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

Loomis Sayles Funds I N-CSRSCertified 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)


888 Boylston Street, Suite 800 Boston, Massachusetts		02199-8197
(Address of principal executive offices)		(Zip code)

Russell L. Kane, Esq.

Natixis Distribution, L.P.

888 Boylston Street, Suite 800

Boston, Massachusetts 02199-8197

(Name and address of agent for service)

Registrant’s telephone number, including area code: (617) 449-2822

Date of fiscal year end: September 30

Date of reporting period: March 31, 2018

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 Core Disciplined Alpha Bond Fund

Loomis Sayles Fixed Income Fund

Loomis Sayles Global Bond Fund

Loomis Sayles Inflation Protected Securities Fund

Loomis Sayles Institutional High Income Fund

Loomis Sayles Investment Grade Fixed Income Fund

Semiannual Report

March 31, 2018



TABLE OF CONTENTS
Portfolio Review			1
Portfolio of Investments			9
Financial Statements			50
Notes to Financial Statements			65

LOOMIS SAYLES CORE DISCIPLINED ALPHA BOND FUND


Manager	Symbol	��
Lynne Royer	Institutional Class		LSABX

Investment Objective

The Fund seeks to outperform the Bloomberg Barclays U.S. Aggregate Bond Index (the “Index”) consistently over time while maintaining a risk profile similar to that of the Index.

Average Annual Total Returns — March 31, 2018²



										Expense Ratios³
	6 months			1 year			Life of Fund			Gross			Net
Institutional Class (Inception 11/30/16)		-1.25	%		0.99	%		1.18	%		0.94	%		0.45	%

Comparative Performance
Bloomberg Barclays U.S. Aggregate Bond Index¹		-1.08			1.20			1.63

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

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

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

Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense caps set to expire on 01/31/19. When a Fund’s expenses are below the cap, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense caps.

1 |

LOOMIS SAYLES FIXED INCOME FUND


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

Investment 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, 2018²



													Expense Ratios³
	6 months			1 year			5 years			10 years			Gross			Net
Institutional Class (Inception 1/17/95)		0.26	%		4.53	%		3.99	%		6.67	%		0.57	%		0.57	%

Comparative Performance
Bloomberg Barclays U.S. Government/Credit Bond Index¹		-1.10			1.38			1.84			3.65

Bloomberg Barclays U.S. Government/Credit Bond Index is the non-securitized component of the U.S. Aggregate Index and was the first macro index launched by Barclays Capital. The U.S. Government/Credit Index includes Treasuries (i.e., public obligations of the U.S. Treasury that have remaining maturities of more than one year), government-related issues (i.e., agency, sovereign, supranational, and local authority debt), and corporates. The U.S. Government/Credit Index was launched on January 1, 1979, with index history backfilled to 1973, and is a subset of the U.S. Aggregate Index.

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 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^®

Investment 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, 2018²



													Life of Class N			Expense Ratios³
	6 months			1 year			5 years			10 years			Life of Class N			Gross			Net
Institutional Class (Inception 5/10/91)		2.40	%		7.82	%		1.43	%		3.29	%		—	%		0.80	%		0.72	%

Retail Class (Inception 12/31/96)		2.32			7.55			1.20			3.01			—			1.05			0.97

Class N (Inception 2/1/13)		2.46			7.87			1.53			—			1.37			0.69			0.67

Comparative Performance
Bloomberg Barclays Global Aggregate Bond Index¹		2.45			6.97			1.49			2.57			1.23

Bloomberg Barclays Global Aggregate Bond Index provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the US Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. The Index also includes Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities, and USD investment grade 144A securities.

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

3 |

LOOMIS SAYLES INFLATION PROTECTED SECURITIES FUND


Managers	Symbols
Elaine Kan, CFA^®	Institutional Class	LSGSX
Kevin P. Kearns	Retail Class	LIPRX
Maura T. Murphy, CFA^®	Class N	LIPNX

Investment 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, 2018³



													Life of Class N			Expense Ratios⁴
	6 months			1 year			5 years			10 years			Life of Class N			Gross			Net
Institutional Class (Inception 5/20/91)		0.56	%		1.48	%		-0.21	%		2.76	%		—	%		0.81	%		0.40	%

Retail Class (Inception 5/28/10)¹		0.53			1.23			-0.49			2.48			—			1.06			0.65

Class N (Inception 2/1/17)		0.58			1.43			—			—			1.71			0.77			0.35

Comparative Performance
Bloomberg Barclays U.S. Treasury Inflation Protected Securities Index²		0.46			0.92			0.05			2.93			1.24

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.

Bloomberg Barclays U.S. Treasury Inflation Protected Securities Index is an unmanaged index that tracks inflation protected securities issued by the U.S. Treasury. On March 1, 1997, Barclays launched the Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index (Series-L), a rules-based, market value-weighted 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.

⁴

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LOOMIS SAYLES INSTITUTIONAL HIGH INCOME FUND


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

Investment 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, 2018²



													Expense Ratios³
	6 months			1 year			5 years			10 years			Gross			Net
Institutional Class (Inception 6/5/96)		0.23	%		3.48	%		5.63	%		8.01	%		0.68	%		0.68	%

Comparative Performance
Bloomberg Barclays U.S. Corporate High-Yield Bond Index¹		-0.39			3.78			4.99			8.27

Bloomberg Barclays U.S. Corporate High-Yield Bond Index measures the market of USD-denominated, non-investment grade, fixed-rate, taxable corporate bonds. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB /BB or below, excluding emerging market debt. The Bloomberg Barclays U.S. Corporate High-Yield Bond Index was created in 1986, with history backfilled to July 1, 1983, and rolls up into the Bloomberg Barclays U.S. Universal and Global High-Yield Indices. You may not invest directly in an index.

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

Investment 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, 2018²



													Expense Ratios³
	6 months			1 year			5 years			10 years			Gross			Net
Institutional Class (Inception 7/1/94)		-0.35	%		4.07	%		2.75	%		5.66	%		0.49	%		0.49	%

Comparative Performance
Bloomberg Barclays U.S. Government/Credit Bond Index¹		-1.10			1.38			1.84			3.65

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

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

Additional Index Information

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

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

Proxy Voting Information

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

Quarterly Portfolio Schedules

The Funds file 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.

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, 2017 through March 31, 2018. 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 Core Disciplined Alpha Bond Fund


Institutional Class	Beginning Account Value 10/1/2017		Ending Account Value 3/31/2018		Expenses Paid During Period* 10/1/2017 – 3/31/2018
Actual		$1,000.00		$987.50		$2.23
Hypothetical (5% return before expenses)		$1,000.00		$1,022.69		$2.27
* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement) of 0.45%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

7 |

Loomis Sayles Fixed Income Fund


Institutional Class	Beginning Account Value 10/1/2017		Ending Account Value 3/31/2018		Expenses Paid During Period* 10/1/2017 – 3/31/2018
Actual		$1,000.00		$1,002.60		$2.85
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 10/1/2017		Ending Account Value 3/31/2018		Expenses Paid During Period* 10/1/2017 – 3/31/2018
Actual		$1,000.00		$1,024.00		$3.63
Hypothetical (5% return before expenses)		$1,000.00		$1,021.34		$3.63

Retail Class
Actual		$1,000.00		$1,023.20		$4.89
Hypothetical (5% return before expenses)		$1,000.00		$1,020.10		$4.89

Class N
Actual		$1,000.00		$1,024.60		$3.38
Hypothetical (5% return before expenses)		$1,000.00		$1,021.59		$3.38
* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.72%, 0.97% and 0.67% 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 10/1/2017		Ending Account Value 3/31/2018		Expenses Paid During Period* 10/1/2017 – 3/31/2018
Actual		$1,000.00		$1,005.60		$2.00
Hypothetical (5% return before expenses)		$1,000.00		$1,022.94		$2.02

Retail Class
Actual		$1,000.00		$1,005.30		$3.25
Hypothetical (5% return before expenses)		$1,000.00		$1,021.69		$3.28

Class N
Actual		$1,000.00		$1,005.80		$1.75
Hypothetical (5% return before expenses)		$1,000.00		$1,023.19		$1.77
* Hypothetical expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.40%, 0.65% and 0.35% 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 Institutional High Income Fund


Institutional Class	Beginning Account Value 10/1/2017		Ending Account Value 3/31/2018		Expenses Paid During Period* 10/1/2017 – 3/31/2018
Actual		$1,000.00		$1,002.30		$3.39
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 Investment Grade Fixed Income Fund


Institutional Class	Beginning Account Value 10/1/2017		Ending Account Value 3/31/2018		Expenses Paid During Period* 10/1/2017 – 3/31/2018
Actual		$1,000.00		$996.50		$2.44
Hypothetical (5% return before expenses)		$1,000.00		$1,022.49		$2.47
* Expenses are equal to the Fund’s annualized expense ratio of 0.49%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

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Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Core Disciplined Alpha Bond Fund


Principal Amount		Description	Value (†)

	Bonds and Notes – 105.0% of Net Assets

	Non-Convertible Bonds – 104.2%

		ABS Car Loan – 6.2%
$	23,596	AmeriCredit Automobile Receivables Trust, Series 2017-1, Class A2A, 1.510%, 5/18/2020(a)	$	23,522
	98,000	AmeriCredit Automobile Receivables Trust, Series 2017-4, Class A2A, 1.830%, 5/18/2021		97,486
	40,000	AmeriCredit Automobile Receivables Trust, Series 2017-4, Class B, 2.360%, 12/19/2022		39,352
	64,000	Capital Auto Receivables Asset Trust, Series 2017-1, Class A2, 1.760%, 6/22/2020, 144A(a)		63,761
	2,150	CarFinance Capital Auto Trust, Series 2015-1A, Class A, 1.750%, 6/15/2021, 144A		2,144
	68,636	CarMax Auto Owner Trust, Series 2017-3, Class A2A, 1.640%, 9/15/2020(a)		68,298
	351	CPS Auto Receivables Trust, Series 2015-B, Class A, 1.650%, 11/15/2019, 144A		351
	5,623	CPS Auto Receivables Trust, Series 2016-C, Class A, 1.620%, 1/15/2020, 144A		5,614
	92,847	CPS Auto Receivables Trust, Series 2018-A, Class A, 2.160%, 5/17/2021, 144A		92,555
	31,905	CPS Auto Trust, Series 2016-D, Class A, 1.500%, 6/15/2020, 144A(a)		31,796
	2,737	Drive Auto Receivables Trust, Series 2017-1, Class A2A, 1.670%, 5/15/2019(a)		2,736
	7,839	Drive Auto Receivables Trust, Series 2017-2, Class A2A, 1.630%, 8/15/2019(a)		7,836
	56,000	Drive Auto Receivables Trust, Series 2017-2, Class B, 2.250%, 6/15/2021(a)		55,857
	38,000	Drive Auto Receivables Trust, Series 2017-3, Class B, 2.300%, 5/17/2021(a)		37,831
	26,374	Drive Auto Receivables Trust, Series 2017-BA, Class B, 2.200%, 5/15/2020, 144A(a)		26,343
	35,000	Drive Auto Receivables Trust, Series 2018-1, Class B, 2.880%, 2/15/2022		34,941
	66,914	DT Auto Owner Trust, Series 2017-2A, Class A, 1.720%, 5/15/2020, 144A(a)		66,789
	51,135	DT Auto Owner Trust, Series 2017-3A, Class A, 1.730%, 8/17/2020, 144A(a)		50,978
	121,833	DT Auto Owner Trust, Series 2017-4A, Class A, 1.850%, 8/17/2020, 144A		121,408
	69,711	Exeter Automobile Receivables Trust, Series 2018-1A, Class A, 2.210%, 5/17/2021, 144A		69,512
	444	Flagship Credit Auto Trust, Series 2016-2, Class A1, 2.280%, 5/15/2020, 144A		444
	23,261	Flagship Credit Auto Trust, Series 2016-4, Class A1, 1.470%, 3/16/2020, 144A		23,219
	76,648	Ford Credit Auto Owner Trust, Series 2017-B, Class A2A, 1.490%, 5/15/2020(a)		76,284
	22,000	Ford Credit Auto Owner Trust, Series 2017-C, Class A3, 2.010%, 3/15/2022		21,725
	100,000	GM Financial Consumer Automobile, Series 2017-1A, Class A3, 1.780%, 10/18/2021, 144A(a)		98,636

		ABS Car Loan – continued
	62,000	GM Financial Consumer Automobile Receivables Trust, Series 2018-1, Class A3, 2.320%, 7/18/2022		61,481
	44,000	GM Financial Consumer Automobile Receivables Trust, Series 2018-1, Class A4, 2.460%, 7/17/2023		43,417
	38,000	Honda Auto Receivables Owner Trust, Series 2017-4, Class A3, 2.050%, 11/22/2021		37,644
	6,527	Santander Drive Auto Receivables Trust, Series 2017-1, Class A2, 1.490%, 2/18/2020(a)		6,520
	51,384	Toyota Auto Receivables Owner Trust, Series 2017-A, Class A2A, 1.420%, 9/16/2019(a)		51,241
	95,000	Toyota Auto Receivables Owner Trust, Series 2018-A, Class A3, 2.350%, 5/16/2022		94,328
	130,000	Toyota Auto Receivables Owner Trust, Series 2018-A, Class A4, 2.520%, 5/15/2023		128,896
	9,006	Westlake Automobile Receivables Trust, Series 2016-2A, Class A2, 1.570%, 6/17/2019, 144A		9,002
	48,097	Westlake Automobile Receivables Trust, Series 2017-1A, Class A2, 1.780%, 4/15/2020, 144A		47,993
	42,822	Westlake Automobile Receivables Trust, Series 2018-1A, Class A1, 1.750%, 2/15/2019, 144A		42,816

				1,642,756

		ABS Credit Card – 3.2%
	100,000	American Express Credit Account Master Trust, Series 2017-1, Class A, 1.930%, 9/15/2022(a)		98,639
	100,000	American Express Credit Account Master Trust, Series 2017-6, Class A, 2.040%, 5/15/2023(a)		98,182
	100,000	American Express Credit Account Master Trust, Series 2018-2, Class A, 3.010%, 10/15/2025		100,105
	73,000	Bank of America Credit Card Trust, Series 2017-A1, Class A1, 1.950%, 8/15/2022(a)		71,978
	54,000	Capital One Multi-Asset Execution Trust, Series 2017-A1, Class A1, 2.000%, 1/17/2023		53,276
	26,000	Capital One Multi-Asset Execution Trust, Series 2017-A4, Class A4, 1.990%, 7/17/2023		25,540
	60,000	Capital One Multi-Asset Execution Trust, Series 2017-A5, Class A5, 1-month LIBOR + 0.580%, 2.357%, 7/15/2027(b)		60,581
	133,000	Citibank Credit Card Issuance Trust, Series 2017-A2, Class A2, 1.740%, 1/19/2021(a)		132,244
	100,000	Citibank Credit Card Issuance Trust, Series 2018-A2, Class A2, 1-month LIBOR + 0.330%, 2.152%, 1/21/2025(b)		100,000
	100,000	Discover Card Execution Note Trust, Series 2017-A7, Class A7, 1-month LIBOR + 0.360%, 2.137%, 4/15/2025(a)(b)		100,371

				840,916

See accompanying notes to financial statements.

9 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Core Disciplined Alpha Bond Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		ABS Home Equity – 1.7%
$	37,343	Alternative Loan Trust, Series 2004-16CB, Class 1A1, 5.500%, 7/25/2034(a)	$	38,331
	41,724	Alternative Loan Trust, Series 2004-16CB, Class 3A1, 5.500%, 8/25/2034(a)		42,757
	40,744	Bayview Opportunity Master Fund IIIa Trust, Series 2017-RN7, Class A1, 3.105%, 9/28/2032, 144A(c)		40,582
	24,716	CAM Mortgage Trust, Series 2016-2, Class A1, 3.250%, 6/15/2057, 144A(c)		24,901
	13,743	Credit Suisse First Boston Mortgage Securities Corp., Series 2004-AR2, Class 5A1, 3.609%, 3/25/2034(c)		14,022
	76,157	GCAT LLC, Series 2017-2, Class A1, 3.500%, 4/25/2047, 144A(c)		75,645
	95,127	Oak Hill Advisors Residential Loan Trust, Series 2017-NPL2, Class A1, 3.000%, 7/25/2057, 144A(c)		94,345
	84,730	RCO Mortgage LLC, Series 2017-1, Class A1, 3.375%, 8/25/2022, 144A(c)		84,391
	48,562	VOLT LVII LLC, Series 2017-NPL4, Class A1, 3.375%, 4/25/2047, 144A(c)		48,460

				463,434

		ABS Other – 0.4%
	100,000	Verizon Owner Trust, Series 2018-1A, Class A1A, 2.820%, 9/20/2022, 144A		99,992

		Aerospace & Defense – 0.6%
	63,000	Lockheed Martin Corp., 2.500%, 11/23/2020(a)		62,424
	65,000	Northrop Grumman Corp., 2.550%, 10/15/2022		62,991
	34,000	Northrop Grumman Corp., 4.030%, 10/15/2047		32,641

				158,056

		Agency Commercial Mortgage-Backed Securities – 0.8%
	54,000	FHLMC, Series K726, Class A2, 2.905%, 4/25/2024(a)		53,648
	20,000	FHLMC Multifamily Structured Pass Through Certificates, Series K068, Class A2, 3.244%, 8/25/2027(a)		20,000
	53,000	FHLMC Multifamily Structured Pass Through Certificates, K728, Class A2, 3.064%, 8/25/2024(c)		53,041
	32,000	FHLMC Multifamily Structured Pass Through Certificates, Series K065, Class A2, 3.243%, 4/25/2027		32,032
	11,000	FHLMC Multifamily Structured Pass Through Certificates, Series K070, Class A2, 3.303%, 11/25/2027(c)		11,050
	50,000	FHLMC Multifamily Structured Pass Through Certificates, Series K730, Class A2, 3.590%, 1/25/2025		51,756

				221,527

		Automotive – 0.7%
	20,000	Ford Motor Co., 7.450%, 7/16/2031		24,232
	96,000	Ford Motor Credit Co. LLC, 2.343%, 11/02/2020		93,476

		Automotive – continued
	25,000	General Motors Co., 5.150%, 4/01/2038		24,942
	27,000	General Motors Financial Co., Inc., 2.450%, 11/06/2020		26,391
	26,000	Toyota Motor Credit Corp., MTN, 1.550%, 10/18/2019(a)		25,532

				194,573

		Banking – 6.9%
	131,000	ABN AMRO Bank NV, 2.650%, 1/19/2021, 144A		128,909
	149,000	American Express Co., 3.400%, 2/27/2023		148,497
	181,000	Bank of America Corp., MTN, 4.000%, 1/22/2025(a)		180,644
	112,000	Bank of Nova Scotia (The), 2.500%, 1/08/2021		110,324
	46,000	BNP Paribas S.A., 3.500%, 11/16/2027, 144A		43,950
	66,000	Branch Banking & Trust Co., BKNT, 1.450%, 5/10/2019		65,050
	53,000	Capital One Financial Corp., 2.500%, 5/12/2020		52,172
	83,000	Citibank NA, Series BKNT, 2.125%, 10/20/2020		81,167
	32,000	Citigroup, Inc., 4.450%, 9/29/2027(a)		32,379
	150,000	Citigroup, Inc., (fixed rate to 7/24/2022, variable rate thereafter), 2.876%, 7/24/2023(a)		145,958
	15,000	Goldman Sachs Group, Inc. (The), 3.625%, 1/22/2023		15,052
	21,000	Goldman Sachs Group, Inc. (The), 4.750%, 10/21/2045(a)		22,476
	74,000	Goldman Sachs Group, Inc. (The), (fixed rate to 4/23/2028, variable rate thereafter), 3.814%, 4/23/2029		72,540
	146,000	HSBC Holdings PLC, (fixed rate to 3/13/2022, variable rate thereafter), 3.262%, 3/13/2023(a)		144,102
	25,000	JPMorgan Chase & Co., (fixed rate to 1/23/28, variable rate thereafter), 3.509%, 1/23/2029		24,268
	46,000	JPMorgan Chase & Co., (fixed rate to 11/15/2047, variable rate thereafter), 3.964%, 11/15/2048		44,274
	25,000	JPMorgan Chase & Co., (fixed rate to 2/22/2047, variable rate thereafter), 4.260%, 2/22/2048		25,151
	24,000	Mitsubishi UFJ Financial Group, Inc., 3.961%, 3/02/2028		24,094
	34,000	Morgan Stanley, (fixed rate to 7/22/2037, variable rate thereafter), 3.971%, 7/22/2038(a)		33,216
	88,000	Morgan Stanley, GMTN, 3.125%, 1/23/2023		86,742
	68,000	Morgan Stanley, MTN, 3.125%, 7/27/2026(a)		64,351
	200,000	UBS AG, 2.450%, 12/01/2020, 144A		196,370
	23,000	Wells Fargo & Co., GMTN, 4.900%, 11/17/2045(a)		24,112
	17,000	Wells Fargo & Co., MTN, 4.750%, 12/07/2046(a)		17,420
	36,000	Wells Fargo & Co., Series N, 2.150%, 1/30/2020		35,437

				1,818,655

See accompanying notes to financial statements.

| 10

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Core Disciplined Alpha Bond Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Building Materials – 0.1%
$	32,000	Owens Corning, 4.400%, 1/30/2048	$	29,550

		Cable Satellite – 0.4%
	14,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 5.375%, 5/01/2047		13,541
	10,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.384%, 10/23/2035		11,170
	46,000	Comcast Corp., 3.900%, 3/01/2038		44,593
	17,000	Cox Communications, Inc., 4.600%, 8/15/2047, 144A		16,266
	9,000	Time Warner Cable LLC, 7.300%, 7/01/2038		10,790

				96,360

		Chemicals – 0.5%
	51,000	Dow Chemical Co. (The), 8.550%, 5/15/2019		54,132
	74,000	Sherwin-Williams Co. (The), 2.750%, 6/01/2022		72,074

				126,206

		Collateralized Mortgage Obligations – 1.5%
	34,573	Federal Home Loan Mortgage Corp., Series 3830, Class DZ, 4.000%, 12/15/2030		36,046
	14,255	Federal National Mortgage Association, REMIC, Series 2006-104, Class FC, 1-month LIBOR + 0.250%, 2.122%, 11/25/2036(b)		14,246
	52,134	Federal National Mortgage Association, REMIC, Series 2017-41, Class MD, 4.000%, 5/25/2053(a)		54,186
	73,047	Federal National Mortgage Association, REMIC, Series 2017-71, Class AB, 3.000%, 8/25/2044(a)		72,451
	54,176	Federal National Mortgage Association, REMIC, Series 2018-3, Class PA, 3.000%, 4/25/2046		53,644
	14,192	Federal National Mortgage Association, Series 2013-101, Class A, 3.000%, 9/25/2030		14,271
	75,808	Federal National Mortgage Association, Series 2016-54, Class GA, 2.500%, 11/25/2045		73,683
	22,190	Federal National Mortgage Association, Series 2017-91, Class PC, 3.000%, 6/25/2045		22,068
	52,728	Federal National Mortgage Association, REMIC, Series 2018-11, Class PA, 3.000%, 6/25/2046		52,004

				392,599

		Construction Machinery – 0.5%
	44,000	John Deere Capital Corp., MTN, 2.350%, 1/08/2021		43,315
	85,000	John Deere Capital Corp., MTN, 2.700%, 1/06/2023		83,278

				126,593


		Consumer Cyclical Services – 0.1%
	29,000	Alibaba Group Holding Ltd., 4.200%, 12/06/2047		27,820

		Electric – 3.9%
	39,000	American Electric Power Co., Inc., 3.200%, 11/13/2027		37,166
	48,000	Appalachian Power Co., 4.450%, 6/01/2045(a)		51,055
	47,000	Berkshire Hathaway Energy Co., 2.375%, 1/15/2021, 144A		46,210
	22,000	Commonwealth Edison Co., 4.000%, 3/01/2048		22,112
	14,000	Delmarva Power & Light Co., 4.150%, 5/15/2045(a)		14,468
	74,000	Dominion Energy, Inc., 2.962%, 7/01/2019		73,864
	22,000	Duke Energy Carolinas LLC, 3.950%, 3/15/2048		22,095
	25,375	Duke Energy Florida LLC, 2.100%, 12/15/2019		25,244
	27,000	Entergy Louisiana LLC, 4.000%, 3/15/2033		27,533
	77,000	Eversource Energy, Series K, 2.750%, 3/15/2022(a)		75,471
	6,000	Exelon Corp., 5.625%, 6/15/2035		7,162
	21,000	FirstEnergy Corp., Series B, 3.900%, 7/15/2027(d)(e)		20,623
	21,000	FirstEnergy Transmission LLC, 5.450%, 7/15/2044, 144A(d)(e)		24,101
	99,000	Fortis, Inc., 144A, 3.055%, 10/04/2026(a)		91,748
	20,000	Georgia Power Co., 4.300%, 3/15/2042		20,287
	52,000	ITC Holdings Corp., 2.700%, 11/15/2022, 144A		50,456
	41,000	ITC Holdings Corp., 3.350%, 11/15/2027, 144A		39,165
	13,000	ITC Holdings Corp., 5.300%, 7/01/2043		14,702
	99,000	Jersey Central Power & Light Co., 4.700%, 4/01/2024, 144A(d)(e)		105,098
	30,000	Jersey Central Power & Light Co., 7.350%, 2/01/2019(d)(e)		31,056
	49,000	NextEra Energy Capital Holdings, Inc., 2.700%, 9/15/2019(a)		48,850
	15,000	Pacific Gas & Electric Co., 4.750%, 2/15/2044		15,483
	36,000	Pinnacle West Capital Corp., 2.250%, 11/30/2020		35,143
	20,000	Progress Energy, Inc., 7.050%, 3/15/2019		20,756
	43,000	Progress Energy, Inc., 7.750%, 3/01/2031(a)		58,789
	15,000	Virginia Electric & Power Co., Series A, 3.800%, 4/01/2028		15,187
	52,000	WEC Energy Group, Inc., 1.650%, 6/15/2018(a)		51,891

				1,045,715

		Finance Companies – 0.2%
	62,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.500%, 5/15/2021		63,509

		Food & Beverage – 1.3%
	25,000	Anheuser-Busch InBev Finance, Inc., 4.900%, 2/01/2046(a)		26,963
	54,000	Anheuser-Busch InBev Worldwide, Inc., 4.600%, 4/15/2048		55,859
	120,000	Campbell Soup Co., 3.650%, 3/15/2023		120,088

See accompanying notes to financial statements.

11 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Core Disciplined Alpha Bond Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Food & Beverage – continued
$	31,000	Campbell Soup Co., 4.800%, 3/15/2048	$	31,078
	46,000	Constellation Brands, Inc., 2.650%, 11/07/2022		44,451
	37,000	Kraft Heinz Foods Co., 2.000%, 7/02/2018		36,963
	37,000	Sysco Corp., 4.450%, 3/15/2048		36,985

				352,387

		Government Owned – No Guarantee – 1.4%
	14,000	Abu Dhabi Crude Oil Pipeline LLC, 4.600%, 11/02/2047, 144A		13,601
	20,000	DP World Ltd., 6.850%, 7/02/2037, 144A		24,286
	87,000	Federal Home Loan Mortgage Corp., 2.375%, 1/13/2022(a)		86,381
	33,000	Federal Home Loan Mortgage Corp., 6.250%, 7/15/2032(a)		44,963
	47,000	Federal National Mortgage Association, 2.625%, 9/06/2024(a)		46,589
	10,000	Nexen Energy ULC, 6.400%, 5/15/2037		12,342
	125,000	Petroleos Mexicanos, 5.500%, 1/21/2021(a)		130,125
	20,000	Petroleos Mexicanos, 6.350%, 2/12/2048, 144A		19,325

				377,612

		Healthcare – 1.0%
	64,000	Abbott Laboratories, 2.900%, 11/30/2021		63,323
	27,000	Abbott Laboratories, 4.750%, 11/30/2036		29,137
	32,000	CVS Health Corp., 3.350%, 3/09/2021		32,174
	89,000	CVS Health Corp., 3.700%, 3/09/2023		89,483
	37,000	CVS Health Corp., 5.050%, 3/25/2048		38,916
	16,000	New York and Presbyterian Hospital (The), 4.763%, 8/01/2116(a)		16,517

				269,550

		Independent Energy – 0.7%
	42,000	Anadarko Petroleum Corp., 6.450%, 9/15/2036		50,356
	100,000	Anadarko Petroleum Corp., 6.950%, 6/15/2019		104,586
	22,000	Occidental Petroleum Corp., 4.200%, 3/15/2048		22,163

				177,105

		Industrial Other – 0.1%
	24,000	Wesleyan University, 4.781%, 7/01/2116(a)		24,383

		Integrated Energy – 0.2%
	46,000	BP Capital Markets PLC, 1.768%, 9/19/2019		45,416

		Life Insurance – 1.0%
	12,000	AIA Group Ltd., 2.250%, 3/11/2019, 144A		11,912
	64,000	AIG Global Funding, 1.950%, 10/18/2019, 144A(a)		63,207
	37,000	American International Group, Inc., 4.500%, 7/16/2044		36,520
	35,000	MetLife, Inc., 6.400%, 12/15/2066		38,369
	87,000	New York Life Global Funding, 1.950%, 9/28/2020, 144A(a)		84,882
	37,000	Pricoa Global Funding I, 1.900%, 9/21/2018, 144A(a)		36,890

				271,780


		Media Entertainment – 0.3%
	33,000	21st Century Fox America, Inc., 6.400%, 12/15/2035		41,692
	37,000	CBS Corp., 3.375%, 2/15/2028		34,398
	8,000	Viacom, Inc., 4.375%, 3/15/2043		7,169

				83,259

		Metals & Mining – 0.3%
	27,000	Anglo American Capital PLC, 4.500%, 3/15/2028, 144A		26,941
	26,000	Vale Overseas Ltd., 4.375%, 1/11/2022		26,676
	26,000	Vale Overseas Ltd., 8.250%, 1/17/2034		33,605

				87,222

		Midstream – 1.2%
	23,000	Dominion Energy Gas Holdings LLC, 2.500%, 12/15/2019(a)		22,790
	41,000	Energy Transfer Partners LP, 6.625%, 10/15/2036		45,382
	37,000	EnLink Midstream Partners LP, 2.700%, 4/01/2019		36,797
	31,000	Enterprise Products Operating LLC, 2.800%, 2/15/2021		30,662
	42,000	Enterprise Products Operating LLC, 4.250%, 2/15/2048		40,935
	15,000	MPLX LP, 4.700%, 4/15/2048		14,612
	13,000	MPLX LP, 5.200%, 3/01/2047		13,585
	11,000	ONEOK Partners LP, 6.850%, 10/15/2037		13,430
	36,000	Plains All American Pipeline LP/PAA Finance Corp., 4.500%, 12/15/2026		35,708
	30,000	Plains All American Pipeline LP/PAA Finance Corp., 4.900%, 2/15/2045		27,587
	18,000	Western Gas Partners LP, 5.300%, 3/01/2048		17,827
	9,000	Williams Partners LP, 6.300%, 4/15/2040		10,309

				309,624

		Mortgage Related – 26.3%
	443,634	FHLMC, 3.000%, with various maturities from 2046 to 2047(a)(f)		433,230
	173,701	FHLMC, 4.000%, with various maturities from 2024 to 2047(f)		179,106
	40,329	FHLMC, 4.500%, 8/01/2043(a)		42,668
	35,000	FHLMC (TBA), 3.000%, 4/01/2048(g)		34,125
	575,000	FHLMC (TBA), 3.500%, 4/01/2048(g)		576,342
	175,000	FHLMC (TBA), 4.000%, 4/01/2048(g)		179,642
	218,431	FNMA, 3.000%, with various maturities from 2043 to 2047(a)(f)		213,530
	850,585	FNMA, 3.500%, with various maturities from 2046 to 2047(f)		854,647
	684,041	FNMA, 4.000%, with various maturities from 2027 to 2047(a)(f)		705,771
	60,571	FNMA, 4.500%, with various maturities from 2030 to 2047(f)		63,931
	24,343	FNMA, 5.000%, with various maturities from 2033 to 2038(f)		26,328
	92,242	FNMA, 5.500%, with various maturities from 2034 to 2041(a)(f)		101,374
	465,000	FNMA (TBA), 3.000%, 4/01/2048(g)		453,520
	920,000	FNMA (TBA), 3.500%, with various maturities from 2033 to 2048(f)(g)		925,059
	145,000	FNMA (TBA), 4.000%, 4/01/2048(g)		148,798
	880,000	FNMA (TBA), 4.500%, 4/01/2048(g)		921,439

See accompanying notes to financial statements.

| 12

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Core Disciplined Alpha Bond Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Mortgage Related – continued
$	105,042	GNMA, 4.000%, 9/20/2047	$	108,685
	90,000	GNMA (TBA), 3.000%, 4/01/2048(g)		88,543
	215,000	GNMA (TBA), 3.500%, 4/01/2048(g)		217,087
	470,000	GNMA (TBA), 4.000%, 4/01/2048(g)		483,099
	190,000	GNMA (TBA), 4.500%, 4/01/2048(g)		197,522

				6,954,446

		Natural Gas – 0.3%
	33,000	Sempra Energy, 6.000%, 10/15/2039		40,379
	42,000	Sempra Energy, 9.800%, 2/15/2019		44,468

				84,847

		Non-Agency Commercial Mortgage-Backed Securities – 2.7%
	40,000	Bank 2017-BNK9, Series 2017-BNK9, Class A4, 3.538%, 11/15/2054		39,915
	18,000	Citigroup Commercial Mortgage Trust, Series 2013-GC17, Class A4, 4.131%, 11/10/2046(a)		18,755
	22,000	Citigroup Commercial Mortgage Trust, Series 2016-P6, Class A5, 3.720%, 12/10/2049(c)		22,336
	4,162	Commercial Mortgage Pass Through Certificates, Series 2013-CR8, Class A5, 3.612%, 6/10/2046(c)		4,238
	29,278	Commercial Mortgage Pass Through Certificates, Series 2013-CR9, Class A4, 4.243%, 7/10/2045(a)(c)		30,735
	24,000	Commercial Mortgage Trust, Series 2013-LC6, Class A4, 2.941%, 1/10/2046(a)		23,724
	40,000	Commercial Mortgage Trust, Series 2013-CR11, Class A3, 3.983%, 8/10/2050(a)		41,403
	42,000	Commercial Mortgage Trust, Series 2013-CR12, Class A3, 3.765%, 10/10/2046(a)		43,098
	16,000	Commercial Mortgage Trust, Series 2013-CR7, Class A4, 3.213%, 3/10/2046		16,044
	22,000	Commercial Mortgage Trust, Series 2014-CR16, Class A4, 4.051%, 4/10/2047(a)		22,825
	31,000	Commercial Mortgage Trust, Series 2015-LC23, Class A4, 3.774%, 10/10/2048		31,481
	30,000	CSAIL Commercial Mortgage Trust, Series 2016-C7, Class A5, 3.502%, 11/15/2049		29,793
	1,000	GS Mortgage Securities Corp. II, Series 2013-GC16, Class A4, 4.271%, 11/10/2046		1,049
	10,000	GS Mortgage Securities Corp. II, Series 2015-GC30, Class A4, 3.382%, 5/10/2050		9,962
	56,000	GS Mortgage Securities Corp. Trust, Series 2012-SHOP, Class A, 2.933%, 6/05/2031, 144A(a)		56,144

		Non-Agency Commercial Mortgage-Backed Securities – continued
	8,000	GS Mortgage Securities Trust, Series 2013-GC12, Class A4, 3.135%, 6/10/2046		7,949
	56,000	GS Mortgage Securities Trust, Series 2014-GC18, Class A3, 3.801%, 1/10/2047(a)		57,251
	10,000	GS Mortgage Securities Trust, Series 2016-GS4, Class A4, 3.442%, 11/10/2049(c)		9,956
	14,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C10, Class A4, 4.082%, 7/15/2046(c)		14,544
	12,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C12, Class A4, 4.259%, 10/15/2046(c)		12,553
	18,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C14, Class A4, 3.787%, 2/15/2047(a)		18,403
	7,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C14, Class A5, 4.064%, 2/15/2047		7,240
	28,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C20, Class A4, 3.249%, 2/15/2048(a)		27,639
	30,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C24, Class A4, 3.732%, 5/15/2048		30,476
	40,000	Morgan Stanley Capital I Trust, Series 2014-CPT, Class A, 3.350%, 7/13/2029, 144A(a)		40,364
	10,000	Wells Fargo Commercial Mortgage Trust, Series 2015-C27, Class A4, 3.190%, 2/15/2048		9,846
	22,000	Wells Fargo Commercial Mortgage Trust, Series 2015-C31, Class A4, 3.695%, 11/15/2048		22,259
	15,000	Wells Fargo Commercial Mortgage Trust, Series 2015-P2, Class A4, 3.809%, 12/15/2048		15,362
	20,000	Wells Fargo Commercial Mortgage Trust, Series 2016-LC25, Class A4, 3.640%, 12/15/2059(a)		20,251
	14,000	Wells Fargo Commercial Mortgage Trust, Series 2017-C42, Class A4, 3.589%, 12/15/2050		13,994
	22,000	WFRBS Commercial Mortgage Trust, Series 2013-C14, Class A4, 3.073%, 6/15/2046(a)		21,815
	2,077	WFRBS Commercial Mortgage Trust, Series 2013-C14, Class A5, 3.337%, 6/15/2046		2,083

				723,487

		Pharmaceuticals – 1.2%
	43,000	AbbVie, Inc., 2.500%, 5/14/2020(a)		42,444
	143,000	AbbVie, Inc., 2.900%, 11/06/2022(a)		139,685
	33,000	Clegene Corp., 3.900%, 2/20/2028		32,490
	43,000	Gilead Sciences, Inc., 4.750%, 3/01/2046(a)		46,328
	56,000	Johnson & Johnson, 3.400%, 1/15/2038		53,846

				314,793

See accompanying notes to financial statements.

13 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Core Disciplined Alpha Bond Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Property & Casualty Insurance – 0.5%
$	60,000	Hartford Financial Services Group, Inc. (The), 5.500%, 3/30/2020	$	62,731
	56,000	Progressive Corp., 4.200%, 3/15/2048		57,311

				120,042

		Railroads – 0.1%
	32,000	Burlington Northern Santa Fe LLC, 4.050%, 6/15/2048		32,305

		Refining – 0.5%
	57,000	Marathon Petroleum Corp., 3.400%, 12/15/2020		57,459
	33,000	Marathon Petroleum Corp., 5.000%, 9/15/2054		32,071
	35,000	Valero Energy Corp., 6.125%, 2/01/2020		36,885

				126,415

		REITs – Regional Malls – 0.2%
	34,000	Simon Property Group LP, 2.750%, 6/01/2023		32,962
	34,000	Simon Property Group LP, 3.375%, 12/01/2027		32,622

				65,584

		Restaurants – 0.1%
	21,000	McDonald’s Corp., MTN, 4.600%, 5/26/2045		22,102

		Retailers – 0.1%
	22,315	CVS Pass Through Trust, Series 2014, 4.163%, 8/11/2036, 144A		21,226

		Sovereigns – 0.4%
	31,000	Republic of Chile, 3.860%, 6/21/2047		30,210
	39,000	Republic of Peru, 8.750%, 11/21/2033		58,363
	29,000	Republic of Uruguay, 5.100%, 6/18/2050		29,725

				118,298

		Technology – 0.8%
	52,000	Apple, Inc., 3.850%, 8/04/2046(a)		50,882
	26,000	Apple, Inc., 4.650%, 2/23/2046(a)		28,631
	70,000	Oracle Corp., 3.800%, 11/15/2037(a)		69,220
	9,000	Oracle Corp., 5.375%, 7/15/2040(a)		10,747
	43,000	Tencent Holdings Ltd., 2.985%, 1/19/2023, 144A		41,905

				201,385

		Tobacco – 0.8%
	85,000	BAT Capital Corp., 3.557%, 8/15/2027, 144A		81,416
	20,000	BAT Capital Corp., 4.390%, 8/15/2037, 144A		19,872
	116,000	Reynolds American, Inc., 2.300%, 6/12/2018(a)		115,941

				217,229

		Transportation Services – 0.5%
	56,000	FedEx Corp., 4.050%, 2/15/2048		52,578
	33,000	TTX Co., 2.250%, 2/01/2019, 144A		32,858
	42,000	United Parcel Service, Inc., 3.750%, 11/15/2047		40,154

				125,590


		Treasuries – 32.9%
	215,000	U.S. Treasury Bond, 2.250%, 8/15/2027(a)		206,148
	15,000	U.S. Treasury Bond, 2.500%, 5/15/2046		13,641
	428,000	U.S. Treasury Bond, 2.750%, 2/15/2028		428,217
	169,000	U.S. Treasury Bond, 2.750%, 8/15/2047		161,520
	349,000	U.S. Treasury Bond, 2.750%, 11/15/2047		333,636
	122,000	U.S. Treasury Bond, 2.875%, 11/15/2046(a)		119,646
	262,000	U.S. Treasury Bond, 3.000%, 2/15/2047(a)		263,392
	129,000	U.S. Treasury Bond, 3.000%, 5/15/2047(a)		129,630
	350,000	U.S. Treasury Bond, 4.750%, 2/15/2037(a)		448,000
	82,000	U.S. Treasury Bond, 5.000%, 5/15/2037(a)		108,083
	251,000	U.S. Treasury Note, 1.625%, 8/31/2022(a)		241,499
	559,000	U.S. Treasury Note, 1.750%, 11/30/2021(a)		544,763
	95,000	U.S. Treasury Note, 1.750%, 6/30/2022(a)		92,072
	194,000	U.S. Treasury Note, 1.875%, 3/31/2022(a)		189,355
	144,000	U.S. Treasury Note, 1.875%, 4/30/2022(a)		140,439
	453,000	U.S. Treasury Note, 1.875%, 9/30/2022(a)		440,206
	613,000	U.S. Treasury Note, 2.000%, 1/31/2020		610,079
	221,000	U.S. Treasury Note, 2.000%, 10/31/2022(a)		215,820
	340,000	U.S. Treasury Note, 2.000%, 11/30/2022		331,885
	496,000	U.S. Treasury Note, 2.125%, 12/31/2022		486,448
	252,000	U.S. Treasury Note, 2.125%, 11/30/2024		243,505
	188,000	U.S. Treasury Note, 2.250%, 2/29/2020		187,912
	815,000	U.S. Treasury Note, 2.250%, 3/31/2020		814,586
	190,000	U.S. Treasury Note, 2.250%, 2/15/2021		189,273
	465,000	U.S. Treasury Note, 2.250%, 12/31/2024		452,630
	179,000	U.S. Treasury Note, 2.250%, 11/15/2027		171,462
	213,000	U.S. Treasury Note, 2.375%, 3/15/2021		212,909
	281,000	U.S. Treasury Note, 2.375%, 1/31/2023		278,695
	86,000	U.S. Treasury Note, 2.375%, 5/15/2027(a)		83,437
	216,000	U.S. Treasury Note, 2.500%, 3/31/2023		215,334
	348,000	U.S. Treasury Note, 2.625%, 2/28/2023		349,060

				8,703,282

		Wirelines – 1.6%
	107,000	AT&T, Inc., 3.400%, 5/15/2025(a)		103,099
	35,000	AT&T, Inc., 4.900%, 8/14/2037(a)		35,198
	9,000	AT&T, Inc., 5.150%, 3/15/2042		9,272
	54,000	AT&T, Inc., 5.250%, 3/01/2037(a)		57,125
	39,000	Bell Canada, Inc., 4.464%, 4/01/2048		39,689
	61,000	Verizon Communications, Inc., 4.272%, 1/15/2036(a)		58,393
	74,000	Verizon Communications, Inc., 5.150%, 9/15/2023(a)		79,838
	35,000	Verizon Communications, Inc., 5.250%, 3/16/2037		37,741

				420,355


		Total Non-Convertible Bonds
		(Identified Cost $27,846,796)		27,597,985


	Municipals – 0.8%

		California – 0.3%
	35,000	State of California, 7.500%, 4/01/2034(a)		50,484
	25,000	State of California, Build America Bonds, GO, 7.300%, 10/01/2039(a)		36,459

				86,943

		Illinois – 0.2%
	55,000	State of Illinois, GO, 5.877%, 3/01/2019		56,191

See accompanying notes to financial statements.

| 14

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Core Disciplined Alpha Bond Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		New Jersey – 0.3%
$	9,000	New Jersey Economic Development Authority, Series A, (NATL-RE Insured), 7.425%, 2/15/2029	$	11,129
	20,000	New Jersey Transportation Trust Fund Authority, 6.561%, 12/15/2040		25,433
	30,000	New Jersey Transportation Trust Fund Authority, Build America Bonds, Revenue, Series C, 5.754%, 12/15/2028(a)		33,602

				70,164


		Total Municipals
		(Identified Cost $214,265)		213,298


		Total Bonds and Notes
		(Identified Cost $28,061,061)		27,811,283


	Short-Term Investments – 16.0%
	133,000	JPMorgan Securities LLC, 0.010%, 6/12/2018(h)		132,415
	3,969,321	State Street Institutional Liquid Reserves Fund		3,969,321
	132,000	USAA Capital Corp., 0.010%, 4/04/2018(h)		131,982


		Total Short-Term Investments
		(Identified Cost $4,233,433)		4,233,718


		Total Investments – 121.0%
		(Identified Cost $32,294,494)		32,045,001
		Other assets less liabilities—(21.0)%		(5,569,225	)


		Net Assets – 100.0%	$	26,475,776


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Security (or a portion thereof) has been designated to cover the Fund’s obligations under open TBA transactions.
	(b)	Variable rate security. Rate as of March 31, 2018 is disclosed.
	(c)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of March 31, 2018 is disclosed.
	(d)	Illiquid security.
	(e)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At March 31, 2018, the value of these securities amounted to $180,878 or 0.7% of net assets. See Note 2 of Notes to Financial Statements.
	(f)	The Fund’s investment in mortgage related securities of Federal Home Loan Mortgage Corporation and Federal 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)	When-issued/delayed delivery. See Note 2 of Notes to Financial Statements.
	(h)	Interest rate represents discount rate at time of purchase; not a coupon rate.
	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2018, the value of Rule 144A holdings amounted to $2,447,031 or 9.2% of net assets.
	ABS	Asset-Backed Securities
	FHLMC	Federal Home Loan Mortgage Corp.
	FNMA	Federal National Mortgage Association
	GMTN	Global Medium Term Note
	GNMA	Government National Mortgage Association
	GO	General Obligation
	LIBOR	London Interbank Offered Rate
	MTN	Medium Term Note
	REITs	Real Estate Investment Trusts
	REMIC	Real Estate Mortgage Investment Conduit
	TBA	To Be Announced

Industry Summary at March 31, 2018 (Unaudited)


Treasuries	32.9	%
Mortgage Related	26.3
Banking	6.9
ABS Car Loan	6.2
Electric	3.9
ABS Credit Card	3.2
Non-Agency Commercial Mortgage-Backed Securities	2.7
Other Investments, less than 2% each	22.9
Short-Term Investments	16.0

Total Investments	121.0
Other assets less liabilities	(21.0	)

Net Assets	100.0	%

See accompanying notes to financial statements.

