Loomis Sayles Funds I N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-08282

Loomis Sayles Funds I

(Exact name of Registrant as specified in charter)

399 Boylston Street,

Boston, Massachusetts 02116

(Address of principal executive offices) (Zip code)

Coleen Downs Dinneen, Esq.

NGAM Distribution, L.P.

399 Boylston Street

Boston, Massachusetts 02116

(Name and address of agent for service)

Registrant’s telephone number, including area code: (617) 449-2810

Date of fiscal year end: September 30

Date of reporting period: March 31, 2013

Item 1. Reports to Stockholders.

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

Loomis Sayles Fixed Income Fund

Loomis Sayles Global Bond Fund

Loomis Sayles Inflation Protected Securities Fund

Loomis Sayles Institutional High Income Fund

Loomis Sayles Intermediate Duration Bond Fund

Loomis Sayles Investment Grade Fixed Income Fund

Semiannual Report

March 31, 2013

TABLE OF CONTENTS
Portfolio Review	1
Portfolio of Investments	10
Financial Statements	59
Notes to Financial Statements	73

LOOMIS SAYLES FIXED INCOME FUND

Managers	Symbols
Matthew J. Eagan, CFA	Institutional Class	LSFIX
Daniel J. Fuss, CFA, CIC
Kathleen C. Gaffney, CFA*
Elaine M. Stokes

* Effective October 22, 2012, Kathleen Gaffney no longer serves as a portfolio manager of the fund.

Objective

High total investment return through a combination of current income and capital appreciation

Strategy

Under normal circumstances, the fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in fixed-income securities. The fund may invest up to 35% of its assets in below investment-grade fixed-income securities and up to 20% of its assets in equity securities such as common stocks and preferred stocks (with up to 10% of its assets in common stocks).

Average Annual Total Returns — March 31, 2013

	6 months			1 year			5 years			10 years
Institutional Class (Inception 1/17/95)		5.35	%		11.04	%		9.41	%		10.35	%
Comparative Performance
Barclays U.S. Government/Credit Bond Index(a)		0.21			4.56			5.50			5.06

Past performance does not guarantee future results. The table does not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. 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. Unlike a fund, an index is not managed and does not reflect fees and expenses.

^(a) See page 7 for a description of the index.

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LOOMIS SAYLES GLOBAL BOND FUND

Managers	Symbols
Kenneth M. Buntrock, CFA, CIC	Institutional Class	LSGBX
David W. Rolley, CFA	Retail Class	LSGLX
Lynda L. Schweitzer, CFA	Class N	LSGNX

Objective

High total investment return through a combination of high current income and capital appreciation

Strategy

The fund will normally invest at least 80% of its net assets (plus any borrowings made for investment purposes) in fixed-income securities. The fund invests primarily in investment grade fixed-income securities worldwide, although it may invest up to 20% of assets in below investment grade fixed-income securities.

Average Annual Total Returns — March 31, 2013

	6 months			1 year			5 years			10 years			Since Class N Inception
Institutional Class (Inception 5/10/91)		–0.71	%		3.53	%		5.18	%		6.70	%		—	%
Retail Class (Inception 12/31/96)		–0.90			3.27			4.86			6.39			—
Class N (Inception 2/1/13)		—			—			—			—			–0.57
Comparative Performance
Barclays Global Aggregate Bond Index(a)		–2.57			1.25			3.66			5.47			–1.10

Past performance does not guarantee future results. The table does not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. 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. Unlike a fund, an index is not managed and does not reflect fees and expenses.

^(a) See page 7 for a description of the index.

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LOOMIS SAYLES INFLATION PROTECTED SECURITIES FUND

Managers	Symbols
Elaine Kan, CFA	Institutional Class	LSGSX
Kevin Kearns	Retail Class	LIPRX
Maura Murphy, CFA

Objective

High total investment return through a combination of current income and capital appreciation

Strategy

The fund will normally invest at least 80% of its net assets (plus any borrowings made for investment purposes) in inflation-protected securities. The emphasis will be on debt securities issued by the U.S. Treasury.

Average Annual Total Returns — March 31, 2013

	6 months			1 year			5 years			10 years
Institutional Class (Inception 5/20/91)(c)		0.27	%		5.82	%		5.82	%		5.18	%
Retail Class (Inception 5/28/10)(a)(c)		0.14			5.57			5.54			4.87
Comparative Performance
Barclays U.S. Treasury Inflation Protected Securities Index(b)		0.32			5.68			5.89			6.32

Past performance does not guarantee future results. The table does not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. 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. Unlike a fund, an index is not managed and does not reflect fees and expenses.

^(a) Prior to inception of Retail Class (5/28/10), performance is that of Institutional Class, restated to reflect the higher net expenses of Retail Class.

^(b) See page 7 for a description of the index.

^(c) The fund revised its investment strategies on 12/15/04; performance may have been different had the current investment strategy been in place for all periods shown.

3  |

LOOMIS SAYLES INSTITUTIONAL HIGH INCOME FUND

Managers	Symbols
Matthew J. Eagan, CFA	Institutional Class	LSHIX
Daniel J. Fuss, CFA, CIC
Kathleen C. Gaffney, CFA*
Elaine M. Stokes

* Effective October 22, 2012, Kathleen Gaffney no longer serves as a portfolio manager of the fund.

Objective

High total investment return through a combination of current income and capital appreciation

Strategy

The fund will invest primarily in below investment grade fixed-income securities and other securities that are expected to produce a relatively high level of income, (including income-producing preferred and common stocks).

The fund may invest any portion of its assets in Canadian securities and up to 50% of assets in other foreign securities, including emerging markets securities.

Average Annual Total Returns — March 31, 2013

	6 months			1 year			5 years			10 years
Institutional Class (Inception 6/5/96)		8.90	%		14.53	%		10.44	%		12.30	%
Comparative Performance
Barclays U.S. Corporate High-Yield Bond Index(a)		6.28			13.13			11.65			10.12

Past performance does not guarantee future results. The table does not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. 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. Unlike a fund, an index is not managed and does not reflect fees and expenses.

^(a) See page 7 for a description of the index.

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LOOMIS SAYLES INTERMEDIATE DURATION BOND FUND

Managers	Symbols
Christopher T. Harms	Institutional Class	LSDIX
Clifton V. Rowe, CFA	Retail Class	LSDRX
Kurt L. Wagner, CFA, CIC

Objective

Above-average total return through a combination of current income and capital appreciation

Strategy

Under normal circumstances, the fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in fixed-income securities. The fund’s weighted average duration generally is two to five years. The fund may invest any portion of its assets in U.S.-dollar-denominated Canadian securities and up to 20% of its assets in other U.S.-dollar-denominated foreign securities, including emerging market securities.

Average Annual Total Returns — March 31, 2013

	6 months			1 year			5 years			10 years
Institutional Class (Inception 1/28/98)(c)		0.82	%		4.68	%		6.62	%		5.47	%
Retail Class (Inception 5/28/10)(a)(c)		0.78			4.52			6.38			5.18
Comparative Performance
Barclays U.S. Intermediate Government/Credit Bond Index(b)		0.61			3.53			4.61			4.49

Past performance does not guarantee future results. The table does not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. 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. Unlike a fund, an index is not managed and does not reflect fees and expenses.

^(a) Prior to inception of Retail Class (5/28/10), performance is that of Institutional Class, restated to reflect the higher net expenses of Retail Class.

^(b) See page 7 for a description of the index.

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

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LOOMIS SAYLES INVESTMENT GRADE FIXED INCOME FUND

Managers	Symbols
Matthew J. Eagan, CFA	Institutional Class	LSIGX
Daniel J. Fuss, CFA, CIC
Kathleen C. Gaffney, CFA*
Brian P. Kennedy
Elaine M. Stokes

* Effective October 22, 2012, Kathleen Gaffney no longer serves as a portfolio manager of the fund.

Objective

Above-average total investment return through a combination of current income and capital appreciation

Strategy

Under normal circumstances, the fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in investment-grade fixed-income securities. The fund may invest up to 10% of its assets in below investment-grade fixed-income securities and up to 10% of its assets in equity securities (including preferred stocks and common stocks).

Average Annual Total Returns — March 31, 2013

	6 months			1 year			5 years			10 years
Institutional Class (Inception 7/1/1994)		3.21	%		9.23	%		8.65	%		9.33	%
Comparative Performance
Barclays U.S. Government/Credit Bond Index(a)		0.21			4.56			5.50			5.06

Past performance does not guarantee future results. The table does not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. 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. Unlike a fund, an index is not managed and does not reflect fees and expenses.

^(a) See page 7 for a description of the index.

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ADDITIONAL INFORMATION

Index Definitions

Indexes are unmanaged and do not have expenses that affect results, unlike mutual funds. Index returns are adjusted for the reinvestment of capital gain distributions and income dividends. It is not possible to invest directly in an index.

Barclays U.S. Government/Credit Bond Index is an unmanaged index that includes U.S. Treasuries, government-related issues, and investment grade U.S. corporate securities.

Barclays U.S. Intermediate Government/Credit Bond Index is an unmanaged index that includes U.S. Treasuries, government-related issues, and investment grade U.S. corporate securities with remaining maturities of one to ten years.

Barclays Global Aggregate Bond Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-rate debt markets.

Barclays U.S. Corporate High-Yield Bond Index is an unmanaged index that covers the U.S.-dollar denominated, non-investment grade, fixed-rate, taxable corporate bond market.

Barclays U.S. Treasury Inflation Protected Securities Index is an unmanaged index that tracks inflation protected securities issued by the U.S. Treasury.

Proxy Voting Information

A description of the funds’ proxy voting policies and procedures is available without charge, upon request, (i) by calling Loomis, Sayles & Company, L.P. at 800-633-3330; (ii) on the funds’ website, www.loomissayles.com, and (iii) on the SEC’s website, www.sec.gov. Information about how the funds voted proxies relating to portfolio securities during the 12 months ended June 30, 2012 is available on (i) the funds’ website and (ii) the SEC’s website.

Quarterly Portfolio Schedules

The funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The funds’ Forms N-Q are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

Additional Index Information

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

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

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 fees (12b-1 fees), and other fund expenses. These costs are described in more detail in each fund’s prospectus. The examples below are intended to help you understand the ongoing costs of investing in the funds and help you compare these with the ongoing costs of investing in other mutual funds.

The first line in the table for each class of fund shares shows the actual amount of fund expenses you would have paid on a $1,000 investment in the fund from October 1, 2012 (from February 1, 2013, for Class N) through March 31, 2013. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual fund returns and expenses. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example $8,600 account value divided by $1,000 = 8.6) and multiply the result by the number in the Expenses Paid During Period column as shown below for your class.

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

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Loomis Sayles Fixed Income Fund

Institutional Class	Beginning Account Value 10/1/2012		Ending Account Value 3/31/2013		Expenses Paid During Period* 10/1/2012 – 3/31/2013
Actual		$1,000.00		$1,053.50		$2.92
Hypothetical (5% return before expenses)		$1,000.00		$1,022.09		$2.87
*   Expenses are equal to the Fund’s annualized expense ratio of 0.57%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

Loomis Sayles Global Bond Fund

Institutional Class	Beginning Account Value 10/1/2012		Ending Account Value 3/31/2013			Expenses Paid During Period 10/1/2012 – 3/31/2013
Actual		$1,000.00		$992.90			$3.731
Hypothetical (5% return before expenses)		$1,000.00		$1,021.19			$3.78*
Retail Class
Actual		$1,000.00		$991.00			$4.861
Hypothetical (5% return before expenses)		$1,000.00		$1,020.04			$4.94*
Class N
Actual		$1,000.00		$994.30	2		$1.112
Hypothetical (5% return before expenses)		$1,000.00		$1,021.44			$3.53*
*   Hypothetical expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.75%, 0.98% and 0.70% for Institutional Class, Retail Class and Class N, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).
1    Actual expenses for Institutional and Retail Class are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.75% and 0.98%, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).
2    Class N commenced operations on February 1, 2013. Actual expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement) of 0.70%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal period (58), divided by 365 (to reflect the partial period).

Loomis Sayles Inflation Protected Securities Fund

Institutional Class	Beginning Account Value 10/1/2012		Ending Account Value 3/31/2013		Expenses Paid During Period* 10/1/2012 – 3/31/2013
Actual		$1,000.00		$1,002.70		$2.00
Hypothetical (5% return before expenses)		$1,000.00		$1,022.94		$2.02
Retail Class
Actual		$1,000.00		$1,001.40		$3.24
Hypothetical (5% return before expenses)		$1,000.00		$1,021.69		$3.28
*   Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.40% and 0.65% for Institutional and Retail Class, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, divided by 365 (to reflect the half-year period).

Loomis Sayles Institutional High Income Fund

Institutional Class	Beginning Account Value 10/1/2012		Ending Account Value 3/31/2013		Expenses Paid During Period* 10/1/2012 – 3/31/2013
Actual		$1,000.00		$1,089.00		$3.54
Hypothetical (5% return before expenses)		$1,000.00		$1,021.54		$3.43
*   Expenses are equal to the Fund’s annualized expense ratio of 0.68%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, divided by 365 (to reflect the half-year period).

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Loomis Sayles Intermediate Duration Bond Fund

Institutional Class	Beginning Account Value 10/1/2012		Ending Account Value 3/31/2013		Expenses Paid During Period* 10/1/2012 – 3/31/2013
Actual		$1,000.00		$1,008.20		$2.00
Hypothetical (5% return before expenses)		$1,000.00		$1,022.94		$2.02
Retail Class
Actual		$1,000.00		$1,007.80		$3.25
Hypothetical (5% return before expenses)		$1,000.00		$1,021.69		$3.28
*   Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.40% and 0.65% for Institutional and Retail Class, respectively, multiplied by the average account value over the period multiplied by the number of days in the most recent fiscal half-year, divided by 365 (to reflect the half-year period).

Loomis Sayles Investment Grade Fixed Income Fund

Institutional Class	Beginning Account Value 10/1/2012		Ending Account Value 3/31/2013		Expenses Paid During Period* 10/1/2012 – 3/31/2013
Actual		$1,000.00		$1,032.10		$2.43
Hypothetical (5% return before expenses)		$1,000.00		$1,022.54		$2.42
*   Expenses are equal to the Fund’s annualized expense ratio of 0.48%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, divided by 365 (to reflect the half-year period).

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Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Fixed Income Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – 85.5% of Net Assets
	Non-Convertible Bonds – 77.9%
		ABS Home Equity – 0.1%
$	871,791	Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR4, Class 2A2, 2.728%, 4/25/2035(b)	$	886,091
		ABS Other – 0.1%
	633,550	Community Program Loan Trust, Series 1987-A, Class A5, 4.500%, 4/01/2029		639,783
		Aerospace & Defense – 1.1%
	175,000	Bombardier, Inc., 7.450%, 5/01/2034, 144A		179,375
	600,000	Meccanica Holdings USA, Inc., 6.250%, 7/15/2019, 144A		618,117
	600,000	Meccanica Holdings USA, Inc., 6.250%, 1/15/2040, 144A		527,533
	1,700,000	Meccanica Holdings USA, Inc., 7.375%, 7/15/2039, 144A		1,602,250
	245,000	Textron, Inc., 5.600%, 12/01/2017		276,313
	6,855,000	Textron, Inc., 5.950%, 9/21/2021		7,882,379
	1,290,000	Textron, Inc., 7.250%, 10/01/2019		1,562,095
				12,648,062
		Airlines – 1.2%
	1,200,000	American Airlines Pass Through Trust, Series 2013-1, Class A, 4.000%, 7/15/2025, 144A		1,220,250
	400,000	American Airlines Pass Through Trust, Series 2013-1, Class B, 5.625%, 1/15/2021, 144A		405,000
	255,000	Continental Airlines Pass Through Certificates, Series 2012-2, Class B, 5.500%, 4/29/2022		266,475
	1,745,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		1,753,725
	66,248	Continental Airlines Pass Through Trust, Series 1997-1, Class A, 7.461%, 10/01/2016		67,573
	36,967	Continental Airlines Pass Through Trust, Series 2000-2, Class B, 8.307%, 10/02/2019		40,017
	70,802	Continental Airlines Pass Through Trust, Series 2001-1, Class B, 7.373%, 6/15/2017		74,435
	275,000	Continental Airlines Pass Through Trust, Series 2012-1, Class B, 6.250%, 10/22/2021		285,940
		Airlines – continued
$	1,111,575	Delta Air Lines Pass Through Trust, Series 2007-1, Class C, 8.954%, 8/10/2014	$	1,164,375
	256,913	Delta Air Lines Pass Through Trust, Series 2009-1, Series B, 9.750%, 6/17/2018		285,173
	955,129	UAL Pass Through Trust, Series 2007-1, Class A, 6.636%, 1/02/2024		1,037,509
	1,557,699	US Airways Pass Through Trust, Series 2011-1A, Class A, 7.125%, 4/22/2025		1,787,459
	1,010,000	US Airways Pass Through Trust, Series 2012-1A, Class A, 5.900%, 4/01/2026		1,128,675
	540,000	US Airways Pass Through Trust, Series 2012-1B, Class B, 8.000%, 4/01/2021		595,350
	1,420,000	US Airways Pass Through Trust, Series 2012-1C, Class C, 9.125%, 10/01/2015		1,526,500
	2,480,000	US Airways Pass Through Trust, Series 2012-2A, Class A , 4.625%, 12/03/2026		2,585,400
				14,223,856
		Automotive – 2.2%
	2,200,000	Chrysler Group LLC/CG Co-Issuer, Inc., 8.250%, 6/15/2021		2,455,750
	1,280,000	Ford Motor Co., 6.375%, 2/01/2029		1,428,988
	1,030,000	Ford Motor Co., 6.500%, 8/01/2018		1,211,500
	165,000	Ford Motor Co., 6.625%, 2/15/2028		185,827
	4,230,000	Ford Motor Co., 6.625%, 10/01/2028		4,875,718
	690,000	Ford Motor Co., 7.125%, 11/15/2025		818,145
	3,510,000	Ford Motor Co., 7.400%, 11/01/2046		4,410,564
	5,225,000	Ford Motor Co., 7.450%, 7/16/2031		6,608,141
	1,645,000	Ford Motor Co., 7.500%, 8/01/2026		1,994,854
	600,000	Ford Motor Credit Co. LLC, 5.000%, 5/15/2018		660,846
	645,000	Ford Motor Credit Co. LLC, 7.000%, 4/15/2015		711,719
	375,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		378,750
				25,740,802
		Banking – 11.7%
	2,275,000	Ally Financial, Inc., 7.500%, 9/15/2020		2,775,500
	5,195,000	Ally Financial, Inc., 8.300%, 2/12/2015		5,766,450
	1,710,000	Associates Corp. of North America, 6.950%, 11/01/2018		2,088,391

See accompanying notes to financial statements.

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Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Banking – continued
$	1,900,000	Bank of America Corp., 5.490%, 3/15/2019	$	2,126,900
	1,060,000	Bank of America Corp., 5.650%, 5/01/2018		1,226,215
	2,247,000	Bank of America Corp., Series L, MTN, 7.625%, 6/01/2019		2,854,315
	2,420,000,000	Barclays Bank PLC, EMTN, 3.680%, 8/20/2015, (KRW)		2,245,493
	250,000	Barclays Bank PLC, EMTN, (fixed rate to 3/15/2020, variable rate thereafter), 4.750%, 3/29/2049, (EUR)		229,932
	1,300,000	BNP Paribas S.A., (fixed rate to 10/23/2017, variable rate thereafter), 7.436%, 10/29/2049, (GBP)		1,935,779
	1,450,000	BNP Paribas S.A., (fixed rate to 4/12/2016, variable rate thereafter), 4.730%, 4/29/2049, (EUR)		1,705,342
	2,150,000	BNP Paribas S.A., (fixed rate to 4/13/2017, variable rate thereafter), 5.019%, 4/29/2049, (EUR)		2,535,501
	2,950,000	BNP Paribas S.A., (fixed rate to 4/19/2016, variable rate thereafter), 5.945%, 4/29/2049, (GBP)		3,989,136
	1,000,000	BNP Paribas S.A., (fixed rate to 6/25/2037, variable rate thereafter), 7.195%, 6/29/2049, 144A		1,030,000
	1,150,000	BNP Paribas S.A., (fixed rate to 6/29/2015, variable rate thereafter), 5.186%, 6/29/2049, 144A		1,104,000
	1,050,000	BNP Paribas S.A., (fixed rate to 7/13/2016, variable rate thereafter), 5.954%, 7/29/2049, (GBP)		1,498,101
	3,830,000	Citigroup, Inc., 5.000%, 9/15/2014		4,021,615
	300,000	Citigroup, Inc., 5.365%, 3/06/2036, (CAD)(c)		291,282
	3,320,000	Citigroup, Inc., 5.875%, 2/22/2033		3,643,358
	1,215,000	Citigroup, Inc., 6.000%, 10/31/2033		1,354,934
	795,000	Citigroup, Inc., 6.125%, 8/25/2036		909,102
	14,170,000	Citigroup, Inc., 6.250%, 6/29/2017, (NZD)		12,539,914
	200,000	Citigroup, Inc., EMTN, 1.480%, 11/30/2017, (EUR)(b)		246,884
	4,145,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		4,644,841
	1,955,000	Goldman Sachs Group, Inc. (The), GMTN, 5.375%, 3/15/2020		2,227,330
		Banking – continued
$	7,400,000	HBOS PLC, 6.000%, 11/01/2033, 144A	$	7,087,720
	6,100,000	HBOS PLC, GMTN, 6.750%, 5/21/2018, 144A		6,779,967
	1,000,000,000	JPMorgan Chase & Co., EMTN, 7.070%, 3/22/2014, (IDR)		102,362
	18,000,000,000	JPMorgan Chase Bank NA, 7.700%, 6/01/2016, 144A, (IDR)		1,933,831
	1,700,000	Merrill Lynch & Co., Inc., 6.050%, 5/16/2016		1,890,028
	5,600,000	Merrill Lynch & Co., Inc., 6.110%, 1/29/2037		6,307,566
	50,000	Merrill Lynch & Co., Inc., EMTN, 0.751%, 9/14/2018, (EUR)(b)		58,484
	1,000,000	Merrill Lynch & Co., Inc., EMTN, 4.625%, 9/14/2018, (EUR)		1,365,171
	300,000	Merrill Lynch & Co., Inc., Series C, MTN, 6.050%, 6/01/2034		335,357
	200,000	Morgan Stanley, 0.784%, 10/15/2015(b)		196,682
	130,000	Morgan Stanley, 3.450%, 11/02/2015		136,237
	2,003,000	Morgan Stanley, 3.750%, 2/25/2023		2,024,604
	465,000	Morgan Stanley, 3.800%, 4/29/2016		493,330
	4,220,000	Morgan Stanley, 4.875%, 11/01/2022		4,473,673
	5,921,000	Morgan Stanley, 5.500%, 7/24/2020		6,818,985
	7,400,000	Morgan Stanley, 5.750%, 1/25/2021		8,551,351
	4,900,000	Morgan Stanley, 8.000%, 5/09/2017, (AUD)		5,610,025
	50,000	Morgan Stanley, EMTN, 5.750%, 2/14/2017, (GBP)		85,312
	200,000	Morgan Stanley, GMTN, 5.500%, 1/26/2020		229,151
	4,100,000	Morgan Stanley, GMTN, 7.625%, 3/03/2016, (AUD)		4,593,190
	1,600,000	Morgan Stanley, MTN, 7.250%, 5/26/2015, (AUD)		1,752,614
	300,000	Morgan Stanley, Series F, GMTN, 5.625%, 9/23/2019		344,964
	900,000	Morgan Stanley, Series F, MTN, 0.753%, 10/18/2016(b)		876,803
	300,000	Morgan Stanley, Series G & H, GMTN, 5.125%, 11/30/2015, (GBP)		492,479
	185,000	RBS Capital Trust A, 2.312%, 12/29/2049, (EUR)(b)		161,257
	1,320,000	RBS Capital Trust I, (fixed rate to 7/01/2013, variable rate thereafter), 4.709%, 12/29/2049		1,009,800

See accompanying notes to financial statements.

11  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Banking – continued
	185,000	Royal Bank of Scotland Group PLC, 5.250%, 6/29/2049, (EUR)	$	168,917
	2,500,000	Royal Bank of Scotland Group PLC, 5.500%, 11/29/2049, (EUR)		2,340,980
	50,000	Royal Bank of Scotland PLC (The), EMTN, 4.350%, 1/23/2017, (EUR)		64,034
	650,000	Royal Bank of Scotland PLC (The), EMTN, 6.934%, 4/09/2018, (EUR)		899,859
	150,000	Royal Bank of Scotland PLC (The), EMTN, (fixed rate to 9/22/2016, variable rate thereafter), 4.625%, 9/22/2021, (EUR)		180,252
	300,000	Santander Financial Issuances Ltd., 7.250%, 11/01/2015		324,450
	200,000	Santander International Debt SAU, EMTN, 4.000%, 3/27/2017, (EUR)		257,465
	800,000	Santander Issuances SAU, 5.911%, 6/20/2016, 144A		839,368
	700,000	Santander Issuances SAU, (fixed rate to 8/11/2014, variable rate thereafter), 6.500%, 8/11/2019, 144A		716,261
	150,000	SG Capital Trust III, (fixed rate to 11/10/2013, variable rate thereafter), 5.419%, 11/29/2049, (EUR)		186,029
	1,225,000	Societe Generale S.A., (fixed rate to 4/05/2017, variable rate thereafter), 5.922%, 4/29/2049, 144A		1,148,437
	600,000	Societe Generale S.A., (fixed rate to 5/22/2013, variable rate thereafter), 7.756%, 5/29/2049, (EUR)		747,960
	5,000,000	Societe Generale S.A., MTN, 5.200%, 4/15/2021, 144A		5,587,350
				140,162,620
		Brokerage – 1.2%
	1,495,000	Jefferies Group LLC, 3.875%, 11/09/2015		1,562,275
	1,245,000	Jefferies Group LLC, 5.125%, 4/13/2018		1,357,050
	3,225,000	Jefferies Group LLC, 5.125%, 1/20/2023		3,414,553
	3,055,000	Jefferies Group LLC, 6.250%, 1/15/2036		3,184,837
	1,805,000	Jefferies Group LLC, 6.450%, 6/08/2027		1,994,525
	2,530,000	Jefferies Group LLC, 6.875%, 4/15/2021		2,953,370
				14,466,610
		Building Materials – 1.0%
$	860,000	Masco Corp., 4.800%, 6/15/2015	$	905,595
	240,000	Masco Corp., 5.850%, 3/15/2017		265,249
	2,600,000	Masco Corp., 6.125%, 10/03/2016		2,903,430
	800,000	Masco Corp., 6.500%, 8/15/2032		814,979
	1,410,000	Masco Corp., 7.125%, 3/15/2020		1,646,059
	815,000	Masco Corp., 7.750%, 8/01/2029		917,347
	164,000	Owens Corning, Inc., 6.500%, 12/01/2016		184,639
	2,050,000	Owens Corning, Inc., 7.000%, 12/01/2036		2,332,560
	1,680,000	USG Corp., 6.300%, 11/15/2016		1,780,800
				11,750,658
		Chemicals – 0.7%
	275,000	Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 8.875%, 2/01/2018		284,625
	395,000	Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 9.000%, 11/15/2020		375,250
	115,000	ICI Wilmington, Inc., 5.625%, 12/01/2013		118,731
	620,000	Methanex Corp., 5.250%, 3/01/2022		691,418
	1,565,000	Methanex Corp., Senior Note, 6.000%, 8/15/2015		1,697,737
	5,240,000	Momentive Specialty Chemicals, Inc., 7.875%, 2/15/2023(c)		3,930,000
	55,000	Momentive Specialty Chemicals, Inc., 8.375%, 4/15/2016(c)		48,950
	905,000	Momentive Specialty Chemicals, Inc., 9.200%, 3/15/2021(c)		769,250
				7,915,961
		Commercial Mortgage-Backed Securities – 0.1%
	95,000	GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4A, 4.751%, 7/10/2039		101,141
	530,000	GS Mortgage Securities Corp. II, Series 2007-GG10, Class AM, 5.787%, 8/10/2045(b)		532,609
	1,000,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-6, Class A4, 5.485%, 3/12/2051		1,135,306
				1,769,056

See accompanying notes to financial statements.

|  12

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Construction Machinery – 0.2%
$	965,000	Toro Co., 6.625%, 5/01/2037(c)	$	987,822
	1,155,000	United Rentals North America, Inc., 7.625%, 4/15/2022		1,290,713
				2,278,535
		Electric – 3.8%
	730,000	AES Corp. (The), 7.750%, 3/01/2014		768,325
	2,757,974	Alta Wind Holdings LLC, 7.000%, 6/30/2035, 144A		2,957,445
	3,935,866	Bruce Mansfield Unit, 6.850%, 6/01/2034		4,266,085
	7,305,000	EDP Finance BV, 4.900%, 10/01/2019, 144A		7,341,525
	5,455,000	EDP Finance BV, 6.000%, 2/02/2018, 144A		5,741,387
	100,000	EDP Finance BV, EMTN, 4.625%, 6/13/2016, (EUR)		132,289
	1,200,000	EDP Finance BV, EMTN, 8.625%, 1/04/2024, (GBP)		2,087,724
	1,589,000	Endesa S.A./Cayman Islands, 7.875%, 2/01/2027		1,961,630
	3,800,000	Enel Finance International NV, 6.000%, 10/07/2039, 144A		3,616,449
	100,000	Enel Finance International NV, 6.800%, 9/15/2037, 144A		103,271
	750,000	Enel Finance International NV, EMTN, 5.750%, 9/14/2040, (GBP)		1,008,603
	2,372,000	Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc., 11.250%, 12/01/2018, 144A		2,294,910
	2,890,000	Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc., 10.000%, 12/01/2020, 144A		3,251,250
	275,000	Enersis S.A., 7.375%, 1/15/2014		287,135
	4,000,000	Enersis S.A., Cayman Islands, 7.400%, 12/01/2016		4,665,424
	75,000	Iberdrola Finance Ireland Ltd., 3.800%, 9/11/2014, 144A		77,226
	2,960,078	Mackinaw Power LLC, 6.296%, 10/31/2023, 144A(c)		3,160,114
	2,865,000	Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc., 11.500%, 10/01/2020, 144A		2,141,587
				45,862,379
		Food & Beverage – 0.2%
	2,740,000	Viterra, Inc., 6.406%, 2/16/2021, 144A, (CAD)		2,978,653
		Government Owned – No Guarantee – 0.6%
$	2,400,000	DP World Ltd., 6.850%, 7/02/2037, 144A	$	2,728,800
	18,000,000,000	Export-Import Bank of Korea, 6.600%, 11/04/2013, 144A, (IDR)		1,855,848
	29,200,000,000	Export-Import Bank of Korea, 8.300%, 3/15/2014, 144A, (IDR)		3,067,089
				7,651,737
		Healthcare – 2.2%
	425,000	Boston Scientific Corp., 5.125%, 1/12/2017		472,965
	290,000	Boston Scientific Corp., 5.450%, 6/15/2014		305,150
	435,000	Boston Scientific Corp., 6.400%, 6/15/2016		496,879
	455,000	HCA, Inc., 5.750%, 3/15/2014		471,494
	610,000	HCA, Inc., 5.875%, 3/15/2022		657,275
	4,960,000	HCA, Inc., 5.875%, 5/01/2023		5,158,400
	410,000	HCA, Inc., 6.375%, 1/15/2015		439,212
	115,000	HCA, Inc., 6.750%, 7/15/2013		116,653
	3,545,000	HCA, Inc., 7.050%, 12/01/2027		3,474,100
	820,000	HCA, Inc., 7.190%, 11/15/2015		904,050
	1,475,000	HCA, Inc., 7.500%, 12/15/2023		1,578,250
	1,440,000	HCA, Inc., 7.500%, 11/06/2033		1,468,800
	2,660,000	HCA, Inc., 7.690%, 6/15/2025		2,839,550
	2,220,000	HCA, Inc., 8.360%, 4/15/2024		2,486,400
	2,930,000	HCA, Inc., MTN, 7.580%, 9/15/2025		3,054,525
	430,000	HCA, Inc., MTN, 7.750%, 7/15/2036		430,000
	320,000	Owens & Minor, Inc., 6.350%, 4/15/2016		350,234
	1,775,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		1,624,125
				26,328,062
		Home Construction – 0.8%
	550,000	Beazer Homes USA, Inc., 7.250%, 2/01/2023, 144A		561,000
	270,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021		248,400
	115,000	K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2016		115,575
	835,000	KB Home, 8.000%, 3/15/2020		962,337
	1,700,000	Lennar Corp., Series B, 5.600%, 5/31/2015		1,810,500
	3,920,000	Pulte Group, Inc., 6.000%, 2/15/2035		3,763,200

See accompanying notes to financial statements.

13  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Home Construction – continued
$	1,960,000	Pulte Group, Inc., 6.375%, 5/15/2033	$	1,969,800
				9,430,812
		Independent Energy – 1.6%
	3,230,000	Anadarko Petroleum Corp., 5.950%, 9/15/2016		3,718,076
	1,915,000	Anadarko Petroleum Corp., 6.375%, 9/15/2017		2,285,767
	100,000	Chesapeake Energy Corp., 6.625%, 8/15/2020		109,250
	995,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		1,084,550
	1,310,000	Connacher Oil and Gas Ltd., 8.500%, 8/01/2019, 144A		861,325
	2,015,000	Halcon Resources Corp., 8.875%, 5/15/2021, 144A		2,171,163
	5,955,000	Newfield Exploration Co., 5.625%, 7/01/2024		6,148,537
	2,940,000	SandRidge Energy, Inc., 7.500%, 2/15/2023		3,050,250
				19,428,918
		Industrial Other – 0.1%
	1,150,000	Cleaver-Brooks, Inc., 8.750%, 12/15/2019, 144A		1,240,562
		Life Insurance – 2.8%
	2,300,000	American International Group, Inc., 6.250%, 3/15/2087		2,547,480
	10,165,000	American International Group, Inc., (fixed rate to 5/15/2038, variable rate thereafter), 8.175%, 5/15/2068		13,684,631
	615,000	American International Group, Inc., Series G, MTN, 5.850%, 1/16/2018		719,929
	175,000	American International Group, Inc., Series MP, MTN, 5.450%, 5/18/2017		200,468
	3,700,000	AXA S.A., (fixed rate to 12/14/2036, variable rate thereafter), 6.379%, 12/29/2049, 144A		3,672,250
	200,000	AXA S.A., EMTN, (fixed rate to 4/16/2020, variable rate thereafter), 5.250%, 4/16/2040, (EUR)		264,941
	4,345,000	Forethought Financial Group, Inc., 8.625%, 4/15/2021, 144A		5,229,890
	2,270,000	MetLife Capital Trust X, 9.250%, 4/08/2068, 144A		3,166,650
	1,115,000	MetLife, Inc., 10.750%, 8/01/2069		1,731,037
	1,165,000	Penn Mutual Life Insurance Co. (The), 6.650%, 6/15/2034, 144A		1,350,805
		Life Insurance – continued
$	1,000,000	Protective Life Secured Trust, 3.320%, 9/10/2014(b)	$	1,021,920
				33,590,001
		Local Authorities – 4.9%
	5,730,000	Autonomous Community of Madrid Spain, 4.300%, 9/15/2026, 144A, (EUR)		5,745,116
	200,000	City of Madrid Spain, 4.550%, 6/16/2036, (EUR)		171,768
	1,630,000	City of Rome Italy, EMTN, 5.345%, 1/27/2048, (EUR)		1,669,258
	4,505,000	New South Wales Treasury Corp., 5.500%, 8/01/2013, (AUD)		4,728,605
	5,500,000	New South Wales Treasury Corp., 6.000%, 2/01/2018, (AUD)		6,318,538
	4,280,000	New South Wales Treasury Corp., Series 17RG, 5.500%, 3/01/2017, (AUD)		4,819,436
	452,554	Province of Alberta, 5.930%, 9/16/2016, (CAD)		490,479
	11,700,000	Province of British Columbia, Zero Coupon, 8/23/2013, (CAD)		11,471,955
	19,825,000	Province of Ontario, Canada, 4.200%, 3/08/2018, (CAD)		21,658,888
	830,000	Queensland Treasury Corp., Series 14, 5.750%, 11/21/2014, (AUD)		899,682
				57,973,725
		Media Cable – 0.5%
	1,500,000	Time Warner Cable, Inc., 6.550%, 5/01/2037		1,730,804
	3,400,000	UPC Holding BV, 6.375%, 9/15/2022, 144A, (EUR)		4,316,976
				6,047,780
		Media Non-Cable – 0.3%
	730,000	Intelsat Luxembourg S.A., 11.250%, 2/04/2017		777,450
	415,000	R.R. Donnelley & Sons Co., 7.875%, 3/15/2021		432,637
	1,960,000	R.R. Donnelley & Sons Co., 8.250%, 3/15/2019		2,116,800
				3,326,887
		Metals & Mining – 2.0%
	1,100,000	Alcoa, Inc., 5.720%, 2/23/2019		1,183,111
	300,000	Alcoa, Inc., 5.870%, 2/23/2022		320,548
	400,000	Alcoa, Inc., 5.900%, 2/01/2027		424,936
	855,000	ArcelorMittal, 6.000%, 3/01/2021		898,912
	2,295,000	ArcelorMittal, 6.125%, 6/01/2018		2,478,600

See accompanying notes to financial statements.

|  14

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Metals & Mining – continued
$	6,630,000	ArcelorMittal, 7.250%, 3/01/2041	$	6,596,850
	3,300,000	ArcelorMittal, 7.500%, 10/15/2039		3,390,750
	6,945,000	Essar Steel Algoma, Inc., 9.875%, 6/15/2015, 144A		5,642,813
	1,400,000	Rain CII Carbon LLC/CII Carbon Corp., 8.250%, 1/15/2021, 144A		1,512,000
	1,760,000	United States Steel Corp., 7.500%, 3/15/2022		1,843,600
				24,292,120
		Non-Captive Consumer – 2.7%
	300,000	AGFC Capital Trust I, (fixed rate to 1/15/2017, variable rate thereafter), 6.000%, 1/15/2067, 144A		241,500
	3,569,000	Residential Capital LLC, 9.625%, 5/15/2015(d)		3,890,210
	4,255,000	SLM Corp., 5.500%, 1/25/2023		4,223,088
	31,725(††)	SLM Corp., 6.000%, 12/15/2043		772,451
	722,000	SLM Corp., MTN, 3.875%, 9/10/2015		751,810
	35,000	SLM Corp., Series A, MTN, 0.601%, 1/27/2014(b)		34,703
	200,000	SLM Corp., Series A, MTN, 5.000%, 4/15/2015		211,000
	145,000	SLM Corp., Series A, MTN, 5.000%, 6/15/2018		145,828
	5,185,000	SLM Corp., Series A, MTN, 5.625%, 8/01/2033		4,796,125
	7,986,000	SLM Corp., Series A, MTN, 8.450%, 6/15/2018		9,463,410
	300,000	Springleaf Finance Corp., MTN, 5.750%, 9/15/2016		301,875
	595,000	Springleaf Finance Corp., Series I, MTN, 5.400%, 12/01/2015		611,363
	1,805,000	Springleaf Finance Corp., Series I, MTN, 5.850%, 6/01/2013		1,816,281
	2,100,000	Springleaf Finance Corp., Series J, MTN, 6.500%, 9/15/2017		2,089,500
	3,255,000	Springleaf Finance Corp., Series J, MTN, 6.900%, 12/15/2017		3,271,275
				32,620,419
		Non-Captive Diversified – 4.0%
	682,000	Ally Financial, Inc., 7.500%, 12/31/2013		710,985
	1,460,000	Ally Financial, Inc., 8.000%, 12/31/2018		1,746,525
	1,146,000	Ally Financial, Inc., 8.000%, 11/01/2031		1,449,690
		Non-Captive Diversified – continued
	1,630,000	General Electric Capital Australia Funding Pty Ltd., 7.000%, 10/08/2015, (AUD)	$	1,823,925
	45,000	General Electric Capital Corp., GMTN, 3.100%, 1/09/2023		44,553
	2,390,000	General Electric Capital Corp., Series A, EMTN, 5.500%, 2/01/2017, (NZD)		2,098,478
	1,345,000	General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016, (NZD)		1,225,392
	5,360,000	General Electric Capital Corp., Series A, GMTN, 7.625%, 12/10/2014, (NZD)		4,771,373
	1,145,000	General Electric Capital Corp., Series A, MTN, 4.875%, 3/04/2015		1,235,154
	9,210,000	General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015, (NZD)		8,178,135
	295,000	International Lease Finance Corp., 5.875%, 4/01/2019		318,646
	3,045,000	International Lease Finance Corp., 5.875%, 8/15/2022		3,281,938
	6,080,000	International Lease Finance Corp., 6.250%, 5/15/2019		6,657,600
	4,905,000	International Lease Finance Corp., 7.125%, 9/01/2018, 144A		5,763,375
	635,000	International Lease Finance Corp., 8.250%, 12/15/2020		777,875
	790,000	International Lease Finance Corp., Series R, MTN, 5.625%, 9/20/2013		803,825
	225,000	iStar Financial, Inc., 5.850%, 3/15/2017		228,937
	1,410,000	iStar Financial, Inc., 5.875%, 3/15/2016		1,464,637
	30,000	iStar Financial, Inc., 6.050%, 4/15/2015		31,275
	1,505,000	iStar Financial, Inc., 7.125%, 2/15/2018		1,576,487
	481,000	iStar Financial, Inc., 8.625%, 6/01/2013		485,810
	195,000	iStar Financial, Inc., Series B, 5.700%, 3/01/2014		201,094
	1,245,000	iStar Financial, Inc., Series B, 5.950%, 10/15/2013		1,268,344
	1,525,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.375%, 10/01/2017, 144A		1,593,625
				47,737,678
		Oil Field Services – 0.1%
	775,000	Sidewinder Drilling, Inc., 9.750%, 11/15/2019, 144A		778,875
		Packaging – 0.2%
	2,000,000	Owens-Illinois, Inc., 7.800%, 5/15/2018		2,340,000

See accompanying notes to financial statements.

15  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Paper – 1.4%
$	2,015,000	Georgia-Pacific LLC, 7.250%, 6/01/2028	$	2,648,232
	2,894,000	Georgia-Pacific LLC, 7.375%, 12/01/2025		3,940,372
	6,043,000	Georgia-Pacific LLC, 7.750%, 11/15/2029		8,211,379
	865,000	Westvaco Corp., 7.950%, 2/15/2031		1,055,835
	1,020,000	Westvaco Corp., 8.200%, 1/15/2030		1,270,140
				17,125,958
		Pharmaceuticals – 0.4%
	860,000	Valeant Pharmaceuticals International, 6.375%, 10/15/2020, 144A		906,762
	3,305,000	VPI Escrow Corp., 6.375%, 10/15/2020, 144A		3,482,644
				4,389,406
		Pipelines – 1.4%
	575,000	DCP Midstream LP, 6.450%, 11/03/2036, 144A		648,303
	250,000	El Paso Corp., GMTN, 7.800%, 8/01/2031		277,896
	1,410,000	Enterprise Products Operating LLC, 6.300%, 9/15/2017		1,694,548
	300,000	Florida Gas Transmission Co., 7.900%, 5/15/2019, 144A		389,269
	1,300,000	IFM US Colonial Pipeline 2 LLC, 6.450%, 5/01/2021, 144A		1,459,839
	755,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		766,325
	5,890,000	NGPL PipeCo LLC, 9.625%, 6/01/2019, 144A		6,596,800
	250,000	NiSource Finance Corp., 5.250%, 9/15/2017		286,896
	1,785,000	Plains All American Pipeline LP, 6.125%, 1/15/2017		2,094,326
	2,705,000	Rockies Express Pipeline LLC, 6.875%, 4/15/2040, 144A		2,448,025
				16,662,227
		Property & Casualty Insurance – 1.1%
	80,000	Axis Capital Holdings Ltd., 5.750%, 12/01/2014		85,220
	3,565,000	Hanover Insurance Group, Inc. (The), 6.375%, 6/15/2021		4,116,919
	2,645,000	Hanover Insurance Group, Inc. (The), 7.500%, 3/01/2020		3,113,583
	1,630,000	MBIA Insurance Corp., 11.564%, 1/15/2033, 144A(b)(h)		374,900
	2,140,000	White Mountains Re Group Ltd., 6.375%, 3/20/2017, 144A		2,407,577
		Property & Casualty Insurance – continued
$	1,430,000	XL Group PLC, 6.250%, 5/15/2027	$	1,738,189
	1,135,000	XL Group PLC, 6.375%, 11/15/2024		1,376,491
				13,212,879
		Property Trust – 0.3%
	2,960,000	WEA Finance LLC/WT Finance Australia Property Ltd., 6.750%, 9/02/2019, 144A		3,660,596
		Railroads – 0.0%
	500,000	Missouri Pacific Railroad Co., 5.000%, 1/01/2045(c)		400,000
		REITs – Apartments – 0.2%
	1,495,000	Camden Property Trust, 5.700%, 5/15/2017		1,709,011
	70,000	ERP Operating LP, 5.125%, 3/15/2016		77,931
				1,786,942
		REITs – Diversified – 0.0%
	210,000	Duke Realty LP, 5.950%, 2/15/2017		240,248
		REITs – Office Property – 0.4%
	3,485,000	Highwoods Properties, Inc., 5.850%, 3/15/2017		3,909,606
	475,000	Highwoods Properties, Inc., 7.500%, 4/15/2018		574,533
				4,484,139
		REITs – Regional Malls – 0.0%
	200,000	Simon Property Group LP, 5.875%, 3/01/2017		232,418
	290,000	Simon Property Group LP, 6.100%, 5/01/2016		331,366
				563,784
		REITs – Single Tenant – 0.1%
	185,000	Realty Income Corp., 5.750%, 1/15/2021		215,562
	815,000	Realty Income Corp., 6.750%, 8/15/2019		1,008,201
				1,223,763
		REITs – Warehouse/Industrials – 0.0%
	100,000	ProLogis LP, 5.625%, 11/15/2015		109,743
	80,000	ProLogis LP, 5.750%, 4/01/2016		88,914
				198,657
		Retailers – 0.6%
	1,025,000	Dillard’s, Inc., 7.750%, 7/15/2026		1,114,688
	1,100,000	Foot Locker, Inc., 8.500%, 1/15/2022		1,254,000
	1,079,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		809,250
	575,000	J.C. Penney Corp., Inc., 7.125%, 11/15/2023		543,375

See accompanying notes to financial statements.

|  16

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Retailers – continued
$	70,000	J.C. Penney Corp., Inc., 7.400%, 4/01/2037	$	55,825
	3,505,000	Toys R Us, Inc., 7.375%, 10/15/2018		3,093,162
				6,870,300
		Sovereigns – 1.6%
	1,787,000,000	Indonesia Treasury Bond, Series FR43, 10.250%,, 7/15/2022, (IDR)		244,585
	10,850,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)		5,718,298
	14,885,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		8,839,292
	359,880,000	Republic of Iceland, 6.000%, 10/13/2016, (ISK)		2,045,507
	107,395,000	Republic of Iceland, 7.250%, 10/26/2022, (ISK)		623,650
	176,460,000	Republic of Iceland, 8.750%, 2/26/2019, (ISK)		1,104,289
				18,575,621
		Supermarkets – 1.1%
	125,000	American Stores Co., 7.900%, 5/01/2017		144,063
	25,000	American Stores Co., 8.000%, 6/01/2026		32,094
	7,240,000	New Albertson’s, Inc., 7.450%, 8/01/2029		5,801,050
	1,720,000	New Albertson’s, Inc., 7.750%, 6/15/2026		1,378,150
	3,115,000	New Albertson’s, Inc., 8.000%, 5/01/2031		2,523,150
	455,000	New Albertson’s, Inc., 8.700%, 5/01/2030		382,200
	2,020,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		1,456,925
	465,000	SUPERVALU, Inc., 7.500%, 11/15/2014		466,748
	1,400,000	SUPERVALU, Inc., 8.000%, 5/01/2016		1,456,000
				13,640,380
		Supranational – 3.0%
	7,000,000,000	European Bank for Reconstruction & Development, 7.200%, 6/08/2016, (IDR)		759,033
	19,735,000	Inter-American Development Bank, EMTN, 6.000%, 12/15/2017, (NZD)		18,140,740
	17,000,000	International Bank for Reconstruction & Development, 1.430%, 3/05/2014, (SGD)		13,720,063
	5,580,000	International Finance Corp., GMTN, 5.000%, 12/21/2015, (BRL)		2,675,197
				35,295,033
		Technology – 1.1%
$	1,670,000	Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029	$	1,285,900
	80,000	Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028		60,800
	2,950,000	Amkor Technology, Inc., 6.375%, 10/01/2022		2,942,625
	1,645,000	Avnet, Inc., 6.000%, 9/01/2015		1,789,109
	130,000	Avnet, Inc., 6.625%, 9/15/2016		147,830
	1,175,000	Corning, Inc., 7.250%, 8/15/2036		1,509,364
	2,000,000	First Data Corp., 10.625%, 6/15/2021, 144A		2,022,500
	1,465,000	First Data Corp., 11.250%, 1/15/2021, 144A		1,523,600
	166,000	Motorola Solutions, Inc., 6.625%, 11/15/2037		184,285
	868,500	Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		1,112,548
				12,578,561
		Tobacco – 0.3%
	3,320,000	Reynolds American, Inc., 6.750%, 6/15/2017		3,995,988
		Transportation Services – 0.3%
	2,500,000	APL Ltd., 8.000%, 1/15/2024(c)		2,350,000
	580,954	Atlas Air Pass Through Trust, Series 1998-1, Class B, 7.680%, 7/02/2015		598,383
	563,610	Atlas Air Pass Through Trust, Series 1999-1, Class B, 7.630%, 7/02/2016		490,340
	182,420	Atlas Air Pass Through Trust, Series 2000-1, Class B, 9.057%, 7/02/2017		176,948
				3,615,671
		Treasuries – 14.3%
	16,935,000	Canadian Government, 2.250%, 8/01/2014, (CAD)		16,943,669
	29,780,000	Canadian Government, 2.500%, 6/01/2015, (CAD)		30,247,873
	8,185,000	Canadian Government, 2.750%, 9/01/2016, (CAD)		8,479,977
	13,195,000	Canadian Government, 3.000%, 12/01/2015, (CAD)		13,643,774
	2,860,000	Canadian Government, 3.500%, 6/01/2013, (CAD)		2,827,032
	7,385,000	Canadian Government, 3.750%, 6/01/2019, (CAD)		8,242,179
	9,615,000	Canadian Government, 4.250%, 6/01/2018, (CAD)		10,837,781
	33,387,000,000	Indonesia Treasury Bond, Series FR44, 10.000%, 9/15/2024, (IDR)		4,582,761
	1,530,000	Ireland Government Bond, 4.500%, 10/18/2018, (EUR)		2,094,313
	3,100,000	Ireland Government Bond, 4.500%, 4/18/2020, (EUR)		4,151,284

See accompanying notes to financial statements.

17  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Treasuries – continued
	450,000	Ireland Government Bond, 5.000%, 10/18/2020, (EUR)	$	619,527
	6,710,000	Ireland Government Bond, 5.400%, 3/13/2025, (EUR)		9,297,918
	205,000	Italy Buoni Poliennali Del Tesoro, 5.000%, 8/01/2034, (EUR)		260,215
	205,000	Italy Buoni Poliennali Del Tesoro, 5.250%, 11/01/2029, (EUR)		268,834
	200,000	Italy Buoni Poliennali Del Tesoro, 5.750%, 2/01/2033, (EUR)		274,675
	117,500(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		1,186,910
	56,415,000	Norwegian Government Bond, 4.250%, 5/19/2017, (NOK)		10,754,312
	19,550,000	Norwegian Government Bond, 5.000%, 5/15/2015, (NOK)		3,607,717
	16,640,000	Norwegian Government Bond, 6.500%, 5/15/2013, (NOK)		2,862,749
	1,395,000	Portugal Obrigacoes do Tesouro OT, 3.850%, 4/15/2021, (EUR)		1,522,923
	250,000	Portugal Obrigacoes do Tesouro OT, 4.100%, 4/15/2037, (EUR)		227,636
	375,000	Portugal Obrigacoes do Tesouro OT, 4.800%, 6/15/2020, (EUR)		445,411
	1,825,000	Portugal Obrigacoes do Tesouro OT, 4.950%, 10/25/2023, (EUR)		2,083,216
	35,000,000	U.S. Treasury Note, 0.250%, 5/31/2014		35,024,605
				170,487,291
		Wireless – 0.9%
	72,400,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		6,162,305
	2,627,000	Sprint Capital Corp., 6.875%, 11/15/2028		2,686,107
	1,020,000	Sprint Capital Corp., 6.900%, 5/01/2019		1,119,450
	300,000	Sprint Capital Corp., 8.750%, 3/15/2032		357,750
	898,000	Sprint Nextel Corp., 6.000%, 12/01/2016		974,330
				11,299,942
		Wirelines – 3.0%
	177,000	Axtel SAB de CV, (Step to 8.000% on 1/31/2014), 7.000%, 1/31/2020, 144A(f)		155,760
	195,000	Bell Canada, MTN, 6.550%, 5/01/2029, 144A, (CAD)		238,219
	690,000	Bell Canada, MTN, 7.300%, 2/23/2032, (CAD)		908,795
		Wirelines – continued
	600,000	Bell Canada, Series M-17, 6.100%, 3/16/2035, (CAD)	$	716,675
	3,880,000	CenturyLink, Inc., 6.450%, 6/15/2021		4,112,800
	200,000	Embarq Corp., 7.995%, 6/01/2036		210,542
	560,000	Level 3 Financing, Inc., 7.000%, 6/01/2020, 144A		586,600
	1,960,000	Level 3 Financing, Inc., 8.625%, 7/15/2020		2,185,400
	140,000	Level 3 Financing, Inc., 9.375%, 4/01/2019		156,968
	200,000	OTE PLC, GMTN, 4.625%, 5/20/2016, (EUR)		233,297
	900,000	Portugal Telecom International Finance BV, EMTN, 4.500%, 6/16/2025, (EUR)		1,073,241
	1,700,000	Portugal Telecom International Finance BV, EMTN, 5.000%, 11/04/2019, (EUR)		2,200,938
	550,000	Portugal Telecom International Finance BV, GMTN, 4.375%, 3/24/2017, (EUR)		716,483
	3,305,000	Qwest Capital Funding, Inc., 6.500%, 11/15/2018		3,731,097
	7,205,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		6,945,116
	350,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		395,202
	775,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		780,943
	790,000	Qwest Corp., 6.875%, 9/15/2033		785,246
	1,780,000	Qwest Corp., 7.200%, 11/10/2026		1,794,227
	1,220,000	Qwest Corp., 7.250%, 9/15/2025		1,385,857
	1,480,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		1,373,973
	1,395,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		1,355,199
	800,000	Telefonica Emisiones SAU, EMTN, 5.445%, 10/08/2029, (GBP)		1,181,704
	1,300,000	Telefonica Emisiones SAU, EMTN, 5.597%, 3/12/2020, (GBP)		2,118,177
				35,342,459
		Total Non-Convertible Bonds
		(Identified Cost $815,190,554)		929,760,487
	Convertible Bonds – 7.0%
		Airlines – 0.0%
	470,000	United Continental Holdings, Inc., 4.500%, 6/30/2021		488,537

See accompanying notes to financial statements.

|  18

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Automotive – 0.4%
$	135,000	ArvinMeritor, Inc., (Step to Zero Coupon on 2/15/2019), 4.000%, 2/15/2027(f)	$	107,409
	2,925,000	Ford Motor Co., 4.250%, 11/15/2016		4,687,313
				4,794,722
		Brokerage – 0.1%
	550,000	Jefferies Group LLC, 3.875%, 11/01/2029		565,469
		Diversified Manufacturing –0.5%
	5,310,000	Owens-Brockway Glass Container, Inc., 3.000%, 6/01/2015, 144A		5,339,869
	510,000	Trinity Industries, Inc., 3.875%, 6/01/2036		611,681
				5,951,550
		Electric – 0.1%
	500,000	CMS Energy Corp., 5.500%, 6/15/2029		1,014,688
		Healthcare – 0.2%
	210,000	Hologic, Inc., (accretes to principal after 3/01/2018), 2.000%, 3/01/2042(f)		219,975
	1,270,000	Omnicare, Inc., 3.750%, 12/15/2025		2,051,050
				2,271,025
		Independent Energy – 0.5%
	1,565,000	Chesapeake Energy Corp., 2.250%, 12/15/2038		1,388,938
	3,660,000	Chesapeake Energy Corp., 2.500%, 5/15/2037		3,506,737
	1,365,000	Chesapeake Energy Corp., 2.750%, 11/15/2035		1,366,706
				6,262,381
		Life Insurance – 1.7%
	18,045,000	Old Republic International Corp., 3.750%, 3/15/2018		20,131,453
		Media Non-Cable – 0.0%
	336,837	Liberty Media LLC, 3.500%, 1/15/2031		175,998
		Metals & Mining – 0.1%
	235,000	Steel Dynamics, Inc., 5.125%, 6/15/2014		263,788
	1,130,000	United States Steel Corp., 2.750%, 4/01/2019		1,142,712
				1,406,500
		Non-Captive Diversified – 0.1%
	835,000	iStar Financial, Inc., 3.000%, 11/15/2016		981,647
		Pharmaceuticals – 0.1%
	1,370,000	Vertex Pharmaceuticals, Inc., 3.350%, 10/01/2015		1,641,431
		Technology – 2.7%
$	5,195,000	Ciena Corp., 0.875%, 6/15/2017	$	4,698,228
	3,455,000	Ciena Corp., 3.750%, 10/15/2018, 144A		3,917,106
	1,783,000	Intel Corp., 2.950%, 12/15/2035		1,892,209
	7,000,000	Intel Corp., 3.250%, 8/01/2039		8,426,250
	7,200,000	Micron Technology, Inc., Series B, 1.875%, 8/01/2031		8,406,000
	2,565,000	Micron Technology, Inc., Series C, 2.375%, 5/01/2032, 144A		3,169,378
	960,000	Micron Technology, Inc., Series D, 3.125%, 5/01/2032, 144A		1,197,600
				31,706,771
		Wirelines – 0.5%
	202,300	Axtel SAB de CV, (Step to 8.000% on 1/31/2014), 7.000%, 1/31/2020, 144A, (MXN)(c)(e)(f)(g)		21,246
	3,040,000	Level 3 Communications, Inc., 7.000%, 3/15/2015, 144A(c)		3,543,500
	1,990,000	Level 3 Communications, Inc., Series B, 7.000%, 3/15/2015(c)		2,319,593
				5,884,339
		Total Convertible Bonds
		(Identified Cost $71,716,366)		83,276,511
	Municipals – 0.6%
		Michigan – 0.1%
	2,340,000	Michigan Tobacco Settlement Finance Authority Taxable Turbo, Series A, 7.309%, 6/01/2034(c)		2,047,875
		Virginia – 0.5%
	7,725,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046(c)		5,741,838
		Total Municipals
		(Identified Cost $10,046,101)		7,789,713
		Total Bonds and Notes
		(Identified Cost $896,953,021)		1,020,826,711
	Senior Loans – 0.1%
		Consumer Products – 0.1%
	588,804	Visant Holding Corp., Term Loan B, 5.250%, 12/22/2016(b)		570,616
		Diversified Manufacturing – 0.0%
	510,000	Ameriforge Group, Inc., 2nd Lien Term Loan, 9.750%, 12/18/2020(b)		519,563
		Media Non-Cable – 0.0%
	464,192	SuperMedia, Inc., Exit Term Loan, 11.000%, 12/31/2015(b)		340,893

See accompanying notes to financial statements.

19  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Senior Loans – continued
		Wirelines – 0.0%
$	120,000	Integra Telecom, Inc., Refi 2nd Lien Term Loan, 9.750%, 2/21/2020(b)	$	123,050
		Total Senior Loans
		(Identified Cost $1,645,449)		1,554,122
	Shares
	Preferred Stocks – 3.3%
	Convertible Preferred Stocks – 2.6%
		Automotive – 1.1%
	258,280	General Motors Co., Series B, 4.750%		11,090,543
	40,805	Goodyear Tire & Rubber Co. (The), 5.875%		1,775,426
				12,865,969
		Banking – 0.3%
	2,844	Bank of America Corp., Series L, 7.250%		3,464,447
		Electric – 0.1%
	12,440	AES Trust III, 6.750%		626,105
		Independent Energy – 0.1%
	775	Chesapeake Energy Corp., 4.500%		69,200
	4,250	Chesapeake Energy Corp., 5.000%		376,550
	360	Chesapeake Energy Corp., Series A, 5.750%, 144A		367,875
	6,337	SandRidge Energy, Inc., 7.000%		565,577
				1,379,202
		Metals & Mining – 0.1%
	32,745	ArcelorMittal, 6.000%		686,008
		Non-Captive Diversified – 0.1%
	34,835	iStar Financial, Inc., Series J, 4.500%		1,805,846
		Pipelines – 0.5%
	96,065	El Paso Energy Capital Trust I, 4.750%		5,641,897
		REITs – Healthcare – 0.0%
	7,400	Health Care REIT, Inc., Series I, 6.500%		459,614
		Technology – 0.3%
	3,875	Lucent Technologies Capital Trust I, 7.750%		3,592,125
		Total Convertible Preferred Stocks
		(Identified Cost $27,504,856)		30,521,213
	Non-Convertible Preferred Stocks – 0.7%
		Banking – 0.1%
	5,000	Bank of America Corp., 6.375%	$	127,050
	20,975	Countrywide Capital IV, 6.750%		531,297
				658,347
		Electric – 0.1%
	90	Entergy New Orleans, Inc., 4.360%		8,730
	2,876	Entergy New Orleans, Inc., 4.750%		279,152
	4,670	Union Electric Co., 4.500%		446,452
				734,334
		Government Sponsored – 0.2%
	3,000	Falcons Funding Trust I, (Step to 10.875% on 3/15/2015, variable rate after 3/15/2020), 8.875%, 144A(f)		3,131,250
		Non-Captive Consumer – 0.1%
	25,100	SLM Corp., Series A, 6.970%		1,255,251
		Non-Captive Diversified – 0.2%
	2,571	Ally Financial, Inc., Series G, 7.000%, 144A		2,542,558
		Total Non-Convertible Preferred Stocks
		(Identified Cost $6,439,667)		8,321,740
		Total Preferred Stocks
		(Identified Cost $33,944,523)		38,842,953
	Common Stocks – 5.5%
		Biotechnology – 0.6%
	127,420	Vertex Pharmaceuticals, Inc.(h)		7,005,552
		Chemicals – 0.7%
	62,529	PPG Industries, Inc.		8,375,134
		Containers & Packaging – 0.1%
	35,353	Owens-Illinois, Inc.(h)		942,157
	187	Rock-Tenn Co., Class A		17,352
				959,509
		Diversified Telecommunication Services – 0.3%
	8,050	Hawaiian Telcom Holdco, Inc.(h)		185,714
	241,163	Telefonica S.A., Sponsored ADR		3,258,112
				3,443,826
		Electronic Equipment, Instruments & Components – 0.2%
	205,167	Corning, Inc.		2,734,876
		Oil, Gas & Consumable Fuels – 0.8%
	54,259	Chesapeake Energy Corp.		1,107,427
	172,008	Repsol YPF S.A., Sponsored ADR		3,507,243
	70,051	Royal Dutch Shell PLC, ADR		4,564,523
				9,179,193

See accompanying notes to financial statements.

|  20

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Pharmaceuticals – 1.2%
	160,000	Bristol-Myers Squibb Co.	$	6,590,400
	107,459	Valeant Pharmaceuticals International, Inc.(h)		8,061,574
				14,651,974
		Semiconductors & Semiconductor Equipment – 1.5%
	822,858	Intel Corp.		17,979,447
		Trading Companies & Distributors – 0.1%
	23,272	United Rentals, Inc.(h)		1,279,262
		Total Common Stocks
		(Identified Cost $47,926,912)		65,608,773
	Principal Amount (‡)
	Short-Term Investments – 5.4%
$	2,625	Repurchase Agreement with State Street Bank and Trust Company, dated 3/29/2013 at 0.010% to be repurchased at $2,625 on 4/01/2013 collateralized by $5,000 Federal National Mortgage Association, 2.080% due 11/02/2022 valued at $5,003 including accrued interest (Note 2 of Notes to Financial Statements)		2,625
	65,011,913	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/28/2013 at 0.000% to be repurchased at $65,011,913 on 4/01/2013 collateralized by $63,745,000 U.S. Treasury Note, 1.875% due 6/30/2015 valued at $66,313,095 including accrued interest (Note 2 of Notes to Financial Statements)		65,011,913
		Total Short-Term Investments
		(Identified Cost $65,014,538)		65,014,538
		Total Investments – 99.8%
		(Identified Cost $1,045,484,443)(a)		1,191,847,097
		Other assets less liabilities—0.2%		1,902,830
		Net Assets – 100.0%	$	1,193,749,927
	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(††)	Amount shown represents units. One unit represents a principal amount of 25.
	(†††)	Amount shown represents units. One unit represents a principal amount of 100.
	(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
		At March 31, 2013, the net unrealized appreciation on investments based on a cost of $1,048,090,816 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	159,359,379
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(15,603,098	)
		Net unrealized appreciation	$	143,756,281
	(b)	Variable rate security. Rate as of March 31, 2013 is disclosed.
	(c)	Illiquid security. At March 31, 2013, the value of these securities amounted to $25,611,470 or 2.1% of net assets.
	(d)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
	(e)	Convertible dollar-indexed note. Coupon rate is based on MXN denominated par value and is payable in USD.
	(f)	Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.
	(g)	Fair valued by the Fund’s investment adviser. At March 31, 2013, the value of this security amounted to $21,246 or less than 0.1% of net assets.
	(h)	Non-income producing security.
	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2013, the value of Rule 144A holdings amounted to $167,953,587 or 14.1% of net assets.
	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
	ABS	Asset-Backed Securities
	EMTN	Euro Medium Term Note
	GMTN	Global Medium Term Note
	MTN	Medium Term Note
	REITs	Real Estate Investment Trusts
	AUD	Australian Dollar
	BRL	Brazilian Real
	CAD	Canadian Dollar
	EUR	Euro
	GBP	British Pound
	IDR	Indonesian Rupiah
	ISK	Icelandic Krona
	KRW	South Korean Won
	MXN	Mexican Peso
	NOK	Norwegian Krone
	NZD	New Zealand Dollar
	SGD	Singapore Dollar
	USD	U.S. Dollar

See accompanying notes to financial statements.

21  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Fixed Income Fund – continued

Industry Summary at March 31, 2013 (Unaudited)

Treasuries	14.3	%
Banking	12.1
Local Authorities	4.9
Life Insurance	4.5
Non-Captive Diversified	4.4
Electric	4.1
Technology	4.1
Automotive	3.7
Wirelines	3.5
Supranational	3.0
Non-Captive Consumer	2.8
Healthcare	2.4
Independent Energy	2.2
Metals & Mining	2.2
Other Investments, less than 2% each	26.2
Short-Term Investments	5.4
Total Investments	99.8
Other assets less liabilities	0.2
Net Assets	100.0	%

Currency Exposure Summary at March 31, 2013 (Unaudited)

United States Dollar	70.7	%
Canadian Dollar	10.9
Euro	4.0
New Zealand Dollar	4.0
Australian Dollar	2.6
Other, less than 2% each	7.6
Total Investments	99.8
Other assets less liabilities	0.2
Net Assets	100.0	%

See accompanying notes to financial statements.

|  22

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Global Bond Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – 96.5% of Net Assets
	Non-Convertible Bonds – 95.7%
		Australia – 2.2%
$	2,370,000	Asciano Finance Ltd., 4.625%, 9/23/2020, 144A	$	2,515,290
	5,858,700	New South Wales Treasury Corp., 6.000%, 2/01/2018, (AUD)		6,730,622
	24,075,000	New South Wales Treasury Corp., 6.000%, 3/01/2022, (AUD)		28,446,458
	6,600,000	SMART Trust/Australia, Series 2012-1USA, Class A3A, 1.500%, 5/14/2016, 144A		6,660,720
	4,700,000	SMART Trust/Australia, Series 2012-1USA, Class A4A, 2.010%, 12/14/2017, 144A		4,833,480
	7,600,000	Westpac Banking Corp., 2.450%, 11/28/2016, 144A		7,998,240
				57,184,810
		Belgium – 3.0%
	55,130,000	Belgium Government Bond, 3.500%, 6/28/2017, (EUR)(b)		78,583,299
		Brazil – 2.4%
	4,800,000	Banco BTG Pactual S.A., 5.750%, 9/28/2022, 144A		4,818,240
	5,000,000	Banco Santander Brasil S.A., 4.625%, 2/13/2017, 144A		5,287,500
	10,818,129	Banco Votorantim S.A., 6.250%, 5/16/2016, 144A, (BRL)		5,621,581
	5,400,000	Itau Unibanco Holding S.A., 5.650%, 3/19/2022, 144A		5,670,000
	4,087,000	Itau Unibanco Holding S.A., 6.200%, 12/21/2021, 144A		4,454,830
	6,299,450	Odebrecht Drilling Norbe VIII/IX Ltd., 6.350%, 6/30/2021, 144A		6,929,395
	12,535,000	Oi S.A., 9.750%, 9/15/2016, 144A, (BRL)		6,435,760
	5,400,000	Petrobras International Finance Co., EMTN, 6.250%, 12/14/2026, (GBP)		9,317,630
	7,000,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)		3,689,224
	3,300,000	Telemar Norte Leste S.A., 5.125%, 12/15/2017, 144A, (EUR)		4,557,983
	3,600,000	Vale Overseas Ltd., 6.875%, 11/21/2036		4,089,082
				60,871,225
		Canada – 7.2%
	4,033,000	Bell Aliant Regional Communications, 5.410%, 9/26/2016, (CAD)		4,383,319
	23,345,000	Canadian Government, 3.000%, 12/01/2015, (CAD)(b)		24,138,985
	5,500,000	Canadian Government Bond, 2.750%, 6/01/2022, (CAD)		5,863,671
		Canada – continued
	4,734,000	Ford Auto Securitization Trust, Series 2010-R3A, Class D, 4.526%, 3/15/2017, 144A, (CAD)	$	4,775,708
	5,300,000	Ford Auto Securitization Trust, Series 2013-R1A, Class A2, 1.676%, 9/15/2016, 144A, (CAD)		5,238,488
	3,100,000	Master Credit Card Trust II, Series 2012-2A, Class C, 1.970%, 4/21/2017, 144A		3,103,100
	12,805,000	Province of Alberta Canada, 4.000%, 12/01/2019, (CAD)		14,089,345
	20,580,000	Province of Manitoba Canada, MTN, 4.400%, 9/05/2025, (CAD)		23,189,954
	6,086,000	Province of Ontario, EMTN, 4.000%, 12/03/2019, (EUR)		9,132,776
	696,000,000	Province of Quebec Canada, 1.600%, 5/09/2013, (JPY)		7,403,027
	26,065,000	Province of Quebec Canada, 2.625%, 2/13/2023(b)		26,182,292
	9,992,000	Province of Quebec Canada, EMTN, 3.375%, 6/20/2016, (EUR)		13,941,438
	11,944,000	Province of Quebec Canada, Series 169, EMTN, 3.625%, 2/10/2015, (EUR)(b)		16,239,524
	16,885,000	Province of Saskatchewan Canada, 3.400%, 2/03/2042, (CAD)		16,727,926
	1,408,000	Shaw Communications, Inc., 6.500%, 6/02/2014, (CAD)		1,456,871
	8,629,000	Shaw Communications, Inc., 6.750%, 11/09/2039, (CAD)		10,267,393
				186,133,817
		Czech Republic – 0.4%
	10,600,000	CEZ AS, 4.250%, 4/03/2022, 144A		11,235,258
		Denmark – 0.2%
	3,179,000	TDC A/S, EMTN, 4.375%, 2/23/2018, (EUR)		4,587,028
		France – 0.9%
	2,370,000	AXA S.A., 7.125%, 12/15/2020, (GBP)		4,232,753
	3,135,000	BNP Paribas SA, EMTN, 5.750%, 1/24/2022, (GBP)		5,387,157
	6,600,000	Danone S.A., 3.000%, 6/15/2022, 144A		6,733,689
	6,676,000	Pernod-Ricard S.A., 4.450%, 1/15/2022, 144A		7,332,291
				23,685,890
		Germany – 11.9%
	93,444,209	Bundesrepublik Deutschland, 3.250%, 1/04/2020, (EUR)(b)		140,600,760
	12,960,000	Bundesrepublik Deutschland, 3.750%, 1/04/2017, (EUR)		18,878,438
	43,505,000	Bundesrepublik Deutschland, 4.000%, 1/04/2037, (EUR)(b)		74,889,395

See accompanying notes to financial statements.

