Loomis Sayles Funds I NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-08282

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: September 30, 2013

Item 1.

Reports to Stockholders.

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

LOGO

Loomis Sayles Small Cap Growth Fund

Loomis Sayles Small Cap Value Fund

Annual Report

September 30, 2013



TABLE OF CONTENTS
Portfolio Review			1
Portfolio of Investments			15
Financial Statements			29
Notes to Financial Statements			37

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 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.

Market Conditions

Despite rising interest rate concerns, conflict in Syria and disappointing economic growth, equity markets were strong during the 12-month period. Small-cap companies posted particularly robust results, generally outperforming their mid- and large-cap counterparts. As a result of the strong returns in the small cap universe, stock valuations have trended much higher.

Performance Results

For the 12 months ended September 30, 2013, Institutional Class shares of Loomis Sayles Small Cap Growth Fund returned 37.45%. The fund outperformed its benchmark, the Russell 2000^® Growth Index, which returned 33.07%.

Explanation of Fund Performance

Almost all of the fund’s outperformance was due to stock selection, particularly in the financials, energy and healthcare sectors. The consumer staples and information technology sectors detracted slightly from performance.

A position in Financial Engines, a provider of investment advice to 401(k) plan participants using a quantitative model developed by Nobel Laureate Bill Sharpe, was the top contributor to fund performance. The company reported steadily increasing adoption rates during the year. In addition, Aegerion Pharmaceuticals, a biotech company focused on therapies for cardiovascular and metabolic diseases, was a top-performing stock. The company launched its cholesterol drug during the period, and patient usage continued to accelerate with low discontinuation rates. The drug’s price also increased, eliminating

1 |

tiered pricing. Another top contributor to performance was Wageworks, a leading on-demand provider of tax-advantaged programs for consumer-directed health, commuter and other employee spending account benefits in the United States. The company reported strong results, raised its organic growth target for the year and continued to execute strategic acquisitions that further augment growth. The Affordable Care Act, which has increased the role of consumer- and employee-driven benefits, also helped the stock’s performance.

An out-of-index position in Allot Communications, which designs and develops broadband service optimization solutions to help carriers track and bill usage, was the largest individual detractor from relative performance, lagging on near-term business trend concerns. Specifically, carriers have been hesitant to spend in the face of macroeconomic uncertainty. Given the customer concentration that comes with doing business in this industry, these spending hesitations quickly and significantly affected orders. This triggered our stop loss, and we sold the position. In addition, NuVasive, maker of a minimally invasive spine surgery device, detracted from performance. Due to weak procedure growth and pricing pressure, the company reported disappointing earnings and poor forward guidance. The market’s negative reaction triggered our stop loss, and we sold the position. A position in Nektar Therapeutics, a drug delivery technology company, also detracted from results. Mixed phase-three trial results for an important pipeline drug caused a selloff in the stock, which triggered our stop loss. We exited the position.

Outlook

We continue to estimate earnings growth in the mid single-digit range this year and next. While margin expansion from recessionary lows has largely played out, the evidence tends to support our view that margins should remain healthy in an environment of moderate but steady gross domestic product (GDP) growth. Dividends are expected to grow at a double-digit rate in 2013 and likely in 2014 as well. The potential for dividend growth and moderately higher equity prices could provide equity investors with two opportunities over time. While the Fed has refrained from tapering its monthly bond-buying purchases, known as quantitative easing (QE) for now, investors should prepare for an eventual return to a more normal interest rate environment with a federal funds rate above the zero lower bound. If yields normalize gradually, on the basis of improved economic growth with contained inflation, equity investors should be able to adjust to the changing environment and use periodic average corrections as opportunities to add to favored positions.

| 2

LOOMIS SAYLES SMALL CAP GROWTH FUND

Cumulative Performance — September 30, 2003 through September 30, 2013^(b)(c)

LOGO

Average Annual Total Returns — September 30, 2013^(b)



	1 year			5 years			10 years			Since Class N Inception

Institutional Class (Inception 12/31/96)		37.45	%		15.05	%		11.86	%		—	%
Retail Class (Inception 12/31/96)		37.05			14.73			11.56			—
Class N (Inception 2/1/13)		—			—			—			30.37
Comparative Performance
Russell 2000^® Growth Index^(a)		33.07			13.17			9.85			23.08

Past performance does not guarantee future results. The table(s) do 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.

NOTES TO CHARTS

^(a)

See page 7 for a description of the index.

^(b)

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

^(c)

The mountain chart is based on the initial minimum of $100,000 for the Institutional Class.

3 |

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

Market Conditions

Large- and small-cap U.S. equities in the growth and value styles delivered strong returns for the 12-month period. Overall, small-cap stocks outpaced large-cap stocks, and growth styles measurably exceeded value. Economically sensitive sectors, including consumer discretionary, industrials and information technology, were the performance leaders in the small-cap universe. Slower-growing, high-dividend-yielding sectors and industries, including utilities and real estate investment trusts, generally lagged. Higher valuations and a return of equity fund inflows helped drive market returns higher. In addition, monetary policy remained accommodative, which encouraged investors to hold stocks and other riskier assets, as yields on U.S. Treasuries and other fixed-income securities remained low.

Performance Results

For the 12 months ended September 30, 2013, Institutional Class shares of Loomis Sayles Small Cap Value Fund returned 29.82%. The fund outperformed its benchmark, the Russell 2000^® Value Index, which returned 27.04%.

Explanation of Fund Performance

Both sector allocation and stock selection were important drivers of performance. Sector allocation was positive, primarily due to an overweight position in the industrials sector, which was the benchmark’s second-best performing sector for the period. The fund also had underweight positions in financials and utilities, two of the weakest performing sectors in the index. Stock selection was also positive, with significant outperformance in the energy, utilities and financials sectors offsetting weaker results in consumer discretionary. The utilities sector posted a strong showing due to favorable stock selection in the gas and electric utilities industries and lack of exposure to the poor-performing independent power producers industry.

Within the industrials sector, which was the fund’s top-contributing sector, an emphasis on energy infrastructure-related investments contributed to results. Specifically, positions in Primoris, a provider of engineering and pipeline construction services; H&E Equipment

| 4

LOOMIS SAYLES SMALL CAP VALUE FUND

Services, a distributor of heavy construction and industrial equipment in the Gulf Coast region and DXP Enterprises, a distributor of industrial equipment and parts and service in the Gulf Coast region, aided performance. In addition, a position in Euronet Worldwide, a provider of electronic transaction processing solutions to financial institutions and mobile telephone operators, was the fund’s top contributor for the period. The company reported strong earnings growth throughout the 12 months, primarily due to solid growth in ATMs from European banks seeking outsourcing solutions, improved money transfer volumes and new electronic payment applications outside the core mobile telephone offering.

A position in EPL Oil & Gas, an independent oil and gas exploration and production company, also contributed to results. Recent acquisitions that led to higher oil production and expanded inventory reserves allowed the company to experience strong cash flow and earnings growth. The fund also benefited from owning shares of MarketAxess Holdings, a provider of electronic trading platforms for U.S. and international corporate bonds, which outperformed due to higher trading volumes associated with rising long-term interest rates. In addition, the company’s strategic alliance with BlackRock, an acquisition in Europe and opportunities in the high-yield, emerging markets and credit default swap businesses all improved the outlook and supported a higher valuation.

Consumer discretionary was the benchmark’s top-performing sector, but our stock selection did not keep pace with the benchmark’s strong sector return for the year. Laggards included several retailers, such as Genesco, which was an overweight relative to the index, and an out-of-index position in Sally Beauty, where sales trends moderated due to diminished consumer spending patterns. Outside the consumer discretionary sector, a position in Impax Labs, a developer of branded and generic pharmaceuticals, detracted from performance. Shares declined following an adverse FDA inspection of a manufacturing facility, and we eliminated the position. In addition, DFC Global, a provider of consumer loans and check cashing services in North America and Europe, weighed on results. Mounting regulatory pressures in the company’s U.K. payday lending business led to declining earnings and reduced forecasts. However, our experience with management’s ability to navigate through similar regulatory issues in the past led us to believe that DFC will recover and gain significant market share, as we expect the number of competitors to diminish materially. A position in Titan Machinery, an operator of agriculture and construction equipment dealerships and stores, detracted from results. The company reported disappointing earnings and below consensus guidance for the April and July fiscal quarters. With underlying trends in the agriculture equipment market deteriorating, we eliminated the position.

Outlook

We continue to estimate earnings growth in the mid single-digit range this year and next. While margin expansion from recessionary lows has largely played out, the evidence tends to support our view that margins should remain healthy in an environment of moderate but steady gross domestic product growth. Dividends are expected to grow at a double-digit rate in 2013 and likely in 2014 as well. The potential for dividend growth and moderately higher equity prices could provide equity investors with two opportunities over time. While the Fed has refrained from tapering its monthly bond-buying purchases, known as quantitative easing (QE) for now, investors should prepare for an eventual return to a more normal interest rate environment with a federal funds rate above the zero lower bound. If yields normalize gradually, on the basis of improved economic growth with contained inflation, equity investors should be able to adjust to the changing environment and use periodic average corrections as opportunities to add to favored positions.

5 |

Cumulative Performance — September 30, 2003 through September 30, 2013^(b)(c)

LOGO

Average Annual Total Returns — September 30, 2013^(b)



	1 year			5 years			10 years			Since Class N Inception

Institutional Class (Inception 5/13/91)		29.82	%		11.87	%		10.97	%		—	%
Retail Class (Inception 12/31/96)		29.48			11.59			10.69			—
Admin Class (Inception 1/2/98)		29.17			11.31			10.41			—
Class N (Inception 2/1/13)		—			—			—			16.71

Comparative Performance
Russell 2000^® Value Index^(a)		27.04			9.13			9.29			14.96
Russell 2000^® Index^(a)		30.06			11.15			9.64			18.96

NOTES TO CHARTS

^(a)

See page 7 for a description of the index.

^(b)

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

^(c)

The mountain chart is based on the initial minimum of $100,000 for the Institutional Class.

| 6

ADDITIONAL INFORMATION

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

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.

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.

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, 2013 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.

7 |

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 April 1, 2013 through September 30, 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 to other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

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

| 8

Loomis Sayles Small Cap Growth Fund


Institutional Class	Beginning Account Value 4/1/2013		Ending Account Value 9/30/2013		Expenses Paid During Period* 4/1/2013 – 9/30/2013
Actual		$1,000.00		$1,226.70		$5.14
Hypothetical (5% return before expenses)		$1,000.00		$1,020.46		$4.66

Retail Class
Actual		$1,000.00		$1,224.80		$6.97
Hypothetical (5% return before expenses)		$1,000.00		$1,018.80		$6.33

Class N
Actual		$1,000.00		$1,227.20		$4.63
Hypothetical (5% return before expenses)		$1,000.00		$1,020.91		$4.20
* Expenses are equal to the Fund’s annualized expense ratio: 0.92%, 1.25% and 0.83% for Institutional Class, Retail Class and Class N, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), divided by 365 (to reflect the half-year period).

Loomis Sayles Small Cap Value Fund


Institutional Class	Beginning Account Value 4/1/2013		Ending Account Value 9/30/2013		Expenses Paid During Period* 4/1/2013 – 9/30/2013
Actual		$1,000.00		$1,112.00		$4.77
Hypothetical (5% return before expenses)		$1,000.00		$1,020.56		$4.56

Retail Class
Actual		$1,000.00		$1,110.70		$6.08
Hypothetical (5% return before expenses)		$1,000.00		$1,019.30		$5.82

Admin Class
Actual		$1,000.00		$1,109.30		$7.40
Hypothetical (5% return before expenses)		$1,000.00		$1,018.05		$7.08

Class N
Actual		$1,000.00		$1,112.30		$4.50
Hypothetical (5% return before expenses)		$1,000.00		$1,020.81		$4.31
* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 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 (183), divided by 365 (to reflect the half-year period).

9 |

BOARD APPROVAL OF THE EXISTING ADVISORY AGREEMENTS

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

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

| 10

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

The Board most recently approved the continuation of the Agreements at their meeting held in June 2013. The Agreements were continued for a one-year period for the Funds. In considering whether to approve the continuation of the Agreements, the Board, including the Independent Trustees, did not identify any single factor as determinative. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. Matters considered by the Trustees, including the Independent Trustees, in connection with their approval of the Agreements included, but were not limited to, the factors listed below.

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

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

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

Investment performance of the Funds and the Adviser. As noted above, the Trustees received information about the performance of the Funds over various time periods, including information that compared the performance of the Funds to the performance of peer groups and categories of funds and the Funds’ respective performance benchmarks. In addition, the Trustees also reviewed data prepared by an independent third party that analyzed the performance of the Funds using a variety of performance metrics, including metrics that also measured the performance of the Funds on a risk adjusted basis. With respect to each Fund, the Board concluded that the Fund’s performance or other relevant factors supported the renewal of the Agreement relating to that Fund. In the case of the Loomis Sayles Small Cap Growth Fund, the performance of which lagged that of a relevant peer group median and/or category median of funds for certain (although not necessarily all) periods, the Board concluded that other factors relevant to performance supported renewal of the relevant Agreement, including (1) that the underperformance

11 |

was attributable, to a significant extent, to investment decisions (such as security selection or sector allocation) by the Adviser that were reasonable and consistent with the Fund’s investment objective and policies; (2) that the Fund’s performance was stronger over the long term; and (3) that the Fund’s more recent performance, although lagging in certain periods, had recently shown improvement relative to its category and benchmark.

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

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

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

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

| 12

expense levels of the Funds, and whether the Adviser had implemented breakpoints and/or expense caps with respect to such Funds.

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

Economies of Scale. The Trustees considered the existence of any economies of scale in the provision of services by the Adviser and whether those economies are shared with the Funds through breakpoints in their investment advisory fees or other means, such as expense waivers or caps. The Trustees also discussed with management the factors considered with respect to the implementation of breakpoints in investment advisory fees or expense waivers or caps for certain funds. Management explained that a number of factors are taken into account in considering the implementation of breakpoints or an expense cap for a fund, including, among other things, factors such as a fund’s assets, the projected growth of a fund, projected profitability and a fund’s fees and performance. With respect to economies of scale, the Trustees noted that although neither Fund’s management fee was subject to breakpoints, each Fund’s management fee and each Fund’s overall net expense ratio was at or below the median for a peer group of funds and that each Fund was subject to an expense cap. In considering these issues, the Trustees also took note of the costs of the services provided (both on an absolute and a relative basis) and the profitability to the Adviser and its affiliates of their relationships with the Funds, as discussed above.

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

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

•

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

•

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

•

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

•

13 |

considered the fact that NGAM Advisors’ parent company benefits from the retention of an affiliated Adviser. The Trustees considered the possible conflicts of interest associated with these fallout and other benefits, and the reporting, disclosure and other processes in place to disclose and monitor such possible conflicts of interest.

•

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

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Trustees, including the Independent Trustees, concluded that each of the existing Agreements should be continued through June 30, 2014.

| 14

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Small Cap Growth Fund


Shares		Description	Value (†)

	Common Stocks – 95.6% of Net Assets

		Aerospace & Defense – 2.1%
	354,359	Hexcel Corp.(b)	$	13,749,129
	140,813	Triumph Group, Inc.		9,887,889

				23,637,018

		Air Freight & Logistics – 1.0%
	501,780	XPO Logistics, Inc.(b)		10,873,573

		Airlines – 1.0%
	319,735	Spirit Airlines, Inc.(b)		10,957,318

		Auto Components – 1.0%
	211,184	Dorman Products, Inc.		10,464,167
	25,904	Drew Industries, Inc.		1,179,668

				11,643,835

		Biotechnology – 6.2%
	72,079	Aegerion Pharmaceuticals, Inc.(b)		6,177,891
	428,159	Alkermes PLC(b)		14,394,705
	83,597	Clovis Oncology, Inc.(b)		5,081,026
	196,970	Cubist Pharmaceuticals, Inc.(b)		12,517,443
	426,434	Emergent Biosolutions, Inc.(b)		8,123,568
	662,304	Exact Sciences Corp.(b)		7,821,810
	269,988	Myriad Genetics, Inc.(b)		6,344,718
	316,181	NPS Pharmaceuticals, Inc.(b)		10,057,718

				70,518,879

		Capital Markets – 2.0%
	194,719	Artisan Partners Asset Management, Inc.		10,195,487
	211,389	Financial Engines, Inc.		12,564,962

				22,760,449

		Chemicals – 1.2%
	584,264	Flotek Industries, Inc.(b)		13,438,072

		Commercial Banks – 3.5%
	232,351	Bank of the Ozarks, Inc.		11,150,524
	691,641	Boston Private Financial Holdings, Inc.		7,677,215
	113,909	Signature Bank(b)		10,424,952
	114,994	SVB Financial Group(b)		9,932,032

				39,184,723

		Communications Equipment – 1.1%
	511,876	Ciena Corp.(b)		12,786,663

		Construction & Engineering – 0.8%
	297,345	MasTec, Inc.(b)		9,009,554

		Consumer Finance – 1.0%
	246,412	Encore Capital Group, Inc.(b)		11,300,454

See accompanying notes to financial statements.

15 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Small Cap Growth Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Distributors – 0.8%
	167,986	Pool Corp.	$	9,429,054

		Diversified Consumer Services – 3.6%
	253,682	Bright Horizons Family Solutions, Inc.(b)		9,089,426
	482,944	Grand Canyon Education, Inc.(b)		19,452,984
	794,188	LifeLock, Inc.(b)		11,777,808

				40,320,218

		Diversified Financial Services – 1.1%
	206,738	MarketAxess Holdings, Inc.		12,412,550

		Electrical Equipment – 1.6%
	234,262	Polypore International, Inc.(b)		9,597,714
	348,032	Thermon Group Holdings, Inc.(b)		8,043,020

				17,640,734

		Electronic Equipment, Instruments & Components – 2.8%
	137,284	FEI Co.		12,053,535
	146,825	IPG Photonics Corp.		8,267,716
	211,443	Measurement Specialties, Inc.(b)		11,468,668

				31,789,919

		Energy Equipment & Services – 2.9%
	104,823	Dril-Quip, Inc.(b)		12,028,439
	348,155	Forum Energy Technologies, Inc.(b)		9,403,667
	461,624	Helix Energy Solutions Group, Inc.(b)		11,711,401

				33,143,507

		Food & Staples Retailing – 1.0%
	206,335	Susser Holdings Corp.(b)		10,966,705

		Health Care Equipment & Supplies – 6.6%
	216,984	Abaxis, Inc.		9,135,026
	108,148	Analogic Corp.		8,937,351
	532,804	Endologix, Inc.(b)		8,594,129
	299,992	Insulet Corp.(b)		10,871,710
	208,728	MAKO Surgical Corp.(b)		6,159,563
	450,018	Novadaq Technologies, Inc.(b)		7,461,298
	310,496	Quidel Corp.(b)		8,818,086
	557,988	Spectranetics Corp.(b)		9,363,039
	284,387	Tornier NV(b)		5,497,201

				74,837,403

		Health Care Providers & Services – 1.9%
	285,641	Acadia Healthcare Co., Inc.(b)		11,262,825
	258,831	Team Health Holdings, Inc.(b)		9,820,048

				21,082,873

See accompanying notes to financial statements.

| 16

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Small Cap Growth Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Health Care Technology – 2.1%
	569,483	MedAssets, Inc.(b)	$	14,476,258
	91,462	Medidata Solutions, Inc.(b)		9,048,336

				23,524,594

		Hotels, Restaurants & Leisure – 2.8%
	249,776	AFC Enterprises, Inc.(b)		10,887,736
	393,067	Texas Roadhouse, Inc.		10,329,801
	153,465	Vail Resorts, Inc.		10,647,401

				31,864,938

		Insurance – 1.1%
	304,536	Amtrust Financial Services, Inc.		11,895,176

		Internet & Catalog Retail – 1.0%
	385,897	HomeAway, Inc.(b)		10,805,116

		Internet Software & Services – 6.8%
	293,762	Angie’s List, Inc.(b)		6,609,645
	49,225	Benefitfocus, Inc.(b)		2,419,901
	183,189	Cornerstone OnDemand, Inc.(b)		9,423,242
	79,066	CoStar Group, Inc.(b)		13,275,181
	416,913	Dealertrack Technologies, Inc.(b)		17,860,553
	235,972	Envestnet, Inc.(b)		7,315,132
	140,478	OpenTable, Inc.(b)		9,830,651
	37,722	Shutterstock, Inc.(b)		2,743,144
	169,802	Trulia, Inc.(b)		7,985,788

				77,463,237

		IT Services – 1.6%
	239,141	EPAM Systems, Inc.(b)		8,250,365
	449,052	InterXion Holding NV(b)		9,986,916

				18,237,281

		Life Sciences Tools & Services – 0.9%
	203,908	PAREXEL International Corp.(b)		10,242,299

		Machinery – 5.1%
	117,964	Chart Industries, Inc.(b)		14,514,290
	510,126	Manitowoc Co., Inc. (The)		9,988,267
	51,354	Middleby Corp. (The)(b)		10,728,364
	146,399	Proto Labs, Inc.(b)		11,183,420
	177,685	RBC Bearings, Inc.(b)		11,707,665

				58,122,006

		Oil, Gas & Consumable Fuels – 3.9%
	191,103	Diamondback Energy, Inc.(b)		8,148,632
	195,546	Gulfport Energy Corp.(b)		12,581,430
	260,889	Oasis Petroleum, Inc.(b)		12,817,477

See accompanying notes to financial statements.

17 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Small Cap Growth Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Oil, Gas & Consumable Fuels – continued
	201,014	Rosetta Resources, Inc.(b)	$	10,947,222

				44,494,761

		Pharmaceuticals – 0.8%
	198,304	Pacira Pharmaceuticals, Inc.(b)		9,536,439

		Professional Services – 6.3%
	272,576	Advisory Board Co. (The)(b)		16,212,821
	224,374	Corporate Executive Board Co. (The)		16,294,040
	211,986	Huron Consulting Group, Inc.(b)		11,152,583
	330,052	On Assignment, Inc.(b)		10,891,716
	332,889	WageWorks, Inc.(b)		16,794,250

				71,345,410

		Road & Rail – 1.2%
	151,826	Genesee & Wyoming, Inc., Class A(b)		14,115,263

		Semiconductors & Semiconductor Equipment – 3.9%
	235,983	Cavium, Inc.(b)		9,722,500
	183,700	Hittite Microwave Corp.(b)		12,004,795
	286,362	Semtech Corp.(b)		8,587,996
	229,711	Silicon Laboratories, Inc.(b)		9,810,957
	149,294	Ultratech, Inc.(b)		4,523,608

				44,649,856

		Software – 7.4%
	373,411	Aspen Technology, Inc.(b)		12,901,350
	131,939	CommVault Systems, Inc.(b)		11,588,203
	203,305	FleetMatics Group PLC(b)		7,634,103
	322,274	Guidewire Software, Inc.(b)		15,182,328
	234,301	Imperva, Inc.(b)		9,845,328
	350,671	QLIK Technologies, Inc.(b)		12,006,975
	102,568	Ultimate Software Group, Inc. (The)(b)		15,118,523

				84,276,810

		Specialty Retail – 5.2%
	208,633	Asbury Automotive Group, Inc.(b)		11,099,276
	136,601	Cabela’s, Inc.(b)		8,609,961
	465,065	Chico’s FAS, Inc.		7,747,983
	183,768	Hibbett Sports, Inc.(b)		10,318,573
	76,302	Lumber Liquidators Holdings, Inc.(b)		8,137,608
	442,140	Tile Shop Holdings, Inc.(b)		13,038,709

				58,952,110

		Textiles, Apparel & Luxury Goods – 2.3%
	88,363	Deckers Outdoor Corp.(b)		5,824,889
	175,007	Oxford Industries, Inc.		11,896,976

See accompanying notes to financial statements.

| 18

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Small Cap Growth Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Textiles, Apparel & Luxury Goods – continued
	432,171	Tumi Holdings, Inc.(b)	$	8,708,245

				26,430,110

		Total Common Stocks (Identified Cost $763,703,479)		1,083,688,907


	Principal Amount

	Short-Term Investments – 5.3%
$	59,677,799	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2013 at 0.000% to be repurchased at $59,677,799 on 10/01/2013 collateralized by $59,390,000 U.S. Treasury Note, 2.625% due 7/31/2014 valued at $60,874,750 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $59,677,799)		59,677,799

		Total Investments – 100.9% (Identified Cost $823,381,278)(a)		1,143,366,706
		Other Assets Less Liabilities—(0.9)%		(10,062,941	)

		Net Assets – 100.0%	$	1,133,303,765

	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information:
		At September 30, 2013, the net unrealized appreciation on investments based on a cost of $823,526,294 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	$	324,898,686
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(5,058,274	)

		Net unrealized appreciation	$	319,840,412

	(b)	Non-income producing security.

See accompanying notes to financial statements.

19 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Small Cap Growth Fund – continued

Industry Summary at September 30, 2013 (Unaudited)


Software	7.4	%
Internet Software & Services	6.8
Health Care Equipment & Supplies	6.6
Professional Services	6.3
Biotechnology	6.2
Specialty Retail	5.2
Machinery	5.1
Semiconductors & Semiconductor Equipment	3.9
Oil, Gas & Consumable Fuels	3.9
Diversified Consumer Services	3.6
Commercial Banks	3.5
Energy Equipment & Services	2.9
Hotels, Restaurants & Leisure	2.8
Electronic Equipment, Instruments & Components	2.8
Textiles, Apparel & Luxury Goods	2.3
Aerospace & Defense	2.1
Health Care Technology	2.1
Capital Markets	2.0
Other Investments, less than 2% each	20.1
Short-Term Investments	5.3

Total Investments	100.9
Other assets less liabilities	(0.9	)

Net Assets	100.0	%

See accompanying notes to financial statements.

| 20

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Small Cap Value Fund


Shares		Description	Value (†)

	Common Stocks – 95.6% of Net Assets

		Auto Components – 1.7%
	472,300	Dana Holding Corp.	$	10,787,332
	204,378	Remy International, Inc.		4,136,611
	123,821	Tenneco, Inc.(b)		6,252,960

				21,176,903

		Building Products – 0.7%
	146,078	Armstrong World Industries, Inc.(b)		8,028,447

		Capital Markets – 1.2%
	313,442	Safeguard Scientifics, Inc.(b)		4,917,905
	238,176	Stifel Financial Corp.(b)		9,817,615

				14,735,520

		Chemicals – 3.1%
	235,502	Cabot Corp.		10,058,290
	113,012	Minerals Technologies, Inc.		5,579,402
	256,669	Olin Corp.		5,921,354
	331,159	Tronox Ltd., Class A		8,103,461
	56,578	WR Grace & Co.(b)		4,944,917
	182,083	Zep, Inc.		2,960,670

				37,568,094

		Commercial Banks – 11.3%
	587,102	BancorpSouth, Inc.		11,706,814
	618,248	Cathay General Bancorp		14,448,456
	159,134	City National Corp.		10,607,872
	495,700	CVB Financial Corp.		6,701,864
	482,130	First Financial Bancorp		7,313,912
	138,673	First Financial Bankshares, Inc.		8,156,746
	160,056	IBERIABANK Corp.		8,302,105
	268,620	PacWest Bancorp		9,229,783
	249,560	Pinnacle Financial Partners, Inc.(b)		7,439,384
	226,020	Popular, Inc.(b)		5,928,505
	183,036	Prosperity Bancshares, Inc.		11,318,946
	133,352	Signature Bank(b)		12,204,375
	163,937	Texas Capital Bancshares, Inc.(b)		7,536,184
	426,402	Tristate Capital Holdings, Inc.(b)		5,496,322
	264,608	Wintrust Financial Corp.		10,867,450

				137,258,718

		Commercial Services & Supplies – 4.3%
	683,448	ACCO Brands Corp.(b)		4,538,095
	452,349	KAR Auction Services, Inc.		12,760,765
	144,766	McGrath Rentcorp		5,168,146
	241,139	Performant Financial Corp.(b)		2,633,238
	292,380	Rollins, Inc.		7,750,994
	174,790	Viad Corp.		4,361,010

See accompanying notes to financial statements.

21 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Small Cap Value Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Commercial Services & Supplies – continued
	182,077	Waste Connections, Inc.	$	8,268,117
	309,847	West Corp.		6,869,308

				52,349,673

		Communications Equipment – 0.8%
	496,640	Harmonic, Inc.(b)		3,819,162
	181,462	NETGEAR, Inc.(b)		5,599,917

				9,419,079

		Computers & Peripherals – 0.5%
	526,686	QLogic Corp.(b)		5,761,945

		Construction & Engineering – 1.3%
	318,096	MYR Group, Inc.(b)		7,729,733
	327,074	Primoris Services Corp.		8,330,574

				16,060,307

		Consumer Finance – 0.9%
	45,299	Credit Acceptance Corp.(b)		5,019,582
	503,699	DFC Global Corp.(b)		5,535,652

				10,555,234

		Distributors – 0.5%
	89,097	Core-Mark Holding Co., Inc.		5,919,605

		Diversified Financial Services – 1.1%
	222,094	MarketAxess Holdings, Inc.		13,334,524

		Electric Utilities – 2.4%
	273,388	ALLETE, Inc.		13,204,640
	60,113	ITC Holdings Corp.		5,642,206
	261,847	UIL Holdings Corp.		9,735,472

				28,582,318

		Electrical Equipment – 2.5%
	250,413	AZZ, Inc.		10,482,288
	146,460	EnerSys		8,879,870
	258,156	General Cable Corp.		8,196,453
	148,139	Global Power Equipment Group, Inc.		2,979,075

				30,537,686

		Electronic Equipment, Instruments & Components – 4.6%
	181,646	Belden, Inc.		11,634,426
	125,677	Checkpoint Systems, Inc.(b)		2,098,806
	129,858	Cognex Corp.		4,072,347
	153,412	Littelfuse, Inc.		11,999,887
	262,595	Methode Electronics, Inc.		7,352,660
	166,474	Rogers Corp.(b)		9,901,873

See accompanying notes to financial statements.

| 22

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Small Cap Value Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Electronic Equipment, Instruments & Components – continued
	696,707	Vishay Intertechnology, Inc.(b)	$	8,980,553

				56,040,552

		Energy Equipment & Services – 2.5%
	147,478	Bristow Group, Inc.		10,730,499
	469,230	Helix Energy Solutions Group, Inc.(b)		11,904,365
	1,447,550	Parker Drilling Co.(b)		8,251,035

				30,885,899

		Food & Staples Retailing – 1.1%
	93,950	Casey’s General Stores, Inc.		6,905,325
	312,584	Spartan Stores, Inc.		6,895,603

				13,800,928

		Food Products – 1.2%
	260,206	Darling International, Inc.(b)		5,505,959
	75,683	Ingredion, Inc.		5,007,944
	52,080	J & J Snack Foods Corp.		4,203,898

				14,717,801

		Gas Utilities – 0.5%
	71,432	New Jersey Resources Corp.		3,146,580
	73,877	UGI Corp.		2,890,807

				6,037,387

		Health Care Equipment & Supplies – 1.0%
	111,089	SurModics, Inc.(b)		2,641,697
	112,062	Teleflex, Inc.		9,220,461

				11,862,158

		Health Care Providers & Services – 2.5%
	303,234	Bio-Reference Labs, Inc.(b)		9,060,632
	157,482	Hanger Orthopedic Group, Inc.(b)		5,316,592
	69,094	MEDNAX, Inc.(b)		6,937,038
	136,766	WellCare Health Plans, Inc.(b)		9,538,061

				30,852,323

		Health Care Technology – 0.8%
	379,203	MedAssets, Inc.(b)		9,639,340

		Hotels, Restaurants & Leisure – 3.7%
	139,446	Churchill Downs, Inc.		12,064,868
	58,331	Cracker Barrel Old Country Store, Inc.		6,022,093
	482,098	Diamond Resorts International, Inc.(b)		9,068,263
	233,793	Marriott Vacations Worldwide Corp.(b)		10,286,892
	233,047	Six Flags Entertainment Corp.		7,874,658

				45,316,774

See accompanying notes to financial statements.

23 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Small Cap Value Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Household Durables – 1.3%
	249,633	Jarden Corp.(b)	$	12,082,237
	160,487	La-Z-Boy, Inc.		3,644,660

				15,726,897

		Industrial Conglomerates – 0.8%
	314,611	Raven Industries, Inc.		10,290,926

		Insurance – 3.8%
	446,540	Employers Holdings, Inc.		13,280,100
	326,467	HCC Insurance Holdings, Inc.		14,305,784
	216,618	ProAssurance Corp.		9,760,807
	133,959	Reinsurance Group of America, Inc., Class A		8,973,913

				46,320,604

		Internet & Catalog Retail – 1.3%
	153,101	HSN, Inc.		8,209,276
	87,030	Liberty Ventures, Series A(b)		7,673,435

				15,882,711

		Internet Software & Services – 0.9%
	341,227	Perficient, Inc.(b)		6,264,927
	515,461	United Online, Inc.		4,113,379

				10,378,306

		IT Services – 2.9%
	459,809	Convergys Corp.		8,621,419
	354,406	Euronet Worldwide, Inc.(b)		14,105,359
	142,959	WEX, Inc.(b)		12,544,652

				35,271,430

		Machinery – 5.6%
	156,182	Actuant Corp., Class A		6,066,109
	79,516	Alamo Group, Inc.		3,889,128
	225,097	Albany International Corp., Class A		8,074,229
	369,810	Altra Holdings, Inc.		9,951,587
	254,862	John Bean Technologies Corp.		6,340,967
	179,900	RBC Bearings, Inc.(b)		11,853,611
	214,905	TriMas Corp.(b)		8,015,956
	214,071	Wabtec Corp.		13,458,644

				67,650,231

		Marine – 0.9%
	121,016	Kirby Corp.(b)		10,473,935

		Media – 2.8%
	345,302	Carmike Cinemas, Inc.(b)		7,624,268
	267,658	E.W. Scripps Co. (The), Class A(b)		4,911,524

See accompanying notes to financial statements.

| 24

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Small Cap Value Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Media – continued
	186,322	John Wiley & Sons, Inc., Class A	$	8,885,696
	360,616	Live Nation Entertainment, Inc.(b)		6,689,427
	333,537	National CineMedia, Inc.		6,290,508

				34,401,423

		Metals & Mining – 2.2%
	199,275	Globe Specialty Metals, Inc.		3,070,828
	149,911	Haynes International, Inc.		6,795,465
	459,624	Horsehead Holding Corp.(b)		5,726,915
	40,984	Reliance Steel & Aluminum Co.		3,002,898
	440,342	SunCoke Energy, Inc.(b)		7,485,814

				26,081,920

		Multi Utilities – 0.7%
	184,776	NorthWestern Corp.		8,300,138

		Multiline Retail – 0.4%
	293,168	Fred’s, Inc. Class A		4,588,079

		Oil, Gas & Consumable Fuels – 1.2%
	389,935	EPL Oil & Gas, Inc.(b)		14,470,488

		Pharmaceuticals – 0.4%
	122,062	Mallinckrodt PLC(b)		5,381,713

		REITs – Apartments – 1.9%
	213,247	American Campus Communities, Inc.		7,282,385
	124,279	Home Properties, Inc.		7,177,112
	133,984	Mid-America Apartment Communities, Inc.		8,374,000

				22,833,497

		REITs – Diversified – 1.0%
	224,639	DuPont Fabros Technology, Inc.		5,788,947
	157,581	Potlatch Corp.		6,252,814

				12,041,761

		REITs – Healthcare – 0.8%
	324,457	Omega Healthcare Investors, Inc.		9,691,531

		REITs – Hotels – 0.8%
	1,629,443	Hersha Hospitality Trust		9,108,586

		REITs – Office Property – 0.8%
	532,268	BioMed Realty Trust, Inc.		9,894,862

		REITs – Single Tenant – 0.5%
	195,910	National Retail Properties, Inc.		6,233,856

See accompanying notes to financial statements.

25 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Small Cap Value Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		REITs – Storage – 2.2%
	701,228	CubeSmart	$	12,509,907
	180,366	Sovran Self Storage, Inc.		13,650,099

				26,160,006

		Road & Rail – 2.2%
	267,431	Avis Budget Group, Inc.(b)		7,710,036
	62,675	Genesee & Wyoming, Inc., Class A(b)		5,826,895
	293,871	Old Dominion Freight Line, Inc.(b)		13,515,127

				27,052,058

		Semiconductors & Semiconductor Equipment – 2.3%
	352,473	Magnachip Semiconductor Corp.(b)		7,588,744
	315,850	Semtech Corp.(b)		9,472,341
	637,778	Teradyne, Inc.(b)		10,536,093

				27,597,178

		Software – 1.9%
	234,935	Monotype Imaging Holdings, Inc.		6,733,237
	234,725	SS&C Technologies Holdings, Inc.(b)		8,943,022
	201,746	Synchronoss Technologies, Inc.(b)		7,678,453

				23,354,712

		Specialty Retail – 2.7%
	282,867	Barnes & Noble, Inc.(b)		3,660,299
	170,258	Genesco, Inc.(b)		11,165,520
	49,036	Jos. A. Bank Clothiers, Inc.(b)		2,155,622
	175,920	Rent-A-Center, Inc.		6,702,552
	363,798	Sally Beauty Holdings, Inc.(b)		9,516,956

				33,200,949

		Thrifts & Mortgage Finance – 0.5%
	485,003	Capitol Federal Financial, Inc.		6,028,587

		Trading Companies & Distributors – 1.6%
	98,104	DXP Enterprises, Inc.(b)		7,747,273
	156,263	H&E Equipment Services, Inc.(b)		4,150,345
	267,058	Rush Enterprises, Inc., Class A(b)		7,079,708

				18,977,326

		Transportation Infrastructure – 0.7%
	147,211	Macquarie Infrastructure Co. LLC		7,881,677

		Water Utilities – 0.3%
	150,135	Middlesex Water Co.		3,211,388

		Total Common Stocks (Identified Cost $756,315,294)		1,158,927,990

See accompanying notes to financial statements.

| 26

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Small Cap Value Fund – continued


Shares		Description	Value (†)

	Closed End Investment Companies – 2.1%
	468,764	Ares Capital Corp.	$	8,104,929
	899,272	Fifth Street Finance Corp.		9,253,509
	475,547	Hercules Technology Growth Capital, Inc.		7,252,092

		Total Closed End Investment Companies (Identified Cost $22,036,891)		24,610,530


	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 – 2.2%
$	26,590,292	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2013 at 0.000% to be repurchased at $26,590,292 on 10/01/2013 collateralized by $27,540,000 U.S. Treasury Note, 0.625% due 8/31/2017 valued at $27,126,900 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $26,590,292)		26,590,292

		Total Investments – 99.9% (Identified Cost $804,942,477)(a)		1,210,128,812
		Other assets less liabilities – 0.1%		1,752,314

		Net Assets – 100.0%	$	1,211,881,126

	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information:
		At September 30, 2013, the net unrealized appreciation on investments based on a cost of $804,927,604 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	$	416,234,871
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(11,033,663	)

		Net unrealized appreciation	$	405,201,208

	(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.

27 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Small Cap Value Fund – continued

Industry Summary at September 30, 2013 (Unaudited)


Commercial Banks	11.3	%
Machinery	5.6
Electronic Equipment, Instruments & Components	4.6
Commercial Services & Supplies	4.3
Insurance	3.8
Hotels, Restaurants & Leisure	3.7
Chemicals	3.1
IT Services	2.9
Media	2.8
Specialty Retail	2.7
Energy Equipment & Services	2.5
Health Care Providers & Services	2.5
Electrical Equipment	2.5
Electric Utilities	2.4
Semiconductors & Semiconductor Equipment	2.3
Road & Rail	2.2
REITs – Storage	2.2
Metals & Mining	2.2
Closed End Investment Companies	2.1
Other Investments, less than 2% each	32.0
Short-Term Investments	2.2

Total Investments	99.9
Other assets less liabilities	0.1

Net Assets	100.0	%

See accompanying notes to financial statements.

| 28

Statements of Assets and Liabilities

September 30, 2013


	Small Cap Growth Fund			Small Cap Value Fund
ASSETS
Investments at cost	$	823,381,278		$	804,942,477
Net unrealized appreciation		319,985,428			405,186,335

Investments at value		1,143,366,706			1,210,128,812
Cash		—			264,281
Receivable for Fund shares sold		5,248,378			731,263
Receivable for securities sold		1,301,626			3,399,342
Dividends receivable		66,572			1,298,165

TOTAL ASSETS		1,149,983,282			1,215,821,863

LIABILITIES
Payable for securities purchased		14,269,972			1,841,328
Payable for Fund shares redeemed		1,486,433			1,086,230
Management fees payable (Note 5)		698,032			701,507
Deferred Trustees’ fees (Note 5)		98,499			173,171
Administrative fees payable (Note 5)		40,229			43,393
Payable to distributor (Note 5d)		14,086			15,202
Other accounts payable and accrued expenses		72,266			79,906

TOTAL LIABILITIES		16,679,517			3,940,737

NET ASSETS	$	1,133,303,765		$	1,211,881,126

NET ASSETS CONSIST OF:
Paid-in capital	$	747,231,982		$	711,714,328
Accumulated net investment (loss)/Undistributed net investment income		(6,100,899	)		192,931
Accumulated net realized gain on investments		72,187,254			94,787,532
Net unrealized appreciation on investments		319,985,428			405,186,335

NET ASSETS	$	1,133,303,765		$	1,211,881,126


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Institutional Class:
Net assets	$	913,999,555		$	733,512,166

Shares of beneficial interest		34,690,689			19,602,640

Net asset value, offering and redemption price per share	$	26.35		$	37.42

Retail Class:
Net assets	$	211,724,362		$	403,475,317

Shares of beneficial interest		8,390,981			10,897,229

Net asset value, offering and redemption price per share	$	25.23		$	37.03

Admin Class:
Net assets	$	—		$	74,892,476

Shares of beneficial interest		—			2,066,675

Net asset value, offering and redemption price per share	$	—		$	36.24

Class N:
Net assets	$	7,579,848		$	1,167

Shares of beneficial interest		287,596			31

Net asset value, offering and redemption price per share	$	26.36		$	37.44	*

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

See accompanying notes to financial statements.

29 |

Statements of Operations

For the Year Ended September 30, 2013


	Small Cap Growth Fund			Small Cap Value Fund
INVESTMENT INCOME
Dividends	$	2,260,117	(a)	$	16,398,441
Interest		1,404			862

		2,261,521			16,399,303

Expenses
Management fees (Note 5)		6,846,564			8,140,092
Service and distribution fees (Note 5)		518,764			1,274,711
Administrative fees (Note 5)		403,822			480,091
Trustees’ fees and expenses (Note 5)		41,543			52,032
Transfer agent fees and expenses (Notes 5 and 6)		1,106,885			1,135,571
Audit and tax services fees		38,671			43,895
Custodian fees and expenses		39,716			38,788
Legal fees		11,919			14,383
Registration fees		76,082			85,654
Shareholder reporting expenses		93,250			119,862
Miscellaneous expenses		28,069			31,662

Total expenses		9,205,285			11,416,741
Fee/expense recovery (Note 5)		16,604			—
Less waiver and/or expense reimbursement (Note 5)		—			(373,920	)

Net expenses		9,221,889			11,042,821

Net investment income (loss)		(6,960,368	)		5,356,482


NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain on:
Investments		87,223,584			101,532,511
Net change in unrealized appreciation (depreciation) on:
Investments		222,061,214			174,751,306

Net realized and unrealized gain on investments		309,284,798			276,283,817


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	302,324,430		$	281,640,299

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

See accompanying notes to financial statements.

| 30

Statements of Changes in Net Assets


	Small Cap Growth Fund						Small Cap Value Fund
	Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2013			Year Ended September 30, 2012
FROM OPERATIONS:
Net investment income (loss)	$	(6,960,368	)	$	(4,991,954	)	$	5,356,482		$	6,076,844
Net realized gain on investments		87,223,584			14,608,048			101,532,511			49,521,017
Net change in unrealized appreciation (depreciation) on investments		222,061,214			100,644,997			174,751,306			195,787,207

Net increase in net assets resulting from operations		302,324,430			110,261,091			281,640,299			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)		1,689,164			451,606,631			(44,339,129	)		(111,263,616	)

Net increase in net assets		304,013,594			561,867,722			227,771,834			139,088,200
NET ASSETS
Beginning of the year		829,290,171			267,422,449			984,109,292			845,021,092

End of the year	$	1,133,303,765		$	829,290,171		$	1,211,881,126		$	984,109,292

ACCUMULATED NET INVESTMENT (LOSS)/UNDISTRIBUTED NET INVESTMENT INCOME	$	(6,100,899	)	$	(4,261,711	)	$	192,931		$	4,639,670

See accompanying notes to financial statements.

31 |

This Page Intentionally Left Blank

| 32

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
9/30/2013	$	19.17	$	(0.15	)(e)	$	7.33		$	7.18		$	—	$	—	$	—
9/30/2012		15.06		(0.14	)		4.25			4.11			—		—		—
9/30/2011		14.03		(0.13	)		1.16	(f)		1.03			—		—		—
9/30/2010		11.58		(0.11	)(h)		2.56			2.45			—		—		—
9/30/2009		13.07		(0.07	)		(1.42	)		(1.49	)		—		—		—

Retail Class
9/30/2013		18.41		(0.20	)(e)		7.02			6.82			—		—		—
9/30/2012		14.52		(0.19	)		4.08			3.89			—		—		—
9/30/2011		13.55		(0.18	)		1.15	(f)		0.97			—		—		—
9/30/2010		11.21		(0.13	)(h)		2.47			2.34			—		—		—
9/30/2009		12.69		(0.09	)		(1.39	)		(1.48	)		—		—		—

Class N
9/30/2013*		20.22		(0.11	)		6.25			6.14			—		—		—

From commencement of Class operations on February 1, 2013 through September 30, 2013.

(a)

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

(b)

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, if applicable. Without this waiver/reimbursement, expenses would have been higher.

(d)

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

(e)

Includes non-recurring dividends. Without these dividends, net investment loss per share would have been $(0.16) and $(0.21) for Institutional Class and Retail Class, respectively, total return would have been 37.40% and 36.99% for Institutional Class and Retail Class, respectively, and the ratio of net investment loss to average net assets would have been (0.75)% and (1.05)% for Institutional Class and Retail Class, respectively.

(f)

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.

(g)

Includes fee/expense recovery of 0.03%.

(h)

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.

(i)

Includes fee/expense recovery of 0.01%.

See accompanying notes to financial statements.

33 |


							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 loss (%) (d)			Portfolio turnover rate (%)



$	26.35		37.45	(e)	$	914,000		0.94			0.94			(0.70	)(e)		56
	19.17		27.29			599,469		0.95			0.95			(0.79	)		77
	15.06		7.34			154,313		0.98	(g)		0.98	(g)		(0.78	)		76
	14.03		21.16			52,501		1.00			1.06			(0.85	)(h)		69
	11.58		(11.40	)		45,557		1.00			1.01			(0.68	)		107


	25.23		37.05	(e)		211,724		1.25	(i)		1.25	(i)		(0.99	)(e)		56
	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	)(h)		69
	11.21		(11.66	)		75,478		1.25			1.43			(0.93	)		107


	26.36		30.37			7,580		0.83			0.83			(0.63	)		56

See accompanying notes to financial statements.

| 34

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
9/30/2013	$	29.14	$	0.20		$	8.41		$	8.61		$	(0.30	)	$	(0.03	)	$	(0.33	)
9/30/2012		22.36		0.21			6.62			6.83			(0.05	)		—			(0.05	)
9/30/2011		22.93		0.09	(h)		(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	)

Retail Class
9/30/2013		28.84		0.12			8.32			8.44			(0.22	)		(0.03	)		(0.25	)
9/30/2012		22.14		0.13			6.57			6.70			—			—			—
9/30/2011		22.71		0.02	(h)		(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	)

Admin Class
9/30/2013		28.22		0.04			8.15			8.19			(0.14	)		(0.03	)		(0.17	)
9/30/2012		21.72		0.06			6.44			6.50			—			—			—
9/30/2011		22.30		(0.04	)(h)		(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	)

Class N
9/30/2013*		32.08		0.06			5.30			5.36			—			—			—

From commencement of Class operations on February 1, 2013 through September 30, 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)

(f)

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

(g)

Includes fee/expense recovery of less than 0.01%.

(h)

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.

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 (loss) (%) (f)			Portfolio turnover rate (%)



$	—	$	37.42		29.82		$	733,512		0.90			0.91			0.61			22
	—		29.14		30.59			572,776		0.90	(g)		0.90	(g)		0.76			19
	—		22.36		(1.88	)(h)		431,761		0.90			0.93			0.33	(h)		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


	—		37.03		29.48			403,475		1.15			1.22			0.37			22
	—		28.84		30.26			343,480		1.15			1.22			0.49			19
	—		22.14		(2.12	)(h)		347,759		1.15			1.22			0.08	(h)		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


	—		36.24		29.17			74,892		1.40			1.52			0.11			22
	—		28.22		29.93			67,853		1.40			1.52			0.24			19
	—		21.72		(2.40	)(h)		65,500		1.40			1.52			(0.17	)(h)		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


	—		37.44		16.71			1		0.85			14.45			0.27			22

See accompanying notes to financial statements.

| 36

Notes to Financial Statements

September 30, 2013

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

a. Valuation. 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

37 |

Notes to Financial Statements – (continued)

September 30, 2013

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 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 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.

| 38

Notes to Financial Statements – (continued)

September 30, 2013

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 September 30, 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 twelve months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based

39 |

Notes to Financial Statements – (continued)

September 30, 2013

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.

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 return of capital distributions received and net operating 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 return of capital distributions received, 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 years ended September 30, 2013 and 2012 was as follows:


	2013 Distributions Paid From:						2012 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total		Ordinary Income		Long-Term Capital Gains		Total
Small Cap Value Fund	$	8,670,789	$	858,547	$	9,529,336	$	1,033,252	$	—	$	1,033,252

| 40

Notes to Financial Statements – (continued)

September 30, 2013

As of September 30, 2013, the components of distributable earnings on a tax basis were as follows:


	Small Cap Growth Fund			Small Cap Value Fund
Undistributed ordinary income	$	—		$	366,102
Undistributed long-term capital gains		72,332,270			94,772,659

Total undistributed earnings		72,332,270			95,138,761

Late-year ordinary and post-October capital loss deferrals*		(6,002,400	)		—
Unrealized appreciation		319,840,412			405,201,208

Total accumulated earnings	$	386,170,282		$	500,339,969

* 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.

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 year ended September 30, 2013, neither Fund had loaned securities under this agreement.

41 |

Notes to Financial Statements – (continued)

September 30, 2013

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.

i. 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 instruments. Management has evaluated the impact the adoption of ASU 2011-11 and will incorporate the new disclosures required in the March 31, 2014 report.

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.

| 42

Notes to Financial Statements – (continued)

September 30, 2013

The following is a summary of the inputs used to value the Funds’ investments as of September 30, 2013, at value:

Small Cap Growth Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	1,083,688,907	$	—	$	—	$	1,083,688,907
Short-Term Investments		—		59,677,799		—		59,677,799

Total	$	1,083,688,907	$	59,677,799	$	—	$	1,143,366,706

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

For the year ended September 30, 2013, there were no transfers among Levels 1, 2 and 3.

Small Cap Value Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	1,158,927,990	$	—	$	—	$	1,158,927,990
Closed End Investment Companies		24,610,530		—		—		24,610,530
Warrants(b)		—		—		—		—
Short-Term Investments		—		26,590,292		—		26,590,292

Total	$	1,183,538,520	$	26,590,292	$	—	$	1,210,128,812

(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 year ended September 30, 2013, there were no transfers among Levels 1, 2 and 3.

4. Purchases and Sales of Securities. For the year ended September 30, 2013, purchases and sales of securities (excluding short-term investments) were as follows:


Fund	Purchases		Sales
Small Cap Growth Fund	$	492,161,921	$	518,118,918
Small Cap Value Fund		237,353,441		300,903,268

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%

43 |

Notes to Financial Statements – (continued)

September 30, 2013

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 year ended September 30, 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 it has borne under the expense limitation agreements (whether through waiver of its management fees or otherwise) on a class by class basis in later periods to the extent the annual operating expenses of a class fall below a class’ expense limits, provided, however, that a class is not obligated to pay such waived/reimbursed fees or expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.

For the year ended September 30, 2013, the management fees for each Fund were as follows:


Fund	Management Fees		Percentage of Average Daily Net Assets
Small Cap Growth Fund	$	6,846,564		0.75%
Small Cap Value Fund	$	8,140,092		0.75%

For the year ended September 30, 2013, class-specific expenses have been reimbursed as follows:


	Reimbursement¹
Fund	Institutional Class		Retail Class		Admin Class		Class N		Total
Small Cap Value Fund	$	42,284	$	246,272	$	85,267	$	97	$	373,920

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

For the year ended September 30, 2013, expense reimbursements related to the prior fiscal year were recovered as follows:


	Recovered Expenses
Fund	Institutional Class		Retail Class		Total
Small Cap Growth Fund	$	—	$	16,604	$	16,604

Certain officers and employees of Loomis Sayles are also officers or Trustees of the Trusts. Loomis Sayles’ general partner is indirectly owned by Natixis Global Asset Management,

| 44

Notes to Financial Statements – (continued)

September 30, 2013

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.

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 year ended September 30, 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	$	—	$	518,764	$	—
Small Cap Value Fund		174,592		925,527		174,592

45 |

Notes to Financial Statements – (continued)

September 30, 2013

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 year ended September 30, 2013, the administrative fees for each Fund were as follows:


Fund	Administrative Fees
Small Cap Growth Fund	$	403,822
Small Cap Value Fund		480,091

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 year ended September 30, 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	$	754,805	$	274,338	$	—
Small Cap Value Fund		472,189		488,381		129,855

| 46

Notes to Financial Statements – (continued)

September 30, 2013

As of September 30, 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	$	10,127	$	3,959	$	—
Small Cap Value Fund		6,297		6,986		1,919

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 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

47 |

Notes to Financial Statements – (continued)

September 30, 2013

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 September 30, 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 net assets:


Fund	Pension Plan		Retirement Plan		Total Affiliated Ownership
Small Cap Growth Fund		0.75%		1.18%		1.93%
Small Cap Value Fund		1.11%		2.00%		3.11%

Additionally, as of September 30, 2013, NGAM Advisors held shares of Small Cap Value Fund representing less than 0.01% of the Funds’ net assets.

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

6. Class-Specific Transfer Agent Fees and Expenses. For the year ended September 30, 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	$	770,843	$	335,932	$	—	$	110
Small Cap Value Fund		494,773		506,287		134,414		97

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 year ended September 30, 2013, neither Fund had borrowings under these agreements.

| 48

Notes to Financial Statements – continued

September 30, 2013

8. Brokerage Commission Recapture. Each Fund has entered into agreements with certain brokers whereby the brokers will rebate a portion of brokerage commissions. All amounts rebated by the brokers are returned to the Funds under such agreements and are included in realized gains on investments in the Statements of Operations. For the year ended September 30, 2013, amounts rebated under these agreements were as follows:


Fund	Rebates
Small Cap Growth Fund	$	57,189
Small Cap Value Fund		45,409

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


	Small Cap Growth Fund
	Year Ended September 30, 2013						Year Ended September 30, 2012
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		11,813,357		$	252,532,051			25,012,829		$	444,379,599
Issued in connection with the reinvestment of distributions		—			—			—			—
Redeemed		(8,396,592	)		(176,478,451	)		(3,982,168	)		(71,766,116	)

Net change		3,416,765		$	76,053,600			21,030,661		$	372,613,483

Retail Class
Issued from the sale of shares		2,620,258		$	53,469,074			8,772,957		$	149,204,216
Issued in connection with the reinvestment of distributions		—			—			—			—
Redeemed		(6,709,873	)		(135,077,555	)		(4,084,044	)		(70,211,068	)

Net change		(4,089,615	)	$	(81,608,481	)		4,688,913		$	78,993,148

Class N*
Issued from the sale of shares		291,609		$	7,346,195			—		$	—
Issued in connection with the reinvestment of distributions		—			—			—			—
Redeemed		(4,013	)		(102,150	)		—			—

Net change		287,596		$	7,244,045			—		$	—

Increase (decrease) from capital share transactions		(385,254	)	$	1,689,164			25,719,574		$	451,606,631

* From commencement of Class operations on February 1, 2013 through September 30, 2013.

49 |

Notes to Financial Statements – continued

September 30, 2013

9. Capital Shares – continued.


	Small Cap Value Fund
	Year Ended September 30, 2013						Year Ended September 30, 2012
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		3,209,013		$	105,799,055			4,160,980		$	112,254,002
Issued in connection with the reinvestment of distributions		204,464			6,072,591			37,002			980,177
Redeemed		(3,464,461	)		(112,934,799	)		(3,852,812	)		(105,017,313	)

Net change		(50,984	)	$	(1,063,153	)		345,170		$	8,216,866

Retail Class
Issued from the sale of shares		1,284,622		$	42,022,941			1,188,522		$	32,260,155
Issued in connection with the reinvestment of distributions		96,978			2,855,026			—			—
Redeemed		(2,396,051	)		(77,723,740	)		(4,987,227	)		(135,496,848	)

Net change		(1,014,451	)	$	(32,845,773	)		(3,798,705	)	$	(103,236,693	)

Admin Class
Issued from the sale of shares		474,991		$	15,185,040			593,951		$	15,631,061
Issued in connection with the reinvestment of distributions		9,613			277,512			—			—
Redeemed		(822,273	)		(25,893,755	)		(1,205,509	)		(31,874,850	)

Net change		(337,669	)	$	(10,431,203	)		(611,558	)	$	(16,243,789	)

Class N*
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		(1,403,073	)	$	(44,339,129	)		(4,065,093	)	$	(111,263,616	)

* From commencement of Class operations on February 1, 2013 through September 30, 2013.

| 50

Report Of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Loomis Sayles Small Cap Value Fund, a series of Loomis Sayles Funds I, and the Loomis Sayles Small Cap Growth Fund, a series of Loomis Sayles Funds II (collectively, the “Funds”), at September 30, 2013, and the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at September 30, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

November 21, 2013

51 |

2013 U.S. Tax Distribution Information to Shareholders (Unaudited)

Corporate Dividends Received Deduction. For the fiscal year ended September 30, 2013, a percentage of dividends distributed by the Funds listed below qualify for the dividends received deduction for corporate shareholders. These percentages are as follows:


Fund	Qualifying Percentage
Small Cap Value		100.00%

Capital Gains Distributions. Pursuant to Internal Revenue Section 852(b), the following Funds paid distributions, which have been designated as capital gains distributions for the fiscal year ended September 30, 2013, unless subsequently determined to be different.


Fund	Amount
Small Cap Value	$	858,547

Qualified Dividend Income. For the fiscal year ended September 30, 2013, the Funds below will designate up to the maximum amount allowable pursuant to the Internal Revenue Code as qualified dividend income eligible for reduced tax rates. These lower rates range from 0% to 20% depending on an individual’s tax bracket. If the Funds pay a distribution during calendar year 2013, complete information will be reported in conjunction with Form 1099-DIV.

Fund

Small Cap Value

| 52

Trustee and Officer Information

As of 9/30/13

The tables below provide certain information regarding the trustees and officers of Loomis Sayles Funds I and Loomis Sayles Funds II (the “Trusts”). Unless otherwise indicated, the address of all persons below is 399 Boylston Street, Boston, MA 02116. The Funds’ Statement of Additional Information includes additional information about the trustees of the Trusts and is available by calling Natixis Funds at 800-225-5478.


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

INDEPENDENT TRUSTEES

Charles D. Baker (1956)	Trustee From 2005 to 2009 and since 2011 Contract Review and Governance Committee Member	Executive in Residence at General Catalyst Partners (venture capital and growth equity firm); formerly, President and Chief Executive Officer, Harvard Pilgrim Health Care (health care organization)	42 Director, Athenahealth, Inc. (software company)	Significant experience on the Board; executive experience (including president and chief executive officer of a health care organization and executive officer of a venture capital and growth equity firm)

Daniel M. Cain (1945)	Trustee Since 2003 Chairman of the Contract Review and Governance Committee	Chairman (formerly, President and Chief Executive Officer) of Cain Brothers & Company, Incorporated (investment banking)	42 Director, Sheridan Healthcare Inc. (physician practice management)	Significant experience on the Board and on the board of other business organizations (including at a health care organization); experience in the financial industry (including roles as chairman and former chief executive officer of an investment banking firm)

Kenneth A. Drucker (1945)	Trustee Since 2008 Chairman of the Audit Committee	Retired	42 Formerly, Director, M Fund, Inc. (investment company); Director, Gateway Trust (investment company)	Significant experience on the Board and on the board of other business organizations (including at investment companies); executive experience (including as treasurer of an aerospace, automotive, and metal manufacturing corporation)

53 |

Trustee and Officer Information – continued


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

INDEPENDENT TRUSTEES – continued

Edmond J. English (1953)	Trustee Since 2013 Contract Review and Governance Committee Member	Chief Executive Officer of Bob’s Discount Furniture (retail)	42 Formerly, Director, BJ’s Wholesale Club (retail); formerly, Director, Citizens Financial Group (bank)	Significant experience on the board of other business organizations (including at a retail company and a bank); executive experience (including at a retail company)

Wendell J. Knox (1948)	Trustee Since 2009 Audit Committee Member	Director (formerly, President and Chief Executive Officer) of Abt Associates Inc. (research and consulting)	42 Director, Eastern Bank (bank); Director, The Hanover Insurance Group (property and casualty insurance)	Significant experience on the Board and on the board of other business organizations (including at a bank and at a property and casualty insurance firm); executive experience (including roles as president and chief executive officer of a research and consulting company)

Martin T. Meehan (1956)	Trustee Since 2012 Contract Review and Governance Committee Member	Chancellor and faculty member, University of Massachusetts Lowell	42 None	Experience on the Board and on the board of other business organizations; experience as Chancellor of the University of Massachusetts Lowell; government experience (including as a member of the U.S. House of Representatives); academic experience

| 54

Trustee and Officer Information – continued


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

INDEPENDENT TRUSTEES – continued

Sandra O. Moose (1942)	Chairperson of the Board of Trustees since November 2005 Trustee Since 2003 Ex officio member of the Audit Committee and Contract Review and Governance Committee	President, Strategic Advisory Services (management consulting)	42 Director, Verizon Communications (telecommunications company); Director, AES Corporation (international power company); formerly, Director, Rohm and Haas Company (specialty chemicals)	Significant experience on the Board and on the board of other business organizations (including at a telecommunications company, an international power company and a specialty chemicals corporation); executive experience (including at a management consulting company)

Erik R. Sirri (1958)	Trustee Since 2009 Audit Committee Member	Professor of Finance at Babson College; formerly, Director of the Division of Trading and Markets at the Securities and Exchange Commission	42 None	Significant experience on the Board; experience as Director of the Division of Trading and Markets at the Securities and Exchange Commission; academic experience; training as an economist

Peter J. Smail (1952)	Trustee Since 2009 Contract Review and Governance Committee Member	Retired; formerly, President and Chief Executive Officer of Pyramis Global Advisors (investment management)	42 None	Significant experience on the Board; mutual fund industry and executive experience (including roles as president and chief executive officer for an investment adviser)

Cynthia L. Walker (1956)	Trustee Since 2005 Audit Committee Member	Deputy Dean for Finance and Administration, Yale University School of Medicine; formerly, Executive Dean for Administration, Harvard Medical School	42 None	Significant experience on the Board; executive experience in a variety of academic organizations (including roles as dean for finance and administration)

55 |

Trustee and Officer Information – continued


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

INTERESTED TRUSTEES

Robert J. Blanding³ (1947) 555 California Street San Francisco, CA 94104	Trustee Since 2003 President and Chief Executive Officer of Loomis Sayles Funds I since 2002 Chief Executive Officer of Loomis Sayles Funds II since 2002	President, Chairman, Director and Chief Executive Officer, Loomis, Sayles & Company, L.P.	42 None	Significant experience on the Board; continuing service as President, Chairman, and Chief Executive Officer of Loomis, Sayles & Company, L.P.

David L. Giunta⁴ (1965)	Trustee Since 2011 President of Loomis Sayles Funds II and Executive Vice President of Loomis Sayles Funds I since 2008	President and Chief Executive Officer, NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.	42 None	Experience on the Board; continuing experience as President and Chief Executive Officer of NGAM Advisors, L.P.

John T. Hailer⁵ (1960)	Trustee Since 2003	President and Chief Executive Officer – U.S. and Asia, Natixis Global Asset Management, L.P.	42 None	Significant experience on the Board; continuing experience as President and Chief Executive Officer – U.S. and Asia, Natixis Global Asset Management, L.P.

Each trustee serves until retirement, resignation or removal from the Board. The current retirement age is 72. The position of Chairperson of the Board is appointed for a two-year term. Ms. Moose was appointed to serve an additional two-year term as the Chairperson of the Board on November 18, 2011.

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

³	Mr. Blanding is deemed an “interested person” of the Trusts because he holds the following positions with an affiliated person of the Trusts: President, Chairman, Director and Chief Executive Officer of Loomis, Sayles & Company, L.P. and Director of Loomis Sayles Investment Asia Pte., Ltd.

⁴	Mr. Giunta is deemed an “interested person” of the Trusts because he holds the following positions with an affiliated person of the Trusts: President and Chief Executive Officer of NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.

⁵	Mr. Hailer is deemed an “interested person” of the Trusts because he holds the following positions with an affiliated person of the Trusts: President and Chief Executive Officer – U.S. and Asia, Natixis Global Asset Management, L.P.

| 56

Trustee and Officer Information – continued


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

OFFICERS OF THE TRUSTS

Coleen Downs Dinneen (1960)	Secretary, Clerk and Chief Legal Officer	Since September 2004	Executive Vice President, General Counsel, Secretary and Clerk, NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.

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

Russell L. Kane (1969)	Chief Compliance Officer, Assistant Secretary and Anti-Money Laundering Officer	Chief Compliance Officer since May 2006; Assistant Secretary since June 2004; and Anti-Money Laundering Officer since April 2007	Chief Compliance Officer for Mutual Funds, Senior Vice President, Deputy General Counsel, Assistant Secretary and Assistant Clerk, NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.

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

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

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

57 |

LOGO

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

Annual Report

September 30, 2013



TABLE OF CONTENTS
Portfolio Review			1
Portfolio of Investments			19
Financial Statements			70
Notes to Financial Statements			83

LOOMIS SAYLES FIXED INCOME FUND


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

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 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).

Market Conditions

Following an event-driven fourth quarter of 2012, investor optimism surged in early 2013 following a last-minute deal that prevented the U.S. from plummeting over a “fiscal cliff” of scheduled tax increases and spending cuts. The credit markets struggled for much of the second quarter of 2013, as speculation concerning the potential winding down of the Federal Reserve’s (the Fed’s) asset purchase program prompted fears that interest rates would rise sooner rather than later. These concerns receded in September, when the Fed surprised the markets by delaying any reduction in its asset-purchasing program.

Macroeconomic indicators, led by domestic housing market data, were largely positive during the period, underscoring the potential for a strengthening U.S. recovery. Pressure on European sovereign bonds mounted as instability in Italy, in the wake of a contentious parliamentary election, was quickly followed by the early-2013 banking crisis in Cyprus. These pressures faded over the course of the summer, and the euro zone emerged from recession.

Performance Results

For the 12 months ended September 30, 2013, Institutional Class shares of Loomis Sayles Fixed Income Fund returned 6.71%. The fund outperformed its benchmark, the Barclays U.S. Government/Credit Bond Index, which returned -1.96%.

Explanation of Fund Performance

The fund’s performance advantage relative to its benchmark was generally due to investment-grade corporate holdings and out-of-benchmark allocations, including positions in high-yield bonds, convertible securities and specific non-U.S.-dollar-denominated credits.

Strong performance from individual convertible securities led to positive returns for the sector. Significant stock market gains during much of the 12-month period also buoyed equity-sensitive issues. Similarly, allocations to common stock bolstered return, as the equity markets generally trended upward for much of the period. Investment-grade and high-yield corporate securities generated positive results and superior relative returns, as resurgent investor optimism and high levels of new issuance bolstered both segments of the credit market at various points during the period. Higher-beta (higher risk/reward potential) industrial names generally led the way within the high-yield segment, while financial issues were the largest contributors in the investment-grade sectors. Meanwhile, non-U.S.-dollar-denominated holdings benefited from intermittent bouts of optimism and added to and the fund’s gains as well as to relative return. Issues denominated in the euro, Icelandic krona, New Zealand dollar and British pound were the largest contributors to performance within the allocation.

Certain non-U.S.-dollar-denominated currencies detracted from performance in the second half of the period. Specifically, the Brazilian real, Canadian dollar and Indonesian rupiah suffered the brunt of fiscal reform and diminished growth expectations in China. Similarly, emerging market debt enjoyed a rally during the first six months of the period; but it sold off sharply in the latter half, as fresh concerns about China’s economic growth dampened prospects for the sector. The downturn weighed heavily on the fund’s supranational holdings.

Outlook

Our outlook for the U.S. and global economies remains largely consistent despite political and policy uncertainty. We believe U.S. gross domestic product (GDP) growth will move toward 3.0% next year, based on acceleration in the housing sector as well as momentum in autos and energy. However, deflationary pressures remain a concern in the short run as wage growth is slow, unemployment is still high (though slowly improving), and the output gap remains decidedly negative. Due to primarily weak economic growth, we expect the Fed to maintain accommodative monetary policy, and to employ a slow, cautious approach to rate increases. Our forecast for the 10-year U.S. Treasury yield is approximately 2.75% at year-end, moving to 3.25% a year from now.

1 |

Several key risks may affect our outlook. We expect to see steady, perhaps even increased, volatility during the final quarter of 2013. Investor anxiety regarding upcoming economic releases and their impact on future Fed policy will likely contribute to market turbulence. The U.S. government shutdown and debt ceiling debates will likely occupy the headlines, adding another source of volatility. Europe remains an ongoing concern; however, economic and fiscal conditions appear stable for now.

Based on our long-term views, we have not made material asset allocation changes. Our strategy centers on research-based security selection, with a focus on sectors that can be uncorrelated with U.S. interest rates, and we continue to build diversification into the fund. We intend to maintain reduced term structure risk and continue to decrease nominal duration through sector and security selection. The fund’s ability to invest in what we view as the best risk-adjusted opportunities across a full range of global markets, sectors and securities may be an advantage as the economic recovery unfolds and the investment landscape evolves.

Cumulative Performance — September 30, 2003 through September 30, 2013^(b)(c)

LOGO

Average Annual Total Returns — September 30, 2013^(b)



	1 year			5 years			10 years

Institutional Class (Inception 1/17/95)		6.71	%		11.91	%		8.99	%

Comparative Performance
Barclays U.S. Government/Credit Bond Index^(a)		-1.96			5.71			4.52

NOTES TO CHARTS

^(a)

See page 13 for a description of the index.

^(b)

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

^(c)

The mountain chart is based on the initial minimum of $3,000,000 for the Institutional Class.

| 2

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 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.

