,357		$	24,530		$	30,533		$	43,973		$	45,762
Net expenses(d)		1.40	%		1.40	%		1.40	%		1.39	%(e)		1.38	%(f)
Gross expenses		1.43	%		1.42	%		1.43	%		1.42	%(e)		1.40	%(f)
Net investment income (loss)		(0.15	)%		(0.24	)%		(0.11	)%		0.03	%		0.28	%
Portfolio turnover rate		24	%		19	%		25	%		22	%		22	%

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

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

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

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

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

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

See accompanying notes to financial statements.

49 |

Financial Highlights – continued

For a share outstanding throughout each period.


	Small Cap Value Fund—Class N
	Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015
Net asset value, beginning of the period	$	35.31		$	37.41		$	33.81		$	32.22		$	36.44

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.12			0.12			0.15			0.19			0.27
Net realized and unrealized gain (loss)		(2.50	)		2.11			6.37			4.83			0.50

Total from Investment Operations		(2.38	)		2.23			6.52			5.02			0.77

LESS DISTRIBUTIONS FROM:
Net investment income		(0.11	)		(0.08	)		(0.16	)		(0.25	)		(0.24	)
Net realized capital gains		(4.14	)		(4.25	)		(2.76	)		(3.18	)		(4.75	)

Total Distributions		(4.25	)		(4.33	)		(2.92	)		(3.43	)		(4.99	)

Net asset value, end of the period	$	28.68		$	35.31		$	37.41		$	33.81		$	32.22

Total return		(4.07	)%		6.28	%		19.78	%		16.84	%		1.25	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	141,821		$	153,646		$	136,162		$	68,332		$	38,555
Net expenses		0.83	%		0.83	%		0.83	%		0.83	%		0.83	%(b)
Gross expenses		0.83	%		0.83	%		0.83	%		0.83	%		0.83	%(b)
Net investment income		0.43	%		0.33	%		0.44	%		0.61	%		0.76	%
Portfolio turnover rate		24	%		19	%		25	%		22	%		22	%

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

(b)	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.


	Small/Mid Cap Growth Fund—Institutional Class
	Year Ended September 30, 2019			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)		(0.04	)		(0.05	)		0.00	(b)		(0.02	)		(0.01	)
Net realized and unrealized gain (loss)		(1.55	)(c)		3.23			2.60			0.70			(0.94	)

Total from Investment Operations		(1.59	)		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	$	10.03		$	15.49		$	12.31		$	9.73		$	9.05

Total return(d)		(3.27	)%		25.83	%		26.74	%		7.51	%		(9.50	)%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	34,312		$	17,500		$	14,592		$	11,974		$	9,242
Net expenses(f)		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%(g)
Gross expenses		1.30	%		1.43	%		1.57	%		1.75	%		2.65	%(g)
Net investment income (loss)		(0.35	)%		(0.35	)%		0.01	%		(0.22	)%		(0.53	)%(g)
Portfolio turnover rate		67	%		102	%(h)		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)	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)	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.

(h)	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.

51 |

Notes to Financial Statements

September 30, 2019

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 a Rule12b-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

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of the net assets of a Fund if the Fund were liquidated. The Trustees approve separate distributions from net investment income on each class of shares.

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

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

Listed equity securities (including shares 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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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 on theex-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

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

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

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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 on theex-dividend date. The timing and characterization of certain income and capital gain distributions are determined in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as return of capital distributions received, deferred Trustees’ fees, 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 years ended September 30, 2019 and 2018 were as follows:


	2019 Distributions Paid From:						2018 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total		Ordinary Income		Long-Term Capital Gains		Total
Small Cap Growth Fund	$	—	$	131,384,945	$	131,384,945	$	—	$	141,682,579	$	141,682,579
Small Cap Value Fund		1,761,169		110,774,229		112,535,398		1,359,796		119,491,329		120,851,125
Small/Mid Cap Growth Fund		—		4,717,064		4,717,064		—		—		—

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.

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As of September 30, 2019, the components of distributable earnings on a tax basis were as follows:


	Small Cap Growth Fund			Small Cap Value Fund		Small/Mid Cap Growth Fund
Undistributed ordinary income	$	—		$	1,766,135	$	—
Undistributed long-term capital gains		145,569,989			50,009,384		721,955

Total undistributed earnings		145,569,989			51,775,519		721,955

Late-year ordinary and post-October capital loss deferrals*		(6,292,971	)		—		(67,038	)

Unrealized appreciation		272,411,649			204,515,794		2,265,785

Total accumulated earnings	$	411,688,667		$	256,291,313	$	2,920,702

* 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 September 30, 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	$	1,368,396,568		$	518,708,822		$	29,558,403

Gross tax appreciation	$	323,020,604		$	227,812,904		$	2,768,670
Gross tax depreciation		(50,608,955	)		(23,297,110	)		(502,885	)

Net tax appreciation	$	272,411,649		$	204,515,794		$	2,265,785

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 September 30, 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

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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 year ended September 30, 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).

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

The following is a summary of the inputs used to value the Funds’ investments as of September 30, 2019, at value:

Small Cap Growth Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	1,585,307,593	$	—	$	—	$	1,585,307,593
Short-Term Investments		—		55,500,624		—		55,500,624

Total	$	1,585,307,593	$	55,500,624	$	—	$	1,640,808,217

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

For the year ended September 30, 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)	$	716,158,683	$	—	$	—	$	716,158,683
Short-Term Investments		—		7,065,933		—		7,065,933

Total	$	716,158,683	$	7,065,933	$	—	$	723,224,616

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

For the year ended September 30, 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)	$	30,568,479	$	—	$	—	$	30,568,479
Short-Term Investments		—		1,255,709		—		1,255,709

Total	$	30,568,479	$	1,255,709	$	—	$	31,824,188

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

For the year ended September 30, 2019, there were no transfers among Levels 1, 2 and 3.

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4. Purchases and Sales of Securities. For the year ended September 30, 2019, purchases and sales of securities (excluding short-term investments) were as follows:


Fund	Purchases		Sales
Small Cap Growth Fund	$	1,147,534,384	$	966,340,282
Small Cap Value Fund		189,739,344		386,389,761
Small/Mid Cap Growth Fund		28,246,006		15,323,220

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 year ended September 30, 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%		—		—		—

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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 year ended September 30, 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 Management Fees		Contractual Waivers of Management Fees¹		Net Management Fees		Gross		Net
Small Cap Growth Fund	$	11,217,209	$	—	$	11,217,209		0.75%		0.75%
Small Cap Value Fund		5,996,267		—		5,996,267		0.75%		0.75%
Small/Mid Cap Growth Fund		175,353		104,365		70,988		0.75%		0.30%

For the year ended September 30, 2019, class-specific expenses have been reimbursed as follows:


	Reimbursement¹
Fund	Institutional Class		Retail Class		Admin Class		Class N		Total
Small Cap Value Fund	$	155,034	$	49,387	$	5,632	$	—	$	210,053

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.

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

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

For the year ended September 30, 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	$	—	$	269,104	$	—
Small Cap Value Fund		44,171		386,674		44,171

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, effective July 1, 2019, each Fund pays Natixis Advisors monthly itspro rata portion of fees equal to an annual rate of 0.0540% 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.

Prior to July 1, 2019, each Fund paid 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.

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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 was in effect through June 30, 2019.

For the year ended September 30, 2019, the administrative fees for each Fund were as follows:


Fund	Gross Administrative Fees		Waiver of Administrative Fees		Net Administrative Fees
Small Cap Growth Fund	$	658,351	$	11,103	$	647,248
Small Cap Value Fund		351,874		6,305		345,569
Small/Mid Cap Growth Fund		10,310		168		10,142

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 year ended September 30, 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	$	1,187,960
Small Cap Value Fund		623,706
Small/Mid Cap Growth Fund		561

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As of September 30, 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	$	15,155
Small Cap Value Fund		6,383
Small/Mid Cap Growth Fund		9

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 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

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Notes to Financial Statements – continued

September 30, 2019

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 September 30, 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		0.18%		1.38%		1.56%
Small Cap Value Fund		0.35%		3.91%		4.26%
Small/Mid Cap Growth Fund		—		14.46%		14.46%

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 year ended September 30, 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	$	1,073,889	$	133,017	$	—	$	2,219
Small Cap Value Fund		481,548		155,099		17,723		681
Small/Mid Cap Growth Fund		2,908		—		—		—

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

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Notes to Financial Statements – continued

September 30, 2019

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 certain other legal fees in connection with the line of credit agreement, which are being amortized over a period of 364 days and are reflected in legal fees and/or miscellaneous expenses on the Statements of Operations. The unamortized balance is reflected as prepaid expenses on the Statements of Assets and Liabilities.

For the year ended September 30, 2019, Small Cap Growth Fund had an average daily balance on the line of credit (for those days on which there were borrowings) of $111,196,100 at a weighted average interest rate of 3.49%. Interest expense incurred was $10,790.

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 September 30, 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:


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	6.32%		—		6.32%
Small/Mid Cap Growth Fund	4	52.63%		14.46%		67.09%

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

September 30, 2019

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

	Year Ended September 30, 2019						Year Ended September 30, 2018

Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		11,579,961		$	308,840,843			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		(9,640,609	)		(255,383,227	)		(10,014,456	)		(275,865,186	)

Net change		5,168,736		$	124,633,256			(733,241	)	$	(21,527,837	)


Retail Class
Issued from the sale of shares		1,457,788		$	35,354,241			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		(2,734,300	)		(66,088,287	)		(1,512,825	)		(39,740,093	)

Net change		(695,937	)	$	(19,058,684	)		482,967		$	11,868,242


Class N
Issued from the sale of shares		14,891,081		$	407,213,957			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		(9,488,573	)		(252,762,328	)		(1,311,117	)		(37,531,530	)

Net change		7,443,152		$	199,774,326			6,138,234		$	168,812,611

Increase from capital share transactions		11,915,951		$	305,348,898			5,887,960		$	159,153,016


	Small Cap Value Fund

	Year Ended September 30, 2019						Year Ended September 30, 2018

Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		1,885,997		$	52,720,402			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		(6,172,550	)		(172,631,075	)		(5,895,445	)		(207,624,212	)

Net change		(1,528,799	)	$	(55,268,916	)		(1,152,526	)	$	(42,369,945	)

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Notes to Financial Statements – continued

September 30, 2019

9. Capital Shares – continued


	Small Cap Value Fund – continued

	Year Ended September 30, 2019						Year Ended September 30, 2018

Retail Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		248,433		$	6,930,683			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		(2,489,201	)		(67,155,838	)		(1,902,508	)		(66,646,118	)

Net change		(1,226,777	)	$	(36,872,942	)		(815,845	)	$	(29,624,967	)


Admin Class
Issued from the sale of shares		164,641		$	4,244,622			189,958		$	6,328,263
Issued in connection with the reinvestment of distributions		103,280			2,261,822			78,301			2,544,008
Redeemed		(505,156	)		(12,991,234	)		(388,643	)		(12,936,046	)

Net change		(237,235	)	$	(6,484,790	)		(120,384	)	$	(4,063,775	)


Class N
Issued from the sale of shares		1,949,203		$	53,692,224			829,306		$	29,863,505
Issued in connection with the reinvestment of distributions		779,733			18,276,952			479,347			16,470,360
Redeemed		(2,136,634	)		(60,278,030	)		(596,844	)		(21,132,571	)

Net change		592,302		$	11,691,146			711,809		$	25,201,294

Decrease from capital share transactions		(2,400,509	)	$	(86,935,502	)		(1,376,946	)	$	(50,857,393	)


	Small/Mid Cap Growth Fund

	Year Ended September 30, 2019						Year Ended September 30, 2018

Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		2,433,625		$	23,898,389			925,420		$	12,965,329
Issued in connection with the reinvestment of distributions		540,127			4,234,598			—			—
Redeemed		(681,600	)		(7,115,964	)		(981,019	)		(14,098,148	)

Increase (decrease) from capital share transactions		2,292,152		$	21,017,023			(55,599	)	$	(1,132,819	)

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Notes to Financial Statements – continued

September 30, 2019

10. Subsequent Event. Effective October 1, 2019, Small/Mid Cap Growth Fund will begin offering Class N shares to investors. Class N shares will be offered with an initial minimum investment of $1,000,000. There will be no initial minimum investment for certain retirement plans and funds of funds that are distributed by Natixis Distribution. Also effective October 1, 2019, Institutional Class shares of Small/Mid Cap Growth Fund will be subject to a minimum initial investment of $100,000.