15 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Fixed Income Fund


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – 72.1% of Net Assets

	Non-Convertible Bonds – 66.3%

		ABS Other – 0.2%
$	1,135,791	GCA2014 Holdings Ltd., Series 2014-1, Class C, 6.000%, 1/05/2030, 144A(a)(b)(c)(d)	$	840,486
	452,688	GCA2014 Holdings Ltd., Series 2014-1, Class D, 7.500%, 1/05/2030, 144A(a)(b)(c)(d)		179,943
	1,855,000	GCA2014 Holdings Ltd., Series 2014-1, Class E, Zero Coupon, 1/05/2030, 144A(a)(b)(c)(d)(e)		—
	789,843	Global Container Assets Ltd., Series 2015-1A, Class B, 4.500%, 2/05/2030, 144A(c)(f)		751,764

				1,772,193

		Aerospace & Defense – 2.1%
	7,865,000	Bombardier, Inc., 6.000%, 10/15/2022, 144A		7,796,181
	175,000	Bombardier, Inc., 7.450%, 5/01/2034, 144A		175,991
	1,265,000	Embraer Netherlands Finance BV, 5.400%, 2/01/2027		1,336,599
	807,000	Leonardo U.S. Holdings, Inc., 6.250%, 1/15/2040, 144A		897,529
	722,000	Leonardo U.S. Holdings, Inc., 7.375%, 7/15/2039, 144A		880,840
	6,855,000	Textron, Inc., 5.950%, 9/21/2021		7,417,560
	1,290,000	Textron, Inc., 7.250%, 10/01/2019		1,370,853
	1,468,000	TransDigm, Inc., 6.500%, 7/15/2024		1,504,700

				21,380,253

		Airlines – 2.4%
	543,768	Air Canada Pass Through Trust, Series 2013-1, Class B, 5.375%, 11/15/2022, 144A		560,081
	2,130,000	American Airlines Group, Inc., 5.500%, 10/01/2019, 144A		2,179,310
	303,302	American Airlines Pass Through Certificates, Series 2013-1, Class B, 5.625%, 7/15/2022, 144A		310,860
	9,679,875	American Airlines Pass Through Certificates, Series 2016-1, Class B, 5.250%, 7/15/2025		10,018,670
	2,030,906	American Airlines Pass Through Certificates, Series 2017-1B, Class B, 4.950%, 8/15/2026		2,086,756
	930,279	American Airlines Pass Through Trust, Series 2013-1 Class A, 4.000%, 1/15/2027		935,991
	6,963	Continental Airlines Pass Through Certificates, Series 2000-2, Class B, 8.307%, 10/02/2019		6,963
	149,576	Continental Airlines Pass Through Certificates, Series 2012-1, Class B, 6.250%, 10/11/2021		154,811
	162,014	Continental Airlines Pass Through Certificates, Series 2012-2, Class B, 5.500%, 4/29/2022		166,324

		Airlines – continued
	1,745,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		1,745,000
	627,250	UAL Pass Through Trust, Series 2007-1, Class A, 6.636%, 1/02/2024		657,484
	1,453,910	United Airlines Pass Through Trust, Series 2014-1, Class A, 4.000%, 10/11/2027		1,468,245
	1,031,427	US Airways Pass Through Trust, Series 2011-1, Class A, 7.125%, 4/22/2025		1,149,938
	734,126	US Airways Pass Through Trust, Series 2012-1A, Class A, 5.900%, 4/01/2026		792,856
	366,848	US Airways Pass Through Trust, Series 2012-1B, Class B, 8.000%, 4/01/2021		387,942
	1,771,582	US Airways Pass Through Trust, Series 2012-2A, Class A, 4.625%, 12/03/2026		1,825,970
	156,235	Virgin Australia Pass Through Certificates, Series 2013-1B, 6.000%, 4/23/2022, 144A		159,394
	166,212	Virgin Australia Pass Through Certificates, Series 2013-1C, 7.125%, 10/23/2018, 144A		168,436

				24,775,031

		Automotive – 3.5%
	690,000	Ford Motor Co., 4.346%, 12/08/2026		682,538
	2,835,000	Ford Motor Co., 5.291%, 12/08/2046		2,772,335
	1,550,000	Ford Motor Co., 6.375%, 2/01/2029		1,734,982
	1,030,000	Ford Motor Co., 6.500%, 8/01/2018		1,042,411
	165,000	Ford Motor Co., 6.625%, 2/15/2028		189,333
	4,230,000	Ford Motor Co., 6.625%, 10/01/2028		4,864,721
	4,955,000	Ford Motor Co., 7.450%, 7/16/2031		6,003,534
	1,645,000	Ford Motor Co., 7.500%, 8/01/2026		1,966,207
	600,000	Ford Motor Credit Co. LLC, 5.000%, 5/15/2018		601,440
	9,685,000	Ford Motor Credit Co. LLC, GMTN, 4.389%, 1/08/2026		9,629,572
	1,325,000	General Motors Co., 5.200%, 4/01/2045		1,289,088
	2,175,000	General Motors Financial Co., Inc., 4.375%, 9/25/2021		2,235,660
	2,865,000	General Motors Financial Co., Inc., 5.250%, 3/01/2026		3,026,020
	375,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		403,125
	515,000	Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc., 7.875%, 10/01/2022, 144A		516,288

				36,957,254

		Banking – 9.9%
	6,735,000	Ally Financial, Inc., 5.125%, 9/30/2024		6,878,119
	1,146,000	Ally Financial, Inc., 8.000%, 11/01/2031		1,398,120
	1,900,000	Bank of America Corp., 5.490%, 3/15/2019		1,944,459

See accompanying notes to financial statements.

| 16

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Banking – continued
$	4,570,000	Bank of America Corp., 6.110%, 1/29/2037	$	5,498,472
	2,424,000	Bank of America Corp., (fixed rate to 12/20/2022, variable rate thereafter), 3.004%, 12/20/2023, 144A		2,377,598
	368,000	Bank of America Corp., (fixed rate to 12/20/2027, variable rate thereafter), 3.419%, 12/20/2028, 144A		352,506
	50,000	Bank of America Corp., EMTN, 3-month EURIBOR + 0.550%, 0.223%, 9/14/2018, (EUR)(g)		61,533
	1,000,000	Bank of America Corp., EMTN, 4.625%, 9/14/2018, (EUR)		1,255,551
	1,060,000	Bank of America Corp., MTN, 5.650%, 5/01/2018		1,062,671
	1,700,000	Bank of America Corp., Series L, MTN, 4.183%, 11/25/2027		1,685,286
	14,790,000	Bank of Nova Scotia (The), 2.462%, 3/14/2019, (CAD)		11,526,063
	1,000,000	BNP Paribas S.A., (fixed rate to 6/25/2037, variable rate thereafter), 7.195%, 144A(h)		1,110,000
	3,340,000	Citigroup, Inc., 5.130%, 11/12/2019, (NZD)		2,511,691
	6,560,000	Goldman Sachs Group, Inc. (The), 3.550%, 2/12/2021, (CAD)		5,199,883
	1,955,000	Goldman Sachs Group, Inc. (The), GMTN, 5.375%, 3/15/2020		2,038,478
	6,100,000	HBOS PLC, GMTN, 6.750%, 5/21/2018, 144A		6,131,913
	3,605,000	JPMorgan Chase & Co., 4.250%, 11/02/2018, (NZD)		2,629,264
	4,000,000	Lloyds Banking Group PLC, 4.344%, 1/09/2048		3,727,593
	4,450,000	Lloyds Banking Group PLC, 5.300%, 12/01/2045		4,745,425
	5,125,000	Morgan Stanley, 2.125%, 4/25/2018		5,123,486
	1,360,000	Morgan Stanley, 2.500%, 1/24/2019		1,357,577
	2,120,000	Morgan Stanley, 3.950%, 4/23/2027		2,064,192
	300,000	Morgan Stanley, 4.350%, 9/08/2026		302,139
	2,780,000	Morgan Stanley, 4.750%, 11/16/2018, (AUD)		2,164,388
	3,115,000	Morgan Stanley, 5.750%, 1/25/2021		3,319,728
	13,040,000	Morgan Stanley, MTN, 4.100%, 5/22/2023		13,215,429
	3,950,000	Morgan Stanley, Series MPLE, 3.125%, 8/05/2021, (CAD)		3,096,229
	185,000	Royal Bank of Scotland Group PLC, 5.250%, (EUR)(h)		230,615
	1,920,000	Royal Bank of Scotland Group PLC, 6.000%, 12/19/2023		2,045,339
	2,300,000	Royal Bank of Scotland Group PLC, Series U, 3-month LIBOR + 2.320%, 4.622%(g)(h)		2,317,250
	650,000	Royal Bank of Scotland PLC (The), EMTN, 6.934%, 4/09/2018, (EUR)		800,582
	5,000,000	Societe Generale S.A., 5.200%, 4/15/2021, 144A		5,273,545

				103,445,124


		Brokerage – 1.6%
	349,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 6.875%, 4/15/2022, 144A		345,510
	200,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.250%, 8/15/2024, 144A		197,380
	2,890,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.500%, 4/15/2021, 144A		2,922,512
	1,245,000	Jefferies Group LLC, 5.125%, 4/13/2018		1,245,697
	3,225,000	Jefferies Group LLC, 5.125%, 1/20/2023		3,412,608
	3,055,000	Jefferies Group LLC, 6.250%, 1/15/2036		3,321,806
	1,805,000	Jefferies Group LLC, 6.450%, 6/08/2027		2,039,071
	2,530,000	Jefferies Group LLC, 6.875%, 4/15/2021		2,758,103

				16,242,687

		Building Materials – 0.4%
	2,085,000	Atrium Windows & Doors, Inc., 7.750%, 5/01/2019, 144A		2,090,734
	213,000	Masco Corp., 6.500%, 8/15/2032		246,788
	182,000	Masco Corp., 7.125%, 3/15/2020		195,142
	380,000	Masco Corp., 7.750%, 8/01/2029		481,099
	1,188,000	Owens Corning, 7.000%, 12/01/2036		1,520,688

				4,534,451

		Cable Satellite – 1.4%
	1,645,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2027, 144A		1,561,763
	665,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 1/15/2024		674,975
	2,000,000	CSC Holdings LLC, 5.375%, 2/01/2028, 144A		1,889,180
	6,295,000	DISH DBS Corp., 5.000%, 3/15/2023		5,657,631
	375,000	Time Warner Cable LLC, 4.500%, 9/15/2042		324,788
	1,500,000	Time Warner Cable LLC, 6.550%, 5/01/2037		1,686,453
	800,000	Virgin Media Finance PLC, 6.000%, 10/15/2024, 144A		792,000
	2,210,000	Ziggo Secured Finance BV, 5.500%, 1/15/2027, 144A		2,076,759

				14,663,549

		Chemicals – 2.1%
	220,000	Chemours Co. (The), 6.625%, 5/15/2023		231,000
	3,760,000	Consolidated Energy Finance S.A., 6.750%, 10/15/2019, 144A		3,802,300
	5,240,000	Hexion, Inc., 7.875%, 2/15/2023(c)(f)		3,812,100
	905,000	Hexion, Inc., 9.200%, 3/15/2021(c)(f)		661,962
	7,395,000	Hexion, Inc./Hexion Nova Scotia Finance ULC, 9.000%, 11/15/2020		5,663,239
	6,830,000	INVISTA Finance LLC, 4.250%, 10/15/2019, 144A		6,820,438
	620,000	Methanex Corp., 5.250%, 3/01/2022		641,535

				21,632,574

See accompanying notes to financial statements.

17 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Construction Machinery – 0.1%
$	965,000	Toro Co. (The), 6.625%, 5/01/2037(c)(f)	$	1,136,413
	395,000	United Rentals North America, Inc., 4.875%, 1/15/2028		381,175

				1,517,588

		Consumer Products – 0.1%
	880,000	Avon Products, Inc., 8.950%, 3/15/2043		754,600

		Diversified Manufacturing – 0.0%
	45,000	General Electric Co., GMTN, 3.100%, 1/09/2023		44,085

		Electric – 2.9%
	2,385,000	AES Corp. (The), 4.875%, 5/15/2023		2,426,737
	166,000	AES Corp. (The), 5.500%, 4/15/2025		171,959
	2,026,849	Alta Wind Holdings LLC, 7.000%, 6/30/2035, 144A		2,287,903
	2,882,891	Bruce Mansfield Unit Pass Through Trust, 6.850%, 6/01/2034(c)(f)		891,073
	1,175,000	Dynegy, Inc., 8.125%, 1/30/2026, 144A		1,296,906
	4,120,000	EDP Finance BV, 4.125%, 1/15/2020, 144A		4,184,272
	7,305,000	EDP Finance BV, 4.900%, 10/01/2019, 144A		7,499,737
	1,200,000	EDP Finance BV, EMTN, 8.625%, 1/04/2024, (GBP)		2,229,682
	1,589,000	Empresa Nacional de Electricidad S.A., 7.875%, 2/01/2027		1,978,632
	3,800,000	Enel Finance International NV, 6.000%, 10/07/2039, 144A		4,462,836
	100,000	Enel Finance International NV, 6.800%, 9/15/2037, 144A		126,657
	750,000	Enel Finance International NV, EMTN, 5.750%, 9/14/2040, (GBP)		1,431,520
	1,476,611	Mackinaw Power LLC, 6.296%, 10/31/2023, 144A(c)(f)		1,520,466

				30,508,380

		Finance Companies – 4.5%
	1,800,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.500%, 5/26/2022		1,773,143
	1,200,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.950%, 2/01/2022		1,203,060
	300,000	AGFC Capital Trust I, 3-month LIBOR + 1.750%, 3.472%, 1/15/2067, 144A(g)		153,000
	1,680,000	International Lease Finance Corp., 4.625%, 4/15/2021		1,733,996
	4,695,000	International Lease Finance Corp., 6.250%, 5/15/2019		4,856,147
	4,905,000	International Lease Finance Corp., 7.125%, 9/01/2018, 144A		4,986,691
	3,903,000	Navient Corp., 5.875%, 10/25/2024		3,824,940
	31,725(††)	Navient Corp., 6.000%, 12/15/2043		735,809
	5,900,000	Navient Corp., MTN, 6.125%, 3/25/2024		5,877,875

		Finance Companies – continued
	4,668,000	Navient LLC, 5.500%, 1/25/2023		4,586,310
	726,000	Navient LLC, MTN, 5.500%, 1/15/2019		733,986
	5,185,000	Navient LLC, Series A, MTN, 5.625%, 8/01/2033(c)(f)		4,536,875
	2,302,000	Navient LLC, Series A, MTN, 8.450%, 6/15/2018		2,321,567
	1,040,000	Quicken Loans, Inc., 5.250%, 1/15/2028, 144A		972,400
	910,000	Quicken Loans, Inc., 5.750%, 5/01/2025, 144A		907,725
	1,105,000	Springleaf Finance Corp., 5.250%, 12/15/2019		1,127,100
	3,770,000	Springleaf Finance Corp., 6.000%, 6/01/2020		3,892,525
	2,595,000	Springleaf Finance Corp., 6.875%, 3/15/2025		2,604,731

				46,827,880

		Food & Beverage – 0.2%
	2,445,000	Constellation Brands, Inc., 4.750%, 11/15/2024		2,570,976

		Government Owned – No Guarantee – 0.4%
	1,715,000	Pertamina Persero PT, 6.450%, 5/30/2044, 144A		1,939,291
	1,605,000	Petrobras Global Finance BV, 4.375%, 5/20/2023		1,574,986
	965,000	Petrobras Global Finance BV, 5.625%, 5/20/2043		841,963

				4,356,240

		Healthcare – 3.0%
	135,000	CHS/Community Health Systems, Inc., 5.125%, 8/01/2021		125,550
	335,000	CHS/Community Health Systems, Inc., 6.875%, 2/01/2022		193,881
	610,000	HCA, Inc., 5.875%, 3/15/2022		642,788
	4,960,000	HCA, Inc., 5.875%, 5/01/2023		5,133,600
	2,932,000	HCA, Inc., 7.050%, 12/01/2027		3,100,590
	1,475,000	HCA, Inc., 7.500%, 12/15/2023		1,618,812
	1,440,000	HCA, Inc., 7.500%, 11/06/2033		1,573,200
	900,000	HCA, Inc., 7.690%, 6/15/2025		992,250
	2,220,000	HCA, Inc., 8.360%, 4/15/2024		2,536,350
	2,930,000	HCA, Inc., MTN, 7.580%, 9/15/2025		3,212,012
	430,000	HCA, Inc., MTN, 7.750%, 7/15/2036		473,000
	1,065,000	Kindred Healthcare, Inc., 8.750%, 1/15/2023		1,126,238
	1,425,000	Tenet Healthcare Corp., 4.375%, 10/01/2021		1,400,062
	2,245,000	Tenet Healthcare Corp., 4.500%, 4/01/2021		2,225,356
	990,000	Tenet Healthcare Corp., 5.125%, 5/01/2025, 144A		951,638
	3,720,000	Tenet Healthcare Corp., 6.750%, 6/15/2023		3,640,950
	1,775,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		1,615,250
	465,000	Tenet Healthcare Corp., 7.500%, 1/01/2022, 144A		489,994

				31,051,521

See accompanying notes to financial statements.

| 18

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Home Construction – 0.8%
$	27,000	Beazer Homes USA, Inc., 7.250%, 2/01/2023	$	27,911
	270,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021(c)(f)		244,118
	835,000	KB Home, 8.000%, 3/15/2020		897,625
	3,920,000	PulteGroup, Inc., 6.000%, 2/15/2035		3,969,000
	3,020,000	PulteGroup, Inc., 6.375%, 5/15/2033		3,155,900
	15,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.875%, 6/15/2024		15,221

				8,309,775

		Independent Energy – 3.0%
	2,920,000	Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.000%, 4/01/2022, 144A		3,153,600
	644,000	California Resources Corp., 5.500%, 9/15/2021		496,402
	86,000	California Resources Corp., 6.000%, 11/15/2024		52,544
	3,105,000	Chesapeake Energy Corp., 4.875%, 4/15/2022		2,872,125
	335,000	Chesapeake Energy Corp., 5.750%, 3/15/2023		301,919
	1,135,000	Chesapeake Energy Corp., 6.125%, 2/15/2021		1,140,675
	720,000	Chesapeake Energy Corp., 6.625%, 8/15/2020		741,600
	995,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		1,027,337
	3,125,000	Chesapeake Energy Corp., 8.000%, 6/15/2027, 144A		2,984,375
	1,880,000	Continental Resources, Inc., 3.800%, 6/01/2024		1,809,500
	650,000	Continental Resources, Inc., 4.500%, 4/15/2023		657,313
	40,000	Continental Resources, Inc., 5.000%, 9/15/2022		40,550
	160,000	Halcon Resources Corp., 6.750%, 2/15/2025		157,200
	895,000	MEG Energy Corp., 7.000%, 3/31/2024, 144A		738,375
	5,955,000	Newfield Exploration Co., 5.625%, 7/01/2024		6,282,525
	345,000	QEP Resources, Inc., 5.250%, 5/01/2023		332,076
	385,000	RSP Permian, Inc., 6.625%, 10/01/2022		402,321
	315,000	SM Energy Co., 5.000%, 1/15/2024		292,163
	1,510,000	SM Energy Co., 5.625%, 6/01/2025		1,430,725
	1,641,000	SM Energy Co., 6.125%, 11/15/2022		1,641,000
	15,000	SM Energy Co., 6.500%, 11/15/2021		15,094
	665,000	SM Energy Co., 6.500%, 1/01/2023		660,012
	875,000	SM Energy Co., 6.750%, 9/15/2026		866,250
	1,575,000	Vine Oil & Gas LP/Vine Oil & Gas Finance Corp., 8.750%, 4/15/2023, 144A		1,468,687
	980,000	Whiting Petroleum Corp., 5.750%, 3/15/2021		989,780

		Independent Energy – continued
	280,000	Whiting Petroleum Corp., 6.250%, 4/01/2023		282,834

				30,836,982

		Life Insurance – 1.5%
	160,000	American International Group, Inc., 4.125%, 2/15/2024		162,359
	130,000	American International Group, Inc., 4.875%, 6/01/2022		137,103
	3,700,000	AXA S.A., (fixed rate to 12/14/2036, variable rate thereafter), 6.379%, 144A(h)		4,144,000
	200,000	AXA S.A., EMTN, (fixed rate to 4/16/2020, variable rate thereafter), 5.250%, 4/16/2040, (EUR)		268,996
	4,345,000	Global Atlantic Fin Co., 8.625%, 4/15/2021, 144A		4,921,567
	1,115,000	MetLife, Inc., 10.750%, 8/01/2069		1,750,550
	2,270,000	MetLife, Inc., (fixed rate to 4/08/2038, variable rate thereafter), 9.250%, 4/08/2068, 144A		3,087,200
	1,165,000	Penn Mutual Life Insurance Co. (The), 6.650%, 6/15/2034, 144A		1,378,978

				15,850,753

		Local Authorities – 0.1%
	830,000	New South Wales Treasury Corp., 3.500%, 3/20/2019, (AUD)		646,776

		Media Entertainment – 0.8%
	24,000,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		999,387
	3,805,000	iHeartCommunications, Inc., 9.000%, 9/15/2022(i)		2,986,925
	500,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 5.250%, 2/15/2022		508,750
	1,250,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 5.875%, 3/15/2025		1,267,187
	1,475,000	R.R. Donnelley & Sons Co., 6.000%, 4/01/2024		1,408,625
	72,000	R.R. Donnelley & Sons Co., 6.500%, 11/15/2023		70,920
	306,000	R.R. Donnelley & Sons Co., 7.000%, 2/15/2022		317,093
	295,000	R.R. Donnelley & Sons Co., 7.875%, 3/15/2021		306,048

				7,864,935

		Metals & Mining – 1.5%
	2,602,232	1839688 Alberta ULC, PIK, 14.000%, 2/13/2020(a)(b)(c)(i)(j)		1,041
	6,630,000	ArcelorMittal, 7.000%, 3/01/2041		7,707,375
	3,300,000	ArcelorMittal, 7.250%, 10/15/2039		3,902,250
	2,525,000	First Quantum Minerals Ltd., 7.250%, 5/15/2022, 144A		2,525,000
	200,000	First Quantum Minerals Ltd., 7.500%, 4/01/2025, 144A		197,000
	1,580,000	United States Steel Corp., 6.650%, 6/01/2037		1,548,400

				15,881,066

See accompanying notes to financial statements.

19 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Midstream – 2.3%
$	575,000	DCP Midstream Operating LP, 6.450%, 11/03/2036, 144A	$	618,125
	250,000	El Paso Corp., GMTN, 7.800%, 8/01/2031		317,983
	1,700,000	Enable Midstream Partners LP, 5.000%, 5/15/2044		1,592,976
	1,160,000	Enbridge Energy Partners LP, 7.375%, 10/15/2045		1,498,762
	3,000,000	EnLink Midstream Partners LP, 4.150%, 6/01/2025		2,915,792
	300,000	Florida Gas Transmission Co. LLC, 7.900%, 5/15/2019, 144A		316,431
	1,300,000	IFM U.S. Colonial Pipeline 2 LLC, 6.450%, 5/01/2021, 144A		1,390,893
	3,470,000	NGL Energy Partners LP/NGL Energy Finance Corp., 6.125%, 3/01/2025		3,305,175
	225,000	NGL Energy Partners LP/NGL Energy Finance Corp., 6.875%, 10/15/2021		224,438
	1,565,000	NGL Energy Partners LP/NGL Energy Finance Corp., 7.500%, 11/01/2023		1,570,869
	95,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		114,950
	115,000	ONEOK Partners LP, 6.200%, 9/15/2043		134,103
	1,280,000	Summit Midstream Partners LP, Series A, (fixed rate to 12/15/2022, variable rate thereafter), 9.500%(h)		1,303,949
	7,195,000	Transcontinental Gas Pipe Line Co. LLC, 7.850%, 2/01/2026		8,853,111

				24,157,557

		Non-Agency Commercial Mortgage-Backed Securities – 0.1%
	82,917	GS Mortgage Securities Trust, Series 2007-GG10, Class AM, 5.826%, 8/10/2045(k)		83,618
	597,940	Institutional Mortgage Securities Canada, Inc., Series 2014-5A, Class A1, 2.003%, 7/12/2047, 144A, (CAD)		463,426

				547,044

		Oil Field Services – 0.9%
	225,000	Shelf Drilling Holdings Ltd., 8.250%, 2/15/2025, 144A		225,563
	6,453,000	Transocean Proteus Ltd., 6.250%, 12/01/2024, 144A		6,565,927
	400,000	Transocean, Inc., 5.800%, 10/15/2022		384,000
	2,610,000	Transocean, Inc., 6.800%, 3/15/2038		2,035,800

				9,211,290

		Packaging – 1.3%
	11,450,000	Owens-Brockway Glass Container, Inc., 5.375%, 1/15/2025, 144A		11,492,938

		Packaging – continued
	1,910,000	Sealed Air Corp., 5.500%, 9/15/2025, 144A		1,976,850

				13,469,788

		Paper – 1.2%
	2,894,000	Georgia-Pacific LLC, 7.375%, 12/01/2025		3,581,314
	5,492,000	Georgia-Pacific LLC, 7.750%, 11/15/2029		7,494,601
	350,000	WestRock MWV LLC, 7.950%, 2/15/2031		465,156
	1,035,000	WestRock MWV LLC, 8.200%, 1/15/2030		1,394,213

				12,935,284

		Property & Casualty Insurance – 0.7%
	1,630,000	MBIA Insurance Corp., 3-month LIBOR + 11.260%, 12.982%, 1/15/2033, 144A(e)(g)		700,900
	3,275,000	Old Republic International Corp., 4.875%, 10/01/2024		3,453,329
	1,430,000	XLIT Ltd., 6.250%, 5/15/2027		1,644,629
	1,135,000	XLIT Ltd., 6.375%, 11/15/2024		1,311,641

				7,110,499

		REITs – Office Property – 0.0%
	475,000	Highwoods Realty LP, 7.500%, 4/15/2018		475,748

		REITs – Single Tenant – 0.0%
	275,000	Realty Income Corp., 5.750%, 1/15/2021		292,210

		Retailers – 0.7%
	1,025,000	Dillard’s, Inc., 7.750%, 7/15/2026		1,150,573
	605,000	Foot Locker, Inc., 8.500%, 1/15/2022		697,262
	440,000	GameStop Corp., 5.500%, 10/01/2019, 144A		442,750
	2,000	J.C. Penney Corp., Inc., 5.650%, 6/01/2020		2,050
	793,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		491,660
	106,000	J.C. Penney Corp., Inc., 8.125%, 10/01/2019		112,493
	2,145,000	TRU Taj LLC/TRU Taj Finance, Inc., 11.000%, 1/22/2019, 144A(c)(f)		2,222,692
	2,121,000	TRU Taj LLC/TRU Taj Finance, Inc., 12.000%, 8/15/2021, 144A(c)(f)		1,638,472

				6,757,952

		Sovereigns – 0.7%
	2,265,000	Kingdom of Saudi Arabia, 2.375%, 10/26/2021, 144A		2,181,195
	5,040,000	Kingdom of Saudi Arabia, 3.250%, 10/26/2026, 144A		4,719,829

				6,901,024

		Supermarkets – 1.4%
	690,000	Albertson’s Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC, 5.750%, 3/15/2025		588,432

See accompanying notes to financial statements.

| 20

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Supermarkets – continued
$	760,000	Albertson’s Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC, 6.625%, 6/15/2024	$	681,150
	7,780,000	New Albertsons LP, 7.450%, 8/01/2029		6,224,000
	2,445,000	New Albertsons LP, 7.750%, 6/15/2026		2,102,700
	3,670,000	New Albertsons LP, 8.000%, 5/01/2031		3,009,400
	705,000	New Albertsons LP, 8.700%, 5/01/2030		622,163
	2,105,000	New Albertsons LP, Series C, MTN, 6.625%, 6/01/2028		1,620,850

				14,848,695

		Technology – 0.4%
	860,000	Advanced Micro Devices, Inc., 7.000%, 7/01/2024		903,000
	2,095,000	Hewlett Packard Enterprise Co., 6.350%, 10/15/2045		2,238,299
	579,000	Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		663,459

				3,804,758

		Transportation Services – 0.2%
	2,500,000	APL Ltd., 8.000%, 1/15/2024(c)(f)		2,425,000

		Treasuries – 10.2%
	13,195,000	Canadian Government International Bond, 0.750%, 9/01/2020, (CAD)		9,981,538
	10,950,000	Canadian Government International Bond, 1.250%, 9/01/2018, (CAD)		8,493,719
	8,305,000	Canadian Government International Bond, 1.750%, 9/01/2019, (CAD)		6,449,968
	107,395,000	Iceland Government International Bond, 7.250%, 10/26/2022, (ISK)		906,281
	271,710,000	Iceland Government International Bond, 8.750%, 2/26/2019, (ISK)		2,182,948
	424,300(†††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/10/2021, (MXN)		2,285,759
	200,000(†††)	Mexican Fixed Rate Bonds, Series M, 7.750%, 5/29/2031, (MXN)		1,125,688
	595,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 7.500%, 6/03/2027, (MXN)		3,313,076
	847,500(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		4,829,771
	150,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.500%, 5/31/2029, (MXN)		894,884
	1,455,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 10.000%, 12/05/2024, (MXN)		9,181,226

		Treasuries – continued
	21,085,000	New Zealand Government Bond, 5.000%, 3/15/2019, (NZD)		15,698,839
	10,220,000	Norway Government Bond, 3.750%, 5/25/2021, 144A, (NOK)		1,405,820
	14,660,000	Norway Government Bond, 4.500%, 5/22/2019, 144A, (NOK)		1,947,797
	10,150,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)		3,093,775
	14,635,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		4,877,654
	20,000,000	U.S. Treasury Note, 0.750%, 9/30/2018		19,883,594
	10,000,000	U.S. Treasury Note, 1.250%, 6/30/2019		9,884,375

				106,436,712

		Wireless – 0.7%
	72,400,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		3,678,780
	2,627,000	Sprint Capital Corp., 6.875%, 11/15/2028		2,449,677
	300,000	Sprint Capital Corp., 8.750%, 3/15/2032		313,500
	735,000	Sprint Communications, Inc., 6.000%, 11/15/2022		721,219
	285,000	Sprint Corp., 7.125%, 6/15/2024		277,875

				7,441,051

		Wirelines – 3.0%
	195,000	Bell Canada, Inc., MTN, 6.550%, 5/01/2029, 144A, (CAD)		188,316
	690,000	Bell Canada, Inc., MTN, 7.300%, 2/23/2032, (CAD)		717,036
	210,000	Bell Canada, Inc., Series M-17, 6.100%, 3/16/2035, (CAD)		202,245
	1,535,000	CB Escrow Corp., 8.000%, 10/15/2025, 144A		1,429,469
	695,000	CenturyLink, Inc., 5.625%, 4/01/2025		627,237
	2,085,000	Cincinnati Bell, Inc., 7.000%, 7/15/2024, 144A		1,866,075
	795,000	Consolidated Communications, Inc., 6.500%, 10/01/2022		703,575
	200,000	Embarq Corp., 7.995%, 6/01/2036		188,500
	3,585,000	Level 3 Parent LLC, 5.750%, 12/01/2022		3,576,037
	7,205,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		6,484,500
	350,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		349,839
	775,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		697,500
	4,484,000	Qwest Corp., 6.875%, 9/15/2033		4,267,197
	1,220,000	Qwest Corp., 7.250%, 9/15/2025		1,316,286
	1,790,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		1,856,588
	1,010,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		1,095,850
	600,000	Telecom Italia SpA, EMTN, 5.250%, 3/17/2055, (EUR)		845,072
	450,000	Telefonica Emisiones SAU, 4.570%, 4/27/2023		473,154

See accompanying notes to financial statements.

21 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Wirelines – continued
	300,000	Telefonica Emisiones SAU, EMTN, 5.289%, 12/09/2022, (GBP)	$	483,257
	1,000,000	Telefonica Emisiones SAU, EMTN, 5.375%, 2/02/2026, (GBP)		1,662,592
	800,000	Telefonica Emisiones SAU, EMTN, 5.445%, 10/08/2029, (GBP)		1,380,160
	80,000	Windstream Services LLC/Windstream Finance Corp., 7.500%, 4/01/2023		56,586
	985,000	Windstream Services LLC/Windstream Finance Corp., 7.750%, 10/15/2020		822,475
	258,000	Windstream Services LLC/Windstream Finance Corp., 8.750%, 12/15/2024, 144A		153,017

				31,442,563


		Total Non-Convertible Bonds
		(Identified Cost $694,220,637)		690,681,848


	Convertible Bonds – 5.1%

		Building Materials – 0.5%
	4,555,000	KB Home, 1.375%, 2/01/2019		5,155,690

		Cable Satellite – 1.2%
	11,260,000	DISH Network Corp., 2.375%, 3/15/2024		9,957,117
	3,020,000	DISH Network Corp., 3.375%, 8/15/2026		2,908,864

				12,865,981
					��
		Chemicals – 0.0%
	332,000	RPM International, Inc., 2.250%, 12/15/2020		372,831

		Diversified Manufacturing – 0.0%
	275,000	Trinity Industries, Inc., 3.875%, 6/01/2036		374,794

		Finance Companies – 0.3%
	2,840,000	Euronet Worldwide, Inc., 1.500%, 10/01/2044		3,348,823

		Healthcare – 0.1%
	520,000	Evolent Health, Inc., 2.000%, 12/01/2021		522,050

		Leisure – 0.3%
	2,800,000	Rovi Corp., 0.500%, 3/01/2020		2,698,164

		Midstream – 0.6%
	4,045,000	Chesapeake Energy Corp., 5.500%, 9/15/2026		3,483,149
	1,380,000	SM Energy Co., 1.500%, 7/01/2021		1,302,720
	1,080,000	Whiting Petroleum Corp., 1.250%, 4/01/2020		1,016,536

				5,802,405

		Pharmaceuticals – 0.1%
	205,000	BioMarin Pharmaceutical, Inc., 0.599%, 8/01/2024		192,444

		Pharmaceuticals – continued
$	285,000	BioMarin Pharmaceutical, Inc., 1.500%, 10/15/2020		313,856

				506,300

		REITs – Mortgage – 0.1%
	1,265,000	iStar, Inc., 3.125%, 9/15/2022, 144A		1,203,668

		Technology – 1.9%
	4,095,000	Booking Holdings, Inc., 0.900%, 9/15/2021		5,110,970
	296,455	Liberty Interactive LLC, 3.500%, 1/15/2031		326,205
	1,145,000	Nuance Communications, Inc., 1.000%, 12/15/2035		1,089,147
	1,530,000	Nuance Communications, Inc., 1.250%, 4/01/2025, 144A		1,513,353
	9,434,000	Nuance Communications, Inc., 1.500%, 11/01/2035		9,613,614
	2,020,000	Viavi Solutions, Inc., 0.625%, 8/15/2033		2,063,709

				19,716,998


		Total Convertible Bonds
		(Identified Cost $50,439,991)		52,567,704


	Municipals – 0.7%

		Michigan – 0.2%
	2,095,000	Michigan Tobacco Settlement Finance Authority Taxable Turbo, Series A, 7.309%, 6/01/2034		2,083,917

		Virginia – 0.5%
	5,825,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046		5,499,674


		Total Municipals
		(Identified Cost $7,902,244)		7,583,591


		Total Bonds and Notes
		(Identified Cost $752,562,872)		750,833,143


	Shares

	Common Stocks – 2.2%

		Aerospace & Defense – 0.2%
	107,377	Arconic, Inc.		2,473,966

		Automobiles – 0.4%
	341,305	Ford Motor Co.		3,781,659

		Diversified Telecommunication Services – 0.0%
	6,123	Hawaiian Telcom Holdco, Inc.(e)		163,362

		Electronic Equipment, Instruments & Components – 0.5%
	205,167	Corning, Inc.		5,720,056

See accompanying notes to financial statements.

| 22

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Fixed Income Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Media – 0.0%
	6,787	Dex Media, Inc.(d)(e)	$	58,029

		Oil, Gas & Consumable Fuels – 0.1%
	54,259	Chesapeake Energy Corp.(e)		163,862
	11,107	Paragon Offshore Ltd., Litigation Units, Class A(d)(e)		11,851
	16,661	Paragon Offshore Ltd., Litigation Units, Class B(d)(e)		491,500

				667,213

		Pharmaceuticals – 1.0%
	160,000	Bristol-Myers Squibb Co.		10,120,000


		Total Common Stocks
		(Identified Cost $15,433,823)		22,984,285


	Preferred Stocks – 1.3%

	Convertible Preferred Stocks – 1.2%

		Banking – 0.4%
	2,844	Bank of America Corp., Series L, 7.250%		3,667,196

		Communications – 0.0%
	2,083	Cincinnati Bell, Inc., Series B, 6.750%		101,900

		Energy – 0.4%
	96,065	El Paso Energy Capital Trust I, 4.750%		4,540,032

		Midstream – 0.2%
	10,213	Chesapeake Energy Corp., 4.500%		503,093
	12,055	Chesapeake Energy Corp., 5.000%		654,737
	660	Chesapeake Energy Corp., Series A, 5.750%, 144A		377,025

				1,534,855

		REITs – Health Care – 0.0%
	7,400	Welltower, Inc., Series I, 6.500%		411,736

		REITs – Mortgage – 0.2%
	50,187	iStar, Inc., Series J, 4.500%		2,285,646


		Total Convertible Preferred Stocks
		(Identified Cost $11,430,555)		12,541,365


	Non-Convertible Preferred Stock – 0.1%

		Electric – 0.1%
	4,670	Union Electric Co., 4.500% (Identified Cost $246,343)		460,042


		Total Preferred Stocks
		(Identified Cost $11,676,898)		13,001,407


	Short-Term Investments – 24.3%
$	7,090,000	Federal Home Loan Bank Discount Notes, 1.560%, 5/21/2018(l)		7,073,594
	25,000,000	Federal Home Loan Bank Discount Notes, 1.445%, 5/10/2018(l)		24,955,150
	4,465,000	Federal Home Loan Bank Discount Notes, 1.652%, 6/01/2018(l)		4,452,199
	42,910,000	Federal National Mortgage Association Discount Notes, 1.400%-1.510%, 5/21/2018(l)(m)		42,810,706
	10,000,000	Federal National Mortgage Association Discount Notes, 1.420%, 5/07/2018(l)		9,983,470
	32,101,811	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/29/2018 at 0.900% to be repurchased at $32,105,021 on 4/02/2018 collateralized by $34,740,000 U.S. Treasury Note, 1.375% due 9/30/2023 valued at $32,745,264 including accrued interest (Note 2 of Notes to Financial Statements)		32,101,811
	60,000,000	U.S. Treasury Bills, 1.455%-1.456%, 5/03/2018(l)(m)		59,916,005
	25,000,000	U.S. Treasury Bills, 1.633%, 6/07/2018(l)		24,923,836
	5,180,000	U.S. Treasury Bills, 1.285%, 4/05/2018(l)		5,179,298
	10,535,000	U.S. Treasury Bills, 1.590%-1.605%, 5/31/2018(l)(m)		10,506,195
	21,590,000	U.S. Treasury Bills, 1.416%, 4/19/2018(l)		21,573,343
	10,000,000	U.S. Treasury Bills, 1.675%, 6/28/2018(l)		9,959,339


		Total Short-Term Investments
		(Identified Cost $253,464,104)		253,434,946


		Total Investments – 99.9%
		(Identified Cost $1,033,137,697)		1,040,253,781
		Other assets less liabilities—0.1%		1,414,008


		Net Assets – 100.0%	$	1,041,667,789


	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(††)	Amount shown represents units. One unit represents a principal amount of 25.
	(†††)	Amount shown represents units. One unit represents a principal amount of 100.
	(a)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
	(b)	Fair valued by the Fund’s adviser. At March 31, 2018, the value of these securities amounted to $1,021,470 or 0.1% of net assets. See Note 2 of Notes to Financial Statements.
	(c)	Illiquid security.

See accompanying notes to financial statements.

23 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Fixed Income Fund – continued


	(d)			Securities subject to restriction on resale. At March 31, 2018, the restricted securities held by the Fund are as follows:


	Acquisition Date	Cost		Value		% of Net Assets
Dex Media, Inc.	August 12, 2016	$	33,062	$	58,029		Less than 0.1%
GCA2014 Holdings Ltd., Series 2014-1, Class C	December 18, 2014		1,118,924		840,486		0.1%
GCA2014 Holdings Ltd., Series 2014-1, Class D	December 18, 2014		444,305		179,943		Less than 0.1%
GCA2014 Holdings Ltd., Series 2014-1, Class E	December 18, 2014		1,445,707		—		—
Paragon Offshore Ltd., Litigation Units Class A	July 18, 2017		73,304		11,851		Less than 0.1%
Paragon Offshore Ltd., Litigation Units Class B	July 18, 2017		1,466,032		491,500		Less than 0.1%



	(e)			Non-income producing security.
	(f)			Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At March 31, 2018, the value of these securities amounted to $19,840,935 or 1.9% of net assets. See Note 2 of Notes to Financial Statements.
	(g)			Variable rate security. Rate as of March 31, 2018 is disclosed.
	(h)			Perpetual bond with no specified maturity date.
	(i)			The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
	(j)			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.
	(k)			Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of March 31, 2018 is disclosed.
	(l)			Interest rate represents discount rate at time of purchase; not a coupon rate.
	(m)			The Fund’s investment in U.S. Government/Agency securities is comprised of various lots with differing discount rates. These separate investments, which have the same maturity date, have been aggregated for the purpose of presentation in the Portfolio of Investments.

	144A			All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2018, the value of Rule 144A holdings amounted to $156,277,760 or 15.0% of net assets.
	ABS			Asset-Backed Securities
	EMTN			Euro Medium Term Note
	EURIBOR			Euro Interbank Offered Rate
	GMTN			Global Medium Term Note
	LIBOR			London Interbank Offered Rate
	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
	ISK			Icelandic Krona
	MXN			Mexican Peso
	NOK			Norwegian Krone
	NZD			New Zealand Dollar

Industry Summary at March 31, 2018 (Unaudited)


Banking	10.3	%
Treasuries	10.2
Finance Companies	4.8
Automotive	3.5
Healthcare	3.1
Midstream	3.1
Wirelines	3.0
Electric	3.0
Independent Energy	3.0
Cable Satellite	2.6
Airlines	2.4
Aerospace & Defense	2.3
Technology	2.3
Chemicals	2.1
Other Investments, less than 2% each	19.9
Short-Term Investments	24.3

Total Investments	99.9
Other assets less liabilities	0.1

Net Assets	100.0	%

See accompanying notes to financial statements.

| 24

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Global Bond Fund


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – 96.1% of Net Assets

	Non-Convertible Bonds – 95.8%

		Australia – 3.1%
$	4,695,000	Asciano Finance Ltd., 4.625%, 9/23/2020, 144A(a)	$	4,803,290
	8,450,000	Commonwealth of Australia, Series 146, 1.750%, 11/21/2020, (AUD)		6,437,821
	25,475,000	Queensland Treasury Corp., Series 20, 6.250%, 2/21/2020, (AUD)		21,045,340

				32,286,451

		Belgium – 0.2%
	2,325,000	Anheuser-Busch InBev Finance, Inc., 4.700%, 2/01/2036		2,460,001

		Brazil – 2.1%
	33,200(††)	Brazil Notas do Tesouro Nacional, Series F, 10.000%, 1/01/2027, (BRL)		10,390,778
	4,400,000	Brazilian Government International Bond, 4.625%, 1/13/2028		4,312,000
	3,595,000	Embraer Netherlands Finance BV, 5.050%, 6/15/2025		3,687,104
	1,320,000	Raizen Fuels Finance S.A., 5.300%, 1/20/2027		1,333,860
	7,000,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)		2,133,638
	170,000	Vale Overseas Ltd., 6.250%, 8/10/2026		190,400

				22,047,780

		Canada – 2.4%
	1,985,000	Alimentation Couche-Tard, Inc., 1.875%, 5/06/2026, (EUR)(a)		2,509,107
	910,000	Alimentation Couche-Tard, Inc., 3.550%, 7/26/2027, 144A		873,808
	580,000	Alimentation Couche-Tard, Inc., 4.500%, 7/26/2047, 144A		565,448
	1,250,000	BMW Canada Auto Trust, Series 2017-1A, Class A2, 1.677%, 5/20/2020, 144A, (CAD)(a)		964,907
	5,670,000	Canadian Government Bond, 1.750%, 3/01/2023, (CAD)		4,356,308
	3,455,000	Export Development Canada, 1.800%, 9/01/2022, (CAD)(a)		2,627,849
	1,020,000	Ford Auto Securitization Trust, Series 2017-R5A, Class A2, 2.082%, 11/15/2021, 144A, (CAD)(a)		789,802
	800,000	GMF Canada Leasing Trust, Series 2017-1A, Class A2, 2.263%, 9/21/2020, 144A, (CAD)(a)		620,899
	2,181,563	Institutional Mortgage Securities Canada, Inc., Series 2014-5A, Class A1, 2.003%, 7/12/2047, 144A, (CAD)(a)		1,690,794
	7,400,000	Province of British Columbia, 4.300%, 6/18/2042, (CAD)(a)		7,091,789
	3,210,000	Province of Manitoba Canada, MTN, 4.400%, 9/05/2025, (CAD)(a)		2,771,485

				24,862,196


		Chile – 0.5%
$	5,420,000	Corp. Nacional del Cobre de Chile, 4.500%, 9/16/2025, 144A(a)	$	5,645,088

		Colombia – 0.5%
	13,607,000,000	Titulos De Tesoreria, 7.500%, 8/26/2026, (COP)(a)		5,223,451

		Denmark – 1.0%
	60,330,000	Denmark Government Bond, 1.750%, 11/15/2025, (DKK)(a)		11,066,601

		Finland – 0.1%
	630,000	Nokia Oyj, 4.375%, 6/12/2027		591,412

		France – 2.7%
	1,800,000	AXA S.A., EMTN, (fixed rate to 1/16/2034, variable rate thereafter), 5.625%, 1/16/2054, (GBP)		2,833,376
	1,840,000	BNP Paribas S.A., 4.375%, 5/12/2026, 144A		1,834,312
	8,505,000	France Government Bond OAT, 0.500%, 5/25/2026, (EUR)(a)		10,510,267
	1,315,000	France Government Bond OAT, 4.500%, 4/25/2041, (EUR)(a)		2,636,854
	5,700,000	French Republic Government Bond OAT, 3.250%, 5/25/2045, (EUR)(a)		9,794,693
	1,340,000	Societe Generale S.A., 4.000%, 1/12/2027, 144A		1,327,903

				28,937,405

		Germany – 6.7%
	6,500,000	Allianz SE, (fixed rate to 7/07/2025, variable rate thereafter), 2.241%, 7/07/2045, (EUR)		8,125,946
	18,770,000	Bundesrepublik Deutschland, 0.500%, 2/15/2025, (EUR)(a)		23,661,151
	27,540,000	Bundesrepublik Deutschland, 1.000%, 8/15/2025, (EUR)(a)		35,898,295
	1,530,000	Bundesrepublik Deutschland, 1.750%, 2/15/2024, (EUR)		2,075,301
	1,200,000	Deutsche Bank AG, EMTN, 4.500%, 5/19/2026, (EUR)		1,622,253

				71,382,946

		Hong Kong – 0.2%
	1,715,000	AIA Group Ltd., 3.200%, 3/11/2025, 144A(a)		1,657,462

		Indonesia – 1.5%
	202,531,000,000	Indonesia Government International Bond, 8.250%, 7/15/2021, (IDR)		15,703,784

		Ireland – 0.7%
	875,000	Bank of Ireland Mortgage Bank, 1.750%, 3/19/2019, (EUR)(a)		1,098,312

See accompanying notes to financial statements.

25 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Global Bond Fund – continued


Principal Amount (‡)		Description		Value (†)

	Bonds and Notes – continued

		Ireland – continued
	2,495,000	Bank of Ireland Mortgage Bank, EMTN, 3.625%, 10/02/2020, (EUR)(a)		$	3,363,176
	2,625,000	Bank of Ireland Mortgage Bank, Series 47, 0.500%, 1/20/2020, (EUR)(a)			3,276,764

					7,738,252

		Israel – 0.4%
	100,000	Teva Pharmaceutical Finance Netherlands II BV, 1.125%, 10/15/2024, (EUR)			102,420
	3,215,000	Teva Pharmaceutical Finance Netherlands III BV, 2.800%, 7/21/2023			2,724,013
	2,070,000	Teva Pharmaceutical Finance Netherlands III BV, 3.150%, 10/01/2026			1,661,721

					4,488,154

		Italy – 5.7%
	2,233,136	Asti RMBS S.r.l., Series 1, Class A, 3-month EURIBOR + 1.250%, 0.921%, 12/27/2060, (EUR)(a)(b)			2,789,725
	662,131	Berica ABS S.r.l., Series 3, Class A, 3-month EURIBOR + 1.050%, 0.721%, 6/30/2061, (EUR)(a)(b)			822,071
	656,016	Berica Residential S.r.l., Series 8, Class A, 6-month EURIBOR + 0.200%, 0.066%, 3/31/2048, (EUR)(a)(b)			806,348
	632,373	Claris Finance S.r.l., Series 2014-1, Class A1, 3-month EURIBOR + 1.150%, 0.821%, 12/28/2061, (EUR)(a)(b)			784,239
	1,600,000	Enel Finance International NV, 6.000%, 10/07/2039, 144A(a)			1,879,089
	825,000	Enel SpA, EMTN, 5.750%, 6/22/2037, (GBP)(a)			1,541,217
	650,000	Intesa Sanpaolo SpA, 5.017%, 6/26/2024, 144A			641,126
	2,995,000	Intesa Sanpaolo SpA, 5.710%, 1/15/2026, 144A			3,005,680
	870,000	Intesa Sanpaolo SpA, EMTN, 3.928%, 9/15/2026, (EUR)			1,150,313
	7,425,000	Italy Buoni Poliennali Del Tesoro, 1.250%, 12/01/2026, (EUR)(a)			8,914,566
	3,145,000	Italy Buoni Poliennali Del Tesoro, 3.750%, 5/01/2021, (EUR)(a)			4,309,756
	6,585,000	Italy Buoni Poliennali Del Tesoro, 5.000%, 3/01/2022, (EUR)(a)			9,578,076
	1,145,000	Leonardo SpA, EMTN, 1.500%, 6/07/2024, (EUR)			1,367,361
	850,000	Leonardo U.S. Holdings, Inc., 7.375%, 7/15/2039, 144A			1,037,000
	4,751,000	Republic of Italy, 6.875%, 9/27/2023(a)			5,547,268
	3,573,926	Siviglia SPV S.r.l., Series 2012-1, Class A, 3-month EURIBOR + 0.500%, 0.172%, 10/25/2055, (EUR)(a)(b)			4,391,257

		Italy – continued
$	3,570,000	UniCredit SpA, 3.750%, 4/12/2022, 144A			3,543,997
	1,350,000	UniCredit SpA, (fixed rate to 6/19/2027, variable rate thereafter), 5.861%, 6/19/2032, 144A			1,371,344
	933,455	Vela Home S.r.l., Series 4, Class A2, 3-month EURIBOR + 0.190%, 0.044%, 10/25/2042, (EUR)(a)(b)			1,145,329
	1,233,540	Voba N 3 S.r.l., Series 2011-3, Class A2, 3-month EURIBOR + 1.000%, 0.671%, 11/23/2047, (EUR)(a)(b)			1,532,840
	2,220,000	Wind Tre S.p.A., 3.125%, 1/20/2025, 144A, (EUR)			2,407,221
	2,095,000	Wind Tre S.p.A., 5.000%, 1/20/2026, 144A			1,774,716

					60,340,539

		Japan – 8.2%
	2,029,899,000(†††)	Japan Government CPI Linked Bond, Series 20, 0.100%, 3/10/2025, (JPY)(a)			20,107,995
	192,600,000	Japan Government Ten Year Bond, 1.200%, 12/20/2020, (JPY)(a)			1,875,173
	480,200,000	Japan Government Thirty Year Bond, 0.300%, 6/20/2046, (JPY)			4,033,852
	572,450,000	Japan Government Thirty Year Bond, 1.700%, 12/20/2043, (JPY)(a)			6,689,980
	1,688,950,000	Japan Government Thirty Year Bond, 2.000%, 12/20/2033, (JPY)(a)			19,989,625
	1,083,100,000	Japan Government Thirty Year Bond, Series 26, 2.400%, 3/20/2037, (JPY)(a)			13,700,469
	715,100,000	Japan Government Twenty Year Bond, 1.500%, 6/20/2034, (JPY)(a)			7,952,022
	1,072,200,000	Japan Government Twenty Year Bond, 2.100%, 12/20/2030, (JPY)(a)			12,528,935

					86,878,051

		Korea – 0.6%
	47,920,000	Export-Import Bank of Korea, 3.000%, 5/22/2018, 144A, (NOK)(a)			6,120,143

		Malaysia – 0.4%
	16,625,000	Malaysia Government Bond, 3.795%, 9/30/2022, (MYR)(a)			4,315,722
			��

See accompanying notes to financial statements.

| 26

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Global Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Mexico – 1.3%
$	3,120,000	America Movil SAB de CV, 3.125%, 7/16/2022(a)	$	3,067,891
	1,055,000	Cemex SAB de CV, 2.750%, 12/05/2024, 144A, (EUR)		1,285,649
	437,144(††††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/10/2021, (MXN)(a)		2,354,951
	2,080,000	Mexichem SAB de CV, 5.875%, 9/17/2044, 144A(a)		2,046,200
	540,000	Mexico City Airport Trust, 5.500%, 10/31/2046, 144A		492,048
	2,030,000	Mexico City Airport Trust, 5.500%, 7/31/2047, 144A		1,852,375
	660,000	Sigma Alimentos S.A. de CV, 2.625%, 2/07/2024, 144A, (EUR)		850,826
	2,365,000	Sigma Alimentos S.A. de CV, 4.125%, 5/02/2026, 144A(a)		2,279,269

				14,229,209

		Netherlands – 1.1%
	3,625,000	EDP Finance BV, 4.125%, 1/15/2020, 144A		3,681,550
	2,000,000	ING Groep NV, EMTN, (fixed rate to 9/26/2024, variable rate thereafter), 1.625%, 9/26/2029, (EUR)		2,425,103
	1,635,000	Netherlands Government Bond, 2.750%, 1/15/2047, 144A, (EUR)(a)		2,798,425
	2,475,000	Ziggo Bond Finance BV, 6.000%, 1/15/2027, 144A		2,307,938

				11,213,016

		New Zealand – 1.0%
	12,600,000	New Zealand Government Bond, Series 0423, 5.500%, 4/15/2023, (NZD)(a)		10,479,609

		Norway – 0.2%
	19,360,000	Norway Government Bond, 2.000%, 5/24/2023, 144A, (NOK)(a)		2,530,374

		Poland – 0.7%
	2,855,000	Poland Government International Bond, 3.250%, 7/25/2019, (PLN)		854,378
	5,195,000	Poland Government International Bond, Series 0421, 2.000%, 4/25/2021, (PLN)(a)		1,527,624
	18,060,000	Republic of Poland Government Bond, Series 0726, 2.500%, 7/25/2026, (PLN)		5,077,998

				7,460,000

		Portugal – 0.2%
	1,285,000	EDP Finance BV, 3.625%, 7/15/2024, 144A		1,264,002

		Portugal – continued
	550,000	EDP Finance BV, 4.900%, 10/01/2019, 144A		564,662

				1,828,664

		Romania – 0.1%
	1,010,000	Romanian Government International Bond, 2.875%, 5/26/2028, 144A, (EUR)		1,301,785

		Singapore – 1.2%
	15,850,000	Singapore Government Bond, 2.250%, 6/01/2021, (SGD)(a)		12,191,535


		South Africa – 1.8%
	255,890,000	South Africa Government International Bond, Series R213, 7.000%, 2/28/2031, (ZAR)(a)		19,190,599

		Spain – 2.8%
	3,500,000	Banco Popular Espanol S.A., 1.000%, 3/03/2022, (EUR)		4,435,681
	1,700,000	Banco Popular Espanol S.A., EMTN, 0.875%, 9/28/2021, (EUR)		2,146,146
	800,000	Banco Santander S.A., 4.250%, 4/11/2027		796,853
	1,800,000	Banco Santander S.A., 5.179%, 11/19/2025(a)		1,877,958
	1,400,000	Iberdrola Finanzas S.A., EMTN, 1.000%, 3/07/2025, (EUR)		1,725,644
	700,000	Iberdrola International BV, EMTN, 0.375%, 9/15/2025, (EUR)		819,293
	1,500,000	Santander Issuances SAU, EMTN, 3.125%, 1/19/2027, (EUR)		1,990,403
	5,165,000	Spain Government Bond, 4.200%, 1/31/2037, 144A, (EUR)(a)		8,793,905
	4,935,000	Spain Government Bond, 5.850%, 1/31/2022, 144A, (EUR)(a)		7,459,734

				30,045,617

		Supranationals – 1.0%
	2,665,000	Inter-American Development Bank, 4.400%, 1/26/2026, (CAD)(a)		2,312,480
	67,150,000	Nordic Investment Bank, GMTN, 1.375%, 7/15/2020, (NOK)(a)		8,576,385

				10,888,865

		Sweden – 0.5%
	39,605,000	Sweden Government Bond, Series 1057, 1.500%, 11/13/2023, 144A, (SEK)(a)		5,114,143

		Thailand – 0.3%
	92,175,000	Thailand Government Bond, 2.125%, 12/17/2026, (THB)		2,882,761

		United Arab Emirates – 0.4%
	1,405,000	Abu Dhabi Crude Oil Pipeline LLC, 4.600%, 11/02/2047, 144A		1,364,957
	1,560,000	DP World Ltd., 3.250%, 5/18/2020, 144A		1,558,284
	1,175,000	DP World Ltd., MTN, 3.250%, 5/18/2020		1,173,708

				4,096,949

See accompanying notes to financial statements.

