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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-08282

Loomis Sayles Funds I

(Exact name of Registrant as specified in charter)


399 Boylston Street, Boston, Massachusetts		02116
(Address of principal executive offices)		(Zip code)

Coleen Downs Dinneen, Esq.

NGAM Distribution, L.P.

399 Boylston Street

Boston, Massachusetts 02116

(Name and address of agent for service)

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

Date of fiscal year end: September 30

Date of reporting period: March 31, 2015

Item 1. Reports to Stockholders.

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

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

Semiannual Report

March 31, 2015



TABLE OF CONTENTS
Portfolio Review			1
Portfolio of Investments			10
Financial Statements			58
Notes to Financial Statements			71

LOOMIS SAYLES FIXED INCOME FUND


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

Objective

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

Average Annual Total Returns — March 31, 2015²



	6 months			1 year			5 years			10 years

Institutional Class (Inception 1/17/95)		-1.38	%		0.73	%		7.65	%		7.90	%

Comparative Performance
Barclays U.S. Government/Credit Bond Index¹		3.69			5.86			4.75			4.96

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. 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.

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

1 |

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
Scott M. Service, CFA^®

Objective

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

Average Annual Total Returns — March 31, 2015²



	6 months			1 year			5 years			10 years			Life of Class N

Institutional Class (Inception 5/10/91)		-2.97	%		-3.66	%		2.84	%		4.13	%		—	%

Retail Class (Inception 12/31/96)		-3.13			-3.94			2.57			3.84			—

Class N (Inception 2/1/13)		-2.94			-3.56			—			—			-1.52

Comparative Performance
Barclays Global Aggregate Bond Index¹		-2.94			-3.66			2.31			3.61			-1.37

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

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

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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

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

Average Annual Total Returns — March 31, 2015³



	6 months			1 year			5 years			10 years

Institutional Class (Inception 5/20/91)		1.33	%		1.98	%		3.99	%		4.15	%

Retail Class (Inception 5/28/10)¹		1.16			1.78			3.73			3.86

Comparative Performance
Barclays U.S. Treasury Inflation Protected Securities Index²		1.40			3.11			4.29			4.55

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.

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

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

3 |

LOOMIS SAYLES INSTITUTIONAL HIGH INCOME FUND


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

Objective

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

Average Annual Total Returns — March 31, 2015²



	6 months			1 year			5 years			10 years

Institutional Class (Inception 6/5/96)		-0.47	%		1.40	%		9.16	%		9.37	%

Comparative Performance
Barclays U.S. Corporate High-Yield Bond Index¹		1.49			2.00			8.59			8.18

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.

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

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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

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

Average Annual Total Returns — March 31, 2015⁴



	6 months			1 year			5 years			10 years

Institutional Class (Inception 1/28/98)³		2.47	%		4.05	%		4.20	%		5.16	%

Retail Class (Inception 5/28/10)^1,3		2.34			3.69			3.95			4.87

Comparative Performance
Barclays U.S. Intermediate Government/Credit Bond Index²		2.35			3.58			3.52			4.34

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.

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.

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.

⁴

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

5 |

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

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

Average Annual Total Returns — March 31, 2015²



	6 months			1 year			5 years			10 years

Institutional Class (Inception 7/1/94)		-0.06	%		1.04	%		6.29	%		6.94	%

Comparative Performance
Barclays U.S. Government/Credit Bond Index¹		3.69			5.86			4.75			4.96

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.

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

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ADDITIONAL INFORMATION

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, by calling Loomis Sayles at 800-633-3330; on the Funds’ website at www.loomissayles.com, and on the Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information about how the Funds voted proxies relating to portfolio securities during the 12 months ended June 30, 2014 is available on the Funds’ website and the SEC’s website.

Quarterly Portfolio Schedules

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

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 fees (12b-1 fees), and other fund expenses. Certain exemptions may apply. 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 October 1, 2014 through March 31,2015. 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.

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

Loomis Sayles Fixed Income Fund


Institutional Class	Beginning Account Value 10/1/2014		Ending Account Value 3/31/2015		Expenses Paid During Period* 10/1/2014 – 3/31/2015
Actual		$1,000.00		$986.20		$2.82
Hypothetical (5% return before expenses)		$1,000.00		$1,022.09		$2.87
* Expenses are equal to the Fund’s annualized expense ratio of 0.57%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

Loomis Sayles Global Bond Fund


Institutional Class	Beginning Account Value 10/1/2014		Ending Account Value 3/31/2015		Expenses Paid During Period* 10/1/2014 – 3/31/2015
Actual		$1,000.00		$970.30		$3.68
Hypothetical (5% return before expenses)		$1,000.00		$1,021.19		$3.78

Retail Class
Actual		$1,000.00		$968.70		$4.91
Hypothetical (5% return before expenses)		$1,000.00		$1,019.95		$5.04

Class N
Actual		$1,000.00		$970.60		$3.10
Hypothetical (5% return before expenses)		$1,000.00		$1,021.79		$3.18
* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.75%, 1.00% and 0.63% for Institutional Class, Retail Class and Class N, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

Loomis Sayles Inflation Protected Securities Fund


Institutional Class	Beginning Account Value 10/1/2014		Ending Account Value 3/31/2015		Expenses Paid During Period* 10/1/2014 – 3/31/2015
Actual		$1,000.00		$1,013.30		$2.01
Hypothetical (5% return before expenses)		$1,000.00		$1,022.94		$2.02

Retail Class
Actual		$1,000.00		$1,011.60		$3.26
Hypothetical (5% return before expenses)		$1,000.00		$1,021.69		$3.28
* Expenses are equal to the Fund's annualized expense ratio (after waiver/reimbursement): 0.40% and 0.65% for Institutional and Retail Class, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

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Loomis Sayles Institutional High Income Fund


Institutional Class	Beginning Account Value 10/1/2014		Ending Account Value 3/31/2015		Expenses Paid During Period* 10/1/2014 – 3/31/2015
Actual		$1,000.00		$995.30		$3.38
Hypothetical (5% return before expenses)		$1,000.00		$1,021.54		$3.43
* Expenses are equal to the Fund's annualized expense ratio of 0.68%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

Loomis Sayles Intermediate Duration Bond Fund


Institutional Class	Beginning Account Value 10/1/2014		Ending Account Value 3/31/2015		Expenses Paid During Period* 10/1/2014 – 3/31/2015
Actual		$1,000.00		$1,024.70		$2.02
Hypothetical (5% return before expenses)		$1,000.00		$1,022.94		$2.02

Retail Class
Actual		$1,000.00		$1,023.40		$3.28
Hypothetical (5% return before expenses)		$1,000.00		$1,021.69		$3.28
* Expenses are equal to the Fund's annualized expense ratio (after waiver/reimbursement): 0.40% and 0.65% for Institutional and Retail Class, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

Loomis Sayles Investment Grade Fixed Income Fund


Institutional Class	Beginning Account Value 10/1/2014		Ending Account Value 3/31/2015		Expenses Paid During Period* 10/1/2014 – 3/31/2015
Actual		$1,000.00		$999.40		$2.39
Hypothetical (5% return before expenses)		$1,000.00		$1,022.54		$2.42
* Expenses are equal to the Fund's annualized expense ratio of 0.48%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

9 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Fixed Income Fund


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – 89.1% of Net Assets

	Non-Convertible Bonds – 82.7%

		ABS Car Loan – 0.4%
	7,000,000	Ford Auto Securitization Trust, Series 2014-R2A, Class A2, 1.593%, 12/15/2017, 144A, (CAD)	$	5,545,782

		ABS Home Equity – 0.0%
	552,751	Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR4, Class 2A2, 2.629%, 4/25/2035(b)		563,102

		ABS Other – 0.3%
	379,583	Community Program Loan Trust, Series 1987-A, Class A5, 4.500%, 4/01/2029		382,670
	1,855,000	GCA2014 Holdings Ltd., Series 2014-1, Class E, Zero Coupon, 1/05/2030, 144A(c)(d)(g)		1,565,063
	1,234,881	GCA2014 Holdings Ltd., Series 2014-1, Class C, 6.000%, 1/05/2030, 144A(c)(d)		1,234,881
	449,048	GCA2014 Holdings Ltd., Series 2014-1, Class D, 7.500%, 1/05/2030, 144A(c)(d)		449,048
	964,180	Global Container Assets Ltd., Series 2015-1A, Class B, 4.500%, 2/05/2030, 144A		959,359

				4,591,021

		Aerospace & Defense – 1.9%
	11,120,000	Bombardier, Inc., 6.000%, 10/15/2022, 144A		10,438,900
	175,000	Bombardier, Inc., 7.450%, 5/01/2034, 144A		167,125
	600,000	Meccanica Holdings USA, Inc., 6.250%, 7/15/2019, 144A		667,500
	1,900,000	Meccanica Holdings USA, Inc., 6.250%, 1/15/2040, 144A		1,933,250
	1,700,000	Meccanica Holdings USA, Inc., 7.375%, 7/15/2039, 144A		1,904,000
	245,000	Textron, Inc., 5.600%, 12/01/2017		267,323
	6,855,000	Textron, Inc., 5.950%, 9/21/2021		8,016,422
	1,290,000	Textron, Inc., 7.250%, 10/01/2019		1,532,603
	1,468,000	TransDigm, Inc., 6.500%, 7/15/2024		1,475,340

				26,402,463

		Airlines – 2.4%
	5,550,000	Air Canada, 7.625%, 10/01/2019, 144A, (CAD)		4,666,811
	724,692	Air Canada Pass Through Trust, Series 2013-1, Class B, 5.375%, 11/15/2022, 144A		757,303
	13,360,000	American Airlines Group, Inc., 5.500%, 10/01/2019, 144A		13,710,700
	1,108,514	American Airlines Pass Through Trust, Series 2013-1, Class A, 4.000%, 1/15/2027		1,155,260
	365,459	American Airlines Pass Through Trust, Series 2013-1, Class B, 5.625%, 1/15/2021, 144A		380,815
	800,000	American Airlines Pass Through Trust, Series 2013-2, Class C, 6.000%, 1/15/2017, 144A		806,072
		Airlines – continued
$	231,025	Continental Airlines Pass Through Certificates, Series 2012-2, Class B, 5.500%, 4/29/2022	$	244,138
	1,745,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		1,840,975
	10,502	Continental Airlines Pass Through Trust, Series 1997-1, Class A, 7.461%, 10/01/2016		10,502
	17,053	Continental Airlines Pass Through Trust, Series 2000-2, Class B, 8.307%, 10/02/2019		18,716
	70,802	Continental Airlines Pass Through Trust, Series 2001-1, Class B, 7.373%, 6/15/2017		72,877
	233,192	Continental Airlines Pass Through Trust, Series 2012-1, Class B, 6.250%, 10/11/2021		248,933
	219,056	Delta Air Lines Pass Through Trust, Series 2009-1, Series B, 9.750%, 6/17/2018		244,247
	821,326	UAL Pass Through Trust, Series 2007-1, Class A, 6.636%, 1/02/2024		887,032
	1,690,000	United Airlines Pass Through Trust, Series 2014-1, Class A, 4.000%, 10/11/2027		1,789,406
	1,345,734	US Airways Pass Through Trust, Series 2011-1, Class A, 7.125%, 4/22/2025		1,591,331
	903,257	US Airways Pass Through Trust, Series 2012-1A, Class A, 5.900%, 4/01/2026		1,031,971
	483,550	US Airways Pass Through Trust, Series 2012-1B, Class B, 8.000%, 4/01/2021		548,829
	792,776	US Airways Pass Through Trust, Series 2012-1C, Class C, 9.125%, 10/01/2015		813,863
	2,246,095	US Airways Pass Through Trust, Series 2012-2A, Class A, 4.625%, 12/03/2026		2,403,322
	443,114	Virgin Australia Pass Through Trust, Series 2013-1B, 6.000%, 4/23/2022, 144A		460,892
	723,035	Virgin Australia Pass Through Trust, Series 2013-1C, 7.125%, 10/23/2018, 144A		739,303

				34,423,298

		Automotive – 2.0%
	1,550,000	Ford Motor Co., 6.375%, 2/01/2029		1,915,529
	1,030,000	Ford Motor Co., 6.500%, 8/01/2018		1,175,794
	165,000	Ford Motor Co., 6.625%, 2/15/2028		206,508
	4,230,000	Ford Motor Co., 6.625%, 10/01/2028		5,435,529
	690,000	Ford Motor Co., 7.125%, 11/15/2025		879,065

See accompanying notes to financial statements.

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Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Automotive – continued
$	3,510,000	Ford Motor Co., 7.400%, 11/01/2046	$	5,194,242
	4,955,000	Ford Motor Co., 7.450%, 7/16/2031		6,840,823
	1,645,000	Ford Motor Co., 7.500%, 8/01/2026		2,175,664
	600,000	Ford Motor Credit Co. LLC, 5.000%, 5/15/2018		654,280
	645,000	Ford Motor Credit Co. LLC, 7.000%, 4/15/2015		646,189
	2,175,000	General Motors Financial Co., Inc., 4.375%, 9/25/2021		2,310,046
	375,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		405,000
	515,000	Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc., 7.875%, 10/01/2022, 144A		505,987

				28,344,656

		Banking – 12.4%
	6,735,000	Ally Financial, Inc., 5.125%, 9/30/2024		6,945,469
	1,817,000	Ally Financial, Inc., 7.500%, 9/15/2020		2,128,161
	1,460,000	Ally Financial, Inc., 8.000%, 12/31/2018		1,649,800
	1,146,000	Ally Financial, Inc., 8.000%, 11/01/2031		1,432,500
	1,710,000	Associates Corp. of North America, 6.950%, 11/01/2018		1,991,475
	1,900,000	Bank of America Corp., 5.490%, 3/15/2019		2,102,787
	1,060,000	Bank of America Corp., 5.650%, 5/01/2018		1,175,824
	1,000,000	Bank of America Corp., EMTN, 4.625%, 9/14/2018, (EUR)		1,206,968
	1,700,000	Bank of America Corp., MTN, 3.300%, 1/11/2023		1,722,166
	2,247,000	Bank of America Corp., Series L, MTN, 7.625%, 6/01/2019		2,712,098
	14,790,000	Bank of Nova Scotia, 2.462%, 3/14/2019, (CAD)		12,116,461
	2,420,000,000	Barclays Bank PLC, EMTN, 3.680%, 8/20/2015, (KRW)		2,196,334
	1,300,000	BNP Paribas S.A., (fixed rate to 10/23/2017, variable rate thereafter), 7.436%, (GBP)(e)		2,136,689
	1,450,000	BNP Paribas S.A., (fixed rate to 4/12/2016, variable rate thereafter), 4.730%, (EUR)(e)		1,601,989
	2,150,000	BNP Paribas S.A., (fixed rate to 4/13/2017, variable rate thereafter), 5.019%, (EUR)(e)		2,427,378
	2,950,000	BNP Paribas S.A., (fixed rate to 4/19/2016, variable rate thereafter), 5.945%, (GBP)(e)		4,460,925
	1,000,000	BNP Paribas S.A., (fixed rate to 6/25/2037, variable rate thereafter), 7.195%, 144A(e)		1,207,500

		Banking – continued
$	1,150,000	BNP Paribas S.A., (fixed rate to 6/29/2015, variable rate thereafter), 5.186%, 144A(e)	$	1,156,061
	1,050,000	BNP Paribas S.A., (fixed rate to 7/13/2016, variable rate thereafter), 5.954%, (GBP)(e)		1,610,462
	3,340,000	Citigroup, Inc., 5.130%, 11/12/2019, (NZD)		2,564,991
	300,000	Citigroup, Inc., 5.365%, 3/06/2036, (CAD)(c)		266,422
	3,320,000	Citigroup, Inc., 5.875%, 2/22/2033		3,863,726
	1,215,000	Citigroup, Inc., 6.000%, 10/31/2033		1,436,181
	795,000	Citigroup, Inc., 6.125%, 8/25/2036		962,745
	14,170,000	Citigroup, Inc., 6.250%, 6/29/2017, (NZD)		11,034,825
	200,000	Citigroup, Inc., EMTN, 1.312%, 11/30/2017, (EUR)(b)		214,929
	6,560,000	Goldman Sachs Group, Inc. (The), 3.550%, 2/12/2021, (CAD)		5,541,414
	4,145,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		5,442,605
	1,955,000	Goldman Sachs Group, Inc. (The), GMTN, 5.375%, 3/15/2020		2,218,448
	7,400,000	HBOS PLC, 6.000%, 11/01/2033, 144A		8,745,105
	6,100,000	HBOS PLC, GMTN, 6.750%, 5/21/2018, 144A		6,824,887
	3,605,000	JPMorgan Chase & Co., 4.250%, 11/02/2018, (NZD)		2,703,576
	18,000,000,000	JPMorgan Chase Bank NA, 7.700%, 6/01/2016, 144A, (IDR)		1,335,786
	5,600,000	Merrill Lynch & Co., Inc., 6.110%, 1/29/2037		6,819,070
	50,000	Merrill Lynch & Co., Inc., EMTN, 0.577%, 9/14/2018, (EUR)(b)		53,018
	300,000	Merrill Lynch & Co., Inc., Series C, MTN, 6.050%, 6/01/2034		367,460
	200,000	Morgan Stanley, 0.733%, 10/15/2015(b)		200,283
	5,125,000	Morgan Stanley, 2.125%, 4/25/2018		5,181,288
	1,360,000	Morgan Stanley, 2.500%, 1/24/2019		1,385,156
	130,000	Morgan Stanley, 3.450%, 11/02/2015		132,009
	2,120,000	Morgan Stanley, 3.750%, 2/25/2023		2,220,359
	300,000	Morgan Stanley, 4.350%, 9/08/2026		314,479
	2,780,000	Morgan Stanley, 4.750%, 11/16/2018, (AUD)		2,217,912
	4,149,000	Morgan Stanley, 5.500%, 7/24/2020		4,758,745

See accompanying notes to financial statements.

11 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Banking – continued
$	3,115,000	Morgan Stanley, 5.750%, 1/25/2021	$	3,636,242
	4,900,000	Morgan Stanley, 8.000%, 5/09/2017, (AUD)		4,099,912
	50,000	Morgan Stanley, EMTN, 5.750%, 2/14/2017, (GBP)		80,331
	4,100,000	Morgan Stanley, GMTN, 7.625%, 3/03/2016, (AUD)		3,253,852
	13,040,000	Morgan Stanley, MTN, 4.100%, 5/22/2023		13,570,871
	1,600,000	Morgan Stanley, MTN, 7.250%, 5/26/2015, (AUD)		1,226,438
	900,000	Morgan Stanley, Series F, MTN, 0.707%, 10/18/2016(b)		898,906
	300,000	Morgan Stanley, Series G & H, GMTN, 5.125%, 11/30/2015, (GBP)		456,430
	3,950,000	Morgan Stanley, Series MPLE, 3.125%, 8/05/2021, (CAD)		3,259,424
	185,000	Royal Bank of Scotland Group PLC, 5.250%, (EUR)(e)		198,424
	2,500,000	Royal Bank of Scotland Group PLC, 5.500%, (EUR)(e)		2,687,051
	1,920,000	Royal Bank of Scotland Group PLC, 6.000%, 12/19/2023		2,135,697
	2,300,000	Royal Bank of Scotland Group PLC, (fixed rate to 9/30/2017, variable rate thereafter), 7.640%(e)		2,518,500
	50,000	Royal Bank of Scotland PLC (The), EMTN, 4.350%, 1/23/2017, (EUR)		56,558
	650,000	Royal Bank of Scotland PLC (The), EMTN, 6.934%, 4/09/2018, (EUR)		802,318
	150,000	Royal Bank of Scotland PLC (The), EMTN, (fixed rate to 9/22/2016, variable rate thereafter), 4.625%, 9/22/2021, (EUR)		166,344
	300,000	Santander Central Hispano Issuances Ltd., 7.250%, 11/01/2015		309,752
	800,000	Santander Issuances SAU, 5.911%, 6/20/2016, 144A		835,878
	1,225,000	Societe Generale S.A., (fixed rate to 4/05/2017, variable rate thereafter), 5.922%, 144A(e)		1,278,594
	5,000,000	Societe Generale S.A., MTN, 5.200%, 4/15/2021, 144A		5,720,100

				175,978,088

		Brokerage – 1.2%
	549,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 6.875%, 4/15/2022, 144A		510,570
	2,890,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.500%, 4/15/2021, 144A		2,788,850
	1,495,000	Jefferies Group LLC, 3.875%, 11/09/2015		1,515,084
	1,245,000	Jefferies Group LLC, 5.125%, 4/13/2018		1,308,876
	3,225,000	Jefferies Group LLC, 5.125%, 1/20/2023		3,347,563
	3,055,000	Jefferies Group LLC, 6.250%, 1/15/2036		3,052,709
	1,805,000	Jefferies Group LLC, 6.450%, 6/08/2027		1,949,400

		Brokerage – continued
$	2,530,000	Jefferies Group LLC, 6.875%, 4/15/2021	$	2,860,721

				17,333,773

		Building Materials – 1.0%
	4,135,000	Atrium Windows & Doors, Inc., 7.750%, 5/01/2019, 144A		3,473,400
	860,000	Masco Corp., 4.800%, 6/15/2015		866,939
	240,000	Masco Corp., 5.850%, 3/15/2017		256,200
	2,600,000	Masco Corp., 6.125%, 10/03/2016		2,770,560
	800,000	Masco Corp., 6.500%, 8/15/2032		856,000
	1,410,000	Masco Corp., 7.125%, 3/15/2020		1,653,225
	815,000	Masco Corp., 7.750%, 8/01/2029		945,400
	2,400,000	Odebrecht Finance Ltd., 8.250%, 4/25/2018, 144A, (BRL)		556,469
	10,000	Owens Corning, 6.500%, 12/01/2016		10,752
	2,050,000	Owens Corning, 7.000%, 12/01/2036		2,511,154

				13,900,099

		Cable Satellite – 0.8%
	665,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 1/15/2024		690,769
	3,035,000	DISH DBS Corp., 5.000%, 3/15/2023		2,950,930
	715,000	DISH DBS Corp., 5.875%, 11/15/2024		715,894
	1,500,000	Time Warner Cable, Inc., 6.550%, 5/01/2037		1,883,770
	3,400,000	UPC Holding BV, 6.375%, 9/15/2022, 144A, (EUR)		3,930,040
	800,000	Virgin Media Finance PLC, 6.000%, 10/15/2024, 144A		840,000

				11,011,403

		Chemicals – 1.8%
	9,550,000	Consolidated Energy Finance S.A., 6.750%, 10/15/2019, 144A		9,621,625
	275,000	Hexion U.S. Finance Corp./Hexion Nova Scotia Finance ULC, 8.875%, 2/01/2018		242,688
	7,395,000	Hexion U.S. Finance Corp./Hexion Nova Scotia Finance ULC, 9.000%, 11/15/2020		5,176,500
	5,240,000	Hexion, Inc., 7.875%, 2/15/2023(c)		3,039,200
	18,000	Hexion, Inc., 8.375%, 4/15/2016(c)		17,280
	905,000	Hexion, Inc., 9.200%, 3/15/2021(c)		524,900
	6,830,000	INVISTA Finance LLC, 4.250%, 10/15/2019, 144A		6,787,312
	620,000	Methanex Corp., 5.250%, 3/01/2022		671,794

				26,081,299

		Construction Machinery – 0.2%
	965,000	Toro Co., 6.625%, 5/01/2037(c)		1,165,644
	1,155,000	United Rentals North America, Inc., 7.625%, 4/15/2022		1,263,570

				2,429,214

		Consumer Products – 0.3%
	880,000	Avon Products, Inc., 7.700%, 3/15/2043		739,200
	3,380,000	Newell Rubbermaid, Inc., 4.000%, 12/01/2024		3,561,719

See accompanying notes to financial statements.

| 12

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Consumer Products – continued
$	160,000	Visant Corp., 10.000%, 10/01/2017	$	143,200

				4,444,119

		Electric – 3.4%
	1,970,000	AES Corp. (The), 4.875%, 5/15/2023		1,920,750
	595,000	AES Corp. (The), 5.500%, 3/15/2024		593,513
	2,507,865	Alta Wind Holdings LLC, 7.000%, 6/30/2035, 144A		2,981,548
	3,458,757	Bruce Mansfield Unit Pass Through Trust, 6.850%, 6/01/2034		3,640,895
	2,850,000	DPL, Inc., 6.750%, 10/01/2019, 144A		3,006,750
	4,120,000	EDP Finance BV, 4.125%, 1/15/2020, 144A		4,264,200
	7,305,000	EDP Finance BV, 4.900%, 10/01/2019, 144A		7,765,653
	5,455,000	EDP Finance BV, 6.000%, 2/02/2018, 144A		5,932,422
	1,200,000	EDP Finance BV, EMTN, 8.625%, 1/04/2024, (GBP)		2,494,636
	1,589,000	Endesa S.A., 7.875%, 2/01/2027		2,097,345
	3,800,000	Enel Finance International NV, 6.000%, 10/07/2039, 144A		4,613,101
	100,000	Enel Finance International NV, 6.800%, 9/15/2037, 144A		130,280
	750,000	Enel Finance International NV, EMTN, 5.750%, 9/14/2040, (GBP)		1,396,731
	4,000,000	Enersis S.A., 7.400%, 12/01/2016		4,369,328
	2,211,060	Mackinaw Power LLC, 6.296%, 10/31/2023, 144A(c)		2,448,970

				47,656,122

		Finance Companies – 5.0%
	300,000	AGFC Capital Trust I, (fixed rate to 1/15/2017, variable rate thereafter), 6.000%, 1/15/2067, 144A		225,000
	1,630,000	GE Capital Australia Funding Pty Ltd., 7.000%, 10/08/2015, (AUD)		1,269,782
	45,000	General Electric Capital Corp., GMTN, 3.100%, 1/09/2023		46,349
	1,345,000	General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016, (NZD)		1,047,096
	2,390,000	General Electric Capital Corp., Series A, GMTN, 5.500%, 2/01/2017, (NZD)		1,837,651
	9,210,000	General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015, (NZD)		6,974,402
	1,680,000	International Lease Finance Corp., 4.625%, 4/15/2021		1,738,800
	3,045,000	International Lease Finance Corp., 5.875%, 8/15/2022		3,379,950
	4,695,000	International Lease Finance Corp., 6.250%, 5/15/2019		5,129,287
	4,905,000	International Lease Finance Corp., 7.125%, 9/01/2018, 144A		5,505,862
	635,000	International Lease Finance Corp., 8.250%, 12/15/2020		773,113
	945,000	iStar Financial, Inc., 4.875%, 7/01/2018		949,725
		Finance Companies – continued
$	225,000	iStar Financial, Inc., 5.850%, 3/15/2017	$	234,000
	1,505,000	iStar Financial, Inc., 7.125%, 2/15/2018		1,602,825
	1,525,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.375%, 10/01/2017		1,566,937
	3,708,000	Navient Corp., 5.875%, 10/25/2024		3,466,980
	2,167,000	Navient LLC, 4.875%, 6/17/2019		2,161,582
	4,668,000	Navient LLC, 5.500%, 1/25/2023		4,446,270
	31,725(††)	Navient LLC, 6.000%, 12/15/2043		708,551
	722,000	Navient LLC, MTN, 3.875%, 9/10/2015		727,177
	726,000	Navient LLC, MTN, 5.500%, 1/15/2019		740,520
	5,900,000	Navient LLC, MTN, 6.125%, 3/25/2024		5,664,000
	200,000	Navient LLC, Series A, MTN, 5.000%, 4/15/2015		200,000
	145,000	Navient LLC, Series A, MTN, 5.000%, 6/15/2018		145,000
	5,185,000	Navient LLC, Series A, MTN, 5.625%, 8/01/2033		4,245,219
	4,681,000	Navient LLC, Series A, MTN, 8.450%, 6/15/2018		5,195,910
	725,000	Springleaf Finance Corp., 5.250%, 12/15/2019		716,844
	3,770,000	Springleaf Finance Corp., 6.000%, 6/01/2020		3,788,850
	1,805,000	Springleaf Finance Corp., 7.750%, 10/01/2021		1,976,475
	725,000	Springleaf Finance Corp., 8.250%, 10/01/2023		815,625
	300,000	Springleaf Finance Corp., MTN, 5.750%, 9/15/2016		311,250
	595,000	Springleaf Finance Corp., Series I, MTN, 5.400%, 12/01/2015		605,472
	2,100,000	Springleaf Finance Corp., Series J, MTN, 6.500%, 9/15/2017		2,215,500

				70,412,004

		Food & Beverage – 0.3%
	2,445,000	Constellation Brands, Inc., 4.750%, 11/15/2024		2,585,587
	1,995,000	DS Services of America, Inc., 10.000%, 9/01/2021, 144A		2,344,125

				4,929,712

		Government Owned – No Guarantee – 0.3%
	2,280,000	DP World Ltd., 6.850%, 7/02/2037, 144A		2,581,165
	1,715,000	Pertamina Persero PT, 6.450%, 5/30/2044, 144A		1,843,625
	605,000	Petrobras Global Finance BV, 5.625%, 5/20/2043		489,990

				4,914,780

		Healthcare – 2.4%
	650,000	BioScrip, Inc., 8.875%, 2/15/2021, 144A		584,188
	425,000	Boston Scientific Corp., 5.125%, 1/12/2017		451,342

See accompanying notes to financial statements.

13 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Healthcare – continued
$	435,000	Boston Scientific Corp., 6.400%, 6/15/2016	$	460,822
	610,000	HCA, Inc., 5.875%, 3/15/2022		675,386
	4,960,000	HCA, Inc., 5.875%, 5/01/2023		5,356,800
	3,545,000	HCA, Inc., 7.050%, 12/01/2027		3,775,425
	820,000	HCA, Inc., 7.190%, 11/15/2015		846,043
	1,475,000	HCA, Inc., 7.500%, 12/15/2023		1,675,969
	1,440,000	HCA, Inc., 7.500%, 11/06/2033		1,555,200
	2,660,000	HCA, Inc., 7.690%, 6/15/2025		3,005,800
	2,220,000	HCA, Inc., 8.360%, 4/15/2024		2,619,600
	2,930,000	HCA, Inc., MTN, 7.580%, 9/15/2025		3,281,600
	430,000	HCA, Inc., MTN, 7.750%, 7/15/2036		466,550
	1,425,000	Tenet Healthcare Corp., 4.375%, 10/01/2021		1,392,938
	2,245,000	Tenet Healthcare Corp., 4.500%, 4/01/2021		2,200,100
	3,590,000	Tenet Healthcare Corp., 5.000%, 3/01/2019, 144A		3,563,075
	1,775,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		1,641,875

				33,552,713

		Home Construction – 1.4%
	550,000	Beazer Homes USA, Inc., 7.250%, 2/01/2023		525,250
	270,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021		232,200
	5,051,000	K. Hovnanian Enterprises, Inc., 8.000%, 11/01/2019, 144A		4,874,215
	835,000	KB Home, 8.000%, 3/15/2020		901,800
	4,235,000	Lennar Corp., 4.500%, 6/15/2019		4,372,637
	1,700,000	Lennar Corp., Series B, 5.600%, 5/31/2015		1,704,250
	3,920,000	Pulte Group, Inc., 6.000%, 2/15/2035		3,900,400
	3,020,000	Pulte Group, Inc., 6.375%, 5/15/2033		3,125,700
	15,000	TRI Pointe Holdings, Inc., 5.875%, 6/15/2024, 144A		14,663
	760,000	Weyerhaeuser Real Estate Co., 4.375%, 6/15/2019, 144A		741,950

				20,393,065

		Independent Energy – 1.9%
	3,230,000	Anadarko Petroleum Corp., 5.950%, 9/15/2016		3,445,719
	1,915,000	Anadarko Petroleum Corp., 6.375%, 9/15/2017		2,130,688
	370,000	California Resources Corp., 5.000%, 1/15/2020, 144A		333,925
	6,085,000	California Resources Corp., 5.500%, 9/15/2021, 144A		5,398,612
	810,000	California Resources Corp., 6.000%, 11/15/2024, 144A		710,775
	100,000	Chesapeake Energy Corp., 6.625%, 8/15/2020		103,250
	995,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		1,039,775

		Independent Energy – continued
$	1,085,000	Continental Resources, Inc., 3.800%, 6/01/2024	$	1,000,088
	80,000	Continental Resources, Inc., 4.500%, 4/15/2023		77,642
	2,015,000	Halcon Resources Corp., 8.875%, 5/15/2021		1,400,425
	5,955,000	Newfield Exploration Co., 5.625%, 7/01/2024		6,193,200
	500,000	QEP Resources, Inc., 5.250%, 5/01/2023		490,000
	690,000	Rice Energy, Inc., 6.250%, 5/01/2022		672,750
	1,600,000	RSP Permian, Inc., 6.625%, 10/01/2022, 144A		1,608,000
	2,035,000	SandRidge Energy, Inc., 7.500%, 2/15/2023		1,241,350
	1,221,000	SM Energy Co., 6.125%, 11/15/2022, 144A		1,214,895

				27,061,094

		Industrial Other – 0.2%
	385,000	AECOM Technology Corp., 5.750%, 10/15/2022, 144A		398,475
	405,000	AECOM Technology Corp., 5.875%, 10/15/2024, 144A		425,250
	1,150,000	Cleaver-Brooks, Inc., 8.750%, 12/15/2019, 144A		1,173,000
	295,000	Permian Holdings, Inc., 10.500%, 1/15/2018, 144A		162,250
	660,000	Transfield Services Ltd., 8.375%, 5/15/2020, 144A		702,900

				2,861,875

		Life Insurance – 1.5%
	160,000	American International Group, Inc., 4.125%, 2/15/2024		173,204
	130,000	American International Group, Inc., 4.875%, 6/01/2022		147,739
	161,000	American International Group, Inc., 6.250%, 3/15/2087		183,485
	711,000	American International Group, Inc., (fixed rate to 5/15/2038, variable rate thereafter), 8.175%, 5/15/2068		1,008,234
	325,000	American International Group, Inc., Series G, MTN, 5.850%, 1/16/2018		363,070
	3,700,000	AXA S.A., (fixed rate to 12/14/2036, variable rate thereafter), 6.379%, 144A(e)		4,137,081
	200,000	AXA S.A., EMTN, (fixed rate to 4/16/2020, variable rate thereafter), 5.250%, 4/16/2040, (EUR)		250,413
	4,345,000	Forethought Financial Group, Inc., 8.625%, 4/15/2021, 144A		5,104,363
	790,000	Genworth Holdings, Inc., 4.800%, 2/15/2024		664,588
	1,940,000	Genworth Holdings, Inc., 4.900%, 8/15/2023		1,658,700
	840,000	Genworth Holdings, Inc., 6.500%, 6/15/2034		748,154
	2,270,000	MetLife Capital Trust X, 9.250%, 4/08/2068, 144A		3,379,462
	1,115,000	MetLife, Inc., 10.750%, 8/01/2069		1,872,642

See accompanying notes to financial statements.

| 14

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Life Insurance – continued
$	1,165,000	Penn Mutual Life Insurance Co. (The), 6.650%, 6/15/2034, 144A	$	1,533,360

				21,224,495

		Local Authorities – 2.1%
	830,000	New South Wales Treasury Corp., 3.500%, 3/20/2019, (AUD)		666,967
	9,640,000	New South Wales Treasury Corp., 6.000%, 2/01/2018, (AUD)		8,161,663
	4,280,000	New South Wales Treasury Corp., Series 17RG, 5.500%, 3/01/2017, (AUD)		3,481,109
	205,331	Province of Alberta, 5.930%, 9/16/2016, (CAD)		170,017
	19,825,000	Province of Ontario Canada, 4.200%, 3/08/2018, (CAD)		17,143,369

				29,623,125

		Media Entertainment – 1.0%
	24,000,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		1,371,568
	3,805,000	iHeartCommunications, Inc., 9.000%, 9/15/2022		3,633,775
	500,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 5.250%, 2/15/2022		523,750
	1,250,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 5.875%, 3/15/2025		1,321,875
	2,475,000	R.R. Donnelley & Sons Co., 6.000%, 4/01/2024		2,555,437
	120,000	R.R. Donnelley & Sons Co., 6.500%, 11/15/2023		127,500
	4,030,000	R.R. Donnelley & Sons Co., 7.000%, 2/15/2022		4,443,075
	295,000	R.R. Donnelley & Sons Co., 7.875%, 3/15/2021		337,480

				14,314,460

		Metals & Mining – 1.8%
	2,429,212	1839688 Alberta ULC, PIK, 14.000%, 2/13/2020(f)		1,627,572
	1,400,000	Alcoa, Inc., 5.870%, 2/23/2022		1,552,562
	400,000	Alcoa, Inc., 5.900%, 2/01/2027		440,476
	6,630,000	ArcelorMittal, 7.500%, 3/01/2041		6,895,200
	3,300,000	ArcelorMittal, 7.750%, 10/15/2039		3,465,000
	660,000	Cliffs Natural Resources, Inc., 4.800%, 10/01/2020		369,600
	305,000	Cliffs Natural Resources, Inc., 4.875%, 4/01/2021		161,650
	3,265,000	Cliffs Natural Resources, Inc., 6.250%, 10/01/2040		1,665,150
	398,000	Emeco Pty Ltd., 9.875%, 3/15/2019, 144A		294,520
	2,015,000	Essar Steel Algoma, Inc., 9.500%, 11/15/2019, 144A		1,748,013
	2,525,000	First Quantum Minerals Ltd., 7.250%, 5/15/2022, 144A		2,329,312
	1,400,000	Rain CII Carbon LLC/CII Carbon Corp., 8.250%, 1/15/2021, 144A		1,305,500

		Metals & Mining – continued
$	1,580,000	United States Steel Corp., 6.650%, 6/01/2037	$	1,374,600
	1,760,000	United States Steel Corp., 7.500%, 3/15/2022		1,760,000

				24,989,155

		Midstream – 0.5%
	575,000	DCP Midstream LP, 6.450%, 11/03/2036, 144A		532,315
	250,000	El Paso Corp., GMTN, 7.800%, 8/01/2031		306,223
	1,410,000	Enterprise Products Operating LLC, 6.300%, 9/15/2017		1,574,053
	300,000	Florida Gas Transmission Co., 7.900%, 5/15/2019, 144A		358,442
	1,300,000	IFM U.S. Colonial Pipeline 2 LLC, 6.450%, 5/01/2021, 144A		1,428,868
	95,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		100,819
	250,000	NiSource Finance Corp., 5.250%, 9/15/2017		273,344
	1,785,000	Plains All American Pipeline LP, 6.125%, 1/15/2017		1,927,650
	1,280,000	Western Refining Logistics LP/WNRL Finance Corp., 7.500%, 2/15/2023, 144A		1,305,600

				7,807,314

		Non-Agency Commercial Mortgage-Backed Securities – 0.4%
	1,061,000	Column Canada Issuer Corp., Series 2006-WEM, Class D, 5.101%, 1/15/2022, (CAD)		876,679
	530,000	GS Mortgage Securities Corp. II, Series 2007-GG10, Class AM, 5.796%, 8/10/2045(b)		543,426
	1,415,171	Institutional Mortgage Securities Canada, Inc., Series 2014-5A, Class A1, 2.003%, 7/12/2047, 144A, (CAD)		1,131,980
	1,000,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-6, Class A4, 5.485%, 3/12/2051(b)		1,070,006
	2,160,000	Motel 6 Trust, Series 2015-M6MZ, Class M, 8.230%, 2/05/2020, 144A(c)		2,175,120

				5,797,211

		Oil Field Services – 0.7%
	6,230,000	FTS International, Inc., 6.250%, 5/01/2022, 144A		4,579,050
	10,140,000	Hercules Offshore, Inc., 6.750%, 4/01/2022, 144A		2,737,800
	640,000	Hercules Offshore, Inc., 7.500%, 10/01/2021, 144A		179,200
	3,050,000	Paragon Offshore PLC, 6.750%, 7/15/2022, 144A		1,006,500
	1,317,000	Paragon Offshore PLC, 7.250%, 8/15/2024, 144A		437,903
	775,000	Sidewinder Drilling, Inc., 9.750%, 11/15/2019, 144A		465,000

See accompanying notes to financial statements.

15 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Oil Field Services – continued
$	400,000	Transocean, Inc., 3.800%, 10/15/2022	$	291,875

				9,697,328

		Packaging – 1.1%
	3,550,000	Beverage Packaging Holdings Luxembourg II S.A./Beverage Packaging Holdings II Issuer, Inc., 5.625%, 12/15/2016, 144A		3,563,313
	11,450,000	Owens-Brockway Glass Container, Inc., 5.375%, 1/15/2025, 144A		11,779,187
	200,000	Sealed Air Corp., 4.875%, 12/01/2022, 144A		204,000

				15,546,500

		Paper – 1.2%
	2,015,000	Georgia-Pacific LLC, 7.250%, 6/01/2028		2,684,691
	2,894,000	Georgia-Pacific LLC, 7.375%, 12/01/2025		3,820,378
	6,043,000	Georgia-Pacific LLC, 7.750%, 11/15/2029		8,523,712
	350,000	Westvaco Corp., 7.950%, 2/15/2031		471,947
	1,035,000	Westvaco Corp., 8.200%, 1/15/2030		1,461,772

				16,962,500

		Pharmaceuticals – 0.0%
	45,000	Valeant Pharmaceuticals International, 6.375%, 10/15/2020, 144A		46,744

		Property & Casualty Insurance – 1.0%
	3,565,000	Hanover Insurance Group, Inc. (The), 6.375%, 6/15/2021		4,188,711
	1,630,000	MBIA Insurance Corp., 11.513%, 1/15/2033, 144A(b)(g)		884,275
	3,275,000	Old Republic International Corp., 4.875%, 10/01/2024		3,476,904
	2,140,000	Sirius International Group, 6.375%, 3/20/2017, 144A		2,312,518
	1,430,000	XLIT Ltd., 6.250%, 5/15/2027		1,781,763
	1,135,000	XLIT Ltd., 6.375%, 11/15/2024		1,398,302

				14,042,473

		Railroads – 0.4%
	7,100,000	Hellenic Railways Organization S.A., EMTN, 0.663%, 5/24/2016, (EUR)(b)(c)		5,191,309
	500,000	Missouri Pacific Railroad Co., 5.000%, 1/01/2045(c)		487,372

				5,678,681

		REITs – Apartments – 0.1%
	1,495,000	Camden Property Trust, 5.700%, 5/15/2017		1,625,675

		REITs – Diversified – 0.0%
	210,000	Duke Realty LP, 5.950%, 2/15/2017		226,894


		REITs – Office Property – 0.3%
$	3,485,000	Highwoods Properties, Inc., 5.850%, 3/15/2017	$	3,760,535
	475,000	Highwoods Properties, Inc., 7.500%, 4/15/2018		548,986

				4,309,521

		REITs – Single Tenant – 0.1%
	275,000	Realty Income Corp., 5.750%, 1/15/2021		316,719
	725,000	Realty Income Corp., 6.750%, 8/15/2019		853,367

				1,170,086

		Restaurants – 0.0%
	450,000	Wagamama Finance PLC, 7.875%, 2/01/2020, 144A, (GBP)		695,900

		Retailers – 0.8%
	5,005,000	Best Buy Co., Inc., 5.000%, 8/01/2018		5,267,762
	1,025,000	Dillard’s, Inc., 7.750%, 7/15/2026		1,160,813
	1,100,000	Foot Locker, Inc., 8.500%, 1/15/2022(d)		1,254,665
	440,000	GameStop Corp., 5.500%, 10/01/2019, 144A		454,300
	793,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		574,925
	1,680,000	J.C. Penney Corp., Inc., 8.125%, 10/01/2019		1,646,400
	2,345,000	Toys R Us, Inc., 7.375%, 10/15/2018		1,600,462

				11,959,327

		Sovereigns – 0.5%
	5,980,000	Republic of Portugal, 5.125%, 10/15/2024, 144A		6,615,554

		Supermarkets – 1.1%
	1,781,000	Albertsons Holdings LLC/Saturn Acquisition Merger Sub, Inc., 7.750%, 10/15/2022, 144A		1,905,670
	7,240,000	New Albertson’s, Inc., 7.450%, 8/01/2029		6,624,600
	2,135,000	New Albertson’s, Inc., 7.750%, 6/15/2026		2,017,575
	3,405,000	New Albertson’s, Inc., 8.000%, 5/01/2031		3,234,750
	455,000	New Albertson’s, Inc., 8.700%, 5/01/2030		448,175
	2,020,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		1,671,550

				15,902,320

		Supranational – 1.3%
	7,000,000,000	European Bank for Reconstruction & Development, 7.200%, 6/08/2016, (IDR)		522,160
	19,735,000	Inter-American Development Bank, EMTN, 6.000%, 12/15/2017, (NZD)		15,633,376

See accompanying notes to financial statements.

| 16

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Supranational – continued
	5,580,000	International Finance Corp., GMTN, 5.000%, 12/21/2015, (BRL)	$	1,671,614

				17,827,150

		Technology – 1.5%
	1,225,000	Advanced Micro Devices, Inc., 7.000%, 7/01/2024		1,056,563
	270,000	Advanced Micro Devices, Inc., 7.750%, 8/01/2020		257,850
	2,415,000	Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		2,439,150
	80,000	Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028		80,800
	3,580,000	Alcatel-Lucent USA, Inc., 6.750%, 11/15/2020, 144A		3,812,700
	2,950,000	Amkor Technology, Inc., 6.375%, 10/01/2022		3,038,500
	1,645,000	Avnet, Inc., 6.000%, 9/01/2015		1,677,625
	130,000	Avnet, Inc., 6.625%, 9/15/2016		139,312
	1,175,000	Corning, Inc., 7.250%, 8/15/2036		1,528,621
	1,300,000	First Data Corp., 10.625%, 6/15/2021		1,478,750
	952,000	First Data Corp., 11.250%, 1/15/2021		1,082,900
	2,665,000	First Data Corp., 11.750%, 8/15/2021		3,081,406
	166,000	Motorola Solutions, Inc., 6.625%, 11/15/2037		190,145
	752,700	Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		972,530

				20,836,852

		Tobacco – 0.3%
	3,320,000	Reynolds American, Inc., 6.750%, 6/15/2017		3,684,214

		Transportation Services – 0.2%
	2,500,000	APL Ltd., 8.000%, 1/15/2024(c)		2,150,000
	421,593	Atlas Air Pass Through Trust, Series 1998-1, Class B, 7.680%, 1/02/2016(d)		428,971
	278,901	Atlas Air Pass Through Trust, Series 1999-1, Class B, 7.630%, 7/02/2016(d)		283,084
	138,101	Atlas Air Pass Through Trust, Series 2000-1, Class B, 9.057%, 7/02/2017(d)		148,458

				3,010,513

		Treasuries – 21.2%
	31,645,000	Canadian Government, 1.000%, 8/01/2016, (CAD)		25,142,103
	10,950,000	Canadian Government, 1.250%, 9/01/2018, (CAD)		8,857,954
	8,305,000	Canadian Government, 1.750%, 9/01/2019, (CAD)		6,863,600
	29,780,000	Canadian Government, 2.500%, 6/01/2015, (CAD)		23,586,992

		Treasuries – continued
	8,185,000	Canadian Government, 2.750%, 9/01/2016, (CAD)	$	6,666,392
	13,195,000	Canadian Government, 3.000%, 12/01/2015, (CAD)		10,584,962
	1,787,000,000	Indonesia Treasury Bond, Series FR43, 10.250%, 7/15/2022, (IDR)		158,527
	33,387,000,000	Indonesia Treasury Bond, Series FR44, 10.000%, 9/15/2024, (IDR)		2,979,933
	414,800(†††)	Mexican Fixed Rate Bonds, Series M, 5.000%, 6/15/2017, (MXN)		2,772,431
	424,300(†††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/10/2021, (MXN)		2,910,701
	200,000(†††)	Mexican Fixed Rate Bonds, Series M, 7.750%, 5/29/2031, (MXN)		1,490,467
	595,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 7.500%, 6/03/2027, (MXN)		4,328,976
	847,500(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		6,338,779
	150,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.500%, 5/31/2029, (MXN)		1,188,078
	1,455,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 10.000%, 12/05/2024, (MXN)		12,388,032
	21,085,000	New Zealand Government Bond, 5.000%, 3/15/2019, (NZD)		16,854,898
	63,235,000	Norway Government Bond, 4.250%, 5/19/2017, (NOK)		8,406,267
	28,230,000	Norway Government Bond, 5.000%, 5/15/2015, (NOK)		3,517,527
	10,150,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)		3,100,766
	14,635,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		4,929,462
	264,630,000	Republic of Iceland, 6.000%, 10/13/2016, (ISK)		1,417,465
	107,395,000	Republic of Iceland, 7.250%, 10/26/2022, (ISK)		582,234
	271,710,000	Republic of Iceland, 8.750%, 2/26/2019, (ISK)		1,552,269
	25,000,000	U.S. Treasury Note, 0.250%, 2/29/2016		24,998,050
	70,000,000	U.S. Treasury Note, 0.375%, 3/31/2016		70,065,660
	25,000,000	U.S. Treasury Note, 0.375%, 4/30/2016		25,013,675
	25,000,000	U.S. Treasury Note, 0.375%, 5/31/2016		25,007,800

				301,704,000

		Wireless – 0.6%
	72,400,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		4,575,105

See accompanying notes to financial statements.

17 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Wireless – continued
$	2,627,000	Sprint Capital Corp., 6.875%, 11/15/2028	$	2,410,272
	575,000	Sprint Capital Corp., 6.900%, 5/01/2019		594,406
	300,000	Sprint Capital Corp., 8.750%, 3/15/2032		309,750
	898,000	Sprint Communications, Inc., 6.000%, 12/01/2016		937,512
	445,000	Sprint Communications, Inc., 6.000%, 11/15/2022		422,750

				9,249,795

		Wirelines – 3.4%
	195,000	Bell Canada, MTN, 6.550%, 5/01/2029, 144A, (CAD)		197,425
	690,000	Bell Canada, MTN, 7.300%, 2/23/2032, (CAD)		749,730
	210,000	Bell Canada, Series M-17, 6.100%, 3/16/2035, (CAD)		205,911
	3,880,000	CenturyLink, Inc., 6.450%, 6/15/2021		4,185,550
	990,000	Consolidated Communications, Inc., 6.500%, 10/01/2022, 144A		1,002,375
	1,400,000	Eircom Finance Ltd., 9.250%, 5/15/2020, 144A, (EUR)		1,637,069
	200,000	Embarq Corp., 7.995%, 6/01/2036		237,820
	3,585,000	Level 3 Communications, Inc., 5.750%, 12/01/2022		3,681,436
	55,000	Level 3 Financing, Inc., 5.375%, 8/15/2022		56,598
	560,000	Level 3 Financing, Inc., 7.000%, 6/01/2020		597,800
	1,960,000	Level 3 Financing, Inc., 8.625%, 7/15/2020		2,124,150
	140,000	Level 3 Financing, Inc., 9.375%, 4/01/2019		146,563
	900,000	Portugal Telecom International Finance BV, EMTN, 4.500%, 6/16/2025, (EUR)		935,605
	1,700,000	Portugal Telecom International Finance BV, EMTN, 5.000%, 11/04/2019, (EUR)		1,873,066
	550,000	Portugal Telecom International Finance BV, GMTN, 4.375%, 3/24/2017, (EUR)		599,490
	3,305,000	Qwest Capital Funding, Inc., 6.500%, 11/15/2018		3,602,450
	7,205,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		7,313,075
	350,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		381,500
	775,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		813,750
	5,275,000	Qwest Corp., 6.875%, 9/15/2033		5,293,637
	1,780,000	Qwest Corp., 7.200%, 11/10/2026		1,787,120
	1,220,000	Qwest Corp., 7.250%, 9/15/2025		1,418,250
	2,290,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		2,364,425

		Wirelines – continued
$	1,395,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033	$	1,492,650
	600,000	Telecom Italia SpA, EMTN, 5.250%, 3/17/2055, (EUR)		747,307
	450,000	Telefonica Emisiones SAU, 4.570%, 4/27/2023		495,183
	300,000	Telefonica Emisiones SAU, EMTN, 5.289%, 12/09/2022, (GBP)		522,671
	1,000,000	Telefonica Emisiones SAU, EMTN, 5.375%, 2/02/2026, (GBP)		1,778,466
	800,000	Telefonica Emisiones SAU, EMTN, 5.445%, 10/08/2029, (GBP)		1,459,428

				47,700,500


		Total Non-Convertible Bonds
		(Identified Cost $1,163,488,441)		1,175,077,969


	Convertible Bonds – 5.6%

		Chemicals – 0.0%
	332,000	RPM International, Inc., 2.250%, 12/15/2020		391,345

		Construction Machinery – 0.1%
	510,000	Trinity Industries, Inc., 3.875%, 6/01/2036		796,875

		Consumer Cyclical Services – 0.2%
	1,595,000	Jarden Corp., 1.125%, 3/15/2034		1,894,062
	1,535,000	KB Home, 1.375%, 2/01/2019		1,467,844

				3,361,906

		Consumer Products – 0.2%
	2,840,000	Euronet Worldwide, Inc., 1.500%, 10/01/2044, 144A		3,072,525

		Energy – 0.4%
	1,565,000	Chesapeake Energy Corp., 2.250%, 12/15/2038		1,420,237
	3,885,000	Chesapeake Energy Corp., 2.500%, 5/15/2037		3,722,316
	1,090,000	Chesapeake Energy Corp., 2.750%, 11/15/2035		1,092,725

				6,235,278

		Healthcare – 0.3%
	210,000	Hologic, Inc., (accretes to principal after 3/01/2018), 2.000%, 3/01/2042(h)		260,006
	1,270,000	Omnicare, Inc., 3.750%, 12/15/2025		3,678,238

				3,938,244

		Non-Captive Diversified – 0.0%
	550,000	Jefferies Group LLC, 3.875%, 11/01/2029		555,844

		Pharmaceuticals – 0.1%
	205,000	BioMarin Pharmaceutical, Inc., 0.750%, 10/15/2018		305,065
	285,000	BioMarin Pharmaceutical, Inc., 1.500%, 10/15/2020		431,597

				736,662

See accompanying notes to financial statements.

| 18

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Property & Casualty Insurance – 1.5%
$	18,045,000	Old Republic International Corp., 3.750%, 3/15/2018	$	21,293,100

		REITs – Mortgage – 0.0%
	90,000	iStar Financial, Inc., 3.000%, 11/15/2016		106,594

		Retailers – 0.0%
	155,000	Priceline Group, Inc. (The), 0.900%, 9/15/2021, 144A		149,575

		Technology – 2.8%
	955,000	Brocade Communications Systems, Inc., 1.375%, 1/01/2020, 144A		1,004,541
	9,090,000	Ciena Corp., 0.875%, 6/15/2017		9,016,144
	3,455,000	Ciena Corp., 3.750%, 10/15/2018, 144A		4,234,534
	7,000,000	Intel Corp., 3.250%, 8/01/2039		11,051,250
	1,783,000	Intel Corp., 3.482%, 12/15/2035(b)		2,217,606
	2,020,000	JDS Uniphase Corp., 0.625%, 8/15/2033		2,089,437
	321,519	Liberty Media LLC, 3.500%, 1/15/2031		303,201
	9,130,000	Nuance Communications, Inc., 2.750%, 11/01/2031		9,061,525

				38,978,238


		Total Convertible Bonds
		(Identified Cost $66,576,261)		79,616,186


	Municipals – 0.8%

		Illinois – 0.3%
	4,075,000	State of Illinois, Series B, 5.520%, 4/01/2038		4,015,179

		Michigan – 0.1%
	2,195,000	Michigan Tobacco Settlement Finance Authority Taxable Turbo, Series A, 7.309%, 6/01/2034		1,928,966

		Virginia – 0.4%
	7,380,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046		5,625,036


		Total Municipals
		(Identified Cost $13,631,485)		11,569,181


		Total Bonds and Notes
		(Identified Cost $1,243,696,187)		1,266,263,336


	Senior Loans – 0.8%

		Chemicals – 0.1%
	1,078,660	Emerald Performance Materials LLC, New 1st Lien Term Loan, 4.500%, 8/01/2021(b)		1,078,660

		Chemicals – continued
$	463,910	Emerald Performance Materials LLC, New 2nd Lien Term Loan, 7.750%, 8/01/2022(b)	$	454,632

				1,533,292

		Construction Machinery – 0.1%
	856,912	Neff Rental LLC, 2nd Lien Term Loan, 7.250%, 6/09/2021(b)		839,774

		Consumer Products – 0.1%
	981,406	Visant Corp., New Term Loan, 7.000%, 9/23/2021(b)		984,880

		Diversified Manufacturing – 0.0%
	510,000	Ameriforge Group, Inc., 2nd Lien Term Loan, 8.750%, 12/19/2020(b)		471,750

		Media Entertainment – 0.0%
	154,827	SuperMedia, Inc., Exit Term Loan, 11.600%, 12/30/2016(b)		125,410

		Other Utility – 0.1%
	1,144,613	PowerTeam Services LLC, 1st Lien Term Loan, 4.250%, 5/06/2020(b)		1,133,166
	790,000	PowerTeam Services LLC, 2nd Lien Term Loan, 8.250%, 11/06/2020(b)		768,275
	61,010	PowerTeam Services LLC, Delayed Draw Term Loan, 4.250%, 5/06/2020(b)		60,400

				1,961,841

		Retailers – 0.1%
	1,087,024	J.C. Penney Corp., Inc., New Term Loan, 5.000%, 6/20/2019(b)		1,069,555

		Supermarkets – 0.3%
	2,104,684	New Albertson’s, Inc., Term Loan, 4.750%, 6/27/2021(b)		2,109,945
	2,720,675	Supervalu, Inc., Refi Term Loan B, 4.500%, 3/21/2019(b)		2,729,354

				4,839,299

		Wirelines – 0.0%
	120,000	Integra Telecom, Inc., 2nd Lien Term Loan, 9.750%, 2/21/2020(b)		119,026


		Total Senior Loans
		(Identified Cost $12,011,028)		11,944,827


	Shares

	Preferred Stocks – 2.0%

	Convertible Preferred Stocks – 1.7%

		Banking – 0.2%
	2,844	Bank of America Corp., Series L, 7.250%		3,290,508

		Communications – 0.0%
	816	Cincinnati Bell, Inc., 6.750%		40,408

See accompanying notes to financial statements.

19 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Fixed Income Fund – continued


Shares		Description	Value (†)

	Preferred Stocks – continued

		Energy – 0.6%
	10,213	Chesapeake Energy Corp., 4.500%	$	894,914
	12,055	Chesapeake Energy Corp., 5.000%		1,072,895
	660	Chesapeake Energy Corp., Series A, 5.750%, 144A		570,075
	96,065	El Paso Energy Capital Trust I, 4.750%		5,763,900
	13,689	SandRidge Energy, Inc., 7.000%		525,315

				8,827,099

		Metals & Mining – 0.4%
	39,865	Alcoa, Inc., Series 1, 5.375%		1,747,682
	229,499	ArcelorMittal, 6.000%		3,447,075

				5,194,757

		Natural Gas – 0.2%
	43,912	AES Trust III, 6.750%		2,241,708

		REITs – Diversified – 0.3%
	1,667	Crown Castle International Corp., Series A, 4.500%		174,751
	76,518	Weyerhaeuser Co., Series A, 6.375%		4,187,065

				4,361,816

		REITs – Health Care – 0.0%
	7,400	Health Care REIT, Inc., Series I, 6.500%		496,984

		REITs – Mortgage – 0.0%
	11,825	iStar Financial, Inc., Series J, 4.500%		664,447


		Total Convertible Preferred Stocks
		(Identified Cost $24,159,056)		25,117,727


	Non-Convertible Preferred Stocks – 0.3%

		Banking – 0.1%
	1,287	Ally Financial, Inc., Series G, 7.000%, 144A		1,314,550
	5,000	Bank of America Corp., 6.375%		126,750
	20,975	Countrywide Capital IV, 6.750%		536,121

				1,977,421

		Electric – 0.1%
	90	Entergy New Orleans, Inc., 4.360%		7,973
	2,876	Entergy New Orleans, Inc., 4.750%		268,367
	4,670	Union Electric Co., 4.500%		439,914

				716,254

		Finance Companies – 0.1%
	25,100	SLM Corp., Series A, 6.970%		1,240,191


		Total Non-Convertible Preferred Stocks
		(Identified Cost $3,025,685)		3,933,866


		Total Preferred Stocks
		(Identified Cost $27,184,741)		29,051,593


	Common Stocks – 6.3%

		Airlines – 0.1%
	14,401	United Continental Holdings, Inc.(g)	$	968,467


		Automobiles – 0.4%
	341,305	Ford Motor Co.		5,508,663

		Chemicals – 0.7%
	46,100	PPG Industries, Inc.		10,397,394

		Containers & Packaging – 0.1%
	35,353	Owens-Illinois, Inc.(g)		824,432

		Diversified Telecommunication Services – 0.3%
	8,050	Hawaiian Telcom Holdco, Inc.(g)		214,371
	17,222	Level 3 Communications, Inc.(g)		927,244
	241,163	Telefonica S.A., Sponsored ADR		3,460,689

				4,602,304

		Electronic Equipment, Instruments & Components – 0.3%
	205,167	Corning, Inc.		4,653,188

		Multi-Utilities – 0.1%
	20,449	CMS Energy Corp.		713,875

		Oil, Gas & Consumable Fuels – 0.6%
	54,259	Chesapeake Energy Corp.		768,308
	172,008	Repsol YPF S.A., Sponsored ADR		3,204,509
	70,051	Royal Dutch Shell PLC, ADR		4,178,542

				8,151,359

		Pharmaceuticals – 0.7%
	160,000	Bristol-Myers Squibb Co.		10,320,000

		Semiconductors & Semiconductor Equipment – 2.9%
	1,317,153	Intel Corp.		41,187,374

		Trading Companies & Distributors – 0.1%
	23,272	United Rentals, Inc.(g)		2,121,475


		Total Common Stocks
		(Identified Cost $62,148,348)		89,448,531


	Principal Amount (‡)

	Short-Term Investments – 0.5%
$	64,275	Repurchase Agreement with State Street Bank and Trust Company, dated 3/31/2015 at 0.000% to be repurchased at $64,275 on 4/01/2015 collateralized by $64,500 U.S. Treasury Note, 1.500% due 8/31/2018 valued at $65,574 including accrued interest (Note 2 of Notes to Financial Statements)		64,275

See accompanying notes to financial statements.

| 20

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Short-Term Investments – continued
$	7,106,853	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2015 at 0.010% to be repurchased at $7,106,855 on 4/01/2015 collateralized by $6,905,000 U.S. Treasury Note, 2.375% due 12/31/2020 valued at $7,250,250 including accrued interest (Note 2 of Notes to Financial Statements)	$	7,106,853


		Total Short-Term Investments
		(Identified Cost $7,171,128)		7,171,128


		Total Investments – 98.7%
		(Identified Cost $1,352,211,432)(a)		1,403,879,415
		Other assets less liabilities—1.3%		18,157,974


		Net Assets – 100.0%	$	1,422,037,389


	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(††)	Amount shown represents units. One unit represents a principal amount of 25.
	(†††)	Amount shown represents units. One unit represents a principal amount of 100.
	(a)	Federal Tax Information (Amounts exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
		At March 31, 2015, the net unrealized appreciation on investments based on a cost of $1,355,296,210 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	$	136,101,509
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(87,518,304	)

		Net unrealized appreciation	$	48,583,205

	(b)	Variable rate security. Rate as of March 31, 2015 is disclosed.
	(c)	Illiquid security. At March 31, 2015, the value of these securities amounted to $20,715,209 or 1.5% of net assets. Illiquid securities are deemed to be fair valued pursuant to the Fund’s pricing policies and procedures.
	(d)	Fair valued by the Fund’s adviser. At March 31, 2015, the value of these securities amounted to $5,364,170 or 0.4% of net assets.
	(e)	Perpetual bond with no specified maturity date.
	(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 March 31, 2015, interest payments were made in additional debt securities.
	(g)	Non-income producing security.
	(h)	Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.

	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2015, the value of Rule 144A holdings amounted to $250,753,410 or 17.6% of net assets.
	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
	ABS	Asset-Backed Securities
	EMTN	Euro Medium Term Note


	GMTN			Global Medium Term Note
	MTN			Medium Term Note
	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

Industry Summary at March 31, 2015 (Unaudited)


Treasuries	21.2	%
Banking	12.7
Finance Companies	5.1
Technology	4.3
Electric	3.5
Wirelines	3.4
Semiconductors & Semiconductor Equipment	2.9
Healthcare	2.7
Chemicals	2.6
Airlines	2.5
Property & Casualty Insurance	2.5
Metals & Mining	2.2
Local Authorities	2.1
Automotive	2.0
Other Investments, less than 2% each	28.5
Short-Term Investments	0.5

Total Investments	98.7
Other assets less liabilities	1.3

Net Assets	100.0	%

Currency Exposure Summary at March 31, 2015 (Unaudited)


United States Dollar	75.7	%
Canadian Dollar	9.4
New Zealand Dollar	4.2
Mexican Peso	2.6
Other, less than 2% each	6.8

Total Investments	98.7
Other assets less liabilities	1.3

Net Assets	100.0	%

See accompanying notes to financial statements.

21 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Global Bond Fund


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – 95.9% of Net Assets

	Non-Convertible Bonds – 95.8%

		Australia – 1.8%
$	4,695,000	Asciano Finance Ltd., 4.625%, 9/23/2020, 144A	$	5,048,544
	5,000,000	New South Wales Treasury Corp., 6.000%, 5/01/2020, (AUD)		4,507,985
	24,075,000	New South Wales Treasury Corp., 6.000%, 3/01/2022, (AUD)(b)		22,543,187
	5,010,000	WEA Finance LLC/Westfield UK & Europe Finance PLC, 2.700%, 9/17/2019, 144A		5,071,568

				37,171,284

		Barbados – 0.2%
	1,212,500	Global SC Finance II S.r.l., Series 2013-1A, Class A, 2.980%, 4/17/2028, 144A		1,216,638
	3,406,667	Global SC Finance II S.r.l., Series 2014-1A, Class A1, 3.190%, 7/17/2029, 144A		3,429,383

				4,646,021

		Belgium – 1.7%
	24,950,000	Belgium Government Bond, Series 65, 4.250%, 9/28/2022, (EUR)(b)		34,922,156

		Bermuda – 0.4%
	2,080,000	Cronos Containers Program I Ltd., 3.270%, 11/18/2029, 144A		2,109,609
	7,075,000	Global Container Assets Ltd., Series 2013-1A, Class A2, 3.300%, 11/05/2028, 144A		7,065,640

				9,175,249

		Brazil – 1.5%
	585,000	Banco Santander Brasil S.A., 4.250%, 1/14/2016		590,850
	5,000,000	Banco Santander Brasil S.A., 4.625%, 2/13/2017, 144A		5,150,000
	12,313,034	Banco Votorantim S.A., 6.250%, 5/16/2016, 144A, (BRL)		3,518,636
	5,636,350	Odebrecht Drilling Norbe VIII/IX Ltd., 6.350%, 6/30/2021, 144A		4,861,352
	12,535,000	Oi S.A., 9.750%, 9/15/2016, 144A, (BRL)		3,515,165
	2,600,000	Petrobras Global Finance BV, 4.375%, 5/20/2023		2,223,260
	3,870,000	Petrobras Global Finance BV, EMTN, 6.250%, 12/14/2026, (GBP)		4,949,171
	7,000,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)		2,138,459
	3,600,000	Vale Overseas Ltd., 6.875%, 11/21/2036		3,481,920

				30,428,813

		Canada – 4.2%
	15,030,000	Canadian Government, 2.750%, 6/01/2022, (CAD)(b)		13,263,971

		Canada – continued
	25,480,000	Canadian Government, 3.000%, 12/01/2015, (CAD)(b)		20,439,927
	6,744,000	Canadian Government, 4.000%, 6/01/2041, (CAD)		7,519,010
	1,605,212	Ford Auto Securitization Trust, Series 2013-R1A, Class A2, 1.676%, 9/15/2016, 144A, (CAD)		1,269,062
	2,203,969	Ford Auto Securitization Trust, Series 2013-R4A, Class A2, 1.824%, 7/15/2017, 144A, (CAD)		1,747,253
	5,163,200	Institutional Mortgage Securities Canada, Inc., Series 2014-5A, Class A1, 2.003%, 7/12/2047, 144A, (CAD)		4,129,989
	3,100,000	Master Credit Card Trust II, Series 2012-2A, Class C, 1.970%, 4/21/2017, 144A		3,111,913
	12,805,000	Province of Alberta Canada, 4.000%, 12/01/2019, (CAD)(b)		11,434,671
	7,400,000	Province of British Columbia, 4.300%, 6/18/2042, (CAD)		7,616,821
	9,400,000	Province of Manitoba Canada, MTN, 4.400%, 9/05/2025, (CAD)(b)		9,004,718
	6,280,000	SCG Hotel Issuer, Inc., Series 2013-CWPA, Class A2, 3.442%, 10/12/2018, 144A, (CAD)		5,212,864
	2,505,000	Talisman Energy, Inc., 5.500%, 5/15/2042		2,481,035

				87,231,234

		Cayman Islands – 0.1%
	2,815,000	Resource Capital Corp. Ltd., Series 2014-CRE2, Class A, 1.227%, 4/15/2032, 144A(d)		2,798,541

		Chile – 0.5%
	2,950,000	Banco Santander Chile, 1.152%, 4/11/2017, 144A(d)		2,941,188
	1,070,000	Celulosa Arauco y Constitucion S.A., 5.625%, 4/20/2015		1,072,219
	400,000	Corpbanca S.A., 3.125%, 1/15/2018		397,174
	5,490,000	Corpbanca S.A., 3.875%, 9/22/2019, 144A		5,491,768

				9,902,349

		China – 0.3%
	2,500,000	Baidu, Inc., 3.250%, 8/06/2018		2,589,725
	1,150,000	Tencent Holdings Ltd., 2.000%, 5/02/2017, 144A		1,155,600
	2,756,000	Tingyi Cayman Islands Holding Corp., 3.875%, 6/20/2017		2,852,295

				6,597,620

		Colombia – 0.4%
	1,540,000	Banco de Bogota S.A., 5.000%, 1/15/2017		1,597,750
	3,910,000	Colombia Government International Bond, 5.000%, 6/15/2045		4,017,525
	3,600,000	Ecopetrol S.A., 4.125%, 1/16/2025		3,446,568

				9,061,843

See accompanying notes to financial statements.

| 22

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Global Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Czech Republic – 0.2%
$	4,600,000	CEZ AS, 4.250%, 4/03/2022, 144A	$	4,983,557

		Denmark – 0.9%
	110,500,000	Denmark Government Bond, 4.000%, 11/15/2019, (DKK)(b)		19,002,695

		Finland – 0.8%
	14,205,000	Finland Government Bond, 1.500%, 4/15/2023, 144A, (EUR)(b)		16,870,056

		France – 2.2%
	2,370,000	AXA S.A., 7.125%, 12/15/2020, (GBP)		4,257,831
	2,600,000	AXA S.A., EMTN, (fixed rate to 1/16/2034, variable rate thereafter), 5.625%, 1/16/2054, (GBP)		4,374,929
	1,800,000	AXA S.A., EMTN, (fixed rate to 7/04/2023, variable rate thereafter), 5.125%, 7/04/2043, (EUR)		2,383,566
	3,135,000	BNP Paribas S.A., EMTN, 5.750%, 1/24/2022, (GBP)		5,401,741
	19,155,000	France Government Bond OAT, 3.000%, 4/25/2022, (EUR)(b)		24,667,858
	3,324,000	Pernod Ricard S.A., 4.450%, 1/15/2022, 144A		3,602,694

				44,688,619

		Germany – 5.2%
	7,200,000	Allianz Finance II BV, EMTN, (fixed rate to 7/08/2021, variable rate thereafter), 5.750%, 7/08/2041, (EUR)(b)		9,505,261
	41,390,000	Bundesrepublik Deutschland, 4.250%, 7/04/2039, (EUR)(b)		81,759,865
	1,035,000,000	KfW, 2.600%, 6/20/2037, (JPY)		11,162,113
	800,000	Muenchener Rueckversicherungs AG, EMTN, (fixed rate to 5/26/2021, variable rate thereafter), 6.000%, 5/26/2041, (EUR)		1,068,961
	2,975,000	Schaeffler Finance BV, 2.500%, 5/15/2020, 144A, (EUR)		3,190,873

				106,687,073

		Hong Kong – 0.2%
	3,450,000	AIA Group Ltd., 3.200%, 3/11/2025, 144A		3,480,357

		India – 0.4%
	4,400,000	Bharti Airtel International BV, 5.125%, 3/11/2023, 144A		4,755,401
	2,924,000	ICICI Bank Ltd., MTN, 4.750%, 11/25/2016		3,055,215

				7,810,616


		Indonesia – 1.5%
	2,085,000	Indonesia Government International Bond, 5.125%, 1/15/2045, 144A		2,189,250
	274,572,000,000	Indonesia Treasury Bond, 7.875%, 4/15/2019, (IDR)		21,482,765
	3,665,000	Majapahit Holding BV, 7.250%, 6/28/2017		4,013,175
	4,000,000	Pertamina Persero PT, 5.625%, 5/20/2043, 144A		3,885,000

				31,570,190

		Ireland – 0.7%
	3,625,000	AIB Mortgage Bank, EMTN, 4.875%, 6/29/2017, (EUR)		4,313,559
	6,860,000	Bank of Ireland Mortgage Bank, 1.875%, 5/13/2017, (EUR)(b)		7,651,055
	1,684,473	Fastnet Securities 9 Ltd., Series 9, Class A1, 1.700%, 8/10/2053, (EUR)(d)		1,855,922

				13,820,536

		Italy – 4.5%
	4,004,298	Asti RMBS S.r.l., Series 1, Class A, 1.271%, 12/27/2060, (EUR)(d)		4,373,035
	2,940,770	Berica ABS S.r.l., Series 2012-2, Class A1, 0.342%, 11/30/2051, (EUR)(d)		3,155,619
	1,743,318	Berica ABS S.r.l., Series 3, Class A, 1.071%, 6/30/2061, (EUR)(d)		1,908,367
	1,872,941	Berica Residential S.r.l., Series 8, Class A, 0.288%, 3/31/2048, (EUR)(d)		1,980,760
	1,639,432	Claris Finance S.r.l., Series 2014-1, Class A1, 1.171%, 12/28/2061, (EUR)(d)		1,793,455
	3,200,000	Enel Finance International NV, 6.000%, 10/07/2039, 144A		3,884,717
	1,005,000	Enel Finance International NV, 6.800%, 9/15/2037, 144A		1,309,314
	1,660,000	Enel SpA, EMTN, 5.750%, 6/22/2037, (GBP)		3,084,034
	8,935,000	Italy Buoni Poliennali Del Tesoro, 4.000%, 2/01/2037, (EUR)(b)		13,057,327
	15,670,000	Italy Buoni Poliennali Del Tesoro, 5.000%, 3/01/2022, (EUR)(b)		21,469,216
	2,000,000	Meccanica Holdings USA, Inc., 7.375%, 7/15/2039, 144A		2,240,000
	4,751,000	Republic of Italy, 6.875%, 9/27/2023		6,140,753
	8,100,000	Siena Mortgages SpA/S.r.l., Series 2010-7, Class A3, 0.348%, 11/22/2070, (EUR)(d)		8,659,178
	5,957,366	Siviglia SPV S.r.l., Series 2012-1, Class A, 0.555%, 10/25/2055, (EUR)(d)		6,361,832
	4,485,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		4,630,762

See accompanying notes to financial statements.