23  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Global Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Germany – continued
	41,050,000	Bundesrepublik Deutschland, 4.250%, 7/04/2017, (EUR)(b)	$	61,686,397
	1,035,000,000	Kreditanstalt fuer Wiederaufbau, 2.600%, 6/20/2037, (JPY)		13,345,238
				309,400,228
		Italy – 3.4%
	2,300,000	Enel SpA, EMTN, 5.750%, 6/22/2037, (GBP)		3,136,063
	40,980,000	Italy Buoni Poliennali Del Tesoro, 4.000%, 2/01/2037, (EUR)(b)		45,343,898
	9,250,000	Italy Buoni Poliennali Del Tesoro, 4.500%, 8/01/2018, (EUR)		12,306,505
	15,177,000	Republic of Italy, 6.875%, 9/27/2023(b)		17,417,732
	3,749,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		3,642,037
	915,000	Telecom Italia Capital S.A., 7.200%, 7/18/2036		911,787
	4,000,000	Telecom Italia S.p.A., EMTN, 5.875%, 5/19/2023, (GBP)		6,023,573
				88,781,595
		Japan – 11.4%
	360,000,000	Development Bank of Japan, 1.750%, 3/17/2017, (JPY)		4,073,601
	2,816,000,000	Japan Finance Organization for Municipal Enterprises, 1.350%, 11/26/2013, (JPY)		30,156,104
	5,238,500,000	Japan Government Five Year Bond, 0.700%, 6/20/2014, (JPY)		56,087,092
	1,923,550,000	Japan Government Ten Year Bond, 1.200%, 12/20/2020, (JPY)		21,762,710
	12,336,100,000	Japan Government Ten Year Bond, 1.300%, 3/20/2019, (JPY)		139,701,762
	1,540,000,000	Japan Government Twenty Year Bond, 2.100%, 12/20/2027, (JPY)		18,825,365
	2,066,450,000	Japan Government Twenty Year Bond, 2.100%, 12/20/2030, (JPY)		24,918,092
				295,524,726
		Korea – 1.9%
	440,500,000	Export-Import Bank of Korea, 4.000%, 11/26/2015, 144A, (PHP)		11,324,984
	9,810,000	Hana Bank, 4.000%, 11/03/2016, 144A		10,617,383
	10,026,555	Hyundai Capital Auto Funding Ltd., Series 2010-8A, Class A, 1.203%, 9/20/2016, 144A(c)		10,047,611
	3,088,000	Hyundai Steel Co., 4.625%, 4/21/2016, 144A		3,330,843
	8,538,000	Korea Finance Corp., 4.625%, 11/16/2021		9,578,441
	5,000,000	Korea National Oil Corp., 3.125%, 4/03/2017, 144A		5,263,490
				50,162,752
		Latvia – 0.3%
$	7,500,000	Republic of Latvia, 5.250%, 2/22/2017, 144A	$	8,306,250
		Luxembourg – 0.5%
	12,925,000	ArcelorMittal, 6.000%, 3/01/2021		13,588,815
		Malaysia – 2.2%
	175,375,000	Malaysia Government Bond, 3.314%, 10/31/2017, (MYR)(b)		56,953,293
		Mexico – 3.7%
	26,460,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		2,252,135
	7,630,000	Desarrolladora Homex SAB de CV, 7.500%, 9/28/2015		6,523,650
	7,333,486(††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/10/2021, (MXN)(b)		65,795,675
	1,000,065(††)	Mexican Fixed Rate Bonds, Series M-10, 8.500%, 12/13/2018, (MXN)		9,612,986
	1,247,129(††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		12,597,705
				96,782,151
		Namibia – 0.2%
	3,588,000	Namibia International Bonds, 5.500%, 11/03/2021, 144A		3,964,740
		Netherlands – 0.3%
	4,400,000	Bharti Airtel International Netherlands BV, 5.125%, 3/11/2023, 144A		4,417,600
	681,000	EDP Finance BV, EMTN, 4.625%, 6/13/2016, (EUR)		900,885
	3,200,000	Enel Finance International NV, 6.000%, 10/07/2039, 144A		3,045,431
	300,000	Enel Finance International NV, EMTN, 5.750%, 9/14/2040, (GBP)		403,441
				8,767,357
		New Zealand – 1.0%
	24,516,000	New Zealand Government Bond, 6.000%, 5/15/2021, (NZD)(b)		24,361,295
		Norway – 1.9%
	3,625,000	Eksportfinans ASA, 2.000%, 9/15/2015		3,480,319
	32,562,000	Norwegian Government Bond, 4.250%, 5/19/2017, (NOK)		6,207,248
	202,670,000	Norwegian Government Bond, 4.500%, 5/22/2019, (NOK)(b)		40,389,998
				50,077,565
		Philippines – 0.4%
	100,000,000	Philippine Government International Bond, 4.950%, 1/15/2021, (PHP)		2,799,559

See accompanying notes to financial statements.

|  24

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Global Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Philippines – continued
	259,000,000	Philippine Government International Bond, 6.250%, 1/14/2036, (PHP)	$	8,432,890
				11,232,449
		Poland – 1.4%
	81,455,000	Poland Government Bond, 4.750%, 4/25/2017, (PLN)(b)		26,332,198
	5,360,000	Poland Government International Bond, 3.000%, 9/23/2014, (CHF)		5,848,967
	4,145,000	Poland Government International Bond, 3.000%, 3/17/2023		4,014,432
				36,195,597
		Singapore – 0.5%
	4,919,000	Singapore Government Bond, 2.250%, 7/01/2013, (SGD)		3,986,363
	8,565,000	Singapore Government Bond, 2.250%, 6/01/2021, (SGD)		7,379,842
				11,366,205
		Spain – 0.5%
	1,600,000	Iberdrola Finanzas SAU, EMTN, 6.000%, 7/01/2022, (GBP)		2,701,898
	2,600,000	Iberdrola Finanzas SAU, EMTN, 7.375%, 1/29/2024, (GBP)		4,718,473
	3,111,000	Telefonica Emisiones SAU, 7.045%, 6/20/2036		3,339,655
	1,817,000	Telefonica Emisiones SAU, EMTN, 5.375%, 2/02/2026, (GBP)		2,769,404
				13,529,430
		Supranationals – 0.7%
	15,870,000	European Investment Bank, 2.375%, 7/10/2020, (CHF)(b)		18,514,721
		Sweden – 0.7%
	5,800,000	Nordea Bank AB, 4.250%, 9/21/2022, 144A		5,932,101
	66,930,000	Sweden Government Bond, 4.500%, 8/12/2015, (SEK)		11,097,240
				17,029,341
		Thailand – 0.5%
	391,075,000	Thailand Government Bond, 3.250%, 6/16/2017, (THB)		13,460,325
		Turkey – 1.3%
	18,870,000	Akbank TAS, 7.500%, 2/05/2018, 144A, (TRY)		10,267,791
	2,400,000	Arcelik AS, 5.000%, 4/03/2023, 144A		2,394,000
	11,400,000	Turkey Government Bond, 9.000%, 3/05/2014, (TRY)		6,458,299
	11,200,000	Turkey Government International Bond, 3.250%, 3/23/2023		10,556,000
		Turkey – continued
$	3,600,000	Turkiye Is Bankasi, 3.875%, 11/07/2017, 144A	$	3,654,000
				33,330,090
		United Arab Emirates – 0.5%
	5,359,000	Dubai Electricity & Water Authority, 6.375%, 10/21/2016, 144A		6,007,439
	4,996,000	IPIC GMTN Ltd., MTN, 5.000%, 11/15/2020, 144A		5,645,480
				11,652,919
		United Kingdom – 6.2%
	3,203,000	Bank of Scotland PLC, EMTN, 4.875%, 11/08/2016, (GBP)		5,516,291
	8,629,000	Barclays Bank PLC, 6.050%, 12/04/2017, 144A		9,618,013
	4,078,000	Barclays Bank PLC, EMTN, 5.750%, 9/14/2026, (GBP)		6,566,137
	5,800,000	BG Energy Capital PLC, 4.000%, 10/15/2021, 144A		6,376,306
	6,449,000	British Telecommunications PLC, 5.750%, 12/07/2028, (GBP)		11,671,585
	3,906,000	HSBC Bank PLC, 4.125%, 8/12/2020, 144A		4,294,526
	3,175,000	HSBC Holdings PLC, 4.000%, 3/30/2022		3,416,071
	3,500,000	HSBC Holdings PLC, EMTN, 5.750%, 12/20/2027, (GBP)		5,871,632
	4,360,000	Lloyds TSB Bank PLC, MTN, 6.500%, 9/14/2020, 144A		4,889,199
	4,595,000	Royal Bank of Scotland Group PLC, 6.125%, 12/15/2022		4,752,599
	9,120,000	United Kingdom Treasury, 1.750%, 1/22/2017, (GBP)(b)		14,532,513
	11,016,209	United Kingdom Treasury, 4.000%, 3/07/2022, (GBP)		20,064,531
	8,065,917	United Kingdom Treasury, 4.250%, 3/07/2036, (GBP)		14,896,919
	11,308,827	United Kingdom Treasury, 4.750%, 3/07/2020, (GBP)(b)		21,287,744
	13,425,599	United Kingdom Treasury, 5.000%, 3/07/2025, (GBP)(b)		26,749,282
				160,503,348
		United States – 26.8%
	3,394,088	Alta Wind Holdings LLC, 7.000%, 6/30/2035, 144A		3,639,565
	5,550,000	American International Group, Inc., 4.875%, 6/01/2022		6,278,654
	3,569,499	Ascentium Equipment Receivables LLC, Series 2012-1A, Class A, 1.830%, 9/15/2019, 144A		3,569,142
	12,100,000	Avis Budget Rental Car Funding AESOP LLC, Series 2013-1A, Class A, 1.920%, 9/20/2019, 144A		12,180,054
	5,137,000	Avnet, Inc., 5.875%, 6/15/2020		5,630,070
	13,640,000	Bank of America Corp., 5.625%, 7/01/2020		15,917,443

See accompanying notes to financial statements.

25  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Global Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		United States – continued
$	725,167	Bear Stearns Commercial Mortgage Securities, Series 2007-PW15, Class A4, 5.331%, 2/11/2044	$	809,059
	4,073,174	California Republic Auto Receivables Trust, Series 2012-1, Class A, 1.180%, 8/15/2017, 144A		4,071,129
	7,267,000	Capital One Bank USA NA, 3.375%, 2/15/2023		7,195,798
	3,200,000	Capital One Multi-Asset Execution Trust, Series 2004-B7, Class B7, 0.692%, 8/17/2017, (EUR)(c)		4,072,028
	5,750,000	Capital One Multi-Asset Execution Trust, Series 2004-B7, Class B7, 0.692%, 8/17/2017, (EUR)(c)		7,316,925
	9,607,020	Centre Point Funding LLC, Series 2012-2A, Class 1, 2.610%, 8/20/2021, 144A		9,733,112
	6,040,000	CIT Group, Inc., 4.250%, 8/15/2017		6,311,800
	9,901,000	Citigroup, Inc., 5.500%, 2/15/2017		11,010,209
	5,300,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		5,326,500
	454,137	Continental Airlines Pass Through Trust, Series 2000-2, Class B, 8.307%, 10/02/2019		491,603
	181,095	Continental Airlines Pass Through Trust, Series 2001-1, Class B, 7.373%, 6/15/2017		190,385
	3,250,052	Continental Airlines Pass Through Trust, Series 2007-1, Class A, 5.983%, 10/19/2023		3,696,934
	6,975,000	Corning, Inc., 4.700%, 3/15/2037		7,055,164
	5,000,000	Credit Acceptance Auto Loan Trust, Series 2012-2A, Class A, 1.520%, 3/16/2020, 144A		5,031,545
	3,542,463	Credit Suisse Mortgage Capital Certificates, Series 2006-C2, Class A3, 5.653%, 3/15/2039(c)		3,936,342
	5,722,000	Crown Castle Towers LLC, 4.523%, 1/15/2035, 144A		6,078,578
	3,089,000	Crown Castle Towers LLC, 6.113%, 1/15/2040, 144A		3,779,073
	4,500,000	Del Coronado Trust, Series 2013-HDC, Class A, 1.000%, 3/15/2026, 144A(c)		4,499,793
	4,984,395	Delta Air Lines Pass Through Trust, Series 2007-1, Class A, 6.821%, 2/10/2024		5,644,827
	5,350,000	DSC Floorplan Master Owner Trust, Series 2011-1, Class A, 3.910%, 3/15/2016, 144A		5,430,924
		United States – continued
$	5,909,955	Enterprise Fleet Financing LLC, Series 2012-1, Class A2, 1.140%, 11/20/2017, 144A	$	5,934,399
	5,470,000	Extended Stay America Trust, Series 2013-ESH5, Class A15, 1.278%, 12/05/2031, 144A		5,463,983
	4,700,000	Extended Stay America Trust, Series 2013-ESH7, Class A17, 2.295%, 12/05/2031, 144A		4,692,010
	16,200,000	FHLMC Multifamily Structured Pass Through Certificates, 1.426%, 8/25/2017		16,487,145
	34,385,000	FNMA (TBA), 2.500%, 5/01/2028(d)		35,593,849
	5,575,000	FNMA (TBA), 3.000%, 5/01/2028(d)		5,852,661
	65,565,000	FNMA (TBA), 3.000%, 5/01/2043(d)		67,439,746
	137,540,000	FNMA (TBA), 3.500%, 5/01/2043(d)		144,889,794
	5,000,000	Ford Motor Credit Co. LLC, 2.750%, 5/15/2015		5,103,820
	4,723,000	Ford Motor Credit Co. LLC, 4.207%, 4/15/2016		5,027,700
	50,000,000	General Electric Capital Corp., EMTN, 4.208%, 12/06/2021, (SEK)		7,859,289
	4,668,785	Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049		5,391,625
	707,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/2039		805,905
	8,327,514	GS Mortgage Securities Corp. II, Series 2007-GG10, Class A4, 5.787%, 8/10/2045(c)		9,528,924
	6,000,000	GS Mortgage Securities Corp. II, Series 2013-KYO, Class B, 1.652%, 11/08/2029, 144A(c)		6,005,370
	3,311,000	HCA, Inc., 4.750%, 5/01/2023		3,294,445
	577,000	HCA, Inc., 7.690%, 6/15/2025		615,947
	567,000	HCA, Inc., MTN, 7.580%, 9/15/2025		591,097
	1,700,000	Hertz Vehicle Financing LLC, Series 2010-1A, Class B1, 5.020%, 2/25/2015, 144A		1,747,345
	5,177,000	HSBC USA, Inc., 5.000%, 9/27/2020		5,771,237
	7,644,000	Hyatt Hotels Corp., 5.375%, 8/15/2021		8,473,030
	5,800,000	Hyundai Capital America, 4.000%, 6/08/2017, 144A		6,242,331
	4,028,000	Incitec Pivot Finance LLC, 6.000%, 12/10/2019, 144A		4,674,216
	5,500,000	International Lease Finance Corp., 5.875%, 8/15/2022		5,927,966

See accompanying notes to financial statements.

|  26

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Global Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		United States – continued
$	4,201,000	International Paper Co., 6.000%, 11/15/2041	$	4,887,767
	7,935,000	JPMorgan Chase & Co., 3.250%, 9/23/2022		7,922,748
	6,454,000	JPMorgan Chase & Co., 4.400%, 7/22/2020		7,154,446
	4,000,000	JPMorgan Chase & Co., 4.500%, 1/24/2022		4,383,684
	2,728,720	JPMorgan Resecuritization Trust, Series 2010-4, Class A2, 2.168%, 9/26/2035, 144A(c)		2,751,527
	2,460,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.375%, 10/01/2017, 144A		2,570,700
	3,720,229	Marriott Vacation Club Owner Trust, Series 2012-1A, Class B, 3.500%, 5/20/2030, 144A		3,780,110
	4,723,000	MBNA Credit Card Master Note Trust, Series 2005-B3, Class B3, 0.502%, 3/19/2018, (EUR)(c)		5,948,566
	5,250,000	Meccanica Holdings USA, Inc., 7.375%, 7/15/2039, 144A		4,948,125
	4,482,579	Merrill Lynch Mortgage Trust, Series 2007-C1, Class A4, 5.850%, 6/12/2050(c)		5,178,105
	2,797,638	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-5, Class A4, 5.378%, 8/12/2048		3,164,501
	2,600,000	Morgan Stanley, 3.750%, 2/25/2023		2,628,044
	1,400,000	Morgan Stanley, 5.500%, 7/24/2020		1,612,325
	1,100,000	Morgan Stanley, GMTN, 5.500%, 1/26/2020		1,260,332
	2,874,845	Morgan Stanley Capital I, Series 2007-IQ14, Class A4, 5.692%, 4/15/2049		3,290,134
	4,400,000	Morgan Stanley Re-REMIC Trust, Series 2009-GG10, Class A4B, 5.787%, 8/12/2045, 144A(c)		4,998,096
	1,500,000	Morgan Stanley Re-REMIC Trust, Series 2010-GG10, Class A4B, 5.787%, 8/15/2045, 144A(c)		1,694,607
	6,300,000	Motel 6 Trust, Series 2012-MTL6, Class D, 3.781%, 10/05/2025, 144A		6,287,614
	2,635,828	Santander Drive Auto Receivables Trust, Series 2011-S2A, Class D, 3.350%, 6/15/2017, 144A		2,656,387
	4,000,000	Santander Drive Auto Receivables Trust, Series 2012-4, Class C, 2.940%, 12/15/2017		4,154,928
	2,945,000	Sealed Air Corp., 5.250%, 4/01/2023, 144A		2,956,044
	6,255,000	Simon Property Group LP, 2.750%, 2/01/2023		6,143,880
	9,790,000	Sprint Nextel Corp., 6.000%, 11/15/2022		10,059,225
		United States – continued
$	3,319,253	SVO VOI Mortgage LLC, Series 2012-AA, Class A, 2.000%, 9/20/2029, 144A	$	3,351,065
	2,060,000	Time Warner, Inc., 3.400%, 6/15/2022		2,124,247
	10,474,218	Trinity Rail Leasing LP, Series 2010-1A, Class A, 5.194%, 10/16/2040, 144A		11,307,190
	8,005,000	U.S. Treasury Note, 0.875%, 2/28/2017		8,107,560
	17,095,000	U.S. Treasury Note, 1.625%, 11/15/2022(e)		16,791,837
	1,150,000	Wachovia Bank Commercial Mortgage Trust, Series 2007-C30, Class A5, 5.342%, 12/15/2043		1,301,336
	8,100,000	WEA Finance LLC, 4.625%, 5/10/2021, 144A		9,034,797
	2,205,000	Wells Fargo & Co., 4.625%, 11/02/2035, (GBP)		3,494,477
	1,750,000	Wells Fargo & Co., Series F, EMTN, 4.875%, 11/29/2035, (GBP)		2,712,675
	6,272,000	White Mountains Re Group Ltd., 6.375%, 3/20/2017, 144A		7,056,226
	6,800,000	World Financial Network Credit Card Master Trust, Series 2012-B, Class A, 1.760%, 5/17/2021		6,918,878
	4,360,000	Zurich Finance USA, Inc., EMTN, (fixed rate to 10/02/2013, variable rate thereafter), 5.750%, 10/02/2023, (EUR)		5,651,118
	2,907,000	Zurich Finance USA, Inc., EMTN, (fixed rate to 6/15/2015, variable rate thereafter), 4.500%, 6/15/2025, (EUR)		3,893,519
				694,487,310
		Uruguay – 1.2%
	206,313,325	Uruguay Government International Bond, 3.700%, 6/26/2037, (UYU)		13,311,149
	263,367,420	Uruguay Government International Bond, 4.375%, 12/15/2028, (UYU)		17,470,461
				30,781,610
		Total Non-Convertible Bonds
		(Identified Cost $2,426,014,524)		2,481,035,439
	Convertible Bonds – 0.8%
		United States – 0.8%
	4,882,000	Ciena Corp., 0.875%, 6/15/2017		4,415,159
	11,845,000	Intel Corp., 2.950%, 12/15/2035		12,570,506

See accompanying notes to financial statements.

27  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Global Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		United States – continued
$	5,965,000	Peabody Energy Corp., 4.750%, 12/15/2066	$	4,861,475
		Total Convertible Bonds
		(Identified Cost $21,567,342)		21,847,140
		Total Bonds and Notes
		(Identified Cost $2,447,581,866)		2,502,882,579
	Shares
	Preferred Stocks – 0.4%
	Non-Convertible Preferred Stock – 0.3%
		United States – 0.3%
	332,593	PNC Financial Services Group, Inc., 5.375% (Identified Cost $8,314,825)		8,471,143
	Convertible Preferred Stock – 0.1%
		United States – 0.1%
	46,158	iStar Financial, Inc., 4.500% (Identified Cost $2,307,900)		2,392,831
		Total Preferred Stocks
		(Identified Cost $10,622,725)		10,863,974
	Principal Amount (‡)
	Short-Term Investments – 10.7%
$	23,271,861	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/28/2013 at 0.000% to be repurchased at $23,271,861 on 4/01/2013 collateralized by $23,435,000 Federal National Mortgage Association, 0.350% due 8/28/2015 valued at $23,430,154; $310,000 U.S. Treasury Note, 0.250% due 9/15/2015 valued at $309,613 including accrued interest (Note 2 of Notes to Financial Statements)		23,271,861
	76,400,000	U.S. Treasury Bill, 0.045%, 04/18/2013(f)		76,398,701
	50,245,000	U.S. Treasury Bill, 0.085%, 07/05/2013(b)(f)		50,236,057
	126,590,000	U.S. Treasury Bill, 0.090%, 06/06/2013(b)(f)		126,577,847
		Total Short-Term Investments
		(Identified Cost $276,473,078)		276,484,466
		Total Investments – 107.6%
		(Identified Cost $2,734,677,669)(a)		2,790,231,019
		Other assets less liabilities—(7.6)%		(196,437,237	)
		Net Assets – 100.0%	$	2,593,793,782
	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(††)	Amount shown represents units. One unit represents a principal amount of 100.
	(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
		At March 31, 2013, the net unrealized appreciation on investments based on a cost of $2,744,548,519 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	93,684,181
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(48,001,681	)
		Net unrealized appreciation	$	45,682,500
	(b)	All or a portion of this security has been designated to cover the Fund’s obligations under open forward foreign currency contracts, futures contracts or TBA transactions.
	(c)	Variable rate security. Rate as of March 31, 2013 is disclosed.
	(d)	Delayed delivery. See Note 2 of Notes to Financial Statements.
	(e)	All or a portion of this security has been pledged as collateral for open forward foreign currency contracts and/or as initial margin for open futures contracts.
	(f)	Interest rate represents discount rate at time of purchase; not a coupon rate.
	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2013, the value of Rule 144A holdings amounted to $379,763,797 or 14.6% of net assets.
	EMTN	Euro Medium Term Note
	FHLMC	Federal Home Loan Mortgage Corp.
	FNMA	Federal National Mortgage Association
	GMTN	Global Medium Term Note
	MTN	Medium Term Note
	REMIC	Real Estate Mortgage Investment Conduit
	TBA	To Be Announced
	AUD	Australian Dollar
	BRL	Brazilian Real
	CAD	Canadian Dollar
	CHF	Swiss Franc
	EUR	Euro
	GBP	British Pound
	JPY	Japanese Yen
	MXN	Mexican Peso
	MYR	Malaysian Ringgit
	NOK	Norwegian Krone
	NZD	New Zealand Dollar
	PHP	Philippine Peso
	PLN	Polish Zloty
	SEK	Swedish Krona
	SGD	Singapore Dollar
	THB	Thailand Baht
	TRY	Turkish Lira
	UYU	Uruguayan Peso

See accompanying notes to financial statements.

|  28

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Global Bond Fund – continued

At March 31, 2013, the Fund had the following open forward foreign currency contracts:

Contract to Buy/Sell	Delivery Date	Currency	Units of Currency		Notional Value		Unrealized Appreciation (Depreciation)
Sell1	5/28/2013	Australian Dollar		29,320,000	$	30,400,731	$	(387,606	)
Sell2	6/28/2013	British Pound		13,800,000		20,959,114		(27,688	)
Sell1	6/05/2013	Canadian Dollar		37,810,000		37,166,784		(477,637	)
Buy3	6/21/2013	Malaysian Ringgit		62,652,000		20,123,862		231,180
Sell2	4/30/2013	New Zealand Dollar		27,310,000		22,809,212		60,181
Buy2	4/11/2013	Singapore Dollar		12,520,000		10,094,145		(84,220	)
Sell2	4/11/2013	Singapore Dollar		12,520,000		10,094,145		119,251
Buy1	6/11/2013	South Korean Won		24,975,000,000		22,362,725		(518,631	)
Buy2	6/11/2013	South Korean Won		31,476,000,000		28,183,749		(674,782	)
Sell4	6/19/2013	Swiss Franc		9,760,000		10,291,429		(42,396	)
Total							$	(1,802,348	)

At March 31, 2013, the Fund had the following open forward foreign cross-currency contracts:

Settlement Date	Deliver/Units of Currency		Receive/Units of Currency		Unrealized Appreciation (Depreciation)
4/22/2013	Euro	4,957,178	Turkish Lira1	11,750,000	$	122,560
4/22/2013	Euro	8,048,123	Turkish Lira4	19,400,000		377,342
6/12/2013	Euro	18,516,926	Norwegian Krone5	140,000,000		156,296
4/04/2013	Japanese Yen	1,687,948,800	Singapore Dollar2	24,000,000		1,418,088
5/02/2013	Japanese Yen	1,523,500,000	Thai Baht1	500,000,000		853,932
5/28/2013	Japanese Yen	2,565,198,803	South Korean Won1	30,000,000,000		(379,954	)
6/03/2013	Japanese Yen	442,200,000	Malaysian Ringgit1	15,000,000		124,033
7/03/2013	Japanese Yen	1,817,304,000	Singapore Dollar2	24,000,000		35,963
6/03/2013	Malaysian Ringgit	15,000,000	Japanese Yen1	449,625,000		(45,124	)
6/04/2013	Malaysian Ringgit	64,670,000	Japanese Yen1	1,938,483,250		(193,063	)
6/12/2013	Norwegian Krone	140,000,000	Euro5	18,743,565		134,366
4/04/2013	Singapore Dollar	24,000,000	Japanese Yen2	1,817,976,000		(36,786	)
4/22/2013	Turkish Lira	12,000,000	Euro4	5,085,284		(96,150	)
4/22/2013	Turkish Lira	11,750,000	Euro1	4,971,230		(104,545	)
4/22/2013	Turkish Lira	7,400,000	Euro4	3,064,055		(151,431	)
Total					$	2,215,527

¹ Counterparty is Credit Suisse International.

² Counterparty is Barclays Bank PLC.

³ Counterparty is JP Morgan Chase Bank, N.A.

⁴ Counterparty is UBS AG.

⁵ Counterparty is Deutsche Bank AG.

At March 31, 2013, open long futures contracts were as follows:

Financial Futures	Expiration Date		Contracts		Notional Value		Unrealized Appreciation (Depreciation)
Ultra Long U.S. Treasury Bond		6/19/2013		93	$	14,656,219	$	(95,350	)

At March 31, 2013, open short futures contracts were as follows:

Financial Futures	Expiration Date		Contracts		Notional Value		Unrealized Appreciation (Depreciation)
5 Year U.S. Treasury Note		6/28/2013		444	$	55,080,281	$	(52,844	)
10 Year U.S. Treasury Note		6/19/2013		288		38,011,500		(131,027	)
30 Year U.S. Treasury Bond		6/19/2013		800		115,575,000		93,080
Total							$	(90,791	)

See accompanying notes to financial statements.

29  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Global Bond Fund – continued

Industry Summary at March 31, 2013 (Unaudited)

Treasuries	45.4	%
Mortgage Related	9.8
Banking	7.1
Local Authorities	6.3
ABS Car Loan	3.1
Commercial Mortgage-Backed Securities	3.0
Government Owned—No Guarantee	2.3
Sovereigns	2.1
Other Investments, less than 2% each	17.8
Short-Term Investments	10.7
Total Investments	107.6
Other assets less liabilities (including open forward foreign currency contracts and futures contracts)	(7.6	)
Net Assets	100.0	%

Currency Exposure Summary at March 31, 2013 (Unaudited)

United States Dollar	48.1	%
Euro	19.7
Japanese Yen	12.2
British Pound	6.6
Canadian Dollar	4.3
Mexican Peso	3.5
Malaysian Ringgit	2.2
Other, less than 2% each	11.0
Total Investments	107.6
Other assets less liabilities (including open forward foreign currency contracts and futures contracts)	(7.6	)
Net Assets	100.0	%

See accompanying notes to financial statements.

|  30

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Inflation Protected Securities Fund

Principal Amount		Description	Value (†)
	Bonds and Notes – 95.0% of Net Assets
	Non-Convertible Bonds – 94.8%
		Airlines – 0.6%
$	130,000	Continental Airlines, Inc., 6.750%, 9/15/2015, 144A	$	136,175
		Electric – 1.3%
	140,000	EDP Finance BV, 6.000%, 2/02/2018, 144A		147,350
	150,000	Iberdrola Finance Ireland Ltd., 5.000%, 9/11/2019, 144A		159,607
				306,957
		Independent Energy – 0.6%
	130,000	SandRidge Energy, Inc., 7.500%, 3/15/2021		135,200
		Non-Captive Diversified – 0.6%
	130,000	International Lease Finance Corp., Series R, MTN, 6.625%, 11/15/2013		133,900
		Treasuries – 91.0%
	1,577,378	U.S. Treasury Inflation Indexed Bond, 0.625%, 2/15/2043(b)		1,581,076
	2,273,636	U.S. Treasury Inflation Indexed Bond, 2.500%, 1/15/2029(b)		3,175,986
	7,993,576	U.S. Treasury Inflation Indexed Note, 0.125%, 4/15/2017(b)		8,621,200
	4,323,653	U.S. Treasury Inflation Indexed Note, 0.125%, 1/15/2022(b)		4,704,337
	2,893,699	U.S. Treasury Inflation Indexed Note, 0.125%, 7/15/2022(b)(c)		3,153,455
				21,236,054
		Wirelines – 0.7%
	150,000	Telefonica Emisiones SAU, 6.421%, 6/20/2016		166,360
		Total Non-Convertible Bonds
		(Identified Cost $21,741,873)		22,114,646
	Convertible Bonds – 0.2%
		Metals & Mining – 0.2%
	35,000	Alpha Natural Resources, Inc., 2.375%, 4/15/2015 (Identified Cost $31,154)		33,294
		Total Bonds and Notes
		(Identified Cost $21,773,027)		22,147,940
	Shares
	Preferred Stocks – 0.5%
		Diversified Manufacturing – 0.5%
	2,100	United Technologies Corp., 7.500% (Identified Cost $105,000)		125,685
Notional Amount		Description	Value (†)
	Purchased Swaptions – 5.1%
		Interest Rate Swaptions – 5.1%
$	50,000,000	1-year Interest Rate Swap Put, expiring 9/27/2013, Pay 3-month LIBOR, Receive 0.295%(d)	$	6,150
	17,500,000	2-year Interest Rate Swap Put, expiring 3/11/2014, Pay 3-month LIBOR, Receive 0.674%(d)		63,578
	11,750,000	5-year Interest Rate Swap Put, expiring 3/27/2014, Pay 3-month LIBOR, Receive 1.378%(d)		143,726
	8,000,000	30-year Interest Rate Swap Call, expiring 9/29/2014, Pay 2.798%, Receive 3-month LIBOR(d)		983,472
		Total Purchased Swaptions
		(Identified Cost $1,021,052)		1,196,926
	Principal Amount
	Short-Term Investments – 3.6%
	804,390	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/28/2013 at 0.000% to be repurchased at $804,390 on 4/01/2013 collateralized by $790,000 Federal National Mortgage Association, 2.000% due 8/18/2015 valued at $822,588 including accrued interest (Note 2 of Notes to Financial Statements)		804,390
	25,000	U.S. Treasury Bill, 0.082%, 07/05/2013(e)(f)		24,995
		Total Short-Term Investments
		(Identified Cost $829,385)		829,385
		Total Investments – 104.2%
		(Identified Cost $23,728,464)(a)		24,299,936
		Other assets less liabilities—(4.2)%		(972,108	)
		Net Assets – 100.0%	$	23,327,828
	Notional Amount
	Written Swaptions – (2.8%)
		Interest Rate Swaptions – (2.8%)
$	50,000,000	1-year Interest Rate Swap Put, expiring 9/27/2013, Pay 0.445%, Receive 3-month LIBOR(d)	$	(45,250	)
	17,500,000	2-year Interest Rate Swap Put, expiring 3/11/2014, Pay 0.398%, Receive 3-month LIBOR(d)		(12,775	)
	11,750,000	5-year Interest Rate Swap Put, expiring 3/27/2014, Pay 0.957%, Receive 3-month LIBOR(d)		(37,283	)
	8,000,000	30-year Interest Rate Swap Call, expiring 9/29/2014, Pay 3-month LIBOR, Receive 3.298%(d)		(558,088	)
		Total Written Swaptions
		(Premiums Received $577,561)	$	(653,396	)

See accompanying notes to financial statements.

31  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Inflation Protected Securities Fund – continued

(†)	See Note 2 of Notes to Financial Statements.
(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
	At March 31, 2013, the net unrealized appreciation on investments based on a cost of $23,839,961 for federal income tax purposes was as follows:
	Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	508,334
	Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(48,359	)
	Net unrealized appreciation	$	459,975
(b)	Treasury Inflation Protected Security (TIPS).
(c)	All or a portion of this security has been designated to cover the Fund’s obligations under open futures contracts or interest rate swaptions.
(d)	Counterparty is Citibank, N.A.
(e)	Interest rate represents discount rate at time of purchase; not a coupon rate.
(f)	All or a portion of this security has been pledged as initial margin for open futures contracts.
144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2013, the value of Rule 144A holdings amounted to $443,132 or 1.9% of net assets.
MTN	Medium Term Note

At March 31, 2013, open short futures contracts were as follows:

Financial Futures	Expiration Date		Contracts		Notional Value		Unrealized Appreciation (Depreciation)
5 Year U.S. Treasury Note		6/28/2013		3	$	372,164	$	(357	)

Industry Summary at March 31, 2013 (Unaudited)

Treasuries	91.0	%
Purchased Swaptions	5.1
Other Investments, less than 2% each	4.5
Short-Term Investments	3.6
Total Investments	104.2
Other assets less liabilities (including open written swaptions and futures contracts)	(4.2	)
Net Assets	100.0	%

See accompanying notes to financial statements.

|  32

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Institutional High Income Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – 79.1% of Net Assets
	Non-Convertible Bonds – 65.2%
		Aerospace & Defense – 2.2%
	135,000	Bombardier, Inc., 7.350%, 12/22/2026, 144A, (CAD)	$	139,424
	2,175,000	Bombardier, Inc., 7.450%, 5/01/2034, 144A		2,229,375
	500,000	Ducommun, Inc., 9.750%, 7/15/2018		550,000
	3,220,000	GenCorp, Inc., 7.125%, 3/15/2021, 144A		3,397,100
	900,000	Meccanica Holdings USA, Inc., 6.250%, 1/15/2040, 144A		791,300
	5,200,000	Meccanica Holdings USA, Inc., 7.375%, 7/15/2039, 144A		4,901,000
	2,610,000	Textron Financial Corp., (fixed rate to 2/15/2017, variable rate thereafter), 6.000%, 2/15/2067, 144A		2,362,050
				14,370,249
		Airlines – 2.8%
	4,110,000	Air Canada, 9.250%, 8/01/2015, 144A		4,377,150
	985,000	Air Canada, 10.125%, 8/01/2015, 144A, (CAD)		1,027,809
	555,000	Air Canada, 12.000%, 2/01/2016, 144A		607,031
	331,655	Continental Airlines Pass Through Trust, Series 2000-2, Class A-1, 7.707%, 10/02/2022		373,111
	99,810	Continental Airlines Pass Through Trust, Series 2000-2, Class B, 8.307%, 10/02/2019		108,045
	62,825	Continental Airlines Pass Through Trust, Series 2001-1, Class B, 7.373%, 6/15/2017		66,048
	306,992	Delta Air Lines Pass Through Trust, Series 2007-1, Class B, 8.021%, 2/10/2024		338,091
	343,786	Delta Air Lines Pass Through Trust, Series 2007-1, Class C, 8.954%, 8/10/2014		360,116
	479,155	US Airways Pass Through Trust, Series 2010-1B, Class B, 8.500%, 10/22/2018		513,894
	3,717,343	US Airways Pass Through Trust, Series 2010-1C, Class C, 11.000%, 10/22/2014, 144A		3,940,384
	1,591,768	US Airways Pass Through Trust, Series 2011-1B, Class B, 9.750%, 4/22/2020		1,798,697
	570,290	US Airways Pass Through Trust, Series 2011-1C, Class C, 10.875%, 10/22/2014		608,785
	310,000	US Airways Pass Through Trust, Series 2012-1B, Class B, 8.000%, 4/01/2021		341,775
	3,485,000	US Airways Pass Through Trust, Series 2012-1C, Class C, 9.125%, 10/01/2015		3,746,375
				18,207,311
		Automotive – 0.7%
$	1,000,000	American Axle & Manufacturing, Inc., 6.625%, 10/15/2022	$	1,035,000
	600,000	Chrysler Group LLC/CG Co-Issuer, Inc., 8.250%, 6/15/2021		669,750
	15,000	Ford Motor Co., 6.375%, 2/01/2029		16,746
	95,000	Ford Motor Co., 6.625%, 2/15/2028		106,991
	230,000	Ford Motor Co., 7.125%, 11/15/2025		272,715
	40,000	Ford Motor Co., 7.500%, 8/01/2026		48,507
	2,090,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		2,110,900
				4,260,609
		Banking – 5.0%
	915,000	Bank of America Corp., Series K, (fixed rate to 1/30/2018, variable rate thereafter), 8.000%, 12/29/2049		1,028,277
	4,520,000	Citigroup, Inc., 6.250%, 6/29/2017, (NZD)		4,000,029
	7,410,000	HBOS PLC, 6.000%, 11/01/2033, 144A		7,097,298
	9,495,000	HBOS PLC, GMTN, 6.750%, 5/21/2018, 144A		10,553,408
	7,000,000,000	JPMorgan Chase & Co., EMTN, 7.070%, 3/22/2014, (IDR)		716,532
	11,000,000,000	JPMorgan Chase Bank NA, 7.700%, 6/01/2016, 144A, (IDR)		1,181,785
	1,700,000	Lloyds Banking Group PLC, (fixed rate to 10/01/2015, variable rate thereafter), 5.920%, 9/29/2049, 144A		1,279,250
	475,000	RBS Capital Trust A, 2.312%, 12/29/2049, (EUR)(b)		414,038
	80,000	RBS Capital Trust C, (fixed rate to 1/12/2016, variable rate thereafter), 4.243%, 12/29/2049, (EUR)		70,963
	135,000	RBS Capital Trust I, (fixed rate to 7/01/2013, variable rate thereafter), 4.709%, 12/29/2049		103,275
	160,000	RBS Capital Trust II, (fixed rate to 1/03/2034, variable rate thereafter), 6.425%, 12/29/2049		140,400
	85,000	RBS Capital Trust III, (fixed rate to 9/30/2014, variable rate thereafter), 5.512%, 9/29/2049		66,725
	3,545,000	Royal Bank of Scotland Group PLC, 4.700%, 7/03/2018		3,568,528
	105,000	Royal Bank of Scotland Group PLC, 5.250%, 6/29/2049, (EUR)		95,871
	1,545,000	Royal Bank of Scotland Group PLC, 5.500%, 11/29/2049, (EUR)		1,446,726
	85,000	Royal Bank of Scotland Group PLC, (fixed rate to 9/29/2017, variable rate thereafter), 7.640%, 3/29/2049		75,650

See accompanying notes to financial statements.

33  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Banking – continued
	435,000	SG Capital Trust III, (fixed rate to 11/10/2013, variable rate thereafter), 5.419%, 11/29/2049, (EUR)	$	539,483
	350,000	Societe Generale S.A., (fixed rate to 5/22/2013, variable rate thereafter), 7.756%, 5/29/2049, (EUR)		436,310
				32,814,548
		Brokerage – 0.5%
	1,615,000	Jefferies Group LLC, 6.250%, 1/15/2036		1,683,638
	1,045,000	Jefferies Group LLC, 6.450%, 6/08/2027		1,154,725
	165,000	Jefferies Group LLC, 6.875%, 4/15/2021		192,611
				3,030,974
		Building Materials – 1.0%
	3,200,000	HD Supply, Inc., 10.500%, 1/15/2021		3,328,000
	670,000	Masco Corp., 6.500%, 8/15/2032		682,545
	1,225,000	Owens Corning, Inc., 7.000%, 12/01/2036		1,393,847
	745,000	USG Corp., 9.750%, 1/15/2018		882,825
				6,287,217
		Chemicals – 2.6%
	3,043,000	Hercules, Inc., 6.500%, 6/30/2029		2,738,700
	3,687,000	Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 8.875%, 2/01/2018		3,816,045
	1,240,000	Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 9.000%, 11/15/2020		1,178,000
	1,824,000	Momentive Specialty Chemicals, Inc., 7.875%, 2/15/2023(c)		1,368,000
	555,000	Momentive Specialty Chemicals, Inc., 8.375%, 4/15/2016(c)		493,950
	2,641,000	Momentive Specialty Chemicals, Inc., 9.200%, 3/15/2021(c)		2,244,850
	5,983,174	Reichhold Industries, Inc., 9.000%, 5/08/2017, 144A(c)(d)		4,711,750
	600,000	U.S. Coatings Acquisition, Inc./Flash Dutch 2 BV, 7.375%, 5/01/2021, 144A		631,500
				17,182,795
		Commercial Mortgage-Backed Securities – 0.0%
	320,000	GS Mortgage Securities Corp. II, Series 2007-GG10, Class AM, 5.787%, 8/10/2045(b)		321,575
		Construction Machinery – 0.6%
	1,410,000	United Rentals North America, Inc., 7.625%, 4/15/2022		1,575,675
	250,000	United Rentals North America, Inc., 8.250%, 2/01/2021		283,125
		Construction Machinery – continued
$	1,995,000	United Rentals North America, Inc., 8.375%, 9/15/2020	$	2,224,425
				4,083,225
		Consumer Cyclical Services – 0.3%
	135,000	ServiceMaster Co. (The), 7.100%, 3/01/2018		132,806
	1,902,000	ServiceMaster Co. (The), 7.450%, 8/15/2027		1,645,230
				1,778,036
		Consumer Products – 0.3%
	2,270,000	Visant Corp., 10.000%, 10/01/2017		2,071,375
		Electric – 0.7%
	215,000	Edison Mission Energy, 7.625%, 5/15/2027(e)		115,025
	1,100,000	EDP Finance BV, 4.900%, 10/01/2019, 144A		1,105,500
	1,000,000	EDP Finance BV, 6.000%, 2/02/2018, 144A		1,052,500
	1,815,000	Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc., 11.250%, 12/01/2018, 144A(d)		1,756,013
	365,000	PPL Energy Supply LLC, 4.600%, 12/15/2021		388,976
				4,418,014
		Environmental – 0.1%
	536,000	ADS Waste Holdings, Inc., 8.250%, 10/01/2020, 144A		577,540
		Food & Beverage – 0.2%
	1,545,000	Wells Enterprises, Inc., 6.750%, 2/01/2020, 144A		1,629,975
		Government Guaranteed – 0.9%
	1,185,000	Autonomous Community of Catalonia, 4.950%, 2/11/2020, (EUR)		1,336,714
	4,720,000	Queensland Treasury Corp., 7.125%, 9/18/2017, 144A, (NZD)		4,485,487
				5,822,201
		Government Owned – No Guarantee – 0.5%
	9,000,000,000	Export-Import Bank of Korea, 6.600%, 11/04/2013, 144A, (IDR)		927,924
	16,700,000,000	Export-Import Bank of Korea, 8.300%, 3/15/2014, 144A, (IDR)		1,754,123
	700,000	Petroleos de Venezuela S.A., 5.375%, 4/12/2027		483,000
				3,165,047
		Government Sponsored – 0.7%
	3,440,000	Eksportfinans ASA, 2.000%, 9/15/2015		3,302,703
	1,250,000	Eksportfinans ASA, 2.375%, 5/25/2016		1,189,062
				4,491,765

See accompanying notes to financial statements.

|  34

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Healthcare – 3.3%
$	2,825,000	HCA, Inc., 5.875%, 5/01/2023	$	2,938,000
	1,065,000	HCA, Inc., 7.050%, 12/01/2027		1,043,700
	970,000	HCA, Inc., 7.500%, 12/15/2023		1,037,900
	4,660,000	HCA, Inc., 7.500%, 11/06/2033		4,753,200
	1,815,000	HCA, Inc., 7.690%, 6/15/2025		1,937,512
	375,000	HCA, Inc., 8.360%, 4/15/2024		420,000
	945,000	HCA, Inc., MTN, 7.580%, 9/15/2025		985,163
	1,550,000	HCA, Inc., MTN, 7.750%, 7/15/2036		1,550,000
	7,644,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		6,994,260
				21,659,735
		Home Construction – 2.3%
	300,000	Beazer Homes USA, Inc., 7.250%, 2/01/2023, 144A		306,000
	1,641,000	Beazer Homes USA, Inc., 9.125%, 6/15/2018		1,764,075
	3,131,000	Beazer Homes USA, Inc., 9.125%, 5/15/2019		3,373,652
	882,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021		811,440
	1,068,000	K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2016		1,073,340
	755,000	K. Hovnanian Enterprises, Inc., 7.500%, 5/15/2016		775,763
	3,005,000	KB Home, 8.000%, 3/15/2020		3,463,262
	400,000	Pulte Group, Inc., 6.000%, 2/15/2035		384,000
	2,460,000	Pulte Group, Inc., 6.375%, 5/15/2033		2,472,300
	870,000	Pulte Group, Inc., 7.875%, 6/15/2032		961,350
				15,385,182
		Independent Energy – 2.7%
	150,000	Chesapeake Energy Corp., 6.250%, 1/15/2017, (EUR)		205,737
	6,640,000	Connacher Oil and Gas Ltd., 8.500%, 8/01/2019, 144A		4,365,800
	9,150,000	Connacher Oil and Gas Ltd., 8.750%, 8/01/2018, 144A, (CAD)		5,764,631
	3,680,000	Rex Energy Corp., 8.875%, 12/01/2020, 144A		3,900,800
	3,360,000	SandRidge Energy, Inc., 7.500%, 2/15/2023		3,486,000
				17,722,968
		Industrial Other – 0.2%
	635,000	Cleaver-Brooks, Inc., 8.750%, 12/15/2019, 144A		685,006
		Industrial Other – continued
$	320,000	Permian Holdings, Inc., 10.500%, 1/15/2018, 144A	$	329,600
				1,014,606
		Life Insurance – 2.7%
	1,600,000	American International Group, Inc., 6.250%, 3/15/2087		1,772,160
	6,535,000	American International Group, Inc., (fixed rate to 5/15/2038, variable rate thereafter), 8.175%, 5/15/2068		8,797,744
	4,400,000	AXA S.A., (fixed rate to 12/14/2036, variable rate thereafter), 6.379%, 12/29/2049, 144A		4,367,000
	280,000	MetLife Capital Trust X, 9.250%, 4/08/2068, 144A		390,600
	1,530,000	MetLife, Inc., 10.750%, 8/01/2069		2,375,325
				17,702,829
		Local Authorities – 2.0%
	1,535,000	Autonomous Community of Madrid Spain, 4.300%, 9/15/2026, 144A, (EUR)		1,539,049
	100,000	City of Madrid Spain, 4.550%, 6/16/2036, (EUR)		85,884
	905,000	City of Rome Italy, EMTN, 5.345%, 1/27/2048, (EUR)		926,797
	2,245,000	New South Wales Treasury Corp., 5.500%, 8/01/2013, (AUD)		2,356,430
	7,200,000	Province of Ontario, Canada, 4.200%, 3/08/2018, (CAD)		7,866,028
				12,774,188
		Media Non-Cable – 2.5%
	1,000,000	Clear Channel Communications, Inc., 4.900%, 5/15/2015		927,500
	5,615,000	Clear Channel Communications, Inc., 5.500%, 9/15/2014		5,502,700
	245,000	Intelsat Luxembourg S.A., 6.750%, 6/01/2018, 144A		252,350
	1,770,000	Intelsat Luxembourg S.A., 7.750%, 6/01/2021, 144A		1,800,975
	980,000	Intelsat Luxembourg S.A., 8.125%, 6/01/2023, 144A		995,925
	550,000	R.R. Donnelley & Sons Co., 7.250%, 5/15/2018		578,188
	1,206,000	R.R. Donnelley & Sons Co., 7.625%, 6/15/2020		1,255,747
	1,665,000	R.R. Donnelley & Sons Co., 7.875%, 3/15/2021		1,735,762
	3,230,000	R.R. Donnelley & Sons Co., 8.250%, 3/15/2019		3,488,400
				16,537,547
		Metals & Mining – 2.4%
	377,000	Essar Steel Algoma, Inc., 9.375%, 3/15/2015, 144A		361,920
	10,690,000	Essar Steel Algoma, Inc., 9.875%, 6/15/2015, 144A		8,685,625

See accompanying notes to financial statements.

35  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Metals & Mining – continued
$	800,000	Rain CII Carbon LLC/CII Carbon Corp., 8.250%, 1/15/2021, 144A	$	864,000
	2,020,000	United States Steel Corp., 6.650%, 6/01/2037		1,858,400
	3,680,000	United States Steel Corp., 7.500%, 3/15/2022		3,854,800
				15,624,745
		Non-Captive Consumer – 2.2%
	1,000,000	AGFC Capital Trust I, (fixed rate to 1/15/2017, variable rate thereafter), 6.000%, 1/15/2067, 144A		805,000
	4,040,000	Residential Capital LLC, 9.625%, 5/15/2015(e)		4,403,600
	875,000	SLM Corp., MTN, 7.250%, 1/25/2022		977,812
	115,000	SLM Corp., Series A, MTN, 5.000%, 6/15/2018		115,657
	4,550,000	SLM Corp., Series A, MTN, 5.625%, 8/01/2033		4,208,750
	3,630,000	Springleaf Finance Corp., Series J, MTN, 6.900%, 12/15/2017		3,648,150
				14,158,969
		Non-Captive Diversified – 1.2%
	562,000	Ally Financial, Inc., 8.000%, 11/01/2031		710,930
	970,000	General Electric Capital Corp., Series A, EMTN, 5.500%, 2/01/2017, (NZD)		851,684
	250,000	General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016, (NZD)		227,768
	3,035,000	General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015, (NZD)		2,694,966
	180,000	International Lease Finance Corp., 5.875%, 4/01/2019		194,428
	135,000	International Lease Finance Corp., 6.250%, 5/15/2019		147,825
	300,000	International Lease Finance Corp., 8.250%, 12/15/2020		367,500
	840,000	iStar Financial, Inc., 5.850%, 3/15/2017		854,700
	885,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.375%, 10/01/2017, 144A		924,825
	1,040,000	Oxford Finance LLC/Oxford Finance Co-Issuer, Inc., 7.250%, 1/15/2018, 144A		1,079,000
				8,053,626
		Oil Field Services – 0.8%
	1,790,000	Basic Energy Services, Inc., 7.750%, 10/15/2022		1,843,700
	3,680,000	Sidewinder Drilling, Inc., 9.750%, 11/15/2019, 144A		3,698,400
				5,542,100
		Packaging – 1.1%
$	6,050,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) S.A., 8.250%, 2/15/2021	$	6,231,500
	600,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) S.A., 9.000%, 4/15/2019		634,500
	510,000	Sealed Air Corp., 6.875%, 7/15/2033, 144A		484,500
				7,350,500
		Pharmaceuticals – 0.3%
	1,920,000	VPI Escrow Corp., 6.375%, 10/15/2020, 144A		2,023,200
		Pipelines – 0.6%
	3,340,000	Rockies Express Pipeline LLC, 6.875%, 4/15/2040, 144A		3,022,700
	1,000,000	Transportadora de Gas del Sur S.A., 7.875%, 5/14/2017, 144A		882,500
				3,905,200
		Property & Casualty Insurance – 0.6%
	1,920,000	MBIA Insurance Corp., 11.564%, 1/15/2033, 144A(b)(g)		441,600
	3,245,000	White Mountains Re Group Ltd., (fixed rate to 6/30/2017, variable rate thereafter), 7.506%, 5/29/2049, 144A		3,434,540
				3,876,140
		Railroads – 0.0%
	314,000	Missouri Pacific Railroad Co., 5.000%, 1/01/2045(c)		251,200
	30,000	Missouri Pacific Railroad Co., Series A, 4.750%, 1/01/2020(c)		27,075
				278,275
		REITs – Office Property – 0.1%
	470,000	Highwoods Properties, Inc., 5.850%, 3/15/2017		527,264
		Retailers – 1.8%
	450,000	Dillard’s, Inc., 7.000%, 12/01/2028		472,500
	1,895,000	Dillard’s, Inc., 7.750%, 7/15/2026		2,060,813
	125,000	Dillard’s, Inc., 7.750%, 5/15/2027		134,375
	170,000	Dillard’s, Inc., 7.875%, 1/01/2023		187,850
	1,679,000	Foot Locker, Inc., 8.500%, 1/15/2022		1,914,060
	230,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		172,500
	280,000	J.C. Penney Corp., Inc., 7.400%, 4/01/2037		223,300
	7,385,000	Toys R Us, Inc., 7.375%, 10/15/2018		6,517,262
				11,682,660

See accompanying notes to financial statements.

|  36

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Sovereigns – 0.7%
	190,000	Cyprus Government International Bond, EMTN, 3.750%, 6/03/2013, (EUR)	$	221,632
	1,153,000,000	Indonesia Treasury Bond, Series FR43, 10.250%, 7/15/2022, (IDR)		157,810
	6,561,000,000	Indonesia Treasury Bond, Series FR52, 10.500%, 8/15/2030, (IDR)		959,832
	4,170,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		2,476,308
	66,455,000	Republic of Iceland, 6.000%, 10/13/2016, (ISK)		377,721
	24,750,000	Republic of Iceland, 7.250%, 10/26/2022, (ISK)		143,725
	32,615,000	Republic of Iceland, 8.750%, 2/26/2019, (ISK)		204,105
				4,541,133
		Supermarkets – 3.1%
	600,000	American Stores Co., 7.900%, 5/01/2017		691,500
	360,000	American Stores Co., 8.000%, 6/01/2026		462,150
	1,865,000	American Stores Co., Series B, MTN, 7.100%, 3/20/2028		2,251,987
	4,190,000	New Albertson’s, Inc., 7.450%, 8/01/2029		3,357,237
	2,170,000	New Albertson’s, Inc., 7.750%, 6/15/2026		1,738,713
	9,220,000	New Albertson’s, Inc., 8.000%, 5/01/2031		7,468,200
	4,125,000	New Albertson’s, Inc., 8.700%, 5/01/2030		3,465,000
	1,100,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		793,375
				20,228,162
		Supranational – 0.2%
	4,500,000,000	European Bank for Reconstruction & Development, 7.200%, 6/08/2016, (IDR)		487,950
	1,639,380,000	European Investment Bank, EMTN, Zero Coupon, 4/24/2013, 144A, (IDR)		167,793
	8,600,000,000	Inter-American Development Bank, EMTN, Zero Coupon, 5/20/2013, (IDR)		878,629
				1,534,372
		Technology – 3.3%
	650,000	Alcatel-Lucent France, Inc., 8.500%, 1/15/2016, (EUR)		877,363
	8,910,000	Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		6,860,700
	4,210,000	Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028		3,199,600
	3,420,000	Amkor Technology, Inc., 6.375%, 10/01/2022		3,411,450
		Technology – continued
$	1,590,000	First Data Corp., 11.250%, 1/15/2021, 144A	$	1,653,600
	1,560,000	Freescale Semiconductor, Inc., 8.050%, 2/01/2020		1,649,700
	12,000	Motorola Solutions, Inc., 6.625%, 11/15/2037		13,322
	4,000,000	SunGard Data Systems, Inc., 6.625%, 11/01/2019, 144A		4,130,000
				21,795,735
		Textile – 0.9%
	3,235,000	Jones Group, Inc. (The), 6.125%, 11/15/2034		2,753,794
	2,835,000	Jones Group, Inc./Apparel Group Holdings/Apparel Group USA/Footwear Accessories Retail, 6.875%, 3/15/2019		3,001,556
				5,755,350
		Transportation Services – 0.8%
	3,285,000	APL Ltd., 8.000%, 1/15/2024(c)		3,087,900
	854,832	Atlas Air Pass Through Trust, Series 1998-1, Class B, 7.680%, 7/02/2015		880,478
	289,324	Atlas Air Pass Through Trust, Series 1998-1, Class C, 8.010%, 7/02/2011(g)(h)		269,071
	169,083	Atlas Air Pass Through Trust, Series 1999-1, Class B, 7.630%, 7/02/2016		147,102
	399,542	Atlas Air Pass Through Trust, Series 1999-1, Class C, 8.770%, 7/02/2012(g)(h)		307,647
	40,344	Atlas Air Pass Through Trust, Series 2000-1, Class C, 9.702%, 7/02/2011(g)(h)		33,082
	740,000	Teekay Corp., 8.500%, 1/15/2020		800,125
				5,525,405
		Treasuries – 2.9%
	24,214,000,000	Indonesia Treasury Bond, Series FR44, 10.000%, 9/15/2024, (IDR)		3,323,658
	2,425,000	Ireland Government Bond, 4.500%, 10/18/2018, (EUR)		3,319,418
	850,000	Ireland Government Bond, 4.500%, 4/18/2020, (EUR)		1,138,255
	175,000	Ireland Government Bond, 5.000%, 10/18/2020, (EUR)		240,927
	4,405,000	Ireland Government Bond, 5.400%, 3/13/2025, (EUR)		6,103,923
	2,350,000	Norwegian Government Bond, 5.000%, 5/15/2015, (NOK)		433,664
	3,865,000	Norwegian Government Bond, 6.500%, 5/15/2013, (NOK)		664,936
	770,000	Portugal Obrigacoes do Tesouro OT, 3.850%, 4/15/2021, (EUR)		840,610
	560,000	Portugal Obrigacoes do Tesouro OT, 4.100%, 4/15/2037, (EUR)		509,905

See accompanying notes to financial statements.

37  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Treasuries – continued
	175,000	Portugal Obrigacoes do Tesouro OT, 4.800%, 6/15/2020, (EUR)	$	207,859
	2,205,000	Portugal Obrigacoes do Tesouro OT, 4.950%, 10/25/2023, (EUR)		2,516,981
				19,300,136
		Wireless – 1.3%
	11,300,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		961,796
	2,725,000	NII Capital Corp., 7.625%, 4/01/2021		1,962,000
	4,085,000	Sprint Capital Corp., 6.875%, 11/15/2028		4,176,912
	840,000	Sprint Capital Corp., 6.900%, 5/01/2019		921,900
	215,000	Sprint Capital Corp., 8.750%, 3/15/2032		256,388
				8,278,996
		Wirelines – 6.1%
	205,000	Axtel SAB de CV, (Step to 8.000% on 1/31/2014), 7.000%, 1/31/2020, 144A(i)		180,400
	385,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		365,750
	5,540,000	Cincinnati Bell, Inc., 8.750%, 3/15/2018		5,498,450
	1,620,000	FairPoint Communications, Inc., 8.750%, 8/15/2019, 144A		1,571,400
	465,000	Frontier Communications Corp., 7.000%, 11/01/2025		451,050
	4,351,000	Frontier Communications Corp., 7.875%, 1/15/2027		4,307,490
	902,000	Frontier Communications Corp., 8.750%, 4/15/2022		1,003,475
	2,600,000	Frontier Communications Corp., 9.000%, 8/15/2031		2,684,500
	905,000	Level 3 Financing, Inc., 7.000%, 6/01/2020, 144A		947,988
	3,055,000	Level 3 Financing, Inc., 8.125%, 7/01/2019		3,360,500
	890,000	Level 3 Financing, Inc., 8.625%, 7/15/2020		992,350
	145,000	Level 3 Financing, Inc., 9.375%, 4/01/2019		162,574
	250,000	OTE PLC, GMTN, 4.625%, 5/20/2016, (EUR)		291,621
	900,000	Portugal Telecom International Finance BV, EMTN, 4.500%, 6/16/2025, (EUR)		1,073,241
	2,100,000	Portugal Telecom International Finance BV, EMTN, 5.000%, 11/04/2019, (EUR)		2,718,806
	1,100,000	Portugal Telecom International Finance BV, GMTN, 4.375%, 3/24/2017, (EUR)		1,432,966
	1,439,000	Qwest Capital Funding, Inc., 6.500%, 11/15/2018		1,624,523
	800,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		771,144
		Wirelines – continued
$	1,385,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021	$	1,563,871
	5,332,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		5,372,891
	645,000	Qwest Corp., 7.250%, 9/15/2025		732,686
	1,407,000	Qwest Corp., 7.250%, 10/15/2035		1,442,849
	1,095,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		1,016,554
	140,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		136,006
				39,703,085
		Total Non-Convertible Bonds
		(Identified Cost $381,961,682)		426,994,564
	Convertible Bonds – 13.8%
		Airlines – 0.3%
	1,705,000	United Continental Holdings, Inc., 4.500%, 6/30/2021		1,772,245
		Automotive – 1.4%
	1,090,000	ArvinMeritor, Inc., (Step to Zero Coupon on 2/15/2019), 4.000%, 2/15/2027(i)		867,231
	3,530,000	Ford Motor Co., 4.250%, 11/15/2016		5,656,825
	2,955,000	Navistar International Corp., 3.000%, 10/15/2014		3,015,947
				9,540,003
		Brokerage – 0.3%
	2,145,000	Jefferies Group LLC, 3.875%, 11/01/2029		2,205,328
		Diversified Manufacturing – 0.4%
	2,315,000	Trinity Industries, Inc., 3.875%, 6/01/2036		2,776,553
		Electric – 0.1%
	250,000	CMS Energy Corp., 5.500%, 6/15/2029		507,344
		Healthcare – 1.3%
	3,325,000	Health Management Associates, Inc., 3.750%, 5/01/2028, 144A		4,368,219
	1,325,000	Hologic, Inc., (accretes to principal after 3/01/2018), 2.000%, 3/01/2042(i)		1,387,937
	660,000	Illumina, Inc., 0.250%, 3/15/2016, 144A		635,250
	860,000	LifePoint Hospitals, Inc., 3.500%, 5/15/2014		937,938
	610,000	Omnicare, Inc., 3.750%, 12/15/2025		985,150
				8,314,494
		Home Construction – 1.1%
	2,295,000	Lennar Corp., 3.250%, 11/15/2021, 144A		4,327,509

See accompanying notes to financial statements.

|  38

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Home Construction – continued
$	2,050,000	Standard Pacific Corp., 1.250%, 8/01/2032	$	2,618,875
				6,946,384
		Independent Energy – 1.3%
	5,045,000	Chesapeake Energy Corp., 2.250%, 12/15/2038		4,477,437
	3,120,000	Chesapeake Energy Corp., 2.500%, 5/15/2037		2,989,350
	870,000	Chesapeake Energy Corp., 2.750%, 11/15/2035		871,088
				8,337,875
		Life Insurance – 1.1%
	6,533,000	Old Republic International Corp., 3.750%, 3/15/2018		7,288,378
		Media Non-Cable – 0.0%
	45,932	Liberty Media LLC, 3.500%, 1/15/2031		24,000
		Metals & Mining – 0.3%
	1,250,000	Steel Dynamics, Inc., 5.125%, 6/15/2014		1,403,125
	620,000	United States Steel Corp., 2.750%, 4/01/2019		626,975
				2,030,100
		Non-Captive Diversified – 0.1%
	470,000	iStar Financial, Inc., 3.000%, 11/15/2016		552,544
		Technology – 4.9%
	7,895,000	Ciena Corp., 0.875%, 6/15/2017		7,140,041
	4,140,000	Ciena Corp., 3.750%, 10/15/2018, 144A		4,693,725
	175,000	Ciena Corp., 4.000%, 3/15/2015, 144A		193,813
	3,595,000	Intel Corp., 3.250%, 8/01/2039		4,327,481
	5,370,000	Micron Technology, Inc., Series B, 1.875%, 8/01/2031		6,269,475
	3,130,000	Micron Technology, Inc., Series C, 2.375%, 5/01/2032, 144A		3,867,506
	855,000	Micron Technology, Inc., Series D, 3.125%, 5/01/2032, 144A		1,066,612
	960,000	Nuance Communications, Inc., 2.750%, 11/01/2031		991,800
	230,000	SanDisk Corp., 1.500%, 8/15/2017		296,413
	1,050,000	Teradyne, Inc., 4.500%, 3/15/2014		3,118,500
				31,965,366
		Textile – 0.5%
	3,080,000	Iconix Brand Group, Inc., 2.500%, 6/01/2016, 144A		3,424,575
		Wirelines – 0.7%
	233,700	Axtel SAB de CV, (Step to 8.000% on 1/31/2014), 7.000%, 1/31/2020, 144A, (MXN)(c)(f)(i)(j)	$	24,543
	2,210,000	Level 3 Communications, Inc., 7.000%, 3/15/2015, 144A(c)		2,576,031
	1,190,000	Level 3 Communications, Inc., Series B, 7.000%, 3/15/2015(c)		1,387,094
	400,000	Portugal Telecom International Finance BV, Series PTC, 4.125%, 8/28/2014, (EUR)		517,868
				4,505,536
		Total Convertible Bonds
		(Identified Cost $71,486,390)		90,190,725
	Municipals – 0.1%
		District of Columbia – 0.1%
	540,000	Metropolitan Washington DC Airports Authority, Series D, 8.000%, 10/01/2047 (Identified Cost $540,000)		667,602
		Total Bonds and Notes
		(Identified Cost $453,988,072)		517,852,891
	Senior Loans – 2.1%
		Airlines – 0.3%
	1,895,000	Delta Air Lines, Inc., Term Loan B1, 5.250%, 10/10/2018(b)		1,924,316
		Automotive – 0.2%
	1,255,000	TI Group Automotive Systems LLC, Term Loan B, 3/27/2019(k)		1,264,412
		Chemicals – 0.3%
	500,000	Al Chem & Cy S.C.A., 2nd Lien Term Loan, 4/03/2020(k)		510,625
	1,610,000	Houghton International, Inc., New 2nd Lien Term Loan, 9.500%, 12/21/2020(b)		1,634,150
				2,144,775
		Consumer Products – 0.1%
	311,720	Visant Holding Corp., Term Loan B, 5.250%, 12/22/2016(b)		302,091
		Diversified Manufacturing – 0.0%
	275,000	Ameriforge Group, Inc., 2nd Lien Term Loan, 9.750%, 12/18/2020(b)		280,156
		Food & Beverage – 0.1%
	571,194	DS Waters Enterprises LP, 1st Lien Term Loan, 10.500%, 8/29/2017(b)		585,474
		Media Non-Cable – 0.0%
	147,322	SuperMedia, Inc., Exit Term Loan, 11.000%, 12/31/2015(b)		108,191

See accompanying notes to financial statements.