27 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Global Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		United Kingdom – 9.0%
	4,770,000	Aviva PLC, (fixed rate to 12/04/2025, variable rate thereafter), 3.375%, 12/04/2045, (EUR)	$	6,191,537
	1,020,000	Barclays PLC, 4.337%, 1/10/2028		1,011,427
	1,660,000	Barclays PLC, 4.375%, 1/12/2026		1,661,721
	1,300,000	Barclays PLC, 5.200%, 5/12/2026(a)		1,310,456
	675,000	Barclays PLC, EMTN, (fixed rate to 11/11/2020, variable rate thereafter), 2.625%, 11/11/2025, (EUR)(a)		857,614
	3,635,000	BAT Capital Corp., 3.222%, 8/15/2024, 144A		3,504,591
	1,895,000	BAT Capital Corp., 3.557%, 8/15/2027, 144A		1,815,100
	720,000	Centrica PLC, (fixed rate to 4/10/2021, variable rate thereafter), 3.000%, 4/10/2076, (EUR)		910,849
	1,370,000	Channel Link Enterprises Finance PLC, Series A7, (fixed rate to 6/30/2022, variable rate thereafter), 1.761%, 6/30/2050, (EUR)		1,715,621
	1,055,000	Channel Link Enterprises Finance PLC, Series A8, (fixed rate to 6/30/2027, variable rate thereafter), 2.706%, 6/30/2050, (EUR)		1,347,784
	2,268,000	Co-Operative Bank PLC (The), 4.750%, 11/11/2021, (GBP)(a)		3,436,977
	298,401	Eurosail PLC, Series 2007-1X, Class A3C, GBP 3-month LIBOR + 0.160%, 0.764%, 3/13/2045, (GBP)(a)(b)		413,743
	150,343	Eurosail PLC, Series 2007-2X, Class A3C, GBP 3-month LIBOR + 0.150%, 0.754%, 3/13/2045, (GBP)(a)(b)		205,580
	2,300,000	FCE Bank PLC, EMTN, 1.615%, 5/11/2023, (EUR)		2,893,922
	147,047	Great Hall Mortgages No. 1 PLC, Series 2006-1, Class A2A, GBP 3-month LIBOR + 0.150%, 0.764%, 6/18/2038, (GBP)(a)(b)		203,953
	460,000	HBOS PLC, EMTN, (fixed rate to 3/18/2025, variable rate thereafter), 4.500%, 3/18/2030, (EUR)(a)		658,567
	1,960,000	HSBC Holdings PLC, EMTN, 5.750%, 12/20/2027, (GBP)(a)		3,303,342
	2,490,000	Lloyds Banking Group PLC, 3.750%, 1/11/2027		2,408,645
	800,000	Lloyds Banking Group PLC, (fixed rate to 11/07/2027, variable rate thereafter), 3.574%, 11/07/2028		755,077
	420,000	Noble Holding International Ltd., 5.250%, 3/15/2042		260,400
	200,000	Noble Holding International Ltd., 6.050%, 3/01/2041		131,000
	305,000	Noble Holding International Ltd., 6.200%, 8/01/2040		202,050
	980,000	Noble Holding International Ltd., 7.700%, 4/01/2025		867,300

		United Kingdom – continued
	328,186	Precise Mortgage Funding, Series 2014-1, Class A, GBP 3-month LIBOR + 0.800%, 1.402%, 9/12/2047, (GBP)(a)(b)		461,100
	136,573	Precise Mortgage Funding PLC, Series 2015-1, Class A, GBP 3-month LIBOR + 0.950%, 1.552%, 3/12/2048, (GBP)(a)(b)		192,124
	325,941	Residential Mortgage Securities PLC, Series 28, Class A, GBP 3-month LIBOR + 1.150%, 1.756%, 6/15/2046, (GBP)(a)(b)		460,874
	190,939	RMAC Securities No. 1 PLC, Series 2007-NS1X, Class A2A, GBP 3-month LIBOR + 0.150%, 0.752%, 6/12/2044, (GBP)(b)		260,938
	8,135,000	Royal Bank of Scotland Group PLC, 5.125%, 5/28/2024(a)		8,275,279
	185,000	Royal Bank of Scotland Group PLC, 6.000%, 12/19/2023		197,077
	445,000	Royal Bank of Scotland Group PLC, 6.100%, 6/10/2023		472,426
	425,000	Royal Bank of Scotland Group PLC, EMTN, (fixed rate to 3/25/2019, variable rate thereafter), 3.625%, 3/25/2024, (EUR)		537,292
	3,778,000	Santander UK Group Holdings PLC, 4.750%, 9/15/2025, 144A(a)		3,800,781
	3,245,000	Sky PLC, 3.750%, 9/16/2024, 144A		3,294,453
	315,000	Sky PLC, EMTN, 2.500%, 9/15/2026, (EUR)		420,227
	1,200,000	Standard Chartered PLC, EMTN, 5.125%, 6/06/2034, (GBP)(a)		1,809,751
	1,860,000	Standard Life Aberdeen PLC, EMTN, (fixed rate to 12/04/2022, variable rate thereafter), 5.500%, 12/04/2042, (GBP)		2,933,013
	1,290,000	Towd Point Mortgage Funding PLC, Series 16-GR1A, Class B, GBP 3-month LIBOR + 1.400%, 1.923%, 7/20/2046, 144A, (GBP)(a)(b)		1,824,174
	615,000	United Kingdom Gilt, 0.750%, 7/22/2023, (GBP)		846,948
	1,245,000	United Kingdom Gilt, 1.250%, 7/22/2018, (GBP)(a)		1,750,614
	1,515,000	United Kingdom Gilt, 2.250%, 9/07/2023, (GBP)(a)		2,255,727
	3,385,000	United Kingdom Gilt, 3.500%, 1/22/2045, (GBP)(a)		6,541,575
	9,805,000	United Kingdom Gilt, 4.250%, 12/07/2027, (GBP)(a)		17,362,558
	1,845,000	United Kingdom Gilt, 4.500%, 9/07/2034, (GBP)(a)		3,652,860
	1,640,000	Virgin Media Secured Finance PLC, 4.875%, 1/15/2027, (GBP)		2,264,567

				95,681,614

		United States – 36.9%
	847,938	AASET Trust, Series 2017-1A, Class A, 3.967%, 5/16/2042, 144A		845,250

See accompanying notes to financial statements.

| 28

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Global Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		United States – continued
	290,000,000	Aflac, Inc., 0.932%, 1/25/2027, (JPY)(a)	$	2,761,602
	390,000,000	Aflac, Inc., (fixed rate to 10/23/2027, variable rate thereafter), 2.108%, 10/23/2047, (JPY)		3,766,255
	2,370,000	Aircastle Ltd., 4.125%, 5/01/2024		2,322,600
	3,492,225	American Airlines Pass Through Certificates, Series 2017-1B, Class B, 4.950%, 8/15/2026		3,588,261
	2,285,000	Anadarko Petroleum Corp., 3.450%, 7/15/2024(a)		2,218,371
	3,000,000	Anadarko Petroleum Corp., 5.550%, 3/15/2026(a)		3,274,945
	2,350,000	AT&T, Inc., 4.350%, 6/15/2045(a)		2,147,495
	1,055,000	AT&T, Inc., 4.500%, 3/09/2048		980,553
	295,000	AT&T, Inc., 4.800%, 6/15/2044(a)		287,939
	285,000	Aviation Capital Group LLC, 3.500%, 11/01/2027, 144A		267,407
	2,855,000	Aviation Capital Group LLC, 4.875%, 10/01/2025, 144A(a)		2,993,712
	1,900,000	Bank of America Corp., MTN, 4.450%, 3/03/2026		1,940,925
	963,588	Bayview Opportunity Master Fund IIIa Trust, Series 2017-RN7, Class A1, 3.105%, 9/28/2032, 144A(c)		959,767
	402,765	Bayview Opportunity Master Fund IIIa Trust, Series 2017-RN8, Class A1, 3.352%, 11/28/2032, 144A(c)		401,508
	1,178,281	Bayview Opportunity Master Fund IV Trust, Series 2018-RN2, Class A1, 3.598%, 2/25/2033, 144A(c)		1,176,209
	867,452	Bayview Opportunity Master Fund IVa Trust, Series 2016-SPL1, Class A, 4.000%, 4/28/2055, 144A(a)		882,312
	2,711,825	Bayview Opportunity Master Fund IVa Trust, Series 2018-RN1, Class A1, 3.278%, 1/28/2033, 144A(c)		2,697,221
	625,000	Bayview Opportunity Master Fund IVa Trust, Series 2018-RN3, Class A1, 3.672%, 3/28/2033, 144A(c)(d)		625,000
	581,485	Bayview Opportunity Master Fund IVb Trust, Series 2017-NPL2, Class A1, 2.981%, 10/28/2032, 144A(c)		578,813
	1,560,000	Celgene Corp., 4.625%, 5/15/2044		1,555,736
	2,918,792	Centre Point Funding LLC, Series 2012-2A, Class 1, 2.610%, 8/20/2021, 144A(a)		2,892,319
	2,930,000	Citigroup, Inc., 4.090%, 6/09/2025, (CAD)(a)		2,333,720
	1,520,000	Citigroup, Inc., 4.400%, 6/10/2025(a)		1,547,187
	2,570,000	Commercial Mortgage Trust, Series 2013-GAM, Class A2, 3.367%, 2/10/2028, 144A(a)		2,557,437

		United States – continued
	2,800,000	Commercial Mortgage Trust, Series 2014-PAT, Class D, 1-month LIBOR + 2.150%, 3.868%, 8/13/2027, 144A(b)		2,798,877
	2,554,008	Commercial Mortgage Trust, Series 2016-SAVA, Class A, 1-month LIBOR + 1.720%, 3.460%, 10/15/2034, 144A(a)(b)		2,556,561
	85,541	Continental Airlines Pass Through Certificates, Series 2000-2, Class B, 8.307%, 10/02/2019		85,541
	5,300,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		5,300,000
	78,000	Continental Resources, Inc., 5.000%, 9/15/2022		79,073
	600,000,000	Corning, Inc., 0.698%, 8/09/2024, (JPY)		5,664,546
	2,520,000	Credit Acceptance Auto Loan Trust, Series 2016-3A, Class B, 2.940%, 10/15/2024, 144A(a)		2,495,415
	1,270,000	Credit Acceptance Auto Loan Trust, Series 2018-1A, Class A, 3.010%, 2/16/2027, 144A		1,261,903
	525,369	Credit Suisse Mortgage Capital Certificates, Series 2009-13R, Class 3A1, 3.456%, 11/26/2036, 144A(c)		525,498
	2,525,000	Credit Suisse Mortgage Trust, Series 2018-RPL2, Class A1, 4.030%, 8/25/2062, 144A(c)(d)(e)		2,524,932
	2,255,000	CVS Health Corp., 4.100%, 3/25/2025		2,270,898
	2,230,000	CVS Health Corp., 4.300%, 3/25/2028		2,239,501
	705,000	CVS Health Corp., 4.780%, 3/25/2038		714,539
	2,723,510	Delta Air Lines Pass Through Trust, Series 2015-1, Class B, 4.250%, 1/30/2025(a)		2,764,363
	680,000	Diamond Offshore Drilling, Inc., 4.875%, 11/01/2043		486,200
	2,755,000	Energy Transfer Partners LP, 5.150%, 3/15/2045		2,517,692
	1,340,000	Energy Transfer Partners LP, 5.300%, 4/15/2047		1,258,096
	1,366,057	Exeter Automobile Receivables Trust, Series 2017-2A, Class A, 2.110%, 6/15/2021, 144A(a)		1,361,709
	3,275,000	Federal National Mortgage Association, Series 2017-M8, Class A2, 3.061%, 5/25/2027(a)(c)		3,224,263
	304,882	FHLMC, 3.500%, 1/01/2048		305,772
	4,384,886	FHLMC, 4.000%, with various maturities from 2046 to 2048(f)		4,522,855
	2,514,441	FHLMC, 4.500%, with various maturities from 2044 to 2048(f)		2,651,251
	3,660,000	FHLMC Multifamily Structured Pass Through Certificates, Series K057, Class A2, 2.570%, 7/25/2026(a)		3,502,071

See accompanying notes to financial statements.

29 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Global Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		United States – continued
$	3,665,000	FHLMC Multifamily Structured Pass Through Certificates, Series K058, Class A2, 2.653%, 8/25/2026(a)	$	3,521,523
	5,790,000	FHLMC Multifamily Structured Pass Through Certificates, Series K065, Class A2, 3.243%, 4/25/2027(a)		5,795,841
	11,914,470	FNMA, 2.500%, with various maturities in 2046(a)(f)		11,236,233
	7,680,162	FNMA, 3.000%, with various maturities from 2046 to 2057(f)		7,460,168
	13,602,221	FNMA, 3.500%, with various maturities from 2045 to 2048(f)		13,641,192
	843,280	FNMA, 4.000%, 10/01/2047		866,500
	3,999,007	FNMA, 4.500%, with various maturities from 2043 to 2047(f)		4,225,885
	7,589,000	FNMA (TBA), 4.000%, 5/01/2048(g)		7,774,491
	6,270,000	Ford Motor Credit Co. LLC, 4.050%, 12/10/2018, (AUD)(a)		4,860,804
	131,642	GCAT LLC, Series 2017-3, Class A1, 3.352%, 4/25/2047, 144A(c)		130,866
	315,037	GCAT LLC, Series 2017-4, Class A1, 3.228%, 5/25/2022, 144A(c)		312,873
	1,100,219	GCAT LLC, Series 2017-5, Class A1, 3.228%, 7/25/2047, 144A(c)		1,093,808
	50,000,000	General Electric Co., EMTN, 4.208%, 12/06/2021, (SEK)(a)		6,720,221
	3,900,000	General Motors Financial Co., Inc., 4.000%, 1/15/2025		3,844,917
	2,330,000	Gilead Sciences, Inc., 4.150%, 3/01/2047(a)		2,281,485
	1,283,254	GNMA, 1-month LIBOR + 1.794%, 3.358%, 5/20/2064(a)(b)		1,322,978
	1,235,205	GNMA, 1-month LIBOR + 2.030%, 3.594%, 11/20/2064(a)(b)		1,312,348
	1,520,087	GNMA, 1-month LIBOR + 2.159%, 3.723%, 11/20/2064(a)(b)		1,615,651
	2,399,551	GNMA, 1-month LIBOR + 2.318%, 3.882%, 10/20/2063(a)(b)		2,567,582
	437,023	GNMA, 4.435%, 4/20/2065(a)(c)		466,082
	2,485,193	GNMA, 4.510%, 12/20/2061(a)(c)		2,512,849
	497,116	GNMA, 4.526%, 6/20/2062(a)(c)		503,845
	1,526,140	GNMA, 4.530%, 1/20/2063(a)(c)		1,565,285
	1,482,529	GNMA, 4.572%, 2/20/2065(a)(c)		1,576,576
	1,709,273	GNMA, 4.661%, 7/20/2064(a)(c)		1,827,981
	4,688,660	GNMA, 4.665%, with various maturities in 2064(a)(c)(f)		4,980,689
	775,000	Gulfport Energy Corp., 6.000%, 10/15/2024		735,281
	180,000	Gulfport Energy Corp., 6.375%, 5/15/2025		172,350
	2,275,000	Gulfport Energy Corp., 6.375%, 1/15/2026		2,161,250
	225,000	HCA, Inc., 4.750%, 5/01/2023		227,531
	4,175,000	HCA, Inc., 5.000%, 3/15/2024		4,216,750
	2,100,000	HCA, Inc., 5.250%, 4/15/2025		2,146,620
	906,062	Hilton Grand Vacations Trust, Series 2013-A, Class A, 2.280%, 1/25/2026, 144A(a)		896,224

		United States – continued
	448,259	Honor Automobile Trust Securitization, Series 2016-1A, Class A, 2.940%, 11/15/2019, 144A(a)		448,413
	3,810,000	INVISTA Finance LLC, 4.250%, 10/15/2019, 144A(a)		3,804,666
	3,800,000	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2014-PHH, Class A, 1-month LIBOR + 1.450%, 3.227%, 8/15/2027, 144A(a)(b)		3,799,993
	183,516	JPMorgan Resecuritization Trust, Series 2010-4, Class A2, 3.001%, 9/26/2035, 144A(a)(c)		182,896
	1,905,000	Kimco Realty Corp., 3.300%, 2/01/2025		1,833,268
	75,000	Kimco Realty Corp., 3.800%, 4/01/2027		72,206
	2,135,000	Kraft Heinz Foods Co., 3.000%, 6/01/2026		1,970,687
	1,180,000	Kraft Heinz Foods Co., 4.375%, 6/01/2046		1,082,043
	1,335,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.250%, 10/01/2025, 144A		1,264,913
	635,000	Lennar Corp., 4.500%, 4/30/2024		622,300
	400,000	Lennar Corp., 4.750%, 5/30/2025		394,000
	3,040,000	Lennar Corp., 4.750%, 11/29/2027, 144A		2,910,800
	777,871	Marriott Vacation Club Owner Trust, Series 2012-1A, Class B, 3.500%, 5/20/2030, 144A(a)(c)		775,568
	835,000	MetLife, Inc., 6.400%, 12/15/2066		915,369
	2,430,000	MPLX LP, 4.000%, 3/15/2028		2,394,803
	2,565,000	MPLX LP, 4.500%, 4/15/2038		2,532,497
	1,895,000	Newfield Exploration Co., 5.375%, 1/01/2026		1,956,587
	2,215,000	Newfield Exploration Co., 5.625%, 7/01/2024		2,336,825
	3,257,510	Oak Hill Advisors Residential Loan Trust, Series 2017-NPL1, Class A1, 3.000%, 6/25/2057, 144A(c)		3,238,315
	1,664,730	Oak Hill Advisors Residential Loan Trust, Series 2017-NPL2, Class A1, 3.000%, 7/25/2057, 144A(c)		1,651,029
	3,367,684	OneMain Financial Issuance Trust, Series 2016-2A, Class A, 4.100%, 3/20/2028, 144A(a)		3,391,758
	3,920,000	OneMain Financial Issuance Trust, Series 2018-1A, Class A, 3.300%, 3/14/2029, 144A		3,926,818
	231,283	Orange Lake Timeshare Trust, Series 2012-AA, Class B, 4.870%, 3/10/2027, 144A		231,428
	163,829	OWS Structured Asset Trust, Series 2016-NPL1, Class A1, 3.750%, 7/25/2056, 144A(c)		164,408
	4,703,663	Preston Ridge Partners Mortgage LLC, Series 2017-2A, Class A1, 3.470%, 9/25/2022, 144A(c)		4,685,606
	771,637	Preston Ridge Partners Mortgage LLC, Series 2017-3A, Class A1, 3.470%, 11/25/2022, 144A(c)		770,459

See accompanying notes to financial statements.

| 30

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Global Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		United States – continued
	850,000,000	Procter & Gamble Co. (The), 0.275%, 5/08/2020, (JPY)(a)	$	8,014,468
	1,500,000	Quicken Loans, Inc., 5.250%, 1/15/2028, 144A		1,402,500
	515,000	Quicken Loans, Inc., 5.750%, 5/01/2025, 144A		513,713
	639,709	RCO Mortgage LLC, Series 2017-1, Class A1, 3.375%, 8/25/2022, 144A(c)		637,153
	225,000	SM Energy Co., 5.000%, 1/15/2024		208,688
	235,000	SM Energy Co., 6.500%, 1/01/2023		233,238
	965,000	SM Energy Co., 6.750%, 9/15/2026		955,350
	2,957,450	Spirit Airlines Pass Through Certificates, Series 2015-1, Class B, 4.450%, 10/01/2025(a)		2,979,631
	2,372,479	SpringCastle America Funding LLC, Series 2016-AA, Class A, 3.050%, 4/25/2029, 144A(a)		2,369,099
	435,000	Time Warner, Inc., 3.800%, 2/15/2027		420,571
	7,277,062	Trinity Rail Leasing LLC, Series 2010-1A, Class A, 5.194%, 10/16/2040, 144A(a)		7,542,554
	11,020,000	U.S. Treasury Bond, 2.250%, 8/15/2027		10,566,286
	3,720,000	U.S. Treasury Bond, 2.500%, 5/15/2046(a)		3,382,875
	5,840,000	U.S. Treasury Bond, 2.875%, 5/15/2043(a)		5,756,506
	20,136,033	U.S. Treasury Inflation Indexed Note, 0.125%, 4/15/2022(h)		19,852,194
	23,325,000	U.S. Treasury Note, 2.000%, 1/31/2020		23,213,842
	26,055,000	U.S. Treasury Note, 2.375%, 1/31/2023		25,841,268
	1,144,406	United Airlines Pass Through Trust, Series 2013-1, Class B, 5.375%, 2/15/2023		1,175,877
	1,280,000	United Airlines Pass Through Trust, Series 2016-1, Class B, 3.650%, 7/07/2027		1,253,890
	1,635,000	United Airlines Pass Through Trust, Series 2016-2, Class B, 3.650%, 4/07/2027		1,591,427
	105,000	Universal Health Services, Inc., 5.000%, 6/01/2026, 144A		105,525
	2,045,000	Verizon Owner Trust, Series 2016-2A, Class A, 1.680%, 5/20/2021, 144A(a)		2,021,882
	500,590	VOLT LV LLC, Series 2017-NPL2, Class A1, 3.500%, 3/25/2047, 144A(c)		499,646
	2,090,565	VOLT LVI LLC, Series 2017-NPL3, Class A1, 3.500%, 3/25/2047, 144A(c)		2,090,866
	1,328,169	VOLT LVII LLC, Series 2017-NPL4, Class A1, 3.375%, 4/25/2047, 144A(c)		1,325,387
	2,381,855	VOLT LXI LLC, Series 2017-NPL8, Class A1, 3.125%, 6/25/2047, 144A(c)		2,369,561

		United States – continued
	474,698	VOLT LXIII LLC, Series 2017-NP10, Class A1, 3.000%, 10/25/2047, 144A(c)		470,242
	570,000,000	Walmart, Inc., 0.183%, 7/15/2022, (JPY)(a)		5,364,632
	6,225,000	Whiting Petroleum Corp., 5.750%, 3/15/2021		6,287,125
	520,000	Whiting Petroleum Corp., 6.250%, 4/01/2023		525,262
	2,375,000	Zimmer Biomet Holdings, Inc., 2.425%, 12/13/2026, (EUR)		3,051,873

				390,669,565


		Uruguay – 0.3%
	19,680,000	Republic of Uruguay, 8.500%, 3/15/2028, 144A, (UYU)		641,621
	60,830,000	Republic of Uruguay, 9.875%, 6/20/2022, 144A, (UYU)		2,179,105

				2,820,726


		Total Non-Convertible Bonds
		(Identified Cost $993,837,053)		1,014,370,469


	Convertible Bonds – 0.3%

		United States – 0.3%
	2,680,000	DISH Network Corp., 2.375%, 3/15/2024		2,369,900
	1,290,000	Whiting Petroleum Corp., 1.250%, 4/01/2020		1,214,196


		Total Convertible Bonds
		(Identified Cost $3,731,061)		3,584,096


		Total Bonds and Notes
		(Identified Cost $997,568,114)		1,017,954,565


	Short-Term Investments – 2.7%
	8,035,000	U.S. Treasury Bills, 1.466%-1.585%, 6/14/2018(i)(j)		8,007,990

	21,174,306	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/29/2018 at 0.900% to be repurchased at $21,176,424 on 4/02/2018 collateralized by $21,260,000 U.S. Treasury Note, 2.750% due 11/15/2023 valued at $21,598,927 including accrued interest (Note 2 of Notes to Financial Statements)		21,174,306


		Total Short-Term Investments
		(Identified Cost $29,183,128)		29,182,296


		Total Investments – 98.8%
		(Identified Cost $1,026,751,242)		1,047,136,861
		Other assets less liabilities—1.2%		12,305,509


		Net Assets – 100.0%	$	1,059,442,370

See accompanying notes to financial statements.

31 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Global Bond Fund – continued


	(‡)			Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)			See Note 2 of Notes to Financial Statements.
	(††)			Amount shown represents units. One unit represents a principal amount of 1,000.
	(†††)			Amount shown represents principal amount including inflation adjustments.
	(††††)			Amount shown represents units. One unit represents a principal amount of 100.
	(a)			Security (or a portion thereof) has been designated to cover the Fund’s obligations under open derivative contracts or TBA transactions.
	(b)			Variable rate security. Rate as of March 31, 2018 is disclosed.
	(c)			Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of March 31, 2018 is disclosed.
	(d)			Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
	(e)			Fair valued by the Fund’s adviser. At March 31, 2018, the value of this security amounted to $2,524,932 or 0.2% of net assets.
	(f)			The Fund’s investment in mortgage related securities of Federal Home Loan Mortgage Corporation, Federal National Mortgage Association and Government National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(g)			When-issued/delayed delivery. See Note 2 of Notes to Financial Statements.
	(h)			Treasury Inflation Protected Security (TIPS).
	(i)			Interest rate represents discount rate at time of purchase; not a coupon rate.
	(j)			The Fund’s investment in U.S. Government/Agency securities is comprised of various lots with differing discount rates. These separate investments, which have the same maturity date, have been aggregated for the purpose of presentation in the Portfolio of Investments.
	144A			All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2018, the value of Rule 144A holdings amounted to $192,590,799 or 18.2% of net assets.
	ABS			Asset-Backed Securities
	CPI			Consumer Price Index
	EMTN			Euro Medium Term Note
	EURIBOR			Euro Interbank Offered Rate
	FHLMC			Federal Home Loan Mortgage Corp.
	FNMA			Federal National Mortgage Association
	GMTN			Global Medium Term Note
	GNMA			Government National Mortgage Association
	LIBOR			London Interbank Offered Rate
	MTN			Medium Term Note
	TBA			To Be Announced

	AUD			Australian Dollar
	BRL			Brazilian Real
	CAD			Canadian Dollar
	CHF			Swiss Franc
	COP			Colombian Peso
	DKK			Danish Krone
	EUR			Euro
	GBP			British Pound
	IDR			Indonesian Rupiah
	JPY			Japanese Yen
	KRW			South Korean Won
	MXN			Mexican Peso
	MYR			Malaysian Ringgit
	NOK			Norwegian Krone
	NZD			New Zealand Dollar
	PLN			Polish Zloty
	SEK			Swedish Krona
	SGD			Singapore Dollar
	THB			Thai Baht
	UYU			Uruguayan Peso
	ZAR			South African Rand

At March 31, 2018, the Fund had the following open forward foreign currency contracts:


Counterparty	Delivery Date	Currency Bought/ Sold (B/S)	Units of Currency		In Exchange for		Notional Value		Unrealized Appreciation (Depreciation)
Citibank N.A.	6/20/2018	EUR	S	10,190,000	$	12,699,399	$	12,609,552	$	89,847
Citibank N.A.	6/20/2018	ZAR	S	217,635,000		18,247,407		18,193,448		53,959
Credit Suisse International	6/20/2018	CHF	B	5,805,000		6,162,721		6,111,686		(51,035	)
Credit Suisse International	5/09/2018	JPY	B	8,348,095,000		78,903,818		78,615,525		(288,293	)
Credit Suisse International	5/09/2018	JPY	S	554,190,000		5,253,982		5,218,908		35,074
Credit Suisse International	6/20/2018	KRW	B	13,692,574,000		12,797,816		12,881,150		83,334
Deutsche Bank AG	6/20/2018	BRL	S	24,870,000		7,556,285		7,483,285		73,000
UBS AG	6/20/2018	AUD	B	12,395,000		9,605,629		9,521,740		(83,889	)
UBS AG	6/20/2018	AUD	S	5,195,000		4,066,074		3,990,757		75,317
UBS AG	6/20/2018	NZD	S	13,480,000		9,834,603		9,739,502		95,101
UBS AG	6/20/2018	SEK	S	24,065,000		2,940,195		2,898,608		41,587

Total									$	124,002

At March 31, 2018, the Fund had the following open forward cross currency contracts:


Counterparty	Settlement Date	Deliver/Units of Currency			Receive/Units of Currency			Notional Value		Unrealized Appreciation (Depreciation)
BNP Paribas S.A.	6/20/2018		SEK	44,475,000		EUR	4,379,207	$	5,419,023	$	62,047
Credit Suisse International	6/20/2018		AUD	33,235,000		EUR	21,080,587		26,086,042		555,181
Credit Suisse International	6/05/2018		IDR	115,766,175,000		JPY	877,455,205		8,279,602		(84,443	)

See accompanying notes to financial statements.

| 32

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Global Bond Fund – continued


Counterparty	Settlement Date	Deliver/Units of Currency			Receive/Units of Currency			Notional Value		Unrealized Appreciation (Depreciation)
Morgan Stanley & Co.	6/20/2018		GBP	9,100,000		EUR	10,236,290	$	12,666,833	$	(141,355	)
Morgan Stanley & Co.	6/20/2018		JPY	3,015,000,000		EUR	22,928,053		28,372,177		(109,208	)

Total										$	282,222

At March 31, 2018, open long futures contracts were as follows:


Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
10 Year Japan Government Bond		6/13/2018		7	$	9,913,376	$	9,918,613	$	5,237
German Euro BOBL		6/07/2018		59		9,447,812		9,528,295		80,483
German Euro Bund		6/07/2018		73		14,058,294		14,320,453		262,159
UK Long Gilt		6/27/2018		18		3,043,138		3,101,698		58,560
Ultra Long U.S. Treasury Bond		6/20/2018		89		13,920,276		14,281,719		361,443

Total									$	767,882

At March 31, 2018, open short futures contracts were as follows:


Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
10 Year U.S. Treasury Note		6/20/2018		57	$	6,899,492	$	6,905,016	$	(5,524	)
30 Year U.S. Treasury Bond		6/20/2018		202		28,942,618		29,618,250		(675,632	)

Total									$	(681,156	)

Industry Summary at March 31, 2018 (Unaudited)


Treasuries	43.2	%
Mortgage Related	7.0
Banking	6.8
ABS Home Equity	4.3
Local Authorities	3.0
Life Insurance	3.0
ABS Other	2.1
Independent Energy	2.0
Other Investments, less than 2% each	24.7
Short-Term Investments	2.7

Total Investments	98.8
Other assets less liabilities (including forward foreign currency and futures contracts)	1.2

Net Assets	100.0	%

Currency Exposure Summary at March 31, 2018 (Unaudited)


United States Dollar	46.1	%
Euro	18.6
Japanese Yen	10.7
British Pound	5.1
Australian Dollar	3.1
Canadian Dollar	2.4
Other, less than 2% each	12.8

Total Investments	98.8
Other assets less liabilities (including forward foreign currency and futures contracts)	1.2

Net Assets	100.0	%

See accompanying notes to financial statements.

33 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Inflation Protected Securities Fund


Principal Amount		Description	Value (†)

	Bonds and Notes – 95.5% of Net Assets

		Banking – 3.0%
$	250,000	BNP Paribas S.A., (fixed rate to 3/01/2028, variable rate thereafter), 4.375%, 3/01/2033, 144A	$	244,523
	200,000	Deutsche Bank AG, (fixed rate to 4/30/2025, variable rate thereafter), 7.500%(a)		199,624
	200,000	HSBC Holdings PLC, (fixed rate to 3/23/2023, variable rate thereafter), 6.250%(a)		204,500
	200,000	Lloyds Banking Group PLC, (fixed rate to 11/07/2027, variable rate thereafter), 3.574%, 11/07/2028		188,769

				837,416

		Building Materials – 0.5%
	145,000	Martin Marietta Materials, Inc., 3.500%, 12/15/2027		138,182

		Electric – 0.2%
	45,000	IPALCO Enterprises, Inc., 3.700%, 9/01/2024		44,059

		Food & Beverage – 0.3%
	90,000	Anheuser-Busch InBev Worldwide, Inc., 4.600%, 4/15/2048		93,098

		Healthcare – 1.2%
	185,000	CVS Health Corp., 4.300%, 3/25/2028		185,788
	145,000	CVS Health Corp., 5.050%, 3/25/2048		152,509

				338,297

		Independent Energy – 0.4%
	90,000	Chesapeake Energy Corp., 8.000%, 6/15/2027, 144A		85,950
	25,000	Concho Resources, Inc., 4.875%, 10/01/2047		26,534

				112,484

		Leisure – 0.8%
	250,000	Viking Cruises Ltd., 5.875%, 9/15/2027, 144A		236,875

		Life Insurance – 0.5%
	140,000	MetLife, Inc., Series D, (fixed rate to 3/15/2028, variable rate thereafter), 5.875%(a)		142,450

		Midstream – 0.5%
	150,000	Plains All American Pipeline LP, Series B, (fixed rate to 11/15/2022, variable rate thereafter), 6.125%(a)		144,750

		Railroads – 0.2%
	65,000	Candian National Railway Co., 3.650%, 2/03/2048		62,999

		Restaurants – 0.4%
	70,000	McDonald’s Corp., MTN, 3.800%, 4/01/2028		70,888
	35,000	McDonald’s Corp., MTN, 4.450%, 3/01/2047		36,075

				106,963


		Sovereigns – 1.5%
$	200,000	Arab Republic of Egypt, 6.588%, 2/21/2028, 144A	$	203,296
	200,000	Arab Republic of Egypt, 7.903%, 2/21/2048, 144A		210,938

				414,234

		Technology – 0.5%
	130,000	Dell International LLC/EMC Corp., 6.020%, 6/15/2026, 144A		140,000

		Treasuries – 85.1%
	929,278	U.S. Treasury Inflation Indexed Bond, 0.750%, 2/15/2045(b)(c)		895,978
	1,190,902	U.S. Treasury Inflation Indexed Bond, 0.875%, 2/15/2047(b)(c)		1,182,178
	1,014,533	U.S. Treasury Inflation Indexed Bond, 1.000%, 2/15/2046(b)		1,039,051
	100,498	U.S. Treasury Inflation Indexed Bond, 1.000%, 2/15/2048(b)		103,099
	823,752	U.S. Treasury Inflation Indexed Bond, 3.375%, 4/15/2032(b)(c)		1,108,732
	6,200,645	U.S. Treasury Inflation Indexed Note, 0.125%, 4/15/2021(b)		6,147,843
	3,158,993	U.S. Treasury Inflation Indexed Note, 0.125%, 4/15/2022(b)(c)		3,114,464
	4,456,066	U.S. Treasury Inflation Indexed Note, 0.125%, 7/15/2026(b)(c)		4,282,525
	183,104	U.S. Treasury Inflation Indexed Note, 0.250%, 1/15/2025(b)		179,072
	1,541,434	U.S. Treasury Inflation Indexed Note, 0.375%, 7/15/2025(b)(c)		1,521,956
	2,308,343	U.S. Treasury Inflation Indexed Note, 0.375%, 1/15/2027(b)(c)		2,249,643
	623,057	U.S. Treasury Inflation Indexed Note, 0.375%, 7/15/2027(b)		607,825
	1,473,731	U.S. Treasury Inflation Indexed Note, 0.625%, 1/15/2026(b)(c)		1,473,512

				23,905,878

		Wireless – 0.4%
	100,000	Sprint Corp., 7.625%, 3/01/2026		97,570


		Total Bonds and Notes
		(Identified Cost $27,215,707)		26,815,255


	Senior Loans – 2.0%

		Healthcare – 0.7%
	197,945	Kindred Healthcare, Inc., New Term Loan, 3-month LIBOR + 3.500%, 5.250%, 4/09/2021(d)		198,440

		Independent Energy – 0.2%
	38,000	MEG Energy Corp., 2017 Term Loan B, 3-month LIBOR + 3.500%, 5.810%, 12/31/2023(d)		37,981

		Retailers – 1.1%
	317,750	Staples, Inc., 2017 Term Loan B, 3-month LIBOR + 4.000%, 5.787%, 9/12/2024(d)		314,493


		Total Senior Loans
		(Identified Cost $555,081)		550,914

See accompanying notes to financial statements.

| 34

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Inflation Protected Securities Fund – continued


Principal Amount		Description	Value (†)

	Short-Term Investments – 2.4%
$	669,237	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/29/2018 at 0.900% to be repurchased at $669,304 on 4/02/2018 collateralized by $675,000 U.S. Treasury Note, 2.750% due 11/15/2023 valued at $685,761 including accrued interest (Note 2 of Notes to Financial Statements)	$	669,237
	20,000	U.S. Treasury Bills, 1.693%, 12/06/2018(e)(f)		19,744


		Total Short-Term Investments
		(Identified Cost $689,003)		688,981


		Total Investments – 99.9%
		(Identified Cost $28,459,791)		28,055,150
		Other assets less liabilities—0.1%		34,779


		Net Assets – 100.0%	$	28,089,929

	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Perpetual bond with no specified maturity date.
	(b)	Treasury Inflation Protected Security (TIPS).
	(c)	Security (or a portion thereof) has been designated to cover the Fund’s obligations under open derivative contracts.
	(d)	Variable rate security. Rate as of March 31, 2018 is disclosed.
	(e)	Interest rate represents discount rate at time of purchase; not a coupon rate.
	(f)	Security (or a portion thereof) has been pledged as collateral for open derivative 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, 2018, the value of Rule 144A holdings amounted to $1,121,582 or 4.0% of net assets.
	LIBOR	London Interbank Offered Rate
	MTN	Medium Term Note

At March 31, 2018, open long futures contracts were as follows:


Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
10 Year U.S. Treasury Note		6/20/2018		4	$	483,505	$	484,563	$	1,058

At March 31, 2018, open short futures contracts were as follows:


Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
5 Year U.S. Treasury Note		6/29/2018		21	$	2,403,859	$	2,403,680	$	179
Ultra Long U.S. Treasury Bond		6/20/2018		5		799,782		802,344		(2,562	)

Total									$	(2,383	)

Industry Summary at March 31, 2018 (Unaudited)


Treasuries	85.1	%
Banking	3.0
Other Investments, less than 2% each	9.4
Short-Term Investments	2.4

Total Investments	99.9
Other assets less liabilities (including futures contracts)	0.1

Net Assets	100.0	%

See accompanying notes to financial statements.

35 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Institutional High Income Fund


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – 74.1% of Net Assets

	Non-Convertible Bonds – 67.6%

		Aerospace & Defense – 1.4%
	135,000	Bombardier, Inc., 7.350%, 12/22/2026, 144A, (CAD)	$	103,869
	1,930,000	Bombardier, Inc., 7.450%, 5/01/2034, 144A		1,940,924
	115,000	Embraer Netherlands Finance BV, 5.400%, 2/01/2027		121,509
	1,165,000	Huntington Ingalls Industries, Inc., 5.000%, 11/15/2025, 144A		1,224,706
	807,000	Leonardo U.S. Holdings, Inc., 6.250%, 1/15/2040, 144A		897,529
	2,209,000	Leonardo U.S. Holdings, Inc., 7.375%, 7/15/2039, 144A		2,694,980
	2,610,000	Textron Financial Corp., 3-month LIBOR + 1.735%, 3.574%, 2/15/2067, 144A(a)		2,381,625
	625,000	TransDigm, Inc., 6.500%, 5/15/2025		631,250

				9,996,392

		Airlines – 1.8%
	4,080,000	Air Canada, 7.750%, 4/15/2021, 144A		4,457,400
	301,324	Air Canada Pass Through Trust, Series 2013-1, Class B, 5.375%, 11/15/2022, 144A		310,364
	810,000	Allegiant Travel Co., 5.500%, 7/15/2019		822,150
	87,946	Continental Airlines Pass Through Certificates, Series 2000-2, Class A-1, 7.707%, 10/02/2022(b)		94,366
	18,800	Continental Airlines Pass Through Certificates, Series 2000-2, Class B, 8.307%, 10/02/2019		18,800
	296,461	United Airlines Pass Through Trust, Series 2014-1, Class B, 4.750%, 10/11/2023		300,751
	1,150,000	United Continental Holdings, Inc., 6.375%, 6/01/2018		1,152,875
	1,080,619	US Airways Pass Through Trust, Series 2011-1B, Class B, 9.750%, 4/22/2020		1,114,702
	210,598	US Airways Pass Through Trust, Series 2012-1B, Class B, 8.000%, 4/01/2021		222,707
	1,834,985	US Airways Pass Through Trust, Series 2013-1, Class B, 5.375%, 5/15/2023		1,890,034
	1,750,000	Virgin Australia Holdings Ltd., 8.500%, 11/15/2019, 144A		1,795,850
	87,120	Virgin Australia Pass Through Certificates, Series 2013-1B, 6.000%, 4/23/2022, 144A		88,882
	92,709	Virgin Australia Pass Through Certificates, Series 2013-1C, 7.125%, 10/23/2018, 144A		93,950

				12,362,831

		Automotive – 0.8%
	2,090,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		2,246,750
	3,505,000	Lear Corp., 5.375%, 3/15/2024		3,675,944

				5,922,694


		Banking – 0.8%
$	915,000	Bank of America Corp., Series K, 3-month LIBOR + 3.630%, 5.397%(a)(c)		915,000
	495,000	Deutsche Bank AG, (fixed rate to 12/01/2027, variable rate thereafter), 4.875%, 12/01/2032		457,682
	160,000	RBS Capital Trust II, (fixed rate to 1/03/2034, variable rate thereafter), 6.425%(c)		189,400
	3,545,000	Royal Bank of Scotland Group PLC, 4.700%, 7/03/2018		3,557,568
	105,000	Royal Bank of Scotland Group PLC, 5.250%, (EUR)(c)		130,890
	85,000	Royal Bank of Scotland Group PLC, Series U, 3-month LIBOR + 2.320%, 4.622%(a)(c)		85,637

				5,336,177

		Brokerage – 0.3%
	350,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.250%, 8/15/2024, 144A		345,415
	1,615,000	Jefferies Group LLC, 6.250%, 1/15/2036		1,756,045

				2,101,460

		Building Materials – 0.2%
	1,515,000	Atrium Windows & Doors, Inc., 7.750%, 5/01/2019, 144A		1,519,166
	178,000	Masco Corp., 6.500%, 8/15/2032		206,236

				1,725,402

		Cable Satellite – 2.4%
	125,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 2/15/2023		125,812
	60,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2023, 144A		60,075
	1,865,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2027, 144A		1,770,631
	70,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.375%, 5/01/2025, 144A		68,950
	2,215,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 1/15/2024		2,248,225
	300,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.875%, 5/01/2027, 144A		300,000
	3,215,000	CSC Holdings LLC, 5.250%, 6/01/2024		3,058,269
	2,205,000	DISH DBS Corp., 5.000%, 3/15/2023		1,981,744
	2,686,000	DISH DBS Corp., 5.875%, 11/15/2024		2,393,897
	1,720,000	DISH DBS Corp., 7.750%, 7/01/2026		1,612,930
	170,000	Time Warner Cable LLC, 4.500%, 9/15/2042		147,237
	2,935,000	Ziggo Secured Finance BV, 5.500%, 1/15/2027, 144A		2,758,049

				16,525,819

		Chemicals – 2.3%
	1,025,000	Aruba Investments, Inc., 8.750%, 2/15/2023, 144A		1,063,438
	4,738,000	Hercules LLC, 6.500%, 6/30/2029(d)(e)		4,803,147
	2,564,000	Hexion, Inc., 7.875%, 2/15/2023(d)(e)		1,865,310
	2,641,000	Hexion, Inc., 9.200%, 3/15/2021(d)(e)		1,931,759
	3,190,000	Hexion, Inc./Hexion Nova Scotia Finance ULC, 9.000%, 11/15/2020		2,442,966

See accompanying notes to financial statements.

| 36

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Chemicals – continued
$	1,090,000	Kraton Polymers LLC/Kraton Polymers Capital Corp., 10.500%, 4/15/2023, 144A	$	1,209,900
	2,971,000	TPC Group, Inc., 8.750%, 12/15/2020, 144A		2,984,964

				16,301,484

		Construction Machinery – 0.8%
	330,000	United Rentals North America, Inc., 4.875%, 1/15/2028		318,450
	1,370,000	United Rentals North America, Inc., 5.500%, 7/15/2025		1,402,538
	2,320,000	United Rentals North America, Inc., 5.750%, 11/15/2024		2,415,236
	1,140,000	United Rentals North America, Inc., 5.875%, 9/15/2026		1,185,600

				5,321,824

		Consumer Cyclical Services – 0.3%
	1,902,000	ServiceMaster Co. LLC (The), 7.450%, 8/15/2027		2,049,405

		Electric – 1.4%
	455,000	AES Corp. (The), 4.875%, 5/15/2023		462,962
	185,000	AES Corp. (The), 5.500%, 4/15/2025		191,642
	340,000	Dynegy, Inc., 5.875%, 6/01/2023		348,568
	210,000	Dynegy, Inc., 7.625%, 11/01/2024		226,538
	4,415,000	Dynegy, Inc., 8.125%, 1/30/2026, 144A		4,873,056
	1,100,000	EDP Finance BV, 4.900%, 10/01/2019, 144A		1,129,324
	2,430,000	NRG Energy, Inc., 7.250%, 5/15/2026		2,570,454

				9,802,544

		Finance Companies – 2.7%
	1,000,000	AGFC Capital Trust I, 3-month LIBOR + 1.750%, 3.472%, 1/15/2067, 144A(a)		510,000
	240,000	International Lease Finance Corp., 4.625%, 4/15/2021		247,714
	60,000	International Lease Finance Corp., 6.250%, 5/15/2019		62,059
	300,000	International Lease Finance Corp., 8.250%, 12/15/2020		333,469
	1,190,000	iStar, Inc., 5.000%, 7/01/2019		1,193,772
	1,900,000	iStar, Inc., 6.500%, 7/01/2021		1,940,375
	1,984,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.875%, 8/01/2021, 144A		2,018,641
	1,365,000	Navient Corp., MTN, 6.125%, 3/25/2024		1,359,881
	325,000	Navient LLC, MTN, 7.250%, 1/25/2022		343,281
	5,550,000	Navient LLC, Series A, MTN, 5.625%, 8/01/2033(d)(e)		4,856,250
	3,205,000	Springleaf Finance Corp., 5.250%, 12/15/2019		3,269,100
	1,725,000	Springleaf Finance Corp., 6.875%, 3/15/2025		1,731,469
	805,000	Springleaf Finance Corp., 8.250%, 10/01/2023		869,400

				18,735,411


		Government Owned – No Guarantee – 0.2%
	900,000	Petrobras Global Finance BV, 5.625%, 5/20/2043		785,250
	75,000(††)	Petroleos Mexicanos, 7.650%, 11/24/2021, 144A, (MXN)		392,576

				1,177,826

		Healthcare – 6.5%
	250,000	CHS/Community Health Systems, Inc., 5.125%, 8/01/2021		232,500
	770,000	CHS/Community Health Systems, Inc., 6.875%, 2/01/2022		445,638
	2,825,000	HCA, Inc., 5.875%, 5/01/2023		2,923,875
	1,065,000	HCA, Inc., 7.050%, 12/01/2027		1,126,238
	4,660,000	HCA, Inc., 7.500%, 11/06/2033		5,091,050
	620,000	HCA, Inc., 7.690%, 6/15/2025		683,550
	375,000	HCA, Inc., 8.360%, 4/15/2024		428,438
	2,945,000	HCA, Inc., MTN, 7.580%, 9/15/2025		3,228,456
	3,875,000	HCA, Inc., MTN, 7.750%, 7/15/2036		4,262,500
	1,465,000	Kindred Healthcare, Inc., 8.000%, 1/15/2020		1,551,069
	1,885,000	Kindred Healthcare, Inc., 8.750%, 1/15/2023		1,993,387
	4,745,000	Tenet Healthcare Corp., 5.125%, 5/01/2025, 144A		4,561,131
	4,690,000	Tenet Healthcare Corp., 6.750%, 6/15/2023		4,590,337
	10,334,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		9,403,940
	910,000	Tenet Healthcare Corp., 7.000%, 8/01/2025, 144A		895,213
	1,395,000	Tenet Healthcare Corp., 8.125%, 4/01/2022		1,454,287
	2,554,000	Universal Health Services, Inc., 4.750%, 8/01/2022, 144A		2,593,958

				45,465,567

		Home Construction – 1.8%
	2,820,000	Beazer Homes USA, Inc., 5.875%, 10/15/2027		2,612,025
	15,000	Beazer Homes USA, Inc., 7.250%, 2/01/2023		15,506
	2,205,000	Beazer Homes USA, Inc., 8.750%, 3/15/2022		2,375,888
	882,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021(d)(e)		797,451
	3,060,000	Lennar Corp., 4.500%, 6/15/2019		3,071,475
	400,000	PulteGroup, Inc., 6.000%, 2/15/2035		405,000
	2,425,000	TRI Pointe Group, Inc., 4.875%, 7/01/2021		2,440,884
	1,000,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.875%, 6/15/2024		1,014,700

				12,732,929

		Independent Energy – 11.0%
	530,000	Anadarko Petroleum Corp., 3.450%, 7/15/2024		514,546
	480,000	Anadarko Petroleum Corp., 4.500%, 7/15/2044		460,672
	2,840,000	Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.000%, 4/01/2022, 144A		3,067,200

See accompanying notes to financial statements.