23 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Global Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Italy – continued
$	3,755,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033	$	4,017,850
	2,248,356	Vela Home S.r.l., Series 4, Class A2, 0.245%, 10/25/2042, (EUR)(d)		2,394,146
	2,588,043	Voba N 3 S.r.l., Series 2011-3, Class A2, 1.048%, 11/23/2047, (EUR)(d)		2,820,070

				93,280,435

		Japan – 10.8%
	10,300,000	Bank of Tokyo-Mitsubishi UFJ Ltd. (The), 1.450%, 9/08/2017, 144A		10,294,232
	1,131,450,000	Japan Government Ten Year Bond, 1.200%, 12/20/2020, (JPY)		9,997,165
	11,099,000,000	Japan Government Ten Year Bond, 1.300%, 3/20/2019, (JPY)		96,950,207
	1,121,550,000	Japan Government Ten Year Bond, 1.700%, 3/20/2017, (JPY)		9,655,916
	1,720,000,000	Japan Government Thirty Year Bond, 1.700%, 12/20/2043, (JPY)		15,541,222
	1,843,000,000	Japan Government Thirty Year Bond, 2.000%, 12/20/2033, (JPY)		17,855,517
	781,100,000	Japan Government Twenty Year Bond, 1.500%, 6/20/2034, (JPY)		6,983,087
	655,350,000	Japan Government Twenty Year Bond, 2.000%, 12/20/2024, (JPY)		6,307,550
	1,540,000,000	Japan Government Twenty Year Bond, 2.100%, 12/20/2027, (JPY)		15,216,975
	3,366,450,000	Japan Government Twenty Year Bond, 2.100%, 12/20/2030, (JPY)		33,353,721

				222,155,592

		Korea – 0.8%
	56,100,000	Export-Import Bank of Korea, 3.000%, 5/22/2018, 144A, (NOK)		7,191,736
	8,538,000	Korea Development Bank (The), 4.625%, 11/16/2021(b)		9,618,484
	200,000	Lotte Shopping Co. Ltd., 3.375%, 5/09/2017		206,273

				17,016,493

		Luxembourg – 0.2%
	4,385,000	ArcelorMittal, 6.250%, 3/01/2021		4,659,062

		Malaysia – 2.5%
	300,000	Malayan Banking Bhd, 3.000%, 2/10/2017		306,664
	175,375,000	Malaysia Government Bond, 3.314%, 10/31/2017, (MYR)(b)		47,321,654
	4,200,000	Petronas Capital Ltd., 3.125%, 3/18/2022, 144A		4,242,378

				51,870,696

		Mexico – 3.7%
	2,215,000	Cemex SAB de CV, 5.875%, 3/25/2019		2,286,987
	7,580,586(††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/10/2021, (MXN)(c)		52,002,865

		Mexico – continued
	1,050,500(††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/09/2022, (MXN)		7,198,943
	1,247,129(††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)(c)		9,327,758
	2,080,000	Mexichem SAB de CV, 5.875%, 9/17/2044, 144A		2,038,400
	3,900,000	Sigma Alimentos S.A. de CV, 5.625%, 4/14/2018		4,236,375

				77,091,328

		Morocco – 0.1%
	1,015,000	OCP S.A., 6.875%, 4/25/2044, 144A		1,130,456

		Namibia – 0.2%
	3,588,000	Namibia International Bond, 5.500%, 11/03/2021, 144A		3,892,980

		Netherlands – 0.8%
	1,775,000	AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, 3.750%, 5/15/2019, 144A		1,783,325
	11,755,000	Netherlands Government Bond, 2.250%, 7/15/2022, 144A, (EUR)(b)		14,586,566

				16,369,891

		New Zealand – 2.1%
	54,235,000	New Zealand Government Bond, 5.000%, 3/15/2019, (NZD)(b)		43,354,298

		Norway – 2.3%
	156,540,000	Norway Government Bond, 2.000%, 5/24/2023, (NOK)		20,367,320
	136,200,000	Norway Government Bond, 4.250%, 5/19/2017, (NOK)(b)		18,106,009
	61,605,000	Norway Government Bond, 4.500%, 5/22/2019, (NOK)(b)		8,717,631

				47,190,960

		Philippines – 0.7%
	100,000,000	Philippine Government International Bond, 4.950%, 1/15/2021, (PHP)		2,371,365
	259,000,000	Philippine Government International Bond, 6.250%, 1/14/2036, (PHP)		6,677,796
	4,265,000	Power Sector Assets and Liabilities Management Corp., 6.875%, 11/02/2016		4,616,863

				13,666,024

		Poland – 1.4%
	87,500,000	Poland Government Bond, 3.250%, 7/25/2019, (PLN)		24,397,018
	4,145,000	Poland Government International Bond, 4.000%, 1/22/2024		4,553,573

				28,950,591

		Portugal – 0.2%
	3,625,000	EDP Finance BV, 4.125%, 1/15/2020, 144A		3,751,875
	550,000	EDP Finance BV, 4.900%, 10/01/2019, 144A		584,683

				4,336,558

See accompanying notes to financial statements.

| 24

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Global Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		South Africa – 0.7%
$	3,650,000	Eskom Holdings SOC Ltd., 7.125%, 2/11/2025, 144A	$	3,677,375
	289,000	Myriad International Holding BV, 6.375%, 7/28/2017		311,759
	127,260,000	Transnet SOC Ltd., 9.500%, 5/13/2021, 144A, (ZAR)(b)		10,552,885

				14,542,019

		Spain – 1.9%
	1,000,000	Banco Bilbao Vizcaya Argentaria S.A., 3.500%, 12/05/2017, (EUR)		1,173,509
	21,990,000	Spain Government Bond, 5.850%, 1/31/2022, (EUR)(b)		31,445,632
	1,410,000	Telefonica Emisiones SAU, 5.134%, 4/27/2020		1,591,520
	950,000	Telefonica Emisiones SAU, 7.045%, 6/20/2036		1,312,253
	1,817,000	Telefonica Emisiones SAU, EMTN, 5.375%, 2/02/2026, (GBP)		3,231,473

				38,754,387

		Sweden – 0.9%
	138,245,000	Sweden Government Bond, Series 1052, 4.250%, 3/12/2019, (SEK)(b)		18,842,536

		Switzerland – 0.4%
	4,150,000	Holcim U.S. Finance S.a.r.l. & Cie SCS, 5.150%, 9/12/2023, 144A		4,702,747
	2,907,000	Zurich Finance USA, Inc., EMTN, (fixed rate to 6/15/2015, variable rate thereafter), 4.500%, 6/15/2025, (EUR)		3,141,134

				7,843,881

		Turkey – 0.7%
	4,130,000	Akbank TAS, 4.000%, 1/24/2020, 144A		4,028,815
	9,000,000	Akbank TAS, 7.500%, 2/05/2018, 144A, (TRY)		3,178,232
	2,400,000	Arcelik AS, 5.000%, 4/03/2023, 144A		2,290,800
	2,300,000	TC Ziraat Bankasi AS, 4.250%, 7/03/2019, 144A		2,278,380
	1,795,000	Turkiye Is Bankasi, 5.000%, 4/30/2020, 144A		1,797,244

				13,573,471

		United Arab Emirates – 0.4%
	2,930,000	DP World Sukuk Ltd., 6.250%, 7/02/2017		3,161,001
	455,000	Dubai Electricity & Water Authority, 6.375%, 10/21/2016		485,713
	4,996,000	IPIC GMTN Ltd., 5.000%, 11/15/2020, 144A		5,626,745

				9,273,459


		United Kingdom – 7.6%
	5,945,000	Aviva PLC, EMTN, (fixed rate to 7/05/2023, variable rate thereafter), 6.125%, 7/05/2043, (EUR)(b)		8,078,080
	891,000	Barclays Bank PLC, 6.050%, 12/04/2017, 144A		980,749
	3,458,000	Barclays Bank PLC, EMTN, 5.750%, 9/14/2026, (GBP)		6,073,453
	460,000	HBOS PLC, EMTN, (fixed rate to 3/18/2025, variable rate thereafter), 4.500%, 3/18/2030, (EUR)		571,157
	3,906,000	HSBC Bank PLC, 4.125%, 8/12/2020, 144A		4,258,349
	3,175,000	HSBC Holdings PLC, 4.000%, 3/30/2022		3,415,300
	3,500,000	HSBC Holdings PLC, EMTN, 5.750%, 12/20/2027, (GBP)		6,169,026
	5,830,000	Royal Bank of Scotland Group PLC, 5.125%, 5/28/2024		6,116,317
	425,000	Royal Bank of Scotland Group PLC, EMTN, (fixed rate to 3/25/2019, variable rate thereafter), 3.625%, 3/25/2024, (EUR)		478,906
	6,490,000	Sky PLC, 3.750%, 9/16/2024, 144A		6,709,654
	9,250,000	Standard Chartered PLC, 3.950%, 1/11/2023, 144A(b)		9,287,111
	5,230,000	Tesco PLC, EMTN, 5.000%, 3/24/2023, (GBP)		8,235,628
	22,410,000	United Kingdom Gilt, 4.500%, 9/07/2034, (GBP)(b)		45,692,496
	5,450,000	United Kingdom Treasury, 1.750%, 1/22/2017, (GBP)(b)		8,278,163
	2,575,000	United Kingdom Treasury, 4.250%, 3/07/2036, (GBP)		5,140,779
	15,573,827	United Kingdom Treasury, 4.750%, 3/07/2020, (GBP)(b)		27,175,459
	1,875,000	Virgin Media Finance PLC, 4.500%, 1/15/2025, 144A, (EUR)		2,101,980
	700,000	Virgin Media Finance PLC, 6.375%, 10/15/2024, 144A, (GBP)		1,114,961
	1,530,000	Virgin Media Secured Finance PLC, 4.875%, 1/15/2027, 144A, (GBP)		2,246,906
	1,370,000	Virgin Media Secured Finance PLC, 5.500%, 1/15/2025, (GBP)		2,111,008
	2,305,000	WPP Finance 2010, 3.750%, 9/19/2024		2,405,915

				156,641,397

		United States – 29.7%
	1,704,638	A10 Securitization LLC, Series 2013-1, Class A, 2.400%, 11/15/2025, 144A		1,710,286
	3,843,284	A10 Securitization LLC, Series 2013-2, Class A, 2.620%, 11/15/2027, 144A		3,882,024
	2,030,000	Actavis Funding SCS, 3.000%, 3/12/2020		2,076,863
	1,115,000	Actavis Funding SCS, 3.800%, 3/15/2025		1,150,713
	1,745,000	Actavis Funding SCS, 4.550%, 3/15/2035		1,818,845
	1,110,000	AES Corp. (The), 5.500%, 3/15/2024		1,107,225

See accompanying notes to financial statements.

25 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Global Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		United States – continued
$	3,000,000	Air Lease Corp., 3.750%, 2/01/2022	$	3,048,642
	1,410,000	Ally Financial, Inc., 2.750%, 1/30/2017		1,404,797
	3,330,000	Ally Financial, Inc., 3.250%, 2/13/2018		3,296,700
	3,445,000	Ally Financial, Inc., 3.500%, 7/18/2016		3,488,063
	4,650,000	Ally Financial, Inc., 3.750%, 11/18/2019		4,597,687
	3,086,292	Alta Wind Holdings LLC, 7.000%, 6/30/2035, 144A		3,669,228
	770,000	Altria Group, Inc., 2.850%, 8/09/2022		765,475
	3,930,000	Altria Group, Inc., 4.000%, 1/31/2024		4,216,835
	2,285,000	Anadarko Petroleum Corp., 3.450%, 7/15/2024		2,288,638
	56,695	Ascentium Equipment Receivables LLC, Series 2012-1A, Class A, 1.830%, 9/15/2019, 144A		56,714
	6,283,000	Ball Corp., 4.000%, 11/15/2023		6,125,925
	5,125,000	Bank of America Corp., 2.650%, 4/01/2019		5,222,037
	4,510,000	Bank of America Corp., 4.100%, 7/24/2023		4,812,386
	3,860,000	BLCP Hotel Trust, Series 2014-CLRN, Class D, 2.675%, 8/15/2029, 144A(d)		3,867,430
	3,785,000	CDGJ Commercial Mortgage Trust Pass Through Certificates, Series 2014-BXCH, 1.575%, 12/15/2027, 144A(d)		3,788,414
	5,570,756	Centre Point Funding LLC, Series 2012-2A, Class 1, 2.610%, 8/20/2021, 144A		5,549,375
	3,295,000	CG-CCRE Commercial Mortgage Trust, Series 2014-FL1, Class A, 1.125%, 6/15/2031, 144A(d)		3,291,623
	4,680,000	Chesapeake Energy Corp., 4.875%, 4/15/2022		4,387,500
	2,515,000	Chesapeake Energy Corp., 5.375%, 6/15/2021		2,439,550
	510,000	Chesapeake Energy Corp., 5.750%, 3/15/2023		497,250
	895,000	Chesapeake Energy Corp., 6.625%, 8/15/2020		924,088
	4,102,000	CHS/Community Health Systems, Inc., 5.125%, 8/15/2018		4,230,187
	2,370,000	CIT Group, Inc., 4.250%, 8/15/2017		2,399,625
	4,000,000	Citigroup, Inc., 1.700%, 7/25/2016		4,027,356
	4,465,000	Citigroup, Inc., 3.375%, 3/01/2023		4,575,861
	5,435,000	Citigroup, Inc., 4.000%, 8/05/2024		5,558,467
	7,762,500	CLI Funding LLC, Series 2014-2A, Class A, 3.380%, 10/18/2029, 144A		7,873,465
	7,005,000	Comcast Corp., 4.200%, 8/15/2034		7,588,755

		United States – continued
	3,520,000	Commercial Mortgage Pass Through Certificates, Series 2014-FL4, Class AR1, 1.700%, 5/13/2031, 144A(d)(e)		3,490,091
	3,245,000	Commercial Mortgage Pass Through Certificates, Series 2014-KYO, Class A, 1.077%, 6/11/2027, 144A(d)		3,232,773
	2,570,000	Commercial Mortgage Trust, Series 2013-GAM, Class A2, 3.367%, 2/10/2028, 144A		2,663,096
	2,800,000	Commercial Mortgage Trust, Series 2014-PAT, Class D, 2.326%, 8/13/2027, 144A(d)		2,823,867
	4,000,000	Commercial Mortgage Trust, Series 2014-SAVA, Class B, 1.925%, 6/15/2034, 144A(d)		3,990,664
	5,300,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		5,591,500
	209,494	Continental Airlines Pass Through Trust, Series 2000-2, Class B, 8.307%, 10/02/2019		229,920
	181,095	Continental Airlines Pass Through Trust, Series 2001-1, Class B, 7.373%, 6/15/2017		186,401
	4,420,000	Continental Resources, Inc., 3.800%, 6/01/2024		4,074,091
	1,015,000	Continental Resources, Inc., 4.500%, 4/15/2023		985,089
	1,845,000	Corning, Inc., 4.700%, 3/15/2037		1,982,336
	3,030,246	Countrywide Alternative Loan Trust, Series 2003-4CB, Class 1A1, 5.750%, 4/25/2033		3,059,722
	2,323,449	Credit Suisse Mortgage Capital Certificates, Series 2009-13R, Class 3A1, 2.179%, 11/26/2036, 144A(d)		2,289,120
	3,089,000	Crown Castle Towers LLC, 6.113%, 1/15/2040, 144A		3,523,869
	1,885,000	CSMC Series, Series 2010-RR1, Class 2B, 5.695%, 9/15/2040, 144A(d)		1,995,593
	3,725,000	DR Horton, Inc., 3.750%, 3/01/2019		3,771,562
	3,273,000	Energy Transfer Partners LP, 3.600%, 2/01/2023		3,242,227
	1,770,000	Energy Transfer Partners LP, 4.900%, 2/01/2024		1,896,640
	2,755,000	Energy Transfer Partners LP, 5.150%, 3/15/2045		2,772,263
	2,485,000	Exeter Automobile Receivables Trust, Series 2014-3A, Class B, 2.770%, 11/15/2019, 144A		2,495,700
	5,470,000	Extended Stay America Trust, Series 2013-ESH5, Class A15, 1.278%, 12/05/2031, 144A		5,437,727
	5,700,000	Extended Stay America Trust, Series 2013-ESH7, Class A17, 2.295%, 12/05/2031, 144A		5,690,310

See accompanying notes to financial statements.

| 26

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Global Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		United States – continued
$	3,900,000	Flagship Credit Auto Trust, Series 2013-1, Class B, 2.760%, 9/17/2018, 144A	$	3,944,963
	20,165,000	FNMA (TBA), 3.000%, 5/01/2045(f)		20,566,330
	33,280,000	FNMA (TBA), 3.500%, 5/01/2045(f)		34,869,900
	40,620,000	FNMA (TBA), 4.000%, 5/01/2045(f)		43,361,847
	4,380,000	Ford Motor Credit Co. LLC, 3.664%, 9/08/2024		4,519,166
	5,508,000	Ford Motor Credit Co. LLC, 4.375%, 8/06/2023		5,951,030
	50,000,000	General Electric Capital Corp., EMTN, 4.208%, 12/06/2021, (SEK)		6,884,855
	3,900,000	General Motors Co., 4.000%, 4/01/2025		3,961,304
	8,000,000	General Motors Financial Co., Inc., 3.150%, 1/15/2020		8,095,168
	1,331,681	GNMA, 1.960%, 5/20/2064(d)		1,418,709
	1,705,222	GNMA, 2.276%, 11/20/2064(d)		1,882,802
	1,716,293	GNMA, 2.363%, 11/20/2064(d)		1,903,927
	3,552,125	GNMA, 2.523%, 10/20/2063(d)		3,862,531
	4,300,749	GNMA, 4.556%, 12/20/2061		4,657,384
	1,594,503	GNMA, 4.563%, 2/20/2065		1,820,225
	2,032,740	GNMA, 4.622%, 7/20/2064		2,329,471
	3,806,134	GNMA, 4.668%, 5/20/2064		4,360,759
	1,902,503	GNMA, 4.674%, 7/20/2064		2,185,904
	2,000,000	Goldman Sachs Group, Inc. (The), 3.625%, 2/07/2016		2,042,794
	1,630,000	Goldman Sachs Group, Inc. (The), 3.625%, 1/22/2023		1,686,028
	2,030,000	Goldman Sachs Group, Inc. (The), MTN, 3.850%, 7/08/2024		2,124,541
	707,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%,��3/10/2039		746,025
	4,406,277	GS Mortgage Securities Corp. II, Series 2007-GG10, Class A4, 5.796%, 8/10/2045(d)		4,758,365
	2,560,000	HCA Holdings, Inc., 6.250%, 2/15/2021		2,767,872
	1,210,000	HCA, Inc., 5.375%, 2/01/2025		1,268,988
	1,550,000	Hewlett-Packard Co., 3.750%, 12/01/2020		1,629,619
	3,728,000	Hewlett-Packard Co., 4.650%, 12/09/2021		4,078,152
	2,898,400	Hilton Grand Vacations Trust, Series 2013-A, Class A, 2.280%, 1/25/2026, 144A		2,923,491
	4,685,000	Host Hotels & Resorts LP, Series D, 3.750%, 10/15/2023		4,748,688
	685,000	International Lease Finance Corp., 3.875%, 4/15/2018		695,275
	2,460,000	International Lease Finance Corp., 5.750%, 5/15/2016		2,557,170
	7,800,000	INVISTA Finance LLC, 4.250%, 10/15/2019, 144A		7,751,250
		United States – continued
	4,000,000	JPMorgan Chase & Co., 3.125%, 1/23/2025		4,011,732
	7,935,000	JPMorgan Chase & Co., 3.250%, 9/23/2022		8,115,188
	2,534,000	JPMorgan Chase & Co., 3.875%, 2/01/2024		2,680,587
	3,920,000	JPMorgan Chase & Co., 4.400%, 7/22/2020		4,305,089
	7,000,000	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2014-FL4, Class B, 1.925%, 12/15/2030, 144A(d)		7,005,586
	3,800,000	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2014-PHH, Class A, 1.372%, 8/15/2027, 144A(d)		3,799,852
	2,270,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-FL5, Class A, 1.155%, 7/15/2031, 144A(d)		2,255,347
	1,601,286	JPMorgan Resecuritization Trust, Series 2010-4, Class A2, 2.070%, 9/26/2035, 144A(d)		1,604,900
	3,965,000	KB Home, 4.750%, 5/15/2019		3,875,787
	1,020,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.375%, 10/01/2017		1,048,050
	5,210,000	Liberty Mutual Group, Inc., 4.850%, 8/01/2044, 144A		5,649,578
	5,414,767	Longtrain Leasing III LLC, Series 2015-1A, Class A1, 2.980%, 1/15/2045, 144A		5,439,296
	670,000	MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 4.500%, 7/15/2023		663,300
	60,000	MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 4.875%, 12/01/2024		61,344
	1,220,000	MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 5.500%, 2/15/2023		1,253,550
	225,000	MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 6.750%, 11/01/2020		236,250
	2,127,150	Marriott Vacation Club Owner Trust, Series 2012-1A, Class B, 3.500%, 5/20/2030, 144A		2,187,725
	4,723,000	MBNA Credit Card Master Note Trust, Series 2005-B3, Class B3, 0.369%, 3/19/2018, (EUR)(d)		5,057,347
	2,610,000	MetLife, Inc., 4.050%, 3/01/2045		2,702,963
	4,485,000	Micron Technology, Inc., 5.250%, 8/01/2023, 144A		4,563,487
	6,085,000	Morgan Stanley, 3.750%, 2/25/2023		6,373,058
	1,795,000	Morgan Stanley, 4.350%, 9/08/2026		1,881,634
	1,490,000	Morgan Stanley, GMTN, 5.500%, 7/28/2021		1,728,498
	460,000	Morgan Stanley, Series F, 3.875%, 4/29/2024		483,729

See accompanying notes to financial statements.

27 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Global Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		United States – continued
$	4,400,000	Morgan Stanley Re-REMIC Trust, Series 2009-GG10, Class A4B, 5.796%, 8/12/2045, 144A(d)	$	4,720,417
	1,500,000	Morgan Stanley Re-REMIC Trust, Series 2010-GG10, Class A4B, 5.796%, 8/15/2045, 144A(d)		1,609,202
	2,100,000	Newfield Exploration Co., 5.625%, 7/01/2024		2,184,000
	4,980,000	Noble Energy, Inc., 5.250%, 11/15/2043		5,204,424
	960,000	NRG Energy, Inc., 6.250%, 7/15/2022		986,400
	3,540,000	OneMain Financial Issuance Trust, Series 2014-2A, Class A, 2.470%, 9/18/2024, 144A		3,530,902
	943,414	Orange Lake Timeshare Trust, Series 2012-AA, Class B, 4.870%, 3/10/2027, 144A		984,292
	2,620,000	Paragon Offshore PLC, 6.750%, 7/15/2022, 144A		864,600
	5,600,000	Paragon Offshore PLC, 7.250%, 8/15/2024, 144A		1,862,000
	2,255,000	Pioneer Natural Resources Co., 3.950%, 7/15/2022		2,319,225
	2,670,000	RBSCF Trust, Series 2010-RR4, Class CSCB, 5.695%, 9/16/2040, 144A(d)		2,785,819
	1,497,383	RBSSP Resecuritization Trust, Series 2010-3, Class 9A1, 5.500%, 2/26/2035, 144A		1,546,979
	165,000	Regency Energy Partners LP/Regency Energy Finance Corp., 4.500%, 11/01/2023		165,825
	580,000	Regency Energy Partners LP/Regency Energy Finance Corp., 5.000%, 10/01/2022		603,200
	960,000	Regency Energy Partners LP/Regency Energy Finance Corp., 5.875%, 3/01/2022		1,041,600
	7,025,736	Sequoia Mortgage Trust, Series 2013-5, Class A1, 2.500%, 5/25/2043, 144A(d)		6,738,398
	6,272,000	Sirius International Group, 6.375%, 3/20/2017, 144A		6,777,624
	725,000	SNAAC Auto Receivables Trust, Series 2014-1A, Class B, 1.750%, 7/15/2019, 144A		727,649
	895,000	SNAAC Auto Receivables Trust, Series 2014-1A, Class C, 2.210%, 1/15/2020, 144A		899,675
	3,309,305	SpringCastle America Funding LLC, Series 2014-AA, Class A, 2.700%, 5/25/2023, 144A		3,317,824
	8,000,000	Springleaf Funding Trust, Series 2013-BA, Class A, 3.920%, 1/16/2023, 144A		8,043,360
	5,775,000	Springleaf Funding Trust, Series 2014-AA, Class A, 2.410%, 12/15/2022, 144A		5,777,368

		United States – continued
	1,816,309	SVO VOI Mortgage LLC, Series 2012-AA, Class A, 2.000%, 9/20/2029, 144A		1,803,587
	3,128,667	TAL Advantage V LLC, Series 2013-2A, Class A, 3.550%, 11/20/2038, 144A		3,199,343
	2,955,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.000%, 1/15/2018, 144A		3,043,650
	455,000	Tenet Healthcare Corp., 4.375%, 10/01/2021		444,763
	4,415,000	Tenet Healthcare Corp., 4.500%, 4/01/2021		4,326,700
	1,630,000	TerraForm Power Operating LLC, 5.875%, 2/01/2023, 144A		1,691,125
	2,050,000	Time Warner Cable, Inc., 4.500%, 9/15/2042		2,102,816
	1,545,000	Time Warner Cable, Inc., 5.250%, 7/15/2042, (GBP)		2,721,424
	575,000	Time Warner Cable, Inc., 5.500%, 9/01/2041		660,527
	1,278,000	Time Warner Cable, Inc., 5.875%, 11/15/2040		1,528,501
	250,000	Time Warner Cable, Inc., 6.550%, 5/01/2037		313,962
	885,000	Time Warner Cable, Inc., 6.750%, 6/15/2039		1,134,331
	665,000	Time Warner Cable, Inc., 7.300%, 7/01/2038		896,431
	1,850,000	Time Warner, Inc., 4.650%, 6/01/2044		1,992,920
	955,000	Time Warner, Inc., 5.350%, 12/15/2043		1,114,375
	1,240,000	Time Warner, Inc., 6.100%, 7/15/2040		1,566,549
	8,472,218	Trinity Rail Leasing LP, Series 2010-1A, Class A, 5.194%, 10/16/2040, 144A(b)		9,078,176
	13,970,000	U.S. Treasury Bond, 2.875%, 5/15/2043(g)		14,884,602
	2,000,000	U.S. Treasury Note, 1.375%, 5/31/2020		1,996,406
	2,000,000	U.S. Treasury Note, 1.500%, 12/31/2018(h)		2,026,562
	1,610,398	United Airlines Pass Through Trust, Series 2013-1, Class B, 5.375%, 2/15/2023		1,684,685
	4,825,275	US Airways Pass Through Trust, Series 2013-1, Class A, 3.950%, 5/15/2027		5,006,223
	1,402,000	Verizon Communications, Inc., 2.625%, 2/21/2020		1,426,339
	1,300,000	Verizon Communications, Inc., 3.000%, 11/01/2021		1,325,932
	2,560,000	Verizon Communications, Inc., 3.500%, 11/01/2024		2,619,814
	2,150,000	Verizon Communications, Inc., 4.400%, 11/01/2034		2,190,106
	2,473,000	Verizon Communications, Inc., 4.522%, 9/15/2048, 144A		2,454,230
	2,138,000	Verizon Communications, Inc., 4.862%, 8/21/2046		2,238,347

See accompanying notes to financial statements.

| 28

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Global Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		United States – continued
$	5,155,000	Verizon Communications, Inc., 5.050%, 3/15/2034	$	5,597,500
	1,230,000	Verizon Communications, Inc., 5.150%, 9/15/2023		1,410,175
	151,000	Verizon Communications, Inc., 6.400%, 9/15/2033		188,469
	655,000	Virginia Electric and Power Co., 4.450%, 2/15/2044		738,095
	3,150,000	Wachovia Bank Commercial Mortgage Trust, Series 2007-C30, Class A5, 5.342%, 12/15/2043		3,345,980
	5,130,000	Whiting Petroleum Corp., 5.000%, 3/15/2019		5,040,225
	3,015,000	Whiting Petroleum Corp., 6.250%, 4/01/2023, 144A		2,999,925

				611,984,578


		Total Non-Convertible Bonds
		(Identified Cost $2,128,768,176)		1,977,269,901


	Convertible Bonds – 0.1%

		United States – 0.1%
	868,000	Macquarie Infrastructure Co. LLC, 2.875%, 7/15/2019 (Identified Cost $868,000)		1,028,038


		Total Bonds and Notes
		(Identified Cost $2,129,636,176)		1,978,297,939


	Shares

	Preferred Stocks – 1.2%

	Non-Convertible Preferred Stock – 0.2%

		United States – 0.2%
	186,207	PNC Financial Services Group, Inc. (The), 5.375% (Identified Cost $4,655,175)		4,649,589


	Convertible Preferred Stocks – 1.0%

		United States – 1.0%
	123,700	Alcoa, Inc., Series 1, 5.375%		5,423,008
	31,110	Crown Castle International Corp., Series A, 4.500%		3,261,261
	37,200	Dominion Resources, Inc., 6.375%		1,800,480
	24,832	Dominion Resources, Inc., Series A, 6.125%		1,394,565
	9,494	Dominion Resources, Inc., Series B, 6.000%		535,462
	112,924	Tyson Foods, Inc., 4.750%		5,474,555
	51,967	Weyerhaeuser Co., Series A, 6.375%		2,843,634

				20,732,965


		Total Convertible Preferred Stocks
		(Identified Cost $21,446,810)		20,732,965


		Total Preferred Stocks
		(Identified Cost $26,101,985)		25,382,554


Shares		Description	Value (†)

	Short-Term Investments – 4.8%
$	12,338,843	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2015 at 0.010% to be repurchased at $12,338,846 on 4/01/2015 collateralized by $7,890,000 U.S. Treasury Note, 2.125% due 1/31/2021 valued at $8,154,023; 3,960,000 U.S. Treasury Note, 3.625% due 2/15/2021 valued at $4,435,200 including accrued interest (Note 2 of Notes to Financial Statements)	$	12,338,843
	86,020,000	U.S. Treasury Bills, 0.040%, 8/6/2015(b)(i)		86,002,538


		Total Short-Term Investments
		(Identified Cost $98,346,704)		98,341,381


		Total Investments – 101.9%
		(Identified Cost $2,254,084,865)(a)		2,102,021,874
		Other assets less liabilities—(1.9)%		(38,863,994	)


		Net Assets – 100.0%	$	2,063,157,880


	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(††)	Amount shown represents units. One unit represents a principal amount of 100.
	(a)	Federal Tax Information (Amounts exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
		At March 31, 2015, the net unrealized depreciation on investments based on a cost of $2,267,014,416 for federal income tax purposes was as follows:
		Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$	42,118,354
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(207,110,896	)

		Net unrealized depreciation	$	(164,992,542	)

	(b)	All of this security has been designated to cover the Fund’s obligations under open forward foreign currency contracts, futures contracts or TBA transactions.
	(c)	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.
	(d)	Variable rate security. Rate as of March 31, 2015 is disclosed.
	(e)	Illiquid security. At March 31, 2015, the value of this security amounted to $3,490,091 or 0.2% of net assets. Illiquid securities are deemed to be fair valued pursuant to the Fund’s pricing policies and procedures.
	(f)	Delayed delivery. See Note 2 of Notes to Financial Statements.
	(g)	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.
	(h)	A portion of this security has been pledged as collateral for open forward foreign currency contracts.
	(i)	Interest rate represents discount rate at time of purchase; not a coupon rate.

See accompanying notes to financial statements.

29 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Global Bond Fund – continued


	144A			All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2015, the value of Rule 144A holdings amounted to $426,468,485 or 20.7% of net assets.
	ABS			Asset-Backed Securities
	EMTN			Euro Medium Term Note
	FNMA			Federal National Mortgage Association
	GMTN			Global Medium Term Note
	GNMA			Government National Mortgage Association
	MTN			Medium Term Note
	REMIC			Real Estate Mortgage Investment Conduit
	TBA			To Be Announced
	AUD			Australian Dollar
	BRL			Brazilian Real
	CAD			Canadian Dollar
	DKK			Danish Krone
	EUR			Euro
	GBP			British Pound
	IDR			Indonesian Rupiah
	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
	TRY			Turkish Lira
	ZAR			South African Rand

At March 31, 2015, the Fund had the following open forward foreign currency contracts:


Contract to Buy/Sell	Delivery Date		Currency	Units of Currency		Notional Value		Unrealized Appreciation (Depreciation)
Sell¹	5/27/2015		Australian Dollar		5,320,000	$	4,039,339	$	85,763
Sell²	5/05/2015		Brazilian Real		29,850,000		9,275,913		890,288
Sell³	6/24/2015		British Pound		11,600,000		17,197,696		(21,924	)
Sell¹	6/05/2015	��	Canadian Dollar		43,010,000		33,928,837		332,630
Sell⁴	6/30/2015		Euro		21,000,000		22,608,130		347,180
Sell⁵	5/18/2015		Japanese Yen		974,400,000		8,129,442		72,012
Buy⁶	6/17/2015		Malaysian Ringgit		62,652,000		16,806,358		5,070
Sell³	6/17/2015		Mexican Peso		160,000,000		10,439,064		101,120
Buy⁷	6/17/2015		Philippine Peso		210,000,000		4,677,077		(39,904	)
Buy¹	6/11/2015		South Korean Won		40,554,768,988		36,472,248		(407,458	)
Buy¹	6/17/2015		Swiss Franc		12,900,000		13,315,785		(196,765	)
Sell¹	6/17/2015		Turkish Lira		7,625,000		2,876,576		(26,312	)

Total								$	1,141,700

At March 31, 2015, the Fund had the following open forward cross currency contracts:


Settlement Date	Deliver/Units of Currency		Receive/Units of Currency		Unrealized Appreciation (Depreciation)
7/02/2015	Indonesian Rupiah	290,990,000,000	Japanese Yen⁵	2,595,807,314	$	(120,287	)
6/04/2015	Malaysian Ringgit	240,070,000	Japanese Yen¹	7,878,953,358		1,277,414
6/17/2015	New Zealand Dollar	57,000,000	Euro⁵	38,251,183		(1,129,076	)
4/28/2015	Norwegian Krone	166,120,000	Euro¹	18,865,268		(316,457	)
6/17/2015	Swedish Krona	50,000,000	Euro¹	5,456,204		60,145
4/29/2015	Swedish Krona	83,500,000	Norwegian Krone¹	78,433,214		30,514

					$	(197,747	)

¹ Counterparty is Credit Suisse International.

² Counterparty is Deutsche Bank AG.

³ Counterparty is UBS AG.

⁴ Counterparty is Citibank N.A.

⁵ Counterparty is Bank of America, N.A.

⁶ Counterparty is JPMorgan Chase Bank N.A.

⁷ Counterparty is Morgan Stanley & Co.

See accompanying notes to financial statements.

| 30

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Global Bond Fund – continued

At March 31, 2015, open long futures contracts were as follows:


Financial Futures	Expiration Date		Contracts		Notional Value		Unrealized Appreciation (Depreciation)
Ultra Long U.S. Treasury Bond		6/19/2015		340	$	57,757,500	$	320,767

At March 31, 2015, open short futures contracts were as follows:


Financial Futures	Expiration Date		Contracts		Notional Value		Unrealized Appreciation (Depreciation)
10 Year U.S. Treasury Note		6/19/2015		866	$	111,632,813	$	(651,128	)
30 Year U.S. Treasury Bond		6/19/2015		261		42,771,375		(382,086	)

Total							$	(1,033,214	)

Industry Summary at March 31, 2015 (Unaudited)


Treasuries	43.4	%
Banking	8.8
Mortgage Related	6.0
Non-Agency Commercial Mortgage-Backed Securities	4.3
ABS Other	3.5
Government Owned - No Guarantee	3.3
Local Authorities	2.7
ABS Home Equity	2.5
Other Investments, less than 2% each	22.6
Short-Term Investments	4.8

Total Investments	101.9
Other assets less liabilities (including forward foreign currency contracts and futures contracts)	(1.9	)

Net Assets	100.0	%

Currency Exposure Summary at March 31, 2015 (Unaudited)


United States Dollar	47.2	%
Euro	15.6
Japanese Yen	10.8
British Pound	6.8
Canadian Dollar	4.0
Mexican Peso	3.3
Norwegian Krone	2.6
Malaysian Ringgit	2.3
New Zealand Dollar	2.1
Other, less than 2% each	7.2

Total Investments	101.9
Other assets less liabilities (including forward foreign currency contracts and futures contracts)	(1.9	)

Net Assets	100.0	%

See accompanying notes to financial statements.

31 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Inflation Protected Securities Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – 95.7% of Net Assets

		Treasuries – 95.7%
$	342,452	U.S. Treasury Inflation Indexed Bond, 0.750%, 2/15/2045(b)	$	348,231
	1,514,424	U.S. Treasury Inflation Indexed Bond, 1.375%, 2/15/2044(b)(c)		1,780,041
	3,002,438	U.S. Treasury Inflation Indexed Bond, 3.375%, 4/15/2032(b)		4,404,435
	1,420,172	U.S. Treasury Inflation Indexed Note, 0.125%, 4/15/2017(b)		1,445,468
	13,626,384	U.S. Treasury Inflation Indexed Note, 0.125%, 4/15/2019(b)		13,878,690
	4,948,283	U.S. Treasury Inflation Indexed Note, 0.125%, 7/15/2024(b)		4,946,349
	1,603,642	U.S. Treasury Inflation Indexed Note, 0.250%, 1/15/2025(b)		1,614,666


		Total Bonds and Notes
		(Identified Cost $28,469,801)		28,417,880


	Shares

	Preferred Stocks – 0.4%

		Aerospace & Defense – 0.4%
	2,100	United Technologies Corp., 7.500% (Identified Cost $105,000)		129,234


	Principal Amount

	Short-Term Investments – 3.6%
$	1,075,763	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2015 at 0.010% to be repurchased at $1,075,763 on 4/01/2015 collateralized by $1,065,000 U.S. Treasury Note, 2.125% due 1/31/2021 valued at $1,100,638 including accrued interest (Note 2 of Notes to Financial Statements)		1,075,763

	Short-Term Investments – continued
$	5,000	U.S. Treasury Bills, 0.065%, 6/11/2015(d)(e)	$	5,000


		Total Short-Term Investments
		(Identified Cost $1,080,762)		1,080,763


		Total Investments – 99.7%
		(Identified Cost $29,655,563)(a)		29,627,877
		Other assets less liabilities—0.3%		75,018


		Net Assets – 100.0%	$	29,702,895


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information (Amounts exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
		At March 31, 2015, the net unrealized appreciation on investments based on a cost of $29,297,359 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	$	340,269
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(9,751	)

		Net unrealized appreciation	$	330,518

	(b)	Treasury Inflation Protected Security (TIPS).
	(c)	All of this security has been designated to cover the Fund’s obligations under open futures contracts.
	(d)	Interest rate represents discount rate at time of purchase; not a coupon rate.
	(e)	All of this security has been pledged as initial margin for open futures contracts.

At March 31, 2015, open short futures contracts were as follows:


Financial Futures	Expiration Date		Contracts		Notional Value		Unrealized Appreciation (Depreciation)
5 Year U.S. Treasury Note		6/30/2015		2	$	240,422	$	(1,535	)

Industry Summary at March 31, 2015 (Unaudited)


Treasuries	95.7	%
Aerospace & Defense	0.4
Short-Term Investments	3.6

Total Investments	99.7
Other assets less liabilities (including futures contracts)	0.3

Net Assets	100.0	%

See accompanying notes to financial statements.

| 32

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Institutional High Income Fund


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – 78.7% of Net Assets

	Non-Convertible Bonds – 67.9%

		Aerospace & Defense – 2.3%
$	345,000	Bombardier, Inc., 6.125%, 1/15/2023, 144A	$	326,025
	135,000	Bombardier, Inc., 7.350%, 12/22/2026, 144A, (CAD)		105,523
	2,175,000	Bombardier, Inc., 7.450%, 5/01/2034, 144A		2,077,125
	3,220,000	GenCorp, Inc., 7.125%, 3/15/2021		3,445,400
	900,000	Meccanica Holdings USA, Inc., 6.250%, 1/15/2040, 144A		915,750
	5,200,000	Meccanica Holdings USA, Inc., 7.375%, 7/15/2039, 144A		5,824,000
	2,610,000	Textron Financial Corp., (fixed rate to 2/15/2017, variable rate thereafter), 6.000%, 2/15/2067, 144A		2,335,950

				15,029,773

		Airlines – 3.3%
	4,890,000	Air Canada, 7.625%, 10/01/2019, 144A, (CAD)		4,111,839
	4,080,000	Air Canada, 7.750%, 4/15/2021, 144A		4,365,600
	401,581	Air Canada Pass Through Trust, Series 2013-1, Class B, 5.375%, 11/15/2022, 144A		419,652
	810,000	Allegiant Travel Co., 5.500%, 7/15/2019		830,250
	435,000	American Airlines Pass Through Trust, Series 2013-2, Class C, 6.000%, 1/15/2017, 144A		438,302
	263,865	Continental Airlines Pass Through Trust, Series 2000-2, Class A-1, 7.707%, 10/02/2022		294,210
	46,043	Continental Airlines Pass Through Trust, Series 2000-2, Class B, 8.307%, 10/02/2019		50,532
	62,825	Continental Airlines Pass Through Trust, Series 2001-1, Class B, 7.373%, 6/15/2017		64,665
	252,415	Delta Air Lines Pass Through Trust, Series 2007-1, Class B, 8.021%, 2/10/2024		292,802
	385,000	United Airlines Pass Through Trust, Series 2014-1, Class B, 4.750%, 10/11/2023		390,436
	1,150,000	United Continental Holdings, Inc., 6.375%, 6/01/2018		1,217,563
	338,040	US Airways Pass Through Trust, Series 2010-1B, Class B, 8.500%, 10/22/2018		368,463
	1,382,719	US Airways Pass Through Trust, Series 2011-1B, Class B, 9.750%, 4/22/2020		1,597,040
	277,593	US Airways Pass Through Trust, Series 2012-1B, Class B, 8.000%, 4/01/2021		315,068
Principal Amount (‡)		Description	Value (†)

		Airlines – continued
$	1,945,650	US Airways Pass Through Trust, Series 2012-1C, Class C, 9.125%, 10/01/2015	$	1,997,404
	2,225,596	US Airways Pass Through Trust, Series 2013-1, Class B, 5.375%, 5/15/2023		2,320,184
	1,750,000	Virgin Australia Holdings Ltd., 8.500%, 11/15/2019, 144A		1,798,125
	247,090	Virgin Australia Pass Through Trust, Series 2013-1B, 6.000%, 4/23/2022, 144A		257,003
	403,293	Virgin Australia Pass Through Trust, Series 2013-1C, 7.125%, 10/23/2018, 144A		412,367

				21,541,505

		Automotive – 1.1%
	1,000,000	American Axle & Manufacturing, Inc., 6.625%, 10/15/2022		1,072,500
	15,000	Ford Motor Co., 6.375%, 2/01/2029		18,537
	95,000	Ford Motor Co., 6.625%, 2/15/2028		118,898
	230,000	Ford Motor Co., 7.125%, 11/15/2025		293,022
	40,000	Ford Motor Co., 7.500%, 8/01/2026		52,904
	2,090,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		2,257,200
	3,505,000	Lear Corp., 5.375%, 3/15/2024		3,627,675

				7,440,736

		Banking – 3.5%
	2,700,000	Banco Santander Brasil S.A., 8.000%, 3/18/2016, 144A, (BRL)		795,225
	915,000	Bank of America Corp., Series K, (fixed rate to 1/30/2018, variable rate thereafter), 8.000%(b)		977,906
	4,520,000	Citigroup, Inc., 6.250%, 6/29/2017, (NZD)		3,519,930
	7,410,000	HBOS PLC, 6.000%, 11/01/2033, 144A		8,756,923
	11,000,000,000	JPMorgan Chase Bank NA, 7.700%, 6/01/2016, 144A, (IDR)		816,314
	1,700,000	Lloyds Banking Group PLC, (fixed rate to 10/01/2015, variable rate thereafter), 5.920%, 144A(b)		1,717,000
	160,000	RBS Capital Trust II, (fixed rate to 1/03/2034, variable rate thereafter), 6.425%(b)		182,400
	3,545,000	Royal Bank of Scotland Group PLC, 4.700%, 7/03/2018		3,719,191
	105,000	Royal Bank of Scotland Group PLC, 5.250%, (EUR)(b)		112,619
	1,545,000	Royal Bank of Scotland Group PLC, 5.500%, (EUR)(b)		1,660,597
	85,000	Royal Bank of Scotland Group PLC, (fixed rate to 9/30/2017, variable rate thereafter), 7.640%(b)		93,075

				22,351,180

See accompanying notes to financial statements.

33 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Brokerage – 0.5%
$	350,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 6.875%, 4/15/2022, 144A	$	325,500
	1,615,000	Jefferies Group LLC, 6.250%, 1/15/2036		1,613,789
	1,045,000	Jefferies Group LLC, 6.450%, 6/08/2027		1,128,600

				3,067,889

		Building Materials – 1.4%
	4,325,000	Atrium Windows & Doors, Inc., 7.750%, 5/01/2019, 144A		3,633,000
	670,000	Masco Corp., 6.500%, 8/15/2032		716,900
	3,245,000	NCI Building Systems, Inc., 8.250%, 1/15/2023, 144A		3,431,588
	1,225,000	Owens Corning, 7.000%, 12/01/2036		1,500,567

				9,282,055

		Cable Satellite – 1.0%
	2,215,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 1/15/2024		2,300,831
	1,390,000	DISH DBS Corp., 5.000%, 3/15/2023		1,351,497
	346,000	DISH DBS Corp., 5.875%, 11/15/2024		346,433
	1,770,000	Intelsat Luxembourg S.A., 7.750%, 6/01/2021		1,632,825
	980,000	Intelsat Luxembourg S.A., 8.125%, 6/01/2023		901,600

				6,533,186

		Chemicals – 2.2%
	1,025,000	Aruba Investments, Inc., 8.750%, 2/15/2023, 144A		1,019,875
	3,043,000	Hercules, Inc., 6.500%, 6/30/2029		2,803,364
	3,687,000	Hexion U.S. Finance Corp./ Hexion Nova Scotia Finance ULC, 8.875%, 2/01/2018		3,253,777
	3,190,000	Hexion U.S. Finance Corp./ Hexion Nova Scotia Finance ULC, 9.000%, 11/15/2020		2,233,000
	2,564,000	Hexion, Inc., 7.875%, 2/15/2023(c)		1,487,120
	179,000	Hexion, Inc., 8.375%, 4/15/2016(c)		171,840
	2,641,000	Hexion, Inc., 9.200%, 3/15/2021(c)		1,531,780
	1,405,000	INEOS Group Holdings S.A., 5.875%, 2/15/2019, 144A		1,389,194
	405,000	TPC Group, Inc., 8.750%, 12/15/2020, 144A		370,575

				14,260,525

		Construction Machinery – 0.4%
	2,320,000	United Rentals North America, Inc., 5.750%, 11/15/2024		2,395,400

		Consumer Cyclical Services – 0.3%
	135,000	ServiceMaster Co. LLC (The), 7.100%, 3/01/2018		141,750
	1,902,000	ServiceMaster Co. LLC (The), 7.450%, 8/15/2027		1,925,775

				2,067,525

		Consumer Products – 0.2%
	1,375,000	Visant Corp., 10.000%, 10/01/2017		1,230,625

		Electric – 0.8%
	655,000	AES Corp. (The), 5.500%, 3/15/2024		653,363

		Electric – continued
$	1,423,000	DPL, Inc., 6.750%, 10/01/2019, 144A	$	1,501,265
	340,000	Dynegy Finance I, Inc./Dynegy Finance II, Inc., 7.375%, 11/01/2022, 144A		357,425
	665,000	Dynegy Finance I, Inc./Dynegy Finance II, Inc., 7.625%, 11/01/2024, 144A		696,587
	1,100,000	EDP Finance BV, 4.900%, 10/01/2019, 144A		1,169,366
	1,000,000	EDP Finance BV, 6.000%, 2/02/2018, 144A		1,087,520

				5,465,526

		Environmental – 0.1%
	536,000	ADS Waste Holdings, Inc., 8.250%, 10/01/2020		560,120

		Finance Companies – 3.4%
	1,000,000	AGFC Capital Trust I, (fixed rate to 1/15/2017, variable rate thereafter), 6.000%, 1/15/2067, 144A		750,000
	250,000	General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016, (NZD)		194,628
	970,000	General Electric Capital Corp., Series A, GMTN, 5.500%, 2/01/2017, (NZD)		745,825
	3,035,000	General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015, (NZD)		2,298,296
	240,000	International Lease Finance Corp., 4.625%, 4/15/2021		248,400
	15,000	International Lease Finance Corp., 5.875%, 8/15/2022		16,650
	60,000	International Lease Finance Corp., 6.250%, 5/15/2019		65,550
	300,000	International Lease Finance Corp., 8.250%, 12/15/2020		365,250
	3,980,000	iStar Financial, Inc., 4.875%, 7/01/2018		3,999,900
	1,190,000	iStar Financial, Inc., 5.000%, 7/01/2019		1,190,000
	840,000	iStar Financial, Inc., 5.850%, 3/15/2017		873,600
	1,984,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.875%, 8/01/2021, 144A		1,874,880
	885,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.375%, 10/01/2017		909,337
	815,000	Navient LLC, MTN, 6.125%, 3/25/2024		782,400
	875,000	Navient LLC, MTN, 7.250%, 1/25/2022		923,125
	115,000	Navient LLC, Series A, MTN, 5.000%, 6/15/2018		115,000
	4,550,000	Navient LLC, Series A, MTN, 5.625%, 8/01/2033		3,725,312
	1,040,000	Oxford Finance LLC/Oxford Finance Co-Issuer, Inc., 7.250%, 1/15/2018, 144A		1,071,200
	810,000	Springleaf Finance Corp., 5.250%, 12/15/2019		800,888
	805,000	Springleaf Finance Corp., 8.250%, 10/01/2023		905,625

				21,855,866

See accompanying notes to financial statements.

| 34

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Food & Beverage – 0.4%
$	1,350,000	DS Services of America, Inc., 10.000%, 9/01/2021, 144A	$	1,586,250
	1,236,000	Wells Enterprises, Inc., 6.750%, 2/01/2020, 144A		1,257,630

				2,843,880

		Government Guaranteed – 0.6%
	4,720,000	Queensland Treasury Corp., 7.125%, 9/18/2017, 144A, (NZD)		3,808,124

		Government Owned – No Guarantee – 0.2%
	900,000	Petrobras Global Finance BV, 5.625%, 5/20/2043		728,910
	75,000(††)	Petroleos Mexicanos, 7.650%, 11/24/2021, 144A, (MXN)		505,226

				1,234,136

		Healthcare – 4.4%
	1,080,000	BioScrip, Inc., 8.875%, 2/15/2021, 144A		970,650
	2,825,000	HCA, Inc., 5.875%, 5/01/2023		3,051,000
	1,065,000	HCA, Inc., 7.050%, 12/01/2027		1,134,225
	970,000	HCA, Inc., 7.500%, 12/15/2023		1,102,163
	4,660,000	HCA, Inc., 7.500%, 11/06/2033		5,032,800
	1,815,000	HCA, Inc., 7.690%, 6/15/2025		2,050,950
	375,000	HCA, Inc., 8.360%, 4/15/2024		442,500
	945,000	HCA, Inc., MTN, 7.580%, 9/15/2025		1,058,400
	1,550,000	HCA, Inc., MTN, 7.750%, 7/15/2036		1,681,750
	540,000	Tenet Healthcare Corp., 5.000%, 3/01/2019, 144A		535,950
	7,644,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		7,070,700
	1,323,000	Universal Health Services, Inc., 3.750%, 8/01/2019, 144A		1,349,460
	2,554,000	Universal Health Services, Inc., 4.750%, 8/01/2022, 144A		2,684,892

				28,165,440

		Home Construction – 1.1%
	300,000	Beazer Homes USA, Inc., 7.250%, 2/01/2023		286,500
	882,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021		758,520
	703,000	K. Hovnanian Enterprises, Inc., 8.000%, 11/01/2019, 144A		678,395
	4,885,000	Lennar Corp., 4.500%, 6/15/2019		5,043,762
	400,000	Pulte Group, Inc., 6.000%, 2/15/2035		398,000

				7,165,177

		Independent Energy – 3.2%
	1,050,000	Bonanza Creek Energy, Inc., 5.750%, 2/01/2023		966,000
	370,000	California Resources Corp., 5.000%, 1/15/2020, 144A		333,925
	6,115,000	California Resources Corp., 5.500%, 9/15/2021, 144A		5,425,228
	815,000	California Resources Corp., 6.000%, 11/15/2024, 144A		715,162
	150,000	Chesapeake Energy Corp., 6.250%, 1/15/2017, (EUR)		171,771
	265,000	Jones Energy Holdings LLC/Jones Energy Finance Corp., 6.750%, 4/01/2022		247,775
Principal Amount (‡)		Description	Value (†)

		Independent Energy – continued
$	1,075,000	OGX Austria GmbH, 8.375%, 4/01/2022, 144A(d)	$	324
	400,000	OGX Austria GmbH, 8.500%, 6/01/2018, 144A(d)		200
	830,000	QEP Resources, Inc., 5.250%, 5/01/2023		813,400
	1,570,000	Rex Energy Corp., 6.250%, 8/01/2022, 144A		1,055,825
	3,680,000	Rex Energy Corp., 8.875%, 12/01/2020		2,870,400
	2,400,000	Rosetta Resources, Inc., 5.625%, 5/01/2021		2,256,000
	2,241,000	RSP Permian, Inc., 6.625%, 10/01/2022, 144A		2,252,205
	640,000	Sanchez Energy Corp., 6.125%, 1/15/2023		575,200
	2,330,000	SandRidge Energy, Inc., 7.500%, 2/15/2023		1,421,300
	500,000	SM Energy Co., 5.000%, 1/15/2024		470,750
	572,000	SM Energy Co., 6.125%, 11/15/2022, 144A		569,140
	716,000	Whiting Petroleum Corp., 5.000%, 3/15/2019		703,470

				20,848,075

		Industrial Other – 0.5%
	635,000	Cleaver-Brooks, Inc., 8.750%, 12/15/2019, 144A		647,700
	1,845,000	Permian Holdings, Inc., 10.500%, 1/15/2018, 144A		1,014,750
	1,340,000	Transfield Services Ltd., 8.375%, 5/15/2020, 144A		1,427,100

				3,089,550

		Integrated Energy – 0.2%
	1,075,000	Pacific Rubiales Energy Corp., 5.125%, 3/28/2023, 144A		626,188
	625,000	Pacific Rubiales Energy Corp., 5.625%, 1/19/2025, 144A		367,625

				993,813

		Life Insurance – 1.3%
	112,000	American International Group, Inc., 6.250%, 3/15/2087		127,642
	457,000	American International Group, Inc., (fixed rate to 5/15/2038, variable rate thereafter), 8.175%, 5/15/2068		648,049
	4,400,000	AXA S.A., (fixed rate to 12/14/2036, variable rate thereafter), 6.379%, 144A(b)		4,919,772
	280,000	MetLife Capital Trust X, 9.250%, 4/08/2068, 144A		416,850
	1,530,000	MetLife, Inc., 10.750%, 8/01/2069		2,569,635

				8,681,948

		Local Authorities – 0.3%
	2,095,000	New South Wales Treasury Corp., 6.000%, 2/01/2018, (AUD)		1,773,722

		Media Entertainment – 0.4%
	1,890,000	iHeartCommunications, Inc., 9.000%, 9/15/2022		1,804,950
	739,000	R.R. Donnelley & Sons Co., 7.625%, 6/15/2020		844,308

				2,649,258

See accompanying notes to financial statements.

35 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Metals & Mining – 4.1%
$	3,871,133	1839688 Alberta ULC, PIK, 14.000%, 2/13/2020(e)	$	2,593,659
	5,685,000	Barminco Finance Pty Ltd., 9.000%, 6/01/2018, 144A		5,507,344
	1,880,000	Barrick Gold Corp., 5.250%, 4/01/2042		1,814,717
	540,000	Cliffs Natural Resources, Inc., 6.250%, 10/01/2040		275,400
	439,000	Emeco Pty Ltd., 9.875%, 3/15/2019, 144A		324,860
	945,000	Essar Steel Algoma, Inc., 9.500%, 11/15/2019, 144A		819,787
	3,515,000	First Quantum Minerals Ltd., 7.250%, 5/15/2022, 144A		3,242,587
	3,460,000	Hecla Mining Co., 6.875%, 5/01/2021		3,062,100
	535,000	Lundin Mining Corp., 7.500%, 11/01/2020, 144A		555,063
	1,860,000	Lundin Mining Corp., 7.875%, 11/01/2022, 144A		1,939,050
	800,000	Rain CII Carbon LLC/CII Carbon Corp., 8.250%, 1/15/2021, 144A		746,000
	2,020,000	United States Steel Corp., 6.650%, 6/01/2037		1,757,400
	3,680,000	United States Steel Corp., 7.500%, 3/15/2022		3,680,000

				26,317,967

		Midstream – 1.4%
	800,000	Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.125%, 11/15/2022, 144A		822,000
	2,545,000	Gibson Energy, Inc., 5.375%, 7/15/2022, 144A, (CAD)		2,001,860
	5,415,000	Regency Energy Partners LP/Regency Energy Finance Corp., 5.000%, 10/01/2022		5,631,600
	764,273	Transportadora de Gas del Sur S.A., 9.625%, 5/14/2020, 144A		766,184

				9,221,644

		Non-Agency Commercial Mortgage-Backed Securities – 0.3%
	320,000	GS Mortgage Securities Corp. II, Series 2007-GG10, Class AM, 5.796%, 8/10/2045(f)		328,106
	1,440,000	Motel 6 Trust, Series 2015-M6MZ, Class M, 8.230%, 2/05/2020, 144A(c)		1,450,080

				1,778,186

		Oil Field Services – 2.0%
	1,790,000	Basic Energy Services, Inc., 7.750%, 10/15/2022		1,324,600
	3,255,000	FTS International, Inc., 6.250%, 5/01/2022, 144A		2,392,425
	5,215,000	Hercules Offshore, Inc., 6.750%, 4/01/2022, 144A		1,408,050
	3,430,000	Hercules Offshore, Inc., 8.750%, 7/15/2021, 144A		977,550
	250,000	Hercules Offshore, Inc., 10.250%, 4/01/2019, 144A		76,875
	1,330,000	Paragon Offshore PLC, 6.750%, 7/15/2022, 144A		438,900
Principal Amount (‡)		Description	Value (†)

		Oil Field Services – continued
$	3,072,000	Paragon Offshore PLC, 7.250%, 8/15/2024, 144A	$	1,021,440
	2,885,000	Pioneer Energy Services Corp., 6.125%, 3/15/2022		2,192,600
	4,675,000	Sidewinder Drilling, Inc., 9.750%, 11/15/2019, 144A		2,805,000

				12,637,440

		Packaging – 0.8%
	335,000	Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 6.000%, 6/30/2021, 144A		329,138
	4,050,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) S.A., 8.250%, 2/15/2021		4,333,500
	510,000	Sealed Air Corp., 6.875%, 7/15/2033, 144A		536,775

				5,199,413

		Property & Casualty Insurance – 0.7%
	1,920,000	MBIA Insurance Corp., 11.513%, 1/15/2033, 144A(f)(g)		1,041,600
	3,245,000	Sirius International Group, (fixed rate to 6/30/2017, variable rate thereafter), 7.506%, 144A(b)		3,419,419

				4,461,019

		Railroads – 0.5%
	4,000,000	Hellenic Railways Organization S.A., EMTN, 0.663%, 5/24/2016, (EUR)(c)(f)		2,924,681
	314,000	Missouri Pacific Railroad Co., 5.000%, 1/01/2045(c)		306,070
	30,000	Missouri Pacific Railroad Co., Series A, 4.750%, 1/01/2020(c)		29,922

				3,260,673

		REITs – Office Property – 0.1%
	470,000	Highwoods Properties, Inc., 5.850%, 3/15/2017		507,160

		Restaurants – 0.1%
	405,000	Wagamama Finance PLC, 7.875%, 2/01/2020, 144A, (GBP)		626,310

		Retailers – 1.9%
	450,000	Dillard’s, Inc., 7.000%, 12/01/2028		486,000
	1,895,000	Dillard’s, Inc., 7.750%, 7/15/2026		2,146,087
	125,000	Dillard’s, Inc., 7.750%, 5/15/2027		139,688
	1,679,000	Foot Locker, Inc., 8.500%, 1/15/2022(h)		1,915,075
	170,000	J.C. Penney Corp., Inc., 5.750%, 2/15/2018		160,650
	165,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		119,625
	1,975,000	J.C. Penney Corp., Inc., 8.125%, 10/01/2019		1,935,500
	3,120,000	Nine West Holdings, Inc., 6.125%, 11/15/2034		1,903,200
	4,975,000	Toys R Us, Inc., 7.375%, 10/15/2018		3,395,437

				12,201,262

See accompanying notes to financial statements.

| 36

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Supermarkets – 3.3%
$	4,190,000	New Albertson’s, Inc., 7.450%, 8/01/2029	$	3,833,850
	2,170,000	New Albertson’s, Inc., 7.750%, 6/15/2026		2,050,650
	9,470,000	New Albertson’s, Inc., 8.000%, 5/01/2031		8,996,500
	4,125,000	New Albertson’s, Inc., 8.700%, 5/01/2030		4,063,125
	1,100,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		910,250
	1,570,000	SUPERVALU, Inc., 7.750%, 11/15/2022		1,672,050

				21,526,425

		Supranational – 0.1%
	4,500,000,000	European Bank for Reconstruction & Development, 7.200%, 6/08/2016, (IDR)		335,674

		Technology – 3.8%
	1,245,000	Advanced Micro Devices, Inc., 7.000%, 7/01/2024		1,073,813
	455,000	Advanced Micro Devices, Inc., 7.750%, 8/01/2020		434,525
	10,465,000	Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		10,569,650
	4,210,000	Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028		4,252,100
	200,000	Alcatel-Lucent USA, Inc., 6.750%, 11/15/2020, 144A		213,000
	2,600,000	Alcatel-Lucent USA, Inc., 8.875%, 1/01/2020, 144A		2,834,000
	3,420,000	Amkor Technology, Inc., 6.375%, 10/01/2022		3,522,600
	12,000	Motorola Solutions, Inc., 6.625%, 11/15/2037		13,745
	1,555,000	SunGard Data Systems, Inc., 6.625%, 11/01/2019		1,601,650

				24,515,083

		Transportation Services – 1.3%
	3,285,000	APL Ltd., 8.000%, 1/15/2024(c)		2,825,100
	620,344	Atlas Air Pass Through Trust, Series 1998-1, Class B, 7.680%, 1/02/2016(h)		631,200
	289,324	Atlas Air Pass Through Trust, Series 1998-1, Class C, 8.010%, 7/02/2011(g)(h)(i)		379,014
	83,670	Atlas Air Pass Through Trust, Series 1999-1, Class B, 7.630%, 7/02/2016(h)		84,925
	399,542	Atlas Air Pass Through Trust, Series 1999-1, Class C, 8.770%, 7/02/2012(g)(h)(i)		523,399
	40,344	Atlas Air Pass Through Trust, Series 2000-1, Class C, 9.702%, 7/02/2011(g)(h)(i)		55,675
	2,710,000	Jack Cooper Holdings Corp., 9.250%, 6/01/2020, 144A		2,798,075
	740,000	Teekay Corp., 8.500%, 1/15/2020		830,650

				8,128,038

Principal Amount (‡)		Description	Value (†)

		Treasuries – 8.7%
	2,385,000	Hellenic Republic Government Bond, 3.375%, 7/17/2017, 144A, (EUR)	$	1,790,950
	350,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2024, (EUR)(j)		205,784
	325,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2038, (EUR)(j)		166,571
	1,350,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2041, (EUR)(j)		692,335
	1,153,000,000	Indonesia Treasury Bond, Series FR43, 10.250%, 7/15/2022, (IDR)		102,284
	24,214,000,000	Indonesia Treasury Bond, Series FR44, 10.000%, 9/15/2024, (IDR)		2,161,204
	6,561,000,000	Indonesia Treasury Bond, Series FR52, 10.500%, 8/15/2030, (IDR)		627,974
	110,000(††)	Mexican Fixed Rate Bonds, Series M, 7.750%, 5/29/2031, (MXN)		819,757
	310,000(††)	Mexican Fixed Rate Bonds, Series M-20, 7.500%, 6/03/2027, (MXN)		2,255,433
	1,595,000(††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		11,929,619
	75,000(††)	Mexican Fixed Rate Bonds, Series M-20, 8.500%, 5/31/2029, (MXN)		594,039
	490,000(††)	Mexican Fixed Rate Bonds, Series M-20, 10.000%, 12/05/2024, (MXN)		4,171,915
	15,955,000	New Zealand Government Bond, 5.000%, 3/15/2019, (NZD)		12,754,086
	1,590,000	Norway Government Bond, 4.250%, 5/19/2017, (NOK)		211,370
	4,365,000	Norway Government Bond, 5.000%, 5/15/2015, (NOK)		543,890
	4,170,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		1,404,568
	48,865,000	Republic of Iceland, 6.000%, 10/13/2016, (ISK)		261,741
	24,750,000	Republic of Iceland, 7.250%, 10/26/2022, (ISK)		134,180
	50,205,000	Republic of Iceland, 8.750%, 2/26/2019, (ISK)		286,819
	15,285,000	U.S. Treasury Note, 0.375%, 3/31/2016		15,299,337

				56,413,856

		Wireless – 1.0%
	29,970,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		1,893,866
	4,085,000	Sprint Capital Corp., 6.875%, 11/15/2028		3,747,987
	475,000	Sprint Capital Corp., 6.900%, 5/01/2019		491,031

See accompanying notes to financial statements.

37 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Wireless – continued
$	215,000	Sprint Capital Corp., 8.750%, 3/15/2032	$	221,988
	365,000	Sprint Communications, Inc., 6.000%, 11/15/2022		346,750

				6,701,622

		Wirelines – 4.7%
	385,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		365,750
	1,120,000	Eircom Finance Ltd., 9.250%, 5/15/2020, 144A, (EUR)		1,309,655
	1,620,000	FairPoint Communications, Inc., 8.750%, 8/15/2019, 144A		1,709,100
	465,000	Frontier Communications Corp., 7.000%, 11/01/2025		460,350
	4,351,000	Frontier Communications Corp., 7.875%, 1/15/2027		4,427,142
	902,000	Frontier Communications Corp., 8.750%, 4/15/2022		1,001,220
	2,600,000	Frontier Communications Corp., 9.000%, 8/15/2031		2,782,000
	1,160,000	Level 3 Communications, Inc., 5.750%, 12/01/2022		1,191,204
	1,375,000	Level 3 Financing, Inc., 5.375%, 8/15/2022		1,414,960
	200,000	Oi S.A., 5.750%, 2/10/2022, 144A		163,100
	900,000	Portugal Telecom International Finance BV, EMTN, 4.500%, 6/16/2025, (EUR)		935,605
	2,100,000	Portugal Telecom International Finance BV, EMTN, 5.000%, 11/04/2019, (EUR)		2,313,788
	800,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		812,000
	1,385,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		1,509,650
	5,332,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		5,598,600
	645,000	Qwest Corp., 7.250%, 9/15/2025		749,813
	1,407,000	Qwest Corp., 7.250%, 10/15/2035		1,457,397
	1,827,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		1,886,377
	140,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		149,800

				30,237,511


		Total Non-Convertible Bonds
		(Identified Cost $434,593,801)		438,404,317


	Convertible Bonds – 10.2%
		Construction Machinery – 0.6%
	2,315,000	Trinity Industries, Inc., 3.875%, 6/01/2036		3,617,188

		Consumer Cyclical Services – 2.5%
	3,080,000	Iconix Brand Group, Inc., 2.500%, 6/01/2016		3,590,125
	435,000	Jarden Corp., 1.125%, 3/15/2034		516,563
	770,000	KB Home, 1.375%, 2/01/2019		736,313
	2,295,000	Lennar Corp., 3.250%, 11/15/2021, 144A		5,119,284
Principal Amount (‡)		Description	Value (†)

		Consumer Cyclical Services – continued
$	3,510,000	Ryland Group, Inc. (The), 0.250%, 6/01/2019	$	3,417,862
	2,050,000	Standard Pacific Corp., 1.250%, 8/01/2032		2,527,906

				15,908,053

		Consumer Products – 0.1%
	390,000	Euronet Worldwide, Inc., 1.500%, 10/01/2044, 144A		421,931

		Energy – 1.4%
	5,585,000	Chesapeake Energy Corp., 2.250%, 12/15/2038		5,068,387
	3,395,000	Chesapeake Energy Corp., 2.500%, 5/15/2037		3,252,834
	695,000	Chesapeake Energy Corp., 2.750%, 11/15/2035		696,738

				9,017,959

		Healthcare – 0.5%
	1,325,000	Hologic, Inc., (accretes to principal after 3/01/2018), 2.000%, 3/01/2042(j)		1,640,516
	610,000	Omnicare, Inc., 3.750%, 12/15/2025		1,766,712

				3,407,228

		Non-Captive Diversified – 0.3%
	2,145,000	Jefferies Group LLC, 3.875%, 11/01/2029		2,167,791

		Pharmaceuticals – 0.4%
	225,000	BioMarin Pharmaceutical, Inc., 0.750%, 10/15/2018		334,828
	310,000	BioMarin Pharmaceutical, Inc., 1.500%, 10/15/2020		469,456
	660,000	Illumina, Inc., 0.250%, 3/15/2016		1,459,425

				2,263,709

		Property & Casualty Insurance – 1.2%
	6,533,000	Old Republic International Corp., 3.750%, 3/15/2018		7,708,940

		REITs – Mortgage – 0.0%
	50,000	iStar Financial, Inc., 3.000%, 11/15/2016		59,219

		Technology – 3.2%
	7,895,000	Ciena Corp., 0.875%, 6/15/2017		7,830,853
	4,140,000	Ciena Corp., 3.750%, 10/15/2018, 144A		5,074,088
	3,595,000	Intel Corp., 3.250%, 8/01/2039		5,675,606
	830,000	JDS Uniphase Corp., 0.625%, 8/15/2033		858,531
	43,844	Liberty Media LLC, 3.500%, 1/15/2031		41,346
	960,000	Nuance Communications, Inc., 2.750%, 11/01/2031		952,800
	560,000	Rovi Corp., 0.500%, 3/01/2020, 144A		533,750

				20,966,974


		Total Convertible Bonds
		(Identified Cost $50,563,290)		65,538,992

See accompanying notes to financial statements.

| 38

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

	Municipals – 0.6%

		District of Columbia – 0.1%
$	540,000	Metropolitan Washington Airports Authority, Series D, 8.000%, 10/01/2047	$	732,521

		Puerto Rico – 0.5%
	4,260,000	Commonwealth of Puerto Rico, GO, Refunding, Series A, 8.000%, 7/01/2035		3,493,200


		Total Municipals
		(Identified Cost $4,086,417)		4,225,721


		Total Bonds and Notes
		(Identified Cost $489,243,508)		508,169,030


	Loan Participations – 0.1%
		ABS Other – 0.1%
	726,562	Rise Ltd., Series 2014-1, Class B, 6.500%, 2/15/2039(c)(f) (Identified Cost $732,012)		732,011


	Senior Loans – 2.0%
		Chemicals – 0.4%
	547,688	Emerald Performance Materials LLC, New 1st Lien Term Loan, 4.500%, 8/01/2021(f)		547,688
	235,214	Emerald Performance Materials LLC, New 2nd Lien Term Loan, 7.750%, 8/01/2022(f)		230,510
	1,610,000	Houghton International, Inc., New 2nd Lien Term Loan, 9.500%, 12/20/2020(f)		1,599,937

				2,378,135

		Construction Machinery – 0.1%
	393,308	Neff Rental LLC, 2nd Lien Term Loan, 7.250%, 6/09/2021(f)		385,442

		Diversified Manufacturing – 0.1%
	275,000	Ameriforge Group, Inc., 2nd Lien Term Loan, 8.750%, 12/19/2020(f)		254,375

		Finance Companies – 0.5%
	2,963,278	iStar Financial, Inc., Add on Term Loan A2, 7.000%, 3/19/2017(f)		3,027,493

		Financial Other – 0.1%
	740,000	DBRS Ltd., Term Loan, 6.250%, 3/04/2022(f)		739,075

		Media Entertainment – 0.0%
	49,138	SuperMedia, Inc., Exit Term Loan, 11.600%, 12/30/2016(f)		39,802

		Oil Field Services – 0.1%
	436,364	FTS International, Inc., New Term Loan B, 5.750%, 4/16/2021(f)		336,820
	159,190	Petroleum Geo-Services ASA, New Term Loan B, 3.250%, 3/19/2021(f)		135,789
Principal Amount (‡)		Description	Value (†)

		Oil Field Services – continued
$	95,596	UTEX Industries, Inc., 2nd Lien Term Loan 2014, 8.250%, 5/22/2022(f)	$	76,477

				549,086

		Other Utility – 0.1%
	393,000	PowerTeam Services LLC, 1st Lien Term Loan, 4.250%, 5/06/2020(f)		389,070
	325,000	PowerTeam Services LLC, 2nd Lien Term Loan, 8.250%, 11/06/2020(f)		316,062
	21,038	PowerTeam Services LLC, Delayed Draw Term Loan, 4.250%, 5/06/2020(f)		20,828

				725,960

		Property & Casualty Insurance – 0.0%
	158,400	CGSC of Delaware Holding Corp., 2nd Lien Term Loan C, 10/16/2020(k)		136,224

		Retailers – 0.1%
	550,092	J.C. Penney Corp., Inc., New Term Loan, 5.000%, 6/20/2019(f)		541,252
	330,813	Toys ‘R’ Us Property Co. I LLC, New Term Loan B, 6.000%, 8/21/2019(f)		312,343

				853,595

		Supermarkets – 0.3%
	1,202,676	New Albertson’s, Inc., Term Loan, 4.750%, 6/27/2021(f)		1,205,683
	906,892	Supervalu, Inc., Refi Term Loan B, 4.500%, 3/21/2019(f)		909,785

				2,115,468

		Technology – 0.0%
	128,399	IQOR U.S., Inc., 2nd Lien Term Loan, 9.750%, 4/01/2022(f)		119,732

		Transportation Services – 0.0%
	175,463	OSG Bulk Ships, Inc., Exit Term Loan, 5.250%, 8/05/2019(f)		174,147

		Wirelines – 0.2%
	735,000	Fairpoint Communications, Inc., Refi Term Loan, 7.500%, 2/14/2019(f)		747,252
	729,302	Hawaiian Telcom Communications, Inc., Term Loan B, 5.000%, 6/06/2019(f)		730,214
	65,000	Integra Telecom, Inc., 2nd Lien Term Loan, 9.750%, 2/21/2020(f)		64,472

				1,541,938


		Total Senior Loans
		(Identified Cost $13,079,706)		13,040,472

See accompanying notes to financial statements.