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Report of Independent Registered Public Accounting Firm

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Loomis Sayles Small Cap Value Fund (one of the funds constituting Loomis Sayles Funds I), and Loomis Sayles Small Cap Growth Fund and Loomis Sayles Small/Mid Cap Growth Fund (two of the funds constituting Loomis Sayles Funds II) (hereafter collectively referred to as the “Funds”) as of September 30, 2019, the related statements of operations for the year ended September 30, 2019, the statements of changes in net assets for each of the two years in the period ended September 30, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended September 30, 2019 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2019 by

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Report of Independent Registered Public Accounting Firm

correspondence with the custodian, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

PricewaterhouseCoopers LLP

Boston, Massachusetts

November 21, 2019

We have served as the auditor of one or more investment companies in the Natixis Investment Company Complex since at least 1995. We have not determined the specific year we began serving as auditor.

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2019 U.S. Tax Distribution Information to Shareholders (Unaudited)

Corporate Dividends Received Deduction. For the fiscal year ended September 30, 2019, a percentage of dividends distributed by the Fund listed below qualifies for the dividends received deduction for corporate shareholders. This percentage is as follows:


Fund	Qualifying Percentage
Small Cap Value		100.00%

Capital Gains Distributions. Pursuant to Internal Revenue Section 852(b), the following Funds paid distributions, which have been designated as capital gains distributions for the fiscal year ended September 30, 2019, unless subsequently determined to be different.


Fund	Amount
Small Cap Growth	$	131,384,945
Small Cap Value		110,962,781
Small/Mid Cap Growth		4,717,064

Qualified Dividend Income. For the fiscal year ended September 30, 2019, the Fund below will designate up to the maximum amount allowable pursuant to the Internal Revenue Code as qualified dividend income eligible for reduced tax rates. These lower rates range from 0% to 20% depending on an individual’s tax bracket. If the Fund pays a distribution during calendar year 2019, complete information will be reported in conjunction with Form1099-DIV.

Fund

Small Cap Value

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Trustee and Officer Information

The tables below provide certain information regarding the trustees and officers of Loomis Sayles Funds I and Loomis Sayles Funds II (the “Trusts”). Unless otherwise indicated, the address of all persons below is 888 Boylston Street, Suite 800, Boston, MA 02199-8197. The Funds’ Statement of Additional Information includes additional information about the trustees of the Trusts and is available by calling Loomis Sayles Funds at800-633-3330.


Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office¹	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen² and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership

INDEPENDENT TRUSTEES

Kenneth A. Drucker (1945)	Chairperson of the Board of Trustees since January 2017 Trustee since 2008 Ex Officio member of Audit Committee, Contract Review Committee and Governance Committee	Retired	52 None	Significant experience on the Board and on the boards of other business organizations (including at investment companies); executive experience (including as treasurer of an aerospace, automotive, and metal manufacturing corporation)

Edmond J. English (1953)	Trustee since 2013 Audit Committee Member and Governance Committee Member	Executive Chairman of Bob’s Discount Furniture (retail)	52 Director, Burlington Stores, Inc. (retail)	Significant experience on the Board and on the boards of other business organizations (including retail companies and a bank); executive experience (including at a retail company)

Richard A. Goglia (1951)	Trustee since 2015 Contract Review Committee Member and Governance Committee Member	Retired; formerly Vice President and Treasurer of Raytheon Company (defense)	52 None	Experience on the Board and executive experience (including his role as vice president and treasurer of a defense company and experience at a financial services company)

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Trustee and Officer Information – continued


Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office¹	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen² and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership

INDEPENDENT TRUSTEES– continued

Wendell J. Knox (1948)	Trustee since 2009 Chairperson of Contract Review Committee	Director of Abt Associates Inc. (research and consulting)	52 Director, The Hanover Insurance Group (property and casualty insurance); formerly, Director, Eastern Bank (bank)	Significant experience on the Board and on the boards of other business organizations (including at a bank and at a property and casualty insurance firm); executive experience (including roles as president and chief executive officer of a research and consulting company)

Martin T. Meehan(1956)	Trustee since 2012 Audit Committee Member	President, University of Massachusetts; formerly, Chancellor and faculty member, University of Massachusetts Lowell	52 None	Significant experience on the Board and on the boards of other business organizations; experience as President of the University of Massachusetts; government experience (including as a member of the U.S. House of Representatives); academic experience

Maureen B. Mitchell (1951)	Trustee since 2017 Contract Review Committee Member and Governance Committee Member	Retired; formerly President, Global Sales and Marketing, GE Asset Management, Inc. (financial services)	52 Director, Sterling Bancorp (Bank)	Experience on the Board; financial services industry and executive experience (including role as president of global sales and marketing at a financial services company)

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Trustee and Officer Information – continued


Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office¹	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen² and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership

INDEPENDENT TRUSTEES– continued

James P. Palermo (1955)	Trustee since 2016 Contract Review Committee Member	Founding Partner, Breton Capital Management, LLC (private equity); Partner, STEP Partners, LLC (private equity)	52 Director, FutureFuel.io (Chemicals and Biofuels)	Experience on the Board; financial services industry and executive experience (including roles as chief executive officer of client management and asset servicing for a banking and financial services company)

Erik R. Sirri (1958)	Trustee since 2009 Chairperson of the Audit Committee	Professor of Finance at Babson College	52 None	Significant experience on the Board; experience as Director of the Division of Trading and Markets at the Securities and Exchange Commission; academic experience; training as an economist

Peter J. Smail (1952)	Trustee since 2009 Audit Committee Member and Governance Committee Member	Retired	52 None	Significant experience on the Board; mutual fund industry and executive experience (including roles as president and chief executive officer for an investment adviser)

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Trustee and Officer Information – continued


Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office¹	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen² and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership

INDEPENDENT TRUSTEES– continued

Kirk A. Sykes (1958)	Trustee since 2019 Contract Review Committee Member	Managing Director of Accordia Partners, LLC (real estate development); President of Primary Corporation (real estate development); Managing Principal of Merrick Capital Partners (infrastructure finance); formerly, President of Urban Strategy America Fund (real estate fund manager)	52 Trustee, Eastern Bank (bank); formerly Director, Ares Commercial Real Estate Corporation (real estate investment trust)	Experience on the Board and significant experience on the boards of other business organizations (including real estate companies and banks)

Cynthia L. Walker (1956)	Trustee since 2005 Chairperson of the Governance Committee and Audit Committee Member	Deputy Dean for Finance and Administration, Yale University School of Medicine	52 None	Significant experience on the Board; executive experience in a variety of academic organizations (including roles as dean for finance and administration)

INTERESTED TRUSTEES

Kevin P. Charleston³ (1965) One Financial Center Boston, MA 02111	Trustee since 2015 President and Chief Executive Officer of Loomis Sayles Funds I since 2015	President, Chief Executive Officer and Chairman of the Board of Directors; formerly, Chief Financial Officer, Loomis, Sayles & Company, L.P.	52 None	Experience on the Board; continuing service as President, Chief Executive Officer and Chairman of the Board of Directors of Loomis, Sayles & Company, L.P.

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Trustee and Officer Information – continued


Name and Year of Birth	Position(s) Held with the Trusts, Length of Time Served and Term of Office¹	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen² and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership

INTERESTED TRUSTEES– continued

David L. Giunta⁴ (1965)	Trustee since 2011 President of Loomis Sayles Funds II and Executive Vice President of Loomis Sayles Funds I since 2008; Chief Executive Officer of Loomis Sayles Funds II since 2015	President and Chief Executive Officer, Natixis Advisors, L.P., Natixis Distribution, L.P., Natixis Distribution Corporation and Chairman of the Board of Natixis Distribution Corporation	52 None	Significant experience on the Board; experience as President and Chief Executive Officer, Natixis Advisors, L.P., Natixis Distribution, L.P., Natixis Distribution Corporation and Chairman of the Board of Natixis Distribution Corporation

Each trustee serves until retirement, resignation or removal from the Board. The current retirement age is 75. The position of Chairperson of the Board is appointed for a three-year term. Mr. Drucker was appointed to serve an additional one year term as the Chairperson of the Board on June 12, 2019.

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

³	Mr. Charleston is deemed an “interested person” of the Trusts because he holds the following positions with an affiliated person of the Trusts: President, Chief Executive Officer and Chairman of the Board of Directors of Loomis, Sayles & Company, L.P.

⁴

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

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Trustee and Officer Information – continued


Name and Year of Birth	Position(s) Held with the Trusts	Term of Office¹ and Length of Time Served	Principal Occupation(s) During Past 5 Years²

OFFICERS OF THE TRUSTS

Daniel J. Fuss (1933) One Financial Center Boston, MA 02111	Executive Vice President	Since 2003	Vice Chairman and Director, Loomis, Sayles & Company, L.P.

Russell L. Kane (1969)	Secretary, Clerk and Chief Legal Officer	Since 2016	Executive Vice President, General Counsel, Secretary and Clerk, Natixis Distribution Corporation, Natixis Advisors, L.P. and Natixis Distribution, L.P.; formerly, Chief Compliance Officer for Mutual Funds, Senior Vice President, Deputy General Counsel, Assistant Secretary and Assistant Clerk, Natixis Distribution Corporation, Natixis Advisors, L.P. and Natixis Distribution, L.P.

Michael C. Kardok (1959)	Treasurer, Principal Financial and Accounting Officer	Since 2004	Senior Vice President, Natixis Advisors, L.P. and Natixis Distribution, L.P.

Kirk D. Johnson (1981)	Chief Compliance Officer, Assistant Secretary and Anti-Money Laundering Officer	Since 2018	Senior Vice President, Deputy General Counsel, Assistant Secretary and Assistant Clerk, Natixis Distribution Corporation, Natixis Advisors, L.P. and Natixis Distribution, L.P.; formerly, Associate General Counsel, Natixis Distribution, L.P.; Vice President and Counsel, Natixis Investment Managers, L.P.