37 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Independent Energy – continued
$	470,000	Baytex Energy Corp., 5.125%, 6/01/2021, 144A	$	439,450
	870,000	Baytex Energy Corp., 5.625%, 6/01/2024, 144A		765,600
	4,910,000	Bellatrix Exploration Ltd., 8.500%, 5/15/2020, 144A		4,005,578
	647,000	California Resources Corp., 5.500%, 9/15/2021		498,714
	106,000	California Resources Corp., 6.000%, 11/15/2024		64,764
	4,845,000	California Resources Corp., 8.000%, 12/15/2022, 144A		3,803,325
	1,000,000	Chesapeake Energy Corp., 4.875%, 4/15/2022		925,000
	2,835,000	Chesapeake Energy Corp., 8.000%, 1/15/2025, 144A		2,742,862
	3,795,000	Chesapeake Energy Corp., 8.000%, 6/15/2027, 144A		3,624,225
	1,885,000	Continental Resources, Inc., 3.800%, 6/01/2024		1,814,313
	2,095,000	Continental Resources, Inc., 4.500%, 4/15/2023		2,118,569
	2,345,000	Continental Resources, Inc., 5.000%, 9/15/2022		2,377,244
	6,850,000	Eclipse Resources Corp., 8.875%, 7/15/2023		6,464,687
	551,000	Halcon Resources Corp., 6.750%, 2/15/2025		541,358
	3,690,000	Lonestar Resources America, Inc., 11.250%, 1/01/2023, 144A		3,680,775
	1,270,000	MEG Energy Corp., 6.375%, 1/30/2023, 144A		1,060,450
	9,165,000	MEG Energy Corp., 7.000%, 3/31/2024, 144A		7,561,125
	1,075,000	OGX Austria GmbH, 8.375%, 4/01/2022, 144A(b)(e)(f)(g)		—
	400,000	OGX Austria GmbH, 8.500%, 6/01/2018, 144A(b)(e)(f)(g)		—
	565,000	QEP Resources, Inc., 5.250%, 5/01/2023		543,835
	340,000	Range Resources Corp., 5.000%, 8/15/2022		328,950
	5,620,000	Rex Energy Corp., 8.000%, 10/01/2020(d)(e)		1,601,700
	538,000	RSP Permian, Inc., 6.625%, 10/01/2022		562,205
	1,540,000	Sanchez Energy Corp., 6.125%, 1/15/2023		1,123,238
	1,270,000	SM Energy Co., 5.000%, 1/15/2024		1,177,925
	1,045,000	SM Energy Co., 5.625%, 6/01/2025		990,138
	572,000	SM Energy Co., 6.125%, 11/15/2022		572,000
	145,000	SM Energy Co., 6.500%, 11/15/2021		145,906
	1,000,000	SM Energy Co., 6.500%, 1/01/2023		992,500
	2,495,000	Southwestern Energy Co., 4.100%, 3/15/2022		2,388,962
	6,345,000	Southwestern Energy Co., 6.700%, 1/23/2025		6,157,822
	5,425,000	Vine Oil & Gas LP/Vine Oil & Gas Finance Corp., 8.750%, 4/15/2023, 144A		5,058,812

		Independent Energy – continued
	4,395,000	Whiting Petroleum Corp., 5.750%, 3/15/2021		4,438,862
	2,265,000	Whiting Petroleum Corp., 6.250%, 4/01/2023		2,287,922
	2,011,000	Whiting Petroleum Corp., 6.625%, 1/15/2026, 144A		2,026,082

				76,927,316

		Life Insurance – 0.4%
	1,530,000	MetLife, Inc., 10.750%, 8/01/2069		2,402,100
	280,000	MetLife, Inc., (fixed rate to 4/08/2038, variable rate thereafter), 9.250%, 4/08/2068, 144A		380,800

				2,782,900

		Media Entertainment – 1.1%
	5,255,000	Clear Channel Worldwide Holdings, Inc., Series B, 7.625%, 3/15/2020		5,248,431
	1,000,000	iHeartCommunications, Inc., 9.000%, 3/01/2021(g)		786,250
	1,890,000	iHeartCommunications, Inc., 9.000%, 9/15/2022(g)		1,483,650
	345,000	R.R. Donnelley & Sons Co., 7.625%, 6/15/2020		363,009

				7,881,340

		Metals & Mining – 4.7%
	4,146,853	1839688 Alberta ULC, PIK, 14.000%, 2/13/2020(b)(e)(f)(g)(h)		1,659
	500,000	AK Steel Corp., 7.625%, 10/01/2021		512,500
	2,520,000	Allegheny Technologies, Inc., 7.875%, 8/15/2023		2,740,500
	3,000,000	ArcelorMittal, 5.500%, 8/05/2020		3,112,500
	1,880,000	Barrick Gold Corp., 5.250%, 4/01/2042		2,048,015
	4,530,000	First Quantum Minerals Ltd., 7.250%, 5/15/2022, 144A		4,530,000
	200,000	First Quantum Minerals Ltd., 7.500%, 4/01/2025, 144A		197,000
	12,000,000	Freeport-McMoRan, Inc., 5.450%, 3/15/2043		11,036,400
	3,960,000	Hecla Mining Co., 6.875%, 5/01/2021		4,034,250
	4,000,000	United States Steel Corp., 6.650%, 6/01/2037		3,920,000
	750,000	United States Steel Corp., 7.375%, 4/01/2020		796,875

				32,929,699

		Midstream – 2.0%
	800,000	Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.125%, 11/15/2022, 144A		814,000
	5,415,000	Energy Transfer Partners LP/Regency Energy Finance Corp., 5.000%, 10/01/2022		5,629,386
	2,545,000	Gibson Energy, Inc., 5.375%, 7/15/2022, 144A, (CAD)		1,992,679
	200,000	NGL Energy Partners LP/NGL Energy Finance Corp., 6.125%, 3/01/2025		190,500
	50,000	NGL Energy Partners LP/NGL Energy Finance Corp., 6.875%, 10/15/2021		49,875
	3,465,000	NGL Energy Partners LP/NGL Energy Finance Corp., 7.500%, 11/01/2023		3,477,994

See accompanying notes to financial statements.

| 38

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Midstream – continued
$	870,000	Summit Midstream Partners LP, Series A, (fixed rate to 12/15/2022, variable rate thereafter), 9.500%(c)	$	886,278
	764,273	Transportadora de Gas del Sur S.A., 9.625%, 5/14/2020, 144A		797,924

				13,838,636

		Non-Agency Commercial Mortgage-Backed Securities – 0.0%
	50,063	GS Mortgage Securities Trust, Series 2007-GG10, Class AM, 5.826%, 8/10/2045(i)		50,486

		Oil Field Services – 2.4%
	1,805,000	Ensco PLC, 7.750%, 2/01/2026		1,656,088
	2,035,000	Noble Holding International Ltd., 7.750%, 1/15/2024		1,887,462
	250,000	Noble Holding International Ltd., 7.875%, 2/01/2026, 144A		246,250
	6,050,000	Pioneer Energy Services Corp., 6.125%, 3/15/2022		5,238,271
	965,000	Shelf Drilling Holdings Ltd., 8.250%, 2/15/2025, 144A		967,413
	5,107,500	Transocean Proteus Ltd., 6.250%, 12/01/2024, 144A		5,196,881
	2,075,000	Transocean, Inc., 6.800%, 3/15/2038		1,618,500

				16,810,865

		Packaging – 0.3%
	335,000	Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 6.000%, 6/30/2021, 144A		341,700
	1,830,000	Sealed Air Corp., 5.500%, 9/15/2025, 144A		1,894,050

				2,235,750

		Property & Casualty Insurance – 0.1%
	1,920,000	MBIA Insurance Corp., 3-month LIBOR + 11.260%, 12.982%, 1/15/2033, 144A(a)(j)		825,600

		Railroads – 0.0%
	30,000	Missouri Pacific Railroad Co., Series A, 4.750%, 1/01/2020(d)(e)		30,000

		REITs – Health Care – 0.3%
	1,815,000	MPT Operating Partnership LP/MPT Finance Corp., 5.000%, 10/15/2027		1,779,245

		Retailers – 1.5%
	928,000	Foot Locker, Inc., 8.500%, 1/15/2022		1,069,520
	500,000	Group 1 Automotive, Inc., 5.000%, 6/01/2022		503,900
	16,000	J.C. Penney Corp., Inc., 5.650%, 6/01/2020		16,400
	165,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		102,300
	88,000	J.C. Penney Corp., Inc., 8.125%, 10/01/2019		93,390
	3,005,000	Nine West Holdings, Inc., 6.125%, 11/15/2034(d)(e)		300,500

		Retailers – continued
$	4,555,000	TRU Taj LLC/TRU Taj Finance, Inc., 11.000%, 1/22/2019, 144A(d)(e)	$	4,719,982
	4,499,000	TRU Taj LLC/TRU Taj Finance, Inc., 12.000%, 8/15/2021, 144A(d)(e)		3,475,478

				10,281,470

		Supermarkets – 3.3%
	655,000	Albertson’s Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC, 5.750%, 3/15/2025		558,584
	330,000	Albertson’s Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC, 6.625%, 6/15/2024		295,763
	6,415,000	New Albertsons LP, 7.450%, 8/01/2029		5,132,000
	2,865,000	New Albertsons LP, 7.750%, 6/15/2026		2,463,900
	10,075,000	New Albertsons LP, 8.000%, 5/01/2031		8,261,500
	5,625,000	New Albertsons LP, 8.700%, 5/01/2030		4,964,062
	1,150,000	New Albertsons LP, Series C, MTN, 6.625%, 6/01/2028		885,500
	155,000	Safeway, Inc., 7.250%, 2/01/2031		125,550

				22,686,859

		Technology – 0.7%
	874,000	Advanced Micro Devices, Inc., 7.000%, 7/01/2024		917,700
	3,420,000	Amkor Technology, Inc., 6.375%, 10/01/2022		3,514,050
	263,000	Micron Technology, Inc., 5.500%, 2/01/2025		272,863

				4,704,613

		Transportation Services – 0.5%
	3,285,000	APL Ltd., 8.000%, 1/15/2024(d)(e)		3,186,450

		Treasuries – 6.5%
	350,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2024, (EUR)(k)		423,089
	270,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2035, (EUR)(k)		286,907
	170,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2036, (EUR)(k)		183,954
	40,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2037, (EUR)(k)		43,105
	490,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2038, (EUR)(k)		515,935
	635,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2039, (EUR)(k)		669,384

See accompanying notes to financial statements.

39 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Treasuries – continued
	60,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2040, (EUR)(k)	$	63,012
	1,540,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2041, (EUR)(k)		1,620,698
	24,750,000	Iceland Government International Bond, 7.250%, 10/26/2022, (ISK)		208,859
	50,205,000	Iceland Government International Bond, 8.750%, 2/26/2019, (ISK)		403,353
	110,000(††)	Mexican Fixed Rate Bonds, Series M, 7.750%, 5/29/2031, (MXN)		619,128
	310,000(††)	Mexican Fixed Rate Bonds, Series M-20, 7.500%, 6/03/2027, (MXN)		1,726,141
	1,595,000(††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		9,089,658
	75,000(††)	Mexican Fixed Rate Bonds, Series M-20, 8.500%, 5/31/2029, (MXN)		447,442
	490,000(††)	Mexican Fixed Rate Bonds, Series M-20, 10.000%, 12/05/2024, (MXN)		3,091,959
	15,955,000	New Zealand Government Bond, 5.000%, 3/15/2019, (NZD)		11,879,297
	1,575,000	Norway Government Bond, 3.750%, 5/25/2021, 144A, (NOK)		216,650
	2,260,000	Norway Government Bond, 4.500%, 5/22/2019, 144A, (NOK)		300,274
	4,170,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		1,389,806
	12,000,000	U.S. Treasury Note, 1.000%, 11/30/2018		11,919,375

				45,098,026

		Wireless – 1.9%
	29,970,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		1,522,832
	11,170,000	Sprint Capital Corp., 6.875%, 11/15/2028		10,416,025
	215,000	Sprint Capital Corp., 8.750%, 3/15/2032		224,675
	605,000	Sprint Communications, Inc., 6.000%, 11/15/2022		593,656
	760,000	Sprint Corp., 7.125%, 6/15/2024		741,000

				13,498,188

		Wirelines – 7.2%
	11,550,000	CB Escrow Corp., 8.000%, 10/15/2025, 144A		10,755,937
	205,000	CenturyLink, Inc., 5.625%, 4/01/2025		185,013
	1,495,000	CenturyLink, Inc., Series P, 7.600%, 9/15/2039		1,288,077
	1,555,000	CenturyLink, Inc., Series U, 7.650%, 3/15/2042		1,317,862

		Wirelines – continued
	385,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		373,450
	2,460,000	Cincinnati Bell, Inc., 7.000%, 7/15/2024, 144A		2,201,700
	3,705,000	Consolidated Communications, Inc., 6.500%, 10/01/2022		3,278,925
	1,945,000	Frontier Communications Corp., 6.875%, 1/15/2025		1,149,981
	465,000	Frontier Communications Corp., 7.000%, 11/01/2025		244,637
	1,740,000	Frontier Communications Corp., 7.125%, 1/15/2023		1,173,961
	4,851,000	Frontier Communications Corp., 7.875%, 1/15/2027		2,522,520
	902,000	Frontier Communications Corp., 8.750%, 4/15/2022		701,305
	860,000	Frontier Communications Corp., 9.000%, 8/15/2031		522,450
	940,000	Frontier Communications Corp., 11.000%, 9/15/2025		704,412
	1,160,000	Level 3 Parent LLC, 5.750%, 12/01/2022		1,157,100
	800,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		720,000
	1,385,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		1,384,363
	5,332,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		4,798,800
	645,000	Qwest Corp., 7.250%, 9/15/2025		695,905
	1,407,000	Qwest Corp., 7.250%, 10/15/2035		1,392,288
	2,213,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		2,295,324
	1,550,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		1,681,750
	2,595,000	Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 8.250%, 10/15/2023		2,452,275
	4,795,000	Windstream Services LLC/Windstream Finance Corp., 7.500%, 4/01/2023		3,391,599
	4,090,000	Windstream Services LLC/Windstream Finance Corp., 7.750%, 10/15/2020		3,415,150
	1,044,000	Windstream Services LLC/Windstream Finance Corp., 8.750%, 12/15/2024, 144A		619,186

				50,423,970


		Total Non-Convertible Bonds
		(Identified Cost $473,499,671)		471,529,178


	Convertible Bonds – 6.1%

		Aerospace & Defense – 0.3%
	1,895,000	Arconic, Inc., 1.625%, 10/15/2019		1,991,211

		Building Materials – 0.1%
	685,000	KB Home, 1.375%, 2/01/2019		775,334

		Cable Satellite – 2.0%
	3,815,000	DISH Network Corp., 2.375%, 3/15/2024		3,373,570

See accompanying notes to financial statements.

| 40

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Cable Satellite – continued
$	10,970,000	DISH Network Corp., 3.375%, 8/15/2026	$	10,566,304

				13,939,874

		Diversified Manufacturing – 0.2%
	1,245,000	Trinity Industries, Inc., 3.875%, 6/01/2036		1,696,793

		Finance Companies – 0.1%
	390,000	Euronet Worldwide, Inc., 1.500%, 10/01/2044		459,874

		Healthcare – 0.2%
	1,560,000	Evolent Health, Inc., 2.000%, 12/01/2021		1,566,149

		Leisure – 0.4%
	3,000,000	Rovi Corp., 0.500%, 3/01/2020		2,890,890

		Midstream – 0.7%
	4,030,000	Chesapeake Energy Corp., 5.500%, 9/15/2026		3,470,233
	1,340,000	SM Energy Co., 1.500%, 7/01/2021		1,264,960

				4,735,193

		Pharmaceuticals – 0.1%
	225,000	BioMarin Pharmaceutical, Inc., 0.599%, 8/01/2024		211,219
	310,000	BioMarin Pharmaceutical, Inc., 1.500%, 10/15/2020		341,388
	750,000	Intercept Pharmaceuticals, Inc., 3.250%, 7/01/2023		600,937

				1,153,544

		REITs – Mortgage – 0.1%
	570,000	iStar, Inc., 3.125%, 9/15/2022, 144A		542,364

		Technology – 1.9%
	235,000	Finisar Corp., 0.500%, 12/15/2036		211,126
	40,426	Liberty Interactive LLC, 3.500%, 1/15/2031		44,483
	10,305,000	Nuance Communications, Inc., 1.000%, 12/15/2035		9,802,322
	1,170,000	Nuance Communications, Inc., 1.250%, 4/01/2025, 144A		1,157,270
	1,009,000	Nuance Communications, Inc., 1.500%, 11/01/2035		1,028,210
	830,000	Viavi Solutions, Inc., 0.625%, 8/15/2033		847,960

				13,091,371


		Total Convertible Bonds
		(Identified Cost $43,325,614)		42,842,597


	Municipals – 0.4%

		District of Columbia – 0.1%
	540,000	Metropolitan Washington Airports Authority, Series D, 8.000%, 10/01/2047		750,341


		Puerto Rico – 0.3%
	4,260,000	Commonwealth of Puerto Rico, GO, Refunding, Series A, 8.000%, 7/01/2035(g)		1,810,500


		Total Municipals
		(Identified Cost $4,128,262)		2,560,841


		Total Bonds and Notes
		(Identified Cost $520,953,547)		516,932,616


	Loan Participations – 0.1%

		ABS Other – 0.1%
	456,267	Rise Ltd., Series 2014-1, Class B, 6.500%, 2/15/2039(b)(f)(i) (Identified Cost $459,689)		453,986


	Senior Loans – 0.4%

		Chemicals – 0.2%
	1,610,000	Houghton International, Inc., New 2nd Lien Term Loan, 1-month LIBOR + 8.500%, 10.377%, 12/20/2020(a)		1,610,000

		Financial Other – 0.1%
	717,800	DBRS Ltd., Term Loan, 3-month LIBOR + 5.250%, 7.234%, 3/04/2022(a)		722,286

		Oil Field Services – 0.0%
	154,366	Petroleum Geo-Services ASA, New Term Loan B, 3-month LIBOR + 2.500%, 4.802%, 3/19/2021(a)		146,359

		Retailers – 0.1%
	291,962	Toys “R” Us Property Co. I LLC, New Term Loan B, 1-month LIBOR + 5.000%, 6.877%, 8/21/2019(a)(d)(e)(g)		239,514

		Technology – 0.0%
	128,399	IQOR U.S., Inc., 2nd Lien Term Loan, 3-month LIBOR + 8.750%, 10.445%, 4/01/2022(a)		123,135

		Transportation Services – 0.0%
	116,753	OSG Bulk Ships, Inc., OBS Term Loan, 3-month LIBOR + 4.250%, 6.040%, 8/05/2019(a)		112,082


		Total Senior Loans
		(Identified Cost $2,983,811)		2,953,376


	Shares

	Common Stocks – 6.5%

		Automobiles – 1.4%
	876,900	Ford Motor Co.		9,716,052

		Electronic Equipment, Instruments & Components – 4.4%
	1,119,766	Corning, Inc.		31,219,076

See accompanying notes to financial statements.

41 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Media – 0.0%
	2,154	Dex Media, Inc.(j)(l)	$	18,417

		Oil, Gas & Consumable Fuels – 0.1%
	2,846	Chesapeake Energy Corp.(j)		8,595
	588	Frontera Energy Corp.(j)		16,435
	11,182	Paragon Offshore Ltd., Litigation Units, Class A(j)(l)		11,931
	16,773	Paragon Offshore Ltd., Litigation Units, Class B(j)(l)		494,803

				531,764

		Pharmaceuticals – 0.6%
	64,900	Bristol-Myers Squibb Co.		4,104,925


		Total Common Stocks
		(Identified Cost $27,284,639)		45,590,234


	Preferred Stocks – 1.8%

	Convertible Preferred Stocks – 1.6%

		Banking – 0.0%
	138	Wells Fargo & Co., Series L, Class A, 7.500%		178,020

		Communications – 0.0%
	1,120	Cincinnati Bell, Inc., Series B, 6.750%		54,790

		Energy – 0.8%
	113,814	El Paso Energy Capital Trust I, 4.750%		5,378,850

		Midstream – 0.4%
	12,537	Chesapeake Energy Corp., 5.000%		680,916
	3,000	Chesapeake Energy Corp., 5.750%, 144A		1,697,850
	30	Chesapeake Energy Corp., 5.750%		16,979
	513	Chesapeake Energy Corp., 5.750%		293,051
	160	Chesapeake Energy Corp., Series A, 5.750%, 144A		91,400

				2,780,196

		REITs – Mortgage – 0.4%
	57,674	iStar, Inc., Series J, 4.500%		2,626,624


		Total Convertible Preferred Stocks
		(Identified Cost $11,813,672)		11,018,480


	Non-Convertible Preferred Stocks – 0.2%

		Banking – 0.1%
	18,000	Bank of America Corp., 6.375%		460,080

		Finance Companies – 0.0%
	2,575	iStar, Inc., Series G, 7.650%		63,602

		Home Construction – 0.1%
	96,887	Hovnanian Enterprises, Inc., 7.625%(j)		688,867


		REITs – Warehouse/Industrials – 0.0%
	3,363	ProLogis, Inc., Series Q, 8.540%		218,142


		Total Non-Convertible Preferred Stocks
		(Identified Cost $1,172,979)		1,430,691


		Total Preferred Stocks
		(Identified Cost $12,986,651)		12,449,171


	Principal Amount (‡)

	Short-Term Investments – 15.6%
$	7,090,000	Federal Home Loan Bank Discount Notes, 1.560%, 5/21/2018(m)		7,073,594
	35,000,000	Federal Home Loan Bank Discount Notes, 1.445%, 5/10/2018(m)		34,937,210
	32,910,000	Federal National Mortgage Association Discount Notes, 1.510%, 5/21/2018(m)		32,833,846
	14,010,396	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/29/2018 at 0.900% to be repurchased at $14,011,797 on 4/02/2018 collateralized by $14,565,000 U.S. Treasury Note, 2.250% due 1/31/2024 valued at $14,294,528 including accrued interest (Note 2 of Notes to Financial Statements)		14,010,396
	20,000,000	U.S. Treasury Bills, 1.455%-1.456%, 5/03/2018(m)(n)		19,972,002


		Total Short-Term Investments
		(Identified Cost $108,845,356)		108,827,048


		Total Investments – 98.5%
		(Identified Cost $673,513,693)		687,206,431
		Other assets less liabilities—1.5%		10,128,744


		Net Assets – 100.0%	$	697,335,175


	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(††)	Amount shown represents units. One unit represents a principal amount of 100.
	(a)	Variable rate security. Rate as of March 31, 2018 is disclosed.
	(b)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
	(c)	Perpetual bond with no specified maturity date.
	(d)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At March 31, 2018, the value of these securities amounted to $27,807,541 or 4.0% of net assets. See Note 2 of Notes to Financial Statements.
	(e)	Illiquid security.
	(f)	Fair valued by the Fund’s adviser. At March 31, 2018, the value of these securities amounted to $455,645 or 0.1% of net assets. See Note 2 of Notes to Financial Statements.
	(g)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.

See accompanying notes to financial statements.

| 42

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Institutional High Income Fund – continued


	Acquisition Date	Cost		Value		% of Net Assets
Dex Media, Inc.	August 12, 2016	$	10,493	$	18,417		Less than 0.1%
Paragon Offshore Ltd., Litigation Units Class A	July 18, 2017		85,478		11,931		Less than 0.1%
Paragon Offshore Ltd., Litigation Units Class B	July 18, 2017		1,709,463		494,803		0.1%



	(m)			Interest rate represents discount rate at time of purchase; not a coupon rate.
	(n)			The Fund’s investment in U.S. Government/Agency securities is comprised of various lots with differing discount rates. These separate investments, which have the same maturity date, have been aggregated for the purpose of presentation in the Portfolio of Investments.

	144A			All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2018, the value of Rule 144A holdings amounted to $126,842,438 or 18.2% of net assets.
	ABS			Asset-Backed Securities
	GO			General Obligation
	LIBOR			London Interbank Offered Rate
	MTN			Medium Term Note
	PIK			Payment-in-Kind
	REITs			Real Estate Investment Trusts

	BRL			Brazilian Real
	CAD			Canadian Dollar
	EUR			Euro
	ISK			Icelandic Krona
	MXN			Mexican Peso
	NOK			Norwegian Krone
	NZD			New Zealand Dollar

Industry Summary at March 31, 2018 (Unaudited)


Independent Energy	11.0	%
Wirelines	7.2
Healthcare	6.7
Treasuries	6.5
Metals & Mining	4.7
Electronic Equipment, Instruments & Components	4.4
Cable Satellite	4.4
Supermarkets	3.3
Midstream	3.1
Finance Companies	2.8
Technology	2.6
Chemicals	2.5
Oil Field Services	2.4
Other Investments, less than 2% each	21.3
Short-Term Investments	15.6

Total Investments	98.5
Other assets less liabilities	1.5

Net Assets	100.0	%

See accompanying notes to financial statements.

43 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – 67.5% of Net Assets

	Non-Convertible Bonds – 65.8%

		ABS Home Equity – 0.0%
$	21,421	Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 5A, 3.491%, 7/25/2035(a)(b)(c)	$	19,732

		ABS Other – 2.9%
	2,691,010	FAN Engine Securitization Ltd., Series 2013-1A, Class 1A, 4.625%, 10/15/2043, 144A(b)(d)(e)		2,660,064
	8,166,233	Shenton Aircraft Investment I Ltd., Series 2015-1A, Class A, 4.750%, 10/15/2042, 144A		8,402,173
	524,799	Trinity Rail Leasing LP, Series 2009-1A, Class A, 6.657%, 11/16/2039, 144A(b)		518,935
	259,506	Trinity Rail Leasing LP, Series 2012-1A, Class A1, 2.266%, 1/15/2043, 144A		253,837

				11,835,009

		Aerospace & Defense – 0.3%
	480,000	Embraer Netherlands Finance BV, 5.400%, 2/01/2027		507,168
	410,000	Textron, Inc., EMTN, 6.625%, 4/07/2020, (GBP)		622,368

				1,129,536

		Airlines – 1.6%
	263,225	Air Canada Pass Through Trust, Series 2013-1, Class B, 5.375%, 11/15/2022, 144A		271,122
	465,139	American Airlines Pass Through Trust, Series 2013-1 Class A, 4.000%, 1/15/2027		467,995
	66,807	Continental Airlines Pass Through Certificates, Series 2000-2, Class A-1, 7.707%, 10/02/2022(b)		71,684
	65,814	Continental Airlines Pass Through Certificates, Series 2012-1, Class B, 6.250%, 10/11/2021		68,117
	74,971	Continental Airlines Pass Through Certificates, Series 2012-2, Class B, 5.500%, 4/29/2022		76,966
	839,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		839,000
	597,444	Continental Airlines Pass Through Trust, Series 2007-1, Class A, 5.983%, 10/19/2023		639,390
	606,187	Delta Air Lines Pass Through Trust, Series 2007-1, Class B, 8.021%, 2/10/2024		674,989
	1,231,709	Delta Air Lines Pass Through Trust, Series 2009-1, Class A, 7.750%, 6/17/2021		1,302,803
	591,335	Delta Air Lines Pass Through Trust, Series 2010-1, Class A, 6.200%, 1/02/2020(b)		599,093
	408,573	US Airways Pass Through Trust, Series 2011-1, Class A, 7.125%, 4/22/2025		455,518

		Airlines – continued
	807,927	US Airways Pass Through Trust, Series 2012-2A, Class A, 4.625%, 12/03/2026		832,731

				6,299,408

		Automotive – 3.0%
	840,000	Cummins, Inc., 5.650%, 3/01/2098		928,819
	10,935,000	Ford Motor Credit Co. LLC, GMTN, 4.389%, 1/08/2026		10,872,418
	540,000	General Motors Co., 5.200%, 4/01/2045		525,364

				12,326,601

		Banking – 7.4%
	2,875,000	Ally Financial, Inc., 4.125%, 2/13/2022		2,860,625
	800,000	Bank of America Corp., 5.490%, 3/15/2019		818,720
	809,000	Bank of America Corp., (fixed rate to 12/20/2022, variable rate thereafter), 3.004%, 12/20/2023, 144A		793,514
	1,586,000	Bank of America Corp., (fixed rate to 12/20/2027, variable rate thereafter), 3.419%, 12/20/2028, 144A		1,519,225
	400,000	Bank of America Corp., MTN, 4.250%, 10/22/2026		402,803
	683,000	Bank of America Corp., Series L, MTN, 4.183%, 11/25/2027		677,088
	1,045,000	Citigroup, Inc., 5.130%, 11/12/2019, (NZD)		785,843
	6,050,000	Goldman Sachs Group, Inc. (The), 3.550%, 2/12/2021, (CAD)		4,795,623
	660,000	Goldman Sachs Group, Inc. (The), GMTN, 5.375%, 3/15/2020		688,182
	4,110,000	JPMorgan Chase & Co., 4.125%, 12/15/2026		4,130,421
	665,000	Morgan Stanley, 2.500%, 1/24/2019		663,815
	615,000	Morgan Stanley, 3.950%, 4/23/2027		598,811
	1,215,000	Morgan Stanley, 4.350%, 9/08/2026		1,223,662
	840,000	Morgan Stanley, 5.750%, 1/25/2021		895,208
	2,202,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		2,543,211
	420,000	National City Bank of Indiana, 4.250%, 7/01/2018		421,655
	905,000	Royal Bank of Scotland Group PLC, 6.000%, 12/19/2023		964,079
	2,695,000	Royal Bank of Scotland Group PLC, 6.125%, 12/15/2022		2,854,849
	304,000	Royal Bank of Scotland PLC (The), EMTN, 6.934%, 4/09/2018, (EUR)		374,426
	1,500,000	Societe Generale S.A., EMTN, (fixed rate to 6/16/2018, variable rate thereafter), 8.875%, (GBP)(f)		2,125,546

				30,137,306

		Brokerage – 1.2%
	3,223,000	Jefferies Group LLC, 5.125%, 1/20/2023		3,410,492
	934,000	Jefferies Group LLC, 6.250%, 1/15/2036		1,015,570
	437,000	Jefferies Group LLC, 6.450%, 6/08/2027		493,670

See accompanying notes to financial statements.

| 44

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Brokerage – continued
$	80,000	Jefferies Group LLC, 6.875%, 4/15/2021	$	87,213

				5,006,945

		Building Materials – 0.4%
	269,000	Masco Corp., 6.500%, 8/15/2032		311,671
	133,000	Masco Corp., 7.750%, 8/01/2029		168,385
	992,000	Owens Corning, 7.000%, 12/01/2036		1,269,800

				1,749,856

		Cable Satellite – 0.1%
	15,000	Cox Communications, Inc., 4.800%, 2/01/2035, 144A		14,720
	185,000	Time Warner Cable LLC, 5.500%, 9/01/2041		183,803

				198,523

		Chemicals – 0.8%
	2,995,000	INVISTA Finance LLC, 4.250%, 10/15/2019, 144A		2,990,807
	140,000	Methanex Corp., 5.250%, 3/01/2022		144,863

				3,135,670

		Collateralized Mortgage Obligations – 0.1%
	475,840	Federal Home Loan Mortgage Corp., REMIC, Series 2912, Class EH, 5.500%, 1/15/2035		516,580
	2,362	Federal National Mortgage Association, REMIC, Series 1990-48, Class H, 7.000%, 4/25/2020(b)(c)		2,401

				518,981

		Consumer Products – 0.1%
	459,000	Hasbro, Inc., 6.600%, 7/15/2028		528,488

		Diversified Manufacturing – 0.1%
	65,000	General Electric Co., GMTN, 3.100%, 1/09/2023		63,678
	286,000	General Electric Co., Series A, MTN, 3-month LIBOR + 0.300%, 2.022%, 5/13/2024(g)		272,481

				336,159

		Electric – 2.2%
	985,000	Allegheny Energy Supply Co. LLC, 6.750%, 10/15/2039, 144A(d)(e)		1,431,421
	797,453	Bruce Mansfield Unit Pass Through Trust, 6.850%, 6/01/2034(d)(e)		246,485
	2,581,000	EDP Finance BV, 4.900%, 10/01/2019, 144A		2,649,804
	450,000	EDP Finance BV, EMTN, 8.625%, 1/04/2024, (GBP)		836,131
	1,322,000	Enel Finance International NV, 6.000%, 10/07/2039, 144A		1,552,597
	531,000	Enel Finance International NV, 6.800%, 9/15/2037, 144A		672,548
	875,000	Enel Finance International NV, EMTN, 5.750%, 9/14/2040, (GBP)		1,670,106

				9,059,092


		Finance Companies – 2.6%
	889,000	International Lease Finance Corp., 4.625%, 4/15/2021		917,573
	2,080,000	International Lease Finance Corp., 6.250%, 5/15/2019		2,151,392
	875,000	Navient Corp., MTN, 6.125%, 3/25/2024		871,719
	4,297,000	Navient LLC, 5.500%, 1/25/2023		4,221,802
	159,000	Navient LLC, MTN, 5.500%, 1/15/2019		160,749
	507,000	Navient LLC, MTN, 7.250%, 1/25/2022		535,519
	983,000	Navient LLC, Series A, MTN, 5.625%, 8/01/2033(d)(e)		860,125
	611,000	Springleaf Finance Corp., 5.250%, 12/15/2019		623,220

				10,342,099

		Government Owned – No Guarantee – 0.5%
	780,000	Pertamina Persero PT, 6.450%, 5/30/2044, 144A		882,010
	705,000	Petrobras Global Finance BV, 4.375%, 5/20/2023		691,816
	625,000	Petrobras Global Finance BV, 5.625%, 5/20/2043		545,313

				2,119,139

		Health Insurance – 0.0%
	13,000	Cigna Corp., 7.875%, 5/15/2027		16,480

		Healthcare – 0.6%
	649,000	Boston Scientific Corp., 6.000%, 1/15/2020		681,034
	1,520,000	HCA, Inc., 4.500%, 2/15/2027		1,466,800
	42,000	HCA, Inc., 5.875%, 3/15/2022		44,257
	232,000	HCA, Inc., MTN, 7.750%, 7/15/2036		255,200

				2,447,291

		Home Construction – 0.9%
	2,536,000	PulteGroup, Inc., 6.000%, 2/15/2035		2,567,700
	1,105,000	PulteGroup, Inc., 6.375%, 5/15/2033		1,154,725

				3,722,425

		Hybrid ARMs – 0.0%
	13,243	FNMA, 6-month LIBOR + 1.512%, 3.265%, 2/01/2037(g)		13,685
	25,270	FNMA, 12-month LIBOR + 1.882%, 3.644%, 9/01/2036(g)		26,656

				40,341

		Independent Energy – 1.2%
	46,000	Chesapeake Energy Corp., 6.625%, 8/15/2020		47,380
	42,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		43,365
	450,000	Continental Resources, Inc., 3.800%, 6/01/2024		433,125
	80,000	Continental Resources, Inc., 4.500%, 4/15/2023		80,900
	2,277,000	EQT Corp., 8.125%, 6/01/2019		2,411,325
	1,805,000	Noble Energy, Inc., 3.900%, 11/15/2024		1,804,072

				4,820,167

See accompanying notes to financial statements.

45 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Integrated Energy – 0.1%
$	500,000	Reliance Holdings USA, Inc., 5.400%, 2/14/2022, 144A	$	528,320

		Life Insurance – 2.6%
	50,000	American International Group, Inc., 4.125%, 2/15/2024		50,737
	71,000	American International Group, Inc., 4.875%, 6/01/2022		74,879
	1,788,000	Global Atlantic Fin Co., 8.625%, 4/15/2021, 144A		2,025,262
	1,898,000	National Life Insurance Co., 10.500%, 9/15/2039, 144A(d)(e)		3,076,147
	1,989,000	NLV Financial Corp., 7.500%, 8/15/2033, 144A(d)(e)		2,353,461
	2,190,000	Penn Mutual Life Insurance Co. (The), 7.625%, 6/15/2040, 144A		2,925,353

				10,505,839

		Local Authorities – 0.5%
	2,407,000	New South Wales Treasury Corp., 3.500%, 3/20/2019, (AUD)		1,875,650

		Media Entertainment – 0.6%
	182,000	21st Century Fox America, Inc., 8.150%, 10/17/2036		268,650
	18,220,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)		758,702
	50,000	Viacom, Inc., 4.375%, 3/15/2043		44,806
	845,000	Viacom, Inc., 5.250%, 4/01/2044		855,250
	305,000	Viacom, Inc., 5.850%, 9/01/2043		328,820

				2,256,228

		Metals & Mining – 0.8%
	1,750,000	ArcelorMittal, 7.000%, 3/01/2041		2,034,375
	387,000	ArcelorMittal, 7.250%, 10/15/2039		457,627
	873,000	Worthington Industries, Inc., 6.500%, 4/15/2020		931,456

				3,423,458

		Midstream – 2.0%
	159,000	DCP Midstream Operating LP, 6.450%, 11/03/2036, 144A		170,925
	750,000	Enable Midstream Partners LP, 5.000%, 5/15/2044		702,784
	515,000	Enbridge Energy Partners LP, 7.375%, 10/15/2045		665,399
	1,330,000	EnLink Midstream Partners LP, 4.150%, 6/01/2025		1,292,668
	152,000	Florida Gas Transmission Co. LLC, 7.900%, 5/15/2019, 144A		160,325
	607,000	IFM U.S. Colonial Pipeline 2 LLC, 6.450%, 5/01/2021, 144A		649,440
	3,760,000	ONEOK Partners LP, 4.900%, 3/15/2025		3,924,942
	55,000	ONEOK Partners LP, 6.200%, 9/15/2043		64,136
	35,000	Plains All American Pipeline LP / PAA Finance Corp., 2.850%, 1/31/2023		33,015

		Midstream – continued
	500,000	Williams Partners LP, 3.350%, 8/15/2022		490,844

				8,154,478

		Mortgage Related – 0.0%
	47	FHLMC, 10.000%, with various maturities in 2018(h)		46
	223	FNMA, 6.000%, 12/01/2018		248

				294

		Non-Agency Commercial Mortgage-Backed Securities – 0.8%
	265,298	Institutional Mortgage Securities Canada, Inc., Series 2014-5A, Class A1, 2.003%, 7/12/2047, 144A, (CAD)		205,616
	3,515,000	Original Wempi, Inc., Series B1, 4.309%, 2/13/2024, (CAD)		2,789,219
	94,890	WFRBS Commercial Mortgage Trust, Series 2011-C3, Class D, 5.686%, 3/15/2044, 144A(a)		83,036

				3,077,871

		Packaging – 0.4%
	1,660,000	Sealed Air Corp., 5.500%, 9/15/2025, 144A		1,718,100

		Paper – 0.3%
	704,000	Georgia-Pacific LLC, 7.250%, 6/01/2028		908,022
	175,000	WestRock MWV LLC, 7.550%, 3/01/2047(d)(e)		233,003
	133,000	WestRock MWV LLC, 8.200%, 1/15/2030		179,160

				1,320,185

		Property & Casualty Insurance – 0.9%
	87,000	MBIA Insurance Corp., 3-month LIBOR + 11.260%, 12.982%, 1/15/2033, 144A(g)(i)		37,410
	1,640,000	Old Republic International Corp., 4.875%, 10/01/2024		1,729,300
	1,530,000	XLIT Ltd., 6.250%, 5/15/2027		1,759,638

				3,526,348

		REITs – Office Property – 0.2%
	816,000	Highwoods Realty LP, 7.500%, 4/15/2018		817,284

		REITs – Single Tenant – 0.0%
	109,000	Realty Income Corp., 5.750%, 1/15/2021		115,821

		Retailers – 0.0%
	66,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		40,920

		Sovereigns – 1.7%
	2,806,000	U.S. Department of Housing and Urban Development, 1.980%, 8/01/2020		2,770,981
	1,851,000	U.S. Department of Housing and Urban Development, 2.350%, 8/01/2021		1,836,932

See accompanying notes to financial statements.

| 46

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Sovereigns – continued
$	2,244,000	U.S. Department of Housing and Urban Development, 2.450%, 8/01/2022	$	2,216,691

				6,824,604

		Supermarkets – 0.7%
	171,000	Koninklijke Ahold Delhaize NV, 5.700%, 10/01/2040		194,114
	304,000	New Albertsons LP, 7.450%, 8/01/2029		243,200
	230,000	New Albertsons LP, 7.750%, 6/15/2026		197,800
	987,000	New Albertsons LP, 8.000%, 5/01/2031		809,340
	167,000	New Albertsons LP, 8.700%, 5/01/2030		147,377
	65,000	New Albertsons LP, Series C, MTN, 6.625%, 6/01/2028		50,050
	1,063,000	SUPERVALU, Inc., 6.750%, 6/01/2021		1,047,055

				2,688,936

		Technology – 0.3%
	990,000	KLA-Tencor Corp., 5.650%, 11/01/2034		1,101,293
	190,000	Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		217,715

				1,319,008

		Transportation Services – 0.2%
	76,000	APL Ltd., 8.000%, 1/15/2024(d)(e)		73,720
	717,000	ERAC USA Finance LLC, 6.700%, 6/01/2034, 144A		885,023

				958,743

		Treasuries – 22.0%
	30,366,000	Canadian Government International Bond, 0.750%, 9/01/2020, (CAD)		22,970,777
	26,800,000	Canadian Government International Bond, 1.750%, 9/01/2019, (CAD)		20,813,866
	51,425,000	Iceland Government International Bond, 7.250%, 10/26/2022, (ISK)		433,963
	87,450,000	Iceland Government International Bond, 8.750%, 2/26/2019, (ISK)		702,583
	255,000(††)	Mexican Fixed Rate Bonds, Series M, 7.750%, 5/29/2031, (MXN)		1,435,252
	265,000(††)	Mexican Fixed Rate Bonds, Series M-20, 7.500%, 6/03/2027, (MXN)		1,475,572
	737,400(††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		4,202,328
	175,000(††)	Mexican Fixed Rate Bonds, Series M-20, 8.500%, 5/31/2029, (MXN)		1,044,032
	1,165,000(††)	Mexican Fixed Rate Bonds, Series M-20, 10.000%, 12/05/2024, (MXN)		7,351,291

		Treasuries – continued
	1,675,000	New Zealand Government Bond, 5.000%, 3/15/2019, (NZD)		1,247,121
	10,896,000	Norway Government Bond, 3.750%, 5/25/2021, 144A, (NOK)		1,498,807
	15,641,000	Norway Government Bond, 4.500%, 5/22/2019, 144A, (NOK)		2,078,137
	3,986,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)		1,214,955
	13,000,000	U.S. Treasury Note, 0.750%, 4/30/2018		12,991,513
	5,000,000	U.S. Treasury Note, 0.750%, 9/30/2018		4,970,898
	5,000,000	U.S. Treasury Note, 1.250%, 6/30/2019		4,942,188

				89,373,283

		Wireless – 0.2%
	10,630,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		540,130
	178,000	Sprint Capital Corp., 6.875%, 11/15/2028		165,985
	66,000	Sprint Communications, Inc., 6.000%, 11/15/2022		64,763
	25,000	Sprint Corp., 7.125%, 6/15/2024		24,375

				795,253

		Wirelines – 5.5%
	1,860,000	AT&T, Inc., 3.950%, 1/15/2025		1,858,844
	3,622,000	AT&T, Inc., 4.300%, 2/15/2030, 144A		3,601,311
	1,518,000	BellSouth Telecommunications LLC, 5.850%, 11/15/2045		1,592,291
	186,000	CenturyLink, Inc., Series G, 6.875%, 1/15/2028		168,330
	1,719,000	CenturyLink, Inc., Series P, 7.600%, 9/15/2039		1,481,073
	926,000	Embarq Corp., 7.995%, 6/01/2036		872,755
	380,000	Qwest Capital Funding, Inc., 6.500%, 11/15/2018		385,700
	1,856,000	Qwest Corp., 6.875%, 9/15/2033		1,766,262
	1,117,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		1,158,552
	300,000	Telefonica Emisiones SAU, EMTN, 5.289%, 12/09/2022, (GBP)		483,257
	1,000,000	Telefonica Emisiones SAU, EMTN, 5.375%, 2/02/2026, (GBP)		1,662,592
	400,000	Telefonica Emisiones SAU, EMTN, 5.445%, 10/08/2029, (GBP)		690,080
	6,725,000	Verizon Communications, Inc., 2.450%, 11/01/2022		6,459,155

				22,180,202


		Total Non-Convertible Bonds
		(Identified Cost $271,385,269)		267,290,073


	Convertible Bonds – 1.1%

		REITs – Mortgage – 0.1%
	320,000	iStar, Inc., 3.125%, 9/15/2022, 144A		304,485

		Technology – 1.0%
	2,615,000	Booking Holdings, Inc., 0.900%, 9/15/2021		3,263,782
	380,000	Nuance Communications, Inc., 1.000%, 12/15/2035		361,464

See accompanying notes to financial statements.

47 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Technology – continued
$	285,000	Nuance Communications, Inc., 1.250%, 4/01/2025, 144A	$	281,899
	10,000	Nuance Communications, Inc., 1.500%, 11/01/2035		10,190

				3,917,335


		Total Convertible Bonds
		(Identified Cost $3,486,294)		4,221,820


	Municipals – 0.6%

		Illinois – 0.1%
	315,000	State of Illinois, 5.100%, 6/01/2033		295,259

		Michigan – 0.2%
	700,000	Michigan Tobacco Settlement Finance Authority Taxable Turbo, Series A, 7.309%, 6/01/2034		696,297

		Virginia – 0.3%
	1,595,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046		1,505,919


		Total Municipals
		(Identified Cost $2,537,131)		2,497,475


		Total Bonds and Notes
		(Identified Cost $277,408,694)		274,009,368


	Shares

	Common Stocks – 5.5%

		Aerospace & Defense – 0.3%
	49,359	Arconic, Inc.		1,137,231

		Automobiles – 0.3%
	91,715	Ford Motor Co.		1,016,202

		Electronic Equipment, Instruments & Components – 4.9%
	721,200	Corning, Inc.		20,107,056


		Total Common Stocks
		(Identified Cost $11,534,342)		22,260,489


	Preferred Stocks – 0.5%

	Convertible Preferred Stocks – 0.4%

		Banking – 0.2%
	714	Bank of America Corp., Series L, 7.250%		920,667

		Energy – 0.1%
	15,775	El Paso Energy Capital Trust I, 4.750%		745,527

		Midstream – 0.1%
	4,353	Chesapeake Energy Corp., 5.000%		236,422


		Total Convertible Preferred Stocks
		(Identified Cost $1,679,488)		1,902,616


	Non-Convertible Preferred Stocks – 0.1%

		Electric – 0.1%
	213	Connecticut Light & Power Co. (The), 2.200%		10,543
	2,360	Union Electric Co., 4.500%		232,484

				243,027


		Total Non-Convertible Preferred Stocks
		(Identified Cost $131,140)		243,027


		Total Preferred Stocks
		(Identified Cost $1,810,628)		2,145,643


	Principal Amount (‡)

	Short-Term Investments – 26.9%
$	12,000,000	Federal Home Loan Bank Discount Notes, 1.445%, 5/10/2018(j)		11,978,472
	1,775,000	Federal Home Loan Bank Discount Notes, 1.560%, 5/21/2018(j)		1,770,893
	4,465,000	Federal Home Loan Bank Discount Notes, 1.652%, 6/01/2018(j)		4,452,199
	10,225,000	Federal National Mortgage Association Discount Notes, 1.400%-1.510%, 5/21/2018(j)(k)		10,201,339
	11,807,020	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/29/2018 at 0.900% to be repurchased at $11,808,200 on 4/02/2018 collateralized by $12,780,000 U.S. Treasury Note, 1.375% due 9/30/2023 valued at $12,046,185 including accrued interest (Note 2 of Notes to Financial Statements)		11,807,020
	1,885,000	U.S. Treasury Bills, 1.285%, 4/05/2018(j)		1,884,745
	11,000,000	U.S. Treasury Bills, 1.415%, 4/12/2018(j)		10,995,001
	8,350,000	U.S. Treasury Bills, 1.416%, 4/19/2018(j)		8,343,558
	10,000,000	U.S. Treasury Bills, 1.455%-1.456%, 5/03/2018(j)(k)		9,986,001
	10,535,000	U.S. Treasury Bills, 1.590%, 5/31/2018(j)		10,506,195
	5,000,000	U.S. Treasury Bills, 1.636%, 6/07/2018(j)		4,984,767
	5,000,000	U.S. Treasury Bills, 1.675%, 6/28/2018(j)		4,979,670
	17,500,000	U.S. Treasury Bills, 1.683%, 6/21/2018(j)		17,434,229


		Total Short-Term Investments
		(Identified Cost $109,332,192)		109,324,089


		Total Investments – 100.4%
		(Identified Cost $400,085,856)		407,739,589
		Other assets less liabilities—(0.4)%		(1,512,423	)


		Net Assets – 100.0%	$	406,227,166

See accompanying notes to financial statements.

| 48

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Investment Grade Fixed Income Fund – continued


	(‡)			Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)			See Note 2 of Notes to Financial Statements.
	(††)			Amount shown represents units. One unit represents a principal amount of 100.
	(a)			Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of March 31, 2018 is disclosed.
	(b)			Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
	(c)			Fair valued by the Fund’s adviser. At March 31, 2018, the value of these securities amounted to $22,133 or 0.0% of net assets. See Note 2 of Notes to Financial Statements.
	(d)			Illiquid security.
	(e)			Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At March 31, 2018, the value of these securities amounted to $10,934,426 or 2.7% of net assets. See Note 2 of Notes to Financial Statements.
	(f)			Perpetual bond with no specified maturity date.
	(g)			Variable rate security. Rate as of March 31, 2018 is disclosed.
	(h)			The Fund’s investment in mortgage related securities of Federal Home Loan Mortgage Corp. 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.
	(i)			Non-income producing security.
	(j)			Interest rate represents discount rate at time of purchase; not a coupon rate.
	(k)			The Fund’s investment in U.S. Government/Agency securities is comprised of various lots with differing discount rates. These separate investments, which have the same maturity date, have been aggregated for the purpose of presentation in the Portfolio of Investments.

	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, 2018, the value of Rule 144A holdings amounted to $47,413,549 or 11.7% of net assets.
	ABS			Asset-Backed Securities
	ARMs			Adjustable Rate Mortgages
	EMTN			Euro Medium Term Note
	FHLMC			Federal Home Loan Mortgage Corp.
	FNMA			Federal National Mortgage Association
	GMTN			Global Medium Term Note
	LIBOR			London Interbank Offered Rate
	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
	ISK			Icelandic Krona
	MXN			Mexican Peso
	NOK			Norwegian Krone
	NZD			New Zealand Dollar

Industry Summary at March 31, 2018 (Unaudited)


Treasuries	22.0	%
Banking	7.6
Wirelines	5.5
Electronic Equipment, Instruments & Components	4.9
Automotive	3.0
ABS Other	2.9
Life Insurance	2.6
Finance Companies	2.6
Electric	2.3
Midstream	2.1
Other Investments, less than 2% each	18.0
Short-Term Investments	26.9

Total Investments	100.4
Other assets less liabilities	(0.4	)

Net Assets	100.0	%

Currency Exposure Summary at March 31, 2018 (Unaudited)


United States Dollar	78.9	%
Canadian Dollar	12.8
Mexican Peso	4.1
British Pound	2.0
Other, less than 2% each	2.6

Total Investments	100.4
Other assets less liabilities	(0.4	)

Net Assets	100.0	%

See accompanying notes to financial statements.