39 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued


Shares		Description	Value (†)

	Common Stocks – 13.7%

		Airlines – 0.5%
$	52,244	United Continental Holdings, Inc.(g)	$	3,513,409

		Automobiles – 2.2%
	876,900	Ford Motor Co.		14,153,166

		Chemicals – 1.9%
	156,958	Dow Chemical Co. (The)		7,530,845
	22,241	PPG Industries, Inc.		5,016,235

				12,547,080

		Containers & Packaging – 0.1%
	40,621	Owens-Illinois, Inc.(g)		947,282

		Diversified Telecommunication Services – 0.3%
	2,627	Hawaiian Telcom Holdco, Inc.(g)		69,957
	117,962	Telefonica S.A., Sponsored ADR		1,692,755

				1,762,712

		Electronic Equipment, Instruments & Components – 3.9%
	1,119,766	Corning, Inc.		25,396,293

		Food Products – 0.0%
	3,100	ConAgra Foods, Inc.		113,243

		Household Durables – 0.0%
	6,775	KB Home		105,825

		Multi-Utilities – 0.1%
	10,224	CMS Energy Corp.		356,920

		Oil, Gas & Consumable Fuels – 0.6%
	2,846	Chesapeake Energy Corp.		40,299
	82,985	Repsol YPF S.A., Sponsored ADR		1,546,011
	33,796	Royal Dutch Shell PLC, ADR		2,015,931

				3,602,241

		Pharmaceuticals – 0.7%
	64,900	Bristol-Myers Squibb Co.		4,186,050

		REITs – Apartments – 0.2%
	6,185	Apartment Investment & Management Co., Class A		243,442
	32,565	Associated Estates Realty Corp.		803,704

				1,047,146

		REITs – Shopping Centers – 0.0%
	7,868	DDR Corp.		146,502

		Semiconductors & Semiconductor Equipment – 2.9%
	603,280	Intel Corp.		18,864,566

		Trading Companies & Distributors – 0.3%
	20,913	United Rentals, Inc.(g)		1,906,429


		Total Common Stocks
		(Identified Cost $57,124,035)		88,648,864


	Preferred Stocks – 2.0%

	Convertible Preferred Stocks – 1.5%
		Banking – 0.0%
	138	Wells Fargo & Co., Series L, Class A, 7.500%		168,774

Shares		Description	Value (†)

		Communications – 0.0%
$	191	Cincinnati Bell, Inc., 6.750%	$	9,458

		Energy – 0.7%
	12,537	Chesapeake Energy Corp., 5.000%		1,115,793
	190	Chesapeake Energy Corp., Series A, 5.750%, 144A		164,113
	54,200	El Paso Energy Capital Trust I, 4.750%		3,252,000
	3,848	SandRidge Energy, Inc., 7.000%		147,667

				4,679,573

		Metals & Mining – 0.3%
	129,203	ArcelorMittal, 6.000%		1,940,629
	7,229	Cliffs Natural Resources, Inc., 7.000%		38,169

				1,978,798

		Natural Gas – 0.2%
	17,119	AES Trust III, 6.750%		873,925

		REITs - Diversified – 0.3%
	15	Crown Castle International Corp., Series A, 4.500%		1,572
	35,615	Weyerhaeuser Co., Series A, 6.375%		1,948,853

				1,950,425


		Total Convertible Preferred Stocks
		(Identified Cost $9,861,248)		9,660,953


	Non-Convertible Preferred Stocks – 0.5%
		Banking – 0.1%
	18,000	Bank of America Corp., 6.375%		456,300
	7,075	Countrywide Capital IV, 6.750%		180,837

				637,137

		Finance Companies – 0.1%
	5,300	iStar Financial, Inc., Series F, 7.800%		130,115
	2,575	iStar Financial, Inc., Series G, 7.650%		62,650
	12,475	SLM Corp., Series A, 6.970%		616,390

				809,155

		Home Construction – 0.2%
	96,887	Hovnanian Enterprises, Inc., 7.625%(g)		1,419,395

		REITs - Warehouse/Industrials – 0.1%
	3,363	ProLogis, Inc., Series Q, 8.540%		233,413


		Total Non-Convertible Preferred Stocks
		(Identified Cost $1,932,685)		3,099,100


		Total Preferred Stocks
		(Identified Cost $11,793,933)		12,760,053


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

See accompanying notes to financial statements.

| 40

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Short-Term Investments – 2.2%
$	60,114	Repurchase Agreement with State Street Bank and Trust Company, dated 3/31/2015 at 0.000% to be repurchased at $60,114 on 4/01/2015 collateralized by $60,400 U.S. Treasury Note, 1.500% due 8/31/2018 valued at $61,406 including accrued interest (Note 2 of Notes to Financial Statements)	$	60,114
	13,841,029	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2015 at 0.010% to be repurchased at $13,841,033 on 4/01/2015 collateralized by $13,625,000 U.S. Treasury Note, 2.250% due 3/31/2021 valued at $14,118,906 including accrued interest (Note 2 of Notes to Financial Statements)		13,841,029


		Total Short-Term Investments
		(Identified Cost $13,901,143)		13,901,143


		Total Investments – 98.7%
		(Identified Cost $585,874,337)(a)		637,251,573
		Other assets less liabilities—1.3%		8,132,550


		Net Assets – 100.0%	$	645,384,123


	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(††)	Amount shown represents units. One unit represents a principal amount of 100.
	(a)	Federal Tax Information (Amounts exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
		At March 31, 2015, the net unrealized appreciation on investments based on a cost of $586,517,960 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	$	92,809,195
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(42,075,582	)

		Net unrealized appreciation	$	50,733,613

	(b)	Perpetual bond with no specified maturity date.
	(c)	Illiquid security. At March 31, 2015, the value of these securities amounted to $11,458,604 or 1.8% of net assets. Illiquid securities are deemed to be fair valued pursuant to the Fund’s pricing policies and procedures.
	(d)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
	(e)	Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional debt securities. For the period ended March 31, 2015, interest payments were made in additional debt securities.
	(f)	Variable rate security. Rate as of March 31, 2015 is disclosed.
	(g)	Non-income producing security.
	(h)	Fair valued by the Fund’s adviser. At March 31, 2015, the value of these securities amounted to $3,589,288 or 0.6% 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)	Position is unsettled. Contract rate was not determined at March 31, 2015 and does not take effect until settlement date. Maturity date is not finalized until settlement date.

	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2015, the value of Rule 144A holdings amounted to $142,678,612 or 22.1% of net assets.
	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
	ABS	Asset-Backed Securities
	EMTN	Euro Medium Term Note
	GMTN	Global Medium Term Note
	GO	General Obligation
	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
	MXN	Mexican Peso
	NOK	Norwegian Krone
	NZD	New Zealand Dollar

Industry Summary at March 31, 2015 (Unaudited)


Treasuries	8.7	%
Technology	7.0
Wirelines	4.9
Healthcare	4.9
Chemicals	4.5
Metals & Mining	4.4
Finance Companies	4.0
Electronic Equipment, Instruments & Components	3.9
Airlines	3.8
Supermarkets	3.6
Banking	3.6
Independent Energy	3.2
Semiconductors & Semiconductor Equipment	2.9
Consumer Cyclical Services	2.8
Aerospace & Defense	2.3
Automobiles	2.2
Energy	2.1
Oil Field Services	2.1
Retailers	2.0
Other Investments, less than 2% each	23.6
Short-Term Investments	2.2

Total Investments	98.7
Other assets less liabilities	1.3

Net Assets	100.0	%

See accompanying notes to financial statements.

41 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund


Principal Amount		Description	Value (†)

	Bonds and Notes – 95.5% of Net Assets

	Non-Convertible Bonds – 95.2%

		ABS Car Loan – 9.6%
$	195,000	Ally Master Owner Trust, Series 2014-1, Class A2, 1.290%, 1/15/2019	$	195,498
	160,000	AmeriCredit Automobile Receivables Trust, Series 2013-4, Class B, 1.660%, 9/10/2018		161,148
	100,000	AmeriCredit Automobile Receivables Trust, Series 2013-5, Class B, 1.520%, 1/08/2019		100,292
	100,000	AmeriCredit Automobile Receivables Trust, Series 2014-1, Class B, 1.680%, 7/08/2019		100,306
	185,000	AmeriCredit Automobile Receivables Trust, Series 2014-2, Class B, 1.600%, 7/08/2019		184,920
	200,000	AmeriCredit Automobile Receivables Trust, Series 2014-3, Class B, 1.920%, 11/08/2019		200,689
	165,000	AmeriCredit Automobile Receivables Trust, Series 2014-4, Class C, 2.470%, 11/09/2020		166,322
	210,000	Avis Budget Rental Car Funding AESOP LLC, Series 2014-1A, Class A, 2.460%, 7/20/2020, 144A		212,588
	192,295	California Republic Auto Receivables Trust, Series 2013-2, Class A2, 1.230%, 3/15/2019		192,845
	115,000	California Republic Auto Receivables Trust, Series 2014-1, Class A3, 0.850%, 5/15/2018		115,037
	265,000	Capital Auto Receivables Asset Trust, Series 2013-3, Class A3, 1.310%, 12/20/2017		266,097
	155,000	Capital Auto Receivables Asset Trust, Series 2014-2, Class A3, 1.260%, 5/21/2018		155,581
	175,000	Capital Auto Receivables Asset Trust, Series 2014-3, Class A3, 1.480%, 11/20/2018		175,383
	415,000	Capital Auto Receivables Asset Trust, Series 2015-1, Class A3, 1.610%, 6/20/2019		415,320
	5,569	CarFinance Capital Auto Trust, Series 2013-1A, Class A, 1.650%, 7/17/2017, 144A		5,572
	36,375	CarFinance Capital Auto Trust, Series 2014-1A, Class A, 1.460%, 12/17/2018, 144A		36,318
	399,531	CarFinance Capital Auto Trust, Series 2014-2A, Class A, 1.440%, 11/16/2020, 144A		398,791
	105,000	CarMax Auto Owner Trust, Series 2013-4, Class A3, 0.800%, 7/16/2018		104,949
	100,000	CarMax Auto Owner Trust, Series 2014-1, Class A3, 0.790%, 10/15/2018		99,847
	92,582	CPS Auto Receivables Trust, Series 2013-D, Class A, 1.540%, 7/16/2018, 144A		92,547
	224,050	CPS Auto Receivables Trust, Series 2014-C, Class A, 1.310%, 2/15/2019, 144A		223,202
	465,000	CPS Auto Receivables Trust, Series 2015-A, Class B, 2.790%, 2/16/2021, 144A		465,907
	250,000	Credit Acceptance Auto Loan Trust, Series 2013-2A, Class A, 1.500%, 4/15/2021, 144A		250,729
	345,000	Credit Acceptance Auto Loan Trust, Series 2014-2A, Class A, 1.880%, 3/15/2022, 144A		346,205
	275,000	Credit Acceptance Auto Loan Trust, Series 2015-1A, Class B, 2.610%, 1/17/2023, 144A		276,157

		ABS Car Loan – continued
$	155,000	Exeter Automobile Receivables Trust, Series 2014-1A, Class B, 2.420%, 1/15/2019, 144A	$	155,542
	79,986	Exeter Automobile Receivables Trust, Series 2014-3A, Class A, 1.320%, 1/15/2019, 144A		79,939
	275,000	Fifth Third Auto Trust, Series 2014-3, Class A3, 0.960%, 3/15/2019		274,992
	210,000	First Investors Auto Owner Trust, Series 2013-3A, Class A3, 1.440%, 10/15/2019, 144A		210,609
	100,000	First Investors Auto Owner Trust, Series 2014-1A, Class A3, 1.490%, 1/15/2020, 144A		100,205
	110,931	Flagship Credit Auto Trust, Series 2013-1, Class A, 1.320%, 4/16/2018, 144A		111,033
	115,000	Ford Credit Auto Owner Trust, Series 2014-1, Class A, 2.260%, 11/15/2025, 144A		117,132
	230,000	Ford Credit Auto Owner Trust/Ford Credit, Series 2014-2, Class A, 2.310%, 4/15/2026, 144A		234,298
	595,000	NextGear Floorplan Master Owner Trust, Series 2014-1A, Class A, 1.920%, 10/15/2019, 144A		597,537
	63,060	Prestige Auto Receivables Trust, Series 2014-1A, Class A2, 0.970%, 3/15/2018, 144A		63,102
	335,000	Prestige Auto Receivables Trust, Series 2015-1, Class A3, 1.530%, 2/15/2021, 144A		334,999
	38,346	Santander Drive Auto Receivables Trust, Series 2013-1, Class A3, 0.620%, 6/15/2017		38,338
	315,000	Santander Drive Auto Receivables Trust, Series 2014-2, Class B, 1.620%, 2/15/2019		315,693
	195,000	Santander Drive Auto Receivables Trust, Series 2014-3, Class B, 1.450%, 5/15/2019		195,657
	160,000	Santander Drive Auto Receivables Trust, Series 2014-4, Class B, 1.820%, 5/15/2019		160,240
	330,000	Santander Drive Auto Receivables Trust, Series 2014-5, Class C, 2.460%, 6/15/2020		331,881
	117,328	SMART Trust/Australia, Series 2012-4US, Class A3A, 0.970%, 3/14/2017		117,375
	200,000	SMART Trust/Australia, Series 2013-1US, Class A4A, 1.050%, 10/14/2018		199,484
	260,000	SMART Trust/Australia, Series 2013-2US, Class A4A, 1.180%, 2/14/2019		259,402
	370,000	World Omni Auto Receivables Trust, Series 2014-B, Class A3, 1.140%, 1/15/2020		369,925

				9,209,633

		ABS Credit Card – 1.3%
	415,000	Barclays Dryrock Issuance Trust, Series 2014-3, Class A, 2.410%, 7/15/2022		424,176
	260,000	Citibank Credit Card Issuance Trust, Series 2014-A1, Class A1, 2.880%, 1/23/2023		270,567
	560,000	World Financial Network Credit Card Master Trust, Series 2012-A, Class A, 3.140%, 1/17/2023		587,700

				1,282,443

See accompanying notes to financial statements.

| 42

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		ABS Home Equity– 0.8%
$	230,797	Colony American Homes, Series 2014-1A, Class A, 1.327%, 5/17/2031, 144A(b)	$	229,050
	46,633	Countrywide Alternative Loan Trust, Series 2006-J5, Class 4A1, 4.829%, 7/25/2021(b)(c)		45,313
	30,152	Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 5.115%, 2/25/2035(b)		30,724
	260,000	Federal Home Loan Mortgage Corp., Series 2015-DN1, Class M2, 2.574%, 1/25/2025(b)		263,709
	84,792	RBSSP Resecuritization Trust, Series 2010-3, Class 9A1, 5.500%, 2/26/2035, 144A		87,600
	146,626	Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR10, Class 2A4, 2.618%, 6/25/2035(b)		147,589

				803,985

		ABS Other – 3.5%
	159,820	Ascentium Equipment Receivables LLC, Series 2014-1A, Class A2, 1.040%, 1/10/2017, 144A		159,731
	123,981	CCG Receivables Trust, Series 2014-1, Class A2, 1.060%, 11/15/2021, 144A		124,005
	135,000	DB Master Finance LLC, Series 2015-1A, Class A2I, 3.262%, 2/20/2045, 144A		136,305
	67,192	FRS I LLC, Series 2013-1A, Class A1, 1.800%, 4/15/2043, 144A		66,656
	390,000	GE Dealer Floorplan Master Note Trust, Series 2012-3, Class A, 0.666%, 6/20/2017(b)		390,132
	179,170	Global Container Assets Ltd., Series 2013-1A, Class A1, 2.200%, 11/05/2028, 144A		178,941
	445,000	John Deere Owner Trust, Series 2014-B, Class A4, 1.500%, 6/15/2021		446,873
	230,000	OneMain Financial Issuance Trust, Series 2014-2A, Class A, 2.470%, 9/18/2024, 144A		229,409
	385,000	OneMain Financial Issuance Trust, Series 2015-1A, Class A, 3.190%, 3/18/2026, 144A		388,488
	430,000	Springleaf Funding Trust, Series 2013-BA, Class A, 3.920%, 1/16/2023, 144A		432,331
	200,000	Springleaf Funding Trust, Series 2014-AA, Class A, 2.410%, 12/15/2022, 144A		200,082
	245,208	TAL Advantage V LLC, Series 2014-1A, Class A, 3.510%, 2/22/2039, 144A		249,156
	94,648	TAL Advantage V LLC, Series 2014-2A, Class A2, 3.330%, 5/20/2039, 144A		96,104
	241,667	TAL Advantage V LLC, Series 2014-3A, Class A, 3.270%, 11/21/2039, 144A		246,067

				3,344,280

		ABS Student Loan – 1.5%
	550,000	North Carolina State Education Assistance Authority, Series 2011-2, Class A2, 1.056%, 7/25/2025(b)		551,672
	294,415	SoFi Professional Loan Program LLC, Series 2015-A, Class A2, 2.420%, 3/25/2030, 144A		294,354

		ABS Student Loan – continued
$	553,797	South Carolina Student Loan Corp., Series 2010-1, Class A2, 1.256%, 7/25/2025(b)	$	555,608

				1,401,634

		Aerospace & Defense – 0.1%
	60,000	Rockwell Collins, Inc., 0.621%, 12/15/2016(b)		60,057

		Agency Commercial Mortgage-Backed Securities – 7.1%
	725,000	FHLMC Multifamily Structured Pass Through Certificates, Series K013, Class A2, 3.974%, 1/25/2021(b)		801,886
	570,000	FHLMC Multifamily Structured Pass Through Certificates, Series K029, Class A2, 3.320%, 2/25/2023(b)		612,840
	785,000	FHLMC Multifamily Structured Pass Through Certificates, Series K042, Class A2, 2.670%, 12/25/2024		797,496
	420,000	FHLMC Multifamily Structured Pass Through Certificates, Series K704, Class A2, 2.412%, 8/25/2018		434,358
	1,035,000	FHLMC Multifamily Structured Pass Through Certificates, Series K708, Class A2, 2.130%, 1/25/2019		1,060,619
	360,000	FHLMC Multifamily Structured Pass Through Certificates, Series K709, Class A2, 2.086%, 3/25/2019		368,082
	1,460,000	FHLMC Multifamily Structured Pass Through Certificates, Series K710, Class A2, 1.883%, 5/25/2019		1,480,996
	1,135,000	FHLMC Multifamily Structured Pass Through Certificates, Series K711, Class A2, 1.730%, 7/25/2019		1,143,315
	92,602	FHLMC Multifamily Structured Pass Through Certificates, Series KF01, Class A, 0.521%, 4/25/2019(b)		92,618

				6,792,210

		Airlines – 0.1%
	110,080	Delta Air Lines Pass Through Trust, Series 2009-1, Class A, 7.750%, 6/17/2021		127,142

		Automotive – 1.1%
	465,000	Ford Motor Credit Co. LLC, 2.459%, 3/27/2020		465,047
	360,000	Ford Motor Credit Co. LLC, 5.750%, 2/01/2021		418,291
	115,000	Magna International, Inc., 3.625%, 6/15/2024		117,165

				1,000,503

		Banking – 12.6%
	230,000	American Express Credit Corp., 1.125%, 6/05/2017		229,955
	425,000	ANZ New Zealand International Ltd., 1.750%, 3/29/2018, 144A		425,472
	115,000	Bank of America Corp., 6.000%, 9/01/2017		126,509
	205,000	Bank of America Corp., MTN, 1.335%, 3/22/2018(b)		207,334
	470,000	Bank of America NA, 1.650%, 3/26/2018		471,172

See accompanying notes to financial statements.

43 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Banking – continued
$	55,000	Bank of Montreal, MTN, 1.400%, 9/11/2017	$	55,237
	365,000	Bank of Nova Scotia, 2.800%, 7/21/2021		372,861
	220,000	Barclays PLC, 3.650%, 3/16/2025		221,465
	330,000	Bear Stearns Cos., Inc. (The), 7.250%, 2/01/2018		379,917
	130,000	BNP Paribas S.A., 5.000%, 1/15/2021		147,358
	425,000	BNZ International Funding Ltd., 1.900%, 2/26/2018, 144A		426,938
	415,000	Credit Suisse, 1.750%, 1/29/2018		416,261
	465,000	Credit Suisse Group Funding Guernsey Ltd., 2.750%, 3/26/2020, 144A		467,653
	250,000	Deutsche Bank AG, 1.875%, 2/13/2018		250,352
	345,000	Goldman Sachs Group, Inc. (The), 2.600%, 4/23/2020		348,670
	290,000	Goldman Sachs Group, Inc. (The), 5.950%, 1/18/2018		322,907
	430,000	HSBC USA, Inc., 1.700%, 3/05/2018		430,805
	330,000	HSBC USA, Inc., 2.250%, 6/23/2019		332,769
	375,000	HSBC USA, Inc., 2.375%, 11/13/2019		378,332
	275,000	JPMorgan Chase & Co., 6.000%, 1/15/2018		307,597
	425,000	JPMorgan Chase & Co., Series H, MTN, 1.700%, 3/01/2018		426,271
	445,000	Lloyds Bank PLC, 1.750%, 3/16/2018		447,375
	595,000	Macquarie Bank Ltd., 1.600%, 10/27/2017, 144A		594,723
	130,000	Merrill Lynch & Co., Inc., MTN, 6.875%, 4/25/2018		148,702
	245,000	Merrill Lynch & Co., Inc., Series C, GMTN, 6.400%, 8/28/2017		271,540
	460,000	Mizuho Bank Ltd., 1.800%, 3/26/2018, 144A		460,708
	535,000	Morgan Stanley, Series F, GMTN, 6.625%, 4/01/2018		608,483
	395,000	PNC Bank NA, 2.400%, 10/18/2019		402,558
	330,000	Royal Bank of Canada, 1.250%, 6/16/2017		330,509
	355,000	Royal Bank of Canada, 1.400%, 10/13/2017		355,891
	305,000	Santander Bank NA, 2.000%, 1/12/2018		306,316
	40,000	Santander Holdings USA, Inc., 4.625%, 4/19/2016		41,427
	275,000	Societe Generale S.A., 5.000%, 1/17/2024, 144A		287,928
	435,000	Toronto-Dominion Bank (The), 1.625%, 3/13/2018		438,321
	420,000	Wells Fargo & Co., 3.000%, 2/19/2025		421,806
	150,000	Wells Fargo & Co., 3.676%, 6/15/2016		155,318

				12,017,440

		Brokerage – 0.1%
	55,000	Ameriprise Financial, Inc., 3.700%, 10/15/2024		57,893

		Building Materials – 0.0%
	30,000	Masco Corp., 7.125%, 3/15/2020		35,175

		Cable Satellite – 0.6%
	170,000	Cox Enterprises, Inc., 7.375%, 7/15/2027, 144A		222,123
	325,000	NBCUniversal Enterprise, Inc., 0.790%, 4/15/2016, 144A(b)		325,960

				548,083


		Chemicals – 1.0%
$	210,000	Agrium, Inc., 3.375%, 3/15/2025	$	210,007
	120,000	Albemarle Corp., 3.000%, 12/01/2019		121,321
	140,000	Eastman Chemical Co., 4.500%, 1/15/2021		153,267
	90,000	Methanex Corp., 3.250%, 12/15/2019		92,078
	355,000	Potash Corp. of Saskatchewan, Inc., 3.000%, 4/01/2025		355,475

				932,148

		Collateralized Mortgage Obligations – 0.9%
	308,768	Government National Mortgage Association, Series 2014-H14, Class FA, 0.671%, 7/20/2064(b)		307,893
	221,796	Government National Mortgage Association, Series 2014-H15, Class FA, 0.671%, 7/20/2064(b)		221,643
	140,000	NCUA Guaranteed Notes, Series 2010-C1, Class A2, 2.900%, 10/29/2020		143,494
	224,389	NCUA Guaranteed Notes, Series 2010-R1, Class 1A, 0.621%, 10/07/2020(b)		225,703

				898,733

		Construction Machinery – 0.2%
	220,000	John Deere Capital Corp., 2.050%, 3/10/2020		221,526

		Consumer Cyclical Services – 0.7%
	425,000	Alibaba Group Holding Ltd., 2.500%, 11/28/2019, 144A		425,146
	40,000	eBay, Inc., 2.600%, 7/15/2022		38,228
	30,000	Western Union Co. (The), 2.375%, 12/10/2015		30,253
	75,000	Western Union Co. (The), 3.350%, 5/22/2019		78,006
	130,000	Western Union Co. (The), 3.650%, 8/22/2018		136,519

				708,152

		Diversified Manufacturing – 0.4%
	245,000	Ingersoll-Rand Luxembourg Finance S.A., 3.550%, 11/01/2024		249,109
	90,000	Snap-On, Inc., 4.250%, 1/15/2018		96,481

				345,590

		Electric – 1.7%
	220,000	Delmarva Power & Light Co., 3.500%, 11/15/2023		233,970
	260,000	Dominion Resources, Inc., 1.950%, 8/15/2016		263,088
	120,000	Duke Energy Indiana, Inc., 0.602%, 7/11/2016(b)		120,121
	145,000	Duke Energy Progress, Inc., 0.464%, 3/06/2017(b)		144,936
	200,000	Exelon Generation Co. LLC, 2.950%, 1/15/2020		203,374
	130,000	Exelon Generation Co. LLC, 4.250%, 6/15/2022		137,168
	295,000	Georgia Power Co., 0.591%, 3/15/2016(b)		294,837
	220,000	National Rural Utilities Cooperative Finance Corp., (fixed rate to 4/30/2023, variable rate thereafter), 4.750%, 4/30/2043		220,660

				1,618,154

See accompanying notes to financial statements.

| 44

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Finance Companies – 0.6%
$	175,000	Ares Capital Corp., 3.875%, 1/15/2020	$	178,063
	80,000	FS Investment Corp., 4.250%, 1/15/2020		81,370
	280,000	International Lease Finance Corp., 2.221%, 6/15/2016(b)		280,000

				539,433

		Food & Beverage – 0.4%
	10,000	Anheuser-Busch Cos. LLC, 5.000%, 3/01/2019		11,175
	350,000	Coca-Cola Co. (The), 3.300%, 9/01/2021		373,805

				384,980

		Government Owned – No Guarantee – 0.5%
	140,000	Ecopetrol S.A., 4.125%, 1/16/2025		134,033
	135,000	Ecopetrol S.A., 5.875%, 9/18/2023		144,923
	215,000	Petrobras Global Finance BV, 5.375%, 1/27/2021		195,037
	50,000	Petrobras Global Finance BV, 5.750%, 1/20/2020		46,379

				520,372

		Health Insurance – 0.2%
	220,000	Cigna Corp., 3.250%, 4/15/2025		224,456

		Healthcare – 2.1%
	430,000	Abbott Laboratories, 2.950%, 3/15/2025		435,107
	75,000	Baxter International, Inc., 1.850%, 1/15/2017		76,000
	280,000	Express Scripts, Inc., 3.125%, 5/15/2016		286,813
	205,000	Life Technologies Corp., 6.000%, 3/01/2020		236,753
	330,000	McKesson Corp., 3.250%, 3/01/2016		336,803
	40,000	Quest Diagnostics, Inc., 4.700%, 4/01/2021		44,111
	105,000	Quest Diagnostics, Inc., 4.750%, 1/30/2020		115,088
	285,000	Stryker Corp., 2.000%, 9/30/2016		289,603
	220,000	Zimmer Holdings, Inc., 3.550%, 4/01/2025		224,563

				2,044,841

		Hybrid ARMs – 0.4%
	90,868	FHLMC, 2.367%, 1/01/2035(b)		97,192
	273,840	FHLMC, 2.625%, 5/01/2036(b)		294,344

				391,536

		Independent Energy – 1.3%
	100,000	Anadarko Petroleum Corp., 5.950%, 9/15/2016		106,679
	110,000	Anadarko Petroleum Corp., 6.375%, 9/15/2017		122,389
	265,000	ConocoPhillips Co., 3.350%, 11/15/2024		273,083
	200,000	Encana Corp., 6.500%, 5/15/2019		229,765
	115,000	Newfield Exploration Co., 5.750%, 1/30/2022		119,887
	100,000	Noble Energy, Inc., 3.900%, 11/15/2024		101,735
	295,000	Occidental Petroleum Corp., 1.750%, 2/15/2017		298,584

				1,252,122

		Industrial Other – 0.5%
	440,000	Hutchison Whampoa International 14 Ltd., 1.625%, 10/31/2017, 144A		438,195


		Integrated Energy – 0.7%
$	200,000	BP Capital Markets PLC, 3.506%, 3/17/2025	$	203,991
	160,000	BP Capital Markets PLC, 3.561%, 11/01/2021		168,332
	110,000	BP Capital Markets PLC, 4.500%, 10/01/2020		122,017
	165,000	Total Capital International S.A., 2.750%, 6/19/2021		168,781

				663,121

		Life Insurance – 1.9%
	305,000	Aflac, Inc., 2.400%, 3/16/2020		308,531
	185,000	AIG Global Funding, 1.650%, 12/15/2017, 144A		186,033
	30,000	Lincoln National Corp., 4.300%, 6/15/2015		30,198
	415,000	New York Life Global Funding, 1.450%, 12/15/2017, 144A		417,656
	425,000	New York Life Global Funding, 1.950%, 2/11/2020, 144A		425,074
	320,000	Prudential Financial, Inc., 3.500%, 5/15/2024		327,546
	70,000	Unum Group, 5.625%, 9/15/2020		80,126

				1,775,164

		Media Entertainment – 0.5%
	225,000	Time Warner, Inc., 3.550%, 6/01/2024		233,022
	215,000	Time Warner, Inc., 4.875%, 3/15/2020		240,615

				473,637

		Metals & Mining – 1.5%
	140,000	Alcoa, Inc., 6.750%, 7/15/2018		157,679
	145,000	Allegheny Technologies, Inc., 5.950%, 1/15/2021		152,250
	280,000	Barrick North America Finance LLC, 4.400%, 5/30/2021		287,550
	370,000	Freeport-McMoRan, Inc., 2.300%, 11/14/2017		368,820
	35,000	Reliance Steel & Aluminum Co., 4.500%, 4/15/2023		35,358
	5,000	Rio Tinto Finance USA Ltd., 3.500%, 11/02/2020		5,273
	60,000	Rio Tinto Finance USA Ltd., 3.750%, 9/20/2021		63,284
	135,000	Rio Tinto Finance USA PLC, 3.500%, 3/22/2022		139,475
	180,000	Teck Resources Ltd., 4.500%, 1/15/2021		183,457

				1,393,146

		Midstream – 2.0%
	130,000	DCP Midstream Operating LP, 4.950%, 4/01/2022		126,564
	140,000	Energy Transfer Partners LP, 4.650%, 6/01/2021		149,582
	280,000	Enterprise Products Operating LLC, 1.250%, 8/13/2015		280,409
	275,000	Kinder Morgan Energy Partners LP, 4.150%, 3/01/2022		283,159
	120,000	NiSource Finance Corp., 6.125%, 3/01/2022		144,115
	455,000	ONEOK Partners LP, 4.900%, 3/15/2025		460,379
	175,000	Questar Corp., 2.750%, 2/01/2016		177,875
	225,000	Williams Partners LP, 5.250%, 3/15/2020		247,708

				1,869,791

See accompanying notes to financial statements.

45 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Mortgage Related – 4.6%
$	8,902	FHLMC, 3.000%, 10/01/2026	$	9,337
	1,005	FHLMC, 6.500%, 1/01/2024		1,152
	160	FHLMC, 8.000%, 7/01/2025		195
	314	FNMA, 6.000%, 9/01/2021		327
	78	FNMA, 7.500%, 6/01/2016		79
	5	FNMA, 8.000%, 6/01/2015		4
	296,980	GNMA, 4.312%, 2/20/2063		326,313
	559,149	GNMA, 4.356%, 2/20/2063		612,873
	228,077	GNMA, 4.496%, 10/20/2062		250,545
	519,268	GNMA, 4.500%, 4/20/2063		573,284
	290,453	GNMA, 4.505%, 4/20/2063		320,742
	338,500	GNMA, 4.514%, 5/20/2062		368,670
	316,963	GNMA, 4.520%, 5/20/2062		343,880
	293,635	GNMA, 4.549%, 3/20/2063		324,414
	327,960	GNMA, 4.560%, 3/20/2062		355,623
	212,770	GNMA, 4.567%, 7/20/2062		232,855
	343,618	GNMA, 4.575%, 2/20/2063		378,675
	244,598	GNMA, 4.604%, 6/20/2062		267,189
	3,073	GNMA, 6.500%, 12/15/2023		3,518
	548	GNMA, 8.500%, 9/15/2022		557
	1,824	GNMA, 9.500%, 1/15/2019		1,993

				4,372,225

		Natural Gas – 0.3%
	325,000	Sempra Energy, 2.400%, 3/15/2020		328,608

		Non-Agency Commercial Mortgage-Backed Securities – 8.7%
	40,000	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2007-5, Class A4, 5.492%, 2/10/2051		42,563
	95,000	Commercial Mortgage Pass Through Certificates, Series 2012-CR2, Class A4, 3.147%, 8/15/2045		99,565
	295,000	Commercial Mortgage Pass Through Certificates, Series 2013-CR8, Class A5, 3.612%, 6/10/2046(b)		317,383
	95,000	Commercial Mortgage Pass Through Certificates, Series 2014-CR14, Class A2, 3.147%, 2/10/2047		99,218
	260,000	Commercial Mortgage Pass Through Certificates, Series 2014-CR15, Class A2, 2.928%, 2/10/2047		270,048
	230,000	Commercial Mortgage Pass Through Certificates, Series 2014-CR16, Class ASB, 3.653%, 4/10/2047		246,066
	535,000	Commercial Mortgage Pass Through Certificates, Series 2014-LC17, Class A3, 3.723%, 10/10/2047		572,584
	294,025	Credit Suisse Mortgage Capital Certificates, Series 2007-C3, Class A4, 5.704%, 6/15/2039(b)		314,577
	184,322	Credit Suisse Mortgage Capital Certificates, Series 2007-C4, Class A4, 5.903%, 9/15/2039(b)		197,395
	360,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.695%, 9/15/2040(b)		386,629
	305,000	GP Portfolio Trust, Series 2014-GPP, Class A, 1.125%, 2/15/2027, 144A(b)		304,201

		Non-Agency Commercial Mortgage-Backed Securities – continued
$	375,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/2039	$	395,699
	325,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049		350,260
	296,597	GS Mortgage Securities Corp. II, Series 2007-GG10, Class A4, 5.796%, 8/10/2045(b)		320,297
	340,000	GS Mortgage Securities Corp. Trust, Series 2013-PEMB, Class A, 3.550%, 3/05/2033, 144A(b)		354,279
	265,000	GS Mortgage Securities Trust, Series 2014-GC20, Class A3, 3.680%, 4/10/2047		282,518
	37,937	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2014-FL4, Class A, 1.125%, 12/15/2030, 144A(b)		37,927
	410,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LD11, Class A4, 5.775%, 6/15/2049(b)		438,413
	196,777	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LDPX, Class A3, 5.420%, 1/15/2049		208,628
	135,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-C19, Class ASB, 3.584%, 4/15/2047		144,017
	505,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-FL5, Class A, 1.155%, 7/15/2031, 144A(b)		501,740
	237,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-6, Class A4, 5.485%, 3/12/2051(b)		253,591
	295,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C14, Class A3, 3.669%, 2/15/2047		314,098
	400,000	Morgan Stanley Capital I, Series 2007-IQ14, Class A4, 5.686%, 4/15/2049(b)		428,949
	192,790	PFP III Ltd., Series 2014-1, Class A, 1.345%, 6/14/2031, 144A(b)		193,094
	185,000	SCG Trust, Series 2013-SRP1, Class B, 2.672%, 11/15/2026, 144A(b)		184,794
	410,000	Wachovia Bank Commercial Mortgage Trust, Series 2007-C32, Class A3, 5.707%, 6/15/2049(b)		438,447
	200,000	WFRBS Commercial Mortgage Trust, Series 2004-C19, Class A3, 3.660%, 3/15/2047		213,385
	390,000	WFRBS Commercial Mortgage Trust, Series 2014-C20, Class ABS, 3.638%, 5/15/2047		418,803

				8,329,168

		Oil Field Services – 0.9%
	235,000	Nabors Industries, Inc., 5.000%, 9/15/2020		234,034
	160,000	Oceaneering International, Inc., 4.650%, 11/15/2024		161,765
	75,000	Pride International, Inc., 8.500%, 6/15/2019		89,265
	100,000	Rowan Cos., Inc., 5.000%, 9/01/2017		103,001
	315,000	Transocean, Inc., 6.375%, 12/15/2021		264,994

				853,059

See accompanying notes to financial statements.

| 46

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Pharmaceuticals – 0.5%
$	25,000	Amgen, Inc., 2.200%, 5/22/2019	$	25,323
	165,000	Eli Lilly & Co., 1.950%, 3/15/2019		167,820
	290,000	Mylan, Inc., 4.200%, 11/29/2023		308,147

				501,290

		Property & Casualty Insurance – 0.2%
	70,000	Brown & Brown, Inc., 4.200%, 9/15/2024		71,452
	155,000	Willis Group Holdings PLC, 4.125%, 3/15/2016		159,034

				230,486

		Railroads – 1.2%
	285,000	Canadian National Railway Co., 1.450%, 12/15/2016		288,215
	230,000	CSX Corp., 3.700%, 10/30/2020		247,784
	30,000	CSX Corp., 6.150%, 5/01/2037		39,299
	280,000	Union Pacific Corp., 1.800%, 2/01/2020		280,303
	240,000	Union Pacific Corp., 3.646%, 2/15/2024		259,651

				1,115,252

		REITs – Health Care – 0.3%
	235,000	HCP, Inc., 3.400%, 2/01/2025		229,243
	35,000	Healthcare Realty Trust, Inc., 3.750%, 4/15/2023		35,061

				264,304

		REITs – Single Tenant – 0.2%
	200,000	Realty Income Corp., 5.875%, 3/15/2035		233,243

		Retailers – 0.2%
	160,000	Ross Stores, Inc., 3.375%, 9/15/2024		164,024

		Sovereigns – 0.2%
	150,000	Mexico Government International Bond, 5.625%, 1/15/2017		160,875

		Supranational – 0.2%
	220,000	Nordic Investment Bank, 0.500%, 4/14/2016		220,147

		Technology – 1.1%
	46,000	Agilent Technologies, Inc., 6.500%, 11/01/2017		50,900
	155,000	Apple, Inc., 2.850%, 5/06/2021		161,499
	275,000	Hewlett-Packard Co., 4.300%, 6/01/2021		295,472
	80,000	Ingram Micro, Inc., 4.950%, 12/15/2024		82,872
	100,000	Jabil Circuit, Inc., 5.625%, 12/15/2020		109,250
	25,000	Jabil Circuit, Inc., 8.250%, 3/15/2018		28,938
	325,000	Microsoft Corp., 2.375%, 2/12/2022		327,347

				1,056,278

		Tobacco – 0.6%
	275,000	Altria Group, Inc., 2.850%, 8/09/2022		273,384
	285,000	Philip Morris International, Inc., 2.500%, 5/16/2016		291,006
	35,000	Philip Morris International, Inc., 2.900%, 11/15/2021		35,974
	5,000	Philip Morris International, Inc., 5.650%, 5/16/2018		5,649

				606,013


		Treasuries – 19.0%
$	195,000	U.S. Treasury Note, 0.625%, 2/15/2017	$	195,320
	325,000	U.S. Treasury Note, 0.625%, 9/30/2017		324,162
	1,520,000	U.S. Treasury Note, 0.625%, 11/30/2017		1,513,587
	4,570,000	U.S. Treasury Note, 0.875%, 10/15/2017		4,585,712
	865,000	U.S. Treasury Note, 1.000%, 2/15/2018		868,446
	180,000	U.S. Treasury Note, 1.250%, 1/31/2020		179,072
	1,705,000	U.S. Treasury Note, 1.375%, 2/29/2020		1,705,399
	2,230,000	U.S. Treasury Note, 1.500%, 1/31/2022		2,201,253
	15,000	U.S. Treasury Note, 2.000%, 2/28/2021		15,366
	1,555,000	U.S. Treasury Note, 2.000%, 10/31/2021		1,587,072
	1,800,000	U.S. Treasury Note, 2.000%, 11/15/2021		1,840,359
	3,040,000	U.S. Treasury Note, 2.000%, 2/15/2025		3,059,237
	120,000	U.S. Treasury Note, 2.125%, 12/31/2021		123,544

				18,198,529

		Wireless – 0.6%
	210,000	American Tower Corp., 3.400%, 2/15/2019		216,864
	160,000	American Tower Corp., 3.450%, 9/15/2021		163,323
	150,000	Vodafone Group PLC, 2.500%, 9/26/2022		145,069
	35,000	Vodafone Group PLC, 2.950%, 2/19/2023		34,432

				559,688

		Wirelines – 0.5%
	220,000	British Telecommunications PLC, 1.625%, 6/28/2016		221,626
	200,000	Verizon Communications, Inc., 5.150%, 9/15/2023		229,297

				450,923


		Total Non-Convertible Bonds
		(Identified Cost $89,964,964)		91,019,687


	Municipals – 0.3%

		New Jersey – 0.3%
	310,000	New Jersey Economic Development Authority Revenue, School Facilities Construction, Refunding, Series QQ, 1.802%, 6/15/2017 (Identified Cost $310,000)		310,295


		Total Bonds and Notes
		(Identified Cost $90,274,964)		91,329,982


	Short-Term Investments – 3.6%
	3,395,751	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2015 at 0.010% to be repurchased at $3,395,751 on 4/01/2015 collateralized by $3,095,000 U.S. Treasury Bond, 3.625% due 2/15/2021 valued at $3,466,400 including accrued interest (Note 2 of Notes to Financial Statements).		3,395,751
	35,000	U.S. Treasury Bills 0.045%, 5/28/2015(d)(e)		34,998


		Total Short-Term Investments
		(Identified Cost $3,430,748)		3,430,749


		Total Investments – 99.1%
		(Identified Cost $93,705,712)(a)		94,760,731
		Other assets less liabilities—0.9%		831,074


		Net Assets – 100.0%	$	95,591,805

See accompanying notes to financial statements.

47 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – continued



(†)	See Note 2 of Notes to Financial Statements.
(a)	Federal Tax Information (Amounts exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
	At March 31, 2015, the net unrealized appreciation on investments based on a cost of $93,944,317 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	$	1,224,001
	Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(407,587	)

	Net unrealized appreciation	$	816,414

(b)	Variable rate security. Rate as of March 31, 2015 is disclosed.
(c)	Fair valued by the Fund’s adviser. At March 31, 2015, the value of this security amounted to $45,313 or less than 0.1% of net assets.
(d)	Interest rate represents discount rate at time of purchase; not a coupon rate.
(e)	A portion of this security has been pledged as initial margin for potential futures activity.

144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2015, the value of Rule 144A holdings amounted to $14,110,335 or 14.8% of net assets.
ABS	Asset-Backed Securities
ARMs	Adjustable Rate Mortgages
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GMTN	Global Medium Term Note
GNMA	Government National Mortgage Association
MTN	Medium Term Note
REITs	Real Estate Investment Trusts

Industry Summary at March 31, 2015 (Unaudited)


Treasuries	19.0	%
Banking	12.6
ABS Car Loan	9.6
Non-Agency Commercial Mortgage-Backed Securities	8.7
Agency Commercial Mortgage-Backed Securities	7.1
Mortgage Related	4.6
ABS Other	3.5
Healthcare	2.1
Midstream	2.0
Other Investments, less than 2% each	26.3
Short-Term Investments	3.6

Total Investments	99.1
Other assets less liabilities	0.9

Net Assets	100.0	%

See accompanying notes to financial statements.

| 48

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – 92.8% of Net Assets

	Non-Convertible Bonds – 88.5%

		ABS Car Loan – 0.2%
	2,000,000	Ford Auto Securitization Trust, Series 2014-R2A, Class A2, 1.593%, 12/15/2017, 144A, (CAD)	$	1,584,509

		ABS Credit Card – 0.1%
	759,000	World Financial Network Credit Card Master Trust, Series 2010-A, Class B, 6.750%, 4/15/2019		767,208

		ABS Home Equity – 0.0%
	80,715	Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 5A, 5.270%, 7/25/2035(b)(c)		76,052

		ABS Other – 1.7%
	993,722	Community Program Loan Trust, Series 1987-A, Class A5, 4.500%, 4/01/2029		1,001,803
	2,372,000	Crown Castle Towers LLC, 6.113%, 1/15/2040, 144A		2,705,930
	2,953,906	FAN Engine Securitization Ltd., Series 2013-1A, Class 1A, 4.625%, 10/15/2043, 144A(d)		2,939,431
	1,290,000	John Deere Owner Trust, Series 2015-A, Class A3, 1.320%, 6/17/2019		1,294,764
	685,000	John Deere Owner Trust, Series 2015-A, Class A4, 1.650%, 12/15/2021		689,133
	185,059	SVO VOI Mortgage Corp., Series 2009-BA, Class NT, 5.810%, 12/20/2028, 144A		185,733
	593,838	Trinity Rail Leasing LP, Series 2009-1A, Class A, 6.657%, 11/16/2039, 144A		697,049
	449,071	Trinity Rail Leasing LP, Series 2012-1A, Class A1, 2.266%, 1/15/2043, 144A		443,049
	1,067,199	Trip Rail Master Funding LLC, Series 2011-1A, Class A1A, 4.370%, 7/15/2041, 144A		1,111,373

				11,068,265

		Aerospace & Defense – 0.1%
	410,000	Textron, Inc., EMTN, 6.625%, 4/07/2020, (GBP)		714,150

		Airlines – 3.3%
	350,806	Air Canada Pass Through Trust, Series 2013-1, Class B, 5.375%, 11/15/2022, 144A		366,593
	554,257	American Airlines Pass Through Trust, Series 2013-1, Class A, 4.000%, 1/15/2027		577,630
	5,756,967	American Airlines Pass Through Trust, Series 2013-2, Class A, 4.950%, 7/15/2024		6,264,328
	106,906	Continental Airlines Pass Through Certificates, Series 2012-2, Class B, 5.500%, 4/29/2022		112,974

		Airlines – continued
	839,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		885,145
	200,441	Continental Airlines Pass Through Trust, Series 2000-2, Class A-1, 7.707%, 10/02/2022		223,491
	686,071	Continental Airlines Pass Through Trust, Series 2007-1, Class A, 5.983%, 10/19/2023		772,688
	2,713,152	Continental Airlines Pass Through Trust, Series 2009-1, 9.000%, 1/08/2018		2,936,986
	102,605	Continental Airlines Pass Through Trust, Series 2012-1, Class B, 6.250%, 10/11/2021		109,530
	936,965	Delta Air Lines Pass Through Trust, Series 2007-1, Class B, 8.021%, 2/10/2024		1,086,880
	2,296,994	Delta Air Lines Pass Through Trust, Series 2009-1, Class A, 7.750%, 6/17/2021		2,653,028
	1,044,641	Delta Air Lines Pass Through Trust, Series 2010-1, Class A, 6.200%, 1/02/2020		1,149,106
	2,185,000	United Airlines Pass Through Trust, Series 2014-1, Class A, 4.000%, 10/11/2027		2,313,522
	533,077	US Airways Pass Through Trust, Series 2011-1, Class A, 7.125%, 4/22/2025		630,364
	1,024,328	US Airways Pass Through Trust, Series 2012-2A, Class A, 4.625%, 12/03/2026		1,096,031

				21,178,296

		Automotive – 0.6%
	840,000	Cummins, Inc., 5.650%, 3/01/2098		987,149
	2,023,000	Ford Motor Co., 6.375%, 2/01/2029		2,500,074

				3,487,223

		Banking – 13.3%
	74,000	Ally Financial, Inc., 8.000%, 12/31/2018		83,620
	2,027,000	Associates Corp. of North America, 6.950%, 11/01/2018		2,360,654
	2,505,000	Banco Santander Brasil S.A., 8.000%, 3/18/2016, 144A, (BRL)		737,792
	130,000	Bank of America Corp., 5.420%, 3/15/2017		138,852
	800,000	Bank of America Corp., 5.490%, 3/15/2019		885,384
	683,000	Bank of America Corp., MTN, 3.300%, 1/11/2023		691,906
	400,000	Bank of America Corp., MTN, 4.250%, 10/22/2026		412,937
	750,000	Bank of America Corp., Series L, MTN, 7.625%, 6/01/2019		905,239
	2,100,000,000	Barclays Bank PLC, EMTN, 3.680%, 8/20/2015, (KRW)		1,905,909
	3,305,000	Capital One NA, 2.400%, 9/05/2019		3,316,951

See accompanying notes to financial statements.

49 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Banking – continued
	1,045,000	Citigroup, Inc., 5.130%, 11/12/2019, (NZD)	$	802,520
	100,000	Citigroup, Inc., 5.365%, 3/06/2036, (CAD)(d)		88,807
	140,000	Citigroup, Inc., 5.875%, 2/22/2033		162,928
	1,909,000	Citigroup, Inc., 6.125%, 8/25/2036		2,311,799
	3,545,000	Citigroup, Inc., 6.250%, 6/29/2017, (NZD)		2,760,653
	250,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands, 1.700%, 3/19/2018		252,207
	815,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands, 3.875%, 2/08/2022		877,092
	4,099,000	Goldman Sachs Group, Inc. (The), 3.375%, 2/01/2018, (CAD)		3,386,647
	6,050,000	Goldman Sachs Group, Inc. (The), 3.550%, 2/12/2021, (CAD)		5,110,603
	4,270,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		5,606,736
	660,000	Goldman Sachs Group, Inc. (The), GMTN, 5.375%, 3/15/2020		748,939
	3,113,000	HBOS PLC, GMTN, 6.750%, 5/21/2018, 144A		3,482,930
	4,110,000	JPMorgan Chase & Co., 4.125%, 12/15/2026		4,260,829
	300,000	JPMorgan Chase & Co., EMTN, 1.063%, 5/30/2017, (GBP)(b)		440,570
	5,310,000,000	JPMorgan Chase Bank NA, 7.700%, 6/01/2016, 144A, (IDR)		394,057
	4,988,000	Merrill Lynch & Co., Inc., 6.110%, 1/29/2037		6,073,843
	1,291,000	Merrill Lynch & Co., Inc., Series C, MTN, 6.050%, 6/01/2034		1,581,301
	100,000	Morgan Stanley, 0.733%, 10/15/2015(b)		100,142
	2,501,000	Morgan Stanley, 2.125%, 4/25/2018		2,528,468
	665,000	Morgan Stanley, 2.500%, 1/24/2019		677,301
	615,000	Morgan Stanley, 3.750%, 2/25/2023		644,113
	1,215,000	Morgan Stanley, 4.350%, 9/08/2026		1,273,641
	2,262,000	Morgan Stanley, 5.500%, 7/24/2020		2,594,428
	840,000	Morgan Stanley, 5.750%, 1/25/2021		980,560
	1,518,000	Morgan Stanley, 8.000%, 5/09/2017, (AUD)		1,270,136
	1,518,000	Morgan Stanley, GMTN, 7.625%, 3/03/2016, (AUD)		1,204,719
	5,992,000	Morgan Stanley, MTN, 4.100%, 5/22/2023		6,235,940
	2,202,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		2,734,516
	400,000	Morgan Stanley, MTN, 7.250%, 5/26/2015, (AUD)		306,610
	455,000	Morgan Stanley, Series F, MTN, 0.707%, 10/18/2016(b)		454,447
	420,000	National City Bank of Indiana, 4.250%, 7/01/2018		451,603

		Banking – continued
	905,000	Royal Bank of Scotland Group PLC, 6.000%, 12/19/2023		1,006,670
	2,695,000	Royal Bank of Scotland Group PLC, 6.125%, 12/15/2022		3,034,829
	50,000	Royal Bank of Scotland PLC (The), EMTN, 4.350%, 1/23/2017, (EUR)		56,558
	304,000	Royal Bank of Scotland PLC (The), EMTN, 6.934%, 4/09/2018, (EUR)		375,238
	76,000	Royal Bank of Scotland PLC (The), EMTN, (fixed rate to 9/22/2016, variable rate thereafter), 4.625%, 9/22/2021, (EUR)		84,281
	200,000	Santander Central Hispano Issuances Ltd., 7.250%, 11/01/2015		206,501
	626,000	Santander Holdings USA, Inc., 4.625%, 4/19/2016		648,339
	100,000	Santander International Debt SAU, EMTN, 4.000%, 3/27/2017, (EUR)		115,196
	300,000	Santander Issuances SAU, 5.911%, 6/20/2016, 144A		313,454
	1,500,000	Societe Generale S.A., EMTN, (fixed rate to 6/16/2018, variable rate thereafter), 8.875%, (GBP)(e)		2,526,601
	3,796,000	Societe Generale S.A., MTN, 5.200%, 4/15/2021, 144A		4,342,700
	200,000	Standard Chartered Bank, 6.400%, 9/26/2017, 144A		220,305

				84,169,001

		Brokerage – 0.8%
	3,223,000	Jefferies Group LLC, 5.125%, 1/20/2023		3,345,487
	934,000	Jefferies Group LLC, 6.250%, 1/15/2036		933,299
	437,000	Jefferies Group LLC, 6.450%, 6/08/2027		471,960
	80,000	Jefferies Group LLC, 6.875%, 4/15/2021		90,458

				4,841,204

		Building Materials – 1.1%
	892,000	Masco Corp., 4.800%, 6/15/2015		899,198
	554,000	Masco Corp., 5.850%, 3/15/2017		591,395
	1,287,000	Masco Corp., 6.125%, 10/03/2016		1,371,427
	1,010,000	Masco Corp., 6.500%, 8/15/2032		1,080,700
	285,000	Masco Corp., 7.750%, 8/01/2029		330,600
	2,505,000	Odebrecht Finance Ltd., 8.250%, 4/25/2018, 144A, (BRL)		580,815
	11,000	Owens Corning, 6.500%, 12/01/2016		11,827
	1,712,000	Owens Corning, 7.000%, 12/01/2036		2,097,119

				6,963,081

		Chemicals – 0.5%
	2,995,000	INVISTA Finance LLC, 4.250%, 10/15/2019, 144A		2,976,281
	140,000	Methanex Corp., 5.250%, 3/01/2022		151,696

				3,127,977

		Collateralized Mortgage Obligations – 0.1%
	512,433	Federal Home Loan Mortgage Corp., REMIC, Series 2912, Class EH, 5.500%, 1/15/2035		589,381

See accompanying notes to financial statements.

| 50

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued


Principal Amount (‡)			Description	Value (†)

	Bonds and Notes – continued

			Collateralized Mortgage Obligations – continued
$	8,633		Federal National Mortgage Association, REMIC, 7.000%, 4/25/2020	$	9,372

					598,753

			Consumer Products – 0.1%
	459,000		Hasbro, Inc., 6.600%, 7/15/2028		535,256

			Diversified Manufacturing – 0.1%
	592,000		Snap-on, Inc., 6.700%, 3/01/2019		692,027

			Electric – 2.9%
	985,000		Allegheny Energy Supply Co. LLC, 6.750%, 10/15/2039, 144A		1,041,450
	956,747		Bruce Mansfield Unit Pass Through Trust, 6.850%, 6/01/2034		1,007,129
	468,000		Cleveland Electric Illuminating Co. (The), 5.700%, 4/01/2017		501,424
	421,000		Commonwealth Edison Co., 4.700%, 4/15/2015		421,429
	1,800,000		EDP Finance BV, 4.125%, 1/15/2020, 144A		1,863,000
	2,581,000		EDP Finance BV, 4.900%, 10/01/2019, 144A		2,743,758
	607,000		EDP Finance BV, 6.000%, 2/02/2018, 144A		660,125
	450,000		EDP Finance BV, EMTN, 8.625%, 1/04/2024, (GBP)		935,489
	759,000		Endesa S.A., 7.875%, 2/01/2027		1,001,815
	683,000		Enel Finance International NV, 5.125%, 10/07/2019, 144A		763,953
	4,109,000		Enel Finance International NV, 6.000%, 10/07/2039, 144A		4,988,219
	531,000		Enel Finance International NV, 6.800%, 9/15/2037, 144A		691,787
	875,000		Enel Finance International NV, EMTN, 5.750%, 9/14/2040, (GBP)		1,629,519

					18,249,097

			Finance Companies – 5.5%
	3,826,000		Aviation Capital Group Corp., 6.750%, 4/06/2021, 144A		4,354,145
	620,000		GE Capital Australia Funding Pty Ltd., 7.000%, 10/08/2015, (AUD)		482,984
	65,000		General Electric Capital Corp., GMTN, 3.100%, 1/09/2023		66,949
	12,895,000		General Electric Capital Corp., GMTN, 4.250%, 1/17/2018, (NZD)		9,701,882
	355,000		General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016, (NZD)		276,371
	600,000		General Electric Capital Corp., Series A, GMTN, 5.500%, 2/01/2017, (NZD)		461,335
	286,000		General Electric Capital Corp., Series A, MTN, 0.553%, 5/13/2024(b)		268,107
	4,289,000		General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015, (NZD)		3,247,906
	30,000		International Lease Finance Corp., 3.875%, 4/15/2018		30,450
	889,000		International Lease Finance Corp., 4.625%, 4/15/2021		920,115
	19,000		International Lease Finance Corp., 5.875%, 8/15/2022		21,090

			Finance Companies – continued
	2,080,000		International Lease Finance Corp., 6.250%, 5/15/2019		2,272,400
	490,000		Navient LLC, 4.875%, 6/17/2019		488,775
	4,297,000		Navient LLC, 5.500%, 1/25/2023		4,092,892
	129,000		Navient LLC, MTN, 4.625%, 9/25/2017		130,935
	159,000		Navient LLC, MTN, 5.500%, 1/15/2019		162,180
	1,382,000		Navient LLC, MTN, 7.250%, 1/25/2022		1,458,010
	182,000		Navient LLC, Series A, MTN, 5.000%, 4/15/2015		182,000
	983,000		Navient LLC, Series A, MTN, 5.625%, 8/01/2033		804,831
	1,066,000		Navient LLC, Series A, MTN, 8.450%, 6/15/2018		1,183,260
	611,000		Springleaf Finance Corp., 5.250%, 12/15/2019		604,126
	1,522,000		Springleaf Finance Corp., 7.750%, 10/01/2021		1,666,590
	611,000		Springleaf Finance Corp., 8.250%, 10/01/2023		687,375
	987,000		Springleaf Finance Corp., Series J, MTN, 6.500%, 9/15/2017		1,041,285

					34,605,993

			Government Guaranteed – 0.9%
	760,000		Instituto de Credito Oficial, EMTN, 4.530%, 3/17/2016, (CAD)		613,779
	5,314,000		Japan Bank for International Cooperation (Japan), 2.300%, 3/19/2018, (CAD)		4,337,546
	736,000		Queensland Treasury Corp., 7.125%, 9/18/2017, 144A, (NZD)		593,809

					5,545,134

			Government Owned – No Guarantee – 1.1%
	1,947,000		Abu Dhabi National Energy Co. PJSC, 7.250%, 8/01/2018, 144A		2,258,890
	3,250,000		DP World Ltd., 6.850%, 7/02/2037, 144A		3,679,292
	780,000		Pertamina Persero PT, 6.450%, 5/30/2044, 144A		838,500
	455,000	��	Petrobras Global Finance BV, 5.625%, 5/20/2043		368,505

					7,145,187

			Health Insurance – 0.0%
	15,000		CIGNA Corp., 7.875%, 5/15/2027		20,835

			Healthcare – 1.4%
	649,000		Boston Scientific Corp., 6.000%, 1/15/2020		747,006
	4,388,000		HCA, Inc., 5.250%, 4/15/2025		4,739,040
	42,000		HCA, Inc., 5.875%, 3/15/2022		46,502
	2,327,000		HCA, Inc., 5.875%, 5/01/2023		2,513,160
	76,000		HCA, Inc., 7.050%, 12/01/2027		80,940
	144,000		HCA, Inc., 7.190%, 11/15/2015		148,574
	57,000		HCA, Inc., 7.500%, 12/15/2023		64,766
	133,000		HCA, Inc., 7.690%, 6/15/2025		150,290
	232,000		HCA, Inc., 8.360%, 4/15/2024		273,760
	8,000		HCA, Inc., MTN, 7.580%, 9/15/2025		8,960

See accompanying notes to financial statements.

51 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Healthcare – continued
$	232,000	HCA, Inc., MTN, 7.750%, 7/15/2036	$	251,720

				9,024,718

		Home Construction – 0.6%
	2,536,000	Pulte Group, Inc., 6.000%, 2/15/2035		2,523,320
	1,105,000	Pulte Group, Inc., 6.375%, 5/15/2033		1,143,675

				3,666,995

		Hybrid ARMs – 0.0%
	30,531	FNMA, 1.910%, 2/01/2037(b)		32,181
	44,944	FNMA, 2.381%, 9/01/2036(b)		48,264

				80,445

		Independent Energy – 1.2%
	907,000	Anadarko Petroleum Corp., 6.375%, 9/15/2017		1,009,156
	46,000	Chesapeake Energy Corp., 6.625%, 8/15/2020		47,495
	42,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		43,890
	495,000	Continental Resources, Inc., 3.800%, 6/01/2024		456,261
	35,000	Continental Resources, Inc., 4.500%, 4/15/2023		33,969
	2,277,000	EQT Corp., 8.125%, 6/01/2019		2,720,157
	1,632,000	Equitable Resources, Inc., 6.500%, 4/01/2018		1,821,650
	1,317,000	Newfield Exploration Co., 5.625%, 7/01/2024		1,369,680

				7,502,258

		Integrated Energy – 0.1%
	500,000	Reliance Holdings USA, Inc., 5.400%, 2/14/2022, 144A		549,474

		Life Insurance – 1.8%
	50,000	American International Group, Inc., 4.125%, 2/15/2024		54,126
	71,000	American International Group, Inc., 4.875%, 6/01/2022		80,688
	100,000	American International Group, Inc., 6.250%, 3/15/2087		113,966
	138,000	American International Group, Inc., (fixed rate to 5/15/2038, variable rate thereafter), 8.175%, 5/15/2068		195,691
	175,000	American International Group, Inc., Series G, MTN, 5.850%, 1/16/2018		195,499
	1,788,000	Forethought Financial Group, Inc., 8.625%, 4/15/2021, 144A		2,100,484
	1,898,000	National Life Insurance Co., 10.500%, 9/15/2039, 144A		3,077,696
	1,989,000	NLV Financial Corp., 7.500%, 8/15/2033, 144A		2,308,050
	2,190,000	Penn Mutual Life Insurance Co. (The), 7.625%, 6/15/2040, 144A		3,271,573

				11,397,773

		Local Authorities – 1.7%
	3,519,000	Manitoba (Province of), GMTN, 6.375%, 9/01/2015, (NZD)		2,657,512

		Local Authorities – continued
	2,407,000	New South Wales Treasury Corp., 3.500%, 3/20/2019, (AUD)		1,934,203
	3,412,400	New South Wales Treasury Corp., 6.000%, 2/01/2018, (AUD)		2,889,093
	3,037,000	New South Wales Treasury Corp., Series 17RG, 5.500%, 3/01/2017, (AUD)		2,470,123
	70,043	Province of Alberta, 5.930%, 9/16/2016, (CAD)		57,997
	900,000	Province of Quebec, Canada, Series QC, 6.750%, 11/09/2015, (NZD)		684,001

				10,692,929

		Lodging – 0.2%
	1,124,000	Wyndham Worldwide Corp., 6.000%, 12/01/2016		1,200,251

		Media Entertainment – 0.2%
	182,000	21st Century Fox America, Inc., 8.150%, 10/17/2036		271,235
	18,220,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		1,041,249

				1,312,484

		Metals & Mining – 1.1%
	319,000	ArcelorMittal, 7.000%, 2/25/2022		349,305
	1,750,000	ArcelorMittal, 7.500%, 3/01/2041		1,820,000
	387,000	ArcelorMittal, 7.750%, 10/15/2039		406,350
	1,717,000	Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas, Inc., 6.500%, 11/15/2020		1,822,166
	1,571,000	United States Steel Corp., 7.500%, 3/15/2022		1,571,000
	873,000	Worthington Industries, Inc., 6.500%, 4/15/2020		999,439

				6,968,260

		Midstream – 2.0%
	159,000	DCP Midstream LP, 6.450%, 11/03/2036, 144A		147,197
	152,000	Florida Gas Transmission Co., 7.900%, 5/15/2019, 144A		181,611
	607,000	IFM U.S. Colonial Pipeline 2 LLC, 6.450%, 5/01/2021, 144A		667,171
	213,000	NGPL PipeCo LLC, 7.119%, 12/15/2017, 144A		212,201
	1,518,000	NiSource Finance Corp., 6.125%, 3/01/2022		1,823,050
	8,225,000	ONEOK Partners LP, 4.900%, 3/15/2025		8,322,244
	615,000	Southern Natural Gas Co., 5.900%, 4/01/2017, 144A		661,182
	500,000	Williams Partners LP, 3.350%, 8/15/2022		483,185

				12,497,841

		Mortgage Related – 0.0%
	1,106	FHLMC, 10.000%, with various maturities in 2018(f)		1,207
	2,608	FNMA, 6.000%, 12/01/2018		2,970
	3,457	GNMA, 10.000%, 5/15/2018		3,521

				7,698

See accompanying notes to financial statements.

| 52

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Non-Agency Commercial Mortgage-Backed Securities – 2.8%
$	99,482	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-6, Class A4, 5.179%, 9/10/2047(b)	$	100,617
	413,811	Bear Stearns Commercial Mortgage Securities, Series 2006-PW13, Class A4, 5.540%, 9/11/2041		431,879
	256,158	Bear Stearns Commercial Mortgage Securities, Series 2006-T24, Class A4, 5.537%, 10/12/2041		268,702
	308,978	Bear Stearns Commercial Mortgage Securities, Series 2007-PW16, Class A4, 5.708%, 6/11/2040(b)		333,209
	800,914	Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A4, 5.322%, 12/11/2049		843,200
	1,655,000	Commercial Mortgage Trust, Series 2014-FL5, Class SV2, 2.522%, 10/15/2031, 144A(b)(d)		1,656,490
	580,000	Commercial Mortgage Trust, Series 2014-FL5, Class SV3, 3.122%, 10/15/2031, 144A(b)(d)		580,528
	505,000	Commercial Mortgage Trust, Series 2014-FL5, Class SV4, 4.322%, 10/15/2031, 144A(b)(d)		506,374
	1,967,055	Credit Suisse Mortgage Capital Certificates, Series 2007-C3, Class A4, 5.704%, 6/15/2039(b)		2,104,554
	1,071,919	Credit Suisse Mortgage Capital Certificates, Series 2007-C4, Class A4, 5.903%, 9/15/2039(b)		1,147,943
	520,025	Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.695%, 9/15/2040(b)		558,490
	1,138,741	Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049		1,227,247
	238,811	GS Mortgage Securities Corp. II, Series 2007-GG10, Class A4, 5.796%, 8/10/2045(b)		257,893
	627,892	Institutional Mortgage Securities Canada, Inc., Series 2014-5A, Class A1, 2.003%, 7/12/2047, 144A, (CAD)		502,244
	827,485	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LD11, Class A4, 5.775%, 6/15/2049(b)		884,829
	999,459	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LDPX, Class A3, 5.420%, 1/15/2049		1,059,653
	20,709	LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class A5, 4.739%, 7/15/2030		20,731
	275,401	LB-UBS Commercial Mortgage Trust, Series 2006-C4, Class A4, 5.822%, 6/15/2038(b)		286,924

		Non-Agency Commercial Mortgage-Backed Securities – continued
	296,073	LB-UBS Commercial Mortgage Trust, Series 2006-C6, Class A4, 5.372%, 9/15/2039		310,868
	171,265	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-2, Class A4, 5.868%, 6/12/2046(b)		177,601
	163,469	Morgan Stanley Capital I, Series 2005-T19, Class A4A, 4.890%, 6/12/2047		163,634
	189,790	Morgan Stanley Capital I, Series 2007-IQ14, Class A4, 5.686%, 4/15/2049(b)		203,525
	544,978	Morgan Stanley Capital I, Series 2008-T29, Class A4, 6.270%, 1/11/2043(b)		605,604
	303,664	Wachovia Bank Commercial Mortgage Trust, Series 2007-C30, Class A5, 5.342%, 12/15/2043		322,557
	3,515,000	West Edmonton Mall Property, Inc., 4.309%, 2/13/2024, (CAD)		3,056,750
	94,890	WFRBS Commercial Mortgage Trust, Series 2011-C3, Class D, 5.553%, 3/15/2044, 144A(b)		103,738

				17,715,784

		Oil Field Services – 0.1%
	827,000	Rowan Cos., Inc., 7.875%, 8/01/2019		922,271

		Paper – 0.3%
	1,139,000	Georgia-Pacific LLC, 7.250%, 6/01/2028		1,517,550
	175,000	Mead Corp. (The), 7.550%, 3/01/2047(d)		224,566
	133,000	Westvaco Corp., 8.200%, 1/15/2030		187,841

				1,929,957

		Property & Casualty Insurance – 0.8%
	87,000	MBIA Insurance Corp., 11.513%, 1/15/2033, 144A(b)(g)		47,197
	1,640,000	Old Republic International Corp., 4.875%, 10/01/2024		1,741,106
	167,000	Sirius International Group, 6.375%, 3/20/2017, 144A		180,463
	1,530,000	XLIT Ltd., 6.250%, 5/15/2027		1,906,362
	1,211,000	XLIT Ltd., 6.375%, 11/15/2024		1,491,933

				5,367,061

		Railroads – 0.0%
	144,000	Missouri Pacific Railroad Co., 5.000%, 1/01/2045(d)		140,363

		Real Estate Operations/Development – 0.1%
	596,000	ProLogis LP, 7.375%, 10/30/2019		718,007

		REITs – Office Property – 0.2%
	61,000	Highwoods Properties, Inc., 5.850%, 3/15/2017		65,823
	816,000	Highwoods Properties, Inc., 7.500%, 4/15/2018		943,100

				1,008,923

See accompanying notes to financial statements.

53 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		REITs – Shopping Centers – 0.1%
$	759,000	Equity One, Inc., 6.000%, 9/15/2017	$	829,538

		REITs – Single Tenant – 0.1%
	109,000	Realty Income Corp., 5.750%, 1/15/2021		125,536
	270,000	Realty Income Corp., 6.750%, 8/15/2019		317,806

				443,342

		Restaurants – 0.1%
	463,000	Darden Restaurants, Inc., 6.000%, 8/15/2035		487,121

		Retailers – 0.0%
	66,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		47,850

		Sovereigns – 0.4%
	2,429,000	Republic of Iceland, 5.875%, 5/11/2022, 144A		2,805,140

		Supermarkets – 0.4%
	171,000	Delhaize Group S.A., 5.700%, 10/01/2040		188,971
	197,000	New Albertson’s, Inc., 7.450%, 8/01/2029		180,255
	1,017,000	New Albertson’s, Inc., 8.000%, 5/01/2031		966,150
	87,000	New Albertson’s, Inc., 8.700%, 5/01/2030		85,695
	1,063,000	SUPERVALU, Inc., 6.750%, 6/01/2021		1,094,890

				2,515,961

		Supranational – 0.5%
	3,321,000	Inter-American Development Bank, EMTN, 6.000%, 12/15/2017, (NZD)		2,630,780
	2,605,000	International Finance Corp., GMTN, 5.000%, 12/21/2015, (BRL)		780,386

				3,411,166

		Technology – 1.2%
	2,706,000	Corning, Inc., 7.250%, 8/15/2036		3,520,381
	2,695,000	Ingram Micro, Inc., 5.250%, 9/01/2017		2,897,780
	990,000	KLA-Tencor Corp., 5.650%, 11/01/2034		1,075,551
	37,000	Motorola Solutions, Inc., 6.625%, 11/15/2037		42,382
	247,000	Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		319,138

				7,855,232

		Tobacco – 0.1%
	558,000	Reynolds American, Inc., 6.750%, 6/15/2017		619,214

		Transportation Services – 0.3%
	76,000	APL Ltd., 8.000%, 1/15/2024(d)		65,360
	731,644	Atlas Air Pass Through Trust, Series 1998-1, Class B, 7.680%, 1/02/2016(c)		744,448

		Transportation Services – continued
	717,000	Erac USA Finance Co., 6.700%, 6/01/2034, 144A		920,922

				1,730,730

		Treasuries – 33.8%
	26,800,000	Canadian Government, 1.750%, 9/01/2019, (CAD)		22,148,643
	8,301,000	Canadian Government, 2.500%, 6/01/2015, (CAD)		6,574,735
	99,000	Canadian Government, 2.750%, 9/01/2016, (CAD)		80,632
	30,366,000	Canadian Government, 3.000%, 12/01/2015, (CAD)		24,359,451
	759,000	Canadian Government, 4.000%, 6/01/2016, (CAD)		623,374
	255,000(††)	Mexican Fixed Rate Bonds, Series M, 7.750%, 5/29/2031, (MXN)		1,900,346
	265,000(††)	Mexican Fixed Rate Bonds, Series M-20, 7.500%, 6/03/2027, (MXN)		1,928,031
	737,400(††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		5,515,299
	175,000(††)	Mexican Fixed Rate Bonds, Series M-20, 8.500%, 5/31/2029, (MXN)		1,386,092
	1,165,000(††)	Mexican Fixed Rate Bonds, Series M-20, 10.000%, 12/05/2024, (MXN)		9,918,940
	1,675,000	New Zealand Government Bond, 5.000%, 3/15/2019, (NZD)		1,338,959
	28,844,000	Norway Government Bond, 4.250%, 5/19/2017, (NOK)		3,834,433
	30,112,000	Norway Government Bond, 5.000%, 5/15/2015, (NOK)		3,752,029
	3,986,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)		1,217,700
	62,675,000	Republic of Iceland, 6.000%, 10/13/2016, (ISK)		335,712
	51,425,000	Republic of Iceland, 7.250%, 10/26/2022, (ISK)		278,797
	87,450,000	Republic of Iceland, 8.750%, 2/26/2019, (ISK)		499,599
	6,300,100	U.S. Treasury Note, 0.250%, 10/15/2015		6,303,055
	10,377,700	U.S. Treasury Note, 0.250%, 12/15/2015		10,380,128
	10,000,000	U.S. Treasury Note, 0.250%, 2/29/2016		9,999,220
	20,489,700	U.S. Treasury Note, 0.375%, 11/15/2015		20,510,518
	16,000,000	U.S. Treasury Note, 0.375%, 3/31/2016		16,015,008
	15,000,000	U.S. Treasury Note, 0.375%, 4/30/2016		15,008,205
	50,000,000	U.S. Treasury Note, 0.625%, 12/31/2016		50,121,100

				214,030,006

		Wireless – 0.2%
	10,630,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		671,732

See accompanying notes to financial statements.

| 54

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Wireless – continued
$	178,000	Sprint Capital Corp., 6.875%, 11/15/2028	$	163,315
	51,000	Sprint Capital Corp., 6.900%, 5/01/2019		52,721
	278,000	Sprint Communications, Inc., 6.000%, 12/01/2016		290,232
	40,000	Sprint Communications, Inc., 6.000%, 11/15/2022		38,000

				1,216,000

		Wirelines – 4.3%
	1,985,000	AT&T, Inc., 2.625%, 12/01/2022		1,933,172
	1,585,000	AT&T, Inc., 3.000%, 2/15/2022		1,590,419
	1,518,000	BellSouth Telecommunications LLC, 5.850%, 11/15/2045		1,687,167
	2,179,000	CenturyLink, Inc., 6.450%, 6/15/2021		2,350,596
	186,000	CenturyLink, Inc., Series G, 6.875%, 1/15/2028		193,440
	1,719,000	CenturyLink, Inc., Series P, 7.600%, 9/15/2039		1,760,901
	926,000	Embarq Corp., 7.995%, 6/01/2036		1,101,107
	228,000	Portugal Telecom International Finance BV, EMTN, 4.500%, 6/16/2025, (EUR)		237,020
	100,000	Portugal Telecom International Finance BV, EMTN, 5.000%, 11/04/2019, (EUR)		110,180
	380,000	Qwest Capital Funding, Inc., 6.500%, 11/15/2018		414,200
	2,183,000	Qwest Corp., 6.875%, 9/15/2033		2,190,713
	1,427,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		1,473,377
	150,000	Telefonica Emisiones SAU, 4.570%, 4/27/2023		165,061
	300,000	Telefonica Emisiones SAU, EMTN, 5.289%, 12/09/2022, (GBP)		522,671
	1,000,000	Telefonica Emisiones SAU, EMTN, 5.375%, 2/02/2026, (GBP)		1,778,466
	400,000	Telefonica Emisiones SAU, EMTN, 5.445%, 10/08/2029, (GBP)		729,714
	6,725,000	Verizon Communications, Inc., 2.450%, 11/01/2022		6,518,697
	1,647,000	Verizon New England, Inc., 7.875%, 11/15/2029		2,162,140
	209,000	Verizon Pennsylvania, Inc., 6.000%, 12/01/2028		239,570

				27,158,611


		Total Non-Convertible Bonds
		(Identified Cost $546,164,698)		561,222,651


	Convertible Bonds – 3.5%

		Energy – 0.3%
	1,423,000	Chesapeake Energy Corp., 2.500%, 5/15/2037		1,363,412
	524,000	Chesapeake Energy Corp., 2.750%, 11/15/2035		525,310

				1,888,722


		Property & Casualty Insurance – 1.3%
	6,829,000	Old Republic International Corp., 3.750%, 3/15/2018		8,058,220

		Retailers – 0.4%
	2,615,000	Priceline Group, Inc. (The), 0.900%, 9/15/2021, 144A		2,523,475

		Technology – 1.5%
	3,568,000	Intel Corp., 3.250%, 8/01/2039		5,632,980
	2,661,000	Intel Corp., 3.482%, 12/15/2035(b)		3,309,618
	402,000	Lam Research Corp., Series B, 1.250%, 5/15/2018		528,379

				9,470,977


		Total Convertible Bonds
		(Identified Cost $17,585,488)		21,941,394


	Municipals – 0.8%
		Illinois – 0.4%
	840,000	State of Illinois, 5.100%, 6/01/2033		849,660
	1,705,000	State of Illinois, Series B, 5.520%, 4/01/2038		1,679,971

				2,529,631

		Michigan – 0.1%
	735,000	Michigan Tobacco Settlement Finance Authority Taxable Turbo, Series A, 7.309%, 6/01/2034		645,918

		Ohio – 0.1%
	450,000	Buckeye Tobacco Settlement Financing Authority, Series A-2, 5.875%, 6/01/2047		368,982

		Virginia – 0.2%
	2,045,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046		1,558,699


		Total Municipals
		(Identified Cost $5,564,738)		5,103,230


		Total Bonds and Notes
		(Identified Cost $569,314,924)		588,267,275


	Senior Loans – 0.5%
		Cable Satellite – 0.2%
	1,100,358	CSC Holdings, Inc., New Term Loan B, 2.678%, 4/17/2020(b)		1,094,857

		Finance Companies – 0.3%
	1,878,922	Flying Fortress, Inc., New Term Loan, 3.500%, 6/30/2017(b)		1,878,922


		Total Senior Loans
		(Identified Cost $2,975,266)		2,973,779

See accompanying notes to financial statements.