Market Conditions

Central bank policy was the primary force driving markets during the 12-month period. Bond purchasing programs by the Federal Reserve (the Fed) and the European Central Bank (ECB) drove down yields in most markets during 2012 and the first few months of 2013. This caused investors to search for returns in the corporate credit markets, where balance sheets were improving despite slow aggregate macroeconomic growth. As a result, investment-grade corporates finished 2012 and began 2013 performing quite well, as spreads tightened in the United States, the United Kingdom and the euro zone. This “risk-on” environment favored lower quality issues and emerging markets. The tides began to change during 2013’s second quarter, when the Fed indicated that it might begin tapering its asset purchase program, causing the credit markets to struggle. The Fed’s announcement increased market volatility and reduced market liquidity, affecting emerging markets in particular, which gave back substantial portions of recent gains. However, the Fed surprised the markets by announcing in September that it would continue its current pace of bond buying. The Fed’s “dovish” surprise gave some relief to higher-risk currencies late in the quarter and placed a floor under the falling prices of riskier bonds.

European economic indicators generally remained soft but improved late in the period, as the euro zone slowly started climbing out its second recession since 2008. Disinflationary pressures from the peripheral countries remained, with headline inflation below the ECB’s 2.0% target. The ECB has stuck to its forward guidance that rates would stay low for an “extended period.”

Overall, global economic data continued to improve. Although China’s economic slowdown stabilized, we believe China will be held back by its efforts to deleverage. China remains saddled with too much bad credit, monetary policy has been restrained and market reforms have been complex.

Performance Results

For the 12 months ended September 30, 2013, Institutional Class shares of Loomis Sayles Global Bond Fund returned -2.14%. The fund held up better than its benchmark, the Barclays Global Aggregate Bond Index, which returned -2.64%.

Explanation of Fund Performance

The fund’s currency positioning was a key contributor to its performance advantage over its benchmark. In particular, an underweight position in Japan’s yen aided results, as the yen depreciated versus the U.S. dollar over the period. In addition, security selection aided relative results across all sectors, but selection in the corporate bond sector had the greatest influence. In particular, our selections within basic industrials, banking and technology lifted relative results. Security selection in the U.K. banking and electric sectors and among government bonds in Mexico, combined with communication issues in several markets, aided relative returns during the period. The fund’s sector allocations, including overweight exposures to the United States and U.K. banking sectors, also helped relative performance.

Country allocation, including underweight positions in European local markets and Japan, was the main detractor from performance during the period. In addition, an underweight position in the euro weighed on results, as the euro appreciated relative to the U.S. dollar. The fund’s overweight position in emerging market currencies also detracted from performance. Although positioning along the yield curve (a curve that shows the relationship among bond yields across the maturity spectrum) was slightly positive, the flattening of the U.K. yield curve and positioning on Japan’s and Mexico’s yield curves hurt performance. These negative returns were partially offset by shorter duration (price sensitivity to interest rate changes) positioning in U.S. rates. Although security selection was an overall positive influence during the period, our selections in euro-denominated government bonds partially weighed on results.

3 |

Outlook

Ongoing uncertainty surrounding the pace and magnitude of Fed tapering could create market volatility, which could put pressure on higher-risk markets. We expect continued slow growth and low inflation, which should support government bond markets. Within the currency markets, we continue to favor the U.S. dollar relative to the euro or the yen, as we see better relative growth prospects in the United States through year-end. We expect to maintain the fund’s underweight position in the euro due to continued political uncertainty in Europe. Additionally, the slowdown in China has made us more cautious toward our non-Japan Asian currencies, and we have reduced the fund’s weights in the Malaysian ringgit and Singapore dollar.

Cumulative Performance — September 30, 2003 through September 30, 2013^(b)(c)

LOGO

Average Annual Total Returns — September 30, 2013^(b)



	1 year			5 years			10 years			Since Class N Inception

Institutional Class (Inception 5/10/91)		-2.14	%		7.18	%		5.58	%		—	%

Retail Class (Inception 12/31/96)		-2.39			6.87			5.28			—

Class N (Inception 2/1/13)		—			—			—			-1.97

Comparative Performance
Barclays Global Aggregate Bond Index^(a)		-2.64			5.07			4.92			-1.17

NOTES TO CHARTS

^(a)

See page 13 for a description of the index.

^(b)

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

^(c)

The mountain chart is based on the initial minimum of $100,000 for the Institutional Class.

| 4

LOOMIS SAYLES INFLATION PROTECTED SECURITIES FUND


Managers	Symbols
Elaine Kan, CFA	Institutional Class	LSGSX
Kevin P. Kearns	Retail Class	LIPRX
Maura T. 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 in inflation-protected securities. The emphasis will be on debt securities issued by the U.S. Treasury.

Market Conditions

U.S. inflation remained tame throughout the 12 months, despite the Federal Reserve’s (the Fed’s) continued monetary easing. The U.S. Consumer Price Index, a measure of inflation, generally remained below the Fed’s 2% target level for much of the period. In addition, inflation expectations remained low, as five-year, five-year forward breakeven rates (the market’s expectation of inflation starting five years from now, running for five years) trended downward.

After hitting record lows in May 2013, intermediate- and long-term U.S. Treasury yields increased on growing market anticipation that the Fed would scale back its bond-buying program. But the Fed surprised the market in September by announcing that it would continue its current pace of monthly bond buying. This news pushed yields lower in the second half of September 2013; overall, the yield on the 10-year Treasury note rose nearly one percentage point over the 12-month period. Meanwhile, corporate credit spreads (the difference in yield between corporates and Treasuries) finished the year tighter than opening levels. The Barclays U.S. Corporate Index compressed approximately 15 basis points, while high-yield securities compressed nearly 90 basis points. Despite some spread volatility in the spring, corporate credit fundamentals remained strong, and the sector outperformed Treasury Inflation-Protected Securities (TIPS) and nominal Treasuries.

Performance Results

For the 12 months ended September 30, 2013, Institutional Class shares of Loomis Sayles Inflation Protected Securities Fund returned -5.70%. The fund held up better than its benchmark, the Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index, which returned -6.10%.

Explanation of Fund Performance

Overall, the TIPS market suffered from soft expected and actual inflation data and rising U.S. Treasury yields, and these factors also had a negative impact on the fund’s TIPS holdings. Breakeven rates trended downward, reflecting investor expectations for lower future inflation, while actual year-over-year inflation largely remained lower than the Fed’s target level. On a relative basis, the fund’s TIPS largely performed in line with the benchmark.

However, out-of-benchmark credit exposure and yield curve (a curve that shows the relationship among bond yields across the maturity spectrum) trades produced positive results, which helped the fund outperform the index. For example, trades used to express our views on the yield curve, largely implemented through the use of swaptions (options on interest rate swaps), aided return. In particular, swaption trades we put in place to benefit from a steepening U.S. Treasury yield curve contributed positively to performance. Additionally, a modest allocation to corporate bonds lifted relative performance, given they performed better than TIPS and nominal Treasuries. Positions in high-yield bonds and convertibles, which generally performed well during the period, had a positive impact on performance.

Outlook

The re-emergence of Janet Yellen as front-runner for Fed chairman resuscitated the market’s faith in the Fed’s forward guidance. While these recent developments add structural support to the market, we are generally neutral on duration. Following the recent rally in rates, we remain concerned about the potential market reaction to any upside surprise in the near-term labor market data. We also remain neutral on breakeven inflation in the near-term. While our general inflation outlook remains subdued, the recent “dovish” turn at the Fed’s September policy meeting mitigates a more negative near-term outlook. We will continue to use derivatives to express our views on breakeven rates, the yield curve and relative value among sectors.

5 |

Cumulative Performance — September 30, 2003 through September 30, 2013^(c)(d)(e)

LOGO

Average Annual Total Returns — September 30, 2013^(d)



	1 year			5 years			10 years

Institutional Class (Inception 5/20/91)^(c)		-5.70	%		5.72	%		4.31	%

Retail Class (Inception 5/28/10)^(a)(c)		-6.04			5.43			4.00

Comparative Performance
Barclays U.S. Treasury Inflation Protected Securities Index^(b)		-6.10			5.31			5.23

For illustrative purposes, the chart above reflects the growth of a hypothetical investment of $100,000 in the fund, for the last ten years. The chart above also reflects the growth of a hypothetical investment in the former primary benchmark of the fund, the Barclays U.S. Government Bond Index (the “Former Benchmark”), compared to the performance of the fund from September 30, 2003 through December 31, 2004. On December 15, 2004, in connection with a change of the fund’s investment objective, the fund changed its primary benchmark to the Barclays U.S. Treasury Inflation Protected Securities Index (the “New Benchmark”). Since index performance data is not available coincident with the date of the fund’s strategy change, comparative data for the fund’s New Benchmark begins on December 31, 2004. The chart above reflects the growth of a hypothetical investment in the New Benchmark, compared to the performance of the fund, from December 31, 2004, through September 30, 2013. The performance of the New Benchmark was linked to the performance of the Former Benchmark as of December 31, 2004.

NOTES TO CHARTS

^(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 13 for a description of the index.

^(c)

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

^(d)

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

^(e)

The mountain chart is based on the initial minimum of $100,000 for the Institutional Class.

| 6

LOOMIS SAYLES INSTITUTIONAL HIGH INCOME FUND


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

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.

Market Conditions

Central bank policy was the primary force driving markets during the 12-month period. Fiscal issues took center stage early in the period, as investors worried about the “fiscal cliff” of federal tax hikes and spending cuts that were scheduled to go into effect on January 1, 2013. Following a last-minute deal that prevented the worst of the fiscal cliff, investor optimism surged at the beginning of 2013. However, for much of the second quarter, the credit markets struggled as the Federal Reserve (the Fed) indicated that it might begin tapering its asset purchase program. This led to increased market volatility and declining market liquidity, as investors feared interest rates would rise sooner rather than later. But, the Fed surprised the markets by announcing in September that it would continue its current pace of bond buying. In response, markets rallied and liquidity improved late in the period. Elsewhere, 2013 opened with the collapse of Cyprus’s two largest banks. By the second quarter, the challenges in Europe, where the economic downturn appeared to stabilize, were overshadowed by an economic slowdown in China.

Performance Results

For the 12 months ended September 30, 2013, Institutional Class shares of Loomis Sayles Institutional High Income Fund returned 14.17%. The fund outperformed its benchmark, the Barclays U.S. Corporate High-Yield Bond Index, which returned 7.14%.

Explanation of Fund Performance

During the 12-month period, convertible securities were the strongest relative contributors to the fund’s performance, while high-yield industrials were the strongest absolute performers. Security selection within the technology and American automotive industries generally bolstered results. Similarly, holdings in preferred and common stock aided return, as the equity markets surged throughout the period. In addition, an underweight position in high-yield generated positive relative return. Security selection within industrials and financials contributed modestly, while sector allocation boosted return within utilities.

Foreign currency exposure weighed on performance, as investors generally favored the relative safety of the U.S. dollar. Out-of-benchmark positions in investment-grade corporate securities slightly weighed on the fund’s relative performance. Additionally, positioning along the yield curve (a curve that shows the relationship among bond yields across the maturity spectrum) and a small, out-of-benchmark position in U.S. Treasuries modestly detracted from performance. In general, longer duration (price sensitivity to interest rate changes) securities underperformed.

Outlook

Our outlook for the U.S. and global economies remains largely consistent despite political and policy uncertainty. We believe U.S. gross domestic product (GDP) growth will move toward 3.0% next year, based on acceleration in the housing sector as well as momentum in autos and energy. However, deflationary pressures remain a concern in the short run as wage growth is slow, unemployment is still high (though slowly improving), and the output gap remains decidedly negative. Due primarily to weak economic growth, we expect the Fed to maintain accommodative monetary policy and to employ a slow, cautious approach to rate increases. Our forecast for the 10-year U.S. Treasury yield is approximately 2.75% at year-end, moving to 3.25% a year from now.

7 |

Cumulative Performance — September 30, 2003 through September 30, 2013^(b)^(c)

LOGO

Average Annual Total Returns — September 30, 2013^(b)



	1 year			5 years			10 years

Institutional Class (Inception 6/5/96)		14.17	%		13.73	%		10.73	%

Comparative Performance
Barclays U.S. Corporate High-Yield Bond Index^(a)		7.14			13.53			8.86

NOTES TO CHARTS

^(a)

See page 13 for a description of the index.

^(b)

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

^(c)

The mountain chart is based on the initial minimum of $3,000,000 for the Institutional Class.

| 8

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 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.

Market Conditions

The period began on a volatile note, due to uncertainty surrounding the 2012 U.S. presidential election, the unprecedented damage caused by Hurricane Sandy and the looming “fiscal cliff” of automatic tax hikes and spending cuts. A last-minute deal was struck, which helped to temporarily quell fiscal cliff fears, but the agreement failed to address the approaching U.S. debt ceiling limit. In February 2013, Federal Reserve (Fed) Chairman Ben Bernanke vowed to maintain the Fed’s stimulus program, but in May he indicated that the Fed may scale down its monthly bond purchases, known as quantitative easing (QE), earlier than anticipated. These comments unnerved the markets and drove Treasury yields higher. Fears of a U.S. military strike on Syria shook investor confidence in August and September, but those concerns faded and attention instead shifted back to the Fed. In a surprise announcement, the central bank decided not to commence winding down QE, and markets rallied. In the final days of September, attention shifted again, this time to the federal budget battle. With no resolution in sight, the period ended with a partial government shutdown looming.

Performance Results

For the 12 months ended September 30, 2013, Institutional Class shares of Loomis Sayles Intermediate Duration Bond Fund returned -0.30%. The fund held up better than its benchmark, the Barclays U.S. Intermediate Government/Credit Bond Index, which returned -0.50%.

Explanation of Fund Performance

Investment-grade corporate securities aided the fund’s relative performance. An overweight position across all corporate sectors was moderately helpful, but the bulk of the fund’s outperformance over its benchmark came from security selection within industrials. Selected banking names within the investment-grade financial sector also aided results. We continued our strategy of “rolling” issues as a source of return — that is, using gains from the sale of seasoned corporate issues to fund purchases of new and off-the-run issues (issues that are no longer the most recently issued in that maturity) trading at what we believed to be a discount to fair value. In addition to corporate bonds, an out-of-benchmark position in commercial mortgage-backed securities (CMBS) posted strong returns. We continued to focus on super-senior seasoned CMBS, but we also made a meaningful addition to newer CMBS throughout the period. We intend to maintain the position in CMBS. Allocations to high-yield corporate securities also aided performance. Similar to investment grade corporates, the industrial sector was the main driver of returns within high yield, lifted by specific basic industry and communications names.

A significant underweight in U.S. Treasuries helped performance, as Treasury prices fell in the wake of uncertainty surrounding U.S. economic growth and the Fed’s continuation of QE. Security selection modestly weighed on results, primarily due to lagging performance from Treasury inflation-protected securities (TIPS) that were purchased in the second quarter of 2013. Nevertheless, the positive effect from the fund’s underweight allocation more than offset the negative effect from security selection. We have subsequently reduced the fund’s TIPS position, using the proceeds to purchase issues across other sectors. An out-of-benchmark position in agency pass-through securities also aided performance.

Yield curve (a curve that shows the relationship among bond yields across the maturity spectrum) positioning was the primary performance detractor, as the fund’s duration (price sensitivity to interest rate changes) generally remained longer than the benchmark’s duration. Among securitized agency securities, collateralized mortgage obligations detracted from performance. The fund remained overweight in securities offering lower prepayment risk.

Outlook

Looking ahead, given the uncertainty surrounding the Fed’s plans for tapering QE, we expect to keep the fund’s duration fairly close to the benchmark’s duration. In addition, we will continue to review new and existing corporate securities and CMBS to determine if there are opportunities to move into more attractive securities.

9 |

Cumulative Performance — September 30, 2003 through September 30, 2013^(c)(d)(e)

LOGO

Average Annual Total Returns — September 30, 2013^(d)



	1 year			5 years			10 years

Institutional Class (Inception 1/28/98)^(c)		-0.30	%		7.17	%		4.87	%

Retail Class (Inception 5/28/10)^(a)(c)		-0.46			6.94			4.59

Comparative Performance
Barclays U.S. Intermediate Government/Credit Bond Index^(b)		-0.50			4.95			4.10

NOTES TO CHARTS

^(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 13 for a description of the index.

^(c)

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

^(d)

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

^(e)

The mountain chart is based on the initial minimum of $100,000 for the Institutional Class.

| 10

LOOMIS SAYLES INVESTMENT GRADE FIXED INCOME FUND


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

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 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).

Market Conditions

The 12-month period began with investor attention focused on the November 2012 U.S. presidential election. Soon afterward, fears that the U.S. economy would fall off the “fiscal cliff” took center stage, and investors sought to position themselves for the scheduled automatic tax hikes and spending cuts. Ultimately, Congress and the president struck an 11^th-hour deal, which helped buoy the markets through the first quarter of 2013. During the second quarter, the Federal Reserve (the Fed) introduced volatility in the fixed income markets by indicating a potential winding down of its program of monthly bond purchases, known as quantitative easing (QE), tempering investor enthusiasm. The magnitude of the resulting selloff and the overall disruption to markets tightened financial conditions significantly. Based on the Fed’s own announcement, investors anticipated a reduction in QE following the central bank’s September policy meeting. However, the Fed surprised the financial markets and decided to delay the “taper,” while softening its forward guidance. The 12-month period concluded with renewed uncertainty surrounding Congressional budget and debt ceiling discussions.

Performance Results

For the 12 months ended September 30, 2013, Institutional Class shares of Loomis Sayles Investment Grade Fixed Income Fund returned 2.14%. The fund outperformed its benchmark, the Barclays U.S. Government/Credit Bond Index, which returned -1.96%.

Explanation of Fund Performance

Security selection among investment-grade corporate credits, particularly within the financials, industrials and utilities areas, and an underweight position in the sector contributed strongly to fund performance. Similarly, an out-of-benchmark allocation to the high-yield sector lifted results, with security selection among financials and industrials leading the way. In addition, the fund’s out-of-benchmark exposure to non-U.S.-dollar-denominated issues, including those issued in the euro, New Zealand dollar, British pound, Icelandic krona and South Korean won, aided relative performance. A shorter-than-benchmark duration (price sensitivity to interest rate changes) aided performance, as rates rose during the year. Despite a negative absolute return, sector allocation contributed to the relative outperformance among U.S. Treasuries. The fund’s position in convertible securities, another out-of-benchmark sector, also posted strong returns for the period. Tracking the performance generated in the equity markets, the fund’s out-of-benchmark positions in preferred and equity securities, contributed to the fund’s gains. Out-of-benchmark positions in commercial mortgage-backed securities and asset-backed securities also aided results.

Out-of-benchmark issues denominated in the Canadian dollar, Brazilian real, Indonesian rupiah, Australian dollar, Mexican peso and Norwegian krone weighed on relative performance.

Outlook

Our outlook for the U.S. and global economies remains largely consistent despite political and policy uncertainty. We believe U.S. gross domestic product (GDP) growth will move toward 3.0% next year, based on acceleration in the housing sector as well as momentum in autos and energy. However, deflationary pressures remain a concern in the short run as wage growth is slow, unemployment is still high (though slowly improving), and the output gap remains decidedly negative. Due primarily to weak economic growth, we expect the Fed to maintain accommodative monetary policy and to employ a slow, cautious approach to rate increases. Our forecast for the 10-year U.S. Treasury yield is approximately 2.75% at year-end, moving to 3.25% a year from now.

11 |

Cumulative Performance — September 30, 2003 through September 30, 2013^(b)(c)

LOGO

Average Annual Total Returns — September 30, 2013^(b)



	1 year			5 years			10 years

Institutional Class (Inception 7/1/1994)		2.14	%		10.34	%		7.91	%

Comparative Performance
Barclays U.S. Government/Credit Bond Index^(a)		-1.96			5.71			4.52

NOTES TO CHARTS

^(a)

See page 13 for a description of the index.

^(b)

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

^(c)

The mountain chart is based on the initial minimum of $3,000,000 for the Institutional Class.

| 12

ADDITIONAL INFORMATION

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

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.

Additional Index Information

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, 2013 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.

13 |

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

The first line in the table for each class of fund shares shows the actual amount of fund expenses you would have paid on a $1,000 investment in the fund from April 1, 2013 through September 30, 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 = 8.60) and multiply the result by the number in the Expenses Paid During Period column as shown below for your class.

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

Loomis Sayles Fixed Income Fund


Institutional Class	Beginning Account Value 4/1/2013		Ending Account Value 9/30/2013		Expenses Paid During Period* 4/1/2013 – 9/30/2013
Actual		$1,000.00		$1,012.90		$2.88
Hypothetical (5% return before expenses)		$1,000.00		$1,022.21		$2.89
* 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 (183), divided by 365 (to reflect the half-year period).

Loomis Sayles Global Bond Fund


Institutional Class	Beginning Account Value 4/1/2013		Ending Account Value 9/30/2013		Expenses Paid During Period* 4/1/2013 – 9/30/2013
Actual		$1,000.00		$985.60		$3.73
Hypothetical (5% return before expenses)		$1,000.00		$1,021.31		$3.80

Retail Class
Actual		$1,000.00		$985.00		$4.83
Hypothetical (5% return before expenses)		$1,000.00		$1,020.21		$4.91

Class N
Actual		$1,000.00		$985.90		$3.48
Hypothetical (5% return before expenses)		$1,000.00		$1,021.56		$3.55
* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.75%, 0.97% 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 (183), divided by 365 (to reflect the half-year period).

Loomis Sayles Inflation Protected Securities Fund


Institutional Class	Beginning Account Value 4/1/2013		Ending Account Value 9/30/2013		Expenses Paid During Period* 4/1/2013 – 9/30/2013
Actual		$1,000.00		$940.50		$1.95
Hypothetical (5% return before expenses)		$1,000.00		$1,023.06		$2.03

Retail Class
Actual		$1,000.00		$938.30		$3.16
Hypothetical (5% return before expenses)		$1,000.00		$1,021.81		$3.29
* 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 (183), divided by 365 (to reflect the half-year period).

| 14

Loomis Sayles Institutional High Income Fund


Institutional Class	Beginning Account Value 4/1/2013		Ending Account Value 9/30/2013		Expenses Paid During Period* 4/1/2013 – 9/30/2013
Actual		$1,000.00		$1,048.30		$3.49
Hypothetical (5% return before expenses)		$1,000.00		$1,021.66		$3.45
* 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 (183), divided by 365 (to reflect the half-year period).

Loomis Sayles Intermediate Duration Bond Fund


Institutional Class	Beginning Account Value 4/1/2013		Ending Account Value 9/30/2013		Expenses Paid During Period* 4/1/2013 – 9/30/2013
Actual		$1,000.00		$988.90		$1.99
Hypothetical (5% return before expenses)		$1,000.00		$1,023.06		$2.03

Retail Class
Actual		$1,000.00		$987.60		$3.24
Hypothetical (5% return before expenses)		$1,000.00		$1,021.81		$3.29
* 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 (183), divided by 365 (to reflect the half-year period).

Loomis Sayles Investment Grade Fixed Income Fund


Institutional Class	Beginning Account Value 4/1/2013		Ending Account Value 9/30/2013		Expenses Paid During Period* 4/1/2013 – 9/30/2013
Actual		$1,000.00		$989.70		$2.34
Hypothetical (5% return before expenses)		$1,000.00		$1,022.71		$2.38
* Expenses are equal to the Fund’s annualized expense ratio of 0.47%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), divided by 365 (to reflect the half-year period).

15 |

Board Approval of the Existing Advisory Agreements

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

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

In addition to the materials requested by the Trustees in connection with their annual consideration of the continuation of the Agreements, the Trustees receive materials in advance of each regular quarterly meeting of the Board that provide detailed information about the Funds’ investment performance and the fees charged to the Funds for advisory and other services. This information generally includes, among other things, an internal performance rating for each Fund based on agreed-upon criteria, graphs showing each Fund’s performance and fee differentials against each Fund’s peer group/category of funds, performance ratings provided by a third-party, total return information for various periods, and third-party performance rankings for various periods comparing a Fund against similarly categorized funds. The portfolio management team for each Fund or other representatives of the Adviser make periodic presentations to the Contract Review and Governance Committee and/or the full Board, and Funds identified as presenting possible performance concerns may be subject to more frequent board presentations and reviews. In addition, each quarter the Trustees are provided with detailed statistical information about each Fund’s portfolio. The Trustees also receive periodic updates between meetings.

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

| 16

With respect to each Fund, the Board concluded that the Fund’s performance or other relevant factors supported the renewal of the Agreement relating to that Fund. In the case of each Fund that had performance that lagged that of a relevant peer group median and/or category median for certain (although not necessarily all) periods, the Board concluded that other factors relevant to performance supported renewal of the Agreement. These factors included one or more of the following: (1) that the underperformance was attributable, to a significant extent, to investment decisions (such as security selection or sector allocation) by the Adviser that were reasonable and consistent with the Fund’s investment objective and policies; (2) that the Fund’s more recent performance, although lagging in certain periods, was competitive when compared to relevant performance benchmarks or peer groups; (3) that the Fund’s more recent performance, although lagging in certain periods, had shown improvement relative to its category; and (4) that the Fund’s more recent performance, although lagging in certain periods, was stronger over the long term. The Trustees also considered the Adviser’s performance and reputation generally, the Funds’ performance as a fund family generally, and the historical responsiveness of the Adviser to Trustee concerns about performance and the willingness of the Adviser to take steps intended to improve performance.

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

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

17 |

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

•

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

•

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

•

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

| 18

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Fixed Income Fund


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – 85.3% of Net Assets

	Non-Convertible Bonds – 76.3%

		ABS Home Equity – 0.1%
$	765,253	Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR4, Class 2A2, 2.719%, 4/25/2035(b)	$	769,221

		ABS Other – 0.1%
	554,411	Community Program Loan Trust, Series 1987-A, Class A5, 4.500%, 4/01/2029		559,767

		Aerospace & Defense – 1.0%
	175,000	Bombardier, Inc., 7.450%, 5/01/2034, 144A		174,125
	600,000	Meccanica Holdings USA, Inc., 6.250%, 7/15/2019, 144A		618,000
	900,000	Meccanica Holdings USA, Inc., 6.250%, 1/15/2040, 144A		751,500
	1,700,000	Meccanica Holdings USA, Inc., 7.375%, 7/15/2039, 144A		1,563,427
	245,000	Textron, Inc., 5.600%, 12/01/2017		270,343
	6,855,000	Textron, Inc., 5.950%, 9/21/2021		7,536,037
	1,290,000	Textron, Inc., 7.250%, 10/01/2019		1,516,034

				12,429,466

		Airlines – 1.6%
	5,550,000	Air Canada, 7.625%, 10/01/2019, 144A, (CAD)		5,401,558
	785,000	Air Canada Pass Through Trust, Series 2013-1, Class B, 5.375%, 11/15/2022, 144A		757,525
	1,200,000	American Airlines Pass Through Trust, Series 2013-1, Class A, 4.000%, 1/15/2027, 144A		1,125,000
	400,000	American Airlines Pass Through Trust, Series 2013-1, Class B, 5.625%, 1/15/2021, 144A		385,000
	255,000	Continental Airlines Pass Through Certificates, Series 2012-2, Class B, 5.500%, 4/29/2022		255,956
	1,745,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		1,775,538
	38,197	Continental Airlines Pass Through Trust, Series 1997-1, Class A, 7.461%, 10/01/2016		38,243
	30,391	Continental Airlines Pass Through Trust, Series 2000-2, Class B, 8.307%, 10/02/2019		31,341

		Airlines – continued
$	70,802	Continental Airlines Pass Through Trust, Series 2001-1, Class B, 7.373%, 6/15/2017	$	75,228
	275,000	Continental Airlines Pass Through Trust, Series 2012-1, Class B, 6.250%, 10/11/2021		283,938
	1,028,245	Delta Air Lines Pass Through Trust, Series 2007-1, Class C, 8.954%, 8/10/2014		1,043,668
	247,313	Delta Air Lines Pass Through Trust, Series 2009-1, Series B, 9.750%, 6/17/2018		272,972
	927,486	UAL Pass Through Trust, Series 2007-1, Class A, 6.636%, 1/02/2024		964,586
	1,503,266	US Airways Pass Through Trust, Series 2011-1A, Class A, 7.125%, 4/22/2025		1,649,835
	1,008,180	US Airways Pass Through Trust, Series 2012-1A, Class A, 5.900%, 4/01/2026		1,053,548
	539,611	US Airways Pass Through Trust, Series 2012-1B, Class B, 8.000%, 4/01/2021		588,176
	1,418,923	US Airways Pass Through Trust, Series 2012-1C, Class C, 9.125%, 10/01/2015		1,461,490
	2,480,000	US Airways Pass Through Trust, Series 2012-2A, Class A, 4.625%, 12/03/2026		2,393,200

				19,556,802

		Automotive – 1.9%
	365,000	Chrysler Group LLC/CG Co-Issuer, Inc., 8.250%, 6/15/2021		408,800
	1,280,000	Ford Motor Co., 6.375%, 2/01/2029		1,395,987
	1,030,000	Ford Motor Co., 6.500%, 8/01/2018		1,186,868
	165,000	Ford Motor Co., 6.625%, 2/15/2028		178,347
	4,230,000	Ford Motor Co., 6.625%, 10/01/2028		4,773,242
	690,000	Ford Motor Co., 7.125%, 11/15/2025		803,688
	3,510,000	Ford Motor Co., 7.400%, 11/01/2046		4,200,129
	5,225,000	Ford Motor Co., 7.450%, 7/16/2031		6,376,553
	1,645,000	Ford Motor Co., 7.500%, 8/01/2026		1,984,212
	600,000	Ford Motor Credit Co. LLC, 5.000%, 5/15/2018		657,331
	645,000	Ford Motor Credit Co. LLC, 7.000%, 4/15/2015		699,869
	375,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		371,250

				23,036,276

See accompanying notes to financial statements.

19 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Banking – 13.0%
$	2,275,000	Ally Financial, Inc., 7.500%, 9/15/2020	$	2,556,531
	1,460,000	Ally Financial, Inc., 8.000%, 12/31/2018		1,642,500
	1,146,000	Ally Financial, Inc., 8.000%, 11/01/2031		1,289,250
	5,195,000	Ally Financial, Inc., 8.300%, 2/12/2015		5,597,613
	1,710,000	Associates Corp. of North America, 6.950%, 11/01/2018		2,031,239
	1,900,000	Bank of America Corp., 5.490%, 3/15/2019		2,073,326
	1,060,000	Bank of America Corp., 5.650%, 5/01/2018		1,196,235
	2,247,000	Bank of America Corp., Series L, MTN, 7.625%, 6/01/2019		2,755,413
	2,420,000,000	Barclays Bank PLC, EMTN, 3.680%, 8/20/2015, (KRW)		2,312,013
	250,000	Barclays Bank PLC, EMTN, (fixed rate to 3/15/2020, variable rate thereafter), 4.750%, (EUR)(j)		267,188
	1,300,000	BNP Paribas S.A., (fixed rate to 10/23/2017, variable rate thereafter), 7.436%, (GBP)(j)		2,120,356
	1,450,000	BNP Paribas S.A., (fixed rate to 4/12/2016, variable rate thereafter), 4.730%, (EUR)(j)		1,986,154
	2,150,000	BNP Paribas S.A., (fixed rate to 4/13/2017, variable rate thereafter), 5.019%, (EUR)(j)		2,955,894
	2,950,000	BNP Paribas S.A., (fixed rate to 4/19/2016, variable rate thereafter), 5.945%, (GBP)(j)		4,680,720
	1,000,000	BNP Paribas S.A., (fixed rate to 6/25/2037, variable rate thereafter), 7.195%, 144A(j)		1,003,750
	1,150,000	BNP Paribas S.A., (fixed rate to 6/29/2015, variable rate thereafter), 5.186%, 144A(j)		1,161,615
	1,050,000	BNP Paribas S.A., (fixed rate to 7/13/2016, variable rate thereafter), 5.954%, (GBP)(j)		1,691,347
	3,830,000	Citigroup, Inc., 5.000%, 9/15/2014		3,974,364
	300,000	Citigroup, Inc., 5.365%, 3/06/2036, (CAD)(c)		267,814
	3,320,000	Citigroup, Inc., 5.875%, 2/22/2033		3,305,717
	1,215,000	Citigroup, Inc., 6.000%, 10/31/2033		1,224,563

		Banking – continued
$	795,000	Citigroup, Inc., 6.125%, 8/25/2036	$	800,122
	14,170,000	Citigroup, Inc., 6.250%, 6/29/2017, (NZD)		12,138,853
	200,000	Citigroup, Inc., EMTN, 1.495%, 11/30/2017, (EUR)(b)		262,724
	4,145,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		4,325,871
	1,955,000	Goldman Sachs Group, Inc. (The), GMTN, 5.375%, 3/15/2020		2,153,442
	7,400,000	HBOS PLC, 6.000%, 11/01/2033, 144A		6,964,140
	6,100,000	HBOS PLC, GMTN, 6.750%, 5/21/2018, 144A		6,778,283
	3,605,000	JPMorgan Chase & Co., 4.250%, 11/02/2018, (NZD)		2,830,630
	1,000,000,000	JPMorgan Chase & Co., EMTN, 7.070%, 3/22/2014, (IDR)		82,591
	18,000,000,000	JPMorgan Chase Bank NA, 7.700%, 6/01/2016, 144A, (IDR)		1,494,715
	1,700,000	Merrill Lynch & Co., Inc., 6.050%, 5/16/2016		1,872,341
	5,600,000	Merrill Lynch & Co., Inc., 6.110%, 1/29/2037		5,767,614
	50,000	Merrill Lynch & Co., Inc., EMTN, 0.774%, 9/14/2018, (EUR)(b)		62,065
	1,000,000	Merrill Lynch & Co., Inc., EMTN, 4.625%, 9/14/2018, (EUR)		1,447,550
	300,000	Merrill Lynch & Co., Inc., Series C, MTN, 6.050%, 6/01/2034		313,673
	200,000	Morgan Stanley, 0.748%, 10/15/2015(b)		198,476
	7,895,000	Morgan Stanley, 2.125%, 4/25/2018		7,694,846
	130,000	Morgan Stanley, 3.450%, 11/02/2015		134,753
	3,775,000	Morgan Stanley, 3.750%, 2/25/2023		3,639,228
	465,000	Morgan Stanley, 3.800%, 4/29/2016		489,424
	2,780,000	Morgan Stanley, 4.750%, 11/16/2018, (AUD)		2,580,578
	4,149,000	Morgan Stanley, 5.500%, 7/24/2020		4,579,579
	7,400,000	Morgan Stanley, 5.750%, 1/25/2021		8,214,807
	4,900,000	Morgan Stanley, 8.000%, 5/09/2017, (AUD)		5,052,852
	50,000	Morgan Stanley, EMTN, 5.750%, 2/14/2017, (GBP)		89,579
	200,000	Morgan Stanley, GMTN, 5.500%, 1/26/2020		221,313
	4,100,000	Morgan Stanley, GMTN, 7.625%, 3/03/2016, (AUD)		4,101,637

See accompanying notes to financial statements.

| 20

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Banking – continued
$	5,025,000	Morgan Stanley, MTN, 4.100%, 5/22/2023	$	4,686,908
	1,600,000	Morgan Stanley, MTN, 7.250%, 5/26/2015, (AUD)		1,574,198
	300,000	Morgan Stanley, Series F, GMTN, 5.625%, 9/23/2019		334,777
	900,000	Morgan Stanley, Series F, MTN, 0.716%, 10/18/2016(b)		885,260
	300,000	Morgan Stanley, Series G & H, GMTN, 5.125%, 11/30/2015, (GBP)		518,943
	185,000	RBS Capital Trust A, 2.321%, (EUR)(b)(j)		207,730
	1,320,000	RBS Capital Trust I, 2.113%(b)(j)		1,151,700
	185,000	Royal Bank of Scotland Group PLC, 5.250%, (EUR)(j)		190,836
	2,500,000	Royal Bank of Scotland Group PLC, 5.500%, (EUR)(j)		2,639,073
	2,300,000	Royal Bank of Scotland Group PLC, (fixed rate to 9/29/2017, variable rate thereafter), 7.640%(j)		2,185,000
	50,000	Royal Bank of Scotland PLC (The), EMTN, 4.350%, 1/23/2017, (EUR)		68,573
	650,000	Royal Bank of Scotland PLC (The), EMTN, 6.934%, 4/09/2018, (EUR)		963,829
	150,000	Royal Bank of Scotland PLC (The), EMTN, (fixed rate to 9/22/2016, variable rate thereafter), 4.625%, 9/22/2021, (EUR)		192,781
	300,000	Santander Financial Issuances Ltd., 7.250%, 11/01/2015		320,360
	200,000	Santander International Debt SAU, EMTN, 4.000%, 3/27/2017, (EUR)		284,770
	800,000	Santander Issuances SAU, 5.911%, 6/20/2016, 144A		843,658
	700,000	Santander Issuances SAU, (fixed rate to 8/11/2014, variable rate thereafter), 6.500%, 8/11/2019, 144A		710,750
	150,000	SG Capital Trust III, (fixed rate to 11/10/2013, variable rate thereafter), 5.419%, (EUR)(j)		203,536
	1,225,000	Societe Generale S.A., (fixed rate to 4/05/2017, variable rate thereafter), 5.922%, 144A(j)		1,249,500
	5,000,000	Societe Generale S.A., MTN, 5.200%, 4/15/2021, 144A		5,438,645

				155,036,115


		Brokerage – 1.2%
$	1,495,000	Jefferies Group LLC, 3.875%, 11/09/2015	$	1,557,916
	1,245,000	Jefferies Group LLC, 5.125%, 4/13/2018		1,336,186
	3,225,000	Jefferies Group LLC, 5.125%, 1/20/2023		3,250,326
	3,055,000	Jefferies Group LLC, 6.250%, 1/15/2036		2,931,557
	1,805,000	Jefferies Group LLC, 6.450%, 6/08/2027		1,841,100
	2,530,000	Jefferies Group LLC, 6.875%, 4/15/2021		2,806,200

				13,723,285

		Building Materials – 1.0%
	860,000	Masco Corp., 4.800%, 6/15/2015		898,700
	240,000	Masco Corp., 5.850%, 3/15/2017		259,800
	2,600,000	Masco Corp., 6.125%, 10/03/2016		2,876,250
	800,000	Masco Corp., 6.500%, 8/15/2032		794,000
	1,410,000	Masco Corp., 7.125%, 3/15/2020		1,589,775
	815,000	Masco Corp., 7.750%, 8/01/2029		900,173
	2,400,000	Odebrecht Finance Ltd., 8.250%, 4/25/2018, 144A, (BRL)		898,525
	164,000	Owens Corning, Inc., 6.500%, 12/01/2016		183,050
	2,050,000	Owens Corning, Inc., 7.000%, 12/01/2036		2,248,522
	1,680,000	USG Corp., 6.300%, 11/15/2016		1,776,600

				12,425,395

		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		386,113
	115,000	ICI Wilmington, Inc., 5.625%, 12/01/2013		115,942
	620,000	Methanex Corp., 5.250%, 3/01/2022		643,124
	1,565,000	Methanex Corp., Senior Note, 6.000%, 8/15/2015		1,680,566
	5,240,000	Momentive Specialty Chemicals, Inc., 7.875%, 2/15/2023(c)		4,296,800
	53,000	Momentive Specialty Chemicals, Inc., 8.375%, 4/15/2016(c)		47,700
	905,000	Momentive Specialty Chemicals, Inc., 9.200%, 3/15/2021(c)		769,250

				8,224,120

See accompanying notes to financial statements.

21 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Commercial Mortgage-Backed Securities – 0.1%
$	95,000	GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4A, 4.751%, 7/10/2039	$	99,193
	530,000	GS Mortgage Securities Corp. II, Series 2007-GG10, Class AM, 5.993%, 8/10/2045(b)		518,106
	1,000,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-6, Class A4, 5.485%, 3/12/2051		1,104,763

				1,722,062

		Construction Machinery – 0.2%
	965,000	Toro Co., 6.625%, 5/01/2037(c)		953,944
	1,155,000	United Rentals North America, Inc., 7.625%, 4/15/2022		1,256,063

				2,210,007

		Consumer Products – 0.0%
	260,000	Visant Corp., 10.000%, 10/01/2017		241,800

		Electric – 3.7%
	1,970,000	AES Corp., 4.875%, 5/15/2023		1,841,950
	2,696,733	Alta Wind Holdings LLC, 7.000%, 6/30/2035, 144A		2,861,007
	3,705,557	Bruce Mansfield Unit, 6.850%, 6/01/2034		3,923,147
	7,305,000	EDP Finance BV, 4.900%, 10/01/2019, 144A		7,213,688
	5,455,000	EDP Finance BV, 6.000%, 2/02/2018, 144A		5,645,925
	1,200,000	EDP Finance BV, EMTN, 8.625%, 1/04/2024, (GBP)		2,191,344
	1,589,000	Endesa S.A./Cayman Islands, 7.875%, 2/01/2027		1,889,130
	3,800,000	Enel Finance International NV, 6.000%, 10/07/2039, 144A		3,460,318
	100,000	Enel Finance International NV, 6.800%, 9/15/2037, 144A		99,754
	750,000	Enel Finance International NV, EMTN, 5.750%, 9/14/2040, (GBP)		1,073,021
	4,130,387	Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc., 11.250% (12.250% PIK), 12/01/2018, 144A(d)		2,726,055
	2,890,000	Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc., 10.000%, 12/01/2020, 144A		3,034,500
	275,000	Enersis S.A., 7.375%, 1/15/2014		279,400
	4,000,000	Enersis S.A., Cayman Islands, 7.400%, 12/01/2016		4,629,700
	75,000	Iberdrola Finance Ireland Ltd., 3.800%, 9/11/2014, 144A		76,788

		Electric – continued
$	2,858,952	Mackinaw Power LLC, 6.296%, 10/31/2023, 144A(c)	$	2,975,975

				43,921,702

		Food & Beverage – 0.4%
	1,995,000	Crestview DS Merger Sub II, Inc., 10.000%, 9/01/2021, 144A		2,054,850
	2,740,000	Viterra, Inc., 6.406%, 2/16/2021, 144A, (CAD)		2,902,610

				4,957,460

		Government Owned – No Guarantee – 0.5%
	2,400,000	DP World Ltd., 6.850%, 7/02/2037, 144A		2,412,000
	18,000,000,000	Export-Import Bank of Korea, 6.600%, 11/04/2013, 144A, (IDR)		1,537,306
	29,200,000,000	Export-Import Bank of Korea, 8.300%, 3/15/2014, 144A, (IDR)		2,461,701

				6,411,007

		Healthcare – 2.1%
	425,000	Boston Scientific Corp., 5.125%, 1/12/2017		459,722
	435,000	Boston Scientific Corp., 6.400%, 6/15/2016		488,424
	610,000	HCA, Inc., 5.875%, 3/15/2022		626,775
	4,960,000	HCA, Inc., 5.875%, 5/01/2023		4,873,200
	410,000	HCA, Inc., 6.375%, 1/15/2015		432,550
	3,545,000	HCA, Inc., 7.050%, 12/01/2027		3,394,337
	820,000	HCA, Inc., 7.190%, 11/15/2015		895,850
	1,475,000	HCA, Inc., 7.500%, 12/15/2023		1,504,500
	1,440,000	HCA, Inc., 7.500%, 11/06/2033		1,429,200
	2,660,000	HCA, Inc., 7.690%, 6/15/2025		2,723,175
	2,220,000	HCA, Inc., 8.360%, 4/15/2024		2,386,500
	2,930,000	HCA, Inc., MTN, 7.580%, 9/15/2025		2,973,950
	430,000	HCA, Inc., MTN, 7.750%, 7/15/2036		421,400
	320,000	Owens & Minor, Inc., 6.350%, 4/15/2016		346,580
	1,775,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		1,504,312

				24,460,475

		Home Construction – 0.7%
	550,000	Beazer Homes USA, Inc., 7.250%, 2/01/2023		528,000
	270,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021		237,600

See accompanying notes to financial statements.

| 22

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Home Construction – continued
$	115,000	K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2016	$	118,737
	835,000	KB Home, 8.000%, 3/15/2020		901,800
	1,700,000	Lennar Corp., Series B, 5.600%, 5/31/2015		1,793,500
	3,920,000	Pulte Group, Inc., 6.000%, 2/15/2035		3,371,200
	1,960,000	Pulte Group, Inc., 6.375%, 5/15/2033		1,749,300

				8,700,137

		Independent Energy – 1.6%
	3,230,000	Anadarko Petroleum Corp., 5.950%, 9/15/2016		3,626,902
	1,915,000	Anadarko Petroleum Corp., 6.375%, 9/15/2017		2,226,143
	100,000	Chesapeake Energy Corp., 6.625%, 8/15/2020		107,500
	995,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		1,074,600
	1,090,000	Connacher Oil and Gas Ltd., 8.500%, 8/01/2019, 144A		779,350
	2,015,000	Halcon Resources Corp., 8.875%, 5/15/2021		2,065,375
	5,955,000	Newfield Exploration Co., 5.625%, 7/01/2024		5,761,463
	2,940,000	SandRidge Energy, Inc., 7.500%, 2/15/2023		2,910,600

				18,551,933

		Industrial Other – 0.1%
	1,150,000	Cleaver-Brooks, Inc., 8.750%, 12/15/2019, 144A		1,242,000

		Life Insurance – 2.5%
	2,300,000	American International Group, Inc., 6.250%, 3/15/2087		2,254,000
	10,165,000	American International Group, Inc., (fixed rate to 5/15/2038, variable rate thereafter), 8.175%, 5/15/2068		11,898,132
	615,000	American International Group, Inc., Series G, MTN, 5.850%, 1/16/2018		699,302
	175,000	American International Group, Inc., Series MP, MTN, 5.450%, 5/18/2017		195,618
	3,700,000	AXA S.A., (fixed rate to 12/14/2036, variable rate thereafter), 6.379%, 144A(j)		3,556,625
	200,000	AXA S.A., EMTN, (fixed rate to 4/16/2020, variable rate thereafter), 5.250%, 4/16/2040, (EUR)		284,749
	4,345,000	Forethought Financial Group, Inc., 8.625%, 4/15/2021, 144A		4,815,125

		Life Insurance – continued
$	2,270,000	MetLife Capital Trust X, 9.250%, 4/08/2068, 144A	$	2,882,900
	1,115,000	MetLife, Inc., 10.750%, 8/01/2069		1,639,050
	1,165,000	Penn Mutual Life Insurance Co. (The), 6.650%, 6/15/2034, 144A		1,332,236

				29,557,737

		Local Authorities – 3.8%
	5,730,000	Autonomous Community of Madrid Spain, 4.300%, 9/15/2026, 144A, (EUR)		6,837,993
	200,000	City of Madrid, Spain, 4.550%, 6/16/2036, (EUR)		199,551
	1,630,000	City of Rome, Italy, EMTN, 5.345%, 1/27/2048, (EUR)		1,984,632
	9,640,000	New South Wales Treasury Corp., 6.000%, 2/01/2018, (AUD)		9,887,842
	4,280,000	New South Wales Treasury Corp., Series 17RG, 5.500%, 3/01/2017, (AUD)		4,284,452
	393,430	Province of Alberta, 5.930%, 9/16/2016, (CAD)		415,144
	19,825,000	Province of Ontario, Canada, 4.200%, 3/08/2018, (CAD)		20,844,494
	830,000	Queensland Treasury Corp., Series 14, 5.750%, 11/21/2014, (AUD)		801,279

				45,255,387

		Media Cable – 0.6%
	665,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 1/15/2024		628,425
	1,500,000	Time Warner Cable, Inc., 6.550%, 5/01/2037		1,380,189
	3,400,000	UPC Holding BV, 6.375%, 9/15/2022, 144A, (EUR)		4,530,696

				6,539,310

		Media Non-Cable – 0.7%
	24,000,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		1,547,190
	4,030,000	R.R. Donnelley & Sons Co., 7.000%, 2/15/2022		4,050,150
	415,000	R.R. Donnelley & Sons Co., 7.875%, 3/15/2021		445,088
	1,960,000	R.R. Donnelley & Sons Co., 8.250%, 3/15/2019		2,175,600

				8,218,028

		Metals & Mining – 1.9%
	1,100,000	Alcoa, Inc., 5.720%, 2/23/2019		1,146,981
	300,000	Alcoa, Inc., 5.870%, 2/23/2022		300,032
	400,000	Alcoa, Inc., 5.900%, 2/01/2027		386,819

See accompanying notes to financial statements.

23 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Metals & Mining – continued
$	855,000	ArcelorMittal, 6.000%, 3/01/2021	$	876,375
	2,295,000	ArcelorMittal, 6.125%, 6/01/2018		2,432,700
	6,630,000	ArcelorMittal, 7.250%, 3/01/2041		6,066,450
	3,300,000	ArcelorMittal, 7.500%, 10/15/2039		3,126,750
	6,945,000	Essar Steel Algoma, Inc., 9.875%, 6/15/2015, 144A		5,451,825
	1,400,000	Rain CII Carbon LLC/CII Carbon Corp., 8.250%, 1/15/2021, 144A		1,407,000
	1,760,000	United States Steel Corp., 7.500%, 3/15/2022		1,799,600

				22,994,532

		Non-Captive Consumer – 2.1%
	300,000	AGFC Capital Trust I, (fixed rate to 1/15/2017, variable rate thereafter), 6.000%, 1/15/2067, 144A		249,000
	4,668,000	SLM Corp., 5.500%, 1/25/2023		4,273,955
	31,725(††)	SLM Corp., 6.000%, 12/15/2043		653,112
	722,000	SLM Corp., MTN, 3.875%, 9/10/2015		736,440
	35,000	SLM Corp., Series A, MTN, 0.566%, 1/27/2014(b)		34,827
	200,000	SLM Corp., Series A, MTN, 5.000%, 4/15/2015		208,000
	145,000	SLM Corp., Series A, MTN, 5.000%, 6/15/2018		142,727
	5,185,000	SLM Corp., Series A, MTN, 5.625%, 8/01/2033		4,044,300
	7,573,000	SLM Corp., Series A, MTN, 8.450%, 6/15/2018		8,538,558
	1,805,000	Springleaf Finance Corp., 7.750%, 10/01/2021, 144A		1,872,688
	725,000	Springleaf Finance Corp., 8.250%, 10/01/2023, 144A		754,000
	300,000	Springleaf Finance Corp., MTN, 5.750%, 9/15/2016		309,750
	595,000	Springleaf Finance Corp., Series I, MTN, 5.400%, 12/01/2015		615,825
	2,100,000	Springleaf Finance Corp., Series J, MTN, 6.500%, 9/15/2017		2,163,000
	725,000	Springleaf Finance Corp., Series J, MTN, 6.900%, 12/15/2017		757,625

				25,353,807

		Non-Captive Diversified – 3.3%
	1,630,000	General Electric Capital Australia Funding Pty Ltd., 7.000%, 10/08/2015, (AUD)		1,622,122

		Non-Captive Diversified – continued
$	45,000	General Electric Capital Corp., GMTN, 3.100%, 1/09/2023	$	42,097
	1,345,000	General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016, (NZD)		1,177,100
	2,390,000	General Electric Capital Corp., Series A, GMTN, 5.500%, 2/01/2017, (NZD)		2,027,340
	5,360,000	General Electric Capital Corp., Series A, GMTN, 7.625%, 12/10/2014, (NZD)		4,648,949
	1,145,000	General Electric Capital Corp., Series A, MTN, 4.875%, 3/04/2015		1,211,646
	9,210,000	General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015, (NZD)		7,983,148
	295,000	International Lease Finance Corp., 5.875%, 4/01/2019		307,129
	3,045,000	International Lease Finance Corp., 5.875%, 8/15/2022		2,999,325
	6,080,000	International Lease Finance Corp., 6.250%, 5/15/2019		6,384,000
	4,905,000	International Lease Finance Corp., 7.125%, 9/01/2018, 144A		5,481,337
	635,000	International Lease Finance Corp., 8.250%, 12/15/2020		723,900
	315,000	iStar Financial, Inc., 3.875%, 7/01/2016		315,788
	945,000	iStar Financial, Inc., 4.875%, 7/01/2018		916,650
	225,000	iStar Financial, Inc., 5.850%, 3/15/2017		233,438
	30,000	iStar Financial, Inc., 6.050%, 4/15/2015		31,275
	1,505,000	iStar Financial, Inc., 7.125%, 2/15/2018		1,614,112
	195,000	iStar Financial, Inc., Series B, 5.700%, 3/01/2014		197,925
	1,525,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.375%, 10/01/2017		1,595,531

				39,512,812

		Oil Field Services – 0.1%
	775,000	Sidewinder Drilling, Inc., 9.750%, 11/15/2019, 144A		751,750

		Packaging – 0.2%
	2,000,000	Owens-Illinois, Inc., 7.800%, 5/15/2018		2,285,000

See accompanying notes to financial statements.

| 24

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Paper – 1.3%
$	2,015,000	Georgia-Pacific LLC, 7.250%, 6/01/2028	$	2,458,949
	2,894,000	Georgia-Pacific LLC, 7.375%, 12/01/2025		3,636,259
	6,043,000	Georgia-Pacific LLC, 7.750%, 11/15/2029		7,647,410
	350,000	Westvaco Corp., 7.950%, 2/15/2031		404,248
	1,035,000	Westvaco Corp., 8.200%, 1/15/2030		1,215,543

				15,362,409

		Pharmaceuticals – 0.4%
	4,165,000	Valeant Pharmaceuticals International, 6.375%, 10/15/2020, 144A		4,331,600

		Pipelines – 0.8%
	575,000	DCP Midstream LP, 6.450%, 11/03/2036, 144A		598,116
	250,000	El Paso Corp., GMTN, 7.800%, 8/01/2031		254,261
	1,410,000	Enterprise Products Operating LLC, 6.300%, 9/15/2017		1,631,039
	300,000	Florida Gas Transmission Co., 7.900%, 5/15/2019, 144A		373,874
	1,300,000	IFM US Colonial Pipeline 2 LLC, 6.450%, 5/01/2021, 144A		1,365,994
	755,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		615,325
	250,000	NiSource Finance Corp., 5.250%, 9/15/2017		278,396
	1,785,000	Plains All American Pipeline LP, 6.125%, 1/15/2017		2,027,931
	2,705,000	Rockies Express Pipeline LLC, 6.875%, 4/15/2040, 144A		2,015,063

				9,159,999

		Property & Casualty Insurance – 1.1%
	3,565,000	Hanover Insurance Group, Inc. (The), 6.375%, 6/15/2021		3,906,434
	2,645,000	Hanover Insurance Group, Inc. (The), 7.500%, 3/01/2020		2,993,325
	1,630,000	MBIA Insurance Corp., 11.528%, 1/15/2033, 144A(b)(e)		1,092,100
	2,140,000	White Mountains Re Group Ltd., 6.375%, 3/20/2017, 144A		2,339,791
	1,430,000	XL Group PLC, 6.250%, 5/15/2027		1,608,354
	1,135,000	XL Group PLC, 6.375%, 11/15/2024		1,301,558

				13,241,562


		Property Trust – 0.3%
$	2,960,000	WEA Finance LLC/WT Finance Australia Property Ltd., 6.750%, 9/02/2019, 144A	$	3,519,481

		Railroads – 0.6%
	7,100,000	Hellenic Railways Organization S.A., EMTN, 0.560%, 5/24/2016, (EUR)(b)(c)		7,203,929
	500,000	Missouri Pacific Railroad Co., 5.000%, 1/01/2045(c)		415,000

				7,618,929

		REITs – Apartments – 0.1%
	1,495,000	Camden Property Trust, 5.700%, 5/15/2017		1,662,162

		REITs – Diversified – 0.0%
	210,000	Duke Realty LP, 5.950%, 2/15/2017		234,250

		REITs – Office Property – 0.4%
	3,485,000	Highwoods Properties, Inc., 5.850%, 3/15/2017		3,835,845
	475,000	Highwoods Properties, Inc., 7.500%, 4/15/2018		557,927

				4,393,772

		REITs – Regional Malls – 0.1%
	200,000	Simon Property Group LP, 5.875%, 3/01/2017		225,730
	290,000	Simon Property Group LP, 6.100%, 5/01/2016		323,636

				549,366

		REITs – Single Tenant – 0.1%
	185,000	Realty Income Corp., 5.750%, 1/15/2021		204,231
	815,000	Realty Income Corp., 6.750%, 8/15/2019		961,455

				1,165,686

		REITs – Warehouse/Industrials – 0.0%
	100,000	ProLogis LP, 5.625%, 11/15/2015		107,183
	80,000	ProLogis LP, 5.750%, 4/01/2016		88,017

				195,200

		Retailers – 0.9%
	5,005,000	Best Buy Co., Inc., 5.000%, 8/01/2018		5,142,637
	1,025,000	Dillard’s, Inc., 7.750%, 7/15/2026		1,112,125
	1,100,000	Foot Locker, Inc., 8.500%, 1/15/2022(f)		1,207,792
	849,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		592,178
	3,505,000	Toys R Us, Inc., 7.375%, 10/15/2018		3,023,062

				11,077,794

See accompanying notes to financial statements.

25 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Sovereigns – 1.5%
	1,787,000,000	Indonesia Treasury Bond, Series FR43, 10.250%, 7/15/2022, (IDR)	$	169,122
	33,387,000,000	Indonesia Treasury Bond, Series FR44, 10.000%, 9/15/2024, (IDR)		3,125,476
	10,150,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)		4,137,763
	14,635,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		6,586,840
	359,880,000	Republic of Iceland, 6.000%, 10/13/2016, (ISK)		2,089,938
	107,395,000	Republic of Iceland, 7.250%, 10/26/2022, (ISK)		633,270
	176,460,000	Republic of Iceland, 8.750%, 2/26/2019, (ISK)		1,118,993

				17,861,402

		Supermarkets – 1.0%
	90,000	American Stores Co., 7.900%, 5/01/2017		99,900
	25,000	American Stores Co., 8.000%, 6/01/2026		32,250
	7,240,000	New Albertson’s, Inc., 7.450%, 8/01/2029		5,810,100
	1,720,000	New Albertson’s, Inc., 7.750%, 6/15/2026		1,401,800
	3,165,000	New Albertson’s, Inc., 8.000%, 5/01/2031		2,603,212
	455,000	New Albertson’s, Inc., 8.700%, 5/01/2030		387,319
	2,020,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		1,454,400

				11,788,981

		Supranational – 2.8%
	7,000,000,000	European Bank for Reconstruction & Development, 7.200%, 6/08/2016, (IDR)		589,136
	19,735,000	Inter-American Development Bank, EMTN, 6.000%, 12/15/2017, (NZD)		17,288,870
	17,000,000	International Bank for Reconstruction & Development, 1.430%, 3/05/2014, (SGD)		13,580,934
	5,580,000	International Finance Corp., GMTN, 5.000%, 12/21/2015, (BRL)		2,312,265

				33,771,205

		Technology – 1.0%
	1,670,000	Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		1,411,150
	80,000	Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028		66,800
	2,950,000	Amkor Technology, Inc., 6.375%, 10/01/2022		2,817,250
	1,645,000	Avnet, Inc., 6.000%, 9/01/2015		1,783,121

		Technology – continued
$	130,000	Avnet, Inc., 6.625%, 9/15/2016	$	147,043
	1,175,000	Corning, Inc., 7.250%, 8/15/2036		1,408,993
	2,000,000	First Data Corp., 10.625%, 6/15/2021, 144A		2,030,000
	1,465,000	First Data Corp., 11.250%, 1/15/2021, 144A		1,530,925
	166,000	Motorola Solutions, Inc., 6.625%, 11/15/2037		168,862
	868,500	Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		1,052,585

				12,416,729

		Tobacco – 0.3%
	3,320,000	Reynolds American, Inc., 6.750%, 6/15/2017		3,835,945

		Transportation Services – 0.3%
	2,500,000	APL Ltd., 8.000%, 1/15/2024(c)		2,338,000
	520,611	Atlas Air Pass Through Trust, Series 1998-1, Class B, 7.680%, 7/02/2015(f)		529,722
	484,115	Atlas Air Pass Through Trust, Series 1999-1, Class B, 7.630%, 7/02/2016(f)		487,165
	174,018	Atlas Air Pass Through Trust, Series 2000-1, Class B, 9.057%, 7/02/2017(f)		184,459

				3,539,346

		Treasuries – 13.8%
	14,710,000	Canadian Government, 1.000%, 8/01/2016, (CAD)		14,121,486
	16,935,000	Canadian Government, 2.250%, 8/01/2014, (CAD)		16,603,057
	29,780,000	Canadian Government, 2.500%, 6/01/2015, (CAD)		29,556,227
	8,185,000	Canadian Government, 2.750%, 9/01/2016, (CAD)		8,246,345
	13,195,000	Canadian Government, 3.000%, 12/01/2015, (CAD)		13,292,100
	7,385,000	Canadian Government, 3.750%, 6/01/2019, (CAD)		7,834,818
	9,615,000	Canadian Government, 4.250%, 6/01/2018, (CAD)		10,348,412
	205,000	Italy Buoni Poliennali Del Tesoro, 5.000%, 8/01/2034, (EUR)		277,142
	205,000	Italy Buoni Poliennali Del Tesoro, 5.250%, 11/01/2029, (EUR)		287,768
	200,000	Italy Buoni Poliennali Del Tesoro, 5.750%, 2/01/2033, (EUR)		295,133
	632,500(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		5,523,709
	63,235,000	Norwegian Government Bond, 4.250%, 5/19/2017, (NOK)		11,353,013

See accompanying notes to financial statements.

| 26

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Treasuries – continued
	28,230,000	Norwegian Government Bond, 5.000%, 5/15/2015, (NOK)	$	4,942,453
	1,395,000	Portugal Obrigacoes do Tesouro OT, 3.850%, 4/15/2021, 144A, (EUR)		1,572,573
	250,000	Portugal Obrigacoes do Tesouro OT, 4.100%, 4/15/2037, 144A, (EUR)		231,250
	375,000	Portugal Obrigacoes do Tesouro OT, 4.800%, 6/15/2020, 144A, (EUR)		455,818
	3,375,000	Portugal Obrigacoes do Tesouro OT, 4.950%, 10/25/2023, 144A, (EUR)		3,963,175
	11,380,000	U.S. Treasury Bond, 2.750%, 11/15/2042		9,418,725
	12,755,000	U.S. Treasury Bond, 2.875%, 5/15/2043		10,825,806
	15,000,000	U.S. Treasury Note, 0.250%, 5/31/2014		15,016,410

				164,165,420

		Wireless – 0.8%
	72,400,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		5,177,992
	2,627,000	Sprint Capital Corp., 6.875%, 11/15/2028		2,344,598
	1,020,000	Sprint Capital Corp., 6.900%, 5/01/2019		1,048,050
	300,000	Sprint Capital Corp., 8.750%, 3/15/2032		304,875
	898,000	Sprint Communications, Inc., 6.000%, 12/01/2016		951,880

				9,827,395

		Wirelines – 3.5%
	177,000	Axtel SAB de CV, (Step to 8.000% on 1/31/2014), 7.000%, 1/31/2020, 144A(g)		165,495
	195,000	Bell Canada, MTN, 6.550%, 5/01/2029, 144A, (CAD)		220,866
	690,000	Bell Canada, MTN, 7.300%, 2/23/2032, (CAD)		832,381
	600,000	Bell Canada, Series M-17, 6.100%, 3/16/2035, (CAD)		647,392
	3,880,000	CenturyLink, Inc., 6.450%, 6/15/2021		3,860,600
	1,400,000	Eircom Finance Ltd., 9.250%, 5/15/2020, 144A, (EUR)		1,893,991
	200,000	Embarq Corp., 7.995%, 6/01/2036		203,614
	560,000	Level 3 Financing, Inc., 7.000%, 6/01/2020		565,600
	1,960,000	Level 3 Financing, Inc., 8.625%, 7/15/2020		2,141,300
	140,000	Level 3 Financing, Inc., 9.375%, 4/01/2019		154,350
	200,000	OTE PLC, GMTN, 4.625%, 5/20/2016, (EUR)		266,511
	900,000	Portugal Telecom International Finance BV, EMTN, 4.500%, 6/16/2025, (EUR)		1,073,893

		Wirelines – continued
	1,700,000	Portugal Telecom International Finance BV, EMTN, 5.000%, 11/04/2019, (EUR)	$	2,311,345
	550,000	Portugal Telecom International Finance BV, GMTN, 4.375%, 3/24/2017, (EUR)		753,398
	3,305,000	Qwest Capital Funding, Inc., 6.500%, 11/15/2018		3,569,400
	7,205,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		6,412,450
	350,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		355,250
	775,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		732,375
	5,275,000	Qwest Corp., 6.875%, 9/15/2033		5,109,871
	1,780,000	Qwest Corp., 7.200%, 11/10/2026		1,780,934
	1,220,000	Qwest Corp., 7.250%, 9/15/2025		1,364,519
	2,085,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		1,714,814
	1,395,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		1,198,196
	600,000	Telecom Italia SpA, EMTN, 5.250%, 3/17/2055, (EUR)		635,261
	450,000	Telefonica Emisiones SAU, 4.570%, 4/27/2023		431,540
	800,000	Telefonica Emisiones SAU, EMTN, 5.445%, 10/08/2029, (GBP)		1,227,942
	1,300,000	Telefonica Emisiones SAU, EMTN, 5.597%, 3/12/2020, (GBP)		2,208,226

				41,831,514


		Total Non-Convertible Bonds
		(Identified Cost $841,708,502)		910,197,540


	Convertible Bonds – 8.1%

		Airlines – 0.0%
	470,000	United Continental Holdings, Inc., 4.500%, 6/30/2021		510,157

		Automotive – 0.5%
	2,925,000	Ford Motor Co., 4.250%, 11/15/2016		5,778,703

		Construction Machinery – 0.1%
	135,000	ArvinMeritor, Inc., (Step to Zero Coupon on 2/15/2019), 4.000%, 2/15/2027(g)		123,356
	510,000	Trinity Industries, Inc., 3.875%, 6/01/2036		618,694

				742,050

See accompanying notes to financial statements.

27 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Healthcare – 0.2%
$	210,000	Hologic, Inc., (accretes to principal after 3/01/2018), 2.000%, 3/01/2042(g)	$	211,050
	1,270,000	Omnicare, Inc., 3.750%, 12/15/2025		2,697,956

				2,909,006

		Independent Energy – 0.5%
	1,565,000	Chesapeake Energy Corp., 2.250%, 12/15/2038		1,428,063
	3,885,000	Chesapeake Energy Corp., 2.500%, 5/15/2037		3,817,012
	1,090,000	Chesapeake Energy Corp., 2.750%, 11/15/2035		1,125,425

				6,370,500

		Life Insurance – 1.8%
	18,045,000	Old Republic International Corp., 3.750%, 3/15/2018		21,326,934

		Metals & Mining – 0.2%
	235,000	Steel Dynamics, Inc., 5.125%, 6/15/2014		256,444
	1,745,000	United States Steel Corp., 2.750%, 4/01/2019		1,931,497

				2,187,941

		Non-Captive Diversified – 0.1%
	550,000	Jefferies Group LLC, 3.875%, 11/01/2029		576,469

		Packaging – 0.5%
	5,310,000	Owens-Brockway Glass Container, Inc., 3.000%, 6/01/2015, 144A		5,492,531

		REITs – Mortgage – 0.1%
	835,000	iStar Financial, Inc., 3.000%, 11/15/2016		1,041,141

		Technology – 3.5%
	5,960,000	Ciena Corp., 0.875%, 6/15/2017		6,068,025
	3,455,000	Ciena Corp., 3.750%, 10/15/2018, 144A		5,089,647
	1,783,000	Intel Corp., 2.950%, 12/15/2035		1,930,098
	7,000,000	Intel Corp., 3.250%, 8/01/2039		8,666,875
	333,107	Liberty Media LLC, 3.500%, 1/15/2031		171,550
	7,200,000	Micron Technology, Inc., Series B, 1.875%, 8/01/2031		13,495,500
	2,565,000	Micron Technology, Inc., Series C, 2.375%, 5/01/2032		4,905,562
	960,000	Micron Technology, Inc., Series D, 3.125%, 5/01/2032		1,820,400

				42,147,657


		Utility Other – 0.1%
$	500,000	CMS Energy Corp., 5.500%, 6/15/2029	$	959,687

		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)(f)(g)(h)		23,130
	3,040,000	Level 3 Communications, Inc., 7.000%, 3/15/2015, 144A(c)		3,689,800
	1,990,000	Level 3 Communications, Inc., Series B, 7.000%, 3/15/2015(c)		2,415,363

				6,128,293


		Total Convertible Bonds
		(Identified Cost $71,765,971)		96,171,069


	Municipals – 0.9%

		Illinois – 0.3%
	4,075,000	State of Illinois, Series B, 5.520%, 4/01/2038		3,385,592

		Michigan – 0.2%
	2,225,000	Michigan Tobacco Settlement Finance Authority Taxable Turbo, Series A, 7.309%, 6/01/2034		1,753,612

		Virginia – 0.4%
	7,510,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046		5,199,473


		Total Municipals
		(Identified Cost $13,791,207)		10,338,677


		Total Bonds and Notes
		(Identified Cost $927,265,680)		1,016,707,286


	Senior Loans – 1.0%

		Consumer Products – 0.1%
	588,804	Visant Holding Corp., Term Loan B, 5.250%, 12/22/2016(b)		569,986

		Diversified Manufacturing – 0.0%
	510,000	Ameriforge Group, Inc., 2nd Lien Term Loan, 8.750%, 12/18/2020(b)		514,146

		Healthcare – 0.2%
	2,064,825	Apria Healthcare Group I, Term Loan, 6.750%, 4/05/2020(b)		2,078,556

		Media Non-Cable – 0.0%
	436,186	SuperMedia, Inc., Exit Term Loan, 10.600%, 12/30/2016(b)		337,608

See accompanying notes to financial statements.

| 28

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Senior Loans – continued

		Oil Field Services – 0.3%
$	3,271,035	Frac Tech International LLC, Term Loan B, 8.500%, 5/06/2016(b)	$	3,203,979

		Other Utility – 0.2%
	1,162,088	Power Team Services LLC, 1st Lien Term Loan, 4.250%, 5/06/2020(b)		1,143,204
	790,000	Power Team Services LLC, 2nd Lien Term Loan, 8.250%, 11/06/2020(b)		788,025
	145,000	Power Team Services LLC, Delayed Draw Term Loan, 3.250%, 5/06/2020(i)		142,644

				2,073,873

		Supermarkets – 0.2%
	2,760,195	Supervalu, Inc., Refi Term Loan B, 5.000%, 3/21/2019(b)		2,749,844

		Wirelines – 0.0%
	120,000	Integra Telecom, Inc., 2nd Lien Term Loan, 9.750%, 2/21/2020(b)		122,907


		Total Senior Loans
		(Identified Cost $11,751,362)		11,650,899


	Shares

	Preferred Stocks – 4.1%

	Convertible Preferred Stocks – 3.4%

		Automotive – 1.5%
	303,346	General Motors Co., Series B, 4.750%		15,212,802
	40,805	Goodyear Tire & Rubber Co. (The), 5.875%		2,598,462

				17,811,264

		Electric – 0.1%
	19,312	AES Trust III, 6.750%		973,325

		Independent Energy – 0.2%
	775	Chesapeake Energy Corp., 4.500%		68,557
	11,007	Chesapeake Energy Corp., 5.000%		1,022,550
	660	Chesapeake Energy Corp., Series A, 5.750%, 144A		728,062
	11,904	SandRidge Energy, Inc., 7.000%		1,187,424

				3,006,593

		Metals & Mining – 0.1%
	32,745	ArcelorMittal, 6.000%		703,690

		Non-Captive Diversified – 0.3%
	2,844	Bank of America Corp., Series L, 7.250%		3,071,520

		Pipelines – 0.4%
	96,065	El Paso Energy Capital Trust I, 4.750%	$	5,392,129


		REITs – Diversified – 0.3%
	72,631	Weyerhaeuser Co., Series A, 6.375%		3,847,990

		REITs – Healthcare – 0.0%
	7,400	Health Care REIT, Inc., Series I, 6.500%		425,870

		REITs – Mortgage – 0.2%
	36,130	iStar Financial, Inc., Series J, 4.500%		2,000,880

		Technology – 0.3%
	3,875	Lucent Technologies Capital Trust I, 7.750%		3,925,375


		Total Convertible Preferred Stocks
		(Identified Cost $35,179,862)		41,158,636


	Non-Convertible Preferred Stocks – 0.7%

		Banking – 0.2%
	2,571	Ally Financial, Inc., Series G, 7.000%, 144A		2,456,590
	5,000	Bank of America Corp., 6.375%		119,350
	20,975	Countrywide Capital IV, 6.750%		522,278

				3,098,218

		Electric – 0.1%
	90	Entergy New Orleans, Inc., 4.360%		8,311
	2,876	Entergy New Orleans, Inc., 4.750%		277,624
	4,670	Union Electric Co., 4.500%		442,482

				728,417

		Government Sponsored – 0.3%
	3,000	Falcons Funding Trust I, (Step to 10.875% on 3/15/2015, variable rate after 3/15/2020), 8.875%, 144A(g)		3,116,250

		Non-Captive Consumer – 0.1%
	25,100	SLM Corp., Series A, 6.970%		1,169,660


		Total Non-Convertible Preferred Stocks
		(Identified Cost $6,439,667)		8,112,545


		Total Preferred Stocks
		(Identified Cost $41,619,529)		49,271,181

See accompanying notes to financial statements.