49 |

Statements of Assets and Liabilities

March 31, 2018 (Unaudited)


	Core Disciplined Alpha Bond Fund			Fixed Income Fund		Global Bond Fund
ASSETS
Investments at cost	$	32,294,494		$	1,033,137,697	$	1,026,751,242
Net unrealized appreciation (depreciation)		(249,493	)		7,116,084		20,385,619

Investments at value		32,045,001			1,040,253,781		1,047,136,861
Cash		8			742,468		1,203,530
Due from brokers (Note 2)		—			—		672,994
Foreign currency at value (identified cost $0, $7,640 and $16,893,406, respectively)		—			7,738		16,802,186
Receivable for Fund shares sold		—			—		1,373,488
Receivable from investment adviser (Note 6)		3,618			—		—
Receivable for securities sold		55,366			2,099,154		111,749,295
Receivable for when-issued/delayed delivery securities sold (Note 2)		4,309,326			—		21,459,559
Collateral received for forward foreign currency contracts (Notes 2 and 4)		—			—		730,000
Dividends and interest receivable		135,633			11,824,613		7,589,172
Unrealized appreciation on forward foreign currency contracts (Note 2)		—			—		1,164,447
Tax reclaims receivable		4			10,777		23,739
Receivable for variation margin on futures contracts (Note 2)		—			—		98,337
Prepaid expenses (Note 8)		2			125		119

TOTAL ASSETS		36,548,958			1,054,938,656		1,210,003,727


LIABILITIES
Payable for securities purchased		1,503,222			10,791,887		117,957,301
Payable for when-issued/delayed delivery securities purchased (Note 2)		8,514,107			—		29,218,809
Payable for Fund shares redeemed		—			1,743,944		930,618
Unrealized depreciation on forward foreign currency contracts (Note 2)		—			—		758,223
Foreign taxes payable (Note 2)		—			—		32,371
Due to brokers (Note 2)		—			—		730,000
Management fees payable (Note 6)		—			445,278		487,588
Deferred Trustees’ fees (Note 6)		4,755			192,526		288,777
Administrative fees payable (Note 6)		999			39,958		39,729
Payable to distributor (Note 6d)		—			—		8,536
Other accounts payable and accrued expenses		50,099			57,274		109,405

TOTAL LIABILITIES		10,073,182			13,270,867		150,561,357

NET ASSETS	$	26,475,776		$	1,041,667,789	$	1,059,442,370

NET ASSETS CONSIST OF:
Paid-in capital	$	27,028,134		$	1,025,923,099	$	1,046,825,461
Undistributed (Distributions in excess of) net investment income/Accumulated net investment loss		(25,224	)		7,200,241		(11,587,675	)
Accumulated net realized gain (loss) on investments, futures contracts, swap agreements, forward foreign currency contracts and foreign currency transactions		(277,641	)		831,742		3,385,408
Net unrealized appreciation (depreciation) on investments, futures contracts and foreign currency translations		(249,493	)		7,712,707		20,819,176

NET ASSETS	$	26,475,776		$	1,041,667,789	$	1,059,442,370


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Institutional Class:
Net assets	$	26,475,776		$	1,041,667,789	$	483,596,647

Shares of beneficial interest		2,702,037			78,596,140		28,668,742

Net asset value, offering and redemption price per share	$	9.80		$	13.25	$	16.87

Retail Class:
Net assets	$	—		$	—	$	290,282,914

Shares of beneficial interest		—			—		17,512,451

Net asset value, offering and redemption price per share	$	—		$	—	$	16.58

Class N shares:
Net assets	$	—		$	—	$	285,562,809

Shares of beneficial interest		—			—		16,881,245

Net asset value, offering and redemption price per share	$	—		$	—	$	16.92

See accompanying notes to financial statements.

| 50

Statements of Assets and Liabilities – continued

March 31, 2018 (Unaudited)


	Inflation Protected Securities Fund			Institutional High Income Fund		Investment Grade Fixed Income Fund
ASSETS
Investments at cost	$	28,459,791		$	673,513,693	$	400,085,856
Net unrealized appreciation (depreciation)		(404,641	)		13,692,738		7,653,733

Investments at value		28,055,150			687,206,431		407,739,589
Cash		3			563,550		33,512
Due from brokers (Note 2)		117,000			—		—
Foreign currency at value (identified cost $0, $12 and $3,379, respectively)		—			12		3,433
Receivable for Fund shares sold		58,571			—		—
Receivable from investment adviser (Note 6)		10,216			—		—
Receivable for securities sold		5,909,561			611,739		485,852
Dividends and interest receivable		67,961			9,992,028		3,334,868
Tax reclaims receivable		—			5,239		1,841
Prepaid expenses (Note 8)		6			90		49

TOTAL ASSETS		34,218,468			698,379,089		411,599,144


LIABILITIES
Payable for securities purchased		5,996,997			470,615		5,033,408
Payable for Fund shares redeemed		11			—		—
Payable for variation margin on futures contracts (Note 2)		613			—		—
Management fees payable (Note 6)		—			357,231		137,773
Deferred Trustees’ fees (Note 6)		97,469			138,917		140,827
Administrative fees payable (Note 6)		1,060			26,706		15,438
Payable to distributor (Note 6d)		262			74		—
Other accounts payable and accrued expenses		32,127			50,371		44,532

TOTAL LIABILITIES		6,128,539			1,043,914		5,371,978

NET ASSETS	$	28,089,929		$	697,335,175	$	406,227,166

NET ASSETS CONSIST OF:
Paid-in capital	$	30,569,204		$	678,011,430	$	398,238,959
Undistributed (Distributions in excess of) net investment income		(112,254	)		2,918,873		1,530,006
Accumulated net realized gain (loss) on investments, futures contracts and foreign currency transactions		(1,961,055	)		2,592,518		(1,369,629	)
Net unrealized appreciation (depreciation) on investments, futures contracts and foreign currency translations		(405,966	)		13,812,354		7,827,830

NET ASSETS	$	28,089,929		$	697,335,175	$	406,227,166


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Institutional Class:
Net assets	$	25,092,975		$	697,335,175	$	406,227,166

Shares of beneficial interest		2,428,595			105,134,085		33,574,784

Net asset value, offering and redemption price per share	$	10.33		$	6.63	$	12.10

Retail Class:
Net assets	$	1,040,898		$	—	$	—

Shares of beneficial interest		100,872			—		—

Net asset value, offering and redemption price per share	$	10.32		$	—	$	—

Class N shares:
Net assets	$	1,956,056		$	—	$	—

Shares of beneficial interest		189,276			—		—

Net asset value, offering and redemption price per share	$	10.33		$	—	$	—

See accompanying notes to financial statements.

51 |

Statements of Operations

For the Six Months Ended March 31, 2018 (Unaudited)


	Core Disciplined Alpha Bond Fund			Fixed Income Fund			Global Bond Fund
INVESTMENT INCOME
Interest	$	324,544		$	22,804,481		$	14,859,871
Dividends		—			728,414			—
Less net foreign taxes withheld		(8	)		—			(111,461	)

		324,536			23,532,895			14,748,410

Expenses
Management fees (Note 6)		39,761			2,668,634			2,988,273
Service and distribution fees (Note 6)		—			—			351,598
Administrative fees (Note 6)		5,871			236,433			231,620
Trustees’ fees and expenses (Note 6)		8,009			32,255			37,636
Transfer agent fees and expenses (Notes 6 and 7)		344			2,372			363,949
Audit and tax services fees		23,424			25,597			24,668
Custodian fees and expenses		27,045			27,756			78,433
Legal fees		213			9,052			8,629
Registration fees		6,825			16,110			54,523
Shareholder reporting expenses		2,186			6,749			114,428
Miscellaneous expenses (Note 8)		3,877			19,286			41,238

Total expenses		117,555			3,044,244			4,294,995
Less waiver and/or expense reimbursement (Note 6)		(57,869	)		—			(223,469	)

Net expenses		59,686			3,044,244			4,071,526

Net investment income		264,850			20,488,651			10,676,884


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS, SWAP AGREEMENTS, FORWARD FOREIGN CURRENCY CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		(239,387	)		4,568,856			9,054,599
Futures contracts		—			—			2,184,073
Swap agreements		—			—			163,087
Forward foreign currency contracts (Note 2d)		—			—			286,042
Foreign currency transactions (Note 2c)		—			(69,766	)		534,247
Net change in unrealized appreciation (depreciation) on:
Investments		(358,323	)		(21,836,184	)		1,510,158
Futures contracts		—			—			(581,367	)
Forward foreign currency contracts (Note 2d)		—			—			940,830
Foreign currency translations (Note 2c)		—			21,100			25,228

Net realized and unrealized gain (loss) on investments, futures contracts, swap agreements, forward foreign currency contracts and foreign currency transactions		(597,710	)		(17,315,994	)		14,116,897


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(332,860	)	$	3,172,657		$	24,793,781

See accompanying notes to financial statements.

| 52

Statements of Operations – continued

For the Six Months Ended March 31, 2018 (Unaudited)


	Inflation Protected Securities Fund			Institutional High Income Fund			Investment Grade Fixed Income Fund
INVESTMENT INCOME
Interest	$	408,010		$	20,488,939		$	6,752,436
Dividends		—			1,052,526			348,005
Less net foreign taxes withheld		(644	)		—			—

		407,366			21,541,465			7,100,441

Expenses
Management fees (Note 6)		35,691			2,177,928			818,075
Service and distribution fees (Note 6)		1,303			—			—
Administrative fees (Note 6)		6,324			160,796			90,599
Trustees’ fees and expenses (Note 6)		13,631			24,669			20,942
Transfer agent fees and expenses (Notes 6 and 7)		11,310			5,814			1,121
Audit and tax services fees		20,883			23,775			25,257
Custodian fees and expenses		7,233			19,001			12,769
Legal fees		282			6,498			3,463
Registration fees		37,048			14,806			10,299
Shareholder reporting expenses		5,252			5,752			3,495
Miscellaneous expenses (Note 8)		6,456			15,330			9,582

Total expenses		145,413			2,454,369			995,602
Less waiver and/or expense reimbursement (Note 6)		(87,378	)		—			—

Net expenses		58,035			—			995,602

Net investment income		349,331			19,087,096			6,104,839


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		(3,685	)		4,410,810			449,535
Futures contracts		130,844			—			—
Foreign currency transactions (Note 2c)		—			(13,799	)		(62,306	)
Net change in unrealized appreciation (depreciation) on:
Investments		(315,981	)		(21,513,489	)		(7,927,939	)
Futures contracts		(14,572	)		—			—
Foreign currency translations (Note 2c)		—			14,435			31,665

Net realized and unrealized loss on investments, futures contracts and foreign currency transactions		(203,394	)		(17,102,043	)		(7,509,045	)


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	145,937		$	1,985,053		$	(1,404,206	)

See accompanying notes to financial statements.

53 |

Statements of Changes in Net Assets


	Core Disciplined Alpha Bond Fund						Fixed Income Fund
	Six Months Ended March 31, 2018 (Unaudited)			Period Ended September 30, 2017(a)			Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
FROM OPERATIONS:
Net investment income	$	264,850		$	373,924		$	20,488,651		$	46,606,344
Net realized gain (loss) on investments and foreign currency transactions		(239,387	)		224,067			4,499,090			16,971,546
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(358,323	)		108,830			(21,815,084	)		7,692,829

Net increase (decrease) in net assets resulting from operations		(332,860	)		706,821			3,172,657			71,270,719

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Institutional Class		(304,144	)		(412,025	)		(39,575,807	)		(38,594,289	)
Net realized capital gains
Institutional Class		(215,671	)		—			(17,292,098	)		(668,776	)

Total distributions		(519,815	)		(412,025	)		(56,867,905	)		(39,263,065	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		1,619,815			25,413,840			1,941,040			(140,094,362	)

Net increase (decrease) in net assets		767,140			25,708,636			(51,754,208	)		(108,086,708	)
NET ASSETS
Beginning of the period		25,708,636			—			1,093,421,997			1,201,508,705

End of the period	$	26,475,776		$	25,708,636		$	1,041,667,789		$	1,093,421,997

UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME	$	(25,224	)	$	14,070		$	7,200,241		$	26,287,397

(a)	From commencement of operations on November 30, 2016 through September 30, 2017.

See accompanying notes to financial statements.

| 54

Statements of Changes in Net Assets – continued


	Global Bond Fund						Inflation Protected Securities Fund
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
FROM OPERATIONS:
Net investment income	$	10,676,884		$	20,210,498		$	349,331		$	638,085
Net realized gain (loss) on investments, futures contracts, swap agreements, forward foreign currency contracts and foreign currency transactions		12,222,048			(36,979,245	)		127,159			405,611
Net change in unrealized appreciation (depreciation) on investments, futures contracts, forward foreign currency contracts and foreign currency translations		1,894,849			16,580,530			(330,553	)		(987,716	)

Net increase (decrease) in net assets resulting from operations		24,793,781			(188,217	)		145,937			55,980

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Institutional Class		—			(2,561,646	)		(340,103	)		(668,425	)
Retail Class		—			(872,650	)		(12,349	)		(20,989	)
Class N		—			(303,406	)		(20,671	)		(20,520	)
Net realized capital gains
Institutional Class		(1,125,026	)		(1,021,283	)		—			—
Retail Class		(622,956	)		(429,328	)		—			—
Class N		(568,381	)		(53,368	)		—			—

Total distributions		(2,316,363	)		(5,241,681	)		(373,123	)		(709,934	)

NET DECREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(17,533,380	)		(161,874,817	)		(1,139,140	)		(1,066,925	)

Net increase (decrease) in net assets		4,944,038			(167,304,715	)		(1,366,326	)		(1,720,879	)
NET ASSETS
Beginning of the period		1,054,498,332			1,221,803,047			29,456,255			31,177,134

End of the period	$	1,059,442,370		$	1,054,498,332		$	28,089,929		$	29,456,255

ACCUMULATED NET INVESTMENT LOSS/DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME	$	(11,587,675	)	$	(22,264,559	)	$	(112,254	)	$	(88,462	)

See accompanying notes to financial statements.

55 |

Statements of Changes in Net Assets – continued


	Institutional High Income Fund						Investment Grade Fixed Income Fund
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
FROM OPERATIONS:
Net investment income	$	19,087,096		$	38,229,921		$	6,104,839		$	15,664,428
Net realized gain on investments and foreign currency transactions		4,397,011			9,109,219			387,229			6,097,022
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(21,499,054	)		18,404,021			(7,896,274	)		704,553

Net increase (decrease) in net assets resulting from operations		1,985,053			65,743,161			(1,404,206	)		22,466,003

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Institutional Class		(39,404,498	)		(39,328,553	)		(6,769,108	)		(14,046,243	)
Net realized capital gains
Institutional Class		(2,268,334	)		(2,039,258	)		(2,762,162	)		(8,204,071	)

Total distributions		(41,672,832	)		(41,367,811	)		(9,531,270	)		(22,250,314	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		5,981,087			(7,521,647	)		4,927,550			(49,409,381	)

Net increase (decrease) in net assets		(33,706,692	)		16,853,703			(6,007,926	)		(49,193,692	)
NET ASSETS
Beginning of the period		731,041,867			714,188,164			412,235,092			461,428,784

End of the period	$	697,335,175		$	731,041,867		$	406,227,166		$	412,235,092

UNDISTRIBUTED NET INVESTMENT INCOME	$	2,918,873		$	23,236,275		$	1,530,006		$	2,194,275

See accompanying notes to financial statements.

| 56

Financial Highlights

For a share outstanding throughout each period.


	Core Disciplined Alpha Bond Fund – Institutional Class
	Six Months Ended March 31, 2018 (Unaudited)			Period Ended September 30, 2017*
Net asset value, beginning of the period	$	10.12		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.10			0.15
Net realized and unrealized gain (loss)		(0.23	)		0.13

Total from Investment Operations		(0.13	)		0.28

LESS DISTRIBUTIONS FROM:
Net investment income		(0.11	)		(0.16	)
Net realized capital gains		(0.08	)		—

Total Distributions		(0.19	)		(0.16	)

Net asset value, end of the period	$	9.80		$	10.12

Total return(b)(c)		(1.25	)%		2.86	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	26,476		$	25,709
Net expenses(d)(e)		0.45	%		0.45	%
Gross expenses(d)		0.89	%		0.94	%
Net investment income(d)		2.00	%		1.77	%
Portfolio turnover rate(f)		414	%		694	%

From commencement of operations on November 30, 2016 through September 30, 2017.

(a)

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

(b)

Periods less than one year are not annualized.

(c)

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)

High level of portfolio turnover is attributable to significant TBA transaction activity (See Note 2h).

See accompanying notes to financial statements.

57 |

Financial Highlights – continued

For a share outstanding throughout each period.


	Fixed Income Fund – Institutional Class
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	13.96		$	13.52		$	13.16		$	15.22		$	14.97		$	14.83

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.26			0.57			0.58			0.60			0.65			0.69
Net realized and unrealized gain (loss)		(0.22	)		0.34			0.61			(1.46	)		0.57			0.27

Total from Investment Operations		0.04			0.91			1.19			(0.86	)		1.22			0.96

LESS DISTRIBUTIONS FROM:
Net investment income		(0.52	)		(0.46	)		(0.61	)		(0.65	)		(0.76	)		(0.74	)
Net realized capital gains		(0.23	)		(0.01	)		(0.22	)		(0.55	)		(0.21	)		(0.08	)

Total Distributions		(0.75	)		(0.47	)		(0.83	)		(1.20	)		(0.97	)		(0.82	)

Net asset value, end of the period	$	13.25		$	13.96		$	13.52		$	13.16		$	15.22		$	14.97

Total return		0.26	%(b)		6.96	%		9.72	%		(5.96	)%		8.51	%		6.71	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,041,668		$	1,093,422		$	1,201,509		$	1,270,463		$	1,403,927		$	1,192,028
Net expenses		0.57	%(c)		0.57	%		0.57	%		0.57	%		0.57	%		0.57	%
Gross expenses		0.57	%(c)		0.57	%		0.57	%		0.57	%		0.57	%		0.57	%
Net investment income		3.84	%(c)		4.22	%		4.48	%		4.29	%		4.31	%		4.64	%
Portfolio turnover rate		6	%		10	%		14	%		15	%		26	%		18	%

(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, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	16.51		$	16.47		$	15.00		$	16.13		$	16.56		$	17.36

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.17			0.30			0.33			0.32			0.34			0.33
Net realized and unrealized gain (loss)		0.23			(0.18	)		1.14			(1.16	)		(0.08	)		(0.70	)

Total from Investment Operations		0.40			0.12			1.47			(0.84	)		0.26			(0.37	)

LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.06	)		—			(0.14	)		(0.51	)		(0.43	)
Net realized capital gains		(0.04	)		(0.02	)		—			(0.15	)		(0.18	)		—

Total Distributions		(0.04	)		(0.08	)		—			(0.29	)		(0.69	)		(0.43	)

Net asset value, end of the period	$	16.87		$	16.51		$	16.47		$	15.00		$	16.13		$	16.56

Total return(b)		2.40	%(c)		0.74	%		9.80	%		(5.31	)%		1.57	%		(2.14	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	483,597		$	509,080		$	822,993		$	1,289,885		$	1,553,641		$	1,669,103
Net expenses(d)		0.72	%(e)		0.75	%(f)		0.75	%		0.75	%		0.75	%		0.75	%
Gross expenses		0.77	%(e)		0.80	%		0.83	%		0.78	%		0.77	%		0.78	%
Net investment income		2.10	%(e)		1.88	%		2.13	%		2.07	%		2.03	%		1.96	%
Portfolio turnover rate		123	%		163	%		120	%		117	%		143	%		185	%

(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)

Effective July 1, 2017, the expense limit decreased to 0.72%.

See accompanying notes to financial statements.

| 58

Financial Highlights – continued

For a share outstanding throughout each period.


	Global Bond Fund – Retail Class
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	16.24		$	16.23		$	14.82		$	15.97		$	16.40		$	17.20

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.15			0.26			0.29			0.28			0.29			0.29
Net realized and unrealized gain (loss)		0.23			(0.19	)		1.12			(1.15	)		(0.07	)		(0.70	)

Total from Investment Operations		0.38			0.07			1.41			(0.87	)		0.22			(0.41	)

LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.04	)		—			(0.13	)		(0.47	)		(0.39	)
Net realized capital gains		(0.04	)		(0.02	)		—			(0.15	)		(0.18	)		—

Total Distributions		(0.04	)		(0.06	)		—			(0.28	)		(0.65	)		(0.39	)

Net asset value, end of the period	$	16.58		$	16.24		$	16.23		$	14.82		$	15.97		$	16.40

Total return		2.32	%(b)(c)		0.48	%(c)		9.51	%(c)		(5.56	)%(c)		1.35	%		(2.39	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	290,283		$	288,479		$	350,915		$	447,304		$	682,624		$	798,335
Net expenses		0.97	%(d)(e)		1.00	%(e)(f)		1.00	%(e)		1.00	%(e)		0.98	%		0.98	%
Gross expenses		1.02	%(d)		1.05	%		1.08	%		1.03	%		0.98	%		0.98	%
Net investment income		1.85	%(d)		1.67	%		1.87	%		1.81	%		1.80	%		1.72	%
Portfolio turnover rate		123	%		163	%		120	%		117	%		143	%		185	%

(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)

Effective July 1, 2017, the expense limit decreased to 0.97%.

See accompanying notes to financial statements.

59 |

Financial Highlights – continued

For a share outstanding throughout each period.


	Global Bond Fund – Class N
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Period Ended September 30, 2013*
Net asset value, beginning of the period	$	16.55		$	16.50		$	15.01		$	16.13		$	16.56		$	17.18

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.18			0.33			0.34			0.34			0.36			0.22
Net realized and unrealized gain (loss)		0.23			(0.20	)		1.15			(1.17	)		(0.08	)		(0.56	)

Total from Investment Operations		0.41			0.13			1.49			(0.83	)		0.28			(0.34	)

LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.06	)		—			(0.14	)		(0.53	)		(0.28	)
Net realized capital gains		(0.04	)		(0.02	)		—			(0.15	)		(0.18	)		—

Total Distributions		(0.04	)		(0.08	)		—			(0.29	)		(0.71	)		(0.28	)

Net asset value, end of the period	$	16.92		$	16.55		$	16.50		$	15.01		$	16.13		$	16.56

Total return		2.46	%(b)(c)		0.81	%		9.93	%		(5.22	)%		1.70	%		(1.97	)%(b)(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	285,563		$	256,939		$	47,895		$	32,275		$	27,993		$	550
Net expenses		0.67	%(d)(e)		0.69	%(f)		0.66	%		0.63	%		0.63	%(g)		0.70	%(d)(e)
Gross expenses		0.68	%(d)		0.69	%		0.66	%		0.63	%		0.63	%(g)		0.83	%(d)
Net investment income		2.15	%(d)		2.09	%		2.19	%		2.20	%		2.16	%		2.01	%(d)
Portfolio turnover rate		123	%		163	%		120	%		117	%		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)

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)

Effective July 1, 2017, the expense limit decreased to 0.67%.

(g)

Includes fee/expense recovery of 0.01%.

See accompanying notes to financial statements.

| 60

Financial Highlights – continued

For a share outstanding throughout each period.


	Inflation Protected Securities Fund – Institutional Class
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	10.41		$	10.64		$	10.17		$	10.33		$	10.64		$	12.18

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.13			0.18			0.12			0.06			0.15			0.09
Net realized and unrealized gain (loss)		(0.07	)		(0.22	)		0.49			(0.15	)		(0.16	)		(0.74	)

Total from Investment Operations		0.06			(0.04	)		0.61			(0.09	)		(0.01	)		(0.65	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.14	)		(0.19	)		(0.13	)		(0.07	)		(0.20	)		(0.19	)
Net realized capital gains		—			—			—			—			(0.10	)		(0.70	)
Paid-in capital		—			—			(0.01	)		—			—			—

Total Distributions		(0.14	)		(0.19	)		(0.14	)		(0.07	)		(0.30	)		(0.89	)

Net asset value, end of the period	$	10.33		$	10.41		$	10.64		$	10.17		$	10.33		$	10.64

Total return(b)		0.56	%(c)		(0.33	)%		6.00	%		(0.92	)%		(0.02	)%		(5.70	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	25,093		$	26,972		$	29,655		$	23,696		$	24,480		$	18,434
Net expenses(d)		0.40	%(e)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Gross expenses		1.01	%(e)		0.81	%		0.86	%		0.80	%		0.91	%		0.91	%
Net investment income		2.45	%(e)		1.73	%		1.16	%		0.62	%		1.41	%		0.75	%
Portfolio turnover rate		169	%		354	%(f)		61	%		135	%		206	%(g)		56	%

(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 2016 to 2017 was primarily due to significant shareholder flows.

(g)

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.

See accompanying notes to financial statements.

61 |

Financial Highlights – continued

For a share outstanding throughout each period.


	Inflation Protected Securities Fund – Retail Class
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	10.39		$	10.62		$	10.14		$	10.31		$	10.61		$	12.15

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.12			0.14			(0.05	)		0.08			0.14			(0.05	)
Net realized and unrealized gain (loss)		(0.07	)		(0.20	)		0.60			(0.20	)		(0.16	)		(0.64	)

Total from Investment Operations		0.05			(0.06	)		0.55			(0.12	)		(0.02	)		(0.69	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.12	)		(0.17	)		(0.07	)		(0.05	)		(0.18	)		(0.15	)
Net realized capital gains		—			—			—			—			(0.10	)		(0.70	)
Paid-in capital		—			—			(0.00	)(b)		—			—			—

Total Distributions		(0.12	)		(0.17	)		(0.07	)		(0.05	)		(0.28	)		(0.85	)

Net asset value, end of the period	$	10.32		$	10.39		$	10.62		$	10.14		$	10.31		$	10.61

Total return(c)		0.53	%(d)		(0.59	)%		5.47	%		(1.17	)%		(0.15	)%		(6.04	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,041		$	1,144		$	1,522		$	19,203		$	5,700		$	3,499
Net expenses(e)		0.65	%(f)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Gross expenses		1.26	%(f)		1.06	%		1.07	%		1.03	%		1.19	%		1.23	%
Net investment income (loss)		2.26	%(f)		1.37	%		(0.47	)%		0.75	%		1.36	%		(0.44	)%
Portfolio turnover rate		169	%		354	%(g)		61	%		135	%		206	%(h)		56	%

(a)

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

(b)

Amount rounds to less than $0.01 per share.

(c)

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

(d)

Periods less than one year are not annualized.

(e)

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

(f)

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

(g)

The variation in the Fund’s turnover rate from 2016 to 2017 was primarily due to significant shareholder flows.

(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.

See accompanying notes to financial statements.

| 62

Financial Highlights – continued

For a share outstanding throughout each period.


	Inflation Protected Securities Fund – Class N
	Six Months Ended March 31, 2018 (Unaudited)			Period Ended September 30, 2017*
Net asset value, beginning of the period	$	10.41		$	10.43

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.13			0.15
Net realized and unrealized gain (loss)		(0.07	)		(0.01	)

Total from Investment Operations		0.06			0.14

LESS DISTRIBUTIONS FROM:
Net investment income		(0.14	)		(0.16	)

Total Distributions		(0.14	)		(0.16	)

Net asset value, end of the period	$	10.33		$	10.41

Total return(b)(c)		0.58	%		1.40	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,956		$	1,339
Net expenses(d)(e)		0.35	%		0.35	%
Gross expenses(d)		0.96	%		0.77	%
Net investment income(d)		2.60	%		2.18	%
Portfolio turnover rate		169	%		354	%(f)

From commencement of operations on February 1, 2017 through September 30, 2017 for Class N shares.

(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)

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


	Institutional High Income Fund – Institutional Class
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	7.01		$	6.81		$	6.72		$	8.15		$	8.24		$	7.74

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.18			0.35			0.37			0.40			0.42			0.46
Net realized and unrealized gain (loss)		(0.16	)		0.25			0.36			(1.04	)		0.43			0.57

Total from Investment Operations		0.02			0.60			0.73			(0.64	)		0.85			1.03

LESS DISTRIBUTIONS FROM:
Net investment income		(0.38	)		(0.38	)		(0.42	)		(0.43	)		(0.52	)		(0.50	)
Net realized capital gains		(0.02	)		(0.02	)		(0.22	)		(0.36	)		(0.42	)		(0.03	)

Total Distributions		(0.40	)		(0.40	)		(0.64	)		(0.79	)		(0.94	)		(0.53	)

Net asset value, end of the period	$	6.63		$	7.01		$	6.81		$	6.72		$	8.15		$	8.24

Total return		0.23	%(b)		9.19	%		12.53	%		(8.38	)%		11.14	%		14.17	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	697,335		$	731,042		$	714,188		$	630,422		$	693,333		$	664,866
Net expenses		0.68	%(c)		0.68	%		0.68	%		0.68	%		0.68	%		0.68	%
Gross expenses		0.68	%(c)		0.68	%		0.68	%		0.68	%		0.68	%		0.68	%
Net investment income		5.26	%(c)		5.17	%		5.87	%		5.45	%		5.16	%		5.76	%
Portfolio turnover rate		8	%		17	%		17	%		19	%		29	%		28	%

(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.

63 |

Financial Highlights – continued

For a share outstanding throughout each period.


	Investment Grade Fixed Income Fund – Institutional Class
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	12.43		$	12.42		$	11.81		$	12.82		$	12.82		$	13.21

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.18			0.46			0.45			0.42			0.46			0.49
Net realized and unrealized gain (loss)		(0.23	)		0.22			0.50			(0.88	)		0.21			(0.21	)

Total from Investment Operations		(0.05	)		0.68			0.95			(0.46	)		0.67			0.28

LESS DISTRIBUTIONS FROM:
Net investment income		(0.20	)		(0.42	)		(0.22	)		(0.44	)		(0.51	)		(0.54	)
Net realized capital gains		(0.08	)		(0.25	)		(0.12	)		(0.11	)		(0.16	)		(0.13	)

Total Distributions		(0.28	)		(0.67	)		(0.34	)		(0.55	)		(0.67	)		(0.67	)

Net asset value, end of the period	$	12.10		$	12.43		$	12.42		$	11.81		$	12.82		$	12.82

Total return		(0.35	)%(b)		5.73	%		8.27	%		(3.74	)%		5.36	%		2.14	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	406,227		$	412,235		$	461,429		$	561,407		$	611,607		$	739,886
Net expenses		0.49	%(c)		0.49	%		0.48	%		0.48	%		0.48	%		0.47	%
Gross expenses		0.49	%(c)		0.49	%		0.48	%		0.48	%		0.48	%		0.47	%
Net investment income		2.98	%(c)		3.79	%		3.72	%		3.34	%		3.52	%		3.72	%
Portfolio turnover rate		1	%		3	%		23	%		26	%		23	%		25	%

(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.

| 64

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (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 Core Disciplined Alpha Bond Fund (the “Core Disciplined Alpha Bond Fund”)

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 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 and Inflation Protected Securities Fund also offer Retail Class shares. In addition, Global Bond Fund and Inflation Protected Securities Fund (effective February 1, 2017) offer Class N shares.

Each share class is sold without a sales charge. Retail Class shares pay a Rule 12b-1 fee. Class N shares are offered with an initial minimum investment of $1,000,000. Institutional Class shares are intended for institutional investors with a minimum initial investment of $100,000 for Global Bond Fund and Inflation Protected Securities Fund, $1,000,000 for Core Disciplined Alpha Bond Fund and $3,000,000 for Fixed Income Fund, Institutional High Income Fund and Investment Grade Fixed Income Fund. Certain categories of investors are exempted from the minimum investment amounts for Class N and Institutional Class as outlined in the relevant Fund’s prospectus.

Most expenses can be directly attributed to a Fund. Expenses which cannot be directly attributed to a Fund are generally apportioned based on the relative net assets of each of the funds in Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, and Gateway Trust (“Natixis Funds Trusts”) and Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”), and Natixis ETF Trust. Expenses of a Fund are borne pro rata by the holders of each class of shares, except that each class bears expenses unique to that class (such as the Rule 12b-1 fees applicable to Retail Class), and transfer agent fees are borne collectively for Institutional Class and Retail Class, and individually for Class N. 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 shares of 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 as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. Unlisted equity securities (except unlisted preferred equity securities) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available. In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used. Broker-dealer bid prices may be used to value debt and unlisted equity securities and senior loans where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security. Mutual funds are valued at net asset value. Forward foreign currency contracts are valued utilizing interpolated rates determined based on information provided by an independent pricing service.

65 |

Notes to Financial Statements – continued

March 31, 2018 (Unaudited)

Futures contracts are valued at the most recent settlement price on the exchange on which the adviser believes that, over time, they are traded most extensively. 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 quotations 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.

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. 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.

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

As of March 31, 2018, securities held by the Funds were fair valued as follows:


Fund	Securities classified as fair valued		Percentage of Net Assets		Securities fair valued by the Fund’s adviser		Percentage of Net Assets
Core Disciplined Alpha Bond Fund	$	180,878		0.7%		—		—
Global Bond Fund		—		—	$	2,524,932		0.2%
Fixed Income Fund		19,840,935		1.9%		1,021,470		0.1%
Institutional High Income Fund		27,807,541		4.0%		455,645		0.1%
Investment Grade Fixed Income Fund		10,934,426		2.7%		22,133		Less than 0.1%

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, if applicable. Periodic principal adjustments for inflation-protected securities are recorded to interest income. Negative principal adjustments (in the event of deflation) are recorded as reductions of interest income to the extent of interest income earned, not to exceed the amount of positive principal adjustments on a cumulative basis. 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 dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains 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

| 66

Notes to Financial Statements – continued

March 31, 2018 (Unaudited)

the Statements of Operations. For federal income tax purposes, net realized foreign exchange gains or losses are characterized as ordinary income and may, if the Funds have net losses, reduce or eliminate the amount of income available to be distributed by the Funds.

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

During the six months ended March 31, 2018, the amount of income available to be distributed by Investment Grade Fixed Income Fund has been reduced by $1,932,696, as a result of losses arising from changes in exchange rates.

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

d. 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.

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

67 |

Notes to Financial Statements – continued

March 31, 2018 (Unaudited)

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.

For the six months ended March 31, 2018, no swaptions were held by the Funds.

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 notional amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.

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

Swap agreements are privately negotiated 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.

h. When-Issued and Delayed Delivery Transactions. The Funds may enter into when-issued or delayed delivery transactions. When-issued refers to transactions made conditionally because a security, although authorized, has not been issued. Delayed delivery refers to transactions for which delivery or payment will occur at a later date, beyond the normal settlement period. The price of when-issued and delayed delivery securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The security and the obligation to pay for it are recorded by the Funds at the time the commitment is entered into. The value of the security may vary with market fluctuations during the time before the Funds take delivery of the security. No interest accrues to the Funds until the transaction settles.

Delayed delivery transactions include those designated as To Be Announced (“TBAs”) in the Portfolios of Investments. For TBAs, the actual security that will be delivered to fulfill the transaction is not designated at the time of the trade. The security is “to be announced” 48 hours prior to the established trade settlement date. Certain transactions require the Funds or counterparty to post cash and/or securities as collateral for the 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.

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Notes to Financial Statements – continued

March 31, 2018 (Unaudited)

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

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, 2018 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior three fiscal years, where applicable, remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

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

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 gains and losses, convertible bonds, paydown gains and losses, premium amortization, capital gain and return of capital distributions received, corporate actions, trust preferred securities, defaulted and/or non-income producing securities, capital gain taxes, non-deductible expenses and contingent payment debt instruments. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital accounts reported on the Statements of Assets and Liabilities. Temporary differences between book and tax distributable earnings are primarily due to deferred Trustees’ fees, straddle loss deferrals, wash sales, convertible bonds, premium amortization, forward foreign currency and futures contracts mark-to-market, trust preferred securities, return of capital distributions received, contingent payment debt instruments, corporate actions, treasury inflation protected bonds and defaulted and/or non-income producing securities. 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, 2017 was as follows:


	2017 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
Core Disciplined Alpha Bond Fund	$	412,025	$	—	$	412,025
Fixed Income Fund		39,263,065		—		39,263,065
Global Bond Fund		3,731,727		1,509,954		5,241,681
Inflation Protected Securities Fund		709,934		—		709,934
Institutional High Income Fund		39,328,553		2,039,258		41,367,811
Investment Grade Fixed Income Fund		14,508,117		7,742,197		22,250,314

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

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Notes to Financial Statements – continued

March 31, 2018 (Unaudited)

As of September 30, 2017, the capital loss carryforwards and late-year ordinary and post-October capital loss deferrals were as follows:


	Core Disciplined Alpha Bond Fund		Fixed Income Fund		Global Bond Fund			Inflation Protected Securities Fund			Institutional High Income Fund		Investment Grade Fixed Income Fund
Capital loss carryforward:
Short-term:
No expiration date	$	—	$	—	$	—		$	(641,321	)	$	—	$	—
Long-term:
No expiration date		—		—		—			(1,326,843	)		—		—

Total capital loss carryforward	$	—	$	—	$	—		$	(1,968,164	)	$	—	$	—

Late-year ordinary and post-October capital loss deferrals*	$	—	$	—	$	(21,626,563	)	$	—		$	—	$	—

* Under current tax law, net operating losses, capital losses, foreign currency losses, 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. Global Bond Fund is deferring foreign currency losses.

As of March 31, 2018, unrealized appreciation (depreciation) on a tax basis was approximately as follows:


	Core Disciplined Alpha Bond Fund			Fixed Income Fund			Global Bond Fund		Inflation Protected Securities Fund			Institutional High Income Fund			Investment Grade Fixed Income Fund
Unrealized appreciation (depreciation)
Investments	$	(280,457	)	$	30,629,542		$	3,851,138	$	(489,997	)	$	23,733,810		$	6,065,753
Foreign currency translations		—			(25,349,030	)		12,331,107		—			(10,515,240	)		174,097

Total unrealized appreciation (depreciation)	$	(280,457	)	$	5,280,512		$	16,182,245	$	(489,997	)	$	13,218,570		$	6,239,850

As of March 31, 2018, the tax cost of investments (including derivatives, if applicable) and unrealized appreciation (depreciation) on a federal tax basis were as follows:


	Core Disciplined Alpha Bond Fund			Fixed Income Fund			Global Bond Fund			Inflation Protected Securities Fund			Institutional High Income Fund			Investment Grade Fixed Income Fund
Federal tax cost	$	32,325,458		$	1,035,569,892		$	1,031,388,173		$	25,543,822		$	674,107,477		$	401,673,836

Gross tax appreciation	$	97,225		$	59,386,424		$	41,345,042		$	105,934		$	55,534,231		$	27,062,426
Gross tax depreciation		(377,682	)		(54,702,535	)		(25,103,404	)		(595,931	)		(42,435,277	)		(20,996,673	)

Net tax appreciation (depreciation)	$	(280,457	)	$	4,683,889		$	16,241,638		$	(489,997	)	$	13,098,954		$	6,065,753

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.

Differences between these amounts and those reported in the preceding table are primarily attributable to foreign currency mark-to-market and capital gains taxes.

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 purchases assignments from lenders, it acquires direct rights against the borrower on the loan. Loan agreements and participations outstanding at the end of the period, if any, are listed in each applicable Fund’s Schedule of Investments.

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Notes to Financial Statements – continued

March 31, 2018 (Unaudited)

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, 2018, 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 and forward foreign currency contracts are maintained and cleared by registered U.S. broker/dealers pursuant to customer agreements between a Fund and the various broker/dealers. The due to brokers balance in the Statements of Assets and Liabilities for Global Bond Fund represents cash received as collateral for forward foreign currency contracts. The due from brokers balance in the Statements of Assets and Liabilities for Global Bond Fund represents cash pledged as collateral for forward foreign currency contracts and as initial margin for futures contracts. The due from brokers balance in the Statements of Assets and Liabilities for Inflation Protected Securities Fund represents cash pledged as initial margin for futures contracts. 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, 2018, 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.

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Notes to Financial Statements – continued

March 31, 2018 (Unaudited)

Reliability of all security prices, including those obtained from an independent pricing service and broker-dealer bid prices, is tested in a variety of ways, including comparison to recent transaction prices and daily fluctuations, amongst other validation procedures in place. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by the Funds’ adviser pursuant to procedures approved by the Board of Trustees. Fair valued securities may be categorized in Level 3.

The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2018, at value:

Core Disciplined Alpha Bond Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Bonds and Notes(a)	$	—	$	27,597,985	$	—	$	27,597,985
Municipals(a)		—		213,298		—		213,298
Short-Term Investments		3,969,321		264,397		—		4,233,718

Total Investments		3,969,321		28,075,680		—		32,045,001

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

Fixed Income Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—	$	751,764	$	1,020,429	(b)(c)	$	1,772,193
Finance Companies		735,809		46,092,071		—			46,827,880
Metals & Mining		—		15,880,025		1,041	(d)		15,881,066
All Other Non-Convertible Bonds(a)		—		626,200,709		—			626,200,709

Total Non-Convertible Bonds		735,809		688,924,569		1,021,470			690,681,848

Convertible Bonds(a)		—		52,567,704		—			52,567,704
Municipals(a)		—		7,583,591		—			7,583,591

Total Bonds and Notes		735,809		749,075,864		1,021,470			750,833,143

Common Stocks
Media		—		58,029		—			58,029
Oil, Gas & Consumable Fuels		163,862		503,351		—			667,213
All Other Common Stocks(a)		22,259,043		—		—			22,259,043

Total Common Stocks		22,422,905		561,380		—			22,984,285

Preferred Stocks
Convertible Preferred Stocks
Midstream		503,093		1,031,762		—			1,534,855
REITs—Mortgage		—		2,285,646		—			2,285,646
All Other Convertible Preferred Stocks(a)		8,720,864		—		—			8,720,864

Total Convertible Preferred Stocks		9,223,957		3,317,408		—			12,541,365

Non-Convertible Preferred Stock(a)		—		460,042		—			460,042

Total Preferred Stocks		9,223,957		3,777,450		—			13,001,407

Short-Term Investments		—		253,434,946		—			253,434,946

Total	$	32,382,671	$	1,006,849,640	$	1,021,470		$	1,040,253,781

(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 ($179,943) or fair valued by the Fund’s adviser using broker-dealer bid prices for which the inputs are unobservable to the Fund ($840,486).

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

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Notes to Financial Statements – continued

March 31, 2018 (Unaudited)

Global Bond Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
United States	$	—	$	387,519,633	$	3,149,932	(b)	$	390,669,565
All Other Non-Convertible Bonds(a)		—		623,700,904		—			623,700,904

Total Non-Convertible Bonds		—		1,011,220,537		3,149,932			1,014,370,469

Convertible Bonds(a)		—		3,584,096		—			3,584,096

Total Bonds and Notes		—		1,014,804,633		3,149,932			1,017,954,565

Short-Term Investments		—		29,182,296		—			29,182,296

Total Investments		—		1,043,986,929		3,149,932			1,047,136,861

Forward Foreign Currency Contracts (unrealized appreciation)		—		1,164,447		—			1,164,447
Futures Contracts (unrealized appreciation)		767,882		—		—			767,882

Total	$	767,882	$	1,045,151,376	$	3,149,932		$	1,049,069,190

Liability Valuation Inputs


Description	Level 1			Level 2			Level 3		Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—		$	(758,223	)	$	—	$	(758,223	)
Futures Contracts (unrealized depreciation)		(681,156	)		—			—		(681,156	)

Total	$	(681,156	)	$	(758,223	)	$	—	$	(1,439,379	)

(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 ($625,000) or fair valued by the Fund’s adviser using broker-dealer bid prices for which the inputs are unobservable to the Fund ($2,524,932).

Inflation Protected Securities Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Bonds and Notes(a)	$	—	$	26,815,255	$	—	$	26,815,255
Senior Loans(a)		—		550,914		—		550,914
Short-Term Investments		—		688,981		—		688,981
Futures Contracts (unrealized appreciation)		1,237		—		—		1,237

Total	$	1,237	$	28,055,150	$	—	$	28,056,387

Liability Valuation Inputs


Description	Level 1			Level 2		Level 3		Total
Futures Contracts (unrealized depreciation)	$	(2,562	)	$	—	$	—	$	(2,562	)

(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, 2018, there were no transfers among Levels 1, 2 and 3.

Institutional High Income Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
Airlines	$	—	$	12,268,465	$	94,366	(b)	$	12,362,831
Independent Energy		—		76,927,316		—	(c)		76,927,316
Metals & Mining		—		32,928,040		1,659	(d)		32,929,699
All Other Non-Convertible Bonds(a)		—		349,309,332		—			349,309,332

Total Non-Convertible Bonds		—		471,433,153		96,025			471,529,178

Convertible Bonds(a)		—		42,842,597		—			42,842,597
Municipals(a)		—		2,560,841		—			2,560,841

Total Bonds and Notes		—		516,836,591		96,025			516,932,616

73 |

Notes to Financial Statements – continued

March 31, 2018 (Unaudited)

Institutional High Income Fund

Asset Valuation Inputs – continued


Description	Level 1		Level 2		Level 3			Total
Loan Participations(a)	$	—	$	—	$	453,986	(e)	$	453,986
Senior Loans		—		2,953,376		—			2,953,376
Common Stocks
Media		—		18,417		—			18,417
Oil, Gas & Consumable Fuels		25,030		506,734		—			531,764
All Other Common Stocks(a)		45,040,053		—		—			45,040,053

Total Common Stocks		45,065,083		525,151		—			45,590,234

Preferred Stocks
Convertible Preferred Stocks
Midstream		—		2,780,196		—			2,780,196
REITs—Mortgage		—		2,626,624		—			2,626,624
All Other Convertible Preferred Stocks(a)		5,611,660		—		—			5,611,660

Total Convertible Preferred Stocks		5,611,660		5,406,820		—			11,018,480

Non-Convertible Preferred Stocks
REITs—Warehouse/Industrials		—		218,142		—			218,142
All Other Non-Convertible Preferred Stocks(a)		1,212,549		—		—			1,212,549

Total Non-Convertible Preferred Stocks		1,212,549		218,142		—			1,430,691

Total Preferred Stocks		6,824,209		5,624,962		—			12,449,171

Short-Term Investments		—		108,827,048		—			108,827,048

Total	$	51,889,292	$	634,767,128	$	550,011		$	687,206,431

(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 by the Fund’s adviser.

(e) Fair valued by the Fund’s adviser using broker-dealer bid prices for which the inputs are unobservable to the Fund.

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	$	—	$	—	$	19,732	(b)	$	19,732
ABS Other		—		8,656,010		3,178,999	(b)		11,835,009
Airlines		—		5,628,631		670,777	(b)		6,299,408
Collateralized Mortgage Obligations		—		516,580		2,401	(c)		518,981
All Other Non-Convertible Bonds(a)		—		248,616,943		—			248,616,943

Total Non-Convertible Bonds		—		263,418,164		3,871,909			267,290,073

Convertible Bonds(a)		—		4,221,820		—			4,221,820
Municipals(a)		—		2,497,475		—			2,497,475

Total Bonds and Notes		—		270,137,459		3,871,909			274,009,368

Common Stocks(a)		22,260,489		—		—			22,260,489

Preferred Stocks
Convertible Preferred Stocks
Midstream		—		236,422		—			236,422
All Other Convertible Preferred Stocks(a)		1,666,194		—		—			1,666,194

Total Convertible Preferred Stocks		1,666,194		236,422		—			1,902,616

Non-Convertible Preferred Stocks(a)		—		243,027		—			243,027

Total Preferred Stocks		1,666,194		479,449		—			2,145,643

Short-Term Investments		—		109,324,089		—			109,324,089

Total	$	23,926,683	$	379,940,997	$	3,871,909		$	407,739,589

(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.

| 74

Notes to Financial Statements – continued

March 31, 2018 (Unaudited)

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of September 30, 2017 and/or March 31, 2018:

Core Disciplined Alpha Bond Fund

Asset Valuation Inputs


Investments in Securities	Balance as of September 30, 2017		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, 2018		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2018
Bonds and Notes
Non-Convertible Bonds
ABS Car Loan	$	99,989	$	—	$	(512	)	$	—	$	—	$	(99,477	)	$	—	$	—		$	—	$	—
ABS Home Equity		100,000		—		—			—		—		—			—		(100,000	)		—		—

Total	$	199,989	$	—	$	(512	)	$	—	$	—	$	(99,477	)	$	—	$	(100,000	)	$	—	$	—

A debt security valued at $100,000 was transferred from Level 3 to Level 2 during the period ended March 31, 2018. At September 30, 2017, 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, 2018, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

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, 2017		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, 2018		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2018
Bonds and Notes
United States	$	7,725,000	$	—	$	—	$	1	$	3,149,931	$	—	$	—	$	(7,725,000	)	$	3,149,932	$	1

Debt securities valued at $7,725,000 were transferred from Level 3 to Level 2 during the period ended March 31, 2018. At September 30, 2017, 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, 2018, these securities were valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

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

Fixed Income Fund

Asset Valuation Inputs


Investments in Securities	Balance as of September 30, 2017		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, 2018		Change in Unrealized Appreciation (Depreciation) from Still Investments Held at March 31, 2018
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	886,269	$	—	$	—		$	84,064		$	50,096	$	—		$	—	$	—		$	1,020,429	$	84,064
Chemicals		3,161,100		—		—			—			—		—			—		(3,161,100	)		—		—
Metals & Mining		1,041		9,458		—			(9,458	)		—		—			—		—			1,041		(9,458	)
Retailers		2,229,375		—		—			—			—		—			—		(2,229,375	)		—		—
Common Stocks
Media		39,364		—		—			—			—		—			—		(39,364	)		—		—
Oil, Gas & Consumable Fuels		504,261		—		(1,345,380	)	$	1,652,315			—		(487,423	)		—		(323,773	)		—		—

Total	$	6,821,410	$	9,458	$	(1,345,380	)	$	1,726,921		$	50,096	$	(487,423	)	$	—	$	(5,753,612	)	$	1,021,470	$	74,606

75 |

Notes to Financial Statements – continued

March 31, 2018 (Unaudited)

Debt securities valued at $3,161,100 were transferred from Level 3 to Level 2 during the period ended March 31, 2018. At September 30, 2017, these securities were valued at fair value as determined in good faith by the Fund’s investment adviser as an independent pricing service did not provide a reliable price for the securities. At March 31, 2018, these securities were valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

A debt security valued at $2,229,375 was transferred from Level 3 to Level 2 during the period ended March 31, 2018. At September 30, 2017, 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, 2018, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

Common stocks valued at $363,137 were transferred from Level 3 to Level 2 during the period ended March 31, 2018. At September 30, 2017, these securities were valued at fair value as determined in good faith by the Fund’s advisor using broker-dealer bid prices for which the inputs are unobservable to the Fund. At March 31, 2018, these securities were valued on the basis of closing bid quotations 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

Asset Valuation Inputs


Investments in Securities	Balance as of September 30, 2017			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, 2018			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2018
Bonds and Notes
Non-Convertible Bonds
Airlines	$	—		$	—	$	6,393		$	(9,041	)	$	—	$	(29,059	)	$	126,073	$	—		$	94,366		$	(9,041	)
Chemicals		2,733,780			—		—			—			—		—			—		(2,733,780	)		—			—
Independent Energy		—	(a)		49,976		—			(49,976	)		—		—			—		—			—	(a)		(49,976	)
Metals & Mining		1,659			16,865		—			(16,865	)		—		—			—		—			1,659			(16,865	)
Retailers		4,730,375			—		—			—			—		—			—		(4,730,375	)		—			—
Loan Participations
ABS Other		538,700			—		(598	)		(4,363	)		—		(79,753	)		—		—			453,986			(4,562	)
Common Stocks
Media		12,493			—		—			—			—		—			—		(12,493	)		—			—
Oil, Gas & Consumable Fuels		507,657			—		(1,646,415	)		1,955,422			—		(490,714	)		—		(325,950	)		—			—
Warrants		—	(a)		—		—			—			—		—			—		—			—			—

Total	$	8,524,664		$	66,841	$	(1,640,620	)	$	1,875,177		$	—	$	(599,526	)	$	126,073	$	(7,802,598	)	$	550,011		$	(80,444	)

(a) Fair valued at zero.

A debt security valued at $126,073 was transferred from Level 2 to Level 3 during the period ended March 31, 2018. At September 30, 2017, 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, 2018, this security was valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service did not provide a reliable price for the security.