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

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

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LOGO

Annual Report

September 30, 2019

Loomis Sayles Intermediate Duration Bond Fund

Loomis Sayles Limited Term Government and Agency Fund

Table of Contents



Portfolio Review			1

Portfolio of Investments			17

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 INTERMEDIATE DURATION BOND FUND



Managers		Symbols

Daniel Conklin, CFA^®*		Class A LSDRX

Christopher T. Harms		Class C LSCDX

Clifton V. Rowe, CFA^®		Class N LSDNX

Kurt L. Wagner, CFA^®, CIC		Class Y LSDIX

Loomis Sayles & Company, L.P.

*	Daniel Conklin was named Associate Portfolio Manager effective October 1, 2019.

Investment Goal

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

Market Conditions

Global fixed income markets delivered healthy gains over the12-month period, reflecting the combination of slowing economic growth, persistently low inflation and the US Federal Reserve’s (Fed’s) shift toward an increasingly accommodative monetary policy. As recently as the fourth quarter of 2018, the markets generally anticipated that the Fed would continue to raise interest rates for at least another 12 months. As growth slowed in late 2018, however, the Fed indicated that its next move would likely be to reduce interest rates. The Fed indeed cut rates by a quarter point on both August 1 and September 19, 2019, bringing its benchmark federal funds target rate to a range of 1.75% to 2.00%. In addition, the markets appeared to be pricing in the likelihood of further reductions bymid-2020. The dramatic change in the outlook for Fed policy was the leading factor in the strong, broad-based rally in bonds.

These circumstances helped fuel gains for US Treasuries, with longer-term issues registering the largest advance. The yield on the benchmark10-year Treasury note, after reaching a peak of 3.23% in October 2018, fell to 1.47% in early September — near its lowest level of the past decade. (Prices and yields move in opposite directions.)

Investment grade corporates generated robust returns and finished the period as the top performing major fixed income category. In addition to benefiting from the rally in rate-sensitive assets, investment grade corporates were boosted by both positive earnings trends and healthy investor risk appetites.

Securitized assets generated strong absolute returns, but their lower interest rate sensitivity caused them to lag Treasuries and investment grade corporates. Commercial mortgage backed securities (CMBS) delivered the largest gains, followed by mortgage-backed-securities (MBS) and asset-backed securities (ABS), respectively.

Performance Results

For the 12 months ended September 30, 2019, Class Y shares of the Loomis Sayles Intermediate Duration Bond Fund returned 8.38% at net asset value. The Fund

1 |

outperformed its benchmark, the Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index, which returned 8.17%.

Explanation of Fund Performance

A meaningful underweight to US Treasuries proved beneficial as the sector underperformed risk assets during the period. Corporate bond exposure was a strong source of positive performance over the period as corporates outperformed US Treasuries of comparable duration (and corresponding interest rate sensitivity). Positive contributions within the Fund’s allocation to corporates were driven by an overweight to financial issuers, most notably within banking and insurance. Additionally, security selection within industrial-related segments such as communications, basic industry and consumer cyclical also contributed to performance. Finally,out-of-benchmark positioning in securitized credit was advantageous over the 12 months, most notably issuer choices withinnon-agency CMBS and car loan receivables within ABS.

On the downside, exposure to agency-backed securitized assets marginally detracted from performance. Security selection within student loan names was also a slight constraint on relative performance during the period. Finally, the Fund’s allocation to government- related sectors weighed modestly on return.

Outlook

We believe that the Fed will cut rates at least one more time in 2019 depending on the progress of trade talks and economic indicators. In our opinion, the cuts should help ameliorate yield curve inversion, stimulate activity and ease concerns about the end of the credit cycle.¹ We believe these cuts represent a“mid-cycle adjustment” and we do not expect a US recession to take hold over the next twelve months.

Corporate fundamentals remain consistent with a credit cycle in late expansion mode. Top line revenues have plateaued, margins have started to deteriorate, leverage is elevated, and businesses are concerned with the economic environment, particularly given the ongoing discussions around trade. Primary cycle risks continue to include the pace of global growth, US trade policy, strong dollar, global central bank policy accommodation and the potential for further escalation of Middle East tensions.

We continue to favor sectors offering higher yield potential than Treasuries and therefore remain underweight government bonds given low yields.

Additionally, we continue to be overweight credit. We are focused on security selection opportunities, buying new issues with favorable concessions and secondary market bonds that offer potentially favorable risk/return profiles. We remain overweight both agency andnon-agency CMBS, particularly senior parts of the capital stack.

Within MBS, we are focused on securities with limited prepayment risk. The high-quality ABS sector remains attractive relative to government bonds. Consumer fundamentals continue to be healthy and we still favor auto loans and credit card receivables within ABS.

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LOOMIS SAYLES INTERMEDIATE DURATION BOND FUND

We have been maintaining a higher yield and exposure to more credit-sensitive sectors relative to the benchmark. We continue to monitor the portfolio and diversify our holdings with an eye toward minimizing undue exposure to macroeconomic risk and/or issuer-specific events.

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

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

September 30, 2009 through September 30, 2019^1,4,5

LOGO

3 |

Average Annual Total Returns — September 30, 2019^4,5



										Life of			Expense Ratios⁶
	1 Year			5 Years			10 Years			Class N			Gross			Net

Class Y (Inception 1/28/98)¹
NAV		8.38	%		2.91	%		3.75	%		—	%		0.45	%		0.40	%

Class A (Inception 5/28/10)¹
NAV		8.11			2.65			3.50			—			0.70			0.65
With 4.25% Maximum Sales Charge		3.54			1.77			3.05			—

Class C (Inception 8/31/16)¹
NAV		7.28			1.86			2.64			—			1.45			1.40
With CDSC²		6.28			1.86			2.64			—

Class N (Inception 2/01/19)
NAV		—			—			—			6.19			0.40			0.35

Comparative Performance
Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index³		8.17			2.68			3.05			5.70

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.

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.

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.

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

Daniel Conklin, CFA^®*		Class A NEFLX

Christopher T. Harms		Class C NECLX

Clifton V. Rowe, CFA^®		Class N LGANX

Kurt L. Wagner, CFA^®, CIC		Class Y NELYX

Loomis, Sayles & Company, L.P.

*	Daniel Conklin was named Associate Portfolio Manager effective October 1, 2019.

Investment Goal

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

Market Conditions

The Fed indeed cut rates by a quarter point on both August 1 and September 19, 2019, bringing its benchmark federal funds target rate to a range of 1.75% to 2.00%. In addition, the markets appeared to be pricing in the likelihood of further reductions bymid-2020. The dramatic change in the outlook for Fed policy was the leading factor in the strong, broad-based rally in bonds.

Securitized assets generated strong absolute returns, but their lower interest rate sensitivity caused them to lag Treasuries and investment grade corporates. Commercial mortgage-backed securities (CMBS) delivered the largest gains, followed by mortgage-backed securities (MBS) and asset-backed securities (ABS), respectively.

Performance Results

For the 12 months ended September 30, 2019, Class Y shares of the Loomis Sayles Limited Term Government and Agency Fund returned 4.67% at net asset value. The Fund underperformed its benchmark, the Bloomberg Barclays U.S.1-5 Year Government Bond Index, which returned 5.69%.

5 |

Explanation of Fund Performance

The Fund’s positioning along the yield curve (which depicts the relationship among bond yields across the maturity spectrum) was the main detractor from relative return. The portfolio’s slightly shorter-than-benchmark stance with respect to duration (and corresponding sensitivity to changes in interest rates) weighed on results as yields fell. An underweight allocation to US Agency bonds acted as a constraint on performance as the sector outperformed comparable-duration Treasuries over the period. Finally, the Fund’s cash position detracted from relative return.

The Fund’s selection within securitized assets aided performance relative to the benchmark for the12-month period. On the agency-backed side of securitized assets, holdings of CMBS led positive contributions, while auto receivables within ABS contributed positively on thenon-agency side.

Outlook

Agency MBS spreads (the difference in yield between agency MBS and Treasuries of similar maturity) are more attractive with valuations near longer-term averages. Mortgages issued in recent years are relatively high quality compared with those issued in prior years. Therefore, we favor an underweight to recently issued30-year MBS and prefer MBS sectors less likely to face refinancing and extension risk, such as low loan balance mortgages and home equity conversion mortgages.

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

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

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LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND

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

September 30, 2009 through September 30, 2019³

LOGO

7 |

Average Annual Total Returns — September 30, 2019³



										Life of			Expense Ratios⁴
	1 Year			5 Years			10 Years			Class N			Gross			Net

Class Y (Inception 3/31/94)
NAV		4.67	%		1.52	%		2.11	%		—	%		0.55	%		0.55	%

Class A (Inception 1/3/89)
NAV		4.42			1.27			1.85			—			0.80			0.80
With 2.25% Maximum Sales Charge		2.03			0.80			1.62			—

Class C (Inception 12/30/94)
NAV		3.64			0.51			1.09			—			1.55			1.55
With CDSC¹		2.64			0.51			1.09			—

Class N (Inception 2/1/17)
NAV		4.77			—			—			2.23			0.48			0.46

Comparative Performance
Bloomberg Barclays U.S.1-5 Year Government Bond Index²		5.69			1.69			1.68			2.23

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.

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.

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

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

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

ADDITIONAL INDEX INFORMATION

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”) 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.

CFA® and Chartered Financial Analyst® are registered trademarks owned by the CFA Institute.

9 |

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 April 1, 2019 through September 30, 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 4/1/2019		ENDING ACCOUNT VALUE 9/30/2019		EXPENSES PAID DURING PERIOD* 4/1/2019 – 9/30/2019
Class A
Actual		$1,000.00		$1,039.80		$3.32
Hypothetical (5% return before expenses)		$1,000.00		$1,021.81		$3.29
Class C
Actual		$1,000.00		$1,037.00		$7.15
Hypothetical (5% return before expenses)		$1,000.00		$1,018.05		$7.08
Class N
Actual		$1,000.00		$1,041.40		$1.79
Hypothetical (5% return before expenses)		$1,000.00		$1,023.31		$1.78
Class Y
Actual		$1,000.00		$1,042.10		$2.05
Hypothetical (5% return before expenses)		$1,000.00		$1,023.06		$2.03

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.65%, 1.40%, 0.35% 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 (183), divided by 365 (to reflect the half-year period).


LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND	BEGINNING ACCOUNT VALUE 4/1/2019		ENDING ACCOUNT VALUE 9/30/2019		EXPENSES PAID DURING PERIOD* 4/1/2019 – 9/30/2019
Class A
Actual		$1,000.00		$1,020.90		$4.05
Hypothetical (5% return before expenses)		$1,000.00		$1,021.06		$4.05
Class C
Actual		$1,000.00		$1,017.10		$7.84
Hypothetical (5% return before expenses)		$1,000.00		$1,017.30		$7.84
Class N
Actual		$1,000.00		$1,022.70		$2.33
Hypothetical (5% return before expenses)		$1,000.00		$1,022.76		$2.33
Class Y
Actual		$1,000.00		$1,023.10		$2.79
Hypothetical (5% return before expenses)		$1,000.00		$1,022.31		$2.79

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

11 |

BOARD APPROVAL OF THE EXISTING ADVISORY AGREEMENTS

In addition to the materials requested by the Trustees in connection with their annual consideration of the continuation of the Agreements, the Trustees receive materials in advance of each regular quarterly meeting of the Board that provide detailed information about the Funds’ investment performance and the fees charged to the Funds for advisory and other services. This information generally includes, among other things, an internal performance rating for each Fund based on agreed-upon criteria, graphs showing each Fund’s performance and expense differentials against each Fund’s peer group/category of funds, performance ratings provided by a third-party, total return information for various periods, and third-party performance rankings for various periods comparing a Fund against similarly categorized funds. The portfolio management team for each Fund or other representatives of the Adviser make periodic presentations to the Contract Review

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Committee and/or the full Board, and Funds identified as presenting possible performance concerns may be subject to more frequent Board or Committee presentations and reviews. In addition, each quarter the Trustees are provided with detailed statistical information about each Fund’s portfolio. The Trustees also receive periodic updates between meetings.