29 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Fixed Income Fund – continued


Shares		Description	Value (†)

	Common Stocks – 6.3%

		Biotechnology – 1.0%
	155,774	Vertex Pharmaceuticals, Inc.(e)	$	11,810,785

		Chemicals – 0.9%
	62,529	PPG Industries, Inc.		10,446,095

		Containers & Packaging – 0.1%
	35,353	Owens-Illinois, Inc.(e)		1,061,297
	187	Rock-Tenn Co., Class A		18,938

				1,080,235

		Diversified Telecommunication Services – 0.3%
	8,050	Hawaiian Telcom Holdco, Inc.(e)		214,130
	241,163	Telefonica S.A., Sponsored ADR(e)		3,733,203

				3,947,333

		Electronic Equipment, Instruments & Components – 0.2%
	205,167	Corning, Inc.		2,993,386

		Oil, Gas & Consumable Fuels – 0.9%
	54,259	Chesapeake Energy Corp.		1,404,223
	172,008	Repsol YPF S.A., Sponsored ADR		4,250,318
	70,051	Royal Dutch Shell PLC, ADR		4,600,949

				10,255,490

		Pharmaceuticals – 1.2%
	160,000	Bristol-Myers Squibb Co.		7,404,800
	68,197	Valeant Pharmaceuticals International, Inc.(e)		7,114,993

				14,519,793

		Semiconductors & Semiconductor Equipment – 1.6%
	822,858	Intel Corp.		18,859,905

		Trading Companies & Distributors – 0.1%
	23,272	United Rentals, Inc.(e)		1,356,525


		Total Common Stocks
		(Identified Cost $48,816,433)		75,269,547


	Principal Amount (‡)

	Short-Term Investments – 1.8%
$	42,505	Repurchase Agreement with State Street Bank and Trust Company, dated 9/30/2013 at 0.000% to be repurchased at $42,505 on 10/01/2013 collateralized by $50,000 Federal National Mortgage Association, 2.080% due 11/02/2022 valued at $46,459 including accrued interest (Note 2 of Notes to Financial Statements)		42,505

	Short-Term Investments – continued
$	20,996,948	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2013 at 0.000% to be repurchased at $20,996,948 on 10/01/2013 collateralized by $20,895,000 U.S. Treasury Note, 2.625% due 7/31/2014 valued at $21,417,375 including accrued interest (Note 2 of Notes to Financial Statements)	$	20,996,948


		Total Short-Term Investments
		(Identified Cost $21,039,453)		21,039,453


		Total Investments – 98.5%
		(Identified Cost $1,050,492,457)(a)		1,173,938,366
		Other assets less liabilities—1.5%		18,089,509


		Net Assets – 100.0%	$	1,192,027,875


	(‡)	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:
		At September 30, 2013, the net unrealized appreciation on investments based on a cost of $1,056,976,212 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	$	142,901,862
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(25,939,708	)

		Net unrealized appreciation	$	116,962,154

	(b)	Variable rate security. Rate as of September 30, 2013 is disclosed.
	(c)	Illiquid security. At September 30, 2013, the value of these securities amounted to $25,396,705 or 2.1% of net assets.
	(d)	Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional debt securities. For the period ended September 30, 2013, the issuer has paid out 100% of the interest payments in-kind.
	(e)	Non-income producing security.
	(f)	Fair valued security by the Fund’s investment adviser. At September 30, 2013, the value of these securities amounted to $2,432,268 or 0.2% of net assets.
	(g)	Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.
	(h)	Convertible dollar-indexed note. Coupon rate is based on MXN denominated par value and is payable in USD.
	(i)	Unfunded loan commitment. Represents a contractual obligation for future funding at the option of the Borrower. The Fund receives a stated coupon rate until the borrower draws on the loan commitment, at which time the rate will become the stated rate in the loan agreement.
	(j)	Perpetual bond with no specified maturity date.

See accompanying notes to financial statements.

| 30

Portfolio of Investments – as of September 30, 2013

Loomis Sayles 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 September 30, 2013, the value of Rule 144A holdings amounted to $168,690,750 or 14.2% of net assets.
	ABS			Asset-Backed Securities
	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
	PIK			Payment-in-Kind
	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

Industry Summary at September 30, 2013 (Unaudited)


Treasuries	13.8	%
Banking	13.2
Technology	4.8
Life Insurance	4.3
Wirelines	4.0
Automotive	3.9
Electric	3.9
Local Authorities	3.8
Non-Captive Diversified	3.7
Supranational	2.8
Healthcare	2.5
Independent Energy	2.3
Non-Captive Consumer	2.2
Metals & Mining	2.2
Other Investments, less than 2% each	29.3
Short-Term Investments	1.8

Total Investments	98.5
Other assets less liabilities	1.5

Net Assets	100.0	%

Currency Exposure Summary at September 30, 2013 (Unaudited)


United States Dollar	69.8	%
Canadian Dollar	11.1
New Zealand Dollar	4.1
Euro	3.8
Australian Dollar	2.5
Other, less than 2% each	7.2

Total Investments	98.5
Other assets less liabilities	1.5

Net Assets	100.0	%

See accompanying notes to financial statements.

31 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Global Bond Fund


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – 96.4% of Net Assets

	Non-Convertible Bonds – 95.7%

		Australia – 2.3%
$	2,370,000	Asciano Finance Ltd., 4.625%, 9/23/2020, 144A	$	2,371,055
	5,858,700	New South Wales Treasury Corp., 6.000%, 2/01/2018, (AUD)		6,009,326
	5,000,000	New South Wales Treasury Corp., 6.000%, 5/01/2020, (AUD)		5,194,930
	24,075,000	New South Wales Treasury Corp., 6.000%, 3/01/2022, (AUD)(b)		25,087,814
	6,600,000	SMART Trust/Australia, Series 2012-1USA, Class A3A, 1.500%, 5/14/2016, 144A		6,639,600
	4,700,000	SMART Trust/Australia, Series 2012-1USA, Class A4A, 2.010%, 12/14/2017, 144A		4,764,860
	7,600,000	Westpac Banking Corp., 2.450%, 11/28/2016, 144A		7,899,440

				57,967,025

		Belgium – 3.5%
	5,935,000	Barry Callebaut Services NV, 5.500%, 6/15/2023, 144A		5,960,877
	29,000,000	Belgium Government Bond, 2.250%, 6/22/2023, (EUR)		38,138,857
	27,875,000	Belgium Government Bond, 3.500%, 6/28/2017, 144A, (EUR)(b)		41,155,579

				85,255,313

		Brazil – 1.9%
	5,000,000	Banco Santander Brasil S.A., 4.625%, 2/13/2017, 144A		5,150,000
	11,027,403	Banco Votorantim S.A., 6.250%, 5/16/2016, 144A, (BRL)		4,861,043
	5,400,000	Itau Unibanco Holding S.A., 5.650%, 3/19/2022, 144A		5,148,900
	4,087,000	Itau Unibanco Holding S.A., 6.200%, 12/21/2021, 144A		4,087,000
	6,133,675	Odebrecht Drilling Norbe VIII/IX Ltd., 6.350%, 6/30/2021, 144A		6,241,014
	12,535,000	Oi S.A., 9.750%, 9/15/2016, 144A, (BRL)		4,953,370
	5,400,000	Petrobras International Finance Co., EMTN, 6.250%, 12/14/2026, (GBP)		8,938,762
	7,000,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)		2,853,630
	3,600,000	Vale Overseas Ltd., 6.875%, 11/21/2036		3,651,098

				45,884,817


		Canada – 6.3%
	21,150,000	Canadian Government, 3.000%, 12/01/2015, (CAD)(b)	$	21,305,640
	5,500,000	Canadian Government Bond, 2.750%, 6/01/2022, (CAD)		5,464,011
	4,734,000	Ford Auto Securitization Trust, Series 2010-R3A, Class D, 4.526%, 3/15/2017, 144A, (CAD)		4,732,851
	1,029,758	Ford Auto Securitization Trust, Series 2013-R1A, Class A1, 1.485%, 12/15/2014, 144A, (CAD)		999,576
	5,300,000	Ford Auto Securitization Trust, Series 2013-R1A, Class A2, 1.676%, 9/15/2016, 144A, (CAD)		5,153,820
	2,870,000	Ford Auto Securitization Trust, Series 2013-R4A, Class A2, 1.824%, 7/15/2017, 144A, (CAD)		2,786,273
	3,100,000	Master Credit Card Trust II, Series 2012-2A, Class C, 1.970%, 4/21/2017, 144A		3,106,820
	12,805,000	Province of Alberta Canada, 4.000%, 12/01/2019, (CAD)		13,426,572
	14,845,000	Province of British Columbia, 4.300%, 6/18/2042, (CAD)		15,137,706
	20,580,000	Province of Manitoba Canada, MTN, 4.400%, 9/05/2025, (CAD)(b)		21,461,900
	6,086,000	Province of Ontario, EMTN, 4.000%, 12/03/2019, (EUR)		9,400,605
	9,992,000	Province of Quebec Canada, EMTN, 3.375%, 6/20/2016, (EUR)		14,515,152
	11,944,000	Province of Quebec Canada, Series 169, EMTN, 3.625%, 2/10/2015, (EUR)(b)		16,886,933
	6,280,000	SCG Hotel Issuer, Inc., Series 2013-CWPA, Class A2, 3.442%, 10/12/2018, 144A, (CAD)		6,172,087
	8,629,000	Shaw Communications, Inc., 6.750%, 11/09/2039, (CAD)		9,329,758
	5,940,000	Talisman Energy, Inc., 5.500%, 5/15/2042		5,534,274

				155,413,978

		Chile – 0.4%
	8,900,000	Corp Nacional del Cobre de Chile, 4.500%, 8/13/2023, 144A		8,972,117

		China – 0.1%
	2,500,000	Baidu, Inc., 3.250%, 8/06/2018		2,498,860

		Czech Republic – 0.2%
	6,000,000	CEZ AS, 4.250%, 4/03/2022, 144A		5,994,000

		Denmark – 0.4%
	4,200,000	Carlsberg Breweries A/S, EMTN, 2.625%, 11/15/2022, (EUR)		5,588,219
	3,179,000	TDC A/S, EMTN, 4.375%, 2/23/2018, (EUR)		4,782,142

				10,370,361

See accompanying notes to financial statements.

| 32

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Global Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Finland – 1.0%
	18,970,000	Finland Government Bond, 1.500%, 4/15/2023, 144A, (EUR)	$	24,534,376

		France – 0.9%
	2,370,000	AXA S.A., 7.125%, 12/15/2020, (GBP)		4,530,826
	3,135,000	BNP Paribas S.A., EMTN, 5.750%, 1/24/2022, (GBP)		5,589,885
	4,000,000	Bouygues S.A., 3.641%, 10/29/2019, (EUR)		5,852,399
	6,676,000	Pernod Ricard S.A., 4.450%, 1/15/2022, 144A		6,853,815

				22,826,925

		Germany – 10.1%
	7,675,000	Bundesrepublik Deutschland, 1.750%, 7/04/2022, (EUR)		10,559,640
	52,494,209	Bundesrepublik Deutschland, 3.250%, 1/04/2020, (EUR)(b)		80,800,801
	4,005,000	Bundesrepublik Deutschland, 3.750%, 1/04/2017, (EUR)		6,020,124
	43,505,000	Bundesrepublik Deutschland, 4.000%, 1/04/2037, (EUR)(b)		73,251,878
	42,050,000	Bundesrepublik Deutschland, 4.250%, 7/04/2017, (EUR)(b)		64,919,857
	1,035,000,000	Kreditanstalt fuer Wiederaufbau, 2.600%, 6/20/2037, (JPY)		12,563,423

				248,115,723

		Indonesia – 0.3%
	4,200,000	Pertamina Persero PT, 4.300%, 5/20/2023, 144A		3,591,000
	4,000,000	Pertamina Persero PT, 5.625%, 5/20/2043, 144A		3,120,000

				6,711,000

		Ireland – 0.1%
	1,700,000	Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc., 5.000%, 11/15/2022, (EUR)		2,213,601

		Italy – 1.1%
	2,300,000	Enel SpA, EMTN, 5.750%, 6/22/2037, (GBP)		3,313,220
	8,935,000	Italy Buoni Poliennali Del Tesoro, 4.000%, 2/01/2037, (EUR)(b)		10,691,104
	4,751,000	Republic of Italy, 6.875%, 9/27/2023		5,703,195
	1,870,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		1,606,184
	915,000	Telecom Italia Capital S.A., 7.200%, 7/18/2036		850,185
	4,000,000	Telecom Italia SpA, EMTN, 5.875%, 5/19/2023, (GBP)		5,997,847

				28,161,735

		Japan – 11.5%
	360,000,000	Development Bank of Japan, 1.750%, 3/17/2017, (JPY)		3,864,575

		Japan – continued
	2,816,000,000	Japan Finance Organization for Municipal Enterprises, 1.350%, 11/26/2013, (JPY)	$	28,698,562
	3,938,500,000	Japan Government Five Year Bond, 0.700%, 6/20/2014, (JPY)		40,248,870
	1,923,550,000	Japan Government Ten Year Bond, 1.200%, 12/20/2020, (JPY)		20,608,609
	12,336,100,000	Japan Government Ten Year Bond, 1.300%, 3/20/2019, (JPY)		132,508,376
	1,540,000,000	Japan Government Twenty Year Bond, 2.100%, 12/20/2027, (JPY)		17,798,464
	3,366,450,000	Japan Government Twenty Year Bond, 2.100%, 12/20/2030, (JPY)		37,903,532
	2,000,000	Softbank Corp., 4.625%, 4/15/2020, 144A, (EUR)		2,719,229

				284,350,217

		Korea – 2.0%
	56,100,000	Export-Import Bank of Korea, 3.000%, 5/22/2018, 144A, (NOK)		9,046,717
	440,500,000	Export-Import Bank of Korea, 4.000%, 11/26/2015, 144A, (PHP)		10,425,706
	9,810,000	Hana Bank, 4.000%, 11/03/2016, 144A		10,404,418
	6,441,627	Hyundai Capital Auto Funding Ltd., Series 2010-8A, Class A, 1.179%, 9/20/2016, 144A(c)		6,377,211
	3,088,000	Hyundai Steel Co., 4.625%, 4/21/2016, 144A		3,250,299
	8,538,000	Korea Finance Corp., 4.625%, 11/16/2021		9,015,291

				48,519,642

		Luxembourg – 0.7%
	8,575,000	ArcelorMittal, 6.000%, 3/01/2021		8,789,375
	4,150,000	Holcim US Finance Sarl & Cie SCS, 5.150%, 9/12/2023, 144A		4,314,967
	2,905,000	INEOS Group Holdings S.A., 6.500%, 8/15/2018, (EUR)		3,851,430

				16,955,772

		Malaysia – 2.2%
	175,375,000	Malaysia Government Bond, 3.314%, 10/31/2017, (MYR)(b)		53,395,029

		Mexico – 3.3%
	7,564,986(††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/10/2021, (MXN)(b)		60,449,206
	1,050,500(††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/09/2022, (MXN)		8,309,483
	1,247,129(††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		10,891,349
	1,780,000	Petroleos Mexicanos, 3.500%, 7/18/2018		1,802,250

				81,452,288

See accompanying notes to financial statements.

33 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Global Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Namibia – 0.1%
$	3,588,000	Namibia International Bonds, 5.500%, 11/03/2021, 144A	$	3,623,880

		Netherlands – 0.8%
	4,400,000	Bharti Airtel International Netherlands BV, 5.125%, 3/11/2023, 144A		3,938,000
	3,200,000	Enel Finance International NV, 6.000%, 10/07/2039, 144A		2,913,952
	1,000,000	LyondellBasell Industries NV, 6.000%, 11/15/2021		1,141,330
	9,270,000	Netherlands Government Bond, 2.250%, 7/15/2022, 144A, (EUR)		12,820,887

				20,814,169

		New Zealand – 1.7%
	22,535,000	New Zealand Government Bond, 6.000%, 4/15/2015, (NZD)		19,545,402
	24,516,000	New Zealand Government Bond, 6.000%, 5/15/2021, (NZD)(b)		22,423,808

				41,969,210

		Norway – 2.4%
	136,200,000	Norway Government Bond, 4.250%, 5/19/2017, (NOK)		24,452,920
	185,925,000	Norway Government Bond, 4.500%, 5/22/2019, (NOK)(b)		34,357,684

				58,810,604

		Philippines – 0.4%
	100,000,000	Philippine Government International Bond, 4.950%, 1/15/2021, (PHP)		2,486,128
	259,000,000	Philippine Government International Bond, 6.250%, 1/14/2036, (PHP)		6,692,122

				9,178,250

		Poland – 1.5%
	81,455,000	Poland Government Bond, 4.750%, 4/25/2017, (PLN)(b)		27,081,241
	5,360,000	Poland Government International Bond, 3.000%, 9/23/2014, (CHF)		6,080,416
	4,145,000	Poland Government International Bond, 3.000%, 3/17/2023		3,796,820

				36,958,477

		Spain – 1.3%
	1,000,000	Banco Popular Espanol S.A., EMTN, 4.125%, 3/30/2017, (EUR)		1,404,665
	1,600,000	Iberdrola Finanzas SAU, EMTN, 6.000%, 7/01/2022, (GBP)		2,820,157
	2,600,000	Iberdrola Finanzas SAU, EMTN, 7.375%, 1/29/2024, (GBP)		4,964,136

		Spain – continued
	8,530,000	Spain Government Bond, 5.850%, 1/31/2022, (EUR)(b)	$	12,943,286
	2,435,000	Telefonica Emisiones SAU, 5.134%, 4/27/2020		2,493,036
	2,695,000	Telefonica Emisiones SAU, 5.462%, 2/16/2021		2,759,577
	950,000	Telefonica Emisiones SAU, 7.045%, 6/20/2036		1,008,327
	1,817,000	Telefonica Emisiones SAU, EMTN, 5.375%, 2/02/2026, (GBP)		2,860,451

				31,253,635

		Supranationals – 0.8%
	15,870,000	European Investment Bank, 2.375%, 7/10/2020, (CHF)(b)		19,154,205

		Sweden – 0.2%
	5,800,000	Nordea Bank AB, 4.250%, 9/21/2022, 144A		5,732,969

		Thailand – 0.5%
	391,075,000	Thailand Government Bond, 3.250%, 6/16/2017, (THB)		12,500,472

		Turkey – 0.8%
	18,870,000	Akbank TAS, 7.500%, 2/05/2018, 144A, (TRY)		8,493,158
	2,400,000	Arcelik AS, 5.000%, 4/03/2023, 144A		2,061,000
	11,400,000	Turkey Government Bond, 9.000%, 3/05/2014, (TRY)		5,674,464
	3,600,000	Turkiye Is Bankasi, 3.875%, 11/07/2017, 144A		3,451,500

				19,680,122

		United Arab Emirates – 0.5%
	5,359,000	Dubai Electricity & Water Authority, 6.375%, 10/21/2016, 144A		6,035,574
	4,996,000	IPIC GMTN Ltd., MTN, 5.000%, 11/15/2020, 144A		5,408,170

				11,443,744

		United Kingdom – 6.5%
	1,100,000	Aviva PLC, EMTN, (fixed rate to 7/05/2023, variable rate thereafter), 6.125%, 7/05/2043, (EUR)		1,558,542
	3,203,000	Bank of Scotland PLC, EMTN, 4.875%, 11/08/2016, (GBP)		5,721,183
	891,000	Barclays Bank PLC, 6.050%, 12/04/2017, 144A		989,717
	4,078,000	Barclays Bank PLC, EMTN, 5.750%, 9/14/2026, (GBP)		6,983,031
	2,215,000	BG Energy Capital PLC, 4.000%, 10/15/2021, 144A		2,281,421
	3,906,000	HSBC Bank PLC, 4.125%, 8/12/2020, 144A		4,102,886
	3,175,000	HSBC Holdings PLC, 4.000%, 3/30/2022		3,230,588
	3,500,000	HSBC Holdings PLC, EMTN, 5.750%, 12/20/2027, (GBP)		6,169,365

See accompanying notes to financial statements.

| 34

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Global Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		United Kingdom – continued
$	4,360,000	Lloyds Bank PLC, MTN, 6.500%, 9/14/2020, 144A	$	4,813,043
	4,595,000	Royal Bank of Scotland Group PLC, 6.125%, 12/15/2022		4,629,095
	9,250,000	Standard Chartered PLC, 3.950%, 1/11/2023, 144A		8,701,003
	9,120,000	United Kingdom Treasury, 1.750%, 1/22/2017, (GBP)(b)		15,137,768
	5,516,209	United Kingdom Treasury, 4.000%, 3/07/2022, (GBP)(b)		10,037,541
	8,065,917	United Kingdom Treasury, 4.250%, 3/07/2036, (GBP)		14,822,411
	11,308,827	United Kingdom Treasury, 4.750%, 3/07/2020, (GBP)(b)		21,446,939
	22,450,599	United Kingdom Treasury, 5.000%, 3/07/2025, (GBP)(b)		44,062,494
	7,200,000	Vedanta Resources PLC, 6.000%, 1/31/2019, 144A		6,840,000

				161,527,027

		United States – 29.9%
	5,950,000	A10 Securitization LLC, Series 2013-1, Class A, 2.400%, 11/15/2025, 144A		5,921,511
	265,000	Alcoa, Inc., 5.870%, 2/23/2022		265,029
	5,145,000	Alcoa, Inc., 5.900%, 2/01/2027		4,975,452
	3,445,000	Ally Financial, Inc., 3.500%, 7/18/2016		3,479,450
	6,515,000	Ally Financial, Inc., 4.750%, 9/10/2018		6,485,878
	3,318,722	Alta Wind Holdings LLC, 7.000%, 6/30/2035, 144A		3,520,885
	7,100,000	American Airlines Pass Through Trust, Series 2013-2, Class A, 4.950%, 7/15/2024, 144A		7,135,500
	5,550,000	American International Group, Inc., 4.875%, 6/01/2022		5,953,824
	2,705,000	Apache Corp., 4.250%, 1/15/2044		2,366,429
	800,000	Apache Corp., 4.750%, 4/15/2043		757,266
	6,040,000	Apple, Inc., 1.000%, 5/03/2018		5,818,054
	2,442,401	Ascentium Equipment Receivables LLC, Series 2012-1A, Class A, 1.830%, 9/15/2019, 144A		2,439,575
	5,137,000	Avnet, Inc., 5.875%, 6/15/2020		5,459,696
	6,283,000	Ball Corp., 4.000%, 11/15/2023		5,638,992
	13,455,000	Bank of America Corp., 4.100%, 7/24/2023		13,371,377

		United States – continued
$	3,065,189	California Republic Auto Receivables Trust, Series 2012-1, Class A, 1.180%, 8/15/2017, 144A	$	3,060,401
	7,267,000	Capital One Bank USA NA, 3.375%, 2/15/2023		6,797,174
	5,750,000	Capital One Multi-Asset Execution Trust, Series 2004-B7, Class B7, 0.710%, 8/17/2017, (EUR)(c)		7,740,999
	3,200,000	Capital One Multi-Asset Execution Trust, Series 2004-B7, Class B7, 0.710%, 8/17/2017, (EUR)(c)		4,308,034
	8,231,694	Centre Point Funding LLC, Series 2012-2A, Class 1, 2.610%, 8/20/2021, 144A		8,278,903
	6,480,000	CGBAM Commercial Mortgage Trust, Series 2013-BREH, Class A2, 1.282%, 5/15/2030, 144A(c)		6,476,617
	4,102,000	CHS/Community Health Systems, Inc., 5.125%, 8/15/2018		4,173,785
	2,700,000	CIT Group, Inc., 5.000%, 8/15/2022		2,639,250
	7,360,000	Citigroup Commercial Mortgage Trust, 3.251%, 5/10/2023, 144A		7,031,950
	4,000,000	Citigroup, Inc., 1.700%, 7/25/2016		4,018,188
	9,900,000	Citigroup, Inc., 3.375%, 3/01/2023		9,420,523
	2,570,000	Commercial Mortgage Trust, Series 2013-GAM, Class A2, 3.367%, 2/10/2028, 144A		2,473,784
	5,300,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		5,392,750
	373,358	Continental Airlines Pass Through Trust, Series 2000-2, Class B, 8.307%, 10/02/2019		385,026
	181,095	Continental Airlines Pass Through Trust, Series 2001-1, Class B, 7.373%, 6/15/2017		192,413
	3,187,035	Continental Airlines Pass Through Trust, Series 2007-1, Class A, 5.983%, 10/19/2023		3,410,128
	3,813,000	Continental Resources, Inc., 4.500%, 4/15/2023		3,741,506
	6,975,000	Corning, Inc., 4.700%, 3/15/2037		6,485,801
	5,655,152	Countrywide Alternative Loan Trust, Series 2003-4CB, Class 1A1, 5.750%, 4/25/2033		5,817,489

See accompanying notes to financial statements.

35 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Global Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		United States – continued
$	5,000,000	Credit Acceptance Auto Loan Trust, Series 2012-2A, Class A, 1.520%, 3/16/2020, 144A	$	5,014,965
	1,750,000	Credit Acceptance Auto Loan Trust, Series 2013-1A, Class A, 1.210%, 10/15/2020, 144A		1,749,498
	5,722,000	Crown Castle Towers LLC, 4.523%, 1/15/2035, 144A		5,936,192
	3,089,000	Crown Castle Towers LLC, 6.113%, 1/15/2040, 144A		3,493,854
	5,235,000	Cytec Industries, Inc., 3.500%, 4/01/2023		4,865,891
	4,500,000	Del Coronado Trust, Series 2013-HDC, Class A, 0.983%, 3/15/2026, 144A(c)		4,491,841
	4,873,399	Delta Air Lines Pass Through Trust, Series 2007-1, Class A, 6.821%, 2/10/2024		5,421,656
	5,350,000	DSC Floorplan Master Owner Trust, Series 2011-1, Class A, 3.910%, 3/15/2016, 144A		5,387,643
	4,200,000	Exeter Automobile Receivables Trust, Series 2013-2A, Class A, 1.490%, 11/15/2017, 144A		4,201,436
	5,470,000	Extended Stay America Trust, Series 2013-ESH5, Class A15, 1.278%, 12/05/2031, 144A		5,431,710
	4,700,000	Extended Stay America Trust, Series 2013-ESH7, Class A17, 2.295%, 12/05/2031, 144A		4,624,800
	16,200,000	FHLMC Multifamily Structured Pass Through Certificates, 1.426%, 8/25/2017(b)		16,252,877
	3,900,000	Flagship Credit Auto Trust, Series 2013-1, Class B, 2.760%, 9/17/2018, 144A		3,865,064
	34,385,000	FNMA (TBA), 2.500%, 10/01/2028(d)		34,578,416
	5,575,000	FNMA (TBA), 3.000%, 10/01/2028(d)		5,771,867
	37,520,000	FNMA (TBA), 3.000%, 11/01/2043(d)		36,546,825
	60,640,000	FNMA (TBA), 3.500%, 11/01/2043(d)		61,530,653
	5,000,000	Ford Motor Credit Co. LLC, 2.750%, 5/15/2015		5,114,390
	4,723,000	Ford Motor Credit Co. LLC, 4.207%, 4/15/2016		5,005,218
	5,000,000	Ford Motor Credit Co. LLC, 4.375%, 8/06/2023		5,002,825
	50,000,000	General Electric Capital Corp., EMTN, 4.208%, 12/06/2021, (SEK)		7,830,457
	5,620,000	Glencore Funding LLC, 2.500%, 1/15/2019, 144A		5,268,042
	2,000,000	Goldman Sachs Group, Inc. (The), 2.900%, 7/19/2018		2,016,068

		United States – continued
$	3,660,000	Goldman Sachs Group, Inc. (The), 5.750%, 1/24/2022	$	4,057,633
	4,668,785	Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049		5,243,975
	707,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/2039		782,267
	8,327,514	GS Mortgage Securities Corp. II, Series 2007-GG10, Class A4, 5.993%, 8/10/2045(c)		9,236,920
	6,000,000	GS Mortgage Securities Corp. II, Series 2013-KYO, Class B, 1.632%, 11/08/2029, 144A(c)		5,917,014
	5,805,000	Hawk Acquisition Sub, Inc., 4.250%, 10/15/2020, 144A		5,536,519
	3,311,000	HCA, Inc., 4.750%, 5/01/2023		3,116,479
	577,000	HCA, Inc., 7.690%, 6/15/2025		590,704
	567,000	HCA, Inc., MTN, 7.580%, 9/15/2025		575,505
	1,416,667	Hertz Vehicle Financing LLC, Series 2010-1A, Class B1, 5.020%, 2/25/2015, 144A		1,429,823
	4,432,578	Hilton Grand Vacations Trust, Series 2013-A, Class A, 2.280%, 1/25/2026, 144A		4,437,595
	3,179,000	Host Hotels & Resorts LP, 4.750%, 3/01/2023		3,193,741
	4,300,000	Host Hotels & Resorts LP, 5.250%, 3/15/2022		4,463,292
	5,177,000	HSBC USA, Inc., 5.000%, 9/27/2020		5,549,226
	7,644,000	Hyatt Hotels Corp., 5.375%, 8/15/2021		8,241,218
	5,800,000	Hyundai Capital America, 4.000%, 6/08/2017, 144A		6,133,680
	3,028,000	Incitec Pivot Finance LLC, 6.000%, 12/10/2019, 144A		3,323,805
	5,500,000	International Lease Finance Corp., 5.875%, 8/15/2022		5,417,500
	4,980,000	iStar Financial, Inc., 4.875%, 7/01/2018		4,830,600
	7,935,000	JPMorgan Chase & Co., 3.250%, 9/23/2022		7,485,823
	6,454,000	JPMorgan Chase & Co., 4.400%, 7/22/2020		6,831,804
	4,000,000	JPMorgan Chase & Co., 4.500%, 1/24/2022		4,172,408
	6,000,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-JWRZ, Class A, 0.962%, 4/15/2030, 144A(c)		5,938,962
	2,313,267	JPMorgan Resecuritization Trust, Series 2010-4, Class A2, 2.114%, 9/26/2035, 144A(c)		2,326,106

See accompanying notes to financial statements.

| 36

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Global Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		United States – continued
$	2,460,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.375%, 10/01/2017	$	2,573,775
	3,211,269	Marriott Vacation Club Owner Trust, Series 2012-1A, Class B, 3.500%, 5/20/2030, 144A		3,275,893
	4,723,000	MBNA Credit Card Master Note Trust, Series 2005-B3, Class B3, 0.519%, 3/19/2018, (EUR)(c)		6,268,495
	1,240,000	Meccanica Holdings USA, Inc., 6.250%, 1/15/2040, 144A		1,035,400
	5,250,000	Meccanica Holdings USA, Inc., 7.375%, 7/15/2039, 144A		4,828,231
	2,600,000	Morgan Stanley, 3.750%, 2/25/2023		2,506,488
	6,001,000	Morgan Stanley, 5.500%, 7/24/2020		6,623,778
	1,100,000	Morgan Stanley, GMTN, 5.500%, 1/26/2020		1,217,220
	4,400,000	Morgan Stanley Re-REMIC Trust, Series 2009-GG10, Class A4B, 5.993%, 8/12/2045, 144A(c)		4,826,818
	1,500,000	Morgan Stanley Re-REMIC Trust, Series 2010-GG10, Class A4B, 5.993%, 8/15/2045, 144A(c)		1,645,506
	6,300,000	Motel 6 Trust, Series 2012-MTL6, Class D, 3.781%, 10/05/2025, 144A		6,104,114
	2,100,000	Newfield Exploration Co., 5.625%, 7/01/2024		2,031,750
	1,211,000	Noble Energy, Inc., 4.150%, 12/15/2021		1,260,741
	795,541	Santander Drive Auto Receivables Trust, Series 2011-S2A, Class D, 3.350%, 6/15/2017, 144A		798,962
	4,000,000	Santander Drive Auto Receivables Trust, Series 2012-4, Class C, 2.940%, 12/15/2017		4,078,564
	2,945,000	Sealed Air Corp., 5.250%, 4/01/2023, 144A		2,790,388
	7,832,036	Sequoia Mortgage Trust, Series 2013-5, Class A1, 2.500%, 5/25/2043, 144A		7,001,081
	6,209,425	SNAAC Auto Receivables Trust, Series 2013-1A, Class A, 1.140%, 7/16/2018, 144A		6,202,843
	8,000,000	Springleaf Funding Trust, Series 2013-BA, Class A, 3.920%, 1/16/2023, 144A		7,880,000
	9,790,000	Sprint Communications, Inc., 6.000%, 11/15/2022		9,006,800
	2,812,081	SVO VOI Mortgage LLC, Series 2012-AA, Class A, 2.000%, 9/20/2029, 144A		2,798,200

		United States – continued
$	10,242,184	Trinity Rail Leasing LP, Series 2010-1A, Class A, 5.194%, 10/16/2040, 144A	$	10,351,519
	13,970,000	U.S. Treasury Bond, 2.875%, 5/15/2043(e)		11,857,037
	17,695,000	U.S. Treasury Note, 1.375%, 5/31/2020		17,074,295
	23,755,000	U.S. Treasury Note, 1.500%, 7/31/2016		24,356,287
	3,885,000	U.S. Treasury Note, 1.625%, 11/15/2022(e)		3,596,962
	26,460,000	U.S. Treasury Note, 2.125%, 8/15/2021		26,245,012
	6,325,000	US Airways Pass Through Trust, Series 2013-1, Class 1A, 3.950%, 5/15/2027		5,850,625
	2,585,000	Verizon Communications, Inc., 2.500%, 9/15/2016		2,664,323
	3,775,000	Verizon Communications, Inc., 6.400%, 9/15/2033		4,192,187
	3,895,000	Verizon Communications, Inc., 6.550%, 9/15/2043		4,397,210
	1,150,000	Wachovia Bank Commercial Mortgage Trust, Series 2007-C30, Class A5, 5.342%, 12/15/2043		1,272,289
	2,205,000	Wells Fargo & Co., 4.625%, 11/02/2035, (GBP)		3,682,757
	1,750,000	Wells Fargo & Co., EMTN, 3.500%, 9/12/2029, (GBP)		2,630,036
	6,272,000	White Mountains Re Group Ltd., 6.375%, 3/20/2017, 144A		6,857,554
	5,130,000	Whiting Petroleum Corp., 5.000%, 3/15/2019		5,142,825
	4,360,000	Zurich Finance USA, Inc., EMTN, (fixed rate to 10/02/2013, variable rate thereafter), 5.750%, 10/02/2023, (EUR)		5,898,428
	2,907,000	Zurich Finance USA, Inc., EMTN, (fixed rate to 6/15/2015, variable rate thereafter), 4.500%, 6/15/2025, (EUR)		4,090,046

				738,582,865


		Total Non-Convertible Bonds
		(Identified Cost $2,386,579,317)		2,360,822,408


	Convertible Bonds – 0.7%

		United States – 0.7%
	4,882,000	Ciena Corp., 0.875%, 6/15/2017		4,970,486
	6,065,000	Intel Corp., 2.950%, 12/15/2035		6,565,363
	7,140,000	Peabody Energy Corp., 4.750%, 12/15/2066		5,729,850


		Total Convertible Bonds
		(Identified Cost $16,525,691)		17,265,699


		Total Bonds and Notes
		(Identified Cost $2,403,105,008)		2,378,088,107

See accompanying notes to financial statements.

37 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Global Bond Fund – continued


Shares		Description	Value (†)

	Preferred Stocks – 0.6%

	Non-Convertible Preferred Stock – 0.3%

		United States – 0.3%
	332,593	PNC Financial Services Group, Inc. (The), 5.375% (Identified Cost $8,314,825)	$	7,280,461


	Convertible Preferred Stocks – 0.3%

		United States – 0.3%
	67,817	Dominion Resources, Inc., Series A, 6.125%		3,617,359
	46,039	Dominion Resources, Inc., Series B, 6.000%		2,460,784
	46,158	iStar Financial, Inc., Series J, 4.500%		2,556,230

				8,634,373


		Total Convertible Preferred Stocks
		(Identified Cost $8,131,871)		8,634,373


		Total Preferred Stocks
		(Identified Cost $16,446,696)		15,914,834


Principal Amount (‡)

	Short-Term Investments – 5.7%
$	12,871,374	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2013 at 0.000% to be repurchased at $12,871,374 on 10/01/2013 collateralized by $13,330,000 U.S. Treasury Note, 0.625% due 8/31/2017 valued at $13,130,050 including accrued interest (Note 2 of Notes to Financial Statements)		12,871,374
	128,680,000	U.S. Treasury Bills, 0.046%-0.061%, 11/14/2013(b)(f)(g)		128,675,625


		Total Short-Term Investments
		(Identified Cost $141,542,817)		141,546,999

		Total Investments – 102.7%
		(Identified Cost $2,561,094,521)(a)		2,535,549,940
		Other assets less liabilities—(2.7)%		(67,562,157	)


		Net Assets – 100.0%	$	2,467,987,783


	(‡)	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:
		At September 30, 2013, the net unrealized depreciation on investments based on a cost of $2,575,334,423 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	$	48,204,452
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(87,988,935	)

		Net unrealized depreciation	$	(39,784,483	)

	(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 September 30, 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)	The Fund’s investment in U.S. Treasury Bills is comprised of various lots with differing discount rates. These separate investments, which have the same maturity date, have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(g)	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 September 30, 2013, the value of Rule 144A holdings amounted to $501,239,364 or 20.3% 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
	THB	Thailand Baht
	TRY	Turkish Lira

See accompanying notes to financial statements.

| 38

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Global Bond Fund – continued

At September 30, 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	11/29/2013	Australian Dollar		29,320,000	$	27,249,420	$	(773,753	)
Buy²	10/02/2013	Brazilian Real		29,850,000		13,468,393		118,662
Sell²	10/02/2013	Brazilian Real		29,850,000		13,468,393		(842,291	)
Sell²	11/04/2013	Brazilian Real		29,850,000		13,363,478		(111,535	)
Sell²	12/27/2013	British Pound		13,800,000		22,326,949		(254,677	)
Sell¹	12/05/2013	Canadian Dollar		37,810,000		36,648,021		(753,360	)
Buy³	12/20/2013	Malaysian Ringgit		62,652,000		19,125,512		160,172
Sell²	10/31/2013	New Zealand Dollar		27,310,000		22,637,677		(1,013,346	)
Buy²	12/16/2013	Philippine Peso		210,000,000		4,822,830		16,238
Buy²	12/11/2013	South Korean Won		31,476,000,000		29,160,100		649,230
Buy¹	12/11/2013	South Korean Won		24,975,000,000		23,137,422		541,747
Sell²	12/11/2013	South Korean Won		13,000,000,000		12,043,503		(126,737	)
Sell⁴	12/18/2013	Swiss Franc		9,760,000		10,799,327		(380,715	)
Sell²	12/24/2013	Thai Baht		271,300,000		8,630,693		(109,965	)
Sell¹	12/17/2013	Turkish Lira		30,495,000		14,892,675		25,871

Total							$	(2,854,459	)

At September 30, 2013, the Fund had the following open forward cross currency contracts:


Settlement Date	Deliver/Units of Currency		Receive/Units of Currency		Unrealized Appreciation (Depreciation)
1/06/2014	Japanese Yen	1,891,560,000	Singapore Dollar²	24,000,000	$	(124,262	)
10/03/2013	Japanese Yen	1,863,477,600	Singapore Dollar²	24,000,000		172,277
12/04/2013	Malaysian Ringgit	240,070,000	Japanese Yen¹	7,011,652,469		(1,996,042	)
10/03/2013	Singapore Dollar	24,000,000	Japanese Yen²	1,892,328,000		121,233
12/18/2013	Swedish Krona	50,000,000	Euro²	5,735,918		(4,902	)

Total					$	(1,831,696	)

¹Counterparty is Credit Suisse International.

²Counterparty is Barclays Bank PLC.

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

⁴Counterparty is UBS AG.

At September 30, 2013, open long futures contracts were as follows:


Financial Futures	Expiration Date		Contracts		Notional Value		Unrealized Appreciation (Depreciation)
Ultra Long U.S. Treasury Bond		12/19/2013		93	$	13,214,719	$	87,017

At September 30, 2013, open short futures contracts were as follows:


Financial Futures	Expiration Date		Contracts		Notional Value		Unrealized Appreciation (Depreciation)
30 Year U.S. Treasury Bond		12/19/2013		800	$	106,700,000	$	(1,282,713	)

See accompanying notes to financial statements.

39 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Global Bond Fund – continued

Industry Summary at September 30, 2013 (Unaudited)


Treasuries	45.8	%
Banking	7.4
Mortgage Related	5.6
Local Authorities	5.1
Commercial Mortgage-Backed Securities	3.7
Government Owned – No Guarantee	3.1
ABS Car Loan	3.0
Other Investments, less than 2% each	23.3
Short-Term Investments	5.7

Total Investments	102.7
Other assets less liabilities (including open forward foreign currency contracts and futures contracts)	(2.7	)

Net Assets	100.0	%

Currency Exposure Summary at September 30, 2013 (Unaudited)


United States Dollar	44.1	%
Euro	19.4
Japanese Yen	11.9
British Pound	6.9
Canadian Dollar	4.3
Mexican Peso	3.2
Norwegian Krone	2.4
Malaysian Ringgit	2.2
Other, less than 2% each	8.3

Total Investments	102.7
Other assets less liabilities (including open forward foreign currency contracts and futures contracts)	(2.7	)

Net Assets	100.0	%

See accompanying notes to financial statements.

| 40

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Inflation Protected Securities Fund


Principal Amount		Description	Value (†)

	Bonds and Notes – 96.5% of Net Assets

		Airlines – 0.6%
$	130,000	United Airlines, Inc., 6.750%, 9/15/2015, 144A	$	133,900

		Automotive – 0.5%
	120,000	General Motors Financial Co., Inc., 2.750%, 5/15/2016, 144A		119,700

		Electric – 1.4%
	140,000	EDP Finance BV, 6.000%, 2/02/2018, 144A		144,900
	150,000	Iberdrola Finance Ireland Ltd., 5.000%, 9/11/2019, 144A		158,998

				303,898

		Independent Energy – 0.6%
	130,000	SandRidge Energy, Inc., 7.500%, 3/15/2021		131,300

		Treasuries – 92.6%
	1,366,533	U.S. Treasury Inflation Indexed Bond, 0.625%, 2/15/2043(b)		1,120,344
	2,627,520	U.S. Treasury Inflation Indexed Bond, 2.500%, 1/15/2029(b)		3,229,593
	6,191,269	U.S. Treasury Inflation Indexed Note, 0.125%, 4/15/2017(b)		6,384,263
	2,015,987	U.S. Treasury Inflation Indexed Note, 0.125%, 4/15/2018(b)		2,076,781
	4,014,752	U.S. Treasury Inflation Indexed Note, 0.125%, 1/15/2022(b)		3,964,255
	2,935,604	U.S. Treasury Inflation Indexed Note, 0.125%, 7/15/2022(b)(c)		2,891,570
	640,399	U.S. Treasury Inflation Indexed Note, 0.375%, 7/15/2023(b)		637,097

				20,303,903

		Wirelines – 0.8%
	150,000	Telefonica Emisiones SAU, 6.421%, 6/20/2016		164,819


		Total Bonds and Notes
		(Identified Cost $22,356,904)		21,157,520


	Shares

	Preferred Stocks – 0.6%

		Aerospace & Defense – 0.6%
	2,100	United Technologies Corp., 7.500%
		(Identified Cost $105,000)		136,059


	Notional Amount

	Purchased Swaptions – 6.5%

		Interest Rate Swaptions – 6.5%
$	17,500,000	2-year Interest Rate Swap Put, expiring 3/11/2014, Pay 3-month LIBOR, Receive 0.674%(d)		44,677

		Interest Rate Swaptions – continued
	9,000,000	2-year Interest Rate Swap Put, expiring 9/19/2014, Pay 3-month LIBOR, Receive 1.080%(e)		59,067
	11,750,000	5-year Interest Rate Swap Put, expiring 3/27/2014, Pay 3-month LIBOR, Receive 1.378%(d)		27,848
	27,500,000	10-year Interest Rate Swap Call, expiring 6/22/2015, Pay 3.440%, Receive 3-month LIBOR(d)		1,303,225


		Total Purchased Swaptions
		(Identified Cost $1,594,996)		1,434,817


	Principal Amount

	Short-Term Investments – 0.1%
	25,000	U.S. Treasury Bill, 0.047%, 10/03/2013(f)(g) (Identified Cost $25,000)		25,000


		Total Investments – 103.7%
		(Identified Cost $24,081,900)(a)		22,753,396
		Other assets less liabilities—(3.7)%		(820,612	)


		Net Assets – 100.0%	$	21,932,784


	Notional Amount

	Written Swaptions – (3.8%)

		Interest Rate Swaptions – (3.8%)
$	17,500,000	2-year Interest Rate Swap Put, expiring 3/11/2014, Pay 0.398%, Receive 3-month LIBOR(d)	$	(3,553	)
	11,750,000	5-year Interest Rate Swap Put, expiring 3/27/2014, Pay 0.957%, Receive 3-month LIBOR(d)		(1,716	)
	27,500,000	10-year Interest Rate Swap Call, expiring 6/22/2015, Pay 3-month LIBOR, Receive 3.940%(d)		(833,002	)


		Total Written Swaptions
		(Premiums Received $927,461)	$	(838,271	)


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information: At September 30, 2013, the net unrealized depreciation on investments based on a cost of $24,309,829 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	$	167,244
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(1,723,677	)

		Net unrealized depreciation	$	(1,556,433	)

	(b)	Treasury Inflation Protected Security (TIPS).

See accompanying notes to financial statements.

41 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Inflation Protected Securities Fund – continued


	(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)			Counterparty is Credit Suisse International.
	(f)			A portion of this security has been pledged as initial margin for open futures contracts.
	(g)			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 September 30, 2013, the value of Rule 144A holdings amounted to $557,498 or 2.5% of net assets.

At September 30, 2013, open short futures contracts were as follows:


Financial Futures	Expiration Date		Contracts		Notional Value		Unrealized Appreciation (Depreciation)
5 Year U.S. Treasury Note		12/31/2013		3	$	363,141	$	(3,732	)

Industry Summary at September 30, 2013 (Unaudited)


Treasuries	92.6	%
Purchased Swaptions	6.5
Other Investments, less than 2% each	4.5
Short-Term Investments	0.1

Total Investments	103.7
Other assets less liabilities (including open written swaptions and futures contracts)	(3.7	)

Net Assets	100.0	%

See accompanying notes to financial statements.

| 42

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Institutional High Income Fund


Principal Amount (‡)			Description	Value (†)

	Bonds and Notes – 79.1% of Net Assets

	Non-Convertible Bonds – 64.5%

			Aerospace & Defense – 2.4%
	135,000		Bombardier, Inc., 7.350%, 12/22/2026, 144A, (CAD)	$	139,111
	2,175,000		Bombardier, Inc., 7.450%, 5/01/2034, 144A		2,164,125
	500,000		Ducommun, Inc., 9.750%, 7/15/2018		555,000
	3,220,000		GenCorp, Inc., 7.125%, 3/15/2021, 144A		3,372,950
	900,000		Meccanica Holdings USA, Inc., 6.250%, 1/15/2040, 144A		751,500
	5,200,000		Meccanica Holdings USA, Inc., 7.375%, 7/15/2039, 144A		4,782,248
	2,610,000		Textron Financial Corp., (fixed rate to 2/15/2017, variable rate thereafter), 6.000%, 2/15/2067, 144A		2,306,587
	1,580,000		TransDigm, Inc., 7.500%, 7/15/2021, 144A		1,698,500

					15,770,021

			Airlines – 3.0%
	4,890,000		Air Canada, 7.625%, 10/01/2019, 144A, (CAD)		4,759,211
	435,000		Air Canada Pass Through Trust, Series 2013-1, Class B, 5.375%, 11/15/2022, 144A		419,775
	327,905		Continental Airlines Pass Through Trust, Series 2000-2, Class A-1, 7.707%, 10/02/2022		368,073
	82,057		Continental Airlines Pass Through Trust, Series 2000-2, Class B, 8.307%, 10/02/2019		84,621
	62,825		Continental Airlines Pass Through Trust, Series 2001-1, Class B, 7.373%, 6/15/2017		66,751
	293,119		Delta Air Lines Pass Through Trust, Series 2007-1, Class B, 8.021%, 2/10/2024		318,034
	318,014		Delta Air Lines Pass Through Trust, Series 2007-1, Class C, 8.954%, 8/10/2014		322,784
	1,150,000		United Continental Holdings, Inc., 6.375%, 6/01/2018		1,170,125
	443,877		US Airways Pass Through Trust, Series 2010-1B, Class B, 8.500%, 10/22/2018		466,070
	3,419,660		US Airways Pass Through Trust, Series 2010-1C, Class C, 11.000%, 10/22/2014, 144A		3,599,193
	1,538,132	��	US Airways Pass Through Trust, Series 2011-1B, Class B, 9.750%, 4/22/2020		1,730,399
	464,716		US Airways Pass Through Trust, Series 2011-1C, Class C, 10.875%, 10/22/2014		490,275
	309,777		US Airways Pass Through Trust, Series 2012-1B, Class B, 8.000%, 4/01/2021		337,656

			Airlines – continued
$	3,482,356		US Airways Pass Through Trust, Series 2012-1C, Class C, 9.125%, 10/01/2015	$	3,586,827
	2,250,000		US Airways Pass Through Trust, Series 2013-1, Class B, 5.375%, 5/15/2023		2,137,500

					19,857,294

			Automotive – 0.5%
	1,000,000		American Axle & Manufacturing, Inc., 6.625%, 10/15/2022		1,025,000
	15,000		Ford Motor Co., 6.375%, 2/01/2029		16,359
	95,000		Ford Motor Co., 6.625%, 2/15/2028		102,685
	230,000		Ford Motor Co., 7.125%, 11/15/2025		267,896
	40,000		Ford Motor Co., 7.500%, 8/01/2026		48,248
	2,090,000		Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		2,069,100

					3,529,288

			Banking – 5.0%
	2,700,000		Banco Santander Brasil S.A./Cayman Islands, 8.000%, 3/18/2016, 144A, (BRL)		1,126,878
	915,000		Bank of America Corp., Series K, (fixed rate to 1/30/2018, variable rate thereafter), 8.000%(l)		995,062
	4,520,000		Citigroup, Inc., 6.250%, 6/29/2017, (NZD)		3,872,097
	7,410,000		HBOS PLC, 6.000%, 11/01/2033, 144A		6,973,551
	9,495,000		HBOS PLC, GMTN, 6.750%, 5/21/2018, 144A		10,550,787
	7,000,000,000		JPMorgan Chase & Co., EMTN, 7.070%, 3/22/2014, (IDR)		578,135
	11,000,000,000		JPMorgan Chase Bank NA, 7.700%, 6/01/2016, 144A, (IDR)		913,437
	1,700,000		Lloyds Banking Group PLC, (fixed rate to 10/01/2015, variable rate thereafter), 5.920%, 144A(l)		1,530,000
	475,000		RBS Capital Trust A, 2.321%, (EUR)(b)(l)		533,361
	80,000		RBS Capital Trust C, (fixed rate to 1/12/2016, variable rate thereafter), 4.243%, (EUR)(l)		88,476
	135,000		RBS Capital Trust I, 2.113%(b)(l)		117,788
	160,000		RBS Capital Trust II, (fixed rate to 1/03/2034, variable rate thereafter), 6.425%(l)		144,800
	85,000		RBS Capital Trust III, (fixed rate to 9/30/2014, variable rate thereafter), 5.512%(l)		77,988
	3,545,000		Royal Bank of Scotland Group PLC, 4.700%, 7/03/2018		3,562,725

See accompanying notes to financial statements.

43 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Institutional High Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Banking – continued
	105,000	Royal Bank of Scotland Group PLC, 5.250%, (EUR)(l)	$	108,313
	1,545,000	Royal Bank of Scotland Group PLC, 5.500%, (EUR)(l)		1,630,947
	85,000	Royal Bank of Scotland Group PLC, (fixed rate to 9/29/2017, variable rate thereafter), 7.640%(l)		80,750
	435,000	SG Capital Trust III, (fixed rate to 11/10/2013, variable rate thereafter), 5.419%, (EUR)(l)		590,255

				33,475,350

		Brokerage – 0.4%
	1,615,000	Jefferies Group LLC, 6.250%, 1/15/2036		1,549,743
	1,045,000	Jefferies Group LLC, 6.450%, 6/08/2027		1,065,900
	165,000	Jefferies Group LLC, 6.875%, 4/15/2021		183,013

				2,798,656

		Building Materials – 0.8%
	3,530,000	Building Materials Holding Corp., 9.000%, 9/15/2018, 144A		3,600,600
	670,000	Masco Corp., 6.500%, 8/15/2032		664,975
	1,225,000	Owens Corning, Inc., 7.000%, 12/01/2036		1,343,629

				5,609,204

		Chemicals – 2.4%
	3,043,000	Hercules, Inc., 6.500%, 6/30/2029		2,708,270
	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		1,212,100
	1,824,000	Momentive Specialty Chemicals, Inc., 7.875%, 2/15/2023(c)		1,495,680
	539,000	Momentive Specialty Chemicals, Inc., 8.375%, 4/15/2016(c)		485,100
	2,641,000	Momentive Specialty Chemicals, Inc., 9.200%, 3/15/2021(c)		2,244,850
	4,416,092	Reichhold Industries, Inc., 9.000% (11.000% PIK), 5/08/2017, 144A(c)(d)		3,400,391
	600,000	U.S. Coatings Acquisition, Inc./Flash Dutch 2 BV, 7.375%, 5/01/2021, 144A		627,000

				15,989,436

		Commercial Mortgage-Backed Securities – 0.0%
	320,000	GS Mortgage Securities Corp. II, Series 2007-GG10, Class AM, 5.993%, 8/10/2045(b)		312,819


		Consumer Cyclical Services – 0.2%
$	135,000	ServiceMaster Co. (The), 7.100%, 3/01/2018	$	129,938
	1,902,000	ServiceMaster Co. (The), 7.450%, 8/15/2027		1,521,600

				1,651,538

		Consumer Products – 0.3%
	2,270,000	Visant Corp., 10.000%, 10/01/2017		2,111,100

		Electric – 0.7%
	215,000	Edison Mission Energy, 7.625%, 5/15/2027(e)		142,438
	1,100,000	EDP Finance BV, 4.900%, 10/01/2019, 144A		1,086,250
	1,000,000	EDP Finance BV, 6.000%, 2/02/2018, 144A		1,035,000
	3,540,028	Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc., 11.250% (12.250% PIK), 12/01/2018, 144A(d)		2,336,418
	105,000	PPL Energy Supply LLC, 4.600%, 12/15/2021		103,603

				4,703,709

		Environmental – 0.1%
	536,000	ADS Waste Holdings, Inc., 8.250%, 10/01/2020, 144A		565,480

		Food & Beverage – 0.4%
	1,350,000	Crestview DS Merger Sub II, Inc., 10.000%, 9/01/2021, 144A		1,390,500
	1,545,000	Wells Enterprises, Inc., 6.750%, 2/01/2020, 144A		1,575,900

				2,966,400

		Government Guaranteed – 0.9%
	1,185,000	Autonomous Community of Catalonia, 4.950%, 2/11/2020, (EUR)		1,483,374
	4,720,000	Queensland Treasury Corp., 7.125%, 9/18/2017, 144A, (NZD)		4,298,242

				5,781,616

		Government Owned – No Guarantee – 0.4%
	9,000,000,000	Export-Import Bank of Korea, 6.600%, 11/04/2013, 144A, (IDR)		768,653
	16,700,000,000	Export-Import Bank of Korea, 8.300%, 3/15/2014, 144A, (IDR)		1,407,891
	75,000(††)	Petroleos Mexicanos, 7.650%, 11/24/2021, 144A, (MXN)		599,333

				2,775,877

		Government Sponsored – 0.7%
	3,440,000	Eksportfinans ASA, 2.000%, 9/15/2015		3,354,000
	1,250,000	Eksportfinans ASA, 2.375%, 5/25/2016		1,209,375

				4,563,375

		Healthcare – 3.1%
	2,825,000	HCA, Inc., 5.875%, 5/01/2023		2,775,562
	1,065,000	HCA, Inc., 7.050%, 12/01/2027		1,019,738

See accompanying notes to financial statements.

| 44

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Institutional High Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Healthcare – continued
$	970,000	HCA, Inc., 7.500%, 12/15/2023	$	989,400
	4,660,000	HCA, Inc., 7.500%, 11/06/2033		4,625,050
	1,815,000	HCA, Inc., 7.690%, 6/15/2025		1,858,106
	375,000	HCA, Inc., 8.360%, 4/15/2024		403,125
	945,000	HCA, Inc., MTN, 7.580%, 9/15/2025		959,175
	1,550,000	HCA, Inc., MTN, 7.750%, 7/15/2036		1,519,000
	7,644,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		6,478,290

				20,627,446

		Home Construction – 1.0%
	300,000	Beazer Homes USA, Inc., 7.250%, 2/01/2023		288,000
	882,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021		776,160
	1,068,000	K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2016		1,102,710
	755,000	K. Hovnanian Enterprises, Inc., 7.500%, 5/15/2016		794,637
	400,000	Pulte Group, Inc., 6.000%, 2/15/2035		344,000
	2,460,000	Pulte Group, Inc., 6.375%, 5/15/2033		2,195,550
	870,000	Pulte Group, Inc., 7.875%, 6/15/2032		878,700

				6,379,757

		Independent Energy – 2.7%
	150,000	Chesapeake Energy Corp., 6.250%, 1/15/2017, (EUR)		216,889
	5,545,000	Connacher Oil and Gas Ltd., 8.500%, 8/01/2019, 144A		3,964,675
	5,680,000	Connacher Oil and Gas Ltd., 8.750%, 8/01/2018, 144A, (CAD)		3,915,150
	1,075,000	OGX Austria GmbH, 8.375%, 4/01/2022, 144A(f)		172,000
	600,000	OGX Austria GmbH, 8.500%, 6/01/2018, 144A		96,000
	3,680,000	Rex Energy Corp., 8.875%, 12/01/2020, 144A		3,864,000
	2,400,000	Rosetta Resources, Inc., 5.625%, 5/01/2021		2,280,000
	3,360,000	SandRidge Energy, Inc., 7.500%, 2/15/2023		3,326,400

				17,835,114

		Industrial Other – 0.3%
	635,000	Cleaver-Brooks, Inc., 8.750%, 12/15/2019, 144A		685,800
	1,375,000	Permian Holdings, Inc., 10.500%, 1/15/2018, 144A		1,340,625

				2,026,425

		Life Insurance – 2.4%
	1,600,000	American International Group, Inc., 6.250%, 3/15/2087		1,568,000

		Life Insurance – continued
$	6,535,000	American International Group, Inc., (fixed rate to 5/15/2038, variable rate thereafter), 8.175%, 5/15/2068	$	7,649,217
	4,400,000	AXA S.A., (fixed rate to 12/14/2036, variable rate thereafter), 6.379%, 144A(l)		4,229,500
	280,000	MetLife Capital Trust X, 9.250%, 4/08/2068, 144A		355,600
	1,530,000	MetLife, Inc., 10.750%, 8/01/2069		2,249,100

				16,051,417

		Local Authorities – 0.8%
	1,535,000	Autonomous Community of Madrid Spain, 4.300%, 9/15/2026, 144A, (EUR)		1,831,818
	100,000	City of Madrid, Spain, 4.550%, 6/16/2036, (EUR)		99,775
	905,000	City of Rome, Italy, EMTN, 5.345%, 1/27/2048, (EUR)		1,101,897
	2,095,000	New South Wales Treasury Corp., 6.000%, 2/01/2018, (AUD)		2,148,862

				5,182,352

		Media Cable – 0.7%
	2,215,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 1/15/2024		2,093,175
	3,130,000	Time Warner Cable, Inc., 4.500%, 9/15/2042		2,288,537

				4,381,712

		Media Non-Cable – 2.4%
	2,210,000	Clear Channel Communications, Inc., 4.900%, 5/15/2015		2,071,875
	4,405,000	Clear Channel Communications, Inc., 5.500%, 9/15/2014		4,327,912
	1,770,000	Intelsat Luxembourg S.A., 7.750%, 6/01/2021, 144A		1,831,950
	980,000	Intelsat Luxembourg S.A., 8.125%, 6/01/2023, 144A		1,033,900
	1,206,000	R.R. Donnelley & Sons Co., 7.625%, 6/15/2020		1,284,390
	1,665,000	R.R. Donnelley & Sons Co., 7.875%, 3/15/2021		1,785,713
	3,230,000	R.R. Donnelley & Sons Co., 8.250%, 3/15/2019		3,585,300

				15,921,040

		Metals & Mining – 3.6%
	5,685,000	Barminco Finance Pty Ltd., 9.000%, 6/01/2018, 144A		5,187,562
	540,000	Cliffs Natural Resources, Inc., 6.250%, 10/01/2040		451,435
	377,000	Essar Steel Algoma, Inc., 9.375%, 3/15/2015, 144A		356,265
	11,060,000	Essar Steel Algoma, Inc., 9.875%, 6/15/2015, 144A		8,682,100

See accompanying notes to financial statements.

45 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Institutional High Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Metals & Mining – continued
$	3,125,000	Hecla Mining Co., 6.875%, 5/01/2021, 144A	$	2,953,125
	800,000	Rain CII Carbon LLC/CII Carbon Corp., 8.250%, 1/15/2021, 144A		804,000
	2,020,000	United States Steel Corp., 6.650%, 6/01/2037		1,651,350
	3,680,000	United States Steel Corp., 7.500%, 3/15/2022		3,762,800

				23,848,637

		Non-Captive Consumer – 1.4%
	1,000,000	AGFC Capital Trust I, (fixed rate to 1/15/2017, variable rate thereafter), 6.000%, 1/15/2067, 144A		830,000
	875,000	SLM Corp., MTN, 7.250%, 1/25/2022		890,313
	115,000	SLM Corp., Series A, MTN, 5.000%, 6/15/2018		113,197
	4,550,000	SLM Corp., Series A, MTN, 5.625%, 8/01/2033		3,549,000
	2,015,000	Springleaf Finance Corp., 7.750%, 10/01/2021, 144A		2,090,562
	805,000	Springleaf Finance Corp., 8.250%, 10/01/2023, 144A		837,200
	810,000	Springleaf Finance Corp., Series J, MTN, 6.900%, 12/15/2017		846,450

				9,156,722

		Non-Captive Diversified – 1.7%
	250,000	General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016, (NZD)		218,792
	970,000	General Electric Capital Corp., Series A, GMTN, 5.500%, 2/01/2017, (NZD)		822,811
	3,035,000	General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015, (NZD)		2,630,712
	180,000	International Lease Finance Corp., 5.875%, 4/01/2019		187,401
	135,000	International Lease Finance Corp., 6.250%, 5/15/2019		141,750
	300,000	International Lease Finance Corp., 8.250%, 12/15/2020		342,000
	3,980,000	iStar Financial, Inc., 4.875%, 7/01/2018		3,860,600
	840,000	iStar Financial, Inc., 5.850%, 3/15/2017		871,500
	885,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.375%, 10/01/2017		925,931
	1,040,000	Oxford Finance LLC/Oxford Finance Co-Issuer, Inc., 7.250%, 1/15/2018, 144A		1,063,400

				11,064,897

		Oil Field Services – 1.3%
	1,790,000	Basic Energy Services, Inc., 7.750%, 10/15/2022		1,731,825

		Oil Field Services – continued
$	3,425,000	Hercules Offshore, Inc., 8.750%, 7/15/2021, 144A	$	3,630,500
	3,680,000	Sidewinder Drilling, Inc., 9.750%, 11/15/2019, 144A		3,569,600

				8,931,925

		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		6,095,375
	600,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) S.A., 9.000%, 4/15/2019		630,000
	510,000	Sealed Air Corp., 6.875%, 7/15/2033, 144A		471,750

				7,197,125

		Pipelines – 0.5%
	3,340,000	Rockies Express Pipeline LLC, 6.875%, 4/15/2040, 144A		2,488,100
	1,000,000	Transportadora de Gas del Sur S.A., 7.875%, 5/14/2017, 144A		905,000

				3,393,100

		Property & Casualty Insurance – 0.7%
	1,920,000	MBIA Insurance Corp., 11.528%, 1/15/2033, 144A(b)(f)		1,286,400
	3,245,000	White Mountains Re Group Ltd., (fixed rate to 6/30/2017, variable rate thereafter), 7.506%, 144A(l)		3,335,490

				4,621,890

		Railroads – 0.7%
	4,000,000	Hellenic Railways Organization S.A., EMTN, 0.560%, 5/24/2016, (EUR)(b)(c)		4,058,551
	314,000	Missouri Pacific Railroad Co., 5.000%, 1/01/2045(c)		260,620
	30,000	Missouri Pacific Railroad Co., Series A, 4.750%, 1/01/2020(c)		27,900

				4,347,071

		REITs – Office Property – 0.1%
	470,000	Highwoods Properties, Inc., 5.850%, 3/15/2017		517,316

		Retailers – 1.7%
	450,000	Dillard’s, Inc., 7.000%, 12/01/2028		454,500
	1,895,000	Dillard’s, Inc., 7.750%, 7/15/2026		2,056,075
	125,000	Dillard’s, Inc., 7.750%, 5/15/2027		133,750
	170,000	Dillard’s, Inc., 7.875%, 1/01/2023		188,700
	1,679,000	Foot Locker, Inc., 8.500%, 1/15/2022(g)		1,843,529

See accompanying notes to financial statements.

| 46

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Institutional High Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Retailers – continued
$	180,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036	$	125,550
	7,385,000	Toys R Us, Inc., 7.375%, 10/15/2018		6,369,563

				11,171,667

		Sovereigns – 0.8%
	1,153,000,000	Indonesia Treasury Bond, Series FR43, 10.250%, 7/15/2022, (IDR)		109,120
	24,214,000,000	Indonesia Treasury Bond, Series FR44, 10.000%, 9/15/2024, (IDR)		2,266,759
	6,561,000,000	Indonesia Treasury Bond, Series FR52, 10.500%, 8/15/2030, (IDR)		638,627
	4,170,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		1,876,810
	66,455,000	Republic of Iceland, 6.000%, 10/13/2016, (ISK)		385,925
	24,750,000	Republic of Iceland, 7.250%, 10/26/2022, (ISK)		145,942
	32,615,000	Republic of Iceland, 8.750%, 2/26/2019, (ISK)		206,823

				5,630,006

		Supermarkets – 3.1%
	425,000	American Stores Co., 7.900%, 5/01/2017		471,750
	360,000	American Stores Co., 8.000%, 6/01/2026		464,400
	1,865,000	American Stores Co., Series B, MTN, 7.100%, 3/20/2028		2,228,675
	4,190,000	New Albertson’s, Inc., 7.450%, 8/01/2029		3,362,475
	2,170,000	New Albertson’s, Inc., 7.750%, 6/15/2026		1,768,550
	9,470,000	New Albertson’s, Inc., 8.000%, 5/01/2031		7,789,075
	4,125,000	New Albertson’s, Inc., 8.700%, 5/01/2030		3,511,406
	1,100,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		792,000

				20,388,331

		Supranational – 0.1%
	4,500,000,000	European Bank for Reconstruction & Development, 7.200%, 6/08/2016, (IDR)		378,731

		Technology – 3.9%
	10,465,000	Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		8,842,925
	4,210,000	Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028		3,515,350
	2,600,000	Alcatel-Lucent USA, Inc., 8.875%, 1/01/2020, 144A		2,743,000
	3,420,000	Amkor Technology, Inc., 6.375%, 10/01/2022		3,266,100

		Technology – continued
$	1,590,000	First Data Corp., 11.250%, 1/15/2021, 144A	$	1,661,550
	1,560,000	Freescale Semiconductor, Inc., 8.050%, 2/01/2020		1,641,900
	12,000	Motorola Solutions, Inc., 6.625%, 11/15/2037		12,207
	4,000,000	SunGard Data Systems, Inc., 6.625%, 11/01/2019		4,080,000

				25,763,032

		Textile – 0.8%
	3,235,000	Jones Group, Inc. (The), 6.125%, 11/15/2034		2,507,125
	2,835,000	Jones Group, Inc./Apparel Group Holdings/Apparel Group USA/Footwear Accessories Retail, 6.875%, 3/15/2019		2,898,788

				5,405,913

		Transportation Services – 1.3%
	3,285,000	APL Ltd., 8.000%, 1/15/2024(c)		3,072,132
	766,042	Atlas Air Pass Through Trust, Series 1998-1, Class B, 7.680%, 7/02/2015(g)		779,448
	289,324	Atlas Air Pass Through Trust, Series 1998-1, Class C, 8.010%, 7/02/2011(f)(g)(h)		379,014
	145,235	Atlas Air Pass Through Trust, Series 1999-1, Class B, 7.630%, 7/02/2016(g)		146,149
	399,542	Atlas Air Pass Through Trust, Series 1999-1, Class C, 8.770%, 7/02/2012(f)(g)(h)		523,399
	40,344	Atlas Air Pass Through Trust, Series 2000-1, Class C, 9.702%, 7/02/2011(f)(g)(h)		55,675
	2,710,000	Jack Cooper Holdings Corp., 9.250%, 6/01/2020, 144A		2,899,700
	740,000	Teekay Corp., 8.500%, 1/15/2020		791,800

				8,647,317

		Treasuries – 2.9%
	1,365,000(††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		11,920,732
	1,590,000	Norwegian Government Bond, 4.250%, 5/19/2017, (NOK)		285,464
	4,365,000	Norwegian Government Bond, 5.000%, 5/15/2015, (NOK)		764,216
	770,000	Portugal Obrigacoes do Tesouro OT, 3.850%, 4/15/2021, 144A, (EUR)		868,015
	560,000	Portugal Obrigacoes do Tesouro OT, 4.100%, 4/15/2037, 144A, (EUR)		517,999
	175,000	Portugal Obrigacoes do Tesouro OT, 4.800%, 6/15/2020, 144A, (EUR)		212,715
	4,070,000	Portugal Obrigacoes do Tesouro OT, 4.950%, 10/25/2023, 144A, (EUR)		4,779,296

				19,348,437

See accompanying notes to financial statements.