Debt securities valued at $2,733,780 were transferred from Level 3 to Level 2 during the period ended March 31, 2018. At September 30, 2017, these securities were valued at fair value as determined in good faith by the Fund’s investment adviser as an independent pricing service did not provide a reliable price for the securities. At March 31, 2018, these securities were valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

A debt security valued at $4,730,375 was transferred from Level 3 to Level 2 during the period ended March 31, 2018. At September 30, 2017, 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, 2018, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

Common stocks valued at $338,443 were transferred from Level 3 to Level 2 during the period ended March 31, 2018. At September 30, 2017, these securities were valued at fair value as determined in good faith by the Fund’s advisor using broker-dealer bid prices for which the inputs are unobservable to the Fund. At March 31, 2018, these securities were valued on the basis of closing bid quotations furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

| 76

Notes to Financial Statements – continued

March 31, 2018 (Unaudited)

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

Investment Grade Fixed Income

Asset Valuation Inputs


Investments in Securities	Balance as of September 30, 2017		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, 2018		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2018
Bonds and Notes
Non-Convertible Bonds
ABS Home Equity	$	—	$	—	$	195		$	276		$	—	$	(10,521	)	$	29,782	$	—	$	19,732	$	276
ABS Other		2,700,755		—		602			(23,473	)		—		(50,689	)		551,804		—		3,178,999		(23,344	)
Airlines		—		—		4,856			(18,970	)		—		(92,764	)		777,655		—		670,777		(18,970	)
Collateralized Mortgage Obligations		3,426		—		(27	)		(31	)		—		(967	)		—		—		2,401		(30	)

Total	$	2,704,181	$	—	$	5,626		$	(42,198	)	$	—	$	(154,941	)	$	1,359,241	$	—	$	3,871,909	$	(42,068	)

A debt security valued at $29,782 was transferred from Level 2 to Level 3 during the period ended March 31, 2018. At September 30, 2017, 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, 2018, 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.

Debt securities valued at $1,329,459 were transferred from Level 2 to Level 3 during the period ended March 31, 2018. At September 30, 2017, these securities were valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies. At March 31, 2018, these securities were valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service did not provide a reliable price for the securities.

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

4. Derivatives. Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of an underlying asset, reference rate or index. Derivative instruments that Global Bond Fund and Inflation Protected Securities Fund used during the period include forward foreign currency contracts, futures contracts and swap agreements.

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, 2018, Global Bond Fund engaged in forward foreign currency transactions for hedging purposes and to gain exposure to foreign currencies.

Global Bond Fund and Inflation Protected Securities Fund are subject to the risk that changes in interest rates will affect the value of the Funds’ investments in fixed-income securities. A Fund will be subject to increased interest rate risk to the extent that it invests in fixed-income securities with longer maturities or durations, as compared to investing in fixed-income securities with shorter maturities or durations. The Funds may use futures contracts to hedge against changes in interest rates and to manage duration without having to buy or sell portfolio securities. During the six months ended March 31, 2018, Global Bond Fund used futures contracts to manage duration. Inflation Protected Securities Fund used futures contracts to hedge against changes in interest rates and to manage duration.

Global Bond Fund is subject to the risk that companies in which the Fund invests will fail financially or otherwise be unwilling or unable to meet their obligations to the Fund. The Fund may use credit default swaps, as a protection buyer, to hedge its credit exposure to issuers of bonds it holds without having to sell the bonds. During the six months ended March 31, 2018, the Fund engaged in credit default swap transactions (as a protection buyer) to hedge its credit exposure.

77 |

Notes to Financial Statements – continued

March 31, 2018 (Unaudited)

The following is a summary of derivative instruments for Global Bond Fund as of March 31, 2018, as reflected within the Statements of Assets and Liabilities:


Assets	Unrealized appreciation on forward foreign currency contracts			Unrealized appreciation on futures contracts¹
Over-the-counter asset derivatives
Foreign exchange contracts	$	1,164,447		$	—
Exchange-traded/cleared asset derivatives
Interest rate contracts		—			767,882

Total asset derivatives	$	1,164,447		$	767,882


Liabilities	Unrealized depreciation on forward foreign currency contracts			Unrealized depreciation on futures contracts¹
Over-the-counter liability derivatives
Foreign exchange contracts	$	(758,223	)	$	—
Exchange-traded/cleared liability derivatives
Interest rate contracts		—			(681,156	)

Total liability derivatives	$	(758,223	)	$	(681,156	)

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, 2018, as reflected within the Statements of Operations, were as follows:


Net Realized Gain (Loss) on:	Futures contracts		Swap agreements		Forward Foreign currency contracts
Interest rate contracts	$	2,184,073	$	—	$	—
Foreign exchange contracts		—		—		286,042
Credit contracts		—		163,087		—

Total	$	2,184,073	$	163,087	$	286,042


Net Change in Unrealized Appreciation (Depreciation) on:	Futures contracts			Forward Foreign currency contracts
Interest rate contracts	$	(581,367	)	$	—
Foreign exchange contracts		—			940,830

Total	$	(581,367	)	$	940,830

The following is a summary of derivative instruments for Inflation Protected Securities Fund as of March 31, 2018, as reflected within the Statements of Assets and Liabilities:


Assets	Unrealized appreciation on futures contracts¹
Exchange-traded/cleared asset derivatives
Interest rate contracts	$	1,237

Liabilities	Unrealized depreciation on futures contracts¹
Exchange-traded/cleared liability derivatives
Interest rate contracts	$	(2,562	)

| 78

Notes to Financial Statements – continued

March 31, 2018 (Unaudited)

Transactions in derivative instruments for Inflation Protected Securities Fund during the six months ended March 31, 2018, as reflected within the Statements of Operations, were as follows:


Net Realized Gain (Loss) on:	Futures contracts
Interest rate contracts	$	130,844

Net Change in Unrealized Appreciation (Depreciation) on:	Futures contracts
Interest rate contracts	$	(14,572	)

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

The volume of forward foreign currency contract, futures contract and swap agreement activity, as a percentage of net assets for Global Bond Fund and Inflation Protected Securities Fund based on gross month-end or daily (as applicable) notional amounts outstanding during the period, including long and short positions at absolute value, was as follows for the six months ended March 31, 2018:


Global Bond Fund	Forwards		Futures		Credit Default Swaps
Average Notional Amount Outstanding		35.61%		11.84%		1.71%
Highest Notional Amount Outstanding		46.70%		14.70%		12.08%
Lowest Notional Amount Outstanding		31.02%		8.28%		0.00%
Notional Amount Outstanding as of March 31, 2018		31.02%		8.28%		0.00%

Inflation Protected Securities Fund					Futures
Average Notional Amount Outstanding						27.37%
Highest Notional Amount Outstanding						40.75%
Lowest Notional Amount Outstanding						13.14%
Notional Amount Outstanding as of March 31, 2018						13.14%

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.

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 NAV of a Fund declines beyond a certain threshold. For financial reporting purposes, the Funds do not offset derivative assets and liabilities, and any related collateral received or pledged, on the Statements of Assets and Liabilities.

As of March 31, 2018, 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
BNP Paribas S.A.	$	62,047	$	—		$	62,047	$	—		$	62,047
Citibank N.A.		143,806		—			143,806		—			143,806
Credit Suisse International		673,589		(423,771	)		249,818		(249,818	)		—
Deutsche Bank AG		73,000		—			73,000		—			73,000
UBS AG		212,005		(83,889	)		128,116		(110,000	)		18,116

	$	1,164,447	$	(507,660	)	$	656,787	$	(359,818	)	$	296,969

79 |

Notes to Financial Statements – continued

March 31, 2018 (Unaudited)


Counterparty	Gross Amounts of Liabilities			Offset Amount		Net Liability Balance			Collateral (Received)/ Pledged		Net Amount
Credit Suisse International	$	(423,771	)	$	423,771	$	—		$	—	$	—
Morgan Stanley & Co.		(250,563	)		—		(250,563	)		250,563		—
UBS AG		(83,889	)		83,889		—			—		—

	$	(758,223	)	$	507,660	$	(250,563	)	$	250,563	$	—

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 the Fund’s adviser. Such policies and procedures may include, but are not limited to, minimum counterparty credit rating requirements, monitoring of counterparty credit default swap spreads and posting of collateral. 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 held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro rata basis across all of the broker’s customers, potentially resulting in losses to the Fund. Based on balances reflected on each Fund’s Statement of Assets and Liabilities, the following table shows (i) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the Fund would incur if parties (including OTC derivative counterparties and brokers holding margin for exchange-traded derivatives) to the relevant financial instruments failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the Fund, and (ii) the amount of loss that the Fund would incur after taking into account master netting provisions pursuant to ISDA agreements, as of March 31, 2018:


Fund	Maximum Amount of Loss - Gross		Maximum Amount of Loss - Net
Global Bond Fund	$	1,832,784	$	714,743
Inflation Protected Securities Fund		136,744		136,744

Net loss amount reflects cash received as collateral for Global Bond Fund of $730,000.

5. Purchases and Sales of Securities. For the six months ended March 31, 2018, purchases and sales of securities (excluding short-term investments and including paydowns) were as follows:


	U.S. Government/Agency Securities				Other Securities
Fund	Purchases		Sales		Purchases		Sales
Core Disciplined Alpha Bond Fund	$	100,465,134	$	100,101,818	$	25,560,164	$	21,783,605
Fixed Income Fund		—		—		52,557,034		105,798,591
Global Bond Fund		992,760,657		920,615,982		250,861,205		337,464,928
Inflation Protected Securities Fund		44,302,946		45,729,645		3,401,338		3,772,946
Institutional High Income Fund		—		20,850,000		48,677,376		89,126,185
Investment Grade Fixed Income Fund		—		10,040,507		1,861,083		41,133,329

| 80

Notes to Financial Statements – continued

March 31, 2018 (Unaudited)

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, 2018, 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
Core Disciplined Alpha Bond Fund		0.30%		0.30%		0.30%		0.30%		0.30%
Fixed Income Fund		0.50%		0.50%		0.50%		0.50%		0.50%
Global Bond Fund		0.575%		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%
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, organizational and extraordinary expenses such as litigation and indemnification expenses. These undertakings are in effect until January 31, 2019, may be terminated before then only with the consent of the Funds’ Board of Trustees, and are reevaluated on an annual basis. Management fees payable, as reflected on the Statements of Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to these undertakings. Waivers/reimbursements that exceed management fees payable are reflected on the Statements of Assets and Liabilities as receivable from investment adviser.

For the six months ended March 31, 2018, 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
Core Disciplined Alpha Bond Fund		0.45%		—		—
Fixed Income Fund		0.65%		—		—
Global Bond Fund		0.72%		0.97%		0.67%
Inflation Protected Securities Fund		0.40%		0.65%		0.35%
Institutional High Income Fund		0.75%		—		—
Investment Grade Fixed Income Fund		0.55%		—		—

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

For the six months ended March 31, 2018, the management fees and waivers of management fees for each Fund were as follows:


Fund	Gross Management Fees		Contractual Waivers of Management Fees¹		Net Management Fees		Percentage of Average Daily Net Assets
Fund	Gross Management Fees		Contractual Waivers of Management Fees¹		Net Management Fees		Gross		Net
Core Disciplined Alpha Bond Fund	$	39,761	$	39,761	$	—		0.30%		—%
Fixed Income Fund		2,668,634		—		2,668,634		0.50%		0.50%
Global Bond Fund		2,988,273		—		2,988,273		0.57%		0.57%
Inflation Protected Securities Fund		35,691		35,691		—		0.25%		—%
Institutional High Income Fund		2,177,928		—		2,177,928		0.60%		0.60%
Investment Grade Fixed Income Fund		818,075		—		818,075		0.40%		0.40%

¹Management fee waiver is subject to possible recovery until September 30, 2019.

81 |

Notes to Financial Statements – continued

March 31, 2018 (Unaudited)

For the six months ended March 31, 2018, class-specific expenses have been reimbursed as follows:


	Reimbursement²
Fund	Institutional Class		Retail Class		Class N		Total
Global Bond Fund	$	131,790	$	74,815	$	16,864	$	223,469

In addition, the investment adviser reimbursed non-class-specific expenses of Core Disciplined Alpha Bond Fund and Inflation Protected Securities Fund in the amount of $18,108 and $51,470, respectively.²

²Expense reimbursements are subject to possible recovery until September 30, 2019.

No expenses were recovered for any of the Funds during the six months ended March 31, 2018 under the terms of the expense limitation agreements.

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

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

Pursuant to Rule 12b-1 under the 1940 Act, Global Bond Fund and Inflation Protected Securities 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 Natixis Distribution a monthly distribution fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund’s Retail Class shares, as compensation for services provided by Natixis Distribution in connection with the marketing or sale of Retail Class shares or for payments made by Natixis Distribution to securities dealers or other financial intermediaries as commissions, asset-based sales charges or other compensation with respect to the sale of Retail Class shares, or for providing personal services to investors and/or the maintenance of shareholder accounts.

For the six months ended March 31, 2018, the distribution fees for each Fund were as follows:


Fund	Retail Class
Global Bond Fund	$	351,598
Inflation Protected Securities Fund		1,303

c. Administrative Fees. Natixis Advisors, L.P. (“Natixis Advisors”) provides certain administrative services for the Funds and contracts with State Street Bank to serve as sub-administrator. Natixis Advisors is a wholly-owned subsidiary of Natixis. Pursuant to an agreement among Natixis Funds Trusts, Loomis Sayles Funds Trusts, Natixis ETF Trust and Natixis Advisors, each Fund pays Natixis Advisors monthly its pro rata portion of fees equal to an annual rate of 0.0575% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust, 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, Loomis Sayles Funds Trusts and Natixis ETF Trust of $10 million, which is reevaluated on an annual basis.

For the six months ended March 31, 2018, the administrative fees for each Fund were as follows:


Fund	Administrative Fees
Core Disciplined Alpha Bond Fund	$	5,871
Fixed Income Fund		236,433
Global Bond Fund		231,620
Inflation Protected Securities Fund		6,324
Institutional High Income Fund		160,796
Investment Grade Fixed Income Fund		90,599

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Notes to Financial Statements – continued

March 31, 2018 (Unaudited)

Funds’ transfer agent. Accordingly, the Funds have agreed to reimburse Natixis Distribution for all or a portion of the servicing fees paid to these intermediaries. The reimbursement amounts (sub-transfer agent fees) paid to Natixis Distribution are subject to a current per-account equivalent fee limit approved by the Funds’ Board of Trustees, which is based on fees for similar services paid to the Funds’ transfer agent and other service providers. Class N shares do not bear such expenses.

For the six months ended March 31, 2018, 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
Core Disciplined Alpha Bond Fund	$	9
Global Bond Fund		343,038
Inflation Protected Securities Fund		9,195
Institutional High Income Fund		3,019

As of March 31, 2018, the Funds owe Natixis 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	$	8,536
Inflation Protected Securities Fund		262
Institutional High Income Fund		74

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.

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 Natixis Advisors, Natixis Distribution, Natixis or their affiliates. The Chairperson of the Board of Trustees receives a retainer fee at the annual rate of $340,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that he attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $170,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, the chairperson of the Contract Review Committee and the chairperson of the Audit Committee each receive an additional retainer fee at the annual rate of $20,000. The chairperson of the Governance Committee receives an additional retainer fee at the annual rate of $12,000. Each Contract Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

Prior to January 1, 2018, the Chairperson of the Board received a retainer fee at the annual rate of $325,000 and each Independent Trustee (other than the Chairperson) received, in the aggregate, a retainer fee at the annual rate of $155,000, the chairperson of the Contract Review Committee and Audit Committee each received an additional retainer fee at the annual rate of $17,500 and the chairperson of the Governance Committee received an additional retainer fee at the annual rate of $10,000. All other Trustee fees remained unchanged.

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

f. Affiliated Ownership. As of March 31, 2018, the percentage of each Fund’s net assets owned by affiliates is as follows:


Core Disciplined Alpha Bond Fund	Percentage of Net Assets
Natixis Advisors		95.90%
Loomis Sayles Distribution		4.10%

83 |

Notes to Financial Statements – continued

March 31, 2018 (Unaudited)


Inflation Protected Securities Fund	Percentage of Net Assets
Loomis Sayles Employees’ Profit Sharing Retirement Plan		16.82%
Loomis Sayles Trust		7.54%
Loomis Sayles Distribution		7.17%
Natixis Sustainable Future 2015 Fund		1.78%
Natixis Sustainable Future 2020 Fund		0.98%
Natixis Sustainable Future 2025 Fund		0.63%
Natixis Sustainable Future 2030 Fund		0.55%
Natixis Sustainable Future 2035 Fund		0.45%
Natixis Sustainable Future 2040 Fund		0.46%
Natixis Sustainable Future 2045 Fund		0.20%
Natixis Sustainable Future 2050 Fund		0.20%
Natixis Sustainable Future 2055 Fund		0.20%
Natixis Sustainable Future 2060 Fund		0.20%

Institutional High Income Fund	Percentage of Net Assets
Loomis Sayles Employees’ Profit Sharing Retirement Plan		2.51%

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

g. Reimbursement of Transfer Agent Fees and Expenses. Natixis Advisors has given a binding contractual undertaking to the Inflation Protected Securities Fund to reimburse any and all transfer agency expenses for the Funds’ Class N shares. This undertaking is in effect through January 31, 2019 and is not subject to recovery under the expense limitation agreement described above.

For the six months ended March 31, 2018, Natixis Advisors reimbursed the Fund $217 for transfer agency expenses related to Class N shares.

7. Class-Specific Transfer Agent Fees and Expenses. Transfer agent fees and expenses for Global Bond Fund and Inflation Protected Securities Fund 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.

For the six months ended March 31, 2018, Global Bond Fund and Inflation Protected Securities Fund 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		Class N
Global Bond Fund	$	231,072	$	130,476	$	2,401
Inflation Protected Securities Fund		10,662		430		218

8. Line of Credit. Each Fund, together with certain other funds of Natixis Funds Trusts and Loomis Sayles Funds Trusts, entered into a 364-day, $400,000,000 syndicated, committed, unsecured line of credit with Citibank, N.A. to be used for temporary or emergency purposes only. Any one Fund may borrow up to the full $400,000,000 under the line of credit (as long as all borrowings by all Funds in the aggregate do not exceed the $400,000,000 limit at any time), subject to each Fund’s investment restrictions and its contractual obligations under the line of credit. Interest is charged to the Funds at a rate equal to the greater of the eurodollar or the federal funds rate plus 1.00%. In addition, a commitment fee of 0.15% per annum, payable on the last business day of each month, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit. The Funds paid an arrangement fee, an upfront fee, and other fees in connection with the new line of credit agreement, which are being amortized over a period of 364 days and are reflected as miscellaneous expenses on the Statements of Operations. The unamortized balance is reflected as prepaid expenses on the Statements of Assets and Liabilities.

For the six months ended March 31, 2018, none of the Funds had borrowings under this agreement.

Effective April 12, 2018, the line of credit with Citibank, N.A. expired, and the Funds, together with certain other funds of Natixis Funds Trusts, Loomis Sayles Funds Trusts, and Natixis ETF Trust, entered into a $400,000,000 committed unsecured line of credit provided by State Street Bank and Trust. Any one Fund may borrow up to $350,000,000 under the line of credit agreement (as long as all borrowings by all Funds in the aggregate do not exceed the $400,000,000 limit at any time), subject to each Fund’s investment restrictions and its contractual obligations under the line of credit. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit.

| 84

Notes to Financial Statements – continued

March 31, 2018 (Unaudited)

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

10. Concentration of Ownership. From time to time, 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, 2018, 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
Core Disciplined Alpha Bond Fund		—		—		100.00%		100.00%
Fixed Income Fund		4		30.34%		—		30.34%
Global Bond Fund		1		22.69%		—		22.69%
Inflation Protected Securities Fund		2		19.94%		37.18%		57.12%
Institutional High Income Fund		3		32.25%		—		32.25%
Investment Grade Fixed Income Fund		4		39.27%		—		39.27%

Omnibus shareholder accounts for which Natixis Advisors understands that the intermediary has discretion over the underlying shareholder accounts or investment models where a shareholder account may be invested for 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:


	Core Disciplined Alpha Bond Fund
	Six Months Ended March 31, 2018						Period Ended September 30, 2017(a)

Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		108,647		$	1,100,000			2,500,179		$	25,001,815
Issued in connection with the reinvestment of distributions		52,251			519,815			40,960			412,025

Net change		160,898		$	1,619,815			2,541,139		$	25,413,840

Increase (decrease) from capital share transactions		160,898		$	1,619,815			2,541,139		$	25,413,840


(a) From commencement of operations on November 30, 2016 through September 30, 2017.

	Fixed Income Fund
	Six Months Ended March 31, 2018						Year Ended September 30, 2017

Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		2,366,289		$	32,035,143			3,717,267		$	50,497,595
Issued in connection with the reinvestment of distributions		4,118,968			54,741,088			2,755,884			35,633,586
Redeemed		(6,222,322	)		(84,835,191	)		(17,001,767	)		(226,225,543	)

Net change		262,935		$	1,941,040			(10,528,616	)	$	(140,094,362	)

Increase (decrease) from capital share transactions		262,935		$	1,941,040			(10,528,616	)	$	(140,094,362	)

85 |

Notes to Financial Statements – continued

March 31, 2018 (Unaudited)


	Global Bond Fund

	Six Months Ended March 31, 2018							Year Ended September 30, 2017

Institutional Class	Shares				Amount			Shares			Amount
Issued from the sale of shares		4,780,688			$	79,759,067			8,923,076		$	141,685,513
Issued in connection with the reinvestment of distributions		58,519				967,912			215,847			3,336,980
Redeemed		(7,010,068	)			(117,113,853	)		(28,273,035	)		(441,751,354	)

Net change		(2,170,861	)		$	(36,386,874	)		(19,134,112	)	$	(296,728,861	)


Retail Class
Issued from the sale of shares		2,076,789			$	34,136,934			2,947,547		$	46,634,209
Issued in connection with the reinvestment of distributions		37,470				609,258			83,316			1,268,803
Redeemed		(2,363,331	)			(38,610,774	)		(6,890,864	)		(107,779,128	)

Net change		(249,072	)		$	(3,864,582	)		(3,860,001	)	$	(59,876,116	)


Class N
Issued from the sale of shares		3,229,626			$	54,178,568			16,040,773		$	249,378,730
Issued in connection with the reinvestment of distributions		31,377				520,238			23,012			356,772
Redeemed		(1,904,878	)			(31,980,730	)		(3,441,640	)		(55,005,342	)

Net change		1,356,125			$	22,718,076			12,622,145		$	194,730,160

Increase (decrease) from capital share transactions		(1,063,808	)		$	(17,533,380	)		(10,371,968	)	$	(161,874,817	)


	Inflation Protected Securities Fund

	Six Months Ended March 31, 2018							Year Ended September 30, 2017(a)

Institutional Class	Shares				Amount			Shares			Amount
Issued from the sale of shares		339,625			$	3,540,330			1,740,738		$	18,132,311
Issued in connection with the reinvestment of distributions		32,406				334,399			46,571			483,546
Redeemed		(535,151	)			(5,544,190	)		(1,983,730	)		(20,686,159	)

Net change		(163,120	)	��	$	(1,669,461	)		(196,421	)	$	(2,070,302	)


Retail Class
Issued from the sale of shares		2,868			$	29,684			32,413		$	338,026
Issued in connection with the reinvestment of distributions		1,198				12,349			1,997			20,705
Redeemed		(13,308	)			(138,656	)		(67,566	)		(704,693	)

Net change		(9,242	)		$	(96,623	)		(33,156	)	$	(345,962	)


Class N
Issued from the sale of shares		60,724			$	628,184			126,867		$	1,330,496
Issued in connection with the reinvestment of distributions		1,917				19,781			1,970			20,520
Redeemed		(2,040	)			(21,021	)		(162	)		(1,677	)

Net change		60,601			$	626,944			128,675		$	1,349,339

Increase (decrease) from capital share transactions		(111,761	)		$	(1,139,140	)		(100,902	)	$	(1,066,925	)


(a) From commencement of operations on February 1, 2017 through September 30, 2017 for class N shares.

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Notes to Financial Statements – continued

March 31, 2018 (Unaudited)


	Institutional High Income Fund

	Six Months Ended March 31, 2018						Year Ended September 30, 2017

Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		1,486,887		$	10,228,721			8,973,166		$	60,734,665
Issued in connection with the reinvestment of distributions		5,624,205			37,682,170			5,749,113			37,599,200
Redeemed		(6,219,478	)		(41,929,804	)		(15,396,789	)		(105,855,512	)

Net change		891,614		$	5,981,087			(674,510	)	$	(7,521,647	)

Increase (decrease) from capital share transactions		891,614		$	5,981,087			(674,510	)	$	(7,521,647	)


	Investment Grade Fixed Income Fund

	Six Months Ended March 31, 2018						Year Ended September 30, 2017

Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		848,201		$	10,447,000			4,119,247		$	50,393,178
Issued in connection with the reinvestment of distributions		713,262			8,733,406			1,688,036			20,304,273
Redeemed		(1,147,624	)		(14,252,856	)		(9,790,799	)		(120,106,832	)

Net change		413,839		$	4,927,550			(3,983,516	)	$	(49,409,381	)

Increase (decrease) from capital share transactions		413,839		$	4,927,550			(3,983,516	)	$	(49,409,381	)

87 |

Additional Information

Special Meeting of Shareholders. (Unaudited)

A special meeting of shareholders of the Trust was held on December 4, 2017 to consider a proposal to elect thirteen Trustees to the Board of Trustees. The proposal was approved by shareholders of the Trust. The results of the shareholder vote were as follows:

Loomis Sayles Funds I


Nominee	Voted “FOR”*		Withheld*
Kevin Charleston		1,046,693,133.34		15,163,366.07
Kenneth A. Drucker		1,045,641,428.27		16,215,071.15
Edmond J. English		1,046,277,137.68		15,579,361.74
David L. Giunta		1,046,496,391.62		15,360,107.79
Richard A. Goglia		1,046,269,146.27		15,587,353.15
Wendell J. Knox		1,045,976,095.92		15,880,403.49
Martin T. Meehan		1,046,154,669.52		15,701,829.89
Maureen B. Mitchell		1,047,019,476.25		14,837,023.17
Sandra O. Moose**		1,045,973,479.27		15,883,020.14
James P. Palermo		1,046,549,375.30		15,307,124.11
Erik R. Sirri		1,046,440,355.81		15,416,143.60
Peter J. Smail		1,046,053,910.90		15,802,588.52
Cynthia L. Walker		1,047,362,231.11		14,494,268.31

*	Trust-wide voting results.** Ms. Moose retired as a Trustee effective January 1, 2018.

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LOGO

Loomis Sayles High Income Opportunities Fund

Loomis Sayles Securitized Asset Fund

Semiannual Report

March 31, 2018



TABLE OF CONTENTS
Portfolio Review			1
Portfolio of Investments			5
Financial Statements			27
Notes to Financial Statements			31

LOOMIS SAYLES HIGH INCOME OPPORTUNITIES FUND


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

Investment Objective

The Fund’s investment objective is high current income. Capital appreciation is the Fund’s secondary objective.

Average Annual Total Returns — March 31, 2018



													Expense Ratios²
	6 Months			1 Year			5 Years			10 Years			Gross			Net

Institutional Class (Inception 4/12/04)		-0.11	%		4.23	%		5.70	%		8.71	%		0.00	%		0.00	%

Comparative Performance
Bloomberg Barclays U.S. Corporate High-Yield Bond Index¹		-0.39			3.78			4.99			8.27

Bloomberg Barclays U.S. Corporate High-Yield Bond Index measures the market of USD-denominated, non-investment grade, fixed-rate, taxable corporate bonds. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB+/BB+ or below, excluding emerging market debt. The U.S. Corporate High-Yield Bond Index was created in 1986, with history backfilled to July 1, 1983, and rolls up into the Barclays U.S. Universal and Global High-Yield Indices.

The amount shown under Gross and Net Expense Ratio is 0.00% to reflect the fact that the Fund does not pay any advisory, administration or distribution and service fees, and that Loomis Sayles has agreed to pay certain expenses of the Fund. All fees are paid by investors indirectly through separately negotiated advisory relationships with the Fund’s Adviser or through “wrap fee” programs sponsored by broker dealers and investment advisers that may be affiliated or unaffiliated with the Fund, Loomis Sayles or Natixis Advisors, L.P.

1 |

LOOMIS SAYLES SECURITIZED ASSET FUND


Managers	Symbol
Ian Anderson	Institutional Class	LSSAX
Alessandro Pagani, CFA^®
Clifton V. Rowe, CFA^®

Investment Objective

The Fund’s investment objective is to seek a high level of current income consistent with capital preservation.

Average Annual Total Returns — March 31, 2018



													Expense Ratios²
	6 Months			1 Year			5 Years			10 Years			Gross			Net

Institutional Class (Inception 3/2/06)		-0.22	%		2.08	%		2.76	%		5.69	%		0.00	%		0.00	%

Comparative Performance
Bloomberg Barclays U.S. Securitized Bond Index¹		-1.03			0.79			1.80			3.51

Bloomberg 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

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

Additional Index Information

Proxy Voting Information

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

Quarterly Portfolio Schedules

3 |

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 Natixis Advisors, L.P. (“Natixis 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 Natixis Advisors. The institutional investment advisory clients of Loomis Sayles and Natixis Advisors pay Loomis Sayles or Natixis 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 Natixis 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 Natixis 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, 2017 through March 31, 2018.

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 10/1/2017		Ending Account Value 3/31/2018		Expenses Paid During Period* 10/1/2017 – 3/31/2018
Actual		$1,000.00		$998.90		$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).

Loomis Sayles Securitized Asset Fund


Institutional Class	Beginning Account Value 10/1/2017		Ending Account Value 3/31/2018		Expenses Paid During Period* 10/1/2017 – 3/31/2018
Actual		$1,000.00		$997.80		$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, 2018 (Unaudited)

Loomis Sayles High Income Opportunities Fund


Principal Amount		Description	Value (†)

	Bonds and Notes – 92.2% of Net Assets

	Non-Convertible Bonds – 81.4%

		ABS Home Equity – 1.3%
$	175,000	American Homes 4 Rent, Series 2014-SFR2, Class D, 5.149%, 10/17/2036, 144A	$	187,263
	43,140	Banc of America Alternative Loan Trust, Series 2003-8, Class 1CB1, 5.500%, 10/25/2033		43,979
	47,612	Banc of America Funding Trust, Series 2005-7, Class 3A1, 5.750%, 11/25/2035		50,023
	51,876	Banc of America Funding Trust, Series 2007-4, Class 5A1, 5.500%, 11/25/2034		52,939
	40,382	Countrywide Asset-Backed Certificates Trust, Series 2004-13, Class AF5B, 5.603%, 5/25/2035(a)		40,897
	174,434	DSLA Mortgage Loan Trust, Series 2005-AR5, Class 2A1A, 1-month LIBOR + 0.330%, 2.138%, 9/19/2045(b)		142,131
	270,000	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M3, 1-month LIBOR + 3.300%, 5.172%, 10/25/2027(b)		300,558
	50,033	GMAC Mortgage Corp. Loan Trust, Series 2005-AR4, Class 3A1, 3.968%, 7/19/2035(a)		47,966
	84,506	IndyMac Index Mortgage Loan Trust, Series 2005-16IP, Class A1, 1-month LIBOR + 0.640%, 2.512%, 7/25/2045(b)		81,384
	223,839	MASTR Adjustable Rate Mortgages Trust, Series 2005-2, Class 4A1, 3.160%, 3/25/2035(a)		209,526
	175,000	RCO Mortgage LLC, Series 2017-1, Class A2, 5.125%, 8/25/2022, 144A(a)		175,130
	365,000	VOLT LVI LLC, Series 2017-NPL3, Class A2, 5.875%, 3/25/2047, 144A(a)		365,074
	175,000	VOLT XL LLC, Series 2015-NP14, Class A2, 4.875%, 11/27/2045, 144A(a)		175,002

				1,871,872

		ABS Other – 0.3%
	181,098	AIM Aviation Finance Ltd., Series 2015-1A, Class B1, 5.072%, 2/15/2040, 144A(a)		179,875
	243,600	Wave LLC, Series 2017-1A, Class B, 5.682%, 11/15/2042, 144A(c)		244,209

				424,084

		Aerospace & Defense – 1.5%
	75,000	Engility Corp., 8.875%, 9/01/2024		77,978
	606,000	Leonardo U.S. Holdings, Inc., 6.250%, 1/15/2040, 144A		673,981
	170,000	Leonardo U.S. Holdings, Inc., 7.375%, 7/15/2039, 144A		207,400
	350,000	Oshkosh Corp., 5.375%, 3/01/2025		360,500
	690,000	TransDigm, Inc., 6.500%, 7/15/2024		707,250

				2,027,109


		Airlines – 2.2%
$	1,061,558	American Airlines Pass Through Certificates, Series 2013-1, Class B, 5.625%, 7/15/2022, 144A	$	1,088,012
	332,021	American Airlines Pass Through Certificates, Series 2014-1, Class B, 4.375%, 4/01/2024		333,184
	1,190,494	Latam Airlines Pass Through Trust, Series 2015-1, Class B, 4.500%, 8/15/2025		1,158,350
	410,000	Latam Finance Ltd., 6.875%, 4/11/2024, 144A		428,962
	20,315	Virgin Australia Pass Through Certificates, Series 2013-1C, 7.125%, 10/23/2018, 144A		20,587

				3,029,095

		Automotive – 1.7%
	545,000	Allison Transmission, Inc., 4.750%, 10/01/2027, 144A		513,662
	150,000	Allison Transmission, Inc., 5.000%, 10/01/2024, 144A		148,687
	225,000	Dana Financing Luxembourg S.a.r.l., 5.750%, 4/15/2025, 144A		229,219
	705,000	Delphi Technologies PLC, 5.000%, 10/01/2025, 144A		675,919
	65,000	Goodyear Tire & Rubber Co. (The), 5.000%, 5/31/2026		63,213
	60,000	Goodyear Tire & Rubber Co. (The), 5.125%, 11/15/2023		60,375
	320,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		344,000
	335,000	Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc., 7.875%, 10/01/2022, 144A		335,837

				2,370,912

		Banking – 4.5%
	600,000	Ally Financial, Inc., 3.500%, 1/27/2019		600,750
	20,000	Ally Financial, Inc., 4.125%, 3/30/2020		20,075
	20,000	Ally Financial, Inc., 4.125%, 2/13/2022		19,900
	980,000	Ally Financial, Inc., 5.125%, 9/30/2024		1,000,825
	1,240,000	Barclays PLC, 5.200%, 5/12/2026		1,249,973
	1,125,000	Commerzbank AG, 8.125%, 9/19/2023, 144A		1,310,433
	400,000	Deutsche Bank AG, (fixed rate to 12/01/2027, variable rate thereafter), 4.875%, 12/01/2032		369,844
	1,335,000	Intesa Sanpaolo SpA, 5.017%, 6/26/2024, 144A		1,316,775
	265,000	Royal Bank of Scotland Group PLC, 6.000%, 12/19/2023		282,299
	120,000	Royal Bank of Scotland Group PLC, 6.125%, 12/15/2022		127,118

				6,297,992

		Brokerage – 0.2%
	200,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 6.875%, 4/15/2022, 144A		198,000
	140,000	Jefferies Group LLC, 6.250%, 1/15/2036		152,227

				350,227

See accompanying notes to financial statements.

5 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Building Materials – 2.2%
$	125,000	American Woodmark Corp., 4.875%, 3/15/2026, 144A	$	122,031
	485,000	Beacon Escrow Corp., 4.875%, 11/01/2025, 144A		461,962
	300,000	Cemex SAB de CV, 5.700%, 1/11/2025, 144A		307,650
	300,000	Cemex SAB de CV, 7.750%, 4/16/2026, 144A		330,510
	405,000	James Hardie International Finance Ltd., 4.750%, 1/15/2025, 144A		396,900
	400,000	James Hardie International Finance Ltd., 5.000%, 1/15/2028, 144A		388,000
	105,000	Jeld-Wen, Inc., 4.625%, 12/15/2025, 144A		100,013
	130,000	Jeld-Wen, Inc., 4.875%, 12/15/2027, 144A		122,850
	160,000	U.S. Concrete, Inc., 6.375%, 6/01/2024		166,000
	570,000	USG Corp., 4.875%, 6/01/2027, 144A		575,700
	100,000	USG Corp., 5.500%, 3/01/2025, 144A		104,250

				3,075,866

		Cable Satellite – 5.6%
	690,000	Altice Financing S.A., 6.625%, 2/15/2023, 144A		683,100
	400,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 2/15/2023		402,600
	605,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 1/15/2024		614,075
	575,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.875%, 5/01/2027, 144A		575,000
	920,000	CSC Holdings LLC, 5.500%, 4/15/2027, 144A		880,900
	45,000	CSC Holdings LLC, 6.750%, 11/15/2021		46,856
	275,000	Sirius XM Radio, Inc., 5.000%, 8/01/2027, 144A		258,500
	600,000	Telenet Finance Luxembourg Notes S.a.r.l., 5.500%, 3/01/2028, 144A		571,578
	1,320,000	Unitymedia GmbH, 6.125%, 1/15/2025, 144A		1,384,350
	875,000	Virgin Media Secured Finance PLC, 5.250%, 1/15/2026, 144A		842,188
	200,000	Virgin Media Secured Finance PLC, 5.500%, 1/15/2025, 144A		195,000
	565,000	Ziggo Bond Finance BV, 5.875%, 1/15/2025, 144A		533,925
	810,000	Ziggo Secured Finance BV, 5.500%, 1/15/2027, 144A		761,165

				7,749,237

		Chemicals – 0.6%
	805,000	Hercules LLC, 6.500%, 6/30/2029(d)(e)		816,069

		Construction Machinery – 0.9%
	200,000	Ashtead Capital, Inc., 4.125%, 8/15/2025, 144A		192,000
	200,000	Ashtead Capital, Inc., 4.375%, 8/15/2027, 144A		190,000
	115,000	United Rentals North America, Inc., 4.625%, 7/15/2023		117,013
	490,000	United Rentals North America, Inc., 4.625%, 10/15/2025		476,525

		Construction Machinery – continued
	290,000	United Rentals North America, Inc., 5.750%, 11/15/2024		301,904

				1,277,442

		Consumer Cyclical Services – 0.9%
	190,000	IHS Markit Ltd., 4.000%, 3/01/2026, 144A		182,400
	460,000	Interval Acquisition Corp., 5.625%, 4/15/2023		470,350
	285,000	Realogy Group LLC/Realogy Co-Issuer Corp., 5.250%, 12/01/2021, 144A		286,511
	295,000	ServiceMaster Co. LLC (The), 7.450%, 8/15/2027		317,862

				1,257,123

		Consumer Products – 0.4%
	625,000	Coty, Inc., 6.500%, 4/15/2026, 144A		628,125

		Electric – 2.0%
	695,000	AES Corp., 4.000%, 3/15/2021		697,606
	340,000	AES Corp., 4.500%, 3/15/2023		346,188
	90,000	AES Corp., 5.125%, 9/01/2027		91,575
	277,000	AES Corp. (The), 5.500%, 4/15/2025		286,945
	220,000	AES Corp. (The), 6.000%, 5/15/2026		231,550
	925,000	Enel SpA, (fixed rate to 9/24/2023, variable rate thereafter), 8.750%, 9/24/2073, 144A		1,096,125

				2,749,989

		Environmental – 0.2%
	45,000	GFL Environmental, Inc., 5.625%, 5/01/2022, 144A		45,000
	175,000	GFL Environmental, Inc., 9.875%, 2/01/2021, 144A		184,625

				229,625

		Finance Companies – 4.7%
	535,000	Aircastle Ltd., 4.125%, 5/01/2024		524,300
	375,000	Aircastle Ltd., 5.125%, 3/15/2021		384,375
	410,000	Aircastle Ltd., 5.500%, 2/15/2022		427,425
	30,000	Aircastle Ltd., 7.625%, 4/15/2020		32,100
	95,000	CIT Group, Inc., 4.125%, 3/09/2021		95,475
	65,000	iStar, Inc., 4.625%, 9/15/2020		65,081
	585,000	iStar, Inc., 5.000%, 7/01/2019		586,854
	220,000	iStar, Inc., 5.250%, 9/15/2022		212,850
	245,000	iStar, Inc., 6.500%, 7/01/2021		250,206
	340,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.250%, 10/01/2025, 144A		322,150
	435,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.875%, 8/01/2021, 144A		442,595
	30,000	Navient Corp., MTN, 6.125%, 3/25/2024		29,888
	185,000	Navient LLC, 5.500%, 1/25/2023		181,763
	65,000	Navient LLC, MTN, 4.875%, 6/17/2019		65,520
	835,000	Navient LLC, MTN, 5.500%, 1/15/2019		844,185
	245,000	Provident Funding Associates LP/PFG Finance Corp., 6.375%, 6/15/2025, 144A		245,919
	490,000	Quicken Loans, Inc., 5.250%, 1/15/2028, 144A		458,150
	890,000	Quicken Loans, Inc., 5.750%, 5/01/2025, 144A		887,775
	102,000	Stearns Holdings LLC, 9.375%, 8/15/2020, 144A		103,785

See accompanying notes to financial statements.

| 6

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Finance Companies – continued
$	320,000	Unifin Financiera SAB de CV SOFOM ENR, 7.250%, 9/27/2023, 144A	$	326,077

				6,486,473

		Financial Other – 0.5%
	645,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.875%, 2/01/2022		646,613

		Food & Beverage – 2.5%
	675,000	B&G Foods, Inc., 5.250%, 4/01/2025		628,796
	730,000	Cosan Luxembourg S.A., 7.000%, 1/20/2027, 144A		776,421
	225,000	JBS USA LUX S.A./JBS USA Finance, Inc., 5.750%, 6/15/2025, 144A		209,813
	220,000	JBS USA LUX S.A./JBS USA Finance, Inc., 7.250%, 6/01/2021, 144A		221,650
	350,000	MARB BondCo PLC, 6.875%, 1/19/2025, 144A		320,250
	240,000	Pilgrim’s Pride Corp., 5.750%, 3/15/2025, 144A		233,066
	440,000	Pilgrim’s Pride Corp., 5.875%, 9/30/2027, 144A		414,612
	635,000	Post Holdings, Inc., 5.750%, 3/01/2027, 144A		631,825

				3,436,433

		Gaming – 1.0%
	150,000	Boyd Gaming Corp., 6.375%, 4/01/2026		156,391
	80,000	GLP Capital LP/GLP Financing II, Inc., 5.375%, 4/15/2026		81,200
	165,000	MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc., 4.500%, 1/15/2028		154,737
	925,000	MGM Resorts International, 6.000%, 3/15/2023		971,250

				1,363,578

		Government Owned – No Guarantee – 1.7%
	480,000	Petrobras Global Finance BV, 5.625%, 5/20/2043		418,800
	135,000	Petrobras Global Finance BV, 5.750%, 2/01/2029		130,630
	805,000	Petrobras Global Finance BV, 5.999%, 1/27/2028, 144A		796,950
	25,000	Petrobras Global Finance BV, 6.750%, 1/27/2041		24,375
	80,000	Petrobras Global Finance BV, 6.875%, 1/20/2040		78,680
	265,000	Petrobras Global Finance BV, 7.250%, 3/17/2044		270,300
	640,000	YPF S.A., 6.950%, 7/21/2027, 144A		642,624

				2,362,359

		Health Insurance – 0.2%
	320,000	Centene Corp., 4.750%, 1/15/2025		312,000

		Healthcare – 4.5%
	300,000	HCA Healthcare, Inc., 6.250%, 2/15/2021		315,000
	410,000	HCA, Inc., 4.500%, 2/15/2027		395,650
	115,000	HCA, Inc., 5.250%, 4/15/2025		117,553
	60,000	HCA, Inc., 5.250%, 6/15/2026		60,780
	655,000	HCA, Inc., 5.375%, 2/01/2025		656,637
	430,000	HCA, Inc., 7.050%, 12/01/2027		454,725

		Healthcare – continued
	35,000	HCA, Inc., 7.500%, 12/15/2023		38,413
	790,000	HCA, Inc., 7.500%, 11/06/2033		863,075
	40,000	HCA, Inc., 7.690%, 6/15/2025		44,100
	40,000	HCA, Inc., 8.360%, 4/15/2024		45,700
	205,000	HCA, Inc., MTN, 7.580%, 9/15/2025		224,731
	20,000	HCA, Inc., MTN, 7.750%, 7/15/2036		22,000
	215,000	Hologic, Inc., 4.375%, 10/15/2025, 144A		207,475
	250,000	Hologic, Inc., 4.625%, 2/01/2028, 144A		240,000
	140,000	LifePoint Health, Inc., 5.500%, 12/01/2021		141,400
	320,000	Polaris Intermediate Corp., PIK, 8.500%, 12/01/2022, 144A(f)		326,403
	330,000	Quintiles IMS, Inc., 5.000%, 10/15/2026, 144A		328,799
	775,000	Surgery Center Holdings, Inc., 6.750%, 7/01/2025, 144A		751,750
	70,000	Tenet Healthcare Corp., 5.125%, 5/01/2025, 144A		67,288
	250,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		227,500
	640,000	Tenet Healthcare Corp., 7.500%, 1/01/2022, 144A		674,400

				6,203,379

		Home Construction – 2.1%
	200,000	Corporacion GEO SAB de CV, 8.875%, 3/27/2022, 144A(c)(d)(g)(h)		2
	260,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021(d)(e)		235,077
	385,000	Lennar Corp., 4.750%, 11/15/2022		387,406
	690,000	Lennar Corp., 5.000%, 6/15/2027, 144A		672,750
	720,000	PulteGroup, Inc., 6.000%, 2/15/2035		729,000
	495,000	PulteGroup, Inc., 6.375%, 5/15/2033		517,275
	380,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 4.375%, 6/15/2019		380,950

				2,922,460

		Independent Energy – 8.3%
	375,000	Aker BP ASA, 5.875%, 3/31/2025, 144A		379,687
	265,000	Aker BP ASA, 6.000%, 7/01/2022, 144A		273,613
	250,000	Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.000%, 4/01/2022, 144A		270,000
	595,000	Baytex Energy Corp., 5.625%, 6/01/2024, 144A		523,600
	68,000	California Resources Corp., 5.500%, 9/15/2021		52,415
	33,000	California Resources Corp., 6.000%, 11/15/2024		20,162
	360,000	California Resources Corp., 8.000%, 12/15/2022, 144A		282,600
	110,000	Callon Petroleum Co., 6.125%, 10/01/2024		112,508
	103,000	Chesapeake Energy Corp., 4.875%, 4/15/2022		95,275
	8,000	Chesapeake Energy Corp., 5.750%, 3/15/2023		7,210
	12,000	Chesapeake Energy Corp., 6.125%, 2/15/2021		12,060
	21,000	Chesapeake Energy Corp., 6.625%, 8/15/2020		21,630
	600,000	CNX Resources Corp., 5.875%, 4/15/2022		603,750

See accompanying notes to financial statements.