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

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

The Board noted that through December 31, 2018, each Fund’sone-, three- and five-year performance, stated as percentile rankings within categories selected by the independent third-party data provider was as follows (where the best performance would be in the first percentile of its category):


	One-Year			Three-Year			Five-Year
Loomis Sayles Intermediate Duration Bond Fund		17	%		76	%		83	%
Loomis Sayles Limited Term Government and Agency Fund		29	%		15	%		22	%

13 |

In the case of a Fund that had performance that lagged that of a relevant category group median as determined by the independent third-party for certain (although not necessarily all) periods, the Board concluded that other factors relevant to performance supported renewal of the Agreement, including: (1) that the underperformance was attributable, to a significant extent, to investment decisions (such as security selection or sector allocation) by the Adviser that were reasonable and consistent with the Fund’s investment objective and policies; (2) that the Fund’s more recent performance had shown improvement relative to its category;(3) the Fund had outperformed its relevant performance benchmark; and (4) that the Fund had recently been assigned to a different category by the independent third-party data provider, which is expected to result in more relevant performance comparisons.

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

| 14

affiliates’ relationships with the Funds, and information about the allocation of expenses used to calculate profitability. They also reviewed information provided by management about the effect of distribution costs and changes in asset levels on Adviser profitability, including information regarding resources spent on distribution activities. When reviewing profitability, the Trustees also considered information about court cases in which adviser compensation or profitability were issues, the performance of the Funds, the expense levels of the Funds, whether the Adviser had implemented breakpoints and/or expense caps with respect to such Funds and the overall profit margin of Natixis Investment Managers compared to that of certain other investment managers for which such data was available.

Economies of Scale. The Trustees considered the existence of any economies of scale in the provision of services by the Adviser and whether those economies are shared with the Funds through breakpoints in their investment advisory fees or other means, such as expense caps. The Trustees also considered management’s explanation of the factors that are taken into account with respect to the implementation of breakpoints in investment advisory fees or expense caps. With respect to economies of scale, the Trustees noted that the Loomis Sayles Limited Term Government and Agency Fund had breakpoints in its advisory fee and that all of the Funds were subject to an expense cap. In considering these issues, the Trustees also took note of the costs of the services provided (both on an absolute and on a relative basis) and the profitability to the Adviser and its affiliates of their relationships with the Funds, as discussed above. The Trustees also considered that the Funds have benefitted from the substantial reinvestment the Adviser has made into its business.

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

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

15 |

Adviser. The Trustees considered the possible conflicts of interest associated with these fallout and other benefits, and the reporting, disclosure and other processes in place to disclose and monitor such possible conflicts of interest.

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

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Portfolio of Investments – as of September 30, 2019

Loomis Sayles Intermediate Duration Bond Fund


Principal Amount		Description	Value (†)
	Bonds and Notes — 97.5% of Net Assets
		ABS Car Loan — 9.0%
$	22,037	ACC Trust,Series 2018-1, Class A, 3.700%, 12/21/2020, 144A	$	22,064
	70,164	AmeriCredit Automobile Receivables Trust,Series 2016-2, Class C, 2.870%, 11/08/2021		70,323
	160,000	AmeriCredit Automobile Receivables Trust,Series 2016-3, Class C, 2.240%, 4/08/2022		159,940
	555,000	AmeriCredit Automobile Receivables Trust,Series 2016-4, Class B, 1.830%, 12/08/2021(a)		554,335
	110,000	AmeriCredit Automobile Receivables Trust,Series 2017-1, Class B, 2.300%, 2/18/2022		109,990
	510,000	AmeriCredit Automobile Receivables Trust,Series 2018-3, Class B, 3.580%, 10/18/2024		526,963
	480,000	AmeriCredit Automobile Receivables Trust,Series 2019-2, Class B, 2.540%, 7/18/2024		483,707
	695,000	AmeriCredit Automobile Receivables Trust,Series 2019-3, Class A3, 2.060%, 4/18/2024		695,536
	360,000	Avis Budget Rental Car Funding AESOP LLC,Series 2016-1A, Class A, 2.990%, 6/20/2022, 144A(a)		363,898
	100,000	Avis Budget Rental Car Funding AESOP LLC,Series 2019-1, Class A, 3.450%, 3/20/2023, 144A		102,714
	640,000	Avis Budget Rental Car Funding AESOP LLC,Series 2019-2A, Class A, 3.350%, 9/22/2025, 144A		665,998
	261,072	Bank of the West Auto Trust,Series 2017-1, Class A3, 2.110%, 1/15/2023, 144A		260,875
	450,000	Bank of the West Auto Trust,Series 2019-1, Class A3, 2.430%, 4/15/2024, 144A		453,441
	461,067	California Republic Auto Receivables Trust,Series 2017-1, Class A4, 2.280%, 6/15/2022(a)		461,121
	87,552	Capital Auto Receivables Asset Trust,Series 2017-1, Class A3, 2.020%, 8/20/2021, 144A		87,500
	565,000	Capital One Prime Auto Receivables Trust,Series 2019-2, Class A3, 1.920%, 5/15/2024		565,352
	624,827	CarMax Auto Owner Trust,Series 2017-2, Class A3, 1.930%, 3/15/2022(a)		624,158
	660,000	Carvana Auto Receivables Trust,Series 2019-3A, Class A3, 2.340%, 6/15/2023, 144A(b)(c)		660,000
	10,742	Chrysler Capital Auto Receivables Trust,Series 2016-BA, Class A3, 1.640%, 7/15/2021, 144A		10,740
	25,558	CIG Auto Receivables Trust,Series 2017-1A, Class A, 2.710%, 5/15/2023, 144A		25,584
	27,454	CPS Auto Receivables Trust,Series 2017-C, Class B, 2.300%, 7/15/2021, 144A		27,453
	775,000	CPS Auto Receivables Trust,Series 2018-D, Class B, 3.610%, 11/15/2022, 144A		784,893
	1,005,000	Drive Auto Receivables Trust,Series 2018-5, Class B, 3.680%, 7/15/2023		1,019,949
	215,000	Drive Auto Receivables Trust,Series 2019-3, Class B, 2.650%, 2/15/2024		217,034
	153,564	DT Auto Owner Trust,Series 2015-3A, Class D, 4.530%, 10/17/2022, 144A		153,711
	170,881	DT Auto Owner Trust,Series 2016-2A, Class D, 5.430%, 11/15/2022, 144A		172,767
	3,715	DT Auto Owner Trust,Series 2017-1A, Class C, 2.700%, 11/15/2022, 144A		3,716
	60,000	DT Auto Owner Trust,Series 2018-2A, Class C, 3.670%, 3/15/2024, 144A		60,777
	285,000	DT Auto Owner Trust,Series 2019-1A, Class C, 3.610%, 11/15/2024, 144A		290,586
	270,000	DT Auto Owner Trust,Series 2019-2A, Class C, 3.180%, 2/18/2025, 144A		274,000

See accompanying notes to financial statements.

17 |

Portfolio of Investments – as of September 30, 2019

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		ABS Car Loan — continued
$	184,397	Exeter Automobile Receivables Trust,Series 2017-2A, Class B, 2.820%, 5/16/2022, 144A	$	184,701
	111,732	Exeter Automobile Receivables Trust,Series 2018-1A, Class B, 2.750%, 4/15/2022, 144A		111,809
	368,667	Exeter Automobile Receivables Trust,Series 2018-2A, Class B, 3.270%, 5/16/2022, 144A		369,620
	150,000	Exeter Automobile Receivables Trust,Series 2019-2A, Class B, 3.060%, 5/15/2023, 144A		151,561
	123,173	First Investors Auto Owner Trust,Series 2017-1A, Class A2, 2.200%, 3/15/2022, 144A		123,147
	269,841	First Investors Auto Owner Trust,Series 2017-2A, Class A2, 2.270%, 7/15/2022, 144A		269,732
	270,465	First Investors Auto Owner Trust,Series 2018-2A, Class A1, 3.230%, 12/15/2022, 144A		271,724
	183,065	Flagship Credit Auto Trust,Series 2016-2, Class B, 3.840%, 9/15/2022, 144A		183,877
	4,893	Flagship Credit Auto Trust,Series 2016-3, Class B, 2.430%, 6/15/2021, 144A		4,893
	64,560	Flagship Credit Auto Trust,Series 2016-4, Class B, 2.410%, 10/15/2021, 144A		64,547
	800,000	Flagship Credit Auto Trust,Series 2018-4, Class B, 3.880%, 10/16/2023, 144A		824,530
	230,000	Ford Credit Auto Owner Trust,Series 2014-2, Class A, 2.310%, 4/15/2026, 144A		230,002
	705,000	Ford Credit Auto Owner Trust,Series 2016-2, Class A, 2.030%, 12/15/2027, 144A(a)		704,581
	595,000	Ford Credit Auto Owner Trust,Series 2018-1, Class A, 3.190%, 7/15/2031, 144A(a)		619,703
	635,000	Ford Credit Floorplan Master Owner Trust,Series 2019-1, Class A, 2.840%, 3/15/2024		646,926
	265,000	GLS Auto Receivables Trust,Series 2018-3A, Class B, 3.780%, 8/15/2023, 144A		269,622
	631,525	GLS Auto Receivables Trust,Series 2019-2A, Class A, 3.060%, 4/17/2023, 144A		635,377
	133,460	GM Financial Consumer Automobile Receivables Trust,Series 2017-1A, Class A3, 1.780%, 10/18/2021, 144A		133,235
	416,056	GM Financial Consumer Automobile Receivables Trust,Series 2017-3A, Class A3, 1.970%, 5/16/2022, 144A(a)		416,009
	450,000	GM Financial Consumer Automobile Receivables Trust,Series 2019-3, Class A3, 2.180%, 4/16/2024		452,683
	510,000	NextGear Floorplan Master Owner Trust,Series 2017-1A, Class A2, 2.540%, 4/18/2022, 144A(a)		510,451
	150,000	NextGear Floorplan Master Owner Trust,Series 2017-2A, Class A2, 2.560%, 10/17/2022, 144A		150,601
	125,000	NextGear Floorplan Master Owner Trust,Series 2018-1A, Class A2, 3.220%, 2/15/2023, 144A		126,656
	310,000	NextGear Floorplan Master Owner Trust,Series 2018-2A, Class A2, 3.690%, 10/15/2023, 144A		319,164
	1,045,000	Prestige Auto Receivables Trust,Series 2019-1A, Class A3, 2.450%, 5/15/2023, 144A		1,048,406
	370,000	Santander Drive Auto Receivables Trust,Series 2019-2, Class C, 2.900%, 10/15/2024		375,959
	460,000	Santander Drive Auto Receivables Trust,Series 2018-5, Class C, 3.810%, 12/16/2024		468,424