39  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Senior Loans – continued
		Metals & Mining – 0.1%
$	517,400	Essar Steel Algoma, Inc., ABL Term Loan, 8.750%, 9/19/2014(b)	$	525,161
		Non-Captive Diversified – 0.7%
	4,000,000	iStar Financial, Inc., Add on Term Loan A2, 7.000%, 3/20/2017(b)		4,258,760
		Supermarket – 0.1%
	475,000	Supervalu, Inc., New Term Loan B, 6.250%, 3/21/2019(b)		482,771
		Technology – 0.1%
	201,562	Alcatel-Lucent USA, Inc., USD Term Loan B, 6.250%, 8/01/2016(b)		204,225
	442,329	Alcatel-Lucent USA, Inc., USD Term Loan C, 7.250%, 1/30/2019(b)		448,668
				652,893
		Wireless – 0.1%
	817,058	Hawaiian Telcom Communications, Inc., Term Loan B, 7.000%, 2/28/2017(b)		831,356
		Wirelines – 0.0%
	65,000	Integra Telecom, Inc., Refi 2nd Lien Term Loan, 9.750%, 2/21/2020(b)		66,652
		Total Senior Loans
		(Identified Cost $12,920,478)		13,427,008
	Shares
	Common Stocks – 10.4%
		Automobiles – 0.9%
	465,000	Ford Motor Co.		6,114,750
		Biotechnology – 1.4%
	165,617	Vertex Pharmaceuticals, Inc.(g)		9,105,623
		Chemicals – 1.4%
	156,958	Dow Chemical Co. (The)		4,997,543
	30,167	PPG Industries, Inc.		4,040,568
				9,038,111
		Containers & Packaging – 0.2%
	40,621	Owens-Illinois, Inc.(g)		1,082,550
	2,437	Rock-Tenn Co., Class A		226,129
				1,308,679
		Diversified Telecommunication Services – 0.3%
	22,435	FairPoint Communications, Inc.(g)		167,589
	2,627	Hawaiian Telcom Holdco, Inc.(g)		60,605
	117,962	Telefonica S.A., Sponsored ADR		1,593,667
				1,821,861
		Electronic Equipment, Instruments & Components – 2.3%
	1,119,766	Corning, Inc.	$	14,926,481
		Food Products – 0.0%
	3,100	ConAgra Foods, Inc.		111,011
		Household Durables – 0.0%
	6,775	KB Home		147,492
		Oil, Gas & Consumable Fuels – 0.6%
	2,846	Chesapeake Energy Corp.		58,087
	82,985	Repsol YPF S.A., Sponsored ADR		1,692,064
	33,796	Royal Dutch Shell PLC, ADR		2,202,147
				3,952,298
		Pharmaceuticals – 1.8%
	64,900	Bristol-Myers Squibb Co.		2,673,231
	117,041	Valeant Pharmaceuticals International, Inc.(g)		8,780,416
				11,453,647
		REITs – Apartments – 0.1%
	6,185	Apartment Investment & Management Co., Class A		189,632
	32,565	Associated Estates Realty Corp.		607,012
				796,644
		REITs – Shopping Centers – 0.0%
	7,868	DDR Corp.		137,060
		Semiconductors & Semiconductor Equipment – 1.2%
	372,408	Intel Corp.		8,137,115
		Trading Companies & Distributors – 0.2%
	20,913	United Rentals, Inc.(g)		1,149,587
		Total Common Stocks
		(Identified Cost $49,805,247)		68,200,359
	Preferred Stocks – 3.7%
	Convertible Preferred Stocks – 2.5%
		Automotive – 1.1%
	148,570	General Motors Co., Series B, 4.750%		6,379,596
	20,395	Goodyear Tire & Rubber Co. (The), 5.875%		887,386
				7,266,982
		Banking – 0.0%
	138	Wells Fargo & Co., Series L, Class A, 7.500%		177,848
		Electric – 0.1%
	17,119	AES Trust III, 6.750%		861,599
		Home Construction – 0.1%
	11,000	Hovnanian Enterprises, Inc., 7.250%		322,300
		Independent Energy – 0.1%
	2,240	Chesapeake Energy Corp., 5.000%		198,464
	190	Chesapeake Energy Corp., Series A, 5.750%, 144A		194,156

See accompanying notes to financial statements.

|  40

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

Shares		Description	Value (†)
	Preferred Stocks – continued
		Independent Energy – continued
	3,552	SandRidge Energy, Inc., 7.000%	$	317,016
				709,636
		Metals & Mining – 0.1%
	33,725	ArcelorMittal, 6.000%		706,539
		Pipelines – 0.5%
	54,200	El Paso Energy Capital Trust I, 4.750%		3,183,166
		Technology – 0.5%
	3,260	Lucent Technologies Capital Trust I, 7.750%		3,022,020
		Total Convertible Preferred Stocks
		(Identified Cost $15,402,051)		16,250,090
	Non-Convertible Preferred Stocks – 1.2%
		Banking – 0.2%
	18,000	Bank of America Corp., 6.375%		457,380
	23,925	Citigroup Capital XIII, (fixed rate to 10/30/2015, variable rate thereafter), 7.875%		684,016
	7,075	Countrywide Capital IV, 6.750%		179,210
				1,320,606
		Home Construction – 0.2%
	96,887	Hovnanian Enterprises, Inc., 7.625%(g)		1,484,793
		Non-Captive Consumer – 0.1%
	12,475	SLM Corp., Series A, 6.970%		623,875
		Non-Captive Diversified – 0.7%
	4,153	Ally Financial, Inc., Series G, 7.000%, 144A		4,107,057
	5,300	iStar Financial, Inc., Series F, 7.800%		126,670
	2,575	iStar Financial, Inc., Series G, 7.650%		61,414
				4,295,141
		REITs – Warehouse/Industrials – 0.0%
	3,363	ProLogis, Inc., Series Q, 8.540%		212,205
		Total Non-Convertible Preferred Stocks
		(Identified Cost $5,528,921)		7,936,620
		Total Preferred Stocks
		(Identified Cost $20,930,972)		24,186,710
	Warrants – 0.0%
	34,303	FairPoint Communications, Inc., Expiration on 1/24/2018 at $48.81(c)(g)(j) (Identified Cost $0)		—
	Short-Term Investments – 4.1%
$	1,115,668	Repurchase Agreement with State Street Bank and Trust Company, dated 3/29/2013 at 0.010% to be repurchased at $1,115,669 on 4/01/2013 collateralized by $1,175,000 Federal National Mortgage Association, 2.080% due 11/02/2022 valued at $1,175,801 including accrued interest (Note 2 of Notes to Financial Statements)	$	1,115,668
	25,434,990	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/28/2013 at 0.000% to be repurchased at $25,434,990 on 4/01/2013 collateralized by $23,665,000 U.S. Treasury Note, 4.125% due 5/15/2015 valued at $25,946,424 including accrued interest (Note 2 of Notes to Financial Statements)		25,434,990
		Total Short-Term Investments
		(Identified Cost $26,550,658)		26,550,658
		Total Investments – 99.4%
		(Identified Cost $564,195,427)(a)		650,217,626
		Other assets less liabilities—0.6%		4,220,499
		Net Assets – 100.0%	$	654,438,125
	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
		At March 31, 2013, the net unrealized appreciation on investments based on a cost of $564,465,715 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	103,010,457
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(17,258,546	)
		Net unrealized appreciation	$	85,751,911
	(b)	Variable rate security. Rate as of March 31, 2013 is disclosed.
	(c)	Illiquid security. At March 31, 2013, the value of these securities amounted to $16,172,393 or 2.5% of net assets.
	(d)	All or a portion of interest payment is paid-in-kind.
	(e)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
	(f)	Convertible dollar-indexed note. Coupon rate is based on MXN denominated par value and is payable in USD.
	(g)	Non-income producing security.
	(h)	Maturity has been extended under the terms of a plan of reorganization.
	(i)	Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.

See accompanying notes to financial statements.

41  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued

(j)	Fair valued by the Fund’s investment adviser. At March 31, 2013, the value of these securities amounted to $24,543 or less than 0.1% of net assets.
(k)	Position is unsettled. Contract rate was not determined at March 31, 2013 and does not take effect until settlement date.
144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2013, the value of Rule 144A holdings amounted to $152,052,399 or 23.2% of net assets.
ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
EMTN	Euro Medium Term Note
GMTN	Global Medium Term Note
MTN	Medium Term Note
REITs	Real Estate Investment Trusts
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
EUR	Euro
IDR	Indonesian Rupiah
ISK	Icelandic Krona
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
USD	U.S. Dollar

Industry Summary at March 31, 2013 (Unaudited)

Technology	8.8	%
Wirelines	6.8
Banking	5.2
Healthcare	4.6
Chemicals	4.3
Independent Energy	4.1
Life Insurance	3.8
Home Construction	3.7
Automotive	3.4
Airlines	3.4
Supermarkets	3.2
Treasuries	2.9
Metals & Mining	2.9
Non-Captive Diversified	2.7
Media Non-Cable	2.5
Electronic Equipment, Instruments & Components	2.3
Non-Captive Consumer	2.3
Aerospace & Defense	2.2
Pharmaceuticals	2.1
Local Authorities	2.0
Other Investments, less than 2% each	22.1
Short-Term Investments	4.1
Total Investments	99.4
Other assets less liabilities	0.6
Net Assets	100.0	%

See accompanying notes to financial statements.

|  42

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund

Principal Amount		Description	Value (†)
	Bonds and Notes – 98.3% of Net Assets
		ABS Car Loan – 4.6%
$	210,000	Ally Master Owner Trust, Series 2013-1, Class A2, 1.000%, 2/15/2018	$	210,353
	88,201	AmeriCredit Automobile Receivables Trust, Series 2011-1, Class A3, 1.390%, 9/08/2015		88,463
	130,249	AmeriCredit Automobile Receivables Trust, Series 2012-2, Class A2, 0.760%, 10/08/2015		130,422
	120,000	Avis Budget Rental Car Funding AESOP LLC, Series 2010-3A, Class A, 4.640%, 5/20/2016, 144A		128,857
	71,308	BMW Vehicle Lease Trust, Series 2011-1, Class A3, 1.060%, 2/20/2014		71,372
	285,000	Capital Auto Receivables Asset Trust, Series 2013-1, Class A3, 0.790%, 6/20/2017		285,391
	155,375	CarMax Auto Owner Trust, Series 2011-1, Class A3, 1.290%, 9/15/2015		155,946
	620,000	CarMax Auto Owner Trust, Series 2012-2, Class A3, 0.840%, 3/15/2017		623,578
	30,885	CarNow Auto Receivables Trust, Series 2012-1A, Class A, 2.090%, 1/15/2015, 144A		30,896
	145,000	Harley-Davidson Motorcycle Trust, Series 2012-1, Class A3, 0.680%, 4/15/2017		145,368
	200,000	Honda Auto Receivables Owner Trust, Series 2012-2, Class A3, 0.700%, 2/16/2016		200,679
	345,000	Honda Auto Receivables Owner Trust, Series 2012-3, Class A3, 0.560%, 5/15/2016		345,281
	225,000	Hyundai Auto Receivables Trust, Series 2011-B, Class A4, 1.650%, 2/15/2017		228,826
	220,475	Santander Drive Auto Receivables Trust, Series 2011-1, Class A3, 1.280%, 1/15/2015.		220,893
	165,000	Santander Drive Auto Receivables Trust, Series 2012-6, Class A3, 0.620%, 7/15/2016		165,095
	215,000	Santander Drive Auto Receivables Trust, Series 2013-1, Class A3, 0.620%, 6/15/2017		214,941
	190,000	SMART Trust/Australia, Series 2012-4US, Class A3A, 0.970%, 3/14/2017		190,304
	200,000	SMART Trust/Australia, Series 2013-1US, Class A4A, 1.050%, 10/14/2018		200,107
	147,214	World Omni Auto Receivables Trust, Series 2011-A, Class A3, 1.110%, 5/15/2015		147,663
	110,000	World Omni Automobile Lease Securitization Trust, Series 2012-A, Class A3, 0.930%, 11/16/2015		110,534
				3,894,969
		ABS Credit Card – 1.7%
$	60,000	Capital One Multi-Asset Execution Trust, Series 2004-A4, Class A4, 0.423%, 3/15/2017(b)	$	60,069
	575,000	GE Capital Credit Card Master Note Trust, Series 2012-7, Class A, 1.760%, 9/15/2022		575,620
	210,000	MBNA Credit Card Master Note Trust, Series 2004-B1, Class B1, 4.450%, 8/15/2016		217,603
	560,000	World Financial Network Credit Card Master Trust, Series 2012-A, Class A, 3.140%, 1/17/2023		607,899
				1,461,191
		ABS Home Equity – 0.2%
	89,918	Countrywide Alternative Loan Trust, Series 2006-J5, Class 4A1, 5.214%, 7/25/2021(b)		84,784
	53,098	Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 5.115%, 2/25/2035(b)		54,514
				139,298
		ABS Other – 1.7%
	335,000	Ally Master Owner Trust, Series 2011-1, Class A2, 2.150%, 1/15/2016		339,196
	260,000	Ford Credit Floorplan Master Owner Trust, Series 2010-5, Class A1, 1.500%, 9/15/2015		261,260
	390,000	GE Dealer Floorplan Master Note Trust, Series 2012-3, Class A, 0.693%, 6/20/2017(b)		391,758
	420,000	Nissan Master Owner Trust Receivables, Series 2012-A, Class A, 0.673%, 5/15/2017(b)		421,806
				1,414,020
		ABS Student Loan – 2.2%
	656,681	Montana Higher Education Student Assistance Corp., Series 2012-1, Class A1, 0.803%, 9/20/2022(b)		659,964
	550,000	North Carolina State Education Assistance Authority, Series 2011-2, Class A2, 1.101%, 7/25/2025(b)		554,741
	650,000	South Carolina Student Loan Corp., Series 2010-1, Class A2, 1.301%, 7/25/2025(b)		659,477
				1,874,182
		Aerospace & Defense – 0.8%
	275,000	Precision Castparts Corp., 1.250%, 1/15/2018		275,571
	355,000	Raytheon Co., 3.125%, 10/15/2020		374,923
				650,494
		Airlines – 0.2%
	149,555	Delta Air Lines Pass Through Trust, Series 2009-1, Class A, 7.750%, 6/17/2021		172,736

See accompanying notes to financial statements.

43  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Automotive – 2.0%
$	235,000	Ford Motor Credit Co. LLC, 7.000%, 10/01/2013	$	241,986
	610,000	Ford Motor Credit Co. LLC, 8.125%, 1/15/2020		770,194
	315,000	Toyota Motor Credit Corp., MTN, 2.000%, 9/15/2016		326,155
	390,000	Volkswagen International Finance NV, 1.150%, 11/20/2015, 144A		391,603
				1,729,938
		Banking – 7.0%
	205,000	Bank of America Corp., 2.000%, 1/11/2018		204,025
	250,000	Bank of America Corp., 5.650%, 5/01/2018		289,202
	420,000	Bank of Nova Scotia, 0.950%, 3/15/2016		422,274
	495,000	Bear Stearns Cos., Inc. (The), 7.250%, 2/01/2018		615,170
	365,000	Capital One Financial Corp., 2.125%, 7/15/2014		370,709
	40,000	Citigroup, Inc., 5.000%, 9/15/2014		42,001
	270,000	Citigroup, Inc., 6.010%, 1/15/2015		292,363
	370,000	Goldman Sachs Group, Inc. (The), 6.150%, 4/01/2018		435,996
	275,000	JPMorgan Chase & Co., 6.000%, 1/15/2018		326,797
	630,000	Merrill Lynch & Co., Inc., MTN, 6.875%, 4/25/2018		760,423
	750,000	Morgan Stanley, Series F, GMTN, 6.625%, 4/01/2018		896,551
	100,000	PNC Financial Services Group Inc., 2.854%, 11/09/2022		99,044
	40,000	Santander Holdings USA, Inc., 4.625%, 4/19/2016		42,775
	330,000	U.S. Bancorp, MTN, 2.200%, 11/15/2016		344,359
	245,000	Wells Fargo & Co., 1.500%, 1/16/2018		244,491
	340,000	Wells Fargo & Co., 3.676%, 6/15/2016		367,646
	245,000	Westpac Banking Corp., 1.125%, 9/25/2015		246,853
				6,000,679
		Building Materials – 0.0%
	30,000	Masco Corp., 7.125%, 3/15/2020		35,023
		Chemicals – 0.8%
	85,000	Cytec Industries, Inc., 3.500%, 4/01/2023		85,216
	200,000	Eastman Chemical Co., 4.500%, 1/15/2021		221,278
	260,000	E.I. du Pont de Nemours & Co., 2.800%, 2/15/2023		264,064
	90,000	Methanex Corp., 3.250%, 12/15/2019		90,781
				661,339
		Collateralized Mortgage Obligations – 9.8%
$	725,000	FHLMC Multifamily Structured Pass Through Certificates, Series K013, Class A2, 3.974%, 1/25/2021	$	817,699
	355,000	FHLMC Multifamily Structured Pass Through Certificates, Series K501, Class A2, 1.655%, 11/25/2016		364,342
	435,000	FHLMC Multifamily Structured Pass Through Certificates, Series K702, Class A2, 3.154%, 2/25/2018		472,696
	420,000	FHLMC Multifamily Structured Pass Through Certificates, Series K704, Class A2, 2.412%, 8/25/2018		442,664
	1,035,000	FHLMC Multifamily Structured Pass Through Certificates, Series K708, Class A2, 2.130%, 1/25/2019		1,073,265
	360,000	FHLMC Multifamily Structured Pass Through Certificates, Series K709, Class A2, 2.086%, 3/25/2019		372,301
	1,460,000	FHLMC Multifamily Structured Pass Through Certificates, Series K710, Class A2, 1.883%, 5/25/2019		1,491,723
	1,135,000	FHLMC Multifamily Structured Pass Through Certificates, Series K711, Class A2, 1.730%, 7/25/2019		1,147,705
	741,699	FHLMC Multifamily Structured Pass Through Certificates, Series KF01, Class A, 0.554%, 4/25/2019(b)		743,145
	140,000	NCUA Guaranteed Notes, Series 2010-C1, Class A2, 2.900%, 10/29/2020		149,199
	309,249	NCUA Guaranteed Notes, Series 2010-R1, Class 1A, 0.650%, 10/07/2020(b)		310,217
	1,001,883	NCUA Guaranteed Notes, Series 2010-R3, Class 1A, 0.760%, 12/08/2020(b)		1,007,834
				8,392,790
		Commercial Mortgage-Backed Securities – 8.2%
	40,000	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2007-5, Class A4, 5.492%, 2/10/2051		45,884
	110,000	COBALT CMBS Commercial Mortgage Trust, Series 2007-C2, Class A3, 5.484%, 4/15/2047		125,642
	95,000	Commercial Mortgage Pass Through Certificates, Series 2012-CR2, Class A4, 3.147%, 8/15/2045		98,558
	400,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C3, Class A4, 5.680%, 6/15/2039(b)		459,260
	360,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.695%, 9/15/2040		415,408

See accompanying notes to financial statements.

|  44

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Commercial Mortgage-Backed Securities – continued
$	375,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/2039	$	427,460
	325,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049		375,318
	330,000	GS Mortgage Securities Corp. II, Series 2007-GG10, Class A4, 5.787%, 8/10/2045(b)		377,609
	1,225,000	GS Mortgage Securities Corp. II, Series 2013-KYO, Class A, 1.052%, 11/08/2029, 144A(b)		1,227,783
	350,000	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2012-LC9, Class A5, 2.840%, 12/15/2047		350,875
	410,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LD11, Class A4, 5.807%, 6/15/2049(b)		470,820
	210,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LDPX, Class A3, 5.420%, 1/15/2049		238,779
	237,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-6, Class A4, 5.485%, 3/12/2051		269,068
	475,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-9, Class A4, 5.700%, 9/12/2049		550,534
	400,000	Morgan Stanley Capital I, Series 2007-IQ14, Class A4, 5.692%, 4/15/2049		457,782
	510,000	Wachovia Bank Commercial Mortgage Trust, Series 2007-C30, Class A5, 5.342%, 12/15/2043		577,114
	555,000	Wells Fargo Commercial Mortgage Trust, Series 2012-LC5, Class A3, 2.918%, 10/15/2045		562,827
				7,030,721
		Construction Machinery – 1.0%
	230,000	Caterpillar Financial Services Corp., MTN, 1.250%, 11/06/2017		230,460
	105,000	Caterpillar Financial Services Corp., MTN, 1.300%, 3/01/2018		104,825
	290,000	Caterpillar Financial Services Corp., MTN, 6.125%, 2/17/2014		304,555
	230,000	John Deere Capital Corp., 1.300%, 3/12/2018		230,824
				870,664
		Consumer Cyclical Services – 0.7%
	585,000	Amazon.com, Inc., 0.650%, 11/27/2015		584,294
	30,000	Western Union Co. (The), 2.375%, 12/10/2015		30,532
				614,826
		Consumer Products – 0.1%
$	90,000	Tupperware Brands Corp., 4.750%, 6/01/2021	$	94,794
		Diversified Manufacturing – 0.1%
	90,000	Snap-On, Inc., 4.250%, 1/15/2018		99,256
		Electric – 2.8%
	245,000	Consolidated Edison Co. of NY, Inc., 7.125%, 12/01/2018		317,899
	375,000	Dominion Resources, Inc., 1.950%, 8/15/2016		386,713
	180,000	Duke Energy Corp., 5.650%, 6/15/2013		181,846
	195,000	FirstEnergy Corp., 2.750%, 3/15/2018		197,208
	415,000	Georgia Power Co., 0.600%, 3/15/2016(b)		415,240
	215,000	NextEra Energy Capital Holdings, Inc., 1.611%, 6/01/2014		217,021
	265,000	Southern California Edison Co., 5.750%, 3/15/2014		277,648
	375,000	Southern Co., 1.950%, 9/01/2016		387,121
				2,380,696
		Entertainment – 0.4%
	330,000	Time Warner, Inc., 4.875%, 3/15/2020		377,697
		Environmental – 0.1%
	90,000	Waste Management, Inc., 6.375%, 3/11/2015		99,420
		Food & Beverage – 1.6%
	435,000	Coca-Cola Co. (The), 1.150%, 4/01/2018		435,525
	525,000	Coca-Cola Co. (The), 3.300%, 9/01/2021		568,739
	270,000	Kraft Foods Group, Inc., 6.125%, 8/23/2018		328,394
				1,332,658
		Government Owned – No Guarantee – 0.6%
	150,000	Federal National Mortgage Association, 5.375%, 6/12/2017		178,840
	295,000	Petroleos Mexicanos, 3.500%, 1/30/2023, 144A		294,262
				473,102
		Health Insurance – 0.3%
	185,000	UnitedHealth Group, Inc., 1.625%, 3/15/2019		185,522
	35,000	WellPoint, Inc., 6.000%, 2/15/2014		36,629
	30,000	WellPoint, Inc., 7.000%, 2/15/2019		37,518
				259,669
		Healthcare – 2.3%
	75,000	Baxter International, Inc., 1.850%, 1/15/2017		76,867

See accompanying notes to financial statements.

45  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund –��continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Healthcare – continued
$	400,000	Express Scripts, Inc., 3.125%, 5/15/2016	$	422,550
	80,000	McKesson Corp., 0.950%, 12/04/2015		80,219
	425,000	McKesson Corp., 3.250%, 3/01/2016		455,486
	105,000	McKesson Corp., 6.500%, 2/15/2014		110,416
	430,000	Medtronic, Inc., 2.750%, 4/01/2023		428,543
	375,000	Stryker Corp., 2.000%, 9/30/2016		389,095
				1,963,176
		Hybrid ARMs – 0.7%
	118,033	FHLMC, 2.391%, 1/01/2035(b)		125,658
	406,909	FNMA, 2.804%, 4/01/2037(b)		434,957
				560,615
		Independent Energy – 1.8%
	100,000	Anadarko Petroleum Corp., 5.950%, 9/15/2016		115,111
	110,000	Anadarko Petroleum Corp., 6.375%, 9/15/2017		131,297
	330,000	Canadian Natural Resources Ltd., 1.450%, 11/14/2014		333,666
	275,000	Encana Corp., 6.500%, 5/15/2019		334,672
	70,000	Hess Corp., 7.000%, 2/15/2014		73,627
	115,000	Newfield Exploration Co., 5.750%, 1/30/2022		123,050
	375,000	Occidental Petroleum Corp., 1.750%, 2/15/2017		385,567
	55,000	XTO Energy, Inc., 4.900%, 2/01/2014		57,045
				1,554,035
		Integrated Energy – 1.1%
	345,000	BP Capital Markets PLC, 1.375%, 11/06/2017		345,458
	340,000	Total Capital S.A., 4.450%, 6/24/2020		393,808
	170,000	XTO Energy, Inc., 5.750%, 12/15/2013		176,478
				915,744
		Life Insurance – 0.6%
	125,000	American International Group, Inc., 4.875%, 9/15/2016		139,101
	220,000	American International Group, Inc., Series MP, MTN, 5.450%, 5/18/2017		252,017
	30,000	Lincoln National Corp., 4.300%, 6/15/2015		32,124
	70,000	Unum Group, 5.625%, 9/15/2020		81,127
				504,369
		Media Cable – 1.1%
$	280,000	Comcast Corp., 2.850%, 1/15/2023	$	279,068
	100,000	Cox Communications, Inc., 4.625%, 6/01/2013		100,683
	94,000	Cox Communications, Inc., 5.450%, 12/15/2014		101,521
	425,000	NBCUniversal Enterprise, Inc., 0.817%, 4/15/2016, 144A(b)		424,707
				905,979
		Media Non-Cable – 0.2%
	175,000	Thomson Reuters Corp., 5.950%, 7/15/2013		177,731
		Metals & Mining – 1.9%
	110,000	Alcoa, Inc., 6.150%, 8/15/2020		119,763
	315,000	ArcelorMittal, 10.350%, 6/01/2019		397,781
	240,000	Freeport-McMoRan Copper & Gold, Inc., 2.375%, 3/15/2018, 144A		241,003
	140,000	Goldcorp, Inc., 2.125%, 3/15/2018		140,459
	180,000	Rio Tinto Finance USA Ltd., 3.500%, 11/02/2020		189,695
	125,000	Rio Tinto Finance USA PLC, 1.625%, 8/21/2017		126,111
	110,000	Teck Resources Ltd., 3.150%, 1/15/2017		114,565
	270,000	Teck Resources Ltd., 3.750%, 2/01/2023		263,496
				1,592,873
		Mortgage Related – 6.5%
	351,249	FHLMC, 2.640%, 5/01/2036(b)		378,682
	94,381	FHLMC, 3.000%, with various maturities from 2026 to 2027(c)		99,349
	1,705	FHLMC, 6.500%, 1/01/2024		1,955
	209	FHLMC, 8.000%, 7/01/2025		252
	55,647	FNMA, 3.000%, 7/01/2027		58,600
	258,706	FNMA, 3.840%, 2/01/2039(b)		278,641
	1,523	FNMA, 6.000%, 9/01/2021		1,672
	534	FNMA, 7.500%, 6/01/2016		563
	660	FNMA, 8.000%, 6/01/2015		692
	325,000	GNMA, 4.312%, 2/20/2063		368,773
	580,000	GNMA, 4.356%, 2/20/2063		657,756
	320,000	GNMA, 4.483%, 4/20/2063		364,900
	243,075	GNMA, 4.496%, 10/20/2062		277,633
	510,000	GNMA, 4.500%, 3/20/2062		583,491

See accompanying notes to financial statements.

|  46

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Mortgage Related – continued
$	350,118	GNMA, 4.514%, 5/20/2062	$	397,408
	334,055	GNMA, 4.520%, 5/20/2062		378,764
	347,643	GNMA, 4.528%, 3/20/2062		393,960
	344,159	GNMA, 4.560%, 3/20/2062		389,646
	213,056	GNMA, 4.567%, 7/20/2062		243,202
	355,000	GNMA, 4.575%, 2/20/2063		406,364
	254,102	GNMA, 4.604%, 6/20/2062		289,656
	4,845	GNMA, 6.500%, 12/15/2023		5,638
	1,394	GNMA, 8.500%, 9/15/2022		1,602
	2,794	GNMA, 9.500%, 1/15/2019		3,169
				5,582,368
		Non-Captive Consumer – 0.3%
	225,000	SLM Corp., MTN, 6.250%, 1/25/2016		245,808
		Non-Captive Diversified – 1.2%
	260,000	General Electric Capital Corp., GMTN, 3.100%, 1/09/2023		257,417
	645,000	General Electric Capital Corp., 5.625%, 5/01/2018		763,338
				1,020,755
		Oil Field Services – 1.5%
	305,000	Cameron International Corp., 1.217%, 6/02/2014(b)		306,720
	355,000	Ensco PLC, 3.250%, 3/15/2016		378,118
	285,000	Nabors Industries, Inc., 9.250%, 1/15/2019		366,562
	175,000	Rowan Cos., Inc., 5.000%, 9/01/2017		195,059
				1,246,459
		Pharmaceuticals – 0.3%
	275,000	Eli Lilly & Co., 4.200%, 3/06/2014		284,716
		Pipelines – 2.3%
	140,000	Energy Transfer Partners LP, 4.650%, 6/01/2021		152,385
	290,000	Energy Transfer Partners LP, 6.000%, 7/01/2013		293,330
	380,000	Enterprise Products Operating LLC, 1.250%, 8/13/2015		382,779
	245,000	NiSource Finance Corp., 6.125%, 3/01/2022		293,259
	175,000	Questar Corp., 2.750%, 2/01/2016		183,497
	420,000	Spectra Energy Capital LLC, 3.300%, 3/15/2023		421,418
	265,000	Spectra Energy Capital LLC, 5.668%, 8/15/2014		281,986
				2,008,654
		Property & Casualty Insurance – 0.5%
$	260,000	Berkshire Hathaway Finance Corp., 1.600%, 5/15/2017	$	265,164
	155,000	Willis Group Holdings PLC, 4.125%, 3/15/2016		164,691
	15,000	Willis North America, Inc., 7.000%, 9/29/2019		17,885
				447,740
		Railroads – 1.7%
	350,000	Burlington Northern Santa Fe Corp., 7.000%, 2/01/2014		368,326
	420,000	Canadian National Railway Co., 1.450%, 12/15/2016		428,324
	325,000	CSX Corp., 3.700%, 10/30/2020		352,716
	30,000	CSX Corp., 6.150%, 5/01/2037		36,576
	260,000	Union Pacific Corp., 5.750%, 11/15/2017		310,324
				1,496,266
		REITs – Financial – 0.4%
	310,000	American Campus Communities Operating Partnership LP, 3.750%, 4/15/2023		311,800
		REITs – Healthcare – 0.0%
	35,000	Healthcare Realty Trust, Inc., 3.750%, 4/15/2023		34,799
		REITs – Shopping Centers – 0.3%
	280,000	Federal Realty Investment Trust, 5.400%, 12/01/2013		288,655
		Supermarkets – 0.4%
	285,000	Delhaize Group S.A., 4.125%, 4/10/2019		301,972
		Supranational – 0.5%
	420,000	Nordic Investment Bank, 0.500%, 4/14/2016		419,538
		Technology – 1.5%
	335,000	Agilent Technologies, Inc., 6.500%, 11/01/2017		401,193
	210,000	Corning, Inc., 4.250%, 8/15/2020		233,252
	290,000	Hewlett-Packard Co., 0.687%, 5/30/2014(b)		288,416
	75,000	Microsoft Corp., 0.875%, 11/15/2017		74,730
	305,000	Oracle Corp., 1.200%, 10/15/2017		305,336
				1,302,927
		Tobacco – 1.4%
	330,000	Altria Group, Inc., 4.750%, 5/05/2021		373,500
	90,000	Altria Group, Inc., 9.250%, 8/06/2019		125,450
	365,000	Philip Morris International, Inc., 2.500%, 5/16/2016		384,147
	295,000	Philip Morris International, Inc., 2.625%, 3/06/2023		290,071
				1,173,168

See accompanying notes to financial statements.

47  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Transportation Services – 0.4%
$	345,000	ERAC USA Finance LLC, 2.250%, 1/10/2014, 144A	$	349,052
		Treasuries – 19.1%
	1,775,000	U.S. Treasury Note, 0.750%, 10/31/2017		1,780,131
	385,000	U.S. Treasury Note, 0.875%, 4/30/2017		389,602
	1,135,000	U.S. Treasury Note, 1.625%, 8/15/2022		1,120,369
	4,435,000	U.S. Treasury Note, 1.625%, 11/15/2022		4,356,350
	2,810,000	U.S. Treasury Note, 1.750%, 5/31/2016		2,929,425
	1,070,000	U.S. Treasury Note, 1.875%, 4/30/2014		1,089,519
	2,385,000	U.S. Treasury Note, 1.875%, 6/30/2015		2,470,152
	2,085,000	U.S. Treasury Note, 2.500%, 4/30/2015		2,181,431
				16,316,979
		Wireless – 1.5%
	250,000	America Movil SAB de CV, 3.625%, 3/30/2015		262,078
	170,000	Sprint Nextel Corp., 6.000%, 12/01/2016		184,450
	410,000	Vodafone Group PLC, 1.500%, 2/19/2018		408,942
	415,000	Vodafone Group PLC, 2.950%, 2/19/2023		413,616
				1,269,086
		Wirelines – 1.9%
	640,000	AT&T, Inc., 0.900%, 2/12/2016		639,566
	625,000	AT&T, Inc., 5.800%, 2/15/2019		753,723
	255,000	Embarq Corp., 7.995%, 6/01/2036		268,441
				1,661,730
		Total Bonds and Notes
		(Identified Cost $81,655,960)		83,997,156
	Short-Term Investments – 2.3%
	1,955,636	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/28/2013 at 0.000% to be repurchased at $1,955,636 on 4/01/2013 collateralized by $2,000,000 Federal National Mortgage Association, 0.350% due 8/28/2015 valued at $1,999,586 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $1,955,636)		1,955,636
		Total Investments – 100.6%
		(Identified Cost $83,611,596)(a)		85,952,792
		Other assets less liabilities—(0.6)%		(542,707	)
		Net Assets – 100.0%	$	85,410,085
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
		At March 31, 2013, the net unrealized appreciation on investments based on a cost of $84,048,139 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	2,106,117
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(201,464	)
		Net unrealized appreciation	$	1,904,653
	(b)	Variable rate security. Rate as of March 31, 2013 is disclosed.
	(c)	The Fund’s investment in mortgage related securities of Federal Home Loan Mortgage Corporation and Government National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2013, the value of Rule 144A holdings amounted to $3,088,163 or 3.6% of net assets.
	ABS	Asset-Backed Securities
	ARMs	Adjustable Rate Mortgages
	FHLMC	Federal Home Loan Mortgage Corp.
	FNMA	Federal National Mortgage Association
	GMTN	Global Medium Term Note
	GNMA	Government National Mortgage Association
	MTN	Medium Term Note
	REITs	Real Estate Investment Trusts

Industry Summary at March 31, 2013 (Unaudited)

Treasuries	19.1	%
Collateralized Mortgage Obligations	9.8
Commercial Mortgage-Backed Securities	8.2
Banking	7.0
Mortgage Related	6.5
ABS Car Loan	4.6
Electric	2.8
Pipelines	2.3
Healthcare	2.3
ABS Student Loan	2.2
Automotive	2.0
Other Investments, less than 2% each	31.5
Short-Term Investments	2.3
Total Investments	100.6
Other assets less liabilities	(0.6	)
Net Assets	100.0	%

See accompanying notes to financial statements.

|  48

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – 91.8% of Net Assets
	Non-Convertible Bonds – 87.9%
		ABS Credit Card – 0.1%
$	1,000,000	World Financial Network Credit Card Master Trust, Series 2010-A, Class B, 6.750%, 4/15/2019	$	1,092,945
		ABS Home Equity – 0.0%
	193,573	Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 5A, 5.499%, 7/25/2035(b)		180,795
		ABS Other – 1.0%
	2,184,655	Community Program Loan Trust, Series 1987-A, Class A5, 4.500%, 4/01/2029		2,206,147
	1,691,636	SVO VOI Mortgage Corp., Series 2009-BA, Class NT, 5.810%, 12/20/2028, 144A		1,733,672
	867,682	Trinity Rail Leasing LP, Series 2009-1A, Class A, 6.657%, 11/16/2039, 144A		1,044,150
	784,926	Trinity Rail Leasing LP, Series 2012-1A, Class A1, 2.266%, 1/15/2043, 144A		819,634
	2,000,461	Trip Rail Master Funding LLC, Series 2011-1A, Class A1A, 4.370%, 7/15/2041, 144A		2,173,381
				7,976,984
		Airlines – 2.5%
	800,000	American Airlines Pass Through Trust, Series 2013-1, Class A, 4.000%, 7/15/2025, 144A		813,500
	155,000	Continental Airlines Pass Through Certificates, Series 2012-2, Class B, 5.500%, 4/29/2022		161,975
	1,105,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		1,110,525
	331,655	Continental Airlines Pass Through Trust, Series 2000-2, Class A-1, 7.707%, 10/02/2022		373,111
	979,578	Continental Airlines Pass Through Trust, Series 2007-1, Class A, 5.983%, 10/19/2023		1,114,270
	4,150,623	Continental Airlines Pass Through Trust, Series 2009-1, 9.000%, 1/08/2018		4,799,158
	160,000	Continental Airlines Pass Through Trust, Series 2012-1, Class B, 6.250%, 10/22/2021		166,365
	1,501,192	Delta Air Lines Pass Through Trust, Series 2007-1, Class B, 8.021%, 2/10/2024		1,653,263
	4,110,843	Delta Air Lines Pass Through Trust, Series 2009-1, Class A, 7.750%, 6/17/2021		4,748,024
	1,790,139	Delta Air Lines Pass Through Trust, Series 2010-1, Class A, 6.200%, 1/02/2020		2,040,759
		Airlines – continued
$	812,343	US Airways Pass Through Trust, Series 2011-1A, Class A, 7.125%, 4/22/2025	$	932,164
	1,490,000	US Airways Pass Through Trust, Series 2012-2A, Class A , 4.625%, 12/03/2026		1,553,325
				19,466,439
		Automotive – 0.6%
	1,725,000	Cummins, Inc., 5.650%, 3/01/2098		1,755,686
	2,665,000	Ford Motor Co., 6.375%, 2/01/2029		2,975,198
				4,730,884
		Banking – 13.0%
	2,670,000	Associates Corp. of North America, 6.950%, 11/01/2018		3,260,820
	230,000	Bank of America Corp., 5.420%, 3/15/2017		254,879
	1,000,000	Bank of America Corp., 5.490%, 3/15/2019		1,119,421
	530,000	Bank of America Corp., MTN, 5.000%, 5/13/2021		594,083
	985,000	Bank of America Corp., Series L, MTN, 7.625%, 6/01/2019		1,251,224
	500,000	Barclays Bank PLC, 6.050%, 12/04/2017, 144A		557,308
	2,770,000,000	Barclays Bank PLC, EMTN, 3.680%, 8/20/2015, (KRW)		2,570,254
	100,000	Citigroup, Inc., 5.365%, 3/06/2036, (CAD)(c)		97,094
	185,000	Citigroup, Inc., 5.875%, 2/22/2033		203,019
	2,515,000	Citigroup, Inc., 6.125%, 8/25/2036		2,875,965
	4,670,000	Citigroup, Inc., 6.250%, 6/29/2017, (NZD)		4,132,773
	225,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Utrecht, 3.375%, 1/19/2017		240,888
	1,330,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Utrecht, 3.875%, 2/08/2022		1,402,960
	5,400,000	Goldman Sachs Group, Inc. (The), 3.375%, 2/01/2018, (CAD)		5,401,754
	5,625,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		6,303,313
	870,000	Goldman Sachs Group, Inc. (The), GMTN, 5.375%, 3/15/2020		991,190
	4,100,000	HBOS PLC, GMTN, 6.750%, 5/21/2018, 144A		4,557,027
	7,000,000	Japan Bank for International Cooperation (Japan), 2.300%, 3/19/2018, (CAD)		6,914,141
	60,000	JPMorgan Chase & Co., 4.750%, 5/01/2013		60,208
	400,000	JPMorgan Chase & Co., EMTN, 1.056%, 5/30/2017, (GBP)(b)		573,137

See accompanying notes to financial statements.

49  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Banking – continued
	5,000,000,000	JPMorgan Chase & Co., EMTN, 7.070%, 3/22/2014, (IDR)	$	511,809
	7,000,000,000	JPMorgan Chase Bank NA, 7.700%, 6/01/2016, 144A, (IDR)		752,045
	900,000	Merrill Lynch & Co., Inc., 6.050%, 5/16/2016		1,000,603
	6,570,000	Merrill Lynch & Co., Inc., 6.110%, 1/29/2037		7,400,126
	235,000	Merrill Lynch & Co., Inc., Series C, MTN, 5.000%, 1/15/2015		249,990
	1,700,000	Merrill Lynch & Co., Inc., Series C, MTN, 6.050%, 6/01/2034		1,900,354
	100,000	Morgan Stanley, 0.784%, 10/15/2015(b)		98,341
	1,439,000	Morgan Stanley, 3.750%, 2/25/2023		1,454,521
	1,735,000	Morgan Stanley, 4.875%, 11/01/2022		1,839,294
	4,255,000	Morgan Stanley, 5.500%, 7/24/2020		4,900,318
	3,800,000	Morgan Stanley, 5.750%, 1/25/2021		4,391,234
	2,000,000	Morgan Stanley, 8.000%, 5/09/2017, (AUD)		2,289,806
	100,000	Morgan Stanley, GMTN, 5.500%, 1/26/2020		114,576
	2,000,000	Morgan Stanley, GMTN, 7.625%, 3/03/2016, (AUD)		2,240,581
	2,900,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		3,466,724
	600,000	Morgan Stanley, MTN, 7.250%, 5/26/2015, (AUD)		657,230
	1,600,000	Morgan Stanley, Series F, GMTN, 5.625%, 9/23/2019		1,839,808
	600,000	Morgan Stanley, Series F, MTN, 0.753%, 10/18/2016(b)		584,536
	420,000	National City Bank of Indiana, 4.250%, 7/01/2018		467,820
	3,550,000	Royal Bank of Scotland Group PLC, 6.125%, 12/15/2022		3,671,758
	50,000	Royal Bank of Scotland PLC (The), EMTN, 4.350%, 1/23/2017, (EUR)		64,034
	400,000	Royal Bank of Scotland PLC (The), EMTN, 6.934%, 4/09/2018, (EUR)		553,760
	100,000	Royal Bank of Scotland PLC (The), EMTN, (fixed rate to 9/22/2016, variable rate thereafter), 4.625%, 9/22/2021, (EUR)		120,168
	200,000	Santander Financial Issuances Ltd., 7.250%, 11/01/2015		216,300
	825,000	Santander Holdings USA, Inc., 4.625%, 4/19/2016		882,234
	100,000	Santander International Debt SAU, EMTN, 4.000%, 3/27/2017, (EUR)		128,732
		Banking – continued
$	400,000	Santander Issuances SAU, 5.911%, 6/20/2016, 144A	$	419,684
	400,000	Santander Issuances SAU, (fixed rate to 8/11/2014, variable rate thereafter), 6.500%, 8/11/2019, 144A		409,292
	2,000,000	Societe Generale S.A., (fixed rate to 12/19/2017, variable rate thereafter), 6.999%, 12/29/2049, (EUR)		2,518,837
	5,000,000	Societe Generale S.A., MTN, 5.200%, 4/15/2021, 144A		5,587,350
	300,000	Standard Chartered Bank, 6.400%, 9/26/2017, 144A		349,476
	4,500,000	Standard Chartered PLC, 5.500%, 11/18/2014, 144A		4,820,850
				99,263,649
		Brokerage – 1.4%
	2,750,000	Cantor Fitzgerald LP, 6.375%, 6/26/2015, 144A		2,785,425
	765,000	Cantor Fitzgerald LP, 7.875%, 10/15/2019, 144A(c)		795,334
	2,715,000	Jefferies Group LLC, 5.125%, 1/20/2023		2,874,577
	1,230,000	Jefferies Group LLC, 6.250%, 1/15/2036		1,282,275
	575,000	Jefferies Group LLC, 6.450%, 6/08/2027		635,375
	105,000	Jefferies Group LLC, 6.875%, 4/15/2021		122,571
	1,530,000	Jefferies Group LLC, 8.500%, 7/15/2019		1,904,712
				10,400,269
		Building Materials – 1.1%
	1,175,000	Masco Corp., 4.800%, 6/15/2015		1,237,295
	730,000	Masco Corp., 5.850%, 3/15/2017		806,797
	1,695,000	Masco Corp., 6.125%, 10/03/2016		1,892,813
	1,330,000	Masco Corp., 6.500%, 8/15/2032		1,354,903
	375,000	Masco Corp., 7.750%, 8/01/2029		422,092
	251,000	Owens Corning, Inc., 6.500%, 12/01/2016		282,588
	2,255,000	Owens Corning, Inc., 7.000%, 12/01/2036		2,565,816
				8,562,304
		Chemicals – 0.2%
	185,000	Methanex Corp., 5.250%, 3/01/2022		206,310
	980,000	Methanex Corp., Senior Note, 6.000%, 8/15/2015		1,063,120
				1,269,430

See accompanying notes to financial statements.

|  50

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Collateralized Mortgage Obligations – 0.1%
$	675,000	Federal Home Loan Mortgage Corp., REMIC, Series 2912, Class EH, 5.500%, 1/15/2035	$	789,793
	16,205	Federal National Mortgage Association, REMIC, 7.000%, 4/25/2020		17,964
				807,757
		Commercial Mortgage-Backed Securities – 3.3%
	160,000	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-6, Class A4, 5.188%, 9/10/2047(b)		175,666
	600,000	Bear Stearns Commercial Mortgage Securities, Series 2006-PW13, Class A4, 5.540%, 9/11/2041		676,927
	360,000	Bear Stearns Commercial Mortgage Securities, Series 2006-T24, Class A4, 5.537%, 10/12/2041		409,272
	200,000	Bear Stearns Commercial Mortgage Securities, Series 2007-PW15, Class A4, 5.331%, 2/11/2044		223,137
	407,000	Bear Stearns Commercial Mortgage Securities, Series 2007-PW16, Class A4, 5.715%, 6/11/2040(b)		474,085
	22,040	Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2006-CD2, Class A2, 5.408%, 1/15/2046		22,024
	1,055,000	Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A4, 5.322%, 12/11/2049		1,199,199
	480,000	Commercial Mortgage Pass Through Certificates, Series 2006-C7, Class A4, 5.748%, 6/10/2046(b)		539,877
	3,525,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C3, Class A4, 5.680%, 6/15/2039(b)		4,047,229
	2,030,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C4, Class A4, 5.764%, 9/15/2039(b)		2,338,938
	685,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.695%, 9/15/2040		790,428
	3,125,000	Crown Castle Towers LLC, 6.113%, 1/15/2040, 144A		3,823,116
	1,500,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049		1,732,236
		Commercial Mortgage-Backed Securities – continued
$	805,000	GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4A, 4.751%, 7/10/2039	$	857,042
	350,000	GS Mortgage Securities Corp. II, Series 2007-GG10, Class A4, 5.787%, 8/10/2045(b)		400,494
	1,090,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LD11, Class A4, 5.807%, 6/15/2049(b)		1,251,693
	1,405,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LDPX, Class A3, 5.420%, 1/15/2049		1,597,544
	480,000	LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class A5, 4.739%, 7/15/2030		512,266
	380,000	LB-UBS Commercial Mortgage Trust, Series 2006-C4, Class A4, 5.866%, 6/15/2038(b)		431,010
	390,000	LB-UBS Commercial Mortgage Trust, Series 2006-C6, Class A4, 5.372%, 9/15/2039		441,645
	235,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-2, Class A4, 5.891%, 6/12/2046(b)		266,954
	350,000	Morgan Stanley Capital I, Series 2005-HQ6, Class A4A, 4.989%, 8/13/2042		376,753
	425,000	Morgan Stanley Capital I, Series 2005-T19, Class A4A, 4.890%, 6/12/2047		459,242
	250,000	Morgan Stanley Capital I, Series 2007-IQ14, Class A4, 5.692%, 4/15/2049		286,114
	800,000	Morgan Stanley Capital I, Series 2008-T29, Class A4, 6.275%, 1/11/2043(b)		965,298
	200,000	Wachovia Bank Commercial Mortgage Trust, Series 2006-C29, Class A4, 5.308%, 11/15/2048		225,745
	400,000	Wachovia Bank Commercial Mortgage Trust, Series 2007-C30, Class A5, 5.342%, 12/15/2043		452,639
	250,000	WF-RBS Commercial Mortgage Trust, Series 2011-C3, Class D, 5.549%, 3/15/2044, 144A(b)		259,410
				25,235,983
		Consumer Products – 0.2%
	605,000	Hasbro, Inc., 6.600%, 7/15/2028		698,364
	780,000	Snap-on, Inc., 6.700%, 3/01/2019		946,771
				1,645,135

See accompanying notes to financial statements.

51  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Diversified Manufacturing – 0.1%
	540,000	Textron, Inc., EMTN, 6.625%, 4/07/2020, (GBP)	$	938,491
		Electric – 2.4%
	1,433,747	Bruce Mansfield Unit, 6.850%, 6/01/2034		1,554,038
	1,185,000	Cleveland Electric Illuminating Co. (The), 5.700%, 4/01/2017		1,342,526
	555,000	Commonwealth Edison Co., 4.700%, 4/15/2015		599,788
	3,400,000	EDP Finance BV, 4.900%, 10/01/2019, 144A		3,417,000
	800,000	EDP Finance BV, 6.000%, 2/02/2018, 144A		842,000
	600,000	EDP Finance BV, EMTN, 8.625%, 1/04/2024, (GBP)		1,043,862
	1,000,000	Endesa S.A./Cayman Islands, 7.875%, 2/01/2027		1,234,506
	900,000	Enel Finance International NV, 5.125%, 10/07/2019, 144A		954,855
	5,412,000	Enel Finance International NV, 6.000%, 10/07/2039, 144A		5,150,584
	700,000	Enel Finance International NV, 6.800%, 9/15/2037, 144A		722,894
	1,152,000	Enel Finance International NV, EMTN, 5.750%, 9/14/2040, (GBP)		1,549,214
	150,000	Iberdrola Finance Ireland Ltd., 3.800%, 9/11/2014, 144A		154,452
				18,565,719
		Financial Other – 1.2%
	5,040,000	Aviation Capital Group Corp., 6.750%, 4/06/2021, 144A		5,604,747
	2,500,000	National Life Insurance Co., 10.500%, 9/15/2039, 144A		3,555,190
				9,159,937
		Government Guaranteed – 0.6%
	1,000,000	Instituto de Credito Oficial, EMTN, 4.530%, 3/17/2016, (CAD)		952,483
	2,500,000	Instituto de Credito Oficial, MTN, 6.125%, 2/27/2014, (AUD)		2,567,219
	970,000	Queensland Treasury Corp., 7.125%, 9/18/2017, 144A, (NZD)		921,806
				4,441,508
		Government Owned – No Guarantee – 1.4%
	2,565,000	Abu Dhabi National Energy Co., 7.250%, 8/01/2018, 144A		3,174,187
	4,500,000	DP World Ltd., 6.850%, 7/02/2037, 144A		5,116,500
	9,000,000,000	Export-Import Bank of Korea, 6.600%, 11/04/2013, 144A, (IDR)		927,924
	10,400,000,000	Export-Import Bank of Korea, 8.300%, 3/15/2014, 144A, (IDR)		1,092,388
				10,310,999
		Health Insurance – 0.0%
$	20,000	CIGNA Corp., 7.875%, 5/15/2027	$	26,847
		Healthcare – 0.7%
	855,000	Boston Scientific Corp., 6.000%, 1/15/2020		999,380
	55,000	HCA, Inc., 5.875%, 3/15/2022		59,263
	3,065,000	HCA, Inc., 5.875%, 5/01/2023		3,187,600
	95,000	HCA, Inc., 6.375%, 1/15/2015		101,769
	100,000	HCA, Inc., 7.050%, 12/01/2027		98,000
	190,000	HCA, Inc., 7.190%, 11/15/2015		209,475
	75,000	HCA, Inc., 7.500%, 12/15/2023		80,250
	175,000	HCA, Inc., 7.690%, 6/15/2025		186,812
	305,000	HCA, Inc., 8.360%, 4/15/2024		341,600
	10,000	HCA, Inc., MTN, 7.580%, 9/15/2025		10,425
	305,000	HCA, Inc., MTN, 7.750%, 7/15/2036		305,000
				5,579,574
		Home Construction – 0.6%
	3,340,000	Pulte Group, Inc., 6.000%, 2/15/2035		3,206,400
	1,455,000	Pulte Group, Inc., 6.375%, 5/15/2033		1,462,275
				4,668,675
		Hybrid ARMs – 0.0%
	43,542	FNMA, 2.029%, 2/01/2037(b)		45,662
	91,706	FNMA, 3.004%, 9/01/2036(b)		98,281
				143,943
		Independent Energy – 1.8%
	1,195,000	Anadarko Petroleum Corp., 6.375%, 9/15/2017		1,426,366
	60,000	Chesapeake Energy Corp., 6.625%, 8/15/2020		65,550
	55,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		59,950
	3,000,000	EQT Corp., 8.125%, 6/01/2019		3,724,227
	2,150,000	Equitable Resources, Inc., 6.500%, 4/01/2018		2,490,678
	1,735,000	Newfield Exploration Co., 5.625%, 7/01/2024		1,791,388
	3,480,000	Plains Exploration & Production Co., 6.500%, 11/15/2020		3,845,400
				13,403,559

See accompanying notes to financial statements.

|  52

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Industrial Other – 0.2%
$	1,150,000	Worthington Industries, Inc., 6.500%, 4/15/2020	$	1,256,975
		Life Insurance – 2.1%
	1,600,000	American International Group, Inc., 6.250%, 3/15/2087		1,772,160
	2,600,000	American International Group, Inc., (fixed rate to 5/15/2038, variable rate thereafter), 8.175%, 5/15/2068		3,500,250
	390,000	American International Group, Inc., Series G, MTN, 5.850%, 1/16/2018		456,540
	110,000	American International Group, Inc., Series MP, MTN, 5.450%, 5/18/2017		126,009
	355,000	ASIF III Jersey Ltd., Series 2003-G, EMTN, 4.750%, 9/11/2013, (EUR)		462,824
	2,355,000	Forethought Financial Group, Inc., 8.625%, 4/15/2021, 144A		2,834,612
	2,620,000	NLV Financial Corp., 7.500%, 8/15/2033, 144A		2,888,013
	2,885,000	Penn Mutual Life Insurance Co. (The), 7.625%, 6/15/2040, 144A		3,779,286
				15,819,694
		Local Authorities – 2.6%
	3,740,000	Autonomous Community of Madrid Spain, 4.300%, 9/15/2026, 144A, (EUR)		3,749,866
	100,000	City of Madrid Spain, 4.550%, 6/16/2036, (EUR)		85,884
	4,635,000	Manitoba (Province of), GMTN, 6.375%, 9/01/2015, (NZD)		4,129,792
	4,495,000	New South Wales Treasury Corp., 6.000%, 2/01/2018, (AUD)		5,163,969
	4,000,000	New South Wales Treasury Corp., Series 17RG, 5.500%, 3/01/2017, (AUD)		4,504,146
	203,838	Province of Alberta, 5.930%, 9/16/2016, (CAD)		220,920
	1,185,000	Province of Quebec, Canada, Series QC, 6.750%, 11/09/2015, (NZD)		1,069,338
	670,000	Queensland Treasury Corp., Series 14, 5.750%, 11/21/2014, (AUD)		726,249
				19,650,164
		Lodging – 0.2%
	1,480,000	Wyndham Worldwide Corp., 6.000%, 12/01/2016		1,687,719
		Media Non-Cable – 0.1%
	240,000	News America, Inc., 8.150%, 10/17/2036		328,144
		Media Non-Cable – continued
$	580,000	R.R. Donnelley & Sons Co., 8.250%, 3/15/2019	$	626,400
				954,544
		Metals & Mining – 0.7%
	420,000	ArcelorMittal, 6.750%, 2/25/2022		459,003
	2,305,000	ArcelorMittal, 7.250%, 3/01/2041		2,293,475
	510,000	ArcelorMittal, 7.500%, 10/15/2039		524,025
	2,070,000	United States Steel Corp., 7.500%, 3/15/2022		2,168,325
				5,444,828
		Mortgage Related – 0.0%
	2,785	FHLMC, 10.000%, with various maturities in 2018(d)		3,203
	7,780	FNMA, 6.000%, 12/01/2018		8,522
	15,759	GNMA, 10.000%, with various maturities in 2018(d)		16,116
				27,841
		Non-Captive Consumer – 2.2%
	5,535,000	SLM Corp., 5.500%, 1/25/2023		5,493,487
	170,000	SLM Corp., MTN, 4.625%, 9/25/2017		176,588
	1,820,000	SLM Corp., MTN, 7.250%, 1/25/2022		2,033,850
	240,000	SLM Corp., Series A, MTN, 5.000%, 4/15/2015		253,200
	1,295,000	SLM Corp., Series A, MTN, 5.625%, 8/01/2033		1,197,875
	2,385,000	SLM Corp., Series A, MTN, 8.450%, 6/15/2018		2,826,225
	1,300,000	Springleaf Finance Corp., Series J, MTN, 6.500%, 9/15/2017		1,293,500
	3,615,000	Springleaf Finance Corp., Series J, MTN, 6.900%, 12/15/2017		3,633,075
				16,907,800
		Non-Captive Diversified – 3.7%
	97,000	Ally Financial, Inc., 8.000%, 12/31/2018		116,036
	820,000	General Electric Capital Australia Funding Pty Ltd., 7.000%, 10/08/2015, (AUD)		917,557
	85,000	General Electric Capital Corp., GMTN, 3.100%, 1/09/2023		84,156
	16,985,000	General Electric Capital Corp., GMTN, 4.250%, 1/17/2018, (NZD)		14,050,457
	790,000	General Electric Capital Corp., Series A, EMTN, 5.500%, 2/01/2017, (NZD)		693,639

See accompanying notes to financial statements.

53  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Non-Captive Diversified – continued
	470,000	General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016, (NZD)	$	428,204
	2,205,000	General Electric Capital Corp., Series A, GMTN, 7.625%, 12/10/2014, (NZD)		1,962,850
	655,000	General Electric Capital Corp., Series A, MTN, 0.604%, 5/13/2024(b)		584,656
	5,650,000	General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015, (NZD)		5,016,989
	40,000	International Lease Finance Corp., 3.875%, 4/15/2018		39,900
	175,000	International Lease Finance Corp., 5.875%, 4/01/2019		189,027
	25,000	International Lease Finance Corp., 5.875%, 8/15/2022		26,946
	3,550,000	International Lease Finance Corp., 6.250%, 5/15/2019		3,887,250
	275,000	International Lease Finance Corp., Series R, MTN, 5.650%, 6/01/2014		287,031
				28,284,698
		Oil Field Services – 0.2%
	1,090,000	Rowan Cos., Inc., 7.875%, 8/01/2019		1,361,660
		Paper – 0.3%
	1,500,000	Georgia-Pacific LLC, 7.250%, 6/01/2028		1,971,389
	230,000	Mead Corp. (The), 7.550%, 3/01/2047(c)		255,033
	190,000	Westvaco Corp., 8.200%, 1/15/2030		236,595
				2,463,017
		Pipelines – 0.8%
	210,000	DCP Midstream LP, 6.450%, 11/03/2036, 144A		236,772
	200,000	Florida Gas Transmission Co., 7.900%, 5/15/2019, 144A		259,512
	800,000	IFM US Colonial Pipeline 2 LLC, 6.450%, 5/01/2021, 144A		898,362
	965,000	NGPL PipeCo LLC, 7.119%, 12/15/2017, 144A		1,027,725
	2,000,000	NiSource Finance Corp., 6.125%, 3/01/2022		2,393,952
	810,000	Southern Natural Gas Co., 5.900%, 4/01/2017, 144A		944,083
				5,760,406
		Property & Casualty Insurance – 1.0%
	1,695,000	Hanover Insurance Group, Inc. (The), 7.500%, 3/01/2020		1,995,283
	115,000	MBIA Insurance Corp., 11.564%, 1/15/2033, 144A(b)(e)		26,450
		Property & Casualty Insurance – continued
$	150,000	Progressive Corp., 7.000%, 10/01/2013	$	154,930
	220,000	White Mountains Re Group Ltd., 6.375%, 3/20/2017, 144A		247,508
	805,000	Willis North America, Inc., 7.000%, 9/29/2019		959,812
	2,015,000	XL Group PLC, 6.250%, 5/15/2027		2,449,267
	1,595,000	XL Group PLC, 6.375%, 11/15/2024		1,934,363
				7,767,613
		Railroads – 0.0%
	190,000	Missouri Pacific Railroad Co., 5.000%, 1/01/2045(c)		152,000
		Refining – 0.1%
	750,000	Reliance Holdings USA, Inc., 5.400%, 2/14/2022, 144A		836,029
		REITs – Apartments – 0.0%
	30,000	ERP Operating LP, 5.125%, 3/15/2016		33,399
	115,000	ERP Operating LP, 5.750%, 6/15/2017		134,386
				167,785
		REITs – Office Property – 0.2%
	80,000	Highwoods Properties, Inc., 5.850%, 3/15/2017		89,747
	1,075,000	Highwoods Properties, Inc., 7.500%, 4/15/2018		1,300,260
				1,390,007
		REITs – Shopping Centers – 0.4%
	1,000,000	Equity One, Inc., 6.000%, 9/15/2017		1,139,507
	1,350,000	Federal Realty Investment Trust, 5.650%, 6/01/2016		1,522,128
				2,661,635
		REITs – Single Tenant – 0.1%
	95,000	Realty Income Corp., 5.750%, 1/15/2021		110,694
	405,000	Realty Income Corp., 6.750%, 8/15/2019		501,008
				611,702
		REITs – Warehouse/Industrials – 0.2%
	55,000	ProLogis LP, 5.625%, 11/15/2015		60,358
	240,000	ProLogis LP, 5.625%, 11/15/2016		271,963
	265,000	ProLogis LP, 5.750%, 4/01/2016		294,529
	785,000	ProLogis LP, 7.375%, 10/30/2019		982,939
				1,609,789
		Restaurants – 0.1%
	610,000	Darden Restaurants, Inc., 6.000%, 8/15/2035		638,460

See accompanying notes to financial statements.

|  54

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Retailers – 0.0%
$	118,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036	$	88,500
		Sovereigns – 1.4%
	5,250,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)		2,766,918
	3,100,000	Republic of Croatia, 6.750%, 11/05/2019, 144A		3,394,779
	3,200,000	Republic of Iceland, 5.875%, 5/11/2022, 144A		3,668,835
	85,235,000	Republic of Iceland, 6.000%, 10/13/2016, (ISK)		484,464
	51,425,000	Republic of Iceland, 7.250%, 10/26/2022, (ISK)		298,628
	64,890,000	Republic of Iceland, 8.750%, 2/26/2019, (ISK)		406,083
				11,019,707
		Supermarkets – 0.3%
	225,000	Delhaize Group S.A., 5.700%, 10/01/2040		219,511
	260,000	New Albertson’s, Inc., 7.450%, 8/01/2029		208,325
	1,340,000	New Albertson’s, Inc., 8.000%, 5/01/2031		1,085,400
	115,000	New Albertson’s, Inc., 8.700%, 5/01/2030		96,600
	455,000	SUPERVALU, Inc., 8.000%, 5/01/2016		473,200
				2,083,036
		Supranational – 1.6%
	4,000,000	European Bank for Reconstruction & Development, EMTN, 9.000%, 4/28/2014, (BRL)		2,043,004
	45,300,000,000	Inter-American Development Bank, EMTN, Zero Coupon, 9/23/2013, (IDR)		4,545,150
	4,375,000	Inter-American Development Bank, EMTN, 6.000%, 12/15/2017, (NZD)		4,021,573
	3,430,000	International Finance Corp., GMTN, 5.000%, 12/21/2015, (BRL)		1,644,431
				12,254,158
		Technology – 1.3%
	810,000	Corning, Inc., 7.000%, 5/15/2024		1,059,651
	3,565,000	Corning, Inc., 7.250%, 8/15/2036		4,579,474
	3,550,000	Ingram Micro, Inc., 5.250%, 9/01/2017		3,875,325
	49,000	Motorola Solutions, Inc., 6.625%, 11/15/2037		54,398
	375,000	Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		480,375
				10,049,223
		Tobacco – 0.1%
$	735,000	Reynolds American, Inc., 6.750%, 6/15/2017	$	884,654
		Transportation Services – 0.3%
	100,000	APL Ltd., 8.000%, 1/15/2024(c)		94,000
	1,327,895	Atlas Air Pass Through Trust, Series 1998-1, Class B, 7.680%, 7/02/2015		1,367,732
	945,000	Erac USA Finance Co., 6.700%, 6/01/2034, 144A		1,156,044
				2,617,776
		Treasuries – 32.3%
	10,935,000	Canadian Government, 2.500%, 6/01/2015, (CAD)		11,106,800
	130,000	Canadian Government, 2.750%, 9/01/2016, (CAD)		134,685
	40,000,000	Canadian Government, 3.000%, 12/01/2015, (CAD)		41,360,437
	31,580,000	Canadian Government, 3.750%, 6/01/2019, (CAD)		35,245,500
	1,000,000	Canadian Government, 4.000%, 6/01/2016, (CAD)		1,071,615
	1,390,000	Ireland Government Bond, 4.500%, 10/18/2018, (EUR)		1,902,676
	3,420,000	Ireland Government Bond, 4.500%, 4/18/2020, (EUR)		4,579,804
	1,590,000	Ireland Government Bond, 5.000%, 10/18/2020, (EUR)		2,188,994
	1,750,000	Ireland Government Bond, 5.400%, 3/13/2025, (EUR)		2,424,941
	50,000	Italy Buoni Poliennali Del Tesoro, 5.000%, 8/01/2034, (EUR)		63,467
	50,000	Italy Buoni Poliennali Del Tesoro, 5.250%, 11/01/2029, (EUR)		65,569
	50,000	Italy Buoni Poliennali Del Tesoro, 5.750%, 2/01/2033, (EUR)		68,669
	22,000(††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		222,230
	23,620,000	Norwegian Government Bond, 4.250%, 5/19/2017, (NOK)		4,502,647
	21,355,000	Norwegian Government Bond, 5.000%, 5/15/2015, (NOK)		3,940,808
	35,085,000	Norwegian Government Bond, 6.500%, 5/15/2013, (NOK)		6,036,032
	410,000	Portugal Obrigacoes do Tesouro OT, 3.850%, 4/15/2021, (EUR)		447,597
	100,000	Portugal Obrigacoes do Tesouro OT, 4.800%, 6/15/2020, (EUR)		118,776
	450,000	Portugal Obrigacoes do Tesouro OT, 4.950%, 10/25/2023, (EUR)		513,670
	37,400,000	U.S. Treasury Note, 0.125%, 12/31/2014		37,335,709
	38,360,000	U.S. Treasury Note, 0.250%, 5/31/2014		38,386,967
	14,885,000	U.S. Treasury Note, 0.250%, 10/15/2015		14,860,574
	13,670,000	U.S. Treasury Note, 0.250%, 12/15/2015		13,641,170

See accompanying notes to financial statements.