55 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued


Shares		Description	Value (†)

	Common Stocks – 3.9%

		Automobiles – 0.2%
	91,715	Ford Motor Co.	$	1,480,280

		Chemicals – 0.6%
	17,386	PPG Industries, Inc.		3,921,238

		Electronic Equipment, Instruments & Components – 2.6%
	721,200	Corning, Inc.		16,356,816

		Oil, Gas & Consumable Fuels – 0.5%
	64,896	Repsol YPF S.A., Sponsored ADR		1,209,013
	26,419	Royal Dutch Shell PLC, ADR		1,575,893

				2,784,906


		Total Common Stocks
		(Identified Cost $14,620,716)		24,543,240


	Preferred Stocks – 0.6%

	Convertible Preferred Stocks – 0.6%

		Banking – 0.1%
	714	Bank of America Corp., Series L, 7.250%		826,098

		Energy – 0.2%
	4,353	Chesapeake Energy Corp., 5.000%		387,417
	15,775	El Paso Energy Capital Trust I, 4.750%		946,500

				1,333,917

		Metals & Mining – 0.3%
	21,575	Alcoa, Inc., Series 1, 5.375%		945,848
	53,705	ArcelorMittal, 6.000%		806,649

				1,752,497


		Total Convertible Preferred Stocks
		(Identified Cost $3,846,286)		3,912,512


	Non-Convertible Preferred Stocks – 0.0%

		Banking – 0.0%
	61	Ally Financial, Inc., Series G, 7.000%, 144A		62,306


		Electric – 0.0%
	213	Connecticut Light & Power Co., 2.200%		10,164
	2,360	Union Electric Co., 4.500%		222,312

				232,476


		Total Non-Convertible Preferred Stocks
		(Identified Cost $146,389)		294,782


		Total Preferred Stocks
		(Identified Cost $3,992,675)		4,207,294


	Short-Term Investments – 1.3%
$	8,158,027	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2015 at 0.010% to be repurchased at $8,158,029 on 4/01/2015 collateralized by $7,925,000 U.S. Treasury Note, 2.375% due 12/31/2020 valued at $8,321,250 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $8,158,027)	$	8,158,027


		Total Investments – 99.1%
		(Identified Cost $599,061,608)(a)		628,149,615
		Other assets less liabilities—0.9%		5,962,104


		Net Assets – 100.0%	$	634,111,719


	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(††)	Amount shown represents units. One unit represents a principal amount of 100.
	(a)	Federal Tax Information (Amounts exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
		At March 31, 2015, the net unrealized appreciation on investments based on a cost of $601,428,750 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	$	56,491,505
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(29,770,640	)

		Net unrealized appreciation	$	26,720,865

	(b)	Variable rate security. Rate as of March 31, 2015 is disclosed.
	(c)	Fair valued by the Fund’s adviser. At March 31, 2015, the value of these securities amounted to $820,500 or 0.1% of net assets.
	(d)	Illiquid security. At March 31, 2015, the value of these securities amounted to $6,201,919 or 1.0% of net assets. Illiquid securities are deemed to be fair valued pursuant to the Fund’s pricing policies and procedures.
	(e)	Perpetual bond with no specified maturity date.
	(f)	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.
	(g)	Non-income producing security.

	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2015, the value of Rule 144A holdings amounted to $70,943,583 or 11.2% 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.
	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

See accompanying notes to financial statements.

| 56

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued


	GNMA			Government National Mortgage Association
	MTN			Medium Term Note
	REITs			Real Estate Investment Trusts
	REMIC			Real Estate Mortgage Investment Conduit

	AUD			Australian Dollar
	BRL			Brazilian Real
	CAD			Canadian Dollar
	EUR			Euro
	GBP			British Pound
	IDR			Indonesian Rupiah
	ISK			Icelandic Krona
	KRW			South Korean Won
	MXN			Mexican Peso
	NOK			Norwegian Krone
	NZD			New Zealand Dollar

Industry Summary at March 31, 2015 (Unaudited)


Treasuries	33.8	%
Banking	13.4
Finance Companies	5.8
Wirelines	4.3
Airlines	3.3
Electric	2.9
Non-Agency Commercial Mortgage-Backed Securities	2.8
Technology	2.7
Electronic Equipment, Instruments & Components	2.6
Local Authorities	2.1
Property & Casualty Insurance	2.1
Midstream	2.0
Other Investments, less than 2% each	20.0
Short-Term Investments	1.3

Total Investments	99.1
Other assets less liabilities	0.9

Net Assets	100.0	%

Currency Exposure Summary at March 31, 2015 (Unaudited)


United States Dollar	74.8	%
Canadian Dollar	11.3
New Zealand Dollar	3.8
Mexican Peso	3.6
Other, less than 2% each	5.6

Total Investments	99.1
Other assets less liabilities	0.9

Net Assets	100.0	%

See accompanying notes to financial statements.

57 |

Statements of Assets and Liabilities

March 31, 2015 (Unaudited)


	Fixed Income Fund		Global Bond Fund			Inflation Protected Securities Fund
ASSETS
Investments at cost	$	1,352,211,432	$	2,254,084,865		$	29,655,563
Net unrealized appreciation (depreciation)		51,667,983		(152,062,991	)		(27,686	)

Investments at value		1,403,879,415		2,102,021,874			29,627,877
Cash		123,297		—			—
Due from brokers (Note 2)		—		490,000			—
Foreign currency at value (identified cost $176,995, $44,982,123 and $0, respectively)		176,762		43,932,708			—
Receivable for Fund shares sold		—		5,079,269			281,423
Receivable from investment adviser (Note 6)		—		—			9,196
Receivable for securities sold		1,438,446		93,448			—
Receivable for delayed delivery securities sold (Note 2)		—		130,934,739			—
Collateral received for delayed delivery securities and open forward foreign currency contracts (Notes 2 and 4)		—		2,326,000			—
Dividends and interest receivable		17,892,531		18,326,892			60,498
Unrealized appreciation on forward foreign currency contracts (Note 2)		—		3,202,136			—
Tax reclaims receivable		41,121		109,259			—

TOTAL ASSETS		1,423,551,572		2,306,516,325			29,978,994


LIABILITIES
Payable for securities purchased		84,993		4,766,326			165,680
Payable for delayed delivery securities purchased (Note 2)		—		229,446,467			—
Payable for Fund shares redeemed		500,000		2,780,017			550
Unrealized depreciation on forward foreign currency contracts (Note 2)		—		2,258,183			—
Foreign taxes payable (Note 2)		67,118		13,956			—
Due to brokers (Note 2)		—		2,326,000			—
Payable for variation margin on futures contracts (Note 2)		—		280,980			406
Management fees payable (Note 6)		606,275		908,570			—
Deferred Trustees’ fees (Note 6)		145,946		239,190			76,876
Administrative fees payable (Note 6)		51,408		74,787			1,075
Payable to distributor (Note 6d)		—		35,781			163
Other accounts payable and accrued expenses		58,443		228,188			31,349

TOTAL LIABILITIES		1,514,183		243,358,445			276,099

NET ASSETS	$	1,422,037,389	$	2,063,157,880		$	29,702,895

NET ASSETS CONSIST OF:
Paid-in capital	$	1,354,509,215	$	2,228,215,362		$	31,608,673
Undistributed (Distributions in excess of) net investment income		10,088,509		3,593,261			(155,166	)
Accumulated net realized gain (loss) on investments, futures contracts, swaptions written and foreign currency transactions		6,134,645		(14,667,326	)		(1,721,391	)
Net unrealized appreciation (depreciation) on investments, futures contracts and foreign currency translations		51,305,020		(153,983,417	)		(29,221	)

NET ASSETS	$	1,422,037,389	$	2,063,157,880		$	29,702,895


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Institutional Class:
Net assets	$	1,422,037,389	$	1,472,019,365		$	23,423,591

Shares of beneficial interest		103,017,082		95,777,934			2,238,781

Net asset value, offering and redemption price per share	$	13.80	$	15.37		$	10.46

Retail Class:
Net assets	$	—	$	562,892,372		$	6,279,304

Shares of beneficial interest		—		37,026,729			602,281

Net asset value, offering and redemption price per share	$	—	$	15.20		$	10.43

Class N shares:
Net assets	$	—	$	28,246,143		$	—

Shares of beneficial interest		—		1,837,440			—

Net asset value, offering and redemption price per share	$	—	$	15.37		$	—

See accompanying notes to financial statements.

| 58

Statements of Assets and Liabilities – continued

March 31, 2015 (Unaudited)


	Institutional High Income Fund		Intermediate Duration Bond Fund			Investment Grade Fixed Income Fund
ASSETS
Investments at cost	$	585,874,337	$	93,705,712		$	599,061,608
Net unrealized appreciation		51,377,236		1,055,019			29,088,007

Investments at value		637,251,573		94,760,731			628,149,615
Cash		30,896		—			21,861
Foreign currency at value (identified cost $23,378, $0 and $41,122, respectively)		23,254		—			40,908
Receivable for Fund shares sold		2,192		303,308			—
Receivable for securities sold		180,000		782,958			255,716
Dividends and interest receivable		9,131,677		370,946			6,186,618
Tax reclaims receivable		16,795		498			10,082

TOTAL ASSETS		646,636,387		96,218,441			634,664,800


LIABILITIES
Payable for securities purchased		684,233		486,474			160,234
Payable for Fund shares redeemed		—		3,929			—
Foreign taxes payable (Note 2)		62,311		—			—
Management fees payable (Note 6)		329,742		14,325			218,378
Deferred Trustees’ fees (Note 6)		103,475		80,244			110,325
Administrative fees payable (Note 6)		23,300		3,282			23,146
Payable to distributor (Note 6d)		65		111			—
Other accounts payable and accrued expenses		49,138		38,271			40,998

TOTAL LIABILITIES		1,252,264		626,636			553,081

NET ASSETS	$	645,384,123	$	95,591,805		$	634,111,719

NET ASSETS CONSIST OF:
Paid-in capital	$	581,808,607	$	94,558,323		$	607,850,652
Undistributed (Distributions in excess of) net investment income		2,048,784		(172,857	)		(1,976,432	)
Accumulated net realized gain (loss) on investments, futures contracts and foreign currency transactions		10,274,281		151,320			(725,771	)
Net unrealized appreciation on investments and foreign currency translations		51,252,451		1,055,019			28,963,270

NET ASSETS	$	645,384,123	$	95,591,805		$	634,111,719


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Institutional Class:
Net assets	$	645,384,123	$	89,140,137		$	634,111,719

Shares of beneficial interest		88,411,056		8,476,545			51,097,328

Net asset value, offering and redemption price per share	$	7.30	$	10.52		$	12.41

Retail Class:
Net assets	$	—	$	6,451,668		$	—

Shares of beneficial interest		—		613,245			—

Net asset value, offering and redemption price per share	$	—	$	10.52		$	—

See accompanying notes to financial statements.

59 |

Statements of Operations

For the Six Months Ended March 31, 2015 (Unaudited)


	Fixed Income Fund			Global Bond Fund			Inflation Protected Securities Fund
INVESTMENT INCOME
Interest	$	33,090,547		$	29,939,795		$	4,475	(a)
Dividends		2,116,950			638,775			3,938
Less net foreign taxes withheld		(66,547	)		(164,570	)		—

		35,140,950			30,414,000			8,413

Expenses
Management fees (Note 6)		3,592,618			5,936,734			38,949
Distribution fees (Note 6)		—			789,431			9,287
Administrative fees (Note 6)		306,561			465,698			6,648
Trustees’ fees and expenses (Note 6)		17,687			23,422			7,829
Transfer agent fees and expenses (Notes 6 and 7)		3,152			1,671,479			15,711
Audit and tax services fees		27,921			27,012			22,869
Custodian fees and expenses		56,879			115,381			5,201
Legal fees		6,501			10,094			144
Registration fees		48,171			53,064			24,992
Shareholder reporting expenses		3,335			152,307			2,300
Miscellaneous expenses		18,228			27,935			4,554

Total expenses		4,081,053			9,272,557			138,484
Less waiver and/or expense reimbursement (Note 6)		—			(313,760	)		(66,868	)

Net expenses		4,081,053			8,958,797			71,616

Net investment income (loss)		31,059,897			21,455,203			(63,203	)


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS, SWAPTIONS WRITTEN AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		10,272,907			(4,189,246	)		(536,264	)
Futures contracts		—			(2,664,267	)		(4,640	)
Swaptions written		—			—			257,280
Foreign currency transactions		(541,909	)		5,492,305			—
Net change in unrealized appreciation (depreciation) on:
Investments		(60,401,972	)		(82,394,606	)		783,503
Futures contracts		—			(1,877,830	)		(2,156	)
Swaptions written		—			—			(126,400	)
Foreign currency translations		(101,292	)		(2,775,057	)		—

Net realized and unrealized gain (loss) on investments, futures contracts, swaptions written and foreign currency transactions		(50,772,266	)		(88,408,701	)		371,323


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(19,712,369	)	$	(66,953,498	)	$	308,120

(a)	Includes income reductions resulting from principal deflation adjustments during the period in the amount of $13,369. See Note 2b of Notes to Financial Statements.

See accompanying notes to financial statements.

| 60

Statements of Operations – continued

For the Six Months Ended March 31, 2015 (Unaudited)


	Institutional High Income Fund			Intermediate Duration Bond Fund			Investment Grade Fixed Income Fund
INVESTMENT INCOME
Interest	$	18,530,025		$	1,033,161		$	11,687,827
Dividends		1,437,621			—			540,202
Less net foreign taxes withheld		(41,724	)		(79	)		(13,607	)

		19,925,922			1,033,082			12,214,422

Expenses
Management fees (Note 6)		1,991,191			102,948			1,281,738
Distribution fees (Note 6)		—			7,495			—
Administrative fees (Note 6)		141,604			17,564			136,707
Trustees’ fees and expenses (Note 6)		12,354			8,120			12,006
Transfer agent fees and expenses (Notes 6 and 7)		6,247			5,540			1,913
Audit and tax services fees		25,885			25,622			27,656
Custodian fees and expenses		34,268			8,532			23,472
Legal fees		3,041			362			2,894
Registration fees		18,518			21,878			27,954
Shareholder reporting expenses		2,482			1,372			2,010
Miscellaneous expenses		12,643			4,914			10,901

Total expenses		2,248,233			204,347			1,527,251
Less waiver and/or expense reimbursement (Note 6)		—			(32,136	)		—

Net expenses		2,248,233			172,211			1,527,251

Net investment income		17,677,689			860,871			10,687,171


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		11,351,251			506,208			1,715,891
Futures contracts		—			(12,112	)		—
Foreign currency transactions		(190,181	)		—			(236,963	)
Net change in unrealized appreciation (depreciation) on:
Investments		(32,699,774	)		613,257			(12,612,766	)
Futures contracts		—			(2,175	)		—
Foreign currency translations		5,868			—			(54,250	)

Net realized and unrealized gain (loss) on investments, futures contracts and foreign currency transactions		(21,532,836	)		1,105,178			(11,188,088	)


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,855,147	)	$	1,966,049		$	(500,917	)

See accompanying notes to financial statements.

61 |

Statements of Changes in Net Assets


	Fixed Income Fund						Global Bond Fund
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014
FROM OPERATIONS:
Net investment income	$	31,059,897		$	56,410,540		$	21,455,203		$	47,171,115
Net realized gain (loss) on investments, futures contracts and foreign currency transactions		9,730,998			57,377,818			(1,361,208	)		27,086,229
Net change in unrealized appreciation (depreciation) on investments, futures contracts and foreign currency translations		(60,503,264	)		(11,626,816	)		(87,047,493	)		(35,717,450	)

Net increase (decrease) in net assets resulting from operations		(19,712,369	)		102,161,542			(66,953,498	)		38,539,894

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Institutional Class		(62,823,544	)		(60,850,003	)		(13,369,024	)		(50,183,652	)
Retail Class		—			—			(5,236,847	)		(21,566,153	)
Class N		—			—			(249,121	)		(840,394	)
Net realized capital gains
Institutional Class		(52,933,321	)		(16,386,995	)		(14,810,093	)		(18,256,458	)
Retail Class		—			—			(6,158,675	)		(8,553,211	)
Class N		—			—			(266,282	)		(275,614	)

Total distributions		(115,756,865	)		(77,236,998	)		(40,090,042	)		(99,675,482	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		153,580,104			186,974,100			(94,056,068	)		(142,594,707	)

Net increase (decrease) in net assets		18,110,870			211,898,644			(201,099,608	)		(203,730,295	)
NET ASSETS
Beginning of the period		1,403,926,519			1,192,027,875			2,264,257,488			2,467,987,783

End of the period	$	1,422,037,389		$	1,403,926,519		$	2,063,157,880		$	2,264,257,488

UNDISTRIBUTED NET INVESTMENT INCOME	$	10,088,509		$	41,852,156		$	3,593,261		$	993,050

See accompanying notes to financial statements.

| 62

Statements of Changes in Net Assets – continued


	Inflation Protected Securities Fund						Institutional High Income Fund
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014
FROM OPERATIONS:
Net investment income (loss)	$	(63,203	)	$	398,181		$	17,677,689		$	35,837,512
Net realized gain (loss) on investments, futures contracts, swaptions written and foreign currency transactions		(283,624	)		(1,010,939	)		11,161,070			29,177,011
Net change in unrealized appreciation (depreciation) on investments, futures contracts, swaptions written and foreign currency translations		654,947			558,878			(32,693,906	)		7,905,798

Net increase (decrease) in net assets resulting from operations		308,120			(53,880	)		(3,855,147	)		72,920,321

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Institutional Class		(15,561	)		(484,657	)		(35,993,409	)		(40,486,475	)
Retail Class		—			(122,553	)		—			—
Net realized capital gains
Institutional Class		—			(248,813	)		(30,161,602	)		(32,983,463	)
Retail Class		—			(59,396	)		—			—

Total distributions		(15,561	)		(915,419	)		(66,155,011	)		(73,469,938	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(769,611	)		9,216,462			22,061,507			29,016,447

Net increase (decrease) in net assets		(477,052	)		8,247,163			(47,948,651	)		28,466,830
NET ASSETS
Beginning of the period		30,179,947			21,932,784			693,332,774			664,865,944	��

End of the period	$	29,702,895		$	30,179,947		$	645,384,123		$	693,332,774

UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME	$	(155,166	)	$	(76,402	)	$	2,048,784		$	20,364,504

See accompanying notes to financial statements.

63 |

Statements of Changes in Net Assets – continued


	Intermediate Duration Bond Fund						Investment Grade Fixed Income Fund
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014
FROM OPERATIONS:
Net investment income	$	860,871		$	1,473,260		$	10,687,171		$	22,119,541
Net realized gain on investments, futures contracts and foreign currency transactions		494,096			797,228			1,478,928			23,306,682
Net change in unrealized appreciation (depreciation) on investments, futures contracts and foreign currency translations		611,082			(96,368	)		(12,667,016	)		(12,932,815	)

Net increase (decrease) in net assets resulting from operations		1,966,049			2,174,120			(500,917	)		32,493,408

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Institutional Class		(903,834	)		(1,532,356	)		(15,056,333	)		(24,657,698	)
Retail Class		(61,613	)		(133,174	)		—			—
Net realized capital gains
Institutional Class		(35,990	)		(164,823	)		(5,521,716	)		(7,274,910	)
Retail Class		(2,801	)		(18,111	)		—			—

Total distributions		(1,004,238	)		(1,848,464	)		(20,578,049	)		(31,932,608	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		21,940,597			338,480			43,583,788			(128,840,145	)

Net increase (decrease) in net assets		22,902,408			664,136			22,504,822			(128,279,345	)
NET ASSETS
Beginning of the period		72,689,397			72,025,261			611,606,897			739,886,242

End of the period	$	95,591,805		$	72,689,397		$	634,111,719		$	611,606,897

UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME	$	(172,857	)	$	(68,281	)	$	(1,976,432	)	$	2,392,730

See accompanying notes to financial statements.

| 64

Financial Highlights

For a share outstanding throughout each period.


	Fixed Income Fund — Institutional Class
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	15.22		$	14.97		$	14.83		$	13.69		$	14.12		$	12.94

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.31			0.65			0.69			0.72			0.73			0.77
Net realized and unrealized gain (loss)		(0.53	)		0.57			0.27			1.31			(0.32	)		1.14

Total from Investment Operations		(0.22	)		1.22			0.96			2.03			0.41			1.91

LESS DISTRIBUTIONS FROM:
Net investment income		(0.65	)		(0.76	)		(0.74	)		(0.84	)		(0.84	)		(0.73	)
Net realized capital gains		(0.55	)		(0.21	)		(0.08	)		(0.05	)		—			—

Total Distributions		(1.20	)		(0.97	)		(0.82	)		(0.89	)		(0.84	)		(0.73	)

Net asset value, end of the period	$	13.80		$	15.22		$	14.97		$	14.83		$	13.69		$	14.12

Total return		(1.38	)%(b)		8.51	%		6.71	%		15.79	%		3.01	%		15.38	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,422,037		$	1,403,927		$	1,192,028		$	1,134,935		$	881,269		$	806,138
Net expenses		0.57	%(c)		0.57	%		0.57	%		0.57	%		0.58	%		0.58	%
Gross expenses		0.57	%(c)		0.57	%		0.57	%		0.57	%		0.58	%		0.58	%
Net investment income		4.32	%(c)		4.31	%		4.64	%		5.10	%		5.14	%		5.83	%
Portfolio turnover rate		4	%		26	%		18	%		17	%		26	%		22	%

(a)

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

(b)

Periods less than one year are not annualized.

(c)

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


	Global Bond Fund — Institutional Class
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	16.13		$	16.56		$	17.36		$	16.52		$	16.99		$	16.09

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.16			0.34			0.33			0.44			0.53			0.55
Net realized and unrealized gain (loss)		(0.63	)		(0.08	)		(0.70	)		1.05			(0.28	)		0.92

Total from Investment Operations		(0.47	)		0.26			(0.37	)		1.49			0.25			1.47

LESS DISTRIBUTIONS FROM:
Net investment income		(0.14	)		(0.51	)		(0.43	)		(0.65	)		(0.72	)		(0.57	)
Net realized capital gains		(0.15	)		(0.18	)		—			—			—			—

Total Distributions		(0.29	)		(0.69	)		(0.43	)		(0.65	)		(0.72	)		(0.57	)

Net asset value, end of the period	$	15.37		$	16.13		$	16.56		$	17.36	��	$	16.52		$	16.99

Total return		(2.97	)%(b)(c)		1.57	%(b)		(2.14	)%(b)		9.45	%		1.23	%		9.46	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,472,019		$	1,553,641		$	1,669,103		$	1,629,719		$	1,353,993		$	1,285,095
Net expenses		0.75	%(d)(e)		0.75	%(d)		0.75	%(d)		0.72	%		0.67	%		0.66	%
Gross expenses		0.78	%(e)		0.77	%		0.78	%		0.72	%		0.67	%		0.66	%
Net investment income		2.04	%(e)		2.03	%		1.96	%		2.64	%		3.15	%		3.41	%
Portfolio turnover rate		62	%		143	%		185	%(f)		102	%		84	%		100	%

(a)

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

(b)

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

(c)

Periods less than one year are not annualized.

(d)

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

(e)

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

(f)

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.

65 |

Financial Highlights – continued

For a share outstanding throughout each period.


	Global Bond Fund — Retail Class
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	15.97		$	16.40		$	17.20		$	16.37		$	16.84		$	15.96

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.14			0.29			0.29			0.40			0.48			0.49
Net realized and unrealized gain (loss)		(0.63	)		(0.07	)		(0.70	)		1.04			(0.28	)		0.91

Total from Investment Operations		(0.49	)		0.22			(0.41	)		1.44			0.20			1.40

LESS DISTRIBUTIONS FROM:
Net investment income		(0.13	)		(0.47	)		(0.39	)		(0.61	)		(0.67	)		(0.52	)
Net realized capital gains		(0.15	)		(0.18	)		—			—			—			—

Total Distributions		(0.28	)		(0.65	)		(0.39	)		(0.61	)		(0.67	)		(0.52	)

Net asset value, end of the period	$	15.20		$	15.97		$	16.40		$	17.20		$	16.37		$	16.84

Total return		(3.13	)%(b)(c)		1.35	%		(2.39	)%		9.20	%		0.94	%		9.05	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	562,892		$	682,624		$	798,335		$	995,211		$	978,241		$	1,026,809
Net expenses		1.00	%(d)(e)		0.98	%		0.98	%		0.97	%		0.97	%		1.00	%(f)
Gross expenses		1.03	%(d)		0.98	%		0.98	%		0.97	%		0.97	%		1.00	%(f)
Net investment income		1.78	%(d)		1.80	%		1.72	%		2.43	%		2.84	%		3.08	%
Portfolio turnover rate		62	%		143	%		185	%(g)		102	%		84	%		100	%

(a)

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

(b)

Periods less than one year are not annualized.

(c)

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

(d)

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

(e)

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

(f)

Includes fee/expense recovery of 0.01%.

(g)

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.


	Global Bond Fund — Class N
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Period Ended September 30, 2013*
Net asset value, beginning of the period	$	16.13		$	16.56		$	17.18

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.17			0.36			0.22
Net realized and unrealized gain (loss)		(0.64	)		(0.08	)		(0.56	)

Total from Investment Operations		(0.47	)		0.28			(0.34	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.14	)		(0.53	)		(0.28	)
Net realized capital gains		(0.15	)		(0.18	)		—

Total Distributions		(0.29	)		(0.71	)		(0.28	)

Net asset value, end of the period	$	15.37		$	16.13		$	16.56

Total return		(2.94	)%(b)		1.70	%		(1.97	)%(b)(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	28,246		$	27,993		$	550
Net expenses		0.63	%(d)		0.63	%(e)		0.70	%(d)(f)
Gross expenses		0.63	%(d)		0.63	%(e)		0.83	%(d)
Net investment income		2.16	%(d)		2.16	%		2.01	%(d)
Portfolio turnover rate		62	%		143	%		185	%

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

(a)

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

(b)

Periods less than one year are not annualized.

(c)

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

(d)

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

(e)

Includes fee/expense recovery of 0.01%.

(f)

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

See accompanying notes to financial statements.

| 66

Financial Highlights – continued

For a share outstanding throughout each period.


	Inflation Protected Securities Fund — Institutional Class
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	10.33		$	10.64		$	12.18		$	11.58		$	11.10		$	10.46

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.02	)(b)		0.15			0.09			0.11	(c)		0.46			0.31
Net realized and unrealized gain (loss)		0.16			(0.16	)		(0.74	)		0.92			0.55			0.67

Total from Investment Operations		0.14			(0.01	)		(0.65	)		1.03			1.01			0.98

Less Distributions From:
Net investment income		(0.01	)		(0.20	)		(0.19	)		(0.28	)		(0.53	)		(0.34	)
Net realized capital gains		—			(0.10	)		(0.70	)		(0.15	)		—			—

Total Distributions		(0.01	)		(0.30	)		(0.89	)		(0.43	)		(0.53	)		(0.34	)

Net asset value, end of the period	$	10.46		$	10.33		$	10.64		$	12.18		$	11.58		$	11.10

Total return(d)		1.33	%(e)		(0.02	)%		(5.70	)%		9.01	%		9.36	%		9.58	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	23,424		$	24,480		$	18,434		$	23,771		$	33,880		$	13,240
Net expenses(f)		0.40	%(g)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Gross expenses		0.83	%(g)		0.91	%		0.91	%		0.85	%		1.08	%		1.22	%
Net investment income (loss)		(0.43	)%(b)(g)		1.41	%		0.75	%(c)		0.95	%(c)		4.04	%		2.88	%
Portfolio turnover rate		59	%		206	%(h)		56	%		166	%(i)		20	%		39	%

(a)

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

(b)

Includes income reductions resulting from principal deflation adjustments during the period in the amount of less than $0.01 per share and 0.09% of average net assets. See Note 2b of Notes to Financial Statements.

(c)

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

(d)

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

(e)

Periods less than one year are not annualized.

(f)

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

(g)

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

(h)

The variation in the Fund’s turnover rate from 2013 to 2014 was primarily due to portfolio repositioning, as well as fluctuation in the level of fund assets due to shareholder flows.

(i)

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.

67 |

Financial Highlights – continued

For a share outstanding throughout each period.


	Inflation Protected Securities Fund — Retail Class
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Period Ended September 30, 2010*
Net asset value, beginning of the period	$	10.31		$	10.61		$	12.15		$	11.56		$	11.09		$	10.71

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.02	)(b)		0.14			(0.05	)		0.04	(c)		0.35			0.04
Net realized and unrealized gain (loss)		0.14			(0.16	)		(0.64	)		0.96			0.63			0.44

Total from Investment Operations		0.12			(0.02	)		(0.69	)		1.00			0.98			0.48

Less Distributions From:
Net investment income		—			(0.18	)		(0.15	)		(0.26	)		(0.51	)		(0.10	)
Net realized capital gains		—			(0.10	)		(0.70	)		(0.15	)		—			—

Total Distributions		—			(0.28	)		(0.85	)		(0.41	)		(0.51	)		(0.10	)

Net asset value, end of the period	$	10.43		$	10.31		$	10.61		$	12.15		$	11.56		$	11.09

Total return(d)		1.16	%(e)		(0.15	)%		(6.04	)%		8.71	%		9.14	%		4.47	%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	6,279		$	5,700		$	3,499		$	3,169		$	1,923		$	75
Net expenses(f)		0.65	%(g)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%(g)
Gross expenses		1.07	%(g)		1.19	%		1.23	%		1.23	%		1.31	%		2.36	%(g)
Net investment income (loss)		(0.33	)%(b)(g)		1.36	%		(0.44	)%(c)		0.35	%(c)		3.09	%		1.12	%(g)
Portfolio turnover rate		59	%		206	%(h)		56	%		166	%(i)		20	%		39	%

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)

(c)

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

(d)

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

(e)

Periods less than one year are not annualized.

(f)

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

(g)

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

(h)

The variation in the Fund’s turnover rate from 2013 to 2014 was primarily due to portfolio repositioning, as well as fluctuation in the level of fund assets due to shareholder flows.

(i)

See accompanying notes to financial statements.

| 68

Financial Highlights – continued

For a share outstanding throughout each period.


	Institutional High Income Fund — Institutional Class
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	8.15		$	8.24		$	7.74		$	7.15		$	8.08		$	7.40

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.20			0.42			0.46			0.46			0.50			0.54
Net realized and unrealized gain (loss)		(0.26	)		0.43			0.57			0.75			(0.51	)		0.66

Total from Investment Operations		(0.06	)		0.85			1.03			1.21			(0.01	)		1.20

LESS DISTRIBUTIONS FROM:
Net investment income		(0.43	)		(0.52	)		(0.50	)		(0.45	)		(0.59	)		(0.52	)
Net realized capital gains		(0.36	)		(0.42	)		(0.03	)		(0.17	)		(0.33	)		(0.00	)(b)

Total Distributions		(0.79	)		(0.94	)		(0.53	)		(0.62	)		(0.92	)		(0.52	)

Net asset value, end of the period	$	7.30		$	8.15		$	8.24		$	7.74		$	7.15		$	8.08

Total return		(0.47	)%(c)		11.14	%		14.17	%		18.37	%		(0.43	)%		17.06	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	645,384		$	693,333		$	664,866		$	652,767		$	429,621		$	383,693
Net expenses		0.68	%(d)		0.68	%		0.68	%		0.68	%		0.69	%		0.71	%
Gross expenses		0.68	%(d)		0.68	%		0.68	%		0.68	%		0.69	%		0.71	%
Net investment income		5.33	%(d)		5.16	%		5.76	%		6.30	%		6.37	%		7.08	%
Portfolio turnover rate		8	%		29	%		28	%		21	%		25	%		21	%

(a)

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

(b)

Amount rounds to less than $0.01 per share.

(c)

Periods less than one year are not annualized.

(d)

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


	Intermediate Duration Bond Fund — Institutional Class
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	10.39		$	10.33		$	10.80		$	10.54		$	10.57		$	9.95

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.11			0.24			0.21			0.22			0.30			0.38
Net realized and unrealized gain (loss)		0.15			0.12			(0.24	)		0.40			0.04			0.66

Total from Investment Operations		0.26			0.36			(0.03	)		0.62			0.34			1.04

LESS DISTRIBUTIONS FROM:
Net investment income		(0.12	)		(0.27	)		(0.27	)		(0.28	)		(0.37	)		(0.42	)
Net realized capital gains		(0.01	)		(0.03	)		(0.17	)		(0.08	)		—			—

Total Distributions		(0.13	)		(0.30	)		(0.44	)		(0.36	)		(0.37	)		(0.42	)

Net asset value, end of the period	$	10.52		$	10.39		$	10.33		$	10.80		$	10.54		$	10.57

Total return(b)		2.47	%(c)		3.60	%		(0.30	)%		6.06	%		3.26	%		10.67	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	89,140		$	66,759		$	66,424		$	75,588		$	58,471		$	36,959
Net expenses(d)		0.40	%(e)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Gross expenses		0.48	%(e)		0.57	%		0.48	%		0.51	%		0.57	%		0.73	%
Net investment income		2.11	%(e)		2.31	%		1.97	%		2.12	%		2.83	%		3.75	%
Portfolio turnover rate		68	%		134	%		124	%		82	%		83	%		43	%

(a)

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

(b)

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

(c)

Periods less than one year are not annualized.

(d)

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

(e)

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

See accompanying notes to financial statements.

69 |

Financial Highlights – continued

For a share outstanding throughout each period.


	Intermediate Duration Bond Fund — Retail Class
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Period Ended September 30, 2010*
Net asset value, beginning of the period	$	10.39		$	10.34		$	10.80		$	10.55		$	10.58		$	10.21

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.10			0.22			0.18			0.20			0.27			0.09
Net realized and unrealized gain (loss)		0.15			0.11			(0.23	)		0.39			0.04			0.41

Total from Investment Operations		0.25			0.33			(0.05	)		0.59			0.31			0.50

LESS DISTRIBUTIONS FROM:
Net investment income		(0.11	)		(0.25	)		(0.24	)		(0.26	)		(0.34	)		(0.13	)
Net realized capital gains		(0.01	)		(0.03	)		(0.17	)		(0.08	)		—			—

Total Distributions		(0.12	)		(0.28	)		(0.41	)		(0.34	)		(0.34	)		(0.13	)

Net asset value, end of the period	$	10.52		$	10.39		$	10.34		$	10.80		$	10.55		$	10.58

Total return(b)		2.34	%(c)		3.24	%		(0.46	)%		5.69	%		3.00	%		4.89	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	6,452		$	5,931		$	5,601		$	3,084		$	1,704		$	82
Net expenses(d)		0.65	%(e)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%(e)
Gross expenses		0.73	%(e)		0.85	%		0.79	%		0.84	%		0.94	%		1.61	%(e)
Net investment income		1.86	%(e)		2.07	%		1.71	%		1.91	%		2.60	%		2.66	%(e)
Portfolio turnover rate		68	%		134	%		124	%		82	%		83	%		43	%

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, total returns would have been lower.

(c)

Periods less than one year are not annualized.

(d)

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

(e)

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


	Investment Grade Fixed Income Fund — Institutional Class
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	12.82		$	12.82		$	13.21		$	12.52		$	13.44		$	12.39

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.21			0.46			0.49			0.56			0.65			0.68
Net realized and unrealized gain (loss)		(0.21	)		0.21			(0.21	)		0.97			(0.17	)		1.07

Total from Investment Operations		(0.00	)(b)		0.67			0.28			1.53			0.48			1.75

LESS DISTRIBUTIONS FROM:
Net investment income		(0.30	)		(0.51	)		(0.54	)		(0.66	)		(0.76	)		(0.70	)
Net realized capital gains		(0.11	)		(0.16	)		(0.13	)		(0.18	)		(0.64	)		—

Total Distributions		(0.41	)		(0.67	)		(0.67	)		(0.84	)		(1.40	)		(0.70	)

Net asset value, end of the period	$	12.41		$	12.82		$	12.82		$	13.21		$	12.52		$	13.44

Total return		(0.06	)%(c)		5.36	%		2.14	%		12.78	%		3.82	%		14.59	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	634,112		$	611,607		$	739,886		$	690,693		$	452,310		$	473,199
Net expenses		0.48	%(d)		0.48	%		0.47	%		0.48	%		0.49	%		0.48	%
Gross expenses		0.48	%(d)		0.48	%		0.47	%		0.48	%		0.49	%		0.48	%
Net investment income		3.34	%(d)		3.52	%		3.72	%		4.44	%		5.03	%		5.29	%
Portfolio turnover rate		9	%		23	%		25	%		19	%		17	%		24	%

(a)

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

(b)

Amount rounds to less than $0.01 per share.

(c)

Periods less than one year are not annualized.

(d)

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

See accompanying notes to financial statements.

| 70

Notes to Financial Statements

March 31, 2015 (Unaudited)

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

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

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

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

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

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

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

Each Fund is a diversified investment company.

Each Fund offers Institutional Class shares. Global Bond Fund, Inflation Protected Securities Fund and Intermediate Duration Bond Fund also offer Retail Class shares. In addition, Global Bond Fund offers Class N shares.

Most expenses can be directly attributed to a Fund. Expenses which cannot be directly attributed to a Fund are generally apportioned based on the relative net assets of each of the funds in Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”). 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, for Global Bond Fund Institutional Class and Retail Class, collectively, and Class N individually, 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 follow the accounting and reporting guidelines provided for investment companies and are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Management has evaluated the events and transactions subsequent to period-end through the date the financial statements were issued and has determined that there were no material events that would require disclosure in the Funds’ financial statements.

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

Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service, or bid prices obtained from broker-dealers. Senior loans are valued at bid prices supplied by an independent pricing service, if available. Listed equity securities (including closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange or market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. Unlisted equity securities (except unlisted preferred equity securities discussed above) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available. In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used. Broker-dealer bid prices may be used to value debt and unlisted equity securities and senior loans where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security. Forward foreign currency contracts are valued utilizing interpolated rates determined based on information provided by an independent pricing service. Futures contracts are valued at the current settlement price on the exchange on which the adviser believes that, over time, they are traded most extensively. Swaptions are valued at mid prices (between the bid and the ask price) supplied by an independent pricing service, if available. Other swaptions not priced through an independent pricing service are valued based on prices obtained from broker-dealers. Centrally cleared credit default swap agreements are valued at settlement prices of the clearinghouse on which the contracts were traded or prices obtained from broker-dealers. Bilateral credit default swaps are valued based on mid prices (between the bid price and the ask price) supplied by an independent pricing service.

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

b. Investment Transactions and Related Investment Income. Investment transactions are accounted for on a trade date plus one day basis for daily NAV calculation. However, for financial reporting purposes, investment transactions are reported on trade date. Dividend income is recorded on ex-dividend date, or in the case of certain foreign securities, as soon as a Fund is notified, and interest income is recorded on an accrual basis. Interest income is increased by the accretion of discount and decreased by the amortization of premium. 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 cost of investments or as a realized gain, respectively. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in distributions received from the Funds’ investments in real estate investment trusts (“REITs”) are reported to the Funds after the end of the fiscal year; accordingly, the Funds estimate these amounts for accounting purposes until the characterization of REIT distributions is reported to the Funds after the end of the fiscal year. Estimates are based on the most recent REIT distribution information available. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis. Investment income, non-class-specific expenses and realized and unrealized gains and losses are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund.

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

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

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

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

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 instrument or index for a specified price on a specified future date.

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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, 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

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

For the six months ended March 31, 2015, no swap agreements were held by the Funds.

h. Delayed Delivery Commitments. The Funds may purchase securities, including those designated as To Be Announced (“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.

i. Federal and Foreign Income Taxes. The Trust treats each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund’s tax positions for the open tax years as of March 31, 2015 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

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

j. Dividends and Distributions to Shareholders. Dividends and distributions are recorded on ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined 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, trust preferred securities adjustments, capital gain distributions from REIT’s, return of capital distributions received, redemption in-kind, inflation-protected securities and contingent payment debt instruments. Permanent book and tax

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basis differences relating to shareholder distributions will result in reclassifications to capital accounts reported on the Statements of Assets and Liabilities. Temporary differences between book and tax distributable earnings are primarily due to deferred Trustees’ fees, 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, contingent payment debt instruments and reversal of bankruptcy income. Amounts of income and capital gain available to be distributed on a tax basis are determined annually, and at other times during the Funds’ fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distributions. Distributions from net investment income and short-term capital gains are considered to be distributed from ordinary income for tax purposes.

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the year ended September 30, 2014 was as follows:


	2014 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
Fixed Income Fund	$	62,392,026	$	14,844,972	$	77,236,998
Global Bond Fund		72,590,199		27,085,283		99,675,482
Inflation Protected Securities Fund		886,646		28,773		915,419
Institutional High Income Fund		41,262,649		32,207,289		73,469,938
Intermediate Duration Bond Fund		1,665,695		182,769		1,848,464
Investment Grade Fixed Income Fund		25,002,629		6,929,979		31,932,608

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, 2014, capital loss carryforwards 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
Capital loss carryforward:
Short-term:
No expiration date	$	—	$	—	$	(410,895	)	$	—	$	(63,908	)	$	—
Long-term:
No expiration date		—		—		(787,258	)		—		—			—

Total capital loss carryforward	$	—	$	—	$	(1,198,153	)	$	—	$	(63,908	)	$	—

k. Loan Participations. Each Fund may invest in loans to corporate, governmental or other borrowers. The Funds’ investments in loans may be in the form of participations in loans or assignments of all or a portion of loans. A loan is often administered by a bank or other financial institution that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. When investing in a loan participation, (i) a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the party from whom the Fund has purchased the participation and only upon receipt by that party of payments from the borrower and (ii) a Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement or to vote on matters arising under the loan agreement. Thus, a Fund may be subject to credit risk both of the party from whom it purchased the loan participation and the borrower and the Fund may have minimal control over the terms of any loan modification. When a Fund purchase assignments from lenders, it acquires direct rights against the borrower on the loan. Loan agreements and participations outstanding at the end of the period, if any, are listed in each applicable Funds’ Schedule of Investments.

l. Repurchase Agreements. Each Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which each Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is each Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities. As of March 31, 2015, each Fund, as applicable, had investments in repurchase agreements for which the value of the related collateral exceeded the value of the repurchase agreement. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes.

m. Due to/from Brokers. Transactions and positions in certain futures, forward foreign currency contracts, interest rate swaptions and delayed delivery commitments are maintained and cleared by registered U.S. broker/dealers pursuant to customer agreements between a Fund and the

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various broker/dealers. The due to broker balance in the Statement of Assets and Liabilities for Global Bond Fund represents cash received as collateral for forward foreign currency contracts or delayed delivery securities. The due from brokers balance in the Statement of Assets and Liabilities for Global Bond Fund represents cash pledged as collateral for forward foreign currency contracts or delayed delivery securities. In certain circumstances a Fund’s use of cash and/or securities held at brokers is restricted by regulation or broker mandated limits.

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

For the six months ended March 31, 2015, none of the Funds had loaned securities under this agreement.

o. 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.

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

•

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

•

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

•

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

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

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

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The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2015, at value:

Fixed Income Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—	$	382,670	$	4,208,351	(b)	$	4,591,021
Airlines		—		23,953,397		10,469,901	(c)		34,423,298
Finance Companies		708,551		69,703,453		—			70,412,004
Non-Agency Commercial Mortgage-Backed Securities		—		3,622,091		2,175,120	(c)		5,797,211
Railroads		—		487,372		5,191,309	(c)		5,678,681
Retailers		—		10,704,662		1,254,665	(d)		11,959,327
Transportation Services		—		2,150,000		860,513	(d)		3,010,513
All Other Non-Convertible Bonds(a)		—		1,039,205,914		—			1,039,205,914

Total Non-Convertible Bonds		708,551		1,150,209,559		24,159,859			1,175,077,969

Convertible Bonds(a)		—		79,616,186		—			79,616,186
Municipals(a)		—		11,569,181		—			11,569,181

Total Bonds and Notes		708,551		1,241,394,926		24,159,859			1,266,263,336

Senior Loans(a)		—		11,944,827		—			11,944,827
Preferred Stocks
Convertible Preferred Stocks
Energy		5,763,900		3,063,199		—			8,827,099
REITs—Mortgage		—		664,447		—			664,447
All Other Convertible Preferred Stocks(a)		15,626,181		—		—			15,626,181

Total Convertible Preferred Stocks		21,390,081		3,727,646		—			25,117,727

Non-Convertible Preferred Stocks
Electric		—		716,254		—			716,254
All Other Non-Convertible Preferred Stocks(a)		3,217,612		—		—			3,217,612

Total Non-Convertible Preferred Stocks		3,217,612		716,254		—			3,933,866

Total Preferred Stocks		24,607,693		4,443,900		—			29,051,593

Common Stocks(a)		89,448,531		—		—			89,448,531
Short-Term Investments		—		7,171,128		—			7,171,128

Total	$	114,764,775	$	1,264,954,781	$	24,159,859		$	1,403,879,415

(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 ($959,359) or fair valued by the Fund’s adviser ($3,248,992).

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

A preferred stock valued at $36,744 was transferred from Level 2 to Level 1 during the period ended March 31, 2015. At September 30, 2014, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service. At March 31, 2015, this security was valued at the last sale price.

Preferred stocks valued at $3,594,311 were transferred from Level 1 to Level 2 during the period ended March 31, 2015. At September 30, 2014, these securities were valued at the last sale price. At March 31, 2015, these securities were valued on the basis of evaluated bids furnished to the Fund by an independent pricing service.

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

77 |

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

Global Bond Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
United States	$	—	$	561,592,466	$	50,392,112	(b)	$	611,984,578
All Other Non-Convertible Bonds(a)		—		1,365,285,323		—			1,365,285,323

Total Non-Convertible Bonds		—		1,926,877,789		50,392,112			1,977,269,901

Convertible Bonds(a)		—		1,028,038		—			1,028,038

Total Bonds and Notes		—		1,927,905,827		50,392,112			1,978,297,939

Preferred Stocks(a)		25,382,554		—		—			25,382,554

Short-Term Investments		—		98,341,381		—			98,341,381

Total Investments		25,382,554		2,026,247,208		50,392,112			2,102,021,874

Forward Foreign Currency Contracts (unrealized appreciation)		—		3,202,136		—			3,202,136
Futures Contracts (unrealized appreciation)		320,767		—		—			320,767

Total	$	25,703,321	$	2,029,449,344	$	50,392,112		$	2,105,544,777

Liability Valuation Inputs


Description	Level 1			Level 2			Level 3		Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—		$	(2,258,183	)	$	—	$	(2,258,183	)
Futures Contracts (unrealized depreciation)		(1,033,214	)		—			—		(1,033,214	)

Total	$	(1,033,214	)	$	(2,258,183	)	$	—	$	(3,291,397	)

(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)	$	—		$	28,417,880	$	—	$	28,417,880
Preferred Stocks(a)		129,234			—		—		129,234
Short-Term Investments		—			1,080,763		—		1,080,763

Total	$	129,234		$	29,498,643	$	—	$	29,627,877


Liability Valuation Inputs

Description	Level 1			Level 2		Level 3		Total
Futures Contracts (unrealized depreciation)	$	(1,535	)	$	—	$	—	$	(1,535	)

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

For the six months ended March 31, 2015, there were no transfers among Levels 1, 2 and 3.

| 78

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

Institutional High Income Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
Airlines	$	—	$	13,821,485	$	7,720,020	(b)	$	21,541,505
Non-Agency Commercial Mortgage-Backed Securities		—		328,106		1,450,080	(b)		1,778,186
Railroads		—		335,992		2,924,681	(b)		3,260,673
Retailers		—		10,286,187		1,915,075	(c)		12,201,262
Transportation Services		—		6,453,825		1,674,213	(c)		8,128,038
All Other Non-Convertible Bonds(a)		—		391,494,653		—			391,494,653

Total Non-Convertible Bonds		—		422,720,248		15,684,069			438,404,317

Convertible Bonds(a)		—		65,538,992		—			65,538,992
Municipals(a)		—		4,225,721		—			4,225,721

Total Bonds and Notes		—		492,484,961		15,684,069			508,169,030

Loan Participations(a)		—		—		732,011	(b)		732,011
Senior Loans(a)		—		13,040,472		—			13,040,472
Common Stocks(a)		88,648,864		—		—			88,648,864
Preferred Stocks
Convertible Preferred Stocks
Energy		3,252,000		1,427,573		—			4,679,573
All Other Convertible Preferred Stocks(a)		4,981,380		—		—			4,981,380

Total Convertible Preferred Stocks		8,233,380		1,427,573		—			9,660,953

Non-Convertible Preferred Stocks
REITs—Warehouse/Industrials		—		233,413		—			233,413
All Other Non-Convertible Preferred Stocks(a)		2,865,687		—		—			2,865,687

Total Non-Convertible Preferred Stocks		2,865,687		233,413		—			3,099,100

Total Preferred Stocks		11,099,067		1,660,986		—			12,760,053

Warrants(d)		—		—		—			—
Short-Term Investments		—		13,901,143		—			13,901,143

Total	$	99,747,931	$	521,087,562	$	16,416,080		$	637,251,573

(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 level 2 inputs.

A preferred stock valued at $9,138 was transferred from Level 2 to Level 1 during the period ended March 31, 2015. At September 30, 2014, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service. At March 31, 2015, this security was valued at the last sale price.

Preferred stocks valued at $1,094,926 were transferred from Level 1 to Level 2 during the period ended March 31, 2015. At September 30, 2014, these securities were valued at the last sale price. At March 31, 2015, these securities were valued on the basis of evaluated bids furnished to the Fund by an independent pricing service.

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

79 |

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

Intermediate Duration Bond Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Car Loan	$	—	$	8,497,857	$	711,776	(b)	$	9,209,633
ABS Home Equity		—		758,672		45,313	(c)		803,985
ABS Other		—		2,093,970		1,250,310	(b)		3,344,280
Airlines		—		—		127,142	(b)		127,142
All Other Non-Convertible Bonds(a)		—		77,534,647		—			77,534,647

Total Non-Convertible Bonds		—		88,885,146		2,134,541			91,019,687

Municipals(a)		—		310,295		—			310,295

Total Bonds and Notes		—		89,195,441		2,134,541			91,329,982

Short-Term Investments		—		3,430,749		—			3,430,749

Total	$	—	$	92,626,190	$	2,134,541		$	94,760,731

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

(b) Valued using broker-dealer bid prices.

Investment Grade Fixed Income Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	—	$	—	$	76,052	(b)	$	76,052
ABS Other		—		6,988,736		4,079,529	(c)		11,068,265
Airlines		—		9,268,454		11,909,842	(c)		21,178,296
Non-Agency Commercial Mortgage-Backed Securities		—		14,972,392		2,743,392	(c)		17,715,784
Transportation Services		—		986,282		744,448	(b)		1,730,730
All Other Non-Convertible Bonds(a)		—		509,453,524		—			509,453,524

Total Non-Convertible Bonds		—		541,669,388		19,553,263			561,222,651

Convertible Bonds(a)		—		21,941,394		—			21,941,394
Municipals(a)		—		5,103,230		—			5,103,230

Total Bonds and Notes		—		568,714,012		19,553,263			588,267,275

Senior Loans(a)		—		2,973,779		—			2,973,779
Common Stocks(a)		24,543,240		—		—			24,543,240
Preferred Stocks
Convertible Preferred Stocks
Energy		946,500		387,417		—			1,333,917
All Other Convertible Preferred Stocks(a)		2,578,595		—		—			2,578,595

Total Convertible Preferred Stocks		3,525,095		387,417		—			3,912,512

Non-Convertible Preferred Stocks
Electric		—		232,476		—			232,476
All Other Non-Convertible Preferred Stocks(a)		62,306		—		—			62,306

Total Non-Convertible Preferred Stocks		62,306		232,476		—			294,782

Total Preferred Stocks		3,587,401		619,893		—			4,207,294

Short-Term Investments		—		8,158,027		—			8,158,027

Total	$	28,130,641	$	580,465,711	$	19,553,263		$	628,149,615

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

(b) Fair valued by the Fund’s adviser.

| 80

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

Preferred stocks valued at $651,152 were transferred from Level 1 to Level 2 during the period ended March 31, 2015. At September 30, 2014, these securities were valued at the last sale price. At March 31, 2015, these securities were valued on the basis of evaluated bids furnished to the Fund as an independent pricing service.

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, 2014 and/or March 31, 2015:

Fixed Income Fund

Asset Valuation Inputs


Investments in Securities	Balance as of September 30, 2014		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 March 31, 2015		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2015
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—	$	—	$	2		$	(126,264	)	$	4,381,505	$	(46,892	)	$	—	$	—		$	4,208,351	$	(126,264	)
Airlines		11,166,164		—		3,139			69,723			—		(513,255	)		—		(255,870	)		10,469,901		107,135
Metals & Mining		2,649,200		12,353		526			859,859			—		(3,521,938	)		—		—			—		—
Non-Agency Commercial Mortgage-Backed Securities		—		—		—			15,120			2,160,000		—			—		—			2,175,120		15,120
Railroads		—		373,371		—			(3,566,823	)		—		—			8,384,761		—			5,191,309		(3,566,823	)
Retailers		1,203,038		3,201		—			48,426			—		—			—		—			1,254,665		48,426
Transportation Services		934,527		—		25,744			(26,838	)		—		(72,920	)		—		—			860,513		(26,838	)
Convertible Bonds
Wirelines		3,023		—		(1,196	)		975			—		(2,802	)		—		—			—		—

Total	$	15,955,952	$	388,925	$	28,215		$	(2,725,822	)	$	6,541,505	$	(4,157,807	)	$	8,384,761	$	(255,870	)	$	24,159,859	$	(3,549,244	)

A debt security valued at $255,870 was transferred from Level 3 to Level 2 during the period ended March 31, 2015. At September 30, 2014, this security was valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service was unable to price the security. At March 31, 2015, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

A debt security valued at $8,384,761 was transferred from Level 2 to Level 3 during the period ended March 31, 2015. At September 30, 2014, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies. At March 31, 2015, this security was valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service did not provide a reliable price for the security.

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, 2014		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 March 31, 2015		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2015
Bonds and Notes
Non-Convertible Bonds
Australia	$	4,732,900	$	—	$	36,005	$	(33,839	)	$	—	$	(4,735,066	)	$	—	$	—		$	—	$	—
Cayman Islands		1,441,270		—		5,899		(6,491	)		—		(1,440,678	)		—		—			—		—
United States		58,041,992		6,234		151,882		207,168			1,806,024		(3,019,838	)		—		(6,801,350	)		50,392,112		306,504

Total	$	64,216,162	$	6,234	$	193,786	$	166,838		$	1,806,024	$	(9,195,582	)	$	—	$	(6,801,350	)	$	50,392,112	$	306,504

81 |

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

Debt securities valued at $6,801,350 were transferred from Level 3 to Level 2 during the period ended March 31, 2015. At September 30, 2014, 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. At March 31, 2015, 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, 2014		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 March 31, 2015		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2015
Bonds and Notes
Non-Convertible Bonds
Airlines	$	11,705,083	$	1,063	$	15,105		$	(115,870	)	$	—	$	(3,885,361	)	$	—	$	—	$	7,720,020	$	(28,966	)
Metals & Mining		4,221,700		23,313		1,048			1,348,480			—		(5,594,541	)		—		—		—		—
Non-Agency Commercial Mortgage-Backed Securities		—		—		—			10,080			1,440,000		—			—		—		1,450,080		10,080
Railroads		—		210,347		—			(2,009,475	)		—		—			4,723,809		—		2,924,681		(2,009,474	)
Retailers		1,836,274		8,758		—			70,043			—		—			—		—		1,915,075		70,043
Transportation Services		1,696,418		—		6,401			(6,730	)		—		(21,876	)		—		—		1,674,213		—
Convertible Bonds
Wirelines		2,529		—		(1,024	)		816			—		(2,321	)		—		—		—		—
Loan Participations
ABS Other		755,145		—		(151	)		(2,801	)		—		(20,182	)		—		—		732,011		(2,725	)

Total	$	20,217,149	$	243,481	$	21,379		$	(705,457	)	$	1,440,000	$	(9,524,281	)	$	4,723,809	$	—	$	16,416,080	$	(1,961,042	)

A debt security valued at $4,723,809 was transferred from Level 2 to Level 3 during the period ended March 31, 2015. At September 30, 2014, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies. At March 31, 2015, this security was valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service did not provide a reliable price for the security.

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, 2014		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases		Sales			Transfers in to Level 3		Transfers out of Level 3			Balance as of March 31, 2015		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2015
Bonds and Notes
Non-Convertible Bonds
ABS Car Loan	$	781,677	$	—	$	3		$	818		$	334,999	$	(60,780	)	$	—	$	(344,941	)	$	711,776	$	894
ABS Home Equity		59,427		—		(64	)		1,596			—		(15,646	)		—		—			45,313		815
ABS Other		1,118,344		—		15			(4,605	)		384,878		(150,012	)		—		(98,310	)		1,250,310		(4,606	)
Airlines		139,910		—		(415	)		(2,851	)		—		(9,502	)		—		—			127,142		(1,652	)

Total	$	2,099,358	$	—	$	(461	)	$	(5,042	)	$	719,877	($	235,940	)	$	—	$	(443,251	)	$	2,134,541	$	(4,549	)

Debt securities valued at $443,251 were transferred from Level 3 to Level 2 during the period ended March 31, 2015. At September 30, 2014, 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. At March 31, 2015, these securities were valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

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

| 82

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

Investment Grade Fixed Income Fund

Asset Valuation Inputs


Investments in Securities	Balance as of September 30, 2014		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 March 31, 2015		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2015
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	81,101	$	—	$	113	$	897		$	—	$	(6,059	)	$	—	$	—		$	76,052	$	614
ABS Other		4,147,971		—		508		23,570			—		(92,520	)		—		—			4,079,529		25,958
Airlines		12,747,321		801		8,854		(130,933	)		—		(597,799	)		—		(118,402	)		11,909,842		(45,698	)
Non-Agency Commercial Mortgage-Backed Securities		—		—		—		(44	)		2,743,436		—			—		—			2,743,392		(44	)
Transportation Services		744,448		—		—		—			—		—			—		—			744,448		—

Total	$	17,720,841	$	801	$	9,475	$	(106,510	)	$	2,743,436	$	(696,378	)	$	—	$	(118,402	)	$	19,553,263	$	(19,170	)

A debt security valued at $118,402 was transferred from Level 3 to Level 2 during the period ended March 31, 2015. At September 30, 2014, this security was valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service was unable to price the security. At March 31, 2015, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

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

4. Derivatives. Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of 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 and swaptions. Derivative instruments that Intermediate Duration Bond Fund used during the period include futures contracts.

Inflation Protected Securities Fund may use interest rate swaptions to gain exposure, such as to enter into a contract to benefit from a rise or fall in interest rates. During the six months ended March 31, 2015, the Fund engaged in interest rate swaptions for this purpose.

Global Bond Fund is subject to the risk that changes in foreign currency exchange rates will have an unfavorable effect on the value of Fund assets denominated in foreign currencies. The Fund may enter into forward foreign currency exchange contracts for hedging purposes to protect the value of the Funds’ holdings of foreign securities. The Fund may also use forward foreign currency contracts to gain exposure to foreign currencies, regardless of whether securities denominated in such currencies are held in the Fund. During the six months ended March 31, 2015, Global Bond Fund engaged in forward foreign currency transactions for hedging purposes and to gain exposure to foreign currencies.

Global Bond Fund, Inflation Protected Securities Fund and Intermediate Duration Bond 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 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 and interest rate swaptions to hedge against changes in interest rates and to manage their duration without having to buy or sell portfolio securities. During the six months ended March 31, 2015, Global Bond Fund, and Intermediate Duration Bond Fund used futures contracts and Inflation Protected Securities Fund used interest rate swaptions to manage duration, Intermediate Duration Bond Fund used futures contracts and Inflation Protected Securities Fund used futures and interest rate swaptions to hedge against changes in interest rates.

83|

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

The following is a summary of derivative instruments for Global Bond Fund as of March 31, 2015, as reflected within the Statements 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	$	3,202,136		$	—		$	3,202,136
Exchange-traded/cleared asset derivatives
Interest rate contracts		—			320,767			320,767

Total asset derivatives	$	3,202,136		$	320,767		$	3,522,903


Liabilities	Unrealized depreciation on forward foreign currency contracts			Unrealized depreciation on futures contracts¹			Total
Over-the-counter liability derivatives
Foreign exchange contracts	$	(2,258,183	)	$	—		$	(2,258,183	)
Exchange-traded/cleared liability derivatives
Interest rate contracts		—			(1,033,214	)		(1,033,214	)

Total liability derivatives	$	(2,258,183	)	$	(1,033,214	)	$	(3,291,397	)

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.

Transactions in derivative instruments for Global Bond Fund during the six months ended March 31, 2015, as reflected within the Statements of Operations, were as follows:


Net Realized Gain (Loss) on:	Futures contracts			Foreign currency transactions²
Interest rate contracts	$	(2,664,267	)	$	—
Foreign exchange contracts		—			10,825,012

Total	$	(2,664,267	)	$	10,825,012


Net Change in Unrealized Appreciation (Depreciation) on:	Futures contracts			Foreign currency translations²
Interest rate contracts	$	(1,877,830	)	$	—
Foreign exchange contracts		—			(2,722,607	)

Total	$	(1,877,830	)	$	(2,722,607	)

² Represents realized gain 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 Statements of Operations.

The following is a summary of derivative instruments for Inflation Protected Securities Fund as of March 31, 2015, as reflected within the Statements of Assets and Liabilities:


Liabilities	Unrealized depreciation on futures contracts¹
Exchange-traded/cleared liability derivatives
Interest rate contracts	$	(1,535	)

¹ Represents cumulative unrealized depreciation on futures contracts. Only the current day’s variation margin on futures contracts is reported within the Statements of Assets and Liabilities as receivable or payable for variation margin, as applicable.

| 84

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

Transactions in derivative instruments for Inflation Protected Securities Fund during the six months ended March 31, 2015, as reflected within the Statements of Operations, were as follows:


Net Realized Gain (Loss) on:	Investments²			Futures contracts			Swaptions written
Interest rate contracts	$	(400,650	)	$	(4,640	)	$	257,280

Net Change in Unrealized Appreciation (Depreciation) on:	Investments²			Futures contracts			Swaptions written
Interest rate contracts	$	217,859		$	(2,156	)	$	(126,400	)

² Represents realized loss and change in unrealized appreciation (depreciation), respectively, for purchased swaptions during the period.

Transactions in derivative instruments for Intermediate Duration Bond Fund during the six months ended March 31, 2015, as reflected within the Statements of Operations, were as follows:


Net Realized Loss on:	Futures Contracts
Interest rate contracts	$	(12,112	)

Net Change in Unrealized Appreciation (Depreciation) on:	Futures Contracts
Interest rate contracts	$	(2,175	)

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

The volume of forward foreign currency contract and futures contract activity, as a percentage of net assets, for Global Bond Fund, Inflation Protected Securities Fund and Intermediate Duration Bond Fund, based on gross month-end notional amounts outstanding during the period, including long and short positions, at absolute value, was as follows for the six months ended March 31, 2015:


Global Bond Fund	Forwards		Futures
Average Notional Amount Outstanding		31.19%		9.62%
Highest Notional Amount Outstanding		44.00%		11.79%
Lowest Notional Amount Outstanding		24.67%		7.44%
Notional Amount Outstanding as of March 31, 2015		24.67%		10.28%

Inflation Protected Securities Fund			Futures
Average Notional Amount Outstanding				0.76%
Highest Notional Amount Outstanding				0.81%
Lowest Notional Amount Outstanding				0.70%
Notional Amount Outstanding as of March 31, 2015				0.81%

Intermediate Duration Bond Fund			Futures
Average Notional Amount Outstanding				0.14%
Highest Notional Amount Outstanding				0.00%
Lowest Notional Amount Outstanding				0.00%
Notional Amount Outstanding as of March 31, 2015				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 and futures is recorded in the Statements of Assets and Liabilities. The aggregate notional values of forward and futures contracts are not recorded in the Statements of Assets and Liabilities, and therefore are not included in the Funds’ net assets.

The volume of interest rate swaption activity, as a percentage of net assets, for Inflation Protected Securities Fund, based on average premiums paid or received during the period, including long and short positions, at absolute value, was as follows for the six months ended March 31, 2015:


Inflation Protected Securities Fund	Interest Rate Call Swaptions Written		Interest Rate Put Swaptions Purchased		Interest Rate Call Swaptions Purchased
Average Premium Paid/Received		0.52%		0.02%		0.87%
Highest Premium Paid/Received		1.19%		0.00%		2.02%
Lowest Premium Paid/Received		0.00%		0.00%		0.00%
Premium Paid/Received as of March 31, 2015		0.00%		0.00%		0.00%

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Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

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


	Notional Amount			Premiums
Outstanding at September 30, 2014	$	16,000,000		$	376,960
Swaptions terminated in closing purchase transactions		(16,000,000	)		(376,960	)

Outstanding at March 31, 2015	$	—		$	—

Over-the-counter derivatives, including forward foreign currency contracts, are entered into pursuant to International Swaps and Derivatives Association, Inc. (“ISDA”) agreements negotiated between the Funds and their counterparties. ISDA agreements typically contain, among other things, terms for the posting of collateral and master netting provisions in the event of a default or other termination event. Collateral is posted by a Fund or the counterparty to the extent of the net mark-to-market exposure to the other party of all open contracts under the agreement, subject to minimum transfer requirements. Master netting provisions allow the Funds and the counterparty, in the event of a default or other termination event, to offset amounts owed by each related to derivative contracts, including any posted collateral, to one net amount payable by either the Funds or the counterparty. The Funds’ ISDA agreements typically contain provisions that allow a counterparty to terminate open contracts early if the net asset value of a Fund declines beyond a certain threshold. For financial reporting purposes, the Funds do not offset derivative assets and liabilities, and any related collateral received or pledged, on the Statements of Assets and Liabilities.

As of March 31, 2015, gross amounts of over-the-counter derivative assets and liabilities not offset in the Statements of Assets and Liabilities and the related net amounts after taking into account master netting arrangements, by counterparty, are as follows:

Global Bond Fund


Counterparty	Gross Amounts of Assets			Offset Amount			Net Asset Balance			Collateral (Received)/ Pledged			Net Amount
Bank of America N.A.	$	72,012		$	(72,012	)	$	—		$	—		$	—
Citibank N.A.		347,180			—			347,180			(200,000	)		147,180
Credit Suisse International		1,786,466			(946,992	)		839,474			(839,474	)		—
Deutsche Bank AG		890,288			—			890,288			(850,000	)		40,288
JPMorgan Chase Bank N.A.		5,070			—			5,070			—			5,070
UBS AG		101,120			(21,924	)		79,196			—			79,196

	$	3,202,136		$	(1,040,928	)	$	2,161,208		$	(1,889,474	)	$	271,734


Counterparty	Gross Amounts of Liabilities			Offset Amount			Net Liability Balance			Collateral (Received)/ Pledged			Net Amount
Bank of America N.A.	$	(1,249,363	)	$	72,012		$	(1,177,351	)	$	1,177,351		$	—
Credit Suisse International		(946,992	)		946,992			—			—			—
Morgan Stanley & Co.		(39,904	)		—			(39,904	)		—			(39,904	)
UBS AG		(21,924	)		21,924			—			—			—

	$	(2,258,183	)	$	1,040,928		$	(1,217,255	)	$	1,177,351		$	(39,904	)

The actual collateral received or pledged, if any, may exceed the amounts shown in the table due to overcollateralization. Timing differences may exist between when contracts under the ISDA agreements are marked-to-market and when collateral moves. The ISDA agreements include tri-party control agreements under which collateral is held for the benefit of the secured party at a third party custodian, State Street Bank.

Counterparty risk is managed based on policies and procedures established by each Fund’s adviser. Such policies and procedures may include, but are not limited to, minimum counterparty credit rating requirements, monitoring of counterparty credit default swap spreads and posting of collateral. A Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the Fund’s aggregated unrealized gains and the amount of any collateral pledged to the counterparty, which may be offset by any collateral posted to the Fund by the counterparty. ISDA master agreements can help to manage counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under these ISDA agreements, collateral is routinely transferred if the total net exposure in respect of certain transactions, net of existing collateral already in place, exceeds a specified amount (typically $250,000, depending on the counterparty). With exchange-traded derivatives, there is minimal counterparty credit risk to the Fund because the exchange’s clearinghouse, as counterparty to these instruments, stands between the buyer and the seller of the contract. Credit risk still exists in exchange-traded derivatives with respect to initial and variation margin that is held in a broker’s customer accounts. While brokers are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin

| 86

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro rata basis across all of the broker’s customers, potentially resulting in losses to the Fund. Based on balances reflected on each Fund’s Statement of Assets and Liabilities, the following table shows (i) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the applicable Fund would incur if parties to the relevant financial instruments failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the Fund, and (ii) the amount of loss that the applicable Fund would incur after taking into account master netting provisions pursuant to ISDA agreements, as of March 31, 2015:


Fund	Maximum Amount of Loss - Gross		Maximum Amount of Loss - Net
Global Bond Fund	$	9,822,078	$	5,714,325
Inflation Protected Securities Fund		5,000		5,000
Intermediate Duration Bond Fund		10,000		10,000

These amounts include cash and U.S. government and agency securities received as collateral for Global Bond Fund of $2,260,000. U.S. government and agency securities received as collateral are valued in accordance with the Fund’s valuation policies and are recorded on the Statement of Assets and Liabilities.

5. Purchases and Sales of Securities. For the six months ended March 31, 2015, 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	$	—	$	—	$	137,799,284	$	52,708,611
Global Bond Fund		937,873,733		1,013,280,816		381,371,441		416,321,086
Inflation Protected Securities Fund		18,023,070		20,275,676		—		—
Institutional High Income Fund		—		7,715,769		48,698,284		73,743,013
Intermediate Duration Bond Fund		28,640,478		20,748,946		44,060,416		34,104,384
Investment Grade Fixed Income Fund		49,953,125		34,991,669		55,220,529		19,718,067

6. Management Fees and Other Transactions with Affiliates.

a. Management Fees. Loomis, Sayles & Company, L.P. (“Loomis Sayles”) serves as investment adviser to each Fund. Separate management agreements for each Fund in effect for the six months ended March 31, 2015, 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%

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, 2016 and are reevaluated on an annual basis. Management fees payable, as reflected on the Statements of Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to these undertakings. Waivers/reimbursements that exceed management fees payable are reflected on the Statements of Assets and Liabilities as receivable from investment adviser.

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Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

For the six months ended March 31, 2015, 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 six months ended March 31, 2015, 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	$	3,592,618	$	—	$	3,592,618		0.50%	0.50%
Global Bond Fund		5,936,734		—		5,936,734		0.54%	0.54%
Inflation Protected Securities Fund		38,949		38,949		—		0.25%	—
Institutional High Income Fund		1,991,191		—		1,991,191		0.60%	0.60%
Intermediate Duration Bond Fund		102,948		32,136		70,812		0.25%	0.17%
Investment Grade Fixed Income Fund		1,281,738		—		1,281,738		0.40%	0.40%

¹ Management fee waivers are subject to possible recovery until September 30, 2016.