See accompanying notes to financial statements.

| 18

Portfolio of Investments – as of September 30, 2019

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		ABS Car Loan — continued
$	655,000	Santander Drive Auto Receivables Trust,Series 2019-3, Class A3, 2.160%, 11/15/2022	$	655,112
	129,353	Westlake Automobile Receivables Trust,Series 2018-1A, Class B, 2.670%, 5/17/2021, 144A		129,418
	515,000	Westlake Automobile Receivables Trust,Series 2019-1A, Class B, 3.260%, 10/17/2022, 144A		520,073
	830,000	Westlake Automobile Receivables Trust,Series 2019-2A, Class B, 2.620%, 7/15/2024, 144A		834,281
	105,227	World Omni Auto Receivables Trust,Series 2017-B, Class A3, 1.950%, 2/15/2023		105,187

				21,821,136

		ABS Credit Card — 1.9%
	620,000	American Express Credit Account Master Trust,Series 2019-1, Class A, 2.870%, 10/15/2024		635,223
	925,000	Barclays Dryrock Issuance Trust,Series 2019-1, Class A, 1.960%, 5/15/2025		926,745
	805,000	Capital One Multi-Asset Execution Trust,Series 2017-A4, Class A4, 1.990%, 7/17/2023(a)		805,186
	260,000	Citibank Credit Card Issuance Trust,Series 2014-A1, Class A1, 2.880%, 1/23/2023		263,155
	555,000	World Financial Network Credit Card Master Trust,Series 2016-C, Class A, 1.720%, 8/15/2023(a)		554,888
	730,000	World Financial Network Credit Card Master Trust,Series 2017-A, Class A, 2.120%, 3/15/2024(a)		729,410
	585,000	World Financial Network Credit Card Master Trust,Series 2019-C, Class A, 2.210%, 7/15/2026		584,609

				4,499,216

		ABS Home Equity — 0.4%
	244,830	Bayview Opportunity Master Fund IVa Trust, Series 2016-SPL1, Class A, 4.000%, 4/28/2055, 144A		250,106
	55,315	Colony American Finance Ltd.,Series 2015-1, Class A, 2.896%, 10/15/2047, 144A		55,233
	139,800	CoreVest American Finance Trust,Series 2017-1, Class A, 2.968%, 10/15/2049, 144A		140,484
	11,866	Countrywide Alternative Loan Trust,Series 2006-J5, Class 4A1, 4.924%, 7/25/2021(b)(c)(d)		11,336
	5,332	Countrywide Asset-Backed Certificates,Series 2004-S1, Class A3, 5.115%, 2/25/2035(b)(c)(d)		5,273
	279,300	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M2,1-month LIBOR + 1.850%, 3.868%, 10/25/2027(a)(e)		281,117
	92,911	Mill City Mortgage Loan Trust,Series 2016-1, Class A1, 2.500%, 4/25/2057, 144A(d)		93,053
	79,350	Towd Point Mortgage Trust,Series 2015-2, Class 1A12, 2.750%, 11/25/2060, 144A(d)		79,441
	35,025	Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR10, Class 2A4, 4.968%, 5/01/2035(d)		36,463

				952,506

See accompanying notes to financial statements.

19 |

Portfolio of Investments – as of September 30, 2019

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		ABS Other — 2.8%
$	195,765	Diamond Resorts Owner Trust,Series 2018-1, Class A, 3.700%, 1/21/2031, 144A	$	199,656
	176,558	John Deere Owner Trust,Series 2017-B, Class A3, 1.820%, 10/15/2021		176,284
	520,000	Mariner Finance Issuance Trust,Series 2017-BA, Class A, 2.920%, 12/20/2029, 144A		521,249
	194,829	Merlin Aviation Holdings DAC,Series 2016-1, Class A, 4.500%, 12/15/2032, 144A(d)		198,638
	113,635	OneMain Financial Issuance Trust,Series 2016-1A, Class A, 3.660%, 2/20/2029, 144A		114,028
	555,000	OneMain Financial Issuance Trust,Series 2018-1A, Class A, 3.300%, 3/14/2029, 144A(a)		564,780
	285,618	S-Jets Ltd.,Series 2017-1, Class A, 3.967%, 8/15/2042, 144A		294,198
	338,894	SCF Equipment Leasing LLC,Series 2018-1A, Class A2, 3.630%, 10/20/2024, 144A(a)		341,636
	64,021	Sierra Timeshare Conduit Receivables Funding LLC,Series 2017-1A, Class A, 2.910%, 3/20/2034, 144A		64,599
	730,000	SoFi Consumer Loan Program Trust,Series 2018-2, Class A2, 3.350%, 4/26/2027, 144A		736,198
	789,382	SoFi Consumer Loan Program Trust,Series 2018-4, Class A, 3.540%, 11/26/2027, 144A		797,440
	121,458	TAL Advantage V LLC,Series 2014-1A, Class A, 3.510%, 2/22/2039, 144A		121,312
	48,889	TAL Advantage V LLC,Series 2014-2A, Class A2, 3.330%, 5/20/2039, 144A		48,873
	129,167	TAL Advantage V LLC,Series 2014-3A, Class A, 3.270%, 11/21/2039, 144A		129,476
	2,180,000	Verizon Owner Trust,Series 2019-B, Class A1A, 2.330%, 12/20/2023		2,197,250
	345,000	Wheels SPV 2 LLC,Series 2019-1A, Class A2, 2.300%, 5/22/2028, 144A		345,700

				6,851,317

		ABS Student Loan — 0.4%
	89,546	Earnest Student Loan Program LLC,Series 2017-A, Class A2, 2.650%, 1/25/2041, 144A		89,819
	318,534	Massachusetts Educational Financing Authority,Series 2018-A, Class A, 3.850%, 5/25/2033		326,367
	123,988	North Carolina State Education Assistance Authority,Series 2011-2, Class A2,3-month LIBOR + 0.800%, 3.076%, 7/25/2025(e)		124,020
	34,516	SoFi Professional Loan Program LLC,Series 2015-A, Class A2, 2.420%, 3/25/2030, 144A		34,517
	174,816	SoFi Professional Loan Program LLC,Series 2016-B, Class A2B, 2.740%, 10/25/2032, 144A		176,262
	180,000	SoFi Professional Loan Program LLC,Series 2017-E, Class A2B, 2.720%, 11/26/2040, 144A		183,352
	77,479	South Carolina Student Loan Corp.,Series 2010-1, Class A2,3-month LIBOR + 1.000%, 3.276%, 7/25/2025(e)		77,540

				1,011,877

		ABS Whole Business — 0.2%
	529,650	Planet Fitness Master Issuer LLC,Series 2018-1A, Class A2II, 4.666%, 9/05/2048, 144A		554,983

		Aerospace & Defense — 0.2%
	450,000	Rolls-Royce PLC, 2.375%, 10/14/2020, 144A		450,414

See accompanying notes to financial statements.

| 20

Portfolio of Investments – as of September 30, 2019

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		Agency Commercial Mortgage-Backed Securities — 0.8%
$	648,018	FHLMC Multifamily Structured Pass Through Certificates, Series K013, Class A2, 3.974%, 1/25/2021(a)(d)	$	661,141
	509,476	FHLMC Multifamily Structured Pass Through Certificates, Series K029, Class A2, 3.320%, 2/25/2023(a)		530,657
	701,647	FHLMC Multifamily Structured Pass Through Certificates, Series K042, Class A2, 2.670%, 12/25/2024(a)		723,635

				1,915,433

		Airlines — 0.0%
	34,207	Delta Air Lines Pass Through Trust,Series 2009-1, Class A, 7.750%, 6/17/2021		34,548

		Automotive — 5.0%
	425,000	American Honda Finance Corp., MTN, 2.000%, 2/14/2020		424,958
	925,000	American Honda Finance Corp., MTN, 2.150%, 9/10/2024		921,052
	1,095,000	American Honda Finance Corp., MTN, 2.200%, 6/27/2022		1,099,041
	245,000	American Honda Finance Corp., MTN, 3.625%, 10/10/2023		259,450
	290,000	BMW U.S. Capital LLC, 1.850%, 9/15/2021, 144A		288,680
	1,100,000	Daimler Finance North America LLC, 3.350%, 2/22/2023, 144A		1,129,528
	670,000	Ford Motor Credit Co. LLC, 2.979%, 8/03/2022		664,488
	200,000	Ford Motor Credit Co. LLC, 3.810%, 1/09/2024		199,286
	535,000	Ford Motor Credit Co. LLC, 4.542%, 8/01/2026		534,504
	360,000	General Motors Financial Co., Inc., 4.150%, 6/19/2023		374,155
	315,000	Harley-Davidson Financial Services, Inc., 3.350%, 2/15/2023, 144A		321,177
	220,000	Harley-Davidson Financial Services, Inc., 4.050%, 2/04/2022, 144A		226,904
	585,000	Hyundai Capital America, 2.750%, 9/18/2020, 144A		586,142
	1,175,000	Hyundai Capital America, 3.000%, 6/20/2022, 144A		1,183,904
	175,000	Hyundai Capital America, 3.450%, 3/12/2021, 144A		177,200
	1,065,000	Nissan Motor Acceptance Corp., 2.150%, 7/13/2020, 144A		1,063,841
	730,000	Nissan Motor Acceptance Corp., 3.450%, 3/15/2023, 144A		749,472
	870,000	Toyota Motor Credit Corp., MTN, 2.150%, 9/08/2022		875,233
	255,000	Volkswagen Group of America Finance LLC, 3.200%, 9/26/2026, 144A		256,986
	615,000	Volkswagen Group of America Finance LLC, 4.250%, 11/13/2023, 144A		655,224

				11,991,225

		Banking — 17.3%
	315,000	American Express Co., 2.200%, 10/30/2020		315,470
	495,000	American Express Co., 3.700%, 8/03/2023		521,514
	915,000	ANZ New Zealand International Ltd., 2.200%, 7/17/2020, 144A		916,469
	395,000	Bank of Ireland Group PLC, 4.500%, 11/25/2023, 144A		413,587
	545,000	Bank of Montreal, MTN, 2.500%, 6/28/2024		550,784
	950,000	Bank of Nova Scotia (The), 2.150%, 7/14/2020		951,239
	450,000	Banque Federative du Credit Mutuel S.A., 2.200%, 7/20/2020, 144A		450,551
	460,000	Banque Federative du Credit Mutuel S.A., 2.700%, 7/20/2022, 144A		466,048
	485,000	Banque Federative du Credit Mutuel S.A., 3.750%, 7/20/2023, 144A		510,389
	1,110,000	Barclays PLC, (fixed rate to 5/16/2023, variable rate thereafter), 4.338%, 5/16/2024		1,160,136
	770,000	Barclays PLC, (fixed rate to 6/20/2029, variable rate thereafter), 5.088%, 6/20/2030		802,874
	720,000	BB&T Corp., MTN, 2.500%, 8/01/2024		725,777

See accompanying notes to financial statements.