47 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Institutional High Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued
		Wireless – 1.7%
	29,970,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)	$	2,143,431
	2,725,000	NII Capital Corp., 7.625%, 4/01/2021		1,934,750
	2,635,000	NII Capital Corp., 10.000%, 8/15/2016		2,529,600
	4,085,000	Sprint Capital Corp., 6.875%, 11/15/2028		3,645,863
	840,000	Sprint Capital Corp., 6.900%, 5/01/2019		863,100
	215,000	Sprint Capital Corp., 8.750%, 3/15/2032		218,494

				11,335,238

		Wirelines – 5.5%
	205,000	Axtel SAB de CV, (Step to 8.000% on 1/31/2014), 7.000%, 1/31/2020, 144A(i)		191,675
	385,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		350,350
	5,540,000	Cincinnati Bell, Inc., 8.750%, 3/15/2018		5,851,625
	1,120,000	Eircom Finance Ltd., 9.250%, 5/15/2020, 144A, (EUR)		1,515,193
	1,620,000	FairPoint Communications, Inc., 8.750%, 8/15/2019, 144A		1,648,350
	465,000	Frontier Communications Corp., 7.000%, 11/01/2025		426,637
	4,351,000	Frontier Communications Corp., 7.875%, 1/15/2027		4,133,450
	902,000	Frontier Communications Corp., 8.750%, 4/15/2022		985,435
	2,600,000	Frontier Communications Corp., 9.000%, 8/15/2031		2,548,000
	905,000	Level 3 Financing, Inc., 7.000%, 6/01/2020		914,050
	200,000	Oi S.A., 5.750%, 2/10/2022, 144A		175,000
	250,000	OTE PLC, GMTN, 4.625%, 5/20/2016, (EUR)		333,139
	900,000	Portugal Telecom International Finance BV, EMTN, 4.500%, 6/16/2025, (EUR)		1,073,893
	2,100,000	Portugal Telecom International Finance BV, EMTN, 5.000%, 11/04/2019, (EUR)		2,855,191
	1,100,000	Portugal Telecom International Finance BV, GMTN, 4.375%, 3/24/2017, (EUR)		1,506,797
	1,439,000	Qwest Capital Funding, Inc., 6.500%, 11/15/2018		1,554,120
	800,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		712,000
	1,385,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		1,405,775
	5,332,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		5,038,740
	645,000	Qwest Corp., 7.250%, 9/15/2025		721,405
	1,407,000	Qwest Corp., 7.250%, 10/15/2035		1,380,893
	1,315,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		1,081,526

		Wirelines – continued
$	140,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033	$	120,249

				36,523,493


		Total Non-Convertible Bonds
		(Identified Cost $403,100,161)		428,537,274


	Convertible Bonds – 14.5%
		Airlines – 0.3%
	1,705,000	United Continental Holdings, Inc., 4.500%, 6/30/2021		1,850,675

		Automotive – 1.0%
	3,530,000	Ford Motor Co., 4.250%, 11/15/2016		6,973,956

		Construction Machinery – 0.6%
	1,090,000	ArvinMeritor, Inc., (Step to Zero Coupon on 2/15/2019), 4.000%, 2/15/2027(i)		995,988
	2,315,000	Trinity Industries, Inc., 3.875%, 6/01/2036		2,808,384

				3,804,372

		Healthcare – 1.1%
	3,325,000	Health Management Associates, Inc., 3.750%, 5/01/2028, 144A		3,954,672
	1,325,000	Hologic, Inc., (accretes to principal after 3/01/2018), 2.000%, 3/01/2042(i)		1,331,625
	860,000	LifePoint Hospitals, Inc., 3.500%, 5/15/2014		905,150
	610,000	Omnicare, Inc., 3.750%, 12/15/2025		1,295,869

				7,487,316

		Home Construction – 0.9%
	2,295,000	Lennar Corp., 3.250%, 11/15/2021, 144A		3,809,700
	2,050,000	Standard Pacific Corp., 1.250%, 8/01/2032		2,529,188

				6,338,888

		Independent Energy – 1.4%
	5,585,000	Chesapeake Energy Corp., 2.250%, 12/15/2038		5,096,312
	3,395,000	Chesapeake Energy Corp., 2.500%, 5/15/2037		3,335,587
	695,000	Chesapeake Energy Corp., 2.750%, 11/15/2035		717,588

				9,149,487

		Life Insurance – 1.1%
	6,533,000	Old Republic International Corp., 3.750%, 3/15/2018		7,721,189

		Metals & Mining – 0.4%
	1,250,000	Steel Dynamics, Inc., 5.125%, 6/15/2014		1,364,062
	970,000	United States Steel Corp., 2.750%, 4/01/2019		1,073,669

				2,437,731

See accompanying notes to financial statements.

| 48

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Institutional High Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued
		Non-Captive Diversified – 0.3%
$	2,145,000	Jefferies Group LLC, 3.875%, 11/01/2029	$	2,248,228

		Pharmaceuticals – 0.1%
	660,000	Illumina, Inc., 0.250%, 3/15/2016, 144A		753,225

		REITs – Mortgage – 0.1%
	470,000	iStar Financial, Inc., 3.000%, 11/15/2016		586,031

		Technology – 6.2%
	7,895,000	Ciena Corp., 0.875%, 6/15/2017		8,038,097
	4,140,000	Ciena Corp., 3.750%, 10/15/2018, 144A		6,098,738
	175,000	Ciena Corp., 4.000%, 3/15/2015, 144A		237,672
	3,595,000	Intel Corp., 3.250%, 8/01/2039		4,451,059
	45,424	Liberty Media LLC, 3.500%, 1/15/2031		23,393
	5,370,000	Micron Technology, Inc., Series B, 1.875%, 8/01/2031		10,065,394
	3,130,000	Micron Technology, Inc., Series C, 2.375%, 5/01/2032		5,986,125
	855,000	Micron Technology, Inc., Series D, 3.125%, 5/01/2032		1,621,294
	960,000	Nuance Communications, Inc., 2.750%, 11/01/2031		970,200
	230,000	SanDisk Corp., 1.500%, 8/15/2017		304,175
	1,050,000	Teradyne, Inc., 4.500%, 3/15/2014		3,169,031

				40,965,178

		Textile – 0.6%
	3,080,000	Iconix Brand Group, Inc., 2.500%, 6/01/2016		3,790,325

		Utility Other – 0.1%
	250,000	CMS Energy Corp., 5.500%, 6/15/2029		479,844

		Wirelines – 0.3%
	233,700	Axtel SAB de CV, (Step to 8.000% on 1/31/2014), 7.000%, 1/31/2020, 144A, (MXN)(c)(g)(i)(j)		26,720
	1,210,000	Level 3 Communications, Inc., 7.000%, 3/15/2015, 144A(c)		1,468,638
	400,000	Portugal Telecom International Finance BV, Series PTC, 4.125%, 8/28/2014, (EUR)		549,257

				2,044,615


		Total Convertible Bonds
		(Identified Cost $67,609,930)		96,631,060


	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)	$	597,251


		Total Bonds and Notes
		(Identified Cost $471,250,091)		525,765,585


	Senior Loans – 2.3%
		Automotive – 0.2%
	1,248,725	TI Group Automotive Systems LLC, Term Loan B, 5.500%, 3/27/2019(b)		1,260,438

		Chemicals – 0.3%
	500,000	Allnex USA, Inc., 2nd Lien Term Loan, 8.250%, 4/03/2020(b)		511,250
	1,610,000	Houghton International, Inc., New 2nd Lien Term Loan, 9.500%, 12/18/2020(b)		1,612,013

				2,123,263

		Consumer Products – 0.1%
	311,720	Visant Holding Corp., Term Loan B, 5.250%, 12/22/2016(b)		301,757

		Diversified Manufacturing – 0.0%
	275,000	Ameriforge Group, Inc., 2nd Lien Term Loan, 8.750%, 12/18/2020(b)		277,236

		Food & Beverage – 0.1%
	505,000	DS Waters of America, Inc., New Term Loan, 5.250%, 8/19/2020(b)		508,474

		Healthcare – 0.2%
	1,122,188	Apria Healthcare Group I, Term Loan, 6.750%, 4/05/2020(b)		1,129,650

		Media Non-Cable – 0.0%
	138,434	SuperMedia, Inc., Exit Term Loan, 10.600%, 12/30/2016(b)		107,148

		Metals & Mining – 0.1%
	514,800	Essar Steel Algoma, Inc., ABL Term Loan, 8.750%, 9/19/2014(b)		521,750

		Non-Captive Diversified – 0.6%
	3,743,678	iStar Financial, Inc., Add on Term Loan A2, 7.000%, 3/17/2017(b)		3,829,782

		Oil Field Services – 0.2%
	1,493,300	Frac Tech International LLC, Term Loan B, 8.500%, 5/06/2016(b)		1,462,687

See accompanying notes to financial statements.

49 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Institutional High Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Senior Loans – continued
		Other Utility – 0.1%
$	399,000	Power Team Services LLC, 1st Lien Term Loan, 4.250%, 5/06/2020(b)	$	392,516
	325,000	Power Team Services LLC, 2nd Lien Term Loan, 8.250%, 11/06/2020(b)		324,188
	50,000	Power Team Services LLC, Delayed Draw Term Loan, 3.250%, 5/06/2020(k)		49,188

				765,892

		Retailers – 0.1%
	335,000	Toys R Us Property Company I LLC, New Term Loan B, 6.000%, 8/21/2019(b)		328,930

		Supermarkets – 0.1%
	920,066	Supervalu, Inc., Refi Term Loan B, 5.000%, 3/21/2019(b)		916,615

		Wirelines – 0.2%
	746,250	Fairpoint Communications, Inc., Refi Term Loan, 7.500%, 2/14/2019(b)		751,019
	740,412	Hawaiian Telcom Communications, Inc., Term Loan B, 5.000%, 6/06/2019(b)		741,153
	65,000	Integra Telecom, Inc., 2nd Lien Term Loan, 9.750%, 2/21/2020(b)		66,574

				1,558,746


		Total Senior Loans
		(Identified Cost $14,895,745)		15,092,368


	Shares

	Common Stocks – 9.7%
		Automobiles – 1.2%
	465,000	Ford Motor Co.		7,844,550

		Chemicals – 1.7%
	156,958	Dow Chemical Co. (The)		6,027,187
	30,167	PPG Industries, Inc.		5,039,699

				11,066,886

		Containers & Packaging – 0.2%
	40,621	Owens-Illinois, Inc.(f)		1,219,443
	2,452	Rock-Tenn Co., Class A		248,314

				1,467,757

		Diversified Telecommunication Services – 0.3%
	22,435	FairPoint Communications, Inc.(f)		214,254
	2,627	Hawaiian Telcom Holdco, Inc.(f)		69,878
	117,962	Telefonica S.A., Sponsored ADR(f)		1,826,052

				2,110,184

		Electronic Equipment, Instruments & Components – 2.5%
	1,119,766	Corning, Inc.		16,337,386


		Food Products – 0.0%
	3,100	ConAgra Foods, Inc.	$	94,054

		Household Durables – 0.0%
	6,775	KB Home		122,086

		Oil, Gas & Consumable Fuels – 0.6%
	2,846	Chesapeake Energy Corp.		73,655
	82,985	Repsol YPF S.A., Sponsored ADR		2,050,559
	33,796	Royal Dutch Shell PLC, ADR		2,219,721

				4,343,935

		Pharmaceuticals – 1.6%
	64,900	Bristol-Myers Squibb Co.		3,003,572
	74,297	Valeant Pharmaceuticals International, Inc.(f)		7,751,406

				10,754,978

		REITs – Apartments – 0.1%
	6,185	Apartment Investment & Management Co., Class A		172,809
	32,565	Associated Estates Realty Corp.		485,544

				658,353

		REITs – Shopping Centers – 0.0%
	7,868	DDR Corp.		123,606

		Semiconductors & Semiconductor Equipment – 1.3%
	372,408	Intel Corp.		8,535,591

		Trading Companies & Distributors – 0.2%
	20,913	United Rentals, Inc.(f)		1,219,019


		Total Common Stocks
		(Identified Cost $47,929,732)		64,678,385


	Preferred Stocks – 4.2%

	Convertible Preferred Stocks – 3.1%
		Automotive – 1.3%
	150,306	General Motors Co., Series B, 4.750%		7,537,846
	20,395	Goodyear Tire & Rubber Co. (The), 5.875%		1,298,753

				8,836,599

		Banking – 0.0%
	138	Wells Fargo & Co., Series L, Class A, 7.500%		156,976

		Electric �� 0.1%
	17,119	AES Trust III, 6.750%		862,798

		Home Construction – 0.0%
	11,000	Hovnanian Enterprises, Inc., 7.250%		292,050

		Independent Energy – 0.2%
	5,543	Chesapeake Energy Corp., 5.000%		514,944
	190	Chesapeake Energy Corp., Series A, 5.750%, 144A		209,594
	3,552	SandRidge Energy, Inc., 7.000%		354,312

				1,078,850

See accompanying notes to financial statements.

| 50

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Institutional High Income Fund – continued


Shares		Description	Value (†)

	Preferred Stocks – continued
		Metals & Mining – 0.2%
	33,725	ArcelorMittal, 6.000%	$	724,751
	27,225	Cliffs Natural Resources, Inc., 7.000%		538,238

				1,262,989

		Pipelines – 0.5%
	54,200	El Paso Energy Capital Trust I, 4.750%		3,042,246

		REITs – Diversified – 0.3%
	35,615	Weyerhaeuser Co., Series A, 6.375%		1,886,883

		Technology – 0.5%
	3,260	Lucent Technologies Capital Trust I, 7.750%		3,302,380


		Total Convertible Preferred Stocks
		(Identified Cost $18,089,601)		20,721,771


	Non-Convertible Preferred Stocks – 1.1%
		Banking – 0.7%
	4,153	Ally Financial, Inc., Series G, 7.000%, 144A		3,968,191
	18,000	Bank of America Corp., 6.375%		429,660
	7,075	Countrywide Capital IV, 6.750%		176,168

				4,574,019

		Home Construction – 0.2%
	96,887	Hovnanian Enterprises, Inc., 7.625%(f)		1,400,986

		Non-Captive Consumer – 0.1%
	12,475	SLM Corp., Series A, 6.970%		581,335

		Non-Captive Diversified – 0.0%
	5,300	iStar Financial, Inc., Series F, 7.800%		124,179
	2,575	iStar Financial, Inc., Series G, 7.650%		59,225

				183,404

		REITs – Warehouse/Industrials – 0.1%
	3,363	ProLogis, Inc., Series Q, 8.540%		190,178


		Total Non-Convertible Preferred Stocks
		(Identified Cost $4,930,796)		6,929,922


		Total Preferred Stocks
		(Identified Cost $23,020,397)		27,651,693


	Warrants – 0.0%
	34,303	FairPoint Communications, Inc., Expiration on 1/24/2018 at $48.81(c)(f)(g) (Identified Cost $0)		—

Principal Amount (‡)		Description	Value (†)

	Short-Term Investments – 2.6%
$	118,492	Repurchase Agreement with State Street Bank and Trust Company, dated 9/30/2013 at 0.000% to be repurchased at $118,492 on 10/01/2013 collateralized by $135,000 Federal National Mortgage Association, 2.080% due 11/02/2022 valued at $125,439 including accrued interest (Note 2 of Notes to Financial Statements)	$	118,492
	17,316,530	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2013 at 0.000% to be repurchased at $17,316,530 on 10/01/2013 collateralized by $17,510,000 U.S. Treasury Note, 1.750% due 1/31/2014 valued at $17,663,213 including accrued interest (Note 2 of Notes to Financial Statements)		17,316,530


		Total Short-Term Investments
		(Identified Cost $17,435,022)		17,435,022


		Total Investments – 97.9%
		(Identified Cost $574,530,987)(a)		650,623,053
		Other assets less liabilities—2.1%		14,242,891


		Net Assets – 100.0%	$	664,865,944


	(‡)	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: At September 30, 2013, the net unrealized appreciation on investments based on a cost of $578,870,999 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	$	89,902,422
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(18,150,368	)

		Net unrealized appreciation	$	71,752,054

	(b)	Variable rate security. Rate as of September 30, 2013 is disclosed.
	(c)	Illiquid security. At September 30, 2013, the value of these securities amounted to $16,540,582 or 2.5% of net assets.
	(d)	Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional debt securities. For the period ended September 30, 2013, the issuer has paid out 100% of the interest payments in-kind.
	(e)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
	(f)	Non-income producing security.
	(g)	Fair valued security by the Fund’s investment adviser. At September 30, 2013, the value of these securities amounted to $3,753,934 or 0.6% of net assets.
	(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.

51 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Institutional High Income Fund – continued


	(j)			Convertible dollar-indexed note. Coupon rate is based on MXN denominated par value and is payable in USD.
	(k)			Unfunded loan commitment. Represents a contractual obligation for future funding at the option of the Borrower. The Fund receives a stated coupon rate until the borrower draws on the loan commitment, at which time the rate will become the stated rate in the loan agreement.
	(l)			Perpetual bond with no specified maturity 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 September 30, 2013, the value of Rule 144A holdings amounted to $167,331,226 or 25.2% 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
	PIK			Payment-In-Kind
	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 September 30, 2013 (Unaudited)


Technology	10.6	%
Wirelines	6.0
Banking	5.7
Healthcare	4.4
Chemicals	4.4
Metals & Mining	4.3
Independent Energy	4.3
Life Insurance	3.5
Airlines	3.3
Supermarkets	3.2
Automotive	3.0
Treasuries	2.9
Non-Captive Diversified	2.6
Electronic Equipment, Instruments & Components	2.5
Media Non-Cable	2.4
Aerospace & Defense	2.4
Home Construction	2.1
Other Investments, less than 2% each	27.7
Short-Term Investments	2.6

Total Investments	97.9
Other assets less liabilities	2.1

Net Assets	100.0	%

See accompanying notes to financial statements.

| 52

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Intermediate Duration Bond Fund


Principal Amount		Description	Value (†)

	Bonds and Notes – 98.4% of Net Assets

	Non-Convertible Bonds – 97.9%

		ABS Car Loan – 7.8%
$	210,000	Ally Master Owner Trust, Series 2013-1, Class A2, 1.000%, 2/15/2018	$	209,192
	21,796	AmeriCredit Automobile Receivables Trust, Series 2011-1, Class A3, 1.390%, 9/08/2015		21,810
	53,706	AmeriCredit Automobile Receivables Trust, Series 2012-2, Class A2, 0.760%, 10/08/2015		53,731
	405,000	AmeriCredit Automobile Receivables Trust, Series 2013-2, Class A3, 0.650%, 12/08/2017		403,546
	160,000	AmeriCredit Automobile Receivables Trust, Series 2013-4, Class B, 1.660%, 9/10/2018		160,296
	120,000	Avis Budget Rental Car Funding AESOP LLC, Series 2010-3A, Class A, 4.640%, 5/20/2016, 144A		126,206
	285,000	Capital Auto Receivables Asset Trust, Series 2013-1, Class A3, 0.790%, 6/20/2017		284,117
	265,000	Capital Auto Receivables Asset Trust, Series 2013-3, Class A3, 1.310%, 12/20/2017		265,763
	68,488	CarMax Auto Owner Trust, Series 2011-1, Class A3, 1.290%, 9/15/2015		68,604
	620,000	CarMax Auto Owner Trust, Series 2012-2, Class A3, 0.840%, 3/15/2017		621,791
	381,143	CarNow Auto Receivables Trust, Series 2013-1A, Class A, 1.160%, 10/16/2017, 144A		380,884
	47,933	CFC LLC, Series 2013-1A, Class A, 1.650%, 7/17/2017, 144A		47,812
	332,636	Flagship Credit Auto Trust, Series 2013-1, Class A, 1.320%, 4/16/2018, 144A		332,017
	145,000	Harley-Davidson Motorcycle Trust, Series 2012-1, Class A3, 0.680%, 4/15/2017		145,125
	200,000	Honda Auto Receivables Owner Trust, Series 2012-2, Class A3, 0.700%, 2/16/2016		200,332
	345,000	Honda Auto Receivables Owner Trust, Series 2012-3, Class A3, 0.560%, 5/15/2016		345,164
	225,000	Hyundai Auto Receivables Trust, Series 2011-B, Class A4, 1.650%, 2/15/2017		227,382
	165,000	Santander Drive Auto Receivables Trust, Series 2012-6, Class A3, 0.620%, 7/15/2016		165,135
	215,000	Santander Drive Auto Receivables Trust, Series 2013-1, Class A3, 0.620%, 6/15/2017		214,169

		ABS Car Loan – continued
$	165,000	Santander Drive Auto Receivables Trust, Series 2013-3, Class B, 1.190%, 5/15/2018	$	162,900
	385,000	Santander Drive Auto Receivables Trust, Series 2013-4, Class B, 2.160%, 1/15/2020		391,645
	190,000	SMART Trust/Australia, Series 2012-4US, Class A3A, 0.970%, 3/14/2017		189,791
	200,000	SMART Trust/Australia, Series 2013-1US, Class A4A, 1.050%, 10/14/2018		198,153
	260,000	SMART Trust/Australia, Series 2013-2US, Class A4A, 1.180%, 2/14/2019		256,334
	45,405	World Omni Auto Receivables Trust, Series 2011-A, Class A3, 1.110%, 5/15/2015		45,450
	110,000	World Omni Automobile Lease Securitization Trust, Series 2012-A, Class A3, 0.930%, 11/16/2015		110,284

				5,627,633

		ABS Credit Card – 2.0%
	60,000	Capital One Multi-Asset Execution Trust, Series 2004-A4, Class A4, 0.402%, 3/15/2017(b)		60,052
	575,000	GE Capital Credit Card Master Note Trust, Series 2012-7, Class A, 1.760%, 9/15/2022		550,428
	210,000	MBNA Credit Card Master Note Trust, Series 2004-B1, Class B1, 4.450%, 8/15/2016		213,566
	560,000	World Financial Network Credit Card Master Trust, Series 2012-A, Class A, 3.140%, 1/17/2023		577,268

				1,401,314

		ABS Home Equity – 0.2%
	77,938	Countrywide Alternative Loan Trust, Series 2006-J5, Class 4A1, 5.207%, 7/25/2021(b)		73,879
	45,370	Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 5.115%, 2/25/2035(b)		46,356

				120,235

		ABS Other – 1.9%
	93,549	FRS LLC, Series 2013-1A, Class A1, 1.800%, 4/15/2043, 144A		93,020
	390,000	GE Dealer Floorplan Master Note Trust, Series 2012-3, Class A, 0.670%, 6/20/2017(b)		390,831
	420,000	Nissan Master Owner Trust Receivables, Series 2012-A, Class A, 0.652%, 5/15/2017(b)		420,938
	430,000	Springleaf Funding Trust, Series 2013-BA, Class A, 3.920%, 1/16/2023, 144A		423,550

				1,328,339

See accompanying notes to financial statements.

53 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Intermediate Duration Bond Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		ABS Student Loan – 2.2%
$	355,622	Montana Higher Education Student Assistance Corp., Series 2012-1, Class A1, 0.780%, 9/20/2022(b)	$	356,725
	550,000	North Carolina State Education Assistance Authority, Series 2011-2, Class A2, 1.066%, 7/25/2025(b)		551,831
	650,000	South Carolina Student Loan Corp., Series 2010-1, Class A2, 1.266%, 7/25/2025(b)		657,182

				1,565,738

		Aerospace & Defense – 0.5%
	355,000	Raytheon Co., 3.125%, 10/15/2020		360,109

		Airlines – 0.8%
	440,000	British Airways PLC, 4.625%, 6/20/2024, 144A		441,870
	139,274	Delta Air Lines Pass Through Trust, Series 2009-1, Class A, 7.750%, 6/17/2021		161,731

				603,601

		Automotive – 2.4%
	235,000	Ford Motor Credit Co. LLC, 7.000%, 10/01/2013		235,000
	610,000	Ford Motor Credit Co. LLC, 8.125%, 1/15/2020		758,604
	315,000	Toyota Motor Credit Corp., MTN, 2.000%, 9/15/2016		323,634
	390,000	Volkswagen International Finance NV, 1.150%, 11/20/2015, 144A		391,958

				1,709,196

		Banking – 9.7%
	245,000	Bank of America Corp., 6.000%, 9/01/2017		277,443
	495,000	Bear Stearns Cos., Inc. (The), 7.250%, 2/01/2018		592,887
	295,000	Branch Banking & Trust Co., 2.300%, 10/15/2018		295,968
	365,000	Capital One Financial Corp., 2.125%, 7/15/2014		369,046
	40,000	Citigroup, Inc., 5.000%, 9/15/2014		41,508
	182,000	Citigroup, Inc., 6.010%, 1/15/2015		193,610
	375,000	Goldman Sachs Group, Inc. (The), 6.250%, 9/01/2017		427,834
	380,000	ING Bank NV, 5.800%, 9/25/2023, 144A		383,798
	275,000	JPMorgan Chase & Co., 6.000%, 1/15/2018		315,788
	130,000	Merrill Lynch & Co., Inc., MTN, 6.875%, 4/25/2018		153,206
	510,000	Merrill Lynch & Co., Inc., Series C, GMTN, 6.400%, 8/28/2017		586,469
	750,000	Morgan Stanley, Series F, GMTN, 6.625%, 4/01/2018		870,718

		Banking – continued
$	395,000	Royal Bank of Canada, 1.450%, 9/09/2016	$	398,821
	40,000	Santander Holdings USA, Inc., 4.625%, 4/19/2016		42,383
	360,000	Societe Generale S.A., 2.625%, 10/01/2018		360,761
	380,000	Svenska Handelsbanken AB, 2.500%, 1/25/2019		381,519
	395,000	Toronto-Dominion Bank (The), 2.625%, 9/10/2018		404,119
	250,000	Union Bank NA, 1.500%, 9/26/2016		251,248
	340,000	Wells Fargo & Co., 3.676%, 6/15/2016		362,360
	290,000	Wells Fargo & Co., 4.125%, 8/15/2023		283,950

				6,993,436

		Building Materials – 0.1%
	30,000	Masco Corp., 7.125%, 3/15/2020		33,825

		Chemicals – 0.8%
	295,000	Alpek S.A. de CV, 5.375%, 8/08/2023, 144A		292,050
	200,000	Eastman Chemical Co., 4.500%, 1/15/2021		210,160
	90,000	Methanex Corp., 3.250%, 12/15/2019		88,459

				590,669

		Collateralized Mortgage Obligations – 10.7%
	725,000	FHLMC Multifamily Structured Pass Through Certificates, Series K013, Class A2, 3.974%, 1/25/2021		774,982
	570,000	FHLMC Multifamily Structured Pass Through Certificates, Series K029, Class A2, 3.320%, 2/25/2023		571,797
	420,000	FHLMC Multifamily Structured Pass Through Certificates, Series K704, Class A2, 2.412%, 8/25/2018		428,713
	1,035,000	FHLMC Multifamily Structured Pass Through Certificates, Series K708, Class A2, 2.130%, 1/25/2019		1,035,425
	360,000	FHLMC Multifamily Structured Pass Through Certificates, Series K709, Class A2, 2.086%, 3/25/2019		358,662
	1,460,000	FHLMC Multifamily Structured Pass Through Certificates, Series K710, Class A2, 1.883%, 5/25/2019		1,436,685
	1,135,000	FHLMC Multifamily Structured Pass Through Certificates, Series K711, Class A2, 1.730%, 7/25/2019		1,104,425

See accompanying notes to financial statements.

| 54

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Intermediate Duration Bond Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Collateralized Mortgage Obligations – continued
$	615,492	FHLMC Multifamily Structured Pass Through Certificates, Series KF01, Class A, 0.529%, 4/25/2019(b)	$	615,689
	140,000	NCUA Guaranteed Notes, Series 2010-C1, Class A2, 2.900%, 10/29/2020		145,419
	282,542	NCUA Guaranteed Notes, Series 2010-R1, Class 1A, 0.632%, 10/07/2020(b)		284,161
	942,761	NCUA Guaranteed Notes, Series 2010-R3, Class 1A, 0.734%, 12/08/2020(b)		947,475

				7,703,433


		Commercial Mortgage-Backed Securities – 12.9%
	40,000	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2007-5, Class A4, 5.492%, 2/10/2051		43,823
	425,000	CGBAM Commercial Mortgage Trust, Series 2013-BREH, Class A2, 1.282%, 5/15/2030, 144A(b)		424,778
	109,952	COBALT CMBS Commercial Mortgage Trust, Series 2007-C2, Class A3, 5.484%, 4/15/2047		122,333
	95,000	Commercial Mortgage Pass Through Certificates, Series 2012-CR2, Class A4, 3.147%, 8/15/2045		92,452
	190,000	Commercial Mortgage Pass Through Certificates, Series 2013-CR10, Class A4, 4.210%, 8/10/2046(b)		197,907
	295,000	Commercial Mortgage Pass Through Certificates, Series 2013-CR8, Class A5, 3.612%, 6/10/2046		293,654
	440,000	Commercial Mortgage Pass Through Certificates, Series 2013-CR9, Class A4, 4.380%, 7/10/2045(b)		458,753
	327,425	Credit Suisse Mortgage Capital Certificates, Series 2007-C3, Class A4, 5.872%, 6/15/2039(b)		360,245
	360,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.695%, 9/15/2040		402,052
	375,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/2039		414,922
	325,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049		365,040
	330,000	GS Mortgage Securities Corp. II, Series 2007-GG10, Class A4, 5.993%, 8/10/2045(b)		366,038
	380,000	GS Mortgage Securities Corp. II, Series 2013-GC13, Class A5, 4.176%, 7/10/2046(b)		393,452
	1,225,000	GS Mortgage Securities Corp. II, Series 2013-KYO, Class A, 1.032%, 11/08/2029, 144A(b)		1,213,698

		Commercial Mortgage-Backed Securities – continued
$	410,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LD11, Class A4, 6.002%, 6/15/2049(b)	$	461,147
	210,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LDPX, Class A3, 5.420%, 1/15/2049		232,089
	350,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2012-LC9, Class A5, 2.840%, 12/15/2047		328,970
	237,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-6, Class A4, 5.485%, 3/12/2051		261,829
	400,000	Morgan Stanley Capital I, Series 2007-IQ14, Class A4, 5.692%, 4/15/2049		444,411
	510,000	Wachovia Bank Commercial Mortgage Trust, Series 2007-C30, Class A5, 5.342%, 12/15/2043		564,232
	410,000	Wachovia Bank Commercial Mortgage Trust, Series 2007-C32, Class A3, 5.936%, 6/15/2049(b)		456,328
	555,000	Wells Fargo Commercial Mortgage Trust, Series 2012-LC5, Class A3, 2.918%, 10/15/2045		526,133
	850,000	Wells Fargo Commercial Mortgage Trust, Series 2013-LC12, Class A4, 4.218%, 7/15/2046		879,815

				9,304,101

		Construction Machinery – 0.5%
	380,000	Caterpillar Financial Services Corp., 1.350%, 9/06/2016		382,465

		Consumer Cyclical Services – 0.9%
	585,000	Amazon.com, Inc., 0.650%, 11/27/2015		584,070
	30,000	Western Union Co. (The), 2.375%, 12/10/2015		30,663

				614,733

		Diversified Manufacturing – 0.1%
	90,000	Snap-On, Inc., 4.250%, 1/15/2018		94,711

		Electric – 3.9%
	245,000	Consolidated Edison Co. of NY, Inc., 7.125%, 12/01/2018		304,644
	375,000	Dominion Resources, Inc., 1.950%, 8/15/2016		382,646
	120,000	Duke Energy Indiana, Inc., 0.619%, 7/11/2016(b)		120,264
	415,000	Georgia Power Co., 0.574%, 3/15/2016(b)		414,825
	165,000	Jersey Central Power & Light Co., 4.700%, 4/01/2024, 144A		167,066
	290,000	National Rural Utilities Cooperative Finance Corp., (fixed rate to 4/30/2023, variable rate thereafter), 4.750%, 4/30/2043		268,250
	215,000	NextEra Energy Capital Holdings, Inc., 1.611%, 6/01/2014		216,370
	295,000	Sierra Pacific Power Co., 3.375%, 8/15/2023		292,248

See accompanying notes to financial statements.

55 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Intermediate Duration Bond Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Electric – continued
$	265,000	Southern California Edison Co., 5.750%, 3/15/2014	$	271,092
	375,000	Southern Co., 1.950%, 9/01/2016		382,222

				2,819,627

		Entertainment – 0.5%
	330,000	Time Warner, Inc., 4.875%, 3/15/2020		359,025

		Environmental – 0.1%
	90,000	Waste Management, Inc., 6.375%, 3/11/2015		96,792

		Food & Beverage – 1.6%
	525,000	Coca-Cola Co. (The), 3.300%, 9/01/2021		537,229
	280,000	Kraft Foods Group, Inc., 5.375%, 2/10/2020		318,762
	295,000	PepsiCo, Inc., Series FXD, 2.250%, 1/07/2019		295,724

				1,151,715

		Government Owned – No Guarantee – 0.6%
	475,000	Petrobras Global Finance BV, 3.000%, 1/15/2019		446,699

		Healthcare – 2.1%
	75,000	Baxter International, Inc., 1.850%, 1/15/2017		76,346
	400,000	Express Scripts, Inc., 3.125%, 5/15/2016		418,676
	80,000	McKesson Corp., 0.950%, 12/04/2015		80,078
	425,000	McKesson Corp., 3.250%, 3/01/2016		447,890
	105,000	McKesson Corp., 6.500%, 2/15/2014		107,275
	375,000	Stryker Corp., 2.000%, 9/30/2016		385,422

				1,515,687

		Hybrid ARMs – 0.7%
	107,066	FHLMC, 2.394%, 1/01/2035(b)		113,590
	379,037	FNMA, 2.557%, 4/01/2037(b)		401,900

				515,490

		Independent Energy – 2.0%
	100,000	Anadarko Petroleum Corp., 5.950%, 9/15/2016		112,288
	110,000	Anadarko Petroleum Corp., 6.375%, 9/15/2017		127,872
	330,000	Canadian Natural Resources Ltd., 1.450%, 11/14/2014		332,466
	275,000	Encana Corp., 6.500%, 5/15/2019		323,784
	70,000	Hess Corp., 7.000%, 2/15/2014		71,553
	115,000	Newfield Exploration Co., 5.750%, 1/30/2022		114,713

		Independent Energy – continued
$	375,000	Occidental Petroleum Corp., 1.750%, 2/15/2017	$	378,439

				1,461,115

		Integrated Energy – 1.4%
	345,000	BP Capital Markets PLC, 1.375%, 11/06/2017		339,782
	255,000	BP Capital Markets PLC, 2.241%, 9/26/2018		255,255
	340,000	Total Capital S.A., 4.450%, 6/24/2020		374,877
	55,000	XTO Energy, Inc., 4.900%, 2/01/2014		55,787

				1,025,701

		Life Insurance – 1.5%
	295,000	American International Group, Inc., 3.375%, 8/15/2020		295,180
	125,000	American International Group, Inc., 4.875%, 9/15/2016		136,924
	220,000	American International Group, Inc., Series MP, MTN, 5.450%, 5/18/2017		245,919
	255,000	Genworth Holdings, Inc., 4.900%, 8/15/2023		256,027
	30,000	Lincoln National Corp., 4.300%, 6/15/2015		31,625
	70,000	Unum Group, 5.625%, 9/15/2020		77,210

				1,042,885


		Media Cable – 1.1%
	94,000	Cox Communications, Inc., 5.450%, 12/15/2014		99,296
	230,000	Cox Enterprises, Inc., 7.375%, 7/15/2027, 144A		263,382
	425,000	NBCUniversal Enterprise, Inc., 0.805%, 4/15/2016, 144A(b)		427,138

				789,816

		Metals & Mining – 2.3%
	110,000	Alcoa, Inc., 6.150%, 8/15/2020		114,754
	295,000	Allegheny Technologies, Inc., 5.875%, 8/15/2023		298,368
	315,000	ArcelorMittal, 10.350%, 6/01/2019		387,450
	140,000	Goldcorp, Inc., 2.125%, 3/15/2018		136,417
	35,000	Reliance Steel & Aluminum Co., 4.500%, 4/15/2023		34,159
	180,000	Rio Tinto Finance USA Ltd., 3.500%, 11/02/2020		178,911
	125,000	Rio Tinto Finance USA PLC, 1.625%, 8/21/2017		123,166
	110,000	Teck Resources Ltd., 3.150%, 1/15/2017		112,834
	270,000	Teck Resources Ltd., 3.750%, 2/01/2023		248,539

				1,634,598

See accompanying notes to financial statements.

| 56

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Intermediate Duration Bond Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Mortgage Related – 7.8%
$	335,145	FHLMC, 2.644%, 5/01/2036(b)	$	358,926
	82,792	FHLMC, 3.000%, with various maturities from 2026 to 2027(c)		85,637
	1,483	FHLMC, 6.500%, 1/01/2024		1,643
	191	FHLMC, 8.000%, 7/01/2025		230
	50,586	FNMA, 3.000%, 7/01/2027		52,435
	220,723	FNMA, 3.126%, 2/01/2039(b)		235,358
	664	FNMA, 6.000%, 9/01/2021		704
	367	FNMA, 7.500%, 6/01/2016		384
	426	FNMA, 8.000%, 6/01/2015		440
	319,135	GNMA, 4.312%, 2/20/2063		349,307
	592,313	GNMA, 4.356%, 2/20/2063		649,862
	243,122	GNMA, 4.496%, 10/20/2062		268,039
	523,609	GNMA, 4.500%, 4/20/2063		578,342
	291,732	GNMA, 4.505%, 4/20/2063		322,096
	339,197	GNMA, 4.514%, 5/20/2062		372,568
	332,075	GNMA, 4.520%, 5/20/2062		364,422
	327,579	GNMA, 4.528%, 3/20/2062		359,701
	305,434	GNMA, 4.549%, 3/20/2063		337,993
	344,370	GNMA, 4.560%, 3/20/2062		377,824
	214,847	GNMA, 4.567%, 7/20/2062		236,794
	357,607	GNMA, 4.575%, 2/20/2063		395,882
	248,037	GNMA, 4.604%, 6/20/2062		273,372
	4,233	GNMA, 6.500%, 12/15/2023		4,791
	1,323	GNMA, 8.500%, 9/15/2022		1,510
	2,516	GNMA, 9.500%, 1/15/2019		2,837

				5,631,097

		Non-Captive Consumer – 0.3%
	225,000	SLM Corp., MTN, 6.250%, 1/25/2016		239,625

		Non-Captive Diversified – 1.6%
	660,000	General Electric Capital Corp., 5.500%, 1/08/2020		748,024
	425,000	International Lease Finance Corp., 2.204%, 6/15/2016(b)		422,875

				1,170,899


		Oil Field Services – 1.9%
	305,000	Cameron International Corp., 1.191%, 6/02/2014(b)		306,296
	260,000	Ensco PLC, 3.250%, 3/15/2016		271,391
	290,000	Halliburton Co., 3.500%, 8/01/2023		287,437
	235,000	Nabors Industries, Inc., 5.000%, 9/15/2020		245,545
	75,000	Pride International, Inc., 8.500%, 6/15/2019		95,109
	175,000	Rowan Cos., Inc., 5.000%, 9/01/2017		190,250

				1,396,028

		Pharmaceuticals – 0.4%
	260,000	Perrigo Co., 2.950%, 5/15/2023		251,354

		Pipelines – 2.3%
	140,000	Energy Transfer Partners LP, 4.650%, 6/01/2021		143,739
	380,000	Enterprise Products Operating LLC, 1.250%, 8/13/2015		381,994
	270,000	Kinder Morgan Energy Partners L.P., 2.650%, 2/01/2019		268,141
	245,000	NiSource Finance Corp., 6.125%, 3/01/2022		275,951
	120,000	ONEOK Partners LP, 3.200%, 9/15/2018		122,261
	175,000	Questar Corp., 2.750%, 2/01/2016		181,560
	265,000	Spectra Energy Capital LLC, 5.668%, 8/15/2014		276,009

				1,649,655

		Property & Casualty Insurance – 1.0%
	260,000	Berkshire Hathaway Finance Corp., 1.600%, 5/15/2017		262,197
	180,000	Berkshire Hathaway Finance Corp., 2.000%, 8/15/2018		180,501
	140,000	Marsh & McLennan Cos., Inc., MTN, 2.550%, 10/15/2018		140,720
	155,000	Willis Group Holdings PLC, 4.125%, 3/15/2016		162,783

				746,201

		Railroads – 1.9%
	350,000	Burlington Northern Santa Fe LLC, 7.000%, 2/01/2014		357,113
	420,000	Canadian National Railway Co., 1.450%, 12/15/2016		423,895
	325,000	CSX Corp., 3.700%, 10/30/2020		336,727
	30,000	CSX Corp., 6.150%, 5/01/2037		34,237
	240,000	Union Pacific Corp., 3.646%, 2/15/2024, 144A		241,207

				1,393,179

		REITs – Healthcare – 0.1%
	35,000	Healthcare Realty Trust, Inc., 3.750%, 4/15/2023		32,552

See accompanying notes to financial statements.

57 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Intermediate Duration Bond Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Retailers – 0.5%
$	195,000	Best Buy Co., Inc., 5.000%, 8/01/2018	$	200,363
	165,000	Dollar General Corp., 3.250%, 4/15/2023		150,265

				350,628


		Sovereigns – 0.5%
	362,000	Mexico Government International Bond, 4.000%, 10/02/2023		359,737

		Supranational – 0.6%
	420,000	Nordic Investment Bank, 0.500%, 4/14/2016		419,118

		Technology – 2.4%
	335,000	Agilent Technologies, Inc., 6.500%, 11/01/2017		391,743
	165,000	Apple, Inc., 1.000%, 5/03/2018		158,937
	210,000	Corning, Inc., 4.250%, 8/15/2020		226,618
	370,000	Hewlett-Packard Co., 4.300%, 6/01/2021		359,455
	265,000	International Business Machines Corp., 3.375%, 8/01/2023		261,449
	305,000	Oracle Corp., 1.200%, 10/15/2017		299,552

				1,697,754

		Tobacco – 1.3%
	330,000	Altria Group, Inc., 4.750%, 5/05/2021		350,105
	200,000	Japan Tobacco, Inc., 2.100%, 7/23/2018, 144A		200,120
	365,000	Philip Morris International, Inc., 2.500%, 5/16/2016		378,985

				929,210

		Transportation Services – 0.5%
	345,000	ERAC USA Finance LLC, 2.250%, 1/10/2014, 144A		346,459

		Treasuries – 0.9%
	655,000	U.S. Treasury Note, 2.500%, 8/15/2023		648,348

		Wireless – 1.6%
	250,000	America Movil SAB de CV, 3.625%, 3/30/2015		257,906
	255,000	American Tower Corp., 3.400%, 2/15/2019		252,039
	170,000	Sprint Communications, Inc., 6.000%, 12/01/2016		180,200
	305,000	Verizon Communications, Inc., 3.650%, 9/14/2018		321,376
	185,000	Vodafone Group PLC, 2.950%, 2/19/2023		169,967

				1,181,488

		Wirelines – 1.0%
	220,000	British Telecommunications PLC, 1.625%, 6/28/2016		221,188
	505,000	Telefonica Emisiones SAU, 5.134%, 4/27/2020		517,036

				738,224


		Total Non-Convertible Bonds
		(Identified Cost $69,906,089)		70,474,244


	Municipals – 0.5%

	420,000	Florida – 0.5%
		Florida Hurricane Catastrophe Fund Finance Corp., Series A, 2.995%, 7/01/2020
		(Identified Cost $420,000)		392,150


		Total Bonds and Notes
		(Identified Cost $70,326,089)		70,866,394


	Short-Term Investments – 2.2%
	1,569,198	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2013 at 0.000% to be repurchased at $1,569,198 on 10/01/2013 collateralized by $1,590,000 U.S. Treasury Note, 1.750% due 1/31/2014 valued at $1,603,913 including accrued interest (Note 2 of Notes to Financial Statements)
		(Identified Cost $1,569,198)		1,569,198


		Total Investments – 100.6%
		(Identified Cost $71,895,287)(a)		72,435,592
		Other assets less liabilities—(0.6)%		(410,331	)


		Net Assets – 100.0%	$	72,025,261


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information: At September 30, 2013, the net unrealized appreciation on investments based on a cost of $72,173,259 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	$	1,023,509
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(761,176	)

		Net unrealized appreciation	$	262,333

	(b)	Variable rate security. Rate as of September 30, 2013 is disclosed.
	(c)	The Fund’s investment in mortgage related securities of Federal Home Loan Mortgage Corporation 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 September 30, 2013, the value of Rule 144A holdings amounted to $6,197,013 or 8.6% 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

See accompanying notes to financial statements.

| 58

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Intermediate Duration Bond Fund – continued

Industry Summary at September 30, 2013 (Unaudited)


Commercial Mortgage-Backed Securities	12.9	%
Collateralized Mortgage Obligations	10.7
Banking	9.7
Mortgage Related	7.8
ABS Car Loan	7.8
Electric	3.9
Automotive	2.4
Technology	2.4
Pipelines	2.3
Metals & Mining	2.3
ABS Student Loan	2.2
Healthcare	2.1
Independent Energy	2.0
ABS Credit Card	2.0
Other Investments, less than 2% each	27.9
Short-Term Investments	2.2

Total Investments	100.6
Other assets less liabilities	(0.6	)

Net Assets	100.0	%

See accompanying notes to financial statements.

59 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Investment Grade Fixed Income Fund


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – 90.8% of Net Assets

	Non-Convertible Bonds – 86.4%

		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	$	1,086,762

		ABS Home Equity – 0.0%
	157,405	Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 5A, 5.478%, 7/25/2035(b)		145,169

		ABS Other – 0.9%
	1,911,762	Community Program Loan Trust, Series 1987-A, Class A5, 4.500%, 4/01/2029		1,930,231
	1,261,110	SVO VOI Mortgage Corp., Series 2009-BA, Class NT, 5.810%, 12/20/2028, 144A		1,280,770
	846,000	Trinity Rail Leasing LP, Series 2009-1A, Class A, 6.657%, 11/16/2039, 144A		955,736
	739,184	Trinity Rail Leasing LP, Series 2012-1A, Class A1, 2.266%, 1/15/2043, 144A		726,490
	1,852,825	Trip Rail Master Funding LLC, Series 2011-1A, Class A1A, 4.370%, 7/15/2041, 144A		1,957,609

				6,850,836

		Aerospace & Defense – 0.1%
	540,000	Textron, Inc., EMTN, 6.625%, 4/07/2020, (GBP)		970,194

		Airlines – 3.7%
	500,000	Air Canada Pass Through Trust, Series 2013-1, Class B, 5.375%, 11/15/2022, 144A		482,500
	800,000	American Airlines Pass Through Trust, Series 2013-1, Class A, 4.000%, 1/15/2027, 144A		750,000
	8,280,000	American Airlines Pass Through Trust, Series 2013-2, Class A, 4.950%, 7/15/2024, 144A		8,321,400
	155,000	Continental Airlines Pass Through Certificates, Series 2012-2, Class B, 5.500%, 4/29/2022		155,581
	1,105,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		1,124,337
	327,905	Continental Airlines Pass Through Trust, Series 2000-2, Class A-1, 7.707%, 10/02/2022		368,073
	960,585	Continental Airlines Pass Through Trust, Series 2007-1, Class A, 5.983%, 10/19/2023		1,027,826
	4,014,059	Continental Airlines Pass Through Trust, Series 2009-1, 9.000%, 1/08/2018		4,586,062

		Airlines – continued
	160,000	Continental Airlines Pass Through Trust, Series 2012-1, Class B, 6.250%, 10/11/2021		165,200
	1,433,350	Delta Air Lines Pass Through Trust, Series 2007-1, Class B, 8.021%, 2/10/2024		1,555,185
	3,828,237	Delta Air Lines Pass Through Trust, Series 2009-1, Class A, 7.750%, 6/17/2021		4,445,540
	1,687,303	Delta Air Lines Pass Through Trust, Series 2010-1, Class A, 6.200%, 1/02/2020		1,847,597
	783,957	US Airways Pass Through Trust, Series 2011-1A, Class A, 7.125%, 4/22/2025		860,392
	1,490,000	US Airways Pass Through Trust, Series 2012-2A, Class A, 4.625%, 12/03/2026		1,437,850

				27,127,543

		Automotive – 0.6%
	1,725,000	Cummins, Inc., 5.650%, 3/01/2098		1,660,197
	2,665,000	Ford Motor Co., 6.375%, 2/01/2029		2,906,489

				4,566,686

		Banking – 12.8%
	97,000	Ally Financial, Inc., 8.000%, 12/31/2018		109,125
	2,670,000	Associates Corp. of North America, 6.950%, 11/01/2018		3,171,584
	3,300,000	Banco Santander Brasil S.A./Cayman Islands, 8.000%, 3/18/2016, 144A, (BRL)		1,377,296
	230,000	Bank of America Corp., 5.420%, 3/15/2017		252,387
	1,000,000	Bank of America Corp., 5.490%, 3/15/2019		1,091,224
	530,000	Bank of America Corp., MTN, 5.000%, 5/13/2021		569,237
	985,000	Bank of America Corp., Series L, MTN, 7.625%, 6/01/2019		1,207,869
	2,770,000,000	Barclays Bank PLC, EMTN, 3.680%, 8/20/2015, (KRW)		2,646,395
	100,000	Citigroup, Inc., 5.365%, 3/06/2036, (CAD)(c)		89,271
	185,000	Citigroup, Inc., 5.875%, 2/22/2033		184,204
	2,515,000	Citigroup, Inc., 6.125%, 8/25/2036		2,531,204
	4,670,000	Citigroup, Inc., 6.250%, 6/29/2017, (NZD)		4,000,596
	225,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Utrecht, 3.375%, 1/19/2017		239,408
	1,330,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Utrecht, 3.875%, 2/08/2022		1,331,621
	5,400,000	Goldman Sachs Group, Inc. (The), 3.375%, 2/01/2018, (CAD)		5,239,581

See accompanying notes to financial statements.

| 60

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Investment Grade Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Banking – continued
$	5,625,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037	$	5,870,453
	870,000	Goldman Sachs Group, Inc. (The), GMTN, 5.375%, 3/15/2020		958,309
	4,100,000	HBOS PLC, GMTN, 6.750%, 5/21/2018, 144A		4,555,895
	400,000	JPMorgan Chase & Co., EMTN, 1.051%, 5/30/2017, (GBP)(b)		616,801
	5,000,000,000	JPMorgan Chase & Co., EMTN, 7.070%, 3/22/2014, (IDR)		412,953
	7,000,000,000	JPMorgan Chase Bank NA, 7.700%, 6/01/2016, 144A, (IDR)		581,278
	900,000	Merrill Lynch & Co., Inc., 6.050%, 5/16/2016		991,239
	6,570,000	Merrill Lynch & Co., Inc., 6.110%, 1/29/2037		6,766,647
	235,000	Merrill Lynch & Co., Inc., Series C, MTN, 5.000%, 1/15/2015		246,722
	1,700,000	Merrill Lynch & Co., Inc., Series C, MTN, 6.050%, 6/01/2034		1,777,481
	100,000	Morgan Stanley, 0.748%, 10/15/2015(b)		99,238
	5,080,000	Morgan Stanley, 2.125%, 4/25/2018		4,951,212
	2,714,000	Morgan Stanley, 3.750%, 2/25/2023		2,616,388
	2,980,000	Morgan Stanley, 5.500%, 7/24/2020		3,289,261
	2,625,000	Morgan Stanley, 5.750%, 1/25/2021		2,914,036
	2,000,000	Morgan Stanley, 8.000%, 5/09/2017, (AUD)		2,062,389
	100,000	Morgan Stanley, GMTN, 5.500%, 1/26/2020		110,656
	2,000,000	Morgan Stanley, GMTN, 7.625%, 3/03/2016, (AUD)		2,000,799
	3,430,000	Morgan Stanley, MTN, 4.100%, 5/22/2023		3,199,223
	2,900,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		3,244,146
	600,000	Morgan Stanley, MTN, 7.250%, 5/26/2015, (AUD)		590,324
	1,600,000	Morgan Stanley, Series F, GMTN, 5.625%, 9/23/2019		1,785,478
	600,000	Morgan Stanley, Series F, MTN, 0.716%, 10/18/2016(b)		590,173
	420,000	National City Bank of Indiana, 4.250%, 7/01/2018		447,845
	3,550,000	Royal Bank of Scotland Group PLC, 6.125%, 12/15/2022		3,576,341
	50,000	Royal Bank of Scotland PLC (The), EMTN, 4.350%, 1/23/2017, (EUR)		68,573

		Banking – continued
	400,000	Royal Bank of Scotland PLC (The), EMTN, 6.934%, 4/09/2018, (EUR)		593,125
	100,000	Royal Bank of Scotland PLC (The), EMTN, (fixed rate to 9/22/2016, variable rate thereafter), 4.625%, 9/22/2021, (EUR)		128,521
	200,000	Santander Financial Issuances Ltd., 7.250%, 11/01/2015		213,573
	825,000	Santander Holdings USA, Inc., 4.625%, 4/19/2016		874,154
	100,000	Santander International Debt SAU, EMTN, 4.000%, 3/27/2017, (EUR)		142,385
	400,000	Santander Issuances SAU, 5.911%, 6/20/2016, 144A		421,829
	400,000	Santander Issuances SAU, (fixed rate to 8/11/2014, variable rate thereafter), 6.500%, 8/11/2019, 144A		406,143
	2,000,000	Societe Generale S.A., (fixed rate to 12/19/2017, variable rate thereafter), 6.999%, (EUR)(h)		2,874,537
	5,000,000	Societe Generale S.A., MTN, 5.200%, 4/15/2021, 144A		5,438,645
	300,000	Standard Chartered Bank, 6.400%, 9/26/2017, 144A		342,039
	4,500,000	Standard Chartered PLC, 5.500%, 11/18/2014, 144A		4,731,750

				94,531,563

		Brokerage – 1.4%
	2,750,000	Cantor Fitzgerald LP, 6.375%, 6/26/2015, 144A		2,846,250
	765,000	Cantor Fitzgerald LP, 7.875%, 10/15/2019, 144A(c)		792,158
	2,715,000	Jefferies Group LLC, 5.125%, 1/20/2023		2,736,321
	1,230,000	Jefferies Group LLC, 6.250%, 1/15/2036		1,180,299
	575,000	Jefferies Group LLC, 6.450%, 6/08/2027		586,500
	105,000	Jefferies Group LLC, 6.875%, 4/15/2021		116,463
	1,530,000	Jefferies Group LLC, 8.500%, 7/15/2019		1,852,581

				10,110,572

		Building Materials – 1.3%
	1,175,000	Masco Corp., 4.800%, 6/15/2015		1,227,875
	730,000	Masco Corp., 5.850%, 3/15/2017		790,225
	1,695,000	Masco Corp., 6.125%, 10/03/2016		1,875,094
	1,330,000	Masco Corp., 6.500%, 8/15/2032		1,320,025
	375,000	Masco Corp., 7.750%, 8/01/2029		414,190
	3,300,000	Odebrecht Finance Ltd., 8.250%, 4/25/2018, 144A, (BRL)		1,235,471

See accompanying notes to financial statements.

61 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Investment Grade Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Building Materials – continued
$	251,000	Owens Corning, Inc., 6.500%, 12/01/2016	$	280,157
	2,255,000	Owens Corning, Inc., 7.000%, 12/01/2036		2,473,374

				9,616,411

		Chemicals – 0.2%
	185,000	Methanex Corp., 5.250%, 3/01/2022		191,900
	980,000	Methanex Corp., Senior Note, 6.000%, 8/15/2015		1,052,367

				1,244,267

		Collateralized Mortgage Obligations – 0.1%
	675,000	Federal Home Loan Mortgage Corp., REMIC, Series 2912, Class EH, 5.500%, 1/15/2035		739,062
	15,042	Federal National Mortgage Association, REMIC, 7.000%, 4/25/2020		16,638

				755,700

		Commercial Mortgage-Backed Securities – 3.2%
	160,000	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-6, Class A4, 5.358%, 9/10/2047(b)		171,234
	600,000	Bear Stearns Commercial Mortgage Securities, Series 2006-PW13, Class A4, 5.540%, 9/11/2041		657,896
	360,000	Bear Stearns Commercial Mortgage Securities, Series 2006-T24, Class A4, 5.537%, 10/12/2041		396,451
	407,000	Bear Stearns Commercial Mortgage Securities, Series 2007-PW16, Class A4, 5.898%, 6/11/2040(b)		459,414
	21,904	Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2006-CD2, Class A2, 5.408%, 1/15/2046		21,931
	1,055,000	Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A4, 5.322%, 12/11/2049		1,166,246
	480,000	Commercial Mortgage Pass Through Certificates, Series 2006-C7, Class A4, 5.947%, 6/10/2046(b)		525,287
	2,885,431	Credit Suisse Mortgage Capital Certificates, Series 2007-C3, Class A4, 5.872%, 6/15/2039(b)		3,174,661
	2,030,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C4, Class A4, 5.953%, 9/15/2039(b)		2,257,455

		Commercial Mortgage-Backed Securities – continued
	685,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.695%, 9/15/2040		765,015
	3,125,000	Crown Castle Towers LLC, 6.113%, 1/15/2040, 144A		3,534,572
	1,500,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049		1,684,798
	805,000	GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4A, 4.751%, 7/10/2039		840,527
	350,000	GS Mortgage Securities Corp. II, Series 2007-GG10, Class A4, 5.993%, 8/10/2045(b)		388,222
	1,090,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LD11, Class A4, 6.002%, 6/15/2049(b)		1,225,976
	1,405,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LDPX, Class A3, 5.420%, 1/15/2049		1,552,786
	480,000	LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class A5, 4.739%, 7/15/2030		500,444
	380,000	LB-UBS Commercial Mortgage Trust, Series 2006-C4, Class A4, 6.055%, 6/15/2038(b)		418,210
	390,000	LB-UBS Commercial Mortgage Trust, Series 2006-C6, Class A4, 5.372%, 9/15/2039		428,790
	235,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-2, Class A4, 6.086%, 6/12/2046(b)		258,726
	350,000	Morgan Stanley Capital I, Series 2005-HQ6, Class A4A, 4.989%, 8/13/2042		368,818
	425,000	Morgan Stanley Capital I, Series 2005-T19, Class A4A, 4.890%, 6/12/2047		449,075
	250,000	Morgan Stanley Capital I, Series 2007-IQ14, Class A4, 5.692%, 4/15/2049		277,757
	800,000	Morgan Stanley Capital I, Series 2008-T29, Class A4, 6.459%, 1/11/2043(b)		930,123
	200,000	Wachovia Bank Commercial Mortgage Trust, Series 2006-C29, Class A4, 5.308%, 11/15/2048		220,035
	400,000	Wachovia Bank Commercial Mortgage Trust, Series 2007-C30, Class A5, 5.342%, 12/15/2043		442,535
	250,000	WF-RBS Commercial Mortgage Trust, Series 2011-C3, Class D, 5.721%, 3/15/2044, 144A(b)		241,158

				23,358,142

See accompanying notes to financial statements.

| 62

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Investment Grade Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Consumer Products – 0.2%
$	605,000	Hasbro, Inc., 6.600%, 7/15/2028	$	651,171
	780,000	Snap-on, Inc., 6.700%, 3/01/2019		906,649

				1,557,820

		Electric – 2.4%
	1,349,850	Bruce Mansfield Unit, 6.850%, 6/01/2034		1,429,113
	616,000	Cleveland Electric Illuminating Co. (The), 5.700%, 4/01/2017		677,455
	555,000	Commonwealth Edison Co., 4.700%, 4/15/2015		587,703
	3,400,000	EDP Finance BV, 4.900%, 10/01/2019, 144A		3,357,500
	800,000	EDP Finance BV, 6.000%, 2/02/2018, 144A		828,000
	600,000	EDP Finance BV, EMTN, 8.625%, 1/04/2024, (GBP)		1,095,672
	1,000,000	Endesa S.A./Cayman Islands, 7.875%, 2/01/2027		1,188,880
	900,000	Enel Finance International NV, 5.125%, 10/07/2019, 144A		938,978
	5,412,000	Enel Finance International NV, 6.000%, 10/07/2039, 144A		4,928,221
	700,000	Enel Finance International NV, 6.800%, 9/15/2037, 144A		698,278
	1,152,000	Enel Finance International NV, EMTN, 5.750%, 9/14/2040, (GBP)		1,648,160
	150,000	Iberdrola Finance Ireland Ltd., 3.800%, 9/11/2014, 144A		153,576

				17,531,536

		Financial Other – 1.2%
	5,040,000	Aviation Capital Group Corp., 6.750%, 4/06/2021, 144A		5,320,038
	2,500,000	National Life Insurance Co., 10.500%, 9/15/2039, 144A		3,512,032

				8,832,070

		Government Guaranteed – 1.5%
	1,000,000	Instituto de Credito Oficial, EMTN, 4.530%, 3/17/2016, (CAD)		986,933
	2,500,000	Instituto de Credito Oficial, MTN, 6.125%, 2/27/2014, (AUD)		2,320,029
	7,000,000	Japan Bank for International Cooperation (Japan), 2.300%, 3/19/2018, (CAD)		6,706,830
	970,000	Queensland Treasury Corp., 7.125%, 9/18/2017, 144A, (NZD)		883,325

				10,897,117

		Government Owned – No Guarantee – 1.2%
	2,565,000	Abu Dhabi National Energy Co., 7.250%, 8/01/2018, 144A		3,033,113
	4,500,000	DP World Ltd., 6.850%, 7/02/2037, 144A		4,522,500

		Government Owned – No Guarantee – continued
	9,000,000,000	Export-Import Bank of Korea, 6.600%, 11/04/2013, 144A, (IDR)		768,653
	10,400,000,000	Export-Import Bank of Korea, 8.300%, 3/15/2014, 144A, (IDR)		876,770

				9,201,036

		Health Insurance – 0.0%
	20,000	CIGNA Corp., 7.875%, 5/15/2027		24,844

		Healthcare – 0.7%
	855,000	Boston Scientific Corp., 6.000%, 1/15/2020		977,829
	55,000	HCA, Inc., 5.875%, 3/15/2022		56,513
	3,065,000	HCA, Inc., 5.875%, 5/01/2023		3,011,363
	95,000	HCA, Inc., 6.375%, 1/15/2015		100,225
	100,000	HCA, Inc., 7.050%, 12/01/2027		95,750
	190,000	HCA, Inc., 7.190%, 11/15/2015		207,575
	75,000	HCA, Inc., 7.500%, 12/15/2023		76,500
	175,000	HCA, Inc., 7.690%, 6/15/2025		179,156
	305,000	HCA, Inc., 8.360%, 4/15/2024		327,875
	10,000	HCA, Inc., MTN, 7.580%, 9/15/2025		10,150
	305,000	HCA, Inc., MTN, 7.750%, 7/15/2036		298,900

				5,341,836

		Home Construction – 0.6%
	3,340,000	Pulte Group, Inc., 6.000%, 2/15/2035		2,872,400
	1,455,000	Pulte Group, Inc., 6.375%, 5/15/2033		1,298,587

				4,170,987

		Hybrid ARMs – 0.0%
	40,638	FNMA, 1.909%, 2/01/2037(b)		43,069
	82,172	FNMA, 2.693%, 9/01/2036(b)		87,619

				130,688

		Independent Energy – 1.3%
	1,195,000	Anadarko Petroleum Corp., 6.375%, 9/15/2017		1,389,160
	60,000	Chesapeake Energy Corp., 6.625%, 8/15/2020		64,500
	55,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		59,400
	3,000,000	EQT Corp., 8.125%, 6/01/2019		3,639,819
	2,150,000	Equitable Resources, Inc., 6.500%, 4/01/2018		2,436,193

See accompanying notes to financial statements.

63 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Investment Grade Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Independent Energy – continued
$	1,735,000	Newfield Exploration Co., 5.625%, 7/01/2024	$	1,678,612

				9,267,684

		Industrial Other – 0.2%
	1,150,000	Worthington Industries, Inc., 6.500%, 4/15/2020		1,237,343

		Life Insurance – 1.9%
	1,600,000	American International Group, Inc., 6.250%, 3/15/2087		1,568,000
	2,600,000	American International Group, Inc., (fixed rate to 5/15/2038, variable rate thereafter), 8.175%, 5/15/2068		3,043,300
	390,000	American International Group, Inc., Series G, MTN, 5.850%, 1/16/2018		443,460
	110,000	American International Group, Inc., Series MP, MTN, 5.450%, 5/18/2017		122,960
	2,355,000	Forethought Financial Group, Inc., 8.625%, 4/15/2021, 144A		2,609,809
	2,620,000	NLV Financial Corp., 7.500%, 8/15/2033, 144A		2,654,369
	2,885,000	Penn Mutual Life Insurance Co. (The), 7.625%, 6/15/2040, 144A		3,721,944

				14,163,842

		Local Authorities – 2.6%
	3,740,000	Autonomous Community of Madrid Spain, 4.300%, 9/15/2026, 144A, (EUR)		4,463,192
	100,000	City of Madrid, Spain, 4.550%, 6/16/2036, (EUR)		99,775
	4,635,000	Manitoba (Province of), GMTN, 6.375%, 9/01/2015, (NZD)		4,024,542
	4,495,000	New South Wales Treasury Corp., 6.000%, 2/01/2018, (AUD)		4,610,566
	4,000,000	New South Wales Treasury Corp., Series 17RG, 5.500%, 3/01/2017, (AUD)		4,004,161
	177,208	Province of Alberta, 5.930%, 9/16/2016, (CAD)		186,988
	1,185,000	Province of Quebec, Canada, Series QC, 6.750%, 11/09/2015, (NZD)		1,039,596
	670,000	Queensland Treasury Corp., Series 14, 5.750%, 11/21/2014, (AUD)		646,816

				19,075,636

		Lodging – 0.2%
	1,480,000	Wyndham Worldwide Corp., 6.000%, 12/01/2016		1,637,688

		Media Non-Cable – 0.3%
	24,000,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		1,547,190

		Media Non-Cable – continued
	240,000	News America, Inc., 8.150%, 10/17/2036		302,126
	580,000	R.R. Donnelley & Sons Co., 8.250%, 3/15/2019		643,800

				2,493,116

		Metals & Mining – 1.2%
	420,000	ArcelorMittal, 6.750%, 2/25/2022		442,050
	2,305,000	ArcelorMittal, 7.250%, 3/01/2041		2,109,075
	510,000	ArcelorMittal, 7.500%, 10/15/2039		483,225
	3,480,000	Plains Exploration & Production Co., 6.500%, 11/15/2020		3,733,772
	2,070,000	United States Steel Corp., 7.500%, 3/15/2022		2,116,575

				8,884,697

		Mortgage Related – 0.0%
	2,384	FHLMC, 10.000%, with various maturities in 2018(d)		2,704
	6,322	FNMA, 6.000%, 12/01/2018		6,904
	12,600	GNMA, 10.000%, with various maturities in 2018(d)		12,857

				22,465

		Non-Captive Consumer – 2.2%
	5,660,000	SLM Corp., 5.500%, 1/25/2023		5,182,217
	170,000	SLM Corp., MTN, 4.625%, 9/25/2017		172,125
	1,820,000	SLM Corp., MTN, 7.250%, 1/25/2022		1,851,850
	240,000	SLM Corp., Series A, MTN, 5.000%, 4/15/2015		249,600
	1,295,000	SLM Corp., Series A, MTN, 5.625%, 8/01/2033		1,010,100
	2,260,000	SLM Corp., Series A, MTN, 8.450%, 6/15/2018		2,548,150
	2,005,000	Springleaf Finance Corp., 7.750%, 10/01/2021, 144A		2,080,187
	805,000	Springleaf Finance Corp., 8.250%, 10/01/2023, 144A		837,200
	1,300,000	Springleaf Finance Corp., Series J, MTN, 6.500%, 9/15/2017		1,339,000
	805,000	Springleaf Finance Corp., Series J, MTN, 6.900%, 12/15/2017		841,225

				16,111,654

		Non-Captive Diversified – 3.7%
	820,000	General Electric Capital Australia Funding Pty Ltd., 7.000%, 10/08/2015, (AUD)		816,037
	85,000	General Electric Capital Corp., GMTN, 3.100%, 1/09/2023		79,516

See accompanying notes to financial statements.

| 64

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Investment Grade Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Non-Captive Diversified – continued
	16,985,000	General Electric Capital Corp., GMTN, 4.250%, 1/17/2018, (NZD)	$	13,762,759
	470,000	General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016, (NZD)		411,329
	790,000	General Electric Capital Corp., Series A, GMTN, 5.500%, 2/01/2017, (NZD)		670,125
	2,205,000	General Electric Capital Corp., Series A, GMTN, 7.625%, 12/10/2014, (NZD)		1,912,487
	655,000	General Electric Capital Corp., Series A, MTN, 0.568%, 5/13/2024(b)		612,011
	5,650,000	General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015, (NZD)		4,897,371
	40,000	International Lease Finance Corp., 3.875%, 4/15/2018		38,650
	175,000	International Lease Finance Corp., 5.875%, 4/01/2019		182,195
	25,000	International Lease Finance Corp., 5.875%, 8/15/2022		24,625
	3,550,000	International Lease Finance Corp., 6.250%, 5/15/2019		3,727,500
	275,000	International Lease Finance Corp., Series R, MTN, 5.650%, 6/01/2014		281,187

				27,415,792

		Oil Field Services – 0.2%
	1,090,000	Rowan Cos., Inc., 7.875%, 8/01/2019		1,313,857

		Paper – 0.3%
	1,500,000	Georgia-Pacific LLC, 7.250%, 6/01/2028		1,830,483
	230,000	Mead Corp. (The), 7.550%, 3/01/2047(c)		233,885
	175,000	Westvaco Corp., 8.200%, 1/15/2030		205,527

				2,269,895

		Pipelines – 0.7%
	210,000	DCP Midstream LP, 6.450%, 11/03/2036, 144A		218,442
	200,000	Florida Gas Transmission Co., 7.900%, 5/15/2019, 144A		249,250
	800,000	IFM US Colonial Pipeline 2 LLC, 6.450%, 5/01/2021, 144A		840,612
	820,000	NGPL PipeCo LLC, 7.119%, 12/15/2017, 144A		723,650
	2,000,000	NiSource Finance Corp., 6.125%, 3/01/2022		2,252,660
	810,000	Southern Natural Gas Co., 5.900%, 4/01/2017, 144A		920,819

				5,205,433


		Property & Casualty Insurance – 0.9%
$	1,695,000	Hanover Insurance Group, Inc. (The), 7.500%, 3/01/2020	$	1,918,218
	115,000	MBIA Insurance Corp., 11.528%, 1/15/2033, 144A(b)(e)		77,050
	150,000	Progressive Corp., 7.000%, 10/01/2013		150,000
	220,000	White Mountains Re Group Ltd., 6.375%, 3/20/2017, 144A		240,539
	2,015,000	XL Group PLC, 6.250%, 5/15/2027		2,266,317
	1,595,000	XL Group PLC, 6.375%, 11/15/2024		1,829,061

				6,481,185

		Railroads – 0.0%
	190,000	Missouri Pacific Railroad Co., 5.000%, 1/01/2045(c)		157,700

		Refining – 0.1%
	750,000	Reliance Holdings USA, Inc., 5.400%, 2/14/2022, 144A		751,586

		REITs – Office Property – 0.2%
	80,000	Highwoods Properties, Inc., 5.850%, 3/15/2017		88,054
	1,075,000	Highwoods Properties, Inc., 7.500%, 4/15/2018		1,262,675

				1,350,729

		REITs – Shopping Centers – 0.4%
	1,000,000	Equity One, Inc., 6.000%, 9/15/2017		1,116,888
	1,350,000	Federal Realty Investment Trust, 5.650%, 6/01/2016		1,495,444

				2,612,332

		REITs – Single Tenant – 0.1%
	95,000	Realty Income Corp., 5.750%, 1/15/2021		104,875
	405,000	Realty Income Corp., 6.750%, 8/15/2019		477,778

				582,653

		REITs – Warehouse/Industrials – 0.2%
	55,000	ProLogis LP, 5.625%, 11/15/2015		58,951
	240,000	ProLogis LP, 5.625%, 11/15/2016		265,588
	265,000	ProLogis LP, 5.750%, 4/01/2016		291,556
	785,000	ProLogis LP, 7.375%, 10/30/2019		962,204

				1,578,299


		Restaurants – 0.1%
	610,000	Darden Restaurants, Inc., 6.000%, 8/15/2035		590,351

		Retailers – 0.0%
	93,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		64,868

See accompanying notes to financial statements.