For the six months ended March 31, 2015, class-specific expenses have been reimbursed as follows:


	Reimbursement²
Fund	Institutional Class		Retail Class		Class N		Total
Global Bond Fund	$	223,845	$	89,915	$	—	$	313,760

In addition, the investment adviser reimbursed non-class-specific expenses of Inflation Protected Securities Fund in the amount of $27,919 for the six months ended March 31, 2015².

² Expense reimbursements are subject to possible recovery until September 30, 2016.

No expenses were recovered for any of the Funds during the six months ended March 31, 2015 under the terms of the expense agreements.

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

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

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

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

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Notes to Financial Statements – continued

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For the six months ended March 31, 2015, the distribution fees for each Fund were as follows:


Fund	Retail Class
Global Bond Fund	$	789,431
Inflation Protected Securities Fund		9,287
Intermediate Duration Bond Fund		7,495

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 Trusts, Loomis Sayles Funds Trusts 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 and Loomis Sayles Funds Trusts, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion, 0.0350% of the next $30 billion and 0.0325% of such assets in excess of $90 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts and Loomis Sayles Funds Trusts of $10 million, which is reevaluated on an annual basis.

For the six months ended March 31, 2015, the administrative fees for each Fund were as follows:


Fund	Administrative Fees
Fixed Income Fund	$	306,561
Global Bond Fund		465,698
Inflation Protected Securities Fund		6,648
Institutional High Income Fund		141,604
Intermediate Duration Bond Fund		17,564
Investment Grade Fixed Income Fund		136,707

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

For the six months ended March 31, 2015, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statements of Operations) for each Fund were as follows:


Fund	Sub-Transfer Agent Fees
Global Bond Fund	$	1,632,477
Inflation Protected Securities Fund		10,063
Institutional High Income Fund		2,988
Intermediate Duration Bond Fund		3,209

As of March 31, 2015, the Funds owe NGAM Distribution the following reimbursements for sub-transfer agent fees (which are reflected in the Statements of Assets and Liabilities as payable to distributor):


Fund	Reimbursements of Sub-Transfer Agent Fees
Global Bond Fund	$	35,781
Inflation Protected Securities Fund		163
Institutional High Income Fund		65
Intermediate Duration Bond Fund		111

Sub-transfer agent fees attributable to Institutional Class and Retail Class are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of those classes.

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Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

meetings that she attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $130,000. 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 chairperson (except for the Chairperson of the Governance Committee) receives an additional retainer fee at the annual rate of $17,500. The chairperson of the Governance Committee receives an additional retainer fee at the annual rate of $5,000. Each Contract Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts and Loomis Sayles Funds Trusts 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 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 and Loomis Sayles Funds Trusts 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 and Loomis Sayles Funds Trusts, and are normally reflected as Trustees’ fees and expenses in the Statements of Operations. The portions of the accrued obligations allocated to the Funds under the Plan are reflected as Deferred Trustees’ fees in the Statements of Assets and Liabilities.

f. Affiliated Ownership. As of March 31, 2015, Loomis Sayles owned shares equating to 10.55% of Inflation Protected Securities Fund and Loomis Sayles Employees’ Profit Sharing Retirement Plan (“Retirement Plan”) held shares of the Funds representing the following percentages of the Fund’s net assets:


Fund	Retirement Plan
Global Bond Fund		0.34%
Inflation Protected Securities Fund		12.31%
Institutional High Income Fund		2.62%
Intermediate Duration Bond Fund		1.09%

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

7. Class-Specific Transfer Agent Fees and Expenses. For the six months ended March 31, 2015, Global Bond Fund incurred the following class-specific transfer agent fees and expenses (including sub-transfer agent fees, where applicable):


	Institutional Class		Retail Class		Class N
Transfer Agent Fees and Expenses	$	1,181,590	$	489,626	$	263

Transfer agent fees and expenses attributable to Institutional Class and Retail Class are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of those classes. Transfer agent fees and expenses attributable to Class N are allocated to Class N.

All other Funds in this report allocate transfer agent fees and expenses on a pro rata basis based on the relative net assets of each class to the total net assets of those classes.

8. Line of Credit. Each Fund, together with certain other funds of Natixis Funds Trusts and Loomis Sayles Funds Trusts, 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.

During the six months ended March 31, 2015, Global Bond Fund had an average daily balance on the line of credit (for those days on which there were borrowings) of $33,224,338 at a weighted average interest rate of 1.37%. Interest expense incurred (which is reflected in miscellaneous expenses in the Statement of Operations) was $1,264.

Effective April 16, 2015, the committed unsecured line of credit will be reduced to $150,000,000, and the individual limit of $125,000,000 for each Fund will be eliminated. Therefore, any one Fund may borrow up to the full $150,000,000 under the line of credit (as long as all borrowings by all Funds in the aggregate do not exceed the $150,000,000 limit at any time). In addition, the commitment fee will increase to 0.15% per annum, payable at the end of each calendar quarter.

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.

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10. Concentration of Ownership. From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of March 31, 2015, based on management’s evaluation of the shareholder account base, the Funds had accounts representing controlling ownership of more than 5% of the Fund’s total outstanding shares. The number of such accounts, based on accounts that represent more than 5% of an individual class of shares, and the aggregate percentage of net assets represented by such holdings were as follows:


Fund	Number of 5% Non-Affiliated Account Holders	Percentage of Non-Affiliated Ownership	Percentage of Affiliated Ownership (Note 6)	Total Percentage of Ownership
Fixed Income Fund	1	9.90%	—	9.90%
Global Bond Fund	2	27.48%	0.34%	27.82%
Inflation Protected Securities Fund	2	28.46%	22.86%	51.32%
Institutional High Income Fund	1	6.43%	2.62%	9.05%
Intermediate Duration Bond Fund	6	65.28%	1.09%	66.37%
Investment Grade Fixed Income Fund	3	23.96%	—	23.96%

Omnibus shareholder accounts for which NGAM Advisors understands that the intermediary has discretion over the underlying shareholder accounts or investment models where a shareholder account may be invested for a non-discretionary customer are included in the table above. For other omnibus accounts, the Funds do not have information on the individual shareholder accounts underlying the omnibus accounts; therefore, there could be other 5% shareholders in addition to those disclosed in the table above.

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


	Fixed Income Fund

	Six Months Ended March 31, 2015						Year Ended September 30, 2014

Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		5,585,447		$	83,486,477			13,542,143		$	203,486,653
Issued in connection with the reinvestment of distributions		7,657,868			105,448,844			4,836,625			69,502,301
Redeemed		(2,469,692	)		(35,355,217	)		(5,741,280	)		(86,014,854	)

Increase (decrease) from capital share transactions		10,773,623		$	153,580,104			12,637,488		$	186,974,100


	Global Bond Fund

	Six Months Ended March 31, 2015						Year Ended September 30, 2014

Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		19,237,036		$	304,833,913			28,470,995		$	469,084,941
Issued in connection with the reinvestment of distributions		1,664,577			26,297,178			3,952,327			64,709,440
Redeemed		(21,431,909	)		(338,282,056	)		(36,904,022	)		(607,710,223	)

Net change		(530,296	)	$	(7,150,965	)		(4,480,700	)	$	(73,915,842	)


Retail Class
Issued from the sale of shares		3,126,103		$	48,706,712			8,025,824		$	130,990,189
Issued in connection with the reinvestment of distributions		713,900			11,162,875			1,794,786			29,125,927
Redeemed		(9,560,190	)		(148,378,273	)		(15,756,142	)		(257,145,220	)

Net change		(5,720,187	)	$	(88,508,686	)		(5,935,532	)	$	(97,029,104	)


Class N
Issued from the sale of shares		74,342		$	1,165,150			1,642,066		$	27,366,378
Issued in connection with the reinvestment of distributions		32,616			515,369			68,098			1,115,779
Redeemed		(4,868	)		(76,936	)		(8,018	)		(131,918	)

Net change		102,090		$	1,603,583			1,702,146		$	28,350,239

Increase (decrease) from capital share transactions		(6,148,393	)	$	(94,056,068	)		(8,714,086	)	$	(142,594,707	)

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11. Capital Shares – continued


	Inflation Protected Securities Fund

	Six Months Ended March 31, 2015						Year Ended September 30, 2014

Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		461,870		$	4,835,288			1,681,575		$	17,779,993
Issued in connection with the reinvestment of distributions		1,451			14,932			66,998			700,104
Redeemed		(593,603	)		(6,166,327	)		(1,112,571	)		(11,663,258	)

Net change		(130,282	)	$	(1,316,107	)		636,002		$	6,816,839


Retail Class
Issued from the sale of shares		680,958		$	7,136,730			958,277		$	10,135,744
Issued in connection with the reinvestment of distributions		–			–			17,365			181,273
Redeemed		(631,665	)		(6,590,234	)		(752,366	)		(7,917,394	)

Net change		49,293		$	546,496			223,276		$	2,399,623

Increase (decrease) from capital share transactions		(80,989	)	$	(769,611	)		859,278		$	9,216,462


	Institutional High Income Fund

	Six Months Ended March 31, 2015						Year Ended September 30, 2014

Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		4,182,710		$	30,734,778			5,926,451		$	47,686,765
Issued in connection with the reinvestment of distributions		8,207,098			58,434,535			8,609,527			65,260,217
Redeemed		(9,012,349	)		(67,107,806	)		(10,197,322	)		(83,930,535	)

Increase (decrease) from capital share transactions		3,377,459		$	22,061,507			4,338,656		$	29,016,447


	Intermediate Duration Bond Fund

	Six Months Ended March 31, 2015						Year Ended September 30, 2014

Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		2,742,904		$	28,712,417			2,269,087		$	23,629,929
Issued in connection with the reinvestment of distributions		85,440			893,782			156,747			1,628,552
Redeemed		(776,766	)		(8,111,027	)		(2,430,506	)		(25,220,590	)

Net change		2,051,578		$	21,495,172			(4,672	)	$	37,891


Retail Class
Issued from the sale of shares		132,096		$	1,383,491			122,725		$	1,277,681
Issued in connection with the reinvestment of distributions		6,032			63,154			14,298			148,529
Redeemed		(95,438	)		(1,001,220	)		(108,378	)		(1,125,621	)

Net change		42,690		$	445,425			28,645		$	300,589

Increase (decrease) from capital share transactions		2,094,268		$	21,940,597			23,973		$	338,480

| 92

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

11. Capital Shares – continued


	Investment Grade Fixed Income Fund

	Six Months Ended March 31, 2015						Year Ended September 30, 2014

Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		6,330,295		$	80,695,641			10,871,186		$	140,397,132
Issued in connection with the reinvestment of distributions		1,494,651			18,794,545			2,200,825			28,241,127
Redeemed		(4,430,072	)		(55,906,398	)		(9,120,934	)		(117,821,750	)
Redeemed in-kind (Note 12)		—			—			(13,970,191	)		(179,656,654	)

Increase (decrease) from capital share transactions		3,394,874		$	43,583,788			(10,019,114	)	$	(128,840,145	)

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.

93 |

LOGO

Loomis Sayles High Income Opportunities Fund

Loomis Sayles Securitized Asset Fund

Semiannual Report

March 31, 2015



TABLE OF CONTENTS
Portfolio Review			1
Portfolio of Investments			5
Financial Statements			24
Notes to Financial Statements			28

LOOMIS SAYLES HIGH INCOME OPPORTUNITIES FUND


Managers	Symbol
Matthew J. Eagan, CFA^®	Institutional Class	LSIOX
Daniel J. Fuss, CFA^®, CIC
Elaine M. Stokes

Objective

The Fund’s investment objective is high current income. Capital appreciation is the Fund’s secondary objective.

Average Annual Total Returns — March 31, 2015



	6 months			1 year			5 years			10 years

Institutional Class (Inception 4/12/04)		1.84	%¹		3.99	%		9.55	%		8.49	%

Comparative Performance
Barclays U.S. Corporate High-Yield Bond Index²		1.49			2.00			8.59			8.18

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the adjusted net asset value per share may differ from the total return reported in the financial highlights. The return presented in the table(s) is what an investor would have actually experienced.

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.

1 |

LOOMIS SAYLES SECURITIZED ASSET FUND


Managers	Symbol
Ian Anderson	Institutional Class	LSSAX
Alessandro Pagani, CFA^®
Clifton V. Rowe, CFA^®

Objective

The Fund’s investment objective is high level of current income consistent with capital preservation.

Average Annual Total Returns — March 31, 2015



	6 months			1 year			5 years			Life of Fund

Institutional Class (Inception 3/2/06)		3.08	%		5.92	%		6.01	%		6.63	%

Comparative Performance
Barclays U.S. Securitized Bond Index¹		2.86			5.41			3.81			4.97

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. It is not possible to invest directly in an index.

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.

| 2

ADDITIONAL INFORMATION

Additional Index Information

Proxy Voting Information

A description of the Funds’ proxy voting policies and procedures is available without charge, upon request by calling Loomis Sayles at 800-633-3330; on the Funds’ website at www.loomissayles.com, and on the Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information about how the Funds voted proxies relating to portfolio securities during the 12-months ended June 30, 2014 is available on the Funds’ website and the SEC’s website.

Quarterly Portfolio Schedules

UNDERSTANDING FUND EXPENSES

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

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

The first line in each Fund’s table shows the actual amount of Fund expenses ($0) you would have paid on a $1,000 investment in the Fund from October 1, 2014 through March 31, 2015.

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 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 High Income Opportunities Fund


Institutional Class	Beginning Account Value 10/1/2014		Ending Account Value 3/31/2015		Expenses Paid During Period* 10/1/2014 – 3/31/2015
Actual		$1,000.00		$1,018.40		$0.00
Hypothetical (5% return before expenses)		$1,000.00		$1,024.93		$0.00
* Expenses are equal to the Fund’s annualized expense ratio of 0.00%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

3 |

Loomis Sayles Securitized Asset Fund


Institutional Class	Beginning Account Value 10/1/2014		Ending Account Value 3/31/2015		Expenses Paid During Period* 10/1/2014 – 3/31/2015
Actual		$1,000.00		$1,030.80		$0.00
Hypothetical (5% return before expenses)		$1,000.00		$1,024.93		$0.00
* Expenses are equal to the Fund’s annualized expense ratio of 0.00%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

| 4

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles High Income Opportunities Fund


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – 76.0% of Net Assets

	Non-Convertible Bonds – 70.5%
		ABS Home Equity – 2.4%
$	79,019	American Home Mortgage Investment Trust, Series 2005-2, Class 4A1, 1.878%, 9/25/2045(b)	$	76,100
	165,000	American Homes 4 Rent, Series 2014-SFR1, Class E, 2.750%, 6/17/2031, 144A(b)		160,833
	175,000	American Homes 4 Rent, Series 2014-SFR2, Class D, 5.149%, 10/17/2036, 144A		189,262
	123,160	Banc of America Alternative Loan Trust, Series 2003-10, Class 3A1, 5.500%, 12/25/2033		126,000
	79,113	Banc of America Alternative Loan Trust, Series 2003-8, Class 1CB1, 5.500%, 10/25/2033		83,747
	381,859	Banc of America Alternative Loan Trust, Series 2004-9, Class 2CB1, 6.000%, 10/25/2034(c)		394,479
	97,230	Banc of America Funding Corp., Series 2007-4, Class 5A1, 5.500%, 11/25/2034		96,366
	90,346	Banc of America Funding Trust, Series 2005-7, Class 3A1, 5.750%, 11/25/2035		92,604
	46,590	Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-9, Class 12A3, 2.781%, 11/25/2034(b)		45,854
	42,345	Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A4, 2.568%, 5/25/2035(b)		40,747
	232,094	Countrywide Alternative Loan Trust, Series 2004-27CB, Class A1, 6.000%, 12/25/2034		233,145
	120,386	Countrywide Alternative Loan Trust, Series 2005-14, Class 2A1, 0.384%, 5/25/2035(b)		98,979
	57,254	Countrywide Alternative Loan Trust, Series 2006-4CB, Class 2A2, 5.500%, 4/25/2036		55,632
	80,000	Countrywide Asset-Backed Certificates, Series 2004-13, Class AF5B, 5.103%, 5/25/2035(b)		79,781
	22,582	GMAC Mortgage Corp. Loan Trust, Series 2003-J7, Class A7, 5.000%, 11/25/2033		22,686
	138,357	GMAC Mortgage Corp. Loan Trust, Series 2005-AR3, Class 2A1, 2.730%, 6/19/2035(b)		133,862
	117,524	GMAC Mortgage Corp. Loan Trust, Series 2005-AR4, Class 3A1, 2.979%, 7/19/2035(b)		111,476
	94,476	GSR Mortgage Loan Trust, Series 2004-14, Class 5A1, 2.735%, 12/25/2034(b)		93,752
	197,208	GSR Mortgage Loan Trust, Series 2005-AR6, Class 4A5, 2.690%, 9/25/2035(b)		198,219

		ABS Home Equity – continued
$	145,474	IndyMac Index Mortgage Loan Trust, Series 2005-16IP, Class A1, 0.814%, 7/25/2045(b)	$	127,763
	141,805	Lehman Mortgage Trust, Series 2005-3, Class 1A6, 0.674%, 1/25/2036(b)(d)		94,540
	97,755	Residential Funding Mortgage Securities, Series 2006-S1, Class 1A3, 5.750%, 1/25/2036		100,318
	112,196	Structured Asset Securities Corp. Mortgage Pass Through Certificates, Series 2004-20, Class 8A7, 5.750%, 11/25/2034		116,956
	141,699	WaMu Mortgage Pass Through Certificates, Series 2006-AR11, Class 2A, 2.192%, 9/25/2046(b)		129,243

				2,902,344

		ABS Other – 0.3%
	248,512	AIM Aviation Finance Ltd., Series 2015-1A, Class B1, 5.072%, 2/15/2040, 144A(b)		250,823
	69,763	Sierra Receivables Funding Co. LLC, Series 2011-3A, Class C, 9.310%, 7/20/2028, 144A		74,829

				325,652

		Aerospace & Defense – 1.7%
	45,000	Huntington Ingalls Industries, Inc., 5.000%, 12/15/2021, 144A		46,913
	545,000	KLX, Inc., 5.875%, 12/01/2022, 144A(c)		543,637
	355,000	Meccanica Holdings USA, Inc., 6.250%, 1/15/2040, 144A		361,212
	400,000	Meccanica Holdings USA, Inc., 7.375%, 7/15/2039, 144A		448,000
	350,000	Oshkosh Corp., 5.375%, 3/01/2025, 144A		360,500
	265,000	TransDigm, Inc., 6.000%, 7/15/2022		265,000

				2,025,262

		Airlines – 1.9%
	1,279,105	American Airlines Pass Through Trust, Series 2013-1, Class B, 5.625%, 1/15/2021, 144A		1,332,853
	151,281	Delta Air Lines Pass Through Trust, Series 2007-1, Class A, 6.821%, 2/10/2024		177,574
	388,720	Delta Air Lines Pass Through Trust, Series 2007-1, Class B, 8.021%, 2/10/2024		450,915
	218,843	Northwest Airlines, Inc., Series 2007-1, Class B, 8.028%, 5/01/2019		246,045
	88,371	Virgin Australia Pass Through Trust, Series 2013-1C, 7.125%, 10/23/2018, 144A		90,359

				2,297,746

See accompanying notes to financial statements.

5 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Automotive – 0.9%
$	365,000	General Motors Co., 4.875%, 10/02/2023(c)	$	395,191
	100,000	Goodyear Tire & Rubber Co. (The), 6.500%, 3/01/2021		106,500
	320,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		345,600
	205,000	Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc., 7.875%, 10/01/2022, 144A		201,412

				1,048,703

		Banking – 2.8%
	600,000	Ally Financial, Inc., 3.500%, 1/27/2019		592,500
	980,000	Ally Financial, Inc., 5.125%, 9/30/2024(c)		1,010,625
	48,000	Ally Financial, Inc., 7.500%, 9/15/2020		56,220
	405,000	Royal Bank of Scotland Group PLC, 4.700%, 7/03/2018(c)		424,900
	145,000	Royal Bank of Scotland Group PLC, 6.000%, 12/19/2023		161,290
	1,010,000	Royal Bank of Scotland Group PLC, 6.125%, 12/15/2022		1,137,357

				3,382,892

		Brokerage – 0.7%
	200,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 6.875%, 4/15/2022, 144A		186,000
	140,000	Jefferies Group LLC, 6.250%, 1/15/2036		139,895
	515,000	Jefferies Group LLC, 6.450%, 6/08/2027(c)		556,200

				882,095

		Building Materials – 2.3%
	670,000	Atrium Windows & Doors, Inc., 7.750%, 5/01/2019, 144A		562,800
	320,000	Builders FirstSource, Inc., 7.625%, 6/01/2021, 144A		322,400
	395,000	Building Materials Holding Corp., 9.000%, 9/15/2018, 144A		418,700
	198,000	CPG Merger Sub LLC, 8.000%, 10/01/2021, 144A		200,970
	265,000	HD Supply, Inc., 5.250%, 12/15/2021, 144A		272,950
	80,000	Masco Corp., 5.950%, 3/15/2022		89,800
	15,000	Masco Corp., 7.750%, 8/01/2029		17,400
	150,000	NCI Building Systems, Inc., 8.250%, 1/15/2023, 144A		158,625
	200,000	Odebrecht Finance Ltd., 4.375%, 4/25/2025, 144A		167,000
	100,000	USG Corp., 5.500%, 3/01/2025, 144A		102,000
	110,000	USG Corp., 5.875%, 11/01/2021, 144A		116,875
	15,000	USG Corp., 9.750%, 1/15/2018		17,362
	325,000	Vulcan Materials Co., 4.500%, 4/01/2025		329,875

				2,776,757


		Cable Satellite – 4.3%
	490,000	Altice Financing S.A., 6.625%, 2/15/2023, 144A		504,700
	255,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 2/15/2023		257,550
	70,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.250%, 9/30/2022		71,575
	230,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 9/01/2023		240,350
	605,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 1/15/2024		628,444
	220,000	DISH DBS Corp., 5.000%, 3/15/2023		213,906
	380,000	DISH DBS Corp., 5.125%, 5/01/2020(c)		382,850
	500,000	DISH DBS Corp., 5.875%, 11/15/2024		500,625
	1,070,000	Unitymedia KabelBW GmbH, 6.125%, 1/15/2025, 144A(c)		1,131,525
	265,000	Virgin Media Secured Finance PLC, 5.250%, 1/15/2021		282,888
	200,000	Virgin Media Secured Finance PLC, 5.250%, 1/15/2026, 144A		204,000
	200,000	Virgin Media Secured Finance PLC, 5.500%, 1/15/2025, 144A		207,250
	565,000	Ziggo Bond Finance BV, 5.875%, 1/15/2025, 144A		591,837

				5,217,500

		Chemicals – 1.4%
	150,000	Axalta Coating Systems U.S. Holdings, Inc./Axalta Coating Systems Dutch Holding B BV, 7.375%, 5/01/2021, 144A		161,250
	200,000	Braskem Finance Ltd., 6.450%, 2/03/2024		193,000
	200,000	Eagle Spinco, Inc., 4.625%, 2/15/2021		197,750
	805,000	Hercules, Inc., 6.500%, 6/30/2029(c)		741,606
	195,000	PetroLogistics LP/PetroLogistics Finance Corp., 6.250%, 4/01/2020		208,894
	190,000	TPC Group, Inc., 8.750%, 12/15/2020, 144A		173,850

				1,676,350

		Construction Machinery – 0.5%
	290,000	United Rentals North America, Inc., 5.750%, 11/15/2024		299,425
	255,000	United Rentals North America, Inc., 6.125%, 6/15/2023		269,981

				569,406

		Consumer Cyclical Services – 1.2%
	285,000	Realogy Group LLC/Realogy Co-Issuer Corp., 5.250%, 12/01/2021, 144A		289,275
	799,000	ServiceMaster Co. LLC (The), 7.000%, 8/15/2020		848,938
	220,000	ServiceMaster Co. LLC (The), 7.450%, 8/15/2027		222,750
	75,000	ServiceMaster Co. LLC (The), 8.000%, 2/15/2020		79,500

				1,440,463

See accompanying notes to financial statements.

| 6

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Diversified Manufacturing – 0.1%
$	75,000	Entegris, Inc., 6.000%, 4/01/2022, 144A	$	78,188

		Electric – 2.4%
	5,000	AES Corp. (The), 5.500%, 3/15/2024		4,988
	295,000	AES Corp. (The), 5.500%, 4/15/2025		292,050
	355,000	Calpine Corp., 5.375%, 1/15/2023(c)		355,000
	560,000	Calpine Corp., 5.500%, 2/01/2024		564,900
	30,730	CE Generation LLC, 7.416%, 12/15/2018		30,576
	190,000	Dynegy Finance I, Inc./Dynegy Finance II, Inc., 7.375%, 11/01/2022, 144A		199,737
	200,000	EDP Finance BV, 4.125%, 1/15/2020, 144A		207,000
	940,000	Enel SpA, (fixed rate to 9/24/2023, variable rate thereafter), 8.750%, 9/24/2073, 144A(c)		1,131,266
	165,000	TerraForm Power Operating LLC, 5.875%, 2/01/2023, 144A		171,187

				2,956,704

		Environmental – 0.2%
	195,000	GFL Environmental, Inc., 7.875%, 4/01/2020, 144A		197,194

		Finance Companies – 5.2%
	150,000	AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, 3.750%, 5/15/2019, 144A		150,703
	570,000	AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, 4.500%, 5/15/2021, 144A		589,237
	375,000	Aircastle Ltd., 5.125%, 3/15/2021(c)		391,875
	55,000	Aircastle Ltd., 5.500%, 2/15/2022		58,506
	30,000	Aircastle Ltd., 7.625%, 4/15/2020		34,500
	165,000	CIT Group, Inc., 3.875%, 2/19/2019		163,350
	30,000	CIT Group, Inc., 5.000%, 8/15/2022		30,788
	1,225,000	CIT Group, Inc., 5.000%, 8/01/2023(c)		1,255,625
	45,000	International Lease Finance Corp., 6.250%, 5/15/2019		49,163
	70,000	International Lease Finance Corp., 8.250%, 12/15/2020		85,225
	255,000	International Lease Finance Corp., 8.625%, 1/15/2022		323,212
	135,000	iStar Financial, Inc., 4.000%, 11/01/2017		133,313
	195,000	iStar Financial, Inc., 4.875%, 7/01/2018		195,975
	115,000	iStar Financial, Inc., 5.000%, 7/01/2019		115,000
	75,000	iStar Financial, Inc., 5.850%, 3/15/2017		78,000
	55,000	iStar Financial, Inc., 7.125%, 2/15/2018		58,575
	420,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.875%, 8/01/2021, 144A(c)		396,900
	210,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.375%, 10/01/2017		215,775

		Finance Companies – continued
	65,000	Navient LLC, 4.875%, 6/17/2019		64,838
	185,000	Navient LLC, 5.500%, 1/25/2023		176,212
	835,000	Navient LLC, MTN, 5.500%, 1/15/2019		851,700
	30,000	Navient LLC, MTN, 6.125%, 3/25/2024		28,800
	145,000	Provident Funding Associates LP/PFG Finance Corp., 6.750%, 6/15/2021, 144A		138,113
	280,000	Springleaf Finance Corp., 7.750%, 10/01/2021		306,600
	110,000	Springleaf Finance Corp., 8.250%, 10/01/2023		123,750
	200,000	Springleaf Finance Corp., Series J, MTN, 6.500%, 9/15/2017		211,000
	102,000	Stearns Holdings, Inc., 9.375%, 8/15/2020, 144A		100,470

				6,327,205

		Financial Other – 1.1%
	450,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.875%, 3/15/2019(c)		458,438
	425,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.875%, 2/01/2022		437,750
	388,000	Rialto Holdings LLC/Rialto Corp., 7.000%, 12/01/2018, 144A(c)		403,520

				1,299,708

		Food & Beverage – 0.6%
	260,000	DS Services of America, Inc., 10.000%, 9/01/2021, 144A		305,500
	120,000	TreeHouse Foods, Inc., 4.875%, 3/15/2022		122,400
	265,000	WhiteWave Foods Co. (The), 5.375%, 10/01/2022		284,875

				712,775

		Gaming – 1.6%
	485,000	GLP Capital LP/GLP Financing II, Inc., 4.875%, 11/01/2020		497,125
	1,420,000	MGM Resorts International, 6.000%, 3/15/2023(c)		1,459,050

				1,956,175

		Government Owned – No Guarantee – 0.4%
	260,000	Petrobras Global Finance BV, 6.250%, 3/17/2024		245,128
	250,000	Rio Oil Finance Trust, Series 2014-1, 6.250%, 7/06/2024, 144A		228,218

				473,346

		Health Insurance – 0.6%
	721,000	WellCare Health Plans, Inc., 5.750%, 11/15/2020		757,050

		Healthcare – 5.7%
	135,000	Amsurg Corp., 5.625%, 7/15/2022		138,037
	145,000	BioScrip, Inc., 8.875%, 2/15/2021, 144A		130,319

See accompanying notes to financial statements.

7 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Healthcare – continued
$	115,000	Catamaran Corp., 4.750%, 3/15/2021	$	127,794
	555,000	CHS/Community Health Systems, Inc., 6.875%, 2/01/2022(c)		593,156
	1,095,000	Fresenius Medical Care U.S. Finance II, Inc., 4.125%, 10/15/2020, 144A(c)		1,113,478
	55,000	Fresenius Medical Care U.S. Finance II, Inc., 4.750%, 10/15/2024, 144A		57,613
	300,000	HCA Holdings, Inc., 6.250%, 2/15/2021		324,360
	5,000	HCA Holdings, Inc., 7.750%, 5/15/2021		5,320
	255,000	HCA, Inc., 5.375%, 2/01/2025		267,431
	430,000	HCA, Inc., 7.050%, 12/01/2027		457,950
	35,000	HCA, Inc., 7.500%, 12/15/2023		39,769
	790,000	HCA, Inc., 7.500%, 11/06/2033(c)		853,200
	40,000	HCA, Inc., 7.690%, 6/15/2025		45,200
	40,000	HCA, Inc., 8.360%, 4/15/2024		47,200
	205,000	HCA, Inc., MTN, 7.580%, 9/15/2025		229,600
	20,000	HCA, Inc., MTN, 7.750%, 7/15/2036		21,700
	190,000	Kindred Healthcare, Inc., 8.750%, 1/15/2023, 144A		208,050
	70,000	Kindred Healthcare, Inc., 8.000%, 1/15/2020, 144A		75,119
	140,000	LifePoint Hospitals, Inc., 5.500%, 12/01/2021		146,650
	125,000	Omnicare, Inc., 4.750%, 12/01/2022		129,063
	165,000	Omnicare, Inc., 5.000%, 12/01/2024		172,425
	975,000	Tenet Healthcare Corp., 6.875%, 11/15/2031(c)		901,875
	445,000	Universal Health Services, Inc., 3.750%, 8/01/2019, 144A(c)		453,900
	285,000	Universal Health Services, Inc., 4.750%, 8/01/2022, 144A		299,606

				6,838,815

		Home Construction – 2.1%
	200,000	Corporacion GEO SAB de CV, 8.875%, 3/27/2022, 144A(e)		4,020
	260,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021		223,600
	260,000	K. Hovnanian Enterprises, Inc., 9.125%, 11/15/2020, 144A		274,300
	385,000	Lennar Corp., 4.750%, 11/15/2022(c)		391,737
	720,000	Pulte Group, Inc., 6.000%, 2/15/2035(c)		716,400
	495,000	Pulte Group, Inc., 6.375%, 5/15/2033(c)		512,325
	200,000	Urbi Desarrollos Urbanos SAB de CV, 9.750%, 2/03/2022, 144A(e)		22,100
	380,000	Weyerhaeuser Real Estate Co., 4.375%, 6/15/2019, 144A		370,975

				2,515,457

		Independent Energy – 7.1%
	125,000	American Energy-Permian Basin LLC/AEPB Finance Corp., 7.125%, 11/01/2020, 144A		95,313
	290,000	Antero Resources Corp., 5.125%, 12/01/2022		278,400
	40,000	Baytex Energy Corp., 5.125%, 6/01/2021, 144A		36,700

		Independent Energy – continued
	350,000	Baytex Energy Corp., 5.625%, 6/01/2024, 144A		320,250
	220,000	Bonanza Creek Energy, Inc., 5.750%, 2/01/2023		202,400
	445,000	Bonanza Creek Energy, Inc., 6.750%, 4/15/2021		432,762
	30,000	California Resources Corp., 5.000%, 1/15/2020, 144A		27,075
	310,000	California Resources Corp., 5.500%, 9/15/2021, 144A		275,032
	150,000	California Resources Corp., 6.000%, 11/15/2024, 144A		131,625
	155,000	Chesapeake Energy Corp., 4.875%, 4/15/2022		145,312
	5,000	Chesapeake Energy Corp., 5.375%, 6/15/2021		4,850
	170,000	Chesapeake Energy Corp., 6.625%, 8/15/2020		175,525
	175,000	Cimarex Energy Co., 4.375%, 6/01/2024		173,687
	65,000	Concho Resources, Inc., 5.500%, 10/01/2022		65,488
	160,000	Concho Resources, Inc., 5.500%, 4/01/2023		161,184
	215,000	Continental Resources, Inc., 3.800%, 6/01/2024		198,174
	75,000	Continental Resources, Inc., 4.500%, 4/15/2023		72,790
	105,000	Halcon Resources Corp., 8.875%, 5/15/2021		72,975
	270,000	Halcon Resources Corp., 9.750%, 7/15/2020		190,350
	90,000	Jones Energy Holdings LLC/Jones Energy Finance Corp., 6.750%, 4/01/2022		84,150
	250,000	MEG Energy Corp., 6.375%, 1/30/2023, 144A		230,000
	30,000	MEG Energy Corp., 6.500%, 3/15/2021, 144A		27,750
	75,000	MEG Energy Corp., 7.000%, 3/31/2024, 144A		70,688
	434,000	Oasis Petroleum, Inc., 6.875%, 3/15/2022		423,150
	220,000	Oasis Petroleum, Inc., 7.250%, 2/01/2019		217,800
	555,000	QEP Resources, Inc., 5.250%, 5/01/2023(c)		543,900
	205,000	QEP Resources, Inc., 5.375%, 10/01/2022		201,412
	165,000	Rex Energy Corp., 6.250%, 8/01/2022, 144A		110,962
	215,000	Rex Energy Corp., 8.875%, 12/01/2020		167,700
	630,000	Rice Energy, Inc., 6.250%, 5/01/2022		614,250
	95,000	RKI Exploration & Production LLC/RKI Finance Corp., 8.500%, 8/01/2021, 144A		90,250
	1,050,000	Rosetta Resources, Inc., 5.875%, 6/01/2022(c)		989,625

See accompanying notes to financial statements.

| 8

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Independent Energy – continued
$	140,000	RSP Permian, Inc., 6.625%, 10/01/2022, 144A	$	140,700
	185,000	Sanchez Energy Corp., 6.125%, 1/15/2023		166,269
	60,000	Sanchez Energy Corp., 7.750%, 6/15/2021		58,200
	55,000	SM Energy Co., 5.000%, 1/15/2024		51,783
	140,000	SM Energy Co., 6.125%, 11/15/2022, 144A		139,300
	135,000	SM Energy Co., 6.500%, 11/15/2021		137,025
	15,000	SM Energy Co., 6.500%, 1/01/2023		15,300
	10,000	SM Energy Co., 6.625%, 2/15/2019		10,125
	250,000	Southwestern Energy Co., 4.950%, 1/23/2025		254,271
	755,000	Whiting Petroleum Corp., 5.750%, 3/15/2021(c)		749,337

				8,553,839

		Industrial Other – 0.1%
	130,000	Transfield Services Ltd., 8.375%, 5/15/2020, 144A		138,450

		Integrated Energy – 0.4%
	400,000	Pacific Rubiales Energy Corp., 5.375%, 1/26/2019, 144A(c)		264,000
	415,000	Pacific Rubiales Energy Corp., 5.625%, 1/19/2025, 144A		244,103

				508,103

		Leisure – 0.2%
	275,000	24 Hour Holdings III LLC, 8.000%, 6/01/2022, 144A		233,750

		Lodging – 0.7%
	385,000	Felcor Lodging LP, 5.625%, 3/01/2023(c)		397,513
	400,000	Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 5.625%, 10/15/2021		421,000

				818,513

		Media Entertainment – 0.7%
	405,000	Clear Channel Worldwide Holdings, Inc., 7.625%, 3/15/2020(c)		426,262
	85,000	Clear Channel Worldwide Holdings, Inc., Series A, 6.500%, 11/15/2022		88,188
	33,000	DreamWorks Animation SKG, Inc., 6.875%, 8/15/2020, 144A		32,175
	295,000	R.R. Donnelley & Sons Co., 6.000%, 4/01/2024		304,588

				851,213

		Metals & Mining – 2.6%
	235,000	Alcoa, Inc., 5.900%, 2/01/2027		258,780
	50,000	Alcoa, Inc., 6.750%, 1/15/2028		57,483
	70,000	ArcelorMittal, 7.500%, 3/01/2041		72,800
	930,000	ArcelorMittal, 7.750%, 10/15/2039		976,500

		Metals & Mining – continued
	315,000	CONSOL Energy, Inc., 5.875%, 4/15/2022		285,075
	200,000	Emeco Pty Ltd., 9.875%, 3/15/2019, 144A		148,000
	160,000	Essar Steel Algoma, Inc., 9.500%, 11/15/2019, 144A		138,800
	175,000	First Quantum Minerals Ltd., 7.000%, 2/15/2021, 144A		161,438
	355,000	First Quantum Minerals Ltd., 7.250%, 5/15/2022, 144A		327,487
	795,000	Freeport-McMoRan, Inc., 4.550%, 11/14/2024		763,877

				3,190,240

		Midstream – 3.4%
	580,000	Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.250%, 4/01/2023, 144A		585,800
	110,000	Gibson Energy, Inc., 6.750%, 7/15/2021, 144A		112,200
	310,000	MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 4.875%, 12/01/2024		316,944
	145,000	MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 6.750%, 11/01/2020		152,250
	55,000	NGL Energy Partners LP/NGL Energy Finance Corp., 6.875%, 10/15/2021		57,475
	230,000	NGL Energy Partners LP/NGL Energy Finance Corp., 5.125%, 7/15/2019		225,400
	195,000	Regency Energy Partners LP/Regency Energy Finance Corp., 4.500%, 11/01/2023		195,975
	175,000	Regency Energy Partners LP/Regency Energy Finance Corp., 5.750%, 9/01/2020		189,000
	130,000	Regency Energy Partners LP/Regency Energy Finance Corp., 5.875%, 3/01/2022		141,050
	160,000	Rose Rock Midstream LP/Rose Rock Finance Corp., 5.625%, 7/15/2022		157,600
	230,000	Sabine Pass Liquefaction LLC, 5.625%, 2/01/2021		231,509
	295,000	Sabine Pass Liquefaction LLC, 5.625%, 3/01/2025, 144A		291,681
	195,000	Sabine Pass Liquefaction LLC, 6.250%, 3/15/2022		201,581
	155,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.125%, 11/15/2019, 144A		154,225
	10,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.250%, 11/15/2023		9,625
	300,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.000%, 1/15/2018, 144A		309,000
	40,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.250%, 5/01/2023		40,200

See accompanying notes to financial statements.

9 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Midstream – continued
$	105,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.375%, 8/01/2022	$	109,987
	15,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.875%, 2/01/2021		15,713
	80,000	Tesoro Logistics LP/Tesoro Logistics Finance Corp., 5.500%, 10/15/2019, 144A		82,400
	360,000	Tesoro Logistics LP/Tesoro Logistics Finance Corp., 6.250%, 10/15/2022, 144A		373,050
	110,000	Western Refining Logistics LP/WNRL Finance Corp., 7.500%, 2/15/2023, 144A		112,200

				4,064,865

		Non-Agency Commercial Mortgage-Backed Securities – 0.8%
	335,000	GS Mortgage Securities Corp. II, Series 2007-GG10, Class AM, 5.796%, 8/10/2045(b)		343,486
	385,000	Hilton USA Trust, Series 2013-HLT, Class EFX, 5.222%, 11/05/2030, 144A(b)(c)		395,455
	250,000	Morgan Stanley Capital I Trust, Series 2007-HQ12, Class AM, 5.671%, 4/12/2049(b)		266,402

				1,005,343

		Oil Field Services – 0.4%
	20,000	Global Marine, Inc., 7.000%, 6/01/2028		12,900
	155,000	Hercules Offshore, Inc., 8.750%, 7/15/2021, 144A		44,175
	155,000	Paragon Offshore PLC, 6.750%, 7/15/2022, 144A		51,150
	310,000	Paragon Offshore PLC, 7.250%, 8/15/2024, 144A		103,075
	15,000	Parker Drilling Co., 6.750%, 7/15/2022		11,906
	150,000	Pioneer Energy Services Corp., 6.125%, 3/15/2022		114,000
	145,000	Transocean, Inc., 3.800%, 10/15/2022		105,805

				443,011

		Pharmaceuticals – 1.5%
	200,000	Grifols Worldwide Operations Ltd., 5.250%, 4/01/2022, 144A		203,250
	830,000	Valeant Pharmaceuticals International, 6.375%, 10/15/2020, 144A		862,162
	375,000	Valeant Pharmaceuticals International, 7.250%, 7/15/2022, 144A		396,563
	60,000	Valeant Pharmaceuticals International, Inc., 5.500%, 3/01/2023, 144A		60,450
	15,000	Valeant Pharmaceuticals International, Inc., 6.750%, 8/15/2018, 144A		15,806

		Pharmaceuticals – continued
	220,000	VRX Escrow Corp., 5.375%, 3/15/2020, 144A		221,650

				1,759,881

		Property & Casualty Insurance – 0.3%
	370,000	Hockey Merger Sub 2, Inc., 7.875%, 10/01/2021, 144A		379,250

		Retailers – 1.4%
	480,000	Dillard’s, Inc., 7.000%, 12/01/2028(c)		518,400
	75,000	Dillard’s, Inc., 7.875%, 1/01/2023		86,625
	170,000	Family Tree Escrow LLC, 5.750%, 3/01/2023, 144A		178,925
	280,000	Foot Locker, Inc., 8.500%, 1/15/2022(f)		319,369
	160,000	GameStop Corp., 5.500%, 10/01/2019, 144A		165,200
	125,000	Group 1 Automotive, Inc., 5.000%, 6/01/2022, 144A		125,313
	95,000	J.C. Penney Corp., Inc., 5.750%, 2/15/2018		89,775
	90,000	J.C. Penney Corp., Inc., 8.125%, 10/01/2019		88,200
	225,000	Nine West Holdings, Inc., 6.125%, 11/15/2034		137,250
	60,000	Toys R Us, Inc., 7.375%, 10/15/2018		40,950

				1,750,007

		Supermarkets – 0.8%
	415,000	KeHE Distributors LLC/KeHE Finance Corp., 7.625%, 8/15/2021, 144A(c)		440,419
	5,000	New Albertson’s, Inc., 7.450%, 8/01/2029		4,575
	10,000	New Albertson’s, Inc., 8.700%, 5/01/2030		9,850
	615,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028(c)		508,912
	50,000	SUPERVALU, Inc., 7.750%, 11/15/2022		53,250

				1,017,006

		Technology – 4.3%
	110,000	ACI Worldwide, Inc., 6.375%, 8/15/2020, 144A		114,950
	1,965,000	Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029(c)		1,984,650
	290,000	Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028		292,900
	251,000	Blackboard, Inc., 7.750%, 11/15/2019, 144A		240,960
	185,000	BMC Software Finance, Inc., 8.125%, 7/15/2021, 144A		169,275
	140,000	CommScope, Inc., 5.000%, 6/15/2021, 144A		139,825
	395,000	Equinix, Inc., 4.875%, 4/01/2020		407,838
	90,000	Equinix, Inc., 5.375%, 1/01/2022		93,825
	140,000	Equinix, Inc., 5.375%, 4/01/2023		145,320
	505,000	First Data Corp., 8.250%, 1/15/2021, 144A		540,350

See accompanying notes to financial statements.

| 10

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Technology – continued
$	480,000	Micron Technology, Inc., 5.250%, 8/01/2023, 144A	$	488,400
	75,000	MSCI, Inc., 5.250%, 11/15/2024, 144A		77,531
	320,000	Open Text Corp., 5.625%, 1/15/2023, 144A		332,000
	200,000	Rolta Americas LLC, 8.875%, 7/24/2019, 144A		191,500

				5,219,324

		Transportation Services – 0.6%
	185,000	APL Ltd., 8.000%, 1/15/2024(g)		159,100
	9,637	Atlas Air Pass Through Trust, Series 1998-1, Class B, 7.680%, 1/02/2016(f)		9,805
	347,188	Atlas Air Pass Through Trust, Series 1998-1, Class C, 8.010%, 7/02/2011(f)(h)(i)		454,817
	115,000	Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.125%, 6/01/2022, 144A		116,148

				739,870

		Wireless – 1.9%
	220,000	Altice S.A., 7.625%, 2/15/2025, 144A		220,413
	200,000	Altice S.A., 7.750%, 5/15/2022, 144A		203,375
	500,000	Crown Castle International Corp., 5.250%, 1/15/2023(c)		525,000
	315,000	Numericable-SFR, 6.000%, 5/15/2022, 144A		318,937
	496,000	Sprint Capital Corp., 6.875%, 11/15/2028		455,080
	170,000	T-Mobile USA, Inc., 6.125%, 1/15/2022		175,313
	395,000	Wind Acquisition Finance S.A., 4.750%, 7/15/2020, 144A(c)		395,987

				2,294,105

		Wirelines – 2.9%
	382,000	Axtel SAB de CV, 9.000%, 1/31/2020, 144A		339,483
	20,000	CenturyLink, Inc., 5.625%, 4/01/2020		21,000
	270,000	CenturyLink, Inc., 6.450%, 6/15/2021		291,262
	220,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		209,000
	15,000	Frontier Communications Corp., 7.000%, 11/01/2025		14,850
	235,000	Frontier Communications Corp., 7.450%, 7/01/2035		230,418
	640,000	Level 3 Communications, Inc., 5.750%, 12/01/2022		657,216
	5,000	Level 3 Financing, Inc., 5.375%, 8/15/2022		5,145
	385,000	Level 3 Financing, Inc., 6.125%, 1/15/2021		403,769
	480,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028(c)		487,200
	5,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		5,163

		Wirelines – continued
	375,000	Telecom Italia Capital S.A., 7.200%, 7/18/2036		422,812
	290,000	Telecom Italia Capital S.A., 7.721%, 6/04/2038		338,575
	75,000	Telefonica Emisiones SAU, 7.045%, 6/20/2036		103,599

				3,529,492


		Total Non-Convertible Bonds
		(Identified Cost $83,576,654)		85,154,049


	Convertible Bonds – 5.5%

		Construction Machinery – 0.4%
	330,000	Trinity Industries, Inc., 3.875%, 6/01/2036(c)		515,625

		Consumer Cyclical Services – 1.4%
	155,000	Iconix Brand Group, Inc., 1.500%, 3/15/2018		184,450
	225,000	Iconix Brand Group, Inc., 2.500%, 6/01/2016		262,266
	170,000	Jarden Corp., 1.125%, 3/15/2034		201,875
	145,000	KB Home, 1.375%, 2/01/2019		138,656
	405,000	Lennar Corp., 3.250%, 11/15/2021, 144A(c)		903,403

				1,690,650

		Energy – 0.5%
	185,000	Chesapeake Energy Corp., 2.500%, 5/15/2037		177,253
	475,000	Hornbeck Offshore Services, Inc., 1.500%, 9/01/2019(c)		381,781
	225,000	Peabody Energy Corp., 4.750%, 12/15/2066		75,724

				634,758

		Pharmaceuticals – 1.4%
	27,000	BioMarin Pharmaceutical, Inc., 0.750%, 10/15/2018		40,179
	106,000	BioMarin Pharmaceutical, Inc., 1.500%, 10/15/2020		160,524
	346,000	Emergent Biosolutions, Inc., 2.875%, 1/15/2021(c)		399,846
	85,000	Gilead Sciences, Inc., Series D, 1.625%, 5/01/2016		366,191
	155,000	Mylan, Inc., 3.750%, 9/15/2015(c)		689,072

				1,655,812

		REITs – Mortgage – 0.0%
	25,000	iStar Financial, Inc., 3.000%, 11/15/2016		29,610

		Retailers – 0.3%
	160,000	Priceline Group, Inc. (The), 0.350%, 6/15/2020		182,600
	80,000	Priceline Group, Inc. (The), 1.000%, 3/15/2018		106,750

				289,350

See accompanying notes to financial statements.

11 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Technology – 1.5%
$	55,000	Brocade Communications Systems, Inc., 1.375%, 1/01/2020, 144A	$	57,853
	520,000	Ciena Corp., 3.750%, 10/15/2018, 144A(c)		637,325
	175,000	MercadoLibre, Inc., 2.250%, 7/01/2019, 144A		203,656
	60,000	Novellus Systems, Inc., 2.625%, 5/15/2041		122,513
	125,000	Nuance Communications, Inc., 2.750%, 11/01/2031		124,063
	180,000	Palo Alto Networks, Inc., Zero Coupon, 7/01/2019, 144A		258,187
	345,000	Rovi Corp., 0.500%, 3/01/2020, 144A		328,828
	80,000	SunEdison, Inc., 2.375%, 4/15/2022, 144A		93,800

				1,826,225

		Transportation Services – 0.0%
	40,000	Macquarie Infrastructure Co. LLC, 2.875%, 7/15/2019		47,375


		Total Convertible Bonds
		(Identified Cost $5,499,024)		6,689,405


		Total Bonds and Notes
		(Identified Cost $89,075,678)		91,843,454


	Shares

	Preferred Stocks – 4.2%

	Convertible Preferred Stocks – 3.3%

		Consumer Non-Cyclical Services – 0.7%
	17,225	Tyson Foods, Inc., 4.750%(j)		835,068

		Electric – 0.2%
	4,388	NextEra Energy, Inc., 5.889%		287,107

		Metals & Mining – 0.6%
	14,017	Alcoa, Inc., Series 1, 5.375%(j)		614,505
	5,370	ArcelorMittal, 6.000%		80,658

				695,163

		Pharmaceuticals – 0.9%
	1,069	Actavis PLC, Series A, 5.500%		1,081,828

		REITs – Diversified – 0.5%
	2,927	Crown Castle International Corp., Series A, 4.500%		306,837
	5,493	Weyerhaeuser Co., Series A, 6.375%		300,577

				607,414

		REITs – Mortgage – 0.1%
	2,110	iStar Financial, Inc., Series J, 4.500%		118,561


		Utility Other – 0.3%
	3,103	Dominion Resources, Inc., 6.375%		150,185
	546	Dominion Resources, Inc., Series A, 6.125%		30,664
	4,143	Dominion Resources, Inc., Series B, 6.000%		233,665

				414,514


		Total Convertible Preferred Stocks
		(Identified Cost $4,106,777)		4,039,655


	Non-Convertible Preferred Stocks – 0.9%

		Banking – 0.9%
	11,350	Ally Financial, Inc., Series A, (fixed rate to 5/15/2016, variable rate thereafter), 8.500%		302,705
	402	Ally Financial, Inc., Series G, 7.000%, 144A(c)		410,605
	13,577	SunTrust Banks, Inc., Series E, 5.875%		340,375

				1,053,685


		Total Non-Convertible Preferred Stocks
		(Identified Cost $965,027)		1,053,685


		Total Preferred Stocks
		(Identified Cost $5,071,804)		5,093,340


	Common Stocks – 2.2%

		Automobiles – 0.6%
	19,032	General Motors Co.(c)		713,700

		Diversified Telecommunication Services – 1.6%
	37,555	Level 3 Communications, Inc.(i)		2,021,975


		Total Common Stocks
		(Identified Cost $1,669,494)		2,735,675


	Warrants – 0.0%
	1,657	FairPoint Communications, Inc., Expiration on 1/24/2018 at $48.81(f)(g)(i) (Identified Cost $0)		—

See accompanying notes to financial statements.

| 12

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued


Principal Amount (‡)		Description	Value (†)

	Short-Term Investments – 15.0%
$	17,822,878	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2015 at 0.010% to be repurchased at $17,822,883 on 4/01/2015 collateralized by $18,135,000 Federal Farm Credit Banks, 1.000% due 9/25/2017 valued at $18,180,338 including accrued interest (Note 2 of Notes to Financial Statements)	$	17,822,878
	285,000	U.S. Treasury Bills, 0.056%, 8/06/2015(k)(l)		284,942


		Total Short-Term Investments
		(Identified Cost $18,107,822)		18,107,820


		Total Investments – 97.4%
		(Identified Cost $113,924,798)(a)		117,780,289
		Other assets less liabilities—2.6%		3,098,186


		Net Assets – 100.0%	$	120,878,475


	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information (Amounts exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
		At March 31, 2015, the net unrealized appreciation on investments based on a cost of $114,022,100 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	$	6,448,805
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(2,690,616	)

		Net unrealized appreciation	$	3,758,189

	(b)	Variable rate security. Rate as of March 31, 2015 is disclosed.
	(c)	All of this security has been designated to cover the Fund’s obligations under open futures contracts or swap agreements.
	(d)	The issuer is making partial payments with respect to principal.
	(e)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
	(f)	Fair valued by the Fund’s adviser. At March 31, 2015, the value of these securities amounted to $783,991 or 0.6% of net assets.
	(g)	Illiquid security. At March 31, 2015, the value of these securities amounted to $159,100 or 0.1% of net assets. Illiquid securities are deemed to be fair valued pursuant to the Fund’s pricing policies and procedures.
	(h)	Maturity has been extended under the terms of a plan of reorganization.
	(i)	Non-income producing security.
	(j)	A portion of this security has been designated to cover the Fund’s obligations under open futures contracts or swap agreements.
	(k)	Interest rate represents discount rate at time of purchase; not a coupon rate.
	(l)	A portion of this security has been pledged as initial margin for open futures contracts.

	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2015, the value of Rule 144A holdings amounted to $32,969,391 or 27.3% of net assets.
	ABS	Asset-Backed Securities
	MTN	Medium Term Note
	REITs	Real Estate Investment Trusts

At March 31, 2015, the Fund had the following open centrally cleared credit default swap agreements:

Sell Protection


Reference Obligation	(Pay)/ Receive Fixed Rate	Expiration Date		Implied Credit Spread^	Notional Value		Market Value		Unrealized Appreciation (Depreciation)		Fees Receivable/ (Payable)
CDX.NA.HY* Series 23, 5-Year	5.00%		12/20/2019	3.05%		13,230,000	$	1,082,340	$	221,040	$	1,838

^{^} Implied credit spreads, represented in absolute terms, serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular reference entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the reference entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

* CDX.NA.HY is an index composed of North American high yield credit default swaps.

See accompanying notes to financial statements.

13 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued

At March 31, 2015, open short futures contracts were as follows:


Financial Futures	Expiration Date		Contracts		Notional Value		Unrealized Appreciation (Depreciation)
10 Year U.S. Treasury Note		6/19/2015		23	$	2,964,844	$	(25,864	)
30 Year U.S. Treasury Bond		6/19/2015		8		1,311,000		(11,656	)

Total							$	(37,520	)

Industry Summary at March 31, 2015 (Unaudited)


Independent Energy	7.1	%
Technology	5.8
Healthcare	5.7
Finance Companies	5.2
Cable Satellite	4.3
Pharmaceuticals	3.8
Banking	3.7
Midstream	3.4
Metals & Mining	3.2
Wirelines	2.9
Electric	2.6
Consumer Cyclical Services	2.6
ABS Home Equity	2.4
Building Materials	2.3
Home Construction	2.1
Other Investments, less than 2% each	25.3
Short-Term Investments	15.0

Total Investments	97.4
Other assets less liabilities (including swap agreements and futures contracts)	2.6

Net Assets	100.0	%

See accompanying notes to financial statements.

| 14

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Securitized Asset Fund


Principal Amount		Description	Value (†)

	Bonds and Notes – 124.1% of Net Assets
		ABS Car Loan – 13.5%
$	1,965,000	AmeriCredit Automobile Receivables Trust, Series 2013-4, Class B, 1.660%, 9/10/2018	$	1,979,101
	1,070,000	AmeriCredit Automobile Receivables Trust, Series 2014-2, Class B, 1.600%, 7/08/2019		1,069,540
	3,700,000	AmeriCredit Automobile Receivables Trust, Series 2014-4, Class C, 2.470%, 11/09/2020		3,729,644
	1,411,667	Avis Budget Rental Car Funding AESOP LLC, Series 2010-3A, Class A, 4.640%, 5/20/2016, 144A		1,416,530
	645,000	Avis Budget Rental Car Funding AESOP LLC, Series 2013-1A, Class B, 2.620%, 9/20/2019, 144A		644,375
	2,630,000	Avis Budget Rental Car Funding AESOP LLC, Series 2014-1A, Class A, 2.460%, 7/20/2020, 144A		2,662,410
	300,000	Avis Budget Rental Car Funding AESOP LLC, Series 2014-2A, Class A, 2.500%, 2/20/2021, 144A		303,287
	4,395,000	Avis Budget Rental Car Funding AESOP LLC, Series 2015-1A, Class A, 2.500%, 7/20/2021, 144A		4,427,536
	682,786	California Republic Auto Receivables Trust, Series 2012-1, Class A, 1.180%, 8/15/2017, 144A		683,901
	2,190,000	Capital Auto Receivables Asset Trust, Series 2013-3, Class A3, 1.310%, 12/20/2017		2,199,067
	1,845,000	Capital Auto Receivables Asset Trust, Series 2014-2, Class A3, 1.260%, 5/21/2018		1,851,911
	88,645	CarFinance Capital Auto Trust, Series 2013-1A, Class A, 1.650%, 7/17/2017, 144A		88,693
	422,515	CarFinance Capital Auto Trust, Series 2014-1A, Class A, 1.460%, 12/17/2018, 144A		421,851
	8,715,991	CarFinance Capital Auto Trust, Series 2014-2A, Class A, 1.440%, 11/16/2020, 144A(b)		8,699,840
	870,000	CarMax Auto Owner Trust, Series 2013-4, Class B, 1.710%, 7/15/2019		868,525
	179,577	Centre Point Funding LLC, Series 2010-1A, Class 1, 5.430%, 7/20/2016, 144A		180,433
	3,777,838	Centre Point Funding LLC, Series 2012-2A, Class 1, 2.610%, 8/20/2021, 144A		3,763,338
	1,087,171	CPS Auto Receivables Trust, Series 2013-D, Class A, 1.540%, 7/16/2018, 144A		1,086,766
	4,000,000	CPS Auto Receivables Trust, Series 2014-C, Class B, 2.670%, 8/17/2020, 144A		3,997,048
	2,225,000	CPS Auto Trust, Series 2014-D, Class C, 4.350%, 11/16/2020, 144A		2,258,526

		ABS Car Loan – continued
$	773,445	Credit Acceptance Auto Loan Trust, Series 2012-2A, Class A, 1.520%, 3/16/2020, 144A	$	775,175
	2,080,000	Credit Acceptance Auto Loan Trust, Series 2013-2A, Class A, 1.500%, 4/15/2021, 144A		2,086,065
	450,000	Credit Acceptance Auto Loan Trust, Series 2014-1A, Class B, 2.290%, 4/15/2022, 144A		451,566
	3,240,000	Credit Acceptance Auto Loan Trust, Series 2014-2A, Class A, 1.880%, 3/15/2022, 144A		3,251,314
	4,000,000	Credit Acceptance Auto Loan Trust, Series 2015-1A, Class B, 2.610%, 1/17/2023, 144A		4,016,824
	900,000	DT Auto Owner Trust, Series 2014-1A, Class B, 1.430%, 3/15/2018, 144A		901,297
	3,700,000	DT Auto Owner Trust, Series 2014-2A, Class C, 2.460%, 1/15/2020, 144A		3,709,058
	1,975,000	Exeter Automobile Receivables Trust, Series 2014-1A, Class B, 2.420%, 1/15/2019, 144A		1,981,903
	6,678,852	Exeter Automobile Receivables Trust, Series 2014-3A, Class A, 1.320%, 1/15/2019, 144A(b)		6,674,891
	4,200,000	Exeter Automobile Receivables Trust, Series 2014-3A, Class B, 2.770%, 11/15/2019, 144A		4,218,085
	2,000,000	First Investors Auto Owner Trust, Series 2012-2A, Class B, 2.470%, 5/15/2018, 144A		2,015,878
	334,491	First Investors Auto Owner Trust, Series 2013-1A, Class A2, 0.900%, 10/15/2018, 144A		334,475
	2,000,000	First Investors Auto Owner Trust, Series 2014-1A, Class B, 2.260%, 1/15/2020, 144A		2,012,256
	1,915,000	First Investors Auto Owner Trust, Series 2014-2A, Class D, 3.470%, 2/15/2021, 144A		1,911,771
	3,500,000	Flagship Credit Auto Trust, Series 2013-1, Class B, 2.760%, 9/17/2018, 144A		3,540,352
	5,530,000	Flagship Credit Auto Trust, Series 2014-2, Class B, 2.840%, 11/16/2020, 144A(b)		5,572,128
	1,390,000	Ford Credit Auto Owner Trust, Series 2014-1, Class A, 2.260%, 11/15/2025, 144A		1,415,766
	3,900,000	Ford Credit Auto Owner Trust/Ford Credit, Series 2014-2, Class A, 2.310%, 4/15/2026, 144A		3,972,883
	8,605,000	NextGear Floorplan Master Owner Trust, Series 2014-1A, Class A, 1.920%, 10/15/2019, 144A(b)		8,641,692
	318,292	Prestige Auto Receivables Trust, Series 2013-1A, Class A2, 1.090%, 2/15/2018, 144A		318,564

See accompanying notes to financial statements.

15 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		ABS Car Loan – continued
$	4,415,000	Prestige Auto Receivables Trust, Series 2015-1, Class A3, 1.530%, 2/15/2021, 144A	$	4,414,991
	1,275,000	Santander Drive Auto Receivables Trust, Series 2013-3, Class B, 1.190%, 5/15/2018		1,275,339
	2,240,000	Santander Drive Auto Receivables Trust, Series 2014-3, Class B, 1.450%, 5/15/2019		2,247,544
	1,725,000	Santander Drive Auto Receivables Trust, Series 2014-4, Class B, 1.820%, 5/15/2019		1,727,588
	7,120,000	Santander Drive Auto Receivables Trust, Series 2014-5, Class C, 2.460%, 6/15/2020(b)		7,160,577
	2,096,466	SMART Trust/Australia, Series 2012-4US, Class A3A, 0.970%, 3/14/2017		2,097,304
	975,285	Tidewater Auto Receivables Trust, Series 2012-AA, Class A3, 1.990%, 4/15/2019, 144A		977,227
	2,380,000	Tidewater Auto Receivables Trust, Series 2014-AA, Class A3, 1.400%, 7/15/2018, 144A		2,378,079
	1,820,000	Westlake Automobile Receivables Trust, Series 2014-2A, Class C, 2.240%, 4/15/2020, 144A		1,828,196


				124,241,110


	ABS Credit Card – 2.3%
	2,000,000	Barclays Dryrock Issuance Trust, Series 2015-1, Class A, 2.200%, 12/15/2022		2,018,600
	4,975,000	GE Capital Credit Card Master Note Trust, Series 2010-2, Class A, 4.470%, 3/15/2020		5,277,982
	3,195,000	World Financial Network Credit Card Master Trust, Series 2010-A, Class A, 3.960%, 4/15/2019		3,216,918
	9,215,000	World Financial Network Credit Card Master Trust, Series 2012-A, Class A, 3.140%, 1/17/2023(b)		9,670,811
	1,000,000	World Financial Network Credit Card Master Trust, Series 2012-C, Class M, 3.320%, 8/15/2022		1,044,055


				21,228,366


	ABS Home Equity – 2.8%
	2,681,435	Citigroup Mortgage Loan Trust, Inc., Series 2013-J1, Class A2, 3.500%, 10/25/2043, 144A(c)		2,709,625
	1,500,000	Colony American Homes, Series 2014-1A, Class B, 1.600%, 5/17/2031, 144A(c)		1,486,519
	606,283	Countrywide Alternative Loan Trust, Series 2006-15CB, Class A1, 6.500%, 6/25/2036(d)		503,687

		ABS Home Equity – continued
$	234,809	Countrywide Alternative Loan Trust, Series 2006-J5, Class 4A1, 4.829%, 7/25/2021(c)(d)	$	228,163
	222,234	Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 5.115%, 2/25/2035(c)		226,445
	985,220	Countrywide Asset-Backed Certificates, Series 2006-S7, Class A3, 5.712%, 11/25/2035(c)(d)		955,930
	318,817	Countrywide Home Loan Mortgage Pass Through Trust, Series 2004-HYB5, Class 6A2, 2.418%, 4/20/2035(c)(d)		134,961
	5,444,112	HarborView Mortgage Loan Trust, Series 2004-3, Class 1A, 2.580%, 5/19/2034(b)(c)		5,422,810
	4,000,000	Invitation Homes Trust, Series 2014-SRF2, 2.377%, 9/17/2031, 144A(c)		4,037,120
	262,580	Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 5A, 5.270%, 7/25/2035(c)(d)		247,411
	33,643	Residential Accredit Loans, Inc., Trust, Series 2006-QS6, Class 2A1, 6.000%, 6/25/2021(d)		31,901
	151,768	Residential Accredit Loans, Inc., Trust, Series 2006-QS13, Class 2A1, 5.750%, 9/25/2021(d)		148,115
	718,414	Residential Accredit Loans, Inc., Trust, Series 2006-QS18, Class 3A3, 5.750%, 12/25/2021(d)		681,729
	337,853	Sequoia Mortgage Trust, Series 2013-1, Class 2A1, 1.855%, 2/25/2043(c)		310,150
	3,600,690	Sequoia Mortgage Trust, Series 2013-5, Class A1, 2.500%, 5/25/2043, 144A(c)		3,453,429
	5,695,162	WaMu Mortgage Pass Through Certificates, Series 2007-HY2, Class 2A2, 2.342%, 11/25/2036(b)(c)		4,970,943


				25,548,938


	ABS Other – 5.4%
	48,191	Ascentium Equipment Receivables LLC, Series 2012-1A, Class A, 1.830%, 9/15/2019, 144A		48,207
	1,000,000	Ascentium Equipment Receivables LLC, Series 2014-1A, Class C, 2.460%, 11/13/2018, 144A		1,010,926
	456,732	CCG Receivables Trust, Series 2013-1, Class A2, 1.050%, 8/14/2020, 144A		457,284
	1,431,953	CLI Funding V LLC, Series 2014-1A, Class A, 3.290%, 6/18/2029, 144A		1,450,004
	2,155,000	DB Master Finance LLC, Series 2015-1A, Class A2I, 3.262%, 2/20/2045, 144A		2,175,839
	1,687,834	Diamond Resorts Owner Trust, Series 2011-1, Class A, 4.000%, 3/20/2023, 144A		1,709,396

See accompanying notes to financial statements.

| 16

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		ABS Other – continued
$	729,030	FRS I LLC, Series 2013-1A, Class A1, 1.800%, 4/15/2043, 144A	$	723,214
	1,929,524	Global Container Assets Ltd., Series 2013-1A, Class A1, 2.200%, 11/05/2028, 144A		1,927,058
	182,675	Marriott Vacation Club Owner Trust, Series 2009-2A, Class A, 4.809%, 7/20/2031, 144A		183,001
	1,770,000	OneMain Financial Issuance Trust, Series 2014-1A, Class A, 2.430%, 6/18/2024, 144A		1,772,673
	4,995,000	OneMain Financial Issuance Trust, Series 2014-2A, Class A, 2.470%, 9/18/2024, 144A		4,982,163
	4,768,530	Orange Lake Timeshare Trust, Series 2012-AA, Class A, 3.450%, 3/10/2027, 144A		4,907,127
	435,547	Sierra Timeshare Receivables Funding LLC, Series 2010-3A, Class A, 3.510%, 11/20/2025, 144A		440,066
	533,682	Sierra Timeshare Receivables Funding LLC, Series 2011-3A, Class A, 3.370%, 7/20/2028, 144A		545,864
	931,086	Sierra Timeshare Receivables Funding LLC, Series 2012-1A, Class A, 2.840%, 11/20/2028, 144A		945,662
	381,254	Sierra Timeshare Receivables Funding LLC, Series 2013-1A, Class A, 1.590%, 11/20/2029, 144A		380,789
	7,110,000	Springleaf Funding Trust, Series 2013-BA, Class A, 3.920%, 1/16/2023, 144A(b)		7,148,536
	2,260,000	Springleaf Funding Trust, Series 2014-AA, Class A, 2.410%, 12/15/2022, 144A		2,260,927
	1,537,965	SVO VOI Mortgage LLC, Series 2012-AA, Class A, 2.000%, 9/20/2029, 144A		1,527,193
	1,948,292	TAL Advantage V LLC, Series 2014-1A, Class A, 3.510%, 2/22/2039, 144A		1,979,653
	714,595	TAL Advantage V LLC, Series 2014-2A, Class A2, 3.330%, 5/20/2039, 144A		725,583
	4,707,667	TAL Advantage V LLC, Series 2014-3A, Class A, 3.270%, 11/21/2039, 144A		4,793,388
	4,561,667	Textainer Marine Containers Ltd., Series 2014-1A, Class A, 3.270%, 10/20/2039, 144A		4,619,714
	3,036,289	Trip Rail Master Funding LLC, Series 2011-1A, Class A1B, 2.675%, 7/15/2041, 144A(c)		3,109,563


				49,823,830

		ABS Student Loan – 2.0%
	4,163,866	Panhandle-Plains Higher Education Authority, Inc., Series 2011-1, Class A2, 1.224%, 7/01/2024(c)		4,192,243

		ABS Student Loan – continued
$	278,550	SoFi Professional Loan Program LLC, Series 2014-A, Class A2, 3.020%, 10/25/2027, 144A	$	283,694
	965,811	SoFi Professional Loan Program LLC, Series 2014-B, Class A1, 1.421%, 8/25/2032, 144A(c)		966,370
	13,261,307	South Carolina Student Loan Corp., Series 2010-1, Class A2, 1.256%, 7/25/2025(b)(c)		13,304,671


				18,746,978

		Agency Commercial Mortgage-Backed Securities – 2.1%
	6,125,000	FHLMC Multifamily Structured Pass Through Certificates, Series K029, Class A2, 3.320%, 2/25/2023(b)(c)		6,585,337
	89,583,160	FHLMC Multifamily Structured Pass Through Certificates, Series K031, Class X1, 0.266%, 4/25/2023(b)(c)(e)		1,539,039
	4,585,565	FHLMC Multifamily Structured Pass Through Certificates, Series KS01, Class X1, 1.638%, 1/25/2023(c)(e)		364,332
	4,000,000	Government National Mortgage Association, Series 2008-52, Class E, 6.041%, 8/16/2042(b)(c)		5,065,781
	2,000,000	Government National Mortgage Association, Series 2008-80, Class E, 5.674%, 8/16/2042(c)		2,331,526
	26,301,627	Government National Mortgage Association, Series 2014-86, Class IO, 0.960%, 4/16/2056(c)(e)		1,893,349
	17,034,643	Government National Mortgage Association, Series 2014-101, Class IO, 0.963%, 4/16/2056(c)(e)		1,303,780


				19,083,144

		Collateralized Mortgage Obligations – 18.0%
	209,012	Federal Home Loan Mortgage Corp., REMIC, Series 2060, Class ZA, 6.000%, 4/15/2028(b)		234,119
	2,019,483	Federal Home Loan Mortgage Corp., REMIC, Series 2626, Class SQ, 14.564%, 6/15/2023(c)		2,552,335
	314,924	Federal Home Loan Mortgage Corp., REMIC, Series 2649, Class IM, 7.000%, 7/15/2033(b)(e)		70,796
	9,348,342	Federal Home Loan Mortgage Corp., REMIC, Series 2882, Class TF, 0.425%, 10/15/2034(c)		9,373,601
	7,282,000	Federal Home Loan Mortgage Corp., REMIC, Series 2912, Class EH, 5.500%, 1/15/2035(b)		8,375,487
	12,966,199	Federal Home Loan Mortgage Corp., REMIC, Series 3149, Class LS, 7.026%, 5/15/2036(b)(c)(e)		2,035,086
	3,568,782	Federal Home Loan Mortgage Corp., REMIC, Series 3416, Class B1, 6.076%, 2/15/2038(c)(e)		492,342

See accompanying notes to financial statements.