21 |

Portfolio of Investments – as of September 30, 2019

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		Banking — continued
$	1,015,000	BB&T Corp., MTN, 3.050%, 6/20/2022	$	1,039,842
	490,000	BNZ International Funding Ltd., 2.400%, 2/21/2020, 144A		490,558
	160,000	Capital One Financial Corp., 3.750%, 3/09/2027		167,951
	545,000	Capital One NA, 2.150%, 9/06/2022		544,466
	215,000	Citigroup, Inc., 2.900%, 12/08/2021		218,172
	1,000,000	Citigroup, Inc., (fixed rate to 1/24/2022, variable rate thereafter), 3.142%, 1/24/2023		1,018,220
	310,000	Citizens Bank NA, 2.250%, 3/02/2020		310,097
	250,000	Comerica Bank, 2.500%, 6/02/2020		250,659
	225,000	Comerica, Inc., 3.700%, 7/31/2023		236,239
	660,000	Cooperatieve Rabobank U.A. (NY), 2.750%, 1/10/2023		671,687
	925,000	Credit Agricole S.A., 3.750%, 4/24/2023, 144A		966,749
	940,000	Danske Bank A/S, 3.875%, 9/12/2023, 144A		974,541
	215,000	Deutsche Bank AG, 3.150%, 1/22/2021		214,851
	795,000	Discover Bank, 2.450%, 9/12/2024		793,132
	240,000	Discover Financial Services, 4.500%, 1/30/2026		260,764
	520,000	Goldman Sachs Group, Inc. (The), (fixed rate to 10/31/2021, variable rate thereafter), 2.876%, 10/31/2022		525,934
	520,000	HSBC Holdings PLC, (fixed rate to 9/12/2025, variable rate thereafter), 4.292%, 9/12/2026		557,603
	185,000	HSBC USA, Inc., 2.375%, 11/13/2019		185,041
	350,000	ING Groep NV, 4.625%, 1/06/2026, 144A		387,534
	695,000	JPMorgan Chase & Co., (fixed rate to 10/15/2029, variable rate thereafter), 2.739%, 10/15/2030		690,118
	535,000	JPMorgan Chase & Co., (fixed rate to 4/1/2022, variable rate thereafter), 3.207%, 4/01/2023		548,037
	790,000	KeyCorp, MTN, 2.550%, 10/01/2029		772,737
	665,000	Lloyds Bank PLC, 2.250%, 8/14/2022		663,357
	495,000	Lloyds Banking Group PLC, 4.050%, 8/16/2023		519,027
	560,000	Mitsubishi UFJ Financial Group, Inc., 3.195%, 7/18/2029		578,645
	790,000	Mizuho Financial Group, Inc., (fixed rate to 9/13/2029, variable rate thereafter), 2.869%, 9/13/2030		786,689
	930,000	National Australia Bank Ltd., 3.700%, 11/04/2021		960,230
	1,135,000	National Bank of Canada, 2.200%, 11/02/2020		1,137,497
	620,000	Nationwide Building Society, (fixed rate to 3/08/2023, variable rate thereafter), 3.766%, 3/08/2024, 144A		636,653
	1,020,000	NatWest Markets PLC, 3.625%, 9/29/2022, 144A		1,047,147
	1,055,000	Nordea Bank Abp, 2.125%, 5/29/2020, 144A		1,054,895
	315,000	Northern Trust Corp., (fixed rate to 5/08/2027, variable rate thereafter), 3.375%, 5/08/2032		323,275
	820,000	PNC Financial Services Group, Inc. (The), 2.600%, 7/23/2026		830,252
	1,125,000	Royal Bank of Canada, GMTN, 2.550%, 7/16/2024		1,140,237
	690,000	Santander Holdings USA, Inc., 3.500%, 6/07/2024		707,877
	635,000	Santander Holdings USA, Inc., 3.700%, 3/28/2022		652,831
	235,000	Santander Holdings USA, Inc., 4.450%, 12/03/2021		245,450
	350,000	Santander UK PLC, 2.125%, 11/03/2020		349,659
	715,000	Santander UK PLC, 2.500%, 1/05/2021		715,903

See accompanying notes to financial statements.

| 22

Portfolio of Investments – as of September 30, 2019

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		Banking — continued
$	580,000	Santander UK PLC, 2.875%, 6/18/2024	$	588,648
	530,000	Standard Chartered PLC, (fixed rate to 5/21/2024, variable rate thereafter), 3.785%, 5/21/2025, 144A		547,117
	305,000	State Street Corp., (fixed rate to 5/15/2022, variable rate thereafter), 2.653%, 5/15/2023		309,961
	545,000	Sumitomo Mitsui Financial Group, Inc., 2.696%, 7/16/2024		551,081
	235,000	Sumitomo Mitsui Financial Group, Inc., 2.784%, 7/12/2022		238,401
	440,000	Sumitomo Mitsui Financial Group, Inc., 3.040%, 7/16/2029		450,067
	515,000	Svenska Handelsbanken AB, 3.900%, 11/20/2023		550,324
	1,140,000	Synchrony Bank, 3.650%, 5/24/2021		1,161,902
	150,000	Synchrony Financial, 3.700%, 8/04/2026		153,095
	75,000	Synchrony Financial, 4.250%, 8/15/2024		79,056
	1,065,000	Toronto Dominion Bank (The), MTN, 3.250%, 6/11/2021		1,087,382
	840,000	U.S. Bank NA, 2.000%, 1/24/2020		840,062
	1,150,000	UBS AG, 2.200%, 6/08/2020, 144A		1,151,081
	665,000	UniCredit SpA, 3.750%, 4/12/2022, 144A		680,007
	1,030,000	Wells Fargo Bank NA, 3.625%, 10/22/2021		1,059,831
	195,000	Westpac Banking Corp., 2.800%, 1/11/2022		198,361

				41,605,770

		Brokerage — 0.2%
	415,000	Ameriprise Financial, Inc., 3.000%, 3/22/2022		422,695

		Building Materials — 0.3%
	107,000	Fortune Brands Home & Security, Inc., 3.000%, 6/15/2020		107,385
	600,000	Martin Marietta Materials, Inc.,3-month LIBOR + 0.650%, 2.800%, 5/22/2020(e)		600,824
	40,000	Masco Corp., 3.500%, 4/01/2021		40,549
	4,000	Masco Corp., 7.125%, 3/15/2020		4,079

				752,837

		Cable Satellite — 0.1%
	320,000	Cox Communications, Inc., 3.150%, 8/15/2024, 144A		327,713

		Chemicals — 0.7%
	205,000	Alpek SAB de CV, 4.250%, 9/18/2029, 144A		206,743
	480,000	Cabot Corp., 4.000%, 7/01/2029		502,768
	255,000	DuPont de Nemours, Inc., 3.766%, 11/15/2020		259,694
	9,000	Eastman Chemical Co., 4.500%, 1/15/2021		9,185
	45,000	Methanex Corp., 3.250%, 12/15/2019		45,089
	740,000	Methanex Corp., 5.250%, 12/15/2029		742,989

				1,766,468

		Collateralized Mortgage Obligations — 3.5%
	672,484	Government National Mortgage Association,Series 2010-H02, Class FA,1-month LIBOR + 0.680%, 2.820%, 2/20/2060(e)		675,080
	328,151	Government National Mortgage Association,Series 2010-H03, Class FA,1-month LIBOR + 0.550%, 2.690%, 3/20/2060(e)		328,645
	173,905	Government National Mortgage Association,Series 2014-H14, Class FA,1-month LIBOR + 0.500%, 2.880%, 7/20/2064(e)		173,990

See accompanying notes to financial statements.

23 |

Portfolio of Investments – as of September 30, 2019

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		Collateralized Mortgage Obligations — continued
$	123,467	Government National Mortgage Association,Series 2014-H15, Class FA,1-month LIBOR + 0.500%, 2.729%, 7/20/2064(e)	$	123,529
	23,619	Government National Mortgage Association,Series 2015-H09, Class HA, 1.750%, 3/20/2065		23,495
	315,609	Government National Mortgage Association,Series 2015-H10, Class JA, 2.250%, 4/20/2065(a)		311,593
	511,053	Government National Mortgage Association,Series 2016-H06, Class FC,1-month LIBOR + 0.920%, 3.149%, 2/20/2066(a)(e)		516,423
	571,230	Government National Mortgage Association,Series 2016-H10, Class FJ,1-month LIBOR + 0.600%, 2.829%, 4/20/2066(a)(e)		571,946
	2,193,853	Government National Mortgage Association,Series 2018-H17, Class JA, 3.750%, 9/20/2068(a)(d)		2,372,724
	429,135	Government National Mortgage Association,Series 2019-H01, Class FL,1-month LIBOR + 0.450%, 2.679%, 12/20/2068(e)		428,704
	1,497,078	Government National Mortgage Association,Series 2019-H01, Class FT,1-month LIBOR + 0.400%, 2.629%, 10/20/2068(a)(e)		1,494,981
	1,304,620	Government National Mortgage Association,Series 2019-H10, Class FM,1-month LIBOR + 0.400%, 2.629%, 5/20/2069(e)		1,303,830

				8,324,940

		Construction Machinery — 0.6%
	265,000	Caterpillar Financial Services Corp., 2.650%, 5/17/2021		267,880
	300,000	Caterpillar Financial Services Corp., MTN, 3.150%, 9/07/2021		306,206
	500,000	Caterpillar Financial Services Corp., MTN, 3.650%, 12/07/2023		530,837
	110,000	John Deere Capital Corp., MTN, 2.600%, 3/07/2024		112,242
	174,000	John Deere Capital Corp., Series 0014, MTN, 2.450%, 9/11/2020		174,761

				1,391,926

		Consumer Cyclical Services — 0.7%
	790,000	Expedia Group, Inc., 3.250%, 2/15/2030, 144A		787,747
	285,000	Experian Finance PLC, 4.250%, 2/01/2029, 144A		320,116
	495,000	Western Union Co. (The), 4.250%, 6/09/2023		520,323

				1,628,186

		Diversified Manufacturing — 0.8%
	455,000	Kennametal, Inc., 4.625%, 6/15/2028		483,965
	265,000	Timken Co. (The), 4.500%, 12/15/2028		284,250
	860,000	United Technologies Corp., 3.650%, 8/16/2023		910,079
	175,000	Wabtec Corp.,3-month LIBOR + 1.300%, 3.419%, 9/15/2021(e)		175,005
	155,000	Wabtec Corp., 4.950%, 9/15/2028		170,916

				2,024,215

		Electric — 5.2%
	720,000	Alliant Energy Finance LLC, 4.250%, 6/15/2028, 144A		772,882
	225,000	Ameren Corp., 2.500%, 9/15/2024		226,117
	120,000	Consolidated Edison Co. of New York, Inc., Series B, 2.900%, 12/01/2026		123,009
	1,035,000	Consolidated Edison, Inc., Series A, 2.000%, 3/15/2020		1,034,434
	225,000	Dominion Energy, Inc., 3.071%, 8/15/2024		230,480
	590,000	DTE Energy Co., Series C, 2.529%, 10/01/2024		591,757

See accompanying notes to financial statements.