7 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Independent Energy – continued
$	310,000	Continental Resources, Inc., 3.800%, 6/01/2024	$	298,375
	80,000	Continental Resources, Inc., 4.500%, 4/15/2023		80,900
	630,000	Continental Resources, Inc., 5.000%, 9/15/2022		638,662
	445,000	Eclipse Resources Corp., 8.875%, 7/15/2023		419,969
	480,000	Gulfport Energy Corp., 6.375%, 5/15/2025		459,600
	210,000	Gulfport Energy Corp., 6.375%, 1/15/2026		199,500
	162,000	Halcon Resources Corp., 6.750%, 2/15/2025		159,165
	85,000	Matador Resources Co., 6.875%, 4/15/2023		88,400
	250,000	MEG Energy Corp., 6.375%, 1/30/2023, 144A		208,750
	530,000	MEG Energy Corp., 6.500%, 1/15/2025, 144A		514,100
	465,000	MEG Energy Corp., 7.000%, 3/31/2024, 144A		383,625
	135,000	Newfield Exploration Co., 5.625%, 7/01/2024		142,425
	834,000	Oasis Petroleum, Inc., 6.875%, 3/15/2022		845,876
	75,000	PDC Energy, Inc., 6.125%, 9/15/2024		76,500
	120,000	QEP Resources, Inc., 5.250%, 5/01/2023		115,505
	225,000	QEP Resources, Inc., 5.375%, 10/01/2022		224,719
	380,000	Rex Energy Corp., 8.000%, 10/01/2020(d)(e)		108,300
	370,000	RSP Permian, Inc., 6.625%, 10/01/2022		386,646
	200,000	Sanchez Energy Corp., 6.125%, 1/15/2023		145,875
	610,000	Sanchez Energy Corp., 7.250%, 2/15/2023, 144A		613,050
	260,000	Seven Generations Energy Ltd., 5.375%, 9/30/2025, 144A		248,300
	280,000	SM Energy Co., 5.000%, 1/15/2024		259,700
	230,000	SM Energy Co., 5.625%, 6/01/2025		217,925
	170,000	SM Energy Co., 6.125%, 11/15/2022		170,000
	135,000	SM Energy Co., 6.500%, 11/15/2021		135,844
	40,000	SM Energy Co., 6.500%, 1/01/2023		39,700
	75,000	SM Energy Co., 6.750%, 9/15/2026		74,250
	250,000	Southwestern Energy Co., 6.700%, 1/23/2025		242,625
	265,000	Southwestern Energy Co., 7.500%, 4/01/2026		267,650
	660,000	Whiting Petroleum Corp., 5.750%, 3/15/2021		666,587
	95,000	Whiting Petroleum Corp., 6.250%, 4/01/2023		95,961
	285,000	Whiting Petroleum Corp., 6.625%, 1/15/2026, 144A		287,138

				11,470,132

		Leisure – 0.2%
	65,000	Boyne USA, Inc., 7.250%, 5/01/2025, 144A		66,706
	180,000	Constellation Merger Sub, Inc., 8.500%, 9/15/2025, 144A		174,150

				240,856

		Life Insurance – 0.3%
	430,000	CNO Financial Group, Inc., 5.250%, 5/30/2025		427,850


		Local Authorities – 0.3%
	185,000	Provincia de Buenos Aires, 7.875%, 6/15/2027, 144A		191,938
	260,000	Provincia de Buenos Aires, 6.500%, 2/15/2023, 144A		266,289

				458,227

		Lodging – 0.9%
	115,000	Hilton Domestic Operating Co., Inc., 4.250%, 9/01/2024		111,550
	595,000	Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.625%, 4/01/2025		594,256
	550,000	Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.875%, 4/01/2027		543,813

				1,249,619

		Media Entertainment – 2.8%
	660,000	AMC Networks, Inc., 4.750%, 12/15/2022		664,950
	25,000	AMC Networks, Inc., 5.000%, 4/01/2024		24,704
	85,000	Clear Channel Worldwide Holdings, Inc., Series A, 6.500%, 11/15/2022		86,275
	540,000	Clear Channel Worldwide Holdings, Inc., Series B, 6.500%, 11/15/2022		551,178
	1,405,000	Clear Channel Worldwide Holdings, Inc., Series B, 7.625%, 3/15/2020		1,403,244
	130,000	Match Group, Inc., 5.000%, 12/15/2027, 144A		128,050
	310,000	Meredith Corp., 6.875%, 2/01/2026, 144A		318,137
	710,000	Netflix, Inc., 4.875%, 4/15/2028, 144A		682,736

				3,859,274

		Metals & Mining – 1.9%
	65,000	ArcelorMittal, 7.000%, 3/01/2041		75,563
	135,000	ArcelorMittal, 7.250%, 10/15/2039		159,637
	400,000	First Quantum Minerals Ltd., 6.500%, 3/01/2024, 144A		379,500
	355,000	First Quantum Minerals Ltd., 7.250%, 5/15/2022, 144A		355,000
	870,000	Freeport-McMoRan, Inc., 4.550%, 11/14/2024		854,775
	350,000	Gerdau Trade, Inc., 4.875%, 10/24/2027, 144A		345,565
	165,000	Glencore Finance Canada Ltd., 5.550%, 10/25/2042, 144A		173,915
	65,000	Vale Overseas Ltd., 6.875%, 11/10/2039		77,025
	150,000	Vale S.A., 5.625%, 9/11/2042		158,325

				2,579,305

		Midstream – 4.3%
	80,000	Andeavor Logistics LP/Tesoro Logistics Finance Corp., 5.500%, 10/15/2019		82,328
	335,000	Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/2027		332,488
	710,000	Energy Transfer Partners LP, Series A, (fixed rate to 2/15/2023, variable rate thereafter), 6.250%(i)		679,381
	1,020,000	Hess Infrastructure Partners LP/Hess Infrastructure Partners Finance Corp., 5.625%, 2/15/2026, 144A		1,002,150

See accompanying notes to financial statements.

| 8

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Midstream – continued
$	340,000	NGL Energy Partners LP/NGL Energy Finance Corp., 5.125%, 7/15/2019	$	340,197
	155,000	NGL Energy Partners LP/NGL Energy Finance Corp., 6.125%, 3/01/2025		147,638
	135,000	NGL Energy Partners LP/NGL Energy Finance Corp., 6.875%, 10/15/2021		134,663
	375,000	NGL Energy Partners LP/NGL Energy Finance Corp., 7.500%, 11/01/2023		376,406
	125,000	NGPL PipeCo LLC, 4.375%, 8/15/2022, 144A		124,219
	540,000	NGPL PipeCo LLC, 4.875%, 8/15/2027, 144A		531,900
	195,000	Sabine Pass Liquefaction LLC, 6.250%, 3/15/2022		211,594
	160,000	SemGroup Corp./Rose Rock Finance Corp., 5.625%, 7/15/2022		155,200
	175,000	SemGroup Corp./Rose Rock Finance Corp., 5.625%, 11/15/2023		165,375
	985,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.125%, 11/15/2019		987,462
	50,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.250%, 11/15/2023		48,000
	670,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.250%, 5/01/2023		675,025

				5,994,026

		Non-Agency Commercial Mortgage-Backed Securities – 0.6%
	795,000	Credit Suisse Mortgage Trust, Series 2014-USA, Class E, 4.373%, 9/15/2037, 144A		709,735
	101,690	GS Mortgage Securities Trust, Series 2007-GG10, Class AM, 5.826%, 8/10/2045(a)		102,551
	100,000	WFRBS Commercial Mortgage Trust, Series 2012-C7, Class E, 4.826%, 6/15/2045, 144A(a)		80,947

				893,233

		Oil Field Services – 1.1%
	370,000	Ensco PLC, 5.750%, 10/01/2044		250,675
	20,000	Global Marine, Inc., 7.000%, 6/01/2028		19,600
	90,000	Noble Holding International Ltd., 5.250%, 3/15/2042		55,800
	185,000	Noble Holding International Ltd., 6.050%, 3/01/2041		121,175
	330,000	Noble Holding International Ltd., 7.750%, 1/15/2024		306,075
	415,000	Noble Holding International Ltd., 7.875%, 2/01/2026, 144A		408,775
	15,000	Parker Drilling Co., 6.750%, 7/15/2022		11,715
	80,000	Shelf Drilling Holdings Ltd., 8.250%, 2/15/2025, 144A		80,200
	198,000	Transocean Proteus Ltd., 6.250%, 12/01/2024, 144A		201,465
	135,000	Transocean, Inc., 7.500%, 1/15/2026, 144A		132,975

				1,588,455


		Packaging – 1.5%
	330,000	ARD Finance S.A., PIK, 7.125%, 9/15/2023(f)		341,962
	345,000	Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc., 4.625%, 5/15/2023, 144A		346,294
	350,000	Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc., 7.250%, 5/15/2024, 144A		372,312
	475,000	Berry Global, Inc., 4.500%, 2/15/2026, 144A		449,469
	275,000	Crown Americas LLC/Crown Americas Capital Corp., 4.750%, 2/01/2026, 144A		266,063
	360,000	Signode Industrial Group Lux S.A./Signode Industrial Group U.S., Inc., 6.375%, 5/01/2022, 144A		370,350

				2,146,450

		Paper – 0.5%
	350,000	Klabin Finance S.A., 4.875%, 9/19/2027, 144A		336,438
	320,000	Suzano Austria GmbH, 5.750%, 7/14/2026, 144A		336,032

				672,470

		Pharmaceuticals – 1.2%
	225,000	Catalent Pharma Solutions, Inc., 4.875%, 1/15/2026, 144A		219,375
	300,000	Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/2046		220,624
	95,000	Valeant Pharmaceuticals International, Inc., 5.500%, 3/01/2023, 144A		83,125
	115,000	Valeant Pharmaceuticals International, Inc., 5.625%, 12/01/2021, 144A		109,825
	1,110,000	Valeant Pharmaceuticals International, Inc., 5.875%, 5/15/2023, 144A		979,564

				1,612,513

		Property & Casualty Insurance – 1.3%
	1,160,000	Ardonagh Midco 3 PLC, 8.625%, 7/15/2023, 144A		1,197,236
	555,000	HUB International Ltd., 7.875%, 10/01/2021, 144A		574,425

				1,771,661

		Refining – 0.4%
	495,000	Parkland Fuel Corp., 6.000%, 4/01/2026, 144A		497,475

		REITs – Mortgage – 0.9%
	645,000	Starwood Property Trust, Inc., 3.625%, 2/01/2021, 144A		633,712
	610,000	Starwood Property Trust, Inc., 4.750%, 3/15/2025, 144A		594,750

				1,228,462

		Restaurants – 0.5%
	685,000	1011778 B.C. ULC/New Red Finance, Inc., 5.000%, 10/15/2025, 144A		652,257

		Retailers – 1.2%
	480,000	Dillard’s, Inc., 7.000%, 12/01/2028		516,974
	170,000	Foot Locker, Inc., 8.500%, 1/15/2022		195,925

See accompanying notes to financial statements.

9 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Retailers – continued
$	125,000	Group 1 Automotive, Inc., 5.000%, 6/01/2022	$	125,975
	535,000	Group 1 Automotive, Inc., 5.250%, 12/15/2023, 144A		535,000
	205,000	L Brands, Inc., 6.750%, 7/01/2036		196,800
	140,000	L Brands, Inc., 6.875%, 11/01/2035		135,800
	225,000	Nine West Holdings, Inc., 6.125%, 11/15/2034(d)(e)		22,500

				1,728,974

		Supermarkets – 1.1%
	735,000	Albertson’s Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC, 5.750%, 3/15/2025		626,808
	415,000	KeHE Distributors LLC/KeHE Finance Corp., 7.625%, 8/15/2021, 144A		405,662
	10,000	New Albertsons LP, 8.700%, 5/01/2030		8,825
	615,000	New Albertsons LP, Series C, MTN, 6.625%, 6/01/2028		473,550

				1,514,845

		Technology – 5.4%
	110,000	ACI Worldwide, Inc., 6.375%, 8/15/2020, 144A		111,137
	260,000	Blackboard, Inc., 9.750%, 10/15/2021, 144A		221,000
	135,000	Camelot Finance S.A., 7.875%, 10/15/2024, 144A		140,906
	70,000	CommScope Technologies LLC, 6.000%, 6/15/2025, 144A		72,835
	140,000	CommScope, Inc., 5.000%, 6/15/2021, 144A		141,925
	1,265,000	Dell International LLC/EMC Corp., 6.020%, 6/15/2026, 144A		1,362,305
	520,000	Dell International LLC/EMC Corp., 8.350%, 7/15/2046		660,494
	310,000	Dell International LLC/EMC Corp., 8.350%, 7/15/2046, 144A		393,756
	150,000	Equinix, Inc., 5.375%, 1/01/2022		154,500
	140,000	Equinix, Inc., 5.375%, 4/01/2023		142,975
	590,000	First Data Corp., 5.000%, 1/15/2024, 144A		590,000
	695,000	First Data Corp., 7.000%, 12/01/2023, 144A		729,542
	320,000	Micron Technology, Inc., 5.250%, 1/15/2024, 144A		330,800
	92,000	Microsemi Corp., 9.125%, 4/15/2023, 144A		102,465
	190,000	MSCI, Inc., 5.250%, 11/15/2024, 144A		193,990
	655,000	Open Text Corp., 5.625%, 1/15/2023, 144A		678,744
	20,000	Open Text Corp., 5.875%, 6/01/2026, 144A		20,569
	575,000	Sabre GLBL, Inc., 5.250%, 11/15/2023, 144A		580,923
	235,000	Sabre GLBL, Inc., 5.375%, 4/15/2023, 144A		237,056
	710,000	Western Digital Corp., 4.750%, 2/15/2026		708,438

				7,574,360


		Transportation Services – 0.1%
	185,000	APL Ltd., 8.000%, 1/15/2024(d)(e)		179,450

		Treasuries – 1.0%
	1,410,000	U.S. Treasury Note, 1.125%, 1/31/2019		1,398,764

		Wireless – 2.3%
	325,000	Millicom International Cellular S.A., 5.125%, 1/15/2028, 144A		309,969
	80,000	Nokia Oyj, 3.375%, 6/12/2022		77,057
	700,000	Nokia Oyj, 4.375%, 6/12/2027		657,125
	496,000	Sprint Capital Corp., 6.875%, 11/15/2028		462,520
	1,205,000	Sprint Corp., 7.250%, 9/15/2021		1,245,669
	125,000	T-Mobile USA, Inc., 4.500%, 2/01/2026		120,000
	345,000	T-Mobile USA, Inc., 4.750%, 2/01/2028		331,631

				3,203,971

		Wirelines – 1.6%
	220,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		213,400
	15,000	Frontier Communications Corp., 7.000%, 11/01/2025		7,892
	235,000	Frontier Communications Corp., 7.450%, 7/01/2035		116,802
	385,000	Frontier Communications Corp., 8.500%, 4/01/2026, 144A		372,487
	95,000	Level 3 Financing, Inc., 5.125%, 5/01/2023		93,219
	520,000	Level 3 Financing, Inc., 5.250%, 3/15/2026		490,100
	35,000	Level 3 Financing, Inc., 5.375%, 5/01/2025		33,950
	480,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		432,000
	155,000	Telecom Italia Capital S.A., 7.200%, 7/18/2036		181,737
	390,000	Windstream Services LLC/Windstream Finance Corp., 7.750%, 10/15/2020		325,650

				2,267,237


		Total Non-Convertible Bonds
		(Identified Cost $112,260,720)		113,097,928


	Convertible Bonds – 10.8%

		Aerospace & Defense – 0.2%
	300,000	Kaman Corp., 3.250%, 5/01/2024, 144A		340,332

		Building Materials – 0.2%
	255,000	Tutor Perini Corp., 2.875%, 6/15/2021		268,663

		Cable Satellite – 1.1%
	1,085,000	DISH Network Corp., 2.375%, 3/15/2024		959,456
	625,000	DISH Network Corp., 3.375%, 8/15/2026		602,000

				1,561,456

		Consumer Cyclical Services – 0.5%
	725,000	Macquarie Infrastructure Corp., 2.000%, 10/01/2023		643,438

See accompanying notes to financial statements.

| 10

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Diversified Operations – 0.4%
$	485,000	RWT Holdings, Inc., 5.625%, 11/15/2019	$	487,425

		Healthcare – 0.8%
	395,000	Evolent Health, Inc., 2.000%, 12/01/2021		396,557
	100,000	Insulet Corp., 1.375%, 11/15/2024, 144A		114,452
	485,000	Teladoc, Inc., 3.000%, 12/15/2022, 144A		573,089

				1,084,098

		Leisure – 0.1%
	140,000	Rovi Corp., 0.500%, 3/01/2020		134,908

		Media Entertainment – 0.1%
	135,000	Liberty Media Corp., 2.250%, 9/30/2046		140,490

		Midstream – 0.9%
	885,000	Chesapeake Energy Corp., 5.500%, 9/15/2026		762,074
	155,000	PDC Energy, Inc., 1.125%, 9/15/2021		150,497
	55,000	SM Energy Co., 1.500%, 7/01/2021		51,920
	295,000	Whiting Petroleum Corp., 1.250%, 4/01/2020		277,665

				1,242,156

		Oil Field Services – 0.4%
	65,000	Hercules Capital, Inc., 4.375%, 2/01/2022		65,767
	670,000	Nabors Industries, Inc., 0.750%, 1/15/2024, 144A		501,441

				567,208

		Pharmaceuticals – 3.7%
	290,000	Acorda Therapeutics, Inc., 1.750%, 6/15/2021		263,578
	1,365,000	BioMarin Pharmaceutical, Inc., 0.599%, 8/01/2024		1,281,394
	251,000	BioMarin Pharmaceutical, Inc., 1.500%, 10/15/2020		276,414
	90,000	Dermira, Inc., 3.000%, 5/15/2022, 144A		71,219
	325,000	Flexion Therapeutics, Inc., 3.375%, 5/01/2024, 144A		369,844
	345,000	Horizon Pharma Investment Ltd., 2.500%, 3/15/2022		316,386
	1,360,000	Intercept Pharmaceuticals, Inc., 3.250%, 7/01/2023		1,089,700
	235,000	Ionis Pharmaceuticals, Inc., 1.000%, 11/15/2021		232,165
	455,000	Neurocrine Biosciences, Inc., 2.250%, 5/15/2024, 144A		595,998
	365,000	Pacira Pharmaceuticals, Inc., 2.375%, 4/01/2022		332,606
	65,000	SareptaTherapeutics, Inc., 1.500%, 11/15/2024, 144A		81,004
	220,000	Supernus Pharmaceuticals, Inc., 0.625%, 4/01/2023, 144A		233,496

				5,143,804

		Railroads – 0.3%
	30,000	Echo Global Logistics, Inc., 2.500%, 5/01/2020		30,442

		Railroads – continued
	315,000	Greenbrier Cos., Inc. (The), 2.875%, 2/01/2024		359,888

				390,330

		REITs – Mortgage – 0.2%
	345,000	iStar, Inc., 3.125%, 9/15/2022, 144A		328,273

		Technology – 1.9%
	1,080,000	Finisar Corp., 0.500%, 12/15/2036		970,282
	235,000	MagnaChip Semiconductor S.A., 5.000%, 3/01/2021		315,664
	790,000	Nuance Communications, Inc., 1.000%, 12/15/2035		751,464
	245,000	Nuance Communications, Inc., 1.250%, 4/01/2025, 144A		242,334
	350,000	Verint Systems, Inc., 1.500%, 6/01/2021		340,728

				2,620,472


		Total Convertible Bonds
		(Identified Cost $15,305,718)		14,953,053


		Total Bonds and Notes
		(Identified Cost $127,566,438)		128,050,981


	Senior Loans – 1.0%

		Chemicals – 0.1%
	99,602	Chemours Co. (The), 2018 USD Term Loan B, 3/21/2025(j)		99,312
	99,351	Chemours Co. (The), 2017 USD Term Loan B, Prime + 1.500%, 6.250%, 5/12/2022(b)		99,227

				198,539

		Independent Energy – 0.3%
	407,467	Chesapeake Energy Corp., Term Loan, 3-month LIBOR + 7.500%, 9.444%, 8/23/2021(b)		432,278

		Transportation Services – 0.6%
	819,635	Uber Technologies, 2018 Term Loan, 4/04/2025(j)		822,708


		Total Senior Loans
		(Identified Cost $1,422,054)		1,453,525


	Shares

	Preferred Stocks – 1.1%

		Food & Beverage – 0.8%
	9,524	Bunge Ltd., 4.875%		1,032,157

		Midstream – 0.3%
	641	Chesapeake Energy Corp., 5.750%		362,774
	13	Chesapeake Energy Corp., 5.750%, 144A		7,357
	90	Chesapeake Energy Corp., 5.750%		51,412

				421,543


		Total Preferred Stocks
		(Identified Cost $1,435,724)		1,453,700

See accompanying notes to financial statements.

11 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles High Income Opportunities Fund – continued


Shares		Description	Value (†)

	Common Stocks – 0.8%

		Oil, Gas & Consumable Fuels – 0.5%
	17,026	Bonanza Creek Energy, Inc.(k)	$	471,790
	8,051	Halcon Resources Corp.(k)		39,208
	570	Rex Energy Corp.(d)(e)(k)		520
	6,458	Whiting Petroleum Corp.(k)		218,539

				730,057

		Pharmaceuticals – 0.3%
	948	Allergan PLC		159,539
	4,298	Bristol-Myers Squibb Co.		271,849

				431,388


		Total Common Stocks
		(Identified Cost $2,136,437)		1,161,445


	Warrants – 0.0%
	2,186	Halcon Resources Corp., Expiration on 9/9/2020 at $14.04(k) (Identified Cost $0)		1,115


	Principal Amount

	Short-Term Investments – 4.5%
$	6,276,803	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/29/2018 at 0.900% to be repurchased at $6,277,431 on 4/02/2018 collateralized by $6,305,000 U.S. Treasury Note, 2.750% due 11/15/2023 valued at $6,405,514 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $6,276,803)		6,276,803


		Total Investments – 99.6%
		(Identified Cost $138,837,456)		138,397,569
		Other assets less liabilities—0.4%		511,031


		Net Assets – 100.0%	$	138,908,600


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of March 31, 2018 is disclosed.
	(b)	Variable rate security. Rate as of March 31, 2018 is disclosed.
	(c)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
	(d)	Illiquid security.
	(e)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At March 31, 2018, the value of these securities amounted to $1,361,916 or 1.0% of net assets. See Note 2 of Notes to Financial Statements.
	(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 principal. For the period ended March 31, 2018, interest payments were made in cash.
	(g)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
	(h)	Fair valued by the Fund’s adviser. At March 31, 2018, the value of this security amounted to $2 or less than 0.1% of net assets
	(i)	Perpetual bond with no specified maturity date.
	(j)	Position is unsettled. Contract rate was not determined at March 31, 2018 and does not take effect until settlement date. Maturity date is not finalized until settlement date.
	(k)	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, 2018, the value of Rule 144A holdings amounted to $60,524,341 or 43.6% of net assets.
	ABS	Asset-Backed Securities
	LIBOR	London Interbank Offered Rate
	MTN	Medium Term Note
	PIK	Payment-in-Kind
	REITs	Real Estate Investment Trusts

Industry Summary at March 31, 2018 (Unaudited)


Independent Energy	8.6	%
Technology	7.3
Cable Satellite	6.7
Midstream	5.5
Healthcare	5.3
Pharmaceuticals	5.2
Finance Companies	4.7
Banking	4.5
Food & Beverage	3.3
Media Entertainment	2.9
Building Materials	2.4
Wireless	2.3
Airlines	2.2
Home Construction	2.1
Electric	2.0
Other Investments, less than 2% each	30.1
Short-Term Investments	4.5

Total Investments	99.6
Other assets less liabilities	0.4

Net Assets	100.0	%

See accompanying notes to financial statements.

| 12

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Securitized Asset Fund


Principal Amount		Description	Value (†)

	Bonds and Notes – 116.8% of Net Assets

		ABS Car Loan – 11.5%
$	1,840,000	AmeriCredit Automobile Receivables Trust, Series 2015-2, Class C, 2.400%, 1/08/2021	$	1,833,450
	1,440,000	AmeriCredit Automobile Receivables Trust, Series 2016-2, Class C, 2.870%, 11/08/2021		1,442,729
	5,060,000	Americredit Automobile Receivables Trust, Series 2016-4, Class C, 2.410%, 7/08/2022		4,976,194
	2,804,831	Avid Automobile Receivables Trust, Series 2018-1, Class A, 2.840%, 8/15/2023, 144A		2,794,046
	645,000	Avis Budget Rental Car Funding AESOP LLC, Series 2013-1A, Class B, 2.620%, 9/20/2019, 144A		644,482
	2,630,000	Avis Budget Rental Car Funding AESOP LLC, Series 2014-1A, Class A, 2.460%, 7/20/2020, 144A		2,619,827
	300,000	Avis Budget Rental Car Funding AESOP LLC, Series 2014-2A, Class A, 2.500%, 2/20/2021, 144A		297,724
	4,395,000	Avis Budget Rental Car Funding AESOP LLC, Series 2015-1A, Class A, 2.500%, 7/20/2021, 144A		4,347,346
	3,480,000	Avis Budget Rental Car Funding AESOP LLC, Series 2015-2A, Class A, 2.630%, 12/20/2021, 144A		3,447,498
	2,430,000	California Republic Auto Receivables Trust, Series 2016-2, Class B, 2.520%, 5/16/2022		2,384,204
	3,100,000	California Republic Auto ReceivablesTrust, Series 2017-1, Class C, 3.760%, 12/15/2023		3,040,183
	780,000	Capital Auto Receivables Asset Trust, Series 2017-1, Class A3, 2.020%, 8/20/2021, 144A		771,363
	97,194	CarFinance Capital Auto Trust, Series 2014-2A, Class A, 1.440%, 11/16/2020, 144A		97,146
	1,655,000	CarMax Auto Owner Trust, Series 2017-4, Class D, 3.300%, 5/15/2024		1,638,610
	1,655,000	CarMax Auto Owner Trust, Series 2018-1, Class C, 2.950%, 11/15/2023		1,633,960
	1,015,000	CarMax Auto Owner Trust, Series 2018-1, Class D, 3.370%, 7/15/2024		1,005,543
	667,689	CarNow Auto Receivables Trust, Series 2015-1A, Class C, 3.880%, 4/15/2020, 144A		668,734
	1,979,394	Centre Point Funding LLC, Series 2012-2A, Class 1, 2.610%, 8/20/2021, 144A		1,961,442
	638,044	CIG Auto Receivables Trust, Series 2017-1A, Class A, 2.710%, 5/15/2023, 144A		634,412
	2,225,000	CPS Auto Receivables Trust, Series 2014-D, Class C, 4.350%, 11/16/2020, 144A		2,257,804

		ABS Car Loan – continued
	1,610,000	CPS Auto Receivables Trust, Series 2015-B, Class C, 4.200%, 5/17/2021, 144A		1,625,946
	1,745,000	CPS Auto Receivables Trust, Series 2016-A, Class D, 5.000%, 12/15/2021, 144A		1,785,754
	4,025,000	CPS Auto Trust, Series 2016-D, Class D, 4.530%, 1/17/2023, 144A		4,094,693
	103,736	Credit Acceptance Auto Loan Trust, Series 2015-1A, Class B, 2.610%, 1/17/2023, 144A		103,784
	6,770,000	Credit Acceptance Auto Loan Trust, Series 2016-2A, Class B, 3.180%, 5/15/2024, 144A		6,751,980
	1,675,000	Credit Acceptance Auto Loan Trust, Series 2018-1A, Class A, 3.010%, 2/16/2027, 144A		1,664,321
	1,651,127	Drive Auto Receivables Trust, Series 2016-AA, Class C, 3.910%, 5/17/2021, 144A		1,660,863
	7,550,000	Drive Auto Receivables Trust, Series 2016-CA, Class C, 3.020%, 11/15/2021, 144A		7,561,801
	1,240,000	DT Auto Owner Trust, Series 2015-2A, Class D, 4.250%, 2/15/2022, 144A		1,250,496
	2,340,000	DT Auto Owner Trust, Series 2015-3A, Class D, 4.530%, 10/17/2022, 144A		2,374,302
	5,040,000	DT Auto Owner Trust, Series 2016-4A, Class C, 2.740%, 10/17/2022, 144A		5,032,635
	1,915,000	First Investors Auto Owner Trust, Series 2014-2A, Class D, 3.470%, 2/15/2021, 144A		1,919,036
	2,245,000	First Investors Auto Owner Trust, Series 2017-1A, Class C, 2.950%, 4/17/2023, 144A		2,208,654
	2,828,178	Flagship Credit Auto Trust, Series 2014-2, Class B, 2.840%, 11/16/2020, 144A		2,830,365
	1,535,000	Flagship Credit Auto Trust, Series 2015-2, Class B, 3.080%, 12/15/2021, 144A		1,535,177
	710,000	Flagship Credit Auto Trust, Series 2016-2, Class B, 3.840%, 9/15/2022, 144A		718,004
	2,645,000	Flagship Credit Auto Trust, Series 2017-4, Class B, 2.660%, 10/17/2022, 144A		2,612,090
	3,900,000	Ford Credit Auto Owner Trust, Series 2014-2, Class A, 2.310%, 4/15/2026, 144A		3,876,815
	3,460,000	Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.190%, 7/15/2031, 144A		3,447,732
	1,390,000	Ford Credit Auto Owner Trust/Ford Credit, Series 2014-1, Class A, 2.260%, 11/15/2025, 144A		1,384,985
	5,108,467	GLS Auto Receivables Trust, Series 2018-1A, Class A, 2.820%, 7/15/2022, 144A		5,089,258

See accompanying notes to financial statements.

13 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		ABS Car Loan – continued
$	3,210,000	Hertz Vehicle Financing II LP, Series 2016-3A, Class A, 2.270%, 7/25/2020, 144A	$	3,181,997
	2,435,000	Hertz Vehicle Financing II LP, Series 2017-2A, Class A, 3.290%, 10/25/2023, 144A		2,413,184
	719,705	Honor Automobile Trust Securitization, Series 2016-1A, Class A, 2.940%, 11/15/2019, 144A		719,952
	1,285,000	Motor PLC, Series 2017-1A, Class A1, 1-month LIBOR + 0.530%, 2.402%, 9/25/2024, 144A(a)		1,286,423
	2,990,000	NextGear Floorplan Master Owner Trust, Series 2017-1A, Class A2, 2.540%, 4/18/2022, 144A		2,965,098
	1,175,000	NextGear Floorplan Master Owner Trust, Series 2017-2A, Class A2, 2.560%, 10/17/2022, 144A		1,159,862
	1,670,000	NextGear Floorplan Master Owner Trust, Series 2018-1A, Class A1, 1-month LIBOR + 0.640%, 2.417%, 2/15/2023, 144A(a)		1,670,069
	1,820,000	Santander Drive Auto Receivables Trust, Series 2016-2, Class C, 2.660%, 11/15/2021		1,815,777
	5,060,000	Santander Drive Auto Receivables Trust, Series 2016-3, Class C, 2.460%, 3/15/2022		5,028,216
	5,660,000	Santander Drive Auto Receivables Trust, Series 2017-3, Class C, 2.760%, 12/15/2022		5,604,798
	1,655,000	Santander Drive Auto Receivables Trust, Series 2018-1, Class C, 2.960%, 3/15/2024		1,646,647
	718,419	Veros Automobile Receivables Trust, Series 2017-1, Class A, 2.840%, 4/17/2023, 144A		715,690
	1,515,000	Westlake Automobile Receivables Trust, Series 2016-1A, Class C, 3.290%, 9/15/2021, 144A		1,518,394
	2,795,000	Westlake Automobile Receivables Trust, Series 2016-2A, Class C, 2.830%, 5/17/2021, 144A		2,796,530
	1,035,000	Westlake Automobile Receivables Trust, Series 2018-1A, Class C, 2.920%, 5/15/2023, 144A		1,029,427

				131,577,452

		ABS Credit Card – 1.1%
	2,000,000	Barclays Dryrock Issuance Trust, Series 2015-1, Class A, 2.200%, 12/15/2022		1,978,159
	9,215,000	World Financial Network Credit Card Master Trust, Series 2012-A, Class A, 3.140%, 1/17/2023		9,252,987
	1,000,000	World Financial Network Credit Card Master Trust, Series 2012-C, Class M, 3.320%, 8/15/2022		1,004,413

				12,235,559


		ABS Home Equity – 3.7%
	1,305,835	Bayview Opportunity Master Fund IIIa Trust, Series 2017-RN7, Class A1, 3.105%, 9/28/2032, 144A(b)		1,300,657
	2,321,817	Bayview Opportunity Master Fund IVa Trust, Series 2016-SPL1, Class A, 4.000%, 4/28/2055, 144A		2,361,592
	1,906,886	Bayview Opportunity Master Fund IVa Trust, Series 2017-RT1, Class A1, 3.000%, 3/28/2057, 144A(b)		1,881,054
	1,904,170	Bayview Opportunity Master Fund IVb Trust, Series 2016-SPL2, Class A, 4.000%, 6/28/2053, 144A(b)		1,929,712
	1,385,000	Bayview Opportunity Master Fund IVb Trust, Series 2017-SPL2, Class B1, 4.250%, 6/28/2054, 144A(b)		1,423,741
	2,016,100	Bayview Opportunity Master Fund IVb Trust, Series 2017-SPL3, Class B1, 4.250%, 11/28/2053, 144A(b)		2,104,744
	2,892,209	Bayview Opportunity Master Fund IVb Trust, Series 2017-SPL4, Class A, 3.500%, 1/28/2055, 144A(b)		2,905,115
	2,168,001	Colony American Finance Ltd., Series 2015-1, Class A, 2.896%, 10/15/2047, 144A		2,156,146
	885,073	CoreVest American Finance Trust, Series 2017-1, Class A, 2.968%, 10/15/2049, 144A		868,550
	87,619	Countrywide Alternative Loan Trust, Series 2006-J5, Class 4A1, 4.974%, 7/25/2021(b)		85,396
	79,548	Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 5.115%, 2/25/2035(b)		80,171
	97,239	Countrywide Home Equity Loan Trust, Series 2006-S7, Class A3, 5.712%, 11/25/2035(b)(c)(d)		94,927
	6,025,000	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M2, 1-month LIBOR + 1.850%, 3.722%, 10/25/2027(a)		6,149,962
	2,769,626	HarborView Mortgage Loan Trust, Series 2004-3, Class 1A, 3.651%, 5/19/2034(b)		2,828,527
	1,090,000	Holmes Master Issuer PLC, 3-month LIBOR + 0.360%, 2.146%, 10/15/2054, 144A(a)		1,090,220
	111,976,054	JPMorgan Mortgage Trust, Series 2017-4, Class AX1, IO, 0.477%, 11/25/2048, 144A(b)(e)		2,839,063
	505,926	Mill City Mortgage Trust, Series 2016-1, Class A1, 2.500%, 4/25/2057, 144A(b)		498,735
	69,687	Morgan Stanley Mortgage Loan Trust, Series 2005-3AR, Class 5A, 3.491%, 7/25/2035(b)(c)(d)		64,193

See accompanying notes to financial statements.

| 14

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		ABS Home Equity – continued
$	1,417,000	Progress Residential Trust, Series 2015-SFR3, 4.673%, 11/12/2032, 144A	$	1,447,791
	400,000	Progress Residential Trust, Series 2017-SFR2, Class A, 2.897%, 12/17/2034, 144A		394,539
	62,516	Residential Accredit Loans, Inc., Trust, Series 2006-QS13, Class 2A1, 5.750%, 9/25/2021(c)(d)		60,012
	295,172	Residential Accredit Loans, Inc., Trust, Series 2006-QS18, Class 3A3, 5.750%, 12/25/2021		280,569
	11,673	Residential Accredit Loans, Inc., Trust, Series 2006-QS6, Class 2A1, 6.000%, 6/25/2021(c)(d)		11,271
	663,543	Sequoia Mortgage Trust, Series 2017-CH1, Class A1, 4.000%, 8/25/2047, 144A(b)		672,690
	1,132,199	Sequoia Mortgage Trust, Series 2017-CH2, Class A1, 4.000%, 12/25/2047, 144A(b)		1,147,225
	1,193,493	Sequoia Mortgage Trust, Series 2018-CH1, Class A1, 4.000%, 2/25/2048, 144A(b)		1,209,449
	1,580,886	Towd Point Mortgage Trust, Series 2015-2, Class 1A12, 2.750%, 11/25/2060, 144A(b)		1,562,372
	1,548,154	Towd Point Mortgage Trust, Series 2016-3, Class A1, 2.250%, 4/25/2056, 144A(b)		1,523,351
	3,269,702	WaMu Mortgage Pass Through Certificates, Series 2007-HY2, Class 2A2, 3.457%, 11/25/2036(b)		3,071,494

				42,043,268

		ABS Other – 6.0%
	936,459	AASET Trust, Series 2017-1A, Class A, 3.967%, 5/16/2042, 144A		933,491
	2,624,492	Apollo Aviation Securitization Equity Trust, Series 2018-1A, Class A, 3.844%, 1/16/2038, 144A		2,604,076
	325,000	Ascentium Equipment Receivables Trust, Series 2017-2A, Class C, 2.870%, 8/10/2022, 144A		320,281
	1,881,979	Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A, Class A, 4.213%, 12/16/2041, 144A(b)		1,911,179
	1,051,000	CCG Receivables Trust, Series 2018-1, Class B, 3.090%, 6/16/2025, 144A		1,046,161
	2,485,000	Chesapeake Funding II LLC, Series 2017-4A, Class A1, 2.120%, 11/15/2029, 144A		2,454,537
	964,219	CLI Funding V LLC, Series 2014-1A, Class A, 3.290%, 6/18/2029, 144A		953,778
	1,656,677	Emerald Aviation Finance Ltd., Series 2013-1, Class A, 4.650%, 10/15/2038, 144A(b)		1,674,512
	1,607,000	GreatAmerica Leasing Receivables Funding LLC, Series 2017-1, Class A4, 2.360%, 1/20/2023, 144A		1,590,112

		ABS Other – continued
	2,375,000	Lendmark Funding Trust, Series 2017-1A, Class A, 2.830%, 12/22/2025, 144A		2,362,450
	1,340,000	Lendmark Funding Trust, Series 2017-2A, Class A, 2.800%, 5/20/2026, 144A		1,332,504
	3,135,000	Mariner Finance Issuance Trust, Series 2017-BA, Class A, 2.920%, 12/20/2029, 144A		3,097,430
	1,391,923	Merlin Aviation Holdings DAC, Series 2016-1, Class A, 4.500%, 12/15/2032, 144A(b)		1,412,947
	9,265,000	OneMain Financial Issuance Trust, Series 2015-3A, Class A, 3.630%, 11/20/2028, 144A		9,373,943
	4,160,000	OneMain Financial Issuance Trust, Series 2016-2A, Class B, 5.940%, 3/20/2028, 144A		4,219,296
	1,169,033	Orange Lake Timeshare Trust, Series 2012-AA, Class A, 3.450%, 3/10/2027, 144A		1,169,298
	5,352,215	Orange Lake Timeshare Trust, Series 2018-A, Class A, 3.100%, 11/08/2030, 144A		5,329,780
	5,156,361	S-Jets Ltd., Series 2017-1, Class A, 3.967%, 8/15/2042, 144A		5,160,087
	3,540,710	Shenton Aircraft Investment I Ltd., Series 2015-1A, Class A, 4.750%, 10/15/2042, 144A		3,643,009
	980,000	Sofi Consumer Loan Program Trust, Series 2018-1A, Class A2, 3.140%, 2/25/2027, 144A		974,649
	1,888,680	SpringCastle America Funding LLC, Series 2016-AA, Class A, 3.050%, 4/25/2029, 144A		1,885,988
	1,078,880	Sprite Ltd., Series 2017-1, Class A, 4.250%, 12/15/2037, 144A		1,075,007
	591,263	SVO VOI Mortgage LLC, Series 2012-AA, Class A, 2.000%, 9/20/2029, 144A		581,588
	1,292,792	TAL Advantage V LLC, Series 2014-1A, Class A, 3.510%, 2/22/2039, 144A		1,288,759
	569,136	TAL Advantage V LLC, Series 2014-2A, Class A2, 3.330%, 5/20/2039, 144A		566,166
	3,246,667	TAL Advantage V LLC, Series 2014-3A, Class A, 3.270%, 11/21/2039, 144A		3,204,991
	2,420,000	Tidewater Sales Finance Master Trust, Series 2017-AA, Class A, 4.550%, 4/15/2021, 144A(f)(g)		2,420,854
	635,000	Verizon Owner Trust, Series 2016-1A, Class A, 1.420%, 1/20/2021, 144A		629,299
	5,544,336	Wave LLC, Series 2017-1A, Class A, 3.844%, 11/15/2042, 144A		5,524,193

				68,740,365

		ABS Student Loan – 3.5%
	1,394,423	Earnest Student Loan Program LLC, Series 2017-A, Class A2, 2.650%, 1/25/2041, 144A		1,367,444

See accompanying notes to financial statements.

15 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		ABS Student Loan – continued
$	2,960,000	Navient Student Loan Trust, Series 2018-2A, Class A3, 1-month LIBOR + 0.750%, 2.728%, 3/25/2067, 144A(a)(c)	$	2,949,344
	3,400,000	Nelnet Student Loan Trust, Series 2018-1A, Class A2, 1-month LIBOR + 0.760%, 2.637%, 5/25/2066, 144A(a)(c)(d)		3,400,000
	1,213,781	Panhandle-Plains Higher Education Authority, Inc., Series 2011-1, Class A2, 3-month LIBOR + 0.950%, 2.645%, 7/01/2024(a)		1,215,033
	1,433,000	SLM Private Credit Student Loan Trust, Series 2003-A, Class A3, 28-day ARS, 4.260%, 6/15/2032(a)(c)		1,432,713
	7,559,000	SLM Private Credit Student Loan Trust, Series 2003-B, Class A4, 28-day ARS, 4.270%, 3/15/2033(a)(c)		7,557,488
	3,278,224	SLM Student Loan Trust, Series 2008-2, Class A3, 3-month LIBOR + 0.750%, 2.495%, 4/25/2023(a)		3,266,505
	2,715,000	SMB Private Education Loan Trust, Series 2018-A, Class A2B, 1-month LIBOR + 0.800%, 2.380%, 2/15/2036, 144A(a)(c)		2,715,000
	2,485,000	Social Professional Loan Program, Series 2017-F, Class A2FX, 2.840%, 1/25/2041, 144A		2,444,336
	63,451	SoFi Professional Loan Program LLC, Series 2014-A, Class A2, 3.020%, 10/25/2027, 144A		63,341
	323,548	SoFi Professional Loan Program LLC, Series 2014-B, Class A1, 1-month LIBOR + 1.250%, 3.122%, 8/25/2032, 144A(a)		327,227
	5,184,088	SoFi Professional Loan Program LLC, Series 2015-C, Class B, 3.580%, 8/25/2036, 144A		5,146,350
	3,220,000	SoFi Professional Loan Program LLC, Series 2016-B, Class A2B, 2.740%, 10/25/2032, 144A		3,186,079
	5,505,123	South Carolina Student Loan Corp., Series 2010-1, Class A2, 3-month LIBOR + 1.000%, 2.745%, 7/25/2025(a)		5,527,254

				40,598,114

		ABS Whole Business – 0.4%
	3,334,800	Coinstar Funding LLC, Series 2017-1A, Class A2, 5.216%, 4/25/2047, 144A		3,425,097
	972,563	Five Guys Funding LLC, Series 2017-1A, Class A2, 4.600%, 7/25/2047, 144A		988,467

				4,413,564

		Agency Commercial Mortgage-Backed Securities – 11.1%
	14,155,000	Federal National Mortgage Association, Series 2015-M13, Class A2, 2.712%, 6/25/2025(b)		13,834,705
	796,042	Federal National Mortgage Association, Series 2015-M17, Class FA, 1-month LIBOR + 0.930%, 2.518%, 11/25/2022(a)		801,611
	22,300,000	Federal National Mortgage Association, Series 2015-M8, Class A2, 2.900%, 1/25/2025(b)		22,079,489
	6,043,000	Federal National Mortgage Association, Series 2016-M1, Class A2, 2.939%, 1/25/2026(b)		5,959,532
	10,629,061	FHLMC Multifamily Structured Pass Through Certificates, Series K017, Class X1, 1.346%, 12/25/2021(b)(e)		432,342
	394,276,244	FHLMC Multifamily Structured Pass Through Certificates, Series K028, Class X1, 0.313%, 2/25/2023(b)(e)		4,878,932
	6,125,000	FHLMC Multifamily Structured Pass Through Certificates, Series K029, Class A2, 3.320%, 2/25/2023(b)		6,239,193
	83,753,561	FHLMC Multifamily Structured Pass Through Certificates, Series K031, Class X1, 0.239%, 4/25/2023(b)(e)		871,079
	33,996,905	FHLMC Multifamily Structured Pass Through Certificates, Series K036, Class X1, 0.762%, 10/25/2023(b)(e)		1,185,652
	36,159,065	FHLMC Multifamily Structured Pass Through Certificates, Series K038, Class X1, 1.174%, 3/25/2024(b)(e)		2,059,205
	39,259,507	FHLMC Multifamily Structured Pass Through Certificates, Series K040, Class X1, 0.733%, 9/25/2024(b)(e)		1,567,369
	78,084,011	FHLMC Multifamily Structured Pass Through Certificates, Series K046, Class X1, 0.375%, 3/25/2025(b)(e)		1,770,758
	73,837,627	FHLMC Multifamily Structured Pass Through Certificates, Series K047, Class X1, 0.143%, 5/25/2025(b)(e)		736,250
	37,266,613	FHLMC Multifamily Structured Pass Through Certificates, Series K049, Class X1, 0.610%, 7/25/2025(b)(e)		1,390,015
	21,684,168	FHLMC Multifamily Structured Pass Through Certificates, Series K050, Class X1, 0.331%, 8/25/2025(b)(e)		474,571
	42,704,727	FHLMC Multifamily Structured Pass Through Certificates, Series K051, Class X1, 0.550%, 9/25/2025(b)(e)		1,470,597

See accompanying notes to financial statements.

| 16

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Agency Commercial Mortgage-Backed Securities – continued
$	17,538,116	FHLMC Multifamily Structured Pass Through Certificates, Series K052, Class X1, 0.672%, 11/25/2025(b)(e)	$	726,953
	9,730,184	FHLMC Multifamily Structured Pass Through Certificates, Series K053, Class X1, 0.891%, 12/25/2025(b)(e)		565,380
	17,049,716	FHLMC Multifamily Structured Pass Through Certificates, Series K054, Class X1, 1.179%, 1/25/2026(b)(e)		1,293,380
	7,682,967	FHLMC Multifamily Structured Pass Through Certificates, Series K055, Class X1, 1.367%, 3/25/2026(b)(e)		689,168
	8,711,969	FHLMC Multifamily Structured Pass Through Certificates, Series K057, Class X1, 1.193%, 7/25/2026(b)(e)		704,660
	8,719,379	FHLMC Multifamily Structured Pass Through Certificates, Series K058, Class X1, 0.930%, 8/25/2026(b)(e)		569,402
	26,053,617	FHLMC Multifamily Structured Pass Through Certificates, Series K059, Class X1, 0.317%, 9/25/2026(b)(e)		604,316
	94,609,699	FHLMC Multifamily Structured Pass Through Certificates, Series K060, Class X1, 0.079%, 10/25/2026(b)(e)		740,065
	15,642,798	FHLMC Multifamily Structured Pass Through Certificates, Series K152, Class X1, 0.952%, 1/25/2031(b)(e)		1,345,334
	3,242,779	FHLMC Multifamily Structured Pass Through Certificates, Series KS01, Class X1, 1.325%, 1/25/2023(b)(e)		140,748
	52,279,809	FHLMC Multifamily Structured Pass Through Certificates, Series KS03, Class X, 0.306%, 8/25/2025(b)(e)		706,154
	3,000,000	FHLMC Multifamily Structured Pass Through Certificates, Series KS07, Class A2, 2.735%, 9/25/2025		2,921,139
	35,471,936	FHLMC Multifamily Structured Pass Through Certificates, Series KW02, Class X1, 0.317%, 12/25/2026(b)(e)		668,146
	1,938,039	FNMA, 3.340%, 3/01/2029		1,955,507
	4,878,646	Government National Mortgage Association, Series 2006-46, Class IO, 0.484%, 4/16/2046(b)(c)(d)(e)		56,635
	2,415,349	Government National Mortgage Association, Series 2006-51, Class IO, 0.938%, 8/16/2046(b)(c)(d)(e)		70,723
	4,000,000	Government National Mortgage Association, Series 2008-52, Class E, 6.041%, 8/16/2042(b)		4,505,691
	1,553,060	Government National Mortgage Association, Series 2008-80, Class E, 5.674%, 8/16/2042(b)		1,624,799
	7,179,174	Government National Mortgage Association, Series 2009-114, Class IO, 0.000%, 10/16/2049(b)(c)(d)(e)		39,517
	9,333,658	Government National Mortgage Association, Series 2010-124, Class X, 0.089%, 12/16/2052(b)(c)(d)(e)		60,941

		Agency Commercial Mortgage-Backed Securities – continued
	386,784	Government National Mortgage Association, Series 2010-49, Class IA, 1.508%, 10/16/2052(b)(c)(d)(e)		20,465
	7,357,103	Government National Mortgage Association, Series 2011-119, Class IO, 0.538%, 8/16/2051(b)(e)		147,918
	28,442,039	Government National Mortgage Association, Series 2011-121, Class IO, 0.587%, 6/16/2043(b)(e)		393,379
	2,286,049	Government National Mortgage Association, Series 2011-121, Class ZA, 6.500%, 8/16/2051		2,827,457
	17,346,795	Government National Mortgage Association, Series 2011-161, Class IO, 0.465%, 4/16/2045(b)(e)		306,898
	8,288,184	Government National Mortgage Association, Series 2011-38, Class IO, 0.079%, 4/16/2053(b)(e)		133,355
	2,228,871	Government National Mortgage Association, Series 2011-53, Class IO, 0.454%, 5/16/2051(b)(c)(d)(e)		42,789
	11,037,032	Government National Mortgage Association, Series 2012-100, Class IC, 1.395%, 9/16/2050(b)(e)		584,364
	8,391,480	Government National Mortgage Association, Series 2012-111, Class IC, 1.295%, 9/16/2050(b)(e)		427,347
	62,203,128	Government National Mortgage Association, Series 2012-142, Class IO, 0.995%, 4/16/2054(b)(e)		2,401,115
	14,030,457	Government National Mortgage Association, Series 2012-23, Class IO, 0.637%, 6/16/2053(b)(e)		325,184
	29,930,133	Government National Mortgage Association, Series 2012-55, Class IO, 0.566%, 4/16/2052(b)(e)		573,782
	17,840,455	Government National Mortgage Association, Series 2012-70, Class IO, 0.459%, 8/16/2052(b)(e)		357,521
	18,908,201	Government National Mortgage Association, Series 2012-79, Class IO, 0.775%, 3/16/2053(b)(e)		755,402
	63,281,482	Government National Mortgage Association, Series 2012-85, Class IO, 0.813%, 9/16/2052(b)(e)		2,813,672
	5,172,122	Government National Mortgage Association, Series 2013-175, Class IO, 0.695%, 5/16/2055(b)(e)		169,350
	11,570,597	Government National Mortgage Association, Series 2014-101, Class IO, 0.819%, 4/16/2056(b)(e)		601,635
	43,149,572	Government National Mortgage Association, Series 2014-130, Class IB, 0.902%, 8/16/2054(b)(e)		2,022,550
	35,040,094	Government National Mortgage Association, Series 2014-24, Class IX, 0.724%, 1/16/2054(b)(e)		1,254,327
	24,329,093	Government National Mortgage Association, Series 2014-70, Class IO, 0.870%, 3/16/2049(b)(e)		1,018,109

See accompanying notes to financial statements.