17 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Collateralized Mortgage Obligations – continued
$	2,578,365	Federal Home Loan Mortgage Corp., REMIC, Series 3561, Class W, 4.084%, 6/15/2048(b)	$	2,630,397
	450,000	Federal Home Loan Mortgage Corp., REMIC, Series 3605, Class NC, 5.500%, 6/15/2037		508,766
	3,100,174	Federal Home Loan Mortgage Corp., REMIC, Series 3620, Class AT, 4.317%, 12/15/2036(f)		3,255,803
	3,272,387	Federal Home Loan Mortgage Corp., REMIC, Series 3752, Class KF, 0.675%, 12/15/2037(c)		3,292,806
	3,830,480	Federal Home Loan Mortgage Corp., REMIC, Series 3828, Class EF, 0.575%, 5/15/2037(c)		3,850,663
	800,000	Federal Home Loan Mortgage Corp., REMIC, Series 4395, Class PE, 2.500%, 4/15/2037		733,780
	1,157,257	Federal Home Loan Mortgage Corp., Series 224, Class IO, 6.000%, 3/01/2033(b)(e)		235,102
	3,093,803	Federal Home Loan Mortgage Corp., Series 3792, Class DF, 0.575%, 11/15/2040(c)		3,108,722
	531,488	Federal National Mortgage Association, REMIC, Series 1996-45, Class SC, 7.076%, 1/25/2024(c)(e)		91,607
	678,499	Federal National Mortgage Association, REMIC, Series 2003-26, Class OI, 5.500%, 11/25/2032(b)(e)		29,032
	282,667	Federal National Mortgage Association, REMIC, Series 2006-69, Class KI, 7.126%, 8/25/2036(c)(e)		40,583
	1,000,000	Federal National Mortgage Association, REMIC, Series 2008-35, Class CD, 4.500%, 5/25/2023(b)		1,077,045
	3,932,088	Federal National Mortgage Association, REMIC, Series 2008-86, Class LA, 3.738%, 8/25/2038(b)(c)		3,969,971
	1,237,084	Federal National Mortgage Association, REMIC, Series 2009-11, Class VP, 3.319%, 3/25/2039(b)(c)		1,231,245
	246,286	Federal National Mortgage Association, REMIC, Series 2009-71, Class MB, 4.500%, 9/25/2024		264,048
	1,004,631	Federal National Mortgage Association, REMIC, Series 2010-75, Class MT, 4.356%, 12/25/2039(c)		1,049,689
	939,818	Federal National Mortgage Association, REMIC, Series 2013-23, Class TS, 5.892%, 3/25/2043(c)		953,601
	770,590	Federal National Mortgage Association, REMIC, Series 2013-26, Class SJ, 5.254%, 4/25/2033(c)		777,209
	7,595,688	Federal National Mortgage Association, REMIC, Series 2013-34, Class PS, 5.976%, 8/25/2042(b)(c)(e)		1,574,238
	3,872,884	Federal National Mortgage Association, REMIC, Series 2013-57, Class QF, 1.172%, 6/25/2043(c)		3,753,204

		Collateralized Mortgage Obligations – continued
$	2,783,707	Federal National Mortgage Association, REMIC, Series 2013-67, Class NF, 1.174%, 7/25/2043(c)	$	2,683,377
	1,500,000	Federal National Mortgage Association, REMIC, Series 2013-109, Class US, 11.721%, 7/25/2043(c)		1,909,406
	433,025	Federal National Mortgage Association, REMIC, Series 2014-67, Class PT, 6.000%, 10/25/2044(c)		445,179
	2,498,207	Federal National Mortgage Association, REMIC, Series 2015-1, Class SN, 6.000%, 7/25/2043(c)		2,567,146
	1,448,824	Federal National Mortgage Association, Series 334, Class 11, 6.000%, 3/25/2033(b)(e)		299,489
	309,285	Federal National Mortgage Association, Series 334, Class 19, 7.000%, 2/25/2033(b)(c)(e)		67,650
	307,384	Federal National Mortgage Association, Series 339, Class 7, 5.500%, 11/25/2033(b)(e)		58,873
	1,623,633	Federal National Mortgage Association, Series 339, Class 13, 6.000%, 6/25/2033(b)(e)		353,869
	3,458,533	Federal National Mortgage Association, Series 356, Class 13, 5.500%, 6/25/2035(b)(e)		699,409
	1,355,682	Federal National Mortgage Association, Series 359, Class 17, 6.000%, 7/25/2035(b)(e)		256,881
	910,530	Federal National Mortgage Association, Series 374, Class 18, 6.500%, 8/25/2036(b)(e)		225,519
	1,862,425	Federal National Mortgage Association, Series 374, Class 20, 6.500%, 9/25/2036(b)(e)		411,575
	797,640	Federal National Mortgage Association, Series 374, Class 22, 7.000%, 10/25/2036(b)(e)		154,157
	1,002,551	Federal National Mortgage Association, Series 374, Class 23, 7.000%, 10/25/2036(b)(e)		194,771
	1,149,688	Federal National Mortgage Association, Series 374, Class 24, 7.000%, 6/25/2037(b)(e)		248,227
	1,180,154	Federal National Mortgage Association, Series 381, Class 12, 6.000%, 11/25/2035(b)(e)		225,727
	577,554	Federal National Mortgage Association, Series 381, Class 13, 6.000%, 11/25/2035(b)(c)(e)		107,966
	836,559	Federal National Mortgage Association, Series 381, Class 18, 7.000%, 3/25/2037(b)(e)		164,433
	545,211	Federal National Mortgage Association, Series 381, Class 19, 7.000%, 3/25/2037(b)(c)(e)		106,467
	149,350	Federal National Mortgage Association, Series 383, Class 32, 6.000%, 1/25/2038(b)(e)		29,067

See accompanying notes to financial statements.

| 18

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Collateralized Mortgage Obligations – continued
$	1,271,544	Federal National Mortgage Association, Series 384, Class 4, 4.500%, 9/25/2036(b)(c)(e)	$	206,480
	4,111,645	Federal National Mortgage Association, Series 384, Class 20, 5.500%, 5/25/2036(b)(c)(e)		747,514
	1,411,101	Federal National Mortgage Association, Series 384, Class 31, 6.500%, 7/25/2037(b)(e)		270,719
	1,221,101	Federal National Mortgage Association, Series 384, Class 36, 7.000%, 7/25/2037(b)(c)(e)		238,353
	686,269	Federal National Mortgage Association, Series 385, Class 23, 7.000%, 7/25/2037(b)(e)		116,042
	121,189	Federal National Mortgage Association, Series 386, Class 25, 7.000%, 3/25/2038(b)(c)(e)		22,429
	12,577,565	Government National Mortgage Association, Series 2006-46, Class IO, 0.217%, 4/16/2046(c)(e)		233,918
	12,770,493	Government National Mortgage Association, Series 2006-51, Class IO, 0.395%, 8/16/2046(c)(e)(f)		345,467
	15,229,977	Government National Mortgage Association, Series 2009-114, Class IO, 0.180%, 10/16/2049(c)(e)		320,271
	3,166,333	Government National Mortgage Association, Series 2010-49, Class IA, 0.818%, 10/16/2052(c)(e)		171,612
	55,787,069	Government National Mortgage Association, Series 2010-124, Class X, 1.183%, 12/16/2052(c)(e)(f)		3,502,480
	886,162	Government National Mortgage Association, Series 2010-H20, Class AF, 0.501%, 10/20/2060(c)		881,857
	16,741,917	Government National Mortgage Association, Series 2011-38, Class IO, 0.467%, 4/16/2053(b)(c)(e)		545,435
	7,372,917	Government National Mortgage Association, Series 2011-53, Class IO, 0.334%, 5/16/2051(b)(c)(e)		268,713
	16,063,738	Government National Mortgage Association, Series 2011-119, Class IO, 1.033%, 8/16/2051(c)(e)		755,638
	77,787,515	Government National Mortgage Association, Series 2011-121, Class IO, 1.018%, 6/16/2043(c)(e)		2,970,627
	34,772,382	Government National Mortgage Association, Series 2011-161, Class IO, 1.085%, 4/16/2045(c)(e)		1,679,715
	1,591,011	Government National Mortgage Association, Series 2011-H01, Class AF, 0.621%, 11/20/2060(c)		1,591,043
	29,702,003	Government National Mortgage Association, Series 2012-23, Class IO, 1.368%, 6/16/2053(b)(c)(e)		1,623,927
	35,933,087	Government National Mortgage Association, Series 2012-55, Class IO, 1.193%, 4/16/2052(b)(c)(e)		1,958,174

		Collateralized Mortgage Obligations – continued
$	25,514,942	Government National Mortgage Association, Series 2012-70, Class IO, 0.843%, 8/16/2052(b)(c)(e)	$	1,393,294
	22,934,046	Government National Mortgage Association, Series 2012-79, Class IO, 0.963%, 3/16/2053(c)(e)		1,511,331
	17,000,000	Government National Mortgage Association, Series 2012-100, Class IC, 1.485%, 9/16/2050(c)(e)		1,592,492
	12,925,139	Government National Mortgage Association, Series 2012-111, Class IC, 1.385%, 9/16/2050(c)(e)		1,149,187
	69,565,644	Government National Mortgage Association, Series 2012-142, Class IO, 1.150%, 4/16/2054(c)(e)		4,359,888
	373,738	Government National Mortgage Association, Series 2012-H24, Class FE, 0.771%, 10/20/2062(c)		373,511
	5,706,612	Government National Mortgage Association, Series 2012-H26, Class BA, 0.521%, 10/20/2062(b)(c)		5,684,036
	3,445,012	Government National Mortgage Association, Series 2012-H30, Class GA, 0.521%, 12/20/2062(c)		3,422,347
	7,607,687	Government National Mortgage Association, Series 2013-175, Class IO, 0.960%, 5/16/2055(c)(e)		463,445
	27,462,617	Government National Mortgage Association, Series 2013-H16, Class AI, 1.613%, 7/20/2063(c)(e)		2,179,845
	18,111,287	Government National Mortgage Association, Series 2013-H18, Class EI, 1.706%, 7/20/2063(c)(e)		1,569,705
	3,460,663	Government National Mortgage Association, Series 2013-H18, Class JI, 1.385%, 8/20/2063(c)(e)		231,432
	373,055	Government National Mortgage Association, Series 2013-H22, Class FT, 0.820%, 4/20/2063(c)		378,733
	62,511,973	Government National Mortgage Association, Series 2014-24, Class IX, 1.014%, 1/16/2054(b)(c)(e)		3,959,633
	51,006,837	Government National Mortgage Association, Series 2014-70, Class IO, 1.332%, 3/16/2049(c)(e)		3,395,882
	48,267,510	Government National Mortgage Association, Series 2014-130, Class IB, 0.959%, 8/16/2054(c)		3,308,738
	19,177,050	Government National Mortgage Association, Series 2014-H03, Class FS, 0.821%, 2/20/2064(b)(c)		19,336,776
	4,897,711	Government National Mortgage Association, Series 2014-H05, Class FB, 0.771%, 12/20/2063(c)		4,920,754
	4,639,089	Government National Mortgage Association, Series 2014-H06, Class FA, 0.741%, 3/20/2064(b)(c)		4,662,729
	7,400,785	Government National Mortgage Association, Series 2014-H12, Class HZ, 4.606%, 6/20/2064(b)(c)		8,713,647

See accompanying notes to financial statements.

19 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Collateralized Mortgage Obligations – continued
$	4,284,754	Government National Mortgage Association, Series 2014-H14, Class FA, 0.671%, 7/20/2064(c)	$	4,272,603
	3,229,903	Government National Mortgage Association, Series 2014-H15, Class FA, 0.671%, 7/20/2064(c)		3,227,681

				165,328,568

		Hybrid ARMs – 2.0%
	2,880,451	FHLMC, 2.336%, 6/01/2035(b)(c)		3,072,145
	133,836	FHLMC, 2.367%, 1/01/2035(b)(c)		143,151
	2,321,299	FHLMC, 2.800%, 2/01/2037(b)(c)		2,496,087
	379,664	FHLMC, 2.962%, 1/01/2036(b)(c)		406,081
	772,770	FNMA, 1.910%, 2/01/2037(b)(c)		814,550
	1,340,031	FNMA, 2.278%, 9/01/2034(b)(c)		1,439,896
	6,013,579	FNMA, 2.363%, 9/01/2037(b)(c)		6,398,521
	576,329	FNMA, 2.381%, 9/01/2036(b)(c)		618,891
	2,366,019	FNMA, 3.275%, 8/01/2038(b)(c)		2,530,365
	250,293	FNMA, 5.420%, 10/01/2035(b)(c)		262,917

				18,182,604

		Mortgage Related – 48.8%
	1,338,491	FHLMC, 4.000%, 2/01/2044		1,459,048
	132,815	FHLMC, 5.000%, 9/01/2035(b)		147,577
	12,400,813	FNMA, 3.000%, with various maturities in 2043(b)(g)		12,692,941
	2,328,840	FNMA, 3.500%, 7/01/2037		2,466,334
	28,798,353	FNMA, 3.500%, with various maturities in 2042(b)(g)		30,495,131
	8,986,566	FNMA, 4.000%, with various maturities from 2042 to 2043(b)(g)		9,804,248
	2,616,271	FNMA, 4.000%, 1/01/2052		2,769,817
	1,915,913	FNMA, 4.500%, 2/01/2041		2,099,086
	820,318	FNMA, 5.500%, 8/01/2034(b)		939,517
	10,437	FNMA, 6.000%, 10/01/2034(b)		11,993
	17,200,000	FNMA (TBA), 3.000%, 5/01/2045(h)		17,542,320
	100,405,000	FNMA (TBA), 3.500%, 5/01/2045(h)		105,201,692
	121,695,000	FNMA (TBA), 4.000%, 5/01/2045(h)		129,909,400
	789,366	GNMA, 0.705%, 8/20/2063(c)		790,571
	2,335,002	GNMA, 1.861%, 2/20/2061(c)		2,455,642
	562,867	GNMA, 1.904%, 7/20/2060(c)		591,875
	487,641	GNMA, 1.929%, 9/20/2060(c)		513,948
	3,325,326	GNMA, 2.185%, 2/20/2063(c)		3,540,159
	1,876,108	GNMA, 4.479%, 2/20/2062		2,038,735
	3,414,966	GNMA, 4.521%, 12/20/2061		3,699,173
	1,006,794	GNMA, 4.524%, 7/20/2062		1,099,653
	5,053,353	GNMA, 4.533%, 6/20/2064		5,765,522
	1,563,826	GNMA, 4.556%, 12/20/2061		1,693,505
	4,194,496	GNMA, 4.567%, 12/20/2064(b)		4,802,928
	480,081	GNMA, 4.570%, 10/20/2061		517,872
	1,048,907	GNMA, 4.576%, 9/20/2063		1,177,592
	4,719,837	GNMA, 4.577%, 6/20/2063(b)		5,242,497
	510,858	GNMA, 4.578%, 11/20/2061		550,617
	1,023,683	GNMA, 4.600%, 10/20/2061		1,103,293
	970,614	GNMA, 4.626%, 6/20/2062		1,059,761
	10,663,202	GNMA, 4.659%, 2/20/2062(b)		11,616,748
	12,557,400	GNMA, 4.670%, 12/20/2061(b)		13,602,628
	715,703	GNMA, 4.684%, 1/20/2062		775,380

		Mortgage Related – continued
$	3,272,568	GNMA, 4.700%, with various maturities in 2061(g)	$	3,525,344
	599,386	GNMA, 4.709%, 12/20/2063		685,777
	2,841,677	GNMA, 4.720%, 6/20/2061		3,052,768
	3,977,350	GNMA, 4.767%, 7/20/2063		4,309,574
	1,001,638	GNMA, 4.798%, 5/20/2061		1,077,281
	1,381,246	GNMA, 4.808%, 8/20/2062		1,497,509
	4,710,050	GNMA, 4.810%, 5/20/2061(b)		5,059,489
	938,286	GNMA, 4.951%, 1/20/2062		1,021,451
	571,197	GNMA, 5.500%, with various maturities in 2059(g)		601,423
	2,157,704	GNMA, 6.514%, 5/20/2061		2,309,412
	4,810,526	Government National Mortgage Association, Series 2012-H11, Class BA, 2.000%, 5/20/2062(b)		4,879,990
	2,881,944	Government National Mortgage Association, Series 2013-H13, Class SI, 1.301%, 6/20/2063(c)(e)		196,333
	27,724,834	Government National Mortgage Association, Series 2014-H24, Class HI, 0.918%, 11/20/2064(c)(e)		1,628,834
	11,529,874	Government National Mortgage Association, Series 2015-H01, Class XZ, 4.640%, 10/20/2064(b)(c)		13,700,650
	19,867,243	Government National Mortgage Association, Series 2015-H04, Class FL, 0.641%, 2/20/2065(c)		19,868,296
	7,472,918	Government National Mortgage Association, Series 2015-H05, Class FA, 0.471%, 4/20/2061(c)		7,468,890

				449,060,224

		Non-Agency Commercial Mortgage-Backed Securities – 27.2%
	1,231,923	A10 Securitization LLC, Series 2013-1, Class A, 2.400%, 11/15/2025, 144A		1,236,005
	1,438,000	A10 Securitization LLC, Series 2014-1, Class A1, 1.720%, 4/15/2033, 144A		1,432,075
	154,793	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-6, Class A4, 5.179%, 9/10/2047(c)		156,560
	1,502,000	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2007-5, Class A4, 5.492%, 2/10/2051		1,598,253
	941,045	Bear Stearns Commercial Mortgage Securities, Series 2007-PW15, Class A4, 5.331%, 2/11/2044		1,001,366
	13,100,000	CDGJ Commercial Mortgage Trust Pass Through Certificates, Series 2014-BXCH, 1.575%, 12/15/2027, 144A(b)(c)		13,111,816
	3,076,000	CGBAM Commercial Mortgage Trust, Series 2014-HD, Class B, 1.375%, 2/15/2031, 144A(c)		3,068,821
	4,170,000	Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A4, 5.322%, 12/11/2049		4,390,163

See accompanying notes to financial statements.

| 20

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Non-Agency Commercial Mortgage-Backed Securities – continued
$	4,353,946	COBALT CMBS Commercial Mortgage Trust, Series 2007-C2, Class A3, 5.484%, 4/15/2047(c)	$	4,645,826
	230,151	Commercial Mortgage Pass Through Certificates, Series 2006-C7, Class A4, 5.751%, 6/10/2046(c)		238,521
	1,325,000	Commercial Mortgage Pass Through Certificates, Series 2012-CR2, Class A4, 3.147%, 8/15/2045		1,388,668
	3,010,000	Commercial Mortgage Pass Through Certificates, Series 2014-BBG, Class A, 0.975%, 3/15/2029, 144A(c)		2,955,113
	1,220,000	Commercial Mortgage Pass Through Certificates, Series 2014-CR14, Class A2, 3.147%, 2/10/2047		1,274,163
	2,670,000	Commercial Mortgage Pass Through Certificates, Series 2014-CR16, Class ASB, 3.653%, 4/10/2047		2,856,505
	2,797,000	Commercial Mortgage Pass Through Certificates, Series 2014-FL4, Class AR4, 3.750%, 5/13/2031, 144A(c)(i)		2,772,224
	5,380,000	Commercial Mortgage Trust, Series 2014-FL5, Class SV1, 2.022%, 10/15/2031, 144A(c)(i)		5,380,000
	2,663,436	Credit Suisse Mortgage Capital Certificates, Series 2006-C3, Class A3, 5.807%, 6/15/2038(c)		2,750,908
	5,250,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C2, Class A3, 5.542%, 1/15/2049(c)		5,593,208
	5,173,365	Credit Suisse Mortgage Capital Certificates, Series 2007-C3, Class A4, 5.704%, 6/15/2039(c)		5,534,989
	1,439,802	Credit Suisse Mortgage Capital Certificates, Series 2007-C4, Class A4, 5.903%, 9/15/2039(c)		1,541,917
	11,163,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.695%, 9/15/2040(b)(c)		11,988,705
	4,108,000	Credit Suisse Mortgage Capital Certificates, Series 2008-C1, Class A3, 5.971%, 2/15/2041(c)		4,501,259
	3,400,000	Extended Stay America Trust, Series 2013-ESH7, Class D7, 5.053%, 12/05/2031, 144A(c)		3,532,474
	3,495,000	GP Portfolio Trust, Series 2014-GPP, Class A, 1.125%, 2/15/2027, 144A(c)		3,485,843
	8,745,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.444%, 3/10/2039(b)		9,227,706
	13,700,000	Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.736%, 12/10/2049(b)		14,764,805
	11,234,738	GS Mortgage Securities Corp. II, Series 2007-GG10, Class A4, 5.796%, 8/10/2045(b)(c)		12,132,460

		Non-Agency Commercial Mortgage-Backed Securities – continued
$	5,200,000	GS Mortgage Securities Corp. II, Series 2013-KING, Class C, 3.436%, 12/10/2027, 144A(c)	$	5,352,594
	5,775,000	GS Mortgage Securities Corp. Trust, Series 2013-PEMB, Class A, 3.550%, 3/05/2033, 144A(c)		6,017,538
	3,461,000	GS Mortgage Securities Trust, Series 2013-GC16, Class B, 5.161%, 11/10/2046		3,934,846
	3,205,000	GS Mortgage Securities Trust, Series 2014-GC20, Class A3, 3.680%, 4/10/2047		3,416,867
	6,465,000	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2014-CBM, Class A, 1.075%, 10/15/2029, 144A(b)(c)		6,442,327
	6,733,299	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2006-CB15, Class A4, 5.814%, 6/12/2043(b)(c)		6,989,333
	3,063,502	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-CB18, Class A4, 5.440%, 6/12/2047		3,235,085
	2,482,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LD11, Class A4, 5.775%, 6/15/2049(c)		2,654,000
	1,124,440	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LDPX, Class A3, 5.420%, 1/15/2049		1,192,162
	1,628,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-C19, Class ASB, 3.584%, 4/15/2047		1,736,741
	5,545,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-FL5, Class A, 1.155%, 7/15/2031, 144A(c)		5,509,207
	4,389,957	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-5, Class A4, 5.378%, 8/12/2048		4,639,609
	7,525,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-6, Class A4, 5.485%, 3/12/2051(b)(c)		8,051,795
	6,730,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-9, Class A4, 5.700%, 9/12/2049(b)		7,215,132
	3,390,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C14, Class A3, 3.669%, 2/15/2047		3,609,465
	8,517,738	Morgan Stanley Capital I, Series 2007-HQ12, Class A5, 5.671%, 4/12/2049(b)(c)		8,522,414
	7,216,000	Morgan Stanley Capital I, Series 2007-HQ13, Class A3, 5.569%, 12/15/2044(b)		7,714,510
	9,130,000	Morgan Stanley Capital I, Series 2007-IQ14, Class A4, 5.686%, 4/15/2049(b)(c)		9,790,756
	7,047,418	Morgan Stanley Capital I, Series 2007-IQ15, Class A4, 5.909%, 6/11/2049(b)(c)		7,654,342

See accompanying notes to financial statements.

21 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Non-Agency Commercial Mortgage-Backed Securities – continued
$	1,000,000	Morgan Stanley Capital I Trust, Series 2011-C2, Class D, 5.304%, 6/15/2044, 144A(c)	$	1,095,441
	1,295,548	PFP III Ltd., Series 2014-1, Class A, 1.345%, 6/14/2031, 144A(c)		1,297,589
	3,475,000	RBS Commercial Funding, Inc., Trust, Series 2013-SMV, Class C, 3.584%, 3/11/2031, 144A(c)		3,554,859
	680,000	SCG Trust, Series 2013-SRP1, Class A, 1.572%, 11/15/2026, 144A(c)		680,133
	905,000	SCG Trust, Series 2013-SRP1, Class B, 2.672%, 11/15/2026, 144A(c)		903,991
	2,100,000	Starwood Retail Property Trust, Inc., 1.392%, 11/15/2027, 144A(c)		2,111,233
	6,500,000	Starwood Retail Property Trust, Inc., 1.822%, 11/15/2027, 144A(b)(c)		6,531,382
	2,420,000	Wachovia Bank Commercial Mortgage Trust, Series 2007-C30, Class A5, 5.342%, 12/15/2043		2,570,563
	4,632,000	WFRBS Commercial Mortgage Trust, Series 2014-C20, Class ABS, 3.638%, 5/15/2047		4,974,092

				249,958,359


		Total Bonds and Notes
		(Identified Cost $1,125,653,683)		1,141,202,121


	Short-Term Investments – 2.5%
	23,212,870	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2015 at 0.010% to be repurchased at $23,212,876 on 4/01/2015 collateralized by $22,915,000 U.S. Treasury Note, 2.125% due 1/31/2021 valued at $23,681,805 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $23,212,870)		23,212,870


		Total Investments – 126.6%
		(Identified Cost $1,148,866,553)(a)		1,164,414,991
		Other assets less liabilities—(26.6)%		(244,859,434	)


		Net Assets – 100.0%	$	919,555,557


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

	(a)	Federal Tax Information (Amounts exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.):
		At March 31, 2015, the net unrealized appreciation on investments based on a cost of $1,148,866,553 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	$	28,043,484
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(12,495,046	)

		Net unrealized appreciation	$	15,548,438

	(b)	All of this security has been designated to cover the Fund’s obligations under open futures contracts or TBA transactions.
	(c)	Variable rate security. Rate as of March 31, 2015 is disclosed.
	(d)	Fair valued by the Fund’s adviser. At March 31, 2015, the value of these securities amounted to $2,931,897 or 0.3% of net assets.
	(e)	Security represents right to receive monthly interest payments on an underlying pool of mortgages. Principal shown is the outstanding par amount of the pool held as of the end of the period.
	(f)	A portion of this security has been designated to cover the Fund’s obligations under open futures contracts or TBA transactions.
	(g)	The Fund’s investment in mortgage related securities of Federal National Mortgage Association and Government National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(h)	Delayed delivery. See Note 2 of Notes to Financial Statements.
	(i)	Illiquid security. At March 31, 2015, the value of these securities amounted to $8,152,224 or 0.9% of net assets. Illiquid securities are deemed to be fair valued pursuant to the Fund’s pricing policies and procedures.

	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2015, the value of Rule 144A holdings amounted to $237,266,222 or 25.8% of net assets.
	ABS	Asset-Backed Securities
	ARMs	Adjustable Rate Mortgages
	FHLMC	Federal Home Loan Mortgage Corp.
	FNMA	Federal National Mortgage Association
	GNMA	Government National Mortgage Association
	REMIC	Real Estate Mortgage Investment Conduit
	TBA	To Be Announced

See accompanying notes to financial statements.

| 22

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

At March 31, 2015, open long futures contracts were as follows:


Financial Futures	Expiration Date		Contracts		Notional Value		Unrealized Appreciation (Depreciation)
10 Year U.S. Treasury Note		6/19/2015		98	$	12,632,813	$	38,097
Ultra Long U.S. Treasury Bond		6/19/2015		85		14,439,375		153,902

Total							$	191,999

At March 31, 2015, open short futures contracts were as follows:


Financial Futures	Expiration Date		Contracts		Notional Value		Unrealized Appreciation (Depreciation)
2 Year U.S. Treasury Note		6/30/2015		145	$	31,777,656	$	(79,569	)
5 Year U.S. Treasury Note		6/30/2015		479		57,581,040		(367,635	)

Total							$	(447,204	)

Industry Summary at March 31, 2015 (Unaudited)


Mortgage Related	48.8	%
Non-Agency Commercial Mortgage-Backed Securities	27.2
Collateralized Mortgage Obligations	18.0
ABS Car Loan	13.5
ABS Other	5.4
ABS Home Equity	2.8
ABS Credit Card	2.3
Agency Commercial Mortgage-Backed Securities	2.1
ABS Student Loan	2.0
Hybrid ARMs	2.0
Short-Term Investments	2.5

Total Investments	126.6
Other assets less liabilities (including futures contracts)	(26.6	)

Net Assets	100.0	%

See accompanying notes to financial statements.

23 |

Statements of Assets and Liabilities

March 31, 2015 (Unaudited)


	High Income Opportunities Fund			Securitized Asset Fund
ASSETS
Investments at cost	$	96,101,920		$	1,125,653,683
Repurchase agreement(s) at cost		17,822,878			23,212,870
Net unrealized appreciation		3,855,491			15,548,438

Investments at value		117,780,289			1,164,414,991
Cash		3,521			—
Due from brokers (Note 2)		1,167,000			800,000
Receivable for Fund shares sold		563,015			3,244,112
Receivable for securities sold		591,629			—
Receivable for delayed delivery securities sold (Note 2)		—			253,009,733
Collateral received for delayed delivery securities (Note 2)		—			206,000
Dividends and interest receivable		1,305,419			3,200,710
Receivable for variation margin on centrally cleared swap agreements (Note 2)		11,363			—
Fees receivable on swap agreements (Note 2)		1,838			—

TOTAL ASSETS		121,424,074			1,424,875,546


LIABILITIES
Payable for securities purchased		533,772			—
Payable for delayed delivery securities purchased (Note 2)		—			504,862,753
Payable for Fund shares redeemed		1,389			188,084
Due to brokers (Note 2)		—			206,000
Payable for variation margin on futures contracts (Note 2)		10,438			63,152

TOTAL LIABILITIES		545,599			505,319,989

NET ASSETS	$	120,878,475		$	919,555,557

NET ASSETS CONSIST OF:
Paid-in capital	$	117,549,214		$	901,756,526
Undistributed net investment income		258,127			1,337
Accumulated net realized gain (loss) on investments, futures contracts and swap agreements		(987,677	)		2,504,461
Net unrealized appreciation on investments, futures contracts, swap agreements and foreign currency translations		4,058,811			15,293,233

NET ASSETS	$	120,878,475		$	919,555,557


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Institutional Class:
Net assets	$	120,878,475		$	919,555,557

Shares of beneficial interest		11,164,214			85,160,128

Net asset value, offering and redemption price per share	$	10.83		$	10.80

See accompanying notes to financial statements.

| 24

Statements of Operations

For the Six Months Ended March 31, 2015 (Unaudited)


	High Income Opportunities Fund			Securitized Asset Fund
INVESTMENT INCOME
Interest	$	2,177,622		$	16,327,039
Dividends		129,720			—

Investment income		2,307,342			16,327,039


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS, SWAP AGREEMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		(194,757	)		9,730,241
Futures contracts		(239,497	)		2,046,249
Swap agreements		(140,370	)		—
Net change in unrealized appreciation (depreciation) on:
Investments		710,930			(1,662,737	)
Futures contracts		(67,196	)		(2,039	)
Swap agreements		240,840			—
Foreign currency translations		1			—

Net realized and unrealized gain on investments, futures contracts, swap agreements and foreign currency transactions		309,951			10,111,714


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,617,293		$	26,438,753

See accompanying notes to financial statements.

25 |

Statements of Changes in Net Assets


	High Income Opportunities Fund						Securitized Asset Fund
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014
FROM OPERATIONS:
Investment income	$	2,307,342		$	4,387,919		$	16,327,039		$	28,076,328
Net realized gain (loss) on investments, futures contracts and swap agreements		(574,624	)		2,995,234			11,776,490			10,983,691
Net change in unrealized appreciation (depreciation) on investments, futures contracts, swap agreements and foreign currency translations		884,575			336,547			(1,664,776	)		(1,962,170	)

Net increase in net assets resulting from operations		2,617,293			7,719,700			26,438,753			37,097,849

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Institutional Class		(2,128,722	)		(4,676,474	)		(20,704,919	)		(37,437,874	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 10)		51,046,514			(11,801,777	)		89,414,502			135,551,270

Net increase (decrease) in net assets		51,535,085			(8,758,551	)		95,148,336			135,211,245
NET ASSETS
Beginning of the period		69,343,390			78,101,941			824,407,221			689,195,976

End of the period	$	120,878,475		$	69,343,390		$	919,555,557		$	824,407,221

UNDISTRIBUTED NET INVESTMENT INCOME	$	258,127		$	79,507		$	1,337		$	4,379,217

See accompanying notes to financial statements.

| 26

Financial Highlights

For a share outstanding throughout each period.


	High Income Opportunities Fund - Institutional Class
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	10.92		$	10.53		$	10.35		$	9.36		$	9.92		$	9.07

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.26			0.62			0.67			0.72			0.74			0.78
Net realized and unrealized gain (loss)		(0.09	)(d)		0.43			0.25			1.01			(0.52	)		0.86

Total from Investment Operations		0.17			1.05			0.92			1.73			0.22			1.64

LESS DISTRIBUTIONS FROM:
Net investment income		(0.26	)		(0.66	)		(0.74	)		(0.74	)		(0.78	)		(0.79	)
Net realized capital gains		—			—			—			—			—			—

Total Distributions		(0.26	)		(0.66	)		(0.74	)		(0.74	)		(0.78	)		(0.79	)

Net asset value, end of the period	$	10.83		$	10.92		$	10.53		$	10.35		$	9.36		$	9.92

Total return		1.65	%(b)(f)		10.01	%		9.19	%		19.24	%		1.81	%		18.88	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	120,878		$	69,343		$	78,102		$	74,121		$	61,645		$	65,560
Net expenses(c)		—			—			—			—			—			—
Gross expenses(c)		—			—			—			—			—			—
Net investment income		4.77	%(e)		5.70	%		6.33	%		7.28	%		7.22	%		8.21	%
Portfolio turnover rate		13	%		41	%		41	%		30	%		33	%		26	%

(a)

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

(b)

Periods less than one year are not annualized.

(c)

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

(d)

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.

(e)

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

(f)


	Securitized Asset Fund - Institutional Class
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	10.73		$	10.73		$	11.39		$	11.13		$	10.99		$	10.16

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.20			0.41			0.41			0.45			0.41			0.41
Net realized and unrealized gain (loss)		0.13			0.14			(0.33	)		0.55			0.19			1.08

Total from Investment Operations		0.33			0.55			0.08			1.00			0.60			1.49

LESS DISTRIBUTIONS FROM:
Net investment income		(0.26	)		(0.55	)		(0.62	)		(0.54	)		(0.46	)		(0.49	)
Net realized capital gains		—			—			(0.12	)		(0.20	)		—			(0.17	)

Total Distributions		(0.26	)		(0.55	)		(0.74	)		(0.74	)		(0.46	)		(0.66	)

Net asset value, end of the period	$	10.80		$	10.73		$	10.73		$	11.39		$	11.13		$	10.99

Total return		3.08	%(b)		5.25	%		0.75	%		9.42	%		5.59	%		15.24	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	919,556		$	824,407		$	689,196		$	713,366		$	685,692		$	653,299
Net expenses(c)		—			—			—			—			—			—
Gross expenses(c)		—			—			—			—			—			—
Net investment income		3.73	%(d)		3.80	%		3.67	%		4.08	%		3.72	%		3.89	%
Portfolio turnover rate		135	%		260	%		244	%		230	%		253	%		251	%

(a)

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

(b)

Periods less than one year are not annualized.

(c)

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.

See accompanying notes to financial statements.

27 |

Notes to Financial Statements

March 31, 2015 (Unaudited)

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

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

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

Each Fund is a diversified investment company.

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

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

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

| 28

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

accrual basis. Interest income is increased by the accretion of discount and decreased by the amortization of premium. In determining net gain or loss on securities sold, the cost of securities has been determined on an identified cost basis.

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 six months ended March 31, 2015.

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, commodities or interest rates.

f. Swap Agreements. The Funds may enter into credit default swaps. A credit default swap is an agreement between two parties (the “protection buyer” and “protection seller”) to exchange the credit risk of an issuer (“reference obligation”) for a specified time period. The reference obligation may be one or more debt securities or an index of such securities. The Funds may be either the protection buyer or the protection seller. As a protection buyer, the Funds have the ability to hedge the downside risk of an issuer or group of issuers. As a protection

29 |

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

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.

Implied credit spreads, represented in absolute terms, are disclosed in the Portfolio of Investments for those agreements for which the Fund is the protection seller. Implied credit spreads serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular reference entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the reference entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

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

g. Delayed Delivery Commitments. The Funds may purchase securities, including those designated as To Be Announced (“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. Certain transactions require the Fund or counterparty to post cash and/or securities as collateral for the net mark-to-market exposure to the other party. The Funds cover their net obligations under outstanding delayed delivery commitments by segregating or earmarking cash or securities at the custodian. No interest accrues to each Fund 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.

h. Federal and Foreign Income Taxes. The Trust treats each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund’s tax positions for the open tax years as of March 31, 2015 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

| 30

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

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

The tax characterization of distributions is determined on an annual basis. The tax characterization of distributions paid to shareholders during the year ended September 30, 2014 was as follows:


	2014 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
High Income Opportunities Fund	$	4,676,474	$	—	$	4,676,474
Securitized Asset Fund		37,437,874		—		37,437,874

As of September 30, 2014, the capital loss carryforwards were as follows:


	High Income Opportunities Fund			Securitized Asset Fund
Capital loss carryforward:
Short-term:
Expires September 30, 2018	$	(460,542	)	$	—
No expiration date		—			(1,086,466	)
Long-term:
No expiration date		—			(8,438,729	)

Total capital loss carryforward	$	(460,542	)	$	(9,525,195	)

Capital losses may be utilized to offset future capital gains until expiration. The Regulated Investment Company Modernization Act of 2010 (the “Act”) allows capital loss carryforwards to be carried forward indefinitely. Rules in effect previously limited the carryforward period to eight years. Capital loss carryforwards generated in taxable years beginning after the effective date of the Act must be fully used before capital loss carryforwards generated in years prior to the effective date of the Act; therefore, under certain circumstances, capital loss carryforwards available as of the report date may expire unused.

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

31 |

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

2015, each Fund, as applicable, had investments in repurchase agreements for which the value of the related collateral exceeded the value of the repurchase agreement. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes.

k. Due to/from Brokers. Transactions and positions in certain futures contracts, swap agreements and delayed delivery commitments are maintained and cleared by registered U.S. broker/dealers pursuant to customer agreements between the Funds and the various broker/dealers. The due to broker balance in the Statement of Assets and Liabilities for Securitized Asset Fund represents cash received as collateral for delayed delivery securities. The due from broker balances in the Statements of Assets and Liabilities for High Income Opportunities Fund and Securitized Asset Fund represent cash pledged as initial margin for centrally cleared swap agreements and futures contracts, respectively. In certain circumstances the Fund’s use of cash held at brokers is restricted by regulation or broker mandated limits.

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

For the six months ended March 31, 2015, neither Fund had loaned securities under this agreement.

m. 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.

•

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

| 32

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2015, at value:

High Income Opportunities Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—	$	74,829	$	250,823	(b)	$	325,652
Airlines		—		1,423,212		874,534	(b)		2,297,746
Retailers		—		1,430,638		319,369	(c)		1,750,007
Transportation Services		—		275,248		464,622	(c)		739,870
All Other Non-Convertible Bonds(a)		—		80,040,774		—			80,040,774

Total Non-Convertible Bonds		—		83,244,701		1,909,348			85,154,049

Convertible Bonds(a)		—		6,689,405		—			6,689,405

Total Bonds and Notes		—		89,934,106		1,909,348			91,843,454

Preferred Stocks
Convertible Preferred Stocks
REITs—Mortgage		—		118,561		—			118,561
All Other Convertible Preferred Stocks(a)		3,921,094		—		—			3,921,094
Non-Convertible Preferred Stocks(a)		1,053,685		—		—			1,053,685

Total Preferred Stocks		4,974,779		118,561		—			5,093,340

Common Stocks(a)		2,735,675		—		—			2,735,675
Warrants(d)		—		—		—			—
Short-Term Investments		—		18,107,820		—			18,107,820

Total Investments		7,710,454		108,160,487		1,909,348			117,780,289

Centrally Cleared Credit Default Swap Agreements (unrealized appreciation)		221,040		—		—			221,040

Total	$	7,931,494	$	108,160,487	$	1,909,348		$	118,001,329

Liability Valuation Inputs


Description	Level 1			Level 2		Level 3		Total
Futures Contracts (unrealized depreciation)	$	(37,520	)	$	—	$	—	$	(37,520	)

(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 level 2 inputs.

A preferred stock valued at $365,027 was transferred from Level 2 to Level 1 during the period ended March 31, 2015. At September 30, 2014, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service. At March 31, 2015, this security was valued at the last sale price.

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

Securitized Asset Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
ABS Car Loan	$	—	$	117,728,815	$	6,512,295	(b)	$	124,241,110
ABS Home Equity		—		22,617,041		2,931,897	(c)		25,548,938
ABS Other		—		31,950,135		17,873,695	(b)		49,823,830
Agency Commercial Mortgage-Backed Securities		—		14,017,363		5,065,781	(b)		19,083,144
Collateralized Mortgage Obligations		—		161,347,586		3,980,982	(b)		165,328,568
Mortgage Related		—		447,235,057		1,825,167	(b)		449,060,224
Non-Agency Commercial Mortgage-Backed Securities		—		244,578,359		5,380,000	(b)		249,958,359
All Other Bonds and Notes(a)		—		58,157,948		—			58,157,948

Total Bonds and Notes		—		1,097,632,304		43,569,817			1,141,202,121

33 |

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

Securitized Asset Fund

Asset Valuation Inputs – continued


Description	Level 1		Level 2		Level 3		Total
Short-Term Investments	$	—	$	23,212,870	$	—	$	23,212,870

Total Investments		—		1,120,845,174		43,569,817		1,164,414,991

Futures Contracts (unrealized appreciation)		191,999		—		—		191,999

Total	$	191,999	$	1,120,845,174	$	43,569,817	$	1,164,606,990

Liability Valuation Inputs


Description	Level 1			Level 2		Level 3		Total
Futures Contracts (unrealized depreciation)	$	(447,204	)	$	—	$	—	$	(447,204	)

(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, 2014 and/or March 31, 2015:

High Income Opportunities Fund

Asset Valuation Inputs


Investments in Securities	Balance as of September 30, 2014		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 March 31, 2015		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2015
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—	$	—	$	—		$	2,311		$	250,000	$	(1,488	)	$	—	$	—	$	250,823	$	2,311
Airlines		936,830		161		2,646			(7,611	)		—		(57,492	)		—		—		874,534		451
Retailers		306,228		587		—			12,554			—		—			—		—		319,369		12,554
Transportation Services		464,622		—		—			—			—		—			—		—		464,622		—
Convertible Bonds
Wirelines		6,963		—		(2,813	)		2,233			—		(6,383	)		—		—		—		—

Total	$	1,714,643	$	748	$	(167	)	$	9,487		$	250,000	$	(65,363	)	$	—	$	—	$	1,909,348	$	15,316

Securitized Asset Fund

Asset Valuation Inputs


Investments in Securities	Balance as of September 30, 2014		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 March 31, 2015		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2015
Bonds and Notes
ABS Car loan	$	6,589,923	$	—	$	5,135		$	(8,132	)	$	4,414,991	$	(1,250,173	)	$	—	$	(3,239,449	)	$	6,512,295	$	(1,678	)
ABS Home Equity		2,142,704		—		44,266			19,858			—		(321,143	)		1,046,212		—			2,931,897		7,637
ABS Other		19,114,510		—		2,354			(160,142	)		—		(340,791	)		—		(742,236	)		17,873,695		(151,014	)
Agency Commercial Mortgage-Backed Securities		—		—		—			44,165			—		—			5,021,616		—			5,065,781		44,165
Collateralized Mortgage Obligations		4,280,249		—		(152,435	)		(146,832	)		—		—			—		—			3,980,982		(146,832	)
Mortgage Related		—		—		(7,013	)		(34,611	)		1,866,791		—			—		—			1,825,167		(34,611	)
Non-Agency Commercial Mortgage-Backed Securities		—		—		—			(6,990	)		5,386,990		—			—		—			5,380,000		(6,990	)

Total	$	32,127,386	$	—	$	(107,693	)	$	(292,684	)	$	11,668,772	$	(1,912,107	)	$	6,067,828	$	(3,981,685	)	$	43,569,817	$	(289,323	)

| 34

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

A debt security valued at $5,021,616 was transferred from Level 2 to Level 3 during the period ended March 31, 2015. At September 30, 2014, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies. At March 31, 2015, this security was valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service did not provide a reliable price for the security.

Debt securities valued at $3,981,685 were transferred from Level 3 to Level 2 during the period ended March 31, 2015. At September 30, 2014, 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. At March 31, 2015, these securities were valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

A debt security valued at $1,046,212 was transferred from Level 2 to Level 3 during the period ended March 31, 2015. At September 30, 2014, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies. At March 31, 2015, this security was valued at fair value as determined in good faith by the Fund’s adviser as an independent pricing service did not provide a reliable price for the security.

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

The Funds are subject to the risk that changes in interest rates will affect the value of the Funds’ investments in fixed-income securities. The Funds will be subject to increased interest rate risk to the extent that they invest 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 to hedge against changes in interest rates and to manage their duration in order to control interest rate risk without having to buy or sell portfolio securities. During the six months ended March 31, 2015, High Income Opportunities Fund used futures contracts to manage duration and Securitized Asset Fund used futures contracts for hedging purposes and to manage duration.

High Income Opportunities Fund seeks to achieve high current income. The Fund may use a number of derivative instruments for risk management or as part of their investment strategies. During the six months ended March 31, 2015, the Fund used credit default swap agreements (as a protection seller) to gain investment exposure in accordance with its objective.

The following is a summary of derivative instruments for High Income Opportunities Fund as of March 31, 2015, as reflected within the Statements of Assets and Liabilities:


Assets	Unrealized appreciation on futures contracts¹			Swap agreements at value²		Total
Exchange-traded/cleared asset derivatives
Credit contracts	$	—		$	1,082,340	$	1,082,340

Liabilities	Unrealized depreciation on futures contracts¹			Swap agreements at value²		Total
Exchange-traded/cleared liability derivatives
Interest rate contracts	$	(37,520	)	$	—	$	(37,520	)

² Represents swap agreements, at value. Market value of swap agreements is reported in the Portfolio of Investments along with the unamortized upfront premium paid (received), if any, and unrealized appreciation (depreciation) on each individual contract. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities as receivable or payable for variation margin, as applicable.

Transactions in derivative instruments for High Income Opportunities Fund during the six months ended March 31, 2015 as reflected in the Statements of Operations were as follows:


Net Realized Gain (Loss) on:	Futures contracts			Swap agreements
Interest rate contracts	$	(239,497	)	$	—
Credit contracts		—			(140,370	)

Net Change in Unrealized Appreciation (Depreciation) on:	Futures contracts			Swap agreements
Interest rate contracts	$	(67,196	)	$	—
Credit contracts		—			240,840

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Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

The following is a summary of derivative instruments for Securitized Asset Fund as of March 31, 2015, as reflected within the Statements of Assets and Liabilities:


Assets	Unrealized appreciation on futures contracts¹
Exchange-traded/cleared asset derivatives
Interest rate contracts	$	191,999

Liabilities	Unrealized depreciation on futures contracts¹
Exchange-traded/cleared liability derivatives
Interest rate contracts	$	(447,204	)

Transactions in derivative instruments for Securitized Asset Fund during the six months ended March 31, 2015 as reflected in the Statements of Operations were as follows:


Net Realized Gain (Loss) on:	Futures contracts
Interest rate contracts	$	2,046,249

Net Change in Unrealized Appreciation (Depreciation) on:	Futures contracts
Interest rate contracts	$	(2,039	)

The volume of futures contract and swap agreement activity, as a percentage of net assets, based on gross month-end notional amounts outstanding during the period, including long and short positions at absolute value, was as follows for the six months ended March 31, 2015:


High Income Opportunities Fund	Futures		Credit Default Swaps
Average Notional Amount Outstanding		3.89%		10.40%
Highest Notional Amount Outstanding		4.88%		19.79%
Lowest Notional Amount Outstanding		3.25%		0.00%
Notional Amount Outstanding as of March 31, 2015		3.54%		10.94%

Securitized Asset Fund	Futures
Average Notional Amount Outstanding		11.44%
Highest Notional Amount Outstanding		14.08%
Lowest Notional Amount Outstanding		9.75%
Notional Amount Outstanding as of March 31, 2015		12.66%

Notional amounts outstanding at the end of the prior period, if applicable, are included in the averages above.

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

| 36

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

aggregate amount of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro rata basis across all of the broker’s customers, potentially resulting in losses to the Fund. Based on balances reflected on each Fund’s Statement of Assets and Liabilities, the following table shows the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the applicable Fund would incur if parties to the relevant financial instruments failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the Fund:


Fund	Maximum Amount of Loss - Gross
High Income Opportunities Fund	$	1,253,352
Securitized Asset Fund		800,000

5. Purchases and Sales of Securities. For the six months ended March 31, 2015, 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	$	—	$	—	$	43,829,992	$	10,156,802
Securitized Asset Fund		1,378,635,636		1,294,233,126		213,709,679		116,697,432

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.

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. The Chairperson of the Board receives a retainer fee at the annual rate of $300,000. 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 $130,000. 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 chairperson (except for the Chairperson of the Governance Committee) receives an additional retainer fee at the annual rate of $17,500. The chairperson of the Governance Committee receives an additional retainer fee at the annual rate of $5,000. Each Contract

37 |

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts and Loomis Sayles Funds Trusts 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.

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

For the six months ended March 31, 2015, neither Fund had borrowings under this agreement.

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.

9. Concentration of Ownership. From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of March 31, 2015, based on management’s evaluation of the shareholder account base, the Funds had accounts representing controlling ownership of more than 5% of the Fund’s total outstanding shares. The number of such accounts, based on accounts that represent more than 5% of an individual class of shares, and the aggregate percentage of net assets represented by such holdings were as follows:


Fund	Number of 5% Non-Affiliated Account Holders		Percentage of Non-Affiliated Ownership
High Income Opportunities Fund		2		20.49%

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

	Six Months Ended March 31, 2015						Year Ended September 30, 2014

Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		5,296,564		$	56,258,872			1,027,504		$	11,244,298
Issued in connection with the reinvestment of distributions		123,178			1,327,980			298,403			3,245,786
Redeemed		(606,153	)		(6,540,338	)		(2,389,173	)		(26,291,861	)

Increase (decrease) from capital share transactions		4,813,589		$	51,046,514			(1,063,266	)	$	(11,801,777	)

| 38

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

10. Capital Shares – continued


	Securitized Asset Fund

	Six Months Ended March 31, 2015						Year Ended September 30, 2014

Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		18,659,072		$	200,767,614			24,301,296		$	260,369,772
Issued in connection with the reinvestment of distributions		216,341			2,323,747			294,377			3,151,177
Redeemed		(10,559,592	)		(113,676,859	)		(11,956,694	)		(127,969,679	)

Increase (decrease) from capital share transactions		8,315,821		$	89,414,502			12,638,979		$	135,551,270

39 |

LOGO

Loomis Sayles Small Cap Growth Fund

Loomis Sayles Small Cap Value Fund

Semiannual Report

March 31, 2015



TABLE OF CONTENTS
Portfolio Review			1
Portfolio of Investments			6
Financial Statements			20
Notes to Financial Statements			30

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

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

Average Annual Total Returns — March 31, 2015²



	6 months			1 year			5 years			10 years			Life of Class N

Institutional Class (Inception 12/31/96)		15.07	%		5.74	%		17.50	%		11.79	%		—	%
Retail Class (Inception 12/31/96)		14.96			5.46			17.16			11.49			—
Class N (Inception 2/1/13)		15.14			5.86			—			—			19.99
Comparative Performance
Russell 2000^® Growth Index¹		17.36			12.06			16.58			10.02			20.70

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 forecasted growth values.

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

1 |

LOOMIS SAYLES SMALL CAP VALUE FUND


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

Objective

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

Average Annual Total Returns — March 31, 2015³



	6 months			1 year			5 years			10 years			Life of Class N

Institutional Class (Inception 5/13/91)		13.49	%		9.32	%		15.26	%		9.69	%		—	%
Retail Class (Inception 12/31/96)		13.33			9.03			14.98			9.41			—
Admin Class (Inception 1/2/98)		13.23			8.79			14.70			9.13			—
Class N (Inception 2/1/13)		13.51			9.36			—			—			17.15

Comparative Performance
Russell 2000^® Value Index¹		11.56			4.43			12.54			7.53			14.39
Russell 2000^® Index²		14.46			8.21			14.57			8.82			17.51

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.

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

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

| 2

ADDITIONAL INFORMATION

Additional Index Information

Proxy Voting Information

A description of the Funds’ proxy voting policies and procedures is available without charge upon request, by calling Loomis Sayles at 800-633-3330; on the Funds’ website, at www.loomissayles.com, and on the Securities and Exchange Commission’s (SEC’s) website at www.sec.gov. Information about how the Funds voted proxies relating to portfolio securities during the 12 months ended June 30, 2014 is available on the Funds’ website and the SEC’s website.

Quarterly Portfolio Schedules

UNDERSTANDING YOUR FUND’S EXPENSES

As a mutual fund shareholder you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees, distribution and/or service fees (12b-1 fees), and other fund expenses. Certain exemptions may apply. These costs are described in more detail in the Funds’ prospectus. The following examples are intended to help you understand the ongoing costs of investing in the Funds and help you compare these with the ongoing costs of investing in other mutual funds.

The first line in the table of each Fund shows the actual amount of Fund expenses you would have paid on a $1,000 investment in the Fund from October 1, 2014 through March 31, 2015. 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

3 |

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.

Loomis Sayles Small Cap Growth Fund


Institutional Class	Beginning Account Value 10/1/2014		Ending Account Value 3/31/2015		Expenses Paid During Period* 10/1/2014 – 3/31/2015
Actual		$1,000.00		$1,150.70		$5.04
Hypothetical (5% return before expenses)		$1,000.00		$1,020.24		$4.73

Retail Class
Actual		$1,000.00		$1,149.60		$6.38
Hypothetical (5% return before expenses)		$1,000.00		$1,019.00		$5.99

Class N
Actual		$1,000.00		$1,151.40		$4.45
Hypothetical (5% return before expenses)		$1,000.00		$1,020.79		$4.18
* Expenses are equal to the Fund’s annualized expense ratio: 0.94%, 1.19% and 0.83% for Institutional Class, Retail Class and Class N, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

| 4

Loomis Sayles Small Cap Value Fund


Institutional Class	Beginning Account Value 10/1/2014		Ending Account Value 3/31/2015		Expenses Paid During Period* 10/1/2014 – 3/31/2015
Actual		$1,000.00		$1,134.90		$4.79
Hypothetical (5% return before expenses)		$1,000.00		$1,020.44		$4.53

Retail Class
Actual		$1,000.00		$1,133.30		$6.12
Hypothetical (5% return before expenses)		$1,000.00		$1,019.20		$5.79

Admin Class
Actual		$1,000.00		$1,132.30		$7.23
Hypothetical (5% return before expenses)		$1,000.00		$1,018.15		$6.84

Class N
Actual		$1,000.00		$1,135.10		$4.52
Hypothetical (5% return before expenses)		$1,000.00		$1,020.69		$4.28
* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.90%, 1.15%, 1.36% and 0.85% for Institutional Class, Retail Class, Admin Class and Class N, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

5 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Small Cap Growth Fund


Shares		Description	Value (†)

	Common Stocks – 96.1% of Net Assets

		Aerospace & Defense – 0.9%
	192,886	Hexcel Corp.	$	9,918,198

		Air Freight & Logistics – 1.3%
	311,344	XPO Logistics, Inc.(b)		14,156,812

		Airlines – 0.7%
	94,018	Spirit Airlines, Inc.(b)		7,273,232

		Banks – 3.3%
	333,195	Bank of the Ozarks, Inc.		12,304,891
	253,549	Pinnacle Financial Partners, Inc.		11,272,789
	352,417	PrivateBancorp, Inc.		12,394,506

				35,972,186

		Biotechnology – 6.8%
	178,933	Acceleron Pharma, Inc.(b)		6,810,190
	227,439	Acorda Therapeutics, Inc.(b)		7,569,170
	142,747	Anacor Pharmaceuticals, Inc.(b)		8,257,914
	147,913	Chimerix, Inc.(b)		5,574,841
	395,474	Emergent Biosolutions, Inc.(b)		11,373,832
	164,659	Insys Therapeutics, Inc.(b)		9,571,628
	125,369	Neurocrine Biosciences, Inc.(b)		4,978,403
	49,564	Receptos, Inc.(b)		8,172,608
	90,753	TESARO, Inc.(b)		5,209,222
	162,884	Zafgen, Inc.(b)		6,451,835

				73,969,643

		Building Products – 3.3%
	242,949	Apogee Enterprises, Inc.		10,495,397
	99,108	Caesarstone Sdot-Yam Ltd.		6,016,847
	406,373	NCI Building Systems, Inc.(b)		7,022,125
	222,469	Trex Co., Inc.(b)		12,131,234

				35,665,603

		Capital Markets – 1.8%
	177,017	Artisan Partners Asset Management, Inc.		8,047,193
	310,454	HFF, Inc., Class A		11,654,443

				19,701,636

		Chemicals – 0.5%
	382,719	Flotek Industries, Inc.(b)		5,641,278

		Commercial Services & Supplies – 1.0%
	333,734	Healthcare Services Group, Inc.		10,722,873

		Communications Equipment – 0.6%
	313,014	Ciena Corp.(b)		6,044,300

See accompanying notes to financial statements.

| 6

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Consumer Finance – 0.9%
	229,535	Encore Capital Group, Inc.(b)	$	9,546,361

		Distributors – 1.0%
	151,147	Pool Corp.		10,544,015

		Diversified Consumer Services – 2.3%
	234,386	Bright Horizons Family Solutions, Inc.(b)		12,016,970
	554,526	Nord Anglia Education, Inc.(b)		12,598,831

				24,615,801

		Diversified Financial Services – 1.1%
	143,661	MarketAxess Holdings, Inc.		11,909,497

		Electrical Equipment – 0.7%
	294,689	Thermon Group Holdings, Inc.(b)		7,093,164

		Electronic Equipment, Instruments & Components – 2.9%
	170,969	FARO Technologies, Inc.(b)		10,622,304
	116,235	FEI Co.		8,873,380
	124,978	IPG Photonics Corp.(b)		11,585,460

				31,081,144

		Energy Equipment & Services – 0.7%
	115,815	Dril-Quip, Inc.(b)		7,920,588

		Food Products – 1.8%
	439,309	Freshpet, Inc.(b)		8,535,774
	133,481	TreeHouse Foods, Inc.(b)		11,348,554

				19,884,328

		Health Care Equipment & Supplies – 6.9%
	269,717	Cardiovascular Systems, Inc.(b)		10,529,752
	339,123	Cynosure, Inc., Class A(b)		10,400,902
	158,153	Inogen, Inc.(b)		5,059,315
	247,021	LDR Holding Corp.(b)		9,050,850
	627,525	Novadaq Technologies, Inc.(b)		10,191,006
	319,541	Quidel Corp.(b)		8,621,216
	464,999	Spectranetics Corp.(b)		16,163,365
	201,504	Wright Medical Group, Inc.(b)		5,198,803

				75,215,209

		Health Care Providers & Services – 6.2%
	239,117	Acadia Healthcare Co., Inc.(b)		17,120,777
	226,002	Amsurg Corp.(b)		13,903,643
	295,390	ExamWorks Group, Inc.(b)		12,294,132
	176,777	Magellan Health, Inc.(b)		12,519,347
	199,931	Team Health Holdings, Inc.(b)		11,697,963

				67,535,862

See accompanying notes to financial statements.

7 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Hotels, Restaurants & Leisure – 4.8%
	226,002	Dave & Buster’s Entertainment, Inc.(b)	$	6,884,021
	223,128	Diamond Resorts International, Inc.(b)		7,459,169
	354,753	Krispy Kreme Doughnuts, Inc.(b)		7,091,513
	186,778	Popeyes Louisiana Kitchen, Inc.(b)		11,173,060
	132,634	Vail Resorts, Inc.		13,717,008
	171,103	Zoe’s Kitchen, Inc.(b)		5,696,019

				52,020,790

		Internet & Catalog Retail – 0.5%
	178,365	Wayfair, Inc., Class A(b)		5,729,084

		Internet Software & Services – 7.2%
	253,668	comScore, Inc.(b)		12,987,802
	253,533	Criteo S.A., Sponsored ADR(b)		10,014,553
	259,298	Dealertrack Technologies, Inc.(b)		9,988,159
	172,736	Demandware, Inc.(b)		10,519,622
	581,294	Endurance International Group Holdings, Inc.(b)		11,079,464
	190,850	Envestnet, Inc.(b)		10,702,868
	444,351	Everyday Health, Inc.(b)		5,714,354
	308,223	Q2 Holdings, Inc.(b)		6,515,834

				77,522,656

		IT Services – 2.7%
	246,363	Cardtronics, Inc.(b)		9,263,249
	214,325	Euronet Worldwide, Inc.(b)		12,591,594
	245,165	InterXion Holding NV(b)		6,913,653

				28,768,496

		Life Sciences Tools & Services – 1.2%
	313,792	Cambrex Corp.(b)		12,435,577

		Machinery – 2.8%
	105,815	Middleby Corp. (The)(b)		10,861,910
	160,193	Proto Labs, Inc.(b)		11,213,510
	101,743	RBC Bearings, Inc.		7,787,409

				29,862,829

		Media – 0.8%
	261,513	IMAX Corp.(b)		8,815,603

		Oil, Gas & Consumable Fuels – 1.9%
	141,506	Diamondback Energy, Inc.(b)		10,873,321
	188,036	PDC Energy, Inc.(b)		10,161,465

				21,034,786

		Pharmaceuticals – 2.3%
	213,606	Akorn, Inc.(b)		10,148,421
	213,426	Impax Laboratories, Inc.(b)		10,003,277

See accompanying notes to financial statements.

| 8

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Pharmaceuticals – continued
	116,567	ZS Pharma, Inc.(b)	$	4,905,139

				25,056,837

		Professional Services – 5.1%
	158,254	Corporate Executive Board Co. (The)		12,638,165
	150,368	Huron Consulting Group, Inc.(b)		9,946,843
	223,008	On Assignment, Inc.(b)		8,556,817
	280,736	TriNet Group, Inc.(b)		9,890,329
	261,633	WageWorks, Inc.(b)		13,952,888

				54,985,042

		Road & Rail – 1.1%
	122,283	Genesee & Wyoming, Inc., Class A(b)		11,792,973

		Semiconductors & Semiconductor Equipment – 6.5%
	171,572	Cavium, Inc.(b)		12,150,729
	348,771	Inphi Corp.(b)		6,218,587
	636,448	Intersil Corp.		9,113,935
	289,359	MKS Instruments, Inc.		9,783,228
	239,416	Monolithic Power Systems, Inc.		12,605,252
	373,317	Semtech Corp.(b)		9,947,032
	218,097	Silicon Laboratories, Inc.(b)		11,072,785

				70,891,548

		Software – 7.0%
	152,045	Ellie Mae, Inc.(b)		8,409,609
	330,620	FleetMatics Group PLC(b)		14,828,307
	315,589	Guidewire Software, Inc.(b)		16,603,137
	155,789	Imperva, Inc.(b)		6,652,190
	225,583	Proofpoint, Inc.(b)		13,359,025
	94,077	Ultimate Software Group, Inc. (The)(b)		15,988,857

				75,841,125

		Specialty Retail – 4.3%
	163,184	Asbury Automotive Group, Inc.(b)		13,560,590
	287,443	Boot Barn Holdings, Inc.(b)		6,875,637
	103,347	Mattress Firm Holding Corp.(b)		7,197,085
	132,821	Monro Muffler Brake, Inc.		8,640,006
	104,377	Restoration Hardware Holdings, Inc.(b)		10,353,155

				46,626,473

		Textiles, Apparel & Luxury Goods – 2.3%
	141,685	Columbia Sportswear Co.		8,628,617
	144,021	Oxford Industries, Inc.		10,866,384
	223,846	Tumi Holdings, Inc.(b)		5,475,273

				24,970,274

See accompanying notes to financial statements.

9 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Thrifts & Mortgage Finance – 0.9%
	397,930	Essent Group Ltd.(b)	$	9,514,506


		Total Common Stocks (Identified Cost $792,464,111)		1,040,280,329


	Principal Amount

	Short-Term Investments – 4.8%
$	51,911,803	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2015 at 0.010% to be repurchased at $51,911,817 on 4/01/2015 collateralized by $46,800,000 U.S. Treasury Note, 2.000% due 11/30/2020 valued at $48,262,500; $4,565,000 U.S. Treasury Note, 1.875% due 9/30/2017 valued at $4,690,538 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $51,911,803)		51,911,803


		Total Investments – 100.9% (Identified Cost $844,375,914)(a)		1,092,192,132
		Other assets less liabilities—(0.9)%		(9,608,499	)

		Net Assets – 100.0%	$	1,082,583,633


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information (Amounts exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.):
		At March 31, 2015, the net unrealized appreciation on investments based on a cost of $844,375,914 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	$	255,965,330
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(8,149,112	)

		Net unrealized appreciation	$	247,816,218

	(b)	Non-income producing security.

	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.

See accompanying notes to financial statements.

| 10

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued

Industry Summary at March 31, 2015 (Unaudited)


Internet Software & Services	7.2	%
Software	7.0
Health Care Equipment & Supplies	6.9
Biotechnology	6.8
Semiconductors & Semiconductor Equipment	6.5
Health Care Providers & Services	6.2
Professional Services	5.1
Hotels, Restaurants & Leisure	4.8
Specialty Retail	4.3
Banks	3.3
Building Products	3.3
Electronic Equipment, Instruments & Components	2.9
Machinery	2.8
IT Services	2.7
Pharmaceuticals	2.3
Textiles, Apparel & Luxury Goods	2.3
Diversified Consumer Services	2.3
Other Investments, less than 2% each	19.4
Short-Term Investments	4.8

Total Investments	100.9
Other assets less liabilities	(0.9	)

Net Assets	100.0	%

See accompanying notes to financial statements.

11 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Small Cap Value Fund


Shares		Description	Value (†)

	Common Stocks – 97.3% of Net Assets

		Aerospace & Defense – 1.2%
	245,760	Exelis, Inc.	$	5,989,171
	118,995	KLX, Inc.(b)		4,586,067
	158,306	Vectrus, Inc.(b)		4,035,220

				14,610,458

		Auto Components – 1.8%
	451,308	Fox Factory Holding Corp.(b)		6,923,065
	177,529	Metaldyne Performance Group, Inc.(b)		3,199,073
	385,782	Remy International, Inc.		8,568,218
	55,196	Tenneco, Inc.(b)		3,169,354

				21,859,710

		Banks – 13.1%
	473,508	BancorpSouth, Inc.		10,994,856
	99,306	Bryn Mawr Bank Corp.		3,019,896
	561,999	Cathay General Bancorp		15,988,872
	80,912	City National Corp.		7,207,641
	497,576	CVB Financial Corp.		7,931,361
	505,905	First Financial Bancorp		9,010,168
	268,996	First Financial Bankshares, Inc.		7,435,049
	144,381	Home BancShares, Inc.		4,893,072
	149,316	IBERIABANK Corp.		9,411,388
	290,210	PacWest Bancorp		13,607,947
	219,281	Pinnacle Financial Partners, Inc.		9,749,233
	216,530	Popular, Inc.(b)		7,446,467
	196,088	Prosperity Bancshares, Inc.		10,290,698
	118,843	Signature Bank(b)		15,399,676
	570,972	Talmer Bancorp, Inc., Class A		8,744,436
	157,054	Texas Capital Bancshares, Inc.(b)		7,640,677
	147,130	Tristate Capital Holdings, Inc.(b)		1,540,451
	238,400	Wintrust Financial Corp.		11,366,912

				161,678,800

		Beverages – 0.3%
	381,846	Cott Corp.		3,577,897

		Building Products – 1.2%
	139,945	Armstrong World Industries, Inc.(b)		8,042,639
	98,359	Masonite International Corp.(b)		6,615,626

				14,658,265

		Capital Markets – 1.3%
	177,681	Safeguard Scientifics, Inc.(b)		3,212,473
	228,175	Stifel Financial Corp.(b)		12,720,756

				15,933,229

See accompanying notes to financial statements.

| 12

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Chemicals – 2.0%
	183,026	Cabot Corp.	$	8,236,170
	143,561	Minerals Technologies, Inc.		10,494,309
	264,656	Tronox Ltd., Class A		5,380,457

				24,110,936

		Commercial Services & Supplies – 4.2%
	345,742	KAR Auction Services, Inc.		13,113,994
	306,797	Knoll, Inc.		7,188,254
	138,688	McGrath Rentcorp		4,564,222
	224,713	Rollins, Inc.		5,557,152
	208,319	Viad Corp.		5,795,435
	130,366	Waste Connections, Inc.		6,275,819
	275,653	West Corp.		9,297,776

				51,792,652

		Communications Equipment – 0.7%
	675,373	Calix, Inc.(b)		5,666,379
	283,508	Digi International, Inc.(b)		2,829,410

				8,495,789

		Construction & Engineering – 1.2%
	275,303	MYR Group, Inc.(b)		8,627,996
	374,848	Primoris Services Corp.		6,443,637

				15,071,633

		Construction Materials – 0.3%
	157,759	Summit Materials, Inc., Class A(b)		3,494,362

		Consumer Finance – 0.3%
	20,877	Credit Acceptance Corp.(b)		4,071,015

		Distributors – 0.7%
	143,568	Core-Mark Holding Co., Inc.		9,234,294

		Diversified Financial Services – 1.2%
	681,200	FNFV Group(b)		9,604,920
	58,041	MarketAxess Holdings, Inc.		4,811,599

				14,416,519

		Electric Utilities – 1.9%
	243,095	ALLETE, Inc.		12,825,692
	200,719	UIL Holdings Corp.		10,320,971

				23,146,663

		Electrical Equipment – 1.8%
	63,044	AZZ, Inc.		2,937,220
	317,222	Babcock & Wilcox Co.		10,179,654
	150,472	EnerSys		9,666,321

				22,783,195

See accompanying notes to financial statements.

13 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Electronic Equipment, Instruments & Components – 4.7%
	149,198	Belden, Inc.	$	13,958,965
	65,230	Checkpoint Systems, Inc.		705,789
	147,369	Littelfuse, Inc.		14,647,005
	181,189	Methode Electronics, Inc.		8,523,130
	159,484	Rogers Corp.(b)		13,111,180
	476,372	Vishay Intertechnology, Inc.		6,583,461

				57,529,530

		Energy Equipment & Services – 1.8%
	134,585	Bristow Group, Inc.		7,328,153
	655,627	Helix Energy Solutions Group, Inc.(b)		9,808,180
	1,386,770	Parker Drilling Co.(b)		4,839,827

				21,976,160

		Food & Staples Retailing – 0.9%
	368,000	SpartanNash Co.		11,614,080

		Food Products – 1.2%
	28,478	J & J Snack Foods Corp.		3,038,603
	240,763	Post Holdings, Inc.(b)		11,277,339

				14,315,942

		Health Care Equipment & Supplies – 1.4%
	153,448	Cynosure, Inc., Class A(b)		4,706,250
	170,898	SurModics, Inc.(b)		4,448,475
	69,153	Teleflex, Inc.		8,355,757

				17,510,482

		Health Care Providers & Services – 1.3%
	169,768	Bio-Reference Laboratories, Inc.(b)		5,982,624
	847,987	BioScrip, Inc.(b)		3,756,582
	65,656	WellCare Health Plans, Inc.(b)		6,004,898

				15,744,104

		Health Care Technology – 0.2%
	121,348	MedAssets, Inc.(b)		2,283,769

		Hotels, Restaurants & Leisure – 4.7%
	282,599	Carrols Restaurant Group, Inc.(b)		2,342,746
	120,984	Churchill Downs, Inc.		13,909,530
	26,119	Cracker Barrel Old Country Store, Inc.		3,973,745
	329,509	Diamond Resorts International, Inc.(b)		11,015,486
	170,017	Marriott Vacations Worldwide Corp.		13,779,878
	257,955	Six Flags Entertainment Corp.		12,487,601

				57,508,986

See accompanying notes to financial statements.

| 14

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Household Durables – 1.8%
	183,588	Jarden Corp.(b)	$	9,711,805
	103,531	La-Z-Boy, Inc.		2,910,257
	252,996	Libbey, Inc.		10,097,070

				22,719,132

		Industrial Conglomerates – 0.5%
	301,400	Raven Industries, Inc.		6,166,644

		Insurance – 3.9%
	489,245	Employers Holdings, Inc.		13,204,723
	275,557	HCC Insurance Holdings, Inc.		15,615,815
	181,171	ProAssurance Corp.		8,317,561
	111,529	Reinsurance Group of America, Inc., Class A		10,393,387

				47,531,486

		Internet & Catalog Retail – 1.1%
	123,622	HSN, Inc.		8,434,729
	130,426	Liberty Ventures, Series A(b)		5,479,196

				13,913,925

		Internet Software & Services – 0.6%
	340,631	Perficient, Inc.(b)		7,047,655

		IT Services – 4.6%
	440,501	Convergys Corp.		10,074,258
	262,300	CSG Systems International, Inc.		7,971,297
	111,214	DST Systems, Inc.		12,312,502
	237,247	Euronet Worldwide, Inc.(b)		13,938,261
	113,774	WEX, Inc.(b)		12,214,777

				56,511,095

		Life Sciences Tools & Services – 0.5%
	246,314	VWR Corp.(b)		6,401,701

		Machinery – 5.2%
	76,178	Alamo Group, Inc.		4,809,117
	194,753	Albany International Corp., Class A		7,741,432
	227,020	Altra Industrial Motion Corp.		6,274,833
	402,497	John Bean Technologies Corp.		14,377,193
	172,346	RBC Bearings, Inc.		13,191,363
	268,633	TriMas Corp.(b)		8,271,210
	93,820	Wabtec Corp.		8,913,838

				63,578,986

		Marine – 0.5%
	77,157	Kirby Corp.(b)		5,790,633

		Media – 4.6%
	297,021	Carmike Cinemas, Inc.(b)		9,979,906

See accompanying notes to financial statements.

15 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Media – continued
	289,911	E.W. Scripps Co. (The), Class A(b)	$	8,245,069
	158,806	John Wiley & Sons, Inc., Class A		9,709,399
	223,669	Journal Communications, Inc.(b)		3,314,775
	496,822	National CineMedia, Inc.		7,502,012
	429,756	New Media Investment Group, Inc.		10,284,061
	344,733	Time, Inc.		7,735,808

				56,771,030

		Metals & Mining – 2.6%
	322,094	Globe Specialty Metals, Inc.		6,094,018
	172,244	Haynes International, Inc.		7,683,805
	476,708	Horsehead Holding Corp.(b)		6,035,123
	128,365	RTI International Metals, Inc.(b)		4,609,587
	494,790	SunCoke Energy, Inc.		7,392,163

				31,814,696

		Multi-Utilities – 1.0%
	224,077	NorthWestern Corp.		12,053,102

		Oil, Gas & Consumable Fuels – 1.0%
	47,937	Clayton Williams Energy, Inc.(b)		2,427,050
	295,474	QEP Resources, Inc.		6,160,633
	364,431	Synergy Resources Corp.(b)		4,318,508

				12,906,191

		Paper & Forest Products – 0.3%
	121,783	PH Glatfelter Co.		3,352,686

		Professional Services – 1.3%
	226,711	FTI Consulting, Inc.(b)		8,492,594
	490,539	RPX Corp.(b)		7,058,856

				15,551,450

		REITs – Apartments – 2.1%
	209,828	American Campus Communities, Inc.		8,995,326
	100,751	Home Properties, Inc.		6,981,037
	130,670	Mid-America Apartment Communities, Inc.		10,096,871

				26,073,234

		REITs – Diversified – 0.5%
	154,680	Potlatch Corp.		6,193,387

		REITs – Health Care – 0.9%
	177,790	Omega Healthcare Investors, Inc.		7,212,940
	112,953	Sabra Healthcare REIT, Inc.		3,744,392

				10,957,332

See accompanying notes to financial statements.

| 16

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		REITs – Hotels – 0.6%
	1,193,183	Hersha Hospitality Trust	$	7,719,894

		REITs – Office Property – 0.8%
	455,686	BioMed Realty Trust, Inc.		10,325,845

		REITs – Shopping Centers – 1.2%
	787,609	Retail Opportunity Investments Corp.		14,413,245

		REITs – Single Tenant – 0.6%
	167,884	National Retail Properties, Inc.		6,878,207

		REITs – Storage – 1.8%
	476,518	CubeSmart		11,507,910
	111,124	Sovran Self Storage, Inc.		10,438,988

				21,946,898

		Road & Rail – 1.6%
	83,036	Avis Budget Group, Inc.(b)		4,900,370
	60,044	Genesee & Wyoming, Inc., Class A(b)		5,790,643
	114,466	Old Dominion Freight Line, Inc.(b)		8,848,222

				19,539,235

		Semiconductors & Semiconductor Equipment – 1.8%
	118,293	Advanced Energy Industries, Inc.(b)		3,035,398
	195,060	Diodes, Inc.(b)		5,570,914
	238,605	Semtech Corp.(b)		6,357,630
	386,510	Teradyne, Inc.		7,285,714

				22,249,656

		Software – 1.8%
	104,301	Monotype Imaging Holdings, Inc.		3,404,385
	176,066	Synchronoss Technologies, Inc.(b)		8,356,092
	173,981	Verint Systems, Inc.(b)		10,774,643

				22,535,120

		Specialty Retail – 2.5%
	270,990	Barnes & Noble, Inc.(b)		6,436,012
	499,675	Christopher & Banks Corp.(b)		2,778,193
	152,955	Genesco, Inc.(b)		10,894,985
	270,679	MarineMax, Inc.(b)		7,175,700
	119,919	Sally Beauty Holdings, Inc.(b)		4,121,616

				31,406,506

		Thrifts & Mortgage Finance – 0.6%
	286,674	Capitol Federal Financial, Inc.		3,583,425
	138,484	Federal Agricultural Mortgage Corp., Class C		3,903,864

				7,487,289

See accompanying notes to financial statements.