| 24

Portfolio of Investments – as of September 30, 2019

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		Electric — continued
$	1,135,000	Duke Energy Carolinas LLC, 3.050%, 3/15/2023	$	1,174,325
	575,000	Evergy, Inc., 2.900%, 9/15/2029		572,092
	451,000	Exelon Corp., 2.450%, 4/15/2021		452,010
	179,000	Exelon Generation Co. LLC, 2.950%, 1/15/2020		179,244
	116,000	Exelon Generation Co. LLC, 4.250%, 6/15/2022		121,464
	605,000	Fortis, Inc., 2.100%, 10/04/2021		603,007
	188,000	National Rural Utilities Cooperative Finance Corp., (fixed rate to 4/30/2023, variable rate thereafter), 4.750%, 4/30/2043		191,491
	690,000	National Rural Utilities Cooperative Finance Corp., MTN, 1.500%, 11/01/2019		688,129
	830,000	Nextera Energy Capital Holding, Inc., 2.403%, 9/01/2021		835,121
	1,115,000	PNM Resources, Inc., 3.250%, 3/09/2021		1,125,529
	370,000	PSEG Power LLC, 3.850%, 6/01/2023		390,836
	235,000	Public Service Enterprise Group, Inc., 2.875%, 6/15/2024		241,112
	273,000	Southern Co. (The), 2.750%, 6/15/2020		273,997
	720,000	Southern Power Co., Series E, 2.500%, 12/15/2021		721,234
	815,000	Vistra Operations Co. LLC, 3.550%, 7/15/2024, 144A		820,409
	1,030,000	Wisconsin Public Service Corp., 3.350%, 11/21/2021		1,058,795

				12,427,474

		Finance Companies — 1.3%
	790,000	Air Lease Corp., 3.250%, 10/01/2029		778,882
	275,000	Air Lease Corp., 3.875%, 7/03/2023		286,975
	210,000	Aircastle Ltd., 4.125%, 5/01/2024		218,785
	1,005,000	Ares Capital Corp., 4.200%, 6/10/2024		1,030,130
	305,000	Aviation Capital Group LLC, 3.875%, 5/01/2023, 144A		315,403
	225,000	Aviation Capital Group LLC, 4.375%, 1/30/2024, 144A		236,935
	375,000	Avolon Holdings Funding Ltd., 3.625%, 5/01/2022, 144A		380,063

				3,247,173

		Financial Other — 0.2%
	410,000	Mitsubishi UFJ Lease & Finance Co. Ltd., 2.652%, 9/19/2022, 144A		411,275
	185,000	ORIX Corp., 3.250%, 12/04/2024		191,764

				603,039

		Food & Beverage — 2.8%
	835,000	Bacardi Ltd., 4.700%, 5/15/2028, 144A		911,961
	120,000	Brown-Forman Corp., 3.500%, 4/15/2025		127,695
	525,000	Bunge Ltd. Finance Corp., 4.350%, 3/15/2024		552,998
	565,000	Coca-Cola Co. (The), 1.750%, 9/06/2024		559,702
	785,000	Diageo Capital PLC, 2.375%, 10/24/2029		777,904
	1,095,000	General Mills, Inc., 2.600%, 10/12/2022		1,107,033
	90,000	Kraft Heinz Foods Co., 3.000%, 6/01/2026		89,045
	555,000	Kraft Heinz Foods Co., 3.750%, 4/01/2030, 144A		560,182
	845,000	Molson Coors Brewing Co., 2.250%, 3/15/2020		844,484
	795,000	Mondelez International Holdings Netherlands BV, 2.250%, 9/19/2024, 144A		791,163
	140,000	Smithfield Foods, Inc., 3.350%, 2/01/2022, 144A		140,417
	320,000	Sysco Corp., 3.550%, 3/15/2025		339,023

				6,801,607

See accompanying notes to financial statements.

25 |

Portfolio of Investments – as of September 30, 2019

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		Government Owned – No Guarantee — 0.1%
$	155,000	Petroleos Mexicanos, 6.875%, 8/04/2026	$	166,644

		Health Insurance — 0.1%
	310,000	Humana, Inc., 2.500%, 12/15/2020		310,707

		Healthcare — 0.8%
	630,000	Cigna Corp., 3.750%, 7/15/2023		659,721
	95,000	Express Scripts Holding Co., 4.500%, 2/25/2026		103,750
	65,000	Express Scripts Holding Co., 4.750%, 11/15/2021		68,311
	190,000	Fresenius Med Care III Co., 3.750%, 6/15/2029, 144A		191,116
	195,000	HCA, Inc., 4.125%, 6/15/2029		204,494
	183,000	Life Technologies Corp., 6.000%, 3/01/2020		185,802
	310,000	MEDNAX, Inc., 6.250%, 1/15/2027, 144A		307,653
	94,000	Quest Diagnostics, Inc., 4.750%, 1/30/2020		94,712

				1,815,559

		Hybrid ARMs — 0.1%
	40,677	FHLMC,1-year CMT + 2.255%, 4.586%, 1/01/2035(e)		42,965
	90,563	FHLMC,1-year CMT + 2.500%, 4.992%, 5/01/2036(e)		96,063

				139,028

		Life Insurance — 2.3%
	85,000	AIG Global Funding, 2.150%, 7/02/2020, 144A		85,059
	380,000	Athene Global Funding, 2.750%, 4/20/2020, 144A		381,323
	330,000	Brighthouse Financial, Inc., Series WI, 3.700%, 6/22/2027		325,879
	405,000	Global Atlantic Finance Co., 4.400%, 10/15/2029, 144A		404,312
	155,000	Jackson National Life Global Funding, 3.875%, 6/11/2025, 144A		166,711
	505,000	Metropolitan Life Global Funding I, 2.400%, 6/17/2022, 144A		509,248
	1,070,000	New York Life Global Funding, 2.875%, 4/10/2024, 144A		1,103,395
	915,000	New York Life Global Funding, 2.950%, 1/28/2021, 144A		926,612
	615,000	Protective Life Corp., 3.400%, 1/15/2030, 144A		625,236
	720,000	Reliance Standard Life Global Funding, 3.850%, 9/19/2023, 144A		756,564
	170,000	Unum Group, 4.000%, 6/15/2029		176,706
	63,000	Unum Group, 5.625%, 9/15/2020		65,005

				5,526,050

		Lodging — 0.2%
	350,000	Marriott International, Inc., Series Z, 4.150%, 12/01/2023		372,518

		Media Entertainment — 0.3%
	95,000	Activision Blizzard, Inc., 2.300%, 9/15/2021		95,244
	425,000	CBS Corp., 2.900%, 6/01/2023		430,875
	130,000	Interpublic Group of Cos., Inc. (The), 3.500%, 10/01/2020		131,527
	112,000	S&P Global, Inc., 3.300%, 8/14/2020		113,072

				770,718

		Metals & Mining — 0.3%
	585,000	ArcelorMittal, 3.600%, 7/16/2024		590,957
	155,000	Glencore Funding LLC, 4.125%, 3/12/2024, 144A		162,588

				753,545

See accompanying notes to financial statements.

| 26

Portfolio of Investments – as of September 30, 2019

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		Midstream — 0.7%
$	25,000	Energy Transfer Operating LP, 4.250%, 3/15/2023	$	26,119
	440,000	Midwest Connector Capital Co. LLC, 3.625%, 4/01/2022, 144A		451,357
	1,130,000	MPLX LP,3-month LIBOR + 0.900%, 3.002%, 9/09/2021(e)		1,133,751
	195,000	ONEOK, Inc., 3.400%, 9/01/2029		193,715

				1,804,942

		Mortgage Related — 2.2%
	2,672	FHLMC, 3.000%, 10/01/2026		2,746
	237	FHLMC, 6.500%, 1/01/2024		264
	54	FHLMC, 8.000%, 7/01/2025		58
	54	FNMA, 6.000%, 9/01/2021		54
	176,347	GNMA, 4.200%, 2/20/2063(a)(d)		177,907
	164,811	GNMA, 4.217%, 2/20/2063(d)		166,772
	44,154	GNMA, 4.224%, 5/20/2062(d)		44,482
	38,217	GNMA, 4.307%, 5/20/2062(d)		38,811
	73,356	GNMA, 4.360%, 10/20/2062(d)		74,299
	106,192	GNMA, 4.395%, 4/20/2063(d)		107,635
	60,484	GNMA, 4.404%, 6/20/2066(d)		65,708
	222,178	GNMA, 4.431%, 10/20/2066(d)		244,143
	104,102	GNMA, 4.436%, 9/20/2066(d)		113,815
	99,405	GNMA, 4.442%, 11/20/2064(d)		100,815
	59,657	GNMA, 4.443%, 11/20/2066(d)		64,952
	68,599	GNMA, 4.465%, 8/20/2066(d)		74,706
	110,346	GNMA, 4.499%, 11/20/2066(d)		120,920
	215,877	GNMA, 4.504%, 4/20/2063(a)(d)		218,963
	123,511	GNMA, 4.524%, 10/20/2066(d)		135,341
	192,292	GNMA, 4.529%, 9/20/2066(d)		212,262
	1,037,337	GNMA, 4.530%, 4/20/2067(a)(d)		1,148,890
	89,322	GNMA, 4.532%, 10/20/2066(d)		98,678
	92,821	GNMA, 4.545%, 3/20/2063(d)		93,872
	458,596	GNMA, 4.549%, 7/20/2067(a)(d)		511,488
	89,240	GNMA, 4.551%, 2/20/2063(d)		90,143
	874,764	GNMA, 4.590%, 1/20/2067(a)(d)		973,267
	12,291	GNMA, 4.622%, 7/20/2062(d)		12,493
	415,378	GNMA, 4.686%, 5/20/2064(a)(d)		447,618
	674	GNMA, 4.700%, 8/20/2061(d)		732
	793	GNMA, 6.500%, 12/15/2023		878

				5,342,712

		Natural Gas — 0.5%
	250,000	Atmos Energy Corp., 2.625%, 9/15/2029		252,826
	965,000	Sempra Energy, 1.625%, 10/07/2019		964,909

				1,217,735

		Non-Agency Commercial Mortgage-Backed Securities — 5.4%
	565,000	Barclays Commercial Mortgage Securities Trust,Series 2017-C1, Class A2, 3.189%, 2/15/2050(a)		577,387
	491,600	CFCRE Commercial Mortgage Trust,Series 2016-C3, Class A3, 3.865%, 1/10/2048(a)		532,613

See accompanying notes to financial statements.