65 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Investment Grade Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Sovereigns – 1.3%
	5,250,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)	$	2,140,222
	3,100,000	Republic of Croatia, 6.750%, 11/05/2019, 144A		3,305,375
	3,200,000	Republic of Iceland, 5.875%, 5/11/2022, 144A		3,288,000
	85,235,000	Republic of Iceland, 6.000%, 10/13/2016, (ISK)		494,987
	51,425,000	Republic of Iceland, 7.250%, 10/26/2022, (ISK)		303,235
	64,890,000	Republic of Iceland, 8.750%, 2/26/2019, (ISK)		411,490

				9,943,309

		Supermarkets – 0.4%
	225,000	Delhaize Group S.A., 5.700%, 10/01/2040		219,792
	260,000	New Albertson’s, Inc., 7.450%, 8/01/2029		208,650
	1,340,000	New Albertson’s, Inc., 8.000%, 5/01/2031		1,102,150
	115,000	New Albertson’s, Inc., 8.700%, 5/01/2030		97,894
	1,400,000	SUPERVALU, Inc., 6.750%, 6/01/2021, 144A		1,330,000

				2,958,486

		Supranational – 1.0%
	4,000,000	European Bank for Reconstruction & Development, EMTN, 9.000%, 4/28/2014, (BRL)		1,802,825
	4,375,000	Inter-American Development Bank, EMTN, 6.000%, 12/15/2017, (NZD)		3,832,724
	3,430,000	International Finance Corp., GMTN, 5.000%, 12/21/2015, (BRL)		1,421,338

				7,056,887

		Technology – 1.3%
	810,000	Corning, Inc., 7.000%, 5/15/2024		970,487
	3,565,000	Corning, Inc., 7.250%, 8/15/2036		4,274,945
	3,550,000	Ingram Micro, Inc., 5.250%, 9/01/2017		3,769,844
	49,000	Motorola Solutions, Inc., 6.625%, 11/15/2037		49,845
	375,000	Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		454,484

				9,519,605


		Tobacco – 0.1%
	735,000	Reynolds American, Inc., 6.750%, 6/15/2017		849,223

		Transportation Services – 0.3%
	100,000	APL Ltd., 8.000%, 1/15/2024(c)		93,520

		Transportation Services – continued
$	1,189,968	Atlas Air Pass Through Trust, Series 1998-1, Class B, 7.680%, 7/02/2015(f)	$	1,210,793
	945,000	Erac USA Finance Co., 6.700%, 6/01/2034, 144A		1,068,483

				2,372,796

		Treasuries – 30.1%
	10,935,000	Canadian Government, 2.500%, 6/01/2015, (CAD)		10,852,832
	130,000	Canadian Government, 2.750%, 9/01/2016, (CAD)		130,974
	40,000,000	Canadian Government, 3.000%, 12/01/2015, (CAD)		40,294,355
	31,580,000	Canadian Government, 3.750%, 6/01/2019, (CAD)		33,503,527
	1,000,000	Canadian Government, 4.000%, 6/01/2016, (CAD)		1,038,901
	50,000	Italy Buoni Poliennali Del Tesoro, 5.000%, 8/01/2034, (EUR)		67,596
	50,000	Italy Buoni Poliennali Del Tesoro, 5.250%, 11/01/2029, (EUR)		70,187
	50,000	Italy Buoni Poliennali Del Tesoro, 5.750%, 2/01/2033, (EUR)		73,783
	372,000(††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		3,248,727
	37,995,000	Norwegian Government Bond, 4.250%, 5/19/2017, (NOK)		6,821,503
	39,665,000	Norwegian Government Bond, 5.000%, 5/15/2015, (NOK)		6,944,470
	410,000	Portugal Obrigacoes do Tesouro OT, 3.850%, 4/15/2021, 144A, (EUR)		462,190
	100,000	Portugal Obrigacoes do Tesouro OT, 4.800%, 6/15/2020, 144A, (EUR)		121,552
	1,850,000	Portugal Obrigacoes do Tesouro OT, 4.950%, 10/25/2023, 144A, (EUR)		2,172,407
	17,855,000	U.S. Treasury Bond, 2.750%, 11/15/2042		14,777,798
	20,000,000	U.S. Treasury Bond, 2.875%, 5/15/2043		16,975,000
	29,795,000	U.S. Treasury Note, 0.125%, 12/31/2014		29,779,864
	14,885,000	U.S. Treasury Note, 0.250%, 10/15/2015		14,857,091
	13,670,000	U.S. Treasury Note, 0.250%, 12/15/2015		13,630,480
	26,990,000	U.S. Treasury Note, 0.375%, 11/15/2015		26,992,105

				222,815,342


		Wireless – 0.2%
	14,000,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		1,001,269
	234,000	Sprint Capital Corp., 6.875%, 11/15/2028		208,845

See accompanying notes to financial statements.

| 66

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Investment Grade Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Wireless – continued
$	120,000	Sprint Capital Corp., 6.900%, 5/01/2019	$	123,300
	366,000	Sprint Communications, Inc., 6.000%, 12/01/2016		387,960

				1,721,374

		Wirelines – 2.7%
	2,000,000	BellSouth Telecommunications, Inc., 5.850%, 11/15/2045		1,857,868
	2,870,000	CenturyLink, Inc., 6.450%, 6/15/2021		2,855,650
	245,000	CenturyLink, Inc., Series G, 6.875%, 1/15/2028		222,950
	2,265,000	CenturyLink, Inc., Series P, 7.600%, 9/15/2039		2,021,513
	1,220,000	Embarq Corp., 7.995%, 6/01/2036		1,242,047
	300,000	Portugal Telecom International Finance BV, EMTN, 4.500%, 6/16/2025, (EUR)		357,964
	100,000	Portugal Telecom International Finance BV, EMTN, 5.000%, 11/04/2019, (EUR)		135,961
	500,000	Qwest Capital Funding, Inc., 6.500%, 11/15/2018		540,000
	2,875,000	Qwest Corp., 6.875%, 9/15/2033		2,785,001
	1,880,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		1,546,212
	150,000	Telefonica Emisiones SAU, 4.570%, 4/27/2023		143,847
	500,000	Telefonica Emisiones SAU, EMTN, 5.445%, 10/08/2029, (GBP)		767,463
	1,700,000	Telefonica Emisiones SAU, EMTN, 5.597%, 3/12/2020, (GBP)		2,887,680
	2,170,000	Verizon New England, Inc., 7.875%, 11/15/2029		2,531,537
	275,000	Verizon Pennsylvania, Inc., 6.000%, 12/01/2028		267,585

				20,163,278


		Total Non-Convertible Bonds
		(Identified Cost $593,529,712)		638,720,884


	Convertible Bonds – 3.6%

		Automotive – 0.3%
	1,035,000	Ford Motor Co., 4.250%, 11/15/2016		2,044,772


		Independent Energy – 0.3%
	1,875,000	Chesapeake Energy Corp., 2.500%, 5/15/2037		1,842,187
	690,000	Chesapeake Energy Corp., 2.750%, 11/15/2035		712,425

				2,554,612


		Life Insurance – 1.4%
$	8,995,000	Old Republic International Corp., 3.750%, 3/15/2018	$	10,630,966

		Metals & Mining – 0.2%
	1,120,000	United States Steel Corp., 2.750%, 4/01/2019		1,239,700

		Technology – 1.4%
	3,505,000	Intel Corp., 2.950%, 12/15/2035		3,794,163
	4,700,000	Intel Corp., 3.250%, 8/01/2039		5,819,187
	530,000	Lam Research Corp., Series B, 1.250%, 5/15/2018		637,656

				10,251,006


		Total Convertible Bonds
		(Identified Cost $22,023,041)		26,721,056


	Municipals – 0.8%

		Illinois – 0.4%
	1,105,000	State of Illinois, 5.100%, 6/01/2033		979,726
	2,245,000	State of Illinois, Series B, 5.520%, 4/01/2038		1,865,191

				2,844,917

		Michigan – 0.1%
	980,000	Michigan Tobacco Settlement Finance Authority Taxable Turbo, Series A, 7.309%, 6/01/2034		772,377

		Ohio – 0.1%
	590,000	Buckeye Tobacco Settlement Financing Authority, Series A-2, 5.875%, 6/01/2047		441,173

		Virginia – 0.2%
	2,740,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046		1,897,012


		Total Municipals
		(Identified Cost $7,375,139)		5,955,479


		Total Bonds and Notes
		(Identified Cost $622,927,892)		671,397,419


	Senior Loans – 0.7%

		Media Cable – 0.3%
	2,483,775	CSC Holdings, Inc., New Term Loan B, 2.679%, 4/17/2020(b)		2,453,076

		Non-Captive Diversified – 0.4%
	2,475,000	Flying Fortress, Inc., New Term Loan, 3.500%, 6/30/2017(b)		2,469,852


		Total Senior Loans
		(Identified Cost $4,947,112)		4,922,928

See accompanying notes to financial statements.

67 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Investment Grade Fixed Income Fund – continued


Shares		Description	Value (†)

	Common Stocks – 3.3%

		Biotechnology – 0.1%
	13,708	Vertex Pharmaceuticals, Inc.(e)	$	1,039,340

		Chemicals – 0.7%
	31,080	PPG Industries, Inc.		5,192,225

		Electronic Equipment, Instruments & Components – 1.9%
	950,000	Corning, Inc.		13,860,500

		Oil, Gas & Consumable Fuels – 0.6%
	85,496	Repsol YPF S.A., Sponsored ADR		2,112,606
	34,819	Royal Dutch Shell PLC, ADR		2,286,912

				4,399,518


		Total Common Stocks
		(Identified Cost $19,174,986)		24,491,583


	Preferred Stocks – 1.0%

	Convertible Preferred Stocks – 0.5%

		Independent Energy – 0.1%
	4,893	Chesapeake Energy Corp., 5.000%		454,560

		Metals & Mining – 0.2%
	68,880	ArcelorMittal, 6.000%		1,480,231

		Non-Captive Diversified – 0.1%
	940	Bank of America Corp., Series L, 7.250%		1,015,200

		Pipelines – 0.1%
	20,775	El Paso Energy Capital Trust I, 4.750%		1,166,101


		Total Convertible Preferred Stocks
		(Identified Cost $3,694,395)		4,116,092


	Non-Convertible Preferred Stocks – 0.5%

		Banking – 0.0%
	161	Ally Financial, Inc., Series G, 7.000%, 144A		153,835


		Electric – 0.1%
	263	Connecticut Light & Power Co., 2.200%		11,835
	100	San Diego Gas & Electric Co., 4.500%		2,130
	3,160	Union Electric Co., 4.500%		299,410

				313,375


		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(g)	$	3,116,250


		Total Non-Convertible Preferred Stocks
		(Identified Cost $3,216,270)		3,583,460


		Total Preferred Stocks
		(Identified Cost $6,910,665)		7,699,552


	Principal Amount (‡)

	Short-Term Investments – 3.0%
$	34,595	Repurchase Agreement with State Street Bank and Trust Company, dated 9/30/2013 at 0.000%, to be repurchased at $34,595 on 10/01/2013 collateralized by $40,000 Federal National Mortgage Association, 2.080% due 11/02/2022 valued at $37,167 including accrued interest (Note 2 of Notes to Financial Statements)		34,595
	22,357,709	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2013 at 0.000% to be repurchased at $22,357,709 on 10/01/2013 collateralized by $23,155,000 U.S. Treasury Note, 0.625% due 8/31/2017 valued at $22,807,675 including accrued interest (Note 2 of Notes to Financial Statements)		22,357,709


		Total Short-Term Investments
		(Identified Cost $22,392,304)		22,392,304


		Total Investments – 98.8%
		(Identified Cost $676,352,959)(a)		730,903,786
		Other assets less liabilities—1.2%		8,982,456


		Net Assets – 100.0%	$	739,886,242


	(‡)	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:
		At September 30, 2013, the net unrealized appreciation on investments based on a cost of $680,596,618 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	$	63,600,429
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(13,293,261	)

		Net unrealized appreciation	$	50,307,168

See accompanying notes to financial statements.

| 68

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Investment Grade Fixed Income Fund – continued


	(b)			Variable rate security. Rate as of September 30, 2013 is disclosed.
	(c)			Illiquid security. At September 30, 2013, the value of these securities amounted to $1,366,534 or 0.2% 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)			Fair valued by the Fund’s investment adviser. At September 30, 2013, the value of this security amounted to $1,210,793 or 0.2% of net assets.
	(g)			Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.
	(h)			Perpetual bond with no specified maturity 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 September 30, 2013, the value of Rule 144A holdings amounted to $106,661,198 or 14.4% of net assets.
	ADR			An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
	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 September 30, 2013 (Unaudited)


Treasuries	30.1	%
Banking	12.8
Non-Captive Diversified	4.2
Airlines	3.7
Life Insurance	3.3
Commercial Mortgage-Backed Securities	3.2
Wirelines	2.7
Technology	2.7
Local Authorities	2.6
Electric	2.5
Non-Captive Consumer	2.2
Other Investments, less than 2% each	25.8
Short-Term Investments	3.0

Total Investments	98.8
Other assets less liabilities	1.2

Net Assets	100.0	%

Currency Exposure Summary at September 30, 2013 (Unaudited)


United States Dollar	71.0	%
Canadian Dollar	13.4
New Zealand Dollar	4.8
Australian Dollar	2.4
Other, less than 2% each	7.2

Total Investments	98.8
Other assets less liabilities	1.2

Net Assets	100.0	%

See accompanying notes to financial statements.

69 |

Statements of Assets and Liabilities

September 30, 2013


	Fixed Income Fund		Global Bond Fund			Inflation Protected Securities Fund
ASSETS
Investments at cost	$	1,050,492,457	$	2,561,094,521		$	24,081,900
Net unrealized appreciation (depreciation)		123,445,909		(25,544,581	)		(1,328,504	)

Investments at value		1,173,938,366		2,535,549,940			22,753,396
Cash		—		—			80,727
Foreign currency at value (identified cost $338,011, $47,752,019 and $0)		344,549		47,561,909			—
Receivable for Fund shares sold		—		6,162,030			23,837
Receivable from investment adviser (Note 6)		—		—			6,782
Receivable for securities sold		3,246,769		25,004,265			—
Receivable for delayed delivery securities sold (Note 2)		—		98,502,801			—
Collateral received for open forward foreign currency contracts and swaptions (Notes 2 and 4)		—		415,000			640,000
Dividends and interest receivable		15,449,898		24,259,930			28,676
Unrealized appreciation on forward foreign currency contracts (Note 2)		—		1,805,430			—
Tax reclaims receivable		24,748		15,780			—
Receivable for variation margin on futures contracts (Note 2)		—		32,613			—

TOTAL ASSETS		1,193,004,330		2,739,309,698			23,533,418


LIABILITIES
Swaptions written, at value (premiums received $0, $0 and $927,461) (Note 2)		—		—			838,271
Payable for securities purchased		144,313		27,706,679			—
Payable for delayed delivery securities purchased (Note 2)		—		232,969,594			—
Payable for Fund shares redeemed		45,394		2,085,243			—
Unrealized depreciation on forward foreign currency contracts (Note 2)		—		6,491,585			—
Foreign taxes payable (Note 2)		53,277		—			—
Due to brokers (Note 2)		—		415,000			640,000
Payable for variation margin on futures contracts (Note 2)		—		—			211
Management fees payable (Note 6)		483,115		1,036,772			—
Deferred Trustees’ fees (Note 6)		144,323		244,307			76,239
Administrative fees payable (Note 6)		42,782		88,382			735
Payable to distributor (Note 6d)		—		43,065			133
Other accounts payable and accrued expenses		63,251		241,288			45,045

TOTAL LIABILITIES		976,455		271,321,915			1,600,634

NET ASSETS	$	1,192,027,875	$	2,467,987,783		$	21,932,784

NET ASSETS CONSIST OF:
Paid-in capital	$	1,013,955,009	$	2,464,866,136		$	23,161,822
Undistributed (Distributions in excess of) net investment income		42,333,844		19,874,427			(69,915	)
Accumulated net realized gain on investments, futures contracts, swaptions written, swap agreements and foreign currency transactions		12,303,922		14,465,694			83,923
Net unrealized appreciation (depreciation) on investments, futures contracts, swaptions written and foreign currency translations		123,435,100		(31,218,474	)		(1,243,046	)

NET ASSETS	$	1,192,027,875	$	2,467,987,783		$	21,932,784


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Institutional Class:
Net assets	$	1,192,027,875	$	1,669,103,068		$	18,433,674

Shares of beneficial interest		79,605,971		100,788,930			1,733,061

Net asset value, offering and redemption price per share	$	14.97	$	16.56		$	10.64

Retail Class:
Net assets	$	—	$	798,334,863		$	3,499,110

Shares of beneficial interest		—		48,682,448			329,712

Net asset value, offering and redemption price per share	$	—	$	16.40		$	10.61

Class N shares:
Net assets	$	—	$	549,852		$	—

Shares of beneficial interest		—		33,204			—

Net asset value, offering and redemption price per share	$	—	$	16.56		$	—

See accompanying notes to financial statements.

| 70

Statements of Assets and Liabilities – continued

September 30, 2013


	Institutional High Income Fund		Intermediate Duration Bond Fund			Investment Grade Fixed Income Fund
ASSETS
Investments at cost	$	574,530,987	$	71,895,287		$	676,352,959
Net unrealized appreciation		76,092,066		540,305			54,550,827

Investments at value		650,623,053		72,435,592			730,903,786
Cash		2,343		—			2,702
Foreign currency at value (identified cost $756,877, $0 and $186,093)		758,396		—			187,933
Receivable for Fund shares sold		6,865		3,437			—
Receivable for securities sold		4,291,238		512,438			790,635
Dividends and interest receivable		9,889,538		360,104			8,394,617
Tax reclaims receivable		10,720		16			39,376

TOTAL ASSETS		665,582,153		73,311,587			740,319,049


LIABILITIES
Payable for securities purchased		162,207		917,813			2,702
Payable for Fund shares redeemed		—		124,970			—
Foreign taxes payable (Note 2)		48,042		—			—
Management fees payable (Note 6)		324,938		9,290			242,945
Deferred Trustees’ fees (Note 6)		101,044		79,828			109,617
Administrative fees payable (Note 6)		23,978		2,753			26,894
Payable to distributor (Note 6d)		73		49			—
Other accounts payable and accrued expenses		55,927		151,623			50,649

TOTAL LIABILITIES		716,209		1,286,326			432,807

NET ASSETS	$	664,865,944	$	72,025,261		$	739,886,242

NET ASSETS CONSIST OF:
Paid-in capital	$	530,730,653	$	72,279,246		$	680,560,495
Undistributed (Distributions in excess of) net investment income		25,962,240		(54,211	)		280,247
Accumulated net realized gain (loss) on investments and foreign currency transactions		32,132,492		(740,079	)		4,482,399
Net unrealized appreciation on investments and foreign currency translations		76,040,559		540,305			54,563,101

NET ASSETS	$	664,865,944	$	72,025,261		$	739,886,242


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Institutional Class:
Net assets	$	664,865,944	$	66,424,490		$	739,886,242

Shares of beneficial interest		80,694,941		6,429,639			57,721,568

Net asset value, offering and redemption price per share	$	8.24	$	10.33		$	12.82

Retail Class:
Net assets	$	—	$	5,600,771		$	—

Shares of beneficial interest		—		541,910			—

Net asset value, offering and redemption price per share	$	—	$	10.34		$	—

See accompanying notes to financial statements.

71 |

Statements of Operations

For the Year Ended September 30, 2013


	Fixed Income Fund			Global Bond Fund			Inflation Protected Securities Fund
INVESTMENT INCOME
Interest	$	57,540,884		$	68,993,661		$	245,061
Dividends		3,994,639			582,950			8,816
Less net foreign taxes withheld		(104,741	)		—			—

		61,430,782			69,576,611			253,877

Expenses
Management fees (Note 6)		5,894,291			13,742,112			61,735
Distribution fees (Note 6)		—			2,298,941			8,234
Administrative fees (Note 6)		521,498			1,137,540			10,926
Trustees’ fees and expenses (Note 6)		50,428			83,989			24,147
Transfer agent fees and expenses (Notes 6 and 7)		5,196			3,512,868			14,607
Audit and tax services fees		47,211			50,150			42,787
Custodian fees and expenses		101,887			277,882			19,736
Legal fees		15,839			34,725			339
Registration fees		35,751			97,202			41,019
Shareholder reporting expenses		4,370			569,661			3,321
Miscellaneous expenses		35,557			67,843			8,762

Total expenses		6,712,028			21,872,913			235,613
Less waiver and/or expense reimbursement (Note 6)		—			(495,527	)		(128,467	)

Net expenses		6,712,028			21,377,386			107,146

Net investment income		54,718,754			48,199,225			146,731


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS, SWAPTIONS WRITTEN, SWAP AGREEMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		21,851,865			56,123,718			731,037
Futures contracts		—			8,790,298			9,771
Swaptions written		—			—			(287,385	)
Swap agreements		—			—			(17,000	)
Foreign currency transactions		(206,797	)		14,088,737			—
Net change in unrealized appreciation (depreciation) on:
Investments		599,808			(180,516,163	)		(2,153,048	)
Futures contracts		—			(744,983	)		(2,992	)
Swaptions written		—			—			157,922
Foreign currency translations		(2,586	)		(5,169,283	)		—

Net realized and unrealized gain (loss) on investments, futures contracts, swaptions written, swap agreements and foreign currency transactions		22,242,290			(107,427,676	)		(1,561,695	)


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	76,961,044		$	(59,228,451	)	$	(1,414,964	)

See accompanying notes to financial statements.

| 72

Statements of Operations – continued

For the Year Ended September 30, 2013


	Institutional High Income Fund			Intermediate Duration Bond Fund			Investment Grade Fixed Income Fund
INVESTMENT INCOME
Interest	$	39,403,200		$	1,962,467		$	30,373,993
Dividends		2,948,282			—			1,151,656
Less net foreign taxes withheld		(69,377	)		—			(34,542	)

		42,282,105			1,962,467			31,491,107

Expenses
Management fees (Note 6)		3,940,399			206,687			3,003,867
Distribution fees (Note 6)		—			15,385			—
Administrative fees (Note 6)		290,517			36,572			332,211
Trustees’ fees and expenses (Note 6)		37,289			25,504			39,696
Transfer agent fees and expenses (Notes 6 and 7)		11,106			8,631			3,029
Audit and tax services fees		45,430			42,581			43,890
Custodian fees and expenses		84,918			22,675			52,368
Legal fees		8,790			1,112			10,097
Registration fees		36,422			43,611			43,173
Shareholder reporting expenses		5,935			1,933			2,658
Miscellaneous expenses		24,935			10,170			25,772

Total expenses		4,485,741			414,861			3,556,761
Less waiver and/or expense reimbursement (Note 6)		—			(68,435	)		—

Net expenses		4,485,741			346,426			3,556,761

Net investment income		37,796,364			1,616,041			27,934,346


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		37,491,599			96,581			11,378,845
Foreign currency transactions		(76,497	)		—			(11,292	)
Net change in unrealized appreciation (depreciation) on:
Investments		11,250,594			(2,173,632	)		(24,110,480	)
Foreign currency translations		(2,225	)		—			(26,004	)

Net realized and unrealized gain (loss) on investments and foreign currency transactions		48,663,471			(2,077,051	)		(12,768,931	)


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	86,459,835		$	(461,010	)	$	15,165,415

See accompanying notes to financial statements.

73 |

Statements of Changes in Net Assets


	Fixed Income Fund						Global Bond Fund
	Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2013			Year Ended September 30, 2012
FROM OPERATIONS:
Net investment income	$	54,718,754		$	51,289,022		$	48,199,225		$	59,290,426
Net realized gain on investments, futures contracts and foreign currency transactions		21,645,068			8,685,455			79,002,753			34,417,067
Net change in unrealized appreciation (depreciation) on investments, futures contracts and foreign currency translations		597,222			84,579,062			(186,430,429	)		116,785,503

Net increase (decrease) in net assets resulting from operations		76,961,044			144,553,539			(59,228,451	)		210,492,996

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Institutional Class		(57,791,763	)		(55,065,901	)		(42,138,367	)		(49,854,363	)
Retail Class		—			—			(21,452,941	)		(35,526,511	)
Class N		—			—			(2,348	)		—
Net realized capital gains
Institutional Class		(6,003,633	)		(3,493,626	)		—			—

Total distributions		(63,795,396	)		(58,559,527	)		(63,593,656	)		(85,380,874	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		43,927,170			167,671,586			(34,119,832	)		167,583,958

Net increase (decrease) in net assets		57,092,818			253,665,598			(156,941,939	)		292,696,080
NET ASSETS
Beginning of the year		1,134,935,057			881,269,459			2,624,929,722			2,332,233,642

End of the year	$	1,192,027,875		$	1,134,935,057		$	2,467,987,783		$	2,624,929,722

UNDISTRIBUTED NET INVESTMENT INCOME	$	42,333,844		$	39,810,844		$	19,874,427		$	371,924

See accompanying notes to financial statements.

| 74

Statements of Changes in Net Assets – continued


	Inflation Protected Securities Fund						Institutional High Income Fund
	Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2013			Year Ended September 30, 2012
FROM OPERATIONS:
Net investment income	$	146,731		$	251,268		$	37,796,364		$	36,222,659
Net realized gain on investments, futures contracts, options written, swap agreements and foreign currency transactions		436,423			3,030,601			37,415,102			2,169,254
Net change in unrealized appreciation (depreciation) on investments, futures contracts, options written and foreign currency translations		(1,998,118	)		(965,281	)		11,248,369			56,776,460

Net increase (decrease) in net assets resulting from operations		(1,414,964	)		2,316,588			86,459,835			95,168,373

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Institutional Class		(354,311	)		(601,119	)		(41,311,469	)		(30,835,111	)
Retail Class		(63,863	)		(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		(2,139,474	)		(1,045,421	)		(44,084,712	)		(42,472,286	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(1,452,142	)		(10,134,563	)		(30,276,042	)		170,449,624

Net increase (decrease) in net assets		(5,006,580	)		(8,863,396	)		12,099,081			223,145,711
NET ASSETS
Beginning of the year		26,939,364			35,802,760			652,766,863			429,621,152

End of the year	$	21,932,784		$	26,939,364		$	664,865,944		$	652,766,863

UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME	$	(69,915	)	$	(78,633	)	$	25,962,240		$	25,947,122

See accompanying notes to financial statements.

75 |


	Intermediate Duration Bond Fund						Investment Grade Fixed Income Fund
	Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2013			Year Ended September 30, 2012
FROM OPERATIONS:
Net investment income	$	1,616,041		$	1,529,660		$	27,934,346		$	25,284,037
Net realized gain on investments and foreign currency transactions		96,581			1,598,231			11,367,553			6,878,560
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(2,173,632	)		1,207,609			(24,136,484	)		37,918,157

Net increase (decrease) in net assets resulting from operations		(461,010	)		4,335,500			15,165,415			70,080,754

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Institutional Class		(1,945,605	)		(1,853,230	)		(30,617,420	)		(28,645,949	)
Retail Class		(135,414	)		(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		(3,282,406	)		(2,437,377	)		(37,958,087	)		(35,393,470	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(2,902,940	)		16,598,518			71,986,378			203,695,535

Net increase (decrease) in net assets		(6,646,356	)		18,496,641			49,193,706			238,382,819
NET ASSETS
Beginning of the year		78,671,617			60,174,976			690,692,536			452,309,717

End of the year	$	72,025,261		$	78,671,617		$	739,886,242		$	690,692,536

UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME	$	(54,211	)	$	8,090		$	280,247		$	440,642

See accompanying notes to financial statements.

| 76

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
9/30/2013	$	14.83	$	0.69	$	0.27		$	0.96		$	(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	)

GLOBAL BOND FUND

Institutional Class
9/30/2013	$	17.36	$	0.33	$	(0.70	)	$	(0.37	)	$	(0.43	)	$	—		$	(0.43	)
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	)

Retail Class
9/30/2013		17.20		0.29		(0.70	)		(0.41	)		(0.39	)		—			(0.39	)
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	)

Class N*
9/30/2013		17.18		0.22		(0.56	)		(0.34	)		(0.28	)		—			(0.28	)

From commencement of Class operations on February 1, 2013 through September 30, 2013.

(a)

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

(b)

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

(c)

(d)

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

(e)

Includes fee/expense recovery of 0.01%.

(f)

The variation in the Fund’s turnover rate from 2012 to 2013 is due to an increase in TBA transactions. See Note 2 of Notes to Financial Statements.

See accompanying notes to financial statements.

77 |


							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 (%)



$	14.97		6.71		$	1,192,028		0.57			0.57			4.64		18
	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




$	16.56		(2.14	)	$	1,669,103		0.75			0.78			1.96		185	(f)
	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


	16.40		(2.39	)		798,335		0.98			0.98			1.72		185	(f)
	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	(e)		1.00	(e)		3.08		100
	15.96		18.81			918,742		1.00			1.02			4.46		75


	16.56		(1.97	)		550		0.70			0.83			2.01		185

See accompanying notes to financial statements.

| 78

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
9/30/2013	$	12.18	$	0.09		$	(0.74	)	$	(0.65	)	$	(0.19	)	$	(0.70	)	$	(0.89	)
9/30/2012		11.58		0.11	(f)		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	(g)		0.61			0.70			(0.10	)		—			(0.10	)

Retail Class
9/30/2013		12.15		(0.05	)		(0.64	)		(0.69	)		(0.15	)		(0.70	)		(0.85	)
9/30/2012		11.56		0.04	(f)		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
9/30/2013	$	7.74	$	0.46		$	0.57		$	1.03		$	(0.50	)	$	(0.03	)	$	(0.53	)
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	)

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)

(e)

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

(f)

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

(g)

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.

(h)

The variation in the Fund’s turnover rate from 2011 to 2012 was primarily due to a change in the portfolio management team, as well as fluctuation in the level of fund assets due to shareholder flows.

See accompanying notes to financial statements.

79 |


							Ratios to Average Net Assets:
Net asset value, end of the period		Total return (%)(c)			Net assets, end of the period (000’s)		Net expense (%)(d)(e)		Gross expense (%)(e)		Net investment income (loss) (%)(e)			Portfolio turnover rate (%)



$	10.64		(5.70	)	$	18,434		0.40		0.91		0.75	(f)		56
	12.18		9.01			23,771		0.40		0.85		0.95	(f)		166	(h)
	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	(g)		12


	10.61		(6.04	)		3,499		0.65		1.23		(0.44	)(f)		56
	12.15		8.71			3,169		0.65		1.23		0.35	(f)		166	(h)
	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




$	8.24		14.17		$	664,866		0.68		0.68		5.76			28
	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

See accompanying notes to financial statements.

| 80

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
9/30/2013	$	10.80	$	0.21	$	(0.24	)	$	(0.03	)	$	(0.27	)	$	(0.17	)	$	(0.44	)
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	)

Retail Class
9/30/2013		10.80		0.18		(0.23	)		(0.05	)		(0.24	)		(0.17	)		(0.41	)
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
9/30/2013	$	13.21	$	0.49	$	(0.21	)	$	0.28		$	(0.54	)	$	(0.13	)	$	(0.67	)
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	)

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)

(d)

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

See accompanying notes to financial statements.

81 |


							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 (%)



$	10.33		(0.30	)	$	66,424		0.40		0.48		1.97		124
	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


	10.34		(0.46	)		5,601		0.65		0.79		1.71		124
	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




$	12.82		2.14		$	739,886		0.47		0.47		3.72		25
	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

See accompanying notes to financial statements.

| 82

Notes to Financial Statements

September 30, 2013

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.

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 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 under the general supervision of the Board of Trustees.

83 |

Notes to Financial Statements – continued

September 30, 2013

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.

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. Contracts are traded over-the-counter directly with a counterparty. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Certain contracts may require the movement of cash and/or securities as collateral for the Funds’ or counterparty’s net obligations under the contracts.

e. Futures Contracts. The Funds may enter into futures contracts. Futures contracts are agreements between two parties to buy and sell a particular 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.

| 84

Notes to Financial Statements – continued

September 30, 2013

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

Swap agreements are privately negotiated 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 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.

85 |

Notes to Financial Statements – continued

September 30, 2013

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 September 30, 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 twelve months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

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 adjustments, capital gain distributions from REIT’s, return of capital distributions received, inflation-protected securities and 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, trust preferred securities adjustments, return of capital distributions received, 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 years ended September 30, 2013 and 2012 was as follows:


	2013 Distributions Paid From:						2012 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total		Ordinary Income		Long-Term Capital Gains		Total
Fixed Income Fund	$	59,997,496	$	3,797,900	$	63,795,396	$	55,065,901	$	3,493,626	$	58,559,527
Global Bond Fund		63,593,656		—		63,593,656		85,380,874		—		85,380,874
Inflation Protected Securities Fund		1,145,195		994,279		2,139,474		667,705		377,716		1,045,421
Institutional High Income Fund		41,656,073		2,428,639		44,084,712		31,678,976		10,793,310		42,472,286
Intermediate Duration Bond Fund		2,858,011		424,395		3,282,406		2,037,713		399,664		2,437,377
Investment Grade Fixed Income Fund		32,364,411		5,593,676		37,958,087		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.

| 86

Notes to Financial Statements – continued

September 30, 2013

As of September 30, 2013, the components of distributable earnings on a tax basis were as follows:


	Fixed Income Fund		Global Bond Fund			Inflation Protected Securities Fund			Institutional High Income Fund		Intermediate Duration Bond Fund			Investment Grade Fixed Income Fund
Undistributed ordinary income	$	47,809,439	$	17,581,858		$	285,671		$	31,468,668	$	25,617		$	2,501,188
Undistributed long-term capital gains		13,710,802		27,083,424			28,773			31,586,395		182,769			6,632,002

Total undistributed earnings		61,520,241		44,665,282			314,444			63,055,063		208,386			9,133,190

Late-year ordinary and post-October Capital loss deferrals*		—		—			—			—		(644,876	)		—

Unrealized appreciation (depreciation)		116,956,898		(41,299,328	)		(1,467,243	)		71,709,081		262,333			50,322,055

Total accumulated earnings (losses)	$	178,477,139	$	3,365,954		$	(1,152,799	)	$	134,764,144	$	(174,157	)	$	59,455,245

Capital loss carryforward utilized in the current year	$	—	$	17,796,220		$	—		$	—	$	—		$	—

*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.

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 year ended September 30, 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 has evaluated the impact of the adoption of ASU 2011-11 and will incorporate the new disclosures required in the March 31, 2014 report.

87 |

Notes to Financial Statements – continued

September 30, 2013

•

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

•

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 under the general supervision of 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 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 September 30, 2013, at value:

Fixed Income Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
Airlines	$	—	$	5,941,452	$	13,615,350	(b)	$	19,556,802
Non-Captive Consumer		653,112		24,700,695		—			25,353,807
Retailers		—		9,870,002		1,207,792	(b)(c)		11,077,794
Transportation Services		—		2,338,000		1,201,346	(b)(c)		3,539,346
All Other Non-Convertible Bonds(a)		—		850,669,791		—			850,669,791

Total Non-Convertible Bonds		653,112		893,519,940		16,024,488			910,197,540

Convertible Bonds
Wirelines		—		6,105,163		23,130	(c)		6,128,293
All Other Convertible Bonds(a)		—		90,042,776		—			90,042,776

Total Convertible Bonds		—		96,147,939		23,130			96,171,069

Municipals(a)		—		10,338,677		—			10,338,677

Total Bonds and Notes		653,112		1,000,006,556		16,047,618			1,016,707,286

Senior Loans(a)		—		11,650,899		—			11,650,899
Preferred Stocks
Convertible Preferred Stocks(a)		41,158,636		—		—			41,158,636
Non-Convertible Preferred Stocks
Electric		442,482		285,935		—			728,417
Government Sponsored		—		3,116,250		—			3,116,250
All Other Non-Convertible Preferred Stocks(a)		4,267,878		—		—			4,267,878

Total Non-Convertible Preferred Stocks		4,710,360		3,402,185		—			8,112,545

Total Preferred Stocks		45,868,996		3,402,185		—			49,271,181

Common Stocks(a)		75,269,547		—		—			75,269,547
Short-Term Investments		—		21,039,453		—			21,039,453

Total	$	121,791,655	$	1,036,099,093	$	16,047,618		$	1,173,938,366

(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.

| 88

Notes to Financial Statements – continued

September 30, 2013

A preferred stock valued at $2,405,090 was transferred from Level 2 to Level 1 during the period ended September 30, 2013. At September 30, 2013, this security was valued at the last sale price in accordance with the Fund’s valuation policies.

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

Global Bond Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
Australia	$	—	$	46,562,565	$	11,404,460	(b)	$	57,967,025
Canada		—		143,348,798		12,065,180	(b)		155,413,978
Korea		—		42,142,431		6,377,211	(b)		48,519,642
United States		—		681,707,776		56,875,089	(b)		738,582,865
All Other Non-Convertible Bonds(a)		—		1,360,338,898		—			1,360,338,898

Total Non-Convertible Bonds		—		2,274,100,468		86,721,940			2,360,822,408

Convertible Bonds(a)		—		17,265,699		—			17,265,699

Total Bonds and Notes		—		2,291,366,167		86,721,940			2,378,088,107

Preferred Stocks(a)		15,914,834		—		—			15,914,834

Short-Term Investments		—		141,546,999		—			141,546,999

Total Investments		15,914,834		2,432,913,166		86,721,940			2,535,549,940

Forward Foreign Currency Contracts (unrealized appreciation)		—		1,805,430		—			1,805,430
Futures Contracts (unrealized appreciation)		87,017		—		—			87,017

Total	$	16,001,851	$	2,434,718,596	$	86,721,940		$	2,537,442,387

Liability Valuation Inputs


Description	Level 1			Level 2			Level 3		Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—		$	(6,491,585	)	$	—	$	(6,491,585	)
Futures Contracts (unrealized depreciation)		(1,282,713	)		—			—		(1,282,713	)

Total	$	(1,282,713	)	$	(6,491,585	)	$	—	$	(7,774,298	)

(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.

Inflation Protected Securities Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Bonds and Notes(a)	$	—	$	21,157,520	$	—	$	21,157,520
Preferred Stocks(a)		136,059		—		—		136,059
Purchased Swaptions(a)		—		1,434,817		—		1,434,817
Short-Term Investments		—		25,000		—		25,000

Total	$	136,059	$	22,617,337	$	—	$	22,753,396

Liability Valuation Inputs


Description	Level 1			Level 2			Level 3		Total
Written Swaptions(a)	$	—		$	(838,271	)	$	—	$	(838,271	)
Futures Contracts (unrealized depreciation)		(3,732	)		—			—		(3,732	)

Total	$	(3,732	)	$	(838,271	)	$	—	$	(842,003	)

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

For the year ended September 30, 2013, there were no transfers among Levels 1, 2 and 3.

89 |

Notes to Financial Statements – continued

September 30, 2013

Institutional High Income Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
Airlines	$	—	$	5,929,336	$	13,927,958	(c)	$	19,857,294
Retailers		—		9,328,138		1,843,529	(d)		11,171,667
Transportation Services		—		6,763,632		1,883,685	(c)(d)		8,647,317
All Other Non-Convertible Bonds(a)		—		388,860,996		—			388,860,996

Total Non-Convertible Bonds		—		410,882,102		17,655,172			428,537,274

Convertible Bonds
Wirelines		—		2,017,895		26,720	(d)		2,044,615
All Other Convertible Bonds(a)		—		94,586,445		—			94,586,445

Total Convertible Bonds		—		96,604,340		26,720			96,631,060

Municipals(a)		—		597,251		—			597,251

Total Bonds and Notes		—		508,083,693		17,681,892			525,765,585

Senior Loans(a)		—		15,092,368		—			15,092,368
Common Stocks(a)		64,678,385		—		—			64,678,385
Preferred Stocks(a)		27,651,693		—		—			27,651,693
Warrants(b)		—		—		—			—
Short-Term Investments		—		17,435,022		—			17,435,022

Total	$	92,330,078	$	540,611,083	$	17,681,892		$	650,623,053

(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.

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

A preferred stock valued at $3,885,002 was transferred from Level 2 to Level 1 during the period ended September 30, 2013. At September 30, 2013, this security was valued at the last sale price in accordance with the Fund’s valuation policies.

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

Intermediate Duration Bond Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Car Loan	$	—	$	5,181,508	$	446,125	(b)	$	5,627,633
ABS Other		—		904,789		423,550	(b)		1,328,339
ABS Student Loan		—		1,209,013		356,725	(b)		1,565,738
Airlines		—		441,870		161,731	(b)		603,601
Collateralized Mortgage Obligations		—		6,471,797		1,231,636	(b)		7,703,433
All Other Non-Convertible Bonds(a)		—		53,645,500		—			53,645,500

Total Non-Convertible Bonds		—		67,854,477		2,619,767			70,474,244

Municipals(a)		—		392,150		—			392,150

Total Bonds and Notes		—		68,246,627		2,619,767			70,866,394

Short-Term Investments		—		1,569,198		—			1,569,198

Total	$	—	$	69,815,825	$	2,619,767		$	72,435,592

(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.

| 90

Notes to Financial Statements – continued

September 30, 2013

Investment Grade Fixed Income Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—	$	5,168,610	$	1,682,226	(b)	$	6,850,836
Airlines		—		320,781		26,806,762	(b)		27,127,543
Transportation Services		—		1,162,003		1,210,793	(b)(c)		2,372,796
All Other Non-Convertible Bonds(a)		—		602,369,709		—			602,369,709

Total Non-Convertible Bonds		—		609,021,103		29,699,781			638,720,884

Convertible Bonds(a)		—		26,721,056		—			26,721,056
Municipals(a)		—		5,955,479		—			5,955,479

Total Bonds and Notes		—		641,697,638		29,699,781			671,397,419

Senior Loans(a)		—		4,922,928		—			4,922,928
Common Stocks(a)		24,491,583		—		—			24,491,583
Preferred Stocks
Convertible Preferred Stocks(a)		4,116,092		—		—			4,116,092
Non-Convertible Preferred Stocks
Government Sponsored		—		3,116,250		—			3,116,250
All Other Non-Convertible Preferred Stocks(a)		467,210		—		—			467,210

Total Non-Convertible Preferred Stocks		467,210		3,116,250		—			3,583,460

Total Preferred Stocks		4,583,302		3,116,250		—			7,699,552

Short-Term Investments		—		22,392,304		—			22,392,304

Total	$	29,074,885	$	672,129,120	$	29,699,781		$	730,903,786

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

(b) Valued using broker-dealer bid prices.

A preferred stock valued at $150,610 was transferred from Level 2 to Level 1 during the period ended September 30, 2013. At September 30, 2013, this security was valued at the last sale price in accordance with the Fund’s valuation policies.

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

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 September 30, 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		Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of September 30, 2013		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at September 30, 2013
Bonds and Notes
Non-Convertible Bonds
Airlines	$	—	$	—	$	6,920		$	(170,831	)	$	6,610,000	$	(406,723	)	$	7,575,984	$	—		$	13,615,350	$	(170,831	)
Banking		12,059,081		—		—			—			—		—			—		(12,059,081	)		—		—
Electric		791,000		—		—			329,000			—		(1,120,000	)		—		—			—		—
Retailers		—		5,417		—			(13,125	)		—		—			1,215,500		—			1,207,792		(13,125	)
Transportation Services		2,131,250		—		89,541			51,658			—		(314,162	)		1,374,309		(2,131,250	)		1,201,346		51,658
Convertible Bonds
Wirelines		—		—		(9	)		(8,343	)		62,963		(31,481	)		—		—			23,130		(8,343	)

Total	$	14,981,331	$	5,417	$	96,452		$	188,359		$	6,672,963	$	(1,872,366	)	$	10,165,793	$	(14,190,331	)	$	16,047,618	$	(140,641	)

91 |

Notes to Financial Statements – continued

September 30, 2013

Debt securities valued at $10,165,793 were transferred from Level 2 to Level 3 during the period ended September 30, 2013. At September 30, 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 September 30, 2013. At September 30, 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.

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		Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of September 30, 2013		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at September 30, 2013
Bonds and Notes
Non-Convertible Bonds
Australia	$	28,397,706	$	191,162	$	5,080,241	$	(5,914,298	)	$	—	$	(27,763,251	)	$	11,412,900	$	—		$	11,404,460	$	(8,440	)
Canada		4,873,164		—		—		110,974			11,954,206		—			—		(4,873,164	)		12,065,180		110,974
Korea		—		—		29,637		(25,564	)		—		(6,729,373	)		13,102,511		—			6,377,211		(25,564	)
United States		5,002,750		20,972		36,162		(1,094,236	)		36,857,220		(3,816,401	)		24,871,372		(5,002,750	)		56,875,089		(1,094,236	)

Total	$	38,273,620	$	212,134	$	5,146,040	$	(6,923,124	)	$	48,811,426	$	(38,309,025	)	$	49,386,783	$	(9,875,914	)	$	86,721,940	$	(1,017,266	)

Debt securities valued at $49,386,783 were transferred from Level 2 to Level 3 during the period ended September 30, 2013. At September 30, 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 $9,875,914 were transferred from Level 3 to Level 2 during the period ended September 30, 2013. At September 30, 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.

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		Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of September 30, 2013		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at September 30, 2013
Bonds and Notes
Non-Convertible Bonds
Airlines	$	—	$	2,129	$	10,243		$	124,866		$	2,685,000	$	(1,163,042	)	$	12,268,762	$	—		$	13,927,958	$	124,866
Banking		3,846,651		—		—			—			—		—			—		(3,846,651	)		—		—
Retailers		—		14,291		—			(26,057	)		—		—			1,855,295		—			1,843,529		(26,057	)
Transportation Services		2,800,463		—		53,318			394,828			—		(214,330	)		1,649,869		(2,800,463	)		1,883,685		394,828
Convertible Bonds
Wirelines		—		—		(1	)		(9,637	)		72,717		(36,359	)		—		—			26,720		(9,637	)

Total	$	6,647,114	$	16,420	$	63,560		$	484,000		$	2,757,717	$	(1,413,731	)	$	15,773,926	$	(6,647,114	)	$	17,681,892	$	484,000

Debt securities valued at $15,773,926 were transferred from Level 2 to Level 3 during the period ended September 30, 2013. At September 30, 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.

| 92

Notes to Financial Statements – continued

September 30, 2013

Debt securities valued at $6,647,114 were transferred from Level 3 to Level 2 during the period ended September 30, 2013. At September 30, 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.

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		Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of September 30, 2013		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at September 30, 2013
Bonds and Notes
Non-Convertible Bonds
ABS Car Loan	$	—	$	—	$	—		$	(3,855	)	$	449,980	$	—		$	—	$	—		$	446,125	$	(3,855	)
ABS Other		—		—		—			(5,787	)		429,337		—			—		—			423,550		(5,787	)
ABS Student Loan		—		—		—			1,102			—		(644,190	)		999,813		—			356,725		1,102
Airlines		—		—		(911	)		547			—		(20,878	)		182,973		—			161,731		547
Collateralized Mortgage Obligations		—		—		(25	)		(1,505	)		—		(169,275	)		1,402,441		—			1,231,636		(1,505	)
Commercial Mortgage-Backed Securities		573,987		—		—			—			—		—			—		(573,987	)		—		—

Total	$	573,987	$	—	$	(936	)	$	(9,498	)	$	879,317	$	(834,343	)	$	2,585,227	$	(573,987	)	$	2,619,767	$	(9,498	)

Debt securities valued at $2,585,227 were transferred from Level 2 to Level 3 during the period ended September 30, 2013. At September 30, 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 September 30, 2013. At September 30, 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		Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of September 30, 2013		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at September 30, 2013
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—	$	—	$	—	$	(57,135	)	$	800,000	$	(102,848	)	$	1,042,209	$	—		$	1,682,226	$	(57,135	)
Airlines		—		2,030		2,995		(231,932	)		12,175,000		(1,300,599	)		16,159,268		—			26,806,762		(231,932	)
Banking		3,974,306		—		—		—			—		—			—		(3,974,306	)		—		—
Transportation Services		85,250		—		—		85,827			—		(254,520	)		1,379,486		(85,250	)		1,210,793		85,827

Total	$	4,059,556	$	2,030	$	2,995	$	(203,240	)	$	12,975,000	$	(1,657,967	)	$	18,580,963	$	(4,059,556	)	$	29,699,781	$	(203,240	)

Debt securities valued at $18,580,963 were transferred from Level 2 to Level 3 during the period ended September 30, 2013. At September 30, 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 September 30, 2013. At September 30, 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.

93 |

Notes to Financial Statements – continued

September 30, 2013

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 year ended September 30, 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 year ended September 30, 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 year ended September 30, 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.

The following is a summary of derivative instruments for Global Bond Fund as of September 30, 2013, as reflected within the Statement of Assets and Liabilities:


Assets	Unrealized appreciation on forward foreign currency contracts			Unrealized appreciation on futures contracts¹			Total
Over-the-counter asset derivatives
Foreign exchange contracts	$	1,805,430		$	—		$	1,805,430
Exchange traded/cleared asset derivatives
Interest rate contracts		—			87,017			87,017

Total asset derivatives	$	1,805,430		$	87,017		$	1,892,447


Liabilities	Unrealized depreciation on forward foreign currency contracts			Unrealized depreciation on futures contracts¹			Total
Over-the-counter liability derivatives
Foreign exchange contracts	$	(6,491,585	)	$	—		$	(6,491,585	)
Exchange traded/cleared liability derivatives
Interest rate contracts		—			(1,282,713	)		(1,282,713	)

Total liability derivatives	$	(6,491,585	)	$	(1,282,713	)	$	(7,774,298	)

¹ Represents cumulative unrealized appreciation (depreciation) on futures contracts. Only the current day’s variation margin on futures contracts is reported within the Statement of Assets and Liabilities as receivable or payable for variation margin, as applicable.

| 94

Notes to Financial Statements – continued

September 30, 2013

Transactions in derivative instruments for Global Bond Fund during the year ended September 30, 2013, as reflected within the Statement of Operations, were as follows:


Net Realized Gain (Loss) on:	Futures contracts			Foreign currency transactions²
Interest rate contracts	$	8,790,298		$	—
Foreign exchange contracts		—			(1	)

Total	$	8,790,298		$	(1	)


Net Change in Unrealized Appreciation (Depreciation) on:	Futures contracts			Foreign currency translations²
Interest rate contracts	$	(744,983	)	$	—
Foreign exchange contracts		—			(4,729,393	)

Total	$	(744,983	)	$	(4,729,393	)

² Represents realized loss and change in unrealized appreciation (depreciation), respectively, for forward foreign currency contracts during the period. Does not included other foreign currency gains or losses included in the Statement of Operations.

The following is a summary of derivative instruments for Inflation Protected Securities Fund as of September 30, 2013, as reflected within the Statement of Assets and Liabilities:


Assets	Investments at value¹			Unrealized appreciation on futures contracts²			Total
Over-the-counter asset derivatives
Interest rate contracts	$	1,434,817		$	—		$	1,434,817

Liabilities	Swaptions written, at value			Unrealized depreciation on futures contracts²			Total
Over-the-counter liability derivatives
Interest rate contracts	$	(838,271	)	$	—		$	(838,271	)
Exchange traded/cleared liability derivatives
Interest rate contracts		—			(3,732	)		(3,732	)

Total liability derivatives	$	(838,271	)	$	(3,732	)	$	(842,003	)

¹ Represents purchased swaptions, at value.

² Represents cumulative unrealized appreciation (depreciation) on futures contracts. Only the current day’s variation margin on futures contracts is reported within the Statement of Assets and Liabilities as receivable or payable for variation margin, as applicable.

Transactions in derivative instruments for Inflation Protected Securities Fund during the year ended September 30, 2013, as reflected within the Statement of Operations, were as follows:


Net Realized Gain (Loss) on:	Investments³			Futures contracts			Swaptions written			Swap agreements
Interest rate contracts	$	483,813		$	9,771		$	(287,385	)	$	(17,000	)

Net Change in Unrealized Appreciation (Depreciation) on:	Investments³			Futures contracts			Swaptions written
Interest rate contracts	$	(216,972	)	$	(2,992	)	$	157,922

³ Represents realized gain 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.

Over-the-counter derivatives, including forward foreign currency contracts, interest rate swap agreements and interest rate swaptions, are entered into pursuant to International Swaps and Derivatives Association, Inc. (“ISDA”) agreements negotiated between the Funds and their counterparties. ISDA agreements typically contain, among other things, terms for posting of collateral and master netting provisions in the event of a default or other termination event. Collateral is posted by a Fund or the counterparty to the extent of the net mark-to-market exposure to the other party of all open contracts under the agreement, subject to minimum transfer requirements. Master netting provisions

95 |

Notes to Financial Statements – continued

September 30, 2013

allow the Funds and the counterparty, in the event of a default or other termination event, to offset amounts owed by each related to derivative contracts, including any posted collateral, to one net amount payable by either the Funds or the counterparty. For financial reporting purposes, the Funds do not offset derivative assets and liabilities, and any related collateral received or pledged, on the Statements of Assets and Liabilities. The Funds’ ISDA agreements typically contain provisions that allow a counterparty to terminate open contracts early if the net asset value of a Fund declines beyond a certain threshold. As of September 30, 2013, the fair value of derivative positions subject to these provisions 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	Barclays Bank PLC	$	(1,510,075	)	$	1,184,006
	Credit Suisse International		(2,955,537	)		3,383,124
	UBS AG		(380,715	)		337,803

Timing differences may exist between when contracts under the ISDA agreement are marked-to-market and when collateral moves. The ISDA agreements include tri-party control agreements under which collateral is held for the benefit of the secured party at a third party custodian, State Street Bank.

Counterparty risk is managed based on policies and procedures established by 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. The risk of loss to a Fund from counterparty default should be limited to the extent a Fund is under collateralized for over-the-counter derivatives; however, final settlement of a Fund’s claim against any collateral received may be subject to bankruptcy court proceedings. Additionally, cash or securities held at or pledged to counterparties for initial/variation margin or as collateral may be subject to bankruptcy court proceedings. 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 September 30, 2013:


Fund	Maximum Amount of Loss - Gross		Maximum Amount of Loss - Net
Global Bond Fund	$	10,137,976	$	8,492,718
Inflation Protected Securities Fund		1,439,817		601,546

These amounts do not take into account cash received as collateral by Global Bond Fund and Inflation Protected Securities Fund in the amount of $415,000 and $640,000, respectively.

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 year ended September 30, 2013:


Global Bond Fund	Forwards		Futures
Average Notional Amount Outstanding		18.87%		6.12%
Highest Notional Amount Outstanding		33.18%		8.70%
Lowest Notional Amount Outstanding		9.69%		4.86%
Notional Amount Outstanding as of September 30, 2013		22.47%		4.86%

Inflation Protected Securities Fund	Futures		Swaps
Average Notional Amount Outstanding		1.80%		0.23%
Highest Notional Amount Outstanding		4.80%		12.82%
Lowest Notional Amount Outstanding		1.26%		0.00%
Notional Amount Outstanding as of September 30, 2013		1.66%		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.

| 96

Notes to Financial Statements – continued

September 30, 2013

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 year ended September 30, 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		0.43%		2.42%		0.90%		3.93%
Highest Premium Paid/Received		0.63%		4.42%		1.14%		6.75%
Lowest Premium Paid/Received		0.22%		1.60%		0.78%		2.70%
Premium Paid/Received as of September 30, 2013		0.22%		4.01%		1.14%		6.13%

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		87,750,000			1,642,994
Swaptions terminated in closing purchase transactions		(159,000,000	)		(1,357,633	)

Outstanding at September 30, 2013	$	56,750,000		$	927,461

5. Purchases and Sales of Securities. For the year ended September 30, 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	$	21,929,479	$	20,019,269	$	230,463,008	$	180,760,211
Global Bond Fund		3,042,286,283		3,167,721,196		1,571,769,580		1,434,980,559
Inflation Protected Securities Fund		13,062,079		14,877,466		269,682		488,436
Institutional High Income Fund		6,119,556		5,486,895		171,137,934		216,710,130
Intermediate Duration Bond Fund		33,934,554		49,888,035		66,450,892		52,890,301
Investment Grade Fixed Income Fund		161,642,843		92,184,889		121,063,041		86,929,373

6. Management Fees and Other Transactions with Affiliates.

a. Management Fees. Loomis, Sayles & Company, L.P. (“Loomis Sayles”) serves as investment adviser to each Fund. Separate management agreements for each Fund in effect for the year ended September 30, 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		Next $3 Billion		Next $5 Billion		Over $10 Billion
Fixed Income Fund		0.50%		0.50%		0.50%		0.50%		0.50%
Global Bond Fund		0.60%		0.50%		0.48%		0.45%		0.40%
Inflation Protected Securities Fund		0.25%		0.25%		0.25%		0.25%		0.25%
Institutional High Income Fund		0.60%		0.60%		0.60%		0.60%		0.60%
Intermediate Duration Bond Fund		0.25%		0.25%		0.25%		0.25%		0.25%
Investment Grade Fixed Income Fund		0.40%		0.40%		0.40%		0.40%		0.40%

Prior to July 1, 2013, Global Bond Fund paid a management fee at an annual rate of 0.60% for the first $1 billion, 0.50% for the next $1 billion and 0.48% thereafter, calculated daily and payable monthly, based on the Fund’s average daily net assets.

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.

97 |

Notes to Financial Statements – continued

September 30, 2013

For the year ended September 30, 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 reporting expenses of a class fall below a class’ expense limits, provided, however, that a class is not obligated to pay such waived/reimbursed fees or expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.

For the year ended September 30, 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
Fund	Gross Management Fees		Waivers of Management Fees¹		Net Management Fees		Gross		Net
Fixed Income Fund	$	5,894,291	$	—	$	5,894,291		0.50%		0.50%
Global Bond Fund		13,742,112		—		13,742,112		0.53%		0.53%
Inflation Protected Securities Fund		61,735		61,735		—		0.25%		0.00%
Institutional High Income Fund		3,940,399		—		3,940,399		0.60%		0.60%
Intermediate Duration Bond Fund		206,687		59,916		146,771		0.25%		0.18%
Investment Grade Fixed Income Fund		3,003,867		—		3,003,867		0.40%		0.40%

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

For the year ended September 30, 2013, class-specific expenses have been reimbursed as follows:


	Reimbursement²
Fund	Institutional Class		Retail Class		Class N		Total
Global Bond Fund	$	495,450	$	—	$	77	$	495,527
Inflation Protected Securities Fund		9,844		3,803		—		13,647
Intermediate Duration Bond Fund		4,504		4,015		—		8,519

In addition, the investment adviser reimbursed non-class-specific expenses of Inflation Protected Securities Fund in the amount of $53,085 for the year ended September 30, 2013².

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

No expenses were recovered for any of the Funds during the year ended September 30, 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”).

| 98

Notes to Financial Statements – continued

September 30, 2013

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.

For the year ended September 30, 2013, the distribution fees for each Fund were as follows:


Fund	Retail Class
Global Bond Fund	$	2,298,941
Inflation Protected Securities Fund		8,234
Intermediate Duration Bond Fund		15,385

For the year ended September 30, 2013, the administrative fees for each Fund were as follows:


Fund	Administrative Fees
Fixed Income Fund	$	521,498
Global Bond Fund		1,137,540
Inflation Protected Securities Fund		10,926
Institutional High Income Fund		290,517
Intermediate Duration Bond Fund		36,572
Investment Grade Fixed Income Fund		332,211

For the year ended September 30, 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	$	2,536,229	$	860,665
Inflation Protected Securities Fund		7,057		3,144
Institutional High Income Fund		5,436		—
Intermediate Duration Bond Fund		2,109		1,548

As of September 30, 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	$	31,885	$	11,180
Inflation Protected Securities Fund		88		45
Institutional High Income Fund		73		—
Intermediate Duration Bond Fund		31		18

99 |

Notes to Financial Statements – continued

September 30, 2013

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.

f. Affiliated Ownership. At September 30, 2013, Loomis Sayles owned shares equating to 14.67% 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		0.28%
Inflation Protected Securities Fund		14.35%
Institutional High Income Fund		2.03%
Intermediate Duration Bond Fund		1.35%

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

7. Class-Specific Transfer Agent Fees and Expenses. For the year ended September 30, 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	$	5,196	$	—	$	—
Global Bond Fund		2,562,395		950,356		117
Inflation Protected Securities Fund		9,844		4,763		—
Institutional High Income Fund		11,106		—		—
Intermediate Duration Bond Fund		4,504		4,127		—
Investment Grade Fixed Income Fund		3,029		—		—

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 year ended September 30, 2013, none of the Funds had borrowings under these agreements.

| 100

Notes to Financial Statements – continued

September 30, 2013

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 September 30, 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 (Note 6)		Total Percentage of Ownership
Fixed Income Fund		3		21.28%		—		21.28%
Global Bond Fund		1		14.24%		0.28%		14.52%
Inflation Protected Securities Fund		1		24.13%		29.02%		53.15%
Institutional High Income Fund		1		5.61%		2.03%		7.64%
Intermediate Duration Bond Fund		2		27.41%		1.35%		28.76%
Investment Grade Fixed Income Fund		2		31.78%		—		31.78%

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

	Year Ended September 30, 2013						Year Ended September 30, 2012

Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		7,793,448		$	115,417,055			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		(8,556,746	)		(126,610,281	)		(6,671,466	)		(92,820,768	)

Increase (decrease) from capital share transactions		3,067,167		$	43,927,170			12,164,694		$	167,671,586

101 |

Notes to Financial Statements – continued

September 30, 2013

11. Capital Shares – continued



	Global Bond Fund

	Year Ended September 30, 2013						Year Ended September 30, 2012

Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		29,980,755		$	506,038,762			38,032,479		$	638,830,194
Issued in connection with the reinvestment of distributions		2,318,195			39,149,374			2,684,824			44,754,190
Redeemed		(25,363,144	)		(427,850,863	)		(15,901,783	)		(266,645,544	)
Redeemed in-kind (Note 12)		—			—			(12,917,122	)		(217,911,853	)

Net change		6,935,806		$	117,337,273			11,898,398		$	199,026,987


Retail Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		10,541,403		$	177,527,003			12,729,562		$	212,173,846
Issued in connection with the reinvestment of distributions		1,244,508			20,851,668			2,104,913			34,700,358
Redeemed		(20,970,307	)		(350,378,229	)		(16,726,919	)		(278,317,233	)

Net change		(9,184,396	)	$	(151,999,558	)		(1,892,444	)	$	(31,443,029	)


Class N*	Shares			Amount			Shares			Amount
Issued from the sale of shares		33,093		$	540,632			—		$	—
Issued in connection with the reinvestment of distributions		143			2,348			—			—
Redeemed		(32	)		(527	)		—			—

Net change		33,204		$	542,453			—		$	—

Increase (decrease) from capital share transactions		(2,215,386	)	$	(34,119,832	)		10,005,954		$	167,583,958

*	From commencement of Class operations on February 1, 2013 through September 30, 2013.


	Inflation Protected Securities Fund

	Year Ended September 30, 2013						Year Ended September 30, 2012

Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		293,043		$	3,340,935			1,354,498		$	16,025,604
Issued in connection with the reinvestment of distributions		136,401			1,551,046			76,313			898,275
Redeemed		(647,272	)		(7,283,676	)		(2,405,935	)		(28,264,420	)

Net change		(217,828	)	$	(2,391,695	)		(975,124	)	$	(11,340,541	)


Retail Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		787,185		$	9,150,694			608,202		$	7,272,762
Issued in connection with the reinvestment of distributions		39,154			446,573			7,634			90,217
Redeemed		(757,472	)		(8,657,714	)		(521,302	)		(6,157,001	)

Net change		68,867		$	939,553			94,534		$	1,205,978

Increase (decrease) from capital share transactions		(148,961	)	$	(1,452,142	)		(880,590	)	$	(10,134,563	)

| 102

Notes to Financial Statements – continued

September 30, 2013

11. Capital Shares – continued



	Institutional High Income Fund

	Year Ended September 30, 2013						Year Ended September 30, 2012

Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		9,963,018		$	79,267,523			26,212,406		$	188,636,316
Issued in connection with the reinvestment of distributions		5,224,542			38,766,101			5,682,363			37,958,187
Redeemed		(18,800,057	)		(148,309,666	)		(7,635,195	)		(56,144,879	)

Increase (decrease) from capital share transactions		(3,612,497	)	$	(30,276,042	)		24,259,574		$	170,449,624


	Intermediate Duration Bond Fund

	Year Ended September 30, 2013						Year Ended September 30, 2012

Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		2,609,734		$	27,540,780			2,838,677		$	30,026,780
Issued in connection with the reinvestment of distributions		284,910			3,004,817			208,896			2,205,076
Redeemed		(3,466,343	)		(36,223,257	)		(1,592,404	)		(16,920,401	)

Net change		(571,699	)	$	(5,677,660	)		1,455,169		$	15,311,455


Retail Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		559,151		$	5,926,282			674,742		$	7,101,771
Issued in connection with the reinvestment of distributions		16,523			173,835			7,694			81,016
Redeemed		(319,300	)		(3,325,397	)		(558,347	)		(5,895,724	)

Net change		256,374		$	2,774,720			124,089		$	1,287,063

Increase (decrease) from capital share transactions		(315,325	)	$	(2,902,940	)		1,579,258		$	16,598,518


	Investment Grade Fixed Income Fund

	Year Ended September 30, 2013						Year Ended September 30, 2012

Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		11,810,449		$	156,021,983			19,283,257		$	244,362,694
Issued in connection with the reinvestment of distributions		2,601,118			34,040,474			2,545,539			31,929,009
Redeemed		(8,978,611	)		(118,076,079	)		(5,664,721	)		(72,596,168	)

Increase (decrease) from capital share transactions		5,432,956		$	71,986,378			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.

103 |

Report of Independent Registered Public Accounting Firm

To the Trustees of Loomis Sayles Funds I and Shareholders of 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 and Loomis Sayles Investment Grade Fixed Income Fund:

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of 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 and Loomis Sayles Investment Grade Fixed Income Fund, each a series of Loomis Sayles Funds I (collectively, the “Funds”), at September 30, 2013, and the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at September 30, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

November 21, 2013

| 104

2013 U.S. Tax Distribution Information to Shareholders (unaudited)


Fund	Qualifying Percentage
Fixed Income		3.72%
Global Bond		0.65%
Inflation Protected Securities		0.46%
Institutional High Income		3.79%
Investment Grade Fixed Income		2.43%


Fund	Amount
Fixed Income	$	3,797,900
Inflation Protected Securities		994,279
Institutional High Income		2,428,639
Intermediate Duration Bond		424,395
Investment Grade Fixed Income		5,593,676

Fund

Fixed Income

Global Bond

Inflation Protected Securities

Institutional High Income

Investment Grade Fixed Income

105 |

Trustee and Officer Information

The tables below provide certain information regarding the trustees and officers of Loomis Sayles Funds I (the “Trust”). Unless otherwise indicated, the address of all persons below is 399 Boylston Street, Boston, MA 02116. The Funds’ Statements of Additional Information include additional information about the trustees of the Trust and are available by calling Natixis Funds at 800-225-5478.