17 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Trading Companies & Distributors – 1.0%
	76,707	DXP Enterprises, Inc.(b)	$	3,382,012
	149,702	H&E Equipment Services, Inc.		3,741,053
	203,875	Rush Enterprises, Inc., Class A(b)		5,578,020

				12,701,085

		Transportation Infrastructure – 0.6%
	87,631	Macquarie Infrastructure Co. LLC		7,211,155


		Total Common Stocks (Identified Cost $783,921,920)		1,197,166,970

		Closed-End Investment Companies – 0.5%
	486,012	Hercules Technology Growth Capital, Inc. (Identified Cost $6,305,501)		6,551,442


	Principal Amount	Description		Value (†)

	Short-Term Investments – 1.6%
$	19,233,023	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2015 at 0.010% to be repurchased at $19,233,028 on 4/01/2015 collateralized by $19,570,000 Federal Home Loan Mortgage Corp., 1.000% due 9/27/2017 valued at $19,618,925 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $19,233,023)		19,233,023


		Total Investments – 99.4% (Identified Cost $809,460,444)(a)		1,222,951,435
		Other assets less liabilities—0.6%		7,215,431

		Net Assets – 100.0%	$	1,230,166,866

	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Federal Tax Information (Amounts exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.):
		At March 31, 2015, the net unrealized appreciation on investments based on a cost of $809,460,444 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	$	432,192,032
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(18,701,041	)

		Net unrealized appreciation	$	413,490,991

	(b)	Non-income producing security.

	REITs	Real Estate Investment Trusts

See accompanying notes to financial statements.

| 18

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Industry Summary at March 31, 2015 (Unaudited)


Banks	13.1	%
Machinery	5.2
Electronic Equipment, Instruments & Components	4.7
Hotels, Restaurants & Leisure	4.7
Media	4.6
IT Services	4.6
Commercial Services & Supplies	4.2
Insurance	3.9
Metals & Mining	2.6
Specialty Retail	2.5
REITs—Apartments	2.1
Chemicals	2.0
Other Investments, less than 2% each	43.6
Short-Term Investments	1.6

Total Investments	99.4
Other assets less liabilities	0.6

Net Assets	100.0	%

See accompanying notes to financial statements.

19 |

Statements of Assets and Liabilities

March 31, 2015 (Unaudited)


	Small Cap Growth Fund			Small Cap Value Fund
ASSETS
Investments at cost	$	844,375,914		$	809,460,444
Net unrealized appreciation		247,816,218			413,490,991

Investments at value		1,092,192,132			1,222,951,435
Cash		787			—
Receivable for Fund shares sold		1,289,945			961,334
Receivable for securities sold		2,842,376			9,013,744
Dividends and interest receivable		131,368			1,378,746

TOTAL ASSETS		1,096,456,608			1,234,305,259

LIABILITIES
Payable for securities purchased		12,692,993			2,344,379
Payable for Fund shares redeemed		280,469			746,563
Management fees payable (Note 5)		688,620			753,612
Deferred Trustees’ fees (Note 5)		106,668			169,532
Administrative fees payable (Note 5)		38,923			43,656
Payable to distributor (Note 5d)		12,911			13,767
Other accounts payable and accrued expenses		52,391			66,884

TOTAL LIABILITIES		13,872,975			4,138,393

NET ASSETS	$	1,082,583,633		$	1,230,166,866

NET ASSETS CONSIST OF:
Paid-in capital	$	786,009,020		$	763,828,423
Accumulated net investment (loss)/Undistributed net investment income		(8,896,324	)		3,078,620
Accumulated net realized gain on investments		57,654,719			49,768,832
Net unrealized appreciation on investments		247,816,218			413,490,991

NET ASSETS	$	1,082,583,633		$	1,230,166,866


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Institutional Class:
Net assets	$	879,567,015		$	803,593,365

Shares of beneficial interest		36,391,660			22,263,351

Net asset value, offering and redemption price per share	$	24.17		$	36.09

Retail Class:
Net assets	$	176,540,384		$	356,649,525

Shares of beneficial interest		7,743,134			9,995,238

Net asset value, offering and redemption price per share	$	22.80		$	35.68

Admin Class:
Net assets	$	—		$	62,371,880

Shares of beneficial interest		—			1,796,574

Net asset value, offering and redemption price per share	$	—		$	34.72

Class N:
Net assets	$	26,476,234		$	7,552,096

Shares of beneficial interest		1,093,587			209,101

Net asset value, offering and redemption price per share	$	24.21		$	36.12

See accompanying notes to financial statements.

20 |

Statements of Operations

For the Six Months Ended March 31, 2015 (Unaudited)


	Small Cap Growth Fund			Small Cap Value Fund
INVESTMENT INCOME
Dividends	$	2,350,496		$	11,496,944	(a)
Interest		1,867			1,074
Less net foreign taxes withheld		—			(3,437	)

		2,352,363			11,494,581

Expenses
Management fees (Note 5)		3,990,457			4,446,733
Service and distribution fees (Note 5)		214,500			589,258
Administrative fees (Note 5)		226,987			252,945
Trustees’ fees and expenses (Note 5)		15,131			16,233
Transfer agent fees and expenses (Notes 5 and 6)		610,283			608,172
Audit and tax services fees		19,885			20,325
Custodian fees and expenses		18,187			18,425
Legal fees		4,866			5,410
Registration fees		44,512			51,464
Shareholder reporting expenses		27,034			31,346
Miscellaneous expenses		14,809			16,176

Total expenses		5,186,651			6,056,487
Fee/expense recovery (Note 5)		—			577
Less waiver and/or expense reimbursement (Note 5)		—			(132,948	)

Net expenses		5,186,651			5,924,116

Net investment income (loss)		(2,834,288	)		5,570,465


NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain on:
Investments		68,334,149			62,967,688
Net change in unrealized appreciation (depreciation) on:
Investments		84,571,005			81,892,356

Net realized and unrealized gain on investments		152,905,154			144,860,044


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	150,070,866		$	150,430,509

(a)	Includes non-recurring dividends of $1,721,173.

See accompanying notes to financial statements.

21 |

Statements of Changes in Net Assets


	Small Cap Growth Fund						Small Cap Value Fund
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014
FROM OPERATIONS:
Net investment income (loss)	$	(2,834,288	)	$	(7,845,552	)	$	5,570,465		$	5,191,535
Net realized gain on investments		68,334,149			146,827,349			62,967,688			145,244,540
Net change in unrealized appreciation (depreciation) on investments		84,571,005			(156,740,215	)		81,892,356			(73,587,700	)

Net increase (decrease) in net assets resulting from operations		150,070,866			(17,758,418	)		150,430,509			76,848,375

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Institutional Class		—			—			(4,236,276	)		(1,957,501	)
Retail Class		—			—			(1,054,845	)		(74,356	)
Admin Class		—			—			(1,677	)		—
Class N		—			—			(44,634	)		(3	)
Net realized capital gains
Institutional Class		(121,284,863	)		(64,424,433	)		(93,076,570	)		(64,817,421	)
Retail Class		(25,100,168	)		(15,631,057	)		(45,284,938	)		(35,067,106	)
Admin Class		—			—			(7,970,136	)		(6,651,623	)
Class N		(2,724,416	)		(529,097	)		(870,050	)		(103	)

Total distributions		(149,109,447	)		(80,584,587	)		(152,539,126	)		(108,568,113	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 10)		39,017,649			7,643,805			78,318,223			(26,204,128	)

Net increase (decrease) in net assets		39,979,068			(90,699,200	)		76,209,606			(57,923,866	)
NET ASSETS
Beginning of the period		1,042,604,565			1,133,303,765			1,153,957,260			1,211,881,126

End of the period	$	1,082,583,633		$	1,042,604,565		$	1,230,166,866		$	1,153,957,260

ACCUMULATED NET INVESTMENT (LOSS)/UNDISTRIBUTED NET INVESTMENT INCOME	$	(8,896,324	)	$	(6,062,036	)	$	3,078,620		$	2,845,587

See accompanying notes to financial statements.

22 |

Financial Highlights

For a share outstanding throughout each period.


	Small Cap Growth Fund—Institutional Class
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	24.27		$	26.35		$	19.17		$	15.06		$	14.03		$	11.58

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.06	)		(0.16	)(b)		(0.15	)(c)		(0.14	)		(0.13	)		(0.11	)(d)
Net realized and unrealized gain (loss)		3.50			(0.09	)		7.33			4.25			1.16	(e)		2.56

Total from Investment Operations		3.44			(0.25	)		7.18			4.11			1.03			2.45

LESS DISTRIBUTIONS FROM:
Net investment income		—			—			—			—			—			—
Net realized capital gains		(3.54	)		(1.83	)		—			—			—			—

Total Distributions		(3.54	)		(1.83	)		—			—			—			—

Net asset value, end of the period	$	24.17		$	24.27		$	26.35		$	19.17		$	15.06		$	14.03

Total return		15.07	%(f)		(1.31	)%(b)		37.45	%(c)		27.29	%		7.34	%		21.16	%(g)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	879,567		$	852,131		$	914,000		$	599,469		$	154,313		$	52,501
Net expenses		0.94	%(h)		0.94	%		0.94	%		0.95	%		0.98	%(i)		1.00	%(j)
Gross expenses		0.94	%(h)		0.94	%		0.94	%		0.95	%		0.98	%(i)		1.06	%
Net investment loss		(0.49	)%(h)		(0.63	)%(b)		(0.70	)%(c)		(0.79	)%		(0.78	)%		(0.85	)%(d)
Portfolio turnover rate		31	%		63	%		56	%		77	%		76	%		69	%

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

(b)	Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.17), total return would have been (1.35)% and the ratio of net investment loss to average net assets would have been (0.66)%.

(c)	Includes non-recurring dividends. Without these dividends, net investment loss per share would have been $(0.16), total return would have been 37.40% and the ratio of net investment loss to average net assets would have been (0.75)%.

(d)	Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.12) and the ratio of net investment loss to average net assets would have been (0.92)%.

(e)	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.

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

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

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

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

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

See accompanying notes to financial statements.

23 |

Financial Highlights – continued

For a share outstanding throughout each period.


	Small Cap Growth Fund—Retail Class
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	23.10		$	25.23		$	18.41		$	14.52		$	13.55		$	11.21

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.08	)		(0.22	)(b)		(0.20	)(c)		(0.19	)		(0.18	)		(0.13	)(d)
Net realized and unrealized gain (loss)		3.32			(0.08	)		7.02			4.08			1.15	(e)		2.47

Total from Investment Operations		3.24			(0.30	)		6.82			3.89			0.97			2.34

LESS DISTRIBUTIONS FROM:
Net investment income		—			—			—			—			—			—
Net realized capital gains		(3.54	)		(1.83	)		—			—			—			—

Total Distributions		(3.54	)		(1.83	)		—			—			—			—

Net asset value, end of the period	$	22.80		$	23.10		$	25.23		$	18.41		$	14.52		$	13.55

Total return		14.96	%(f)		(1.58	)%(b)		37.05	%(c)		26.79	%(g)		7.16	%(g)		20.87	%(g)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	176,540		$	175,393		$	211,724		$	229,822		$	113,110		$	75,344
Net expenses		1.19	%(h)		1.21	%		1.25	%(i)		1.25	%(j)		1.25	%(j)		1.25	%(j)
Gross expenses		1.19	%(h)		1.21	%		1.25	%(i)		1.28	%		1.27	%		1.39	%
Net investment loss		(0.75	)%(h)		(0.90	)%(b)		(0.99	)%(c)		(1.09	)%		(1.07	)%		(1.10	)%(d)
Portfolio turnover rate		31	%		63	%		56	%		77	%		76	%		69	%

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

(b)	Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.23), total return would have been (1.58)% and the ratio of net investment loss to average net assets would have been (0.93)%.

(c)	Includes non-recurring dividends. Without these dividends, net investment loss per share would have been $(0.21), total return would have been 36.99% and the ratio of net investment loss to average net assets would have been (1.05)%.

(d)	Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.14) and the ratio of net investment loss to average net assets would have been (1.17)%.

(e)	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.

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

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

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

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

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

See accompanying notes to financial statements.

| 24

Financial Highlights – continued

For a share outstanding throughout each period.


	Small Cap Growth Fund—Class N
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Period Ended September 30, 2013*
Net asset value, beginning of the period	$	24.29		$	26.36		$	20.22

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.04	)		(0.14	)(b)		(0.11	)
Net realized and unrealized gain (loss)		3.50			(0.10	)		6.25

Total from Investment Operations		3.46			(0.24	)		6.14

LESS DISTRIBUTIONS FROM:
Net investment income		—			—			—
Net realized capital gains		(3.54	)		(1.83	)		—

Total Distributions		(3.54	)		(1.83	)		—

Net asset value, end of the period	$	24.21		$	24.29		$	26.36

Total return		15.14	%(c)		(1.27	)%(b)		30.37	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	26,476		$	15,080		$	7,580
Net expenses		0.83	%(d)		0.83	%		0.83	%(d)
Gross expenses		0.83	%(d)		0.83	%		0.83	%(d)
Net investment loss		(0.36	)%(d)		(0.53	)%(b)		(0.63	)%(d)
Portfolio turnover rate		31	%		63	%		56	%

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

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

(b)	Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.14), total return would have been (1.31)% and the ratio of net investment loss to average net assets would have been (0.56)%.

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

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

See accompanying notes to financial statements.

25 |

Financial Highlights – continued

For a share outstanding throughout each period.


	Small Cap Value Fund—Institutional Class
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	36.40		$	37.42		$	29.14		$	22.36		$	22.93		$	20.66

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.19	(b)		0.20			0.20			0.21			0.09	(c)		0.11
Net realized and unrealized gain (loss)		4.47			2.18			8.41			6.62			(0.50	)		2.23

Total from Investment Operations		4.66			2.38			8.61			6.83			(0.41	)		2.34

LESS DISTRIBUTIONS FROM:
Net investment income		(0.22	)		(0.10	)		(0.30	)		(0.05	)		(0.16	)		(0.07	)
Net realized capital gains		(4.75	)		(3.30	)		(0.03	)		—			—			—

Total Distributions		(4.97	)		(3.40	)		(0.33	)		(0.05	)		(0.16	)		(0.07	)

Net asset value, end of the period	$	36.09		$	36.40		$	37.42		$	29.14		$	22.36		$	22.93

Total return		13.49	%(b)(d)(e)		6.17	%(d)		29.82	%(d)		30.59	%		(1.88	)%(c)(d)		11.39	%(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	803,593		$	730,901		$	733,512		$	572,776		$	431,761		$	454,853
Net expenses		0.90	%(f)(g)		0.90	%(g)		0.90	%(g)		0.90	%(h)		0.90	%(g)		0.90	%(g)
Gross expenses		0.92	%(f)		0.91	%		0.91	%		0.90	%(h)		0.93	%		0.94	%
Net investment income		1.04	%(b)(f)		0.53	%		0.61	%		0.76	%		0.33	%(c)		0.50	%
Portfolio turnover rate		9	%		23	%		22	%		19	%		42	%		52	%

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

(b)	Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.13, total return would have been 13.34% and the ratio of net investment income to average net assets would have been 0.75%.

(c)	Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.07, total return would have been (1.93)% and the ratio of net investment income to average net assets would have been 0.28%.

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

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

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

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

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

See accompanying notes to financial statements.

| 26

Financial Highlights – continued

For a share outstanding throughout each period.


	Small Cap Value Fund—Retail Class
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	35.98		$	37.03		$	28.84		$	22.14		$	22.71		$	20.47

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.14	(b)		0.10			0.12			0.13			0.02	(c)		0.06
Net realized and unrealized gain (loss)		4.42			2.16			8.32			6.57			(0.48	)		2.21

Total from Investment Operations		4.56			2.26			8.44			6.70			(0.46	)		2.27

LESS DISTRIBUTIONS FROM:
Net investment income		(0.11	)		(0.01	)		(0.22	)		—			(0.11	)		(0.03	)
Net realized capital gains		(4.75	)		(3.30	)		(0.03	)		—			—			—

Total Distributions		(4.86	)		(3.31	)		(0.25	)		—			(0.11	)		(0.03	)

Net asset value, end of the period	$	35.68		$	35.98		$	37.03		$	28.84		$	22.14		$	22.71

Total return(d)		13.33	%(b)(e)		5.90	%		29.48	%		30.26	%		(2.12	)%(c)		11.10	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	356,650		$	358,698		$	403,475		$	343,480		$	347,759		$	383,934
Net expenses(f)		1.15	%(g)		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Gross expenses		1.17	%(g)		1.20	%		1.22	%		1.22	%		1.22	%		1.24	%
Net investment income		0.78	%(b)(g)		0.28	%		0.37	%		0.49	%		0.08	%(c)		0.26	%
Portfolio turnover rate		9	%		23	%		22	%		19	%		42	%		52	%

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

(b)	Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.09, total return would have been 13.17% and the ratio of net investment income to average net assets would have been 0.49%.

(c)	Includes a non-recurring dividend. Without this dividend, net investment income per share would have been $0.01, total return would have been (2.16)% and the ratio of net investment income to average net assets would have been 0.03%.

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

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

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

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

See accompanying notes to financial statements.

27 |

Financial Highlights – continued

For a share outstanding throughout each period.


	Small Cap Value Fund—Admin Class
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	35.06		$	36.24		$	28.22		$	21.72		$	22.30		$	20.11

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.10	(b)		0.01			0.04			0.06			(0.04	)(c)		0.00	(d)
Net realized and unrealized gain (loss)		4.31			2.11			8.15			6.44			(0.49	)		2.19

Total from Investment Operations		4.41			2.12			8.19			6.50			(0.53	)		2.19

LESS DISTRIBUTIONS FROM:
Net investment income		(0.00	)(d)		—			(0.14	)		—			(0.05	)		—
Net realized capital gains		(4.75	)		(3.30	)		(0.03	)		—			—			—

Total Distributions		(4.75	)		(3.30	)		(0.17	)		—			(0.05	)		—

Net asset value, end of the period	$	34.72		$	35.06		$	36.24		$	28.22		$	21.72		$	22.30

Total return(e)		13.23	%(b)(f)		5.63	%		29.17	%		29.93	%		(2.40	)%(c)		10.89	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	62,372		$	61,791		$	74,892		$	67,853		$	65,500		$	73,443
Net expenses(g)		1.36	%(h)		1.40	%		1.40	%		1.40	%		1.40	%		1.40	%
Gross expenses		1.38	%(h)		1.51	%		1.52	%		1.52	%		1.52	%		1.56	%
Net investment income (loss)		0.57	%(b)(h)		0.02	%		0.11	%		0.24	%		(0.17	)%(c)		0.02	%
Portfolio turnover rate		9	%		23	%		22	%		19	%		42	%		52	%

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

(b)	Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.05, total return would have been 13.07% and the ratio of net investment income to average net assets would have been 0.28%.

(c)	Includes a non-recurring dividend. Without this dividend, net investment loss per share would have been $(0.06), total return would have been (2.44)% and the ratio of net investment loss to average net assets would have been (0.22)%.

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

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

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

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

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

See accompanying notes to financial statements.

| 28

Financial Highlights – continued

For a share outstanding throughout each period.


	Small Cap Value Fund—Class N
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Period Ended September 30, 2013*
Net asset value, beginning of the period	$	36.44		$	37.44		$	32.08

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.22	(b)		0.23			0.06
Net realized and unrealized gain (loss)		4.45			2.18			5.30

Total from Investment Operations		4.67			2.41			5.36

LESS DISTRIBUTIONS FROM:
Net investment income		(0.24	)		(0.11	)		—
Net realized capital gains		(4.75	)		(3.30	)		—

Total Distributions		(4.99	)		(3.41	)		—

Net asset value, end of the period	$	36.12		$	36.44		$	37.44

Total return		13.51	%(b)(c)		6.25	%(d)		16.71	%(c)(d)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	7,552		$	2,568		$	1
Net expenses		0.85	%(e)(f)		0.85	%(g)		0.85	%(e)(g)
Gross expenses		0.85	%(e)(f)		0.89	%		14.45	%(e)
Net investment income		1.22	%(b)(e)		0.60	%		0.27	%(e)
Portfolio turnover rate		9	%		23	%		22	%

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

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

(b)	Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.15, total return would have been 13.35% and the ratio of net investment income to average net assets would have been 0.87%.

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

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

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

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

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

See accompanying notes to financial statements.

29 |

Notes to Financial Statements

March 31, 2015 (Unaudited)

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

Loomis Sayles Funds I:

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

Loomis Sayles Funds II:

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

Each Fund is a diversified investment company.

Small Cap Growth Fund and Small Cap Value Fund were closed to new investors effective September 14, 2012 and September 15, 2008, respectively. The Funds continue to offer Institutional Class, Retail Class and Class N shares to existing investors and Small Cap Value Fund continues to offer Admin Class shares to existing investors.

Most expenses can be directly attributed to a Fund. Expenses which cannot be directly attributed to a Fund are generally apportioned based on the relative net assets of each of the funds in Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”). 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 Institutional Class, Retail Class and Admin Class (for the Small Cap Value Fund), collectively, and Class N, individually, 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. Fund securities and other investments are valued at market value based on market quotations obtained or determined by independent pricing services recommended

| 30

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

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

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

b. Investment Transactions and Related Investment Income. Investment transactions are accounted for on a trade date plus one day basis for daily NAV calculation. However, for

31 |

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

financial reporting purposes, investment transactions are reported on trade date. Dividend income is recorded on ex-dividend date, or in the case of certain foreign securities, as soon as a Fund is notified, and interest income is recorded on an accrual basis. Interest income is increased by the accretion of discount and decreased by the amortization of premium. Distributions received from investments in securities that represent a return of capital or capital gain are recorded as a reduction of cost of 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.

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

| 32

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

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 Trusts treat each Fund as a separate entity for federal income tax purposes. Each Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute to its shareholders substantially all of its net investment income and any net realized capital gains at least annually. Management has performed an analysis of each Fund’s tax positions for the open tax years as of March 31, 2015 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

33 |

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

earnings are primarily due to return of capital distributions received, deferred Trustees’ fees and wash sales. Amounts of income and capital gain available to be distributed on a tax basis are determined annually, and at other times during the Funds’ fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distribution. Distributions from net investment income and short-term capital gains are considered to be distributed from ordinary income for tax purposes.

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the year ended September 30, 2014 was as follows:


	2014 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
Small Cap Growth Fund	$	—	$	80,584,587	$	80,584,587
Small Cap Value Fund		2,574,013		105,994,100		108,568,113

As of September 30, 2014, the late-year ordinary and post-October capital loss deferrals were as follows:


	Small Cap Growth Fund			Small Cap Value Fund
Late-year ordinary and post-October capital loss deferrals*	$	(5,935,433	)	$	—

* 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. Each Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which each Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is each Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities. As of March 31, 2015, each Fund, as applicable, had investments in repurchase agreements for which the value of the related collateral exceeded the value of the repurchase agreement. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes.

g. Securities Lending. The Funds have entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Funds, to lend securities to certain designated borrowers. The loans are collateralized with cash or securities in an amount equal to at least 105% or 102% of the market value (including accrued interest) of the loaned international or domestic securities, respectively, when the loan is initiated.

| 34

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

Thereafter, the value of the collateral must remain at least 102% of the market value (including accrued interest) of loaned securities for U.S. equities and U.S. corporate debt; at least 105% of the market value (including accrued interest) of loaned securities for non-U.S. equities; and at least 100% of the market value (including accrued interest) of loaned securities for U.S. Government securities, sovereign debt issued by non-U.S. Governments and non-U.S. corporate debt. In the event that the market value of the collateral falls below the required percentages described above, the borrower will deliver additional collateral on the next business day. As with other extensions of credit, the Funds may bear the risk of loss with respect to the investment of the collateral. The Funds invest cash collateral in short-term investments, a portion of the income from which is remitted to the borrowers and the remainder allocated between the Funds and State Street Bank as lending agent.

For the six months ended March 31, 2015, neither Fund had loaned securities under this agreement.

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

•

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.

35 |

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2015, at value:

Small Cap Growth Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	1,040,280,329	$	—	$	—	$	1,040,280,329
Short-Term Investments		—		51,911,803		—		51,911,803

Total	$	1,040,280,329	$	51,911,803	$	—	$	1,092,192,132

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

For the six months ended March 31, 2015, 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)	$	1,197,166,970	$	—	$	—	$	1,197,166,970
Closed-End Investment Companies		6,551,442		—		—		6,551,442
Short-Term Investments		—		19,233,023		—		19,233,023

Total	$	1,203,718,412	$	19,233,023	$	—	$	1,222,951,435

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

For the six months ended March 31, 2015, there were no transfers among Levels 1, 2 and 3.

4. Purchases and Sales of Securities. For the six months ended March 31, 2015, purchases and sales of securities (excluding short-term investments) were as follows:


Fund	Purchases		Sales
Small Cap Growth Fund	$	326,669,014	$	463,401,442
Small Cap Value Fund		109,940,418		185,713,920

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%

| 36

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

For the six months ended March 31, 2015, the expense limits as a percentage of average daily net assets under the expense limitation agreements were as follows:


	Expense Limit as a Percentage of Average Daily Net Assets
Fund	Institutional Class		Retail Class		Admin Class		Class N
Small Cap Growth Fund		1.00%		1.25%		—		0.95%
Small Cap Value Fund		0.90%		1.15%		1.40%		0.85%

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

For the six months ended March 31, 2015, the management fees for each Fund were as follows:


Fund	Management Fees		Percentage of Average Daily Net Assets
Small Cap Growth Fund	$	3,990,457		0.75%
Small Cap Value Fund		4,446,733		0.75%

For the six months ended March 31, 2015, class-specific expenses have been reimbursed as follows:


	Reimbursement¹
Fund	Institutional Class		Retail Class		Admin Class		Class N		Total
Small Cap Value Fund	$	86,849	$	39,323	$	6,776	$	—	$	132,948

¹Expense reimbursements are subject to possible recovery until September 30, 2016.

For the six months ended March 31, 2015, expense reimbursements related to the prior fiscal year were recovered as follows:


Fund	Recovered Expenses
Small Cap Value Fund	$	577

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,

37 |

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

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 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 six months ended March 31, 2015, 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	$	—	$	214,500	$	—
Small Cap Value Fund		76,978		446,695		65,585

| 38

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

For the six months ended March 31, 2015, the administrative fees for each Fund were as follows:


Fund	Administrative Fees
Small Cap Growth Fund	$	226,987
Small Cap Value Fund		252,945

For the six months ended March 31, 2015, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statements of Operations) for each Fund were as follows:


Fund	Sub-Transfer Agent Fees
Small Cap Growth Fund	$	597,590
Small Cap Value Fund		585,813

39 |

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)


Fund	Reimbursements of Sub-Transfer Agent Fees
Small Cap Growth Fund	$	12,911
Small Cap Value Fund		13,767

Sub-transfer agent fees attributable to Institutional Class, Retail Class and Admin Class are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of those classes.

e. Trustees Fees and Expenses. The Trusts do not pay any compensation directly to their officers or Trustees who are directors, officers or employees of NGAM Advisors, NGAM Distribution, Natixis US or their affiliates. The Chairperson of the Board receives a retainer fee at the annual rate of $300,000. 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 $130,000. 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 chairperson (except for the Chairperson of the Governance Committee) receives an additional retainer fee at the annual rate of $17,500. The chairperson of the Governance Committee receives an additional retainer fee at the annual rate of $5,000. Each Contract Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts and Loomis Sayles Funds Trusts 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.

| 40

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

f. Affiliated Ownership. As of March 31, 2015, Loomis Sayles Funded Pension Plan and Trust (“Pension Plan”) and Loomis Sayles Employees’ Profit Sharing Retirement Plan (“Retirement Plan”) held shares of the Funds representing the following percentages of the Fund’s net assets:


Fund	Pension Plan		Retirement Plan		Total Affiliated Ownership
Small Cap Growth Fund		1.06%		1.47%		2.53%
Small Cap Value Fund		1.57%		2.32%		3.89%

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

g. Payment by Affiliates. For the six months ended March 31, 2015, NGAM Distribution refunded Small Cap Value Fund $11,393 in connection with an overpayment of prior year Admin Class Service fees, reflected on the Statements of Operations as a reduction of Service and distribution fees.

6. Class-Specific Transfer Agent Fees and Expenses. For the six months ended March 31, 2015, the Funds incurred the following class-specific transfer agent fees and expenses (including sub-transfer agent fees, where applicable):


	Transfer Agent Fees and Expenses
Fund	Institutional Class		Retail Class		Admin Class		Class N
Small Cap Growth Fund	$	509,857	$	100,214	$	—	$	212
Small Cap Value Fund		392,051		184,221		31,743		157

Transfer agent fees and expenses attributable to Institutional Class, Retail Class and Admin Class are allocated on a pro rata basis to each class based on relative net assets of each class to the total net assets of those classes. Transfer agent fees and expenses attributable to Class N are allocated to Class N.

For the six months ended March 31, 2015, neither Fund had borrowings under this agreement.

41 |

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

(as long as all borrowings by all Funds in the aggregate do not exceed the $150,000,000 limit at any time). In addition, the commitment fee will increase to 0.15% per annum, payable at the end of each calendar quarter.

8. Brokerage Commission Recapture. Each Fund has entered into agreements with certain brokers whereby the brokers will rebate a portion of brokerage commissions. All amounts rebated by the brokers are returned to the Funds under such agreements and are included in realized gains on investments in the Statements of Operations. For the six months ended March 31, 2015, amounts rebated under these agreements were as follows:


Fund	Rebates
Small Cap Growth Fund	$	35,396
Small Cap Value Fund		17,752


Fund	Number of 5% Non-Affiliated Account Holders	Percentage of Non-Affiliated Ownership	Percentage of Affiliated Ownership (Note 5)	Total Percentage of Ownership
Small Cap Growth Fund	1	20.16%	2.53%	22.69%
Small Cap Value Fund	3	25.72%	3.89%	29.61%

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Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

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


	Small Cap Growth Fund
	Six Months Ended March 31, 2015						Year Ended September 30, 2014
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		3,222,591		$	76,447,827			8,265,332		$	214,034,486
Issued in connection with the reinvestment of distributions		5,134,319			117,062,465			2,386,288			61,256,020
Redeemed		(7,079,416	)		(168,186,049	)		(10,228,143	)		(257,989,269	)

Net change		1,277,494		$	25,324,243			423,477		$	17,301,237

Retail Class
Issued from the sale of shares		517,009		$	11,677,961			1,803,527		$	44,732,574
Issued in connection with the reinvestment of distributions		1,163,810			25,045,197			637,221			15,605,531
Redeemed		(1,529,241	)		(34,023,925	)		(3,240,173	)		(78,525,108	)

Net change		151,578		$	2,699,233			(799,425	)	$	(18,187,003	)

Class N
Issued from the sale of shares		439,108		$	10,307,520			426,210		$	10,866,912
Issued in connection with the reinvestment of distributions		119,335			2,724,416			20,604			529,097
Redeemed		(85,693	)		(2,037,763	)		(113,573	)		(2,866,438	)

Net change		472,750		$	10,994,173			333,241		$	8,529,571

Increase (decrease) from capital share transactions		1,901,822		$	39,017,649			(42,707	)	$	7,643,805

43 |

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)


	Small Cap Value Fund
	Six Months Ended March 31, 2015						Year Ended September 30, 2014
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		1,833,048		$	64,798,683			3,763,242		$	142,391,032
Issued in connection with the reinvestment of distributions		2,730,775			93,993,275			1,733,383			64,429,846
Redeemed		(2,380,840	)		(86,107,541	)		(5,018,897	)		(188,920,687	)

Net change		2,182,983		$	72,684,417			477,728		$	17,900,191

Retail Class
Issued from the sale of shares		443,609		$	15,574,895			981,833		$	36,703,146
Issued in connection with the reinvestment of distributions		1,357,910			46,236,825			952,559			35,063,705
Redeemed		(1,775,877	)		(62,257,733	)		(2,862,025	)		(107,131,359	)

Net change		25,642		$	(446,013	)		(927,633	)	$	(35,364,508	)

Admin Class
Issued from the sale of shares		204,966		$	6,963,133			613,122		$	22,321,084
Issued in connection with the reinvestment of distributions		179,802			5,960,432			143,514			5,157,882
Redeemed		(350,565	)		(12,116,951	)		(1,060,940	)		(38,817,639	)

Net change		34,203		$	806,614			(304,304	)	$	(11,338,673	)

Class N
Issued from the sale of shares		132,187		$	5,080,953			95,239		$	3,550,943
Issued in connection with the reinvestment of distributions		26,567			914,684			3			106
Redeemed		(20,138	)		(722,432	)		(24,788	)		(952,187	)

Net change		138,616		$	5,273,205			70,454		$	2,598,862

Increase (decrease) from capital share transactions		2,381,444		$	78,318,223			(683,755	)	$	(26,204,128	)

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LOGO

Loomis Sayles Bond Fund

Semiannual Report

March 31, 2015



TABLE OF CONTENTS
Portfolio Review			1
Portfolio of Investments			4
Financial Statements			34
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

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

Average Annual Total Returns — March 31, 2015²



	6 months			1 year			5 years			10 years			Life of Class N

Institutional Class (Inception 5/16/91)		-1.35	%		0.70	%		7.24	%		7.34	%		—	%
Retail Class (Inception 12/31/96)		-1.41			0.51			6.95			7.05			—

Admin Class (Inception 1/2/98)		-1.60			0.19			6.66			6.77			—
Class N (Inception 2/1/13)		-1.31			0.83			—			—			3.59

Comparative Performance
Barclays U.S. Government/Credit Bond Index¹		3.69			5.86			4.75			4.96			2.93

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.

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

1 |

ADDITIONAL INFORMATION

Additional Index Information

Proxy Voting Information

A description of the Fund’s proxy voting policies and procedures is available without charge upon request, by calling Loomis Sayles Funds at 800-633-3330; on the Fund’s website at www.loomissayles.com, and on the Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information about how the Funds voted proxies relating to portfolio securities during the 12 months ended June 30, 2014 is available on the Fund’s website and 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 Form N-Q is available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

UNDERSTANDING YOUR FUND’S EXPENSES

As a mutual fund shareholder you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees, distribution and/or service fees (12b-1 fees), and other fund expenses. Certain exemptions may apply. These costs are described in more detail in the Fund’s prospectus. The following examples are intended to help you understand the ongoing costs of investing in the Fund and help you compare these with the ongoing costs of investing in other mutual funds.

The first line in the table for each class of Fund shares shows the actual amount of Fund expenses you would have paid on a $1,000 investment in the Fund from October 1, 2014 through March 31, 2015. 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.

| 2

Loomis Sayles Bond Fund


Institutional Class	Beginning Account Value 10/1/2014		Ending Account Value 3/31/2015		Expenses Paid During Period* 10/1/2014 – 3/31/2015
Actual		$1,000.00		$986.50		$3.17
Hypothetical (5% return before expenses)		$1,000.00		$1,021.74		$3.23

Retail Class
Actual		$1,000.00		$985.90		$4.41
Hypothetical (5% return before expenses)		$1,000.00		$1,020.49		$4.48

Admin Class
Actual		$1,000.00		$984.00		$5.64
Hypothetical (5% return before expenses)		$1,000.00		$1,019.25		$5.74

Class N
Actual		$1,000.00		$986.90		$2.82
Hypothetical (5% return before expenses)		$1,000.00		$1,022.09		$2.87
* Expenses are equal to the Fund's annualized expense ratio (after waiver/reimbursement): 0.64%, 0.89%, 1.14% and 0.57% for Institutional, Retail, Admin Class and Class N, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

3 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Bond Fund


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – 87.8% of Net Assets

	Non-Convertible Bonds – 81.3%

		ABS Car Loan – 0.1%
$	5,917,000	Avis Budget Rental Car Funding AESOP LLC, Series 2010-5A, Class B, 5.110%, 3/20/2017, 144A	$	6,077,144
	22,950,000	Ford Auto Securitization Trust, Series 2014-R2A, Class A2, 1.593%, 12/15/2017, 144A, (CAD)		18,182,242

				24,259,386

		ABS Home Equity – 0.1%
	13,867,664	Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR4, Class 2A2, 2.629%, 4/25/2035(b)		14,127,350

		ABS Other – 0.4%
	31,215,396	FAN Engine Securitization Ltd., Series 2013-1A, Class 1A, 4.625%, 10/15/2043, 144A(c)		31,062,441
	32,585,000	GCA2014 Holdings Ltd., Series 2014-1, Class E, Zero Coupon, 1/05/2030, 144A(c)(d)(g)		27,491,965
	21,080,833	GCA2014 Holdings Ltd., Series 2014-1, Class C, 6.000%, 1/05/2030, 144A(c)(d)		21,080,833
	7,663,095	GCA2014 Holdings Ltd., Series 2014-1, Class D, 7.500%, 1/05/2030, 144A(c)(d)		7,663,095
	16,669,380	Global Container Assets Ltd., Series 2015-1A, Class B, 4.500%, 2/05/2030, 144A		16,586,033

				103,884,367

		Aerospace & Defense – 0.8%
	36,735,000	Bombardier, Inc., 6.000%, 10/15/2022, 144A		34,484,981
	100,000	Bombardier, Inc., 6.125%, 1/15/2023, 144A		94,500
	1,510,000	Bombardier, Inc., 7.350%, 12/22/2026, 144A, (CAD)		1,180,293
	13,664,000	Bombardier, Inc., 7.450%, 5/01/2034, 144A		13,049,120
	5,200,000	Meccanica Holdings USA, Inc., 6.250%, 7/15/2019, 144A		5,785,000
	275,000	Meccanica Holdings USA, Inc., 6.250%, 7/15/2019		305,938
	24,903,000	Meccanica Holdings USA, Inc., 6.250%, 1/15/2040, 144A		25,338,802
	25,480,000	Meccanica Holdings USA, Inc., 7.375%, 7/15/2039, 144A		28,537,600
	770,000	Meccanica Holdings USA, Inc., 7.375%, 7/15/2039		862,400
	6,995,000	Textron Financial Corp., (fixed rate to 2/15/2017, variable rate thereafter), 6.000%, 2/15/2067, 144A		6,260,525
	23,658,000	Textron, Inc., EMTN, 6.625%, 4/07/2020, (GBP)		41,208,192
	27,916,000	TransDigm, Inc., 6.500%, 7/15/2024		28,055,580
	1,550,000	TransDigm, Inc., 7.500%, 7/15/2021		1,666,250

				186,829,181

		Airlines – 2.8%
	24,305,000	Air Canada, 7.625%, 10/01/2019, 144A, (CAD)		20,437,271
	4,971,295	Air Canada Pass Through Trust, Series 2013-1, Class B, 5.375%, 11/15/2022, 144A		5,195,004
	220,000	Allegiant Travel Co., 5.500%, 7/15/2019		225,500

See accompanying notes to financial statements.

| 4

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Airlines – continued
$	232,615,000	American Airlines Group, Inc., 5.500%, 10/01/2019, 144A	$	238,721,144
	20,599,892	American Airlines Pass Through Trust, Series 2013-1, Class A, 4.000%, 1/15/2027		21,468,590
	7,674,633	American Airlines Pass Through Trust, Series 2013-1, Class B, 5.625%, 1/15/2021, 144A		7,997,121
	14,273,000	American Airlines Pass Through Trust, Series 2013-2, Class C, 6.000%, 1/15/2017, 144A		14,381,332
	4,480,078	Continental Airlines Pass Through Certificates, Series 2012-2, Class B, 5.500%, 4/29/2022		4,734,367
	32,465,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		34,250,575
	252,249	Continental Airlines Pass Through Trust, Series 1997-1, Class A, 7.461%, 10/01/2016		252,249
	234,085	Continental Airlines Pass Through Trust, Series 1997-4, Class B, 6.900%, 7/02/2018		243,004
	47,502	Continental Airlines Pass Through Trust, Series 1998-1, Class B, 6.748%, 9/15/2018		50,827
	1,872,375	Continental Airlines Pass Through Trust, Series 1999-1, Class B, 6.795%, 2/02/2020		1,975,355
	686,928	Continental Airlines Pass Through Trust, Series 1999-2, Class B, 7.566%, 9/15/2021		710,490
	2,147,973	Continental Airlines Pass Through Trust, Series 2000-1, Class A-1, 8.048%, 5/01/2022		2,429,787
	1,845,603	Continental Airlines Pass Through Trust, Series 2000-2, Class A-1, 7.707%, 10/02/2022		2,057,847
	1,155,415	Continental Airlines Pass Through Trust, Series 2000-2, Class B, 8.307%, 10/02/2019		1,268,068
	2,668,114	Continental Airlines Pass Through Trust, Series 2001-1, Class A-1, 6.703%, 12/15/2022		2,854,882
	1,529,132	Continental Airlines Pass Through Trust, Series 2001-1, Class B, 7.373%, 6/15/2017		1,573,936
	14,613,896	Continental Airlines Pass Through Trust, Series 2007-1, Class A, 5.983%, 10/19/2023		16,458,900
	24,113,467	Continental Airlines Pass Through Trust, Series 2007-1, Class B, 6.903%, 10/19/2023		25,893,041
	18,180,831	Continental Airlines Pass Through Trust, Series 2009-1, 9.000%, 1/08/2018		19,680,750
	22,949,053	Continental Airlines Pass Through Trust, Series 2009-2, Class A, 7.250%, 5/10/2021		26,563,529
	5,015,748	Continental Airlines Pass Through Trust, Series 2012-1, Class B, 6.250%, 10/11/2021		5,354,311
	2,231,697	Delta Air Lines Pass Through Trust, Series 2007-1, Class A, 6.821%, 2/10/2024		2,619,566

See accompanying notes to financial statements.

5 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Airlines – continued
$	3,278,874	Delta Air Lines Pass Through Trust, Series 2007-1, Class B, 8.021%, 2/10/2024	$	3,803,494
	1,359,060	Northwest Airlines, Inc., Series 2002-1, Class G2, (MBIA insured), 6.264%, 5/20/2023		1,478,793
	15,219,509	Northwest Airlines, Inc., Series 2007-1, Class B, 8.028%, 5/01/2019		17,111,294
	20,066,996	UAL Pass Through Trust, Series 2007-1, Class A, 6.636%, 1/02/2024		21,672,356
	676,659	UAL Pass Through Trust, Series 2009-1, 10.400%, 5/01/2018		738,438
	6,915,000	United Airlines Pass Through Trust, Series 2014-1, Class A, 4.000%, 10/11/2027		7,321,740
	12,595,000	United Airlines Pass Through Trust, Series 2014-1, Class B, 4.750%, 10/11/2023		12,772,841
	325,000	United Continental Holdings, Inc., 6.375%, 6/01/2018		344,094
	16,088,959	US Airways Pass Through Trust, Series 2010-1B, Class B, 8.500%, 10/22/2018		17,536,965
	15,574,163	US Airways Pass Through Trust, Series 2011-1, Class A, 7.125%, 4/22/2025		18,416,447
	348,757	US Airways Pass Through Trust, Series 2011-1B, Class B, 9.750%, 4/22/2020		402,814
	18,695,633	US Airways Pass Through Trust, Series 2012-1A, Class A, 5.900%, 4/01/2026		21,359,761
	9,731,884	US Airways Pass Through Trust, Series 2012-1B, Class B, 8.000%, 4/01/2021		11,045,688
	5,166,998	US Airways Pass Through Trust, Series 2012-1C, Class C, 9.125%, 10/01/2015		5,304,440
	6,747,341	US Airways Pass Through Trust, Series 2012-2A, Class A, 4.625%, 12/03/2026		7,219,655
	623,167	US Airways Pass Through Trust, Series 2013-1, Class B, 5.375%, 5/15/2023		649,651
	56,320,000	Virgin Australia Holdings Ltd., 8.500%, 11/15/2019, 144A		57,868,800
	8,011,465	Virgin Australia Pass Through Trust, Series 2013-1B, 6.000%, 4/23/2022, 144A		8,332,885
	13,071,671	Virgin Australia Pass Through Trust, Series 2013-1C, 7.125%, 10/23/2018, 144A		13,365,784

				684,143,386

		Automotive – 1.4%
	3,172,000	Cummins, Inc., 6.750%, 2/15/2027		4,101,066
	12,977,000	Ford Motor Co., 6.375%, 2/01/2029		16,037,301
	2,611,000	Ford Motor Co., 6.500%, 8/01/2018		2,980,582
	1,560,000	Ford Motor Co., 6.625%, 2/15/2028		1,952,435
	64,950,000	Ford Motor Co., 6.625%, 10/01/2028		83,460,425
	2,720,000	Ford Motor Co., 7.125%, 11/15/2025		3,465,299
	46,387,000	Ford Motor Co., 7.400%, 11/01/2046		68,645,385
	65,430,000	Ford Motor Co., 7.450%, 7/16/2031		90,332,004
	1,580,000	Ford Motor Co., 7.500%, 8/01/2026		2,089,695
	37,875,000	General Motors Financial Co., Inc., 4.375%, 9/25/2021		40,226,659

See accompanying notes to financial statements.

| 6

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Automotive – continued
$	8,755,000	Goodyear Tire & Rubber Co. (The), 7.000%, 5/15/2022	$	9,586,725
	6,201,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		6,697,080
	9,660,000	Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc., 7.875%, 10/01/2022, 144A		9,490,950
	3,700,000	TRW Automotive, Inc., 7.250%, 3/15/2017, 144A		4,046,875

				343,112,481

		Banking – 10.7%
	6,000,000	ABN Amro Bank NV, (fixed rate to 3/10/2016, variable rate thereafter), 4.310%, (EUR)(e)		6,557,307
	100,540,000	AgriBank FCB, 9.125%, 7/15/2019, 144A		128,309,047
	895,000	Ally Financial, Inc., 5.125%, 9/30/2024		922,969
	40,568,000	Ally Financial, Inc., 7.500%, 9/15/2020		47,515,270
	42,006,000	Ally Financial, Inc., 8.000%, 12/31/2018		47,466,780
	40,627,000	Ally Financial, Inc., 8.000%, 11/01/2031		50,783,750
	33,073,000	Associates Corp. of North America, 6.950%, 11/01/2018		38,516,981
	100,035,000	Banco Santander Brasil S.A., 8.000%, 3/18/2016, 144A, (BRL)		29,463,082
	1,400,000	Bank of America Corp., 5.490%, 3/15/2019		1,549,422
	1,065,000	Bank of America Corp., 5.650%, 5/01/2018		1,181,370
	4,887,000	Bank of America Corp., EMTN, 4.625%, 9/14/2018, (EUR)		5,898,455
	18,860,000	Bank of America Corp., MTN, 3.300%, 1/11/2023		19,105,916
	35,000	Bank of America Corp., Series K, (fixed rate to 1/30/2018, variable rate thereafter), 8.000%(e)		37,406
	33,133,000	Bank of America Corp., Series L, MTN, 7.625%, 6/01/2019		39,991,067
	16,525,000	Bank of Nova Scotia, 2.462%, 3/14/2019, (CAD)		13,537,831
	87,880,000,000	Barclays Bank PLC, EMTN, 3.680%, 8/20/2015, (KRW)		79,757,764
	27,100,000	BNP Paribas S.A., (fixed rate to 10/23/2017, variable rate thereafter), 7.436%, (GBP)(e)		44,541,756
	30,900,000	BNP Paribas S.A., (fixed rate to 4/12/2016, variable rate thereafter), 4.730%, (EUR)(e)		34,138,929
	23,400,000	BNP Paribas S.A., (fixed rate to 4/13/2017, variable rate thereafter), 5.019%, (EUR)(e)		26,418,900
	35,950,000	BNP Paribas S.A., (fixed rate to 4/19/2016, variable rate thereafter), 5.945%, (GBP)(e)		54,362,798
	22,200,000	BNP Paribas S.A., (fixed rate to 6/25/2037, variable rate thereafter), 7.195%, 144A(e)		26,806,500
	31,050,000	BNP Paribas S.A., (fixed rate to 6/29/2015, variable rate thereafter), 5.186%, 144A(e)		31,213,634
	13,150,000	BNP Paribas S.A., (fixed rate to 7/13/2016, variable rate thereafter), 5.954%, (GBP)(e)		20,169,119
	12,230,000	Citigroup, Inc., 3.375%, 3/01/2023		12,533,659
	7,340,000	Citigroup, Inc., 4.500%, 1/14/2022		8,104,094
	52,380,000	Citigroup, Inc., 5.130%, 11/12/2019, (NZD)		40,225,821
	5,900,000	Citigroup, Inc., 5.365%, 3/06/2036, (CAD)(c)		5,239,636

See accompanying notes to financial statements.

7 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Banking – continued
$	36,155,000	Citigroup, Inc., 5.875%, 2/22/2033	$	42,076,213
	13,210,000	Citigroup, Inc., 6.000%, 10/31/2033		15,614,775
	24,080,000	Citigroup, Inc., 6.125%, 5/15/2018		27,102,088
	8,805,000	Citigroup, Inc., 6.125%, 8/25/2036		10,662,855
	39,930,000	Citigroup, Inc., 6.250%, 6/29/2017, (NZD)		31,095,311
	4,900,000	Citigroup, Inc., EMTN, 1.312%, 11/30/2017, (EUR)(b)		5,265,755
	16,780,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands, 3.875%, 2/08/2022		18,058,418
	4,045,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands, 3.950%, 11/09/2022		4,187,392
	27,405,000	Goldman Sachs Group, Inc. (The), 3.550%, 2/12/2021, (CAD)		23,149,765
	900,000	Goldman Sachs Group, Inc. (The), 6.450%, 5/01/2036		1,125,424
	61,880,000	Goldman Sachs Group, Inc. (The), 6.750%, 10/01/2037		81,251,720
	4,065,000	Goldman Sachs Group, Inc. (The), GMTN, 5.375%, 3/15/2020		4,612,783
	33,280,000	HBOS PLC, 6.000%, 11/01/2033, 144A		39,329,339
	65,355,000	HBOS PLC, GMTN, 6.750%, 5/21/2018, 144A		73,121,396
	12,345,000	ICICI Bank Ltd., (fixed rate to 4/30/2017, variable rate thereafter), 6.375%, 4/30/2022, 144A		12,838,800
	55,385,000	Intesa Sanpaolo SpA, 5.017%, 6/26/2024, 144A		56,685,994
	69,375,000	JPMorgan Chase & Co., 4.250%, 11/02/2018, (NZD)		52,027,905
	266,000,000,000	JPMorgan Chase Bank NA, 7.700%, 6/01/2016, 144A, (IDR)		19,739,946
	83,493,000	Lloyds Bank PLC, MTN, 6.500%, 9/14/2020, 144A		98,093,170
	34,800,000	Lloyds Banking Group PLC, (fixed rate to 10/01/2015, variable rate thereafter), 5.920%, 144A(e)		35,148,000
	4,745,000	Lloyds Banking Group PLC, (fixed rate to 5/21/2037, variable rate thereafter), 6.657%, 144A(e)		5,409,300
	4,825,000	Merrill Lynch & Co., Inc., 5.700%, 5/02/2017		5,198,445
	36,435,000	Merrill Lynch & Co., Inc., 6.110%, 1/29/2037		44,366,572
	1,600,000	Merrill Lynch & Co., Inc., EMTN, 0.577%, 9/14/2018, (EUR)(b)		1,696,563
	3,600,000	Merrill Lynch & Co., Inc., Series C, MTN, 6.050%, 6/01/2034		4,409,514
	82,175,000	Morgan Stanley, 2.125%, 4/25/2018		83,077,528
	42,630,000	Morgan Stanley, 2.500%, 1/24/2019		43,418,527
	6,600,000	Morgan Stanley, 3.750%, 2/25/2023		6,912,437
	47,205,000	Morgan Stanley, 4.350%, 9/08/2026		49,483,302
	53,595,000	Morgan Stanley, 4.750%, 11/16/2018, (AUD)		42,758,633
	15,520,000	Morgan Stanley, 4.875%, 11/01/2022		16,950,354
	75,000,000	Morgan Stanley, 5.000%, 9/30/2021, (AUD)		61,137,208
	152,340,000	Morgan Stanley, 7.600%, 8/08/2017, (NZD)		121,356,286
	150,195,000	Morgan Stanley, 8.000%, 5/09/2017, (AUD)		125,670,666
	1,400,000	Morgan Stanley, EMTN, 5.750%, 2/14/2017, (GBP)		2,249,264
	117,500,000	Morgan Stanley, GMTN, 7.625%, 3/03/2016, (AUD)		93,250,650
	107,640,000	Morgan Stanley, MTN, 4.100%, 5/22/2023		112,022,132
	15,000,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		18,627,495
	19,400,000	Morgan Stanley, MTN, 7.250%, 5/26/2015, (AUD)		14,870,562

See accompanying notes to financial statements.

| 8

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Banking – continued
$	11,700,000	Morgan Stanley, Series F, GMTN, 6.625%, 4/01/2018	$	13,307,018
	18,000,000	Morgan Stanley, Series F, MTN, 0.707%, 10/18/2016(b)		17,978,112
	68,800,000	Morgan Stanley, Series MPLE, 3.125%, 8/05/2021, (CAD)		56,771,747
	2,250,000	National Australia Bank Ltd., 5.000%, 3/11/2024, (AUD)		1,945,364
	2,819,000	RBS Capital Trust C, (fixed rate to 1/12/2016, variable rate thereafter), 4.243%, (EUR)(e)		3,031,131
	6,633,000	RBS Capital Trust II, (fixed rate to 1/03/2034, variable rate thereafter), 6.425%(e)		7,561,620
	1,385,000	Royal Bank of Scotland Group PLC, 5.250%, (EUR)(e)		1,485,499
	22,591,000	Royal Bank of Scotland Group PLC, 5.500%, (EUR)(e)		24,281,264
	34,220,000	Royal Bank of Scotland Group PLC, 6.000%, 12/19/2023		38,064,343
	32,250,000	Royal Bank of Scotland Group PLC, 6.125%, 12/15/2022		36,316,596
	15,425,000	Royal Bank of Scotland Group PLC, (fixed rate to 9/30/2017, variable rate thereafter), 7.640%(e)		16,890,375
	1,300,000	Royal Bank of Scotland PLC (The), EMTN, 4.350%, 1/23/2017, (EUR)		1,470,512
	11,450,000	Royal Bank of Scotland PLC (The), EMTN, 6.934%, 4/09/2018, (EUR)		14,133,144
	3,200,000	Royal Bank of Scotland PLC (The), EMTN, (fixed rate to 9/22/2016, variable rate thereafter), 4.625%, 9/22/2021, (EUR)		3,548,670
	950,000	Santander Central Hispano Issuances Ltd., 7.250%, 11/01/2015		980,882
	2,269,000	Santander Issuances SAU, 5.911%, 6/20/2016, 144A		2,370,760
	6,000,000	Societe Generale S.A., EMTN, (fixed rate to 6/16/2018, variable rate thereafter), 8.875%, (GBP)(e)		10,106,404
	2,800,000	Societe Generale S.A., MTN, 5.200%, 4/15/2021, 144A		3,203,256

				2,571,848,447

		Brokerage – 0.9%
	5,996,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 6.875%, 4/15/2022, 144A		5,576,280
	29,995,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.500%, 4/15/2021, 144A		28,945,175
	19,787,000	Jefferies Group LLC, 5.125%, 4/13/2018		20,802,192
	51,270,000	Jefferies Group LLC, 5.125%, 1/20/2023		53,218,465
	29,470,000	Jefferies Group LLC, 6.250%, 1/15/2036		29,447,897
	22,428,000	Jefferies Group LLC, 6.450%, 6/08/2027		24,222,240
	58,180,000	Jefferies Group LLC, 6.875%, 4/15/2021		65,785,290

				227,997,539

		Building Materials – 0.8%
	15,670,000	Atrium Windows & Doors, Inc., 7.750%, 5/01/2019, 144A		13,162,800
	4,805,000	Masco Corp., 4.800%, 6/15/2015		4,843,772
	3,285,000	Masco Corp., 5.850%, 3/15/2017		3,506,738
	19,873,000	Masco Corp., 6.125%, 10/03/2016		21,176,669
	15,272,000	Masco Corp., 6.500%, 8/15/2032		16,341,040
	23,972,000	Masco Corp., 7.125%, 3/15/2020		28,107,170
	9,733,000	Masco Corp., 7.750%, 8/01/2029		11,290,280
	9,900,000	Odebrecht Finance Ltd., 8.250%, 4/25/2018, 144A, (BRL)		2,295,436
	214,000	Owens Corning, 6.500%, 12/01/2016		230,086

See accompanying notes to financial statements.

9 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Building Materials – continued
$	51,420,000	Owens Corning, 7.000%, 12/01/2036	$	62,987,083
	2,395,000	Titan Global Finance PLC, EMTN, 4.250%, 7/10/2019, (EUR)		2,423,286
	17,605,000	USG Corp., 9.750%, 1/15/2018		20,377,787

				186,742,147

		Cable Satellite – 0.3%
	4,325,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 1/15/2024		4,492,594
	965,000	DISH DBS Corp., 5.000%, 3/15/2023		938,270
	1,105,000	DISH DBS Corp., 5.875%, 11/15/2024		1,106,381
	500,000	Intelsat Luxembourg S.A., 7.750%, 6/01/2021		461,250
	275,000	Intelsat Luxembourg S.A., 8.125%, 6/01/2023		253,000
	37,585,000	Shaw Communications, Inc., 5.650%, 10/01/2019, (CAD)		34,298,779
	535,000	Time Warner Cable, Inc., 5.875%, 11/15/2040		639,865
	15,800,000	Videotron Ltd., 5.625%, 6/15/2025, 144A, (CAD)		12,630,769
	9,660,000	Virgin Media Finance PLC, 6.000%, 10/15/2024, 144A		10,143,000

				64,963,908

		Chemicals – 1.1%
	255,000	Axalta Coating Systems U.S. Holdings, Inc./Axalta Coating Systems Dutch Holding B BV, 7.375%, 5/01/2021, 144A		274,125
	56,305,000	Consolidated Energy Finance S.A., 6.750%, 10/15/2019, 144A		56,727,287
	20,000,000	Eco Services Operations LLC/Eco Finance Corp., 8.500%, 11/01/2022, 144A		20,200,000
	23,289,000	Hercules, Inc., 6.500%, 6/30/2029		21,454,991
	4,955,000	Hexion U.S. Finance Corp./Hexion Nova Scotia Finance ULC, 8.875%, 2/01/2018		4,372,788
	3,390,000	Hexion U.S. Finance Corp./Hexion Nova Scotia Finance ULC, 9.000%, 11/15/2020		2,373,000
	33,969,000	Hexion, Inc., 7.875%, 2/15/2023(c)		19,702,020
	1,128,000	Hexion, Inc., 8.375%, 4/15/2016(c)		1,082,880
	11,305,000	Hexion, Inc., 9.200%, 3/15/2021(c)		6,556,900
	405,000	INEOS Group Holdings S.A., 5.875%, 2/15/2019, 144A		400,444
	119,535,000	INVISTA Finance LLC, 4.250%, 10/15/2019, 144A		118,787,906
	6,795,000	Methanex Corp., 5.250%, 3/01/2022		7,362,641
	2,305,000	TPC Group, Inc., 8.750%, 12/15/2020, 144A		2,109,075

				261,404,057

		Construction Machinery – 0.2%
	1,975,000	Joy Global, Inc., 6.625%, 11/15/2036		2,453,781
	27,030,000	Toro Co., 6.625%, 5/01/2037(c)		32,650,105
	1,095,000	United Rentals North America, Inc., 6.125%, 6/15/2023		1,159,331
	5,825,000	United Rentals North America, Inc., 7.625%, 4/15/2022		6,372,550

				42,635,767

See accompanying notes to financial statements.

| 10

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Consumer Cyclical Services – 0.1%
$	3,721,000	ServiceMaster Co. LLC (The), 7.000%, 8/15/2020	$	3,953,563	��
	1,000,000	ServiceMaster Co. LLC (The), 7.100%, 3/01/2018		1,050,000
	8,919,000	ServiceMaster Co. LLC (The), 7.450%, 8/15/2027		9,030,487
	1,044,819	Servus Luxembourg Holding SCA, 7.750%, 6/15/2018, 144A, (EUR)		1,178,210

				15,212,260

		Consumer Products – 0.3%
	15,036,000	Avon Products, Inc., 7.700%, 3/15/2043		12,630,240
	57,550,000	Newell Rubbermaid, Inc., 4.000%, 12/01/2024		60,644,061
	3,210,000	Visant Corp., 10.000%, 10/01/2017		2,872,950

				76,147,251

		Diversified Manufacturing – 0.0%
	225,000	Amsted Industries, Inc., 5.000%, 3/15/2022, 144A		226,406

		Electric – 2.1%
	3,075,000	AES Corp. (The), 4.875%, 5/15/2023		2,998,125
	11,970,000	AES Corp. (The), 5.500%, 3/15/2024		11,940,075
	61,089,168	Alta Wind Holdings LLC, 7.000%, 6/30/2035, 144A		72,627,629
	78,043,538	Bruce Mansfield Unit Pass Through Trust, 6.850%, 6/01/2034		82,153,311
	2,725,751	CE Generation LLC, 7.416%, 12/15/2018		2,712,122
	49,684,000	DPL, Inc., 6.750%, 10/01/2019, 144A		52,416,620
	12,250,000	Dynegy Finance I, Inc./Dynegy Finance II, Inc., 7.375%, 11/01/2022, 144A		12,877,812
	69,835,000	Dynegy Finance I, Inc./Dynegy Finance II, Inc., 7.625%, 11/01/2024, 144A		73,152,162
	70,000,000	EDP Finance BV, 4.125%, 1/15/2020, 144A		72,450,000
	65,185,000	EDP Finance BV, 4.900%, 10/01/2019, 144A		69,295,566
	22,441,000	EDP Finance BV, 6.000%, 2/02/2018, 144A		24,405,036
	3,700,000	EDP Finance BV, EMTN, 8.625%, 1/04/2024, (GBP)		7,691,795
	8,663,000	Endesa S.A., 7.875%, 2/01/2027		11,434,424
	11,600,000	Enel Finance International NV, 6.000%, 10/07/2039, 144A		14,082,098
	800,000	Enel Finance International NV, 6.800%, 9/15/2037, 144A		1,042,240
	2,250,000	Enel Finance International NV, EMTN, 5.750%, 9/14/2040, (GBP)		4,190,193
	861,540	Red Oak Power LLC, Series A, 8.540%, 11/30/2019		915,386
	112,789	Salton Sea Funding Corp., Series F, 7.475%, 11/30/2018		116,749

				516,501,343

		Finance Companies – 5.8%
	3,100,000	AGFC Capital Trust I, (fixed rate to 1/15/2017, variable rate thereafter), 6.000%, 1/15/2067, 144A		2,325,000
	4,145,000	Aircastle Ltd., 7.625%, 4/15/2020		4,766,750
	71,260,000	Aviation Capital Group Corp., 6.750%, 4/06/2021, 144A		81,096,802
	64,245,000	General Electric Capital Corp., GMTN, 4.250%, 1/17/2018, (NZD)		48,336,364
	89,985,000	General Electric Capital Corp., Series A, EMTN, 6.750%, 9/26/2016, (NZD)		70,054,231
	45,800,000	General Electric Capital Corp., Series A, GMTN, 5.500%, 2/01/2017, (NZD)		35,215,230
	12,965,000	General Electric Capital Corp., Series A, MTN, 0.553%, 5/13/2024(b)		12,153,858

See accompanying notes to financial statements.

11 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Finance Companies – continued
	266,643,000	General Electric Capital Corp., Series A, MTN, 6.500%, 9/28/2015, (NZD)	$	201,919,159
	455,000	International Lease Finance Corp., 3.875%, 4/15/2018		461,825
	9,293,000	International Lease Finance Corp., 4.625%, 4/15/2021		9,618,255
	11,568,000	International Lease Finance Corp., 5.875%, 4/01/2019		12,551,280
	37,440,000	International Lease Finance Corp., 5.875%, 8/15/2022		41,558,400
	5,265,000	International Lease Finance Corp., 6.250%, 5/15/2019		5,752,012
	17,780,000	International Lease Finance Corp., 8.250%, 12/15/2020		21,647,150
	6,070,000	iStar Financial, Inc., 3.875%, 7/01/2016		6,100,350
	19,330,000	iStar Financial, Inc., 4.875%, 7/01/2018		19,426,650
	20,395,000	iStar Financial, Inc., 5.000%, 7/01/2019		20,395,000
	34,525,000	iStar Financial, Inc., 5.850%, 3/15/2017		35,906,000
	4,865,000	iStar Financial, Inc., 6.050%, 4/15/2015		4,871,081
	30,235,000	iStar Financial, Inc., 7.125%, 2/15/2018		32,200,275
	1,890,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.875%, 8/01/2021, 144A		1,786,050
	30,220,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.375%, 10/01/2017		31,051,050
	2,335,000	Navient Corp., 5.875%, 10/25/2024		2,183,225
	34,415,000	Navient LLC, 4.875%, 6/17/2019		34,328,962
	27,420,000	Navient LLC, 5.500%, 1/25/2023		26,117,550
	150,996(††)	Navient LLC, 6.000%, 12/15/2043		3,372,370
	9,995,000	Navient LLC, MTN, 4.625%, 9/25/2017		10,144,925
	11,663,000	Navient LLC, MTN, 5.500%, 1/15/2019		11,896,260
	68,000,000	Navient LLC, MTN, 6.125%, 3/25/2024		65,280,000
	8,000,000	Navient LLC, MTN, 7.250%, 1/25/2022		8,440,000
	3,355,000	Navient LLC, MTN, 8.000%, 3/25/2020		3,724,385
	23,623,000	Navient LLC, Series A, MTN, 5.000%, 6/15/2018		23,623,000
	51,024,000	Navient LLC, Series A, MTN, 5.625%, 8/01/2033		41,775,900
	74,428,000	Navient LLC, Series A, MTN, 8.450%, 6/15/2018		82,615,080
	400,000	Oxford Finance LLC/Oxford Finance Co-Issuer, Inc., 7.250%, 1/15/2018, 144A		412,000
	78,860,000	Springleaf Finance Corp., 5.250%, 12/15/2019		77,972,825
	195,700,000	Springleaf Finance Corp., 7.750%, 10/01/2021		214,291,500
	77,845,000	Springleaf Finance Corp., 8.250%, 10/01/2023		87,575,625
	4,690,000	Springleaf Finance Corp., MTN, 5.750%, 9/15/2016		4,865,875
	935,000	Springleaf Finance Corp., Series J, MTN, 6.500%, 9/15/2017		986,425

				1,398,798,679

		Food & Beverage – 0.2%
	3,420,000	Constellation Brands, Inc., 4.750%, 11/15/2024		3,616,650
	37,225,000	DS Services of America, Inc., 10.000%, 9/01/2021, 144A		43,739,375
	1,500,000	Fonterra Co-operative Group Ltd., MTN, 4.500%, 6/30/2021, (AUD)		1,214,264

				48,570,289

See accompanying notes to financial statements.

| 12

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Government Owned – No Guarantee – 0.3%
$	33,495,000	DP World Ltd., 6.850%, 7/02/2037, 144A	$	37,919,355
	28,720,000	Pertamina Persero PT, 6.450%, 5/30/2044, 144A		30,874,000
	17,035,000	Petrobras Global Finance BV, 5.625%, 5/20/2043		13,796,646

				82,590,001

		Healthcare – 3.3%
	3,240,000	BioScrip, Inc., 8.875%, 2/15/2021, 144A		2,911,950
	15,410,000	Boston Scientific Corp., 6.000%, 1/15/2020		17,737,080
	7,230,000	Boston Scientific Corp., 6.400%, 6/15/2016		7,659,187
	5,250,000	HCA Holdings, Inc., 6.250%, 2/15/2021		5,676,300
	237,365,000	HCA, Inc., 5.250%, 4/15/2025		256,354,200
	12,950,000	HCA, Inc., 5.875%, 3/15/2022		14,338,110
	163,835,000	HCA, Inc., 5.875%, 5/01/2023		176,941,800
	27,204,000	HCA, Inc., 7.050%, 12/01/2027		28,972,260
	27,148,000	HCA, Inc., 7.500%, 12/15/2023		30,846,915
	27,545,000	HCA, Inc., 7.500%, 11/06/2033		29,748,600
	71,181,000	HCA, Inc., 7.690%, 6/15/2025		80,434,530
	45,324,000	HCA, Inc., 8.360%, 4/15/2024		53,482,320
	21,924,000	HCA, Inc., MTN, 7.580%, 9/15/2025		24,554,880
	12,446,000	HCA, Inc., MTN, 7.750%, 7/15/2036		13,503,910
	915,000	Kindred Healthcare, Inc., 8.750%, 1/15/2023, 144A		1,001,925
	335,000	Kindred Healthcare, Inc., 8.000%, 1/15/2020, 144A		359,497
	1,430,000	Tenet Healthcare Corp., 4.375%, 10/01/2021		1,397,825
	2,250,000	Tenet Healthcare Corp., 4.500%, 4/01/2021		2,205,000
	10,174,000	Tenet Healthcare Corp., 5.000%, 3/01/2019, 144A		10,097,695
	34,198,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		31,633,150
	355,000	Universal Health Services, Inc., 3.750%, 8/01/2019, 144A		362,100
	690,000	Universal Health Services, Inc., 4.750%, 8/01/2022, 144A		725,363

				790,944,597

		Home Construction – 0.8%
	7,385,000	Beazer Homes USA, Inc., 7.250%, 2/01/2023		7,052,675
	160,000	DR Horton, Inc., 4.375%, 9/15/2022		160,000
	16,729,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021		14,386,940
	1,650,000	K. Hovnanian Enterprises, Inc., 7.500%, 5/15/2016		1,695,375
	54,013,000	K. Hovnanian Enterprises, Inc., 8.000%, 11/01/2019, 144A		52,122,545
	2,835,000	KB Home, 8.000%, 3/15/2020		3,061,800
	10,320,000	Lennar Corp., 4.500%, 6/15/2019		10,655,400
	65,355,000	Pulte Group, Inc., 6.000%, 2/15/2035		65,028,225
	18,575,000	Pulte Group, Inc., 6.375%, 5/15/2033		19,225,125
	245,000	TRI Pointe Holdings, Inc., 5.875%, 6/15/2024, 144A		239,487
	13,360,000	Weyerhaeuser Real Estate Co., 4.375%, 6/15/2019, 144A		13,042,700

				186,670,272

See accompanying notes to financial statements.

13 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Independent Energy – 1.4%
$	7,440,000	Baytex Energy Corp., 5.125%, 6/01/2021, 144A	$	6,826,200
	6,507,000	Baytex Energy Corp., 5.625%, 6/01/2024, 144A		5,953,905
	345,000	Bonanza Creek Energy, Inc., 5.750%, 2/01/2023		317,400
	140,000	Bonanza Creek Energy, Inc., 6.750%, 4/15/2021		136,150
	6,516,000	California Resources Corp., 5.000%, 1/15/2020, 144A		5,880,690
	107,676,000	California Resources Corp., 5.500%, 9/15/2021, 144A		95,530,147
	16,169,000	California Resources Corp., 6.000%, 11/15/2024, 144A		14,188,297
	1,200,000	Chesapeake Energy Corp., 4.875%, 4/15/2022		1,125,000
	15,000	Chesapeake Energy Corp., 6.625%, 8/15/2020		15,488
	1,940,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		2,027,300
	9,363,000	Continental Resources, Inc., 3.800%, 6/01/2024		8,630,252
	705,000	Continental Resources, Inc., 4.500%, 4/15/2023		684,224
	1,775,000	EQT Corp., 8.125%, 6/01/2019		2,120,456
	710,000	Halcon Resources Corp., 8.875%, 5/15/2021		493,450
	7,470,000	Halcon Resources Corp., 9.250%, 2/15/2022		5,154,300
	145,000	MEG Energy Corp., 6.375%, 1/30/2023, 144A		133,400
	95,000	MEG Energy Corp., 6.500%, 3/15/2021, 144A		87,875
	235,000	MEG Energy Corp., 7.000%, 3/31/2024, 144A		221,488
	4,855,000	Oasis Petroleum, Inc., 6.875%, 1/15/2023		4,709,350
	3,860,000	Oasis Petroleum, Inc., 7.250%, 2/01/2019		3,821,400
	280,000	Pan American Energy LLC/Argentine Branch, 7.875%, 5/07/2021, 144A		290,500
	6,235,000	QEP Resources, Inc., 5.250%, 5/01/2023		6,110,300
	9,825,000	QEP Resources, Inc., 6.875%, 3/01/2021		10,439,062
	12,745,000	Rex Energy Corp., 6.250%, 8/01/2022, 144A		8,571,012
	2,700,000	Rex Energy Corp., 8.875%, 12/01/2020		2,106,000
	9,500,000	Rice Energy, Inc., 6.250%, 5/01/2022		9,262,500
	17,661,000	RKI Exploration & Production LLC/RKI Finance Corp., 8.500%, 8/01/2021, 144A		16,777,950
	715,000	Rosetta Resources, Inc., 5.625%, 5/01/2021		672,100
	175,000	Rosetta Resources, Inc., 5.875%, 6/01/2022		164,938
	100,000	Rosetta Resources, Inc., 5.875%, 6/01/2024		93,000
	12,849,000	RSP Permian, Inc., 6.625%, 10/01/2022, 144A		12,913,245
	22,645,000	Sanchez Energy Corp., 6.125%, 1/15/2023		20,352,194
	12,420,000	Sanchez Energy Corp., 7.750%, 6/15/2021		12,047,400
	4,325,000	SandRidge Energy, Inc., 7.500%, 2/15/2023		2,638,250
	90,000	SM Energy Co., 5.000%, 1/15/2024		84,735
	20,982,000	SM Energy Co., 6.125%, 11/15/2022, 144A		20,877,090
	1,325,000	Ultra Petroleum Corp., 5.750%, 12/15/2018, 144A		1,195,812
	58,750,000	Ultra Petroleum Corp., 6.125%, 10/01/2024, 144A		50,378,125

				333,030,985

		Industrial Other – 0.1%
	10,205,000	AECOM Technology Corp., 5.750%, 10/15/2022, 144A		10,562,175
	10,640,000	AECOM Technology Corp., 5.875%, 10/15/2024, 144A		11,172,000

See accompanying notes to financial statements.

| 14

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Industrial Other – continued
$	160,000	Cleaver-Brooks, Inc., 8.750%, 12/15/2019, 144A	$	163,200
	9,280,000	Permian Holdings, Inc., 10.500%, 1/15/2018, 144A		5,104,000
	8,380,000	Transfield Services Ltd., 8.375%, 5/15/2020, 144A		8,924,700

				35,926,075

		Integrated Energy – 0.0%
	2,155,000	Pacific Rubiales Energy Corp., 5.125%, 3/28/2023, 144A		1,255,288
	1,250,000	Pacific Rubiales Energy Corp., 5.625%, 1/19/2025, 144A		735,250

				1,990,538

		Leisure – 0.0%
	1,270,000	Six Flags Entertainment Corp., 5.250%, 1/15/2021, 144A		1,304,925
	210,000	WMG Acquisition Corp., 6.000%, 1/15/2021		214,200

				1,519,125

		Life Insurance – 1.8%
	16,485,000	American International Group, Inc., 4.125%, 2/15/2024		17,845,441
	6,212,000	American International Group, Inc., 4.875%, 6/01/2022		7,059,652
	910,000	American International Group, Inc., 6.250%, 3/15/2087		1,037,089
	6,981,000	American International Group, Inc., (fixed rate to 5/15/2038, variable rate thereafter), 8.175%, 5/15/2068		9,899,407
	8,400,000	American International Group, Inc., EMTN, 5.000%, 4/26/2023, (GBP)		14,618,305
	3,245,000	American International Group, Inc., Series G, MTN, 5.600%, 10/18/2016		3,459,251
	6,368,000	American International Group, Inc., Series G, MTN, 5.850%, 1/16/2018		7,113,935
	97,930,000	AXA S.A., (fixed rate to 12/14/2036, variable rate thereafter), 6.379%, 144A(e)		109,498,471
	1,185,000	AXA S.A., EMTN, (fixed rate to 10/16/2019, variable rate thereafter), 6.772%, (GBP)(e)		1,942,401
	13,250,000	AXA S.A., EMTN, (fixed rate to 4/16/2020, variable rate thereafter), 5.250%, 4/16/2040, (EUR)		16,589,854
	15,000,000	Forethought Financial Group, Inc., 8.625%, 4/15/2021, 144A		17,621,505
	5,760,000	Genworth Holdings, Inc., 4.800%, 2/15/2024		4,845,600
	31,605,000	Genworth Holdings, Inc., 4.900%, 8/15/2023		27,022,275
	2,030,000	MetLife Capital Trust X, 9.250%, 4/08/2068, 144A		3,022,163
	10,175,000	MetLife, Inc., 10.750%, 8/01/2069		17,088,913
	57,985,000	Mutual of Omaha Insurance Co., 6.800%, 6/15/2036, 144A		77,748,549
	38,476,000	National Life Insurance Co., 10.500%, 9/15/2039, 144A		62,390,642
	12,950,000	NLV Financial Corp., 7.500%, 8/15/2033, 144A		15,027,271
	5,670,000	Penn Mutual Life Insurance Co. (The), 6.650%, 6/15/2034, 144A		7,462,792

				421,293,516

		Local Authorities – 1.2%
	38,490,000	New South Wales Treasury Corp., 3.500%, 3/20/2019, (AUD)		30,929,574
	99,500,000	New South Wales Treasury Corp., 4.000%, 4/08/2021, (AUD)		83,062,715
	142,855,000	New South Wales Treasury Corp., 6.000%, 2/01/2018, (AUD)		120,947,554

See accompanying notes to financial statements.