55  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Treasuries – continued
$	26,990,000	U.S. Treasury Note, 0.375%, 11/15/2015	$	27,032,158
				247,251,495
		Wireless – 0.3%
	14,000,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		1,191,606
	234,000	Sprint Capital Corp., 6.875%, 11/15/2028		239,265
	120,000	Sprint Capital Corp., 6.900%, 5/01/2019		131,700
	366,000	Sprint Nextel Corp., 6.000%, 12/01/2016		397,110
				1,959,681
		Wirelines – 2.8%
	2,000,000	BellSouth Telecommunications, Inc., 5.850%, 11/15/2045		2,050,080
	2,870,000	CenturyLink, Inc., 6.450%, 6/15/2021		3,042,200
	245,000	CenturyLink, Inc., Series G, 6.875%, 1/15/2028		242,550
	2,265,000	CenturyLink, Inc., Series P, 7.600%, 9/15/2039		2,197,050
	1,220,000	Embarq Corp., 7.995%, 6/01/2036		1,284,306
	300,000	Portugal Telecom International Finance BV, EMTN, 4.500%, 6/16/2025, (EUR)		357,747
	100,000	Portugal Telecom International Finance BV, EMTN, 5.000%, 11/04/2019, (EUR)		129,467
	500,000	Qwest Capital Funding, Inc., 6.500%, 11/15/2018		564,463
	2,875,000	Qwest Corp., 6.875%, 9/15/2033		2,857,698
	1,880,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		1,745,317
	500,000	Telefonica Emisiones SAU, EMTN, 5.445%, 10/08/2029, (GBP)		738,565
	1,700,000	Telefonica Emisiones SAU, EMTN, 5.597%, 3/12/2020, (GBP)		2,769,924
	2,170,000	Verizon New England, Inc., 7.875%, 11/15/2029		2,737,459
	275,000	Verizon Pennsylvania, Inc., 6.000%, 12/01/2028		309,108
				21,025,934
		Total Non-Convertible Bonds
		(Identified Cost $597,502,275)		672,560,356
	Convertible Bonds – 3.3%
		Automotive – 0.2%
	1,035,000	Ford Motor Co., 4.250%, 11/15/2016		1,658,588
		Independent Energy – 0.4%
	1,750,000	Chesapeake Energy Corp., 2.500%, 5/15/2037		1,676,719
		Independent Energy – continued
$	865,000	Chesapeake Energy Corp., 2.750%, 11/15/2035	$	866,081
				2,542,800
		Life Insurance – 1.3%
	8,995,000	Old Republic International Corp., 3.750%, 3/15/2018		10,035,047
		Metals & Mining – 0.1%
	720,000	United States Steel Corp., 2.750%, 4/01/2019		728,100
		Technology – 1.3%
	3,505,000	Intel Corp., 2.950%, 12/15/2035		3,719,681
	4,700,000	Intel Corp., 3.250%, 8/01/2039		5,657,625
	530,000	Lam Research Corp., Series B, 1.250%, 5/15/2018		565,444
				9,942,750
		Total Convertible Bonds
		(Identified Cost $21,663,748)		24,907,285
	Municipals – 0.6%
		Illinois – 0.1%
	1,105,000	State of Illinois, 5.100%, 6/01/2033		1,088,149
		Michigan – 0.1%
	1,030,000	Michigan Tobacco Settlement Finance Authority Taxable Turbo, Series A, 7.309%, 6/01/2034(c)		901,415
		Ohio – 0.1%
	750,000	Buckeye Tobacco Settlement Financing Authority, Series A-2, 5.875%, 6/01/2047(c)		672,787
		Virginia – 0.3%
	2,815,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046(c)		2,092,333
		Total Municipals
		(Identified Cost $5,407,606)		4,754,684
		Total Bonds and Notes
		(Identified Cost $624,573,629)		702,222,325
	Senior Loans – 0.4%
		Non-Captive Diversified – 0.4%
	2,950,000	Flying Fortress, Inc., 1st Lien Term Loan, 5.000%, 6/30/2017(b) (Identified Cost $2,926,375)		2,970,886

See accompanying notes to financial statements.

|  56

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued

Shares		Description	Value (†)
	Common Stocks – 2.8%
		Biotechnology – 0.1%
	13,708	Vertex Pharmaceuticals, Inc.(e)	$	753,666
		Chemicals – 0.5%
	31,080	PPG Industries, Inc.		4,162,855
		Electronic Equipment, Instruments & Components – 1.7%
	950,000	Corning, Inc.		12,663,500
		Oil, Gas & Consumable Fuels – 0.5%
	85,496	Repsol YPF S.A., Sponsored ADR		1,743,264
	34,819	Royal Dutch Shell PLC, ADR		2,268,806
				4,012,070
		Total Common Stocks
		(Identified Cost $19,174,986)		21,592,091
	Preferred Stocks – 0.8%
	Non-Convertible Preferred Stocks – 0.5%
		Electric – 0.1%
	263	Connecticut Light & Power Co., 2.200%		12,295
	100	San Diego Gas & Electric Co., 4.500%		2,020
	3,160	Union Electric Co., 4.500%		302,096
				316,411
		Government Sponsored – 0.4%
	3,000	Falcons Funding Trust I, (Step to 10.875% on 3/15/2015, variable rate after 3/15/2020), 8.875%, 144A(f)		3,131,250
		Non-Captive Diversified – 0.0%
	161	Ally Financial, Inc., Series G, 7.000%, 144A		159,219
		Total Non-Convertible Preferred Stocks
		(Identified Cost $3,216,271)		3,606,880
	Convertible Preferred Stocks – 0.3%
		Banking – 0.1%
	940	Bank of America Corp., Series L, 7.250%		1,145,070
		Metals & Mining – 0.1%
	21,380	ArcelorMittal, 6.000%		447,911
		Pipelines – 0.1%
	20,775	El Paso Energy Capital Trust I, 4.750%		1,220,116
		Total Convertible Preferred Stocks
		(Identified Cost $2,267,260)		2,813,097
		Total Preferred Stocks
		(Identified Cost $5,483,531)		6,419,977
	Short-Term Investments – 3.0%
$	35,646	Repurchase Agreement with State Street Bank and Trust Company, dated 3/29/2013 at 0.010% to be repurchased at $35,646 on 4/01/2013 collateralized by $40,000 Federal National Mortgage Association, 2.080% due 11/02/2022 valued at $40,027 including accrued interest (Note 2 of Notes to Financial Statements)	$	35,646
	23,284,069	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/28/2013 at 0.000% to be repurchased at $23,284,069 on 4/01/2013 collateralized by $23,755,000 Federal National Mortgage Association, 0.350% due 8/28/2015 valued at $23,750,088 including accrued interest (Note 2 of Notes to Financial Statements)		23,284,069
		Total Short-Term Investments
		(Identified Cost $23,319,715)		23,319,715
		Total Investments – 98.8%
		(Identified Cost $675,478,236)(a)		756,524,994
		Other assets less liabilities—1.2%		8,828,192
		Net Assets – 100.0%	$	765,353,186
	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(††)	Amount shown represents units. One unit represents a principal amount of 100.
	(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
		At March 31, 2013, the net unrealized appreciation on investments based on a cost of $678,140,193 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	81,661,677
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(3,276,876	)
		Net unrealized appreciation	$	78,384,801
	(b)	Variable rate security. Rate as of March 31, 2013 is disclosed.
	(c)	Illiquid security. At March 31, 2013, the value of these securities amounted to $5,059,996 or 0.7% of net assets.
	(d)	The Fund’s investment in mortgage related securities of Federal Home Loan Mortgage Corporation and Government National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(e)	Non-income producing security.
	(f)	Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.

See accompanying notes to financial statements.

57  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued

144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2013, the value of Rule 144A holdings amounted to $93,053,901 or 12.2% of net assets.
ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
ABS	Asset-Backed Securities
ARMs	Adjustable Rate Mortgages
EMTN	Euro Medium Term Note
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GMTN	Global Medium Term Note
GNMA	Government National Mortgage Association
MTN	Medium Term Note
REITs	Real Estate Investment Trusts
REMIC	Real Estate Mortgage Investment Conduit
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
IDR	Indonesian Rupiah
ISK	Icelandic Krona
KRW	South Korean Won
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar

Industry Summary at March 31, 2013 (Unaudited)

Treasuries	32.3	%
Banking	13.1
Non-Captive Diversified	4.1
Life Insurance	3.4
Commercial Mortgage-Backed Securities	3.3
Wirelines	2.8
Technology	2.6
Local Authorities	2.6
Airlines	2.5
Electric	2.5
Non-Captive Consumer	2.2
Independent Energy	2.2
Other Investments, less than 2% each	22.2
Short-Term Investments	3.0
Total Investments	98.8
Other assets less liabilities	1.2
Net Assets	100.0	%

Currency Exposure Summary at March 31, 2013 (Unaudited)

United States Dollar	69.9	%
Canadian Dollar	13.3
New Zealand Dollar	4.8
Euro	2.7
Australian Dollar	2.6
Other, less than 2% each	5.5
Total Investments	98.8
Other assets less liabilities	1.2
Net Assets	100.0	%

See accompanying notes to financial statements.

|  58

Statements of Assets and Liabilities

March 31, 2013 (Unaudited)

	Fixed Income Fund		Global Bond Fund			Inflation Protected Securities Fund
ASSETS
Investments at cost	$	1,045,484,443	$	2,734,677,669		$	23,728,464
Net unrealized appreciation		146,362,654		55,553,350			571,472
Investments at value		1,191,847,097		2,790,231,019			24,299,936
Cash		308,422		—			—
Foreign currency at value (identified cost $336,623, $42,737,633 and $0)		344,375		42,139,123			—
Receivable for Fund shares sold		—		6,935,831			139
Receivable from investment adviser (Note 6)		—		—			7,236
Receivable for securities sold		18,524		—			167,711
Receivable for delayed delivery securities sold (Note 2)		—		213,077,598			—
Collateral received for open forward foreign currency contracts and swaptions (Notes 2 and 4)		—		2,980,733			380,000
Dividends and interest receivable		15,324,553		22,920,423			28,620
Unrealized appreciation on forward foreign currency contracts (Note 2)		—		3,633,192			—
Tax reclaims receivable		32,595		221,942			—
Receivable for variation margin on futures contracts (Note 2)		—		105,426			305
TOTAL ASSETS		1,207,875,566		3,082,245,287			24,883,947
LIABILITIES
Swaptions written, at value (premiums received $0, $0 and $577,561) (Note 2)		—		—			653,396
Payable for securities purchased		2,000,000		11,705,247			168,302
Payable for delayed delivery securities purchased (Note 2)		—		466,762,754			—
Payable for Fund shares redeemed		11,264,952		2,116,243			247,181
Unrealized depreciation on forward foreign currency contracts (Note 2)		—		3,220,013			—
Foreign taxes payable (Note 2)		147,721		—			—
Due to brokers (Note 2)		—		2,980,733			380,000
Management fees payable (Note 6)		508,082		950,733			—
Deferred Trustees’ fees (Note 6)		125,522		213,743			66,424
Administrative fees payable (Note 6)		44,905		97,676			927
Payable for closed swap agreements		—		—			8,553
Payable to distributor (Note 6d)		—		41,213			107
Other accounts payable and accrued expenses		34,457		363,150			31,229
TOTAL LIABILITIES		14,125,639		488,451,505			1,556,119
NET ASSETS	$	1,193,749,927	$	2,593,793,782		$	23,327,828
NET ASSETS CONSIST OF:
Paid-in capital	$	1,030,909,177	$	2,522,918,663		$	22,952,145
Undistributed (Distributions in excess of) net investment income		8,905,272		(8,157,269	)		(310,901	)
Accumulated net realized gain on investments, futures contracts, swaptions written, swap agreements and foreign currency transactions		7,757,520		24,055,156			191,304
Net unrealized appreciation on investments, futures contracts, swaptions written and foreign currency translations		146,177,958		54,977,232			495,280
NET ASSETS	$	1,193,749,927	$	2,593,793,782		$	23,327,828
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Institutional Class:
Net assets	$	1,193,749,927	$	1,658,888,138		$	21,489,311
Shares of beneficial interest		80,752,667		97,535,354			1,882,131
Net asset value, offering and redemption price per share	$	14.78	$	17.01		$	11.42
Retail Class:
Net assets	$	—	$	934,904,650		$	1,838,517
Shares of beneficial interest		—		55,504,391			161,644
Net asset value, offering and redemption price per share	$	—	$	16.84		$	11.37
Class N:
Net assets	$	—	$	994		$	—
Shares of beneficial interest		—		58			—
Net asset value, offering and redemption price per share	$	—	$	17.01	*	$	—

* Net asset value calculations reflect fractional shares and dollar amounts.

See accompanying notes to financial statements.

59  |

	Institutional High Income Fund		Intermediate Duration Bond Fund			Investment Grade Fixed Income Fund
ASSETS
Investments at cost	$	564,195,427	$	83,611,596		$	675,478,236
Net unrealized appreciation		86,022,199		2,341,196			81,046,758
Investments at value		650,217,626		85,952,792			756,524,994
Cash		223,921		21,701			150,881
Foreign currency at value (identified cost $89,295, $0 and $185,373)		90,826		—			188,336
Receivable for Fund shares sold		12,299		141,826			450,000
Receivable for securities sold		—		249,265			6,048
Dividends and interest receivable		9,236,405		487,598			8,436,383
Tax reclaims receivable		15,416		—			16,170
TOTAL ASSETS		659,796,493		86,853,182			765,772,812
LIABILITIES
Payable for securities purchased		4,734,950		1,257,411			—
Payable for Fund shares redeemed		3,320		66,069			—
Foreign taxes payable (Note 2)		136,251		—			—
Management fees payable (Note 6)		331,726		11,432			260,042
Deferred Trustees’ fees (Note 6)		87,215		69,522			94,783
Administrative fees payable (Note 6)		24,432		3,187			28,729
Payable to distributor (Note 6d)		67		49			—
Other accounts payable and accrued expenses		40,407		35,427			36,072
TOTAL LIABILITIES		5,358,368		1,443,097			419,626
NET ASSETS	$	654,438,125	$	85,410,085		$	765,353,186
NET ASSETS CONSIST OF:
Paid-in capital	$	551,802,551	$	83,439,161		$	683,017,489
Undistributed (Distributions in excess of) net investment income		3,302,946		(276,636	)		(1,963,235	)
Accumulated net realized gain (loss) on investments and foreign currency transactions		13,460,595		(93,636	)		3,278,547
Net unrealized appreciation on investments and foreign currency translations		85,872,033		2,341,196			81,020,385
NET ASSETS	$	654,438,125	$	85,410,085		$	765,353,186
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Institutional Class:
Net assets	$	654,438,125	$	77,583,397		$	765,353,186
Shares of beneficial interest		83,216,704		7,331,255			57,933,322
Net asset value, offering and redemption price per share	$	7.86	$	10.58		$	13.21
Retail Class:
Net assets	$	—	$	7,826,688		$	—
Shares of beneficial interest		—		739,300			—
Net asset value, offering and redemption price per share	$	—	$	10.59		$	—

See accompanying notes to financial statements.

|  60

Statements of Operations

For the six months ended March 31, 2013 (Unaudited)

	Fixed Income Fund			Global Bond Fund			Inflation Protected Securities Fund
INVESTMENT INCOME
Interest	$	28,397,556		$	36,064,418		$	45,560
Dividends		1,864,602			198,632			4,878
Less net foreign taxes withheld		(54,420	)		—			—
		30,207,738			36,263,050			50,438
Expenses
Management fees (Note 6)		2,925,743			7,027,491			34,581
Distribution fees (Note 6)		—			1,218,273			6,080
Administrative fees (Note 6)		259,306			584,363			6,130
Trustees’ fees and expenses (Note 6)		21,697			37,386			10,082
Transfer agent fees and expenses (Notes 6 and 7)		3,118			1,714,565			8,805
Audit and tax services fees		23,146			24,585			20,982
Custodian fees and expenses		39,926			143,124			9,517
Legal fees		8,114			18,647			202
Registration fees		23,168			51,445			26,398
Shareholder reporting expenses		1,870			394,030			1,792
Miscellaneous expenses		15,459			32,429			3,263
Total expenses		3,321,547			11,246,338			127,832
Less waiver and/or expense reimbursement (Note 6)		—			(229,127	)		(66,345	)
Net expenses		3,321,547			11,017,211			61,487
Net investment income (loss)		26,886,191			25,245,839			(11,049	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS, SWAPTIONS WRITTEN, SWAP AGREEMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		11,491,422			46,704,057			194,735
Futures contracts		—			(331,874	)		1,730
Swaptions written		—			—			86,575
Swap agreements		—			—			(8,553	)
Foreign currency transactions		11,235			7,323,099			—
Net change in unrealized appreciation (depreciation) on:
Investments		23,422,109			(99,418,232	)		(253,072	)
Futures contracts		—			264,572			383
Swaptions written		—			—			(7,103	)
Foreign currency translations		(82,029	)		(1,081,063	)		—
Net realized and unrealized gain (loss) on investments, futures contracts, swaptions written, swap agreements and foreign currency transactions		34,842,737			(46,539,441	)		14,695
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	61,728,928		$	(21,293,602	)	$	3,646

See accompanying notes to financial statements.

61  |

	Institutional High Income Fund			Intermediate Duration Bond Fund			Investment Grade Fixed Income Fund
INVESTMENT INCOME
Interest	$	19,468,391		$	917,305		$	14,718,271
Dividends		1,433,763			—			547,851
Less net foreign taxes withheld		(38,735	)		—			(18,225	)
		20,863,419			917,305			15,247,897
Expenses
Management fees (Note 6)		1,930,931			100,861			1,488,230
Distribution fees (Note 6)		—			6,739			—
Administrative fees (Note 6)		142,613			17,878			164,876
Trustees’ fees and expenses (Note 6)		16,083			10,605			16,870
Transfer agent fees and expenses (Notes 6 and 7)		6,000			4,495			1,626
Audit and tax services fees		22,278			20,880			21,508
Custodian fees and expenses		36,722			10,793			24,798
Legal fees		4,541			536			4,956
Registration fees		23,582			27,304			33,268
Shareholder reporting expenses		3,141			1,390			1,276
Miscellaneous expenses		10,235			3,675			10,190
Total expenses		2,196,126			205,156			1,767,598
Less waiver and/or expense reimbursement (Note 6)		—			(37,039	)		—
Net expenses		2,196,126			168,117			1,767,598
Net investment income		18,667,293			749,188			13,480,299
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		15,230,468			340,347			7,626,743
Foreign currency transactions		(17,488	)		—			14,279
Net change in unrealized appreciation (depreciation) on:
Investments		21,092,518			(372,741	)		2,385,451
Foreign currency translations		(12,675	)		—			(64,651	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		36,292,823			(32,394	)		9,961,822
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	54,960,116		$	716,794		$	23,442,121

See accompanying notes to financial statements.

|  62

Statements of Changes in Net Assets

	Fixed Income Fund						Global Bond Fund
	Six Months Ended March 31, 2013 (Unaudited)			Year Ended September 30, 2012			Six Months Ended March 31, 2013 (Unaudited)			Year Ended September 30, 2012
FROM OPERATIONS:
Net investment income	$	26,886,191		$	51,289,022		$	25,245,839		$	59,290,426
Net realized gain on investments, futures contracts and foreign currency transactions		11,502,657			8,685,455			53,695,282			34,417,067
Net change in unrealized appreciation (depreciation) on investments, futures contracts and foreign currency translations		23,340,080			84,579,062			(100,234,723	)		116,785,503
Net increase (decrease) in net assets resulting from operations		61,728,928			144,553,539			(21,293,602	)		210,492,996
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Institutional Class		(57,791,763)			(55,065,901	)		(21,965,195	)		(49,854,363	)
Retail Class		—			—			(11,809,833	)		(35,526,511	)
Class N		—			—			(4	)		—
Net realized capital gains
Institutional Class		(6,003,633)			(3,493,626	)		—			—
Total distributions		(63,795,396	)		(58,559,527	)		(33,775,032	)		(85,380,874	)
NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		60,881,338			167,671,586			23,932,694			167,583,958
Net increase (decrease) in net assets		58,814,870			253,665,598			(31,135,940	)		292,696,080
NET ASSETS
Beginning of the period		1,134,935,057			881,269,459			2,624,929,722			2,332,233,642
End of the period	$	1,193,749,927		$	1,134,935,057		$	2,593,793,782		$	2,624,929,722
UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME	$	8,905,272		$	39,810,844		$	(8,157,269	)	$	371,924

See accompanying notes to financial statements.

63  |

	Inflation Protected Securities Fund						Institutional High Income Fund
	Six Months Ended March 31, 2013 (Unaudited)			Year Ended September 30, 2012			Six Months Ended March 31, 2013 (Unaudited)			Year Ended September 30, 2012
FROM OPERATIONS:
Net investment income (loss)	$	(11,049	)	$	251,268		$	18,667,293		$	36,222,659
Net realized gain on investments, futures contracts, swaptions written, swap agreements and foreign currency transactions		274,487			3,030,601			15,212,980			2,169,254
Net change in unrealized appreciation (depreciation) on investments, futures contracts, swaptions written and foreign currency translations		(259,792	)		(965,281	)		21,079,843			56,776,460
Net increase in net assets resulting from operations		3,646			2,316,588			54,960,116			95,168,373
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Institutional Class		(174,376)			(601,119	)		(41,311,469	)		(30,835,111	)
Retail Class		(46,843)			(66,586	)		—			—
Net realized capital gains
Institutional Class		(1,338,406)			(354,085	)		(2,773,243	)		(11,637,175	)
Retail Class		(382,894)			(23,631	)		—			—
Total distributions		(1,942,519	)		(1,045,421	)		(44,084,712	)		(42,472,286	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(1,672,663	)		(10,134,563	)		(9,204,142	)		170,449,624
Net increase (decrease) in net assets		(3,611,536	)		(8,863,396	)		1,671,262			223,145,711
NET ASSETS
Beginning of the period		26,939,364			35,802,760			652,766,863			429,621,152
End of the period	$	23,327,828		$	26,939,364		$	654,438,125		$	652,766,863
UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME	$	(310,901	)	$	(78,633	)	$	3,302,946		$	25,947,122

See accompanying notes to financial statements.

|  64

Statements of Changes in Net Assets – continued

	Intermediate Duration Bond Fund						Investment Grade Fixed Income Fund
	Six Months Ended March 31, 2013 (Unaudited)			Year Ended September 30, 2012			Six Months Ended March 31, 2013 (Unaudited)			Year Ended September 30, 2012
FROM OPERATIONS:
Net investment income	$	749,188		$	1,529,660		$	13,480,299		$	25,284,037
Net realized gain on investments and foreign currency transactions		340,347			1,598,231			7,641,022			6,878,560
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(372,741	)		1,207,609			2,320,800			37,918,157
Net increase in net assets resulting from operations		716,794			4,335,500			23,442,121			70,080,754
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Institutional Class		(975,474)			(1,853,230	)		(15,884,176	)		(28,645,949	)
Retail Class		(58,440)			(92,881	)		—			—
Net realized capital gains
Institutional Class		(1,149,730)			(442,765	)		(7,340,667	)		(6,747,521	)
Retail Class		(51,657)			(48,501	)		—			—
Total distributions		(2,235,301	)		(2,437,377	)		(23,224,843	)		(35,393,470	)
NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		8,256,975			16,598,518			74,443,372			203,695,535
Net increase in net assets		6,738,468			18,496,641			74,660,650			238,382,819
NET ASSETS
Beginning of the period		78,671,617			60,174,976			690,692,536			452,309,717
End of the period	$	85,410,085		$	78,671,617		$	765,353,186		$	690,692,536
UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME	$	(276,636	)	$	8,090		$	(1,963,235	)	$	440,642

See accompanying notes to financial statements.

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|  66

Financial Highlights

For a share outstanding throughout each period.

			Income (Loss) from Investment Operations:								Less Distributions:
	Net asset value, beginning of the period		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income			Distributions from net realized capital gains			Total distributions
FIXED INCOME FUND
Institutional Class
3/31/2013(f)	$	14.83	$	0.34	$	0.43		$	0.77		$	(0.74	)	$	(0.08	)	$	(0.82	)
9/30/2012		13.69		0.72		1.31			2.03			(0.84	)		(0.05	)		(0.89	)
9/30/2011		14.12		0.73		(0.32	)		0.41			(0.84	)		—			(0.84	)
9/30/2010		12.94		0.77		1.14			1.91			(0.73	)		—			(0.73	)
9/30/2009		12.15		0.78		1.15			1.93			(0.89	)		(0.25	)		(1.14	)
9/30/2008		14.49		0.88		(2.14	)		(1.26	)		(1.06	)		(0.02	)		(1.08	)
GLOBAL BOND FUND
Institutional Class
3/31/2013(f)	$	17.36	$	0.17	$	(0.29	)	$	(0.12	)	$	(0.23	)	$	—		$	(0.23	)
9/30/2012		16.52		0.44		1.05			1.49			(0.65	)		—			(0.65	)
9/30/2011		16.99		0.53		(0.28	)		0.25			(0.72	)		—			(0.72	)
9/30/2010		16.09		0.55		0.92			1.47			(0.57	)		—			(0.57	)
9/30/2009		14.42		0.67		1.89			2.56			(0.89	)		—			(0.89	)
9/30/2008		15.83		0.70		(1.30	)		(0.60	)		(0.81	)		—			(0.81	)
Retail Class
3/31/2013(f)		17.20		0.15		(0.30	)		(0.15	)		(0.21	)		—			(0.21	)
9/30/2012		16.37		0.40		1.04			1.44			(0.61	)		—			(0.61	)
9/30/2011		16.84		0.48		(0.28	)		0.20			(0.67	)		—			(0.67	)
9/30/2010		15.96		0.49		0.91			1.40			(0.52	)		—			(0.52	)
9/30/2009		14.31		0.62		1.88			2.50			(0.85	)		—			(0.85	)
9/30/2008		15.71		0.64		(1.29	)		(0.65	)		(0.75	)		—			(0.75	)
Class N
3/31/2013*		17.18		0.07		(0.17	)		(0.10	)		(0.07	)		—			(0.07	)

* From commencement of Class operations on February 1, 2013 through March 31, 2013.

(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, if applicable.

(c) Had certain expenses not been waived/reimbursed during the period, if applicable, total returns would have been lower. Periods less than one year, if applicable, are not annualized.

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

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

(f) For the six months ended March 31, 2013 (Unaudited).

(g) Effective June 2, 2008, redemption fees were eliminated.

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

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

See accompanying notes to financial statements.

67  |

										Ratios to Average Net Assets:
Redemption fees(b)			Net asset value, end of the period		Total return (%)(c)			Net assets, end of the period (000’s)		Net expenses (%)(d)(e)			Gross expenses (%)(e)			Net investment income (%)(e)		Portfolio turnover rate (%)
$	—		$	14.78		5.35		$	1,193,750		0.57			0.57			4.59		9
	—			14.83		15.79			1,134,935		0.57			0.57			5.10		17
	—			13.69		3.01			881,269		0.58			0.58			5.14		26
	—			14.12		15.38			806,138		0.58			0.58			5.83		22
	—			12.94		19.55			761,955		0.58			0.58			7.11		29
	—			12.15		(9.42	)		624,486		0.58			0.58			6.43		30
$	—		$	17.01		(0.71	)	$	1,658,888		0.75			0.78			2.00		98
	—			17.36		9.45			1,629,719		0.72			0.72			2.64		102
	—			16.52		1.23			1,353,993		0.67			0.67			3.15		84
	—			16.99		9.46			1,285,095		0.66			0.66			3.41		100
	—			16.09		19.19			1,032,465		0.68			0.68			4.76		75
	0.00	(g)		14.42		(4.14	)		1,157,175		0.64			0.64			4.36		60
	—			16.84		(0.90	)		934,905		0.98			0.98			1.77		98
	—			17.20		9.20			995,211		0.97			0.97			2.43		102
	—			16.37		0.94			978,241		0.97			0.97			2.84		84
	—			16.84		9.05			1,026,809		1.00	(h)		1.00	(h)		3.08		100
	—			15.96		18.81			918,742		1.00			1.02			4.46		75
	0.00	(g)		14.31		(4.45	)		1,073,466		1.00	(i)		1.00	(i)		4.02		60
	—			17.01		(0.57	)		1		0.70			2.90			2.48		98

See accompanying notes to financial statements.

|  68

Financial Highlights – continued

For a share outstanding throughout each period.

			Income (Loss) from Investment Operations:									Less Distributions:
	Net asset value, beginning of the period		Net investment income (loss)(a)			Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income			Distributions from net realized capital gains(b)			Total distributions
INFLATION PROTECTED SECURITIES FUND
Institutional Class
3/31/2013(f)	$	12.18	$	0.01	(g)	$	0.03		$	0.04		$	(0.09	)	$	(0.71	)	$	(0.80	)
9/30/2012		11.58		0.11	(g)		0.92			1.03			(0.28	)		(0.15	)		(0.43	)
9/30/2011		11.10		0.46			0.55			1.01			(0.53	)		—			(0.53	)
9/30/2010		10.46		0.31			0.67			0.98			(0.34	)		—			(0.34	)
9/30/2009		9.86		0.09	(h)		0.61			0.70			(0.10	)		—			(0.10	)
9/30/2008		10.31		0.73			(0.43	)		0.30			(0.75	)		—			(0.75	)
Retail Class
3/31/2013(f)		12.15		(0.05	)(g)		0.06			0.01			(0.08	)		(0.71	)		(0.79	)
9/30/2012		11.56		0.04	(g)		0.96			1.00			(0.26	)		(0.15	)		(0.41	)
9/30/2011		11.09		0.35			0.63			0.98			(0.51	)		—			(0.51	)
9/30/2010*		10.71		0.04			0.44			0.48			(0.10	)		—			(0.10	)
INSTITUTIONAL HIGH INCOME FUND
Institutional Class
3/31/2013(f)	$	7.74	$	0.22		$	0.44		$	0.66		$	(0.51	)	$	(0.03	)	$	(0.54	)
9/30/2012		7.15		0.46			0.75			1.21			(0.45	)		(0.17	)		(0.62	)
9/30/2011		8.08		0.50			(0.51	)		(0.01	)		(0.59	)		(0.33	)		(0.92	)
9/30/2010		7.40		0.54			0.66			1.20			(0.52	)		(0.00	)		(0.52	)
9/30/2009		6.87		0.57			0.54			1.11			(0.49	)		(0.09	)		(0.58	)
9/30/2008		8.45		0.60			(1.52	)		(0.92	)		(0.51	)		(0.15	)		(0.66	)

* From commencement of Class operations on May 28, 2010 through September 30, 2010.

(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, if applicable.

(c) Had certain expenses not been waived/reimbursed during the period, if applicable, total returns would have been lower. Periods less than one year, if applicable, are not annualized.

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

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

(f) For the six months ended March 31, 2013 (Unaudited).

(g) Net investment income is low relative to past years due to lower inflation and a low interest rate/yield environment.

(h) Includes income reductions resulting from principal deflation adjustments during the period in the amount of $0.14 per share and 1.44% of average net assets. See Note 2 of Notes to Financial Statements.

See accompanying notes to financial statements.

69  |

							Ratios to Average Net Assets:
Net asset value, end of the period		Total return (%)(c)			Net assets, end of the period (000’s)		Net expenses (%)(d)(e)		Gross expenses (%)(e)		Net investment income (loss) (%)(e)			Portfolio turnover rate (%)
$	11.42		0.27		$	21,489		0.40		0.87		0.10	(g)		39
	12.18		9.01			23,771		0.40		0.85		0.95	(g)		166
	11.58		9.36			33,880		0.40		1.08		4.04			20
	11.10		9.58			13,240		0.40		1.22		2.88			39
	10.46		7.21			13,976		0.40		1.11		0.88	(h)		12
	9.86		2.64			16,033		0.40		0.95		6.85			22
	11.37		0.14			1,839		0.65		1.20		(0.92	)(g)		39
	12.15		8.71			3,169		0.65		1.23		0.35	(g)		166
	11.56		9.14			1,923		0.65		1.31		3.09			20
	11.09		4.47			75		0.65		2.36		1.12			39
$	7.86		8.90		$	654,438		0.68		0.68		5.80			12
	7.74		18.37			652,767		0.68		0.68		6.30			21
	7.15		(0.43	)		429,621		0.69		0.69		6.37			25
	8.08		17.06			383,693		0.71		0.71		7.08			21
	7.40		20.82			458,516		0.72		0.72		9.54			37
	6.87		(11.70	)		214,201		0.72		0.72		7.70			35

See accompanying notes to financial statements.

|  70

Financial Highlights – continued

For a share outstanding throughout each period.

			Income (Loss) from Investment Operations:								Less Distributions:
	Net asset value, beginning of the period		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income			Distributions from net realized capital gains			Total distributions
INTERMEDIATE DURATION BOND FUND
Institutional Class
3/31/2013(e)	$	10.80	$	0.10	$	(0.01	)	$	0.09		$	(0.14	)	$	(0.17	)	$	(0.31	)
9/30/2012		10.54		0.22		0.40			0.62			(0.28	)		(0.08	)		(0.36	)
9/30/2011		10.57		0.30		0.04			0.34			(0.37	)		—			(0.37	)
9/30/2010		9.95		0.38		0.66			1.04			(0.42	)		—			(0.42	)
9/30/2009		8.95		0.48		0.98			1.46			(0.46	)		—			(0.46	)
9/30/2008		9.47		0.47		(0.50	)		(0.03	)		(0.49	)		—			(0.49	)
Retail Class
3/31/2013(e)		10.80		0.09		(0.01	)		0.08			(0.12	)		(0.17	)		(0.29	)
9/30/2012		10.55		0.20		0.39			0.59			(0.26	)		(0.08	)		(0.34	)
9/30/2011		10.58		0.27		0.04			0.31			(0.34	)		—			(0.34	)
9/30/2010*		10.21		0.09		0.41			0.50			(0.13	)		—			(0.13	)
INVESTMENT GRADE FIXED INCOME FUND
Institutional Class
3/31/2013(e)	$	13.21	$	0.24	$	0.18		$	0.42		$	(0.29	)	$	(0.13	)	$	(0.42	)
9/30/2012		12.52		0.56		0.97			1.53			(0.66	)		(0.18	)		(0.84	)
9/30/2011		13.44		0.65		(0.17	)		0.48			(0.76	)		(0.64	)		(1.40	)
9/30/2010		12.39		0.68		1.07			1.75			(0.70	)		—			(0.70	)
9/30/2009		11.36		0.67		1.31			1.98			(0.81	)		(0.14	)		(0.95	)
9/30/2008		12.96		0.76		(1.47	)		(0.71	)		(0.89	)		—			(0.89	)

* From commencement of Class operations on May 28, 2010 through September 30, 2010.

(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, if applicable, total returns would have been lower. Periods less than one year, if applicable, are not annualized.

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

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

(e) For the six months ended March 31, 2013 (Unaudited).

See accompanying notes to financial statements.

71  |

							Ratios to Average Net Assets:
Net asset value, end of the period		Total return (%)(b)			Net assets, end of the period (000’s)		Net expenses (%)(c)(d)		Gross expenses (%)(d)			Net investment income (%)(d)		Portfolio turnover rate (%)
$	10.58		0.82		$	77,583		0.40		0.49			1.87		47
	10.80		6.06			75,588		0.40		0.51			2.12		82
	10.54		3.26			58,471		0.40		0.57			2.83		83
	10.57		10.67			36,959		0.40		0.73			3.75		43
	9.95		16.99			28,027		0.40		0.68			5.24		52
	8.95		(0.46	)		32,748		0.40		0.59			5.00		65
	10.59		0.78			7,827		0.65		0.81			1.61		47
	10.80		5.69			3,084		0.65		0.84			1.91		82
	10.55		3.00			1,704		0.65		0.94			2.60		83
	10.58		4.89			82		0.65		1.61			2.66		43
$	13.21		3.21		$	765,353		0.48		0.48			3.62		14
	13.21		12.78			690,693		0.48		0.48	��		4.44		19
	12.52		3.82			452,310		0.49		0.49			5.03		17
	13.44		14.59			473,199		0.48		0.48			5.29		24
	12.39		19.35			525,504		0.49		0.49			6.10		22
	11.36		(6.00	)		277,863		0.50		0.50			5.98		32

See accompanying notes to financial statements.

|  72

Notes to Financial Statements

March 31, 2013 (Unaudited)

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

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

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

Loomis Sayles Inflation Protected Securities Fund (the “Inflation Protected Securities Fund”)

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

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

Loomis Sayles Investment Grade Fixed Income Fund (the “Investment Grade Fixed Income Fund”)

Each Fund is a diversified investment company.

Each Fund offers Institutional Class shares. Global Bond Fund, Inflation Protected Securities Fund and Intermediate Duration Bond Fund also offer Retail Class shares. Effective February 1, 2013, Global Bond Fund began offering Class N shares.

Most expenses of the Trust 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 the Trust. Expenses of a Fund are borne pro rata by the holders of each class of shares, except that each class bears expenses unique to that class (including the Rule 12b-1 distribution fees and transfer agent fees). In addition, each class votes as a class only with respect to its own Rule 12b-1 Plan. Shares of each class would receive their pro rata share of the net assets of a Fund if the Fund were liquidated. The Trustees approve separate distributions from net investment income on each class of shares.

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

a.  Valuation. Debt securities (other than short-term obligations purchased with an original or remaining maturity of sixty days or less) and unlisted equity securities are generally valued on the basis of evaluated bids furnished to the Funds by an independent pricing service recommended by the investment adviser and approved by the Board of Trustees, which service determines valuations for normal, institutional-size trading units of such securities using market information, transactions for comparable securities and various relationships between securities which are generally recognized by institutional traders. Senior loans are priced at bid prices supplied by an independent pricing service, if available. Equity securities, including shares of closed-end investment companies and exchange-traded funds, for which market quotations are readily available are valued at market value, as reported by independent pricing services recommended by the investment adviser and approved by the Board of Trustees. Such independent pricing services generally use the security’s last sale price on the exchange or market where the security is primarily traded or, if there is no reported sale during the day, the closing bid price. 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 a NOCP, at the most recent bid quotation on the applicable NASDAQ Market. Broker-dealer bid prices may also be used to value debt and equity securities and senior loans where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security. Forward foreign currency contracts are valued utilizing interpolated prices determined from information provided by an independent pricing service. Futures contracts are valued at their most recent settlement price. Credit default and interest rate swap agreements and options on interest rate swaps (“interest rate swaptions”) are valued at mid prices (between the bid and the ask price) supplied by an independent pricing service, if available, or prices obtained from broker-dealers. Investments in other open-end investment companies are valued at their net asset value each day. Short-term obligations purchased with an original or remaining maturity of sixty days or less are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by the Funds’ investment adviser using consistently applied procedures under the general supervision of the Board of Trustees.

The Funds may hold securities traded in foreign markets. Foreign securities are valued at the closing market price in the foreign market. However, if events occurring after the close of the foreign market (but before the close of regular trading on the New York Stock Exchange) are believed to materially affect the value of those securities, such securities are fair valued on a daily basis pursuant to procedures approved by the Board of Trustees. When fair valuing securities, the Funds may, among other things, use modeling tools or other processes that may take into account factors such as securities market activity and/or significant events that occur after the close of the foreign market and before the Funds calculate their net asset values.

73  |

Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

b.  Investment Transactions and Related Investment Income. Investment transactions are accounted for on a trade date plus one day basis for daily net asset value calculation. However, for financial reporting purposes, investment transactions are reported on trade date. Dividend income is recorded on ex-dividend date, or in the case of certain foreign securities, as soon as a Fund is notified, and interest income is recorded on an accrual basis. Interest income is increased by the accretion of discount and decreased by the amortization of premium. Periodic principal adjustments for inflation-protected securities are recorded to interest income. Negative principal adjustments (in the event of deflation) are recorded as reductions of interest income to the extent of interest income earned, not to exceed the amount of positive principal adjustments on a cumulative basis. Distributions received from investments in securities that represent a return of capital or capital gain are recorded as a reduction of the cost of investments or as a realized gain, respectively. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in distributions received from the Funds’ investments in real estate investment trusts (“REITs”) are reported to the Funds after the end of the fiscal year; accordingly, the Funds estimate these amounts for accounting purposes until the characterization of REIT distributions is reported to the Funds after the end of the fiscal year. Estimates are based on the most recent REIT distribution information available. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis. Investment income, non-class-specific expenses and realized and unrealized gains and losses are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund.

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

Since the values of investment securities are presented at the foreign exchange rates prevailing at the end of the period, it is not practical to isolate that portion of the results of operations arising from changes in exchange rates from fluctuations which arise due to changes in market prices of investment securities. Such changes are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currency, currency gains or losses realized 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 and losses arise from changes in the value of assets and liabilities, other than investment securities, at the end of the fiscal period, resulting from changes in exchange rates.

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

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

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

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

Futures contracts are exchange-traded. Exchange-traded futures contracts are standardized and are settled through a clearing house with fulfillment supported by the credit of the exchange. Therefore, counterparty credit risks to the Fund’s are reduced; however, in the event that

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Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

a counterparty enters into bankruptcy, a Fund’s claim against initial/variation margin on deposit with the counterparty may be subject to terms of a final settlement in bankruptcy court.

f.  Swaptions. Certain Funds may enter into interest rate swaptions. An interest rate swaption gives the holder the right, but not the obligation, to enter into or cancel an interest rate swap agreement at a future date. Interest rate swaptions may be either purchased or written. The buyer of an interest rate swaption may purchase either the right to receive a fixed rate in the underlying swap (known as a “receiver swaption”) or to pay a fixed rate (known as a “payer swaption”), based on the notional amount of the swap agreement, in exchange for a floating rate. The notional amounts of swaptions are not recorded in the financial statements.

When a Fund purchases an interest rate swaption, it pays a premium and the swaption is subsequently marked to market to reflect current value. Premiums paid for purchasing interest rate swaptions which expire are treated as realized losses. Premiums paid for purchasing interest rate swaptions which are exercised are added to the cost or deducted from the proceeds on the underlying swap to determine the realized gain or loss. If a Fund enters into a closing sale transaction, the difference between the premium paid and the proceeds of the closing sale transaction is treated as a realized gain or loss. The risk associated with purchasing interest rate swaptions is limited to the premium paid.

When a Fund writes an interest rate swaption, an amount equal to the premium received is recorded as a liability and is subsequently adjusted to the current value. Premiums received for written interest rate swaptions which expire are treated as realized gains. Premiums received for written interest rate swaptions which are exercised are deducted from the cost or added to the proceeds on the underlying swap to determine the realized gain or loss. If a Fund enters into a closing purchase transaction, the difference between the premium received and any amount paid on effecting a closing purchase transaction, including commission, is treated as a realized gain or, if the premium received is less than the amount paid, as a realized loss. A Fund, as writer of a written interest rate swaption, bears the risk of an unfavorable change in the market value of the swap underlying the written interest rate swaption.

Over-the-counter interest rate swaptions are subject to the risk that the counterparty is unable or unwilling to meet its obligations under the swaption.

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

An interest rate swap is an agreement with another party to receive or pay interest (e.g., an exchange of fixed rate payments for floating rate payments) to protect themselves from interest rate fluctuations. This type of swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to a specified interest rate(s) for a specified amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.

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

Swap agreements are privately negotiated and traded between counterparties and, as such, are subject to the risk that a party to the agreement will not be able to meet its obligations. The Funds cover their net obligations under outstanding swap agreements by segregating or earmarking liquid assets or cash.

h.  Due to Brokers. Transactions and positions in certain futures, forward foreign currency contracts and interest rate swaptions are maintained and cleared by registered U.S. broker/dealers pursuant to customer agreements between a Fund and the various broker/dealers. Due to brokers’ balances in the Statements of Assets and Liabilities for Global Bond Fund and Inflation Protected Securities Fund represent cash and securities received as collateral for forward foreign currency contracts or interest rate swaptions. In certain circumstances a Fund’s use of cash and/or securities held at brokers is restricted by regulation or broker mandated limits.

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March 31, 2013 (Unaudited)

i.  Federal and Foreign Income Taxes. The Trust treats each fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund’s tax positions for the open tax years as of March 31, 2013 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

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

j.  Dividends and Distributions to Shareholders. Dividends and distributions are recorded on ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as distribution redesignations, foreign currency transactions, defaulted bond adjustments, paydown gains and losses, premium amortization, preferred securities adjustment, adjustments to inflation-protected securities redemption in-kind adjustments, contingent payment debt instruments. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital accounts. Temporary differences between book and tax distributable earnings are primarily due to deferred Trustees’ fees, wash sales, premium amortization, forward foreign currency and futures contracts mark to market, defaulted bond interest, preferred securities adjustment, non-REIT return of capital outstanding, REIT basis adjustments, adjustments to inflation-protected securities and contingent payment debt instruments. Distributions from net investment income and short-term capital gains are considered to be distributed from ordinary income for tax purposes.

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the year ended September 30, 2012 was as follows:

	2012 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
Fixed Income Fund	$	55,065,901	$	3,493,626	$	58,559,527
Global Bond Fund		85,380,874		—		85,380,874
Inflation Protected Securities Fund		667,705		377,716		1,045,421
Institutional High Income Fund		31,678,976		10,793,310		42,472,286
Intermediate Duration Bond Fund		2,037,713		399,664		2,437,377
Investment Grade Fixed Income Fund		28,948,628		6,444,842		35,393,470

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

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Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

As of September 30, 2012, the capital loss carryforwards were as follows:

	Fixed Income Fund		Global Bond Fund			Inflation Protected Securities Fund
Capital loss carryforward: Short-term:
Expires September 30, 2018	$	—	$	(17,796,221	)	$	—
	Institutional High Income Fund		Intermediate Duration Bond Fund			Investment Grade Fixed Income Fund
Capital loss carryforward: Short-term:
Expires September 30, 2018	$	—	$	—		$	—

k.  Repurchase Agreements. It is each Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities.

l.  Delayed Delivery Commitments. The Funds may purchase securities, including those designated as TBAs in the Portfolio of Investments, for which delivery or payment will occur at a later date, beyond the normal settlement period. The price of the security and the date when the security will be delivered and paid for are fixed at the time the transaction is negotiated. The security and the obligation to pay for it are recorded by the Funds at the time the commitment is entered into. The actual security that will be delivered to fulfill a TBA trade is not designated at the time of the trade. The security is “to be announced” 48 hours prior to the established trade settlement date. The value of the security may vary with market fluctuations during the time before the Funds take delivery of the security. When the Funds enter into such a transaction, collateral consisting of liquid securities or cash and cash equivalents is required to be segregated or earmarked at the custodian in an amount at least equal to the amount of the Funds’ commitment. No interest accrues to the Funds until the transaction settles.

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

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

For the six months ended March 31, 2013, none of the Funds had loaned securities under this agreement.

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

o. New Accounting Pronouncement. In December 2011, Accounting Standards Update (“ASU”) No. 2011-11, “Disclosures about Offsetting Assets and Liabilities” was issued and is effective for interim and annual periods beginning after January 1, 2013. The ASU creates new disclosure requirements with respect to an entity’s rights of setoff and related arrangements associated with its financial and derivative instruments. Management is currently evaluating the impact the adoption of ASU 2011-11 may have on the Funds’ financial statement disclosures.

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

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

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

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

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

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

The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2013, at value:

Fixed Income Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
Airlines	$	—	$	552,415	$	13,671,441	(b)	$	14,223,856
Electric		—		41,596,294		4,266,085	(b)		45,862,379
Non-Captive Consumer		772,451		31,847,968		—			32,620,419
Transportation Services		—		2,350,000		1,265,671	(b)		3,615,671
All Other Non-Convertible Bonds(a)		—		833,438,162		—			833,438,162
Total Non-Convertible Bonds		772,451		909,784,839		19,203,197			929,760,487
Convertible Bonds
Wirelines		—		5,863,093		21,246	(c)		5,884,339
All Other Convertible Bonds(a)		—		77,392,172		—			77,392,172
Total Convertible Bonds		—		83,255,265		21,246			83,276,511
Municipals(a)		—		7,789,713		—			7,789,713
Total Bonds and Notes		772,451		1,000,829,817		19,224,443			1,020,826,711
Senior Loans(a)		—		1,554,122		—			1,554,122
Preferred Stocks
Convertible Preferred Stocks
Independent Energy		813,625		565,577		—			1,379,202
All Other Convertible Preferred Stocks(a)		29,142,011		—		—			29,142,011
Total Convertible Preferred Stocks		29,955,636		565,577		—			30,521,213

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March 31, 2013 (Unaudited)

Fixed Income Fund

Asset Valuation Inputs – continued

Description	Level 1		Level 2		Level 3		Total
Preferred Stocks – continued
Non-Convertible Preferred Stocks
Electric	$	446,452	$	287,882	$	—	$	734,334
Government Sponsored		—		3,131,250		—		3,131,250
Non-Captive Diversified		—		2,542,558		—		2,542,558
All Other Non-Convertible Preferred Stocks(a)		1,913,598		—		—		1,913,598
Total Non-Convertible Preferred Stocks		2,360,050		5,961,690		—		8,321,740
Total Preferred Stocks		32,315,686		6,527,267		—		38,842,953
Common Stocks(a)		65,608,773		—		—		65,608,773
Short-Term Investments		—		65,014,538		—		65,014,538
Total	$	98,696,910	$	1,073,925,744	$	19,224,443	$	1,191,847,097

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

(b) Valued using broker-dealer bid prices.

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

Global Bond Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
Australia	$	—	$	45,690,610	$	11,494,200	(b)	$	57,184,810
Canada		—		178,255,009		7,878,808	(b)		186,133,817
Korea		—		40,115,141		10,047,611	(b)		50,162,752
Turkey		—		30,936,090		2,394,000	(b)		33,330,090
United States		—		645,284,379		49,202,931	(b)		694,487,310
All Other Non-Convertible Bonds(a)		—		1,459,736,660		—			1,459,736,660
Total Non-Convertible Bonds		—		2,400,017,889		81,017,550			2,481,035,439
Convertible Bonds(a)		—		21,847,140		—			21,847,140
Total Bonds and Notes		—		2,421,865,029		81,017,550			2,502,882,579
Preferred Stocks(a)		10,863,974		—		—			10,863,974
Short-Term Investments		—		276,484,466		—			276,484,466
Total Investments		10,863,974		2,698,349,495		81,017,550			2,790,231,019
Forward Foreign Currency Contracts (unrealized appreciation)		—		3,633,192		—			3,633,192
Futures Contracts (unrealized appreciation)		93,080		—		—			93,080
Total	$	10,957,054	$	2,701,982,687	$	81,017,550		$	2,793,957,291

Liability Valuation Inputs

Description	Level 1			Level 2			Level 3		Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—		$	(3,220,013	)	$	—	$	(3,220,013	)
Futures Contracts (unrealized depreciation)		(279,221	)		—			—		(279,221	)
Total	$	(279,221	)	$	(3,220,013	)	$	—	$	(3,499,234	)

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

(b) Valued using broker-dealer bid prices.

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Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

Inflation Protected Securities Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Bonds and Notes(a)	$	—	$	22,147,940	$	—	$	22,147,940
Preferred Stocks(a)		125,685		—		—		125,685
Purchased Swaptions(a)		—		1,196,926		—		1,196,926
Short-Term Investments		—		829,385		—		829,385
Total	$	125,685	$	24,174,251	$	—	$	24,299,936

Liability Valuation Inputs

Description	Level 1			Level 2			Level 3		Total
Written Swaptions(a)	$	—		$	(653,396	)	$	—	$	(653,396	)
Futures Contracts (unrealized depreciation)		(357	)		—			—		(357	)
Total	$	(357	)	$	(653,396	)	$	—	$	(653,753	)

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

For the six months ended March 31, 2013, there were no transfers between Levels 1, 2 and 3.

Institutional High Income Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
Airlines	$	—	$	6,011,990	$	12,195,321	(c)	$	18,207,311
Transportation Services		—		3,888,025		1,637,380	(c)		5,525,405
All Other Non-Convertible Bonds(a)		—		403,261,848		—			403,261,848
Total Non-Convertible Bonds		—		413,161,863		13,832,701			426,994,564
Convertible Bonds
Wirelines		—		4,480,993		24,543	(d)		4,505,536
All Other Convertible Bonds(a)		—		85,685,189		—			85,685,189
Total Convertible Bonds		—		90,166,182		24,543			90,190,725
Municipals(a)		—		667,602		—			667,602
Total Bonds and Notes		—		503,995,647		13,857,244			517,852,891
Senior Loans(a)		—		13,427,008		—			13,427,008
Common Stocks(a)		68,200,359		—		—			68,200,359
Preferred Stocks
Convertible Preferred Stocks
Independent Energy		392,620		317,016		—			709,636
All Other Convertible Preferred Stocks(a)		15,540,454		—		—			15,540,454
Total Convertible Preferred Stocks		15,933,074		317,016		—			16,250,090
Non-Convertible Preferred Stocks
Non-Captive Diversified		188,084		4,107,057		—			4,295,141
All Other Non-Convertible Preferred Stocks(a)		3,641,479		—		—			3,641,479
Total Non-Convertible Preferred Stocks		3,829,563		4,107,057		—			7,936,620
Total Preferred Stocks		19,762,637		4,424,073		—			24,186,710
Warrants(b)		—		—		—			—
Short-Term Investments		—		26,550,658		—			26,550,658
Total	$	87,962,996	$	548,397,386	$	13,857,244		$	650,217,626

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

(b) Fair valued at zero using Level 2 inputs.

(c) Valued using broker-dealer bid prices.

(d) Fair valued by the Fund’s investment adviser.

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March 31, 2013 (Unaudited)

Intermediate Duration Bond Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
ABS Car Loan	$	—	$	3,704,665	$	190,304	(b)	$	3,894,969
ABS Student Loan		—		1,214,218		659,964	(b)		1,874,182
Airlines		—		—		172,736	(b)		172,736
Collateralized Mortgage Obligations		—		7,074,739		1,318,051	(b)		8,392,790
Mortgage Related		—		3,201,084		2,381,284	(b)		5,582,368
All Other Non-Convertible Bonds(a)		—		64,080,111		—			64,080,111
Total Bonds and Notes		—		79,274,817		4,722,339			83,997,156
Short-Term Investments		—		1,955,636		—			1,955,636
Total	$	—	$	81,230,453	$	4,722,339		$	85,952,792

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

(b) Valued using broker-dealer bid prices.

Investment Grade Fixed Income Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—	$	6,113,200	$	1,863,784	(b)	$	7,976,984
Airlines		—		328,340		19,138,099	(b)		19,466,439
Electric		—		17,011,681		1,554,038	(b)		18,565,719
Transportation Services		—		1,250,044		1,367,732	(b)		2,617,776
All Other Non-Convertible Bonds(a)		—		623,933,438		—			623,933,438
Total Non-Convertible Bonds		—		648,636,703		23,923,653			672,560,356
Convertible Bonds(a)		—		24,907,285		—			24,907,285
Municipals(a)		—		4,754,684		—			4,754,684
Total Bonds and Notes		—		678,298,672		23,923,653			702,222,325
Senior Loans(a)		—		2,970,886		—			2,970,886
Common Stocks(a)		21,592,091		—		—			21,592,091
Preferred Stocks
Convertible Preferred Stocks(a)		2,813,097		—		—			2,813,097
Non-Convertible Preferred Stocks
Electric		316,411		—		—			316,411
Government Sponsored		—		3,131,250		—			3,131,250
Non-Captive Diversified		—		159,219		—			159,219
Total Non-Convertible Preferred Stocks		316,411		3,290,469		—			3,606,880
Total Preferred Stocks		3,129,508		3,290,469		—			6,419,977
Short-Term Investments		—		23,319,715		—			23,319,715
Total	$	24,721,599	$	707,879,742	$	23,923,653		$	756,524,994

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

(b) Valued using broker-dealer bid prices.

81  |

Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of September 30, 2012 and/or March 31, 2013:

Fixed Income Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2012		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases
Bonds and Notes
Non-Convertible Bonds
Airlines	$	—	$	—	$	3,092		$	461,170		$	5,824,999
Banking		12,059,081		—		—			—			—
Electric		791,000		—		—			409,410			—
Transportation Services		2,131,250		—		47,545			9,739			—
Convertible Bonds
Wirelines		—		—		(9	)		(10,227	)		62,963
Total	$	14,981,331	$	—	$	50,628		$	870,092		$	5,887,962

Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2013		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2013
Bonds and Notes
Non-Convertible Bonds
Airlines	$	(193,804	)	$	7,575,984	$	—		$	13,671,441	$	461,170
Banking		—			—		(12,059,081	)		—		—
Electric		(1,120,000	)		4,185,675		—			4,266,085		80,410
Transportation Services		(165,922	)		1,374,309		(2,131,250	)		1,265,671		9,739
Convertible Bonds
Wirelines		(31,481	)		—		—			21,246		(10,227	)
Total	$	(1,511,207	)	$	13,135,968	$	(14,190,331	)	$	19,224,443	$	541,092

Debt securities valued at $13,135,968 were transferred from Level 2 to Level 3 during the period ended March 31, 2013. At March 31, 2013, these securities were valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service was unable to price the securities.

Debt securities valued at $14,190,331 were transferred from Level 3 to Level 2 during the period ended March 31, 2013. At March 31, 2013, these securities were valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

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

|  82

Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

Global Bond Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2012		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Purchases
Bonds and Notes
Non-Convertible Bonds
Australia	$	28,397,706	$	191,162	$	5,080,241	$	(5,824,558	)	$	—
Canada		4,873,164		—		—		(93,478	)		3,099,122
Korea		—		—		13,848		75,697			—
Turkey		—		—		—		17,256			2,376,744
United States		5,002,750		10,610		19,426		740,654			25,743,138
Total	$	38,273,620	$	201,772	$	5,113,515	$	(5,084,429	)	$	31,219,004

Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2013		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2013
Bonds and Notes
Non-Convertible Bonds
Australia	$	(27,763,251	)	$	11,412,900	$	—		$	11,494,200	$	81,300
Canada		—			—		—			7,878,808		(93,478	)
Korea		(3,144,445	)		13,102,511		—			10,047,611		75,697
Turkey		—			—		—			2,394,000		17,256
United States		(2,182,269	)		24,871,372		(5,002,750	)		49,202,931		740,654
Total	$	(33,089,965	)	$	49,386,783	$	(5,002,750	)	$	81,017,550	$	821,429

Debt securities valued at $49,386,783 were transferred from Level 2 to Level 3 during the period ended March 31, 2013. At March 31, 2013, these securities were valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service was unable to price the securities.

A debt security valued at $5,002,750 was transferred from Level 3 to Level 2 during the period ended March 31, 2013. At March 31, 2013, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

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

83  |

Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

Institutional High Income Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2012		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases
Bonds and Notes
Non-Convertible Bonds
Airlines	$	—	$	1,055	$	5,341		$	527,016		$	—
Banking		3,846,651		—		—			—			—
Transportation Services		2,800,463		—		25,451			63,751			—
Convertible Bonds
Wirelines		—		—		(1	)		(11,814	)		72,717
Total	$	6,647,114	$	1,055	$	30,791		$	578,953		$	72,717

Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2013		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2013
Bonds and Notes
Non-Convertible Bonds
Airlines	$	(606,853	)	$	12,268,762	$	—		$	12,195,321	$	527,016
Banking		—			—		(3,846,651	)		—		—
Transportation Services		(101,691	)		1,649,869		(2,800,463	)		1,637,380		63,751
Convertible Bonds
Wirelines		(36,359	)		—		—			24,543		(11,814	)
Total	$	(744,903	)	$	13,918,631	$	(6,647,114	)	$	13,857,244	$	578,953

Debt securities valued at $13,918,631 were transferred from Level 2 to Level 3 during the period ended March 31, 2013. At March 31, 2013, these securities were valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service was unable to price the securities.

Debt securities valued at $6,647,114 were transferred from Level 3 to Level 2 during the period ended March 31, 2013. At March 31, 2013, these securities were valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

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

|  84

Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

Intermediate Duration Bond Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2012		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases
Bonds and Notes
ABS Car Loan	$	—	$	—	$	—		$	314		$	189,990
ABS Student Loan		—		—		—			3,283			—
Airlines		—		—		(463	)		822			—
Collateralized Mortgage Obligations		—		—		(16	)		(928	)		—
Commercial Mortgage-Backed Securities		573,987		—		—			—			—
Mortgage Related		—		—		—			8,303			2,372,981
Total	$	573,987	$	—	$	(479	)	$	11,794		$	2,562,971

Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2013		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2013
Bonds and Notes
ABS Car Loan	$	—		$	—	$	—		$	190,304	$	314
ABS Student Loan		(343,132	)		999,813		—			659,964		3,283
Airlines		(10,596	)		182,973		—			172,736		822
Collateralized Mortgage Obligations		(83,446	)		1,402,441		—			1,318,051		(928	)
Commercial Mortgage-Backed Securities		—			—		(573,987	)		—		—
Mortgage Related		—			—		—			2,381,284		8,303
Total	$	(437,174	)	$	2,585,227	$	(573,987	)	$	4,722,339	$	11,794

Debt securities valued at $2,585,227 were transferred from Level 2 to Level 3 during the period ended March 31, 2013. At March 31, 2013, these securities were valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service was unable to price the securities.

A debt security valued at $573,987 was transferred from Level 3 to Level 2 during the period ended March 31, 2013. At March 31, 2013, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

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

Investment Grade Fixed Income Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2012		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Purchases
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—	$	—	$	—	$	56,999	$	800,000
Airlines		—		1,008		1,578		240,865		3,395,000
Banking		3,974,306		—		—		—		—
Electric		—		—		—		29,291		—
Transportation Services		85,250		—		—		104,839		—
Total	$	4,059,556	$	1,008	$	1,578	$	431,994	$	4,195,000

85  |

Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

Investment Grade Fixed Income Fund

Asset Valuation Inputs – continued

Investments in Securities	Sales			Transfers into Level  3		Transfers out of Level 3			Balance as of March 31, 2013		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2013
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	(35,424	)	$	1,042,209	$	—		$	1,863,784	$	56,999
Airlines		(659,620	)		16,159,268		—			19,138,099		240,865
Banking		—			—		(3,974,306	)		—		—
Electric		—			1,524,747		—			1,554,038		29,291
Transportation Services		(116,593	)		1,379,486		(85,250	)		1,367,732		104,839
Total	$	(811,637	)	$	20,105,710	$	(4,059,556	)	$	23,923,653	$	431,994

Debt securities valued at $20,105,710 were transferred from Level 2 to Level 3 during the period ended March 31, 2013. At March 31, 2013, these securities were valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service was unable to price the securities.

Debt securities valued at $4,059,556 were transferred from Level 3 to Level 2 during the period ended March 31, 2013. At March 31, 2013, these securities were valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

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

4.  Derivatives. Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of another security or financial instrument. Derivative instruments that Global Bond Fund used during the period include forward foreign currency contracts and futures contracts. Derivative instruments that Inflation Protected Securities Fund used during the period include futures contracts, swaptions and swap agreements.

Inflation Protected Securities Fund may use interest rate swaps and interest rate swaptions to gain exposure, such as to enter into a contract to benefit from a rise or fall in interest rates. During the six months ended March 31, 2013, the Fund engaged in interest rate swaps and interest rate swaptions for this purpose.

Global Bond Fund is subject to the risk that changes in foreign currency exchange rates will have an unfavorable effect on the value of Fund assets denominated in foreign currencies. The Fund may enter into forward foreign currency exchange contracts for hedging purposes to protect the value of the Funds’ holdings of foreign securities. The Fund may also use forward foreign currency contracts to gain exposure to foreign currencies, regardless of whether securities denominated in such currencies are held in the Fund. During the six months ended March 31, 2013, Global Bond Fund engaged in forward foreign currency transactions for hedging purposes and to gain exposure to foreign currencies.

Global Bond Fund and Inflation Protected Securities Fund are subject to the risk that changes in interest rates will affect the value of the Funds’ investments in fixed income securities. A Fund will be subject to increased interest rate risk to the extent that it invests in fixed-income securities with longer maturities or durations, as compared to investing in fixed-income securities with shorter maturities or durations. The Funds may use futures contracts, interest rate swaps and interest rate swaptions to hedge against changes in interest rates and to manage their duration without having to buy or sell portfolio securities. During the six months ended March 31, 2013, Global Bond Fund used futures contracts and Inflation Protected Securities Fund used interest rate swaps and interest rate swaptions to manage duration and Inflation Protected Securities Fund used futures contracts, interest rate swaps and interest rate swaptions to hedge against changes in interest rates.

Global Bond Fund and Inflation Protected Securities Fund are party to agreements with counterparties that govern transactions in forward foreign currency contracts, interest rate swaptions and swap agreements. These agreements contain credit-risk-related contingent features that

|  86

Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

allow the counterparties to terminate open contracts early if the net asset value of a Fund declines beyond a certain threshold. If such features were to be triggered, the counterparties could request immediate settlement of open contracts at current fair value. As of March 31, 2013, the fair value of derivative positions (including open trades) subject to credit-risk-related contingent features that are in a net liability position by counterparty, and the value of collateral pledged to counterparties for such contracts is as follows:

Fund	Counterparty		Derivatives			Collateral Pledged
Global Bond Fund		Credit Suisse International	$	(1,006,035	)	$	931,188

Derivatives are subject to the risk that the counterparty will be unwilling or unable to meet its obligations under the contracts. The Funds have mitigated this risk with respect to forward foreign currency contracts, interest rate swaptions and swap agreements by entering into master netting agreements with counterparties that allow the Fund and the counterparty to offset amounts owed by each related to these derivative contracts to one net amount payable by either the Fund or the counterparty. Based on balances reflected on each Fund’s Statement of Assets and Liabilities, including securities held at or pledged to counterparties for initial/variation margin or as collateral that could be subject to the terms of a final settlement in a bankruptcy court proceeding, the maximum amount of loss that the Funds would incur if counterparties failed to meet their obligations, and the amount of loss that the Funds would incur after taking into account master netting arrangements are as follows as of March 31, 2013:

Fund	Maximum Amount of Loss - Gross		Maximum Amount of Loss - Net
Global Bond Fund	$	7,975,131	$	5,761,153
Inflation Protected Securities Fund		1,222,227		560,431

These amounts do not take into account the value of U.S. government and agency securities and/or cash received as collateral by Global Bond Fund and Inflation Protected Securities Fund in the amount of $2,980,733 and $380,000, respectively. Collateral is valued in accordance with the Fund’s valuation policies and is recorded on the Statements of Assets and Liabilities.

Counterparty risk is managed based on policies and procedures established by each Fund’s adviser. Such policies and procedures may include, but are not limited to, minimum counterparty credit rating requirements, monitoring of counterparty credit default swap spreads and posting of collateral.

Collateral for forward foreign currency contracts, interest rate swaptions and swap agreements is posted based on the requirements established under International Swaps and Derivatives Association (“ISDA”) agreements negotiated between each Fund and the counterparties. The risk of loss to a Fund from counterparty default should be limited to the extent a Fund is undercollateralized; however, final settlement of a Fund’s claim against any collateral received may be subject to bankruptcy court proceedings.

The following is a summary of derivative instruments for Global Bond Fund as of March 31, 2013:

Statements of Assets and Liabilities Caption	Interest Rate Contracts			Foreign Exchange Contracts
Assets
Unrealized appreciation on forward foreign currency contracts	$	—		$	3,633,192
Unrealized appreciation on futures contracts*		93,080			—
Liabilities
Unrealized depreciation on forward foreign currency contracts		—			(3,220,013	)
Unrealized depreciation on futures contracts*		(279,221	)		—

* Represents cumulative unrealized appreciation (depreciation) on futures contracts. Only the current day’s variation margin on futures contracts is reported within the Statements of Assets and Liabilities as receivable or payable for variation margin, as applicable.

Transactions in derivative instruments for Global Bond Fund during the six months ended March 31, 2013 were as follows:

Statements of Operations Caption	Interest Rate Contracts			Foreign Exchange Contracts
Net Realized Gain (Loss) on:
Foreign currency transactions*	$	—		$	7,494,660
Futures contracts		(331,874	)		—
Net Change in Unrealized Appreciation (Depreciation) on:
Foreign currency translations*		—			369,941
Futures contracts		264,572			—

* Represents realized gain and change in unrealized appreciation (depreciation), respectively, for forward foreign currency contracts during the period.

87  |

Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

The following is a summary of derivative instruments for Inflation Protected Securities Fund as of March 31, 2013:

Statements of Assets and Liabilities Caption	Interest Rate Contracts
Assets
Investments at value*	$	1,196,926
Liabilities
Swaptions written, at value		(653,396	)
Unrealized depreciation on futures contracts**		(357	)

* Represents purchased swaptions, at value.

** Represents cumulative unrealized appreciation (depreciation) on futures contracts. Only the current day’s variation margin on futures contracts is reported within the Statements of Assets and Liabilities as receivable or payable for variation margin, as applicable.

Transactions in derivative instruments for Inflation Protected Securities Fund during the six months ended March 31, 2013 were as follows:

Statements of Operations Caption	Interest Rate Contracts
Net Realized Gain (Loss) on:
Investments*	$	(143,625	)
Futures contracts		1,730
Swaptions written		86,575
Swap agreements		(8,553	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments*		119,081
Futures contracts		383
Swaptions written		(7,103	)

* Represents realized loss and change in unrealized appreciation (depreciation), respectively, for purchased swaptions during the period.

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

The volume of forward foreign currency contract, futures contract and swap agreement activity, as a percentage of net assets, for Global Bond Fund and Inflation Protected Securities Fund, based on gross month-end and/or daily notional amounts outstanding during the period, including long and short positions, at absolute value, was as follows for the six months ended March 31, 2013:

Global Bond Fund	Forwards		Futures
Average Notional Amount Outstanding		15.19%		5.56%
Highest Notional Amount Outstanding		24.61%		8.61%
Lowest Notional Amount Outstanding		9.69%		4.98%
Notional Amount Outstanding as of March 31, 2013		24.61%		8.61%
Inflation Protected Securities Fund	Futures		Swaps
Average Notional Amount Outstanding		1.88%		0.42%
Highest Notional Amount Outstanding		4.80%		12.82%
Lowest Notional Amount Outstanding		1.26%		0.00%
Notional Amount Outstanding as of March 31, 2013		1.60%		0.00%

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

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

|  88

Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

The volume of interest rate swaption activity, as a percentage of net assets, for Inflation Protected Securities Fund, based on average premiums paid or received during the period, including long and short positions, at absolute value, was as follows for the six months ended March 31, 2013:

Inflation Protected Securities Fund	Interest Rate Put Swaptions Written		Interest Rate Call Swaptions Written		Interest Rate Put Swaptions Purchased		Interest Rate Call Swaptions Purchased
Average Premium Paid/Received		0.51%		1.74%		0.84%		2.93%
Highest Premium Paid/Received		0.63%		2.05%		0.93%		3.45%
Lowest Premium Paid/Received		0.39%		1.60%		0.78%		2.70%
Premium Paid/Received as of March 31, 2013		0.43%		2.05%		0.93%		3.45%

The following is a summary of Inflation Protected Securities Fund’s written interest rate swaption activity:

	Notional Amount			Premiums
Outstanding at September 30, 2012	$	128,000,000		$	642,100
Swaptions written		49,250,000			304,661
Swaptions terminated in closing purchase transactions		(90,000,000	)		(369,200	)
Outstanding at March 31, 2013	$	87,250,000		$	577,561

5.  Purchases and Sales of Securities. For the six months ended March 31, 2013, purchases and sales of securities (excluding short-term investments and including paydowns) were as follows:

	U.S. Government/Agency Securities				Other Securities
Fund	Purchases		Sales		Purchases		Sales
Fixed Income Fund	$	—	$	—	$	110,211,778	$	96,592,516
Global Bond Fund		1,612,581,520		1,690,104,376		956,535,536		826,177,293
Inflation Protected Securities Fund		9,938,317		12,345,357		149,682		321,458
Institutional High Income Fund		—		—		72,986,156		113,970,188
Intermediate Duration Bond Fund		18,208,819		19,698,225		27,846,893		17,720,587
Investment Grade Fixed Income Fund		127,247,293		46,174,299		72,317,268		48,227,219

6.  Management Fees and Other Transactions with Affiliates.

a.  Management Fees. Loomis, Sayles & Company, L.P. (“Loomis Sayles”) serves as investment adviser to each Fund. Separate management agreements for each Fund in effect for the six months ended March 31, 2013, provided for fees at the following annual percentage rates of each Fund’s average daily net assets:

	Percentage of Average Daily Net Assets
Fund	First $1 Billion		Next $1 Billion		Over $2 Billion
Fixed Income Fund		0.50%		0.50%		0.50%
Global Bond Fund		0.60%		0.50%		0.48%
Inflation Protected Securities Fund		0.25%		0.25%		0.25%
Institutional High Income Fund		0.60%		0.60%		0.60%
Intermediate Duration Bond Fund		0.25%		0.25%		0.25%
Investment Grade Fixed Income Fund		0.40%		0.40%		0.40%

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 and extraordinary expense. These undertakings are in effect until January 31, 2014 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.

89  |

Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

For the six months ended March 31, 2013, 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		Class N
Fixed Income Fund		0.65%		—		—
Global Bond Fund		0.75%		1.00%		0.70%
Inflation Protected Securities Fund		0.40%		0.65%		—
Institutional High Income Fund		0.75%		—		—
Intermediate Duration Bond Fund		0.40%		0.65%		—
Investment Grade Fixed Income Fund		0.55%		—		—

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

For the six months ended March 31, 2013, the management fees and waivers of management fees for each Fund were as follows:

Fund	Gross Management Fees		Waivers of Management Fees1		Net Management Fees		Percentage of Average Daily Net Assets
							Gross		Net
Fixed Income Fund	$	2,925,743	$	—	$	2,925,743		0.50%		0.50%
Global Bond Fund		7,027,491		—		7,027,491		0.53%		0.53%
Inflation Protected Securities Fund		34,581		34,581		—		0.25%		0.00%
Institutional High Income Fund		1,930,931		—		1,930,931		0.60%		0.60%
Intermediate Duration Bond Fund		100,861		32,561		68,300		0.25%		0.17%
Investment Grade Fixed Income Fund		1,488,230		—		1,488,230		0.40%		0.40%

¹ Management fee waivers are subject to possible recovery until September 30, 2014.