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

Independent Trustees
Charles D. Baker (1956)	Trustee From 2005 to 2009 and since 2011 Contract Review and Governance Committee Member	Executive in Residence at General Catalyst Partners (venture capital and growth equity firm); formerly, President and Chief Executive Officer, Harvard Pilgrim Health Care (health care organization)	42 Director, Athenahealth, Inc. (software company)	Significant experience on the Board; executive experience (including president and chief executive officer of a health care organization and executive officer of a venture capital and growth equity firm)

Daniel M. Cain (1945)	Trustee Since 2003 Chairman of the Contract Review and Governance Committee	Chairman (formerly, President and Chief Executive Officer) of Cain Brothers & Company, Incorporated (investment banking)	42 Director, Sheridan Healthcare Inc. (physician practice management)	Significant experience on the Board and on the board of other business organizations (including at a health care organization); experience in the financial industry (including roles as chairman and former chief executive officer of an investment banking firm)

Kenneth A. Drucker (1945)	Trustee Since 2008 Chairman of the Audit Committee	Retired	42 Formerly, Director, M Fund, Inc. (investment company); Director, Gateway Trust (investment company)	Significant experience on the Board and on the board of other business organizations (including at investment companies); executive experience (including as treasurer of an aerospace, automotive, and metal manufacturing corporation)

Edmond J. English (1953)	Trustee Since 2013 Contract Review and Governance Committee Member	Chief Executive Officer of Bob’s Discount Furniture (retail)	42 Formerly, Director, BJ’s Wholesale Club (retail); formerly, Director, Citizens Financial Group (bank)	Significant experience on the board of other business organizations (including at a retail company and a bank); executive experience (including at a retail company)

Wendell J. Knox (1948)	Trustee Since 2009 Audit Committee Member	Director (formerly, President and Chief Executive Officer) of Abt Associates Inc. (research and consulting)	42 Director, Eastern Bank (bank); Director, The Hanover Insurance Group (property and casualty insurance)	Significant experience on the Board and on the board of other business organizations (including at a bank and at a property and casualty insurance firm); executive experience (including roles as president and chief executive officer of a research and consulting company)

| 106


Name and Year of Birth	Position(s) Held with the Trust, Length of Time Served and Term of Office¹	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen² and Other Directorships Held During Past 5 Years	Experience, Qualifications, Attributes, Skills for Board Membership
Martin T. Meehan (1956)	Trustee Since 2012 Contract Review and Governance Committee Member	Chancellor and faculty member, University of Massachusetts Lowell	42 None	Experience on the Board and on the board of other business organizations; experience as Chancellor of the University of Massachusetts Lowell; government experience (including as a member of the U.S. House of Representatives); academic experience

Sandra O. Moose (1942)	Chairperson of the Board of Trustees since November 2005 Trustee Since 2003 Ex officio member of the Audit Committee and Contract Review and Governance Committee	President, Strategic Advisory Services (management consulting)	42 Director, Verizon Communications (telecommunications company); Director, AES Corporation (international power company); formerly, Director, Rohm and Haas Company (specialty chemicals)	Significant experience on the Board and on the board of other business organizations (including at a telecommunications company, an international power company and a specialty chemicals corporation); executive experience (including at a management consulting company)

Erik R. Sirri (1958)	Trustee Since 2009 Audit Committee Member	Professor of Finance at Babson College; formerly, Director of the Division of Trading and Markets at the Securities and Exchange Commission	42 None	Significant experience on the Board; experience as Director of the Division of Trading and Markets at the Securities and Exchange Commission; academic experience; training as an economist

Peter J. Smail (1952)	Trustee Since 2009 Contract Review and Governance Committee Member	Retired; formerly, President and Chief Executive Officer of Pyramis Global Advisors (investment management)	42 None	Significant experience on the Board; mutual fund industry and executive experience (including roles as president and chief executive officer for an investment adviser)

Cynthia L. Walker (1956)	Trustee Since 2005 Audit Committee Member	Deputy Dean for Finance and Administration, Yale University School of Medicine; formerly, Executive Dean for Administration, Harvard Medical School	42 None	Significant experience on the Board; executive experience in a variety of academic organizations (including roles as dean for finance and administration)

107 |


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

Interested Trustees
Robert J. Blanding³ (1947) 555 California Street San Francisco, CA 94104	Trustee Since 2002 President and Chief Executive Officer since 2002	President, Chairman, Director and Chief Executive Officer, Loomis, Sayles & Company, L.P.	42 None	Significant experience on the Board; continuing service as President, Chairman, and Chief Executive Officer of Loomis, Sayles & Company, L.P.

David L. Giunta⁴ (1965)	Trustee Since 2011 Executive Vice President since 2008	President and Chief Executive Officer, NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.	42 None	Experience on the Board; continuing experience as President and Chief Executive Officer of NGAM Advisors, L.P.

John T. Hailer⁵ (1960)	Trustee Since 2003	President and Chief Executive Officer – U.S. and Asia, Natixis Global Asset Management, L.P.	42 None	Significant experience on the Board; continuing experience as President and Chief Executive Officer – U.S. and Asia, Natixis Global Asset Management, L.P.

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

³	Mr. Blanding is deemed an “interested person” of the Trust because he holds the following positions with an affiliated person of the Trust: President, Chairman, Director and Chief Executive Officer of Loomis, Sayles & Company, L.P. and Director of Loomis Sayles Investment Asia Pte., Ltd.

⁴	Mr. Giunta is deemed an “interested person” of the Trust because he holds the following positions with an affiliated person of the Trust: President and Chief Executive Officer of NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.

⁵	Mr. Hailer is deemed an “interested person” of the Trust because he holds the following positions with an affiliated person of the Trust: President and Chief Executive Officer – U.S. and Asia, Natixis Global Asset Management, L.P.

| 108


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

Officers of the Trust
Coleen Downs Dinneen (1960)	Secretary, Clerk and Chief Legal Officer	Since September 2004	Executive Vice President, General Counsel, Secretary and Clerk, NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.

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

Russell L. Kane (1969)	Chief Compliance Officer, Assistant Secretary and Anti-Money Laundering Officer	Chief Compliance Officer since May 2006; Assistant Secretary since June 2004; and Anti-Money Laundering Officer since April 2007	Chief Compliance Officer for Mutual Funds, Senior Vice President, Deputy General Counsel, Assistant Secretary and Assistant Clerk, NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.

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

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

109 |

LOGO

Loomis Sayles High Income Opportunities Fund

Loomis Sayles Securitized Asset Fund

Annual Report

September 30, 2013



TABLE OF CONTENTS
Portfolio Review			1
Portfolio of Investments			10
Financial Statements			25
Notes to Financial Statements			31

LOOMIS SAYLES HIGH INCOME OPPORTUNITIES FUND


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

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.

Market Conditions

Central bank policy was the primary force driving markets during the 12-month period ended September 30, 2013. Fiscal issues took center stage early in the period, as investors worried about the “fiscal cliff” of federal tax hikes and spending cuts scheduled to go into effect on January 1, 2013. Following a last-minute deal that prevented the worst of the fiscal cliff, investor optimism initially surged at the beginning of 2013. For much of 2013’s second quarter, the credit markets struggled as the Federal Reserve (the Fed) indicated that it might begin tapering its asset purchase program. This led to increased market volatility and declining market liquidity, as investors feared interest rates would rise sooner rather than later. However, the Fed surprised the markets by announcing in September that it would continue its current pace of bond buying. In response, markets rallied and liquidity improved late in the period. Elsewhere, 2013 opened with the collapse of Cyprus’s two largest banks. By the second quarter, the challenges in Europe, where the economic downturn appeared to stabilize, were overshadowed by an economic slowdown in China.

Performance Results

For the 12 months ended September 30, 2013, Institutional Class shares of Loomis Sayles High Income Opportunities Fund returned 9.19%. The fund outperformed its benchmark, the Barclays U.S. Corporate High-Yield Bond Index, which returned 7.14%.

Explanation of Fund Performance

Strong security selection supported the fund’s return. Convertibles were the strongest contributors to the fund’s performance during the 12-month period. Security selection in the technology and consumer cyclical sectors, specifically holdings in the American automotive industry, generally bolstered results. In addition, allocations to out-of-benchmark residential mortgage-backed securities (RMBS) aided return. Underweight positions in high-yield industrials and financials generated positive return, and security selection in these sectors contributed modestly to performance. Yield curve positioning and sector allocation boosted returns among utilities holdings.

Yield curve positioning (a curve that shows the relationship among bond yields across the maturity spectrum) detracted from results. In addition, an overweight position in emerging markets was a drag on performance, particularly positions in Mexico’s homebuilding industry, which declined due to uncertainty surrounding government policies on housing construction and development. An out-of-benchmark position in investment-grade corporate bonds and exposure to the energy industry also weighed on the fund’s relative performance.

Outlook

Our outlook for the U.S. and global economies remains largely consistent despite political and policy uncertainty. We believe U.S. gross domestic product (GDP) growth will move toward 3.0% next year, based on acceleration in the housing sector as well as momentum in autos and energy. However, deflationary pressures remain a concern in the short run as wage growth is slow, unemployment is still high (though slowly improving), and the output gap remains decidedly negative. Due primarily to weak economic growth, we expect the Fed to maintain accommodative monetary policy and to employ a slow, cautious approach to rate increases. Our forecast for the 10-year U.S. Treasury yield is approximately 2.75% at year-end, moving to 3.25% a year from now.

1 |

Cumulative Performance — April 12, 2004 (Inception) through September 30, 2013

LOGO

Average Annual Total Returns — September 30, 2013



	1 year			5 years			Since Inception
Institutional Class (Inception 4/12/04)		9.19	%		14.16	%		8.89	%
Comparative Performance
Barclays U.S. Corporate High-Yield Bond Index^(a)		7.14			13.53			8.45

NOTES TO CHARTS

^(a)

See page 5 for a description of the index.

| 2

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 in a diversified portfolio of securitized assets, such as mortgage-backed and other asset-backed securities.

Market Conditions

The U.S. economy continued to recover, albeit at a relatively slow pace. Housing proved to be a keystone in the recovery, as prices trended higher. The improving housing environment provided support to mortgages, particularly non-agency residential mortgage-backed securities (RMBS). Meanwhile, mounting concerns about the timing of the Federal Reserve’s (the Fed’s) exit from its program of monthly mortgage and Treasury security purchases, known as quantitative-easing (QE), put downward pressure on agency mortgage-backed securities (MBS). Although MBS yield spreads (the yield difference between non-Treasury and Treasury securities) widened, agency MBS outperformed Treasuries.

Despite bouts of volatility throughout the year, credit-sensitive assets, including commercial mortgage-backed securities (CMBS) and asset-backed securities (ABS), generally outperformed Treasuries with similar duration (price sensitivity to interest rate changes). After approaching 12-month highs in early July, CMBS spreads narrowed in the third quarter of 2013 and ended the period tighter than they were at the end of September 2012.

After hitting record lows in May 2013, intermediate- and long-term U.S. Treasury yields increased on growing expectations that the Fed would scale back QE in September. Overall, the yield on the 10-year Treasury note increased nearly one percentage point during the 12-month period. But, following its September policy meeting, the Fed surprised the markets by announcing it was taking no immediate action to taper its purchases, which led to a rally in rates at the end of the period.

Performance Results

For the 12 months ended September 30, 2013, Institutional Class shares of Loomis Sayles Securitized Asset Fund returned 0.75%. The fund outperformed its benchmark, the Barclays U.S. Securitized Bond Index, which returned -1.07%.

Explanation of Fund Performance

During the period, shorter-duration bonds generally fared better than longer-duration securities, as U.S. Treasury yields moved higher. The fund’s shorter-than-benchmark duration aided relative performance in the rising rate environment. In addition, security selection among CMBS and ABS made a positive contribution to results, as the fund’s holdings in these sectors outpaced those in the benchmark on a duration-adjusted basis (which considers a security’s return relative to similar-duration Treasuries). In general, CMBS benefited from spread tightening, while ABS benefited from having less interest rate risk than many other credit sectors. A modest allocation to non-agency RMBS, which benefited from the improving housing market, also contributed positively to fund performance. The fund utilized interest rate futures to manage duration and hedge interest rate risk. These instruments performed as expected and positively impacted performance during the period.

Conversely, agency MBS, including mortgage pass-through securities and other structured bonds, generally detracted from relative performance. Fund holdings in this sector lagged those in the benchmark on a duration-adjusted basis. The fund utilized to be announced (TBA) mortgage securities to gain exposure to the MBS market. These instruments performed as expected and negatively impacted performance during the period.

Outlook

We believe the tight credit restrictions currently prevalent in the mortgage refinance market will provide agency MBS some relief during periods of declining interest rates. However, rising rates likely would have a negative effect on the agency MBS universe. We also expect ABS to benefit from solid underlying credit fundamentals, and we believe the sector can offer attractive yield advantages. We believe CMBS spreads remain favorable, given the high quality of the bonds. As the commercial real estate market recovers, this sector should continue to offer opportunities.

3 |

Cumulative Performance — March 2, 2006 (Inception) through September 30, 2013

LOGO

Average Annual Total Returns — September 30, 2013



	1 year			5 years			Since Inception
Institutional Class (Inception 3/2/06)		0.75	%		8.67	%		6.84	%
Comparative Performance
Barclays U.S. Securitized Bond Index^(a)		-1.07			4.95			5.08

Past performance does not guarantee future results. The table(s) do 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.

NOTES TO CHARTS

^(a)

See page 5 for a description of the index.

| 4

ADDITIONAL INFORMATION

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

Index Definitions

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, 2013 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

5 |

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 April 1, 2013 through September 30, 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.

| 6

Loomis Sayles High Income Opportunities Fund


Institutional Class	Beginning Account Value 4/1/2013		Ending Account Value 9/30/2013		Expenses Paid During Period* 4/1/2013 – 9/30/2013
Actual		$1,000.00		$1,004.90		$0.00
Hypothetical (5% return before expenses)		$1,000.00		$1,025.07		$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 (183), divided by 365 (to reflect the half-year period).

Loomis Sayles Securitized Asset Fund


Institutional Class	Beginning Account Value 4/1/2013		Ending Account Value 9/30/2013		Expenses Paid During Period* 4/1/2013 – 9/30/2013
Actual		$1,000.00		$991.00		$0.00
Hypothetical (5% return before expenses)		$1,000.00		$1,025.07		$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 (183), divided by 365 (to reflect the half-year period).

7 |

BOARD APPROVAL OF THE EXISTING ADVISORY AGREEMENTS

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

In addition to the materials requested by the Trustees in connection with their annual consideration of the continuation of the Agreements, the Trustees receive materials in advance of each regular quarterly meeting of the Board that provide detailed information about the Funds’ investment performance. This information generally includes, among other things, an internal performance rating for each Fund based on agreed-upon criteria, graphs showing each Fund’s performance and fee differentials against each Fund’s peer group/category, performance ratings provided by a third-party, total return information for various periods, and third-party performance rankings for various periods comparing a Fund against similarly categorized funds. The portfolio management team for each Fund or other representatives of the Adviser make periodic presentations to the Contract Review and Governance Committee and/or the full Board, and Funds identified as presenting possible performance concerns may be subject to more frequent board presentations and reviews. In addition, each quarter the Trustees are provided with detailed statistical information about each Fund’s portfolio. The Trustees also receive periodic updates between meetings.

The Board most recently approved the continuation of the Agreements at their meeting held in June 2013. The Agreements were continued for a one-year period for both Funds. In considering whether to approve the continuation of the Agreements, the Board, including the Independent Trustees, did not identify any single factor as determinative. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. Matters considered by the Trustees, including the Independent Trustees, in connection with their approval of the Agreements included, but were not limited to, the factors listed below.

| 8

The costs of the services to be provided and profits to be realized by the Adviser and its affiliates from their respective relationships with the Funds. Under the terms of the Agreements, the Adviser does not charge the Funds an investment advisory fee or any other fee for services or for bearing expenses. The Trustees considered that, although the Funds do not compensate the Adviser directly for services under the Agreements, the Adviser will typically receive an advisory fee from its advisory clients who have invested in the Funds or from the sponsors of “wrap programs,” who in turn charge the programs’ participants. Because the Funds do not charge an advisory fee, the Trustees did not consider the profitability of the Adviser’s relationship to the Funds.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding each of the Agreements, that the advisory fee, of 0%, charged to each of the Funds was fair and reasonable and supported the renewal of the Agreements.

Economies of Scale. The Trustees noted that because the Adviser has borne most of the Funds’ expenses, economies of scale were not relevant to these Funds.

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

•

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

•

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

•

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

•

So-called “fallout benefits” to the Adviser, such as the financial and other benefits to the Adviser from being able to offer the Funds to its advisory clients and investors in certain “wrap” programs and engagement of affiliates of the Adviser to provide distribution, administrative and brokerage services to the Funds, and the benefits of research made available to the Adviser by reason of brokerage commissions (if any) generated by the Funds’ securities transactions. The Trustees also considered the fact that NGAM Advisors’ parent company benefits from the retention of an affiliated Adviser. The Trustees considered the possible conflicts of interest associated with these fallout and other benefits, and the reporting, disclosure and other processes in place to disclose and monitor such possible conflicts of interest.

•

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

9 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles High Income Opportunities Fund


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – 86.9% of Net Assets

	Non-Convertible Bonds – 73.8%

		ABS Home Equity – 4.2%
$	107,851	American Home Mortgage Investment Trust, Series 2005-2, Class 4A1, 1.897%, 9/25/2045(b)	$	99,798
	154,568	Banc of America Alternative Loan Trust, Series 2003-10, Class 3A1, 5.500%, 12/25/2033		156,844
	125,869	Banc of America Funding Trust, Series 2005-7, Class 3A1, 5.750%, 11/25/2035		126,181
	288,654	Countrywide Alternative Loan Trust, Series 2004-27CB, Class A1, 6.000%, 12/25/2034		278,217
	136,643	Countrywide Alternative Loan Trust, Series 2005-14, Class 2A1, 0.394%, 5/25/2035(b)		110,511
	72,129	Countrywide Alternative Loan Trust, Series 2006-4CB, Class 2A2, 5.500%, 4/25/2036		65,057
	80,000	Countrywide Asset-Backed Certificates, Series 2004-13, Class AF5B, 5.103%, 5/25/2035		77,558
	271,042	Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-11, Class 3A3, 2.691%, 4/25/2035(b)		188,012
	53,777	Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-13, Class A3, 5.500%, 6/25/2035		53,075
	141,611	Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-2, Class 2A3, 0.519%, 3/25/2035(b)		92,017
	195,941	Countrywide Home Loan Mortgage Pass Through Trust, Series 2006-20, Class 1A35, 6.000%, 2/25/2037		172,258
	32,530	GMAC Mortgage Corp. Loan Trust, Series 2003-J7, Class A7, 5.000%, 11/25/2033		33,104
	156,189	GMAC Mortgage Corp. Loan Trust, Series 2005-AR3, Class 2A1, 3.165%, 6/19/2035(b)		153,471
	150,493	GMAC Mortgage Corp. Loan Trust, Series 2005-AR4, Class 3A1, 3.410%, 7/19/2035(b)		136,236
	123,297	GSR Mortgage Loan Trust, Series 2004-14, Class 5A1, 2.715%, 12/25/2034(b)		121,823
	225,000	GSR Mortgage Loan Trust, Series 2005-AR6, Class 4A5, 2.656%, 9/25/2035(b)		219,130
	168,926	IndyMac Index Mortgage Loan Trust, Series 2005-16IP, Class A1, 0.499%, 7/25/2045(b)		147,405
	175,230	Lehman Mortgage Trust, Series 2005-3, Class 1A6, 0.684%, 1/25/2036(b)(c)		120,211
	169,513	Lehman Mortgage Trust, Series 2007-8, Class 2A1, 6.500%, 9/25/2037		145,252

		ABS Home Equity – continued
$	244,992	MASTR Adjustable Rate Mortgages Trust, Series 2007-1, Class I2A1, 0.339%, 1/25/2047(b)	$	176,279
	129,207	Residential Funding Mortgage Securities, Series 2006-S1, Class 1A3, 5.750%, 1/25/2036		130,144
	189,484	Structured Asset Securities Corp. Mortgage Pass Through Certificates, Series 2004-20, Class 8A7, 5.750%, 11/25/2034		200,285
	165,037	WaMu Mortgage Pass Through Certificates, Series 2006-AR11, Class 2A, 2.454%, 9/25/2046(b)		153,567
	224,779	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR6, Class 2A, 1.119%, 8/25/2046(b)		140,055

				3,296,490

		ABS Other – 0.2%
	130,410	Sierra Receivables Funding Co. LLC, Series 2011-3A, Class C, 9.310%, 7/20/2028, 144A		140,882

		Aerospace & Defense – 1.8%
	885,000	Bombardier, Inc., 7.450%, 5/01/2034, 144A		880,575
	200,000	Meccanica Holdings USA, Inc., 6.250%, 1/15/2040, 144A		167,000
	400,000	Meccanica Holdings USA, Inc., 7.375%, 7/15/2039, 144A		367,865

				1,415,440

		Airlines – 2.0%
	110,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		111,925
	8,927	Continental Airlines Pass Through Trust, Series 1997-4, Class B, 6.900%, 7/02/2018		9,239
	50,160	Continental Airlines Pass Through Trust, Series 1999-1, Class B, 6.795%, 2/02/2020		52,104
	3,799	Continental Airlines Pass Through Trust, Series 2000-2, Class B, 8.307%, 10/02/2019		3,918
	25,928	Continental Airlines Pass Through Trust, Series 2001-1, Class B, 7.373%, 6/15/2017		27,548
	168,187	Delta Air Lines Pass Through Trust, Series 2007-1, Class A, 6.821%, 2/10/2024		187,109
	451,403	Delta Air Lines Pass Through Trust, Series 2007-1, Class B, 8.021%, 2/10/2024		489,772
	265,829	Northwest Airlines, Inc., Series 2007-1, Class B, 8.028%, 5/01/2019		274,602
	399,697	US Airways Pass Through Trust, Series 2012-1C, Class C, 9.125%, 10/01/2015		411,687

				1,567,904

See accompanying notes to financial statements.

| 10

Portfolio of Investments – as of September 30, 2013

Loomis Sayles High Income Opportunities Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Automotive – 2.0%
$	165,000	Ford Motor Co., 6.625%, 2/15/2028	$	178,347
	35,000	Ford Motor Co., 7.125%, 11/15/2025		40,767
	110,000	Ford Motor Co., 7.500%, 8/01/2026		132,683
	565,000	General Motors Co., 4.875%, 10/02/2023, 144A		552,287
	195,000	General Motors Co., 6.250%, 10/02/2043, 144A		192,075
	320,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		316,800
	175,000	Lear Corp., 4.750%, 1/15/2023, 144A		162,312

				1,575,271

		Banking – 1.8%
	60,000	Ally Financial, Inc., 7.500%, 9/15/2020		67,425
	401,000	Ally Financial, Inc., 8.000%, 11/01/2031		451,125
	435,000	HBOS PLC, GMTN, 6.750%, 5/21/2018, 144A		483,369
	405,000	Royal Bank of Scotland Group PLC, 4.700%, 7/03/2018		407,025

				1,408,944

		Brokerage – 0.8%
	140,000	Jefferies Group LLC, 6.250%, 1/15/2036		134,343
	515,000	Jefferies Group LLC, 6.450%, 6/08/2027		525,300

				659,643

		Building Materials – 1.4%
	320,000	Builders FirstSource, Inc., 7.625%, 6/01/2021, 144A		320,000
	138,000	CPG Merger Sub LLC, 8.000%, 10/01/2021, 144A		140,242
	60,000	HD Supply, Inc., 7.500%, 7/15/2020, 144A		62,175
	145,000	Masonite International Corp., 8.250%, 4/15/2021, 144A		159,137
	200,000	Odebrecht Finance Ltd., 4.375%, 4/25/2025, 144A		173,500
	206,000	Ply Gem Industries, Inc., 8.250%, 2/15/2018		220,420
	15,000	USG Corp., 9.750%, 1/15/2018		17,363

				1,092,837

		Chemicals – 3.0%
	310,000	Chemtura Corp., 5.750%, 7/15/2021		309,225
	675,000	Hercules, Inc., 6.500%, 6/30/2029		600,750
	15,000	Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 9.000%, 11/15/2020		14,662

		Chemicals – continued
$	235,000	JM Huber Corp., 9.875%, 11/01/2019, 144A	$	266,725
	195,000	PetroLogistics LP/PetroLogistics Finance Corp., 6.250%, 4/01/2020, 144A		191,100
	190,000	TPC Group, Inc., 8.750%, 12/15/2020, 144A		194,275
	590,000	Tronox Finance LLC, 6.375%, 8/15/2020		584,100
	150,000	U.S. Coatings Acquisition, Inc./Flash Dutch 2 BV, 7.375%, 5/01/2021, 144A		156,750

				2,317,587

		Collateralized Mortgage Obligations – 0.0%
	37,212	MASTR Adjustable Rate Mortgages Trust, Series 2006-2, Class 3A1, 2.875%, 1/25/2036(b)		34,983

		Commercial Mortgage-Backed Securities – 0.5%
	90,000	GS Mortgage Securities Corp. II, Series 2007-GG10, Class AM, 5.993%, 8/10/2045(b)		87,981
	250,000	Morgan Stanley Capital I Trust, Series 2007-HQ12, Class AM, 5.760%, 4/12/2049(b)		265,423

				353,404

		Construction Machinery – 0.5%
	335,000	United Rentals North America, Inc., 7.625%, 4/15/2022		364,313

		Consumer Cyclical Services – 0.6%
	100,000	ServiceMaster Co. (The), 7.000%, 8/15/2020		94,500
	220,000	ServiceMaster Co. (The), 7.450%, 8/15/2027		176,000
	225,000	ServiceMaster Co. (The), 8.000%, 2/15/2020		222,750

				493,250

		Consumer Products – 0.4%
	340,000	Visant Corp., 10.000%, 10/01/2017		316,200

		Electric – 2.6%
	385,000	AES Corp., 4.875%, 5/15/2023		359,975
	39,730	CE Generation LLC, 7.416%, 12/15/2018		39,184
	300,000	Enel Finance International NV, 6.000%, 10/07/2039, 144A		273,183
	290,000	Enel SpA, (fixed rate to 9/24/2023, variable rate thereafter), 8.750%, 9/24/2073, 144A		293,426
	1,141,500	Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc., 11.250% (12.250% PIK), 12/01/2018, 144A(d)		753,390
	264,000	NSG Holdings LLC, 7.750%, 12/15/2025, 144A		277,200

				1,996,358

See accompanying notes to financial statements.

11 |

Portfolio of investments – as of September 30, 2013

Loomis Sayles High Income Opportunities Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Entertainment – 0.0%
$	33,000	DreamWorks Animation SKG, Inc., 6.875%, 8/15/2020, 144A	$	34,238

		Food & Beverage – 0.9%
	260,000	Crestview DS Merger Sub II, Inc., 10.000%, 9/01/2021, 144A		267,800
	415,000	KeHE Distributors LLC/KeHE Finance Corp., 7.625%, 8/15/2021, 144A		421,225

				689,025

		Gaming – 1.4%
	230,000	MGM Resorts International, 7.500%, 6/01/2016		257,025
	630,000	MGM Resorts International, 7.625%, 1/15/2017		704,025
	170,000	PNK Finance Corp., 6.375%, 8/01/2021, 144A		173,400

				1,134,450

		Healthcare – 3.5%
	185,000	DJO Finance LLC/DJO Finance Corp., 9.875%, 4/15/2018		196,100
	185,000	HCA Holdings, Inc., 6.250%, 2/15/2021		188,006
	5,000	HCA Holdings, Inc., 7.750%, 5/15/2021		5,319
	430,000	HCA, Inc., 7.050%, 12/01/2027		411,725
	35,000	HCA, Inc., 7.500%, 12/15/2023		35,700
	790,000	HCA, Inc., 7.500%, 11/06/2033		784,075
	40,000	HCA, Inc., 7.690%, 6/15/2025		40,950
	40,000	HCA, Inc., 8.360%, 4/15/2024		43,000
	205,000	HCA, Inc., MTN, 7.580%, 9/15/2025		208,075
	20,000	HCA, Inc., MTN, 7.750%, 7/15/2036		19,600
	975,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		826,312

				2,758,862

		Home Construction – 4.4%
	70,000	Beazer Homes USA, Inc., 7.250%, 2/01/2023		67,200
	25,000	Beazer Homes USA, Inc., 9.125%, 6/15/2018		26,250
	75,000	Beazer Homes USA, Inc., 9.125%, 5/15/2019		79,125
	200,000	Corp GEO SAB de CV, 8.875%, 3/27/2022, 144A(e)		28,000
	470,000	Desarrolladora Homex SAB de CV, 9.750%, 3/25/2020, 144A(f)		112,800
	260,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021		228,800
	260,000	K. Hovnanian Enterprises, Inc., 9.125%, 11/15/2020, 144A		281,450

		Home Construction – continued
$	355,000	KB Home, 7.250%, 6/15/2018	$	382,069
	305,000	KB Home, 8.000%, 3/15/2020		329,400
	385,000	Lennar Corp., 4.750%, 11/15/2022		354,200
	215,000	Lennar Corp., 6.950%, 6/01/2018		237,038
	720,000	Pulte Group, Inc., 6.000%, 2/15/2035		619,200
	495,000	Pulte Group, Inc., 6.375%, 5/15/2033		441,787
	160,000	Standard Pacific Corp., 8.375%, 1/15/2021		180,000
	200,000	Urbi Desarrollos Urbanos SAB de CV, 9.750%, 2/03/2022, 144A(f)		34,000

				3,401,319

		Independent Energy – 5.3%
	340,000	Chesapeake Energy Corp., 6.625%, 8/15/2020		365,500
	145,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		156,600
	130,000	Connacher Oil and Gas Ltd., 8.500%, 8/01/2019, 144A		92,950
	115,000	Continental Resources, Inc., 4.500%, 4/15/2023		112,844
	170,000	Denbury Resources, Inc., 8.250%, 2/15/2020		186,575
	105,000	Halcon Resources Corp., 8.875%, 5/15/2021		107,625
	215,000	MEG Energy Corp., 6.375%, 1/30/2023, 144A		210,700
	554,000	Oasis Petroleum, Inc., 6.875%, 3/15/2022, 144A		584,470
	400,000	OGX Austria GmbH, 8.375%, 4/01/2022, 144A(e)		64,000
	750,000	OGX Austria GmbH, 8.500%, 6/01/2018, 144A		120,000
	375,000	QEP Resources, Inc., 5.250%, 5/01/2023		349,688
	375,000	Range Resources Corp., 5.000%, 8/15/2022		362,812
	180,000	Rex Energy Corp., 8.875%, 12/01/2020, 144A		189,000
	110,000	SandRidge Energy, Inc., 7.500%, 2/15/2023		108,900
	380,000	SandRidge Energy, Inc., 8.125%, 10/15/2022		383,800
	290,000	Whiting Petroleum Corp., 5.750%, 3/15/2021		297,975
	465,000	Whiting Petroleum Corp., 5.750%, 3/15/2021, 144A		475,462

				4,168,901

		Industrial Other – 0.2%
	130,000	Dematic S.A./DH Services Luxembourg S.a.r.l., 7.750%, 12/15/2020, 144A		135,200

See accompanying notes to financial statements.

| 12

Portfolio of Investments – as of September 30, 2013

Loomis Sayles High Income Opportunities Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Life Insurance – 0.6%
$	370,000	American International Group, Inc., (fixed rate to 5/15/2038, variable rate thereafter), 8.175%, 5/15/2068	$	433,085

		Lodging – 0.5%
	385,000	Felcor Lodging LP, 5.625%, 3/01/2023		359,494

		Media Cable – 1.6%
	230,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 9/01/2023, 144A		217,925
	430,000	CSC Holdings LLC, 7.625%, 7/15/2018		492,350
	380,000	DISH DBS Corp., 5.125%, 5/01/2020		376,200
	200,000	Quebecor Media, Inc., 5.750%, 1/15/2023		188,500

				1,274,975

		Media Non-Cable – 2.6%
	85,000	Clear Channel Communications, Inc., 4.900%, 5/15/2015		79,688
	310,000	Clear Channel Communications, Inc., 5.500%, 9/15/2014		304,575
	405,000	Clear Channel Worldwide Holdings, Inc., 7.625%, 3/15/2020		418,162
	85,000	Clear Channel Worldwide Holdings, Inc., Series A, 6.500%, 11/15/2022		86,275
	230,000	Clear Channel Worldwide Holdings, Inc., Series B, 6.500%, 11/15/2022		234,600
	50,000	Intelsat Luxembourg S.A., 6.750%, 6/01/2018, 144A		51,875
	335,000	Intelsat Luxembourg S.A., 7.750%, 6/01/2021, 144A		346,725
	230,000	Intelsat Luxembourg S.A., 8.125%, 6/01/2023, 144A		242,650
	180,000	R.R. Donnelley & Sons Co., 7.000%, 2/15/2022		180,900
	85,000	R.R. Donnelley & Sons Co., 8.250%, 3/15/2019		94,350

				2,039,800

		Metals & Mining – 2.2%
	235,000	Alcoa, Inc., 5.900%, 2/01/2027		227,256
	50,000	Alcoa, Inc., 6.750%, 1/15/2028		50,601
	25,000	ArcelorMittal, 6.750%, 2/25/2022		26,312
	70,000	ArcelorMittal, 7.250%, 3/01/2041		64,050
	600,000	ArcelorMittal, 7.500%, 10/15/2039		568,500
	40,000	Barrick Gold Corp., 3.850%, 4/01/2022		35,376
	125,000	Essar Steel Algoma, Inc., 9.375%, 3/15/2015, 144A		118,125

		Metals & Mining – continued
$	210,000	Inmet Mining Corp., 7.500%, 6/01/2021, 144A	$	215,250
	80,000	United States Steel Corp., 6.050%, 6/01/2017		84,000
	370,000	United States Steel Corp., 6.650%, 6/01/2037		302,475

				1,691,945


		Non-Captive Consumer – 2.1%
	145,000	Provident Funding Associates LP/PFG Finance Corp., 6.750%, 6/15/2021, 144A		145,725
	850,000	SLM Corp., Series A, MTN, 5.625%, 8/01/2033		663,000
	280,000	Springleaf Finance Corp., 7.750%, 10/01/2021, 144A		290,500
	110,000	Springleaf Finance Corp., 8.250%, 10/01/2023, 144A		114,400
	200,000	Springleaf Finance Corp., Series J, MTN, 6.500%, 9/15/2017		206,000
	110,000	Springleaf Finance Corp., Series J, MTN, 6.900%, 12/15/2017		114,950
	102,000	Stearns Holdings, Inc., 9.375%, 8/15/2020, 144A		104,040

				1,638,615

		Non-Captive Diversified – 1.5%
	30,000	Aircastle Ltd., 7.625%, 4/15/2020		33,150
	30,000	CIT Group, Inc., 5.000%, 8/15/2022		29,325
	30,000	CIT Group, Inc., 5.000%, 8/01/2023		29,045
	45,000	International Lease Finance Corp., 6.250%, 5/15/2019		47,250
	70,000	International Lease Finance Corp., 8.250%, 12/15/2020		79,800
	255,000	International Lease Finance Corp., 8.625%, 1/15/2022		293,887
	195,000	iStar Financial, Inc., 4.875%, 7/01/2018		189,150
	75,000	iStar Financial, Inc., 5.850%, 3/15/2017		77,813
	55,000	iStar Financial, Inc., 7.125%, 2/15/2018		58,988
	210,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.375%, 10/01/2017		219,712
	125,000	Oxford Finance LLC/Oxford Finance Co-Issuer, Inc., 7.250%, 1/15/2018, 144A		127,813

				1,185,933

		Oil Field Services – 1.4%
	580,000	Edgen Murray Corp., 8.750%, 11/01/2020, 144A		588,700
	13,000	Hercules Offshore, Inc., 7.500%, 10/01/2021, 144A		13,000
	485,000	Hercules Offshore, Inc., 8.750%, 7/15/2021, 144A		514,100

				1,115,800

See accompanying notes to financial statements.

13 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles High Income Opportunities Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Packaging – 1.4%
$	405,000	Ball Corp., 4.000%, 11/15/2023	$	363,487
	400,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) S.A., 8.250%, 2/15/2021		403,000
	100,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) S.A., 9.875%, 8/15/2019		108,500
	175,000	Sealed Air Corp., 6.500%, 12/01/2020, 144A		183,313

				1,058,300

		Pharmaceuticals – 1.2%
	495,000	Valeant Pharmaceuticals International, 6.375%, 10/15/2020, 144A		514,800
	375,000	Valeant Pharmaceuticals International, 7.250%, 7/15/2022, 144A		399,375
	15,000	VPII Escrow Corp., 6.750%, 8/15/2018, 144A		16,050
	5,000	VPII Escrow Corp., 7.500%, 7/15/2021, 144A		5,388

				935,613

		Property & Casualty Insurance – 0.5%
	370,000	Hockey Merger Sub 2, Inc., 7.875%, 10/01/2021, 144A		370,463

		REITs – Diversified – 0.5%
	390,000	DuPont Fabros Technology LP, 5.875%, 9/15/2021, 144A		390,000

		Retailers – 2.7%
	210,000	CST Brands, Inc., 5.000%, 5/01/2023, 144A		197,925
	155,000	Dillard’s, Inc., 6.625%, 1/15/2018		169,338
	480,000	Dillard’s, Inc., 7.000%, 12/01/2028		484,800
	175,000	Dillard’s, Inc., 7.130%, 8/01/2018		196,437
	75,000	Dillard’s, Inc., 7.875%, 1/01/2023		83,250
	280,000	Foot Locker, Inc., 8.500%, 1/15/2022(g)		307,438
	420,000	Toys R Us, Inc., 7.375%, 10/15/2018		362,250
	275,000	William Carter Co. (The), 5.250%, 8/15/2021, 144A		275,000

				2,076,438

		Supermarkets – 1.4%
	70,000	American Stores Co., 8.000%, 6/01/2026		90,300
	5,000	New Albertson’s, Inc., 7.450%, 8/01/2029		4,013
	230,000	New Albertson’s, Inc., 7.750%, 6/15/2026		187,450

		Supermarkets – continued
$	5,000	New Albertson’s, Inc., 8.000%, 5/01/2031	$	4,112
	10,000	New Albertson’s, Inc., 8.700%, 5/01/2030		8,512
	615,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		442,800
	400,000	SUPERVALU, Inc., 6.750%, 6/01/2021, 144A		380,000

				1,117,187

		Technology – 7.4%
	110,000	ACI Worldwide, Inc., 6.375%, 8/15/2020, 144A		111,925
	3,020,000	Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		2,551,900
	290,000	Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028		242,150
	190,000	Amkor Technology, Inc., 6.375%, 10/01/2022		181,450
	590,000	Amkor Technology, Inc., 6.625%, 6/01/2021		573,775
	145,000	CommScope, Inc., 8.250%, 1/15/2019, 144A		158,413
	140,000	Equinix, Inc., 5.375%, 4/01/2023		132,300
	975,000	First Data Corp., 8.250%, 1/15/2021, 144A		1,006,687
	345,000	Freescale Semiconductor, Inc., 8.050%, 2/01/2020		363,112
	485,000	NCR Corp., 5.000%, 7/15/2022		451,050

				5,772,762

		Textile – 1.3%
	745,000	Jones Group, Inc. (The), 6.125%, 11/15/2034		577,375
	125,000	Jones Group, Inc./Apparel Group Holdings/Apparel Group USA/Footwear Accessories Retail, 6.875%, 3/15/2019		127,812
	320,000	Wolverine World Wide, Inc., 6.125%, 10/15/2020		332,000

				1,037,187

		Transportation Services – 0.8%
	185,000	APL Ltd., 8.000%, 1/15/2024(h)		173,012
	11,900	Atlas Air Pass Through Trust, Series 1998-1, Class B, 7.680%, 7/02/2015(g)		12,108
	347,188	Atlas Air Pass Through Trust, Series 1998-1, Class C, 8.010%, 7/02/2011(e)(g)(i)		454,817

				639,937

		Wireless – 2.4%
	300,000	Bakrie Telecom Pte Ltd., 11.500%, 5/07/2015, 144A		84,000
	1,276,000	Sprint Capital Corp., 6.875%, 11/15/2028		1,138,830

See accompanying notes to financial statements.

| 14

Portfolio of Investments – as of September 30, 2013

Loomis Sayles High Income Opportunities Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Wireless – continued
$	625,000	Sprint Corp., 7.875%, 9/15/2023, 144A	$	637,500

				1,860,330

		Wirelines – 4.2%
	382,000	Axtel SAB de CV, (Step to 8.000% on 1/31/2014), 7.000%, 1/31/2020, 144A(j)		357,170
	20,000	CenturyLink, Inc., 5.625%, 4/01/2020		19,525
	175,000	CenturyLink, Inc., 7.650%, 3/15/2042		155,750
	85,000	CenturyLink, Inc., Series P, 7.600%, 9/15/2039		75,862
	220,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		200,200
	140,000	Cincinnati Bell, Inc., 8.750%, 3/15/2018		147,875
	15,000	Frontier Communications Corp., 7.000%, 11/01/2025		13,763
	325,000	Frontier Communications Corp., 7.450%, 7/01/2035		277,875
	465,000	Frontier Communications Corp., 7.875%, 1/15/2027		441,750
	480,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		427,200
	315,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		319,725
	375,000	Telecom Italia Capital S.A., 7.200%, 7/18/2036		348,436
	290,000	Telecom Italia Capital S.A., 7.721%, 6/04/2038		279,133
	150,000	Telefonica Emisiones SAU, 5.134%, 4/27/2020		153,575
	75,000	Telefonica Emisiones SAU, 7.045%, 6/20/2036		79,605

				3,297,444


		Total Non-Convertible Bonds
		(Identified Cost $58,465,436)		57,650,809


	Convertible Bonds – 13.1%

		Automotive – 1.9%
	765,000	Ford Motor Co., 4.250%, 11/15/2016		1,511,353

		Construction Machinery – 0.7%
	125,000	Ryland Group, Inc. (The), 1.625%, 5/15/2018		181,641
	330,000	Trinity Industries, Inc., 3.875%, 6/01/2036		400,331

				581,972

		Healthcare – 0.2%
	105,000	Hologic, Inc., Series 2010, (accretes to principal after 12/15/2016), 2.000%, 12/15/2037(j)		118,125


		Home Construction – 1.5%
$	165,000	KB Home, 1.375%, 2/01/2019	$	167,578
	30,000	Lennar Corp., 2.000%, 12/01/2020, 144A		38,700
	15,000	Lennar Corp., 2.750%, 12/15/2020, 144A		25,425
	350,000	Lennar Corp., 3.250%, 11/15/2021, 144A		581,000
	310,000	Standard Pacific Corp., 1.250%, 8/01/2032		382,463

				1,195,166

		Independent Energy – 0.5%
	225,000	Chesapeake Energy Corp., 2.500%, 5/15/2037		221,062
	145,000	Cobalt International Energy, Inc., 2.625%, 12/01/2019		153,338

				374,400

		Metals & Mining – 0.7%
	405,000	Peabody Energy Corp., 4.750%, 12/15/2066		325,012
	95,000	Steel Dynamics, Inc., 5.125%, 6/15/2014		103,669
	95,000	United States Steel Corp., 2.750%, 4/01/2019		105,153

				533,834

		Oil Field Services – 0.3%
	195,000	Hornbeck Offshore Services, Inc., 1.500%, 9/01/2019		252,038

		Pharmaceuticals – 0.3%
	80,000	Mylan, Inc., 3.750%, 9/15/2015		231,850

		REITs – Mortgage – 0.3%
	25,000	iStar Financial, Inc., 3.000%, 11/15/2016		31,172
	190,000	Redwood Trust, Inc., 4.625%, 4/15/2018		200,212

				231,384

		Technology – 3.8%
	200,000	Ciena Corp., 0.875%, 6/15/2017		203,625
	520,000	Ciena Corp., 3.750%, 10/15/2018, 144A		766,025
	255,000	Intel Corp., 2.950%, 12/15/2035		276,038
	440,000	Intel Corp., 3.250%, 8/01/2039		544,775
	112,045	Liberty Media LLC, 3.500%, 1/15/2031		57,703
	365,000	Micron Technology, Inc., Series B, 1.875%, 8/01/2031		684,147
	165,000	Micron Technology, Inc., Series C, 2.375%, 5/01/2032		315,562
	60,000	SanDisk Corp., 1.500%, 8/15/2017		79,350
	30,000	Xilinx, Inc., 2.625%, 6/15/2017		48,675

				2,975,900

See accompanying notes to financial statements.

15 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles High Income Opportunities Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Textile – 0.4%
$	235,000	Iconix Brand Group, Inc., 2.500%, 6/01/2016	$	289,197

		Utility Other – 0.8%
	330,000	CMS Energy Corp., 5.500%, 6/15/2029		633,394

		Wireless – 0.1%
	40,000	Clearwire Communications LLC/Clearwire Finance, Inc., 8.250%, 12/01/2040, 144A		44,300

		Wirelines – 1.6%
	436,000	Axtel SAB de CV, (Step to 8.000% on 1/31/2014), 7.000%, 1/31/2020, 144A, (MXN)(g)(h)(j)(k)		49,851
	1,014,000	Level 3 Communications, Inc., 7.000%, 3/15/2015, 144A(h)		1,230,742

				1,280,593


		Total Convertible Bonds
		(Identified Cost $7,422,853)		10,253,506


		Total Bonds and Notes
		(Identified Cost $65,888,289)		67,904,315


	Shares

	Preferred Stocks – 5.7%

	Convertible Preferred Stocks – 3.9%

		Automotive – 1.8%
	28,082	General Motors Co., Series B, 4.750%		1,408,312

		Electric – 0.5%
	7,975	AES Trust III, 6.750%		401,940

		Independent Energy – 0.2%
	90	Chesapeake Energy Corp., 5.000%		8,361
	85	Chesapeake Energy Corp., Series A, 5.750%, 144A		93,765
	669	SandRidge Energy, Inc., 7.000%		66,733

				168,859

		Metals & Mining – 0.5%
	3,300	ArcelorMittal, 6.000%		70,917
	16,006	Cliffs Natural Resources, Inc., 7.000%		316,439

				387,356

		Non-Captive Diversified – 0.0%
	30	Bank of America Corp., Series L, 7.250%		32,400

		Pipelines – 0.6%
	8,050	El Paso Energy Capital Trust I, 4.750%		451,847

		REITs – Diversified – 0.1%
	1,584	Weyerhaeuser Co., Series A, 6.375%		83,920


		REITs – Mortgage – 0.2%
	2,110	iStar Financial, Inc., Series J, 4.500%	$	116,852


		Total Convertible Preferred Stocks
		(Identified Cost $2,795,441)		3,051,486


	Non-Convertible Preferred Stocks – 1.8%

		Banking – 1.8%
	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		767,266
	13,577	SunTrust Banks, Inc., 5.875%		294,078


		Total Non-Convertible Preferred Stocks
		(Identified Cost $1,061,965)		1,365,297


		Total Preferred Stocks
		(Identified Cost $3,857,406)		4,416,783


	Common Stocks – 0.9%

		Diversified Telecommunication Services – 0.4%
	10	FairPoint Communications, Inc.(e)		96
	1,017	Hawaiian Telcom Holdco, Inc.(e)		27,052
	16,842	Telefonica S.A., Sponsored ADR(e)		260,714

				287,862

		Household Durables – 0.5%
	23,775	KB Home		428,425


		Total Common Stocks
		(Identified Cost $453,998)		716,287


	Warrants – 0.0%
	1,657	FairPoint Communications, Inc., Expiration on 1/24/2018 at $48.81(e)(g)(h) (Identified Cost $0)		—


	Principal Amount (‡)

	Short-Term Investments – 5.6%
$	4,360,908	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2013 at 0.000% to be repurchased at $4,360,908 on 10/01/2013 collateralized by $4,455,000 U.S. Treasury Note, 0.250% due 9/30/2015 valued at $4,449,431 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $4,360,908)		4,360,908


		Total Investments – 99.1%
		(Identified Cost $74,560,601)(a)		77,398,293
		Other assets less liabilities—0.9%		703,648


		Net Assets – 100.0%	$	78,101,941

See accompanying notes to financial statements.

| 16

Portfolio of Investments – as of September 30, 2013

Loomis Sayles High Income Opportunities Fund – continued



(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
(†)	See Note 2 of Notes to Financial Statements.
(a)	Federal Tax Information:
	At September 30, 2013, the net unrealized appreciation on investments based on a cost of $75,033,620 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	$	6,390,025
	Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(4,025,352	)

	Net unrealized appreciation	$	2,364,673


(b)	Variable rate security. Rate as of September 30, 2013 is disclosed.
(c)	The issuer is making partial payments with respect to principal.
(d)	Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional debt securities. For the period ended September 30, 2013, the issuer paid out 100% of the interest payments in kind.
(e)	Non-income producing security.
(f)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
(g)	Fair valued by the Fund’s investment adviser. At September 30, 2013, the value of these securities amounted to $824,214 or 1.1% of net assets.
(h)	Illiquid security. At September 30, 2013, the value of these securities amounted to $1,453,605 or 1.9% of net assets.
(i)	Maturity has been extended under the terms of a plan of reorganization.
(j)	Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.
(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 September 30, 2013, the value of Rule 144A holdings amounted to $21,208,074 or 27.2% 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
GMTN	Global Medium Term Note
MTN	Medium Term Note
PIK	Payment-in-Kind
REITs	Real Estate Investment Trusts

MXN	Mexican Peso
USD	U.S. Dollar

Industry Summary at September 30, 2013 (Unaudited)


Technology	11.2	%
Independent Energy	6.0
Home Construction	5.9
Wirelines	5.8
Automotive	5.7
ABS Home Equity	4.2
Healthcare	3.7
Banking	3.6
Metals & Mining	3.4
Electric	3.1
Chemicals	3.0
Retailers	2.7
Media Non-Cable	2.6
Wireless	2.5
Non-Captive Consumer	2.1
Airlines	2.0
Other Investments, less than 2% each	26.0
Short-Term Investments	5.6

Total Investments	99.1
Other assets less liabilities	0.9

Net Assets	100.0	%

See accompanying notes to financial statements.

17 |

PORTFOLIO OF INVESTMENTS – as of September 30, 2013

Loomis Sayles Securitized Asset Fund


Principal Amount		Description	Value (†)

	Bonds and Notes – 122.7% of Net Assets

		ABS Car Loan – 8.9%
$	1,320,000	AmeriCredit Automobile Receivables Trust, Series 2013-4, Class B, 1.660%, 9/10/2018	$	1,322,446
	4,235,000	Avis Budget Rental Car Funding AESOP LLC, Series 2010-3A, Class A, 4.640%, 5/20/2016, 144A		4,454,034
	645,000	Avis Budget Rental Car Funding AESOP LLC, Series 2013-1A, Class B, 2.620%, 9/20/2019, 144A		631,093
	2,502,195	California Republic Auto Receivables Trust, Series 2012-1, Class A, 1.180%, 8/15/2017, 144A		2,498,287
	2,190,000	Capital Auto Receivables Asset Trust, Series 2013-3, Class A3, 1.310%, 12/20/2017		2,196,303
	340,786	Centre Point Funding LLC, Series 2010-1A, Class 1, 5.430%, 7/20/2016, 144A		353,741
	5,582,367	Centre Point Funding LLC, Series 2012-2A, Class 1, 2.610%, 8/20/2021, 144A		5,614,382
	762,932	CFC LLC, Series 2013-1A, Class A, 1.650%, 7/17/2017, 144A		761,010
	4,515,000	Credit Acceptance Auto Loan Trust, Series 2012-1A, Class A, 2.200%, 9/16/2019, 144A		4,557,062
	2,075,000	Credit Acceptance Auto Loan Trust, Series 2012-2A, Class A, 1.520%, 3/16/2020, 144A		2,081,210
	1,539,374	Exeter Automobile Receivables Trust, Series 2012-1A, Class A, 2.020%, 8/15/2016, 144A		1,545,219
	2,000,000	First Investors Auto Owner Trust, Series 2012-2A, Class B, 2.470%, 5/15/2018, 144A		2,018,550
	1,133,984	First Investors Auto Owner Trust, Series 2013-1A, Class A2, 0.900%, 10/15/2018, 144A		1,129,666
	3,500,000	Flagship Credit Auto Trust, Series 2013-1, Class B, 2.760%, 9/17/2018, 144A		3,468,647
	3,190,000	Hertz Vehicle Financing LLC, Series 2009-2A, Class A2, 5.290%, 3/25/2016, 144A		3,362,123
	2,440,000	Hertz Vehicle Financing LLC, Series 2009-2A, Class B2, 5.930%, 3/25/2016, 144A		2,566,997
	733,615	Hyundai Capital Auto Funding Ltd., Series 2010-8A, Class A, 1.179%, 9/20/2016, 144A(b)		726,279
	1,497,616	Prestige Auto Receivables Trust, Series 2013-1A, Class A2, 1.090%, 2/15/2018, 144A		1,499,824
	61,026	Santander Drive Auto Receivables Trust, Series 2011-S1A, Class D, 3.100%, 5/15/2017, 144A		61,086
	369,332	Santander Drive Auto Receivables Trust, Series 2011-S2A, Class D, 3.350%, 6/15/2017, 144A		370,920

		ABS Car Loan – continued
$	1,275,000	Santander Drive Auto Receivables Trust, Series 2013-3, Class B, 1.190%, 5/15/2018	$	1,258,769
	6,245,000	Santander Drive Auto Receivables Trust, Series 2013-4, Class B, 2.160%, 1/15/2020		6,352,795
	3,395,000	SMART Trust/Australia, Series 2012-4US, Class A3A, 0.970%, 3/14/2017		3,391,266
	438,913	SNAAC Auto Receivables Trust, Series 2012-1A, Class A, 1.780%, 6/15/2016, 144A		440,102
	1,400,000	SNAAC Auto Receivables Trust, Series 2012-1A, Class B, 3.110%, 6/15/2017, 144A		1,412,215
	7,100,000	Tidewater Auto Receivables Trust, Series 2012-AA, Class A3, 1.990%, 4/15/2019, 144A		7,122,393

				61,196,419

		ABS Credit Card – 3.2%
	2,815,000	GE Capital Credit Card Master Note Trust, Series 2009-4, Class B, 5.390%, 11/15/2017, 144A		2,941,951
	4,975,000	GE Capital Credit Card Master Note Trust, Series 2010-2, Class A, 4.470%, 3/15/2020		5,496,186
	3,195,000	World Financial Network Credit Card Master Trust, Series 2010-A, Class A, 3.960%, 4/15/2019		3,361,133
	10,215,000	World Financial Network Credit Card Master Trust, Series 2012-A, Class A, 3.140%, 1/17/2023		10,529,990

				22,329,260

		ABS Home Equity – 3.1%
	698,025	Countrywide Alternative Loan Trust, Series 2006-15CB, Class A1, 6.500%, 6/25/2036		532,316
	392,440	Countrywide Alternative Loan Trust, Series 2006-J5, Class 4A1, 5.207%, 7/25/2021(b)		372,003
	334,397	Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 5.115%, 2/25/2035(b)		341,660
	1,225,750	Countrywide Asset-Backed Certificates, Series 2006-S7, Class A3, 5.712%, 11/25/2035		1,167,337
	368,282	Countrywide Home Loan Mortgage Pass Through Trust, Series 2004-HYB5, Class 6A2, 2.612%, 4/20/2035(b)		143,118
	6,812,218	HarborView Mortgage Loan Trust, Series 2004-3, Class 1A, 2.864%, 5/19/2034(b)		6,671,076
	388,972	Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 5A, 5.478%, 7/25/2035(b)		358,736
	225,635	Residential Accredit Loans, Inc., Trust, Series 2006-QS13, Class 2A1, 5.750%, 9/25/2021		223,211

See accompanying notes to financial statements.

| 18

PORTFOLIO OF INVESTMENTS – as of September 30, 2013

Loomis Sayles Securitized Asset Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		ABS Home Equity – continued
$	1,015,089	Residential Accredit Loans, Inc., Trust, Series 2006-QS18, Class 3A3, 5.750%, 12/25/2021	$	992,418
	49,593	Residential Accredit Loans, Inc., Trust, Series 2006-QS6, Class 2A1, 6.000%, 6/25/2021		49,831
	412,291	Sequoia Mortgage Trust, Series 2013-1, Class 2A1, 1.855%, 2/25/2043		360,188
	4,013,919	Sequoia Mortgage Trust, Series 2013-5, Class A1, 2.500%, 5/25/2043, 144A		3,588,054
	1,545,905	Soundview Home Equity Loan Trust, Series 2006-OPT5, Class 2A3, 0.334%, 7/25/2036(b)		1,123,230
	6,599,454	WaMu Mortgage Pass Through Certificates, Series 2007-HY2, Class 2A2, 2.636%, 11/25/2036(b)		5,554,180

				21,477,358

		ABS Other – 6.2%
	2,076,041	Ascentium Equipment Receivables LLC, Series 2012-1A, Class A, 1.830%, 9/15/2019, 144A		2,073,639
	1,250,000	CCG Receivables Trust, Series 2013-1, Class A2, 1.050%, 8/14/2020, 144A		1,250,029
	2,936,211	Diamond Resorts Owner Trust, Series 2011-1, Class A, 4.000%, 3/20/2023, 144A		2,994,953
	8,170,000	DSC Floorplan Master Owner Trust, Series 2011-1, Class A, 3.910%, 3/15/2016, 144A		8,227,484
	1,015,005	FRS LLC, Series 2013-1A, Class A1, 1.800%, 4/15/2043, 144A		1,009,269
	479,523	Marriott Vacation Club Owner Trust, Series 2009-2A, Class A, 4.809%, 7/20/2031, 144A		494,962
	7,736,751	Orange Lake Timeshare Trust, Series 2012-AA, Class A, 3.450%, 3/10/2027, 144A		7,957,117
	413,530	Sierra Timeshare Receivables Funding LLC, Series 2010-1A, Class A1, 4.480%, 7/20/2026, 144A		417,459
	669,455	Sierra Timeshare Receivables Funding LLC, Series 2010-2A, Class A, 3.840%, 11/20/2025, 144A		679,647
	878,061	Sierra Timeshare Receivables Funding LLC, Series 2010-3A, Class A, 3.510%, 11/20/2025, 144A		895,852
	997,634	Sierra Timeshare Receivables Funding LLC, Series 2011-3A, Class A, 3.370%, 7/20/2028, 144A		1,024,620
	1,823,305	Sierra Timeshare Receivables Funding LLC, Series 2012-1A, Class A, 2.840%, 11/20/2028, 144A		1,833,557

		ABS Other – continued
$	845,855	Sierra Timeshare Receivables Funding LLC, Series 2013-1A, Class A, 1.590%, 11/20/2029, 144A	$	843,424
	6,800,000	Springleaf Funding Trust, Series 2013-BA, Class A, 3.920%, 1/16/2023, 144A		6,698,000
	2,381,139	SVO VOI Mortgage LLC, Series 2012-AA, Class A, 2.000%, 9/20/2029, 144A		2,369,385
	4,002,101	Trip Rail Master Funding LLC, Series 2011-1A, Class A1B, 2.682%, 7/15/2041, 144A(b)		4,108,349

				42,877,746

		ABS Student Loan – 3.0%
	4,900,000	Panhandle-Plains Higher Education Authority, Inc., Series 2011-1, Class A2, 1.224%, 7/01/2024(b)		4,901,892
	15,565,000	South Carolina Student Loan Corp., Series 2010-1, Class A2, 1.266%, 7/25/2025(b)(c)		15,736,993

				20,638,885

		Collateralized Mortgage Obligations – 26.9%
	316,903	Federal Home Loan Mortgage Corp., REMIC, Series 2060, Class ZA, 6.000%, 4/15/2028(c)		353,876
	461,915	Federal Home Loan Mortgage Corp., REMIC, Series 2649, Class IM, 7.000%, 7/15/2033(c)(d)		105,086
	6,465,806	Federal Home Loan Mortgage Corp., REMIC, Series 2874, Class BC, 5.000%, 10/15/2019(c)		6,924,134
	7,277,000	Federal Home Loan Mortgage Corp., REMIC, Series 2912, Class EH, 5.500%, 1/15/2035(c)		7,967,638
	9,792,046	Federal Home Loan Mortgage Corp., REMIC, Series 2931, Class DE, 4.000%, 2/15/2020(c)		10,333,184
	16,935,164	Federal Home Loan Mortgage Corp., REMIC, Series 3149, Class LS, 7.018%, 5/15/2036(b)(c)(d)		3,370,716
	4,884,746	Federal Home Loan Mortgage Corp., REMIC, Series 3416, Class B1, 6.068%, 2/15/2038(b)(d)		772,390
	3,727,491	Federal Home Loan Mortgage Corp., REMIC, Series 3561, Class W, 4.733%, 6/15/2048(b)(c)		3,996,295
	450,000	Federal Home Loan Mortgage Corp., REMIC, Series 3605, Class NC, 5.500%, 6/15/2037		502,494
	4,051,636	Federal Home Loan Mortgage Corp., REMIC, Series 3620, Class AT, 4.642%, 12/15/2036(c)		4,320,312
	1,735,590	Federal Home Loan Mortgage Corp., Series 224, Class IO, 6.000%, 3/01/2033(c)(d)		346,438
	732,765	Federal National Mortgage Association, REMIC, Series 1996-45, Class SC, 7.071%, 1/25/2024(b)(d)		120,739

See accompanying notes to financial statements.

19 |

PORTFOLIO OF INVESTMENTS – as of September 30, 2013

Loomis Sayles Securitized Asset Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Collateralized Mortgage Obligations – continued
$	1,555,334	Federal National Mortgage Association, REMIC, Series 2003-26, Class OI, 5.500%, 11/25/2032(c)(d)	$	117,433
	553,031	Federal National Mortgage Association, REMIC, Series 2006-69, Class KI, 7.121%, 8/25/2036(b)(d)		88,382
	1,000,000	Federal National Mortgage Association, REMIC, Series 2008-35, Class CD, 4.500%, 5/25/2023(c)		1,090,893
	10,000,000	Federal National Mortgage Association, REMIC, Series 2008-42, Class AY, 5.000%, 5/25/2023(c)		10,897,750
	6,324,927	Federal National Mortgage Association, REMIC, Series 2008-86, Class LA, 4.057%, 8/25/2038(b)(c)		6,276,749
	1,821,842	Federal National Mortgage Association, REMIC, Series 2009-11, Class VP, 3.776%, 3/25/2039(b)(c)		1,754,321
	400,719	Federal National Mortgage Association, REMIC, Series 2009-71, Class MB, 4.500%, 9/25/2024		434,024
	1,634,306	Federal National Mortgage Association, REMIC, Series 2010-75, Class MT, 4.928%, 12/25/2039(b)		1,662,330
	4,801,073	Federal National Mortgage Association, REMIC, Series 2013-34, Class PS, 5.971%, 8/25/2042(b)(d)		949,586
	2,182,982	Federal National Mortgage Association, Series 334, Class 11, 6.000%, 3/01/2033(c)(d)		302,027
	442,403	Federal National Mortgage Association, Series 334, Class 19, 7.000%, 2/01/2033(c)(d)		103,921
	2,466,629	Federal National Mortgage Association, Series 339, Class 13, 6.000%, 8/01/2033(c)(d)		412,133
	458,788	Federal National Mortgage Association, Series 339, Class 7, 5.500%, 8/01/2033(c)(d)		73,628
	5,275,756	Federal National Mortgage Association, Series 356, Class 13, 5.500%, 6/01/2035(c)(d)		816,411
	2,185,077	Federal National Mortgage Association, Series 359, Class 17, 6.000%, 7/01/2035(c)(d)		408,335
	1,649,214	Federal National Mortgage Association, Series 374, Class 18, 6.500%, 8/01/2036(c)(d)		261,359
	3,251,260	Federal National Mortgage Association, Series 374, Class 20, 6.500%, 9/01/2036(c)(d)		542,446
	1,330,762	Federal National Mortgage Association, Series 374, Class 22, 7.000%, 10/01/2036(c)(d)		194,439
	1,662,591	Federal National Mortgage Association, Series 374, Class 23, 7.000%, 10/01/2036(c)(d)		246,815
	1,924,452	Federal National Mortgage Association, Series 374, Class 24, 7.000%, 6/01/2037(c)(d)		282,531

		Collateralized Mortgage Obligations – continued
$	1,788,120	Federal National Mortgage Association, Series 381, Class 12, 6.000%, 11/25/2035(c)(d)	$	269,732
	836,862	Federal National Mortgage Association, Series 381, Class 13, 6.000%, 11/25/2035(c)(d)		128,483
	1,443,995	Federal National Mortgage Association, Series 381, Class 18, 7.000%, 3/25/2037(c)(d)		209,225
	912,454	Federal National Mortgage Association, Series 381, Class 19, 7.000%, 3/25/2037(c)(d)		183,748
	264,044	Federal National Mortgage Association, Series 383, Class 32, 6.000%, 1/01/2038(c)(d)		48,511
	6,107,799	Federal National Mortgage Association, Series 384, Class 20, 5.500%, 5/25/2036(c)(d)		887,712
	2,131,667	Federal National Mortgage Association, Series 384, Class 31, 6.500%, 7/25/2037(c)(d)		335,209
	1,740,341	Federal National Mortgage Association, Series 384, Class 36, 7.000%, 7/25/2037(c)(d)		317,148
	1,822,843	Federal National Mortgage Association, Series 384, Class 4, 4.500%, 9/25/2036(c)(d)		222,888
	1,252,857	Federal National Mortgage Association, Series 385, Class 23, 7.000%, 7/25/2037(c)(d)		182,329
	227,611	Federal National Mortgage Association, Series 386, Class 25, 7.000%, 3/25/2038(c)(d)		47,186
	11,745,000	FHLMC Multifamily Structured Pass Through Certificates, Series K012, Class A2, 4.186%, 12/25/2020(c)		12,711,461
	9,616,000	FHLMC Multifamily Structured Pass Through Certificates, Series K013, Class A2, 3.974%, 1/25/2021(c)		10,278,937
	6,125,000	FHLMC Multifamily Structured Pass Through Certificates, Series K029, Class A2, 3.320%, 2/25/2023		6,144,306
	16,860,000	FHLMC Multifamily Structured Pass Through Certificates, Series K702, Class A2, 3.154%, 2/25/2018(c)		17,796,320
	2,670,000	FHLMC Multifamily Structured Pass Through Certificates, Series K703, Class A2, 2.699%, 5/25/2018(c)		2,763,004
	26,600,000	FHLMC Multifamily Structured Pass Through Certificates, Series KAIV, Class A2, 3.989%, 6/25/2021(c)		28,423,244
	21,733,906	Government National Mortgage Association, Series 2006-46, Class IO, 0.187%, 4/16/2046(b)(d)		463,106

See accompanying notes to financial statements.

| 20

PORTFOLIO OF INVESTMENTS – as of September 30, 2013

Loomis Sayles Securitized Asset Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Collateralized Mortgage Obligations – continued
$	18,699,013	Government National Mortgage Association, Series 2006-51, Class IO, 0.451%, 8/16/2046(b)(c)(d)	$	448,851
	500,000	Government National Mortgage Association, Series 2007-75, Class C, 5.533%, 9/16/2038		513,316
	4,000,000	Government National Mortgage Association, Series 2008-52, Class E, 6.041%, 8/16/2042(c)		4,397,560
	29,447,463	Government National Mortgage Association, Series 2009-114, Class IO, 0.986%, 10/16/2049(b)(d)		1,008,988
	17,854,518	Government National Mortgage Association, Series 2010-49, Class IA, 1.248%, 10/16/2052(b)(d)		1,418,845
	54,498,005	Government National Mortgage Association, Series 2010-83, Class IO, 0.522%, 7/16/2050(b)(c)(d)		1,903,016
	74,550,266	Government National Mortgage Association, Series 2010-I24, Class X, 1.083%, 12/16/2052(b)(c)(d)		5,407,205
	22,736,926	Government National Mortgage Association, Series 2011-38, Class IO, 0.919%, 4/16/2053(b)(c)(d)		1,105,833
	10,638,603	Government National Mortgage Association, Series 2011-53, Class IO, 1.166%, 5/16/2051(b)(c)(d)		572,367
	34,197,939	Government National Mortgage Association, Series 2012-23, Class IO, 1.545%, 6/16/2053(b)(c)(d)		2,397,344
	32,815,524	Government National Mortgage Association, Series 2012-53, Class IO, 1.021%, 3/16/2047(b)(c)(d)		2,318,384
	39,071,883	Government National Mortgage Association, Series 2012-55, Class IO, 1.228%, 4/16/2052(b)(c)(d)		2,389,167
	29,372,255	Government National Mortgage Association, Series 2012-58, Class IO, 1.031%, 2/16/2053(b)(c)(d)		2,452,466
	29,386,930	Government National Mortgage Association, Series 2012-70, Class IO, 0.963%, 8/16/2052(b)(c)(d)		1,966,074
	24,459,554	Government National Mortgage Association, Series 2012-79, Class IO, 1.050%, 3/16/2053(b)(d)		1,969,899
	24,475,785	Government National Mortgage Association, Series 2012-95, Class IO, 1.040%, 2/16/2053(b)(d)		2,146,820
	17,000,000	Government National Mortgage Association, Series 2012-100, Class IC, 1.557%, 9/16/2050(b)(d)		1,964,911
	26,322,266	Government National Mortgage Association, Series 2012-100, Class IO, 0.890%, 8/16/2052(b)(d)		1,905,969
	12,925,139	Government National Mortgage Association, Series 2012-111, Class IC, 1.457%, 9/16/2050(b)(d)		1,422,179

				185,150,558


		Commercial Mortgage-Backed Securities – 30.6%
$	4,300,000	A10 Securitization LLC, Series 2013-1, Class A, 2.400%, 11/15/2025, 144A	$	4,279,412
	189,000	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-6, Class A4, 5.358%, 9/10/2047(b)		202,270
	1,502,000	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2007-5, Class A4, 5.492%, 2/10/2051		1,645,540
	1,090,000	Bear Stearns Commercial Mortgage Securities, Series 2007-PW15, Class A4, 5.331%, 2/11/2044		1,194,976
	3,385,000	CGBAM Commercial Mortgage Trust, Series 2013-BREH, Class A2, 1.282%, 5/15/2030, 144A(b)		3,383,233
	4,170,000	Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A4, 5.322%, 12/11/2049		4,609,710
	4,612,979	COBALT CMBS Commercial Mortgage Trust, Series 2007-C2, Class A3, 5.484%, 4/15/2047		5,132,410
	250,000	Commercial Mortgage Pass Through Certificates, Series 2006-C7, Class A4, 5.947%, 6/10/2046(b)		273,587
	1,325,000	Commercial Mortgage Pass Through Certificates, Series 2012-CR2, Class A4, 3.147%, 8/15/2045		1,289,457
	1,585,000	Commercial Mortgage Pass Through Certificates, Series 2013-CR10, Class A4, 4.210%, 8/10/2046		1,650,961
	2,830,425	Credit Suisse Mortgage Capital Certificates, Series 2006-C3, Class A3, 5.993%, 6/15/2038(b)		3,096,723
	5,250,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C2, Class A3, 5.542%, 1/15/2049		5,816,233
	5,761,039	Credit Suisse Mortgage Capital Certificates, Series 2007-C3, Class A4, 5.872%, 6/15/2039(b)		6,338,514
	5,000,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C4, Class A4, 5.953%, 9/15/2039(b)		5,560,235
	11,163,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.695%, 9/15/2040		12,466,950
	4,108,000	Credit Suisse Mortgage Capital Certificates, Series 2008-C1, Class A3, 6.252%, 2/15/2041(b)		4,653,653
	3,400,000	Extended Stay America Trust, Series 2013-ESH7, Class D7, 5.521%, 12/05/2031, 144A(b)		3,403,138
	13,700,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049(c)		15,387,826

See accompanying notes to financial statements.