15 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Local Authorities – continued
	1,507,000	Ontario Hydro, Zero Coupon, 11/27/2020, (CAD)	$	1,088,626
	4,073,021	Province of Alberta, 5.930%, 9/16/2016, (CAD)		3,372,515
	1,490,000	Province of Ontario Canada, 2.100%, 9/08/2018, (CAD)		1,221,164
	75,000,000	Province of Ontario Canada, GMTN, 6.250%, 6/16/2015, (NZD)		56,333,460

				296,955,608

		Media Entertainment – 0.8%
	1,220,000	AMC Networks, Inc., 4.750%, 12/15/2022		1,214,656
	164,410,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		9,395,810
	1,595,000	iHeartCommunications, Inc., 9.000%, 3/01/2021		1,527,213
	66,650,000	iHeartCommunications, Inc., 9.000%, 9/15/2022		63,650,750
	9,335,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 5.250%, 2/15/2022		9,778,413
	23,335,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 5.875%, 3/15/2025		24,676,763
	34,725,000	R.R. Donnelley & Sons Co., 6.000%, 4/01/2024		35,853,562
	3,610,000	R.R. Donnelley & Sons Co., 6.500%, 11/15/2023		3,835,625
	26,090,000	R.R. Donnelley & Sons Co., 7.000%, 2/15/2022		28,764,225
	8,890,000	R.R. Donnelley & Sons Co., 7.875%, 3/15/2021		10,170,160

				188,867,177

		Metals & Mining – 1.7%
	7,894,272	1839688 Alberta ULC, PIK, 14.000%, 2/13/2020(f)		5,289,162
	155,000	AK Steel Corp., 7.625%, 5/15/2020		133,300
	13,492,000	Alcoa, Inc., 5.870%, 2/23/2022		14,962,264
	11,795,000	Alcoa, Inc., 5.900%, 2/01/2027		12,988,536
	2,050,000	Alcoa, Inc., 5.950%, 2/01/2037		2,151,920
	6,490,000	Alcoa, Inc., 6.750%, 1/15/2028		7,461,274
	35,180,000	ArcelorMittal, 7.500%, 3/01/2041		36,587,200
	3,635,000	ArcelorMittal, 7.750%, 10/15/2039		3,816,750
	3,950,000	Barrick Gold Corp., 5.800%, 11/15/2034		3,945,896
	23,735,000	Barrick North America Finance LLC, 5.750%, 5/01/2043		24,617,942
	11,380,000	Cliffs Natural Resources, Inc., 4.800%, 10/01/2020		6,372,800
	5,260,000	Cliffs Natural Resources, Inc., 4.875%, 4/01/2021		2,787,800
	56,877,000	Cliffs Natural Resources, Inc., 6.250%, 10/01/2040		29,007,270
	12,503,000	Emeco Pty Ltd., 9.875%, 3/15/2019, 144A		9,252,220
	34,330,000	Essar Steel Algoma, Inc., 9.500%, 11/15/2019, 144A		29,781,275
	100,000	First Quantum Minerals Ltd., 7.000%, 2/15/2021, 144A		92,250
	16,175,000	First Quantum Minerals Ltd., 7.250%, 5/15/2022, 144A		14,921,438
	975,000	Hecla Mining Co., 6.875%, 5/01/2021		862,875
	19,310,000	Lundin Mining Corp., 7.500%, 11/01/2020, 144A		20,034,125
	66,920,000	Lundin Mining Corp., 7.875%, 11/01/2022, 144A		69,764,100
	6,500,000	Rain CII Carbon LLC/CII Carbon Corp., 8.250%, 1/15/2021, 144A		6,061,250
	11,965,000	Russel Metals, Inc., 6.000%, 4/19/2022, 144A, (CAD)		9,730,330
	15,555,000	United States Steel Corp., 6.650%, 6/01/2037		13,532,850

See accompanying notes to financial statements.

| 16

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Metals & Mining – continued
$	8,015,000	United States Steel Corp., 6.875%, 4/01/2021	$	7,889,766
	23,520,000	United States Steel Corp., 7.000%, 2/01/2018		24,578,400
	38,460,000	United States Steel Corp., 7.500%, 3/15/2022		38,460,000
	10,540,000	Worthington Industries, Inc., 6.500%, 4/15/2020		12,066,529

				407,149,522

		Midstream – 1.0%
	755,000	Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.125%, 11/15/2022, 144A		775,762
	9,050,000	DCP Midstream LP, 6.450%, 11/03/2036, 144A		8,378,173
	1,000,000	El Paso Corp., GMTN, 7.800%, 8/01/2031		1,224,893
	7,325,000	Energy Transfer Partners LP, 4.150%, 10/01/2020		7,689,895
	7,500,000	Florida Gas Transmission Co., 7.900%, 5/15/2019, 144A		8,961,052
	310,000	Gibson Energy, Inc., 5.375%, 7/15/2022, 144A, (CAD)		243,842
	31,400,000	IFM U.S. Colonial Pipeline 2 LLC, 6.450%, 5/01/2021, 144A		34,512,651
	33,023,000	NGPL PipeCo LLC, 7.119%, 12/15/2017, 144A		32,899,164
	205,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		217,556
	4,130,000	NiSource Finance Corp., 6.125%, 3/01/2022		4,959,944
	52,880,000	NiSource Finance Corp., 6.400%, 3/15/2018		60,105,735
	1,235,000	NiSource Finance Corp., 6.800%, 1/15/2019		1,453,262
	26,020,000	Plains All American Pipeline LP, 6.125%, 1/15/2017		28,099,414
	1,455,000	Regency Energy Partners LP/Regency Energy Finance Corp., 5.000%, 10/01/2022		1,513,200
	31,350,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.000%, 1/15/2018, 144A		32,290,500
	4,258,532	Transportadora de Gas del Sur S.A., 9.625%, 5/14/2020, 144A		4,269,178
	18,753,000	Williams Partners LP, 3.350%, 8/15/2022		18,122,355

				245,716,576

		Mortgage Related – 0.0%
	61,630	FHLMC, 5.000%, 12/01/2031		68,568

		Non-Agency Commercial Mortgage-Backed Securities – 0.3%
	12,805,000	Column Canada Issuer Corp., Series 2006-WEM, Class A2, 4.934%, 1/15/2022, (CAD)		10,564,087
	11,160,000	GS Mortgage Securities Corp. II, Series 2007-GG10, Class AM, 5.796%, 8/10/2045(b)		11,442,694
	24,450,095	Institutional Mortgage Securities Canada, Inc., Series 2014-5A, Class A1, 2.003%, 7/12/2047, 144A, (CAD)		19,557,374
	38,685,000	Motel 6 Trust, Series 2015-M6MZ, Class M, 8.230%, 2/05/2020, 144A(c)		38,955,795

				80,519,950

		Oil Field Services – 0.6%
	485,000	Basic Energy Services, Inc., 7.750%, 10/15/2022		358,900
	14,585,000	FTS International, Inc., 6.250%, 5/01/2022, 144A		10,719,975

See accompanying notes to financial statements.

17 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Oil Field Services – continued
$	8,997,000	Global Marine, Inc., 7.000%, 6/01/2028	$	5,803,065
	9,404,000	Hercules Offshore, Inc., 6.750%, 4/01/2022, 144A		2,539,080
	2,464,000	Hercules Offshore, Inc., 7.500%, 10/01/2021, 144A		689,920
	15,933,000	Hercules Offshore, Inc., 8.750%, 7/15/2021, 144A		4,540,905
	2,507,000	Hercules Offshore, Inc., 10.250%, 4/01/2019, 144A		770,903
	15,000,000	Nabors Industries, Inc., 5.100%, 9/15/2023		14,364,975
	29,512,000	Paragon Offshore PLC, 6.750%, 7/15/2022, 144A		9,738,960
	47,072,000	Paragon Offshore PLC, 7.250%, 8/15/2024, 144A		15,651,440
	10,000	Precision Drilling Corp., 5.250%, 11/15/2024, 144A		8,350
	10,000	Precision Drilling Corp., 6.500%, 12/15/2021		9,275
	20,000	Precision Drilling Corp., 6.625%, 11/15/2020		18,850
	23,050,000	Rowan Cos., Inc., 7.875%, 8/01/2019		25,705,383
	10,432,000	Sidewinder Drilling, Inc., 9.750%, 11/15/2019, 144A		6,259,200
	1,180,000	Sidewinder Drilling, Inc., 9.750%, 11/15/2019		708,000
	42,355,000	Transocean, Inc., 3.800%, 10/15/2022		30,905,935
	6,530,000	Transocean, Inc., 6.375%, 12/15/2021		5,493,362

				134,286,478

		Packaging – 0.1%
	1,180,000	Beverage Packaging Holdings Luxembourg II S.A./Beverage Packaging Holdings II Issuer, Inc., 6.000%, 6/15/2017, 144A		1,182,950
	10,351,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) S.A., 8.250%, 2/15/2021		11,075,570
	1,705,000	Signode Industrial Group Lux S.A./Signode Industrial Group U.S., Inc., 6.375%, 5/01/2022, 144A		1,694,344

				13,952,864

		Paper – 1.2%
	29,283,000	Georgia-Pacific LLC, 7.250%, 6/01/2028		39,015,293
	470,000	Georgia-Pacific LLC, 7.700%, 6/15/2015		475,935
	88,057,000	Georgia-Pacific LLC, 7.750%, 11/15/2029		124,205,279
	12,590,000	Georgia-Pacific LLC, 8.875%, 5/15/2031		19,006,934
	9,625,000	International Paper Co., 8.700%, 6/15/2038		14,377,652
	8,214,000	Westvaco Corp., 7.950%, 2/15/2031		11,075,914
	34,428,000	Westvaco Corp., 8.200%, 1/15/2030		48,624,041
	4,127,000	Weyerhaeuser Co., 6.950%, 10/01/2027		5,080,704
	14,035,000	Weyerhaeuser Co., 7.375%, 3/15/2032		18,855,994

				280,717,746

		Pharmaceuticals – 0.0%
	835,000	Valeant Pharmaceuticals International, 6.375%, 10/15/2020, 144A		867,356

		Property & Casualty Insurance – 0.4%
	22,060,000	Hanover Insurance Group, Inc. (The), 6.375%, 6/15/2021		25,919,485
	16,825,000	Liberty Mutual Group, Inc., 6.500%, 3/15/2035, 144A		21,124,982

See accompanying notes to financial statements.

| 18

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Property & Casualty Insurance – continued
$	2,000,000	Liberty Mutual Group, Inc., (fixed rate to 3/15/2017, variable rate thereafter), 7.000%, 3/07/2067, 144A	$	2,051,000
	9,473,000	Loews Corp., 2.625%, 5/15/2023		9,249,437
	13,985,000	MBIA Insurance Corp., 11.513%, 1/15/2033, 144A(b)(g)		7,586,863
	80,000	MBIA Insurance Corp., 11.513%, 1/15/2033(b)(g)		43,400
	6,555,000	Old Republic International Corp., 4.875%, 10/01/2024		6,959,116
	12,080,000	Sirius International Group, 6.375%, 3/20/2017, 144A		13,053,841
	1,140,000	Sirius International Group, (fixed rate to 6/30/2017, variable rate thereafter), 7.506%, 144A(e)		1,201,275
	6,575,000	XLIT Ltd., 6.250%, 5/15/2027		8,192,371
	2,110,000	XLIT Ltd., 6.375%, 11/15/2024		2,599,486

				97,981,256

		Railroads – 0.4%
	128,700,000	Hellenic Railways Organization S.A., EMTN, 0.663%, 5/24/2016, (EUR)(b)(c)		94,101,607
	7,944,000	Missouri Pacific Railroad Co., 5.000%, 1/01/2045(c)		7,743,366
	63,300	Missouri Pacific Railroad Co., Series A, 4.750%, 1/01/2020(c)		63,137

				101,908,110

		Real Estate Operations/Development – 0.0%
	7,750,000	First Industrial LP, 5.950%, 5/15/2017		8,386,538

		Restaurants – 0.0%
	1,325,000	Wagamama Finance PLC, 7.875%, 2/01/2020, 144A, (GBP)		2,049,039

		Retailers – 0.7%
	4,680,000	Dillard’s, Inc., 7.000%, 12/01/2028		5,054,400
	1,850,000	Dillard’s, Inc., 7.130%, 8/01/2018		2,072,000
	7,182,000	Dillard’s, Inc., 7.750%, 7/15/2026		8,133,615
	2,250,000	Dillard’s, Inc., 7.750%, 5/15/2027		2,514,375
	14,269,000	Foot Locker, Inc., 8.500%, 1/15/2022(d)		16,275,282
	7,675,000	GameStop Corp., 5.500%, 10/01/2019, 144A		7,924,437
	9,870,000	J.C. Penney Corp., Inc., 5.750%, 2/15/2018		9,327,150
	36,970,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		26,803,250
	3,515,000	J.C. Penney Corp., Inc., 7.625%, 3/01/2097		2,478,075
	33,975,000	J.C. Penney Corp., Inc., 8.125%, 10/01/2019		33,295,500
	14,133,000	Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027		17,409,990
	9,245,000	Marks & Spencer PLC, 7.125%, 12/01/2037, 144A		11,664,158
	845,000	Nine West Holdings, Inc., 6.125%, 11/15/2034		515,450
	26,880,000	Toys R Us, Inc., 7.375%, 10/15/2018		18,345,600

				161,813,282

		Sovereigns – 0.5%
	106,865,000	Portugal Government International Bond, 5.125%, 10/15/2024, 144A		118,222,612

See accompanying notes to financial statements.

19 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Supermarkets – 1.1%
$	59,503,000	Albertsons Holdings LLC/Saturn Acquisition Merger Sub, Inc., 7.750%, 10/15/2022, 144A	$	63,668,210
	104,725,000	New Albertson’s, Inc., 7.450%, 8/01/2029		95,823,375
	27,027,000	New Albertson’s, Inc., 7.750%, 6/15/2026		25,540,515
	19,652,000	New Albertson’s, Inc., 8.000%, 5/01/2031		18,669,400
	6,955,000	New Albertson’s, Inc., 8.700%, 5/01/2030		6,850,675
	21,208,000	New Albertson’s, Inc., Series C, MTN, 6.625%, 6/01/2028		17,549,620
	3,585,000	SUPERVALU, Inc., 6.750%, 6/01/2021		3,692,550
	35,540,000	SUPERVALU, Inc., 7.750%, 11/15/2022		37,850,100

				269,644,445

		Supranational – 1.3%
	11,505,000	European Bank for Reconstruction & Development, 6.250%, 2/05/2016, (BRL)		3,466,406
	348,600,000,000	European Bank for Reconstruction & Development, 7.200%, 6/08/2016, (IDR)		26,003,560
	18,525,000	European Investment Bank, MTN, 6.000%, 8/06/2020, (AUD)		16,578,402
	71,230,000	European Investment Bank, MTN, 6.250%, 4/15/2015, (AUD)		54,326,493
	185,840,000	Inter-American Development Bank, EMTN, 6.000%, 12/15/2017, (NZD)		147,215,945
	40,000,000	Inter-American Development Bank, MTN, 6.500%, 8/20/2019, (AUD)		35,721,233
	109,670,000	International Finance Corp., GMTN, 5.000%, 12/21/2015, (BRL)		32,854,095

				316,166,134

		Technology – 2.0%
	335,000	Advanced Micro Devices, Inc., 7.000%, 7/01/2024		288,937
	3,155,000	Advanced Micro Devices, Inc., 7.750%, 8/01/2020		3,013,025
	141,979,000	Alcatel-Lucent USA, Inc., 6.450%, 3/15/2029		143,398,790
	5,326,000	Alcatel-Lucent USA, Inc., 6.500%, 1/15/2028		5,379,260
	3,310,000	Alcatel-Lucent USA, Inc., 6.750%, 11/15/2020, 144A		3,525,150
	36,000,000	Alcatel-Lucent USA, Inc., 8.875%, 1/01/2020, 144A		39,240,000
	57,898,000	Amkor Technology, Inc., 6.375%, 10/01/2022		59,634,940
	2,630,000	Arrow Electronics, Inc., 6.875%, 6/01/2018		2,961,830
	5,645,000	Corning, Inc., 7.250%, 8/15/2036		7,343,885
	15,578,000	Equifax, Inc., 7.000%, 7/01/2037		20,157,636
	13,000,000	First Data Corp., 10.625%, 6/15/2021		14,787,500
	8,964,000	First Data Corp., 11.250%, 1/15/2021		10,196,550
	57,559,000	First Data Corp., 11.750%, 8/15/2021		66,552,594
	73,905,000	KLA-Tencor Corp., 4.650%, 11/01/2024		77,617,322
	12,970,000	KLA-Tencor Corp., 5.650%, 11/01/2034		14,090,803
	4,385,000	Motorola Solutions, Inc., 6.625%, 11/15/2037		5,022,816
	3,289,000	Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		4,249,569
	7,550,000	SunGard Data Systems, Inc., 6.625%, 11/01/2019		7,776,500
	40,000	Xerox Corp., 6.350%, 5/15/2018		45,174
	615,000	Xerox Corp., MTN, 7.200%, 4/01/2016		652,140

				485,934,421

See accompanying notes to financial statements.

| 20

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Transportation Services – 0.3%
$	20,994,000	APL Ltd., 8.000%, 1/15/2024(c)	$	18,054,840
	11,219,429	Atlas Air Pass Through Trust, Series 1998-1, Class B, 7.680%, 1/02/2016(d)		11,415,769
	6,552,024	Atlas Air Pass Through Trust, Series 1998-1, Class C, 8.010%, 7/02/2011(d)(g)(h)		8,583,152
	4,162,242	Atlas Air Pass Through Trust, Series 1999-1, Class A-1, 7.200%, 7/02/2020(d)		4,245,487
	3,820,009	Atlas Air Pass Through Trust, Series 1999-1, Class B, 7.630%, 7/02/2016(d)		3,877,310
	15,689,997	Atlas Air Pass Through Trust, Series 1999-1, Class C, 8.770%, 7/02/2012(d)(g)(h)		20,553,896
	3,242,878	Atlas Air Pass Through Trust, Series 2000-1, Class B, 9.057%, 7/02/2017(d)		3,486,094
	201,720	Atlas Air Pass Through Trust, Series 2000-1, Class C, 9.702%, 7/02/2011(d)(g)(h)		278,373
	2,675,000	Erac USA Finance Co., 7.000%, 10/15/2037, 144A		3,607,141
	770,000	Jack Cooper Holdings Corp., 9.250%, 6/01/2020, 144A		795,025

				74,897,087

		Treasuries – 26.5%
	913,810,000	Canadian Government, 1.000%, 8/01/2016, (CAD)		726,026,392
	445,239,000	Canadian Government, 1.250%, 2/01/2016, (CAD)		353,512,489
	254,495,000	Canadian Government, 1.250%, 9/01/2018, (CAD)		205,872,600
	597,515,000	Canadian Government, 2.500%, 6/01/2015, (CAD)		473,256,601
	157,595,000	Canadian Government, 2.750%, 9/01/2016, (CAD)		128,355,531
	201,175,000	Canadian Government, 3.000%, 12/01/2015, (CAD)		161,381,567
	6,575,000	Hellenic Republic Government Bond, 3.375%, 7/17/2017, 144A, (EUR)		4,937,316
	980,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2024, (EUR)(i)		576,196
	2,475,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2038, (EUR)(i)		1,268,503
	4,740,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2041, (EUR)(i)		2,430,865
	10,000,000,000	Indonesia Government International Bond, 9.500%, 7/15/2023, (IDR)		862,608
	25,000,000,000	Indonesia Treasury Bond, 10.250%, 7/15/2027, (IDR)		2,335,010
	88,974,000,000	Indonesia Treasury Bond, Series FR43, 10.250%, 7/15/2022, (IDR)		7,892,998
	498,832,000,000	Indonesia Treasury Bond, Series FR44, 10.000%, 9/15/2024, (IDR)		44,522,902
	317,658,000,000	Indonesia Treasury Bond, Series FR52, 10.500%, 8/15/2030, (IDR)		30,404,061
	8,357,200(†††)	Mexican Fixed Rate Bonds, Series M, 5.000%, 6/15/2017, (MXN)		55,857,665
	8,554,600(†††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/10/2021, (MXN)		58,684,606
	4,579,595(†††)	Mexican Fixed Rate Bonds, Series M, 7.750%, 5/29/2031, (MXN)		34,128,679
	10,160,320(†††)	Mexican Fixed Rate Bonds, Series M-20, 7.500%, 6/03/2027, (MXN)		73,922,315
	39,547,655(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		295,792,140
	3,288,446(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.500%, 5/31/2029, (MXN)		26,046,213

See accompanying notes to financial statements.

21 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Treasuries – continued
	113,749(†††)	Mexican Fixed Rate Bonds, Series M-20, 10.000%, 12/05/2024, (MXN)	$	968,472
	34,470,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 10.000%, 12/05/2024, (MXN)		293,481,424
	137,580,000	New Zealand Government Bond, 5.000%, 3/15/2019, (NZD)		109,978,507
	128,565,000	New Zealand Government Bond, 6.000%, 5/15/2021, (NZD)		111,144,702
	8,000,000	New Zealand Government Bond, Series 420, 3.000%, 4/15/2020, (NZD)		5,933,730
	1,317,525,000	Norway Government Bond, 4.250%, 5/19/2017, (NOK)		175,147,724
	2,111,375,000	Norway Government Bond, 5.000%, 5/15/2015, (NOK)		263,082,509
	253,010,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)		77,293,086
	97,345,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		32,788,418
	10,025,000	Republic of Brazil, 12.500%, 1/05/2016, (BRL)		3,147,389
	8,742,110,000	Republic of Iceland, 6.000%, 10/13/2016, (ISK)		46,826,256
	2,331,740,000	Republic of Iceland, 7.250%, 10/26/2022, (ISK)		12,641,362
	5,523,835,000	Republic of Iceland, 8.750%, 2/26/2019, (ISK)		31,557,465
	840,000,000	U.S. Treasury Note, 0.375%, 1/31/2016		841,050,000
	1,083,000,000	U.S. Treasury Note, 0.375%, 3/31/2016		1,084,015,854
	225,000,000	U.S. Treasury Note, 0.375%, 4/30/2016		225,123,075
	75,000,000	U.S. Treasury Note, 0.375%, 5/31/2016		75,023,400
	299,660,000	U.S. Treasury Note, 0.500%, 6/30/2016		300,151,742

				6,377,422,372

		Wireless – 0.5%
	281,500,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		17,788,563
	143,600,000	America Movil SAB de CV, 8.460%, 12/18/2036, (MXN)		9,375,183
	44,104,000	Sprint Capital Corp., 6.875%, 11/15/2028		40,465,420
	21,999,000	Sprint Capital Corp., 6.900%, 5/01/2019		22,741,466
	8,400,000	Sprint Capital Corp., 8.750%, 3/15/2032		8,673,000
	16,537,000	Sprint Communications, Inc., 6.000%, 11/15/2022		15,710,150
	11,346,000	Sprint Corp., 7.250%, 9/15/2021		11,402,730

				126,156,512

		Wirelines – 4.9%
	75,360,000	AT&T, Inc., 2.625%, 12/01/2022		73,392,350
	59,951,000	AT&T, Inc., 3.000%, 2/15/2022		60,155,972
	5,790,000	Bell Canada, MTN, 6.550%, 5/01/2029, 144A, (CAD)		5,862,001
	3,695,000	Bell Canada, MTN, 7.300%, 2/23/2032, (CAD)		4,014,861
	10,946,000	Bell Canada, Series M-17, 6.100%, 3/16/2035, (CAD)		10,732,879
	107,425,000	CenturyLink, Inc., 6.450%, 6/15/2021		115,884,719
	11,005,000	CenturyLink, Inc., Series G, 6.875%, 1/15/2028		11,445,200
	7,255,000	CenturyLink, Inc., Series P, 7.600%, 9/15/2039		7,431,841
	1,440,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		1,368,000
	11,991,000	Consolidated Communications, Inc., 6.500%, 10/01/2022, 144A		12,140,887
	27,505,000	Eircom Finance Ltd., 9.250%, 5/15/2020, 144A, (EUR)		32,162,551
	8,735,000	Embarq Corp., 7.995%, 6/01/2036		10,386,789
	11,505,000	FairPoint Communications, Inc., 8.750%, 8/15/2019, 144A		12,137,775
	21,745,000	Frontier Communications Corp., 6.250%, 9/15/2021		21,799,362

See accompanying notes to financial statements.

| 22

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Wirelines – continued
$	24,305,000	Frontier Communications Corp., 6.875%, 1/15/2025	$	24,061,950
	60,000	Frontier Communications Corp., 7.000%, 11/01/2025		59,400
	4,035,000	Frontier Communications Corp., 7.875%, 1/15/2027		4,105,613
	1,240,000	Frontier Communications Corp., 9.000%, 8/15/2031		1,326,800
	1,600,000	Koninklijke (Royal) KPN NV, EMTN, 5.750%, 3/18/2016, (GBP)		2,477,307
	2,750,000	Koninklijke (Royal) KPN NV, GMTN, 4.000%, 6/22/2015, (EUR)		2,981,422
	39,795,000	Level 3 Communications, Inc., 5.750%, 12/01/2022		40,865,485
	1,235,000	Level 3 Financing, Inc., 5.375%, 8/15/2022		1,270,892
	38,760,000	Level 3 Financing, Inc., 7.000%, 6/01/2020		41,376,300
	10,655,000	Level 3 Financing, Inc., 8.625%, 7/15/2020		11,547,356
	3,545,000	Level 3 Financing, Inc., 9.375%, 4/01/2019		3,711,190
	305,000	Oi S.A., 5.750%, 2/10/2022, 144A		248,728
	24,165,000	Portugal Telecom International Finance BV, EMTN, 4.500%, 6/16/2025, (EUR)		25,120,982
	43,231,000	Portugal Telecom International Finance BV, EMTN, 5.000%, 11/04/2019, (EUR)		47,632,073
	1,000,000	Portugal Telecom International Finance BV, GMTN, 4.375%, 3/24/2017, (EUR)		1,089,981
	30,015,000	Qwest Capital Funding, Inc., 6.500%, 11/15/2018		32,716,350
	64,382,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		65,347,730
	16,040,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		17,483,600
	41,590,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		43,669,500
	38,025,000	Qwest Corp., 6.875%, 9/15/2033		38,159,342
	1,505,000	Qwest Corp., 7.200%, 11/10/2026		1,511,020
	10,785,000	Qwest Corp., 7.250%, 9/15/2025		12,537,562
	785,000	Qwest Corp., 7.250%, 10/15/2035		813,118
	63,364,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		65,423,330
	32,356,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		34,620,920
	10,500,000	Telecom Italia SpA, EMTN, 5.250%, 3/17/2055, (EUR)		13,077,864
	4,300,000	Telecom Italia SpA, EMTN, 5.875%, 5/19/2023, (GBP)		7,136,381
	7,950,000	Telefonica Emisiones SAU, 4.570%, 4/27/2023		8,748,236
	1,850,000	Telefonica Emisiones SAU, 5.134%, 4/27/2020		2,088,165
	2,100,000	Telefonica Emisiones SAU, 5.462%, 2/16/2021		2,399,951
	36,465,000	Telefonica Emisiones SAU, 7.045%, 6/20/2036		50,369,797
	4,700,000	Telefonica Emisiones SAU, EMTN, 5.289%, 12/09/2022, (GBP)		8,188,514
	18,145,000	Telefonica Emisiones SAU, EMTN, 5.375%, 2/02/2026, (GBP)		32,270,267
	3,900,000	Telefonica Emisiones SAU, EMTN, 5.445%, 10/08/2029, (GBP)		7,114,713
	45,415,000	Telus Corp., 4.950%, 3/15/2017, (CAD)		38,239,606
	27,020,000	Telus Corp., Series CG, 5.050%, 12/04/2019, (CAD)		24,310,213
	73,892,000	Verizon Communications, Inc., 2.450%, 11/01/2022		71,625,215
	2,905,000	Verizon New England, Inc., 7.875%, 11/15/2029		3,813,611
	3,130,000	Verizon Pennsylvania, Inc., 6.000%, 12/01/2028		3,587,813

				1,172,043,484


		Total Non-Convertible Bonds (Identified Cost $19,601,939,126)		19,583,096,490

See accompanying notes to financial statements.

23 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

	Convertible Bonds – 5.1%

		Chemicals – 0.0%
$	5,934,000	RPM International, Inc., 2.250%, 12/15/2020	$	6,994,703

		Construction Machinery – 0.2%
	25,202,000	Trinity Industries, Inc., 3.875%, 6/01/2036		39,378,125

		Consumer Cyclical Services – 0.6%
	670,000	Iconix Brand Group, Inc., 2.500%, 6/01/2016		780,969
	13,720,000	Jarden Corp., 1.125%, 3/15/2034		16,292,500
	14,067,000	KB Home, 1.375%, 2/01/2019		13,451,569
	47,850,000	Lennar Corp., 3.250%, 11/15/2021, 144A		106,735,406
	1,015,000	Ryland Group, Inc. (The), 0.250%, 6/01/2019		988,356
	415,000	Standard Pacific Corp., 1.250%, 8/01/2032		511,747

				138,760,547

		Consumer Products – 0.1%
	14,405,000	Euronet Worldwide, Inc., 1.500%, 10/01/2044, 144A		15,584,409

		Energy – 0.6%
	32,690,000	Chesapeake Energy Corp., 2.250%, 12/15/2038		29,666,175
	86,709,000	Chesapeake Energy Corp., 2.500%, 5/15/2037		83,078,061
	22,116,000	Chesapeake Energy Corp., 2.750%, 11/15/2035		22,171,290

				134,915,526

		Healthcare – 0.5%
	27,720,000	Hologic, Inc., (accretes to principal after 3/01/2018), 2.000%, 3/01/2042(i)		34,320,825
	2,929,000	Omnicare, Inc., 3.250%, 12/15/2035		3,428,761
	29,850,000	Omnicare, Inc., 3.750%, 12/15/2025		86,453,062

				124,202,648

		Non-Captive Diversified – 0.0%
	880,000	Jefferies Group LLC, 3.875%, 11/01/2029		889,350

		Pharmaceuticals – 0.0%
	2,107,000	BioMarin Pharmaceutical, Inc., 0.750%, 10/15/2018		3,135,479
	2,929,000	BioMarin Pharmaceutical, Inc., 1.500%, 10/15/2020		4,435,605

				7,571,084

		Property & Casualty Insurance – 0.3%
	72,915,000	Old Republic International Corp., 3.750%, 3/15/2018		86,039,700

		REITs – Mortgage – 0.0%
	1,761,000	iStar Financial, Inc., 3.000%, 11/15/2016		2,085,684

		Retailers – 0.0%
	1,060,000	Priceline Group, Inc. (The), 0.900%, 9/15/2021, 144A		1,022,900

See accompanying notes to financial statements.

| 24

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Technology – 2.8%
	3,668,041(††††)	Alcatel-Lucent, Series ALU, 0.125%, 1/30/2020, (EUR)	$	17,954,016
	9,685,000	Brocade Communications Systems, Inc., 1.375%, 1/01/2020, 144A		10,187,409
	83,499,000	Ciena Corp., 0.875%, 6/15/2017		82,820,571
	14,865,000	Ciena Corp., 3.750%, 10/15/2018, 144A		18,218,916
	318,925,000	Intel Corp., 3.250%, 8/01/2039		503,502,844
	4,989,000	Intel Corp., 3.482%, 12/15/2035(b)		6,205,069
	15,405,000	JDS Uniphase Corp., 0.625%, 8/15/2033		15,934,547
	1,605,000	Lam Research Corp., Series B, 1.250%, 5/15/2018		2,109,572
	7,237,104	Liberty Media LLC, 3.500%, 1/15/2031		6,824,770
	1,195,000	Nuance Communications, Inc., 2.750%, 11/01/2031		1,186,037
	6,985,000	Rovi Corp., 0.500%, 3/01/2020, 144A		6,657,578

				671,601,329


		Total Convertible Bonds (Identified Cost $862,715,371)		1,229,046,005


	Municipals – 1.4%

		District of Columbia – 0.0%
	5,610,000	Metropolitan Washington Airports Authority, Series D, 8.000%, 10/01/2047		7,610,077

		Illinois – 0.5%
	69,245,000	State of Illinois, 5.100%, 6/01/2033		70,041,317
	38,330,000	State of Illinois, Series B, 5.520%, 4/01/2038		37,767,316

				107,808,633

		Michigan – 0.1%
	20,115,000	Michigan Tobacco Settlement Finance Authority Taxable Turbo, Series A, 7.309%, 6/01/2034		17,677,062

		Ohio – 0.0%
	8,200,000	Buckeye Tobacco Settlement Financing Authority, Series A-2, 5.875%, 6/01/2047		6,723,672

		Virginia – 0.5%
	171,050,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046		130,374,310

		Puerto Rico – 0.3%
	85,210,000	Commonwealth of Puerto Rico, GO, Refunding, Series A, 8.000%, 7/01/2035		69,872,200


		Total Municipals (Identified Cost $366,862,815)		340,065,954


		Total Bonds and Notes (Identified Cost $20,831,517,312)		21,152,208,449

See accompanying notes to financial statements.

25 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Senior Loans – 2.2%

		Automotive – 0.1%
$	9,494,660	IBC Capital Ltd., 1st Lien Term Loan, 4.750%, 9/09/2021(b)	$	9,470,923
	7,744,876	IBC Capital Ltd., 2nd Lien Term Loan, 8.000%, 9/09/2022(b)		7,725,514

				17,196,437

		Cable Satellite – 0.0%
	9,403,907	CSC Holdings, Inc., New Term Loan B, 2.678%, 4/17/2020(b)		9,356,887

		Chemicals – 0.3%
	7,323,532	Emerald Performance Materials LLC, New 1st Lien Term Loan, 4.500%, 8/01/2021(b)		7,323,532
	7,953,832	Emerald Performance Materials LLC, New 2nd Lien Term Loan, 7.750%, 8/01/2022(b)		7,794,756
	48,235,000	Houghton International, Inc., New 2nd Lien Term Loan, 9.500%, 12/20/2020(b)		47,933,531

				63,051,819

		Construction Machinery – 0.0%
	8,657,275	Neff Rental LLC, 2nd Lien Term Loan, 7.250%, 6/09/2021(b)		8,484,129

		Consumer Cyclical Services – 0.4%
	55,351,875	SourceHov LLC, 2014 1st Lien Term Loan, 7.750%, 10/31/2019(b)		53,829,699
	55,750,000	SourceHov LLC, 2014 2nd Lien Term Loan, 11.500%, 4/30/2020(b)		53,101,875

				106,931,574

		Consumer Products – 0.1%
	24,748,498	Visant Corp., New Term Loan, 7.000%, 9/23/2021(b)		24,836,107

		Diversified Manufacturing – 0.1%
	6,636,774	Ameriforge Group, Inc., 1st Lien Term Loan, 5.000%, 12/19/2019(b)		5,807,178
	12,409,095	Ameriforge Group, Inc., 2nd Lien Term Loan, 8.750%, 12/19/2020(b)		11,478,413

				17,285,591

		Finance Companies – 0.4%
	91,861,633	iStar Financial, Inc., Add on Term Loan A2, 7.000%, 3/19/2017(b)		93,852,274

		Financial Other – 0.1%
	19,000,000	DBRS Ltd., Term Loan, 6.250%, 3/04/2022(b)		18,976,250

		Industrial Other – 0.0%
	2,895,396	Eastman Kodak Co., Exit Term Loan, 7.250%, 9/03/2019(b)		2,880,919

		Media Entertainment – 0.0%
	12,754,846	SuperMedia, Inc., Exit Term Loan, 11.600%, 12/30/2016(b)		10,331,425

		Natural Gas – 0.1%
	13,566,074	Southcross Holdings Borrower LP, Term Loan B, 6.000%, 8/04/2021(b)		12,819,940

See accompanying notes to financial statements.

| 26

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Senior Loans – continued

		Oil Field Services – 0.1%
$	3,109,527	FTS International, Inc., New Term Loan B, 5.750%, 4/16/2021(b)	$	2,400,182
	8,186,696	Paragon Offshore Finance Co., Term Loan B, 3.750%, 7/18/2021(b)		5,607,887
	3,860,366	Petroleum Geo-Services ASA, New Term Loan B, 3.250%, 3/19/2021(b)		3,292,892
	3,558,623	UTEX Industries, Inc., 2nd Lien Term Loan 2014, 8.250%, 5/22/2022(b)		2,846,898

				14,147,859

		Other Utility – 0.0%
	4,525,000	PowerTeam Services LLC, 2nd Lien Term Loan, 8.250%, 11/06/2020(b)		4,400,563

		Property & Casualty Insurance – 0.0%
	1,900,800	CGSC of Delaware Holding Corp., 2nd Lien Term Loan C, 10/16/2020(j)		1,634,688

		Retailers – 0.1%
	18,458,624	J.C. Penney Corp., Inc., New Term Loan, 5.000%, 6/20/2019(b)		18,161,994
	4,937,500	Toys ‘R’ Us Property Co. I LLC, New Term Loan B, 6.000%, 8/21/2019(b)		4,661,839

				22,823,833

		Supermarkets – 0.2%
	35,778,061	Albertson’s Holdings LLC, Term Loan B4, 5.500%, 8/25/2021(b)		36,061,423
	22,550,182	New Albertson’s, Inc., Term Loan, 4.750%, 6/27/2021(b)		22,606,558

				58,667,981

		Technology – 0.1%
	5,596,800	Aptean, Inc., 2nd Lien Term Loan, 8.500%, 2/26/2021(b)		5,368,283
	7,048,927	IQOR U.S., Inc., 2nd Lien Term Loan, 9.750%, 4/01/2022(b)		6,573,124

				11,941,407

		Transportation Services – 0.0%
	5,702,540	OSG Bulk Ships, Inc., Exit Term Loan, 5.250%, 8/05/2019(b)		5,659,771

		Wireless – 0.0%
	4,615,385	Asurion LLC, New 2nd Lien Term Loan, 8.500%, 3/03/2021(b)		4,630,385

		Wirelines – 0.1%
	6,449,396	Hawaiian Telcom Communications, Inc., Term Loan B, 5.000%, 6/06/2019(b)		6,457,458
	11,748,000	Integra Telecom, Inc., 2nd Lien Term Loan, 9.750%, 2/21/2020(b)		11,652,606
	2,548,975	LTS Buyer LLC, 2nd Lien Term Loan, 8.000%, 4/12/2021(b)		2,525,601

				20,635,665


		Total Senior Loans (Identified Cost $531,167,250)		530,545,504

See accompanying notes to financial statements.

27 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Bond Fund – continued


Shares		Description	Value (†)

	Common Stocks – 6.4%

		Airlines – 0.1%
	213,831	United Continental Holdings, Inc.(g)	$	14,380,135

		Automobiles – 1.4%
	21,480,222	Ford Motor Co.		346,690,783

		Chemicals – 0.7%
	758,127	PPG Industries, Inc.		170,987,964

		Containers & Packaging – 0.1%
	645,508	Owens-Illinois, Inc.(g)		15,053,247

		Diversified Telecommunication Services – 0.3%
	403,884	Hawaiian Telcom Holdco, Inc.(g)		10,755,431
	421,481	Level 3 Communications, Inc.(g)		22,692,540
	2,657,843	Telefonica S.A., Sponsored ADR		38,140,047

				71,588,018

		Electronic Equipment, Instruments & Components – 0.1%
	630,490	Corning, Inc.		14,299,513

		Multi-Utilities – 0.0%
	63,091	CMS Energy Corp.		2,202,507

		Oil, Gas & Consumable Fuels – 0.3%
	1,033,462	Chesapeake Energy Corp.		14,633,822
	868,395	Repsol YPF S.A., Sponsored ADR		16,178,199
	758,315	Royal Dutch Shell PLC, ADR		45,233,489

				76,045,510

		Pharmaceuticals – 0.9%
	3,414,069	Bristol-Myers Squibb Co.		220,207,450

		Semiconductors & Semiconductor Equipment – 2.4%
	18,520,348	Intel Corp.		579,131,282

		Trading Companies & Distributors – 0.1%
	208,780	United Rentals, Inc.(g)		19,032,385


		Total Common Stocks (Identified Cost $912,246,149)		1,529,618,794


	Preferred Stocks – 1.8%

	Convertible Preferred Stocks – 1.5%

		Banking – 0.2%
	25,823	Bank of America Corp., Series L, 7.250%		29,877,211
	12,483	Wells Fargo & Co., Series L, Class A, 7.500%		15,266,709

				45,143,920

See accompanying notes to financial statements.

| 28

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Bond Fund – continued


Shares		Description	Value (†)

	Preferred Stocks – continued

		Communications – 0.0%
	14,753	Cincinnati Bell, Inc., 6.750%	$	730,569

		Energy – 0.5%
	257,387	Chesapeake Energy Corp., 4.500%		22,553,536
	476,844	Chesapeake Energy Corp., 5.000%		42,439,116
	17,598	Chesapeake Energy Corp., 5.750%, 144A		15,299,261
	17,498	Chesapeake Energy Corp., Series A, 5.750%, 144A		15,113,897
	325,710	El Paso Energy Capital Trust I, 4.750%		19,542,600
	122,944	SandRidge Energy, Inc., 7.000%		4,717,976
	128,835	SandRidge Energy, Inc., 8.500%		4,879,626

				124,546,012

		Metals & Mining – 0.4%
	812,509	Alcoa, Inc., Series 1, 5.375%		35,620,394
	4,192,636	ArcelorMittal, 6.000%		62,973,393
	358,356	Cliffs Natural Resources, Inc., 7.000%		1,892,120

				100,485,907

		Natural Gas – 0.1%
	430,351	AES Trust III, 6.750%		21,969,418

		REITs – Diversified – 0.1%
	37,815	Crown Castle International Corp., Series A, 4.500%		3,964,147
	561,271	Weyerhaeuser Co., Series A, 6.375%		30,712,749

				34,676,896

		REITs – Health Care – 0.1%
	172,150	Health Care REIT, Inc., Series I, 6.500%		11,561,594

		REITs – Hotels – 0.0%
	230,173	FelCor Lodging Trust, Inc., Series A, 1.950%		6,019,024

		REITs – Mortgage – 0.1%
	222,459	iStar Financial, Inc., Series J, 4.500%		12,499,971


		Total Convertible Preferred Stocks (Identified Cost $384,301,442)		357,633,311


	Non-Convertible Preferred Stocks – 0.3%

		Banking – 0.2%
	33,325	Ally Financial, Inc., Series G, 7.000%, 144A		34,038,365
	53,000	Bank of America Corp., 6.375%		1,343,550
	534,725	Countrywide Capital IV, 6.750%		13,667,571

				49,049,486

See accompanying notes to financial statements.

29 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Bond Fund – continued


Shares		Description	Value (†)

	Preferred Stocks – continued

		Electric – 0.0%
	2,925	Connecticut Light & Power Co., 1.900%	$	131,168
	100	Entergy Arkansas, Inc., 4.320%		8,959
	5,000	Entergy Mississippi, Inc., 4.360%		494,062
	665	Entergy New Orleans, Inc., 4.360%		58,915
	200	Entergy New Orleans, Inc., 4.750%		18,663
	50,100	Southern California Edison Co., 4.780%		1,232,460

				1,944,227

		Finance Companies – 0.0%
	67,611	iStar Financial, Inc., Series E, 7.875%		1,667,963
	64,123	iStar Financial, Inc., Series F, 7.800%		1,574,220
	16,004	iStar Financial, Inc., Series G, 7.650%		389,377
	149,767	SLM Corp., Series A, 6.970%		7,399,988

				11,031,548

		Home Construction – 0.0%
	52,867	Hovnanian Enterprises, Inc., 7.625%(g)		774,502

		REITs – Office Property – 0.0%
	2,318	Highwoods Properties, Inc., Series A, 8.625%		2,847,518

		REITs – Warehouse/Industrials – 0.1%
	169,007	ProLogis, Inc., Series Q, 8.540%		11,730,151


		Total Non-Convertible Preferred Stocks (Identified Cost $47,163,491)		77,377,432


		Total Preferred Stocks (Identified Cost $431,464,933)		435,010,743


	Closed-End Investment Companies – 0.0%
	680,008	NexPoint Credit Strategies Fund (Identified Cost $9,807,937)		8,275,697


	Principal Amount (‡)

	Short-Term Investments – 0.5%
$	2,995,727	Repurchase Agreement with State Street Bank and Trust Company, dated 3/31/2015 at 0.000% to be repurchased at $2,995,727 on 4/01/2015 collateralized by $3,005,600 U.S. Treasury Note, 1.500% due 8/31/2018 valued at $3,055,657 including accrued interest (Note 2 of Notes to Financial Statements)		2,995,727

See accompanying notes to financial statements.

| 30

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Short-Term Investments – continued
$	103,649,783	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/2015 at 0.010% to be repurchased at $103,649,812 on 4/01/2015 collateralized by $99,270,000 U.S. Treasury Note, 2.375% due 12/31/2020 valued at $104,233,500; $555,000 U.S. Treasury Note, 2.125% due 1/31/2021 valued at $573,572; $855,000 U.S. Treasury Note, 3.500% due 2/15/2018 valued at $922,094 including accrued interest (Note 2 of Notes to Financial Statements)	$	103,649,783

		Total Short-Term Investments (Identified Cost $106,645,510)		106,645,510


		Total Investments – 98.7% (Identified Cost $22,822,849,091)(a)		23,762,304,697
		Other Assets Less Liabilities—1.3%		317,556,437

		Net Assets – 100.0%	$	24,079,861,134


	(‡)	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.
	(††††)	Amount shown represents units. One unit represents a principal amount of 4.02.
	(a)	Federal Tax Information (Amounts exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales. Amortization of premium on debt securities is excluded for tax purposes.):
		At March 31, 2015, the net unrealized appreciation on investments based on a cost of $22,900,499,162 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	$	2,478,486,058
		Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value		(1,616,680,523	)

		Net unrealized appreciation	$	861,805,535

	(b)	Variable rate security. Rate as of March 31, 2015 is disclosed.
	(c)	Illiquid security. At March 31, 2015, the value of these securities amounted to $311,448,620 or 1.3% of net assets. Illiquid securities are deemed to be fair valued pursuant to the Fund’s pricing policies and procedures.
	(d)	Fair valued by the Fund’s adviser. At March 31, 2015, the value of these securities amounted to $124,951,256 or 0.5% of net assets.
	(e)	Perpetual bond with no specified maturity date.
	(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 March 31, 2015, interest payments were made in additional debt securities.
	(g)	Non-income producing security.
	(h)	Maturity has been extended under the terms of a plan of reorganization.
	(i)	Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.
	(j)	Position is unsettled. Contract rate was not determined at March 31, 2015 and does not take effect until settlement date. Maturity date is not finalized until settlement date.

See accompanying notes to financial statements.

31 |

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Bond Fund – continued


	144A			All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2015, the value of Rule 144A holdings amounted to $3,685,956,670 or 15.3% 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
	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

	AUD			Australian Dollar
	BRL			Brazilian Real
	CAD			Canadian Dollar
	EUR			Euro
	GBP			British Pound
	IDR			Indonesian Rupiah
	ISK			Icelandic Krona
	KRW			South Korean Won
	MXN			Mexican Peso
	NOK			Norwegian Krone
	NZD			New Zealand Dollar

Industry Summary at March 31, 2015 (Unaudited)


Treasuries	26.5	%
Banking	11.1
Finance Companies	6.2
Wirelines	5.0
Technology	4.9
Healthcare	3.8
Airlines	2.9
Semiconductors & Semiconductor Equipment	2.4
Electric	2.1
Metals & Mining	2.1
Chemicals	2.1
Other Investments, less than 2% each	29.1
Short-Term Investments	0.5

Total Investments	98.7
Other assets less liabilities	1.3

Net Assets	100.0	%

See accompanying notes to financial statements.

| 32

Portfolio of Investments – as of March 31, 2015 (Unaudited)

Loomis Sayles Bond Fund – continued

Currency Exposure Summary at March 31, 2015 (Unaudited)


United States Dollar	71.9	%
Canadian Dollar	9.9
New Zealand Dollar	4.3
Mexican Peso	3.6
Australian Dollar	3.0
Other, less than 2% each	6.0

Total Investments	98.7
Other assets less liabilities	1.3

Net Assets	100.0	%

See accompanying notes to financial statements.

33 |

Statement of Assets and Liabilities

March 31, 2015 (Unaudited)


ASSETS
Investments at cost	$	22,822,849,091
Net unrealized appreciation		939,455,606

Investments at value		23,762,304,697
Cash		651,417
Foreign currency at value (identified cost $7,731,009)		7,619,894
Receivable for Fund shares sold		71,336,292
Receivable for securities sold		36,390,005
Dividends and interest receivable		304,303,006
Tax reclaims receivable		370,971

TOTAL ASSETS		24,182,976,282

LIABILITIES
Payable for securities purchased		32,883,918
Payable for Fund shares redeemed		54,820,321
Foreign taxes payable (Note 2)		1,770,116
Management fees payable (Note 5)		10,474,652
Deferred Trustees’ fees (Note 5)		1,237,664
Administrative fees payable (Note 5)		873,262
Payable to distributor (Note 5d)		186,281
Other accounts payable and accrued expenses		868,934

TOTAL LIABILITIES		103,115,148

NET ASSETS	$	24,079,861,134

NET ASSETS CONSIST OF:
Paid-in capital	$	23,130,373,103
Distributions in excess of net investment income		(97,967,524	)
Accumulated net realized gain on investments and foreign currency transactions		117,479,429
Net unrealized appreciation on investments and foreign currency translations		929,976,126

NET ASSETS	$	24,079,861,134


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Institutional Class:
Net assets	$	15,532,452,257

Shares of beneficial interest		1,066,492,948

Net asset value, offering and redemption price per share	$	14.56

Retail Class:
Net assets	$	8,203,197,352

Shares of beneficial interest		565,883,095

Net asset value, offering and redemption price per share	$	14.50

Admin Class:
Net assets	$	283,317,616

Shares of beneficial interest		19,607,970

Net asset value, offering and redemption price per share	$	14.45

Class N:
Net assets	$	60,893,909

Shares of beneficial interest		4,185,292

Net asset value, offering and redemption price per share	$	14.55

See accompanying notes to financial statements.

| 34

Statement of Operations

For the Six Months Ended March 31, 2015 (Unaudited)


INVESTMENT INCOME
Interest	$	535,044,317
Dividends		35,438,304
Less net foreign taxes withheld		(968,347	)

		569,514,274

Expenses
Management fees (Note 5)		62,158,447
Service and distribution fees (Note 5)		11,323,014
Administrative fees (Note 5)		5,216,990
Trustees’ fees and expenses (Note 5)		179,834
Transfer agent fees and expenses (Notes 5 and 6)		8,642,639
Audit and tax services fees		32,010
Custodian fees and expenses		719,963
Legal fees		110,652
Registration fees		527,766
Shareholder reporting expenses		469,783
Miscellaneous expenses		228,477

Total expenses		89,609,575
Less waiver and/or expense reimbursement (Note 5)		(804	)

Net expenses		89,608,771

Net investment income		479,905,503


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		206,006,745
Foreign currency transactions		(9,338,476	)
Net change in unrealized appreciation (depreciation) on:
Investments		(1,017,498,554	)
Foreign currency translations		(5,380,589	)

Net realized and unrealized loss on investments and foreign currency transactions		(826,210,874	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(346,305,371	)

See accompanying notes to financial statements.

35 |

Statements of Changes in Net Assets


	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014
FROM OPERATIONS:
Net investment income	$	479,905,503		$	864,385,344
Net realized gain on investments and foreign currency transactions		196,668,269			712,576,109
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(1,022,879,143	)		57,907,353

Net increase (decrease) in net assets resulting from operations		(346,305,371	)		1,634,868,806

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Institutional Class		(334,776,724	)		(605,045,101	)
Retail Class		(171,664,433	)		(353,283,294	)
Admin Class		(5,476,540	)		(11,089,685	)
Class N		(938,855	)		(698,305	)
Net realized capital gains
Institutional Class		(410,991,876	)		(57,923,651	)
Retail Class		(225,446,461	)		(36,719,055	)
Admin Class		(7,713,407	)		(1,240,282	)
Class N		(1,037,226	)		(42,145	)

Total distributions		(1,158,045,522	)		(1,066,041,518	)

NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 9)		1,144,142,493			2,318,998,409

Net increase (decrease) in net assets		(360,208,400	)		2,887,825,697
NET ASSETS
Beginning of the period		24,440,069,534			21,552,243,837

End of the period	$	24,079,861,134		$	24,440,069,534

DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME	$	(97,967,524	)	$	(65,016,475	)

See accompanying notes to financial statements.

| 36

Financial Highlights

For a share outstanding throughout each period.


	Institutional Class
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	15.49		$	15.09		$	14.99		$	13.88		$	14.20		$	12.99

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.30			0.60			0.69			0.72			0.73			0.78
Net realized and unrealized gain (loss)		(0.51	)		0.54			0.27			1.24			(0.25	)		1.24

Total from Investment Operations		(0.21	)		1.14			0.96			1.96			0.48			2.02

LESS DISTRIBUTIONS FROM:
Net investment income		(0.32	)		(0.67	)		(0.86	)		(0.85	)		(0.80	)		(0.81	)
Net realized capital gains		(0.40	)		(0.07	)		—			—			—			—

Total Distributions		(0.72	)		(0.74	)		(0.86	)		(0.85	)		(0.80	)		(0.81	)

Net asset value, end of the period	$	14.56		$	15.49		$	15.09		$	14.99		$	13.88		$	14.20

Total return		(1.35	)%(b)		7.66	%		6.51	%		14.52	%		3.34	%		16.00	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	15,532,452		$	15,488,726		$	12,997,813		$	12,971,639		$	10,897,694		$	11,194,527
Net expenses		0.64	%(c)		0.63	%		0.63	%		0.63	%		0.63	%		0.64	%
Gross expenses		0.64	%(c)		0.63	%		0.63	%		0.63	%		0.63	%		0.64	%
Net investment income		4.02	%(c)		3.85	%		4.57	%		4.99	%		5.04	%		5.76	%
Portfolio turnover rate		11	%		26	%		28	%		20	%		22	%		27	%

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

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

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

See accompanying notes to financial statements.

37 |

Financial Highlights – continued

For a share outstanding throughout each period.


	Retail Class
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	15.43		$	15.02		$	14.93		$	13.83		$	14.15		$	12.94

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.28			0.55			0.65			0.68			0.69			0.74
Net realized and unrealized gain (loss)		(0.51	)		0.56			0.25			1.23			(0.25	)		1.24

Total from Investment Operations		(0.23	)		1.11			0.90			1.91			0.44			1.98

LESS DISTRIBUTIONS FROM:
Net investment income		(0.30	)		(0.63	)		(0.81	)		(0.81	)		(0.76	)		(0.77	)
Net realized capital gains		(0.40	)		(0.07	)		—			—			—			—

Total Distributions		(0.70	)		(0.70	)		(0.81	)		(0.81	)		(0.76	)		(0.77	)

Net asset value, end of the period	$	14.50		$	15.43		$	15.02		$	14.93		$	13.83		$	14.15

Total return		(1.41	)%(b)		7.40	%		6.15	%		14.25	%		2.97	%		15.72	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	8,203,197		$	8,627,288		$	8,282,010		$	8,651,794		$	7,907,178		$	8,241,062
Net expenses		0.89	%(c)		0.91	%		0.92	%		0.92	%		0.92	%		0.93	%(d)
Gross expenses		0.89	%(c)		0.91	%		0.92	%		0.92	%		0.92	%		0.93	%(d)
Net investment income		3.76	%(c)		3.58	%		4.28	%		4.69	%		4.75	%		5.46	%
Portfolio turnover rate		11	%		26	%		28	%		20	%		22	%		27	%

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

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

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

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

See accompanying notes to financial statements.

| 38

Financial Highlights – continued

For a share outstanding throughout each period.


	Admin Class
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Net asset value, beginning of the period	$	15.38		$	14.98		$	14.89		$	13.80		$	14.11		$	12.91

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.26			0.51			0.61			0.63			0.65			0.70
Net realized and unrealized gain (loss)		(0.51	)		0.55			0.25			1.23			(0.25	)		1.23

Total from Investment Operations		(0.25	)		1.06			0.86			1.86			0.40			1.93

LESS DISTRIBUTIONS FROM:
Net investment income		(0.28	)		(0.59	)		(0.77	)		(0.77	)		(0.71	)		(0.73	)
Net realized capital gains		(0.40	)		(0.07	)		—			—			—			—

Total Distributions		(0.68	)		(0.66	)		(0.77	)		(0.77	)		(0.71	)		(0.73	)

Net asset value, end of the period	$	14.45		$	15.38		$	14.98		$	14.89		$	13.80		$	14.11

Total return		(1.60	)%(b)		7.15	%		5.88	%		13.91	%		2.77	%		15.37	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	283,318		$	292,668		$	272,181		$	302,018		$	262,567		$	266,215
Net expenses		1.14	%(d)		1.17	%		1.18	%		1.20	%		1.20	%(e)		1.20	%(f)
Gross expenses		1.14	%(d)		1.17	%		1.18	%		1.20	%		1.20	%(e)		1.21	%
Net investment income		3.52	%(d)		3.32	%		4.02	%		4.42	%		4.47	%		5.20	%
Portfolio turnover rate		11	%		26	%		28	%		20	%		22	%		27	%

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

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

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

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

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

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

See accompanying notes to financial statements.

39 |

Financial Highlights – continued

For a share outstanding throughout each period.


	Class N
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Period Ended September 30, 2013*
Net asset value, beginning of the period	$	15.48		$	15.07		$	15.33

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.31			0.59			0.47
Net realized and unrealized gain (loss)		(0.51	)		0.57			(0.25	)

Total from Investment Operations		(0.20	)		1.16			0.22

LESS DISTRIBUTIONS FROM:
Net investment income		(0.33	)		(0.68	)		(0.48	)
Net realized capital gains		(0.40	)		(0.07	)		—

Total Distributions		(0.73	)		(0.75	)		(0.48	)

Net asset value, end of the period	$	14.55		$	15.48		$	15.07

Total return		(1.31	)%(b)(c)		7.79	%		1.45	%(b)(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	60,894		$	31,387		$	241
Net expenses		0.57	%(d)(e)		0.58	%(f)		0.65	%(d)(e)
Gross expenses		0.58	%(e)		0.58	%		2.14	%(e)
Net investment income		4.13	%(e)		3.80	%		4.73	%(e)
Portfolio turnover rate		11	%		26	%		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)	Periods less than one year are not annualized.

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

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

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

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

See accompanying notes to financial statements.

| 40

Notes to Financial Statements

March 31, 2015 (Unaudited)

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

The Fund is a diversified investment company.

The Fund offers Institutional Class, Retail Class, Admin Class and Class N shares.

Most expenses can be directly attributed to a fund. Expenses which cannot be directly attributed to a fund are generally apportioned based on the relative net assets of each of the funds in Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”). 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, for Institutional Class, Retail Class, and Admin Class collectively, and Class N individually, 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 follow the accounting and reporting guidelines provided for investment companies and are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Management has evaluated the events and transactions subsequent to period-end through the date the financial statements were issued and has determined that there were no material events that would require disclosure in the Fund’s financial statements.

Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers. Senior loans are valued at bid prices supplied by an independent pricing

service, if available. Listed equity securities (including closed-end investment companies

41 |

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

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

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

| 42

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

has been determined on an identified cost basis. Investment income, non-class specific expenses and realized and unrealized gains and losses are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund.

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

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

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

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 March 31, 2015 and has concluded that no provisions for income tax are required. The Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Fund. However, management’s conclusions

43 |

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

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 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 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 reported on the Statement of Assets and Liabilities. 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, reversal of bankruptcy income and contingent payment debt instruments. Amounts of income and capital gain available to be distributed on a tax basis are determined annually, and at other times during the Fund’s fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distribution. Distributions from net investment income and short-term capital gains are considered to be distributed from ordinary income for tax purposes.

| 44

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

The tax characterization of distributions is determined on an annual basis. The tax character of distributions paid to shareholders during the year ended September 30, 2014 was as follows:


2014 Distributions Paid From:
Ordinary Income	Long-Term Capital Gains	Total
$970,116,385	$95,925,133	$1,066,041,518

f. Repurchase Agreements. The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which the Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is the Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty including possible delays or restrictions upon the Fund’s ability to dispose of the underlying securities. As of March 31, 2015, the Fund had investments in repurchase agreements for which the value of the related collateral exceeded the value of the repurchase agreement. The gross value of repurchase agreements is included in the Statement of Assets and Liabilities for financial reporting purposes.

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 six months ended March 31, 2015, 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

45 |

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

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 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 March 31, 2015, at value:

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—	$	—	$	103,884,367	(b)	$	103,884,367
Airlines		—		407,971,469		276,171,917	(c)		684,143,386
Finance Companies		3,372,370		1,395,426,309		—			1,398,798,679
Non-Agency Commercial Mortgage-Backed Securities		—		41,564,155		38,955,795	(c)		80,519,950
Railroads		—		7,806,503		94,101,607	(c)		101,908,110
Retailers		—		145,538,000		16,275,282	(d)		161,813,282
Transportation Services		—		22,457,006		52,440,081	(d)		74,897,087
All Other Non-Convertible Bonds(a)		—		16,977,131,629		—			16,977,131,629

Total Non-Convertible Bonds		3,372,370		18,997,895,071		581,829,049			19,583,096,490

| 46

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

Asset Valuation Inputs – continued


Description	Level 1		Level 2		Level 3		Total
Bonds and Notes – continued
Convertible Bonds(a)		—		1,229,046,005		—		1,229,046,005
Municipals(a)		—		340,065,954		—		340,065,954

Total Bonds and Notes		3,372,370		20,567,007,030		581,829,049		21,152,208,449

Senior Loans(a)		—		530,545,504		—		530,545,504
Common Stocks(a)		1,529,618,794		—		—		1,529,618,794
Preferred Stocks
Convertible Preferred Stocks
Energy		19,542,600		105,003,412		—		124,546,012
REITs—Mortgage		—		12,499,971		—		12,499,971
All Other Convertible Preferred Stocks(a)		220,587,328		—		—		220,587,328

Total Convertible Preferred Stocks		240,129,928		117,503,383		—		357,633,311

Non-Convertible Preferred Stocks
Electric	$	1,232,460	$	711,767	$	—	$	1,944,227
REITs—Office Property		—		2,847,518		—		2,847,518
REITs—Warehouse/Industrials		—		11,730,151		—		11,730,151
All Other Non-Convertible Preferred Stocks(a)		60,855,536		—		—		60,855,536

Total Non-Convertible Preferred Stocks		62,087,996		15,289,436		—		77,377,432

Total Preferred Stocks		302,217,924		132,792,819		—		435,010,743

Closed-End Investment Companies		8,275,697		—		—		8,275,697
Short-Term Investments		—		106,645,510		—		106,645,510

Total	$	1,843,484,785	$	21,336,990,863	$	581,829,049	$	23,762,304,697

(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 ($47,648,474) or fair valued by the Fund’s adviser ($56,235,893).

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

Preferred stocks valued at $64,458,270 were transferred from Level 1 to Level 2 during the period ended March 31, 2015. At September 30, 2014, these securities were valued at the last sale price. At March 31, 2015, these securities were valued on the basis of evaluated bids furnished to the Fund by an independent pricing service.

A preferred stock valued at $664,024 was transferred from Level 2 to Level 1 during the period ended March 31, 2015. At September 30, 2014, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service. At March 31, 2015, this security was valued at the last sale price.

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

47 |

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

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

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of September 30, 2014 and/or March 31, 2015:

Asset Valuation Inputs


Investments in Securities	Balance as of September 30, 2014		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	31,219,633	$	—	$	5,409		$	(2,011,845	)	$	75,840,302
Airlines		292,696,690		159,583		671,606			(1,718,325	)		2,653,864
Banking		65,928,928		—		—			—			—
Life Insurance		8,500,000		37,832		547,875			914,293			—
Metals & Mining		7,011,500		45,708		2,350			2,194,396			—
Non-Agency Commercial Mortgage-Backed Securities		—		—		—			270,795			38,685,000
Railroads		—		6,803,910		—			(64,690,850	)		—
Retailers		15,605,595		37,192		—			632,495			—
Transportation Services		54,906,286		—		404,940			(448,400	)		—
Convertible Bonds
Wirelines		80,044		—		(32,132	)		25,503			—

Total	$	475,948,676	$	7,084,225	$	1,600,048		$	(64,831,938	)	$	117,179,166

| 48

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

Asset Valuation Inputs – continued


Investments in Securities – continued	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2015		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2015
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	(1,169,132	)	$	—	$	—		$	103,884,367	$	(2,010,696	)
Airlines		(13,329,629	)		—		(4,961,872	)		276,171,917		(490,098	)
Banking		—			—		(65,928,928	)		—		—
Life Insurance		(10,000,000	)		—		—			—		—
Metals & Mining		(9,253,954	)		—		—			—		—
Non-Agency Commercial Mortgage-Backed Securities		—			—		—			38,955,795		270,795
Railroads		—			151,988,547		—			94,101,607		(64,690,850	)
Retailers		—			—		—			16,275,282		632,495
Transportation Services		(2,422,745	)		—		—			52,440,081		(974,035	)
Convertible Bonds
Wirelines		(73,415	)		—		—			—		—

Total	$	(36,248,875	)	$	151,988,547	$	(70,890,800	)	$	581,829,049	$	(67,262,389	)

Debt securities valued at $70,890,800 were transferred from Level 3 to Level 2 during the period ended March 31, 2015. At September 30, 2014, 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. At March 31, 2015, these securities were valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

A debt security valued at $151,988,547 was transferred from Level 2 to Level 3 during the period ended March 31, 2015. At September 30, 2014, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies. At March 31, 2015, this security was valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service did not provide a reliable price for the security.

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

4. Purchases and Sales of Securities. For the six months ended March 31, 2015, purchases and sales of securities (excluding short-term investments and U.S. Government/Agency securities and including paydowns) were $3,129,857,885 and $1,203,808,770,

49 |

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

4. Purchases and Sales of Securities – continued.

respectively. Purchases and sales of U.S. Government/Agency securities (excluding short-term investments and including paydowns) were $0 and $1,348,476,947, respectively.

5. Management Fees and Other Transactions with Affiliates.

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


Percentage of Average Daily Net Assets
First $3 billion	Next $12 billion	Next $10 billion	Over $25 billion
0.60%	0.50%	0.49%	0.48%

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, 2016 and is reevaluated on an annual basis. Management fees payable, as reflected on the Statement of Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to this undertaking.

For the six months ended March 31, 2015, the expense limits as a percentage of average daily net assets under the expense limitation agreement were as follows:


Expense Limit as a Percentage of Average Daily Net Assets
Institutional Class	Retail Class	Admin Class	Class N
0.70%	0.95%	1.20%	0.65%

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

For the six months ended March 31, 2015, the management fees for the Fund were $62,158,447 (effective rate of 0.51% of average daily net assets).

No expenses were recovered during the six months ended March 31, 2015 under the terms of the expense limitation agreement.

| 50

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

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

Pursuant to Rule 12b-1 under the 1940 Act, the Trust has adopted Distribution Plans relating to the Fund’s Retail Class shares (the “Retail Class Plan”) and Admin Class shares (the “Admin Class Plan”).

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

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

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

For the six months ended March 31, 2015, the service and distribution fees for the Fund were as follows:


Service Fees	Distribution Fees
Admin Class	Retail Class	Admin Class
$359,798	$10,603,418	$359,798

c. Administrative Fees. NGAM Advisors, L.P. (“NGAM Advisors”) provides certain administrative services for the Fund and contracts with State Street Bank to serve as sub-administrator. NGAM Advisors is a wholly-owned subsidiary of Natixis US. Pursuant to an agreement among Natixis Funds Trusts, Loomis Sayles Funds Trusts and NGAM Advisors, the Fund pays NGAM Advisors monthly its pro rata portion of fees equal to an annual rate

51 |

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

of 0.0575% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts and Loomis Sayles Funds Trusts, 0.0500% of the next $15 billion, 0.0400% of the next $30 billion, 0.0350% of the next $30 billion and 0.0325% of such assets in excess of $90 billion, subject to an annual aggregate minimum fee for the Natixis Funds Trusts and Loomis Sayles Funds Trusts of $10 million, which is reevaluated on an annual basis.

For the six months ended March 31, 2015, the administrative fees for the Fund were $5,216,990.

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

For the six months ended March 31, 2015, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statement of Operations) for the Fund were $8,365,428.

As of March 31, 2015, the Fund owes NGAM Distribution $186,281 in reimbursements for sub-transfer agent fees (which are reflected in the Statement of Assets and Liabilities as payable to distributor).

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. The Chairperson of the Board receives a retainer fee at the annual rate of $300,000. 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 $130,000. 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 chairperson (except for the Chairperson of the Governance Committee) receives an additional retainer fee at the

| 52

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

annual rate of $17,500. The chairperson of the Governance Committee receives an additional retainer fee at the annual rate of $5,000. Each Contract Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts and Loomis Sayles Funds Trusts 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 and Loomis Sayles Funds Trusts 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 and Loomis Sayles Funds Trusts, 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. As of March 31, 2015, Loomis Sayles Funded Pension Plan and Trust and Loomis Sayles Employees’ Profit Sharing Retirement Plan held shares of the Fund representing 0.05% and 0.14% of the Fund’s net assets, respectively.

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

g. Reimbursement of Transfer Agent Fees and Expenses. NGAM Advisors has given a binding contractual undertaking to the Fund to reimburse any and all transfer agency expenses for the Fund’s Class N shares. This undertaking is in effect through January 31, 2016 and is not subject to recovery under the expense limitation agreement described above.

For the six months ended March 31, 2015, NGAM Advisors reimbursed the Fund $804 for transfer agency expenses related to Class N shares.

h. Interfund Transactions. A Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the six months ended March 31, 2015, the Fund purchased securities from an affiliated fund in compliance with Rule 17a-7 of the 1940 Act in the amount of $160,525,520.

53 |

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

6. Class-Specific Transfer Agent Fees and Expenses. For the six months ended March 31, 2015, the Fund incurred the following class-specific transfer agent fees and expenses (including sub-transfer agent fees, where applicable):


Transfer Agent Fees and Expenses
Institutional Class	Retail Class	Admin Class	Class N
$5,536,707	$3,003,230	$101,898	$804

7. Line of Credit. The Fund, together with certain other funds of Natixis Funds Trusts and Loomis Sayles Funds Trusts, participates in a $200,000,000 committed unsecured line of credit provided by State Street Bank, with an individual limit of $125,000,000 for each Fund that participates in the line of credit. Interest is charged to each participating Fund based on its borrowings at a rate per annum equal to the greater of the Federal Funds rate or overnight LIBOR, plus 1.25%. In addition, a commitment fee of 0.10% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit.

For the six months ended March 31, 2015, the Fund had no borrowings under this agreement.

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.

| 54

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

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


	Six Months Ended March 31, 2015						Year Ended September 30, 2014
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		158,903,503		$	2,384,460,508			280,143,837		$	4,356,187,281
Issued in connection with the reinvestment of distributions		45,522,948			672,875,949			38,828,284			598,701,762
Redeemed		(137,555,284	)		(2,053,160,190	)		(180,863,344	)		(2,794,387,397	)

Net change		66,871,167		$	1,004,176,267			138,108,777		$	2,160,501,646

Retail Class
Issued from the sale of shares		75,183,037		$	1,124,088,449			144,827,404		$	2,233,907,589
Issued in connection with the reinvestment of distributions		26,294,209			386,887,974			24,544,705			376,613,436
Redeemed		(94,884,556	)		(1,411,683,190	)		(161,382,595	)		(2,496,178,726	)

Net change		6,592,690		$	99,293,233			7,989,514		$	114,342,299

Admin Class
Issued from the sale of shares		3,282,771		$	49,125,940			6,716,414		$	103,132,429
Issued in connection with the reinvestment of distributions		862,098			12,639,141			758,015			11,593,362
Redeemed		(3,568,966	)		(53,263,977	)		(6,613,623	)		(101,761,112	)

Net change		575,903		$	8,501,104			860,806		$	12,964,679

55 |

Notes to Financial Statements – continued

March 31, 2015 (Unaudited)

9. Capital Shares – continued.


	Six Months Ended March 31, 2015						Year Ended September 30, 2014
Class N	Shares			Amount			Shares			Amount
Issued from the sale of shares		2,317,994		$	34,555,565			2,167,865		$	33,611,093
Issued in connection with the reinvestment of distributions		131,783			1,944,811			46,620			723,630
Redeemed		(292,129	)		(4,328,487	)		(202,801	)		(3,144,938	)

Net change		2,157,648		$	32,171,889			2,011,684		$	31,189,785

Increase (decrease) from capital share transactions		76,197,408		$	1,144,142,493			148,970,781		$	2,318,998,409

| 56

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Included as part of the Report to Shareholders filed as Item 1 herewith.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Securities Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Trust’s Board of Trustees.

Item 11. Controls and Procedures.

The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.

There was no change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s last fiscal quarter of the period covered by the report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a) (1)

Not applicable.

(a) (2)

Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)), filed herewith as Exhibits (a)(2)(1) and (a)(2)(2), respectively.

(a) (3)

Not applicable.

(b)

Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002 are filed herewith as Exhibit (b).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Loomis Sayles Funds I

By:		/s/ Robert Blanding

Name:		Robert Blanding
Title:		President and Chief Executive Officer
Date:		May 20, 2015

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 Blanding

Name:		Robert Blanding
Title:		President and Chief Executive Officer
Date:		May 20, 2015

By:		/s/ Michael C. Kardok

Name:		Michael C. Kardok
Title:		Treasurer
Date:		May 20, 2015

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