For the six months ended March 31, 2013, class-specific expenses have been reimbursed as follows:

	Reimbursement2
Fund	Institutional Class		Retail Class		Class N		Total
Global Bond Fund	$	229,123	$	—	$	4	$	229,127
Inflation Protected Securities Fund		5,296		3,153		—		8,449
Intermediate Duration Bond Fund		2,352		2,126		—		4,478

In addition, the investment adviser reimbursed non-class-specific expenses of Inflation Protected Securities Fund in the amount of $23,315 for the six months ended March 31, 2013².

² Expense reimbursements are subject to possible recovery until September 30, 2014.

No expenses were recovered for any of the Funds during the six months ended March 31, 2013 under the terms of the expense limitation agreements.

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

b.  Distribution Fees. NGAM Distribution, L.P. (“NGAM Distribution”), which is a wholly-owned subsidiary of Natixis US, has entered into a distribution agreement with the Trust. Pursuant to this agreement, NGAM Distribution serves as principal underwriter of the Funds of the Trust.

Pursuant to Rule 12b-1 under the 1940 Act, Global Bond Fund, Inflation Protected Securities Fund and Intermediate Duration Bond Fund have adopted a Distribution Plan relating to each Fund’s Retail Class shares (the “Retail Class Plans”).

Under the Retail Class Plans, each Fund pays NGAM Distribution a monthly distribution fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Funds’ Retail Class shares, as compensation for services provided by NGAM Distribution in connection with the marketing or sale of Retail Class shares or for payments made by NGAM Distribution to securities dealers or other

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Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

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.

For the six months ended March 31, 2013, the distribution fees for each Fund were as follows:

Fund	Distribution Fees Retail Class
Global Bond Fund	$	1,218,273
Inflation Protected Securities Fund		6,080
Intermediate Duration Bond Fund		6,739

c.  Administrative Fees. NGAM Advisors, L.P. (“NGAM Advisors”) provides certain administrative services for the Funds and contracts with State Street Bank to serve as sub-administrator. NGAM Advisors is a wholly-owned subsidiary of Natixis US. Pursuant to an agreement among Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I, Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”), Hansberger International Series and NGAM Advisors, each Fund pays NGAM Advisors monthly its pro rata portion of fees equal to an annual rate of 0.0575% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion and 0.0350% of such assets in excess of $60 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series of $10 million, which is reevaluated on an annual basis.

For the six months ended March 31, 2013, the administrative fees for each Fund were as follows:

Fund	Administrative Fees
Fixed Income Fund	$	259,306
Global Bond Fund		584,363
Inflation Protected Securities Fund		6,130
Institutional High Income Fund		142,613
Intermediate Duration Bond Fund		17,878
Investment Grade Fixed Income Fund		164,876

d.  Sub-Transfer Agent Fees. NGAM Distribution has entered into agreements, which include servicing agreements, with financial intermediaries that provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries that hold positions in the Funds and has agreed to compensate the intermediaries for providing those services. Intermediaries transact with the Funds primarily through the use of omnibus accounts on behalf of their customers who hold positions in the Funds. These services would have been provided by the Funds’ transfer agent and other service providers if the shareholders’ accounts were maintained directly at the Funds’ transfer agent. Accordingly, the Funds have agreed to reimburse NGAM Distribution for all or a portion of the servicing fees paid to these intermediaries. The reimbursement amounts (sub-transfer agent fees) paid to NGAM Distribution are subject to a current per-account equivalent fee limit approved by the Funds’ Board, which is based on fees for similar services paid to the Funds’ transfer agent and other service providers. Class N shares do not bear such expenses.

For the six months ended March 31, 2013, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statements of Operations) for each Fund were as follows:

	Sub-Transfer Agent Fees
Fund	Institutional Class		Retail Class
Global Bond Fund	$	1,207,611	$	453,424
Inflation Protected Securities Fund		3,810		2,546
Institutional High Income Fund		2,669		—
Intermediate Duration Bond Fund		938		740

As of March 31, 2013, the Funds owe NGAM Distribution the following reimbursements for sub-transfer agent fees:

	Reimbursements of Sub-Transfer Agent Fees
Fund	Institutional Class		Retail Class
Global Bond Fund	$	29,789	$	11,424
Inflation Protected Securities Fund		106		1
Institutional High Income Fund		67		—
Intermediate Duration Bond Fund		29		20

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Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

e.  Trustees Fees and Expenses. The Trust does not pay any compensation directly to its officers or Trustees who are directors, officers or employees of NGAM Advisors, NGAM Distribution, Natixis US or their affiliates. Effective January 1, 2013, the Chairperson of the Board receives a retainer fee at the annual rate of $285,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that she attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $115,000. 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, each committee chairman receives an additional retainer fee at an annual rate of $17,500. Each Contract Review and Governance 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 Hansberger International Series 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, 2013, the Chairperson of the Board received a retainer fee at the annual rate of $265,000 and each Independent Trustee (other than the Chairperson) received, in aggregate, a retainer fee at the annual rate of $95,000. In addition, each committee chairman received an additional retainer fee at an annual rate of $15,000, and each Audit Committee member was compensated $7,500 for each Committee meeting that he or she attended in person and $3,750 for each meeting that he or she attended telephonically.

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

f.  Affiliated Ownership. At March 31, 2013, Loomis Sayles owned shares equating to 14.66% of Inflation Protected Securities Fund’s net assets and the Loomis Sayles Employees’ Profit Sharing Retirement Plan (“Retirement Plan”) held shares of the Funds representing the following percentages of net assets:

Fund	Retirement Plan
Global Bond Fund		0.34%
Inflation Protected Securities Fund		15.21%
Institutional High Income Fund		2.19%
Intermediate Duration Bond Fund		1.34%

Additionally, as of March 31, 2013, Natixis US held shares of Global Bond Fund representing less than 0.01% of the Fund’s net assets.

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

7.  Class-Specific Expenses. For the period ended March 31, 2013, the class-specific transfer agent fees and expenses (including sub-transfer agent fees, where applicable) for each Fund were as follows:

	Transfer Agent Fees and Expenses
Fund	Institutional Class		Retail Class		Class N
Fixed Income Fund	$	3,118	$	—	$	—
Global Bond Fund		1,219,762		494,800		3
Inflation Protected Securities Fund		5,296		3,509		—
Institutional High Income Fund		6,000		—		—
Intermediate Duration Bond Fund		2,352		2,143		—
Investment Grade Fixed Income Fund		1,626		—		—

8.  Line of Credit. Each Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series, participates in a $200,000,000 committed unsecured line of credit provided by State Street Bank, with an individual limit of $125,000,000 for each fund that participates in the line of credit. Interest is charged to each participating fund based on its borrowings at a rate per annum equal to the greater of the Federal Funds rate or overnight LIBOR, plus 1.25%. In addition, a commitment fee of 0.10% 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.

For the six months ended March 31, 2013, none of the Funds had borrowings under these agreements.

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Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

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

10.  Concentration of Ownership. From time to time, the Funds may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of March 31, 2013, based on management’s evaluation of the shareholder account base, the Funds had accounts representing controlling ownership of more than 5% of the Funds’ total outstanding shares. The number of such accounts, based on accounts that represent more than 5% of an individual class of shares, and the aggregate percentage of net assets represented by such holdings was as follows:

Fund	Number of  >5% Non-Affiliated Account Holders		Percentage  of Non-Affiliated Ownership		Percentage  of Affiliated Ownership		Total Percentage  of Ownership
Fixed Income Fund		4		26.22%		—		26.22%
Global Bond Fund		1		11.92%		0.34%		12.26%
Inflation Protected Securities Fund		1		24.12%		29.87%		53.99%
Institutional High Income Fund		2		12.22%		2.19%		14.41%
Intermediate Duration Bond Fund		4		33.38%		1.34%		34.72%
Investment Grade Fixed Income Fund		3		34.46%		—		34.46%

Omnibus shareholder accounts for which NGAM Advisors understands that the intermediary has discretion over the underlying shareholder accounts are included in the table above. For other omnibus accounts, the Funds do not have information on the individual shareholder accounts underlying omnibus accounts; therefore, there could be other 5% shareholders in addition to those disclosed in the table above.

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

	Fixed Income Fund
	Six Months Ended March 31, 2013						Year Ended September 30, 2012
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		3,742,127		$	55,384,496			15,044,035		$	211,308,493
Issued in connection with the reinvestment of distributions		3,830,465			55,120,396			3,792,125			49,183,861
Redeemed		(3,358,729	)		(49,623,554	)		(6,671,466	)		(92,820,768	)
Increase (decrease) from capital share transactions		4,213,863		$	60,881,338			12,164,694		$	167,671,586
	Global Bond Fund
	Six Months Ended March 31, 2013						Year Ended September 30, 2012
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		13,851,668		$	239,003,157			38,032,479		$	638,830,194
Issued in connection with the reinvestment of distributions		1,181,300			20,313,508			2,684,824			44,754,190
Redeemed		(11,350,738	)		(195,341,782	)		(15,901,783	)		(266,645,544	)
Redeemed in-kind (Note 12)		—			—			(12,917,122	)		(217,911,853	)
Net change		3,682,230		$	63,974,883			11,898,398		$	199,026,987

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Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

11.  Capital Shares – continued

	Global Bond Fund – continued
	Six Months Ended March 31, 2013						Year Ended September 30, 2012
Retail Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		6,269,744		$	106,931,198			12,729,562		$	212,173,846
Issued in connection with the reinvestment of distributions		676,613			11,526,104			2,104,913			34,700,358
Redeemed		(9,308,810	)		(158,500,495	)		(16,726,919	)		(278,317,233	)
Net change		(2,362,453	)	$	(40,043,193	)		(1,892,444	)	$	(31,443,029	)
Class N*	Shares			Amount			Shares			Amount
Issued from the sale of shares		58		$	1,000			—		$	—
Issued in connection with the reinvestment of distributions		—	(a)		4			—			—
Redeemed		—			—			—			—
Net change		58		$	1,004			—		$	—
Increase (decrease) from capital share transactions		1,319,835		$	23,932,694			10,005,954		$	167,583,958

* From commencement of Class operations on February 1, 2013 through March 31, 2013.

(a) Amount rounds to less than one share.

	Inflation Protected Securities Fund
	Six Months Ended March 31, 2013						Year Ended September 30, 2012
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		183,216		$	2,127,119			1,354,498		$	16,025,604
Issued in connection with the reinvestment of distributions		120,884			1,386,544			76,313			898,275
Redeemed		(372,858	)		(4,328,346	)		(2,405,935	)		(28,264,420	)
Net change		(68,758	)	$	(814,683	)		(975,124	)	$	(11,340,541	)
Retail Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		489,966		$	5,963,160			608,202		$	7,272,762
Issued in connection with the reinvestment of distributions		37,564			429,736			7,634			90,217
Redeemed		(626,731	)		(7,250,876	)		(521,302	)		(6,157,001	)
Net change		(99,201	)	$	(857,980	)		94,534		$	1,205,978
Increase (decrease) from capital share transactions		(167,959	)	$	(1,672,663	)		(880,590	)	$	(10,134,563	)
	Institutional High Income Fund
	Six Months Ended March 31, 2013						Year Ended September 30, 2012
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		2,648,309		$	20,496,198			26,212,406		$	188,636,316
Issued in connection with the reinvestment of distributions		5,224,542			38,766,100			5,682,363			37,958,187
Redeemed		(8,963,585	)		(68,466,440	)		(7,635,195	)		(56,144,879	)
Increase (decrease) from capital share transactions		(1,090,734	)	$	(9,204,142	)		24,259,574		$	170,449,624

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Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

11.  Capital Shares – continued

	Intermediate Duration Bond Fund
	Six Months Ended March 31, 2013						Year Ended September 30, 2012
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		1,214,233		$	12,938,485			2,838,677		$	30,026,780
Issued in connection with the reinvestment of distributions		195,234			2,073,995			208,896			2,205,076
Redeemed		(1,079,550	)		(11,568,278	)		(1,592,404	)		(16,920,401	)
Net change		329,917		$	3,444,202			1,455,169		$	15,311,455
Retail Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		494,883		$	5,250,269			674,742		$	7,101,771
Issued in connection with the reinvestment of distributions		9,608			101,948			7,694			81,016
Redeemed		(50,727	)		(539,444	)		(558,347	)		(5,895,724	)
Net change		453,764		$	4,812,773			124,089		$	1,287,063
Increase (decrease) from capital share transactions		783,681		$	8,256,975			1,579,258		$	16,598,518
	Investment Grade Fixed Income Fund
	Six Months Ended March 31, 2013						Year Ended September 30, 2012
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		7,399,614		$	97,813,465			19,283,257		$	244,362,694
Issued in connection with the reinvestment of distributions		1,615,803			21,309,956			2,545,539			31,929,009
Redeemed		(3,370,707	)		(44,680,049	)		(5,664,721	)		(72,596,168	)
Increase (decrease) from capital share transactions		5,644,710		$	74,443,372			16,164,075		$	203,695,535

12.  Redemption In-Kind. In certain circumstances, a Fund may distribute portfolio securities rather than cash as payment for redemption of Fund shares (redemption in-kind). For financial reporting purposes, the Fund will recognize a gain on in-kind redemptions to the extent the value of the distributed securities on the date of redemption exceeds the cost of those securities; the Fund will recognize a loss if the cost exceeds value. Gains and losses realized on redemptions in-kind are not recognized for tax purposes, and are re-classified from realized gain (loss) to paid-in-capital.

13.  Special Meeting of Shareholders. A special meeting of shareholders of the Trust was held on March 18, 2013 to consider a proposal to elect four Trustees to the Board of Trustees. The proposal was approved by shareholders of the Trust. The results of the shareholder vote were as follows:

Loomis Sayles Funds I

Nominee	Voted “FOR”*		Withheld*
Charles D. Baker		1,511,468,867		21,320,866
Edmond J. English		1,514,733,688		18,056,045
David L. Giunta		1,510,789,556		22,000,177
Martin T. Meehan		1,513,458,428		19,331,305

* Trust-wide voting results.

In addition to the Trustees named above, the following also serve as Trustees of the Trust: Daniel M. Cain, Kenneth A. Drucker, Wendell J. Knox, Sandra O. Moose, Erik R. Sirri, Peter J. Smail, Cynthia L. Walker, Robert J. Blanding and John T. Hailer.

95  |

Loomis Sayles High Income Opportunities Fund

Loomis Sayles Securitized Asset Fund

Semiannual Report

March 31, 2013

TABLE OF CONTENTS
Portfolio Review	1
Portfolio of Investments	5
Financial Statements	18
Notes to Financial Statements	23

LOOMIS SAYLES HIGH INCOME OPPORTUNITIES FUND

Managers	Symbols
Matthew Eagan, CFA	Institutional Class	LSIOX
Daniel J. Fuss, CFA, CIC
Kathleen C. Gaffney, CFA*
Elaine M. Stokes

* Effective October 22, 2012, Kathleen Gaffney no longer serves as a portfolio manager of the fund.

Objective

High current income, with a secondary objective of capital appreciation.

Strategy

The fund normally will invest substantially all of its assets, and may invest up to 100% of its assets, in high income securities. High income securities are fixed-income securities that Loomis Sayles believes have the potential to generate relatively high levels of current income. The fund may invest approximately 20% of its assets in investment-grade fixed-income securities. The fund may invest up to 40% of its assets in debt obligations of foreign companies, foreign governments and their subdivisions, agencies, instrumentalities and sponsored entities, including emerging market securities.

Average Annual Total Returns — March 31, 2013

	6 months			1 year			5 years			Since Inception(a)
Institutional Class (Inception 4/12/04)		8.66	%		14.76	%		11.80	%		9.35	%
Comparative Performance
Barclays U.S. Corporate High-Yield Bond Index(b)		6.28			13.13			11.65			8.84

Past performance does not guarantee future results. The table does not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. 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. Unlike a fund, an index is not managed and does not reflect fees and expenses.

^(a) Since index performance data is not available coincident with the fund’s inception date, the beginning value of the index is the value of the month-end closest to the fund’s inception date.

^(b) See page 3 for a description of the index.

1  |

LOOMIS SAYLES SECURITIZED ASSET FUND

Managers	Symbols
Ian Anderson	Institutional Class	LSSAX
Alessandro Pagani, CFA
Clifton Rowe, CFA

Objective

High level of current income consistent with capital preservation.

Strategy

Invests at least 80% of its net assets (plus any borrowings made for investment purposes) in a diversified portfolio of securitized assets, such as mortgage-backed and other asset-backed securities.

Average Annual Total Returns — March 31, 2013

	6 months			1 year			5 years			Since Inception(a)
Institutional Class (Inception 3/2/06)		1.66	%		6.42	%		8.70	%		7.48	%
Comparative Performance
Barclays U.S. Securitized Bond Index(b)		-0.15			2.21			5.25			5.59

Past performance does not guarantee future results. The table does not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. Performance for periods less than one year are cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. Unlike a fund, an index is not managed and does not reflect fees and expenses.

^(a) Since index performance data is not available coincident with the fund’s inception date, the beginning value of the index is the value of the month-end closest to the fund’s inception date.

^(b) See page 3 for a description of the index.

|  2

ADDITIONAL INFORMATION

Index Definitions

Indexes are unmanaged and do not have expenses that affect results, unlike mutual funds. Index returns are adjusted for the reinvestment of capital gain distributions and income dividends. It is not possible to invest directly in an index.

Barclays U.S. Corporate High-Yield Bond Index is an unmanaged index that covers the U.S.-dollar-denominated, non-investment grade, fixed-rate, taxable corporate bond market.

Barclays U.S. Securitized Bond Index is an unmanaged index of asset-backed securities, collateralized mortgage-backed securities (ERISA-eligible), and fixed-rate mortgage-backed securities.

Proxy Voting Information

A description of the funds’ proxy voting policies and procedures is available without charge, upon request, (i) by calling Loomis Sayles at 800-633-3330; (ii) on the Funds’ website, www.loomissayles.com, and (iii) on the Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information about how the Funds voted proxies relating to portfolio securities during the 12-month period ended June 30, 2012 is available on (i) the Funds’ website and (ii) the SEC’s website.

Quarterly Portfolio Schedules

The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

Additional Index Information

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

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

UNDERSTANDING FUND EXPENSES

Typically, mutual fund shareholders incur two types of costs: (1) transaction costs; and (2) ongoing costs, including management fees, distribution fees (12b-1 fees), and other fund expenses. However, the funds are unlike other mutual funds; they do not charge any fees or expenses.

You should be aware that shares in the Funds are available only to institutional investment advisory clients of Loomis, Sayles & Company, L.P. (“Loomis Sayles”) and NGAM Advisors, L.P. (“NGAM Advisors”) and to participants in “wrap fee” programs sponsored by broker-dealers and investment advisers that may be affiliated or unaffiliated with the Funds, Loomis Sayles or NGAM Advisors. The institutional investment advisory clients of Loomis Sayles and NGAM Advisors pay Loomis Sayles or NGAM Advisors a fee for their investment advisory services, while participants in “wrap fee” programs pay a “wrap fee” to the program’s sponsor. The “wrap fee” program sponsors, in turn, pay a fee to NGAM Advisors. “Wrap fee” program participants should read carefully the wrap fee brochure provided to them by their program’s sponsor and the fees paid by such sponsor to NGAM Advisors. Shareholders pay no additional fees or expenses to purchase shares of the Funds. However, shareholders will indirectly pay a proportionate share of those costs, such as brokerage commissions, taxes and extraordinary expenses, that are borne by the Funds through a reduction in each Fund’s net asset value.

The first line in each Fund’s table shows the actual amount of Fund expenses ($0) you would have paid on a $1,000 investment in the Fund from October 1, 2012 through March 31, 2013. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual Fund returns and expenses.

The second line in each fund’s table provides information about hypothetical account values and hypothetical expenses based on the fund’s actual expense ratio (0%) 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 and 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. 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.

3  |

Loomis Sayles High Income Opportunities Fund

Institutional Class	Beginning Account Value 10/1/2012		Ending Account Value 3/31/2013		Expenses Paid During Period* 10/1/2012 – 3/31/2013
Actual		$1,000.00		$1,086.60		$0.00
Hypothetical (5% return before expenses)		$1,000.00		$1,024.93		$0.00
*   Expenses are equal to the Fund’s annualized expense ratio of 0.00%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, divided by 365 (to reflect the half-year period).

Loomis Sayles Securitized Asset Fund

Institutional Class	Beginning Account Value 10/1/2012		Ending Account Value 3/31/2013		Expenses Paid During Period* 10/1/2012 – 3/31/2013
Actual		$1,000.00		$1,016.60		$0.00
Hypothetical (5% return before expenses)		$1,000.00		$1,024.93		$0.00
*   Expenses are equal to the Fund’s annualized expense ratio of 0.00%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, divided by 365 (to reflect the half-year period).

|  4

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles High Income Opportunities Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – 89.9% of Net Assets
	Non-Convertible Bonds – 74.7%
		ABS Home Equity – 3.1%
$	117,606	American Home Mortgage Investment Trust, Series 2005-2, Class 4A1, 1.961%, 9/25/2045(b)	$	112,953
	142,190	Countrywide Alternative Loan Trust, Series 2005-14, Class 2A1, 0.414%, 5/25/2035(b)		107,554
	80,000	Countrywide Asset-Backed Certificates, Series 2004-13, Class AF5B, 5.103%, 5/25/2035		76,470
	292,452	Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-11, Class 3A3, 2.713%, 4/25/2035(b)		181,229
	137,227	Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-13, Class A3, 5.500%, 6/25/2035		137,570
	149,994	Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-2, Class 2A3, 0.544%, 3/25/2035(b)		98,970
	171,758	GMAC Mortgage Corp. Loan Trust, Series 2005-AR3, Class 2A1, 3.403%, 6/19/2035(b)		168,482
	162,495	GMAC Mortgage Corp. Loan Trust, Series 2005-AR4, Class 3A1, 3.586%, 7/19/2035(b)		149,709
	194,965	Lehman Mortgage Trust, Series 2005-3, Class 1A6, 0.704%, 1/25/2036(b)(c)		132,986
	195,223	Lehman Mortgage Trust, Series 2007-8, Class 2A1, 6.500%, 9/25/2037		166,645
	74,108	Lehman XS Trust, Series 2007-10H, Class 1A11, 0.324%, 7/25/2037(b)(c)		46,182
	254,457	MASTR Adjustable Rate Mortgages Trust, Series 2007-1, Class I2A1, 0.364%, 1/25/2047(b)		177,908
	148,265	Residential Funding Mortgage Securities, Series 2006-S1, Class 1A3, 5.750%, 1/25/2036		153,144
	175,571	WaMu Mortgage Pass Through Certificates, Series 2006-AR11, Class 2A, 2.571%, 9/25/2046(b)		154,343
	232,443	Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2006-AR6, Class 2A, 1.134%, 8/25/2046(b)		148,909
	18,401	Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR2, Class 2A2, 2.682%, 3/25/2035(b)		18,511
				2,031,565
		ABS Other – 0.3%
	165,201	Sierra Receivables Funding Co. LLC, Series 2011-3A, Class C, 9.310%, 7/20/2028, 144A		171,159
		Aerospace & Defense – 2.3%
	885,000	Bombardier, Inc., 7.450%, 5/01/2034, 144A		907,125
		Aerospace & Defense – continued
$	200,000	Meccanica Holdings USA, Inc., 6.250%, 1/15/2040, 144A	$	175,844
	400,000	Meccanica Holdings USA, Inc., 7.375%, 7/15/2039, 144A		377,000
				1,459,969
		Airlines – 2.6%
	110,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		110,550
	18,149	Continental Airlines Pass Through Trust, Series 1997-4, Class B, 6.900%, 7/02/2018		18,755
	54,309	Continental Airlines Pass Through Trust, Series 1999-1, Class B, 6.795%, 2/02/2020		56,753
	4,621	Continental Airlines Pass Through Trust, Series 2000-2, Class B, 8.307%, 10/02/2019		5,002
	25,928	Continental Airlines Pass Through Trust, Series 2001-1, Class B, 7.373%, 6/15/2017		27,258
	172,018	Delta Air Lines Pass Through Trust, Series 2007-1, Class A, 6.821%, 2/10/2024		194,810
	472,768	Delta Air Lines Pass Through Trust, Series 2007-1, Class B, 8.021%, 2/10/2024		520,659
	279,552	Northwest Airlines, Inc., Series 2007-1, Class B, 8.028%, 5/01/2019		295,710
	400,000	US Airways Pass Through Trust, Series 2012-1C, Class C, 9.125%, 10/01/2015		430,000
				1,659,497
		Automotive – 1.3%
	165,000	Ford Motor Co., 6.625%, 2/15/2028		185,827
	35,000	Ford Motor Co., 7.125%, 11/15/2025		41,500
	110,000	Ford Motor Co., 7.500%, 8/01/2026		133,394
	320,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		323,200
	175,000	Lear Corp., 4.750%, 1/15/2023, 144A		170,625
				854,546
		Banking – 1.6%
	60,000	Ally Financial, Inc., 7.500%, 9/15/2020		73,200
	50,000	HBOS PLC, 6.000%, 11/01/2033, 144A		47,890
	435,000	HBOS PLC, GMTN, 6.750%, 5/21/2018, 144A		483,489
	405,000	Royal Bank of Scotland Group PLC, 4.700%, 7/03/2018		407,688
				1,012,267
		Brokerage – 1.1%
	140,000	Jefferies Group LLC, 6.250%, 1/15/2036		145,950

See accompanying notes to financial statements.

5  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued

Principal Amount (‡)		Description		Value (†)
	Bonds and Notes – continued
		Brokerage – continued
$	515,000	Jefferies Group LLC, 6.450%, 6/08/2027		$	569,075
	20,000	Jefferies Group LLC, 6.875%, 4/15/2021			23,347
					738,372
		Building Materials – 0.7%
	145,000	Masonite International Corp., 8.250%, 4/15/2021, 144A			160,950
	230,000	Ply Gem Industries, Inc., 8.250%, 2/15/2018			250,413
	15,000	USG Corp., 9.750%, 1/15/2018			17,775
					429,138
		Chemicals – 2.5%	��
	675,000	Hercules, Inc., 6.500%, 6/30/2029			607,500
	15,000	Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 9.000%, 11/15/2020			14,250
	235,000	JM Huber Corp., 9.875%, 11/01/2019, 144A			266,138
	590,000	Tronox Finance LLC, 6.375%, 8/15/2020, 144A			572,300
	150,000	U.S. Coatings Acquisition, Inc./Flash Dutch 2 BV, 7.375%, 5/01/2021, 144A			157,875
					1,618,063
		Commercial Mortgage-Backed Securities – 0.6%
	90,000	GS Mortgage Securities Corp. II, Series 2007-GG10, Class AM, 5.787%, 8/10/2045(b)			90,443
	250,000	Morgan Stanley Capital I Trust, Series 2007-HQ12, Class AM, 5.575%, 4/12/2049(b)			272,794
					363,237
		Construction Machinery – 0.1%
	95,000	United Rentals North America, Inc., 7.625%, 4/15/2022			106,163
		Consumer Cyclical Services – 0.6%
	100,000	ServiceMaster Co. (The), 7.000%, 8/15/2020, 144A			103,500
	45,000	ServiceMaster Co. (The), 7.450%, 8/15/2027			38,925
	225,000	ServiceMaster Co. (The), 8.000%, 2/15/2020			241,313
					383,738
		Consumer Products – 0.5%
	340,000	Visant Corp., 10.000%, 10/01/2017			310,250
		Electric – 3.0%
	42,280	CE Generation LLC, 7.416%, 12/15/2018			42,756
		Electric – continued
$	300,000	EDP Finance BV, 4.900%, 10/01/2019, 144A		$	301,500
	300,000	Enel Finance International NV, 6.000%, 10/07/2039, 144A			285,509
	1,077,000	Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc., 11.250%, 12/01/2018, 144A(d)			1,041,997
	264,000	NSG Holdings LLC, 7.750%, 12/15/2025, 144A			277,200
					1,948,962
		Gaming – 1.7%
	85,000	Boyd Acquisition Sub LLC/Boyd Acquisition Finance Corp., 8.375%, 2/15/2018, 144A			89,888
	310,000	MGM Resorts International, 7.500%, 6/01/2016			343,325
	630,000	MGM Resorts International, 7.625%, 1/15/2017			699,300
					1,132,513
		Healthcare – 4.1%
	185,000	DJO Finance LLC/DJO Finance Corp., 9.875%, 4/15/2018			203,038
	185,000	HCA Holdings, Inc., 6.250%, 2/15/2021			197,256
	5,000	HCA Holdings, Inc., 7.750%, 5/15/2021			5,572
	430,000	HCA, Inc., 7.050%, 12/01/2027			421,400
	30,000	HCA, Inc., 7.500%, 12/15/2023			32,100
	620,000	HCA, Inc., 7.500%, 11/06/2033			632,400
	40,000	HCA, Inc., 8.360%, 4/15/2024			44,800
	205,000	HCA, Inc., MTN, 7.580%, 9/15/2025			213,712
	20,000	HCA, Inc., MTN, 7.750%, 7/15/2036			20,000
	975,000	Tenet Healthcare Corp., 6.875%, 11/15/2031			892,125
					2,662,403
		Home Construction – 5.4%
	70,000	Beazer Homes USA, Inc., 7.250%, 2/01/2023, 144A			71,400
	25,000	Beazer Homes USA, Inc., 9.125%, 6/15/2018			26,875
	75,000	Beazer Homes USA, Inc., 9.125%, 5/15/2019			80,813
	200,000	Corp GEO SAB de CV, 8.875%, 3/27/2022, 144A			171,000
	390,000	Desarrolladora Homex SAB de CV, 9.750%, 3/25/2020, 144A			333,450
	260,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021			239,200
	260,000	K. Hovnanian Enterprises, Inc., 9.125%, 11/15/2020, 144A			289,575
	355,000	KB Home, 7.250%, 6/15/2018			390,500
	305,000	KB Home, 8.000%, 3/15/2020			351,512

See accompanying notes to financial statements.

|  6

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Home Construction – continued
$	215,000	Lennar Corp., 6.950%, 6/01/2018	$	241,875
	720,000	Pulte Group, Inc., 6.000%, 2/15/2035		691,200
	470,000	Pulte Group, Inc., 6.375%, 5/15/2033		472,350
	200,000	Urbi Desarrollos Urbanos SAB de CV, 9.750%, 2/03/2022, 144A		124,000
				3,483,750
		Independent Energy – 2.8%
	5,000	Chesapeake Energy Corp., 6.625%, 8/15/2020		5,463
	145,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		158,050
	150,000	Connacher Oil and Gas Ltd., 8.500%, 8/01/2019, 144A		98,625
	105,000	Halcon Resources Corp., 8.875%, 5/15/2021, 144A		113,137
	400,000	OGX Austria GmbH, 8.375%, 4/01/2022, 144A		302,000
	750,000	OGX Austria GmbH, 8.500%, 6/01/2018, 144A		585,000
	110,000	SandRidge Energy, Inc., 7.500%, 2/15/2023		114,125
	380,000	SandRidge Energy, Inc., 8.125%, 10/15/2022		405,650
				1,782,050
		Industrial Other – 0.2%
	130,000	Dematic S.A./DH Services Luxembourg S.a.r.l., 7.750%, 12/15/2020, 144A		135,200
		Life Insurance – 0.8%
	370,000	American International Group, Inc., (fixed rate to 5/15/2038, variable rate thereafter), 8.175%, 5/15/2068		498,113
		Media Cable – 1.1%
	230,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 9/01/2023, 144A		230,575
	430,000	CSC Holdings LLC, 7.625%, 7/15/2018		498,800
				729,375
		Media Non-Cable – 2.9%
	395,000	Clear Channel Communications, Inc., 5.500%, 9/15/2014		387,100
	85,000	Clear Channel Worldwide Holdings, Inc., 6.500%, 11/15/2022, 144A		88,613
	230,000	Clear Channel Worldwide Holdings, Inc., 6.500%, 11/15/2022, 144A		242,650
	405,000	Clear Channel Worldwide Holdings, Inc., 7.625%, 3/15/2020		422,719
	50,000	Intelsat Luxembourg S.A., 6.750%, 6/01/2018, 144A		51,500
	335,000	Intelsat Luxembourg S.A., 7.750%, 6/01/2021, 144A		340,862
	230,000	Intelsat Luxembourg S.A., 8.125%, 6/01/2023, 144A		233,737
		Media Non-Cable – continued
$	85,000	R.R. Donnelley & Sons Co., 8.250%, 3/15/2019	$	91,800
				1,858,981
		Metals & Mining – 3.3%
	25,000	ArcelorMittal, 6.750%, 2/25/2022		27,322
	70,000	ArcelorMittal, 7.250%, 3/01/2041		69,650
	600,000	ArcelorMittal, 7.500%, 10/15/2039		616,500
	705,000	Arch Coal, Inc., 7.250%, 6/15/2021		632,737
	125,000	Essar Steel Algoma, Inc., 9.375%, 3/15/2015, 144A		120,000
	210,000	Inmet Mining Corp., 7.500%, 6/01/2021, 144A		227,325
	80,000	United States Steel Corp., 6.050%, 6/01/2017		84,200
	370,000	United States Steel Corp., 6.650%, 6/01/2037		340,400
				2,118,134
		Non-Captive Consumer – 3.5%
	420,000	Residential Capital LLC, 9.625%, 5/15/2015(e)		457,800
	850,000	SLM Corp., Series A, MTN, 5.625%, 8/01/2033		786,250
	40,000	Springleaf Finance Corp., Series I, MTN, 5.400%, 12/01/2015		41,100
	500,000	Springleaf Finance Corp., Series J, MTN, 6.500%, 9/15/2017		497,500
	500,000	Springleaf Finance Corp., Series J, MTN, 6.900%, 12/15/2017		502,500
				2,285,150
		Non-Captive Diversified – 2.3%
	30,000	Aircastle Ltd., 7.625%, 4/15/2020		34,725
	401,000	Ally Financial, Inc., 8.000%, 11/01/2031		507,265
	45,000	International Lease Finance Corp., 6.250%, 5/15/2019		49,275
	70,000	International Lease Finance Corp., 8.250%, 12/15/2020		85,750
	255,000	International Lease Finance Corp., 8.625%, 1/15/2022		324,487
	75,000	iStar Financial, Inc., 5.850%, 3/15/2017		76,313
	55,000	iStar Financial, Inc., 7.125%, 2/15/2018		57,613
	210,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.375%, 10/01/2017, 144A		219,450
	125,000	Oxford Finance LLC/Oxford Finance Co-Issuer, Inc., 7.250%, 1/15/2018, 144A		129,687
				1,484,565
		Oil Field Services – 0.9%
	580,000	Edgen Murray Corp., 8.750%, 11/01/2020, 144A		601,750

See accompanying notes to financial statements.

7  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Packaging – 0.8%
$	400,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) S.A., 8.250%, 2/15/2021	$	412,000
	100,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) S.A., 9.875%, 8/15/2019		109,625
				521,625
		Pharmaceuticals – 1.4%
	105,000	Valeant Pharmaceuticals International, 6.375%, 10/15/2020, 144A		110,709
	375,000	Valeant Pharmaceuticals International, 7.250%, 7/15/2022, 144A		407,813
	390,000	VPI Escrow Corp., 6.375%, 10/15/2020, 144A		410,962
				929,484
		Refining – 0.6%
	310,000	Calumet Specialty Products Partners LP/Calumet Finance Corp., 9.375%, 5/01/2019		347,200
	15,000	Calumet Specialty Products Partners LP/Calumet Finance Corp., 9.375%, 5/01/2019		16,800
				364,000
		Retailers – 3.0%
	155,000	Dillard’s, Inc., 6.625%, 1/15/2018		171,081
	480,000	Dillard’s, Inc., 7.000%, 12/01/2028		504,000
	175,000	Dillard’s, Inc., 7.130%, 8/01/2018		199,937
	75,000	Dillard’s, Inc., 7.875%, 1/01/2023		82,875
	280,000	Foot Locker, Inc., 8.500%, 1/15/2022		319,200
	200,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		150,000
	185,000	J.C. Penney Corp., Inc., 7.400%, 4/01/2037		147,538
	420,000	Toys R Us, Inc., 7.375%, 10/15/2018		370,650
				1,945,281
		Supermarkets – 1.5%
	70,000	American Stores Co., 8.000%, 6/01/2026		89,863
	5,000	New Albertson’s, Inc., 7.450%, 8/01/2029		4,006
	230,000	New Albertson’s, Inc., 7.750%, 6/15/2026		184,287
	5,000	New Albertson’s, Inc., 8.000%, 5/01/2031		4,050
	10,000	New Albertson’s, Inc., 8.700%, 5/01/2030		8,400
	615,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		443,569
		Supermarkets – continued
$	215,000	SUPERVALU, Inc., 8.000%, 5/01/2016	$	223,600
				957,775
		Technology – 7.2%
	3,020,000	Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		2,325,400
	290,000	Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028		220,400
	190,000	Amkor Technology, Inc., 6.375%, 10/01/2022		189,525
	30,000	Amkor Technology, Inc., 6.625%, 6/01/2021		30,300
	145,000	CommScope, Inc., 8.250%, 1/15/2019, 144A		157,325
	140,000	Equinix, Inc., 5.375%, 4/01/2023		141,750
	680,000	First Data Corp., 8.250%, 1/15/2021, 144A		707,200
	345,000	Freescale Semiconductor, Inc., 8.050%, 2/01/2020		364,838
	485,000	NCR Corp., 5.000%, 7/15/2022, 144A		486,212
				4,622,950
		Textile – 1.7%
	745,000	Jones Group, Inc. (The), 6.125%, 11/15/2034		634,181
	125,000	Jones Group, Inc./Apparel Group Holdings/Apparel Group USA/Footwear Accessories Retail, 6.875%, 3/15/2019		132,344
	320,000	Wolverine World Wide, Inc., 6.125%, 10/15/2020, 144A		339,600
				1,106,125
		Transportation Services – 0.8%
	185,000	APL Ltd., 8.000%, 1/15/2024(f)		173,900
	13,279	Atlas Air Pass Through Trust, Series 1998-1, Class B, 7.680%, 7/02/2015		13,678
	347,188	Atlas Air Pass Through Trust, Series 1998-1, Class C, 8.010%, 7/02/2011(g)(h)		322,885
				510,463
		Wireless – 2.9%
	300,000	Bakrie Telecom Pte Ltd., 11.500%, 5/07/2015, 144A		144,000
	1,636,000	Sprint Capital Corp., 6.875%, 11/15/2028		1,672,810
	10,000	Sprint Capital Corp., 6.900%, 5/01/2019		10,975
	25,000	Sprint Capital Corp., 8.750%, 3/15/2032		29,813
				1,857,598
		Wirelines – 5.5%
	382,000	Axtel SAB de CV, (Step to 8.000% on 1/31/2014), 7.000%, 1/31/2020, 144A(i)		336,160

See accompanying notes to financial statements.

|  8

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Wirelines – continued
$	20,000	CenturyLink, Inc., 5.625%, 4/01/2020	$	20,450
	175,000	CenturyLink, Inc., 7.650%, 3/15/2042		169,094
	85,000	CenturyLink, Inc., Series P, 7.600%, 9/15/2039		82,450
	220,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		209,000
	205,000	Cincinnati Bell, Inc., 8.750%, 3/15/2018		203,463
	15,000	Frontier Communications Corp., 7.000%, 11/01/2025		14,550
	325,000	Frontier Communications Corp., 7.450%, 7/01/2035		292,500
	465,000	Frontier Communications Corp., 7.875%, 1/15/2027		460,350
	480,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		462,686
	315,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		355,682
	375,000	Telecom Italia Capital S.A., 7.200%, 7/18/2036		373,683
	290,000	Telecom Italia Capital S.A., 7.721%, 6/04/2038		301,872
	150,000	Telefonica Emisiones SAU, 5.134%, 4/27/2020		157,933
	75,000	Telefonica Emisiones SAU, 7.045%, 6/20/2036		80,512
				3,520,385
		Total Non-Convertible Bonds
		(Identified Cost $45,879,428)		48,194,596
	Convertible Bonds – 15.2%
		Automotive – 1.9%
	765,000	Ford Motor Co., 4.250%, 11/15/2016		1,225,912
		Construction Machinery – 0.3%
	125,000	Ryland Group, Inc. (The), 1.625%, 5/15/2018		186,562
		Diversified Manufacturing – 0.6%
	330,000	Trinity Industries, Inc., 3.875%, 6/01/2036		395,794
		Electric – 1.0%
	330,000	CMS Energy Corp., 5.500%, 6/15/2029		669,694
		Home Construction – 2.0%
	165,000	KB Home, 1.375%, 2/01/2019		181,397
	30,000	Lennar Corp., 2.000%, 12/01/2020, 144A		45,469
	15,000	Lennar Corp., 2.750%, 12/15/2020, 144A		29,062
	350,000	Lennar Corp., 3.250%, 11/15/2021, 144A		659,969
		Home Construction – continued
$	310,000	Standard Pacific Corp., 1.250%, 8/01/2032	$	396,025
				1,311,922
		Independent Energy – 0.4%
	225,000	Chesapeake Energy Corp., 2.500%, 5/15/2037		215,578
	55,000	Chesapeake Energy Corp., 2.750%, 11/15/2035		55,069
				270,647
		Media Non-Cable – 0.1%
	113,300	Liberty Media LLC, 3.500%, 1/15/2031		59,199
		Metals & Mining – 0.8%
	405,000	Peabody Energy Corp., 4.750%, 12/15/2066		330,075
	95,000	Steel Dynamics, Inc., 5.125%, 6/15/2014		106,637
	95,000	United States Steel Corp., 2.750%, 4/01/2019		96,069
				532,781
		Non-Captive Diversified – 0.1%
	25,000	iStar Financial, Inc., 3.000%, 11/15/2016		29,391
		Pharmaceuticals – 0.3%
	80,000	Mylan, Inc., 3.750%, 9/15/2015		177,250
		REITs – Mortgage – 0.3%
	170,000	Redwood Trust, Inc., 4.625%, 4/15/2018		187,212
		Technology – 5.0%
	635,000	Ciena Corp., 0.875%, 6/15/2017		574,278
	520,000	Ciena Corp., 3.750%, 10/15/2018, 144A		589,550
	30,000	Ciena Corp., 4.000%, 3/15/2015, 144A		33,225
	425,000	Intel Corp., 2.950%, 12/15/2035		451,031
	440,000	Intel Corp., 3.250%, 8/01/2039		529,650
	505,000	Micron Technology, Inc., Series B, 1.875%, 8/01/2031		589,588
	165,000	Micron Technology, Inc., Series C, 2.375%, 5/01/2032, 144A		203,878
	105,000	Nuance Communications, Inc., 2.750%, 11/01/2031		108,478
	60,000	SanDisk Corp., 1.500%, 8/15/2017		77,325
	30,000	Xilinx, Inc., 2.625%, 6/15/2017		42,544
				3,199,547
		Textile – 0.4%
	235,000	Iconix Brand Group, Inc., 2.500%, 6/01/2016, 144A		261,291

See accompanying notes to financial statements.

9  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Wireless – 0.1%
$	40,000	Clearwire Communications LLC/Clearwire Finance, Inc., 8.250%, 12/01/2040, 144A	$	44,350
		Wirelines – 1.9%
	436,000	Axtel SAB de CV, (Step to 8.000% on 1/31/2014), 7.000%, 1/31/2020, 144A, (MXN)(f)(i)(j)(k)		45,789
	1,014,000	Level 3 Communications, Inc., 7.000%, 3/15/2015, 144A(f)		1,181,944
				1,227,733
		Total Convertible Bonds
		(Identified Cost $7,704,754)		9,779,285
		Total Bonds and Notes
		(Identified Cost $53,584,182)		57,973,881
	Shares
	Preferred Stocks – 6.8%
	Convertible Preferred Stocks – 4.6%
		Automotive – 2.6%
	32,200	General Motors Co., Series B, 4.750%		1,382,668
	6,380	Goodyear Tire & Rubber Co. (The), 5.875%		277,594
				1,660,262
		Banking – 0.1%
	30	Bank of America Corp., Series L, 7.250%		36,545
		Electric – 0.6%
	7,975	AES Trust III, 6.750%		401,382
		Independent Energy – 0.1%
	90	Chesapeake Energy Corp., 5.000%		7,974
	85	Chesapeake Energy Corp., Series A, 5.750%, 144A		86,859
				94,833
		Metals & Mining – 0.3%
	3,300	ArcelorMittal, 6.000%	$	69,135
	5,046	Cliffs Natural Resources, Inc., 7.000%		94,209
				163,344
		Non-Captive Diversified – 0.2%
	2,110	iStar Financial, Inc., 4.500%		109,382
		Pipelines – 0.7%
	8,050	El Paso Energy Capital Trust I, 4.750%		472,776
		Total Convertible Preferred Stocks
		(Identified Cost $2,982,301)		2,938,524
	Non-Convertible Preferred Stocks – 2.2%
		Banking – 0.5%
	13,577	SunTrust Banks. Inc., 5.875%		341,054
		Non-Captive Diversified – 1.7%
$	11,350	Ally Financial, Inc., Series A, (fixed rate to 5/15/2016, variable rate thereafter), 8.500%	$	303,953
	803	Ally Financial, Inc., Series G, 7.000%, 144A		794,117
				1,098,070
		Total Non-Convertible Preferred Stocks
		(Identified Cost $1,061,965)		1,439,124
		Total Preferred Stocks
		(Identified Cost $4,044,266)		4,377,648
	Common Stocks – 1.2%
		Diversified Telecommunication Services – 0.4%
	10	FairPoint Communications, Inc.(h)		75
	1,017	Hawaiian Telcom Holdco, Inc.(h)		23,462
	16,842	Telefonica S.A., Sponsored ADR		227,535
				251,072
		Household Durables – 0.8%
	23,775	KB Home		517,582
		Total Common Stocks
		(Identified Cost $453,998)		768,654
	Warrants – 0.0%
	1,657	FairPoint Communications, Inc., Expiration on 1/24/2018 at $48.81(f)(h)(j) (Identified Cost $0)	$	—
	Principal Amount (‡)
	Short-Term Investments – 1.6%
$	1,011,847	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/28/2013 at 0.000% to be repurchased at $1,011,847 on 4/01/2013 collateralized by $945,000 U.S. Treasury Note, 4.125% due 5/15/2015 valued at $1,036,103 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $1,011,847)		1,011,847
		Total Investments – 99.5%
		(Identified Cost $59,094,293)(a)		64,132,030
		Other Assets Less Liabilities—0.5%		337,084
		Net Assets – 100.0%	$	64,469,114
	(‡)	Principal amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.

See accompanying notes to financial statements.

|  10

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued

	Description
(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
	At March 31, 2013, the net unrealized appreciation on investments based on a cost of $59,170,912 for federal income tax purposes was as follows:
	Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	7,421,978
	Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(2,460,860	)
	Net unrealized appreciation	$	4,961,118
(b)	Variable rate security. Rate as of March 31, 2013 is disclosed.
(c)	The issuer is making partial payments with respect to principal.
(d)	All or a portion of interest payment is paid-in-kind.
(e)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
(f)	Illiquid security. At March 31, 2013, the value of these securities amounted to $1,401,633 or 2.2% of net assets.
(g)	Maturity has been extended under the terms of a plan of reorganization.
(h)	Non-income producing security.
(i)	Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.
(j)	Fair valued security by the Fund’s investment adviser. At March 31, 2013, the value of these securities amounted to $45,789 or 0.1% of net assets.
(k)	Convertible dollar-indexed note. Coupon rate is based on MXN denominated par value and is payable in USD.
144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2013, the value of Rule 144A holdings amounted to $17,375,009 or 27.0% of net assets.
ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
ABS	Asset-Backed Securities
GMTN	Global Medium Term Note
MTN	Medium Term Note
REITs	Real Estate Investment Trusts
MXN	Mexican Peso
USD	U.S. Dollar

Industry Summary at March 31, 2013 (Unaudited)

Technology	12.2	%
Home Construction	7.4
Wirelines	7.4
Automotive	5.8
Electric	4.6
Metals & Mining	4.4
Non-Captive Diversified	4.3
Healthcare	4.1
Non-Captive Consumer	3.5
Independent Energy	3.3
ABS Home Equity	3.1
Retailers	3.0
Media Non-Cable	3.0
Wireless	3.0
Airlines	2.6
Chemicals	2.5
Aerospace & Defense	2.3
Banking	2.2
Textile	2.1
Other Investments, less than 2% each	17.1
Short-Term Investments	1.6
Total Investments	99.5
Other assets less liabilities	0.5
Net Assets	100.0	%

See accompanying notes to financial statements.

11  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Securitized Asset Fund

Principal Amount		Description	Value (†)
	Bonds and Notes – 118.3% of Net Assets
		ABS Car Loan – 7.6%
$	4,235,000	Avis Budget Rental Car Funding AESOP LLC, Series 2010-3A, Class A, 4.640%, 5/20/2016, 144A	$	4,547,594
	645,000	Avis Budget Rental Car Funding AESOP LLC, Series 2013-1A, Class B, 2.620%, 9/20/2019, 144A		648,762
	3,325,040	California Republic Auto Receivables Trust, Series 2012-1, Class A, 1.180%, 8/15/2017, 144A		3,323,371
	562,986	CarNow Auto Receivables Trust, Series 2012-1A, Class A, 2.090%, 1/15/2015, 144A		563,179
	387,217	Centre Point Funding LLC, Series 2010-1A, Class 1, 5.430%, 7/20/2016, 144A		408,319
	6,515,052	Centre Point Funding LLC, Series 2012-2A, Class 1, 2.610%, 8/20/2021, 144A		6,600,562
	4,415,000	Credit Acceptance Auto Loan Trust, Series 2012-1A, Class A, 2.200%, 9/16/2019, 144A		4,474,894
	2,075,000	Credit Acceptance Auto Loan Trust, Series 2012-2A, Class A, 1.520%, 3/16/2020, 144A		2,088,091
	2,722,039	Exeter Automobile Receivables Trust, Series 2012-1A, Class A, 2.020%, 8/15/2016, 144A		2,736,664
	2,000,000	First Investors Auto Owner Trust, Series 2012-2A, Class B, 2.470%, 5/15/2018, 144A		2,050,284
	1,325,000	First Investors Auto Owner Trust, Series 2013-1A, Class A2, 0.900%, 10/15/2018, 144A		1,324,245
	3,190,000	Hertz Vehicle Financing LLC, Series 2009-2A, Class A2, 5.290%, 3/25/2016, 144A		3,444,084
	2,440,000	Hertz Vehicle Financing LLC, Series 2009-2A, Class B2, 5.930%, 3/25/2016, 144A		2,622,314
	1,141,890	Hyundai Capital Auto Funding Ltd., Series 2010-8A, Class A, 1.203%, 9/20/2016, 144A(b)		1,144,288
	2,349,607	Santander Drive Auto Receivables Trust, Series 2011-S1A, Class D, 3.100%, 5/15/2017, 144A		2,358,439
	1,223,690	Santander Drive Auto Receivables Trust, Series 2011-S2A, Class D, 3.350%, 6/15/2017, 144A		1,233,235
	3,395,000	SMART Trust/Australia, Series 2012-4US, Class A3A, 0.970%, 3/14/2017		3,400,432
	1,069,477	SNAAC Auto Receivables Trust, Series 2012-1A, Class A, 1.780%, 6/15/2016, 144A		1,075,589
	1,400,000	SNAAC Auto Receivables Trust, Series 2012-1A, Class B, 3.110%, 6/15/2017, 144A		1,421,760
	7,100,000	Tidewater Auto Receivables Trust, Series 2012-AA, Class A3, 1.990%, 4/15/2019, 144A		7,094,405
				52,560,511
		ABS Credit Card – 3.7%
$	2,160,000	Citibank Omni Master Trust, Series 2009-A14A, Class A14, 2.953%, 8/15/2018, 144A(b)	$	2,235,937
	2,815,000	GE Capital Credit Card Master Note Trust, Series 2009-4, Class B, 5.390%, 11/15/2017, 144A		3,026,130
	4,975,000	GE Capital Credit Card Master Note Trust, Series 2010-2, Class A, 4.470%, 3/15/2020		5,625,357
	3,195,000	World Financial Network Credit Card Master Trust, Series 2010-A, Class A, 3.960%, 4/15/2019		3,419,056
	10,215,000	World Financial Network Credit Card Master Trust, Series 2012-A, Class A, 3.140%, 1/17/2023		11,088,730
				25,395,210
		ABS Home Equity – 1.8%
	746,960	Countrywide Alternative Loan Trust, Series 2006-15CB, Class A1, 6.500%, 6/25/2036		529,792
	452,765	Countrywide Alternative Loan Trust, Series 2006-J5, Class 4A1, 5.214%, 7/25/2021(b)		426,914
	391,349	Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 5.115%, 2/25/2035(b)		401,787
	1,256,580	Countrywide Asset-Backed Certificates, Series 2006-S7, Class A3, 5.712%, 11/25/2035		1,184,326
	396,931	Countrywide Home Loan Mortgage Pass Through Trust, Series 2004-HYB5, Class 6A2, 2.998%, 4/20/2035(b)		155,647
	478,349	Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 5A, 5.499%, 7/25/2035(b)		446,772
	252,735	Residential Accredit Loans, Inc., Trust, Series 2006-QS13, Class 2A1, 5.750%, 9/25/2021		250,705
	1,204,840	Residential Accredit Loans, Inc., Trust, Series 2006-QS18, Class 3A3, 5.750%, 12/25/2021		1,194,656
	56,180	Residential Accredit Loans, Inc., Trust, Series 2006-QS6, Class 2A1, 6.000%, 6/25/2021		54,563
	459,911	Sequoia Mortgage Trust, Series 2013-1, Class 2A1, 1.855%, 2/25/2043		451,962
	1,642,644	Soundview Home Equity Loan Trust, Series 2006-OPT5, Class 2A3, 0.354%, 7/25/2036(b)		1,250,268
	6,939,389	Washington Mutual Mortgage Pass Through Certificates, Series 2007-HY2, Class 2A2, 2.903%, 11/25/2036(b)		5,996,007
				12,343,399
		ABS Other – 7.6%
	7,250,000	Ally Master Owner Trust, Series 2011-1, Class A2, 2.150%, 1/15/2016		7,340,821

See accompanying notes to financial statements.

|  12

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		ABS Other – continued
$	3,034,074	Ascentium Equipment Receivables LLC, Series 2012-1A, Class A, 1.830%, 9/15/2019, 144A	$	3,033,771
	3,600,011	Diamond Resorts Owner Trust, Series 2011-1, Class A, 4.000%, 3/20/2023, 144A		3,695,278
	8,170,000	DSC Floorplan Master Owner Trust, Series 2011-1, Class A, 3.910%, 3/15/2016, 144A		8,293,579
	3,180,000	GE Dealer Floorplan Master Note Trust, Series 2011-1, Class A, 0.803%, 7/20/2016(b)		3,200,327
	602,434	Marriott Vacation Club Owner Trust, Series 2009-2A, Class A, 4.809%, 7/20/2031, 144A		628,846
	9,168,085	Orange Lake Timeshare Trust, Series 2012-AA, Class A, 3.450%, 3/10/2027, 144A		9,544,032
	1,336,378	Premium Yield Facility, Series 2010-A, 6.080%, 2/20/2026, 144A(c)		1,356,423
	1,190,000	Sierra Receivables Funding Co LLC, Series 2013-1A, Class A, 1.590%, 11/20/2029, 144A		1,190,000
	649,533	Sierra Timeshare Receivables Funding LLC, Series 2007-1A, Class A2, 0.353%, 3/20/2019, 144A(b)		649,105
	515,971	Sierra Timeshare Receivables Funding LLC, Series 2010-1A, Class A1, 4.480%, 7/20/2026, 144A		526,329
	848,400	Sierra Timeshare Receivables Funding LLC, Series 2010-2A, Class A, 3.840%, 11/20/2025, 144A		860,004
	1,157,279	Sierra Timeshare Receivables Funding LLC, Series 2010-3A, Class A, 3.510%, 11/20/2025, 144A		1,202,549
	1,263,785	Sierra Timeshare Receivables Funding LLC, Series 2011-3A, Class A, 3.370%, 7/20/2028, 144A		1,309,213
	2,379,213	Sierra Timeshare Receivables Funding LLC, Series 2012-1A, Class A, 2.840%, 11/20/2028, 144A		2,443,129
	2,810,588	SVO VOI Mortgage LLC, Series 2012-AA, Class A, 2.000%, 9/20/2029, 144A		2,837,525
	4,320,996	Trip Rail Master Funding LLC, Series 2011-1A, Class A1B, 2.703%, 7/15/2041, 144A(b)		4,441,003
				52,551,934
		ABS Student Loan – 3.0%
	4,900,000	Panhandle-Plains Higher Education Authority, Inc., Series 2011-1, Class A2, 1.258%, 7/01/2024(b)		4,955,282
	15,565,000	South Carolina Student Loan Corp., Series 2010-1, Class A2, 1.301%, 7/25/2025(b)(d)		15,791,937
				20,747,219
		Collateralized Mortgage Obligations – 28.2%
$	363,323	Federal Home Loan Mortgage Corp., REMIC, Series 2060, Class ZA, 6.000%, 4/15/2028(d)	$	410,913
	537,311	Federal Home Loan Mortgage Corp., REMIC, Series 2649, Class IM, 7.000%, 7/15/2033(d)(e)		114,249
	6,500,000	Federal Home Loan Mortgage Corp., REMIC, Series 2874, Class BC, 5.000%, 10/15/2019(d)		7,110,434
	7,177,000	Federal Home Loan Mortgage Corp., REMIC, Series 2912, Class EH, 5.500%, 1/15/2035(d)		8,397,542
	10,510,000	Federal Home Loan Mortgage Corp., REMIC, Series 2931, Class DE, 4.000%, 2/15/2020(d)		11,283,504
	18,867,349	Federal Home Loan Mortgage Corp., REMIC, Series 3149, Class LS, 6.997%, 5/15/2036(b)(d)(e)		4,553,027
	5,693,223	Federal Home Loan Mortgage Corp., REMIC, Series 3416, Class B1, 6.047%, 2/15/2038(b)(e)		1,052,199
	4,526,153	Federal Home Loan Mortgage Corp., REMIC, Series 3561, Class W, 4.624%, 6/15/2048(b)(d)		4,719,646
	450,000	Federal Home Loan Mortgage Corp., REMIC, Series 3605, Class NC, 5.500%, 6/15/2037		541,122
	4,759,890	Federal Home Loan Mortgage Corp., REMIC, Series 3620, Class AT, 4.874%, 12/15/2036(b)(d)		5,070,406
	2,162,699	Federal Home Loan Mortgage Corp., Series 224, Class IO, 6.000%, 3/01/2033(d)(e)		452,134
	812,696	Federal National Mortgage Association, REMIC, Series 1996-45, Class SC, 7.031%, 1/25/2024(b)(e)		148,034
	2,374,812	Federal National Mortgage Association, REMIC, Series 2003-26, Class OI, 5.500%, 11/25/2032(d)(e)		168,825
	695,798	Federal National Mortgage Association, REMIC, Series 2006-69, Class KI, 7.096%, 8/25/2036(b)(e)		119,588
	1,000,000	Federal National Mortgage Association, REMIC, Series 2008-35, Class CD, 4.500%, 5/25/2023(d)		1,129,331
	10,000,000	Federal National Mortgage Association, REMIC, Series 2008-42, Class AY, 5.000%, 5/25/2023(d)		11,149,380
	8,027,989	Federal National Mortgage Association, REMIC, Series 2008-86, Class LA, 4.381%, 8/25/2038(b)(d)		8,385,467
	2,237,739	Federal National Mortgage Association, REMIC, Series 2009-11, Class VP, 4.283%, 3/25/2039(b)(d)		2,354,482
	420,000	Federal National Mortgage Association, REMIC, Series 2009-71, Class MB, 4.500%, 9/25/2024		457,782
	2,618,068	Federal National Mortgage Association, Series 334, Class 11, 6.000%, 3/01/2033(d)(e)		405,090
	521,771	Federal National Mortgage Association, Series 334, Class 19, 7.000%, 2/01/2033(d)(e)		118,800

See accompanying notes to financial statements.

13  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Collateralized Mortgage Obligations – continued
$	573,332	Federal National Mortgage Association, Series 339, Class 7, 5.500%, 8/01/2033(d)(e)	$	84,755
	2,963,696	Federal National Mortgage Association, Series 339, Class 13, 6.000%, 8/01/2033(d)(e)		547,392
	6,615,811	Federal National Mortgage Association, Series 356, Class 13, 5.500%, 6/01/2035(d)(e)		923,705
	2,759,133	Federal National Mortgage Association, Series 359, Class 17, 6.000%, 7/01/2035(d)(e)		466,490
	2,234,671	Federal National Mortgage Association, Series 374, Class 18, 6.500%, 8/01/2036(d)(e)		355,463
	4,323,663	Federal National Mortgage Association, Series 374, Class 20, 6.500%, 9/01/2036(d)(e)		702,605
	1,649,836	Federal National Mortgage Association, Series 374, Class 22, 7.000%, 10/01/2036(d)(e)		187,844
	2,055,119	Federal National Mortgage Association, Series 374, Class 23, 7.000%, 10/01/2036(d)(e)		240,227
	2,371,952	Federal National Mortgage Association, Series 374, Class 24, 7.000%, 6/01/2037(d)(e)		274,086
	2,310,124	Federal National Mortgage Association, Series 381, Class 12, 6.000%, 11/25/2035(d)(e)		411,754
	1,043,810	Federal National Mortgage Association, Series 381, Class 13, 6.000%, 11/25/2035(d)(e)		163,899
	1,860,575	Federal National Mortgage Association, Series 381, Class 18, 7.000%, 3/25/2037(d)(e)		225,775
	1,156,212	Federal National Mortgage Association, Series 381, Class 19, 7.000%, 3/25/2037(d)(e)		192,284
	375,787	Federal National Mortgage Association, Series 383, Class 32, 6.000%, 1/01/2038(d)(e)		53,366
	2,424,232	Federal National Mortgage Association, Series 384, Class 4, 4.500%, 9/25/2036(d)(e)		258,373
	7,634,132	Federal National Mortgage Association, Series 384, Class 20, 5.500%, 5/25/2036(d)(e)		966,220
	2,740,124	Federal National Mortgage Association, Series 384, Class 31, 6.500%, 7/25/2037(d)(e)		452,280
	1,998,869	Federal National Mortgage Association, Series 384, Class 36, 7.000%, 7/25/2037(d)(e)		320,011
	1,607,231	Federal National Mortgage Association, Series 385, Class 23, 7.000%, 7/25/2037(d)(e)		207,100
	299,452	Federal National Mortgage Association, Series 386, Class 25, 7.000%, 3/25/2038(d)(e)		46,355
		Collateralized Mortgage Obligations – continued
$	11,745,000	FHLMC Multifamily Structured Pass Through Certificates, Series K012, Class A2, 4.186%, 12/25/2020(d)	$	13,421,845
	9,616,000	FHLMC Multifamily Structured Pass Through Certificates, Series K013, Class A2, 3.974%, 1/25/2021(d)		10,845,511
	16,860,000	FHLMC Multifamily Structured Pass Through Certificates, Series K702, Class A2, 3.154%, 2/25/2018(d)		18,321,037
	2,670,000	FHLMC Multifamily Structured Pass Through Certificates, Series K703, Class A2, 2.699%, 5/25/2018(d)		2,851,071
	3,215,000	FHLMC Multifamily Structured Pass Through Certificates, Series K706, Class A2, 2.323%, 10/25/2018(d)		3,370,169
	26,600,000	FHLMC Multifamily Structured Pass Through Certificates, Series KAIV, Class A2, 3.989%, 6/25/2021(d)		30,106,784
	29,578,309	Government National Mortgage Association, Series 2006-46, Class IO, 0.126%, 4/16/2046(b)(e)		570,181
	25,289,938	Government National Mortgage Association, Series 2006-51, Class IO, 0.448%, 8/16/2046(b)(d)(e)		563,005
	500,000	Government National Mortgage Association, Series 2007-75, Class C, 5.533%, 9/16/2038		527,500
	4,000,000	Government National Mortgage Association, Series 2008-52, Class E, 6.041%, 8/16/2042(d)		4,760,840
	74,836,251	Government National Mortgage Association, Series 2010-83, Class IO, 1.018%, 7/16/2050(b)(e)		3,679,100
	70,961,425	Government National Mortgage Association, Series 2010-I24, Class X, 1.024%, 12/16/2052(b)(d)(e)		5,336,299
	23,091,591	Government National Mortgage Association, Series 2011-38, Class IO, 0.937%, 4/16/2053(b)(d)(e)		1,248,493
	14,009,222	Government National Mortgage Association, Series 2011-53, Class IO, 1.337%, 5/16/2051(b)(d)(e)		919,047
	34,462,285	Government National Mortgage Association, Series 2012-23, Class IO, 1.553%, 6/16/2053(b)(d)(e)		2,600,421
	34,402,788	Government National Mortgage Association, Series 2012-53, Class IO, 1.086%, 3/16/2047(b)(d)(e)		2,675,436
	39,405,198	Government National Mortgage Association, Series 2012-55, Class IO, 1.234%, 4/16/2052(b)(d)(e)		2,568,234
	29,624,571	Government National Mortgage Association, Series 2012-58, Class IO, 1.031%, 2/16/2053(b)(d)(e)		2,621,863
	29,631,331	Government National Mortgage Association, Series 2012-70, Class IO, 0.963%, 8/16/2052(b)(d)(e)		2,078,253

See accompanying notes to financial statements.

|  14

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Collateralized Mortgage Obligations – continued
$	24,682,075	Government National Mortgage Association, Series 2012-79, Class IO, 1.051%, 3/16/2053(b)(e)	$	2,101,284
	24,763,961	Government National Mortgage Association, Series 2012-95, Class IO, 1.049%, 2/16/2053(b)(e)		2,259,414
	17,000,000	Government National Mortgage Association, Series 2012-100, Class IC, 1.567%, 9/16/2050(b)(e)		2,146,369
	26,551,492	Government National Mortgage Association, Series 2012-100, Class IO, 0.888%, 8/16/2052(b)(e)		2,016,134
	12,925,139	Government National Mortgage Association, Series 2012-111, Class IC, 1.467%, 9/16/2050(b)(e)		1,554,894
				194,365,123
		Commercial Mortgage-Backed Securities – 31.9%
	189,000	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-6, Class A4, 5.188%, 9/10/2047(b)		207,505
	61,433	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2006-4, Class A2, 5.522%, 7/10/2046		61,733
	1,502,000	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2007-5, Class A4, 5.492%, 2/10/2051		1,722,958
	1,090,000	Bear Stearns Commercial Mortgage Securities, Series 2007-PW15, Class A4, 5.331%, 2/11/2044		1,216,098
	8,870,000	Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A4, 5.322%, 12/11/2049		10,082,369
	4,615,000	COBALT CMBS Commercial Mortgage Trust, Series 2007-C2, Class A3, 5.484%, 4/15/2047		5,271,248
	250,000	Commercial Mortgage Pass Through Certificates, Series 2006-C7, Class A4, 5.748%, 6/10/2046(b)		281,186
	1,325,000	Commercial Mortgage Pass Through Certificates, Series 2012-CR2, Class A4, 3.147%, 8/15/2045		1,374,624
	4,860,000	Credit Suisse Mortgage Capital Certificates, Series 2006-C3, Class A3, 5.805%, 6/15/2038(b)		5,439,152
	5,250,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C2, Class A3, 5.542%, 1/15/2049		5,976,390
	7,038,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C3, Class A4, 5.680%, 6/15/2039(b)		8,080,680
	5,000,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C4, Class A4, 5.764%, 9/15/2039(b)		5,760,930
	11,163,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.695%, 9/15/2040		12,881,097
		Commercial Mortgage-Backed Securities – continued
$	4,108,000	Credit Suisse Mortgage Capital Certificates, Series 2008-C1, Class A3, 6.024%, 2/15/2041(b)	$	4,813,512
	3,400,000	Extended Stay America Trust, Series 2013-ESH7, Class D7, 5.053%, 12/05/2031, 144A		3,529,105
	8,745,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/2039		9,968,373
	13,700,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049(d)		15,821,089
	125,000	GS Mortgage Securities Corp. II, Series 2004-GG2, Class A6, 5.396%, 8/10/2038		130,553
	186,606	GS Mortgage Securities Corp. II, Series 2006-GG6, Class A2, 5.506%, 4/10/2038		193,298
	12,500,000	GS Mortgage Securities Corp. II, Series 2007-GG10, Class A4, 5.787%, 8/10/2045(b)(d)		14,303,375
	5,200,000	GS Mortgage Securities Corp. II, Series 2013-KING, Class C, 3.435%, 12/10/2027, 144A(b)		5,343,406
	13,890,000	GS Mortgage Securities Corp. II, Series 2013-KYO, Class A, 1.052%, 11/08/2029, 144A(b)		13,921,558
	7,980,000	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006-CB15, Class A4, 5.814%, 6/12/2043		8,927,872
	3,200,000	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-CB18, Class A4, 5.440%, 6/12/2047		3,629,856
	1,200,000	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A3, 5.420%, 1/15/2049		1,364,450
	3,090,000	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2012-LC9, Class A5, 2.840%, 12/15/2047		3,097,725
	4,700,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-5, Class A4, 5.378%, 8/12/2048		5,316,325
	7,525,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-6, Class A4, 5.485%, 3/12/2051		8,543,178
	6,730,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-9, Class A4, 5.700%, 9/12/2049		7,800,191
	143,646	Morgan Stanley Capital I, Series 2006-T23, Class A2, 5.750%, 8/12/2041(b)		145,200
	7,282,738	Morgan Stanley Capital I, Series 2007-HQ12, Class A5, 5.575%, 4/12/2049(b)		8,126,152
	7,000,000	Morgan Stanley Capital I, Series 2007-HQ13, Class A3, 5.569%, 12/15/2044		7,818,433

See accompanying notes to financial statements.