21 |

PORTFOLIO OF INVESTMENTS – as of September 30, 2013

Loomis Sayles Securitized Asset Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Commercial Mortgage-Backed Securities – continued
$	8,745,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/2039	$	9,675,993
	116,002	GS Mortgage Securities Corp. II, Series 2004-GG2, Class A6, 5.396%, 8/10/2038		118,267
	140,131	GS Mortgage Securities Corp. II, Series 2006-GG6, Class A2, 5.506%, 4/10/2038		142,350
	12,500,000	GS Mortgage Securities Corp. II, Series 2007-GG10, Class A4, 5.993%, 8/10/2045(b)(c)		13,865,062
	5,200,000	GS Mortgage Securities Corp. II, Series 2013-KING, Class C, 3.550%, 12/10/2027, 144A(b)		5,131,038
	10,115,000	GS Mortgage Securities Corp. II, Series 2013-KYO, Class A, 1.032%, 11/08/2029, 144A(b)		10,021,679
	7,980,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2006-CB15, Class A4, 5.814%, 6/12/2043		8,720,329
	3,200,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-CB18, Class A4, 5.440%, 6/12/2047		3,535,104
	1,200,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LDPX, Class A3, 5.420%, 1/15/2049		1,326,223
	3,090,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2012-LC9, Class A5, 2.840%, 12/15/2047		2,904,337
	4,700,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-5, Class A4, 5.378%, 8/12/2048		5,153,809
	7,525,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-6, Class A4, 5.485%, 3/12/2051		8,313,342
	6,730,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-9, Class A4, 5.700%, 9/12/2049		7,532,229
	8,627	Morgan Stanley Capital I, Series 2006-T23, Class A2, 5.918%, 8/12/2041(b)		8,617
	7,282,738	Morgan Stanley Capital I, Series 2007-HQ12, Class A5, 5.760%, 4/12/2049(b)		7,880,491
	7,216,000	Morgan Stanley Capital I, Series 2007-HQ13, Class A3, 5.569%, 12/15/2044		7,799,262
	9,130,000	Morgan Stanley Capital I, Series 2007-IQ14, Class A4, 5.692%, 4/15/2049		10,143,686

		Commercial Mortgage-Backed Securities – continued
$	7,381,000	Morgan Stanley Capital I, Series 2007-IQ15, Class A4, 6.107%, 6/11/2049(b)	$	8,268,167
	14,000,000	Motel 6 Trust, Series 2012-MTL6, Class B, 2.743%, 10/05/2025, 144A		13,861,834
	3,475,000	RBS Commercial Funding Inc. Trust, Series 2013-SMV, Class C, 3.704%, 3/11/2031, 144A(b)		3,242,324
	2,420,000	Wachovia Bank Commercial Mortgage Trust, Series 2007-C30, Class A5, 5.342%, 12/15/2043		2,677,338

				210,706,309

		Hybrid ARMs – 4.7%
	2,491,369	FHLMC, 2.211%, 5/01/2037(b)(c)		2,638,604
	3,587,027	FHLMC, 2.352%, 6/01/2035(b)(c)		3,798,032
	157,694	FHLMC, 2.394%, 1/01/2035(b)(c)		167,303
	1,651,669	FHLMC, 2.412%, 4/01/2035(b)(c)		1,763,124
	2,685,308	FHLMC, 2.476%, 11/01/2036(b)(c)		2,860,245
	2,425,764	FHLMC, 3.065%, 2/01/2037(b)(c)		2,580,623
	644,733	FHLMC, 4.693%, 1/01/2036(b)(c)		691,110
	636,893	FHLMC, 5.926%, 11/01/2036(b)(c)		683,035
	780,901	FNMA, 1.909%, 2/01/2037(b)(c)		827,605
	1,671,154	FNMA, 2.306%, 9/01/2034(b)(c)		1,775,417
	799,062	FNMA, 2.693%, 9/01/2036(b)(c)		852,028
	3,508,017	FNMA, 4.342%, 8/01/2038(b)(c)		3,753,131
	450,195	FNMA, 5.372%, 10/01/2035(b)(c)		485,537
	9,031,854	FNMA, 5.754%, 9/01/2037(b)(c)		9,673,431

				32,549,225

		Mortgage Related – 36.1%
	197,078	FHLMC, 5.000%, 9/01/2035(c)		212,465
	20,000,000	FHLMC (TBA), 3.500%, 11/01/2043(e)		20,234,375
	1,183,842	FNMA, 5.500%, 8/01/2034(c)		1,308,504
	16,879	FNMA, 6.000%, 10/01/2034(c)		18,658
	4,852	FNMA, 7.000%, 12/01/2037(c)		5,319
	35,500,000	FNMA (TBA), 2.500%, 10/01/2028(e)		35,699,688
	34,000,000	FNMA (TBA), 3.500%, 11/01/2043(e)		34,499,377
	13,000,000	FNMA (TBA), 4.000%, 11/01/2043(e)		13,591,093

See accompanying notes to financial statements.

| 22

PORTFOLIO OF INVESTMENTS – as of September 30, 2013

Loomis Sayles Securitized Asset Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Mortgage Related – continued
$	45,700,000	FNMA (TBA), 4.500%, 11/01/2043(e)	$	48,670,502
	629,894	GNMA, 1.930%, 7/20/2060(b)		653,766
	489,739	GNMA, 1.949%, 9/20/2060(b)		509,693
	2,640,920	GNMA, 1.963%, 2/20/2061(b)		2,744,214
	3,959,361	GNMA, 2.207%, 2/20/2063(b)		4,179,351
	1,942,179	GNMA, 4.479%, 2/20/2062		2,089,944
	3,537,660	GNMA, 4.521%, 12/20/2061		3,875,684
	1,034,749	GNMA, 4.524%, 7/20/2062		1,137,930
	509,493	GNMA, 4.570%, 10/20/2061		558,031
	4,601,949	GNMA, 4.577%, 6/20/2063		5,104,495
	512,044	GNMA, 4.578%, 11/20/2061		560,876
	1,038,114	GNMA, 4.600%, 10/20/2061		1,137,676
	993,726	GNMA, 4.626%, 6/20/2062		1,095,937
	11,901,137	GNMA, 4.659%, 2/20/2062(c)		13,106,960
	12,852,236	GNMA, 4.670%, 12/20/2061(c)		14,138,527
	721,175	GNMA, 4.684%, 1/20/2062		793,637
	2,524,261	GNMA, 4.700%, with various maturities in 2061(f)		2,775,149
	3,047,798	GNMA, 4.720%, 6/20/2061		3,345,034
	4,160,746	GNMA, 4.767%, 7/20/2063		4,590,135
	1,007,296	GNMA, 4.798%, 5/20/2061		1,107,699
	1,503,369	GNMA, 4.808%, 8/20/2062		1,658,897
	4,989,634	GNMA, 4.810%, 5/20/2061		5,484,861
	1,020,483	GNMA, 4.951%, 1/20/2062		1,127,577
	769,510	GNMA, 5.500%, with various maturities in 2059(f)		830,070
	3,335,192	GNMA, 6.514%, 5/20/2061		3,623,360
	18,000,000	GNMA (TBA), 3.500%, 10/01/2043(e)		18,568,127

				249,037,611


		Total Bonds and Notes
		(Identified Cost $826,962,461)		845,963,371


	Short-Term Investments – 0.9%
$	5,691,830	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2013 at 0.000% to be repurchased at $5,691,830 on 10/01/2013 collateralized by $5,895,000 U.S. Treasury Note, 0.625% due 8/31/2017 valued at $5,806,575 including accrued interest (Note 2 of Notes to Financial Statements)	$	5,691,830
	450,000	U.S. Treasury Bill, 0.000%, 12/12/2013(g)(h)		449,989


		Total Short-Term Investments
		(Identified Cost $6,141,831)		6,141,819


		Total Investments – 123.6%
		(Identified Cost $833,104,292)(a)		852,105,190
		Other assets less liabilities—(23.6)%		(162,909,214	)


		Net Assets – 100.0%	$	689,195,976


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information:
		At September 30, 2013, the net unrealized appreciation on investments based on a cost of $833,104,292 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	$	31,222,652
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(12,221,754	)

		Net unrealized appreciation	$	19,000,898

	(b)	Variable rate security. Rate as of September 30, 2013 is disclosed.
	(c)	All or a portion of this security has been designated to cover the Fund’s obligations under open futures contracts or TBA transactions.
	(d)	Security represents right to receive monthly interest payments on an underlying pool of mortgages. Principal shown is the outstanding par amount of the pool held as of the end of the period.
	(e)	Delayed delivery. See Note 2 of Notes to Financial Statements.
	(f)	The Fund’s investment in mortgage related securities of Government National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(g)	Security has been pledged as initial margin for open futures contracts.
	(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 September 30, 2013, the value of Rule 144A holdings amounted to $139,405,249 or 20.2% 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

See accompanying notes to financial statements.

23 |

PORTFOLIO OF INVESTMENTS – as of September 30, 2013

Loomis Sayles Securitized Asset Fund – continued

At September 30, 2013, open long futures contracts were as follows:


Financial Futures	Expiration Date		Contracts		Notional Value		Unrealized Appreciation (Depreciation)
30 Year U.S. Treasury Bond		12/19/2013		115	$	15,338,125	$	365,883

At September 30, 2013, open short futures contracts were as follows:


Financial Futures	Expiration Date		Contracts		Notional Value		Unrealized Appreciation (Depreciation)
5 Year U.S. Treasury Note		12/31/2013		359	$	43,455,828	$	(446,602	)

Industry Summary at September 30, 2013 (Unaudited)


Mortgage Related	36.1	%
Commercial Mortgage-Backed Securities	30.6
Collateralized Mortgage Obligations	26.9
ABS Car Loan	8.9
ABS Other	6.2
Hybrid ARMs	4.7
ABS Credit Card	3.2
ABS Home Equity	3.1
ABS Student Loan	3.0
Short-Term Investments	0.9

Total Investments	123.6
Other assets less liabilities (including open futures contracts)	(23.6	)

Net Assets	100.0	%

See accompanying notes to financial statements.

| 24

Statements of Assets and Liabilities

September 30, 2013


	High Income Opportunities Fund			Securitized Asset Fund
ASSETS
Investments at cost	$	74,560,601		$	833,104,292
Net unrealized appreciation		2,837,692			19,000,898

Investments at value		77,398,293			852,105,190
Cash		—			445,000
Receivable for Fund shares sold		17,741			577,933
Receivable for securities sold		407,782			—
Receivable for delayed delivery securities sold (Note 2)		—			117,486,940
Dividends and interest receivable		1,089,374			3,016,078

TOTAL ASSETS		78,913,190			973,631,141


LIABILITIES
Payable for securities purchased		796,187			—
Payable for delayed delivery securities purchased (Note 2)		—			284,118,697
Payable for Fund shares redeemed		15,062			281,792
Payable for variation margin on futures contracts (Note 2)		—			32,426
Payable to Adviser		—			2,250

TOTAL LIABILITIES		811,249			284,435,165

NET ASSETS	$	78,101,941		$	689,195,976

NET ASSETS CONSIST OF:
Paid-in capital	$	78,304,472		$	676,783,936
Undistributed net investment income		191,413			3,308,083
Accumulated net realized loss on investments, futures contracts and foreign currency transactions		(3,231,633	)		(9,816,222	)
Net unrealized appreciation on investments, futures contracts and foreign currency translations		2,837,689			18,920,179

NET ASSETS	$	78,101,941		$	689,195,976


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Institutional Class:
Net assets	$	78,101,941		$	689,195,976

Shares of beneficial interest		7,413,891			64,205,328

Net asset value, offering and redemption price per share	$	10.53		$	10.73

See accompanying notes to financial statements.

25 |

Statements of Operations

For the Year Ended September 30, 2013


	High Income Opportunities Fund			Securitized Asset Fund
INVESTMENT INCOME
Interest	$	4,149,586		$	25,424,533
Dividends		257,969			—

Investment income		4,407,555			25,424,533


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		2,075,044			2,899,006
Futures contracts		—			1,207,792
Foreign currency transactions		(20	)		—
Net change in unrealized appreciation (depreciation) on:
Investments		(290,902	)		(24,309,372	)
Futures contracts		—			262,199
Foreign currency translations		(3	)		—

Net realized and unrealized gain (loss) on investments, futures contracts and foreign currency transactions		1,784,119			(19,940,375	)


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	6,191,674		$	5,484,158

See accompanying notes to financial statements.

| 26

Statements of Changes in Net Assets


	High Income Opportunities Fund						Securitized Asset Fund
	Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2013			Year Ended September 30, 2012
FROM OPERATIONS:
Investment income	$	4,407,555		$	4,964,274		$	25,424,533		$	28,129,785
Net realized gain (loss) on investments, futures contracts and foreign currency transactions		2,075,024			(157,113	)		4,106,798			12,780,827
Net change in unrealized appreciation (depreciation) on investments, futures contracts and foreign currency translations		(290,905	)		7,170,857			(24,047,173	)		21,227,885

Net increase in net assets resulting from operations		6,191,674			11,978,018			5,484,158			62,138,497

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Institutional Class		(4,807,228	)		(5,062,788	)		(38,965,752	)		(33,568,784	)
Net realized capital gains
Institutional Class		—			—			(7,645,092	)		(12,292,325	)

Total distributions		(4,807,228	)		(5,062,788	)		(46,610,844	)		(45,861,109	)

NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 10)		2,596,602			5,560,615			16,956,644			11,396,464

Net increase (decrease) in net assets		3,981,048			12,475,845			(24,170,042	)		27,673,852
NET ASSETS
Beginning of the year		74,120,893			61,645,048			713,366,018			685,692,166

End of the year	$	78,101,941		$	74,120,893		$	689,195,976		$	713,366,018

UNDISTRIBUTED NET INVESTMENT INCOME	$	191,413		$	373,293		$	3,308,083		$	3,379,521

See accompanying notes to financial statements.

27 |

THIS PAGE INTENTIONALLY LEFT BLANK

| 28

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
HIGH INCOME OPPORTUNITIES FUND

Institutional Class
9/30/2013	$	10.35	$	0.67	$	0.25		$	0.92	$	(0.74	)	$	—		$	(0.74	)
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	)

SECURITIZED ASSET FUND

Institutional Class
9/30/2013	$	11.39	$	0.41	$	(0.33	)	$	0.08	$	(0.62	)	$	(0.12	)	$	(0.74	)
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	)

(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.

See accompanying notes to financial statements.

29 |


						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)		Net investment income (%)(d)		Portfolio turnover rate (%)



$	10.53		9.19	$	78,102		—		—		6.33		41
	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




$	10.73		0.75	$	689,196		—		—		3.67		244
	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

See accompanying notes to financial statements.

| 30

Notes to Financial Statements

September 30, 2013

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

a. Valuation. 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 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 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.

31 |

Notes to Financial Statements – continued

September 30, 2013

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

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

No forward foreign currency contracts were held by the Funds during the year ended September 30, 2013.

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. 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 September 30, 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 twelve months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

| 32

Notes to Financial Statements – continued

September 30, 2013

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

g. Dividends and Distributions to Shareholders. Dividends and distributions are recorded 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, contingent payment debt instruments, foreign currency gains and losses, return of capital distributions received, taxable overdistribution 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 bonds, premium amortization, return of capital distributions received, 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 years ended September 30, 2013 and 2012 were as follows:


	2013 Distributions Paid From:						2012 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total		Ordinary Income		Long-Term Capital Gains		Total
High Income Opportunities Fund	$	4,807,228	$	—	$	4,807,228	$	5,062,788	$	—	$	5,062,788
Securitized Asset Fund		39,095,960		7,514,884		46,610,844		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, 2013, the components of distributable earnings on a tax basis were as follows:


	High Income Opportunities Fund			Securitized Asset Fund
Undistributed ordinary income	$	583,714		$	3,308,083
Undistributed long-term capital gains		—			—

Total undistributed earnings		583,714			3,308,083
Capital loss carryforward:
Expires September 30, 2018		(3,066,782	)		—
Post-October capital loss deferrals*		—			(9,896,941	)
Unrealized appreciation		2,364,670			19,000,898

Total accumulated earnings (losses)	$	(118,398	)	$	12,412,040

Capital loss carryforward utilized in the current year	$	1,315,812		$	—

* 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.

h. 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.

i. 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.

33 |

Notes to Financial Statements – continued

September 30, 2013

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

For the year ended September 30, 2013, neither Fund had loaned securities under this agreement.

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

l. 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 has evaluated the impact of the adoption of ASU 2011-11 and will incorporate the new disclosures required in the March 31, 2014 report.

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;

•

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 under the general supervision of the Board of Trustees. Fair valued securities may be categorized in Level 3.

| 34

Notes to Financial Statements – continued

September 30, 2013

The following is a summary of the inputs used to value the Funds’ investments as of September 30, 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	$	—	$	—	$	1,567,904	(b)	$	1,567,904
Retailers		—		1,769,000		307,438	(c)		2,076,438
Transportation Services		—		173,012		466,925	(c)		639,937
All Other Non-Convertible Bonds(a)		—		53,366,530		—			53,366,530

Total Non-Convertible Bonds		—		55,308,542		2,342,267			57,650,809

Convertible Bonds
Wirelines		—		1,230,742		49,851	(c)		1,280,593
All Other Convertible Bonds(a)		—		8,972,913		—			8,972,913

Total Convertible Bonds		—		10,203,655		49,851			10,253,506

Total Bonds and Notes		—		65,512,197		2,392,118			67,904,315

Preferred Stocks(a)		4,416,783		—		—			4,416,783
Common Stocks(a)		716,287		—		—			716,287
Warrants(d)		—		—		—			—
Short-Term Investments		—		4,360,908		—			4,360,908

Total	$	5,133,070	$	69,873,105	$	2,392,118		$	77,398,293

(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.

(d) Fair valued at zero using broker-dealer bid prices.

A preferred stock valued at $751,181 was transferred from Level 2 to Level 1 during the period ended September 30, 2013. At September 30, 2013, this security was valued at the last sale price in accordance with the Fund’s valuation policies.

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

The significant unobservable inputs used for those securities fair valued by the investment adviser and categorized in Level 3 as of September 30, 2013, were as follows:


Description	Valuation Technique(s)	Unobservable Input	Unobservable Input Value(s)	Value
Bonds and Notes
Non-Convertible Bonds
Retailers	Option Adjusted Spread Model	Option Adjusted Spread¹	484.40	$	307,438
Transportation Services	Discounted Cash Flows	Discount Rate²	7.24% - 11.25%		466,925
Convertible Bonds
Wirelines	Market Conversion Price	Parity Discount Rate³	10%		49,851

Total				$	824,214

¹Security is valued using an option adjusted spread model. The significant unobservable input used in the fair value measurement is the option adjusted spread, which is based on a market comparable company. A significant change in the option adjusted spread could have a material effect on the fair value measurement. There is an inverse relationship between the option adjusted spread and the fair value measurement, meaning a significant increase in the option adjusted spread would result in a lower fair value measurement, and vice versa.

²Securities are valued using a discounted cash flow model. The significant unobservable input used in the fair value measurement is the discount rate, which is based on the investment adviser’s assumptions about the prepayment rate, credit quality, and liquidity, among other considerations. A significant change in the discount rate could have a material effect on the fair value measurement. There is an inverse relationship between the discount rate and the fair value measurement, meaning a significant increase in the discount rate would result in a lower fair value measurement, and vice versa.

³ Security is valued at parity value, discounted to reflect the small size and complexity of the issue. The significant unobservable input used in the fair value measurement is the discount rate. A significant change in the discount rate could have a material effect on the fair value measurement. There is an inverse relationship between the discount rate and the fair value measurement, meaning a significant increase in the discount rate would result in a lower fair value measurement, and vice versa.

35 |

Notes to Financial Statements – continued

September 30, 2013

Securitized Asset Fund

Asset Valuation Inputs


Description	Level 1			Level 2		Level 3			Total
Bonds and Notes
ABS Car Loan	$	—		$	56,707,954	$	4,488,465	(b)	$	61,196,419
ABS Other		—			33,184,793		9,692,953	(b)		42,877,746
Collateralized Mortgage Obligations		—			185,045,472		105,086	(b)		185,150,558
All Other Bonds and Notes(a)		—			556,738,648		—			556,738,648

Total Bonds and Notes		—			831,676,867		14,286,504			845,963,371

Short-Term Investments		—			6,141,819		—			6,141,819

Total Investments		—			837,818,686		14,286,504			852,105,190

Futures Contracts (unrealized appreciation)		365,883			—		—			365,883

Total	$	365,883		$	837,818,686	$	14,286,504		$	852,471,073

Liability Valuation Inputs
Description	Level 1			Level 2		Level 3			Total
Futures Contracts (unrealized depreciation)	$	(446,602	)	$	—	$	—		$	(446,602	)

(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.

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 September 30, 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		Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of September 30, 2013		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at September 30, 2013
Bonds and Notes
Non-Convertible Bonds
Airlines	$	—	$	320	$	7,383		$	(13,756	)	$	110,000	$	(125,450	)	$	1,589,407	$	—		$	1,567,904	$	(13,756	)
Retailers		—		1,005		—			(2,967	)		—		—			309,400		—			307,438		(2,967	)
Transportation Services		157,712		—		350			149,799			—		(2,545	)		319,321		(157,712	)		466,925		149,799
Convertible Bonds
Wirelines		—		—		(9	)		(17,877	)		135,474		(67,737	)		—		—			49,851		(17,877	)

Total	$	157,712	$	1,325	$	7,724		$	115,199		$	245,474	$	(195,732	)	$	2,218,128	$	(157,712	)	$	2,392,118	$	115,199

Debt securities valued at $2,218,128 were transferred from Level 2 to Level 3 during the period ended September 30, 2013. At September 30, 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 $157,712 was transferred from Level 3 to Level 2 during the period ended September 30, 2013. At September 30, 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.

| 36

Notes to Financial Statements – continued

September 30, 2013

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		Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of September 30, 2013		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at September 30, 2013
Investments in Securities	Balance as of September 30, 2012		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases		Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of September 30, 2013		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at September 30, 2013
Bonds and Notes
ABS Car Loan	$	2,076,141	$	730	$	23,014		$	(34,627	)	$	3,394,820	$	(2,066,355	)	$	3,170,883	$	(2,076,141	)	$	4,488,465	$	(34,627	)
ABS Other		1,985,539		—		10,027			(164,538	)		6,789,520		(3,394,519	)		4,466,924		—			9,692,953		(122,034	)
Collateralized Mortgage Obligations		128,960		—		(27,816	)		3,942			—		—			—		—			105,086		3,942
Mortgage Related		2,957,232		—		—			—			—		—			—		(2,957,232	)		—		—

Total	$	7,147,872	$	730	$	5,225		$	(195,223	)	$	10,184,340	$	(5,460,874	)	$	7,637,807	$	(5,033,373	)	$	14,286,504	$	(152,719	)

Debt securities valued at $7,637,807 were transferred from Level 2 to Level 3 during the period ended September 30, 2013. At September 30, 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 $5,033,373 were transferred from Level 3 to Level 2 during the period ended September 30, 2013. At September 30, 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 year ended September 30, 2013, Securitized Asset Fund used futures contracts for hedging purposes and to manage duration.

The following is a summary of derivative instruments for Securitized Asset Fund as of September 30, 2013:


Assets	Unrealized appreciation on futures contracts¹
Exchange traded/cleared asset derivatives
Interest rate contracts	$	365,883


Liabilities	Unrealized depreciation on futures contracts¹
Exchange traded/cleared liability derivatives
Interest rate contracts	$	(446,602	)

¹ 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.

37 |

Notes to Financial Statements – continued

September 30, 2013

Transactions in derivative instruments for Securitized Asset Fund during the year ended September 30, 2013 were as follows:


Net Realized Gain (Loss) on:	Futures contracts
Interest rate contracts	$	1,207,792


Net Change in Unrealized Appreciation (Depreciation) on:	Futures contracts
Interest rate contracts	$	262,199

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. Cash or securities held at or pledged to counterparties for initial/variation margin or as collateral may be subject to bankruptcy court proceedings. Based on balances on Securitized Asset Fund’s Statement of Assets and Liabilities, the maximum amount of loss that the Fund would incur if counterparties failed to meet their obligations, including securities held at or pledged to counterparties for initial/variation margin that could be subject to the terms of a final settlement in a bankruptcy court proceeding, is $449,989.

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 year ended September 30, 2013:


Securitized Asset Fund	Futures
Average Notional Amount Outstanding		11.49%
Highest Notional Amount Outstanding		16.30%
Lowest Notional Amount Outstanding		6.31%
Notional Amount Outstanding as of September 30, 2013		8.53%

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 year ended September 30, 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	$	—	$	—	$	28,711,748	$	26,931,442
Securitized Asset Fund		1,902,452,875		1,881,040,349		163,867,405		142,315,122

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 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 and all other expenses incurred.

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.

| 38

Notes to Financial Statements – continued

September 30, 2013

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 the 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 the 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.

For the year ended September 30, 2013, neither Fund had borrowings under these agreements.

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

39 |

Notes to Financial Statements – continued

September 30, 2013

9. Concentration of Ownership. From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of September 30, 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	2	27.02%

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


	High Income Opportunities Fund

	Year Ended September 30, 2013						Year Ended September 30, 2012

Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		10,165,277		$	106,655,833			866,189		$	8,480,236
Issued in connection with the reinvestment of distributions		345,087			3,645,230			407,184			3,970,708
Redeemed		(10,254,790	)		(107,704,461	)		(698,203	)		(6,890,329	)

Increase (decrease) from capital share transactions		255,574		$	2,596,602			575,170		$	5,560,615


	Securitized Asset Fund

	Year Ended September 30, 2013						Year Ended September 30, 2012

Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		81,969,317		$	881,734,214			14,109,417		$	157,298,896
Issued in connection with the reinvestment of distributions		296,422			3,269,705			172,100			1,906,300
Redeemed		(80,674,680	)		(868,047,275	)		(13,263,927	)		(147,808,732	)

Increase (decrease) from capital share transactions		1,591,059		$	16,956,644			1,017,590		$	11,396,464

| 40

Report of Independent Registered Public Accounting Firm

To the Trustees of Loomis Sayles Funds I and Shareholders of Loomis Sayles High Income Opportunities Fund and Loomis Sayles Securitized Asset Fund:

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Loomis Sayles High Income Opportunities Fund and Loomis Sayles Securitized Asset Fund, each a series of Loomis Sayles Funds I (collectively, the “Funds”), at September 30, 2013, and the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at September 30, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

November 21, 2013

41 |

2013 U.S. Tax Distribution Information to Shareholders (Unaudited)

Corporate Dividends Received Deduction. For the fiscal year ended September 30, 2013, a percentage of dividends distributed by the Fund listed below qualify for the dividends received deduction for corporate shareholders. These percentages are as follows:


Fund		Qualifying Percentage
High Income Opportunities		3.89%

Capital Gains Distributions. Pursuant to Internal Revenue Section 852(b), the following Fund paid distributions, which have been designated as capital gains distributions for the fiscal year ended September 30, 2013, unless subsequently determined to be different.


Fund	Amount
Securitized Asset	$	7,514,884

Qualified Dividend Income. For the fiscal year ended September 30, 2013, the Fund below will designate up to the maximum amount allowable pursuant to the Internal Revenue Code as qualified dividend income eligible for reduced tax rates. These lower rates range from 0% to 20% depending on an individual’s tax bracket. If the Fund pays a distribution during calendar year 2013, complete information will be reported in conjunction with Form 1099-DIV.

Fund

High Income Opportunities

| 42

Trustee and Officer Information


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

Independent Trustees
Charles D. Baker (1956)	Trustee From 2005 to 2009 and since 2011 Contract Review and Governance Committee Member	Executive in Residence at General Catalyst Partners (venture capital and growth equity firm); formerly, President and Chief Executive Officer, Harvard Pilgrim Health Care (health care organization)	42 Director, Athenahealth, Inc. (software company)	Significant experience on the Board; executive experience (including president and chief executive officer of a health care organization and executive officer of a venture capital and growth equity firm)

Daniel M. Cain (1945)	Trustee Since 2003 Chairman of the Contract Review and Governance Committee	Chairman (formerly, President and Chief Executive Officer) of Cain Brothers & Company, Incorporated (investment banking)	42 Director, Sheridan Healthcare Inc. (physician practice management)	Significant experience on the Board and on the board of other business organizations (including at a health care organization); experience in the financial industry (including roles as chairman and former chief executive officer of an investment banking firm)

Kenneth A. Drucker (1945)	Trustee Since 2008 Chairman of the Audit Committee	Retired	42 Formerly, Director, M Fund, Inc. (investment company); Director, Gateway Trust (investment company)	Significant experience on the Board and on the board of other business organizations (including at investment companies); executive experience (including as treasurer of an aerospace, automotive, and metal manufacturing corporation)

Edmond J. English (1953)	Trustee Since 2013 Contract Review and Governance Committee Member	Chief Executive Officer of Bob’s Discount Furniture (retail)	42 Formerly, Director, BJ’s Wholesale Club (retail); formerly, Director, Citizens Financial Group (bank)	Significant experience on the board of other business organizations (including at a retail company and a bank); executive experience (including at a retail company)

43 |


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

Wendell J. Knox (1948)	Trustee Since 2009 Audit Committee Member	Director (formerly, President and Chief Executive Officer) of Abt Associates Inc. (research and consulting)	42 Director, Eastern Bank (bank); Director, The Hanover Insurance Group (property and casualty insurance)	Significant experience on the Board and on the board of other business organizations (including at a bank and at a property and casualty insurance firm); executive experience (including roles as president and chief executive officer of a research and consulting company)

Martin T. Meehan (1956)	Trustee Since 2012 Contract Review and Governance Committee Member	Chancellor and faculty member, University of Massachusetts Lowell	42 None	Experience on the Board and on the board of other business organizations; experience as Chancellor of the University of Massachusetts Lowell; government experience (including as a member of the U.S. House of Representatives); academic experience

Sandra O. Moose (1942)	Chairperson of the Board of Trustees since November 2005 Trustee Since 2003 Ex officio member of the Audit Committee and Contract Review and Governance Committee	President, Strategic Advisory Services (management consulting)	42 Director, Verizon Communications (telecommunications company); Director, AES Corporation (international power company); formerly, Director, Rohm and Haas Company (specialty chemicals)	Significant experience on the Board and on the board of other business organizations (including at a telecommunications company, an international power company and a specialty chemicals corporation); executive experience (including at a management consulting company)

Erik R. Sirri (1958)	Trustee Since 2009 Audit Committee Member	Professor of Finance at Babson College; formerly, Director of the Division of Trading and Markets at the Securities and Exchange Commission	42 None	Significant experience on the Board; experience as Director of the Division of Trading and Markets at the Securities and Exchange Commission; academic experience; training as an economist

Peter J. Smail (1952)	Trustee Since 2009 Contract Review and Governance Committee Member	Retired; formerly, President and Chief Executive Officer of Pyramis Global Advisors (investment management)	42 None	Significant experience on the Board; mutual fund industry and executive experience (including roles as president and chief executive officer for an investment adviser)

| 44


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

Cynthia L. Walker (1956)	Trustee Since 2005 Audit Committee Member	Deputy Dean for Finance and Administration, Yale University School of Medicine; formerly, Executive Dean for Administration, Harvard Medical School	42 None	Significant experience on the Board; executive experience in a variety of academic organizations (including roles as dean for finance and administration)

Interested Trustees
Robert J. Blanding³ (1947) 555 California Street San Francisco, CA 94104	Trustee Since 2002 President and Chief Executive Officer since 2002	President, Chairman, Director and Chief Executive Officer, Loomis, Sayles & Company, L.P.	42 None	Significant experience on the Board; continuing service as President, Chairman, and Chief Executive Officer of Loomis, Sayles & Company, L.P.

David L. Giunta⁴ (1965)	Trustee Since 2011 Executive Vice President since 2008	President and Chief Executive Officer, NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.	42 None	Experience on the Board; continuing experience as President and Chief Executive Officer of NGAM Advisors, L.P.

John T. Hailer⁵ (1960)	Trustee Since 2003	President and Chief Executive Officer — U.S. and Asia, Natixis Global Asset Management, L.P.	42 None	Significant experience on the Board; continuing experience as President and Chief Executive Officer — U.S. and Asia, Natixis Global Asset Management, L.P.

³	Mr. Blanding is deemed an “interested person” of the Trust because he holds the following positions with an affiliated person of the Trust: President, Chairman, Director and Chief Executive Officer of Loomis, Sayles & Company, L.P. and Director of Loomis Sayles Investment Asia Pte., Ltd.

⁴	Mr. Giunta is deemed an “interested person” of the Trust because he holds the following positions with an affiliated person of the Trust: President and Chief Executive Officer of NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.

⁵	Mr. Hailer is deemed an “interested person” of the Trust because he holds the following positions with an affiliated person of the Trust: President and Chief Executive Officer — U.S. and Asia, Natixis Global Asset Management, L.P.

45 |


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

Officers of the Trust

Coleen Downs Dinneen (1960)	Secretary, Clerk and Chief Legal Officer	Since September 2004	Executive Vice President, General Counsel, Secretary and Clerk, NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.

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

Russell L. Kane (1969)	Chief Compliance Officer, Assistant Secretary and Anti-Money Laundering Officer	Chief Compliance Officer since May 2006; Assistant Secretary since June 2004; and Anti-Money Laundering Officer since April 2007	Chief Compliance Officer for Mutual Funds, Senior Vice President, Deputy General Counsel, Assistant Secretary and Assistant Clerk, NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.

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

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

| 46

LOGO

Loomis Sayles Bond Fund

Annual Report

September 30, 2013



TABLE OF CONTENTS
Portfolio Review			1
Portfolio of Investments			10
Financial Statements			36
Notes to Financial Statements			41

LOOMIS SAYLES BOND FUND


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

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 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).

Market Conditions

Following an event-driven fourth quarter in 2012, investor optimism surged in early 2013 following a last-minute deal that prevented the U.S. from plummeting over the “fiscal cliff” of scheduled tax increases and spending cuts. The credit markets struggled for much of the second quarter of 2013, as speculation concerning the potential winding down of the Federal Reserve’s (the Fed’s) asset purchase program prompted fears that interest rates would rise sooner rather than later. These fears receded in September, when the Fed surprised the markets by delaying tapering its monthly asset purchasing program.

Macroeconomic indicators, led by domestic housing market data, were positive during the period, underscoring the potential for a strengthening U.S. recovery. Pressure on European sovereign bonds wavered as instability in Italy, in the wake of a contentious parliamentary election, was quickly followed by the early-2013 banking crisis in Cyprus. These contentions faded over the course of the summer, and the euro zone emerged from recession.

Performance Results

For the 12 months ended September 30, 2013, Institutional Class shares of Loomis Sayles Bond Fund returned 6.51%. The fund outperformed its benchmark, the Barclays U.S. Government/Credit Bond Index, which returned -1.96%.

Explanation of Fund Performance

Investment-grade corporate holdings and out-of-benchmark allocations, including positions in high-yield bonds, convertible securities, equities and specific non-U.S.-dollar-denominated credits, generally accounted for the majority of the fund’s strong gains relative to its benchmark.

Strong performance from individual convertible securities led to a positive return for the sector. Significant stock market gains during much of the 12-month period also buoyed

1 |

equity-sensitive issues. Investment-grade and high-yield corporate securities generated positive absolute and relative returns, as resurgent investor optimism and high levels of new issuance bolstered both segments of the credit market at various points during the period. High-beta (higher risk/reward potential) industrial names generally led the way within the high-yield and investment-grade segments, while financial issues also aided results. In addition, allocations to common stock bolstered return, as the equity markets generally trended upward for much of the period. Meanwhile, non-U.S.-dollar-denominated holdings benefited from intermittent bouts of optimism and contributed to fund gains. Issues denominated in the euro, Swiss franc, New Zealand dollar and British pound were the primary contributors within the allocation.

Emerging market debt rallied during the first six months of the period but sold off sharply in the latter half, as fresh concerns about China’s slowing economic growth dampened prospects for the sector. The downturn weighed heavily on the fund’s supranational holdings. In addition, a small allocation to U.S. Treasuries detracted modestly from results, as investors generally favored higher beta securities in their search for yield. Furthermore, anemic performance from individual high-yield utility holdings weighed on performance. Though the majority of the Fund’s non-U.S.-dollar-denominated issues proved accretive during the 12-month period, the Brazilian real and Indonesian rupiah struggled, causing securities denominated in those currencies to detract from return.

Outlook

Our outlook for the U.S. and global economies remains largely consistent despite political and policy uncertainty. We believe U.S. gross domestic product (GDP) growth will move toward 3.0% next year, based on acceleration in the housing sector as well as momentum in autos and energy. However, deflationary pressures remain a concern in the short run as wage growth is slow, unemployment is still high (though slowly improving), and the output gap remains decidedly negative. Due to primarily weak economic growth, we expect the Fed to maintain accommodative monetary policy and a cautious approach to rate increases. Our forecast for the 10-year U.S. Treasury yield is approximately 2.75% at year-end, moving to 3.25% a year from now.

| 2

LOOMIS SAYLES BOND FUND

Cumulative Performance — September 30, 2003 through September 30, 2013^(b)(c)

LOGO

Average Annual Total Returns — September 30, 2013^(b)



	1 year			5 years			10 years			Since Class N Inception

Institutional Class (Inception 5/16/91)		6.51	%		11.87	%		8.46	%		—	%
Retail Class (Inception 12/31/96)		6.15			11.54			8.15			—
Admin Class (Inception 1/2/98)		5.88			11.26			7.87			—
Class N (Inception 2/1/13)		—			—			—			1.45

Comparative Performance
Barclays U.S. Government/Credit Bond Index^(a)		-1.96			5.71			4.52			-1.40

NOTES TO CHARTS

^(a)

See Page 4 for a description of the index

^(b)

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

^(c)

The mountain chart is based on the initial minimum of $100,000 for the Institutional Class.

3 |

ADDITIONAL INFORMATION

Index Definitions

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.

Additional Index Information

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, 2013 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.

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.

| 4

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 April 1, 2013 through September 30, 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.

Loomis Sayles Bond Fund


Institutional Class	Beginning Account Value 4/1/2013		Ending Account Value 9/30/2013		Expenses Paid During Period* 4/1/2013 – 9/30/2013
Actual		$1,000.00		$1,010.50		$3.18
Hypothetical (5% return before expenses)		$1,000.00		$1,021.91		$3.19

Retail Class
Actual		$1,000.00		$1,008.40		$4.63
Hypothetical (5% return before expenses)		$1,000.00		$1,020.46		$4.66

Admin Class
Actual		$1,000.00		$1,007.10		$5.94
Hypothetical (5% return before expenses)		$1,000.00		$1,019.15		$5.97

Class N
Actual		$1,000.00		$1,009.30		$3.27
Hypothetical (5% return before expenses)		$1,000.00		$1,021.81		$3.29
* Expenses are equal to the Fund's annualized expense ratio (after waiver/reimbursement): 0.63%, 0.92%, 1.18% 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 (183), divided by 365 (to reflect the half-year period).

5 |

BOARD APPROVAL OF THE EXISTING ADVISORY AGREEMENT

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

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

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

| 6

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

The Board most recently approved the continuation of the Agreement at their meeting held in June 2013. The Agreement was continued for a one-year period. In considering whether to approve the continuation of the Agreement, the Board, including the Independent Trustees, did not identify any single factor as determinative. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. Matters considered by the Trustees, including the Independent Trustees, in connection with their approval of the Agreement included, but were not limited to, the factors listed below.

The nature, extent and quality of the services provided to the Fund under the Agreement. The Trustees considered the nature, extent and quality of the services provided by the Adviser and its affiliates to the Fund and the resources dedicated to the Fund by the Adviser and its affiliates, including recent or planned investments by the Adviser in additional personnel or other resources, if any.

The Trustees considered not only the advisory services provided by the Adviser to the Fund, but also the administrative services provided by NGAM Advisors, L.P. (“NGAM Advisors”) and its affiliates to the Fund.

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

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

Investment performance of the Fund and the Adviser. As noted above, the Trustees received information about the performance of the Fund over various time periods, including information that compared the performance of the Fund to the performance of a peer group and category of funds and the Fund’s performance benchmark. In addition, the Trustees also reviewed data prepared by an independent third party that analyzed the performance of the Fund using a variety of performance metrics, including metrics that also measured the performance of the Fund on a risk adjusted basis. The Board concluded that the Fund’s performance or other relevant factors supported the renewal of the Agreement.

The Trustees also considered the Adviser’s performance and reputation generally, the performance of the fund family generally, and the historical responsiveness of the Adviser

7 |

to Trustee concerns about performance and the willingness of the Adviser to take steps intended to improve performance.

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

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

The Trustees also considered the compensation directly or indirectly received by the Adviser and its affiliates from their relationships with the Fund. The Trustees reviewed information provided by management as to the profitability of the Adviser’s and its affiliates’ relationships with the Fund, and information about the allocation of expenses used to calculate profitability. They also reviewed information provided by management about the effect of distribution costs and changes in asset levels on Adviser profitability, including information regarding resources spent on distribution activities. When reviewing profitability, the Trustees also considered information about court cases in which adviser compensation or profitability were issues, the performance of the Fund, the expense levels of the Fund, whether the Adviser had implemented breakpoints and/or expense caps and the overall profit margin of the Adviser compared to other investment managers. The Trustees also noted management’s history of proposing additional advisory fee breakpoints as the Fund grew to substantially larger scale.

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

| 8

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

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

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

•

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

•

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

•

The nature, quality, cost and extent of administrative and shareholder services performed by the Adviser and its affiliates, both under the Agreement and under a separate agreement covering administrative services.

•

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

•

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

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Trustees, including the Independent Trustees, concluded that the existing Agreement should be continued through June 30, 2014.

9 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Bond Fund


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – 80.2% of Net Assets

	Non-Convertible Bonds – 70.7%

		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	$	6,368,012

		ABS Home Equity – 0.1%
	19,199,013	Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR4, Class 2A2, 2.719%, 4/25/2035(b)		19,298,560

		Aerospace & Defense – 0.5%
	1,510,000	Bombardier, Inc., 7.350%, 12/22/2026, 144A, (CAD)		1,555,987
	13,664,000	Bombardier, Inc., 7.450%, 5/01/2034, 144A		13,595,680
	5,200,000	Meccanica Holdings USA, Inc., 6.250%, 7/15/2019, 144A		5,356,000
	23,763,000	Meccanica Holdings USA, Inc., 6.250%, 1/15/2040, 144A		19,842,105
	25,480,000	Meccanica Holdings USA, Inc., 7.375%, 7/15/2039, 144A		23,433,013
	6,995,000	Textron Financial Corp., (fixed rate to 2/15/2017, variable rate thereafter), 6.000%, 2/15/2067, 144A		6,181,831
	550,000	Textron Financial Corp., Series E, MTN, 5.125%, 8/15/2014		567,844
	23,658,000	Textron, Inc., EMTN, 6.625%, 4/07/2020, (GBP)		42,505,295

				113,037,755

		Airlines – 1.8%
	22,705,000	Air Canada, 7.625%, 10/01/2019, 144A, (CAD)		22,097,726
	5,260,000	Air Canada Pass Through Trust, Series 2013-1, Class B, 5.375%, 11/15/2022, 144A		5,075,900
	22,300,000	American Airlines Pass Through Trust, Series 2013-1, Class A, 4.000%, 1/15/2027, 144A		20,906,250
	8,400,000	American Airlines Pass Through Trust, Series 2013-1, Class B, 5.625%, 1/15/2021, 144A		8,085,000
	4,945,000	Continental Airlines Pass Through Certificates, Series 2012-2, Class B, 5.500%, 4/29/2022		4,963,544
	32,200,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		32,763,500
	6,096	Continental Airlines Pass Through Trust, Series 1996-1, Class A, 6.940%, 4/15/2015(c)(d)		6,096
	917,503	Continental Airlines Pass Through Trust, Series 1997-1, Class A, 7.461%, 10/01/2016		918,604
	488,674	Continental Airlines Pass Through Trust, Series 1997-4, Class B, 6.900%, 7/02/2018		505,777
	4,362,182	Continental Airlines Pass Through Trust, Series 1999-1, Class B, 6.795%, 2/02/2020		4,531,217
	1,609,035	Continental Airlines Pass Through Trust, Series 1999-2, Class B, 7.566%, 9/15/2021		1,691,095
	2,371,765	Continental Airlines Pass Through Trust, Series 2000-1, Class A-1, 8.048%, 5/01/2022		2,691,954

See accompanying notes to financial statements.

| 10

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Airlines – continued
$	2,293,526	Continental Airlines Pass Through Trust, Series 2000-2, Class A-1, 7.707%, 10/02/2022	$	2,574,483
	2,059,170	Continental Airlines Pass Through Trust, Series 2000-2, Class B, 8.307%, 10/02/2019		2,123,519
	2,716,823	Continental Airlines Pass Through Trust, Series 2001-1, Class A-1, 6.703%, 12/15/2022		2,907,000
	1,482,263	Continental Airlines Pass Through Trust, Series 2001-1, Class B, 7.373%, 6/15/2017		1,574,904
	15,528,134	Continental Airlines Pass Through Trust, Series 2007-1, Class A, 5.983%, 10/19/2023		16,615,104
	24,960,214	Continental Airlines Pass Through Trust, Series 2007-1, Class B, 6.903%, 10/19/2023		25,551,771
	20,421,122	Continental Airlines Pass Through Trust, Series 2009-1, 9.000%, 1/08/2018		23,331,132
	25,221,484	Continental Airlines Pass Through Trust, Series 2009-2, Class A, 7.250%, 5/10/2021		28,500,277
	5,915,000	Continental Airlines Pass Through Trust, Series 2012-1, Class B, 6.250%, 10/11/2021		6,107,237
	2,481,101	Delta Air Lines Pass Through Trust, Series 2007-1, Class A, 6.821%, 2/10/2024		2,760,225
	3,517,423	Delta Air Lines Pass Through Trust, Series 2007-1, Class B, 8.021%, 2/10/2024		3,816,404
	24,396,962	Delta Air Lines Pass Through Trust, Series 2007-1, Class C, 8.954%, 8/10/2014		24,762,916
	2,832,359	Northwest Airlines, Inc., Series 2002-1, Class G2, (MBIA insured), 6.264%, 5/20/2023		2,921,295
	18,231,462	Northwest Airlines, Inc., Series 2007-1, Class B, 8.028%, 5/01/2019		18,833,100
	22,660,744	UAL Pass Through Trust, Series 2007-1, Class A, 6.636%, 1/02/2024		23,567,174
	1,137,305	UAL Pass Through Trust, Series 2009-1, 10.400%, 5/01/2018		1,274,464
	21,126,246	US Airways Pass Through Trust, Series 2010-1B, Class B, 8.500%, 10/22/2018		22,182,559
	17,397,282	US Airways Pass Through Trust, Series 2011-1A, Class A, 7.125%, 4/22/2025		19,093,517
	20,867,336	US Airways Pass Through Trust, Series 2012-1A, Class A, 5.900%, 4/01/2026		21,806,366
	10,795,212	US Airways Pass Through Trust, Series 2012-1B, Class B, 8.000%, 4/01/2021		11,766,781
	8,513,537	US Airways Pass Through Trust, Series 2012-1C, Class C, 9.125%, 10/01/2015		8,768,943
	7,450,000	US Airways Pass Through Trust, Series 2012-2A, Class A, 4.625%, 12/03/2026		7,189,250

				382,265,084

See accompanying notes to financial statements.

11 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Automotive – 1.2%
$	615,000	Chrysler Group LLC/CG Co-Issuer, Inc., 8.250%, 6/15/2021	$	688,800
	3,172,000	Cummins, Inc., 6.750%, 2/15/2027		3,695,605
	9,392,000	Ford Motor Co., 6.375%, 2/01/2029		10,243,056
	2,611,000	Ford Motor Co., 6.500%, 8/01/2018		3,008,653
	1,560,000	Ford Motor Co., 6.625%, 2/15/2028		1,686,185
	64,950,000	Ford Motor Co., 6.625%, 10/01/2028		73,291,269
	2,720,000	Ford Motor Co., 7.125%, 11/15/2025		3,168,161
	46,387,000	Ford Motor Co., 7.400%, 11/01/2046		55,507,519
	69,015,000	Ford Motor Co., 7.450%, 7/16/2031		84,225,423
	1,580,000	Ford Motor Co., 7.500%, 8/01/2026		1,905,809
	8,755,000	Goodyear Tire & Rubber Co. (The), 7.000%, 5/15/2022		9,105,200
	6,041,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		5,980,590
	3,700,000	TRW Automotive, Inc., 7.250%, 3/15/2017, 144A		4,236,500
	6,400,000	TRW Automotive, Inc., 8.875%, 12/01/2017, 144A		6,744,064

				263,486,834

		Banking – 11.5%
	6,000,000	ABN Amro Bank NV, (fixed rate to 3/10/2016, variable rate thereafter), 4.310%, (EUR)(l)		7,759,138
	100,540,000	AgriBank FCB, 9.125%, 7/15/2019, 144A		130,584,268
	50,810,000	Ally Financial, Inc., 7.500%, 9/15/2020		57,097,737
	44,981,000	Ally Financial, Inc., 8.000%, 12/31/2018		50,603,625
	40,627,000	Ally Financial, Inc., 8.000%, 11/01/2031		45,705,375
	62,225,000	Ally Financial, Inc., 8.300%, 2/12/2015		67,047,437
	33,073,000	Associates Corp. of North America, 6.950%, 11/01/2018		39,286,061
	99,300,000	Banco Santander Brasil S.A./Cayman Islands, 8.000%, 3/18/2016, 144A, (BRL)		41,444,073
	1,400,000	Bank of America Corp., 5.490%, 3/15/2019		1,527,714
	1,065,000	Bank of America Corp., 5.650%, 5/01/2018		1,201,878
	7,290,000	Bank of America Corp., 6.000%, 9/01/2017		8,255,349
	33,133,000	Bank of America Corp., Series L, MTN, 7.625%, 6/01/2019		40,629,772
	1,670,000	Barclays Bank PLC, (fixed rate to 12/15/2017, variable rate thereafter), 6.000%, (GBP)(l)		2,426,449
	87,880,000,000	Barclays Bank PLC, EMTN, 3.680%, 8/20/2015, (KRW)		83,958,549
	16,060,000	Barclays Bank PLC, EMTN, (fixed rate to 3/15/2020, variable rate thereafter), 4.750%, (EUR)(l)		17,164,155
	27,100,000	BNP Paribas S.A., (fixed rate to 10/23/2017, variable rate thereafter), 7.436%, (GBP)(l)		44,201,259
	30,900,000	BNP Paribas S.A., (fixed rate to 4/12/2016, variable rate thereafter), 4.730%, (EUR)(l)		42,325,618
	23,400,000	BNP Paribas S.A., (fixed rate to 4/13/2017, variable rate thereafter), 5.019%, (EUR)(l)		32,171,122
	35,950,000	BNP Paribas S.A., (fixed rate to 4/19/2016, variable rate thereafter), 5.945%, (GBP)(l)		57,041,321

See accompanying notes to financial statements.

| 12

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Banking – continued
$	22,200,000	BNP Paribas S.A., (fixed rate to 6/25/2037, variable rate thereafter), 7.195%, 144A(l)	$	22,283,250
	31,050,000	BNP Paribas S.A., (fixed rate to 6/29/2015, variable rate thereafter), 5.186%, 144A(l)		31,363,605
	13,150,000	BNP Paribas S.A., (fixed rate to 7/13/2016, variable rate thereafter), 5.954%, (GBP)(l)		21,182,105
	12,230,000	Citigroup, Inc., 3.375%, 3/01/2023		11,637,677
	7,340,000	Citigroup, Inc., 4.500%, 1/14/2022		7,692,555
	5,900,000	Citigroup, Inc., 5.365%, 3/06/2036, (CAD)(c)		5,267,012
	36,155,000	Citigroup, Inc., 5.875%, 2/22/2033		35,999,461
	13,210,000	Citigroup, Inc., 6.000%, 10/31/2033		13,313,976
	24,080,000	Citigroup, Inc., 6.125%, 5/15/2018		27,852,012
	8,805,000	Citigroup, Inc., 6.125%, 8/25/2036		8,861,731
	39,930,000	Citigroup, Inc., 6.250%, 6/29/2017, (NZD)		34,206,380
	4,900,000	Citigroup, Inc., EMTN, 1.495%, 11/30/2017, (EUR)(b)		6,436,727
	20,760,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Utrecht, 3.875%, 2/08/2022		20,785,306
	900,000	Goldman Sachs Group, Inc. (The), 6.450%, 5/01/2036		913,702
	61,880,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		64,580,196
	4,065,000	Goldman Sachs Group, Inc. (The), GMTN, 5.375%, 3/15/2020		4,477,618
	33,280,000	HBOS PLC, 6.000%, 11/01/2033, 144A		31,319,808
	65,355,000	HBOS PLC, GMTN, 6.750%, 5/21/2018, 144A		72,622,084
	12,345,000	ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 6.375%, 4/30/2022, 144A		11,419,125
	69,375,000	JPMorgan Chase & Co., 4.250%, 11/02/2018, (NZD)		54,472,945
	327,370,000,000	JPMorgan Chase & Co., EMTN, 7.070%, 3/22/2014, (IDR)		27,037,709
	266,000,000,000	JPMorgan Chase Bank NA, 7.700%, 6/01/2016, 144A, (IDR)		22,088,566
	83,493,000	Lloyds Bank PLC, MTN, 6.500%, 9/14/2020, 144A		92,168,674
	34,800,000	Lloyds Banking Group PLC, (fixed rate to 10/01/2015, variable rate thereafter), 5.920%, 144A(l)		31,320,000
	4,745,000	Lloyds Banking Group PLC, (fixed rate to 5/21/2037, variable rate thereafter), 6.657%, 144A(l)		4,389,125
	4,825,000	Merrill Lynch & Co., Inc., 5.700%, 5/02/2017		5,326,231
	9,600,000	Merrill Lynch & Co., Inc., 6.050%, 5/16/2016		10,573,219
	36,435,000	Merrill Lynch & Co., Inc., 6.110%, 1/29/2037		37,525,536
	1,600,000	Merrill Lynch & Co., Inc., EMTN, 0.774%, 9/14/2018, (EUR)(b)		1,986,078
	4,887,000	Merrill Lynch & Co., Inc., EMTN, 4.625%, 9/14/2018, (EUR)		7,074,177
	1,970,000	Merrill Lynch & Co., Inc., Series C, GMTN, 6.400%, 8/28/2017		2,265,382
	3,600,000	Merrill Lynch & Co., Inc., Series C, MTN, 6.050%, 6/01/2034		3,764,077
	151,955,000	Morgan Stanley, 2.125%, 4/25/2018		148,102,637
	6,270,000	Morgan Stanley, 3.800%, 4/29/2016		6,599,332
	53,595,000	Morgan Stanley, 4.750%, 11/16/2018, (AUD)		49,750,393
	82,135,000	Morgan Stanley, 4.875%, 11/01/2022		82,178,203
	152,340,000	Morgan Stanley, 7.600%, 8/08/2017, (NZD)		134,220,586

See accompanying notes to financial statements.

13 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Banking – continued
	149,700,000	Morgan Stanley, 8.000%, 5/09/2017, (AUD)	$	154,369,789
	1,400,000	Morgan Stanley, EMTN, 5.750%, 2/14/2017, (GBP)		2,508,225
	117,500,000	Morgan Stanley, GMTN, 7.625%, 3/03/2016, (AUD)		117,546,916
	42,165,000	Morgan Stanley, MTN, 4.100%, 5/22/2023		39,328,054
	15,000,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		16,780,065
	19,400,000	Morgan Stanley, MTN, 7.250%, 5/26/2015, (AUD)		19,087,153
	9,600,000	Morgan Stanley, Series F, GMTN, 5.625%, 9/23/2019		10,712,870
	11,700,000	Morgan Stanley, Series F, GMTN, 6.625%, 4/01/2018		13,583,197
	18,000,000	Morgan Stanley, Series F, MTN, 0.716%, 10/18/2016(b)		17,705,196
	7,795,000	Morgan Stanley, Series F, MTN, 5.950%, 12/28/2017		8,819,091
	3,800,000	RBS Capital Trust A, 2.321%, (EUR)(b)(l)		4,266,890
	2,819,000	RBS Capital Trust C, (fixed rate to 1/12/2016, variable rate thereafter), 4.243%, (EUR)(l)		3,117,688
	11,860,000	RBS Capital Trust I, 2.113%, (b)(l)		10,347,850
	6,633,000	RBS Capital Trust II, (fixed rate to 1/03/2034, variable rate thereafter), 6.425%, (l)		6,002,865
	3,060,000	RBS Capital Trust III, (fixed rate to 9/30/2014, variable rate thereafter), 5.512%, (l)		2,807,550
	1,385,000	Royal Bank of Scotland Group PLC, 5.250%, (EUR)(l)		1,428,695
	22,591,000	Royal Bank of Scotland Group PLC, 5.500%, (EUR)(l)		23,847,719
	32,250,000	Royal Bank of Scotland Group PLC, 6.125%, 12/15/2022		32,489,295
	15,425,000	Royal Bank of Scotland Group PLC, (fixed rate to 9/29/2017, variable rate thereafter), 7.640%, (l)		14,653,750
	1,300,000	Royal Bank of Scotland PLC (The), EMTN, 4.350%, 1/23/2017, (EUR)		1,782,888
	11,450,000	Royal Bank of Scotland PLC (The), EMTN, 6.934%, 4/09/2018, (EUR)		16,978,213
	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)		4,112,665
	950,000	Santander Financial Issuances Ltd., 7.250%, 11/01/2015		1,014,473
	2,200,000	Santander International Debt SAU, EMTN, 4.000%, 3/27/2017, (EUR)		3,132,466
	2,269,000	Santander Issuances SAU, 5.911%, 6/20/2016, 144A		2,392,826
	1,800,000	Santander Issuances SAU, (fixed rate to 8/11/2014, variable rate thereafter), 6.500%, 8/11/2019, 144A		1,827,643
	3,070,000	SG Capital Trust III, (fixed rate to 11/10/2013, variable rate thereafter), 5.419%, (EUR)(l)		4,165,711
	6,000,000	Societe Generale S.A., (fixed rate to 12/19/2017, variable rate thereafter), 6.999%, (EUR)(l)		8,623,610
	2,800,000	Societe Generale S.A., MTN, 5.200%, 4/15/2021, 144A		3,045,641

				2,469,967,094

		Brokerage – 0.9%
	19,787,000	Jefferies Group LLC, 5.125%, 4/13/2018		21,236,239
	51,270,000	Jefferies Group LLC, 5.125%, 1/20/2023		51,672,623

See accompanying notes to financial statements.

| 14

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Brokerage – continued
$	29,470,000	Jefferies Group LLC, 6.250%, 1/15/2036	$	28,279,206
	22,428,000	Jefferies Group LLC, 6.450%, 6/08/2027		22,876,560
	58,180,000	Jefferies Group LLC, 6.875%, 4/15/2021		64,531,511

				188,596,139

		Building Materials – 1.0%
	4,805,000	Masco Corp., 4.800%, 6/15/2015		5,021,225
	3,285,000	Masco Corp., 5.850%, 3/15/2017		3,556,013
	19,873,000	Masco Corp., 6.125%, 10/03/2016		21,984,506
	15,272,000	Masco Corp., 6.500%, 8/15/2032		15,157,460
	23,972,000	Masco Corp., 7.125%, 3/15/2020		27,028,430
	9,733,000	Masco Corp., 7.750%, 8/01/2029		10,750,167
	9,900,000	Odebrecht Finance Ltd., 8.250%, 4/25/2018, 144A, (BRL)		3,706,414
	3,725,000	Owens Corning, Inc., 6.500%, 12/01/2016		4,157,700
	51,180,000	Owens Corning, Inc., 7.000%, 12/01/2036		56,136,271
	35,870,000	USG Corp., 6.300%, 11/15/2016		37,932,525
	17,605,000	USG Corp., 9.750%, 1/15/2018		20,377,787

				205,808,498

		Chemicals – 0.3%
	23,289,000	Hercules, Inc., 6.500%, 6/30/2029		20,727,210
	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		2,551,275
	6,795,000	Methanex Corp., 5.250%, 3/01/2022		7,048,433
	31,054,000	Momentive Specialty Chemicals, Inc., 7.875%, 2/15/2023(c)		25,464,280
	3,386,000	Momentive Specialty Chemicals, Inc., 8.375%, 4/15/2016(c)		3,047,400
	11,305,000	Momentive Specialty Chemicals, Inc., 9.200%, 3/15/2021(c)		9,609,250

				71,464,873

		Commercial Mortgage-Backed Securities – 0.1%
	11,090,000	GS Mortgage Securities Corp. II, Series 2007-GG10, Class AM, 5.993%, 8/10/2045(b)		10,841,129

		Construction Machinery – 0.2%
	1,975,000	Joy Global, Inc., 6.625%, 11/15/2036		2,101,937
	27,030,000	Toro Co., 6.625%, 5/01/2037(c)		26,720,317
	5,825,000	United Rentals North America, Inc., 7.625%, 4/15/2022		6,334,688

				35,156,942

		Consumer Cyclical Services – 0.1%
	5,525,000	ServiceMaster Co. (The), 7.000%, 8/15/2020		5,221,125
	1,000,000	ServiceMaster Co. (The), 7.100%, 3/01/2018		962,500
	8,164,000	ServiceMaster Co. (The), 7.450%, 8/15/2027		6,531,200

				12,714,825

See accompanying notes to financial statements.

15 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Consumer Products – 0.0%
$	2,043,000	Visant Corp., 10.000%, 10/01/2017	$	1,899,990

		Electric – 1.9%
	3,075,000	AES Corp., 4.875%, 5/15/2023		2,875,125
	1,092,815	AES Red Oak LLC, Series A, 8.540%, 11/30/2019		1,152,920
	65,689,810	Alta Wind Holdings LLC, 7.000%, 6/30/2035, 144A		69,691,371
	83,612,339	Bruce Mansfield Unit, 6.850%, 6/01/2034		88,522,056
	3,524,051	CE Generation LLC, 7.416%, 12/15/2018		3,475,595
	6,855,000	Edison Mission Energy, 7.625%, 5/15/2027(e)		4,541,438
	65,185,000	EDP Finance BV, 4.900%, 10/01/2019, 144A		64,370,187
	22,441,000	EDP Finance BV, 6.000%, 2/02/2018, 144A		23,226,435
	2,750,000	EDP Finance BV, EMTN, 4.750%, 9/26/2016, (EUR)		3,813,570
	250,000	EDP Finance BV, EMTN, 5.875%, 2/01/2016, (EUR)		355,969
	3,700,000	EDP Finance BV, EMTN, 8.625%, 1/04/2024, (GBP)		6,756,645
	8,663,000	Endesa S.A./Cayman Islands, 7.875%, 2/01/2027		10,299,267
	11,600,000	Enel Finance International NV, 6.000%, 10/07/2039, 144A		10,563,076
	800,000	Enel Finance International NV, 6.800%, 9/15/2037, 144A		798,032
	2,250,000	Enel Finance International NV, EMTN, 5.750%, 9/14/2040, (GBP)		3,219,062
	157,500,548	Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc., 11.250% (12.250% PIK), 12/01/2018, 144A(f)		103,950,362
	7,425,000	Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc., 10.000%, 12/01/2020, 144A		7,796,250
	1,175,000	Iberdrola Finance Ireland Ltd., 3.800%, 9/11/2014, 144A		1,203,010
	4,143,000	PPL Energy Supply LLC, 4.600%, 12/15/2021		4,087,869
	153,038	Salton Sea Funding Corp., Series F, 7.475%, 11/30/2018		158,609

				410,856,848

		Financial Other – 0.6%
	71,260,000	Aviation Capital Group Corp., 6.750%, 4/06/2021, 144A		75,219,419
	38,476,000	National Life Insurance Co., 10.500%, 9/15/2039, 144A		54,051,585

				129,271,004

		Food & Beverage – 0.2%
	36,595,000	Crestview DS Merger Sub II, Inc., 10.000%, 9/01/2021, 144A		37,692,850
	6,400,000	Viterra, Inc., 6.406%, 2/16/2021, 144A, (CAD)		6,779,818

				44,472,668

		Government Guaranteed – 0.4%
	92,365,000	Queensland Treasury Corp., 7.125%, 9/18/2017, 144A, (NZD)		84,111,671

		Government Owned – No Guarantee – 0.5%
	34,515,000	DP World Ltd., 6.850%, 7/02/2037, 144A		34,687,575
	152,980,000,000	Export-Import Bank of Korea, 6.600%, 11/04/2013, 144A, (IDR)		13,065,391
	691,350,000,000	Export-Import Bank of Korea, 8.300%, 3/15/2014, 144A, (IDR)		58,284,148

				106,037,114

See accompanying notes to financial statements.

| 16

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Healthcare – 2.2%
$	15,410,000	Boston Scientific Corp., 6.000%, 1/15/2020	$	17,623,801
	7,230,000	Boston Scientific Corp., 6.400%, 6/15/2016		8,117,945
	4,895,000	HCA Holdings, Inc., 6.250%, 2/15/2021		4,974,544
	12,860,000	HCA, Inc., 5.875%, 3/15/2022		13,213,650
	162,835,000	HCA, Inc., 5.875%, 5/01/2023		159,985,387
	27,204,000	HCA, Inc., 7.050%, 12/01/2027		26,047,830
	27,148,000	HCA, Inc., 7.500%, 12/15/2023		27,690,960
	26,465,000	HCA, Inc., 7.500%, 11/06/2033		26,266,512
	70,501,000	HCA, Inc., 7.690%, 6/15/2025		72,175,399
	44,984,000	HCA, Inc., 8.360%, 4/15/2024		48,357,800
	21,924,000	HCA, Inc., MTN, 7.580%, 9/15/2025		22,252,860
	12,446,000	HCA, Inc., MTN, 7.750%, 7/15/2036		12,197,080
	34,198,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		28,982,805

				467,886,573

		Home Construction – 0.5%
	2,200,000	Beazer Homes USA, Inc., 7.250%, 2/01/2023		2,112,000
	16,729,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021		14,721,520
	19,270,000	K. Hovnanian Enterprises, Inc., 6.250%, 1/15/2016		19,896,275
	1,650,000	K. Hovnanian Enterprises, Inc., 7.500%, 5/15/2016		1,736,625
	2,835,000	KB Home, 8.000%, 3/15/2020		3,061,800
	65,355,000	Pulte Group, Inc., 6.000%, 2/15/2035		56,205,300
	17,240,000	Pulte Group, Inc., 6.375%, 5/15/2033		15,386,700

				113,120,220

		Independent Energy – 0.2%
	1,940,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		2,095,200
	17,935,000	Connacher Oil and Gas Ltd., 8.500%, 8/01/2019, 144A		12,823,525
	1,775,000	EQT Corp., 8.125%, 6/01/2019		2,153,560
	7,470,000	Halcon Resources Corp., 9.250%, 2/15/2022, 144A		7,768,800
	9,825,000	QEP Resources, Inc., 6.875%, 3/01/2021		10,439,062
	5,560,000	SandRidge Energy, Inc., 7.500%, 2/15/2023		5,504,400

				40,784,547

		Industrial Other – 0.1%
	4,205,000	Permian Holdings, Inc., 10.500%, 1/15/2018, 144A		4,099,875
	10,540,000	Worthington Industries, Inc., 6.500%, 4/15/2020		11,340,513

				15,440,388

		Life Insurance – 2.0%
	13,017,000	American International Group, Inc., 6.250%, 3/15/2087		12,756,660
	99,895,000	American International Group, Inc., (fixed rate to 5/15/2038, variable rate thereafter), 8.175%, 5/15/2068		116,927,098
	8,400,000	American International Group, Inc., EMTN, 5.000%, 4/26/2023, (GBP)		14,790,088

See accompanying notes to financial statements.

17 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Life Insurance – continued
$	3,245,000	American International Group, Inc., Series G, MTN, 5.600%, 10/18/2016	$	3,625,359
	29,065,000	American International Group, Inc., Series G, MTN, 5.850%, 1/16/2018		33,049,143
	7,075,000	American International Group, Inc., Series MP, MTN, 5.450%, 5/18/2017		7,908,548
	4,145,000	American International Group, Inc., Series MPLE, 4.900%, 6/02/2014, (CAD)		4,103,753
	97,930,000	AXA S.A., (fixed rate to 12/14/2036, variable rate thereafter), 6.379%, 144A(l)		94,135,213
	1,185,000	AXA S.A., EMTN, (fixed rate to 10/16/2019, variable rate thereafter), 6.772%, (GBP)(l)		1,951,970
	13,250,000	AXA S.A., EMTN, (fixed rate to 4/16/2020, variable rate thereafter), 5.250%, 4/16/2040, (EUR)		18,864,624
	15,000,000	Forethought Financial Group, Inc., 8.625%, 4/15/2021, 144A		16,622,985
	2,030,000	MetLife Capital Trust X, 9.250%, 4/08/2068, 144A		2,578,100
	10,175,000	MetLife, Inc., 10.750%, 8/01/2069		14,957,250
	57,985,000	Mutual of Omaha Insurance Co., 6.800%, 6/15/2036, 144A		64,679,310
	12,950,000	NLV Financial Corp., 7.500%, 8/15/2033, 144A		13,119,878
	5,670,000	Penn Mutual Life Insurance Co. (The), 6.650%, 6/15/2034, 144A		6,483,929
	10,000,000	Tiers Trust, (Step to 8.125% on 9/15/2017), Zero Coupon, 3/15/2046, 144A(c)(g)		7,625,000

				434,178,908

		Local Authorities – 2.3%
	112,585,000	Autonomous Community of Madrid Spain, 4.300%, 9/15/2026, 144A, (EUR)		134,355,221
	1,400,000	City of Madrid Spain, 4.550%, 6/16/2036, (EUR)		1,396,856
	12,250,000	City of Rome Italy, EMTN, 5.345%, 1/27/2048, (EUR)		14,915,176
	142,855,000	New South Wales Treasury Corp., 6.000%, 2/01/2018, (AUD)		146,527,773
	95,840,000	New South Wales Treasury Corp., Series 17RG, 5.500%, 3/01/2017, (AUD)		95,939,691
	1,507,000	Ontario Hydro, Zero Coupon, 11/27/2020, (CAD)		1,164,240
	7,804,215	Province of Alberta, 5.930%, 9/16/2016, (CAD)		8,234,942
	1,490,000	Province of Ontario, 5.000%, 3/08/2014, (CAD)		1,470,949
	75,000,000	Province of Ontario Canada, GMTN, 6.250%, 6/16/2015, (NZD)		64,872,374
	38,490,000	Queensland Treasury Corp., Series 14, 5.750%, 11/21/2014, (AUD)		37,158,125

				506,035,347

		Media Cable – 0.3%
	3,315,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 1/15/2024		3,132,675
	37,585,000	Shaw Communications, Inc., 5.650%, 10/01/2019, (CAD)		40,115,844

See accompanying notes to financial statements.

| 18

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Media Cable – continued
$	2,165,000	Time Warner Cable, Inc., 4.500%, 9/15/2042	$	1,582,966
	15,800,000	Videotron Ltd., 5.625%, 6/15/2025, 144A, (CAD)		14,613,677

				59,445,162

		Media Non-Cable – 0.4%
	136,000,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		8,767,410
	26,090,000	R.R. Donnelley & Sons Co., 7.000%, 2/15/2022		26,220,450
	12,500,000	R.R. Donnelley & Sons Co., 7.875%, 3/15/2021		13,406,250
	42,100,000	R.R. Donnelley & Sons Co., 8.250%, 3/15/2019		46,731,000

				95,125,110

		Metals & Mining – 0.9%
	8,557,000	Alcoa, Inc., 5.720%, 2/23/2019		8,922,469
	4,935,000	Alcoa, Inc., 5.870%, 2/23/2022		4,935,533
	8,100,000	Alcoa, Inc., 5.900%, 2/01/2027		7,833,073
	2,050,000	Alcoa, Inc., 5.950%, 2/01/2037		1,820,773
	6,490,000	Alcoa, Inc., 6.750%, 1/15/2028		6,567,958
	35,180,000	ArcelorMittal, 7.250%, 3/01/2041		32,189,700
	3,635,000	ArcelorMittal, 7.500%, 10/15/2039		3,444,163
	3,950,000	Barrick Gold Corp., 5.800%, 11/15/2034		3,422,339
	20,895,000	Barrick North America Finance LLC, 5.750%, 5/01/2043		17,532,702
	18,375,000	Essar Steel Algoma, Inc., 9.875%, 6/15/2015, 144A		14,424,375
	6,500,000	Rain CII Carbon LLC/CII Carbon Corp., 8.250%, 1/15/2021, 144A		6,532,500
	11,965,000	Russel Metals, Inc., 6.000%, 4/19/2022, 144A, (CAD)		11,503,150
	9,625,000	United States Steel Corp., 6.650%, 6/01/2037		7,868,438
	8,015,000	United States Steel Corp., 6.875%, 4/01/2021		8,075,112
	23,520,000	United States Steel Corp., 7.000%, 2/01/2018		24,931,200
	37,725,000	United States Steel Corp., 7.500%, 3/15/2022		38,573,812

				198,577,297

		Mortgage Related – 0.0%
	101,796	FHLMC, 5.000%, 12/01/2031		110,044

		Non-Captive Consumer – 2.9%
	3,100,000	AGFC Capital Trust I, (fixed rate to 1/15/2017, variable rate thereafter), 6.000%, 1/15/2067, 144A		2,573,000
	27,345,000	SLM Corp., 5.500%, 1/25/2023		25,036,699
	150,125(††)	SLM Corp., 6.000%, 12/15/2043		3,090,573
	9,995,000	SLM Corp., MTN, 4.625%, 9/25/2017		10,119,938
	8,000,000	SLM Corp., MTN, 7.250%, 1/25/2022		8,140,000
	2,030,000	SLM Corp., MTN, 8.000%, 3/25/2020		2,192,400
	5,285,000	SLM Corp., Series A, MTN, 0.566%, 1/27/2014(b)		5,258,934
	23,623,000	SLM Corp., Series A, MTN, 5.000%, 6/15/2018		23,252,686
	49,494,000	SLM Corp., Series A, MTN, 5.625%, 8/01/2033		38,605,320

See accompanying notes to financial statements.