27 |

Portfolio of Investments – as of September 30, 2019

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description		Value (†)
		Non-Agency Commercial Mortgage-Backed Securities — continued
$	361,996	CFCRE Commercial Mortgage Trust,Series 2016-C4, Class A4, 3.283%, 5/10/2058		$	381,352
	992,138	Citigroup Commercial Mortgage Trust, Series 2016-GC37, Class A4, 3.314%, 4/10/2049(a)			1,049,631
	263,676	Commercial Mortgage Pass Through Certificates,Series 2013-CR8, Class A5, 3.612%, 6/10/2046(d)	��		276,015
	535,000	Commercial Mortgage Pass Through Certificates, Series 2012-LTRT, Class A2, 3.400%, 10/05/2030, 144A(a)			543,528
	28,635	Commercial Mortgage Pass Through Certificates, Series 2014-CR14, Class A2, 3.147%, 2/10/2047			28,627
	68,558	Commercial Mortgage Pass Through Certificates, Series 2014-CR15, Class A2, 2.928%, 2/10/2047			68,545
	189,792	Commercial Mortgage Pass Through Certificates, Series 2014-CR16, Class ASB, 3.653%, 4/10/2047			195,515
	478,193	Commercial Mortgage Pass Through Certificates, Series 2014-LC17, Class A3, 3.723%, 10/10/2047(a)			493,071
	280,000	Commercial Mortgage Pass Through Certificates, Series 2014-UBS3, Class A4, 3.819%, 6/10/2047			297,521
	280,000	Commercial Mortgage Pass Through Certificates,Series 2015-DC1, Class A5, 3.350%, 2/10/2048			293,931
	520,299	Commercial Mortgage Pass Through Certificates,Series 2016-DC2, Class A5, 3.765%, 2/10/2049(a)			561,830
	640,000	Credit Suisse Mortgage Capital Certificates,Series 2014-USA, Class A2, 3.953%, 9/15/2037, 144A(a)			685,232
	84,913	CSAIL Commercial Mortgage Trust,Series 2015-C4, Class ASB, 3.617%, 11/15/2048			89,026
	340,000	GS Mortgage Securities Corp. Trust, Series 2013-PEMB, Class A, 3.550%, 3/05/2033, 144A(d)			354,634
	330,000	GS Mortgage Securities Trust, Series 2014-GC18, Class A4, 4.074%, 1/10/2047			354,437
	180,000	Hudsons Bay Simon JV Trust, Series 2015-HB10, Class A10, 4.155%, 8/05/2034, 144A			188,534
	355,000	Hudsons Bay Simon JV Trust,Series 2015-HB7, Class A7, 3.914%, 8/05/2034, 144A			362,582
	102,657	JPMorgan Chase Commercial Mortgage Securities Trust,Series 2014-C19, Class ASB, 3.584%, 4/15/2047			105,556
	166,200	JPMorgan Chase Commercial Mortgage Securities Trust,Series 2017-JP5, Class A1, 2.086%, 3/15/2050			165,854
	1,100,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2019-COR5, Class A4, 3.386%, 6/13/2052			1,182,152
	240,000	Morgan Stanley Bank of America Merrill Lynch Trust,Series 2013-C10, Class A4, 4.218%, 7/15/2046(d)			255,948
	181,889	Morgan Stanley Bank of America Merrill Lynch Trust,Series 2014-C14, Class A3, 3.669%, 2/15/2047			184,768
	129,604	Morgan Stanley Bank of America Merrill Lynch Trust,Series 2015-C22, Class A4, 3.306%, 4/15/2048			136,292
	195,456	Starwood Retail Property Trust, Inc., Series 2014-STAR, Class A,1-month LIBOR + 1.220%, 3.248%, 11/15/2027, 144A(e)			195,200

See accompanying notes to financial statements.

| 28

Portfolio of Investments – as of September 30, 2019

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		Non-Agency Commercial Mortgage-Backed Securities — continued
$	505,000	UBS-Barclays Commercial Mortgage Trust,Series 2012-TFT, Class A, 2.892%, 6/05/2030, 144A(a)	$	504,682
	565,000	UBS-Barclays Commercial Mortgage Trust,Series 2013-C6, Class A4, 3.244%, 4/10/2046(a)		582,733
	201,109	Wells Fargo Commercial Mortgage Trust,Series 2016-C33, Class A4, 3.426%, 3/15/2059		213,652
	1,295,000	Wells Fargo Commercial Mortgage Trust,Series 2017-RC1, Class A2, 3.118%, 1/15/2060(a)		1,319,365
	152,101	WFRBS Commercial Mortgage Trust,Series 2014-C19, Class A3, 3.660%, 3/15/2047		154,462
	325,000	WFRBS Commercial Mortgage Trust,Series 2014-C19, Class A5, 4.101%, 3/15/2047		349,872
	325,752	WFRBS Commercial Mortgage Trust,Series 2014-C20, Class ASB, 3.638%, 5/15/2047(a)		336,026

				13,020,573

		Oil Field Services — 0.4%
	980,000	Baker Hughes a GE Co. LLC/Baker HughesCo-Obligor, Inc., 2.773%, 12/15/2022		996,313

		Pharmaceuticals — 0.5%
	305,000	AbbVie, Inc., 3.600%, 5/14/2025		317,226
	235,000	Bayer U.S. Finance II LLC, 3.375%, 7/15/2024, 144A		240,365
	525,000	Pfizer, Inc., 3.200%, 9/15/2023		549,833

				1,107,424

		Property & Casualty Insurance — 0.9%
	645,000	American Financial Group, Inc., 3.500%, 8/15/2026		662,474
	180,000	Assurant, Inc., 4.200%, 9/27/2023		188,274
	145,000	AXIS Specialty Finance LLC, 3.900%, 7/15/2029		151,656	��
	275,000	Enstar Group Ltd., 4.950%, 6/01/2029		290,333
	690,000	PartnerRe Finance B LLC, 3.700%, 7/02/2029		718,978
	270,000	Willis North America, Inc., 2.950%, 9/15/2029		265,744

				2,277,459

		Railroads — 0.2%
	206,000	CSX Corp., 3.700%, 10/30/2020		208,522
	215,000	Union Pacific Corp., 3.646%, 2/15/2024		227,472

				435,994

		REITs – Apartments — 0.1%
	270,000	UDR, Inc., 3.000%, 8/15/2031		270,275

		REITs – Diversified — 0.2%
	565,000	EPR Properties, 3.750%, 8/15/2029		564,811

		REITs – Health Care — 0.4%
	615,000	Omega Healthcare Investors, Inc., 4.500%, 1/15/2025		648,251
	190,000	Sabra Health Care LP/Sabra Capital Corp., 4.800%, 6/01/2024		200,490

				848,741

See accompanying notes to financial statements.

29 |

Portfolio of Investments – as of September 30, 2019

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		REITs – Hotels — 0.6%
$	695,000	Host Hotels & Resorts LP, Series H, 3.375%, 12/15/2029	$	693,960
	785,000	Service Properties Trust, 4.950%, 10/01/2029		778,239

				1,472,199

		REITs – Office Property — 0.3%
	140,000	Alexandria Real Estate Equities, Inc., 2.750%, 12/15/2029		137,973
	185,000	Kilroy Realty LP, 3.050%, 2/15/2030		181,219
	290,000	Office Properties Income Trust, 4.250%, 5/15/2024		296,441

				615,633

		REITs – Regional Malls — 0.3%
	735,000	Simon Property Group LP, 2.000%, 9/13/2024		727,850

		REITs – Shopping Centers — 0.3%
	565,000	Brixmor Operating Partnership LP, 3.650%, 6/15/2024		587,646
	120,000	Regency Centers LP, 2.950%, 9/15/2029		119,678

				707,324

		REITs – Single Tenant — 0.2%
	525,000	Spirit Realty LP, 3.400%, 1/15/2030		521,140

		Restaurants — 0.7%
	1,280,000	McDonald’s Corp., MTN, 2.625%, 1/15/2022		1,299,475
	420,000	McDonald’s Corp., MTN, 3.350%, 4/01/2023		438,337

				1,737,812

		Retailers — 0.8%
	345,000	AutoNation, Inc., 3.500%, 11/15/2024		351,580
	290,000	AutoNation, Inc., 4.500%, 10/01/2025		308,169
	415,000	Best Buy Co., Inc., 4.450%, 10/01/2028		450,759
	55,000	Ralph Lauren Corp., 3.750%, 9/15/2025		59,023
	850,000	Seven & i Holdings Co. Ltd., 3.350%, 9/17/2021, 144A		867,609

				2,037,140

		Sovereigns — 0.4%
	930,000	Abu Dhabi Government International Bond, 2.500%, 9/30/2029, 144A		923,471

		Technology — 2.6%
	560,000	Amphenol Corp., 2.800%, 2/15/2030		544,485
	915,000	Flex Ltd., 4.875%, 6/15/2029		960,508
	450,000	Genpact Luxembourg S.a.r.l., 3.700%, 4/01/2022		456,819
	565,000	Global Payments, Inc., 2.650%, 2/15/2025		567,616
	610,000	Hewlett Packard Enterprise Co., 2.100%, 10/04/2019, 144A		609,992
	1,145,000	Hewlett Packard Enterprise Co.,3-month LIBOR + 0.680%, 2.807%, 3/12/2021(e)		1,147,246
	530,000	International Business Machines Corp., 2.850%, 5/13/2022		541,143
	89,000	Jabil, Inc., 5.625%, 12/15/2020		92,175
	175,000	Marvell Technology Group Ltd., 4.200%, 6/22/2023		183,423
	140,000	Microchip Technologies, Inc., 3.922%, 6/01/2021		142,993
	565,000	Panasonic Corp., 2.536%, 7/19/2022, 144A		568,422
	205,000	Seagate HDD Cayman, 4.875%, 3/01/2024		215,331
	130,000	Texas Instruments, Inc., 2.250%, 9/04/2029		127,983

				6,158,136

See accompanying notes to financial statements.

| 30

Portfolio of Investments – as of September 30, 2019

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		Tobacco — 0.3%
$	565,000	BAT Capital Corp., 3.215%, 9/06/2026	$	557,879
	215,000	Imperial Brands Finance PLC, 3.500%, 7/26/2026, 144A		214,994

				772,873

		Transportation Services — 1.0%
	410,000	FedEx Corp., 3.100%, 8/05/2029		406,392
	695,000	Penske Truck Leasing Co. LP/PTL Finance Corp., 4.125%, 8/01/2023, 144A		735,478
	135,000	Penske Truck Leasing Co. LP/PTL Finance Corp., 4.450%, 1/29/2026, 144A		145,783
	320,000	Ryder System, Inc., MTN, 3.750%, 6/09/2023		335,722
	275,000	Ryder System, Inc., MTN, 3.875%, 12/01/2023		291,675
	430,000	TTX Co., 2.600%, 6/15/2020, 144A		430,994

				2,346,044

		Treasuries — 19.6%
	6,585,000	U.S. Treasury Note, 1.125%, 2/28/2021		6,527,124
	21,825,000	U.S. Treasury Note, 1.250%, 8/31/2024		21,518,939
	2,395,000	U.S. Treasury Note, 1.500%, 9/15/2022		2,390,509
	9,330,000	U.S. Treasury Note, 1.750%, 6/30/2024		9,409,086
	7,015,000	U.S. Treasury Note, 2.375%, 5/15/2029		7,449,601

				47,295,259

		Wireless — 0.1%
	200,000	SK Telecom Co. Ltd., 3.750%, 4/16/2023, 144A		208,655

		Wirelines — 0.2%
	205,000	British Telecommunications PLC, 4.500%, 12/04/2023		220,471
	144,000	Verizon Communications, Inc., 3.376%, 2/15/2025		151,901

				372,372

		Total Bonds and Notes (Identified Cost $231,408,623)		235,044,354


	Short-Term Investments — 3.6%
	8,791,292	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2019 at 1.100% to be repurchased at $8,791,560 on 10/01/2019 collateralized by $8,420,000 U.S. Treasury Note, 2.625% due 1/31/2026 valued at $8,970,474 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $8,791,292)		8,791,292


		Total Investments — 101.1% (Identified Cost $240,199,915)		243,835,646
		Other assets less liabilities — (1.1)%		(2,655,425	)

		Net Assets — 100.0%	$	241,180,221


	(†)	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.

See accompanying notes to financial statements.

31 |

Portfolio of Investments – as of September 30, 2019

Loomis Sayles Intermediate Duration Bond Fund – (continued)

Loomis Sayles Funds Ii N-CSRCertified annual shareholder report (management investment company)