15  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

Principal Amount		Description	Value (†)
	Bonds and Notes – continued
		Commercial Mortgage-Backed Securities – continued
$	9,130,000	Morgan Stanley Capital I, Series 2007-IQ14, Class A4, 5.692%, 4/15/2049	$	10,448,883
	7,381,000	Morgan Stanley Capital I, Series 2007-IQ15, Class A4, 5.889%, 6/11/2049(b)		8,575,120
	14,000,000	Motel 6 Trust, Series 2012-MTL6, Class B, 2.743%, 10/05/2025, 144A		14,060,158
	3,475,000	RBS Commercial Funding Inc. Trust, Series 2013-SMV, Class C, 3.584%, 3/11/2031, 144A		3,484,580
	2,905	Wachovia Bank Commercial Mortgage Trust, Series 2005-C16, Class A2, 4.380%, 10/15/2041		2,905
	2,420,000	Wachovia Bank Commercial Mortgage Trust, Series 2007-C30, Class A5, 5.342%, 12/15/2043		2,738,465
				220,459,732
		Hybrid ARMs – 5.7%
	4,116,795	FHLMC, 2.339%, 6/01/2035(b)(d)		4,357,959
	1,856,906	FHLMC, 2.372%, 4/01/2035(b)(d)		1,989,996
	173,846	FHLMC, 2.391%, 1/01/2035(b)(d)		185,077
	2,662,281	FHLMC, 2.410%, 5/01/2037(b)(d)		2,838,214
	3,054,529	FHLMC, 2.511%, 11/01/2036(b)(d)		3,265,104
	2,431,794	FHLMC, 3.177%, 2/01/2037(b)(d)		2,597,523
	692,819	FHLMC, 4.917%, 1/01/2036(b)(d)		744,773
	844,752	FHLMC, 6.039%, 11/01/2036(b)(d)		908,606
	836,697	FNMA, 2.029%, 2/01/2037(b)(d)		877,437
	2,038,269	FNMA, 2.309%, 9/01/2034(b)(d)		2,179,358
	891,776	FNMA, 3.004%, 9/01/2036(b)(d)		955,712
	5,206,746	FNMA, 4.575%, 8/01/2038(b)(d)		5,586,201
	455,825	FNMA, 5.372%, 10/01/2035(b)(d)		494,711
	11,288,253	FNMA, 5.757%, 9/01/2037(b)(d)		12,169,547
				39,150,218
		Mortgage Related – 28.8%
	267,200	FHLMC, 5.000%, 9/01/2035(d)		288,398
	1,507,854	FNMA, 5.500%, 8/01/2034(d)		1,697,451
	21,228	FNMA, 6.000%, 10/01/2034(d)		23,672
	7,241	FNMA, 7.000%, 12/01/2037(d)		8,604
		Mortgage Related – continued
$	35,500,000	FNMA (TBA), 2.500%, 5/01/2028(f)	$	36,748,049
	34,000,000	FNMA (TBA), 3.500%, 5/01/2043(f)		35,816,875
	13,000,000	FNMA (TBA), 4.000%, 4/01/2043(f)		13,859,219
	26,700,000	FNMA (TBA), 4.500%, 4/01/2043(f)		28,765,079
	19,000,000	FNMA (TBA), 5.000%, 5/01/2043(f)		20,576,405
	662,319	GNMA, 1.945%, 7/20/2060(b)		700,278
	485,198	GNMA, 1.964%, 9/20/2060(b)		514,897
	2,752,514	GNMA, 1.967%, 2/20/2061(b)		2,916,187
	4,052,904	GNMA, 2.216%, 2/20/2063(b)		4,412,599
	1,952,114	GNMA, 4.479%, 2/20/2062		2,184,954
	3,611,731	GNMA, 4.521%, 12/20/2061		4,079,414
	504,498	GNMA, 4.570%, 10/20/2061		569,192
	508,315	GNMA, 4.578%, 11/20/2061		573,510
	1,060,411	GNMA, 4.600%, 10/20/2061		1,196,609
	12,004,152	GNMA, 4.659%, 2/20/2062(d)		13,637,124
	13,036,353	GNMA, 4.670%, 12/20/2061(d)		14,782,247
	722,299	GNMA, 4.684%, 1/20/2062		819,430
	2,524,821	GNMA, 4.700%, with various maturities in 2061(g)		2,853,702
	3,085,306	GNMA, 4.720%, 6/20/2061		3,474,699
	1,025,907	GNMA, 4.798%, 5/20/2061		1,157,045
	1,538,291	GNMA, 4.808%, 8/20/2062		1,742,775
	1,028,777	GNMA, 4.951%, 1/20/2062		1,169,180
	802,828	GNMA, 5.500%, with various maturities in 2059(g)		881,020
	3,234,429	GNMA, 6.514%, 5/20/2061		3,604,813
				199,053,427
		Total Bonds and Notes
		(Identified Cost $779,150,885)		816,626,773

See accompanying notes to financial statements.

|  16

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

Principal Amount		Description	Value (†)
	Short-Term Investments – 0.8%
$	4,766,381	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/28/2013 at 0.000% to be repurchased at $4,766,381 on 4/01/2013 collateralized by $4,860,000 Federal Home Loan Mortgage Corp., 0.300% due 2/06/2015 valued at $4,866,075 including accrued interest (Note 2 of Notes of Financial Statements)	$	4,766,381
	750,000	U.S. Treasury Bill, 0.084%, 6/27/2013(h)		749,873
		Total Short-Term Investments
		(Identified Cost $5,516,229)		5,516,254
		Total Investments – 119.1%
		(Identified Cost $784,667,114)(a)		822,143,027
		Other Assets Less Liabilities—(19.1)%		(132,000,466	)
		Net Assets – 100.0%	$	690,142,561
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.):
		At March 31, 2013, the net unrealized appreciation on investments based on a cost of $784,667,114 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	42,946,572
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(5,470,659	)
		Net unrealized appreciation	$	37,475,913
	(b)	Variable rate security. Rate as of March 31, 2013 is disclosed.
	(c)	Illiquid security. At March 31, 2013, the value of this security amounted to $1,356,423 or 0.2% of net assets.
	(d)	All or a portion of this security has been designated to cover the Fund’s obligations under open futures contracts or TBA transactions.
	(e)	Security represents right to receive monthly interest payments on an underlying pool of mortgages. Principal shown is the outstanding par amount of the pool held as of the end of the period.
	(f)	Delayed delivery. See Note 2 of Notes to Financial Statements.
	(g)	The Fund’s investment in mortgage related securities of Government National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(h)	Interest rate represents discount rate at time of purchase; not a coupon rate.
	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2013, the value of Rule 144A holdings amounted to $136,771,739 or 19.8% of net assets.
	ABS	Asset-Backed Securities
	ARMs	Adjustable Rate Mortgages
	FHLMC	Federal Home Loan Mortgage Corp.
	FNMA	Federal National Mortgage Association
	GNMA	Government National Mortgage Association
	REMIC	Real Estate Mortgage Investment Conduit
	TBA	To Be Announced

At March 31, 2013, open short futures contracts were as follows:

Financial Futures	Expiration Date		Contracts		Notional Value		Unrealized Appreciation (Depreciation)
5 Year U.S. Treasury Note		6/28/2013		359	$	44,535,633	$	(42,727	)
10 Year U.S. Treasury Note		6/19/2013		314		41,443,094		(142,856	)
Total							$	(185,583	)

Industry Summary at March 31, 2013 (Unaudited)

Commercial Mortgage-Backed Securities	31.9	%
Mortgage Related	28.8
Collateralized Mortgage Obligations	28.2
ABS Car Loan	7.6
ABS Other	7.6
Hybrid ARMs	5.7
ABS Credit Card	3.7
ABS Student Loan	3.0
ABS Home Equity	1.8
Short-Term Investments	0.8
Total Investments	119.1
Other assets less liabilities (including open futures contracts)	(19.1	)
Net Assets	100.0	%

See accompanying notes to financial statements.

17  |

Statements of Assets and Liabilities

March 31, 2013 (Unaudited)

	High Income Opportunities Fund			Securitized Asset Fund
ASSETS
Investments at cost	$	59,094,293		$	784,667,114
Net unrealized appreciation		5,037,737			37,475,913
Investments at value		64,132,030			822,143,027
Receivable for Fund shares sold		26,309			932,593
Due from brokers (Note 2)		—			740,000
Receivable for delayed delivery securities sold (Note 2)		—			56,511,007
Dividends and interest receivable		988,480			3,079,519
Receivable for variation margin on futures contracts (Note 2)		—			80,621
TOTAL ASSETS		65,146,819			883,486,767
LIABILITIES
Payable for securities purchased		669,601			—
Payable for delayed delivery securities purchased (Note 2)		—			192,226,358
Payable for Fund shares redeemed		8,104			377,848
Payable to custodian bank		—			740,000
TOTAL LIABILITIES		677,705			193,344,206
NET ASSETS	$	64,469,114		$	690,142,561
NET ASSETS CONSIST OF:
Paid-in capital	$	63,056,273		$	652,007,156
Undistributed (Distributions in excess of) net investment income		(21,664	)		1,115,572
Accumulated net realized loss on investments and futures contracts		(3,603,242	)		(270,497	)
Net unrealized appreciation on investments, futures contracts and foreign currency translations		5,037,747			37,290,330
NET ASSETS	$	64,469,114		$	690,142,561
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Institutional Class:
Net assets	$	64,469,114		$	690,142,561
Shares of beneficial interest		5,960,482			61,924,740
Net asset value, offering and redemption price per share	$	10.82		$	11.14

See accompanying notes to financial statements.

|  18

Statements of Operations

For the Six Months Ended March 31, 2013 (Unaudited)

	High Income Opportunities Fund			Securitized Asset Fund
INVESTMENT INCOME
Interest	$	2,178,901		$	16,560,395
Dividends		120,795			—
Less net foreign taxes withheld		(184	)		—
Investment income		2,299,512			16,560,395
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS, AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		1,485,622			219,042
Futures contracts		—			(29,482	)
Net change in unrealized appreciation (depreciation) on:
Investments		1,909,143			(5,834,357	)
Futures contracts		—			157,335
Foreign currency translations		10			—
Net realized and unrealized gain (loss) on investments, futures contracts, and foreign currency transactions		3,394,775			(5,487,462	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	5,694,287		$	11,072,933

See accompanying notes to financial statements.

19  |

Statements of Changes in Net Assets

	High Income Opportunities Fund						Securitized Asset Fund
	Six Months Ended March 31, 2013 (Unaudited)			Year Ended September 30, 2012			Six Months Ended March 31, 2013 (Unaudited)			Year Ended September 30, 2012
FROM OPERATIONS:
Investment income	$	2,299,512		$	4,964,274		$	16,560,395		$	28,129,785
Net realized gain (loss) on investments and futures contracts		1,485,622			(157,113	)		189,560			12,780,827
Net change in unrealized appreciation (depreciation) on investments, futures contracts and foreign currency translations		1,909,153			7,170,857			(5,677,022	)		21,227,885
Net increase in net assets resulting from operations		5,694,287			11,978,018			11,072,933			62,138,497
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Institutional Class		(2,694,469)			(5,062,788	)		(18,824,344	)		(33,568,784	)
Net realized capital gains
Institutional Class		—			—			(7,645,092	)		(12,292,325	)
Total distributions		(2,694,469	)		(5,062,788	)		(26,469,436	)		(45,861,109	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 9)		(12,651,597	)		5,560,615			(7,826,954	)		11,396,464
Net increase (decrease) in net assets		(9,651,779	)		12,475,845			(23,223,457	)		27,673,852
NET ASSETS
Beginning of the period		74,120,893			61,645,048			713,366,018			685,692,166
End of the period	$	64,469,114		$	74,120,893		$	690,142,561		$	713,366,018
UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME	$	(21,664	)	$	373,293		$	1,115,572		$	3,379,521

See accompanying notes to financial statements.

|  20

Financial Highlights

For a share outstanding throughout each period.

			Income (Loss) from Investment Operations:								Less Distributions:
	Net asset value, beginning of the period		Investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income			Distributions from net realized capital gains			Total distributions
HIGH INCOME OPPORTUNITIES FUND
Institutional Class
3/31/2013(e)	$	10.35	$	0.35	$	0.53		$	0.88		$	(0.41	)	$	—		$	(0.41	)
9/30/2012		9.36		0.72		1.01			1.73			(0.74	)		—			(0.74	)
9/30/2011		9.92		0.74		(0.52	)		0.22			(0.78	)		—			(0.78	)
9/30/2010		9.07		0.78		0.86			1.64			(0.79	)		—			(0.79	)
9/30/2009		8.26		0.79		0.84			1.63			(0.81	)		(0.01	)		(0.82	)
9/30/2008		10.42		0.82		(2.09	)		(1.27	)		(0.82	)		(0.07	)		(0.89	)
SECURITIZED ASSET FUND
Institutional Class
3/31/2013(e)	$	11.39	$	0.27	$	(0.09	)	$	0.18		$	(0.31	)	$	(0.12	)	$	(0.43	)
9/30/2012		11.13		0.45		0.55			1.00			(0.54	)		(0.20	)		(0.74	)
9/30/2011		10.99		0.41		0.19			0.60			(0.46	)		—			(0.46	)
9/30/2010		10.16		0.41		1.08			1.49			(0.49	)		(0.17	)		(0.66	)
9/30/2009		9.60		0.50		0.66			1.16			(0.57	)		(0.03	)		(0.60	)
9/30/2008		10.07		0.55		(0.45	)		0.10			(0.57	)		—			(0.57	)

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

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

(c) Loomis Sayles has agreed to pay, without reimbursement from the Fund, all expenses associated with the operations of the Fund.

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

(e) For the six months ended March 31, 2013 (Unaudited).

See accompanying notes to financial statements.

21  |

							Ratios to Average Net Assets:
Net asset value, end of the period		Total return (%)(b)			Net assets, end of the period (000’s)		Net expenses (%)(c)		Gross expenses (%)(c)		Investment income (%)(d)		Portfolio turnover rate (%)
$	10.82		8.66		$	64,469		—		—		6.65		16
	10.35		19.24			74,121		—		—		7.28		30
	9.36		1.81			61,645		—		—		7.22		33
	9.92		18.88			65,560		—		—		8.21		26
	9.07		23.06			71,710		—		—		10.86		34
	8.26		(13.24	)		64,950		—		—		8.47		24
$	11.14		1.66		$	690,143		—		—		4.75		120
	11.39		9.42			713,366		—		—		4.08		230
	11.13		5.59			685,692		—		—		3.72		253
	10.99		15.24			653,299		—		—		3.89		251
	10.16		12.97			290,468		—		—		5.42		390
	9.60		0.92			382,054		—		—		5.55		430

See accompanying notes to financial statements.

|  22

Notes to Financial Statements

March 31, 2013 (Unaudited)

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

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

Loomis Sayles Securitized Asset Fund (the “Securitized Asset Fund”)

Each Fund is a diversified investment company.

Each Fund offers Institutional Class shares. The Funds’ shares are offered exclusively to investors in “wrap fee” programs approved by NGAM Advisors, L.P. (“NGAM Advisors”) and/or Loomis, Sayles & Company, L.P. (“Loomis Sayles”) and to institutional advisory clients of NGAM Advisors or Loomis Sayles that, in each case, meet the Funds’ policies as established by Loomis Sayles.

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

a.  Valuation. Debt securities (other than short-term obligations purchased with an original or remaining maturity of sixty days or less) and unlisted equity securities are generally valued on the basis of evaluated bids furnished to the Funds by an independent pricing service recommended by the investment adviser and approved by the Board of Trustees, which service determines valuations for normal, institutional-size trading units of such securities using market information, transactions for comparable securities and various relationships between securities which are generally recognized by institutional traders. Senior loans are priced at bid prices supplied by an independent pricing service, if available. Equity securities, including shares of closed-end investment companies and exchange-traded funds, for which market quotations are readily available are valued at market value, as reported by independent pricing services recommended by the investment adviser and approved by the Board of Trustees. Such independent pricing services generally use the security’s last sale price on the exchange or market where the security is primarily traded or, if there is no reported sale during the day, the closing bid price. 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 a NOCP, at the most recent bid quotation on the applicable NASDAQ Market. Broker-dealer bid prices may also be used to value debt and equity securities and senior loans where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security. Forward foreign currency contracts are valued utilizing interpolated prices determined from information provided by an independent pricing service. Futures contracts are valued at their most recent settlement price. Investments in other open-end investment companies are valued at their net asset value each day. Short-term obligations purchased with an original or remaining maturity of sixty days or less are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by the Funds’ investment adviser using consistently applied procedures under the general supervision of the Board of Trustees.

The Funds may hold securities traded in foreign markets. Foreign securities are valued at the closing market price in the foreign market. However, if events occurring after the close of the foreign market (but before the close of regular trading on the New York Stock Exchange) are believed to materially affect the value of those securities, such securities are fair valued pursuant to procedures approved by the Board of Trustees. When fair valuing securities, the Funds may, among other things, use modeling tools or other processes that may take into account factors such as securities market activity and/or significant events that occur after the close of the foreign market and before the Funds calculate their net asset value.

b.  Investment Transactions and Related Investment Income. Investment transactions are accounted for on a trade date plus one day basis for daily net asset value calculation. However, for financial reporting purposes, investment transactions are reported on trade date. Dividend income is recorded on ex-dividend date, or in the case of certain foreign securities, as soon as a Fund is notified, and interest income is recorded on an accrual basis. Interest income is increased by the accretion of discount and decreased by the amortization of premium. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis.

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

23  |

Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

Since the values of investment securities are presented at the foreign exchange rates prevailing at the end of the period, it is not practical to isolate that portion of the results of operations arising from changes in exchange rates from fluctuations which arise due to changes in market prices of investment securities. Such changes are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currency, currency gains or losses realized 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 and losses arise from changes in the value of assets and liabilities, other than investment securities, at the end of the fiscal period, resulting from changes in exchange rates.

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

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

No forward foreign currency contracts were held by the Funds during the six months ended March 31, 2013.

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

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

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

f.  Due from Brokers. Transactions and positions in certain futures contracts are maintained and cleared by registered U.S. broker/dealers pursuant to customer agreements between the Fund and the various broker/dealers. Due from brokers’ balances in the Statement of Assets and Liabilities for Securitized Asset Fund represent cash pledged as initial margin for futures contracts. In certain circumstances the Fund’s use of cash and/or securities held at brokers is restricted by regulation or broker mandated limits.

g.  Federal and Foreign Income Taxes. The Trust treats each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund’s tax positions for the open tax years as of March 31, 2013 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

|  24

Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

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 eligible to be reclaimed are reflected on the Statements of Assets and Liabilities as tax reclaims receivable. Capital gains taxes paid are included in net realized gain (loss) on investments in the Statements of Operations. Accrued but unpaid capital gains taxes are reflected as foreign taxes payable on the Statements of Assets and Liabilities, if applicable, and reduce unrealized gains on investments. In the event that realized gains on investments are subsequently offset by realized losses, taxes paid on realized gains may be returned to a Fund. Such amounts, if applicable, are reflected as foreign tax rebates receivable on the Statements of Assets and Liabilities and are recorded as a realized gain when received.

h.  Dividends and Distributions to Shareholders. Dividends and distributions are recorded on ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as premium amortization, defaulted bonds, trust preferred securities, contingent payment debt instruments, distribution redesignations and paydown gains and losses. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital accounts. Temporary differences between book and tax distributable earnings are primarily due to defaulted bond income accruals, premium amortization, basis adjustments for return of capital dividends, trust preferred securities, contingent payment debt instruments, futures contracts mark to market and wash sales. Distributions from net investment income and short-term capital gains are considered to be distributed from ordinary income for tax purposes.

The tax characterization of distributions is determined on an annual basis. The tax characterization of distributions paid to shareholders during the year ended September 30, 2012 was as follows:

	2012 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
High Income Opportunities Fund	$	5,062,788	$	—	$	5,062,788
Securitized Asset Fund		42,667,185		3,193,924		45,861,109

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

As of September 30, 2012, the capital loss carryforwards and post-October capital loss deferrals were as follows:

	High Income Opportunities Fund			Securitized Asset Fund
Capital loss carryforward:
Short-term:
Expires September 30, 2018	$	(4,382,594	)	$	—
Post-October capital loss deferrals*	$	(650,754	)	$	—

* Under current tax law, capital losses after October 31 may be deferred and treated as occurring on the first day of the following taxable year.

i.  Repurchase Agreements. It is each Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities.

j.  Delayed Delivery Commitments. The Funds may purchase securities, including those designated as TBAs in the Portfolio of Investments, for which delivery or payment will occur at a later date, beyond the normal settlement period. The price of the security and the date when the security will be delivered and paid for are fixed at the time the transaction is negotiated. The security and the obligation to pay for it are recorded by the Funds at the time the commitment is entered into. The actual security that will be delivered to fulfill a TBA trade is not designated at the time of the trade. The security is “to be announced” 48 hours prior to the established trade settlement date. The value of the security may vary with market fluctuations during the time before the Funds take delivery of the security. When the Funds enter into such a transaction, collateral consisting of liquid securities or cash and cash equivalents is required to be segregated or earmarked at the custodian in an amount at least equal to the amount of the Funds’ commitment. No interest accrues to the Funds until the transaction settles.

25  |

Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

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

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

For the six months ended March 31, 2013, neither Fund had loaned securities under this agreement.

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

m.  New Accounting Pronouncement. In December 2011, Accounting Standards Update (“ASU”) No. 2011-11, “Disclosures about Offsetting Assets and Liabilities” was issued and is effective for interim and annual periods beginning after January 1, 2013. The ASU creates new disclosure requirements with respect to an entity’s rights of setoff and related arrangements associated with its financial and derivative instruments. Management is currently evaluating the impact the adoption of ASU 2011-11 may have on the Funds’ financial statement disclosures.

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

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

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

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

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

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

|  26

Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2013, at value:

High Income Opportunities Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
Airlines	$	—	$	—	$	1,659,497	(c)	$	1,659,497
Transportation Services		—		173,900		336,563	(c)		510,463
All Other Non-Convertible Bonds(a)		—		46,024,636		—			46,024,636
Total Non-Convertible Bonds		—		46,198,536		1,996,060			48,194,596
Convertible Bonds
Wirelines		—		1,181,944		45,789	(d)		1,227,733
All Other Convertible Bonds(a)		—		8,551,552		—			8,551,552
Total Convertible Bonds		—		9,733,496		45,789			9,779,285
Total Bonds and Notes		—		55,932,032		2,041,849			57,973,881
Preferred Stocks
Convertible Preferred Stocks(a)		2,938,524		—		—			2,938,524
Non-Convertible Preferred Stocks(a)		645,007		794,117		—			1,439,124
Total Preferred Stocks		3,583,531		794,117		—			4,377,648
Common Stocks(a)		768,654		—		—			768,654
Warrants(b)		—		—		—			—
Short-Term Investments		—		1,011,847		—			1,011,847
Total	$	4,352,185	$	57,737,996	$	2,041,849		$	64,132,030

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

(b) Fair valued at zero using Level 2 inputs.

(c) Valued using broker-dealer bid prices.

(d) Fair valued by the Fund’s investment adviser.

Securitized Asset Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
ABS Car Loan	$	—	$	37,823,555	$	14,736,956	(b)	$	52,560,511
ABS Other		—		46,310,233		6,241,701	(b)		52,551,934
Mortgage Related		—		194,640,828		4,412,599	(b)		199,053,427
All Other Bonds and Notes(a)		—		512,460,901		—			512,460,901
Total Bonds and Notes		—		791,235,517		25,391,256			816,626,773
Short-Term Investments		—		5,516,254		—			5,516,254
Total	$	—	$	796,751,771	$	25,391,256		$	822,143,027

Liability Valuation Inputs

Description	Level 1			Level 2		Level 3		Total
Futures Contracts (unrealized depreciation)	$	(185,583	)	$	—	$	—	$	(185,583	)

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

(b) Valued using broker-dealer bid prices.

27  |

Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of September 30, 2012 and/or March 31, 2013:

High Income Opportunities Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2012		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases
Bonds and Notes
Non-Convertible Bonds
Airlines	$	—	$	158	$	5,841		$	26,126		$	110,000
Transportation Services		157,712		—		160			18,247			—
Convertible Bonds
Wirelines		—		—		(9	)		(21,938	)		135,474
Total	$	157,712	$	158	$	5,992		$	22,435		$	245,474

Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2013		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2013
Bonds and Notes
Non-Convertible Bonds
Airlines	$	(72,035	)	$	1,589,407	$	—		$	1,659,497	$	26,126
Transportation Services		(1,166	)		319,321		(157,712	)		336,562		18,247
Convertible Bonds
Wirelines		(67,737	)		—		—			45,790		(21,938	)
Total	$	(140,938	)	$	1,908,728	$	(157,712	)	$	2,041,849	$	22,435

Debt securities valued at $1,908,728 were transferred from Level 2 to Level 3 during the period ended March 31, 2013. At March 31, 2013, these securities were valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service was unable to price the security.

A debt security valued at $157,712 was transferred from Level 3 to Level 2 during the period ended March 31, 2013. At March 31, 2013, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

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

|  28

Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

Securitized Asset Fund

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2012		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases
Bonds and Notes
ABS Car Loan	$	2,076,141	$	730	$	10,564		$	82,347		$	10,378,863
ABS Other		1,985,539		—		5,442			(11,611	)		1,189,749
Collateralized Mortgage Obligations		128,960		—		—			—			—
Mortgage Related		2,957,232		—		(189	)		(5,066	)		4,419,950
Total	$	7,147,872	$	730	$	15,817		$	65,670		$	15,988,562

Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2013		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2013
Bonds and Notes
ABS Car Loan	$	(3,388,002	)	$	7,652,454	$	(2,076,141	)	$	14,736,956	$	82,347
ABS Other		(1,394,342	)		4,466,924		—			6,241,701		(9,188	)
Collateralized Mortgage Obligations		—			—		(128,960	)		—		—
Mortgage Related		(2,096	)		—		(2,957,232	)		4,412,599		(5,066	)
Total	$	(4,784,440	)	$	12,119,378	$	(5,162,333	)	$	25,391,256	$	68,093

Debt securities valued at $12,119,378 were transferred from Level 2 to Level 3 during the period ended March 31, 2013. At March 31, 2013, these securities were valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service was unable to price the security.

Debt securities valued at $5,162,333 were transferred from Level 3 to Level 2 during the period ended March 31, 2013. At March 31, 2013, these securities were valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

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

4.  Derivatives. Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of another security or financial instrument. Derivative instruments that Securitized Asset Fund used during the period include futures contracts.

Securitized Asset Fund is subject to the risk that changes in interest rates will affect the value of the Fund’s investments in fixed income securities. The Fund will be subject to increased interest rate risk to the extent that it invests in fixed-income securities with longer maturities or durations, as compared to investing in fixed-income securities with shorter maturities or durations. The Fund may use futures contracts to hedge against changes in interest rates and to manage its duration in order to control interest rate risk without having to buy or sell portfolio securities. During the six months ended March 31, 2013 Securitized Asset Fund used futures contracts to manage duration.

Derivatives are subject to the risk that the counterparty will be unwilling or unable to meet its obligations under the contracts. As of March 31, 2013, based on balances reflected on the Fund’s Statement of Assets and Liabilities, including cash held at counterparties for initial margin that could be subject to the terms of a final settlement in a bankruptcy court proceeding, the maximum amount of loss that Securitized Asset Fund would incur if counterparties failed to meet their obligations is $820,621.

29  |

Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

Counterparty risk is managed based on policies and procedures established by the Fund’s adviser. Such policies and procedures may include, but are not limited to, minimum counterparty credit rating requirements, monitoring of counterparty credit default swap spreads and posting of collateral.

The following is a summary of derivative instruments for Securitized Asset Fund as of March 31, 2013:

Statements of Assets and Liabilities Caption	Interest Rate Contracts
Liabilities
Unrealized depreciation on futures contracts*	$	(185,583	)

* Represents cumulative unrealized depreciation on futures contracts. Only the current day’s variation margin on futures contracts is reported within the Statements of Assets and Liabilities as receivable or payable for variation margin, as applicable.

Transactions in derivative instruments for Securitized Asset Fund during the six months ended March 31, 2013 were as follows:

Statements of Operations Caption	Interest Rate Contracts
Net Realized Gain (Loss) on:
Futures contracts	$	(29,482	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts		157,335

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

The volume of futures activity, as a percentage of net assets, for Securitized Asset Fund, based on gross month-end notional amounts outstanding during the period, including long and short positions at absolute value, was as follows for the six months ended March 31, 2013:

Securitized Asset Fund	Futures
Average Notional Amount Outstanding		14.42%
Highest Notional Amount Outstanding		16.30%
Lowest Notional Amount Outstanding		11.85%
Notional Amount Outstanding as of March 31, 2013		12.46%

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

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

5.  Purchases and Sales of Securities. For the six months ended March 31, 2013, purchases and sales of securities (excluding short-term investments and including paydowns) were as follows:

	U.S. Government/Agency Securities				Other Securities
Fund	Purchases		Sales		Purchases		Sales
High Income Opportunities Fund	$	—	$	—	$	10,213,431	$	19,949,174
Securitized Asset Fund		912,010,829		914,440,984		81,768,159		92,975,145

6.  Management Fees and Other Transactions with Affiliates.

a.  Management Fees. Loomis Sayles has agreed to pay, without reimbursement from the Funds or the Trust, the following expenses of the Funds: compensation to Trustees of the Trust who are not “interested persons” (as defined in the 1940 Act) of the Trust; registration, filing and other fees in connection with requirements of regulatory authorities; the charges and expenses of any entity appointed by the Funds for custodial, paying agent, shareholder servicing and plan agent services; charges and expenses of the independent registered public accounting firm retained by the Funds; charges and expenses of any transfer agents and registrars appointed by the Funds; any cost of certificates representing shares of the Funds; legal fees and expenses in connection with the day-to-day affairs of the Funds, including registering and qualifying its shares with Federal and State regulatory authorities; expenses of meetings of shareholders and Trustees of the Trust; the costs of services, including services of counsel, required in connection with the preparation of the Funds’ registration statements and prospectuses, including amendments and revisions thereto, annual, semi-annual and other periodic reports of the Funds, and notices and proxy solicitation

|  30

Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

material furnished to shareholders of the Funds or regulatory authorities, and any costs of printing or mailing these items; and the Funds’ expenses of bookkeeping, accounting and financial reporting, including related clerical expenses.

Loomis Sayles serves as investment adviser to each Fund. Under the terms of each management agreement, Loomis Sayles does not charge the Funds an investment advisory fee, also known as a management fee, or any other fee for those services or for bearing those expenses. Although the Funds do not compensate Loomis Sayles directly for services under the advisory agreement, Loomis Sayles will typically receive an advisory fee from the sponsors of “wrap programs,” who in turn charge the programs’ participants.

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

b.  Service and Distribution Fees. NGAM Distribution, L.P. (“NGAM Distribution”), which is a wholly-owned subsidiary of Natixis US, has entered into a distribution agreement with the Trust. Pursuant to this agreement, NGAM Distribution serves as principal underwriter of the Funds of the Trust. NGAM Distribution currently is not paid a fee for serving as distributor for the Funds. Loomis Sayles has agreed to reimburse NGAM Distribution to the extent that NGAM Distribution incurs expenses in connection with any redemption of Fund shares.

c.  Administrative Fees. NGAM Advisors provides certain administrative services for the Funds and contracts with State Street Bank to serve as sub-administrator. NGAM Advisors is a wholly-owned subsidiary of Natixis US. Loomis Sayles has agreed to pay, without reimbursement from the Trust or Funds, fees to NGAM Advisors for services to the Funds.

d.  Trustees Fees and Expenses. The Trust does not pay any compensation directly to its officers or Trustees who are directors, officers or employees of NGAM Advisors, NGAM Distribution, Natixis US or their affiliates. Effective January 1, 2013, the Chairperson of the Board receives a retainer fee at the annual rate of $285,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that she attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $115,000. 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, each committee chairman receives an additional retainer fee at an annual rate of $17,500. Each Contract Review and Governance 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 Hansberger International Series 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, 2013, the Chairperson of the Board received a retainer fee at the annual rate of $265,000 and each Independent Trustee (other than the Chairperson) received, in aggregate, a retainer fee at the annual rate of $95,000. In addition, each committee chairman received an additional retainer fee at an annual rate of $15,000, and each Audit Committee member was compensated $7,500 for each Committee meeting that he or she attended in person and $3,750 for each meeting that he or she attended telephonically.

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

7.  Line of Credit. Each Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series, participates in a $200,000,000 committed unsecured line of credit provided by State Street Bank, with an individual limit of $125,000,000 for each fund that participates in the line of credit. Interest is charged to each participating fund based on its borrowings at a rate per annum equal to the greater of the Federal Funds rate or overnight LIBOR, plus 1.25%. In addition, a commitment fee of 0.10% 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.

For the six months ended March 31, 2013, neither Fund had borrowings under these agreements.

31  |

Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

8.  Concentration of Ownership. From time to time, the Funds may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of March 31, 2013, based on management’s evaluation of the shareholder account base, High Income Opportunities Fund had accounts representing controlling ownership of more than 5% of the Fund’s total outstanding shares. The number of such accounts, based on accounts that represent more than 5% of an individual class of shares, and the aggregate percentage of net assets represented by such holdings was as follows:

Fund	Number of >5% Non-Affiliated Account Holders	Percentage  of Ownership
High Income Opportunities Fund	3		54.60%

Omnibus shareholder accounts for which NGAM Advisors understands that the intermediary has discretion over the underlying shareholder accounts are included in the table above. For other omnibus accounts, the Funds do not have information on the individual shareholder accounts underlying omnibus accounts; therefore, there could be other 5% shareholders in addition to those disclosed in the table above.

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

	High Income Opportunities Fund
	Six Months Ended March 31, 2013						Year Ended September 30, 2012
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		245,161		$	2,596,285			866,189		$	8,480,236
Issued in connection with the reinvestment of distributions		200,785			2,110,304			407,184			3,970,708
Redeemed		(1,643,781	)		(17,358,186	)		(698,203	)		(6,890,329	)
Increase (decrease) from capital share transactions		(1,197,835	)	$	(12,651,597	)		575,170		$	5,560,615
	Securitized Asset Fund
	Six Months Ended March 31, 2013						Year Ended September 30, 2012
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		6,870,767		$	77,329,225			14,109,417		$	157,298,896
Issued in connection with the reinvestment of distributions		150,299			1,686,337			172,100			1,906,300
Redeemed		(7,710,595	)		(86,842,516	)		(13,263,927	)		(147,808,732	)
Increase (decrease) from capital share transactions		(689,529	)	$	(7,826,954	)		1,017,590		$	11,396,464

10.  Special Meeting of Shareholders. A special meeting of shareholders of the Trust was held on March 18, 2013 to consider a proposal to elect four Trustees to the Board of Trustees. The proposal was approved by shareholders of the Trust. The results of the shareholder vote were as follows:

Loomis Sayles Funds I

Nominee	Voted “FOR”*		Withheld*
Charles D. Baker		1,511,468,867		21,320,866
Edmond J. English		1,514,733,688		18,056,045
David L. Giunta		1,510,789,556		22,000,177
Martin T. Meehan		1,513,458,428		19,331,305

* Trust-wide voting results.

In addition to the Trustees named above, the following also serve as Trustees of the Trust: Daniel M. Cain, Kenneth A. Drucker, Wendell J. Knox, Sandra O. Moose, Erik R. Sirri, Peter J. Smail, Cynthia L. Walker, Robert J. Blanding and John T. Hailer.

|  32

Loomis Sayles Small Cap Growth Fund

Loomis Sayles Small Cap Value Fund

Semiannual Report

March 31, 2013

TABLE OF CONTENTS
Portfolio Review	1
Portfolio of Investments	7
Financial Statements	21
Notes to Financial Statements	29

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

Objective

Long-term capital growth from investments in common stocks or other equity securities

Strategy

The fund normally will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in equity securities of companies with market capitalizations that fall within the capitalization range of the Russell 2000^® Index or is $3 billion or less at the time of investment. Unlike the Index, the fund may invest in companies of any size.

The fund may invest any portion of its assets in Canadian securities and up to 20% of assets in other foreign securities, including emerging markets securities.

Average Annual Total Returns — March 31, 2013

	6 months			1 year			5 years			10 years			Since Class N Inception
Institutional Class (Inception 12/31/96)		12.05	%		12.64	%		9.95	%		13.43	%		—	%
Retail Class (Inception 12/31/96)		11.90			12.32			9.64			13.15			—
Class N (Inception 2/1/13)		—			—			—			—			6.23
Comparative Performance
Russell 2000® Growth Index(a)		13.72			14.52			9.04			11.61			5.18

Past performance does not guarantee future results. The table does not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. 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. Unlike a fund, an index is not managed and does not reflect fees and expenses.

^(a) See page 3 for a description of the index.

1  |

LOOMIS SAYLES SMALL CAP VALUE FUND

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

Objective

Long-term capital growth from investments in common stocks or other equity securities

Strategy

The fund normally will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in equity securities of companies with market capitalizations that fall within the capitalization range of the Russell 2000^® Index or is $3 billion or less at the time of investment. Unlike the Index, the fund may invest in companies of any size.

The fund may invest up to 20% of its assets in securities of foreign issuers, including emerging market securities.

Average Annual Total Returns — March 31, 2013

	6 months			1 year			5 years			10 years			Since Class N Inception
Institutional Class (Inception 5/13/91)		16.74	%		15.91	%		9.20	%		12.12	%		—	%
Retail Class (Inception 12/31/96)		16.57			15.65			8.92			11.84			—
Admin Class (Inception 1/2/98)		16.44			15.34			8.65			11.55			—
Class N (Inception 2/1/13)		—			—			—			—			4.93
Comparative Performance
Russell 2000® Value Index(a)		15.23			18.09			7.29			11.29			4.27
Russell 2000® Index(a)		14.48			16.30			8.24			11.52			4.71

Past performance does not guarantee future results. The table does not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. 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. Unlike a fund, an index is not managed and does not reflect fees and expenses.

^(a) See page 3 for a description of the index.

|  2

ADDITIONAL INFORMATION

Index Definitions

Indices are unmanaged and do not have expenses that affect results, unlike mutual funds. Index returns are adjusted for the reinvestment of capital gain distributions and income dividends. It is not possible to invest directly in an index.

Russell 2000^® Index is an unmanaged index that measures the performance of the small-cap segment of the U.S. equity universe.

Russell 2000^® Growth Index is an unmanaged index that measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

Russell 2000^® Value Index is an unmanaged index that measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.

Proxy Voting Information

A description of the funds’ proxy voting policies and procedures is available without charge, upon request, (i) by calling Loomis Sayles at 800-633-3330; (ii) on the funds’ website, www.loomissayles.com, and (iii) on the SEC’s website, www.sec.gov. Information about how the funds voted proxies relating to portfolio securities during the 12 months ended June 30, 2012 is available on (i) the funds’ website and (ii) the SEC’s website.

Quarterly Portfolio Schedules

The funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The funds’ Forms N-Q are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

Additional Index Information

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

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

3  |

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. These costs are described in more detail in the funds’ prospectus. The following examples are intended to help you understand the ongoing costs of investing in the funds and help you compare these with the ongoing costs of investing in other mutual funds.

The first line in the table of each fund shows the actual amount of fund expenses you would have paid on a $1,000 investment in the fund from October 1, 2012 (from February 1, 2013, for Class N) through March 31, 2013. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual fund returns and expenses. 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 and 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.

|  4

Loomis Sayles Small Cap Growth Fund

Institutional Class	Beginning Account Value 10/1/2012		Ending Account Value 3/31/2013			Expenses Paid During Period 10/1/2012 – 3/31/2013
Actual		$1,000.00		$1,120.50			$5.081
Hypothetical (5% return before expenses)		$1,000.00		$1,020.14			$4.84*
Retail Class
Actual		$1,000.00		$1,119.00			$6.601
Hypothetical (5% return before expenses)		$1,000.00		$1,018.70			$6.29*
Class N
Actual		$1,000.00		$1,062.30	2		$1.562
Hypothetical (5% return before expenses)		$1,000.00		$1,020.19			$4.78*
*   Hypothetical expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.96%, 1.25% and 0.95% for Institutional Class, Retail Class and Class N, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).
1    Actual expenses for Institutional and Retail Class are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.96% and 1.25%, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).
2    Class N commenced operations on February 1, 2013. Actual expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement) of 0.95%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal period (58), divided by 365 (to reflect the partial period).

5  |

Loomis Sayles Small Cap Value Fund

Institutional Class	Beginning Account Value 10/1/2012		Ending Account Value 3/31/2013			Expenses Paid During Period 10/1/2012 – 3/31/2013
Actual		$1,000.00		$1,167.40			$4.861
Hypothetical (5% return before expenses)		$1,000.00		$1,020.44			$4.53*
Retail Class
Actual		$1,000.00		$1,165.70			$6.211
Hypothetical (5% return before expenses)		$1,000.00		$1,019.20			$5.79*
Admin Class
Actual		$1,000.00		$1,164.40			$7.551
Hypothetical (5% return before expenses)		$1,000.00		$1,017.95			$7.04*
Class N
Actual		$1,000.00		$1,049.30	2		$1.382
Hypothetical (5% return before expenses)		$1,000.00		$1,020.69			$4.28*
*   Hypothetical expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.90%, 1.15%, 1.40% and 0.85% for Institutional Class, Retail Class, Admin Class and Class N, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).
1    Actual expenses for Institutional, Retail and Admin Class are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.90%, 1.15% and 1.40%, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).
2    Class N commenced operations on February 1, 2013. Actual 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 period (58), divided by 365 (to reflect the partial period).

|  6

PORTFOLIO OF INVESTMENTS – as of March 31, 2013 (Unaudited)

Loomis Sayles Small Cap Growth Fund

Shares		Description	Value (†)
	Common Stocks – 97.1% of Net Assets
		Aerospace & Defense – 2.4%
	378,056	Hexcel Corp.(b)	$	10,967,405
	141,900	Triumph Group, Inc.		11,139,150
				22,106,555
		Airlines – 0.9%
	333,041	Spirit Airlines, Inc.(b)		8,445,920
		Auto Components – 0.7%
	179,612	Dorman Products, Inc.		6,683,362
		Biotechnology – 6.8%
	189,620	Aegerion Pharmaceuticals, Inc.(b)		7,649,271
	534,920	Alkermes PLC(b)		12,682,953
	198,944	Cubist Pharmaceuticals, Inc.(b)		9,314,558
	382,795	Emergent Biosolutions, Inc.(b)		5,351,474
	617,098	Exact Sciences Corp.(b)		6,047,560
	276,286	Myriad Genetics, Inc.(b)		7,017,665
	641,313	Neurocrine Biosciences, Inc.(b)		7,785,540
	109,796	Synageva BioPharma Corp.(b)		6,029,996
				61,879,017
		Capital Markets – 2.6%
	368,177	Financial Engines, Inc.		13,335,371
	287,205	Stifel Financial Corp.(b)		9,957,397
				23,292,768
		Chemicals – 1.8%
	184,807	American Vanguard Corp.		5,644,006
	649,350	Flotek Industries, Inc.(b)		10,616,872
				16,260,878
		Commercial Banks – 4.0%
	191,627	Bank of the Ozarks, Inc.		8,498,657
	799,989	Boston Private Financial Holdings, Inc.		7,903,891
	109,780	Signature Bank(b)		8,646,273
	70,201	SVB Financial Group(b)		4,980,059
	157,364	Texas Capital Bancshares, Inc.(b)		6,365,374
				36,394,254
		Communications Equipment – 2.1%
	574,822	Ciena Corp.(b)		9,202,900
	441,169	Ixia(b)		9,546,897
				18,749,797

See accompanying notes to financial statements.

7  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Construction & Engineering – 1.0%
	303,296	MasTec, Inc.(b)	$	8,841,078
		Consumer Finance – 0.8%
	248,231	Encore Capital Group, Inc.(b)		7,471,753
		Distributors – 0.7%
	138,776	Pool Corp.		6,661,248
		Diversified Consumer Services – 1.8%
	129,820	Bright Horizons Family Solutions, Inc.(b)		4,386,618
	486,217	Grand Canyon Education, Inc.(b)		12,345,049
				16,731,667
		Diversified Financial Services – 0.9%
	211,871	MarketAxess Holdings, Inc.		7,902,788
		Electrical Equipment – 1.6%
	165,345	Polypore International, Inc.(b)		6,643,562
	352,836	Thermon Group Holdings, Inc.(b)		7,836,488
				14,480,050
		Electronic Equipment, Instruments & Components – 3.0%
	138,597	FEI Co.		8,946,436
	149,838	IPG Photonics Corp.		9,950,742
	200,520	Measurement Specialties, Inc.(b)		7,974,680
				26,871,858
		Energy Equipment & Services – 3.7%
	113,781	Dril-Quip, Inc.(b)		9,918,290
	325,573	Forum Energy Technologies, Inc.(b)		9,363,479
	274,935	Helix Energy Solutions Group, Inc.(b)		6,290,513
	124,786	Lufkin Industries, Inc.		8,284,543
				33,856,825
		Food & Staples Retailing – 1.0%
	177,479	Susser Holdings Corp.(b)		9,070,952
		Health Care Equipment & Supplies – 6.2%
	217,604	Abaxis, Inc.		10,297,021
	80,602	Analogic Corp.		6,369,170
	409,782	Conceptus, Inc.(b)		9,896,235
	127,361	Cyberonics, Inc.(b)		5,961,768
	536,851	Endologix, Inc.(b)		8,670,144
	104,308	ICU Medical, Inc.(b)		6,148,957
	337,837	Insulet Corp.(b)		8,736,465
				56,079,760

See accompanying notes to financial statements.

|  8

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Health Care Providers & Services – 4.1%
	236,649	Acadia Healthcare Co., Inc.(b)	$	6,955,114
	248,586	Emeritus Corp.(b)		6,908,205
	391,337	Hanger Orthopedic Group, Inc.(b)		12,338,856
	291,475	Team Health Holdings, Inc.(b)		10,603,860
				36,806,035
		Health Care Technology – 1.9%
	573,824	MedAssets, Inc.(b)		11,046,112
	112,908	Medidata Solutions, Inc.(b)		6,546,406
				17,592,518
		Hotels, Restaurants & Leisure – 3.3%
	27,181	Panera Bread Co., Class A(b)		4,491,389
	579,940	SHFL entertainment, Inc.(b)		9,609,606
	296,500	Texas Roadhouse, Inc.		5,986,335
	154,451	Vail Resorts, Inc.		9,625,386
				29,712,716
		Insurance – 1.1%
	282,572	Amtrust Financial Services, Inc.		9,791,120
		Internet & Catalog Retail – 1.2%
	341,930	HomeAway, Inc.(b)		11,112,725
		Internet Software & Services – 5.0%
	318,405	Angie’s List, Inc.(b)		6,291,683
	222,256	Cornerstone OnDemand, Inc.(b)		7,578,930
	125,310	CoStar Group, Inc.(b)		13,716,432
	367,982	Dealertrack Technologies, Inc.(b)		10,811,311
	102,106	OpenTable, Inc.(b)		6,430,636
				44,828,992
		IT Services – 1.0%
	382,671	InterXion Holding NV(b)		9,268,292
		Life Sciences Tools & Services – 1.3%
	296,307	PAREXEL International Corp.(b)		11,707,090
		Machinery – 5.2%
	139,876	Chart Industries, Inc.(b)		11,191,479
	421,125	Manitowoc Co., Inc. (The)		8,658,330
	63,485	Middleby Corp. (The)(b)		9,659,243
	165,018	Proto Labs, Inc.(b)		8,102,384
	181,731	RBC Bearings, Inc.(b)		9,188,319
				46,799,755

See accompanying notes to financial statements.

9  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Oil, Gas & Consumable Fuels – 3.9%
	269,127	Approach Resources, Inc.(b)	$	6,623,216
	200,916	Gulfport Energy Corp.(b)		9,207,980
	280,890	Oasis Petroleum, Inc.(b)		10,693,482
	176,626	Rosetta Resources, Inc.(b)		8,403,865
				34,928,543
		Pharmaceuticals – 0.8%
	236,923	Pacira Pharmaceuticals, Inc.(b)		6,837,598
		Professional Services – 5.7%
	208,573	Advisory Board Co. (The)(b)		10,954,254
	225,914	Corporate Executive Board Co. (The)		13,139,158
	226,604	Huron Consulting Group, Inc.(b)		9,136,673
	332,293	On Assignment, Inc.(b)		8,410,336
	392,387	WageWorks, Inc.(b)		9,821,447
				51,461,868
		Road & Rail – 1.2%
	113,249	Genesee & Wyoming, Inc., Class A(b)		10,544,614
		Semiconductors & Semiconductor Equipment – 5.2%
	241,098	Cavium, Inc.(b)		9,357,013
	154,496	Hittite Microwave Corp.(b)		9,356,278
	194,844	Semtech Corp.(b)		6,895,529
	175,717	Silicon Laboratories, Inc.(b)		7,267,655
	225,533	Ultratech, Inc.(b)		8,915,320
	370,109	Volterra Semiconductor Corp.(b)		5,255,548
				47,047,343
		Software – 7.6%
	265,822	Aspen Technology, Inc.(b)		8,583,392
	108,800	CommVault Systems, Inc.(b)		8,919,424
	289,465	Guidewire Software, Inc.(b)		11,127,035
	239,779	Imperva, Inc.(b)		9,231,491
	319,360	QLIK Technologies, Inc.(b)		8,249,069
	161,904	Sourcefire, Inc.(b)		9,589,574
	121,617	Ultimate Software Group, Inc. (The)(b)		12,667,627
				68,367,612
		Specialty Retail – 4.8%
	255,978	Asbury Automotive Group, Inc.(b)		9,391,833
	93,830	Cabela’s, Inc.(b)		5,702,987
	412,995	Chico’s FAS, Inc.		6,938,316
	130,964	Hibbett Sports, Inc.(b)		7,369,344
	95,554	Lumber Liquidators Holdings, Inc.(b)		6,709,802
	246,654	rue21, Inc.(b)		7,249,161
				43,361,443

See accompanying notes to financial statements.

|  10

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Textiles, Apparel & Luxury Goods – 1.8%
	151,699	Oxford Industries, Inc.	$	8,055,217
	390,647	Tumi Holdings, Inc.(b)		8,180,148
				16,235,365
		Total Common Stocks (Identified Cost $701,210,028)		878,184,159
	Principal Amount
	Short-Term Investments – 3.0%
	$26,859,511	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/28/2013 at 0.000% to be repurchased at $26,859,511 on 4/01/2013 collateralized by $26,315,000 Federal National Mortgage Association, 2.000% due 8/18/2015 valued at $27,400,494 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $26,859,511)	$	26,859,511
		Total Investments – 100.1% (Identified Cost $728,069,539)(a)		905,043,670
		Other assets less liabilities – (0.1)%		(953,246	)
		Net Assets – 100.0%	$	904,090,424
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.):
		At March 31, 2013, the net unrealized appreciation on investments based on a cost of $728,069,539 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	184,267,074
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(7,292,943	)
		Net unrealized appreciation	$	176,974,131
	(b)	Non-income producing security.

See accompanying notes to financial statements.

11  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued

Industry Summary at March 31, 2013 (Unaudited)

Software	7.6	%
Biotechnology	6.8
Health Care Equipment & Supplies	6.2
Professional Services	5.7
Semiconductors & Semiconductor Equipment	5.2
Machinery	5.2
Internet Software & Services	5.0
Specialty Retail	4.8
Health Care Providers & Services	4.1
Commercial Banks	4.0
Oil, Gas & Consumable Fuels	3.9
Energy Equipment & Services	3.7
Hotels, Restaurants & Leisure	3.3
Electronic Equipment, Instruments & Components	3.0
Capital Markets	2.6
Aerospace & Defense	2.4
Communications Equipment	2.1
Other Investments, less than 2% each	21.5
Short-Term Investments	3.0
Total Investments	100.1
Other assets less liabilities	(0.1	)
Net Assets	100.0	%

See accompanying notes to financial statements.

|  12

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Small Cap Value Fund

Shares		Description	Value (†)
	Common Stocks – 96.7% of Net Assets
		Auto Components – 1.4%
	472,300	Dana Holding Corp.	$	8,421,109
	172,744	Tenneco, Inc.(b)		6,790,567
				15,211,676
		Building Products – 0.7%
	146,078	Armstrong World Industries, Inc.(b)		8,164,299
		Capital Markets – 1.0%
	183,623	Safeguard Scientifics, Inc.(b)		2,901,243
	238,176	Stifel Financial Corp.(b)		8,257,562
				11,158,805
		Chemicals – 3.4%
	189,837	Cabot Corp.		6,492,426
	112,430	Koppers Holdings, Inc.		4,944,671
	113,012	Minerals Technologies, Inc.		4,691,128
	282,814	Olin Corp.		7,132,569
	255,794	Tronox Ltd., Class A		5,067,279
	83,411	WR Grace & Co.(b)		6,465,187
	182,181	Zep, Inc.		2,734,537
				37,527,797
		Commercial Banks – 9.8%
	587,102	BancorpSouth, Inc.		9,569,763
	618,248	Cathay General Bancorp		12,439,150
	159,134	City National Corp.		9,374,584
	495,700	CVB Financial Corp.		5,586,539
	482,130	First Financial Bancorp		7,738,186
	138,673	First Financial Bankshares, Inc.		6,739,508
	160,056	IBERIABANK Corp.		8,006,001
	240,589	PacWest Bancorp		7,003,546
	249,560	Pinnacle Financial Partners, Inc.(b)		5,829,722
	260,432	Popular, Inc.(b)		7,190,527
	183,036	Prosperity Bancshares, Inc.		8,674,076
	133,352	Signature Bank(b)		10,502,803
	264,608	Wintrust Financial Corp.		9,801,080
				108,455,485
		Commercial Services & Supplies – 3.8%
	586,807	ACCO Brands Corp.(b)		3,919,871
	452,349	KAR Auction Services, Inc.		9,060,551
	144,766	McGrath Rentcorp		4,502,223
	161,861	Performant Financial Corp.(b)		1,987,653
	335,347	Rollins, Inc.		8,232,769
	113,921	Team, Inc.(b)		4,678,735
	182,077	Waste Connections, Inc.		6,551,130
	145,448	West Corp.(b)		2,791,147
				41,724,079

See accompanying notes to financial statements.

13  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Communications Equipment – 1.5%
	955,221	Brocade Communications Systems, Inc.(b)	$	5,511,625
	662,976	Harmonic, Inc.(b)		3,838,631
	214,858	NETGEAR, Inc.(b)		7,199,892
				16,550,148
		Computers & Peripherals – 0.4%
	371,994	QLogic Corp.(b)		4,315,130
		Construction & Engineering – 1.3%
	289,603	MYR Group, Inc.(b)		7,112,650
	327,074	Primoris Services Corp.		7,231,606
				14,344,256
		Consumer Finance – 1.2%
	93,736	Cash America International, Inc.		4,918,328
	503,699	DFC Global Corp.(b)		8,381,551
				13,299,879
		Distributors – 0.4%
	89,097	Core-Mark Holding Co., Inc.		4,571,567
		Diversified Financial Services – 0.8%
	222,094	MarketAxess Holdings, Inc.		8,284,106
		Electric Utilities – 2.5%
	253,124	ALLETE, Inc.		12,408,139
	60,113	ITC Holdings Corp.		5,365,686
	261,847	UIL Holdings Corp.		10,366,523
				28,140,348
		Electrical Equipment – 3.8%
	242,553	AZZ, Inc.		11,691,055
	181,646	Belden, Inc.		9,382,016
	128,758	EnerSys(b)		5,868,790
	195,376	General Cable Corp.(b)		7,156,623
	148,139	Global Power Equipment Group, Inc.		2,610,209
	285,438	II-VI, Inc.(b)		4,863,863
				41,572,556
		Electronic Equipment, Instruments & Components – 3.3%
	119,840	Cognex Corp.		5,051,256
	189,426	GSI Group, Inc.(b)		1,615,804
	122,912	Littelfuse, Inc.		8,339,579
	337,014	Methode Electronics, Inc.		4,340,740
	166,474	Rogers Corp.(b)		7,927,492
	696,707	Vishay Intertechnology, Inc.(b)		9,482,182
				36,757,053

See accompanying notes to financial statements.

|  14

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Energy Equipment & Services – 2.6%
	369,042	Helix Energy Solutions Group, Inc.(b)	$	8,443,681
	149,148	Lufkin Industries, Inc.		9,901,936
	148,637	Oceaneering International, Inc.		9,870,983
				28,216,600
		Food & Staples Retailing – 0.9%
	62,891	Casey’s General Stores, Inc.		3,666,545
	348,659	Spartan Stores, Inc.		6,118,966
				9,785,511
		Food Products – 1.9%
	329,955	Darling International, Inc.(b)		5,925,992
	147,190	Ingredion, Inc.		10,644,781
	52,080	J & J Snack Foods Corp.		4,004,431
				20,575,204
		Gas Utilities – 1.0%
	71,432	New Jersey Resources Corp.		3,203,725
	191,980	UGI Corp.		7,370,112
				10,573,837
		Health Care Equipment & Supplies – 1.1%
	111,089	SurModics, Inc.(b)		3,027,175
	112,062	Teleflex, Inc.		9,470,360
				12,497,535
		Health Care Providers & Services – 2.8%
	303,234	Bio-Reference Labs, Inc.(b)		7,878,019
	193,953	Hanger Orthopedic Group, Inc.(b)		6,115,338
	104,030	MEDNAX, Inc.(b)		9,324,209
	136,766	WellCare Health Plans, Inc.(b)		7,926,958
				31,244,524
		Hotels, Restaurants & Leisure – 3.7%
	139,446	Churchill Downs, Inc.		9,766,798
	66,841	Cracker Barrel Old Country Store, Inc.		5,404,095
	233,793	Marriott Vacations Worldwide Corp.(b)		10,032,058
	98,830	Six Flags Entertainment Corp.		7,163,198
	124,251	Wyndham Worldwide Corp.		8,011,704
				40,377,853
		Household Durables – 1.4%
	298,359	Jarden Corp.(b)		12,784,683
	160,487	La-Z-Boy, Inc.		3,028,390
				15,813,073

See accompanying notes to financial statements.

15  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Industrial Conglomerates – 0.8%
	276,158	Raven Industries, Inc.	$	9,281,670
		Insurance – 3.8%
	446,540	Employers Holdings, Inc.		10,471,363
	326,467	HCC Insurance Holdings, Inc.		13,721,408
	216,618	ProAssurance Corp.		10,252,530
	133,959	Reinsurance Group of America, Inc., Class A		7,993,333
				42,438,634
		Internet & Catalog Retail – 1.0%
	106,960	HSN, Inc.		5,867,826
	73,575	Liberty Ventures, Series A(b)		5,560,798
				11,428,624
		Internet Software & Services – 0.6%
	51,422	IAC/InterActiveCorp		2,297,535
	341,227	Perficient, Inc.(b)		3,978,707
				6,276,242
		IT Services – 2.8%
	371,258	Convergys Corp.		6,322,524
	354,406	Euronet Worldwide, Inc.(b)		9,335,054
	194,135	WEX, Inc.(b)		15,239,597
				30,897,175
		Machinery – 5.5%
	172,663	Actuant Corp., Class A		5,286,941
	110,937	Alamo Group, Inc.		4,243,340
	225,097	Albany International Corp., Class A		6,505,303
	388,545	Altra Holdings, Inc.		10,576,195
	185,466	John Bean Technologies Corp.		3,848,420
	23,370	Middleby Corp. (The)(b)		3,555,746
	131,292	RBC Bearings, Inc.(b)		6,638,124
	231,958	TriMas Corp.(b)		7,531,676
	123,266	Wabtec Corp.		12,586,691
				60,772,436
		Marine – 0.8%
	121,016	Kirby Corp.(b)		9,294,029
		Media – 1.9%
	67,064	Arbitron, Inc.		3,143,290
	186,322	John Wiley & Sons, Inc., Class A		7,259,105
	570,006	Live Nation Entertainment, Inc.(b)		7,050,974
	213,322	National CineMedia, Inc.		3,366,221
				20,819,590

See accompanying notes to financial statements.

|  16

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Metals & Mining – 2.4%
	102,828	Haynes International, Inc.	$	5,686,388
	502,344	Horsehead Holding Corp.(b)		5,465,503
	116,827	Reliance Steel & Aluminum Co.		8,314,578
	440,342	SunCoke Energy, Inc.(b)		7,190,785
				26,657,254
		Multi Utilities – 0.4%
	96,223	NorthWestern Corp.		3,835,449
		Multiline Retail – 0.5%
	398,351	Fred’s, Inc. Class A		5,449,442
		Oil, Gas & Consumable Fuels – 1.2%
	54,976	Berry Petroleum Co., Class A		2,544,839
	389,935	EPL Oil & Gas, Inc.(b)		10,454,157
				12,998,996
		REITs—Apartments – 2.4%
	213,247	American Campus Communities, Inc.		9,668,619
	124,279	Home Properties, Inc.		7,881,774
	133,984	Mid-America Apartment Communities, Inc.		9,252,935
				26,803,328
		REITs—Diversified – 1.2%
	224,639	DuPont Fabros Technology, Inc.		5,451,988
	157,581	Potlatch Corp.		7,226,665
				12,678,653
		REITs—Healthcare – 1.0%
	365,621	Omega Healthcare Investors, Inc.		11,100,254
		REITs—Hotels – 0.9%
	1,629,443	Hersha Hospitality Trust		9,515,947
		REITs—Office Property – 1.0%
	532,268	BioMed Realty Trust, Inc.		11,496,989
		REITs—Single Tenant – 0.6%
	195,910	National Retail Properties, Inc.		7,086,065
		REITs—Storage – 2.1%
	701,228	CubeSmart		11,079,403
	180,366	Sovran Self Storage, Inc.		11,631,803
				22,711,206
		Road & Rail – 3.0%
	417,664	Avis Budget Group, Inc.(b)		11,623,589
	62,675	Genesee & Wyoming, Inc., Class A(b)		5,835,669
	293,871	Old Dominion Freight Line, Inc.(b)		11,225,872
	207,617	Werner Enterprises, Inc.		5,011,875
				33,697,005

See accompanying notes to financial statements.

17  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Semiconductors & Semiconductor Equipment – 2.6%
	284,234	Magnachip Semiconductor Corp.(b)	$	4,920,090
	278,294	Semtech Corp.(b)		9,848,825
	623,606	Teradyne, Inc.(b)		10,114,889
	282,430	Volterra Semiconductor Corp.(b)		4,010,506
				28,894,310
		Software – 2.2%
	48,493	MicroStrategy, Inc., Class A(b)		4,901,672
	285,214	Monotype Imaging Holdings, Inc.		6,773,833
	234,725	SS&C Technologies Holdings, Inc.(b)		7,037,056
	179,411	Synchronoss Technologies, Inc.(b)		5,567,123
				24,279,684
		Specialty Retail – 3.9%
	282,867	Barnes & Noble, Inc.(b)		4,653,162
	170,258	Genesco, Inc.(b)		10,230,803
	529,563	Hot Topic, Inc.		7,350,335
	105,292	Jos. A. Bank Clothiers, Inc.(b)		4,201,151
	175,920	Rent-A-Center, Inc.		6,498,485
	363,798	Sally Beauty Holdings, Inc.(b)		10,688,385
				43,622,321
		Thrifts & Mortgage Finance – 0.6%
	557,049	Capitol Federal Financial, Inc.		6,723,581
		Trading Companies & Distributors – 2.1%
	75,188	DXP Enterprises, Inc.(b)		5,616,544
	211,603	H&E Equipment Services, Inc.		4,316,701
	341,141	Rush Enterprises, Inc., Class A(b)		8,228,321
	198,975	Titan Machinery, Inc.(b)		5,521,556
				23,683,122
		Transportation Infrastructure – 0.3%
	251,543	Wesco Aircraft Holdings, Inc.(b)		3,702,713
		Water Utilities – 0.4%
	222,776	Middlesex Water Co.		4,348,587
		Total Common Stocks (Identified Cost $723,718,606)		1,069,654,627
	Closed End Investment Companies – 1.5%
	468,764	Ares Capital Corp.		8,484,629
	777,711	Fifth Street Finance Corp.		8,570,375
		Total Closed End Investment Companies (Identified Cost $14,777,422)		17,055,004

See accompanying notes to financial statements.

|  18

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Shares		Description	Value (†)
	Warrants – 0.0%
	67,892	Magnum Hunter Resources Corp., Expiration on 10/14/2013 at $10.50(b)(c)(d) (Identified Cost $0)	$	—
	Principal Amount
	Short-Term Investments – 2.1%
$	22,901,296	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/28/2013 at 0.000% to be repurchased at $22,901,296 on 4/01/2013 collateralized by $23,365,000 Federal National Mortgage Association, 0.350% due 8/28/2015 valued at $23,360,168 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $22,901,296)	$	22,901,296
		Total Investments – 100.3% (Identified Cost $761,397,324)(a)		1,109,610,927
		Other assets less liabilities – (0.3)%		(2,937,391	)
		Net Assets – 100.0%	$	1,106,673,536
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.):
		At March 31, 2013, the net unrealized appreciation on investments based on a cost of $761,399,998 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	360,251,431
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(12,040,502	)
		Net unrealized appreciation	$	348,210,929
	(b)	Non-income producing security.
	(c)	Fair valued by the Fund’s investment adviser.
	(d)	Illiquid security.
	REITs	Real Estate Investment Trusts

See accompanying notes to financial statements.

19  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Industry Summary at March 31, 2013 (Unaudited)

Commercial Banks	9.8	%
Machinery	5.5
Specialty Retail	3.9
Insurance	3.8
Commercial Services & Supplies	3.8
Electrical Equipment	3.8
Hotels, Restaurants & Leisure	3.7
Chemicals	3.4
Electronic Equipment, Instruments & Components	3.3
Road & Rail	3.0
Health Care Providers & Services	2.8
IT Services	2.8
Semiconductors & Semiconductor Equipment	2.6
Energy Equipment & Services	2.6
Electric Utilities	2.5
REITs — Apartments	2.4
Metals & Mining	2.4
Software	2.2
Trading Companies & Distributors	2.1
REITs — Storage	2.1
Other Investments, less than 2% each	29.7
Short-Term Investments	2.1
Total Investments	100.3
Other assets less liabilities	(0.3	)
Net Assets	100.0	%

See accompanying notes to financial statements.

|  20

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2013 (Unaudited)

	Small Cap Growth Fund			Small Cap Value Fund
ASSETS
Investments at cost	$	728,069,539		$	761,397,324
Net unrealized appreciation		176,974,131			348,213,603
Investments at value		905,043,670			1,109,610,927
Cash		74,716			306,398
Receivable for Fund shares sold		1,249,876			1,024,654
Receivable for securities sold		4,981,929			—
Dividends and interest receivable		119,552			1,281,641
TOTAL ASSETS		911,469,743			1,112,223,620
LIABILITIES
Payable for securities purchased		5,157,975			3,861,203
Payable for Fund shares redeemed		1,402,558			689,256
Management fees payable (Note 5)		550,430			664,117
Deferred Trustees’ fees (Note 5)		83,309			152,229
Administrative fees payable (Note 5)		33,344			40,922
Payable to distributor (Note 5d)		11,274			13,485
Other accounts payable and accrued expenses		140,429			128,872
TOTAL LIABILITIES		7,379,319			5,550,084
NET ASSETS	$	904,090,424		$	1,106,673,536
NET ASSETS CONSIST OF:
Paid-in capital	$	724,621,014		$	729,187,826
Accumulated net investment (loss)/Undistributed net investment income		(7,137,086	)		331,591
Accumulated net realized gain on investments		9,632,365			28,940,516
Net unrealized appreciation on investments		176,974,131			348,213,603
NET ASSETS	$	904,090,424		$	1,106,673,536
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Institutional Class:
Net assets	$	709,001,054		$	655,386,492
Shares of beneficial interest		33,009,380			19,474,884
Net asset value, offering and redemption price per share	$	21.48		$	33.65
Retail Class:
Net assets	$	195,088,308		$	379,376,652
Shares of beneficial interest		9,468,522			11,378,775
Net asset value, offering and redemption price per share	$	20.60		$	33.34
Admin Class:
Net assets	$	—		$	71,909,343
Shares of beneficial interest		—			2,200,894
Net asset value, offering and redemption price per share	$	—		$	32.67
Class N:
Net assets	$	1,062		$	1,049
Shares of beneficial interest		49			31
Net asset value, offering and redemption price per share	$	21.48	*	$	33.66	*

* Net asset value calculations reflect fractional shares and dollar amounts.

See accompanying notes to financial statements.

21  |

STATEMENTS OF OPERATIONS

For the six months ended March 31, 2013 (Unaudited)

	Small Cap Growth Fund			Small Cap Value Fund
INVESTMENT INCOME
Dividends	$	1,428,018	(a)	$	9,529,104
Interest		1,096			638
		1,429,114			9,529,742
Expenses
Management fees (Note 5)		3,120,474			3,801,963
Service and distribution fees (Note 5)		263,391			604,675
Administrative fees (Note 5)		184,367			224,623
Trustees’ fees and expenses (Note 5)		16,985			20,994
Transfer agent fees and expenses (Notes 5 and 6)		552,038			541,958
Audit and tax services fees		18,934			21,537
Custodian fees and expenses		20,292			18,076
Legal fees		5,609			6,867
Registration fees		59,207			56,505
Shareholder reporting expenses		89,374			93,327
Miscellaneous expenses		12,327			14,680
Total expenses		4,342,998			5,405,205
Less waiver and/or expense reimbursement (Note 5)		(38,509	)		(238,173	)
Net expenses		4,304,489			5,167,032
Net investment income (loss)		(2,875,375	)		4,362,710
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain on:
Investments		22,219,938			36,817,926
Net change in unrealized appreciation (depreciation) on:
Investments		79,049,917			117,778,574
Net realized and unrealized gain on investments		101,269,855			154,596,500
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	98,394,480		$	158,959,210

(a) Includes non-recurring dividends of $505,661.