19 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Non-Captive Consumer – continued
$	120,371,000	SLM Corp., Series A, MTN, 8.450%, 6/15/2018	$	135,718,302
	194,610,000	Springleaf Finance Corp., 7.750%, 10/01/2021, 144A		201,907,875
	77,845,000	Springleaf Finance Corp., 8.250%, 10/01/2023, 144A		80,958,800
	4,690,000	Springleaf Finance Corp., MTN, 5.750%, 9/15/2016		4,842,425
	935,000	Springleaf Finance Corp., Series J, MTN, 6.500%, 9/15/2017		963,050
	78,860,000	Springleaf Finance Corp., Series J, MTN, 6.900%, 12/15/2017		82,408,700

				625,068,702

		Non-Captive Diversified – 3.3%
	4,145,000	Aircastle Ltd., 7.625%, 4/15/2020		4,580,225
	64,245,000	General Electric Capital Corp., GMTN, 4.250%, 1/17/2018, (NZD)		52,057,018
	89,985,000	General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016, (NZD)		78,751,944
	45,800,000	General Electric Capital Corp., Series A, GMTN, 5.500%, 2/01/2017, (NZD)		38,850,276
	84,065,000	General Electric Capital Corp., Series A, GMTN, 7.625%, 12/10/2014, (NZD)		72,913,037
	22,590,000	General Electric Capital Corp., Series A, MTN, 0.568%, 5/13/2024(b)		21,107,373
	266,643,000	General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015, (NZD)		231,123,849
	455,000	International Lease Finance Corp., 3.875%, 4/15/2018		439,644
	14,785,000	International Lease Finance Corp., 5.875%, 4/01/2019		15,392,900
	35,950,000	International Lease Finance Corp., 5.875%, 8/15/2022		35,410,750
	11,070,000	International Lease Finance Corp., 6.250%, 5/15/2019		11,623,500
	17,700,000	International Lease Finance Corp., 8.250%, 12/15/2020		20,178,000
	1,727,000	International Lease Finance Corp., Series R, MTN, 5.650%, 6/01/2014		1,765,857
	6,070,000	iStar Financial, Inc., 3.875%, 7/01/2016		6,085,175
	18,205,000	iStar Financial, Inc., 4.875%, 7/01/2018		17,658,850
	33,955,000	iStar Financial, Inc., 5.850%, 3/15/2017		35,228,312
	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		31,241,925
	2,190,000	iStar Financial, Inc., Series B, 5.700%, 3/01/2014		2,222,850
	29,955,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.375%, 10/01/2017		31,340,419

				721,164,741

		Oil Field Services – 0.2%
	15,693,000	Nabors Industries, Inc., 6.150%, 2/15/2018		17,646,935
	23,050,000	Rowan Cos., Inc., 7.875%, 8/01/2019		27,783,848
	8,722,000	Sidewinder Drilling, Inc., 9.750%, 11/15/2019, 144A		8,460,340

				53,891,123

See accompanying notes to financial statements.

| 20

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Packaging – 0.1%
$	10,351,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) S.A., 8.250%, 2/15/2021	$	10,428,633
	1,100,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) S.A., 9.000%, 4/15/2019		1,155,000

				11,583,633

		Paper – 1.2%
	29,283,000	Georgia-Pacific LLC, 7.250%, 6/01/2028		35,734,689
	470,000	Georgia-Pacific LLC, 7.700%, 6/15/2015		521,036
	88,057,000	Georgia-Pacific LLC, 7.750%, 11/15/2029		111,436,045
	12,590,000	Georgia-Pacific LLC, 8.875%, 5/15/2031		17,393,513
	9,625,000	International Paper Co., 8.700%, 6/15/2038		13,070,586
	8,214,000	Westvaco Corp., 7.950%, 2/15/2031		9,487,121
	34,428,000	Westvaco Corp., 8.200%, 1/15/2030		40,433,552
	4,127,000	Weyerhaeuser Co., 6.950%, 10/01/2027		4,764,052
	14,035,000	Weyerhaeuser Co., 7.375%, 3/15/2032		17,094,167

				249,934,761

		Pharmaceuticals – 0.4%
	79,480,000	Valeant Pharmaceuticals International, 6.375%, 10/15/2020, 144A		82,659,200

		Pipelines – 1.4%
	9,050,000	DCP Midstream LP, 6.450%, 11/03/2036, 144A		9,413,819
	1,000,000	El Paso Corp., GMTN, 7.800%, 8/01/2031		1,017,043
	7,325,000	Energy Transfer Partners LP, 6.125%, 2/15/2017		8,286,025
	7,500,000	Florida Gas Transmission Co., 7.900%, 5/15/2019, 144A		9,346,860
	31,400,000	IFM US Colonial Pipeline 2 LLC, 6.450%, 5/01/2021, 144A		32,994,021
	50,726,544	Maritimes & Northeast Pipeline LLC, 7.500%, 5/31/2014, 144A(c)		52,482,798
	99,025,000	NGPL PipeCo LLC, 7.119%, 12/15/2017, 144A		87,389,563
	1,585,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		1,291,775
	57,010,000	NiSource Finance Corp., 6.400%, 3/15/2018		65,980,296
	1,235,000	NiSource Finance Corp., 6.800%, 1/15/2019		1,455,402
	26,020,000	Plains All American Pipeline LP, 6.125%, 1/15/2017		29,561,218
	11,565,000	Rockies Express Pipeline LLC, 6.875%, 4/15/2040, 144A		8,615,231
	5,572,000	Transportadora de Gas del Sur S.A., 7.875%, 5/14/2017, 144A		5,042,660

				312,876,711

		Property & Casualty Insurance – 0.4%
	22,060,000	Hanover Insurance Group, Inc. (The), 6.375%, 6/15/2021		24,172,775
	4,090,000	Hanover Insurance Group, Inc. (The), 7.500%, 3/01/2020		4,628,620
	16,825,000	Liberty Mutual Group, Inc., 6.500%, 3/15/2035, 144A		18,103,885
	2,000,000	Liberty Mutual Group, Inc., (fixed rate to 3/15/2017, variable rate thereafter), 7.000%, 3/07/2067, 144A		2,030,000
	13,975,000	MBIA Insurance Corp., 11.528%, 1/15/2033, 144A(b)(h)		9,363,250
	12,080,000	White Mountains Re Group Ltd., 6.375%, 3/20/2017, 144A		13,207,789

See accompanying notes to financial statements.

21 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Property & Casualty Insurance – continued
$	6,575,000	XL Group PLC, 6.250%, 5/15/2027	$	7,395,054
	2,110,000	XL Group PLC, 6.375%, 11/15/2024		2,419,636

				81,321,009

		Railroads – 0.6%
	128,700,000	Hellenic Railways Organization S.A., EMTN, 0.560%, 5/24/2016, (EUR)(b)(c)		130,583,890
	7,944,000	Missouri Pacific Railroad Co., 5.000%, 1/01/2045(c)		6,593,520
	63,300	Missouri Pacific Railroad Co., Series A, 4.750%, 1/01/2020(c)		58,869

				137,236,279

		Real Estate Operations/Development – 0.0%
	7,750,000	First Industrial LP, 5.950%, 5/15/2017		8,229,764

		REITs – Regional Malls – 0.0%
	2,000	Simon Property Group LP, 5.750%, 12/01/2015		2,188

		Retailers – 0.6%
	4,680,000	Dillard’s, Inc., 7.000%, 12/01/2028		4,726,800
	1,740,000	Dillard’s, Inc., 7.130%, 8/01/2018		1,953,150
	7,182,000	Dillard’s, Inc., 7.750%, 7/15/2026		7,792,470
	1,000,000	Dillard’s, Inc., 7.750%, 5/15/2027		1,070,000
	14,269,000	Foot Locker, Inc., 8.500%, 1/15/2022(d)		15,667,254
	3,420,000	J.C. Penney Corp., Inc., 5.750%, 2/15/2018		2,684,700
	39,478,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		27,535,905
	3,920,000	J.C. Penney Corp., Inc., 7.625%, 3/01/2097		2,626,400
	14,133,000	Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027		15,924,994
	698,000	Macy’s Retail Holdings, Inc., 7.875%, 7/15/2015		780,013
	9,245,000	Marks & Spencer PLC, 7.125%, 12/01/2037, 144A		9,425,444
	39,965,000	Toys R Us, Inc., 7.375%, 10/15/2018		34,469,812

				124,656,942

		Sovereigns – 1.6%
	10,000,000,000	Indonesia Government International Bond, 9.500%, 7/15/2023, (IDR)		906,647
	25,000,000,000	Indonesia Treasury Bond, 10.250%, 7/15/2027, (IDR)		2,396,010
	88,974,000,000	Indonesia Treasury Bond, Series FR43, 10.250%, 7/15/2022, (IDR)		8,420,529
	498,832,000,000	Indonesia Treasury Bond, Series FR44, 10.000%, 9/15/2024, (IDR)		46,697,438
	317,658,000,000	Indonesia Treasury Bond, Series FR52, 10.500%, 8/15/2030, (IDR)		30,919,809
	253,010,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)		103,142,415
	97,345,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		43,812,497
	10,025,000	Republic of Brazil, 12.500%, 1/05/2016, (BRL)		4,862,553
	8,742,110,000	Republic of Iceland, 6.000%, 10/13/2016, (ISK)		50,768,217

See accompanying notes to financial statements.

| 22

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Sovereigns – continued
	2,331,740,000	Republic of Iceland, 7.250%, 10/26/2022, (ISK)	$	13,749,450
	5,523,835,000	Republic of Iceland, 8.750%, 2/26/2019, (ISK)		35,028,520

				340,704,085

		Supermarkets – 0.7%
	2,590,000	American Stores Co., 7.900%, 5/01/2017		2,874,900
	13,145,000	American Stores Co., Series B, MTN, 7.100%, 3/20/2028		15,708,275
	103,430,000	New Albertson’s, Inc., 7.450%, 8/01/2029		83,002,575
	23,020,000	New Albertson’s, Inc., 7.750%, 6/15/2026		18,761,300
	18,220,000	New Albertson’s, Inc., 8.000%, 5/01/2031		14,985,950
	6,350,000	New Albertson’s, Inc., 8.700%, 5/01/2030		5,405,438
	20,303,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		14,618,160
	3,585,000	SUPERVALU, Inc., 6.750%, 6/01/2021, 144A		3,405,750

				158,762,348

		Supranational – 1.9%
	11,505,000	European Bank for Reconstruction & Development, 6.250%, 2/05/2016, (BRL)		4,827,708
	348,600,000,000	European Bank for Reconstruction & Development, 7.200%, 6/08/2016, (IDR)		29,338,995
	8,660,000	European Bank for Reconstruction & Development, EMTN, 9.000%, 4/28/2014, (BRL)		3,903,115
	18,525,000	European Investment Bank, MTN, 6.000%, 8/06/2020, (AUD)		18,528,612
	71,230,000	European Investment Bank, MTN, 6.250%, 4/15/2015, (AUD)		69,860,854
	185,840,000	Inter-American Development Bank, EMTN, 6.000%, 12/15/2017, (NZD)		162,805,349
	40,000,000	Inter-American Development Bank, MTN, 6.500%, 8/20/2019, (AUD)		41,975,062
	40,000,000	International Bank for Reconstruction & Development, 1.430%, 3/05/2014, (SGD)		31,955,139
	109,670,000	International Finance Corp., GMTN, 5.000%, 12/21/2015, (BRL)		45,445,530

				408,640,364

		Technology – 1.4%
	136,514,000	Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		115,354,330
	5,166,000	Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028		4,313,610
	36,000,000	Alcatel-Lucent USA, Inc., 8.875%, 1/01/2020, 144A		37,980,000
	57,898,000	Amkor Technology, Inc., 6.375%, 10/01/2022		55,292,590
	2,630,000	Arrow Electronics, Inc., 6.875%, 6/01/2018		3,003,720
	5,645,000	Corning, Inc., 7.250%, 8/15/2036		6,769,162
	15,578,000	Equifax, Inc., 7.000%, 7/01/2037		17,724,275
	20,000,000	First Data Corp., 10.625%, 6/15/2021, 144A		20,300,000
	13,360,000	First Data Corp., 11.250%, 1/15/2021, 144A		13,961,200
	2,080,000	Freescale Semiconductor, Inc., 10.125%, 12/15/2016		2,132,000
	929,000	Motorola Solutions, Inc., 6.000%, 11/15/2017		1,059,840

See accompanying notes to financial statements.

23 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Bond Fund – continued


Principal Amount (‡)			Description	Value (†)

	Bonds and Notes – continued

			Technology – continued
$	4,385,000		Motorola Solutions, Inc., 6.625%, 11/15/2037	$	4,460,593
	3,795,000		Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		4,599,377
	7,000,000		SunGard Data Systems, Inc., 6.625%, 11/01/2019		7,140,000
	40,000		Xerox Corp., 6.350%, 5/15/2018		45,941
	615,000		Xerox Corp., MTN, 7.200%, 4/01/2016		696,882

					294,833,520

			Transportation Services – 0.4%
	20,994,000		APL Ltd., 8.000%, 1/15/2024(c)		19,633,589
	13,854,500		Atlas Air Pass Through Trust, Series 1998-1, Class B, 7.680%, 7/02/2015(d)		14,096,954
	6,552,024		Atlas Air Pass Through Trust, Series 1998-1, Class C, 8.010%, 7/02/2011(d)(h)(i)		8,583,152
	7,439,749		Atlas Air Pass Through Trust, Series 1999-1, Class A-1, 7.200%, 7/02/2020(d)		7,625,743
	6,630,759		Atlas Air Pass Through Trust, Series 1999-1, Class B, 7.630%, 7/02/2016(d)		6,672,533
	15,689,997		Atlas Air Pass Through Trust, Series 1999-1, Class C, 8.770%, 7/02/2012(d)(h)(i)		20,553,896
	4,086,288		Atlas Air Pass Through Trust, Series 2000-1, Class B, 9.057%, 7/02/2017(d)		4,331,465
	201,720		Atlas Air Pass Through Trust, Series 2000-1, Class C, 9.702%, 7/02/2011(d)(h)(i)		278,373
	2,675,000		Erac USA Finance Co., 7.000%, 10/15/2037, 144A		3,169,546

					84,945,251

			Treasuries – 18.9%
	414,485,000		Canadian Government, 1.000%, 8/01/2016, (CAD)		397,902,381
	499,325,000		Canadian Government, 2.250%, 8/01/2014, (CAD)		489,537,736
	597,515,000		Canadian Government, 2.500%, 6/01/2015, (CAD)		593,025,154
	157,595,000		Canadian Government, 2.750%, 9/01/2016, (CAD)		158,776,140
	201,175,000		Canadian Government, 3.000%, 12/01/2015, (CAD)		202,655,420
	222,760,000		Canadian Government, 4.250%, 6/01/2018, (CAD)		239,751,654
	1,050,000		Italy Buoni Poliennali Del Tesoro, 5.000%, 8/01/2034, (EUR)		1,419,510
	1,050,000		Italy Buoni Poliennali Del Tesoro, 5.250%, 11/01/2029, (EUR)		1,473,932
	1,045,000		Italy Buoni Poliennali Del Tesoro, 5.750%, 2/01/2033, (EUR)		1,542,070
	31,895,700	(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		278,549,526
	36,200,000		New Zealand Government Bond, 6.000%, 12/15/2017, (NZD)		32,480,214
	1,316,210,000		Norwegian Government Bond, 4.250%, 5/19/2017, (NOK)		236,308,205
	2,107,745,000		Norwegian Government Bond, 5.000%, 5/15/2015, (NOK)		369,019,855
	34,565,000		Portugal Obrigacoes do Tesouro OT, 3.850%, 4/15/2021, 144A, (EUR)		38,964,862
	2,030,000		Portugal Obrigacoes do Tesouro OT, 4.100%, 4/15/2037, 144A, (EUR)		1,877,746

See accompanying notes to financial statements.

| 24

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Treasuries – continued
	9,000,000	Portugal Obrigacoes do Tesouro OT, 4.800%, 6/15/2020, 144A, (EUR)	$	10,939,630
	59,185,000	Portugal Obrigacoes do Tesouro OT, 4.950%, 10/25/2023, 144A, (EUR)		69,499,418
	15,000,000	Singapore Government Bond, 1.375%, 10/01/2014, (SGD)		12,081,328
	384,695,000	U.S. Treasury Bond, 2.750%, 11/15/2042		318,395,125
	430,980,000	U.S. Treasury Bond, 2.875%, 5/15/2043		365,794,275
	258,500,000	U.S. Treasury Note, 0.125%, 12/31/2014		258,368,682

				4,078,362,863

		Wireless – 0.6%
	281,500,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		20,132,664
	5,080,000	NII Capital Corp., 10.000%, 8/15/2016		4,876,800
	41,804,000	Sprint Capital Corp., 6.875%, 11/15/2028		37,310,070
	38,286,000	Sprint Capital Corp., 6.900%, 5/01/2019		39,338,865
	8,390,000	Sprint Capital Corp., 8.750%, 3/15/2032		8,526,338
	11,346,000	Sprint Corp., 7.250%, 9/15/2021, 144A		11,459,460

				121,644,197

		Wirelines – 3.9%
	4,197,000	Axtel SAB de CV, (Step to 8.000% on 1/31/2014), 7.000%, 1/31/2020, 144A(g)		3,924,195
	5,790,000	Bell Canada, MTN, 6.550%, 5/01/2029, 144A, (CAD)		6,558,009
	3,695,000	Bell Canada, MTN, 7.300%, 2/23/2032, (CAD)		4,457,460
	31,176,000	Bell Canada, Series M-17, 6.100%, 3/16/2035, (CAD)		33,638,482
	107,425,000	CenturyLink, Inc., 6.450%, 6/15/2021		106,887,875
	11,005,000	CenturyLink, Inc., Series G, 6.875%, 1/15/2028		10,014,550
	6,315,000	CenturyLink, Inc., Series P, 7.600%, 9/15/2039		5,636,138
	1,000,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		910,000
	27,075,000	Eircom Finance Ltd., 9.250%, 5/15/2020, 144A, (EUR)		36,628,426
	8,735,000	Embarq Corp., 7.995%, 6/01/2036		8,892,850
	11,505,000	FairPoint Communications, Inc., 8.750%, 8/15/2019, 144A		11,706,338
	3,075,000	Frontier Communications Corp., 7.875%, 1/15/2027		2,921,250
	730,000	Frontier Communications Corp., 9.000%, 8/15/2031		715,400
	1,600,000	Koninklijke (Royal) KPN NV, EMTN, 5.750%, 3/18/2016, (GBP)		2,831,119
	2,750,000	Koninklijke (Royal) KPN NV, GMTN, 4.000%, 6/22/2015, (EUR)		3,912,457
	38,760,000	Level 3 Financing, Inc., 7.000%, 6/01/2020		39,147,600
	10,655,000	Level 3 Financing, Inc., 8.625%, 7/15/2020		11,640,588
	3,545,000	Level 3 Financing, Inc., 9.375%, 4/01/2019		3,908,363
	950,000	OTE PLC, GMTN, 4.625%, 5/20/2016, (EUR)		1,265,930
	24,010,000	Portugal Telecom International Finance BV, EMTN, 4.500%, 6/16/2025, (EUR)		28,649,071
	43,231,000	Portugal Telecom International Finance BV, EMTN, 5.000%, 11/04/2019, (EUR)		58,777,503

See accompanying notes to financial statements.

25 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Wirelines – continued
	940,000	Portugal Telecom International Finance BV, EMTN, 5.625%, 2/08/2016, (EUR)	$	1,328,905
	1,000,000	Portugal Telecom International Finance BV, GMTN, 4.375%, 3/24/2017, (EUR)		1,369,815
	30,015,000	Qwest Capital Funding, Inc., 6.500%, 11/15/2018		32,416,200
	64,147,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		57,090,830
	15,925,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		16,163,875
	40,420,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		38,196,900
	38,025,000	Qwest Corp., 6.875%, 9/15/2033		36,834,665
	1,505,000	Qwest Corp., 7.200%, 11/10/2026		1,505,790
	10,620,000	Qwest Corp., 7.250%, 9/15/2025		11,878,024
	59,299,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		48,770,640
	32,061,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		27,537,898
	10,500,000	Telecom Italia SpA, EMTN, 5.250%, 3/17/2055, (EUR)		11,117,062
	4,300,000	Telecom Italia SpA, EMTN, 5.875%, 5/19/2023, (GBP)		6,447,685
	7,950,000	Telefonica Emisiones SAU, 4.570%, 4/27/2023		7,623,867
	1,850,000	Telefonica Emisiones SAU, 5.134%, 4/27/2020		1,894,093
	2,100,000	Telefonica Emisiones SAU, 5.462%, 2/16/2021		2,150,320
	36,465,000	Telefonica Emisiones SAU, 7.045%, 6/20/2036		38,703,842
	5,845,000	Telefonica Emisiones SAU, EMTN, 5.375%, 2/02/2026, (GBP)		9,201,615
	3,900,000	Telefonica Emisiones SAU, EMTN, 5.445%, 10/08/2029, (GBP)		5,986,215
	17,000,000	Telefonica Emisiones SAU, EMTN, 5.597%, 3/12/2020, (GBP)		28,876,797
	45,415,000	Telus Corp., 4.950%, 3/15/2017, (CAD)		47,549,842
	27,020,000	Telus Corp., Series CG, 5.050%, 12/04/2019, (CAD)		28,683,617
	2,905,000	Verizon New England, Inc., 7.875%, 11/15/2029		3,388,993
	3,130,000	Verizon Pennsylvania, Inc., 6.000%, 12/01/2028		3,045,606

				850,786,700


		Total Non-Convertible Bonds (Identified Cost $14,404,584,519)		15,233,663,017


	Convertible Bonds – 8.3%

		Airlines – 0.0%
	6,445,000	United Continental Holdings, Inc., 4.500%, 6/30/2021		6,995,661

		Automotive – 1.7%
	182,545,000	Ford Motor Co., 4.250%, 11/15/2016		360,640,466

		Construction Machinery – 0.2%
	5,645,000	ArvinMeritor, Inc., (Step to Zero Coupon on 2/15/2019), 4.000%, 2/15/2027(g)		5,158,119
	12,335,000	Navistar International Corp., 3.000%, 10/15/2014		12,496,897
	24,037,000	Trinity Industries, Inc., 3.875%, 6/01/2036		29,159,885

				46,814,901

See accompanying notes to financial statements.

| 26

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Healthcare – 0.5%
$	11,991,000	Hologic, Inc., (accretes to principal after 12/15/2013), 2.000%, 12/15/2037(g)	$	12,005,989
	23,650,000	Hologic, Inc., (accretes to principal after 3/01/2018), 2.000%, 3/01/2042(g)		23,768,250
	2,510,000	LifePoint Hospitals, Inc., 3.500%, 5/15/2014		2,641,775
	2,144,000	Omnicare, Inc., 3.250%, 12/15/2035		2,278,000
	29,850,000	Omnicare, Inc., 3.750%, 12/15/2025		63,412,593

				104,106,607

		Home Construction – 0.4%
	47,320,000	Lennar Corp., 3.250%, 11/15/2021, 144A		78,551,200

		Independent Energy – 0.6%
	27,750,000	Chesapeake Energy Corp., 2.250%, 12/15/2038		25,321,875
	75,524,000	Chesapeake Energy Corp., 2.500%, 5/15/2037		74,202,330
	21,431,000	Chesapeake Energy Corp., 2.750%, 11/15/2035		22,127,507

				121,651,712

		Life Insurance – 0.4%
	72,915,000	Old Republic International Corp., 3.750%, 3/15/2018		86,176,416

		Metals & Mining – 0.2%
	1,255,000	Steel Dynamics, Inc., 5.125%, 6/15/2014		1,369,519
	33,215,000	United States Steel Corp., 2.750%, 4/01/2019		36,764,853

				38,134,372

		Non-Captive Diversified – 0.0%
	880,000	Jefferies Group LLC, 3.875%, 11/01/2029		922,350

		Packaging – 0.2%
	44,380,000	Owens-Brockway Glass Container, Inc., 3.000%, 6/01/2015, 144A		45,905,563

		REITs – Mortgage – 0.1%
	16,140,000	iStar Financial, Inc., 3.000%, 11/15/2016		20,124,563

		REITs – Warehouse/Industrials – 0.1%
	28,230,000	ProLogis LP, 3.250%, 3/15/2015		31,952,831

		Technology – 3.3%
	49,074,000	Ciena Corp., 0.875%, 6/15/2017		49,963,466
	14,150,000	Ciena Corp., 3.750%, 10/15/2018, 144A		20,844,719
	8,680,000	Ciena Corp., 4.000%, 3/15/2015, 144A		11,788,525
	2,469,000	Intel Corp., 2.950%, 12/15/2035		2,672,692
	318,925,000	Intel Corp., 3.250%, 8/01/2039		394,869,016
	1,605,000	Lam Research Corp., Series B, 1.250%, 5/15/2018		1,931,016
	7,497,923	Liberty Media LLC, 3.500%, 1/15/2031		3,861,431
	61,640,000	Micron Technology, Inc., Series B, 1.875%, 8/01/2031		115,536,475

See accompanying notes to financial statements.

27 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Technology – continued
$	38,945,000	Micron Technology, Inc., Series C, 2.375%, 5/01/2032	$	74,482,312
	18,250,000	Micron Technology, Inc., Series D, 3.125%, 5/01/2032		34,606,562

				710,556,214

		Utility Other – 0.0%
	1,000,000	CMS Energy Corp., 5.500%, 6/15/2029		1,919,375

		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)(d)(g)(j)		547,121
	64,473,000	Level 3 Communications, Inc., 7.000%, 3/15/2015, 144A(c)		78,254,104
	48,975,000	Level 3 Communications, Inc., Series B, 7.000%, 3/15/2015(c)		59,443,406
	1,350,000	Portugal Telecom International Finance BV, Series PTC, 4.125%, 8/28/2014, (EUR)		1,853,743

				140,098,374


		Total Convertible Bonds (Identified Cost $1,272,692,218)		1,794,550,605


	Municipals – 1.2%

		District of Columbia – 0.0%
	5,610,000	Metropolitan Washington DC Airports Authority, Series D, 8.000%, 10/01/2047		6,204,772

		Illinois – 0.5%
	2,440,000	Chicago O’Hare International Airport, Series A, (AGMC insured), 4.500%, 1/01/2038		2,256,610
	69,245,000	State of Illinois, 5.100%, 6/01/2033		61,394,694
	38,330,000	State of Illinois, Series B, 5.520%, 4/01/2038		31,845,331

				95,496,635

		Michigan – 0.1%
	20,410,000	Michigan Tobacco Settlement Finance Authority Taxable Turbo, Series A, 7.309%, 6/01/2034		16,085,937

		Ohio – 0.0%
	8,200,000	Buckeye Tobacco Settlement Financing Authority, Series A-2, 5.875%, 6/01/2047		6,131,550

		Virginia – 0.6%
	174,035,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046		120,491,392


		Total Municipals (Identified Cost $300,733,510)		244,410,286


		Total Bonds and Notes (Identified Cost $15,978,010,247)		17,272,623,908

See accompanying notes to financial statements.

| 28

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Senior Loans – 1.9%

		Automotive – 0.2%
$	43,481,500	TI Group Automotive Systems LLC, Term Loan B, 5.500%, 3/27/2019(b)	$	43,889,356

		Chemicals – 0.2%
	2,030,000	Allnex USA, Inc., 2nd Lien Term Loan, 8.250%, 4/03/2020(b)		2,075,675
	48,235,000	Houghton International, Inc., New 2nd Lien Term Loan, 9.500%, 12/18/2020(b)		48,295,294

				50,370,969

		Consumer Products – 0.1%
	14,564,321	Visant Holding Corp., Term Loan B, 5.250%, 12/22/2016(b)		14,098,846

		Diversified Manufacturing – 0.0%
	9,683,000	Ameriforge Group, Inc., 2nd Lien Term Loan, 8.750%, 12/18/2020(b)		9,761,723

		Electric – 0.0%
	6,935,533	Texas Competitive Electric Holdings Company LLC, Non-Extended Term Loan, 3.710%, 10/10/2014(k)		4,677,740

		Food & Beverage – 0.1%
	16,642,000	DS Waters of America, Inc., New Term Loan, 5.250%, 8/19/2020(b)		16,756,497

		Healthcare – 0.2%
	39,067,088	Apria Healthcare Group I, Term Loan, 6.750%, 4/05/2020(b)		39,326,884

		Media Cable – 0.1%
	16,114,613	CSC Holdings, Inc., New Term Loan B, 2.679%, 4/17/2020(b)		15,915,436

		Media Non-Cable – 0.1%
	35,933,619	SuperMedia, Inc., Exit Term Loan, 11.600%, 12/30/2016(b)		27,812,621

		Metals & Mining – 0.1%
	17,344,800	Essar Steel Algoma, Inc., ABL Term Loan, 8.750%, 9/19/2014(b)		17,578,955

		Non-Captive Diversified – 0.6%
	116,054,011	iStar Financial, Inc., Add on Term Loan A2, 7.000%, 3/17/2017(b)		118,723,253

		Oil Field Services – 0.1%
	32,735,473	Frac Tech International LLC, Term Loan B, 8.500%, 5/06/2016(b)		32,064,395

		Other Utility – 0.0%
	4,525,000	Power Team Services LLC, 2nd Lien Term Loan, 8.250%, 11/06/2020(b)		4,513,687

		Retailers – 0.0%
	5,000,000	Toys R Us Property Company I LLC, New Term Loan B, 6.000%, 8/21/2019(b)		4,909,400

See accompanying notes to financial statements.

29 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Senior Loans – continued

		Wirelines – 0.1%
$	6,547,648	Hawaiian Telcom Communications, Inc., Term Loan B, 5.000%, 6/06/2019(b)	$	6,554,195
	2,283,000	Integra Telecom, Inc., 2nd Lien Term Loan, 9.750%, 2/21/2020(b)		2,338,294
	4,030,000	Light Tower Fiber LLC, 2nd Lien Term Loan, 8.000%, 4/12/2021(b)		4,070,300

				12,962,789


		Total Senior Loans (Identified Cost $412,160,960)		413,362,551


	Shares

	Common Stocks – 5.8%

		Biotechnology – 0.6%
	1,608,798	Vertex Pharmaceuticals, Inc.(h)		121,979,064

		Chemicals – 0.6%
	750,000	PPG Industries, Inc.		125,295,000

		Containers & Packaging – 0.1%
	645,508	Owens-Illinois, Inc.(h)		19,378,150
	3,805	Rock-Tenn Co., Class A		385,332

				19,763,482

		Diversified Telecommunication Services – 0.2%
	269,619	FairPoint Communications, Inc.(h)		2,574,862
	403,884	Hawaiian Telcom Holdco, Inc.(h)		10,743,314
	2,629,337	Telefonica S.A., Sponsored ADR(h)		40,702,137

				54,020,313

		Electronic Equipment, Instruments & Components – 0.0%
	630,490	Corning, Inc.		9,198,849

		Oil, Gas & Consumable Fuels – 0.4%
	1,026,979	Chesapeake Energy Corp.		26,578,217
	850,302	Repsol YPF S.A., Sponsored ADR		21,010,962
	750,000	Royal Dutch Shell PLC, ADR		49,260,000

				96,849,179

		Pharmaceuticals – 1.8%
	3,372,358	Bristol-Myers Squibb Co.		156,072,728
	2,148,265	Valeant Pharmaceuticals International, Inc.(h)		224,128,488

				380,201,216

See accompanying notes to financial statements.

| 30

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Bond Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Semiconductors & Semiconductor Equipment – 2.0%
	18,411,567	Intel Corp.	$	421,993,116

		Trading Companies & Distributors – 0.1%
	203,019	United Rentals, Inc.(h)		11,833,977


		Total Common Stocks (Identified Cost $746,125,227)		1,241,134,196


	Preferred Stocks – 3.6%

	Convertible Preferred Stocks – 3.0%

		Automotive – 1.5%
	5,163,116	General Motors Co., Series B, 4.750%		258,930,267
	964,435	Goodyear Tire & Rubber Co. (The), 5.875%		61,415,221

				320,345,488

		Banking – 0.1%
	12,483	Wells Fargo & Co., Series L, Class A, 7.500%		14,199,537

		Electric – 0.1%
	409,305	AES Trust III, 6.750%		20,628,972

		Independent Energy – 0.3%
	87,351	Chesapeake Energy Corp., 4.500%		7,727,069
	208,780	Chesapeake Energy Corp., 5.000%		19,395,662
	12,470	Chesapeake Energy Corp., Series A, 5.750%, 144A		13,755,969
	91,888	SandRidge Energy, Inc., 7.000%		9,165,828
	144,600	SandRidge Energy, Inc., 8.500%		14,488,920

				64,533,448

		Metals & Mining – 0.2%
	1,075,355	ArcelorMittal, 6.000%		23,109,379
	457,617	Cliffs Natural Resources, Inc., 7.000%		9,047,088

				32,156,467

		Non-Captive Diversified – 0.1%
	25,823	Bank of America Corp., Series L, 7.250%		27,888,840

		Pipelines – 0.1%
	325,710	El Paso Energy Capital Trust I, 4.750%		18,282,102

		REITs – Diversified – 0.1%
	561,271	Weyerhaeuser Co., Series A, 6.375%		29,736,138

		REITs – Healthcare – 0.0%
	172,150	Health Care REIT, Inc., Series I, 6.500%		9,907,233

		REITs – Mortgage – 0.2%
	679,716	iStar Financial, Inc., Series J, 4.500%		37,642,672

See accompanying notes to financial statements.

31 |

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Bond Fund – continued


Shares		Description	Value (†)

	Preferred Stocks – continued

		Technology – 0.3%
	62,989	Lucent Technologies Capital Trust I, 7.750%	$	63,807,857


		Total Convertible Preferred Stocks (Identified Cost $579,297,183)		639,128,754


	Non-Convertible Preferred Stocks – 0.6%

		Banking – 0.4%
	65,854	Ally Financial, Inc., Series G, 7.000%, 144A		62,923,497
	53,000	Bank of America Corp., 6.375%		1,265,110
	534,725	Countrywide Capital IV, 6.750%		13,314,653

				77,503,260

		Electric – 0.0%
	2,925	Connecticut Light & Power Co., 1.900%		135,830
	100	Entergy Arkansas, Inc., 4.320%		9,769
	5,000	Entergy Mississippi, Inc., 4.360%		453,906
	665	Entergy New Orleans, Inc., 4.360%		61,409
	200	Entergy New Orleans, Inc., 4.750%		19,306
	50,100	Southern California Edison Co., 4.780%		1,150,296

				1,830,516

		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(g)		39,472,500

		Home Construction – 0.0%
	41,783	Hovnanian Enterprises, Inc., 7.625%(h)		604,182

		Non-Captive Consumer – 0.0%
	149,767	SLM Corp., Series A, 6.970%		6,979,142

		Non-Captive Diversified – 0.0%
	58,400	iStar Financial, Inc., Series E, 7.875%		1,379,408
	58,575	iStar Financial, Inc., Series F, 7.800%		1,372,412
	15,550	iStar Financial, Inc., Series G, 7.650%		357,650

				3,109,470

		REITs – Office Property – 0.0%
	2,318	Highwoods Properties, Inc., Series A, 8.625%		2,729,445

		REITs – Warehouse/Industrials – 0.0%
	169,007	ProLogis, Inc., Series Q, 8.540%		9,557,346

		Total Non-Convertible Preferred Stocks (Identified Cost $91,856,549)		141,785,861


		Total Preferred Stocks (Identified Cost $671,153,732)		780,914,615

See accompanying notes to financial statements.

| 32

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Bond Fund – continued


Shares		Description	Value (†)

	Closed End Investment Companies – 0.0%
	680,008	NexPoint Credit Strategies Fund (Identified Cost $9,807,937)	$	5,202,061


	Principal Amount (‡)

	Short-Term Investments – 5.8%
$	610,402,916	Repurchase Agreement with State Street Bank and Trust Company, dated 9/30/2013 at 0.000% to be repurchased at $610,402,916 on 10/01/2013 collateralized by $3,055,000 Federal National Mortgage Association, 2.080% due 11/02/2022 valued at $2,838,633; $93,750,000 Federal Home Loan Mortgage Corp., 2.500% due 11/01/2027 valued at $86,707,890; $49,000,000 Federal Home Loan Mortgage Corp., 2.500% due 11/01/2027 valued at $45,281,980; $117,000,000 Federal National Mortgage Association, 2.000% due 11/01/2027 valued at $105,719,912; $60,000,000 Federal National Mortgage Association, 2.000% due 12/01/2027 valued at $55,035,213; $77,585,168 Government National Mortgage Association, 2.500% due 12/15/2027 valued at $73,179,643; $128,000,000 Government National Mortgage Association, 2.500% due 12/20/2027 valued at $119,490,564; $25,590,000 Government National Mortgage Association, 2.500% due 2/20/2028 valued at $24,588,890; $14,395,000 Federal Home Loan Mortgage Corp., 2.500% due 4/01/2028 valued at $13,865,913; $8,820,000 Federal Home Loan Mortgage Corp., 4.000% due 5/15/2040 valued at $7,015,362; $110,815,000 Federal Home Loan Mortgage Corp., 3.000% due 5/15/2040 valued at $88,974,205 including accrued interest (Note 2 of Notes to Financial Statements)		610,402,916
	646,879,067	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2013 at 0.000% to be repurchased at $646,879,067 on 10/01/2013 collateralized by $432,060,000 U.S. Treasury Note, 0.625% due 8/31/2017 valued at $425,579,100; $15,100,000 U.S. Treasury Note, 2.125% due 12/31/2015 valued at $15,761,803; $45,000,000 U.S. Treasury Note, 2.125% due 2/29/2016 valued at $46,912,500; $171,570,000 U.S. Treasury Note, 0.500% due 6/15/2016 valued at $171,570,000 including accrued interest (Note 2 of Notes to Financial Statements)		646,879,067

		Total Short-Term Investments (Identified Cost $1,257,281,983)		1,257,281,983


		Total Investments – 97.3% (Identified Cost $19,074,540,086)(a)		20,970,519,314
		Other assets less liabilities—2.7%		581,724,523

		Net Assets – 100.0%	$	21,552,243,837

See accompanying notes to financial statements.

33 |

Portfolio of Investments – as of September 30, 2013

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:
	At September 30, 2013, the net unrealized appreciation on investments based on a cost of $19,242,211,155 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	$	2,328,952,002
	Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(600,643,843	)


	Net unrealized appreciation	$	1,728,308,159


(b)	Variable rate security. Rate as of September 30, 2013 is disclosed.
(c)	Illiquid security. At September 30, 2013, the value of these securities amounted to $425,336,652 or 2.0% of net assets.
(d)	Fair valued by the Fund’s investment adviser. At September 30, 2013, the value of these securities amounted to $78,362,587 or 0.4% of net assets.
(e)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
(f)	Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional debt securities. For the period ended September 30, 2013, the issuer has paid out 100% of the interest payments in-kind.
(g)	Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.
(h)	Non-income producing security.
(i)	Maturity has been extended under the terms of a plan of reorganization.
(j)	Convertible dollar-indexed note. Coupon rate is based on MXN denominated par value and is payable in USD.
(k)	Variable rate security. Rate shown represents the weighted average rate of underlying contracts at September 30, 2013.
(l)	Perpetual bond with no specified maturity 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 September 30, 2013, the value of Rule 144A holdings amounted to $2,964,593,353 or 13.8% 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
PIK	Payment-in-Kind
REITs	Real Estate Investment Trusts

See accompanying notes to financial statements.

| 34

Portfolio of Investments – as of September 30, 2013

Loomis Sayles Bond Fund – continued



	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

Industry Summary at September 30, 2013 (Unaudited)


Treasuries	18.9	%
Banking	12.0
Technology	5.0
Wirelines	4.6
Automotive	4.6
Non-Captive Diversified	4.0
Non-Captive Consumer	2.9
Healthcare	2.9
Life Insurance	2.4
Local Authorities	2.3
Pharmaceuticals	2.2
Electric	2.0
Semiconductors & Semiconductor Equipment	2.0
Other Investments, less than 2% each	25.7
Short-Term Investments	5.8

Total Investments	97.3
Other assets less liabilities	2.7

Net Assets	100.0	%

Currency Exposure Summary at September 30, 2013 (Unaudited)


United States Dollar	66.3	%
Canadian Dollar	10.6
New Zealand Dollar	4.9
Australian Dollar	3.5
Euro	3.4
Norwegian Krone	2.8
Other, less than 2% each	5.8

Total Investments	97.3
Other assets less liabilities	2.7

Net Assets	100.0	%

See accompanying notes to financial statements.

35 |

Statement of Assets and Liabilities

September 30, 2013


ASSETS
Investments at cost	$	19,074,540,086
Net unrealized appreciation		1,895,979,228

Investments at value		20,970,519,314
Cash		105,434
Foreign currency at value (identified cost $66,574,542)		66,755,847
Receivable for Fund shares sold		54,943,073
Receivable for securities sold		238,565,667
Dividends and interest receivable		261,747,227
Tax reclaims receivable		348,391

TOTAL ASSETS		21,592,984,953

LIABILITIES
Payable for securities purchased		2,577,686
Payable for Fund shares redeemed		24,896,932
Foreign taxes payable (Note 2)		1,387,877
Management fees payable (Note 5)		8,981,350
Deferred Trustees’ fees (Note 5)		1,207,750
Administrative fees payable (Note 5)		778,146
Payable to distributor (Note 5d)		184,521
Other accounts payable and accrued expenses		726,854

TOTAL LIABILITIES		40,741,116

NET ASSETS	$	21,552,243,837

NET ASSETS CONSIST OF:
Paid-in capital	$	19,667,232,203
Distributions in excess of net investment income		(19,715,920	)
Accumulated net realized gain on investments and foreign currency transactions		9,779,638
Net unrealized appreciation on investments and foreign currency translations		1,894,947,916

NET ASSETS	$	21,552,243,837


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Institutional Class:
Net assets	$	12,997,812,533

Shares of beneficial interest		861,513,004

Net asset value, offering and redemption price per share	$	15.09

Retail Class:
Net assets	$	8,282,009,555

Shares of beneficial interest		551,300,891

Net asset value, offering and redemption price per share	$	15.02

Admin Class:
Net assets	$	272,181,160

Shares of beneficial interest		18,171,261

Net asset value, offering and redemption price per share	$	14.98

Class N:
Net assets	$	240,589

Shares of beneficial interest		15,960

Net asset value, offering and redemption price per share	$	15.07

See accompanying notes to financial statements.

| 36

Statement of Operations

For the Year Ended September 30, 2013


INVESTMENT INCOME
Interest	$	1,092,292,183
Dividends		70,270,791
Less net foreign taxes withheld		(664,574	)

		1,161,898,400

Expenses
Management fees (Note 5)		113,962,927
Service and distribution fees (Note 5)		23,370,830
Administrative fees (Note 5)		9,882,130
Trustees’ fees and expenses (Note 5)		514,566
Transfer agent fees and expenses (Notes 5 and 6)		16,022,841
Audit and tax services fees		54,289
Custodian fees and expenses		1,370,054
Legal fees		300,651
Registration fees		317,655
Shareholder reporting expenses		1,624,176
Miscellaneous expenses		495,298

Total expenses		167,915,417
Less waiver and/or expense reimbursement (Note 5)		(132	)

Net expenses		167,915,285

Net investment income		993,983,115


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		749,723,552
Foreign currency transactions		(7,348,654	)
Net change in unrealized appreciation (depreciation) on:
Investments		(381,965,473	)
Foreign currency translations		(250,606	)

Net realized and unrealized gain on investments and foreign currency transactions		360,158,819


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,354,141,934

See accompanying notes to financial statements.

37 |

Statement of Changes In Net Assets


	Year Ended September 30, 2013			Year Ended September 30, 2012
FROM OPERATIONS:
Net investment income	$	993,983,115		$	1,002,206,676
Net realized gain on investments and foreign currency transactions		742,374,898			284,080,652
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(382,216,079	)		1,465,523,324

Net increase in net assets resulting from operations		1,354,141,934			2,751,810,652

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Institutional Class		(744,945,068	)		(700,653,280	)
Retail Class		(468,415,000	)		(471,306,878	)
Admin Class		(14,798,394	)		(15,159,216	)
Class N		(594	)		—

Total distributions		(1,228,159,056	)		(1,187,119,374	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 9)		(499,190,656	)		1,293,321,403

Net increase (decrease) in net assets		(373,207,778	)		2,858,012,681
NET ASSETS
Beginning of the year		21,925,451,615			19,067,438,934

End of the year	$	21,552,243,837		$	21,925,451,615

UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME	$	(19,715,920	)	$	86,778,683

See accompanying notes to financial statements.

| 38

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
9/30/2013	$	14.99	$	0.69	$	0.27		$	0.96	$	(0.86	)	$	—		$	(0.86	)
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	)

Retail Class
9/30/2013		14.93		0.65		0.25			0.90		(0.81	)		—			(0.81	)
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	)

Admin Class
9/30/2013		14.89		0.61		0.25			0.86		(0.77	)		—			(0.77	)
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	)

Class N
9/30/2013*		15.33		0.47		(0.25	)		0.22		(0.48	)		��			(0.48	)

From commencement of Class operations on February 1, 2013 through September 30, 2013.

(a)

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

(b)

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

(c)

(d)

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

(e)

Includes fee/expense recovery of less than 0.01%.

(f)

Includes fee/expense recovery of 0.01%.

See accompanying notes to financial statements.

39 |


						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 (%)


$	15.09		6.51	$	12,997,813		0.63			0.63			4.57		28
	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


	15.02		6.15		8,282,010		0.92			0.92			4.28		28
	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	(e)		0.93	(e)		5.46		27
	12.94		19.46		7,646,591		0.95			0.96			7.44		39


	14.98		5.88		272,181		1.18			1.18			4.02		28
	14.89		13.91		302,018		1.20			1.20			4.42		20
	13.80		2.77		262,567		1.20	(f)		1.20	(f)		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


	15.07		1.45		241		0.65			2.14			4.73		28

See accompanying notes to financial statements.

| 40

Notes to Financial Statements

September 30, 2013

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

41 |

Notes to Financial Statements – continued

September 30, 2013

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 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.

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.

| 42

Notes to Financial Statements – continued

September 30, 2013

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 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 September 30, 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 twelve 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

43 |

Notes to Financial Statements – continued

September 30, 2013

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, return of capital and capital gain distributions received and trust preferred securities adjustments. 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, return of capital distributions received, trust preferred securities 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 years ended September 30, 2013 and 2012 were as follows:


2013 Distributions Paid From:			2012 Distributions Paid From:
Ordinary Income	Long-Term Capital Gains	Total	Ordinary Income	Long-Term Capital Gains	Total
$1,228,159,056	$ —	$1,228,159,056	$1,187,119,374	$ —	$1,187,119,374

As of September 30, 2013, the components of distributable earnings on a tax basis were as follows:


Undistributed ordinary income	$	89,014,832
Undistributed long-term capital gains		77,354,084

Total undistributed earnings		166,368,916

Unrealized appreciation		1,727,688,927

Total accumulated earnings	$	1,894,057,843

Capital loss carry forward utilized in the current year	$	496,367,533

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

| 44

Notes to Financial Statements – continued

September 30, 2013

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 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 year ended September 30, 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

45 |

Notes to Financial Statements – continued

September 30, 2013

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.

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2013, at value:

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
Airlines	$	—	$	33,168,507	$	349,096,577	(b)	$	382,265,084
Life Insurance		—		426,553,908		7,625,000	(c)		434,178,908
Non-Captive Consumer		3,090,573		621,978,129		—			625,068,702
Retailers		—		108,989,688		15,667,254	(d)		124,656,942
Transportation Services		—		22,803,135		62,142,116	(d)		84,945,251
All Other Non-Convertible Bonds(a)		—		13,582,548,130		—			13,582,548,130

Total Non-Convertible Bonds		3,090,573		14,796,041,497		434,530,947			15,233,663,017

Convertible Bonds
Wirelines		—		139,551,253		547,121	(d)		140,098,374
All Other Convertible Bonds(a)		—		1,654,452,231		—			1,654,452,231

Total Convertible Bonds		—		1,794,003,484		547,121			1,794,550,605

Municipals(a)		—		244,410,286		—			244,410,286

Total Bonds and Notes		3,090,573		16,834,455,267		435,078,068			17,272,623,908

Senior Loans(a)		—		413,362,551		—			413,362,551
Common Stocks(a)		1,241,134,196		—		—			1,241,134,196

| 46

Notes to Financial Statements – continued

September 30, 2013

Asset Valuation Inputs – continued


Description	Level 1		Level 2		Level 3		Total
Preferred Stocks
Convertible Preferred Stocks
Independent Energy	$	50,044,528	$	14,488,920	$	—	$	64,533,448
All Other Convertible Preferred Stocks(a)		574,595,306		—		—		574,595,306

Total Convertible Preferred Stocks		624,639,834		14,488,920		—		639,128,754

Non-Convertible Preferred Stocks
Electric		1,150,296		680,220		—		1,830,516
Government Sponsored		—		39,472,500		—		39,472,500
REITs – Office Property		—		2,729,445		—		2,729,445
All Other Non-Convertible Preferred Stocks(a)		97,753,400		—		—		97,753,400

Total Non-Convertible Preferred Stocks		98,903,696		42,882,165		—		141,785,861

Total Preferred Stocks		723,543,530		57,371,085		—		780,914,615

Closed End Investment Companies		5,202,061		—		—		5,202,061
Short-Term Investments		—		1,257,281,983		—		1,257,281,983

Total	$	1,972,970,360	$	18,562,470,886	$	435,078,068	$	20,970,519,314

(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 ($270,733,990) or fair valued by the Fund’s investment adviser ($6,096).

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

A preferred stock valued at $61,604,362 was transferred from Level 2 to Level 1 during the period ended September 30, 2013. At September 30, 2013, this security was valued at the last sale price in accordance with the Fund’s valuation policies.

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

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

47 |

Notes to Financial Statements – continued

September 30, 2013

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 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 September 30, 2013:

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	$	—	$	177,634	$	2,319,209		$	(7,944,786	)	$	75,610,000
Banking		33,981,590		—		—			—			—
Electric		16,800,000		—		—			7,070,000			—
Life Insurance		—		—		—			(1,525,000	)		9,150,000
Retailers		—		62,496		—			(162,487	)		—
Sovereigns		55,949,432		13,437,294		(11,568,563	)		73,756,444			11,722
Transportation Services		17,897,385		—		1,390,165			12,733,161			—
Convertible Bonds
Wirelines		—		—		(9	)		(195,077	)		742,207

Total	$	124,628,407	$	13,677,424	$	(7,859,198	)	$	83,732,255		$	85,513,929

| 48

Notes to Financial Statements – continued

September 30, 2013

Asset Valuation Inputs – continued


Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of September 30, 2013		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at September 30, 2013
Bonds and Notes
Non-Convertible Bonds
Airlines	$	(35,513,489	)	$	314,448,009	$	—		$	349,096,577	$	(7,944,786	)
Banking		—			—		(33,981,590	)		—		—
Electric		(23,870,000	)		—		—			—		—
Life Insurance		—			—		—			7,625,000		(1,525,000	)
Retailers		—			15,767,245		—			15,667,254		(162,487	)
Sovereigns		(131,586,329	)		—		—			—		—
Transportation Services		(7,595,463	)		55,614,253		(17,897,385	)		62,142,116		12,733,161
Convertible Bonds
Wirelines		—			—		—			547,121		(195,077	)

Total	$	(198,565,281	)	$	385,829,507	$	(51,878,975	)	$	435,078,068	$	2,905,811

Debt securities valued at $385,829,507 were transferred from Level 2 to Level 3 during the period ended September 30, 2013. At September 30, 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 $51,878,975 were transferred from Level 3 to Level 2 during the period ended September 30, 2013. At September 30, 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. Purchases and Sales of Securities. For the year ended September 30, 2013, purchases and sales of securities (excluding short-term investments and U.S. Government/Agency securities and including paydowns) were $4,799,388,241 and $7,263,762,229, respectively. Purchases and sales of U.S. Government/Agency securities (excluding short-term investments and including paydowns) were $1,240,447,280 and $241,473,843, respectively.

49 |

Notes to Financial Statements – continued

September 30, 2013

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 year ended September 30, 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 year ended September 30, 2013, the management fees for the Fund were $113,962,927 (effective rate of 0.51% of average daily net assets).

For the year ended September 30, 2013, class-specific expenses of $132 have been reimbursed for Class N shares. Expense reimbursements are subject to possible recovery until September 30, 2014.

No expenses were recovered during the year ended September 30, 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,

| 50

Notes to Financial Statements – continued

September 30, 2013

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 year ended September 30, 2013, the service and distribution fees for the Fund were as follows:


Service Fees	Distribution Fees
Admin Class	Retail Class	Admin Class
$722,769	$21,925,292	$722,769

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

51 |

Notes to Financial Statements – continued

September 30, 2013

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 year ended September 30, 2013, the administrative fees for the Fund were $9,882,130.

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 year ended September 30, 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
$7,017,615	$7,880,932	$297,218

As of September 30, 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
$92,302	$88,009	$4,210

| 52

Notes to Financial Statements – continued

September 30, 2013

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 the 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.

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 September 30, 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 0.14% of net assets, respectively.

53 |

Notes to Financial Statements – continued

September 30, 2013

6. Class-Specific Transfer Agent Fees and Expenses. For the year ended September 30, 2013, class-specific transfer agent fees and expenses (including sub-transfer agent fees and expenses) for the Fund were as follows:


Transfer Agent Fees and Expenses
Institutional Class	Retail Class	Admin Class	Class N
$7,250,608	$8,456,344	$315,754	$135

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 year ended September 30, 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:


	Year Ended September 30, 2013						Year Ended September 30, 2012
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		221,796,824		$	3,372,879,962			250,394,167		$	3,622,164,786
Issued in connection with the reinvestment of distributions		44,182,283			667,939,710			43,460,035			622,162,016
Redeemed		(269,814,290	)		(4,088,507,940	)		(213,371,853	)		(3,075,564,454	)

Net change		(3,835,183	)	$	(47,688,268	)		80,482,349		$	1,168,762,348

| 54

Notes to Financial Statements – continued

September 30, 2013

9. Capital Shares – continued.


	Year Ended September 30, 2013						Year Ended September 30, 2012
Retail Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		133,696,303		$	2,025,097,434			158,909,793		$	2,288,059,092
Issued in connection with the reinvestment of distributions		30,121,027			453,550,157			32,316,064			460,369,080
Redeemed		(192,062,227	)		(2,898,523,483	)		(183,350,708	)		(2,642,347,775	)

Net change		(28,244,897	)	$	(419,875,892	)		7,875,149		$	106,080,397

Admin Class
Issued from the sale of shares		4,853,051		$	73,226,460			7,426,598		$	106,452,624
Issued in connection with the reinvestment of distributions		913,752			13,716,196			974,959			13,854,085
Redeemed		(7,883,829	)		(118,809,900	)		(7,145,302	)		(101,828,051	)

Net change		(2,117,026	)	$	(31,867,244	)		1,256,255		$	18,478,658

Class N*
Issued from the sale of shares		15,930		$	240,289			—		$	—
Issued in connection with the reinvestment of distributions		31			471			—			—
Redeemed		(1	)		(12	)		—			—

Net change		15,960		$	240,748			—		$	—

Increase (decrease) from capital share transactions		(34,181,146	)	$	(499,190,656	)		89,613,753		$	1,293,321,403

* From commencement of Class operations on February 1, 2013 through September 30, 2013.

55 |

Report of Independent Registered Public Accounting Firm

To the Trustees of Loomis Sayles Funds I and Shareholders of Loomis Sayles Bond Fund:

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Loomis Sayles Bond Fund, a series of Loomis Sayles Funds I (the “Fund”), at September 30, 2013, and the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at September 30, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

November 21, 2013

| 56

2013 U.S. Tax Distribution Information to Shareholders (Unaudited)

Corporate Dividends Received Deduction. For the fiscal year ended September 30, 2013, 4.44% of dividends distributed by Bond Fund qualify for the dividends received deduction for corporate shareholders.

Qualified Dividend Income. For the fiscal year ended September 30, 2013, the Bond Fund will designate up to the maximum amount allowable pursuant to the Internal Revenue Code as qualified dividend income eligible for reduced tax rates. These lower rates range from 0% to 20% depending on an individual’s tax bracket. If the Fund pays a distribution during calendar year 2013, complete information will be reported in conjunction with Form 1099-DIV.

57 |

Trustee and Officer Information

The tables below provide certain information regarding the trustees and officers of Loomis Sayles Funds I (the “Trust”). Unless otherwise indicated, the address of all persons below is 399 Boylston Street, Boston, MA 02116. The Fund’s Statement of Additional Information includes additional information about the trustees of the Trust and is available by calling Natixis Funds at 800-225-5478.


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

INDEPENDENT TRUSTEES

Charles D. Baker (1956)	Trustee From 2005 to 2009 and since 2011 Contract Review and Governance Committee Member	Executive in Residence at General Catalyst Partners (venture capital and growth equity firm); formerly, President and Chief Executive Officer, Harvard Pilgrim Health Care (health care organization)	42 Director, Athenahealth, Inc. (software company)	Significant experience on the Board; executive experience (including president and chief executive officer of a health care organization and executive officer of a venture capital and growth equity firm)

Daniel M. Cain (1945)	Trustee Since 2003 Chairman of the Contract Review and Governance Committee	Chairman (formerly, President and Chief Executive Officer) of Cain Brothers & Company, Incorporated (investment banking)	42 Director, Sheridan Healthcare Inc. (physician practice management)	Significant experience on the Board and on the board of other business organizations (including at a health care organization); experience in the financial industry (including roles as chairman and former chief executive officer of an investment banking firm)

| 58

Trustee and Officer Information – continued


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

INDEPENDENT TRUSTEES – continued

Kenneth A. Drucker (1945)	Trustee Since 2008 Chairman of the Audit Committee	Retired	42 Formerly, Director, M Fund, Inc. (investment company); Director, Gateway Trust (investment company)	Significant experience on the Board and on the board of other business organizations (including at investment companies); executive experience (including as treasurer of an aerospace, automotive, and metal manufacturing corporation)

Edmond J. English (1953)	Trustee Since 2013 Contract Review and Governance Committee Member	Chief Executive Officer of Bob’s Discount Furniture (retail)	42 Formerly, Director, BJ’s Wholesale Club (retail); formerly, Director, Citizens Financial Group (bank)	Significant experience on the board of other business organizations (including at a retail company and a bank); executive experience (including at a retail company)

Wendell J. Knox (1948)	Trustee Since 2009 Audit Committee Member	Director (formerly, President and Chief Executive Officer) of Abt Associates Inc. (research and consulting)	42 Director, Eastern Bank (bank); Director, The Hanover Insurance Group (property and casualty insurance)	Significant experience on the Board and on the board of other business organizations (including at a bank and at a property and casualty insurance firm); executive experience (including roles as president and chief executive officer of a research and consulting company)

59 |

Trustee and Officer Information – continued


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

INDEPENDENT TRUSTEES – continued

Martin T. Meehan (1956)	Trustee Since 2012 Contract Review and Governance Committee Member	Chancellor and faculty member, University of Massachusetts Lowell	42 None	Experience on the Board and on the board of other business organizations; experience as Chancellor of the University of Massachusetts Lowell; government experience (including as a member of the U.S. House of Representatives); academic experience

Sandra O. Moose (1942)	Chairperson of the Board of Trustees since November 2005 Trustee Since 2003 Ex officio member of the Audit Committee and Contract Review and Governance Committee	President, Strategic Advisory Services (management consulting)	42 Director, Verizon Communications (telecommunications company); Director, AES Corporation (international power company); formerly, Director, Rohm and Haas Company (specialty chemicals)	Significant experience on the Board and on the board of other business organizations (including at a telecommunications company, an international power company and a specialty chemicals corporation); executive experience (including at a management consulting company)

Erik R. Sirri (1958)	Trustee Since 2009 Audit Committee Member	Professor of Finance at Babson College; formerly, Director of the Division of Trading and Markets at the Securities and Exchange Commission	42 None	Significant experience on the Board; experience as Director of the Division of Trading and Markets at the Securities and Exchange Commission; academic experience; training as an economist

| 60

Trustee and Officer Information – continued


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

INDEPENDENT TRUSTEES – continued

Peter J. Smail (1952)	Trustee Since 2009 Contract Review and Governance Committee Member	Retired; formerly, President and Chief Executive Officer of Pyramis Global Advisors (investment management)	42 None	Significant experience on the Board; mutual fund industry and executive experience (including roles as president and chief executive officer for an investment adviser)

Cynthia L. Walker (1956)	Trustee Since 2005 Audit Committee Member	Deputy Dean for Finance and Administration, Yale University School of Medicine; formerly, Executive Dean for Administration, Harvard Medical School	42 None	Significant experience on the Board; executive experience in a variety of academic organizations (including roles as dean for finance and administration)

INTERESTED TRUSTEES

Robert J. Blanding³ (1947) 555 California Street San Francisco, CA 94104	Trustee Since 2002 President and Chief Executive Officer since 2002	President, Chairman, Director and Chief Executive Officer, Loomis, Sayles & Company, L.P.	42 None	Significant experience on the Board; continuing service as President, Chairman, and Chief Executive Officer of Loomis, Sayles & Company, L.P.

David L. Giunta⁴ (1965)	Trustee Since 2011 Executive Vice President since 2008	President and Chief Executive Officer, NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.	42 None	Experience on the Board; continuing experience as President and Chief Executive Officer of NGAM Advisors, L.P.

61 |

Trustee and Officer Information – continued


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

INTERESTED TRUSTEES – continued

John T. Hailer⁵ (1960)	Trustee Since 2003	President and Chief Executive Officer – U.S. and Asia, Natixis Global Asset Management, L.P.	42 None	Significant experience on the Board; continuing experience as President and Chief Executive Officer – U.S. and Asia, Natixis Global Asset Management, L.P.

³	Mr. Blanding is deemed an “interested person” of the Trust because he holds the following positions with an affiliated person of the Trust: President, Chairman, Director and Chief Executive Officer of Loomis, Sayles & Company, L.P. and Director of Loomis Sayles Investment Asia Pte., Ltd.

⁴	Mr. Giunta is deemed an “interested person” of the Trust because he holds the following positions with an affiliated person of the Trust: President and Chief Executive Officer of NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.

⁵	Mr. Hailer is deemed an “interested person” of the Trust because he holds the following positions with an affiliated person of the Trust: President and Chief Executive Officer – U.S. and Asia, Natixis Global Asset Management, L.P.

| 62

Trustee and Officer Information – continued


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

OFFICERS OF THE TRUST

Coleen Downs Dinneen (1960)	Secretary, Clerk and Chief Legal Officer	Since September 2004	Executive Vice President, General Counsel, Secretary and Clerk, NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.

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

Russell L. Kane (1969)	Chief Compliance Officer, Assistant Secretary and Anti-Money Laundering Officer	Chief Compliance Officer since May 2006; Assistant Secretary since June 2004; and Anti-Money Laundering Officer since April 2007	Chief Compliance Officer for Mutual Funds, Senior Vice President, Deputy General Counsel, Assistant Secretary and Assistant Clerk, NGAM Distribution Corporation, NGAM Advisors, L.P. and NGAM Distribution, L.P.

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

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

63 |

Item 2.

Code of Ethics.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer and persons performing similar functions. There have been no amendments or waivers of the Registrant’s code of ethics during the period.

Item 3.

Audit Committee Financial Expert.

The Board of Trustees of the Registrant has established an audit committee. Ms. Cynthia L. Walker, Mr. Wendell J. Knox and Mr. Kenneth A. Drucker are members of the audit committee and have been designated as “audit committee financial experts” by the Board of Trustees. Each of these individuals is also an Independent Trustee of the Registrant.

Item 4.

Principal Accountant Fees and Services.

Fees billed by the Principal Accountant for services rendered to the Registrant.

The table below sets forth fees billed by the principal accountant, PricewaterhouseCoopers LLP, for the past two fiscal years for professional services rendered in connection with a) the audit of the Registrant’s annual financial statements and services provided in connection with regulatory filings; b) audit-related services (including services that are reasonably related to the performance of the audit of the Registrant’s financial statements and but not reported under “Audit Fees”); c) tax compliance, tax advice and tax planning and d) all other fees billed for professional services rendered by the principal accountant to the Registrant, other than the services reported as a part of (a) through (c) of this Item.


	Audit fees				Audit-related fees¹				Tax fees²				All other fees
	10/1/11- 9/30/12		10/1/12- 9/30/13		10/1/11- 9/30/12		10/1/12- 9/30/13		10/1/11- 9/30/12		10/1/12- 9/30/13		10/1/11- 9/30/12		10/1/12- 9/30/13
Loomis Sayles Funds I	$	356,244	$	361,587	$	4,637	$	4,671	$	76,010	$	77,149	$	—	$	—

1. Audit-related fees consist of:

2012 & 2013—performance of agreed-upon procedures related to the Registrant’s deferred compensation plan.

2. Tax fees consist of:

2012 & 2013 – review of Registrant’s tax returns.

Aggregate fees billed to the Registrant for non-audit services during 2012 and 2013 were $80,647 and $81,820, respectively.

Fees billed by the Principal Accountant for services rendered to the Adviser and Control Affiliates.

The following table sets forth the fees billed by the Registrant’s principal accountant for non-audit services rendered to Loomis, Sayles & Company, L.P. and entities controlling, controlled by or under common control with Loomis, Sayles & Company, L.P. (“Control Affiliates”) that provide ongoing services to the Registrant, for engagements that related directly to the operations and financial reporting of the Registrant for the last two fiscal years.


	Audit-related fees				Tax fees				All other fees
	10/1/11- 9/30/12		10/1/12- 9/30/13		10/1/11- 9/30/12		10/1/12- 9/30/13		10/1/11- 9/30/12		10/1/12- 9/30/13
Control Affiliates	$	—	$	—	$	6,838	$	—	$	—	$	—

The following table sets forth the aggregate fees billed by the Registrant’s principal accountant for non-audit services rendered to Loomis, Sayles & Company, L.P. and Control Affiliates that provide ongoing services to the Registrant, for the last two fiscal years, including the fees disclosed in the table above.


	Aggregate Non-Audit Fees
	10/1/11-9/30/12		10/1/12-9/30/13
Control Affiliates	$	87,658	$	73,039

None of the services described above were approved pursuant to (c)(7)(i)(C) of Regulation S-X.

Audit Committee Pre Approval Policies.

Annually, the Registrant’s Audit Committee reviews the audit, audit-related, tax and other non-audit services together with the projected fees, for services proposed to be rendered to the Trust and/or other entities for which pre-approval is required during the upcoming year. Any subsequent revisions to already pre-approved services or fees (including fee increases) and requests for pre-approval of new services would be presented for consideration quarterly as needed.

If, in the opinion of management, a proposed engagement by the Registrant’s independent accountants needs to commence before the next regularly scheduled Audit Committee meeting, any member of the Audit Committee who is an independent Board member is authorized to pre-approve the engagement, but only for engagements to provide audit, audit related and tax services. This approval is subject to review of the full Audit Committee at its next quarterly meeting. All other engagements require the approval of all the members of the Audit Committee.

Item 5.

Audit Committee of Listed Registrants.

Not applicable.

Item 6.

Schedule of Investments.

Included as part of the Report to Shareholders filed as Item 1 herewith.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.

Not applicable.

Item 10.

Submission of Matters to a Vote of Securities Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11.

Controls and Procedures.

The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s last fiscal quarter of the period covered by the report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12.

Exhibits.

(a) (1)

Code of Ethics required by Item 2 hereof, filed herewith as Exhibit (a)(1).

(a) (2)

Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)), filed herewith as Exhibits (a)(2)(1) and (a)(2)(2), respectively.

(a) (3)

Not applicable.

(b)	Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002 are filed herewith as Exhibit (b).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Loomis Sayles Funds I

By:		/s/ Robert J. Blanding
Name: Robert J. Blanding
Title: President and Chief Executive Officer
Date: November 21, 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: November 21, 2013


By:		/s/ Michael C. Kardok
Name: Michael C. Kardok
Title: Treasurer
Date: November 21, 2013

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