See accompanying notes to financial statements.

|  22

STATEMENTS OF CHANGES IN NET ASSETS

	Small Cap Growth Fund						Small Cap Value Fund
	Six Months Ended March 31, 2013 (Unaudited)			Year Ended September 30, 2012			Six Months Ended March 31, 2013 (Unaudited)			Year Ended September 30, 2012
FROM OPERATIONS:
Net investment income (loss)	$	(2,875,375	)	$	(4,991,954	)	$	4,362,710		$	6,076,844
Net realized gain on investments		22,219,938			14,608,048			36,817,926			49,521,017
Net change in unrealized appreciation (depreciation) on investments		79,049,917			100,644,997			117,778,574			195,787,207
Net increase in net assets resulting from operations		98,394,480			110,261,091			158,959,210			251,385,068
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Institutional Class		—			—			(5,790,803	)		(1,033,252	)
Retail Class		—			—			(2,562,409	)		—
Admin Class		—			—			(317,577	)		—
Net realized capital gains
Institutional Class		—			—			(501,108	)		—
Retail Class		—			—			(299,758	)		—
Admin Class		—			—			(57,681	)		—
Total distributions		—			—			(9,529,336	)		(1,033,252	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 9)		(23,594,227	)		451,606,631			(26,865,630	)		(111,263,616	)
Net increase in net assets		74,800,253			561,867,722			122,564,244			139,088,200
NET ASSETS
Beginning of the period		829,290,171			267,422,449			984,109,292			845,021,092
End of the period	$	904,090,424		$	829,290,171		$	1,106,673,536		$	984,109,292
ACCUMULATED NET INVESTMENT (LOSS)/UNDISTRIBUTED NET INVESTMENT INCOME	$	(7,137,086	)	$	(4,261,711	)	$	331,591		$	4,639,670

See accompanying notes to financial statements.

23  |

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|  24

Financial Highlights

For a share outstanding throughout each period.

			Income (Loss) from Investment Operations:									Less Distributions:
	Net asset value, beginning of the period		Net investment loss (a)			Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income		Distributions from net realized capital gains		Total distributions
SMALL CAP GROWTH FUND
Institutional Class
3/31/2013(g)	$	19.17	$	(0.06	)(h)	$	2.37		$	2.31		$	—	$	—	$	—
9/30/2012		15.06		(0.14	)		4.25			4.11			—		—		—
9/30/2011		14.03		(0.13	)		1.16	(i)		1.03			—		—		—
9/30/2010		11.58		(0.11	)(k)		2.56			2.45			—		—		—
9/30/2009		13.07		(0.07	)		(1.42	)		(1.49	)		—		—		—
9/30/2008		15.87		(0.07	)		(2.73	)		(2.80	)		—		—		—
Retail Class
3/31/2013(g)		18.41		(0.08	)(h)		2.27			2.19			—		—		—
9/30/2012		14.52		(0.19	)		4.08			3.89			—		—		—
9/30/2011		13.55		(0.18	)		1.15	(i)		0.97			—		—		—
9/30/2010		11.21		(0.13	)(k)		2.47			2.34			—		—		—
9/30/2009		12.69		(0.09	)		(1.39	)		(1.48	)		—		—		—
9/30/2008		15.45		(0.10	)		(2.66	)		(2.76	)		—		—		—
Class N
3/31/2013*		20.22		(0.02	)		1.28			1.26			—		—		—

* From commencement of Class operations on February 1, 2013 through March 31, 2013.

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

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

(c) Effective June 1, 2009, redemption fees were eliminated.

(d) Had certain expenses not been waived/reimbursed during the period, if applicable, total returns would have been lower. Periods less than one year, if applicable, are not annualized.

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

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

(g) For the six months ended March 31, 2013 (Unaudited).

(h) Includes non-recurring dividends. Without these dividends, net investment loss per share would have been $(0.07) and $(0.09) for Institutional Class and Retail Class, respectively, total return would have been 12.00% and 11.84% for Institutional Class and Retail Class, respectively, and the ratio of net investment loss to average net assets would have been (0.74)% and (1.03)% for Institutional Class and Retail Class, respectively.

(i) 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.

(j) Includes fee/expense recovery of 0.03%.

(k) Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.12) and $(0.14) for Institutional Class and Retail Class, respectively, and the ratio of net investment loss to average net assets would have been (0.92)% and (1.17)% for Institutional Class and Retail Class, respectively.

See accompanying notes to financial statements.

25  |

									Ratios to Average Net Assets:
Redemption fees (b)(c)		Net asset value, end of the period		Total return (%) (d)			Net assets, end of the period (000’s)		Net expenses (%) (e)(f)			Gross expenses (%) (f)			Net investment loss (%) (f)			Portfolio turnover rate (%)
$	—	$	21.48		12.05	(h)	$	709,001		0.96			0.96			(0.62	)(h)		28
	—		19.17		27.29			599,469		0.95			0.95			(0.79	)		77
	—		15.06		7.34			154,313		0.98	(j)		0.98	(j)		(0.78	)		76
	—		14.03		21.16			52,501		1.00			1.06			(0.85	)(k)		69
	—		11.58		(11.40	)		45,557		1.00			1.01			(0.68	)		107
	0.00		13.07		(17.64	)		44,540		1.00			1.01			(0.47	)		92
	—		20.60		11.90	(h)		195,088		1.25			1.29			(0.89	)(h)		28
	—		18.41		26.79			229,822		1.25			1.28			(1.09	)		77
	—		14.52		7.16			113,110		1.25			1.27			(1.07	)		76
	—		13.55		20.87			75,344		1.25			1.39			(1.10	)(k)		69
	—		11.21		(11.66	)		75,478		1.25			1.43			(0.93	)		107
	0.00		12.69		(17.86	)		79,897		1.25			1.42			(0.70	)		92
	—		21.48		6.23			1		0.95			3.03			(0.72	)		28

See accompanying notes to financial statements.

|  26

Financial Highlights – continued

For a share outstanding throughout each period.

			Income (Loss) from Investment Operations:									Less Distributions:
	Net asset value, beginning of the period		Net investment income (loss) (a)(b)			Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income (b)			Distributions from net realized capital gains			Total distributions
SMALL CAP VALUE FUND
Institutional Class
3/31/2013(g)	$	29.14	$	0.15		$	4.68		$	4.83		$	(0.30	)	$	(0.02	)	$	(0.32	)
9/30/2012		22.36		0.21			6.62			6.83			(0.05	)		—			(0.05	)
9/30/2011		22.93		0.09	(i)		(0.50	)		(0.41	)		(0.16	)		—			(0.16	)
9/30/2010		20.66		0.11			2.23			2.34			(0.07	)		—			(0.07	)
9/30/2009		22.01		0.09			(1.32	)		(1.23	)		(0.11	)		(0.01	)		(0.12	)
9/30/2008		28.77		0.11	(j)		(4.03	)		(3.92	)		(0.06	)		(2.78	)		(2.84	)
Retail Class
3/31/2013(g)		28.84		0.11			4.63			4.74			(0.22	)		(0.02	)		(0.24	)
9/30/2012		22.14		0.13			6.57			6.70			—			—			—
9/30/2011		22.71		0.02	(i)		(0.48	)		(0.46	)		(0.11	)		—			(0.11	)
9/30/2010		20.47		0.06			2.21			2.27			(0.03	)		—			(0.03	)
9/30/2009		21.79		0.04			(1.30	)		(1.26	)		(0.05	)		(0.01	)		(0.06	)
9/30/2008		28.52		0.05	(j)		(4.00	)		(3.95	)		—			(2.78	)		(2.78	)
Admin Class
3/31/2013(g)		28.22		0.07			4.54			4.61			(0.14	)		(0.02	)		(0.16	)
9/30/2012		21.72		0.06			6.44			6.50			—			—			—
9/30/2011		22.30		(0.04	)(i)		(0.49	)		(0.53	)		(0.05	)		—			(0.05	)
9/30/2010		20.11		0.00			2.19			2.19			—			—			—
9/30/2009		21.40		0.00			(1.28	)		(1.28	)		(0.00	)		(0.01	)		(0.01	)
9/30/2008		28.13		(0.01	)(j)		(3.94	)		(3.95	)		—			(2.78	)		(2.78	)
Class N
3/31/2013*		32.08		(0.00	)		1.58			1.58			—			—			—

* From commencement of Class operations on February 1, 2013 through March 31, 2013.

(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, if applicable.

(c) Effective June 1, 2009, redemption fees were eliminated.

(d) Had certain expenses not been waived/reimbursed during the period, if applicable, total returns would have been lower. Periods less than one year, if applicable, are not annualized.

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

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

(g) For the six months ended March 31, 2013 (Unaudited).

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

(i) Includes a non-recurring dividend. Without this dividend, net investment income (loss) per share would have been $0.07, $0.01 and $(0.06) for Institutional Class, Retail Class and Admin Class, respectively, total return would have been (1.93)%, (2.16)% and (2.44)% for Institutional Class, Retail Class and Admin Class, respectively and the ratio of net investment income (loss) to average net assets would have been 0.28%, 0.03% and (0.22)% for Institutional Class, Retail Class and Admin Class, respectively.

(j) Includes a non-recurring dividend of $0.02 per share.

See accompanying notes to financial statements.

27  |

									Ratios to Average Net Assets:
Redemption fees (b)(c)		Net asset value, end of the period		Total return (%) (d)			Net assets, end of the period (000’s)		Net expenses (%) (e)(f)			Gross expenses (%) (f)			Net investment income (loss) (%) (f)			Portfolio turnover rate (%)
$	—	$	33.65		16.74		$	655,386		0.90			0.92			0.98			9
	—		29.14		30.59			572,776		0.90	(h)		0.90	(h)		0.76			19
	—		22.36		(1.88	)(i)		431,761		0.90			0.93			0.33	(i)		42
	—		22.93		11.39			454,853		0.90			0.94			0.50			52
	0.00		20.66		(5.42	)		506,324		0.90			0.94			0.52			55
	0.00		22.01		(15.02	)		553,268		0.89			0.89			0.47			61
	—		33.34		16.57			379,377		1.15			1.23			0.73			9
	—		28.84		30.26			343,480		1.15			1.22			0.49			19
	—		22.14		(2.12	)(i)		347,759		1.15			1.22			0.08	(i)		42
	—		22.71		11.10			383,934		1.15			1.24			0.26			52
	0.00		20.47		(5.66	)		387,383		1.15			1.31			0.26			55
	0.00		21.79		(15.21	)		464,525		1.15			1.27			0.21			61
	—		32.67		16.44			71,909		1.40			1.53			0.48			9
	—		28.22		29.93			67,853		1.40			1.52			0.24			19
	—		21.72		(2.40	)(i)		65,500		1.40			1.52			(0.17	)(i)		42
	—		22.30		10.89			73,443		1.40			1.56			0.02			52
	0.00		20.11		(5.93	)		74,195		1.40			1.77			0.02			55
	0.00		21.40		(15.44	)		77,855		1.40			1.68			(0.04	)		61
	—		33.66		4.93			1		0.85			2.88			(0.02	)		9

See accompanying notes to financial statements.

|  28

Notes to Financial Statements

March 31, 2013 (Unaudited)

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

Loomis Sayles Funds I:

Loomis Sayles Small Cap Value Fund (the “Small Cap Value Fund”)

Loomis Sayles Funds II:

Loomis Sayles Small Cap Growth Fund (the “Small Cap Growth Fund”)

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. The Funds continue to offer Institutional Class and Retail Class shares to existing investors and Small Cap Value Fund continues to offer Admin Class shares to existing investors. Effective February 1, 2013, each Fund began offering Class N shares to existing investors.

Most expenses of the Trusts 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 the Trusts. Expenses of a Fund are borne pro rata by the holders of each class of shares, except that each class bears expenses unique to that class (including the Rule 12b-1 service and distribution fees and transfer agent fees). In addition, each class votes as a class only with respect to its own Rule 12b-1 Plan. Shares of each class would receive their pro rata share of the net assets of a Fund if the Fund were liquidated. The Trustees approve separate distributions from net investment income on each class of shares.

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

a.  Valuation. Equity securities, including shares of closed-end investment companies and exchange-traded funds, for which market quotations are readily available are valued at market value, as reported by independent pricing services recommended by the investment adviser and approved by the Board of Trustees. Such independent pricing services

29  |

Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

generally use the security’s last sale price on the exchange or market where the security is primarily traded or, if there is no reported sale during the day, the closing bid price. 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 a NOCP, at the most recent bid quotation on the applicable NASDAQ Market. Debt securities (other than short-term obligations purchased with an original or remaining maturity of sixty days or less) and unlisted equity securities are generally valued on the basis of evaluated bids furnished to the Funds by an independent pricing service recommended by the investment adviser and approved by the Board of Trustees, which service determines valuations for normal, institutional-size trading units of such securities using market information, transactions for comparable securities and various relationships between securities which are generally recognized by institutional traders. Broker-dealer bid prices may also be used to value debt and 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. Investments in other open-end investment companies are valued at their net asset value each day. Short-term obligations purchased with an original or remaining maturity of sixty days or less are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by the Funds’ investment adviser using consistently applied procedures under the general supervision of the Board of Trustees.

The Funds may hold securities traded in foreign markets. Foreign securities are valued at the closing market price in the foreign market. However, if events occurring after the close of the foreign market (but before the close of regular trading on the New York Stock Exchange) are believed to materially affect the value of those securities, such securities are fair valued on a daily basis pursuant to procedures approved by the Board of Trustees. When fair valuing securities, the Funds may, among other things, use modeling tools or other processes that may take into account factors such as securities market activity and/or significant events that occur after the close of the foreign market and before the Funds calculate their net asset values.

b.  Investment Transactions and Related Investment Income. Investment transactions are accounted for on a trade date plus one day basis for daily net asset value calculation. However, for financial reporting purposes, investment transactions are reported on trade date. Dividend income is recorded on ex-dividend date, or in the case of certain foreign securities, as soon as a Fund is notified, and interest income is recorded on an accrual basis. Interest income is increased by the accretion of discount and decreased by the amortization of premium. Distributions received from investments in securities that represent a return of capital or capital gain are recorded as a reduction of cost of the investments or as a realized gain, respectively. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in distributions received from the Funds’ investments in real estate investment trusts (“REITs”) are reported to the Funds after the end of the fiscal year; accordingly, the Funds estimate these amounts for

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Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

accounting purposes until the characterization of REIT distributions is reported to the Funds after the end of the fiscal year. Estimates are based on the most recent REIT distribution information available. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis. Investment income, non-class specific expenses and realized and unrealized gains and losses are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund.

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

Since the values of investment securities are presented at the foreign exchange rates prevailing at the end of the period, it is not practical to isolate that portion of the results of operations arising from changes in exchange rates from fluctuations which arise due to changes in market prices of investment securities. Such changes are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currency, currency gains or losses realized 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 and losses arise from changes in the value of assets and liabilities, other than investment securities, at the end of the fiscal period, resulting from changes in exchange rates.

Each Fund 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. Each Trust treats each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund’s tax positions for the open tax years as of March 31, 2013 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

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Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

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 eligible to be reclaimed 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 ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined annually 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 expired capital loss carryforwards, distribution in excess of current earnings, net operating losses and deferred Trustees’ fees. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital accounts. Temporary differences between book and tax distributable earnings are primarily due to deferred Trustees’ fees and wash sales. Distributions from net investment income and short-term capital gains are considered to be distributed from ordinary income for tax purposes.

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the year ended September 30, 2012 was as follows:

	2012 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
Small Cap Growth Fund	$	—	$	—	$	—
Small Cap Value Fund		1,033,252		—		1,033,252

As of September 30, 2012, the late-year ordinary and post-October capital loss deferrals were as follows:

	Small Cap Growth Fund			Small Cap Value Fund
Late-year ordinary and post-October capital loss deferrals*	$	(16,260,177	)	$	(5,815,935	)

* Under current tax law, capital losses, foreign currency losses, and losses on passive foreign investment companies and contingent payment debt instruments after October 31 or December 31, as applicable, may be deferred and treated as occurring on the first day of the following taxable year.

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Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

f.  Repurchase Agreements. It is each Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities.

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

For the six months ended March 31, 2013, neither Fund 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

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Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

could include quoted prices for similar assets or liabilities, interest rates, credit risk, etc.); and

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

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

The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2013, at value:

Small Cap Growth Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	878,184,159	$	—	$	—	$	878,184,159
Short-Term Investments		—		26,859,511		—		26,859,511
Total	$	878,184,159	$	26,859,511	$	—	$	905,043,670

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

For the six months ended March 31, 2013, there were no transfers between Levels 1, 2 and 3.

Small Cap Value Fund

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	1,069,654,627	$	—	$	—	$	1,069,654,627
Closed End Investment Companies		17,055,004		—		—		17,055,004
Warrants(b)		—		—		—		—
Short-Term Investments		—		22,901,296		—		22,901,296
Total	$	1,086,709,631	$	22,901,296	$	—	$	1,109,610,927

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

(b) Fair valued at zero using Level 2 inputs.

For the six months ended March 31, 2013, there were no transfers between Levels 1, 2 and 3.

4.Purchases and Sales of Securities. For the six months ended March 31, 2013, purchases and sales of securities (excluding short-term investments) were as follows:

Fund	Purchases		Sales
Small Cap Growth Fund	$	227,498,606	$	250,968,569
Small Cap Value Fund		86,358,237		126,670,081

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Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

5.  Management Fees and Other Transactions with Affiliates.

a.  Management Fees. Loomis, Sayles & Company, L.P. (“Loomis Sayles”) serves as investment adviser to each Fund. 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%

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 and extraordinary expenses. These undertakings are in effect until January 31, 2014 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.

For the six months ended March 31, 2013, 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%

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

For the six months ended March 31, 2013, the management fees for each Fund were as follows:

Fund	Management Fees		Percentage of Average Daily Net Assets
Small Cap Growth Fund	$	3,120,474		0.75%
Small Cap Value Fund		3,801,963		0.75%

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Notes to Financial Statements – continued

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For the six months ended March 31, 2013, class-specific expenses have been reimbursed as follows:

	Reimbursement1
Fund	Institutional Class		Retail Class		Admin Class		Class N		Total
Small Cap Growth Fund	$	—	$	38,506	$	—	$	3	$	38,509
Small Cap Value Fund		55,023		138,729		44,418		3		238,173

¹ Expense reimbursements are subject to possible recovery until September 30, 2014.

No expenses were recovered for either of the Funds during the six months ended March 31, 2013 under the terms of the expense limitation agreements.

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

b.  Service and Distribution Fees. NGAM Distribution, L.P. (“NGAM Distribution”), which is a wholly-owned subsidiary of Natixis US, has entered into a distribution agreement with the Trusts. Pursuant to this agreement, NGAM Distribution serves as principal underwriter of the Funds of the Trusts.

Pursuant to Rule 12b-1 under the 1940 Act, Small Cap Growth Fund and Small Cap Value Fund have adopted a Distribution Plan relating to each Fund’s Retail Class shares (the “Retail Class Plans”) and Small Cap Value Fund has adopted a Distribution Plan relating to its Admin Class shares (the “Admin Class Plan”).

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

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

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Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

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

For the six months ended March 31, 2013, 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	$	—	$	263,391	$	—
Small Cap Value Fund		82,932		438,811		82,932

c.  Administrative Fees. NGAM Advisors, L.P. (“NGAM Advisors”) provides certain administrative services for the Funds and contracts with State Street Bank to serve as sub-administrator. NGAM Advisors is a wholly-owned subsidiary of Natixis US. Pursuant to an agreement among Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I, Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”), Hansberger International Series and NGAM Advisors, each Fund pays NGAM Advisors monthly its pro rata portion of fees equal to an annual rate of 0.0575% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion and 0.0350% of such assets in excess of $60 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series of $10 million, which is reevaluated on an annual basis.

For the six months ended March 31, 2013, the administrative fees for each Fund were as follows:

Fund	Administrative Fees
Small Cap Growth Fund	$	184,367
Small Cap Value Fund		224,623

d.  Sub-Transfer Agent Fees. NGAM Distribution has entered into agreements, which include servicing agreements, with financial intermediaries that provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries that hold positions in the Funds and has agreed to compensate the intermediaries for providing those services. Intermediaries transact with the Funds primarily through the use of omnibus accounts on behalf of their customers who hold positions in the Funds. These services would have been provided by the Funds’ transfer agent and other service providers if the shareholders’ accounts were maintained directly at the Funds’ transfer agent. Accordingly, the Funds have agreed to reimburse NGAM Distribution for all or a portion of the servicing fees paid to these intermediaries. The

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Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

reimbursement amounts (sub-transfer agent fees) paid to NGAM Distribution are subject to a current per-account equivalent fee limit approved by the Funds’ Board, which is based on fees for similar services paid to the Funds’ transfer agent and other service providers. Class N shares do not bear such expenses.

For the six months ended March 31, 2013, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statements of Operations) for each Fund were as follows:

	Sub-Transfer Agent Fees
Fund	Institutional Class		Retail Class		Admin Class
Small Cap Growth Fund	$	341,547	$	134,841	$	—
Small Cap Value Fund		220,963		235,321		61,807

As of March 31, 2013, the Funds owe NGAM Distribution the following reimbursements for sub-transfer agent fees:

	Reimbursements of Sub-Transfer Agent Fees
Fund	Institutional Class		Retail Class		Admin Class
Small Cap Growth Fund	$	8,050	$	3,224	$	—
Small Cap Value Fund		5,882		5,883		1,720

e.  Trustees Fees and Expenses. The Trusts do not pay any compensation directly to their officers or Trustees who are directors, officers or employees of NGAM Advisors, NGAM Distribution, Natixis US or their affiliates. Effective January 1, 2013, the Chairperson of the Board receives a retainer fee at the annual rate of $285,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that she attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $115,000. 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, each committee chairman receives an additional retainer fee at an annual rate of $17,500. Each Contract Review and Governance 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 Hansberger International Series 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, 2013, the Chairperson of the Board received a retainer fee at the annual rate of $265,000 and each Independent Trustee (other than the Chairperson) received, in

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Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

aggregate, a retainer fee at the annual rate of $95,000. In addition, each committee chairman received an additional retainer fee at an annual rate of $15,000, and each Audit Committee member was compensated $7,500 for each Committee meeting that he or she attended in person and $3,750 for each meeting that he or she attended telephonically.

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

f.  Affiliated Ownership. At March 31, 2013, 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		0.81%		1.18%		1.99%
Small Cap Value Fund		1.16%		2.00%		3.16%

Additionally, as of March 31, 2013, Natixis US held shares of each Fund representing less than 0.01% of the Funds’ net assets.

6.Class-Specific Expenses. For the period ended March 31, 2013, the class-specific transfer agent fees and expenses (including sub-transfer agent fees, where applicable) for each Fund were as follows:

	Transfer Agent Fees and Expenses
Fund	Institutional Class		Retail Class		Admin Class		Class N
Small Cap Growth Fund	$	350,625	$	201,410	$	—	$	3
Small Cap Value Fund		233,303		244,222		64,430		3

7.Line of Credit. Each Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series, participates in a $200,000,000 committed unsecured line of credit provided by State Street Bank, with an individual limit of $125,000,000 for each fund that participates in the line of credit.

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Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

Interest is charged to each participating fund based on its borrowings at a rate per annum equal to the greater of the Federal Funds rate or overnight LIBOR, plus 1.25%. In addition, a commitment fee of 0.10% 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.

For the six months ended March 31, 2013, neither Fund had borrowings under these agreements.

8.Brokerage Commission Recapture. Each Fund has entered into agreements with certain brokers whereby the brokers will rebate a portion of brokerage commissions. All amounts rebated by the brokers are returned to the Funds under such agreements and are included in realized gains on investments in the Statements of Operations. For the six months ended March 31, 2013, amounts rebated under these agreements were as follows:

Fund	Rebates
Small Cap Growth Fund	$	34,910
Small Cap Value Fund		16,155

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

	Small Cap Growth Fund
	Six Months Ended March 31, 2013						Year Ended September 30, 2012
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		6,024,807		$	115,205,356			25,012,829		$	444,379,599
Issued in connection with the reinvestment of distributions		—			—			—			—
Redeemed		(4,289,351	)		(82,422,041	)		(3,982,168	)		(71,766,116	)
Net change		1,735,456		$	32,783,315			21,030,661		$	372,613,483
Retail Class
Issued from the sale of shares		1,438,413		$	26,503,176			8,772,957		$	149,204,216
Issued in connection with the reinvestment of distributions		—			—			—			—
Redeemed		(4,450,487	)		(82,881,718	)		(4,084,044	)		(70,211,068	)
Net change		(3,012,074	)	$	(56,378,542	)		4,688,913		$	78,993,148

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Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

9.   Capital Shares – continued.

	Small Cap Growth Fund
	Six Months Ended March 31, 2013						Year Ended September 30, 2012
Class N*	Shares			Amount			Shares		Amount
Issued from the sale of shares		49		$	1,000			—	$	—
Issued in connection with the reinvestment of distribution		—			—			—		—
Redeemed		—			—			—		—
Net change		49		$	1,000			—	$	—
Increase (decrease) from capital share transactions		(1,276,569	)	$	(23,594,227	)		25,719,574	$	451,606,631

* From commencement of Class operations on February 1, 2013 through March 31, 2013.

	Small Cap Value Fund
	Six Months Ended March 31, 2013						Year Ended September 30, 2012
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		1,682,692		$	52,438,660			4,160,980		$	112,254,002
Issued in connection with the reinvestment of distributions		204,464			6,072,591			37,002			980,177
Redeemed		(2,065,896	)		(63,634,800	)		(3,852,812	)		(105,017,313	)
Net change		(178,740	)	$	(5,123,549	)		345,170		$	8,216,866
Retail Class
Issued from the sale of shares		668,499		$	20,673,726			1,188,522		$	32,260,155
Issued in connection with the reinvestment of distributions		96,978			2,855,026			—			—
Redeemed		(1,298,382	)		(39,517,439	)		(4,987,227	)		(135,496,848	)
Net change		(532,905	)	$	(15,988,687	)		(3,798,705	)	$	(103,236,693	)
Admin Class
Issued from the sale of shares		248,909		$	7,486,870			593,951		$	15,631,061
Issued in connection with the reinvestment of distributions		9,612			277,512			—			—
Redeemed		(461,971	)		(13,518,776	)		(1,205,509	)		(31,874,850	)
Net change		(203,450	)	$	(5,754,394	)		(611,558	)	$	(16,243,789	)

41  |

Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

9.   Capital Shares – continued.

	Small Cap Value Fund
	Six Months Ended March 31, 2013						Year Ended September 30, 2012
Class N*	Shares			Amount			Shares			Amount
Issued from the sale of shares		31		$	1,000			—		$	—
Issued in connection with the reinvestment of distributions		—			—			—			—
Redeemed		—			—			—			—
Net change		31		$	1,000			—		$	—
Increase (decrease) from capital share transactions		(915,064	)	$	(26,865,630	)		(4,065,093	)	$	(111,263,616	)

* From commencement of Class operations on February 1, 2013 through March 31, 2013.

10.Special Meeting of Shareholders. A special meeting of shareholders of the Trusts was held on March 18, 2013 to consider a proposal to elect four Trustees to the Board of Trustees. The proposal was approved by shareholders of the Trusts. The results of the shareholder vote were as follows:

Loomis Sayles Funds I

Nominee	Voted “FOR”*		Withheld*
Charles D. Baker		1,511,468,867		21,320,866
Edmond J. English		1,514,733,688		18,056,045
David L. Giunta		1,510,789,556		22,000,177
Martin T. Meehan		1,513,458,428		19,331,305

Loomis Sayles Funds II

Nominee	Voted “FOR”*		Withheld*
Charles D. Baker		1,908,768,243		24,689,516
Edmond J. English		1,907,921,154		25,536,605
David L. Giunta		1,907,548,640		25,909,119
Martin T. Meehan		1,906,909,667		26,548,092

* Trust-wide voting results.

In addition to the Trustees named above, the following also serve as Trustees of the Trusts: Daniel M. Cain, Kenneth A. Drucker, Wendell J. Knox, Sandra O. Moose, Erik R. Sirri, Peter J. Smail, Cynthia L. Walker, Robert J. Blanding and John T. Hailer.

|  42

Loomis Sayles Bond Fund

Semiannual Report

March 31, 2013

TABLE OF CONTENTS
Portfolio Review	1
Portfolio of Investments	5
Financial Statements	31
Notes to Financial Statements	37

LOOMIS SAYLES BOND FUND

Managers	Symbols
Matthew J. Eagan, CFA	Institutional Class	LSBDX
Daniel J. Fuss, CFA, CIC	Retail Class	LSBRX
Kathleen C. Gaffney, CFA*	Admin Class	LBFAX
Elaine M. Stokes	Class N	LSBNX

* Effective October 22, 2012, Kathleen Gaffney no longer serves as a portfolio manager of the fund.

Objective

High total investment return through a combination of current income and capital appreciation

Strategy

The fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in fixed-income securities, including investing primarily in investment-grade fixed-income securities, although it may also invest up to 35% of its assets in below investment-grade fixed-income securities and up to 20% of its assets in equity securities such as common stocks and preferred stocks (with up to 10% of its assets in common stocks).

Average Annual Total Returns — March 31, 2013

	6 months			1 year			5 years			10 years			Since Class N Inception
Institutional Class (Inception 5/16/91)		5.40	%		10.46	%		8.66	%		9.70	%		—	%
Retail Class (Inception 12/31/96)		5.26			10.18			8.35			9.40			—
Admin Class (Inception 1/2/98)		5.13			9.91			8.07			9.12			—
Class N (Inception 2/1/13)		—			—			—			—			0.51
Comparative Performance
Barclays U.S. Government/Credit Bond Index(a)		0.21			4.56			5.50			5.06			0.77

Past performance does not guarantee future results. The table does not reflect taxes shareholders might owe on any fund distributions or when they redeem their shares. 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. Unlike a fund, an index is not managed and does not reflect fees and expenses.

^(a) See page 3 for a description of the index.

1  |

ADDITIONAL INFORMATION

Index Definitions

Indexes are unmanaged and do not have expenses that affect results, unlike mutual funds. Index returns are adjusted for the reinvestment of capital gain distributions and income dividends. It is not possible to invest directly in an index.

Barclays U.S. Government/Credit Bond Index is an unmanaged index that includes U.S. Treasuries, government-related issues, and investment grade U.S. corporate securities.

Proxy Voting Information

A description of the fund’s proxy voting policies and procedures is available without charge, upon request, (i) by calling Loomis, Sayles & Company, L.P. at 800-633-3330; (ii) on the fund’s website, www.loomissayles.com, and (iii) on the SEC’s website, www.sec.gov. Information about how the fund voted proxies relating to portfolio securities during the 12 months ended June 30, 2012 is available on (i) the fund’s website and (ii) the SEC’s website.

Quarterly Portfolio Schedules

The fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The fund’s Forms N-Q are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling
 800-SEC-0330.

Additional Index Information

This document may contain references to third party copyrights, indexes, and trademarks,

each of which is the property of its respective owner. Such owner is not affiliated with

Natixis Global Asset Management or any of its related or affiliated companies

(collectively “NGAM”) and does not sponsor, endorse or participate in the provision of

any NGAM services, funds or other financial products.

The index information contained herein is derived from third parties and is provided on

an “as is” basis. The user of this information assumes the entire risk of use of this

information. Each of the third party entities involved in compiling, computing or

creating index information disclaims all warranties (including, without limitation, any

warranties of originality, accuracy, completeness, timeliness, non-infringement,

merchantability and fitness for a particular purpose) with respect to such information.

|  2

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. These costs are described in more detail in the fund’s prospectus. The following examples are intended to help you understand the ongoing costs of investing in the fund and help you compare these with the ongoing costs of investing in other mutual funds.

The first line in the table for each class of fund shares shows the actual amount of fund expenses you would have paid on a $1,000 investment in the fund from October 1, 2012 (February 1, 2013 for Class N) through March 31, 2013. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual fund returns and expenses. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example $8,600 account value divided by $1,000 = 8.6) and multiply the result by the number in the Expenses Paid During Period column as shown below for your class.

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

Institutional Class	Beginning Account Value 10/1/2012		Ending Account Value 3/31/2013		Expenses Paid During Period 10/1/2012 – 3/31/2013
Actual		$1,000.00		$1,054.00		$3.231
Hypothetical (5% return before expenses)		$1,000.00		$1,021.79		$3.18*
Retail Class
Actual		$1,000.00		$1,052.60		$4.711
Hypothetical (5% return before expenses)		$1,000.00		$1,020.34		$4.63*
Admin Class
Actual		$1,000.00		$1,051.30		$6.091
Hypothetical (5% return before expenses)		$1,000.00		$1,019.00		$5.99*

3  |

	Beginning Account Value 10/1/2012		Ending Account Value 3/31/2013		Expenses Paid During Period 10/1/2012 – 3/31/2013
Class N
Actual		$1,000.00		$1,005.102		$1.042
Hypothetical (5% return before expenses)		$1,000.00		$1,021.69		$3.28*
*   Hypothetical expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.63%, 0.92%, 1.19% and 0.65% for Institutional, Retail, Admin Class and Class N, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).
1    Actual expenses for Institutional, Retail and Admin Class are equal to the Fund’s annualized expense ratio: 0.63%, 0.92% and 1.19%, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).
2    Class N commenced operations on February 1, 2013. Actual expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement) of 0.65%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal period (58), divided by 365 (to reflect the partial period).

|  4

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Bond Fund

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – 83.8% of Net Assets
	Non-Convertible Bonds – 75.8%
		ABS Car Loan – 0.0%
$	5,917,000	Avis Budget Rental Car Funding AESOP LLC, Series 2010-5A, Class B, 5.110%, 3/20/2017, 144A	$	6,412,081
		ABS Home Equity – 0.1%
	21,871,884	Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR4, Class 2A2, 2.728%, 4/25/2035(b)		22,230,649
		Aerospace & Defense – 0.3%
	1,510,000	Bombardier, Inc., 7.350%, 12/22/2026, 144A, (CAD)		1,559,484
	13,664,000	Bombardier, Inc., 7.450%, 5/01/2034, 144A		14,005,600
	5,200,000	Meccanica Holdings USA, Inc., 6.250%, 7/15/2019, 144A		5,357,014
	16,663,000	Meccanica Holdings USA, Inc., 6.250%, 1/15/2040, 144A		14,650,476
	25,480,000	Meccanica Holdings USA, Inc., 7.375%, 7/15/2039, 144A		24,014,900
	6,995,000	Textron Financial Corp., (fixed rate to 2/15/2017, variable rate thereafter), 6.000%, 2/15/2067, 144A		6,330,475
				65,917,949
		Airlines – 2.0%
	51,400,000	Air Canada, 10.125%, 8/01/2015, 144A, (CAD)		53,633,903
	22,300,000	American Airlines Pass Through Trust, Series 2013-1, Class A, 4.000%, 7/15/2025, 144A		22,676,312
	8,400,000	American Airlines Pass Through Trust, Series 2013-1, Class B, 5.625%, 1/15/2021, 144A		8,505,000
	4,945,000	Continental Airlines Pass Through Certificates, Series 2012-2, Class B, 5.500%, 4/29/2022		5,167,525
	32,200,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		32,361,000
	6,513	Continental Airlines Pass Through Trust, Series 1996-1, Class A, 6.940%, 4/15/2015		6,513
	1,591,284	Continental Airlines Pass Through Trust, Series 1997-1, Class A, 7.461%, 10/01/2016		1,623,109
	993,484	Continental Airlines Pass Through Trust, Series 1997-4, Class B, 6.900%, 7/02/2018		1,026,667
	1,964,748	Continental Airlines Pass Through Trust, Series 1998-1, Class B, 6.748%, 9/15/2018		2,072,810
	4,722,969	Continental Airlines Pass Through Trust, Series 1999-1, Class B, 6.795%, 2/02/2020		4,935,503
	2,001,280	Continental Airlines Pass Through Trust, Series 1999-2, Class B, 7.566%, 9/15/2021		2,113,953
	2,429,332	Continental Airlines Pass Through Trust, Series 2000-1, Class A-1, 8.048%, 5/01/2022		2,815,595
	2,319,757	Continental Airlines Pass Through Trust, Series 2000-2, Class A-1, 7.707%, 10/02/2022		2,609,726
	2,504,683	Continental Airlines Pass Through Trust, Series 2000-2, Class B, 8.307%, 10/02/2019		2,711,320

See accompanying notes to financial statements.

5  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Airlines – continued
$	2,716,823	Continental Airlines Pass Through Trust, Series 2001-1, Class A-1, 6.703%, 12/15/2022	$	3,007,414
	1,482,263	Continental Airlines Pass Through Trust, Series 2001-1, Class B, 7.373%, 6/15/2017		1,558,303
	15,835,170	Continental Airlines Pass Through Trust, Series 2007-1, Class A, 5.983%, 10/19/2023		18,012,506
	25,230,670	Continental Airlines Pass Through Trust, Series 2007-1, Class B, 6.903%, 10/19/2023		27,271,327
	21,115,881	Continental Airlines Pass Through Trust, Series 2009-1, 9.000%, 1/08/2018		24,415,237
	25,968,677	Continental Airlines Pass Through Trust, Series 2009-2, Class A, 7.250%, 5/10/2021		30,318,431
	5,915,000	Continental Airlines Pass Through Trust, Series 2012-1, Class B, 6.250%, 10/22/2021		6,150,299
	2,537,610	Delta Air Lines Pass Through Trust, Series 2007-1, Class A, 6.821%, 2/10/2024		2,873,844
	3,683,907	Delta Air Lines Pass Through Trust, Series 2007-1, Class B, 8.021%, 2/10/2024		4,057,086
	26,374,129	Delta Air Lines Pass Through Trust, Series 2007-1, Class C, 8.954%, 8/10/2014		27,626,900
	2,952,064	Northwest Airlines, Inc., Series 2002-1, Class G2, (MBIA insured), 6.264%, 5/20/2023		3,129,188
	19,172,575	Northwest Airlines, Inc., Series 2007-1, Class B, 8.028%, 5/01/2019		20,280,749
	23,336,135	UAL Pass Through Trust, Series 2007-1, Class A, 6.636%, 1/02/2024		25,348,877
	10,668,113	UAL Pass Through Trust, Series 2009-1, 10.400%, 5/01/2018		12,268,330
	22,805,342	US Airways Pass Through Trust, Series 2010-1B, Class B, 8.500%, 10/22/2018		24,458,729
	18,027,227	US Airways Pass Through Trust, Series 2011-1A, Class A, 7.125%, 4/22/2025		20,686,243
	20,905,000	US Airways Pass Through Trust, Series 2012-1A, Class A, 5.900%, 4/01/2026		23,361,337
	10,803,000	US Airways Pass Through Trust, Series 2012-1B, Class B, 8.000%, 4/01/2021		11,910,307
	8,520,000	US Airways Pass Through Trust, Series 2012-1C, Class C, 9.125%, 10/01/2015		9,159,000
	7,450,000	US Airways Pass Through Trust, Series 2012-2A, Class A, 4.625%, 12/03/2026		7,766,625
				445,919,668
		Automotive – 1.5%
	385,000	ArvinMeritor, Inc., 8.125%, 9/15/2015		407,137
	3,700,000	Chrysler Group LLC/CG Co-Issuer, Inc., 8.250%, 6/15/2021		4,130,125
	3,172,000	Cummins, Inc., 6.750%, 2/15/2027		3,962,402
	9,392,000	Ford Motor Co., 6.375%, 2/01/2029		10,485,201
	2,611,000	Ford Motor Co., 6.500%, 8/01/2018		3,071,095
	1,560,000	Ford Motor Co., 6.625%, 2/15/2028		1,756,908

See accompanying notes to financial statements.

|  6

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Automotive – continued
$	64,950,000	Ford Motor Co., 6.625%, 10/01/2028	$	74,864,747
	2,720,000	Ford Motor Co., 7.125%, 11/15/2025		3,225,150
	46,387,000	Ford Motor Co., 7.400%, 11/01/2046		58,288,559
	69,015,000	Ford Motor Co., 7.450%, 7/16/2031		87,284,375
	1,580,000	Ford Motor Co., 7.500%, 8/01/2026		1,916,030
	55,235,000	Ford Motor Credit Co. LLC, 7.000%, 4/15/2015		60,948,564
	7,040,000	Ford Motor Credit Co. LLC, 8.700%, 10/01/2014		7,776,757
	8,755,000	Goodyear Tire & Rubber Co. (The), 7.000%, 5/15/2022		9,225,581
	6,041,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		6,101,410
	3,700,000	TRW Automotive, Inc., 7.250%, 3/15/2017, 144A		4,278,125
	6,400,000	TRW Automotive, Inc., 8.875%, 12/01/2017, 144A		6,984,000
				344,706,166
		Banking – 10.6%
	6,000,000	ABN Amro Bank NV, (fixed rate to 3/10/2016, variable rate thereafter), 4.310%, 3/29/2049, (EUR)		6,806,628
	100,540,000	AgriBank FCB, 9.125%, 7/15/2019, 144A		135,524,301
	120,000	Ally Financial, Inc., 3.125%, 1/15/2016		121,500
	50,810,000	Ally Financial, Inc., 7.500%, 9/15/2020		61,988,200
	62,225,000	Ally Financial, Inc., 8.300%, 2/12/2015		69,069,750
	33,073,000	Associates Corp. of North America, 6.950%, 11/01/2018		40,391,427
	1,400,000	Bank of America Corp., 5.490%, 3/15/2019		1,567,189
	1,065,000	Bank of America Corp., 5.650%, 5/01/2018		1,231,999
	7,290,000	Bank of America Corp., 6.000%, 9/01/2017		8,463,304
	3,000,000	Bank of America Corp., MTN, 6.750%, 9/09/2013, (AUD)		3,163,591
	33,133,000	Bank of America Corp., Series L, MTN, 7.625%, 6/01/2019		42,088,121
	1,670,000	Barclays Bank PLC, (fixed rate to 12/15/2017, variable rate thereafter), 6.000%, 6/29/2049, (GBP)		2,232,983
	87,880,000,000	Barclays Bank PLC, EMTN, 3.680%, 8/20/2015, (KRW)		81,542,940
	16,060,000	Barclays Bank PLC, EMTN, (fixed rate to 3/15/2020, variable rate thereafter), 4.750%, 3/29/2049, (EUR)		14,770,831
	3,260,000	Bear Stearns Cos., Inc. (The), 4.650%, 7/02/2018		3,678,672
	27,100,000	BNP Paribas S.A., (fixed rate to 10/23/2017, variable rate thereafter), 7.436%, 10/29/2049, (GBP)		40,353,546
	30,900,000	BNP Paribas S.A., (fixed rate to 4/12/2016, variable rate thereafter), 4.730%, 4/29/2049, (EUR)		36,341,431
	23,400,000	BNP Paribas S.A., (fixed rate to 4/13/2017, variable rate thereafter), 5.019%, 4/29/2049, (EUR)		27,595,684
	35,950,000	BNP Paribas S.A., (fixed rate to 4/19/2016, variable rate thereafter), 5.945%, 4/29/2049, (GBP)		48,613,368
	22,200,000	BNP Paribas S.A., (fixed rate to 6/25/2037, variable rate thereafter), 7.195%, 6/29/2049, 144A		22,866,000
	31,050,000	BNP Paribas S.A., (fixed rate to 6/29/2015, variable rate thereafter), 5.186%, 6/29/2049, 144A		29,808,000
	13,150,000	BNP Paribas S.A., (fixed rate to 7/13/2016, variable rate thereafter), 5.954%, 7/29/2049, (GBP)		18,761,937

See accompanying notes to financial statements.

7  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Banking – continued
$	42,420,000	Citigroup, Inc., 5.000%, 9/15/2014	$	44,542,273
	5,900,000	Citigroup, Inc., 5.365%, 3/06/2036, (CAD)(c)		5,728,549
	36,155,000	Citigroup, Inc., 5.875%, 2/22/2033		39,676,389
	13,210,000	Citigroup, Inc., 6.000%, 10/31/2033		14,731,422
	43,650,000	Citigroup, Inc., 6.125%, 5/15/2018		52,001,554
	8,805,000	Citigroup, Inc., 6.125%, 8/25/2036		10,068,738
	39,930,000	Citigroup, Inc., 6.250%, 6/29/2017, (NZD)		35,336,539
	72,120,000	Citigroup, Inc., 6.375%, 8/12/2014		77,288,913
	4,900,000	Citigroup, Inc., EMTN, 1.480%, 11/30/2017, (EUR)(b)		6,048,669
	87,000,000	Citigroup, Inc., MTN, 5.500%, 10/15/2014		92,837,265
	20,760,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Utrecht, 3.875%, 2/08/2022		21,898,831
	900,000	Goldman Sachs Group, Inc. (The), 6.450%, 5/01/2036		970,247
	61,880,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		69,342,047
	4,065,000	Goldman Sachs Group, Inc. (The), GMTN, 5.375%, 3/15/2020		4,631,250
	33,280,000	HBOS PLC, 6.000%, 11/01/2033, 144A		31,875,584
	65,355,000	HBOS PLC, GMTN, 6.750%, 5/21/2018, 144A		72,640,122
	12,345,000	ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 6.375%, 4/30/2022, 144A		12,684,487
	327,370,000,000	JPMorgan Chase & Co., EMTN, 7.070%, 3/22/2014, (IDR)		33,510,156
	266,000,000,000	JPMorgan Chase Bank NA, 7.700%, 6/01/2016, 144A, (IDR)		28,577,721
	34,800,000	Lloyds Banking Group PLC, (fixed rate to 10/01/2015, variable rate thereafter), 5.920%, 9/29/2049, 144A		26,187,000
	4,745,000	Lloyds Banking Group PLC, (fixed rate to 5/21/2037, variable rate thereafter), 6.657%, 1/29/2049, 144A		4,270,500
	83,493,000	Lloyds TSB Bank PLC, MTN, 6.500%, 9/14/2020, 144A		93,627,046
	4,825,000	Merrill Lynch & Co., Inc., 5.700%, 5/02/2017		5,385,564
	9,600,000	Merrill Lynch & Co., Inc., 6.050%, 5/16/2016		10,673,098
	36,435,000	Merrill Lynch & Co., Inc., 6.110%, 1/29/2037		41,038,599
	100,400,000	Merrill Lynch & Co., Inc., 10.710%, 3/08/2017, (BRL)		53,535,074
	1,600,000	Merrill Lynch & Co., Inc., EMTN, 0.751%, 9/14/2018, (EUR)(b)		1,871,502
	4,887,000	Merrill Lynch & Co., Inc., EMTN, 4.625%, 9/14/2018, (EUR)		6,671,591
	3,600,000	Merrill Lynch & Co., Inc., Series C, MTN, 6.050%, 6/01/2034		4,024,278
	1,970,000	Merrill Lynch & Co., Inc., Series C, MTN, 6.400%, 8/28/2017		2,312,173
	2,900,000	Morgan Stanley, 0.784%, 10/15/2015(b)		2,851,886
	1,770,000	Morgan Stanley, 3.450%, 11/02/2015		1,854,918
	6,270,000	Morgan Stanley, 3.800%, 4/29/2016		6,651,993
	108,755,000	Morgan Stanley, 4.875%, 11/01/2022		115,292,481
	152,340,000	Morgan Stanley, 7.600%, 8/08/2017, (NZD)		136,187,019
	149,700,000	Morgan Stanley, 8.000%, 5/09/2017, (AUD)		171,392,002
	1,400,000	Morgan Stanley, EMTN, 5.750%, 2/14/2017, (GBP)		2,388,726
	117,500,000	Morgan Stanley, GMTN, 7.625%, 3/03/2016, (AUD)		131,634,117
	15,000,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		17,931,330
	19,400,000	Morgan Stanley, MTN, 7.250%, 5/26/2015, (AUD)		21,250,449
	9,600,000	Morgan Stanley, Series F, GMTN, 5.625%, 9/23/2019		11,038,848

See accompanying notes to financial statements.

|  8

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Banking – continued
$	11,700,000	Morgan Stanley, Series F, GMTN, 6.625%, 4/01/2018	$	13,986,203
	18,000,000	Morgan Stanley, Series F, MTN, 0.753%, 10/18/2016(b)		17,536,068
	7,795,000	Morgan Stanley, Series F, MTN, 5.950%, 12/28/2017		9,024,646
	6,100,000	Morgan Stanley, Series G & H, GMTN, 5.125%, 11/30/2015, (GBP)		10,013,749
	3,800,000	RBS Capital Trust A, 2.312%, 12/29/2049, (EUR)(b)		3,312,302
	2,819,000	RBS Capital Trust C, (fixed rate to 1/12/2016, variable rate thereafter), 4.243%, 12/29/2049, (EUR)		2,500,568
	11,860,000	RBS Capital Trust I, (fixed rate to 7/01/2013, variable rate thereafter), 4.709%, 12/29/2049		9,072,900
	6,633,000	RBS Capital Trust II, (fixed rate to 1/03/2034, variable rate thereafter), 6.425%, 12/29/2049		5,820,457
	3,060,000	RBS Capital Trust III, (fixed rate to 9/30/2014, variable rate thereafter), 5.512%, 9/29/2049		2,402,100
	1,385,000	Royal Bank of Scotland Group PLC, 5.250%, 6/29/2049, (EUR)		1,264,591
	22,591,000	Royal Bank of Scotland Group PLC, 5.500%, 11/29/2049, (EUR)		21,154,032
	32,250,000	Royal Bank of Scotland Group PLC, 6.125%, 12/15/2022		33,356,110
	2,925,000	Royal Bank of Scotland Group PLC, (fixed rate to 9/29/2017, variable rate thereafter), 7.640%, 3/29/2049		2,603,250
	1,300,000	Royal Bank of Scotland PLC (The), EMTN, 4.350%, 1/23/2017, (EUR)		1,664,885
	11,450,000	Royal Bank of Scotland PLC (The), EMTN, 6.934%, 4/09/2018, (EUR)		15,851,367
	3,200,000	Royal Bank of Scotland PLC (The), EMTN, (fixed rate to 9/22/2016, variable rate thereafter), 4.625%, 9/22/2021, (EUR)		3,845,380
	950,000	Santander Financial Issuances Ltd., 7.250%, 11/01/2015		1,027,425
	2,200,000	Santander International Debt SAU, EMTN, 4.000%, 3/27/2017, (EUR)		2,832,113
	2,269,000	Santander Issuances SAU, 5.911%, 6/20/2016, 144A		2,380,657
	1,800,000	Santander Issuances SAU, (fixed rate to 8/11/2014, variable rate thereafter), 6.500%, 8/11/2019, 144A		1,841,814
	3,070,000	SG Capital Trust III, (fixed rate to 11/10/2013, variable rate thereafter), 5.419%, 11/29/2049, (EUR)		3,807,385
	6,000,000	Societe Generale S.A., (fixed rate to 12/19/2017, variable rate thereafter), 6.999%, 12/29/2049, (EUR)		7,556,510
	12,900,000	Societe Generale S.A., (fixed rate to 5/22/2013, variable rate thereafter), 7.756%, 5/29/2049, (EUR)		16,081,139
	2,800,000	Societe Generale S.A., MTN, 5.200%, 4/15/2021, 144A		3,128,916
				2,411,506,919
		Brokerage – 0.9%
	13,130,000	Jefferies Group LLC, 3.875%, 11/09/2015		13,720,850
	19,787,000	Jefferies Group LLC, 5.125%, 4/13/2018		21,567,830
	51,270,000	Jefferies Group LLC, 5.125%, 1/20/2023		54,283,446
	29,470,000	Jefferies Group LLC, 6.250%, 1/15/2036		30,722,475
	22,428,000	Jefferies Group LLC, 6.450%, 6/08/2027		24,782,940
	58,180,000	Jefferies Group LLC, 6.875%, 4/15/2021		67,915,841
				212,993,382

See accompanying notes to financial statements.

9  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Building Materials – 0.9%
$	4,805,000	Masco Corp., 4.800%, 6/15/2015	$	5,059,747
	3,285,000	Masco Corp., 5.850%, 3/15/2017		3,630,589
	19,873,000	Masco Corp., 6.125%, 10/03/2016		22,192,259
	15,272,000	Masco Corp., 6.500%, 8/15/2032		15,557,953
	23,972,000	Masco Corp., 7.125%, 3/15/2020		27,985,344
	9,733,000	Masco Corp., 7.750%, 8/01/2029		10,955,260
	3,725,000	Owens Corning, Inc., 6.500%, 12/01/2016		4,193,780
	51,180,000	Owens Corning, Inc., 7.000%, 12/01/2036		58,234,344
	35,870,000	USG Corp., 6.300%, 11/15/2016		38,022,200
	17,605,000	USG Corp., 9.750%, 1/15/2018		20,861,925
				206,693,401
		Chemicals – 0.4%
	23,289,000	Hercules, Inc., 6.500%, 6/30/2029		20,960,100
	2,915,000	Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 8.875%, 2/01/2018		3,017,025
	2,610,000	Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 9.000%, 11/15/2020		2,479,500
	6,795,000	Methanex Corp., 5.250%, 3/01/2022		7,577,716
	10,565,000	Methanex Corp., Senior Note, 6.000%, 8/15/2015		11,461,081
	31,054,000	Momentive Specialty Chemicals, Inc., 7.875%, 2/15/2023(c)		23,290,500
	3,486,000	Momentive Specialty Chemicals, Inc., 8.375%, 4/15/2016(c)		3,102,540
	11,305,000	Momentive Specialty Chemicals, Inc., 9.200%, 3/15/2021(c)		9,609,250
				81,497,712
		Commercial Mortgage-Backed Securities – 0.0%
	11,090,000	GS Mortgage Securities Corp. II, Series 2007-GG10, Class AM, 5.787%, 8/10/2045(b)		11,144,585
		Construction Machinery – 0.4%
	60,172,000	Case New Holland, Inc., 7.750%, 9/01/2013		61,616,128
	1,975,000	Joy Global, Inc., 6.625%, 11/15/2036		2,272,396
	27,030,000	Toro Co., 6.625%, 5/01/2037(c)		27,669,259
	6,815,000	United Rentals North America, Inc., 7.625%, 4/15/2022		7,615,763
				99,173,546
		Consumer Cyclical Services – 0.1%
	5,525,000	ServiceMaster Co. (The), 7.000%, 8/15/2020, 144A		5,718,375
	1,000,000	ServiceMaster Co. (The), 7.100%, 3/01/2018		983,750
	6,689,000	ServiceMaster Co. (The), 7.450%, 8/15/2027		5,785,985
				12,488,110
		Diversified Manufacturing – 0.2%
	1,435,000	Textron Financial Corp., 5.400%, 4/28/2013		1,439,746
	550,000	Textron Financial Corp., Series E, MTN, 5.125%, 8/15/2014		578,351
	23,658,000	Textron, Inc., EMTN, 6.625%, 4/07/2020, (GBP)		41,116,340
				43,134,437

See accompanying notes to financial statements.

|  10

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Electric – 2.3%
$	4,875,000	AES Corp. (The), 7.750%, 3/01/2014	$	5,130,938
	1,163,174	AES Red Oak LLC, Series A, 8.540%, 11/30/2019		1,244,596
	67,181,581	Alta Wind Holdings LLC, 7.000%, 6/30/2035, 144A		72,040,489
	88,809,040	Bruce Mansfield Unit, 6.850%, 6/01/2034		96,260,119
	3,750,236	CE Generation LLC, 7.416%, 12/15/2018		3,792,426
	6,855,000	Edison Mission Energy, 7.625%, 5/15/2027(d)		3,667,425
	65,185,000	EDP Finance BV, 4.900%, 10/01/2019, 144A		65,510,925
	22,441,000	EDP Finance BV, 6.000%, 2/02/2018, 144A		23,619,152
	4,150,000	EDP Finance BV, EMTN, 4.625%, 6/13/2016, (EUR)		5,489,974
	2,750,000	EDP Finance BV, EMTN, 4.750%, 9/26/2016, (EUR)		3,646,719
	250,000	EDP Finance BV, EMTN, 5.875%, 2/01/2016, (EUR)		341,402
	3,700,000	EDP Finance BV, EMTN, 8.625%, 1/04/2024, (GBP)		6,437,149
	8,663,000	Endesa S.A./Cayman Islands, 7.875%, 2/01/2027		10,694,525
	11,600,000	Enel Finance International NV, 6.000%, 10/07/2039, 144A		11,039,685
	800,000	Enel Finance International NV, 6.800%, 9/15/2037, 144A		826,165
	2,250,000	Enel Finance International NV, EMTN, 5.750%, 9/14/2040, (GBP)		3,025,809
	140,976,000	Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc., 11.250%, 12/01/2018, 144A(e)		136,394,280
	7,425,000	Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc., 10.000%, 12/01/2020, 144A		8,353,125
	1,175,000	Iberdrola Finance Ireland Ltd., 3.800%, 9/11/2014, 144A		1,209,874
	25,460,000	ITC Holdings Corp., 5.875%, 9/30/2016, 144A		28,767,560
	14,445,000	PPL Energy Supply LLC, 4.600%, 12/15/2021		15,393,863
	165,001	Salton Sea Funding Corp., Series F, 7.475%, 11/30/2018		173,247
	23,535,000	Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc., 11.500%, 10/01/2020, 144A		17,592,413
				520,651,860
		Financial Other – 0.6%
	71,260,000	Aviation Capital Group Corp., 6.750%, 4/06/2021, 144A		79,244,897
	38,476,000	National Life Insurance Co., 10.500%, 9/15/2039, 144A		54,715,796
				133,960,693
		Food & Beverage – 0.0%
	6,400,000	Viterra, Inc., 6.406%, 2/16/2021, 144A, (CAD)		6,957,437
		Government Guaranteed – 0.4%
	92,365,000	Queensland Treasury Corp., 7.125%, 9/18/2017, 144A, (NZD)		87,775,854
		Government Owned – No Guarantee – 0.6%
	34,515,000	DP World Ltd., 6.850%, 7/02/2037, 144A		39,243,555
	152,980,000,000	Export-Import Bank of Korea, 6.600%, 11/04/2013, 144A, (IDR)		15,772,643
	691,350,000,000	Export-Import Bank of Korea, 8.300%, 3/15/2014, 144A, (IDR)		72,617,540
	17,955,000	Petroleos de Venezuela S.A., 5.375%, 4/12/2027		12,388,950
				140,022,688

See accompanying notes to financial statements.

11  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Healthcare – 2.7%
$	7,100,000	Boston Scientific Corp., 5.125%, 1/12/2017	$	7,901,292
	3,725,000	Boston Scientific Corp., 5.450%, 6/15/2014		3,919,598
	15,410,000	Boston Scientific Corp., 6.000%, 1/15/2020		18,012,225
	7,230,000	Boston Scientific Corp., 6.400%, 6/15/2016		8,258,475
	4,895,000	HCA Holdings, Inc., 6.250%, 2/15/2021		5,219,294
	13,400,000	HCA, Inc., 5.750%, 3/15/2014		13,885,750
	12,860,000	HCA, Inc., 5.875%, 3/15/2022		13,856,650
	162,835,000	HCA, Inc., 5.875%, 5/01/2023		169,348,400
	17,380,000	HCA, Inc., 6.375%, 1/15/2015		18,618,325
	50,875,000	HCA, Inc., 6.500%, 2/15/2016		55,708,125
	3,045,000	HCA, Inc., 6.750%, 7/15/2013		3,088,772
	27,204,000	HCA, Inc., 7.050%, 12/01/2027		26,659,920
	20,287,000	HCA, Inc., 7.190%, 11/15/2015		22,366,417
	27,148,000	HCA, Inc., 7.500%, 12/15/2023		29,048,360
	26,465,000	HCA, Inc., 7.500%, 11/06/2033		26,994,300
	70,501,000	HCA, Inc., 7.690%, 6/15/2025		75,259,817
	44,984,000	HCA, Inc., 8.360%, 4/15/2024		50,382,080
	21,924,000	HCA, Inc., MTN, 7.580%, 9/15/2025		22,855,770
	12,446,000	HCA, Inc., MTN, 7.750%, 7/15/2036		12,446,000
	34,198,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		31,291,170
				615,120,740
		Home Construction – 0.5%
	2,200,000	Beazer Homes USA, Inc., 7.250%, 2/01/2023, 144A		2,244,000
	16,729,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021		15,390,680
	19,270,000	K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2016		19,366,350
	1,650,000	K. Hovnanian Enterprises, Inc., 7.500%, 5/15/2016		1,695,375
	2,835,000	KB Home, 8.000%, 3/15/2020		3,267,338
	65,355,000	Pulte Group, Inc., 6.000%, 2/15/2035		62,740,800
	17,240,000	Pulte Group, Inc., 6.375%, 5/15/2033		17,326,200
				122,030,743
		Independent Energy – 0.2%
	9,585,000	Anadarko Petroleum Corp., 6.375%, 9/15/2017		11,440,771
	2,500,000	Chesapeake Energy Corp., 6.250%, 1/15/2017, (EUR)		3,428,951
	2,035,000	Chesapeake Energy Corp., 6.625%, 8/15/2020		2,223,238
	1,940,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		2,114,600
	21,480,000	Connacher Oil and Gas Ltd., 8.500%, 8/01/2019, 144A		14,123,100
	1,775,000	EQT Corp., 8.125%, 6/01/2019		2,203,501
	9,825,000	QEP Resources, Inc., 6.875%, 3/01/2021		11,175,937
	5,560,000	SandRidge Energy, Inc., 7.500%, 2/15/2023		5,768,500
				52,478,598
		Industrial Other – 0.1%
	4,205,000	Permian Holdings, Inc., 10.500%, 1/15/2018, 144A		4,331,150

See accompanying notes to financial statements.

|  12

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Industrial Other – continued
$	10,540,000	Worthington Industries, Inc., 6.500%, 4/15/2020	$	11,520,452
				15,851,602
		Life Insurance – 2.0%
	13,017,000	American International Group, Inc., 6.250%, 3/15/2087		14,417,629
	99,895,000	American International Group, Inc., (fixed rate to 5/15/2038, variable rate thereafter), 8.175%, 5/15/2068		134,483,644
	8,400,000	American International Group, Inc., EMTN, 5.000%, 4/26/2023, (GBP)		13,943,990
	3,245,000	American International Group, Inc., Series G, MTN, 5.600%, 10/18/2016		3,687,287
	29,065,000	American International Group, Inc., Series G, MTN, 5.850%, 1/16/2018		34,023,954
	7,075,000	American International Group, Inc., Series MP, MTN, 5.450%, 5/18/2017		8,104,646
	4,145,000	American International Group, Inc., Series MPLE, 4.900%, 6/02/2014, (CAD)		4,190,740
	6,655,000	ASIF III Jersey Ltd., Series 2003-G, EMTN, 4.750%, 9/11/2013, (EUR)		8,676,319
	85,255,000	AXA S.A., (fixed rate to 12/14/2036, variable rate thereafter), 6.379%, 12/29/2049, 144A		84,615,588
	1,185,000	AXA S.A., EMTN, (fixed rate to 10/16/2019, variable rate thereafter), 6.772%, 10/29/2049, (GBP)		1,746,531
	13,250,000	AXA S.A., EMTN, (fixed rate to 4/16/2020, variable rate thereafter), 5.250%, 4/16/2040, (EUR)		17,552,316
	15,000,000	Forethought Financial Group, Inc., 8.625%, 4/15/2021, 144A		18,054,855
	2,030,000	MetLife Capital Trust X, 9.250%, 4/08/2068, 144A		2,831,850
	10,175,000	MetLife, Inc., 10.750%, 8/01/2069		15,796,688
	57,985,000	Mutual of Omaha Insurance Co., 6.800%, 6/15/2036, 144A		69,689,156
	12,950,000	NLV Financial Corp., 7.500%, 8/15/2033, 144A		14,274,720
	5,670,000	Penn Mutual Life Insurance Co. (The), 6.650%, 6/15/2034, 144A		6,574,303
	9,965,000	Unum Group, 7.125%, 9/30/2016		11,751,485
				464,415,701
		Local Authorities – 2.3%
	112,585,000	Autonomous Community of Madrid Spain, 4.300%, 9/15/2026, 144A, (EUR)		112,882,005
	1,400,000	City of Madrid Spain, 4.550%, 6/16/2036, (EUR)		1,202,376
	12,250,000	City of Rome Italy, EMTN, 5.345%, 1/27/2048, (EUR)		12,545,037
	19,650,000	New South Wales Treasury Corp., 5.500%, 8/01/2013, (AUD)		20,625,323
	125,985,000	New South Wales Treasury Corp., 6.000%, 2/01/2018, (AUD)		144,734,739
	95,840,000	New South Wales Treasury Corp., Series 17RG, 5.500%, 3/01/2017, (AUD)		107,919,335
	1,507,000	Ontario Hydro, Zero Coupon, 11/27/2020, (CAD)		1,206,683
	8,977,015	Province of Alberta, 5.930%, 9/16/2016, (CAD)		9,729,305
	1,490,000	Province of Ontario, 5.000%, 3/08/2014, (CAD)		1,519,335
	75,000,000	Province of Ontario Canada, GMTN, 6.250%, 6/16/2015, (NZD)		66,507,833
	38,490,000	Queensland Treasury Corp., Series 14, 5.750%, 11/21/2014, (AUD)		41,721,397
				520,593,368

See accompanying notes to financial statements.

13  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Bond Fund – continued

Principal Amount (‡)			Description	Value (†)
	Bonds and Notes – continued
			Media Cable – 0.2%
	37,585,000		Shaw Communications, Inc., 5.650%, 10/01/2019, (CAD)	$	42,665,274
			Media Non-Cable – 0.3%
	665,000		Intelsat Luxembourg S.A., 11.250%, 2/04/2017		708,225
	12,500,000		R.R. Donnelley & Sons Co., 7.875%, 3/15/2021		13,031,250
	42,100,000		R.R. Donnelley & Sons Co., 8.250%, 3/15/2019		45,468,000
					59,207,475
			Metals & Mining – 0.9%
	8,557,000		Alcoa, Inc., 5.720%, 2/23/2019		9,203,524
	4,935,000		Alcoa, Inc., 5.870%, 2/23/2022		5,273,018
	3,000,000		Alcoa, Inc., 5.900%, 2/01/2027		3,187,023
	2,050,000		Alcoa, Inc., 5.950%, 2/01/2037		1,979,013
	6,490,000		Alcoa, Inc., 6.750%, 1/15/2028		7,123,580
	9,473,000		ArcelorMittal, 6.125%, 6/01/2018		10,230,840
	35,180,000		ArcelorMittal, 7.250%, 3/01/2041		35,004,100
	3,635,000		ArcelorMittal, 7.500%, 10/15/2039		3,734,963
	15,650,000		Essar Steel Algoma, Inc., 9.875%, 6/15/2015, 144A		12,715,625
	6,500,000		Rain CII Carbon LLC/CII Carbon Corp., 8.250%, 1/15/2021, 144A		7,020,000
	11,965,000		Russel Metals, Inc., 6.000%, 4/19/2022, 144A, (CAD)		12,188,906
	11,175,000		United States Steel Corp., 6.050%, 6/01/2017		11,761,687
	9,625,000		United States Steel Corp., 6.650%, 6/01/2037		8,855,000
	8,015,000		United States Steel Corp., 6.875%, 4/01/2021		8,235,412
	23,520,000		United States Steel Corp., 7.000%, 2/01/2018		25,284,000
	37,725,000		United States Steel Corp., 7.500%, 3/15/2022		39,516,937
					201,313,628
			Mortgage Related – 0.0%
	127,921		FHLMC, 5.000%, 12/01/2031		137,990
			Non-Captive Consumer – 3.6%
	3,100,000		AGFC Capital Trust I, (fixed rate to 1/15/2017, variable rate thereafter), 6.000%, 1/15/2067, 144A		2,495,500
	78,933,000		Residential Capital LLC, 9.625%, 5/15/2015(d)		86,036,970
	19,935,000		SLM Corp., 5.500%, 1/25/2023		19,785,488
	150,125	(††)	SLM Corp., 6.000%, 12/15/2043		3,655,293
	7,577,000		SLM Corp., MTN, 3.875%, 9/10/2015		7,889,839
	9,995,000		SLM Corp., MTN, 4.625%, 9/25/2017		10,382,326
	8,000,000		SLM Corp., MTN, 7.250%, 1/25/2022		8,940,000
	2,030,000		SLM Corp., MTN, 8.000%, 3/25/2020		2,354,800
	5,285,000		SLM Corp., Series A, MTN, 0.601%, 1/27/2014(b)		5,240,225
	57,166,000		SLM Corp., Series A, MTN, 5.000%, 4/15/2015		60,310,130
	23,623,000		SLM Corp., Series A, MTN, 5.000%, 6/15/2018		23,757,911
	49,494,000		SLM Corp., Series A, MTN, 5.625%, 8/01/2033		45,781,950
	140,870,000		SLM Corp., Series A, MTN, 8.450%, 6/15/2018		166,930,950
	4,690,000		Springleaf Finance Corp., MTN, 5.750%, 9/15/2016		4,719,313
	4,955,000		Springleaf Finance Corp., Series I, MTN, 5.400%, 12/01/2015		5,091,263

See accompanying notes to financial statements.

|  14

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Non-Captive Consumer – continued
$	23,472,000	Springleaf Finance Corp., Series I, MTN, 5.850%, 6/01/2013	$	23,618,700
	935,000	Springleaf Finance Corp., Series J, MTN, 6.500%, 9/15/2017		930,325
	351,315,000	Springleaf Finance Corp., Series J, MTN, 6.900%, 12/15/2017		353,071,575
				830,992,558
		Non-Captive Diversified – 4.4%
	4,145,000	Aircastle Ltd., 7.625%, 4/15/2020		4,797,838
	30,190,000	Ally Financial, Inc., 6.750%, 12/01/2014		32,378,775
	23,468,000	Ally Financial, Inc., 7.500%, 12/31/2013		24,465,390
	44,981,000	Ally Financial, Inc., 8.000%, 12/31/2018		53,808,521
	40,627,000	Ally Financial, Inc., 8.000%, 11/01/2031		51,393,155
	64,245,000	General Electric Capital Corp., GMTN, 4.250%, 1/17/2018, (NZD)		53,145,223
	45,800,000	General Electric Capital Corp., Series A, EMTN, 5.500%, 2/01/2017, (NZD)		40,213,511
	89,985,000	General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016, (NZD)		81,982,833
	84,065,000	General Electric Capital Corp., Series A, GMTN, 7.625%, 12/10/2014, (NZD)		74,833,108
	22,590,000	General Electric Capital Corp., Series A, MTN, 0.604%, 5/13/2024(b)		20,163,947
	266,643,000	General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015, (NZD)		236,769,003
	455,000	International Lease Finance Corp., 3.875%, 4/15/2018		453,863
	360,000	International Lease Finance Corp., 5.875%, 5/01/2013		361,404
	14,785,000	International Lease Finance Corp., 5.875%, 4/01/2019		15,970,092
	35,950,000	International Lease Finance Corp., 5.875%, 8/15/2022		38,747,341
	11,070,000	International Lease Finance Corp., 6.250%, 5/15/2019		12,121,650
	17,700,000	International Lease Finance Corp., 8.250%, 12/15/2020		21,682,500
	7,645,000	International Lease Finance Corp., Series R, MTN, 5.625%, 9/20/2013		7,778,787
	3,090,000	International Lease Finance Corp., Series R, MTN, 5.650%, 6/01/2014		3,225,188
	33,955,000	iStar Financial, Inc., 5.850%, 3/15/2017		34,549,212
	29,057,000	iStar Financial, Inc., 5.875%, 3/15/2016		30,182,959
	12,655,000	iStar Financial, Inc., 6.050%, 4/15/2015		13,192,837
	29,130,000	iStar Financial, Inc., 7.125%, 2/15/2018		30,513,675
	9,029,000	iStar Financial, Inc., 8.625%, 6/01/2013		9,119,290
	9,690,000	iStar Financial, Inc., Series B, 5.700%, 3/01/2014		9,992,812
	60,205,000	iStar Financial, Inc., Series B, 5.950%, 10/15/2013		61,333,844
	29,955,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.375%, 10/01/2017, 144A		31,302,975
				994,479,733
		Oil Field Services – 1.0%
	15,693,000	Nabors Industries, Inc., 6.150%, 2/15/2018		17,842,863
	134,360,000	Nabors Industries, Inc., 9.250%, 1/15/2019		172,811,414
	23,050,000	Rowan Cos., Inc., 7.875%, 8/01/2019		28,794,728
	6,010,000	Sidewinder Drilling, Inc., 9.750%, 11/15/2019, 144A		6,040,050
				225,489,055

See accompanying notes to financial statements.

15  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Packaging – 0.2%
	3,450,000	OI European Group BV, 6.875%, 3/31/2017, 144A, (EUR)	$	4,524,100
	18,644,000	Owens-Illinois, Inc., 7.800%, 5/15/2018		21,813,480
	10,351,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) S.A., 8.250%, 2/15/2021		10,661,530
	1,100,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) S.A., 9.000%, 4/15/2019		1,163,250
				38,162,360
		Paper – 1.3%
	29,283,000	Georgia-Pacific LLC, 7.250%, 6/01/2028		38,485,446
	470,000	Georgia-Pacific LLC, 7.700%, 6/15/2015		535,613
	88,057,000	Georgia-Pacific LLC, 7.750%, 11/15/2029		119,654,053
	12,590,000	Georgia-Pacific LLC, 8.875%, 5/15/2031		18,811,248
	4,447,000	International Paper Co., 6.875%, 11/01/2023(c)		5,493,646
	9,625,000	International Paper Co., 8.700%, 6/15/2038		14,110,337
	20,384,000	Westvaco Corp., 7.950%, 2/15/2031		24,881,077
	34,758,000	Westvaco Corp., 8.200%, 1/15/2030		43,281,878
	4,127,000	Weyerhaeuser Co., 6.950%, 10/01/2027		5,017,388
	14,035,000	Weyerhaeuser Co., 7.375%, 3/15/2032		17,764,773
				288,035,459
		Pharmaceuticals – 0.4%
	16,920,000	Valeant Pharmaceuticals International, 6.375%, 10/15/2020, 144A		17,840,025
	65,065,000	VPI Escrow Corp., 6.375%, 10/15/2020, 144A		68,562,244
				86,402,269
		Pipelines – 1.8%
	9,050,000	DCP Midstream LP, 6.450%, 11/03/2036, 144A		10,203,730
	1,000,000	El Paso Corp., GMTN, 7.800%, 8/01/2031		1,111,583
	7,325,000	Energy Transfer Partners LP, 6.125%, 2/15/2017		8,480,724
	11,435,000	Energy Transfer Partners LP, 6.625%, 10/15/2036		13,038,839
	22,725,000	Enterprise Products Operating LLC, 6.300%, 9/15/2017		27,311,064
	7,500,000	Florida Gas Transmission Co., 7.900%, 5/15/2019, 144A		9,731,715
	31,400,000	IFM US Colonial Pipeline 2 LLC, 6.450%, 5/01/2021, 144A		35,260,724
	51,788,880	Maritimes & Northeast Pipeline LLC, 7.500%, 5/31/2014, 144A(c)		53,996,122
	116,405,000	NGPL PipeCo LLC, 7.119%, 12/15/2017, 144A		123,971,325
	1,585,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		1,608,775
	12,375,000	NGPL PipeCo LLC, 9.625%, 6/01/2019, 144A		13,860,000
	57,010,000	NiSource Finance Corp., 6.400%, 3/15/2018		68,462,454
	1,235,000	NiSource Finance Corp., 6.800%, 1/15/2019		1,506,964
	26,020,000	Plains All American Pipeline LP, 6.125%, 1/15/2017		30,529,058
	11,565,000	Rockies Express Pipeline LLC, 6.875%, 4/15/2040, 144A		10,466,325
	5,572,000	Transportadora de Gas del Sur S.A., 7.875%, 5/14/2017, 144A		4,917,290
				414,456,692

See accompanying notes to financial statements.

|  16

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Property & Casualty Insurance – 0.3%
$	22,060,000	Hanover Insurance Group, Inc. (The), 6.375%, 6/15/2021	$	25,475,241
	4,090,000	Hanover Insurance Group, Inc. (The), 7.500%, 3/01/2020		4,814,576
	16,825,000	Liberty Mutual Group, Inc., 6.500%, 3/15/2035, 144A		18,884,313
	2,000,000	Liberty Mutual Group, Inc., (fixed rate to 3/15/2017, variable rate thereafter), 7.000%, 3/07/2067, 144A		2,060,000
	13,975,000	MBIA Insurance Corp., 11.564%, 1/15/2033, 144A(b)(h)		3,214,250
	12,080,000	White Mountains Re Group Ltd., 6.375%, 3/20/2017, 144A		13,590,435
	6,575,000	XL Group PLC, 6.250%, 5/15/2027		7,992,024
	2,110,000	XL Group PLC, 6.375%, 11/15/2024		2,558,938
				78,589,777
		Railroads – 0.0%
	7,944,000	Missouri Pacific Railroad Co., 5.000%, 1/01/2045(c)		6,355,200
	63,300	Missouri Pacific Railroad Co., Series A, 4.750%, 1/01/2020(c)		57,128
				6,412,328
		Real Estate Operations/Development – 0.0%
	7,750,000	First Industrial LP, 5.950%, 5/15/2017		8,408,293
		REITs – Regional Malls – 0.0%
	2,000	Simon Property Group LP, 5.750%, 12/01/2015		2,233
		Retailers – 0.6%
	1,920,000	Dillard’s, Inc., 6.625%, 1/15/2018		2,119,200
	4,680,000	Dillard’s, Inc., 7.000%, 12/01/2028		4,914,000
	1,740,000	Dillard’s, Inc., 7.130%, 8/01/2018		1,987,950
	7,182,000	Dillard’s, Inc., 7.750%, 7/15/2026		7,810,425
	1,000,000	Dillard’s, Inc., 7.750%, 5/15/2027		1,075,000
	14,269,000	Foot Locker, Inc., 8.500%, 1/15/2022		16,266,660
	5,160,000	J.C. Penney Corp., Inc., 5.750%, 2/15/2018		4,386,000
	50,232,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		37,674,000
	2,798,000	J.C. Penney Corp., Inc., 7.125%, 11/15/2023		2,644,110
	375,000	J.C. Penney Corp., Inc., 7.400%, 4/01/2037		299,063
	5,580,000	J.C. Penney Corp., Inc., 7.625%, 3/01/2097		4,066,425
	14,133,000	Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027		17,247,616
	698,000	Macy’s Retail Holdings, Inc., 7.875%, 7/15/2015		805,255
	9,245,000	Marks & Spencer PLC, 7.125%, 12/01/2037, 144A		9,937,303
	39,965,000	Toys R Us, Inc., 7.375%, 10/15/2018		35,269,112
				146,502,119
		Sovereigns – 2.1%
	1,920,000	Cyprus Government International Bond, EMTN, 3.750%, 6/03/2013, (EUR)		2,239,650
	126,665,000	Hellenic Republic Government International Bond, 2.125%, 7/05/2013, (CHF)		125,891,107
	25,000,000,000	Indonesia Treasury Bond, 10.250%, 7/15/2027, (IDR)		3,526,002
	88,974,000,000	Indonesia Treasury Bond, Series FR43, 10.250%, 7/15/2022, (IDR)		12,177,787

See accompanying notes to financial statements.

17  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Sovereigns – continued
	317,658,000,000	Indonesia Treasury Bond, Series FR52, 10.500%, 8/15/2030, (IDR)	$	46,471,298
	258,350,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)		136,158,728
	98,690,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		58,605,963
	10,025,000	Republic of Brazil, 12.500%, 1/05/2016, (BRL)		5,736,190
	8,742,110,000	Republic of Iceland, 6.000%, 10/13/2016, (ISK)		49,688,918
	2,331,740,000	Republic of Iceland, 7.250%, 10/26/2022, (ISK)		13,540,566
	5,523,835,000	Republic of Iceland, 8.750%, 2/26/2019, (ISK)		34,568,249
				488,604,458
		Supermarkets – 0.7%
	3,675,000	American Stores Co., 7.900%, 5/01/2017		4,235,438
	13,145,000	American Stores Co., Series B, MTN, 7.100%, 3/20/2028		15,872,587
	103,430,000	New Albertson’s, Inc., 7.450%, 8/01/2029		82,873,287
	23,020,000	New Albertson’s, Inc., 7.750%, 6/15/2026		18,444,775
	16,670,000	New Albertson’s, Inc., 8.000%, 5/01/2031		13,502,700
	6,350,000	New Albertson’s, Inc., 8.700%, 5/01/2030		5,334,000
	20,303,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		14,643,539
	5,845,000	SUPERVALU, Inc., 8.000%, 5/01/2016		6,078,800
				160,985,126
		Supranational – 2.5%
	11,505,000	European Bank for Reconstruction & Development, 6.250%, 2/05/2016, (BRL)		5,667,810
	348,600,000,000	European Bank for Reconstruction & Development, 7.200%, 6/08/2016, (IDR)		37,799,827
	8,660,000	European Bank for Reconstruction & Development, EMTN, 9.000%, 4/28/2014, (BRL)		4,423,103
	837,962,640,000	European Investment Bank, EMTN, Zero Coupon, 4/24/2013, 144A, (IDR)		85,766,673
	18,525,000	European Investment Bank, MTN, 6.000%, 8/06/2020, (AUD)		21,005,329
	71,230,000	European Investment Bank, MTN, 6.250%, 4/15/2015, (AUD)		78,317,877
	345,270,000,000	Inter-American Development Bank, EMTN, Zero Coupon, 5/20/2013, (IDR)		35,274,922
	185,840,000	Inter-American Development Bank, EMTN, 6.000%, 12/15/2017, (NZD)		170,827,222
	40,000,000	Inter-American Development Bank, MTN, 6.500%, 8/20/2019, (AUD)		47,719,214
	40,000,000	International Bank for Reconstruction & Development, 1.430%, 3/05/2014, (SGD)		32,282,501
	109,670,000	International Finance Corp., GMTN, 5.000%, 12/21/2015, (BRL)		52,578,645
				571,663,123
		Technology – 1.2%
	1,000,000	Alcatel-Lucent, EMTN, 6.375%, 4/07/2014, (EUR)		1,320,306
	13,050,000	Alcatel-Lucent France, Inc., 8.500%, 1/15/2016, (EUR)		17,614,745

See accompanying notes to financial statements.

|  18

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Technology – continued
$	133,355,000	Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029	$	102,683,350
	5,166,000	Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028		3,926,160
	57,898,000	Amkor Technology, Inc., 6.375%, 10/01/2022		57,753,255
	2,630,000	Arrow Electronics, Inc., 6.875%, 6/01/2018		3,085,629
	5,645,000	Corning, Inc., 7.250%, 8/15/2036		7,251,369
	15,578,000	Equifax, Inc., 7.000%, 7/01/2037		19,465,506
	20,000,000	First Data Corp., 10.625%, 6/15/2021, 144A		20,225,000
	13,360,000	First Data Corp., 11.250%, 1/15/2021, 144A		13,894,400
	2,080,000	Freescale Semiconductor, Inc., 10.125%, 12/15/2016		2,142,400
	929,000	Motorola Solutions, Inc., 6.000%, 11/15/2017		1,087,311
	4,385,000	Motorola Solutions, Inc., 6.625%, 11/15/2037		4,868,025
	3,795,000	Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		4,861,395
	7,000,000	SunGard Data Systems, Inc., 6.625%, 11/01/2019, 144A		7,227,500
	40,000	Xerox Corp., 6.350%, 5/15/2018		46,880
	615,000	Xerox Corp., MTN, 7.200%, 4/01/2016		704,526
				268,157,757
		Tobacco – 0.4%
	71,085,000	Reynolds American, Inc., 6.750%, 6/15/2017		85,558,688
		Transportation Services – 0.3%
	20,994,000	APL Ltd., 8.000%, 1/15/2024(c)		19,734,360
	15,460,347	Atlas Air Pass Through Trust, Series 1998-1, Class B, 7.680%, 7/02/2015		15,924,157
	6,552,024	Atlas Air Pass Through Trust, Series 1998-1, Class C, 8.010%, 7/02/2011(g)(h)		6,093,383
	8,155,760	Atlas Air Pass Through Trust, Series 1999-1, Class A-1, 7.200%, 7/02/2020		8,318,875
	7,719,572	Atlas Air Pass Through Trust, Series 1999-1, Class B, 7.630%, 7/02/2016		6,716,028
	15,689,997	Atlas Air Pass Through Trust, Series 1999-1, Class C, 8.770%, 7/02/2012(g)(h)		12,081,297
	4,283,597	Atlas Air Pass Through Trust, Series 2000-1, Class B, 9.057%, 7/02/2017		4,155,089
	201,720	Atlas Air Pass Through Trust, Series 2000-1, Class C, 9.702%, 7/02/2011(g)(h)		165,410
	2,675,000	Erac USA Finance Co., 7.000%, 10/15/2037, 144A		3,412,907
				76,601,506
		Treasuries – 20.3%
	499,325,000	Canadian Government, 2.250%, 8/01/2014, (CAD)		499,580,598
	597,515,000	Canadian Government, 2.500%, 6/01/2015, (CAD)		606,902,547
	157,595,000	Canadian Government, 2.750%, 9/01/2016, (CAD)		163,274,532
	201,175,000	Canadian Government, 3.000%, 12/01/2015, (CAD)		208,017,148
	414,487,000	Canadian Government, 3.500%, 6/01/2013, (CAD)		409,709,087

See accompanying notes to financial statements.

19  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Bond Fund – continued

Principal Amount (‡)			Description	Value (†)
	Bonds and Notes – continued
			Treasuries – continued
	246,645,000		Canadian Government, 3.750%, 6/01/2019, (CAD)	$	275,273,156
	297,760,000		Canadian Government, 4.250%, 6/01/2018, (CAD)		335,627,416
	10,000,000,000		Indonesia Government International Bond, 9.500%, 7/15/2023, (IDR)		1,335,316
	498,832,000,000		Indonesia Treasury Bond, Series FR44, 10.000%, 9/15/2024, (IDR)		68,470,602
	53,195,000		Ireland Government Bond, 4.500%, 10/18/2018, (EUR)		72,815,021
	122,055,000		Ireland Government Bond, 4.500%, 4/18/2020, (EUR)		163,446,765
	38,075,000		Ireland Government Bond, 5.000%, 10/18/2020, (EUR)		52,418,831
	161,275,000		Ireland Government Bond, 5.400%, 3/13/2025, (EUR)		223,475,655
	1,050,000		Italy Buoni Poliennali Del Tesoro, 5.000%, 8/01/2034, (EUR)		1,332,807
	1,050,000		Italy Buoni Poliennali Del Tesoro, 5.250%, 11/01/2029, (EUR)		1,376,954
	1,045,000		Italy Buoni Poliennali Del Tesoro, 5.750%, 2/01/2033, (EUR)		1,435,177
	26,535,700	(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		268,046,781
	33,000,000		New Zealand Government Bond, 6.000%, 12/15/2017, (NZD)		31,403,472
	3,350,000		New Zealand Government Bond, 6.500%, 4/15/2013, (NZD)		2,808,354
	668,075,000		Norwegian Government Bond, 4.250%, 5/19/2017, (NOK)		127,354,202
	1,282,300,000		Norwegian Government Bond, 5.000%, 5/15/2015, (NOK)		236,633,006
	1,581,675,000		Norwegian Government Bond, 6.500%, 5/15/2013, (NOK)		272,111,738
	34,565,000		Portugal Obrigacoes do Tesouro OT, 3.850%, 4/15/2021, (EUR)		37,734,647
	2,030,000		Portugal Obrigacoes do Tesouro OT, 4.100%, 4/15/2037, (EUR)		1,848,406
	9,000,000		Portugal Obrigacoes do Tesouro OT, 4.800%, 6/15/2020, (EUR)		10,689,866
	38,480,000		Portugal Obrigacoes do Tesouro OT, 4.950%, 10/25/2023, (EUR)		43,924,463
	15,000,000		Singapore Government Bond, 1.375%, 10/01/2014, (SGD)		12,303,761
	258,500,000		U.S. Treasury Note, 0.125%, 12/31/2014		258,055,638
	241,500,000		U.S. Treasury Note, 0.250%, 11/30/2014		241,594,426
					4,629,000,372
			Wireless – 0.6%
	281,500,000		America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		23,959,789
	41,804,000		Sprint Capital Corp., 6.875%, 11/15/2028		42,744,590
	38,286,000		Sprint Capital Corp., 6.900%, 5/01/2019		42,018,885
	8,390,000		Sprint Capital Corp., 8.750%, 3/15/2032		10,005,075
	15,252,000		Sprint Nextel Corp., 6.000%, 12/01/2016		16,548,420
					135,276,759
			Wirelines – 3.6%
	4,197,000		Axtel SAB de CV, (Step to 8.000% on 1/31/2014), 7.000%, 1/31/2020, 144A(i)		3,693,360
	5,790,000		Bell Canada, MTN, 6.550%, 5/01/2029, 144A, (CAD)		7,073,278
	3,695,000		Bell Canada, MTN, 7.300%, 2/23/2032, (CAD)		4,866,662
	31,176,000		Bell Canada, Series M-17, 6.100%, 3/16/2035, (CAD)		37,238,418
	107,425,000		CenturyLink, Inc., 6.450%, 6/15/2021		113,870,500
	11,005,000		CenturyLink, Inc., Series G, 6.875%, 1/15/2028		10,894,950
	4,400,000		CenturyLink, Inc., Series P, 7.600%, 9/15/2039		4,268,000

See accompanying notes to financial statements.

|  20

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Bonds and Notes – continued
		Wirelines – continued
$	1,000,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028	$	950,000
	8,735,000	Embarq Corp., 7.995%, 6/01/2036		9,195,422
	11,505,000	FairPoint Communications, Inc., 8.750%, 8/15/2019, 144A		11,159,850
	3,075,000	Frontier Communications Corp., 7.875%, 1/15/2027		3,044,250
	730,000	Frontier Communications Corp., 9.000%, 8/15/2031		753,725
	1,600,000	Koninklijke (Royal) KPN NV, EMTN, 5.750%, 3/18/2016, (GBP)		2,694,689
	2,750,000	Koninklijke (Royal) KPN NV, GMTN, 4.000%, 6/22/2015, (EUR)		3,736,616
	38,760,000	Level 3 Financing, Inc., 7.000%, 6/01/2020, 144A		40,601,100
	10,655,000	Level 3 Financing, Inc., 8.625%, 7/15/2020		11,880,325
	3,545,000	Level 3 Financing, Inc., 9.375%, 4/01/2019		3,974,654
	950,000	OTE PLC, GMTN, 4.625%, 5/20/2016, (EUR)		1,108,160
	24,010,000	Portugal Telecom International Finance BV, EMTN, 4.500%, 6/16/2025, (EUR)		28,631,695
	43,231,000	Portugal Telecom International Finance BV, EMTN, 5.000%, 11/04/2019, (EUR)		55,969,848
	940,000	Portugal Telecom International Finance BV, EMTN, 5.625%, 2/08/2016, (EUR)		1,271,583
	1,000,000	Portugal Telecom International Finance BV, GMTN, 4.375%, 3/24/2017, (EUR)		1,302,696
	30,365,000	Qwest Capital Funding, Inc., 6.500%, 11/15/2018		34,279,808
	64,147,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		61,833,218
	15,925,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		17,981,698
	40,420,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		40,729,981
	38,025,000	Qwest Corp., 6.875%, 9/15/2033		37,796,165
	1,505,000	Qwest Corp., 7.200%, 11/10/2026		1,517,029
	10,620,000	Qwest Corp., 7.250%, 9/15/2025		12,063,768
	48,207,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		44,753,450
	32,061,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		31,146,268
	4,300,000	Telecom Italia S.p.A., EMTN, 5.875%, 5/19/2023, (GBP)		6,475,341
	1,850,000	Telefonica Emisiones SAU, 5.134%, 4/27/2020		1,947,834
	2,100,000	Telefonica Emisiones SAU, 5.462%, 2/16/2021		2,260,037
	36,465,000	Telefonica Emisiones SAU, 7.045%, 6/20/2036		39,145,141
	5,845,000	Telefonica Emisiones SAU, EMTN, 5.375%, 2/02/2026, (GBP)		8,908,733
	3,900,000	Telefonica Emisiones SAU, EMTN, 5.445%, 10/08/2029, (GBP)		5,760,807
	17,000,000	Telefonica Emisiones SAU, EMTN, 5.597%, 3/12/2020, (GBP)		27,699,234
	45,415,000	Telus Corp., 4.950%, 3/15/2017, (CAD)		49,545,425
	27,020,000	Telus Corp., Series CG, 5.050%, 12/04/2019, (CAD)		30,475,134
	2,905,000	Verizon New England, Inc., 7.875%, 11/15/2029		3,664,663
	3,130,000	Verizon Pennsylvania, Inc., 6.000%, 12/01/2028		3,518,211
				819,681,726
		Total Non-Convertible Bonds (Identified Cost $15,399,359,822)		17,300,464,647

See accompanying notes to financial statements.

21  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Convertible Bonds – 7.0%
		Airlines – 0.0%
$	6,445,000	United Continental Holdings, Inc., 4.500%, 6/30/2021	$	6,699,191
		Automotive – 1.4%
	5,645,000	ArvinMeritor, Inc., (Step to Zero Coupon on 2/15/2019), 4.000%, 2/15/2027(i)		4,491,303
	182,545,000	Ford Motor Co., 4.250%, 11/15/2016		292,528,363
	12,335,000	Navistar International Corp., 3.000%, 10/15/2014		12,589,409
				309,609,075
		Brokerage – 0.0%
	880,000	Jefferies Group LLC, 3.875%, 11/01/2029		904,750
		Diversified Manufacturing – 0.3%
	44,380,000	Owens-Brockway Glass Container, Inc., 3.000%, 6/01/2015, 144A		44,629,637
	24,037,000	Trinity Industries, Inc., 3.875%, 6/01/2036		28,829,377
				73,459,014
		Electric – 0.0%
	1,000,000	CMS Energy Corp., 5.500%, 6/15/2029		2,029,375
		Healthcare – 0.4%
	22,466,000	Hologic, Inc., (accretes to principal after 12/15/2013), 2.000%, 12/15/2037(i)		22,550,247
	13,155,000	Hologic, Inc., (accretes to principal after 3/01/2018), 2.000%, 3/01/2042(i)		13,779,863
	2,510,000	LifePoint Hospitals, Inc., 3.500%, 5/15/2014		2,737,469
	2,144,000	Omnicare, Inc., 3.250%, 12/15/2035		2,141,320
	29,850,000	Omnicare, Inc., 3.750%, 12/15/2025		48,207,750
				89,416,649
		Home Construction – 0.4%
	47,320,000	Lennar Corp., 3.250%, 11/15/2021, 144A		89,227,775
		Independent Energy – 0.5%
	27,750,000	Chesapeake Energy Corp., 2.250%, 12/15/2038		24,628,125
	71,194,000	Chesapeake Energy Corp., 2.500%, 5/15/2037		68,212,751
	26,891,000	Chesapeake Energy Corp., 2.750%, 11/15/2035		26,924,614
				119,765,490
		Life Insurance – 0.4%
	72,915,000	Old Republic International Corp., 3.750%, 3/15/2018		81,345,797
		Media Non-Cable – 0.0%
	7,581,890	Liberty Media LLC, 3.500%, 1/15/2031		3,961,538

See accompanying notes to financial statements.

|  22

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Convertible Bonds – continued
		Metals & Mining – 0.1%
$	1,255,000	Steel Dynamics, Inc., 5.125%, 6/15/2014	$	1,408,738
	21,525,000	United States Steel Corp., 2.750%, 4/01/2019		21,767,156
				23,175,894
		Non-Captive Diversified – 0.1%
	16,140,000	iStar Financial, Inc., 3.000%, 11/15/2016		18,974,587
		Pharmaceuticals – 0.1%
	9,615,000	Vertex Pharmaceuticals, Inc., 3.350%, 10/01/2015		11,519,972
		REITs—Warehouse/Industrials – 0.1%
	28,230,000	ProLogis LP, 3.250%, 3/15/2015		32,517,431
		Technology – 2.6%
	49,074,000	Ciena Corp., 0.875%, 6/15/2017		44,381,299
	14,150,000	Ciena Corp., 3.750%, 10/15/2018, 144A		16,042,562
	8,680,000	Ciena Corp., 4.000%, 3/15/2015, 144A		9,613,100
	2,469,000	Intel Corp., 2.950%, 12/15/2035		2,620,226
	318,925,000	Intel Corp., 3.250%, 8/01/2039		383,905,969
	1,605,000	Lam Research Corp., Series B, 1.250%, 5/15/2018		1,712,334
	61,640,000	Micron Technology, Inc., Series B, 1.875%, 8/01/2031		71,964,700
	38,945,000	Micron Technology, Inc., Series C, 2.375%, 5/01/2032, 144A		48,121,416
	18,250,000	Micron Technology, Inc., Series D, 3.125%, 5/01/2032, 144A		22,766,875
				601,128,481
		Wirelines – 0.6%
	4,785,200	Axtel SAB de CV, (Step to 8.000% on 1/31/2014), 7.000%, 1/31/2020, 144A, (MXN)(c)(i)(j)(m)		502,546
	64,473,000	Level 3 Communications, Inc., 7.000%, 3/15/2015, 144A(c)		75,151,341
	48,975,000	Level 3 Communications, Inc., Series B, 7.000%, 3/15/2015(c)		57,086,484
	1,350,000	Portugal Telecom International Finance BV, Series PTC, 4.125%, 8/28/2014, (EUR)		1,747,804
				134,488,175
		Total Convertible Bonds (Identified Cost $1,268,250,209)		1,598,223,194
	Municipals – 1.0%
		District of Columbia – 0.0%
	5,610,000	Metropolitan Washington DC Airports Authority, Series D, 8.000%, 10/01/2047		6,935,643
		Illinois – 0.3%
	2,440,000	Chicago O’Hare International Airport, Series A, (AGMC insured), 4.500%, 1/01/2038		2,582,911
	69,245,000	State of Illinois, 5.100%, 6/01/2033		68,189,013
				70,771,924

See accompanying notes to financial statements.

23  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Municipals – continued
		Michigan – 0.1%
$	21,460,000	Michigan Tobacco Settlement Finance Authority Taxable Turbo, Series A, 7.309%, 6/01/2034(c)	$	18,780,934
		Ohio – 0.0%
	10,390,000	Buckeye Tobacco Settlement Financing Authority, Series A-2, 5.875%, 6/01/2047(c)		9,320,349
		Virginia – 0.6%
	178,970,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046(c)		133,024,822
		Total Municipals (Identified Cost $270,326,623)		238,833,672
		Total Bonds and Notes (Identified Cost $16,937,936,654)		19,137,521,513
	Senior Loans – 2.5%
		Airlines – 0.3%
	64,155,000	Delta Air Lines, Inc., Term Loan B1, 5.250%, 10/10/2018(b)		65,147,478
		Automotive – 0.2%
	43,700,000	TI Group Automotive Systems LLC, Term Loan B, 3/27/2019(k)		44,027,750
		Chemicals – 0.2%
	2,030,000	Al Chem & Cy S.C.A., 2nd Lien Term Loan, 4/03/2020(k)		2,073,137
	48,235,000	Houghton International, Inc., New 2nd Lien Term Loan, 9.500%, 12/21/2020(b)		48,958,525
				51,031,662
		Consumer Products – 0.1%
	14,564,321	Visant Holding Corp., Term Loan B, 5.250%, 12/22/2016(b)		14,114,429
		Diversified Manufacturing – 0.0%
	9,683,000	Ameriforge Group, Inc., 2nd Lien Term Loan, 9.750%, 12/18/2020(b)		9,864,556
		Electric – 0.0%
	6,935,533	Texas Competitive Electric Holdings Company LLC, Non-Extended Term Loan, 3.733%, 10/10/2014(l)		5,082,220
		Food & Beverage – 0.1%
	20,175,415	DS Waters Enterprises LP, 1st Lien Term Loan, 10.500%, 8/29/2017(b)		20,679,800
		Healthcare – 0.0%
	4,360,253	Hologic, Inc., Term Loan B, 4.500%, 8/01/2019(b)		4,414,757
		Media Non-Cable – 0.1%
	38,240,811	SuperMedia, Inc., Exit Term Loan, 11.000%, 12/31/2015(b)		28,083,287

See accompanying notes to financial statements.

|  24

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Bond Fund – continued

Principal Amount (‡)		Description	Value (†)
	Senior Loans – continued
		Metals & Mining – 0.1%
$	17,432,400	Essar Steel Algoma, Inc., ABL Term Loan, 8.750%, 9/19/2014(b)	$	17,693,886
		Non-Captive Diversified – 1.1%
	107,801,000	Flying Fortress, Inc., 1st Lien Term Loan, 5.000%, 6/30/2017(b)		108,564,231
	124,000,000	iStar Financial, Inc., Add on Term Loan A2, 7.000%, 3/17/2017(b)		132,021,560
				240,585,791
		Supermarkets– 0.1%
	17,950,000	Supervalu, Inc., New Term Loan B, 6.250%, 3/21/2019(b)		18,243,662
		Technology – 0.1%
	5,704,688	Alcatel-Lucent USA, Inc., USD Term Loan B, 6.250%, 8/01/2016(b)		5,780,047
	12,518,936	Alcatel-Lucent USA, Inc., USD Term Loan C, 7.250%, 1/30/2019(b)		12,698,333
				18,478,380
		Wireless – 0.1%
	28,904,046	Hawaiian Telcom Communications, Inc., Term Loan B, 7.000%, 2/28/2017(b)		29,409,867
		Wirelines – 0.0%
	2,283,000	Integra Telecom, Inc., Refi 2nd Lien Term Loan, 9.750%, 2/21/2020(b)		2,341,034
		Total Senior Loans (Identified Cost $556,810,385)		569,198,559
	Shares
	Common Stocks – 5.4%
		Biotechnology – 0.3%
	1,409,794	Vertex Pharmaceuticals, Inc.(h)	$	77,510,474
		Chemicals – 0.5%
	750,000	PPG Industries, Inc.		100,455,000
		Containers & Packaging – 0.1%
	645,508	Owens-Illinois, Inc.(h)		17,202,788
	3,804	Rock-Tenn Co., Class A		352,973
				17,555,761
		Diversified Telecommunication Services – 0.2%
	269,619	FairPoint Communications, Inc.(h)		2,014,054
	403,884	Hawaiian Telcom Holdco, Inc.(h)		9,317,604
	2,629,337	Telefonica S.A., Sponsored ADR		35,522,343
				46,854,001
		Electronic Equipment, Instruments & Components – 0.0%
	630,490	Corning, Inc.		8,404,432

See accompanying notes to financial statements.

25  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Bond Fund – continued

Shares		Description	Value (†)
	Common Stocks – continued
		Oil, Gas & Consumable Fuels – 0.4%
	1,026,979	Chesapeake Energy Corp.	$	20,960,641
	850,302	Repsol YPF S.A., Sponsored ADR		17,337,658
	750,000	Royal Dutch Shell PLC, ADR		48,870,000
				87,168,299
		Pharmaceuticals – 1.7%
	3,372,358	Bristol-Myers Squibb Co.		138,907,426
	3,384,721	Valeant Pharmaceuticals International, Inc.(h)		253,921,770
				392,829,196
		Semiconductors & Semiconductor Equipment – 1.8%
	18,411,567	Intel Corp.		402,292,739
		Software – 0.3%
	2,568,090	Microsoft Corp.		73,473,055
		Trading Companies & Distributors – 0.1%
	203,019	United Rentals, Inc.(h)		11,159,954
		Total Common Stocks (Identified Cost $813,341,416)		1,217,702,911
	Preferred Stocks – 2.9%
	Convertible Preferred Stocks – 2.1%
		Automotive – 1.0%
	4,335,800	General Motors Co., Series B, 4.750%		186,179,252
	964,435	Goodyear Tire & Rubber Co. (The), 5.875%		41,962,567
				228,141,819
		Banking – 0.2%
	25,823	Bank of America Corp., Series L, 7.250%		31,456,546
	12,483	Wells Fargo & Co., Series L, Class A, 7.500%		16,087,466
				47,544,012
		Electric – 0.1%
	363,010	AES Trust III, 6.750%		18,270,293
		Independent Energy – 0.2%
	87,351	Chesapeake Energy Corp., 4.500%		7,799,571
	79,950	Chesapeake Energy Corp., 5.000%		7,083,570
	6,640	Chesapeake Energy Corp., Series A, 5.750%, 144A		6,785,250
	48,913	SandRidge Energy, Inc., 7.000%		4,365,485
	144,600	SandRidge Energy, Inc., 8.500%		13,272,834
				39,306,710
		Metals & Mining – 0.1%
	617,855	ArcelorMittal, 6.000%		12,944,062

See accompanying notes to financial statements.

|  26

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Bond Fund – continued

Shares		Description	Value (†)
	Preferred Stocks – continued
		Non-Captive Diversified – 0.1%
	659,610	iStar Financial, Inc., Series J, 4.500%	$	34,194,182
		Pipelines – 0.1%
	325,710	El Paso Energy Capital Trust I, 4.750%		19,128,948
	25,000	Williams Cos., Inc., 5.500%		5,275,000
				24,403,948
		REITs—Healthcare – 0.0%
	172,150	Health Care REIT, Inc., Series I, 6.500%		10,692,237
		Technology – 0.3%
	62,989	Lucent Technologies Capital Trust I, 7.750%		58,390,803
		Total Convertible Preferred Stocks (Identified Cost $469,432,525)		473,888,066
	Non-Convertible Preferred Stocks – 0.8%
		Banking – 0.2%
	53,000	Bank of America Corp., 6.375%		1,346,730
	1,226,700	Citigroup Capital XIII, (fixed rate to 10/30/2015, variable rate thereafter), 7.875%		35,071,353
	534,725	Countrywide Capital IV, 6.750%		13,544,584
				49,962,667
		Electric – 0.0%
	2,925	Connecticut Light & Power Co., 1.900%		133,545
	100	Entergy Arkansas, Inc., 4.320%		9,609
	5,000	Entergy Mississippi, Inc., 4.360%		487,812
	665	Entergy New Orleans, Inc., 4.360%		64,505
	200	Entergy New Orleans, Inc., 4.750%		19,413
	50,100	Southern California Edison Co., 4.780%		1,238,973
				1,953,857
		Government Sponsored – 0.2%
	38,000	Falcons Funding Trust I, (Step to 10.875% on 3/15/2015, variable rate after 3/15/2020), 8.875%, 144A		39,662,500
		Home Construction – 0.0%
	41,783	Hovnanian Enterprises, Inc., 7.625%(h)		640,324
		Non-Captive Consumer – 0.0%
	149,767	SLM Corp., Series A, 6.970%		7,489,848
		Non-Captive Diversified – 0.3%
	65,854	Ally Financial, Inc., Series G, 7.000%, 144A		65,125,490
	58,400	iStar Financial, Inc., Series E, 7.875%		1,402,184
	58,575	iStar Financial, Inc., Series F, 7.800%		1,399,942

See accompanying notes to financial statements.

27  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Bond Fund – continued

Shares		Description	Value (†)
	Non-Convertible Preferred Stocks – continued
		Non-Captive Diversified – continued
	15,550	iStar Financial, Inc., Series G, 7.650%	$	370,868
				68,298,484
		REITs – Office Property – 0.0%
	2,318	Highwoods Properties, Inc., Series A, 8.625%		2,856,211
		REITs – Warehouse/Industrials – 0.1%
	169,007	ProLogis, Inc., Series Q, 8.540%		10,664,342
		Total Non-Convertible Preferred Stocks (Identified Cost $122,524,049)		181,528,233
		Total Preferred Stocks (Identified Cost $591,956,574)		655,416,299
	Closed End Investment Companies – 0.0%
	680,008	NexPoint Credit Strategies Fund (Identified Cost $9,807,936)		5,222,461
	Principal Amount (‡)
	Short-Term Investments – 4.2%
$	27,640,145	Repurchase Agreement with State Street Bank and Trust Company, dated 3/29/2013 at 0.010% to be repurchased at $27,640,168 on 4/01/2013 collateralized by $28,980,000 Federal Home Loan Mortgage Corp., 2.060% due 10/17/2022 valued at $29,027,006 including accrued interest (Note 2 of Notes to Financial Statements)		27,640,145
	935,187,371	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/28/2013 at 0.000% to be repurchased at $935,187,371 on 4/01/2013 collateralized by $152,175,000 Federal Home Loan Mortgage Corp., 0.420%, due 6/19/2015 valued at $152,365,219; $380,000 U.S. Treasury Note, 4.250% due 8/15/2015 valued at $417,365; $343,385,000 U.S. Treasury Note, 1.875% due 6/30/2015 valued at $357,218,952; $25,840,000 Federal National Mortgage Association, 2.230% due 12/06/2022 valued at $25,872,300; $150,000,000 U.S. Treasury Bill, 9/19/2013 valued at $149,925,000; $157,105,000 U.S. Treasury Bill, 8/29/2013 valued at $157,026,448; $111,125,000 U.S. Treasury Bill, 9/26/2013 valued at $111,069,437 including accrued interest (Note 2 of Notes to Financial Statements)		935,187,371
		Total Short-Term Investments (Identified Cost $962,827,516)		962,827,516
		Total Investments – 98.8% (Identified Cost $19,872,680,481)(a)		22,547,889,259
		Other assets less liabilities – 1.2%		280,003,130
		Net Assets – 100.0%	$	22,827,892,389

See accompanying notes to financial statements.

|  28

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Bond Fund – continued

(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
(†)	See Note 2 of Notes to Financial Statements.
(††)	Amount shown represents units. One unit represents a principal amount of 25.
(†††)	Amount shown represents units. One unit represents a principal amount of 100.
(a)	Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
	At March 31, 2013, the net unrealized appreciation on investments based on a cost of $19,972,201,588 for federal income tax purposes was as follows:
	Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	2,907,451,127
	Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(331,763,456	)
	Net unrealized appreciation	$	2,575,687,671
(b)	Variable rate security. Rate as of March 31, 2013 is disclosed.
(c)	Illiquid security. At March 31, 2013, the value of these securities amounted to $448,903,030 or 2.0% of net assets.
(d)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
(e)	All or a portion of interest payment is paid-in-kind.
(f)	Convertible dollar-indexed note. Coupon rate is based on MXN denominated par value and is payable in USD.
(g)	Maturity has been extended under the terms of a plan of reorganization.
(h)	Non-income producing security.
(i)	Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.
(j)	Fair valued security by the Fund’s investment adviser. At March 31, 2013, the value of this security amounted to $502,546 or less than 0.1% of net assets.
(k)	Position is unsettled. Contract rate was not determined at March 31, 2013 and does not take effect until settlement date.
(l)	Variable rate security. Rate shown represents the weighted average rate of underlying contracts at March 31, 2013.
144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2013, the value of Rule 144A holdings amounted to $2,780,775,697 or 12.2% of net assets.
ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
ABS	Asset-Backed Securities
AGMC	Assured Guaranty Municipal Corp.
EMTN	Euro Medium Term Note
FHLMC	Federal Home Loan Mortgage Corp.
GMTN	Global Medium Term Note
MBIA	Municipal Bond Investors Assurance Corp.
MTN	Medium Term Note
REITs	Real Estate Investment Trusts
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
EUR	Euro
GBP	British Pound
IDR	Indonesian Rupiah
ISK	Icelandic Krona
KRW	South Korean Won
USD	U.S. Dollar

See accompanying notes to financial statements.

29  |

Portfolio of Investments – as of March 31, 2013 (Unaudited)

Loomis Sayles Bond Fund – continued

MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
SGD	Singapore Dollar

Industry Summary at March 31, 2013 (Unaudited)

Treasuries	20.3	%
Banking	11.0
Non-Captive Diversified	6.0
Wirelines	4.2
Technology	4.2
Automotive	4.1
Non-Captive Consumer	3.6
Healthcare	3.1
Supranational	2.5
Electric	2.4
Life Insurance	2.4
Local Authorities	2.3
Airlines	2.3
Pharmaceuticals	2.2
Sovereigns	2.1
Other Investments, less than 2% each	21.9
Short-Term Investments	4.2
Total Investments	98.8
Other assets less liabilities	1.2
Net Assets	100.0	%

Currency Exposure Summary at March 31, 2013 (Unaudited)

United States Dollar	64.2	%
Canadian Dollar	12.1
Euro	4.5
New Zealand Dollar	4.5
Australian Dollar	3.5
Norwegian Krone	2.8
Indonesian Rupiah	2.1
Other, less than 2% each	5.1
Total Investments	98.8
Other assets less liabilities	1.2
Net Assets	100.0	%

See accompanying notes to financial statements.

|  30

Statement of Assets and Liabilities

March 31, 2013 (Unaudited)

ASSETS
Investments at cost	$	19,872,680,481
Net unrealized appreciation		2,675,208,778
Investments at value		22,547,889,259
Cash		3,157,814
Foreign currency at value (identified cost $13,513,043)		13,535,662
Receivable for Fund shares sold		51,490,209
Receivable for securities sold		7,887,860
Dividends and interest receivable		315,901,616
Tax reclaims receivable		490,990
TOTAL ASSETS		22,940,353,410
LIABILITIES
Payable for securities purchased		70,639,007
Payable for Fund shares redeemed		24,633,758
Foreign taxes payable (Note 2)		3,953,056
Management fees payable (Note 5)		9,845,474
Deferred Trustees’ fees (Note 5)		1,037,796
Administrative fees payable (Note 5)		853,448
Payable to distributor (Note 5d)		187,314
Other accounts payable and accrued expenses		1,311,168
TOTAL LIABILITIES		112,461,021
NET ASSETS	$	22,827,892,389
NET ASSETS CONSIST OF:
Paid-in capital	$	20,622,788,894
Distributions in excess of net investment income		(122,155,020	)
Accumulated net realized loss on investments and foreign currency transactions		(342,719,368	)
Net unrealized appreciation on investments and foreign currency translations		2,669,977,883
NET ASSETS	$	22,827,892,389
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Institutional Class:
Net assets	$	13,516,096,132
Shares of beneficial interest		883,718,431
Net asset value, offering and redemption price per share	$	15.29
Retail Class:
Net assets	$	9,020,538,866
Shares of beneficial interest		592,267,063
Net asset value, offering and redemption price per share	$	15.23
Admin Class:
Net assets	$	291,255,697
Shares of beneficial interest		19,178,325
Net asset value, offering and redemption price per share	$	15.19
Class N:
Net assets	$	1,694
Shares of beneficial interest		111
Net asset value, offering and redemption price per share	$	15.29	*

* Net asset value calculations reflect fractional share and dollar amounts.

See accompanying notes to financial statements.

31  |

Statement of Operations

For the six months ended March 31, 2013 (Unaudited)

INVESTMENT INCOME
Interest	$	559,135,832
Dividends		33,596,408
Less net foreign taxes withheld		(722,043	)
		592,010,197
Expenses
Management fees (Note 5)		56,903,614
Service and distribution fees (Note 5)		11,752,728
Administrative fees (Note 5)		4,943,262
Trustees’ fees and expenses (Note 5)		230,785
Transfer agent fees and expenses (Notes 5 and 6)		7,823,885
Audit and tax services fees		26,677
Custodian fees and expenses		708,732
Legal fees		154,946
Registration fees		208,970
Shareholder reporting expenses		1,104,088
Miscellaneous expenses		249,438
Total expenses		84,107,125
Less waiver and/or expense reimbursement (Note 5)		(3	)
Net expenses		84,107,122
Net investment income		507,903,075
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		262,842,950
Foreign currency transactions		(648,397	)
Net change in unrealized appreciation (depreciation) on:
Investments		394,698,898
Foreign currency translations		(1,885,010	)
Net realized and unrealized gain on investments and foreign currency transactions		655,008,441
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,162,911,516

See accompanying notes to financial statements.

|  32

Statement of Changes in Net Assets

	Six Months Ended March 31, 2013 (Unaudited)			Year Ended September 30, 2012
FROM OPERATIONS:
Net investment income	$	507,903,075		$	1,002,206,676
Net realized gain on investments and foreign currency transactions		262,194,553			284,080,652
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		392,813,888			1,465,523,324
Net increase in net assets resulting from operations		1,162,911,516			2,751,810,652
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Institutional Class		(431,691,700	)		(700,653,280	)
Retail Class		(276,222,390	)		(471,306,878	)
Admin Class		(8,922,678	)		(15,159,216	)
Class N		(10	)		—
Total distributions		(716,836,778	)		(1,187,119,374	)
NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 9)		456,366,036			1,293,321,403
Net increase in net assets		902,440,774			2,858,012,681
NET ASSETS
Beginning of the period		21,925,451,615			19,067,438,934
End of the period	$	22,827,892,389		$	21,925,451,615
UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME	$	(122,155,020	)	$	86,778,683

See accompanying notes to financial statements.

33  |

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|  34

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period.

			Income (Loss) from Investment Operations:								Less Distributions:
	Net asset value, beginning of the period		Net investment income (a)		Net realized and unrealized gain (loss)			Total from investment operations			Dividends from net investment income			Distributions from net realized capital gains			Total distributions
Institutional Class
3/31/2013(g)	$	14.99	$	0.35	$	0.45		$	0.80		$	(0.50	)	$	—		$	(0.50	)
9/30/2012		13.88		0.72		1.24			1.96			(0.85	)		—			(0.85	)
9/30/2011		14.20		0.73		(0.25	)		0.48			(0.80	)		—			(0.80	)
9/30/2010		12.99		0.78		1.24			2.02			(0.81	)		—			(0.81	)
9/30/2009		11.89		0.85		1.23			2.08			(0.87	)		(0.11	)		(0.98	)
9/30/2008		14.71		0.96		(2.77	)		(1.81	)		(1.01	)		—			(1.01	)
Retail Class
3/31/2013(g)		14.93		0.33		0.44			0.77			(0.47	)		—			(0.47	)
9/30/2012		13.83		0.68		1.23			1.91			(0.81	)		—			(0.81	)
9/30/2011		14.15		0.69		(0.25	)		0.44			(0.76	)		—			(0.76	)
9/30/2010		12.94		0.74		1.24			1.98			(0.77	)		—			(0.77	)
9/30/2009		11.85		0.82		1.22			2.04			(0.84	)		(0.11	)		(0.95	)
9/30/2008		14.67		0.92		(2.77	)		(1.85	)		(0.97	)		—			(0.97	)
Admin Class
3/31/2013(g)		14.89		0.31		0.44			0.75			(0.45	)		—			(0.45	)
9/30/2012		13.80		0.63		1.23			1.86			(0.77	)		—			(0.77	)
9/30/2011		14.11		0.65		(0.25	)		0.40			(0.71	)		—			(0.71	)
9/30/2010		12.91		0.70		1.23			1.93			(0.73	)		—			(0.73	)
9/30/2009		11.82		0.79		1.22			2.01			(0.81	)		(0.11	)		(0.92	)
9/30/2008		14.64		0.88		(2.76	)		(1.88	)		(0.94	)		—			(0.94	)
Class N
3/31/2013*		15.33		0.12		(0.04	)		0.08			(0.12	)		—			(0.12	)

* From commencement of Class operations on February 1, 2013 through March 31, 2013.

(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, if applicable.

(c) Effective June 2, 2008, redemption fees were eliminated.

(d) Had certain expenses not been waived/reimbursed during the period, if applicable, total returns would have been lower. Periods less than one year, if applicable, are not annualized.

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

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

(g) For the six months ended March 31, 2013 (Unaudited).

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

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

See accompanying notes to financial statements.

35  |

									Ratios to Average Net Assets:
Redemption fees (b)(c)		Net asset value, end of the period		Total return (%) (d)			Net assets, end of the period (000’s)		Net expenses (%) (e)(f)			Gross expenses (%) (f)			Net investment income (%) (f)		Portfolio turnover rate (%)
$	—	$	15.29		5.40		$	13,516,096		0.63			0.63			4.68		13
	—		14.99		14.52			12,971,639		0.63			0.63			4.99		20
	—		13.88		3.34			10,897,694		0.63			0.63			5.04		22
	—		14.20		16.00			11,194,527		0.64			0.64			5.76		27
	—		12.99		19.84			10,855,818		0.65			0.65			7.69		39
	0.00		11.89		(13.14	)		7,616,621		0.64			0.64			6.78		26
	—		15.23		5.26			9,020,539		0.92			0.92			4.38		13
	—		14.93		14.25			8,651,794		0.92			0.92			4.69		20
	—		13.83		2.97			7,907,178		0.92			0.92			4.75		22
	—		14.15		15.72			8,241,062		0.93	(h)		0.93	(h)		5.46		27
	—		12.94		19.46			7,646,591		0.95			0.96			7.44		39
	0.00		11.85		(13.44	)		6,863,594		0.94	(h)		0.94	(h)		6.49		26
	—		15.19		5.13			291,256		1.19			1.19			4.12		13
	—		14.89		13.91			302,018		1.20			1.20			4.42		20
	—		13.80		2.77			262,567		1.20	(i)		1.20	(i)		4.47		22
	—		14.11		15.37			266,215		1.20			1.21			5.20		27
	—		12.91		19.21			226,032		1.20			1.25			7.22		39
	0.00		11.82		(13.69	)		210,494		1.20			1.24			6.23		26
	—		15.29		0.51			2		0.65			2.24			5.03		13

See accompanying notes to financial statements.

|  36

Notes to Financial Statements

March 31, 2013 (Unaudited)

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

The Fund is a diversified investment company.

The Fund offers Institutional Class, Retail Class and Admin Class shares. Effective February 1, 2013, the Fund began offering Class N shares.

Most expenses of the Trust 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 the Trust. Expenses of the Fund are borne pro rata by the holders of each class of shares, except that each class bears expenses unique to that class (including the Rule 12b-1 service and distribution fees and transfer agent fees). In addition, each class votes as a class only with respect to its own Rule 12b-1 Plan. Shares of each class would receive their pro rata share of the net assets of the Fund if the Fund were liquidated. The Trustees approve separate distributions from net investment income on each class of shares.

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

a.  Valuation. Debt securities (other than short-term obligations purchased with an original or remaining maturity of sixty days or less) and unlisted equity securities are generally valued on the basis of evaluated bids furnished to the Fund by an independent pricing service recommended by the investment adviser and approved by the Board of Trustees, which service determines valuations for normal, institutional-size trading units of such securities using market information, transactions for comparable securities and various relationships between securities which are generally recognized by institutional traders. Senior loans are priced at bid prices supplied by an independent pricing service, if available. Equity securities, including shares of closed-end investment companies and exchange-traded funds, for which market quotations are readily available are valued at market value, as reported by independent pricing services recommended by the investment adviser and approved by the Board of Trustees. Such independent pricing services generally use the security’s last sale price on the exchange or market where the security is

37  |

Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

primarily traded or, if there is no reported sale during the day, the closing bid price. 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 a NOCP, at the most recent bid quotation on the applicable NASDAQ Market. Broker-dealer bid prices may also be used to value debt and equity securities and senior loans where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security. Investments in other open-end investment companies are valued at their net asset value each day. Short-term obligations purchased with an original or remaining maturity of sixty days or less are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by the Fund’s investment adviser using consistently applied procedures under the general supervision of the Board of Trustees.

The Fund may hold securities traded in foreign markets. Foreign securities are valued at the closing market price in the foreign market. However, if events occurring after the close of the foreign market (but before the close of regular trading on the New York Stock Exchange) are believed to materially affect the value of those securities, such securities are fair valued on a daily basis pursuant to procedures approved by the Board of Trustees. When fair valuing securities, the Fund may, among other things, use modeling tools or other processes that may take into account factors such as securities market activity and/or significant events that occur after the close of the foreign market and before the Fund calculates its net asset value.

b.  Investment Transactions and Related Investment Income. Investment transactions are accounted for on a trade date plus one day basis for daily net asset value calculation. However, for financial reporting purposes, investment transactions are reported on trade date. Dividend income is recorded on ex-dividend date, or in the case of certain foreign securities, as soon as the 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. Distributions received from investments in securities that represent a return of capital or capital gain are recorded as a reduction of the cost of investments or as a realized gain, respectively. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis. Investment income, non-class specific expenses and realized and unrealized gains and losses are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund.

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

|  38

Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

Since the values of investment securities are presented at the foreign exchange rates prevailing at the end of the period, it is not practical to isolate that portion of the results of operations arising from changes in exchange rates from fluctuations which arise due to changes in market prices of investment securities. Such changes are included with the net realized and unrealized gain or loss on investments.

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

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

d.  Federal and Foreign Income Taxes. The Trust treats each fund as a separate entity for federal income tax purposes. The 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 the Fund’s tax positions for the open tax years as of March 31, 2013 and has concluded that no provisions for income tax are required. The Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Fund. 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.

The 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 Statement of Operations as a reduction of investment income, net of amounts eligible to be reclaimed. Dividends and interest receivable on the Statement of Assets and Liabilities are net of foreign withholding taxes. Foreign withholding taxes eligible to be reclaimed are reflected on the Statement of Assets and Liabilities as tax reclaims receivable. Capital gains taxes paid are included in net realized gain (loss) on investments in the Statement of Operations. Accrued but unpaid capital gains taxes are reflected as foreign taxes payable on the Statement of Assets and Liabilities, if applicable, and reduce unrealized gains on investments. In the event that realized gains on investments are

39  |

Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

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

e.  Dividends and Distributions to Shareholders. Dividends and distributions are recorded on ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as foreign currency transactions, contingent payment debt instruments, premium amortization, defaulted bond adjustments, paydown gains and losses and return of capital and capital gain distributions from real estate investment trusts (“REITs”). Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital accounts. Temporary differences between book and tax distributable earnings are primarily due to deferred Trustees’ fees, wash sales, premium amortization, foreign currency contract mark to market, defaulted bond interest, REIT basis adjustments and contingent payment debt instruments. Distributions from net investment income and short-term capital gains are considered to be distributed from ordinary income for tax purposes.

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the year ended September 30, 2012 was as follows:

2012 Distributions Paid From:
Ordinary Income	Long-Term Capital Gains	Total
$1,187,119,374	$      —	$	1,187,119,374

As of September 30, 2012, the capital loss carryforwards were as follows:

Capital loss carryforward:
Short-term:
Expires September 30, 2018	$	(496,143,797	)

f.  Repurchase Agreements. It is the Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty including possible delays or restrictions upon the Fund’s ability to dispose of the underlying securities.

g.  Securities Lending. The Fund has entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Fund, to lend securities to certain designated borrowers. The loans are collateralized with cash or securities in an amount

|  40

Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

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

For the six months ended March 31, 2013, the Fund did not loan securities under this agreement.

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

3.  Fair Value Measurements. In accordance with accounting standards related to fair value measurements and disclosures, the Fund has categorized the inputs utilized in determining the value of the 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 the Fund’s own assumptions in determining the fair value of assets or liabilities and would be based on the best information available).

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

41  |

Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2013, at value:

Asset Valuation Inputs

Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
Airlines	$	—	$	95,230,468	$	350,689,200	(b)	$	445,919,668
Electric		—		424,391,741		96,260,119	(b)		520,651,860
Non-Captive Consumer		3,655,293		827,337,265		—			830,992,558
Transportation Services		—		23,147,267		53,454,239	(b)		76,601,506
All Other Non-Convertible Bonds(a)		—		15,426,299,055		—			15,426,299,055
Total Non-Convertible Bonds		3,655,293		16,796,405,796		500,403,558			17,300,464,647
Convertible Bonds
Wirelines		—		133,985,629		502,546	(c)		134,488,175
All Other Convertible Bonds(a)		—		1,463,735,019		—			1,463,735,019
Total Convertible Bonds		—		1,597,720,648		502,546			1,598,223,194
Municipals(a)		—		238,833,672		—			238,833,672
Total Bonds and Notes		3,655,293		18,632,960,116		500,906,104			19,137,521,513
Senior Loans(a)		—		569,198,559		—			569,198,559
Common Stocks(a)		1,217,702,911		—		—			1,217,702,911
Preferred Stocks
Convertible Preferred Stocks
Independent Energy		21,668,391		17,638,319		—			39,306,710
Pipelines		19,128,948		5,275,000		—			24,403,948
All Other Convertible Preferred Stocks(a)		410,177,408		—		—			410,177,408
Total Convertible Preferred Stocks		450,974,747		22,913,319		—			473,888,066
Non-Convertible Preferred Stocks
Electric		1,238,973		714,884		—			1,953,857
Government Sponsored		—		39,662,500		—			39,662,500
Non-Captive Diversified		3,172,994		65,125,490		—			68,298,484
REITs – Office Property		—		2,856,211		—			2,856,211
All Other Non-Convertible Preferred Stocks(a)		68,757,181		—		—			68,757,181
Total Non-Convertible Preferred Stocks		73,169,148		108,359,085		—			181,528,233
Total Preferred Stocks		524,143,895		131,272,404		—			655,416,299
Closed End Investment Companies		5,222,461		—		—			5,222,461
Short-Term Investments		—		962,827,516		—			962,827,516
Total	$	1,750,724,560	$	20,296,258,595	$	500,906,104		$	22,547,889,259

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

(b) Valued using broker-dealer bid prices.

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

|  42

Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

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

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of September 30, 2012 and/or March 31, 2013:

Asset Valuation Inputs

Investments in Securities	Balance as of September 30, 2012		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)
Bonds and Notes
Non-Convertible Bonds
Airlines	$	—	$	57,408	$	594,711		$	6,476,684
Banking		33,981,590		—		—			—
Electric		16,800,000		—		—			8,884,368
Sovereigns		55,949,432		—		—			—
Transportation Services		17,897,385		—		712,896			1,114,575
Convertible Bonds
Wirelines		—		—		(9	)		(239,652	)
Total	$	124,628,407	$	57,408	$	1,307,598		$	16,235,975

43  |

Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

Asset Valuation Inputs – continued

Investments in Securities – continued	Purchases		Sales			Transfers into Level 3		Transfers out of Level 3
Bonds and Notes
Non-Convertible Bonds
Airlines	$	70,350,000	$	(14,273,685	)	$	287,484,082	$	—
Banking		—		—			—		(33,981,590	)
Electric		—		(23,870,000	)		94,445,751		—
Sovereigns		—		—			—		(55,949,432	)
Transportation Services		—		(3,987,485	)		55,614,253		(17,897,385	)
Convertible Bonds
Wirelines		742,207		—			—		—
Total	$	71,092,207	$	(42,131,170	)	$	437,544,086	$	(107,828,407	)
Investments in Securities – continued	Balance as of March 31, 2013		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2013
Bonds and Notes
Non-Convertible Bonds
Airlines	$	350,689,200	$	6,476,684
Banking		—		—
Electric		96,260,119		1,814,368
Sovereigns		—		—
Transportation Services		53,454,239		1,114,575
Convertible Bonds
Wirelines		502,546		(239,652	)
Total	$	500,906,104	$	9,165,975

Debt securities valued at $437,544,086 were transferred from Level 2 to Level 3 during the period ended March 31, 2013. At March 31, 2013, these securities were valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service was unable to price the security.

Debt securities valued at $107,828,407 were transferred from Level 3 to Level 2 during the period ended March 31, 2013. At March 31, 2013, these securities were valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

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

|  44

Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

4.  Purchases and Sales of Securities. For the six months ended March 31, 2013, purchases and sales of securities (excluding short-term investments and U.S. Government/Agency securities and including paydowns) were $2,304,100,488 and $2,703,441,074, respectively. Purchases and sales of U.S. Government/Agency securities (excluding short-term investments and including paydowns) were $499,313,359 and $18,320, respectively.

5.  Management Fees and Other Transactions with Affiliates.

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

Percentage of Average Daily Net Assets
First $3 billion	Next $12 billion	Over $15 billion
0.60%	0.50%	0.49%

Loomis Sayles has given a binding undertaking to the Fund to waive management fees and/or reimburse certain expenses to limit the Fund’s operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes and extraordinary expenses. This undertaking is in effect until January 31, 2014 and is reevaluated on an annual basis. Management fees payable, as reflected on the Statement of Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to this undertaking.

For the six months ended March 31, 2013, the expense limits as a percentage of average daily net assets under the expense limitation agreement were as follows:

Expense Limit as a Percentage of Average Daily Net Assets
Institutional Class	Retail Class	Admin Class	Class N
0.70%	0.95%	1.20%	0.65%

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

For the six months ended March 31, 2013, the management fees for the Fund were $56,903,614 (effective rate of 0.51% of average daily net assets).

For the six months ended March 31, 2013, class-specific expenses of $3 have been reimbursed for Class N shares. Expense reimbursements are subject to possible recovery until September 30, 2014.

45  |

Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

No expenses were recovered during the six months ended March 31, 2013 under the terms of the expense limitation agreement.

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

b.  Service and Distribution Fees. NGAM Distribution, L.P. (“NGAM Distribution”), which is a wholly-owned subsidiary of Natixis US, has entered into a distribution agreement with the Trust. Pursuant to this agreement, NGAM Distribution serves as principal underwriter of the Funds of the Trust.

Pursuant to Rule 12b-1 under the 1940 Act, the Trust has adopted Distribution Plans relating to the Fund’s Retail Class shares (the “Retail Class Plan”) and Admin Class shares (the “Admin Class Plan”).

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

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

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

For the six months ended March 31, 2013, the service and distribution fees for the Fund were as follows:

Service Fees	Distribution Fees
Admin Class	Retail Class	Admin Class
$370,128	$11,012,472	$370,128

|  46

Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

c.  Administrative Fees. NGAM Advisors, L.P. (“NGAM Advisors”), provides certain administrative services for the Fund and contracts with State Street Bank to serve as sub-administrator. NGAM Advisors is a wholly-owned subsidiary of Natixis US. Pursuant to an agreement among Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I, Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”), Hansberger International Series and NGAM Advisors, the Fund pays NGAM Advisors monthly its pro rata portion of fees equal to an annual rate of 0.0575% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion and 0.0350% of such assets in excess of $60 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series of $10 million, which is reevaluated on an annual basis.

For the six months ended March 31, 2013, the administrative fees for the Fund were $4,943,262.

d.  Sub-Transfer Agent Fees. NGAM Distribution has entered into agreements, which include servicing agreements, with financial intermediaries that provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries that hold positions in the Fund and has agreed to compensate the intermediaries for providing those services. Intermediaries transact with the Fund primarily through the use of omnibus accounts on behalf of their customers who hold positions in the Fund. These services would have been provided by the Fund’s transfer agent and other service providers if the shareholders’ accounts were maintained directly at the Fund’s transfer agent. Accordingly, the Fund has agreed to reimburse NGAM Distribution for all or a portion of the servicing fees paid to these intermediaries. The reimbursement amounts (sub-transfer agent fees) paid to NGAM Distribution are subject to a current per-account equivalent fee limit approved by the Fund’s Board, which is based on fees for similar services paid to the Fund’s transfer agent and other service providers. Class N shares do not bear such expenses.

For the six months ended March 31, 2013, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statement of Operations) for the Fund were as follows:

Sub-Transfer Agent Fees
Institutional Class	Retail Class	Admin Class
$3,386,776	$3,903,724	$153,912

As of March 31, 2013, the Fund owes NGAM Distribution the following reimbursements for sub-transfer agent fees:

Reimbursements of Sub-Transfer Agent Fees
Institutional Class	Retail Class	Admin Class
$85,165	$98,098	$4,051

47  |

Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

e.  Trustees Fees and Expenses. The Trust does not pay any compensation directly to its officers or Trustees who are directors, officers or employees of NGAM Advisors, NGAM Distribution, Natixis US or their affiliates. Effective January 1, 2013, the Chairperson of the Board receives a retainer fee at the annual rate of $285,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that she attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $115,000. 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, each committee chairman receives an additional retainer fee at an annual rate of $17,500. Each Contract Review and Governance 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 Hansberger International Series 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, 2013, the Chairperson of the Board received a retainer fee at the annual rate of $265,000 and each Independent Trustee (other than the Chairperson) received, in aggregate, a retainer fee at the annual rate of $95,000. In addition, each committee chairman received an additional retainer fee at an annual rate of $15,000, and each Audit Committee member was compensated $7,500 for each Committee meeting that he or she attended in person and $3,750 for each meeting that he or she attended telephonically.

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

f.  Affiliated Ownership. At March 31, 2013, the Loomis Sayles Funded Pension Plan and Trust and the Loomis Sayles Employees’ Profit Sharing Retirement Plan held shares of the Fund representing 0.06% and 0.15% of net assets, respectively.

Additionally, as of March 31, 2013, Natixis US held shares of the Fund representing less than 0.01% of the Fund’s net assets.

|  48

Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

6.  Class-Specific Expenses. For the six months ended March 31, 2013, class-specific transfer agent fees and expenses (including sub-transfer agent fees) for the Fund were as follows:

Transfer Agent Fees and Expenses
Institutional Class	Retail Class	Admin Class	Class N
$3,496,948	$4,164,001	$162,933	$3

7.  Line of Credit. The Fund, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts and Hansberger International Series, participates in a $200,000,000 committed unsecured line of credit provided by State Street Bank, with an individual limit of $125,000,000 for each fund that participates in the line of credit. Interest is charged to each participating fund based on its borrowings at a rate per annum equal to the greater of the Federal Funds rate or overnight LIBOR, plus 1.25%. In addition, a commitment fee of 0.10% 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.

For the six months ended March 31, 2013, the Fund had no borrowings under these agreements.

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

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

	Six Months Ended March 31, 2013						Year Ended September 30, 2012
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		112,332,027		$	1,706,910,806			250,394,167		$	3,622,164,786
Issued in connection with the reinvestment of distributions		25,577,027			386,597,180			43,460,035			622,162,016
Redeemed		(119,538,810	)		(1,813,215,820	)		(213,371,853	)		(3,075,564,454	)
Net change		18,370,244		$	280,292,166			80,482,349		$	1,168,762,348
Retail Class
Issued from the sale of shares		73,684,613		$	1,115,507,229			158,909,793		$	2,288,059,092
Issued in connection with the reinvestment of distributions		17,838,819			268,534,228			32,316,064			460,369,080
Redeemed		(78,802,157	)		(1,191,208,688	)		(183,350,708	)		(2,642,347,775	)
Net change		12,721,275		$	192,832,769			7,875,149		$	106,080,397

49  |

Notes to Financial Statements – continued

March 31, 2013 (Unaudited)

	Six Months Ended March 31, 2013						Year Ended September 30, 2012
Admin Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		2,654,580		$	40,047,483			7,426,598		$	106,452,624
Issued in connection with the reinvestment of distributions		548,576			8,232,009			974,959			13,854,085
Redeemed		(4,313,118	)		(65,040,083	)		(7,145,302	)		(101,828,051	)
Net change		(1,109,962	)	$	(16,760,591	)		1,256,255		$	18,478,658
Class N*
Issued from the sale of shares		110		$	1,682			—		$	—
Issued in connection with the reinvestment of distributions		1			10			—			—
Redeemed		—			—			—			—
Net change		111		$	1,692			—		$	—
Increase (decrease) from capital share transactions		29,981,668		$	456,366,036			89,613,753		$	1,293,321,403

* From commencement of Class operations on February 1, 2013 through March 31, 2013.

10.  Special Meeting of Shareholders. A special meeting of shareholders of the Trust was held on March 18, 2013 to consider a proposal to elect four Trustees to the Board of Trustees. The proposal was approved by shareholders of the Trust. The results of the shareholder vote were as follows:

Loomis Sayles Funds I

Nominee	Voted “FOR”*		Withheld*
Charles D. Baker		1,511,468,867		21,320,866
Edmond J. English		1,514,733,688		18,056,045
David L. Giunta		1,510,789,556		22,000,177
Martin T. Meehan		1,513,458,428		19,331,305

* Trust-wide voting results.

In addition to the Trustees named above, the following also serve as Trustees of the Trust: Daniel M. Cain, Kenneth A. Drucker, Wendell J. Knox, Sandra O. Moose, Erik R. Sirri, Peter J. Smail, Cynthia L. Walker, Robert J. Blanding and John T. Hailer.

|  50

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Included as part of the Report to Shareholders filed as Item 1 herewith.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Securities Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Trust’s Board of Trustees.

Item 11. Controls and Procedures.

The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.

There was no change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s last fiscal quarter of the period covered by the report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)	(1	)	Not applicable.
(a)	(2	)	Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)), filed herewith as Exhibits (a)(2)(1) and (a)(2)(2), respectively.
(a)	(3	)	Not applicable.
(b)			Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002 are filed herewith as Exhibit (b).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Loomis Sayles Funds I
By:	/s/ Robert J. Blanding
Name:	Robert J. Blanding
Title:	President and Chief Executive Officer
Date:	May 22, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Robert J. Blanding
Name:	Robert J. Blanding
Title:	President and Chief Executive Officer
Date:	May 22, 2013
By:	/s/ Michael C. Kardok
Name:	Michael C. Kardok
Title:	Treasurer
Date:	May 22, 2013