17 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Agency Commercial Mortgage-Backed Securities – continued
$	17,375,502	Government National Mortgage Association, Series 2014-86, Class IO, 0.765%, 4/16/2056(b)(e)	$	766,294
	41,713,010	Government National Mortgage Association, Series 2015-120, Class IO, 0.882%, 3/16/2057(b)(e)		2,314,697
	70,065,754	Government National Mortgage Association, Series 2015-146, Class IB, 0.850%, 7/16/2055(b)(e)		3,565,898
	17,378,232	Government National Mortgage Association, Series 2015-171, Class IO, 0.892%, 11/16/2055(b)(e)		1,113,352
	26,959,741	Government National Mortgage Association, Series 2015-189, Class IG, 0.931%, 1/16/2057(b)(e)		1,603,865
	17,820,056	Government National Mortgage Association, Series 2015-21, Class IO, 1.029%, 7/16/2056(b)(e)		1,013,735
	36,030,940	Government National Mortgage Association, Series 2015-32, Class IO, 0.872%, 9/16/2049(b)(e)		1,908,220
	12,799,210	Government National Mortgage Association, Series 2015-68, Class IO, 0.775%, 7/16/2057(b)(e)		672,607
	44,454,259	Government National Mortgage Association, Series 2015-70, Class IO, 1.067%, 12/16/2049(b)(e)		2,722,610
	34,782,064	Government National Mortgage Association, Series 2015-73, Class IO, 0.805%, 11/16/2055(b)(e)		1,784,327
	27,903,740	Government National Mortgage Association, Series 2016-143, 0.958%, 10/16/2056(e)		2,145,195
	55,184,261	Government National Mortgage Association, Series 2016-6, Class IO, 0.751%, 2/16/2051(b)(e)		3,174,232
	30,225,690	Government National Mortgage Association, Series 2018-2, Class IO, 0.768%, 12/16/2059(b)(e)		2,194,473

				127,896,082

		Collateralized Mortgage Obligations – 29.8%
	4,118,996	Federal Agricultural Mortgage Corp., Series 2017-1, Class A2, 3.730%, 3/25/2047, 144A(b)(c)		4,098,401
	100,917	Federal Home Loan Mortgage Corp., REMIC, Series 1673, Class SE, 8.390%, 2/15/2024(b)		110,761
	78,131	Federal Home Loan Mortgage Corp., REMIC, Series 2060, Class ZA, 6.000%, 4/15/2028(c)(d)		83,574
	929,134	Federal Home Loan Mortgage Corp., REMIC, Series 2626, Class SQ, 10.559%, 6/15/2023(b)		997,742
	482,916	Federal Home Loan Mortgage Corp., REMIC, Series 2646, Class MH, 5.000%, 7/15/2033		503,796

		Collateralized Mortgage Obligations – continued
	184,219	Federal Home Loan Mortgage Corp., REMIC, Series 2649, Class IM, 7.000%, 7/15/2033(c)(d)(e)		43,852
	186,838	Federal Home Loan Mortgage Corp., REMIC, Series 2725, Class SC, 6.579%, 11/15/2033(b)		188,022
	1,997,701	Federal Home Loan Mortgage Corp., REMIC, Series 2882, Class TF, 1-month LIBOR + 0.250%, 2.027%, 10/15/2034(a)		2,001,570
	6,912,951	Federal Home Loan Mortgage Corp., REMIC, Series 2912, Class EH, 5.500%, 1/15/2035		7,504,814
	2,928,407	Federal Home Loan Mortgage Corp., REMIC, Series 3013, Class AS, 13.677%, 5/15/2035(b)		3,539,755
	7,127,541	Federal Home Loan Mortgage Corp., REMIC, Series 3149, Class LS, 5.423%, 5/15/2036(b)(e)		1,366,790
	2,058,222	Federal Home Loan Mortgage Corp., REMIC, Series 3416, Class BI, 4.473%, 2/15/2038(b)(e)		254,125
	1,469,975	Federal Home Loan Mortgage Corp., REMIC, Series 3417, Class VS, 12.713%, 2/15/2038(b)		1,813,956
	1,383,754	Federal Home Loan Mortgage Corp., REMIC, Series 3417, Class WS, 11.900%, 2/15/2038(b)		1,600,706
	1,441,991	Federal Home Loan Mortgage Corp., REMIC, Series 3561, Class W, 2.862%, 6/15/2048(b)(e)		1,337,810
	404,672	Federal Home Loan Mortgage Corp., REMIC, Series 3605, Class NC, 5.500%, 6/15/2037		444,041
	1,478,462	Federal Home Loan Mortgage Corp., REMIC, Series 3620, Class AT, 4.274%, 12/15/2036(b)(e)		1,557,365
	701,754	Federal Home Loan Mortgage Corp., REMIC, Series 3752, Class KF, 1-month LIBOR + 0.500%, 2.277%, 12/15/2037(a)		704,294
	1,937,290	Federal Home Loan Mortgage Corp., REMIC, Series 3785, Class LS, 6.347%, 1/15/2041(b)		2,017,053
	360,817	Federal Home Loan Mortgage Corp., REMIC, Series 3808, Class SH, 5.872%, 2/15/2041(b)		355,359
	1,474,188	Federal Home Loan Mortgage Corp., REMIC, Series 3828, Class EF, 1-month LIBOR + 0.400%, 2.177%, 5/15/2037(a)		1,480,158
	4,639,000	Federal Home Loan Mortgage Corp., REMIC, Series 3848, Class WX, 5.000%, 4/15/2041		5,135,104
	1,800,000	Federal Home Loan Mortgage Corp., REMIC, Series 4041, Class ES, 15.117%, 8/15/2040(b)		2,600,074
	3,708,343	Federal Home Loan Mortgage Corp., REMIC, Series 4097, 4.373%, 8/15/2032(b)(e)		416,317
	1,820,000	Federal Home Loan Mortgage Corp., REMIC, Series 4204, Class QP, 3.000%, 5/15/2043		1,707,150

See accompanying notes to financial statements.

| 18

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Collateralized Mortgage Obligations – continued
$	1,475,225	Federal Home Loan Mortgage Corp., REMIC, Series 4238, Class FD, 1-month LIBOR + 0.300%, 2.077%, 2/15/2042(a)	$	1,472,526
	13,772,621	Federal Home Loan Mortgage Corp., REMIC, Series 4321, Class BS, 1.446%, 6/15/2039(b)(e)		688,354
	800,000	Federal Home Loan Mortgage Corp., REMIC, Series 4395, Class PE, 2.500%, 4/15/2037		683,730
	357,917	Federal Home Loan Mortgage Corp., REMIC, Series 4460, Class NT, 6.500%, 8/15/2043(b)		362,898
	425,382	Federal Home Loan Mortgage Corp., REMIC, Series 4460, Class TN, 5.000%, 8/15/2043(b)		427,328
	1,399,000	Federal Home Loan Mortgage Corp., REMIC, Series 4480, Class NB, 3.500%, 6/15/2045		1,351,354
	562,111	Federal Home Loan Mortgage Corp., Series 224, Class IO, 6.000%, 3/01/2033(e)		101,487
	7,791,637	Federal Home Loan Mortgage Corp., Series 277, Class 30, 3.000%, 9/15/2042		7,641,473
	5,412,825	Federal Home Loan Mortgage Corp., Series 353, Class 300, 3.000%, 12/15/2046		5,312,641
	492,301	Federal Home Loan Mortgage Corp., Series 3792, Class DF, 1-month LIBOR + 0.400%, 2.177%, 11/15/2040(a)		492,450
	2,170,761	Federal Home Loan Mortgage Corp., Series 4268, Class DL, 2.500%, 11/15/2028		2,060,285
	1,655,138	Federal Home Loan Mortgage Corp., Series 4290, Class QB, 2.500%, 1/15/2029		1,562,290
	217,885	Federal National Mortgage Association, REMIC, Series 1996-45, Class SC, 5.379%, 1/25/2024(b)(c)(d)(e)		20,086
	1,436,524	Federal National Mortgage Association, REMIC, Series 2005-22, Class DG, 6.810%, 4/25/2035(b)		1,484,230
	3,421,595	Federal National Mortgage Association, REMIC, Series 2005-45, Class DA, 17.558%, 6/25/2035(b)		4,972,554
	1,775,612	Federal National Mortgage Association, REMIC, Series 2005-62, Class GZ, 5.750%, 7/25/2035		2,074,828
	2,712,086	Federal National Mortgage Association, REMIC, Series 2006-46, Class SK, 17.338%, 6/25/2036(b)		3,449,930
	123,848	Federal National Mortgage Association, REMIC, Series 2006-69, Class KI, 5.429%, 8/25/2036(b)(c)(d)(e)		16,912
	699,662	Federal National Mortgage Association, REMIC, Series 2008-15, Class AS, 23.643%, 8/25/2036(b)		1,086,632

		Collateralized Mortgage Obligations – continued
	184,871	Federal National Mortgage Association, REMIC, Series 2008-35, Class CD, 4.500%, 5/25/2023		185,059
	1,813,115	Federal National Mortgage Association, REMIC, Series 2008-86, Class LA, 3.386%, 8/25/2038(b)		1,848,070
	437,802	Federal National Mortgage Association, REMIC, Series 2008-87, Class LD, 4.518%, 11/25/2038(b)		454,782
	1,176,727	Federal National Mortgage Association, REMIC, Series 2009-11, Class VP, 2.617%, 3/25/2039(b)		1,149,304
	92,475	Federal National Mortgage Association, REMIC, Series 2009-71, Class MB, 4.500%, 9/25/2024(c)(d)		95,650
	221,193	Federal National Mortgage Association, REMIC, Series 2010-75, Class MT, 4.287%, 12/25/2039(b)		220,299
	3,180,254	Federal National Mortgage Association, REMIC, Series 2010-95, Class FB, 1-month LIBOR + 0.400%, 2.272%, 9/25/2040(a)		3,184,950
	458,025	Federal National Mortgage Association, REMIC, Series 2011-100, Class SH, 6.036%, 11/25/2040(b)		471,373
	6,496,984	Federal National Mortgage Association, REMIC, Series 2012-112, Class DA, 3.000%, 10/25/2042		6,397,643
	1,500,000	Federal National Mortgage Association, REMIC, Series 2013-109, Class US, 7.598%, 7/25/2043(b)		1,779,924
	939,818	Federal National Mortgage Association, REMIC, Series 2013-23, Class TS, 3.654%, 3/25/2043(b)		840,813
	722,847	Federal National Mortgage Association, REMIC, Series 2013-26, Class SJ, 3.463%, 4/25/2033(b)		668,456
	4,790,627	Federal National Mortgage Association, REMIC, Series 2013-34, Class PS, 4.279%, 8/25/2042(b)(e)		660,691
	120,760	Federal National Mortgage Association, REMIC, Series 2014-67, Class PT, 6.000%, 10/25/2044(b)		120,604
	1,845,566	Federal National Mortgage Association, REMIC, Series 2015-1, Class SN, 6.000%, 7/25/2043(b)		1,951,746
	687,206	Federal National Mortgage Association, REMIC, Series 2015-55, Class KT, 5.500%, 5/25/2041(b)		731,468
	2,827,399	Federal National Mortgage Association, REMIC, Series 2016-26, Class KL, 4.500%, 11/25/2042(b)		2,703,422
	25,744,064	Federal National Mortgage Association, REMIC, Series 2016-32, Class SA, 4.229%, 10/25/2034(b)(e)		3,431,921
	2,251,867	Federal National Mortgage Association, REMIC, Series 2016-32, Class TG, 4.500%, 1/25/2043(b)		2,081,147

See accompanying notes to financial statements.

19 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Collateralized Mortgage Obligations – continued
$	31,012,894	Federal National Mortgage Association, REMIC, Series 2016-60, Class ES, 4.229%, 9/25/2046(b)(e)	$	4,271,034
	12,632,835	Federal National Mortgage Association, REMIC, Series 2016-82, Class SC, 4.229%, 11/25/2046(b)(e)		1,754,238
	11,699,355	Federal National Mortgage Association, REMIC, Series 2016-82, Class SG, 4.229%, 11/25/2046(b)(e)		1,671,792
	15,535,673	Federal National Mortgage Association, REMIC, Series 2016-93, Class SL, 4.779%, 12/25/2046(b)(e)		2,386,484
	22,098,666	Federal National Mortgage Association, Series 2016-22, Class ST, IO, 4.229%, 4/25/2046(b)(e)		3,148,859
	743,145	Federal National Mortgage Association, Series 334, Class 11, 6.000%, 3/25/2033(e)		161,834
	171,421	Federal National Mortgage Association, Series 334, Class 19, 7.000%, 2/25/2033(b)(c)(d)(e)		45,167
	787,115	Federal National Mortgage Association, Series 339, Class 13, 6.000%, 6/25/2033(e)		177,086
	151,808	Federal National Mortgage Association, Series 339, Class 7, 5.500%, 11/25/2033(c)(d)(e)		33,040
	1,650,856	Federal National Mortgage Association, Series 356, Class 13, 5.500%, 6/25/2035(e)		309,528
	708,735	Federal National Mortgage Association, Series 359, Class 17, 6.000%, 7/25/2035(e)		146,941
	407,591	Federal National Mortgage Association, Series 374, Class 18, 6.500%, 8/25/2036(c)(d)(e)		88,762
	811,093	Federal National Mortgage Association, Series 374, Class 20, 6.500%, 9/25/2036(e)		178,416
	391,008	Federal National Mortgage Association, Series 374, Class 22, 7.000%, 10/25/2036(c)(d)(e)		82,702
	460,896	Federal National Mortgage Association, Series 374, Class 23, 7.000%, 10/25/2036(e)		105,822
	569,495	Federal National Mortgage Association, Series 374, Class 24, 7.000%, 6/25/2037(e)		127,729
	533,634	Federal National Mortgage Association, Series 381, Class 12, 6.000%, 11/25/2035(e)		106,922
	251,434	Federal National Mortgage Association, Series 381, Class 13, 6.000%, 11/25/2035(b)(c)(d)(e)		51,000
	337,791	Federal National Mortgage Association, Series 381, Class 18, 7.000%, 3/25/2037(c)(d)(e)		73,434
	213,979	Federal National Mortgage Association, Series 381, Class 19, 7.000%, 3/25/2037(b)(c)(d)(e)		53,255

		Collateralized Mortgage Obligations – continued
	63,448	Federal National Mortgage Association, Series 383, Class 32, 6.000%, 1/25/2038(c)(d)(e)		13,367
	1,924,776	Federal National Mortgage Association, Series 384, Class 20, 5.500%, 5/25/2036(b)(e)		371,502
	635,904	Federal National Mortgage Association, Series 384, Class 31, 6.500%, 7/25/2037(e)		144,027
	595,821	Federal National Mortgage Association, Series 384, Class 36, 7.000%, 7/25/2037(b)(e)		116,204
	566,051	Federal National Mortgage Association, Series 384, Class 4, 4.500%, 9/25/2036(b)(c)(d)(e)		76,126
	306,237	Federal National Mortgage Association, Series 385, Class 23, 7.000%, 7/25/2037(c)(d)(e)		55,357
	52,139	Federal National Mortgage Association, Series 386, Class 25, 7.000%, 3/25/2038(b)(c)(d)(e)		10,153
	265,866	Government National Mortgage Association, Series 2009-65, Class NZ, 5.500%, 8/20/2039		308,678
	699,766	Government National Mortgage Association, Series 2010-H02, Class FA, 1-month LIBOR + 0.680%, 2.311%, 2/20/2060(a)		703,646
	687,640	Government National Mortgage Association, Series 2010-H20, Class AF, 1-month LIBOR + 0.330%, 1.905%, 10/20/2060(a)		685,888
	2,254,180	Government National Mortgage Association, Series 2010-H22, Class FE, 1-month LIBOR + 0.350%, 1.925%, 5/20/2059(a)		2,251,400
	1,264,692	Government National Mortgage Association, Series 2011-H01, Class AF, 1-month LIBOR + 0.450%, 2.025%, 11/20/2060(a)		1,265,871
	528,443	Government National Mortgage Association, Series 2011-H21, Class FT, 1-year CMT + 0.700%, 2.490%, 10/20/2061(a)		532,905
	7,355,655	Government National Mortgage Association, Series 2012-H08, Class FA, 1-month LIBOR + 0.600%, 2.175%, 1/20/2062(a)		7,390,730
	2,601,537	Government National Mortgage Association, Series 2012-H11, Class BA, 2.000%, 5/20/2062		2,583,417
	1,103,126	Government National Mortgage Association, Series 2012-H11, Class GA, 1-month LIBOR + 0.580%, 2.155%, 5/20/2062(a)		1,107,417
	656,414	Government National Mortgage Association, Series 2012-H16, Class HA, 2.000%, 7/20/2062		647,678
	2,131,477	Government National Mortgage Association, Series 2012-H20, Class BA, 1-month LIBOR + 0.560%, 2.135%, 9/20/2062(a)		2,138,688

See accompanying notes to financial statements.

| 20

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Collateralized Mortgage Obligations – continued
$	1,334,711	Government National Mortgage Association, Series 2012-H22, Class HD, 5.259%, 1/20/2061(b)	$	1,398,144
	1,427,165	Government National Mortgage Association, Series 2012-H24, Class FD, 1-month LIBOR + 0.590%, 2.165%, 9/20/2062(a)		1,429,259
	264,289	Government National Mortgage Association, Series 2012-H24, Class FE, 1-month LIBOR + 0.600%, 2.175%, 10/20/2062(a)		265,259
	13,209,681	Government National Mortgage Association, Series 2012-H24, Class HI, 1.182%, 10/20/2062(b)(c)(e)		480,453
	4,186,508	Government National Mortgage Association, Series 2012-H26, Class BA, 1-month LIBOR + 0.350%, 1.925%, 10/20/2062(a)		4,178,613
	1,832,027	Government National Mortgage Association, Series 2012-H27, Class FA, 1-month LIBOR + 0.400%, 1.975%, 10/20/2062(a)		1,831,029
	1,214,798	Government National Mortgage Association, Series 2012-H27, Class FB, 1-month LIBOR + 0.500%, 2.075%, 10/20/2062(a)		1,216,580
	2,664,208	Government National Mortgage Association, Series 2012-H30, Class GA, 1-month LIBOR + 0.350%, 1.925%, 12/20/2062(a)		2,659,067
	34,866,132	Government National Mortgage Association, Series 2013-H04, Class BA, 1.650%, 2/20/2063		34,322,116
	2,189,360	Government National Mortgage Association, Series 2013-H13, Class SI, 1.307%, 6/20/2063(b)(c)(d)(e)		127,941
	21,454,691	Government National Mortgage Association, Series 2013-H16, Class AI, 1.636%, 7/20/2063(b)(c)(d)(e)		1,112,962
	15,299,654	Government National Mortgage Association, Series 2013-H18, Class EI, 1.754%, 7/20/2063(b)(c)(d)(e)		987,378
	2,478,558	Government National Mortgage Association, Series 2013-H18, Class JI, 1.390%, 8/20/2063(b)(c)(e)		107,823
	1,564,389	Government National Mortgage Association, Series 2013-H21, Class FB, 1-month LIBOR + 0.700%, 2.275%, 9/20/2063(a)		1,576,435
	3,055,045	Government National Mortgage Association, Series 2013-H22, Class FB, 1-month LIBOR + 0.700%, 2.275%, 8/20/2063(a)		3,076,149

		Collateralized Mortgage Obligations – continued
	286,594	Government National Mortgage Association, Series 2013-H22, Class FT, 1-year CMT + 0.650%, 2.440%, 4/20/2063(a)		288,625
	13,006,791	Government National Mortgage Association, Series 2014-H03, Class FS, 1-month LIBOR + 0.650%, 2.225%, 2/20/2064(a)		13,128,988
	4,068,337	Government National Mortgage Association, Series 2014-H05, Class FB, 1-month LIBOR + 0.600%, 2.175%, 12/20/2063(a)		4,090,062
	3,258,229	Government National Mortgage Association, Series 2014-H06, Class FA, 1-month LIBOR + 0.570%, 2.145%, 3/20/2064(a)		3,271,502
	8,494,524	Government National Mortgage Association, Series 2014-H12, Class HZ, 4.601%, 6/20/2064(b)		8,950,622
	3,115,845	Government National Mortgage Association, Series 2014-H14, Class FA, 1-month LIBOR + 0.500%, 2.062%, 7/20/2064(a)		3,126,008
	2,239,805	Government National Mortgage Association, Series 2014-H15, Class FA, 1-month LIBOR + 0.500%, 2.075%, 7/20/2064(a)		2,248,378
	22,975,198	Government National Mortgage Association, Series 2014-H24, Class HI, 0.943%, 9/20/2064(b)(c)(e)		990,231
	831,700	Government National Mortgage Association, Series 2015-39, Class SN, 2.699%, 3/20/2045(b)		831,612
	13,244,358	Government National Mortgage Association, Series 2015-H01, Class XZ, 4.617%, 10/20/2064(b)		14,189,571
	14,709,871	Government National Mortgage Association, Series 2015-H04, Class FL, 1-month LIBOR + 0.470%, 2.045%, 2/20/2065(a)		14,740,151
	1,454,563	Government National Mortgage Association, Series 2015-H05, Class FA, 1-month LIBOR + 0.300%, 1.875%, 4/20/2061(a)		1,454,637
	5,318,367	Government National Mortgage Association, Series 2015-H10, Class JA, 2.250%, 4/20/2065		5,112,185
	2,206,915	Government National Mortgage Association, Series 2015-H12, Class FL, 1-month LIBOR + 0.230%, 1.805%, 5/20/2065(a)		2,195,927
	2,373,433	Government National Mortgage Association, Series 2015-H13, Class FL, 1-month LIBOR + 0.280%, 1.855%, 5/20/2063(a)		2,373,797
	2,460,399	Government National Mortgage Association, Series 2015-H19, Class FA, 1-month LIBOR + 0.200%, 1.775%, 4/20/2063(a)		2,459,375
	786,360	Government National Mortgage Association, Series 2015-H28, Class JZ, 4.981%, 3/20/2065(b)		812,784

See accompanying notes to financial statements.

21 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Collateralized Mortgage Obligations – continued
$	951,094	Government National Mortgage Association, Series 2015-H29, Class FA, 1-month LIBOR + 0.700%, 2.275%, 10/20/2065(a)	$	953,892
	111,282	Government National Mortgage Association, Series 2015-H29, Class HZ, 4.589%, 9/20/2065(b)		118,065
	701,394	Government National Mortgage Association, Series 2015-H30, Class FA, 1-month LIBOR + 0.680%, 2.255%, 8/20/2061(a)		703,213
	1,770,000	Government National Mortgage Association, Series 2016-17, Class GT, 5.000%, 8/20/2045(b)		1,767,053
	1,487,818	Government National Mortgage Association, Series 2016-23, Class PA, 5.706%, 7/20/2037(b)		1,603,055
	18,724,892	Government National Mortgage Association, Series 2016-H01, Class AI, 1.582%, 1/20/2066(b)(c)(d)(e)		1,606,245
	4,095,528	Government National Mortgage Association, Series 2016-H06, Class FC, 1-month LIBOR + 0.920%, 2.495%, 2/20/2066(a)		4,161,454
	26,032,359	Government National Mortgage Association, Series 2016-H09, Class JI, 1.772%, 4/20/2066(b)(c)(d)(e)		2,489,344
	5,000,359	Government National Mortgage Association, Series 2016-H10, Class FJ, 1-month LIBOR + 0.600%, 2.175%, 4/20/2066(a)		5,007,912
	2,514,669	Government National Mortgage Association, Series 2016-H13, Class FT, 1-month LIBOR + 0.580%, 2.155%, 5/20/2066(a)		2,520,924
	541,337	Government National Mortgage Association, Series 2016-H14, Class JZ, 4.522%, 8/20/2063(b)		553,037
	534,782	Government National Mortgage Association, Series 2016-H19, Class CZ, 4.481%, 8/20/2066(b)		570,811
	539,478	Government National Mortgage Association, Series 2016-H19, Class EZ, 5.140%, 6/20/2061(b)		580,588
	2,324,300	Government National Mortgage Association, Series 2016-H19, Class FC, 1-month LIBOR + 0.400%, 1.975%, 8/20/2066(a)		2,321,721
	1,957,516	Government National Mortgage Association, Series 2016-H19, Class FE, 1-month LIBOR + 0.370%, 1.945%, 6/20/2061(a)		1,958,611
	2,291,174	Government National Mortgage Association, Series 2016-H19, Class FJ, 1-month LIBOR + 0.400%, 1.975%, 9/20/2063(a)		2,295,269

		Collateralized Mortgage Obligations – continued
	11,983,072	Government National Mortgage Association, Series 2016-H20, Class FG, 1-month LIBOR + 0.700%, 2.275%, 8/20/2066(a)		12,047,545
	4,503,555	Government National Mortgage Association, Series 2017-H14, Class FK, 1-year CMT + 0.200%, 1.990%, 5/20/2067(a)		4,497,141
	4,647,220	Government National Mortgage Association, Series 2017-H17, Class FG, 1-month LIBOR + 0.500%, 2.075%, 8/20/2067(a)		4,658,932
	4,686,371	Government National Mortgage Association, Series 2017-H24, Class FJ, 1-month LIBOR + 0.250%, 1.825%, 10/20/2067(a)		4,675,169
	9,637,568	Government National Mortgage Association, Series 2018-H02, Class FJ, 1-month LIBOR + 0.200%, 1.775%, 10/20/2064(a)		9,616,104

				341,218,746

		Hybrid ARMs – 0.9%
	1,616,934	FHLMC, 1-year CMT + 2.217%, 3.334%, 6/01/2035(a)		1,704,174
	148,343	FHLMC, 1-year CMT + 2.250%, 3.334%, 1/01/2036(a)		155,669
	89,968	FHLMC, 1-year CMT + 2.248%, 3.406%, 1/01/2035(a)		94,858
	753,085	FHLMC, 12-month LIBOR + 2.190%, 4.065%, 2/01/2037(a)		798,029
	224,196	FNMA, 1-year CMT + 2.045%, 3.170%, 10/01/2035(a)		228,946
	335,193	FNMA, 6-month LIBOR + 1.512%, 3.265%, 2/01/2037(a)		346,383
	787,794	FNMA, 1-year CMT + 2.126%, 3.464%, 9/01/2034(a)		827,032
	1,429,259	FNMA, 12-month LIBOR + 1.693%, 3.482%, 8/01/2038(a)		1,491,258
	1,894,545	FNMA, 1-year CMT + 2.216%, 3.532%, 6/01/2034(a)		1,993,351
	2,579,521	FNMA, 12-month LIBOR + 1.743%, 3.554%, 9/01/2037(a)		2,698,662
	324,046	FNMA, 12-month LIBOR + 1.882%, 3.644%, 9/01/2036(a)		341,821

				10,680,183

		Mortgage Related – 40.9%
	3,672,438	FHLMC, 3.500%, with various maturities from 2042 to 2046(h)		3,695,307
	716,695	FHLMC, 4.000%, 9/01/2045		738,634
	56,145	FHLMC, 5.000%, 9/01/2035		60,414
	6,622,811	FNMA, 2.500%, with various maturities from 2046 to 2057(h)		6,236,630
	20,139,331	FNMA, 3.000%, 2/01/2057		19,481,222
	7,332,892	FNMA, 4.000%, with various maturities from 2041 to 2052(h)		7,549,324
	2,062,272	FNMA, 4.500%, with various maturities from 2045 to 2046(h)		2,167,074
	453,946	FNMA, 5.500%, 8/01/2034		502,793

See accompanying notes to financial statements.

| 22

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Mortgage Related – continued
$	4,879	FNMA, 6.000%, 10/01/2034	$	5,489
	32,995,000	FNMA (TBA), 3.000%, 5/01/2048(i)		32,139,766
	97,860,000	FNMA (TBA), 3.500%, 5/01/2048(i)		97,917,474
	123,045,000	FNMA (TBA), 4.000%, 5/01/2048(i)		126,052,479
	761,290	GNMA, 1-month LIBOR + 0.530%, 2.094%, 8/20/2063(a)		770,388
	409,333	GNMA, 1-month LIBOR + 1.735%, 3.299%, 7/20/2060(a)		427,530
	1,682,336	GNMA, 1-month LIBOR + 1.719%, 3.330%, 2/20/2061(a)		1,758,920
	312,210	GNMA, 1-month LIBOR + 1.777%, 3.341%, 9/20/2060(a)		327,373
	2,338,074	GNMA, 1-month LIBOR + 1.992%, 3.556%, 2/20/2063(a)		2,453,770
	956,784	GNMA, 1-month LIBOR + 2.314%, 3.878%, 6/20/2065(a)		1,022,356
	338,143	GNMA, 4.059%, 8/20/2062(b)		342,927
	23,002	GNMA, 4.293%, 12/20/2060(b)		23,236
	1,256,421	GNMA, 4.331%, 3/20/2063(b)		1,288,434
	1,748,792	GNMA, 4.416%, 5/20/2063(b)		1,798,837
	3,302,737	GNMA, 4.426%, 2/20/2063(b)		3,385,628
	220,544	GNMA, 4.438%, 11/20/2061(b)		222,981
	45,347	GNMA, 4.444%, 10/20/2062(b)		46,371
	1,303,145	GNMA, 4.450%, 2/20/2062(b)		1,321,694
	27,505	GNMA, 4.454%, 5/20/2062(b)		27,995
	27,440	GNMA, 4.463%, 3/20/2063(b)		28,189
	724,164	GNMA, 4.469%, 7/20/2062(b)		739,263
	1,998,929	GNMA, 4.470%, 4/20/2063(b)		2,055,239
	215,084	GNMA, 4.475%, 10/20/2061(b)		217,786
	1,773,480	GNMA, 4.476%, 4/20/2063(b)		1,821,867
	1,124,113	GNMA, 4.481%, 1/20/2062(b)		1,140,372
	68,508	GNMA, 4.490%, 12/20/2062(b)		70,351
	946,679	GNMA, 4.494%, 6/20/2063(b)		973,881
	39,136	GNMA, 4.497%, 5/20/2062(b)		39,786
	344,840	GNMA, 4.500%, 9/20/2060(b)		353,296
	1,926,651	GNMA, 4.509%, 12/20/2061(b)		1,954,083
	903,659	GNMA, 4.510%, 12/20/2061(b)		913,715
	1,611,057	GNMA, 4.513%, 4/20/2066(b)		1,714,988
	573,831	GNMA, 4.514%, 1/20/2064(b)		586,503
	2,316,702	GNMA, 4.516%, with various maturities from 2063 to 2067(b)(h)		2,485,662
	4,373,864	GNMA, 4.520%, 6/20/2064(b)		4,654,178
	4,560,288	GNMA, 4.523%, with various maturities from 2063 to 2067(b)(h)		4,888,949
	2,535,445	GNMA, 4.525%, 4/20/2067(b)		2,733,124
	791,009	GNMA, 4.526%, 6/20/2062(b)		801,716
	1,248,639	GNMA, 4.528%, 8/20/2063(b)		1,285,720
	1,060,665	GNMA, 4.531%, 1/20/2063(b)		1,084,604
	2,051,747	GNMA, 4.532%, 3/20/2062(b)		2,086,075
	3,115,985	GNMA, 4.533%, 12/20/2064(b)		3,307,550
	2,400,501	GNMA, 4.538%, 12/20/2066(b)		2,577,356
	4,368,642	GNMA, 4.549%, 3/20/2063(b)		4,479,910
	12,219,484	GNMA, 4.553%, 6/20/2067(b)		13,200,711
	5,697,944	GNMA, 4.557%, 7/20/2065(b)		6,090,947
	44,479	GNMA, 4.558%, 6/20/2062(b)		45,314
	981,689	GNMA, 4.559%, 7/20/2067(b)		1,060,567

		Mortgage Related – continued
	901,049	GNMA, 4.562%, 9/20/2063(b)		953,246
	5,912,404	GNMA, 4.564%, with various maturities from 2063 to 2067(b)(h)		6,104,426
	1,046,761	GNMA, 4.566%, 2/20/2067(b)		1,126,014
	385,404	GNMA, 4.567%, 9/20/2062(b)		393,562
	48,676	GNMA, 4.581%, 3/20/2063(b)		49,901
	1,392,310	GNMA, 4.582%, 12/20/2063(b)		1,479,559
	12,092	GNMA, 4.588%, 12/20/2063(b)		12,353
	728,211	GNMA, 4.592%, 7/20/2067(b)		785,646
	846,133	GNMA, 4.593%, 4/20/2067(b)		897,317
	453,118	GNMA, 4.598%, 10/20/2061(b)		457,653
	6,132,105	GNMA, 4.602%, with various maturities in 2067(b)(h)		6,609,451
	425,382	GNMA, 4.603%, 6/20/2063(b)		437,697
	9,370,244	GNMA, 4.604%, 7/20/2067(b)		10,111,975
	2,078,358	GNMA, 4.605%, 5/20/2067(b)		2,256,148
	902,319	GNMA, 4.608%, 8/20/2061(b)		909,970
	4,879,773	GNMA, 4.612%, with various maturities from 2062 to 2066(b)(h)		5,210,266
	685,263	GNMA, 4.615%, 7/20/2062(b)		699,531
	373,501	GNMA, 4.616%, 3/20/2062(b)		379,333
	1,773,088	GNMA, 4.618%, with various maturities from 2063 to 2067(b)(h)		1,896,269
	1,154,217	GNMA, 4.621%, 4/20/2067(b)		1,242,411
	4,314,128	GNMA, 4.622%, 8/20/2067(b)		4,705,608
	1,454,445	GNMA, 4.627%, 12/20/2063(b)		1,532,151
	557,372	GNMA, 4.638%, 3/20/2062(b)		565,470
	2,482,711	GNMA, 4.648%, 10/20/2061(b)		2,507,209
	1,730,580	GNMA, 4.649%, 7/20/2063(b)		1,763,434
	20,101	GNMA, 4.650%, 1/20/2061(b)		20,285
	3,092,641	GNMA, 4.651%, 6/20/2066(b)		3,320,330
	7,093,158	GNMA, 4.652%, with various maturities from 2063 to 2067(b)(h)		7,677,269
	3,194,369	GNMA, 4.653%, 3/20/2067(b)		3,499,241
	851,225	GNMA, 4.663%, 4/20/2067(b)		860,391
	15,192	GNMA, 4.666%, 3/20/2062(b)		15,535
	1,077,919	GNMA, 4.671%, 10/20/2064(b)		1,149,679
	5,894,585	GNMA, 4.673%, 2/20/2062(b)		5,977,279
	6,249,888	GNMA, 4.679%, with various maturities from 2061 to 2062(b)(h)		6,337,808
	833,980	GNMA, 4.683%, 11/20/2063(b)		883,846
	1,940,022	GNMA, 4.684%, with various maturities from 2061 to 2064(b)(h)		2,048,231
	2,648,753	GNMA, 4.700%, with various maturities in 2061(b)(h)		2,665,795
	363,305	GNMA, 4.717%, with various maturities from 2061 to 2062(b)(h)		367,577
	593,040	GNMA, 4.724%, 12/20/2063(b)		624,436
	665,873	GNMA, 4.732%, 8/20/2062(b)		677,099
	877,396	GNMA, 4.756%, 6/20/2061(b)		884,781
	307,360	GNMA, 4.801%, 5/20/2061(b)		308,905
	1,125,701	GNMA, 4.807%, 5/20/2061(b)		1,131,170
	40,037	GNMA, 4.849%, 3/20/2062(b)		40,570
	440,159	GNMA, 4.900%, 1/20/2062(b)		456,097
	176,033	GNMA, 5.140%, 5/20/2060(b)		179,127
	26,437	GNMA, 5.167%, 2/20/2062(b)		26,995
	225,173	GNMA, 5.240%, 5/20/2060(b)		228,937
	120,335	GNMA, 5.309%, 7/20/2060(b)		122,857
	123,382	GNMA, 5.472%, 5/20/2060(b)		126,295
	462	GNMA, 5.486%, 6/20/2062(b)		476
	12,573	GNMA, 5.500%, with various maturities from 2058 to 2059(b)(h)		12,805

See accompanying notes to financial statements.

23 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued


Principal Amount		Description	Value (†)

	Bonds and Notes – continued

		Mortgage Related – continued
$	162,602	GNMA, 5.604%, 2/20/2060(b)	$	166,369
	69,664	GNMA, 5.649%, 12/20/2059(b)		71,125
	791	GNMA, 5.671%, 9/20/2059(b)		831
	318,997	GNMA, 6.572%, 5/20/2061(b)		321,807

				468,447,296

		Non-Agency Commercial Mortgage-Backed Securities – 7.9%
	2,424,000	Commercial Mortgage Pass Through Certificates, Series 2012-LTRT, Class A2, 3.400%, 10/05/2030, 144A		2,358,824
	2,572,000	Commercial Mortgage Pass Through Certificates, Series 2013-CR13, Class A4, 4.194%, 11/10/2046(b)		2,689,370
	1,220,000	Commercial Mortgage Pass Through Certificates, Series 2014-CR14, Class A2, 3.147%, 2/10/2047		1,223,448
	2,670,000	Commercial Mortgage Pass Through Certificates, Series 2014-CR16, Class ASB, 3.653%, 4/10/2047		2,720,820
	1,220,000	Commercial Mortgage Pass Through Certificates, Series 2014-UBS2, Class A4, 3.691%, 3/10/2047		1,243,532
	1,300,000	Commercial Mortgage Pass Through Certificates, Series 2014-UBS2, Class A5, 3.961%, 3/10/2047		1,342,357
	2,520,000	Commercial Mortgage Pass Through Certificates, Series 2014-UBS5, Class A4, 3.838%, 9/10/2047		2,589,526
	2,605,000	Commercial Mortgage Trust, Series 2013-CR6, Class A4, 3.101%, 3/10/2046		2,591,496
	3,110,000	Commercial Mortgage Trust, Series 2015-DC1, Class A5, 3.350%, 2/10/2048		3,082,293
	3,015,000	Commercial Mortgage Trust, Series 2016-SAVA, Class C, 1-month LIBOR + 3.000%, 4.740%, 10/15/2034, 144A(a)		3,021,279
	2,450,000	Credit Suisse Mortgage Capital Certificates, Series 2014-USA, Class A2, 3.953%, 9/15/2037, 144A		2,499,206
	1,228,682	GP Portfolio Trust, Series 2014-GPP, Class A, 1-month LIBOR + 1.200%, 2.977%, 2/15/2027, 144A(a)		1,228,906
	5,200,000	GS Mortgage Securities Corp. II, Series 2013-KING, Class C, 3.436%, 12/10/2027, 144A(b)		5,186,944
	5,775,000	GS Mortgage Securities Corp. Trust, Series 2013-PEMB, Class A, 3.550%, 3/05/2033, 144A(b)		5,530,553
	3,461,000	GS Mortgage Securities Trust, Series 2013-GC16, Class B, 5.161%, 11/10/2046(b)		3,649,229
	2,930,000	GS Mortgage Securities Trust, Series 2014-GC18, Class A4, 4.074%, 1/10/2047		3,039,771
	2,666,675	GS Mortgage Securities Trust, Series 2014-GC20, Class A3, 3.680%, 4/10/2047		2,697,530

		Non-Agency Commercial Mortgage-Backed Securities – continued
	1,416,000	GS Mortgage Securities Trust, Series 2014-GC20, Class A5, 3.998%, 4/10/2047		1,463,718
	6,465,000	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2014-CBM, Class A, 1-month LIBOR + 0.900%, 2.677%, 10/15/2029, 144A(a)		6,464,992
	1,628,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-C19, Class ASB, 3.584%, 4/15/2047		1,651,473
	3,025,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2015-SGP, Class D, 1-month LIBOR + 4.500%, 6.277%, 7/15/2036, 144A(a)		3,038,142
	2,735,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C8, Class A4, 3.134%, 12/15/2048		2,723,841
	3,390,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C14, Class A3, 3.669%, 2/15/2047		3,448,139
	1,000,000	Morgan Stanley Capital I Trust, Series 2011-C2, Class D, 5.484%, 6/15/2044, 144A(b)		985,489
	3,475,000	RBS Commercial Funding, Inc., Trust, Series 2013-SMV, Class C, 3.584%, 3/11/2031, 144A(b)		3,340,884
	905,000	SCG Trust, Series 2013-SRP1, Class B, 1-month LIBOR + 2.500%, 4.527%, 11/15/2026, 144A(a)		897,618
	1,944,911	Starwood Retail Property Trust, Inc., Series 2014-STAR, Class A, 1-month LIBOR + 1.220%, 2.997%, 11/15/2027, 144A(a)		1,946,850
	6,500,000	Starwood Retail Property Trust, Inc., Series 2014-STAR, Class B, 1-month LIBOR + 1.650%, 3.427%, 11/15/2027, 144A(a)		6,476,646
	4,000,000	Wells Fargo Commercial Mortgage Trust, Series 2015-C29, Class ASB, 3.400%, 6/15/2048		4,035,586
	1,465,000	WFRBS Commercial Mortgage Trust, Series 2014-C20, Class A4, 3.723%, 5/15/2047		1,490,652
	1,635,000	WFRBS Commercial Mortgage Trust, Series 2014-C20, Class A5, 3.995%, 5/15/2047		1,686,736
	4,632,000	WFRBS Commercial Mortgage Trust, Series 2014-C20, Class ASB, 3.638%, 5/15/2047		4,712,531

				91,058,381


		Total Bonds and Notes
		(Identified Cost $1,385,781,446)		1,338,909,010

See accompanying notes to financial statements.

| 24

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued


Principal Amount		Description	Value (†)

	Loan Participations – 0.5%

		ABS Other – 0.5%
$	5,421,466	Harbour Aircraft Investments Ltd., Series 2017-1, Class A, 4.000%, 11/15/2037(c)(d)	$	5,383,527


		Total Loan Participations
		(Identified Cost $5,387,142)		5,383,527


	Short-Term Investments – 4.3%
	20,000,000	Federal Home Loan Bank Discount Notes, 1.710%, 9/11/2018(j)		19,827,200
	18,642,494	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/29/2018 at 0.900% to be repurchased at $18,644,358 on 4/02/2018 collateralized by $18,720,000 U.S. Treasury Note, 2.750% due 11/15/2023 valued at $19,018,434 including accrued interest (Note 2 of Notes to Financial Statements)		18,642,494
	11,400,000	U.S. Treasury Bills, 1.751%, 7/19/2018(j)		11,340,348


		Total Short-Term Investments
		(Identified Cost $49,827,205)		49,810,042


		Total Investments – 121.6%
		(Identified Cost $1,440,995,793)		1,394,102,579
		Other assets less liabilities—(21.6)%		(247,993,776	)


		Net Assets – 100.0%	$	1,146,108,803

	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Variable rate security. Rate as of March 31, 2018 is disclosed.
	(b)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of March 31, 2018 is disclosed.
	(c)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
	(d)	Fair valued by the Fund’s adviser. At March 31, 2018, the value of these securities amounted to $16,471,307 or 1.4% of net assets. See Note 2 of Notes to Financial Statements.
	(e)	Security represents right to receive monthly interest payments on an underlying pool of mortgages. Principal shown is the outstanding par amount of the pool held as of the end of the period.
	(f)	Illiquid security.
	(g)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At March 31, 2018, the value of these securities amounted to $2,420,854 or 0.2% of net assets. See Note 2 of Notes to Financial Statements.
	(h)	The Fund’s investment in mortgage related securities of Federal Home Loan Mortgage Corporation, Federal National Mortgage Association and Government National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(i)	When-issued/delayed delivery. See Note 2 of Notes to Financial Statements.
	(j)	Interest rate represents discount rate at time of purchase; not a coupon rate.

	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2018, the value of Rule 144A holdings amounted to $270,671,671 or 23.6% of net assets.
	ABS	Asset-Backed Securities
	ARMs	Adjustable Rate Mortgages
	ARS	Auction Rate Security
	CMT	Constant Maturity Treasury
	FHLMC	Federal Home Loan Mortgage Corp.
	FNMA	Federal National Mortgage Association
	GNMA	Government National Mortgage Association
	LIBOR	London Interbank Offered Rate
	REMIC	Real Estate Mortgage Investment Conduit
	SLM	Sallie Mae
	TBA	To Be Announced

At March 31, 2018, open long futures contracts were as follows:


Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
10 Year U.S. Treasury Note		6/20/2018		122	$	14,673,170	$	14,779,156	$	105,986
30 Year U.S. Treasury Bond		6/20/2018		248		35,531,857		36,363,000		831,143
Ultra 10 Year U.S. Treasury Note		6/20/2018		324		41,523,924		42,074,438		550,514

Total									$	1,487,643

At March 31, 2018, open short futures contracts were as follows:


Financial Futures	Expiration Date		Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
2 Year U.S. Treasury Note		6/29/2018		150	$	31,898,168	$	31,891,406	$	6,762
5 Year U.S. Treasury Note		6/29/2018		584		66,655,418		66,845,188		(189,770	)

Total									$	(183,008	)

See accompanying notes to financial statements.

25 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Securitized Asset Fund – continued

Industry Summary at March 31, 2018 (Unaudited)


Mortgage Related	40.9	%
Collateralized Mortgage Obligations	29.8
ABS Car Loan	11.5
Agency Commercial Mortgage-Backed Securities	11.1
Non-Agency Commercial Mortgage-Backed Securities	7.9
ABS Other	6.5
ABS Home Equity	3.7
ABS Student Loan	3.5
Other Investments, less than 2% each	2.4
Short-Term Investments	4.3

Total Investments	121.6
Other assets less liabilities (including futures contracts)	(21.6	)

Net Assets	100.0	%

See accompanying notes to financial statements.

| 26

Statements of Assets and Liabilities

March 31, 2018 (Unaudited)


	High Income Opportunities Fund			Securitized Asset Fund
ASSETS
Investments at cost	$	138,837,456		$	1,440,995,793
Net unrealized depreciation		(439,887	)		(46,893,214	)

Investments at value		138,397,569			1,394,102,579
Cash		1,432			—
Due from brokers (Note 2)		—			1,175,000
Receivable for Fund shares sold		240,136			2,480,689
Receivable for securities sold		398,375			—
Receivable for when-issued/delayed delivery securities sold (Note 2)		—			261,057,178
Collateral received for delayed delivery securities (Note 2)		—			793,072
Interest receivable		1,798,182			3,963,496
Receivable for variation margin on futures contracts (Note 2)		—			272,597

TOTAL ASSETS		140,835,694			1,663,844,611


LIABILITIES
Payable for securities purchased		1,833,004			—
Payable for when-issued/delayed delivery securities purchased (Note 2)		—			515,715,310
Payable for Fund shares redeemed		94,090			1,117,471
Payable to custodian bank (Note 8)		—			109,955
Due to brokers (Note 2)		—			793,072

TOTAL LIABILITIES		1,927,094			517,735,808

NET ASSETS	$	138,908,600		$	1,146,108,803

NET ASSETS CONSIST OF:
Paid-in capital	$	137,369,768		$	1,222,584,238
Undistributed (Distributions in excess of) net investment income		520,918			(3,403,581	)
Accumulated net realized gain (loss) on investments and futures contracts		1,457,801			(27,483,275	)
Net unrealized depreciation on investments and futures contracts		(439,887	)		(45,588,579	)

NET ASSETS	$	138,908,600		$	1,146,108,803


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Net assets	$	138,908,600		$	1,146,108,803

Shares of beneficial interest		13,050,428			116,298,258

Net asset value, offering and redemption price per share	$	10.64		$	9.85

See accompanying notes to financial statements.

27 |

Statements of Operations

For the Six Months Ended March 31, 2018 (Unaudited)


	High Income Opportunities Fund			Securitized Asset Fund
INVESTMENT INCOME
Interest	$	3,774,721		$	20,150,281
Dividends		47,603			—
Less net foreign taxes withheld		(576	)		—

Investment income		3,821,748			20,150,281


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FUTURES CONTRACTS
Net realized gain (loss) on:
Investments		1,980,618			(5,512,989	)
Futures contracts		—			(759,006	)
Net change in unrealized appreciation (depreciation) on:
Investments		(5,885,042	)		(17,722,587	)
Futures contracts		—			1,784,761

Net realized and unrealized loss on investments and futures contracts		(3,904,424	)		(22,209,821	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(82,676	)	$	(2,059,540	)

See accompanying notes to financial statements.

| 28

Statements of Changes in Net Assets


	High Income Opportunities Fund						Securitized Asset Fund
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
FROM OPERATIONS:
Net investment income	$	3,821,748		$	7,812,511		$	20,150,281		$	39,912,359
Net realized gain (loss) on investments and futures contracts		1,980,618			1,046,012			(6,271,995	)		2,442,025
Net change in unrealized appreciation (depreciation) on investments and futures contracts		(5,885,042	)		2,721,211			(15,937,826	)		(26,641,388	)

Net increase (decrease) in net assets resulting from operations		(82,676	)		11,579,734			(2,059,540	)		15,712,996

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Institutional Class		(3,899,201	)		(7,943,545	)		(32,629,314	)		(56,065,078	)

Total distributions		(3,899,201	)		(7,943,545	)		(32,629,314	)		(56,065,078	)

NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		517,747			3,030,853			47,160,024			158,131,172

Net increase (decrease) in net assets		(3,464,130	)		6,667,042			12,471,170			117,779,090
NET ASSETS
Beginning of the period		142,372,730			135,705,688			1,133,637,633			1,015,858,543

End of the period	$	138,908,600		$	142,372,730		$	1,146,108,803		$	1,133,637,633

UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME	$	520,918		$	598,371		$	(3,403,581	)	$	9,075,452

See accompanying notes to financial statements.

29 |

Financial Highlights

For a share outstanding throughout each period.


	High Income Opportunities Fund – Institutional Class
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	10.95		$	10.66		$	10.11		$	10.92		$	10.53		$	10.35

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.29			0.62			0.60			0.55			0.62			0.67
Net realized and unrealized gain (loss)		(0.30	)		0.30			0.60			(0.81	)		0.43			0.25

Total from Investment Operations		(0.01	)		0.92			1.20			(0.26	)		1.05			0.92

LESS DISTRIBUTIONS FROM:
Net investment income		(0.30	)		(0.63	)		(0.62	)		(0.55	)		(0.66	)		(0.74	)
Net realized capital gains		—			—			(0.03	)		—			—			—

Total Distributions		(0.30	)		(0.63	)		(0.65	)		(0.55	)		(0.66	)		(0.74	)

Net asset value, end of the period	$	10.64		$	10.95		$	10.66		$	10.11		$	10.92		$	10.53

Total return		(0.11	)%(b)		8.91	%		12.55	%		(2.61	)%		10.01	%		9.19	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	138,909		$	142,373		$	135,706		$	120,168		$	69,343		$	78,102
Net expenses(c)		—			—			—			—			—			—
Gross expenses(c)		—			—			—			—			—			—
Net investment income		5.44	%(d)		5.74	%		5.94	%		5.12	%		5.70	%		6.33	%
Portfolio turnover rate		25	%		37	%		36	%		28	%		41	%		41	%

(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.


	Securitized Asset Fund – Institutional Class
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	10.16		$	10.57		$	10.62		$	10.73		$	10.73		$	11.39

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.18			0.39			0.40			0.37			0.41			0.41
Net realized and unrealized gain (loss)		(0.20	)		(0.25	)		0.04			0.06			0.14			(0.33	)

Total from Investment Operations		(0.02	)		0.14			0.44			0.43			0.55			0.08

LESS DISTRIBUTIONS FROM:
Net investment income		(0.29	)		(0.55	)		(0.49	)		(0.54	)		(0.55	)		(0.62	)
Net realized capital gains		—			—			—			—			—			(0.12	)

Total Distributions		(0.29	)		(0.55	)		(0.49	)		(0.54	)		(0.55	)		(0.74	)

Net asset value, end of the period	$	9.85		$	10.16		$	10.57		$	10.62		$	10.73		$	10.73

Total return		(0.22	)%(b)		1.40	%		4.27	%		4.13	%		5.25	%		0.75	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	1,146,109		$	1,133,638		$	1,015,859		$	945,208		$	824,407		$	689,196
Net expenses(c)		—			—			—			—			—			—
Gross expenses(c)		—			—			—			—			—			—
Net investment income		3.57	%(d)		3.78	%		3.84	%		3.47	%		3.80	%		3.67	%
Portfolio turnover rate		126	%		313	%		306	%		272	%		260	%		244	%

(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.

| 30

Notes to Financial Statements

March 31, 2018 (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 Natixis Advisors, L.P. (“Natixis Advisors”) and/or Loomis, Sayles & Company, L.P. (“Loomis Sayles”) and to institutional advisory clients of Natixis Advisors or Loomis Sayles that, in each case, meet the Funds’ policies as established by Loomis Sayles.

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

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

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

31 |

Notes to Financial Statements – continued

March 31, 2018 (Unaudited)

As of March 31, 2018, securities held by the funds were fair valued as follows:


Fund	Securities classified as fair valued		Percentage of Net Assets		Securities fair valued by the Fund’s adviser		Percentage of Net Assets
High Income Opportunities Fund	$	1,361,916		1.0%	$	2		Less than 0.1%
Securitized Asset Fund		2,420,854		0.2%		16,471,307		1.4%

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

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.

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, 2018.

| 32

Notes to Financial Statements – continued

March 31, 2018 (Unaudited)

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 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.

No swap agreements were held by the Funds during the six months ended March 31, 2018.

g. When-Issued and Delayed Delivery Transactions. The Funds may enter into when-issued or delayed delivery transactions. When-issued refers to transactions made conditionally because a security, although authorized, has not been issued. Delayed delivery refers to transactions for which delivery or payment will occur at a later date, beyond the normal settlement period. The price of when-issued and delayed delivery securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The security and the obligation to pay for it are recorded by the Funds at the time the commitment is entered into. The value of the security may vary with market fluctuations during the time before the Funds take delivery of the security. No interest accrues to the Funds until the transaction settles.

33 |

Notes to Financial Statements – continued

March 31, 2018 (Unaudited)

h. Stripped Securities. Each Fund may invest in stripped securities, which are usually structured with two or more classes that receive different proportions of the interest and principal distribution on a pool of U.S. or foreign government securities or mortgage assets. In some cases, one class will receive all of the interest (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Stripped securities commonly have greater market volatility than other types of fixed-income securities. In the case of stripped mortgage securities, if the underlying mortgage assets experience greater than anticipated prepayments of principal, a Fund may fail to recoup fully its investments in IOs.

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 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, 2018 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.

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 premium amortization, defaulted bonds and/or non-income producing securities, non-deductible expenses, convertible bonds 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 wash sales, premium amortization, defaulted bonds and/or non-income producing securities, contingent payment debt instruments, convertible bonds 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 character of distributions paid to shareholders during the year ended September 30, 2017 was as follows:


	2017 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
High Income Opportunities Fund	$	7,943,545	$	—	$	7,943,545
Securitized Asset Fund		56,065,078		—		56,065,078

| 34

Notes to Financial Statements – continued

March 31, 2018 (Unaudited)

As of September 30, 2017, capital loss carryforwards were as follows:


	High Income Opportunities Fund			Securitized Asset Fund
Capital loss carryforward:
Short-term:
No expiration date	$	—		$	(3,340,498	)
Long-term:
No expiration date		(399,803	)		(18,350,908	)

Total capital loss carryforward	$	(399,803	)	$	(21,691,406	)

As of March 31, 2018, the cost of investments (including derivatives, if applicable) and unrealized appreciation (depreciation) on a federal tax basis were as follows:


	High Income Opportunities Fund			Securitized Asset Fund
Federal tax cost	$	138,958,210		$	1,440,995,793

Gross tax appreciation	$	3,881,615		$	7,185,520
Gross tax depreciation		(4,442,256	)		(52,774,099	)

Net tax depreciation	$	(560,641	)	$	(45,588,579	)

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.

m. Due to/from Brokers. Transactions and positions in certain futures contracts 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 from brokers balance in the Statement of Assets and Liabilities for Securitized Asset Fund represents cash pledged as initial margin for futures contracts or as collateral for delayed delivery securities. The due to brokers balance in the Statement of Assets and Liabilities for Securitized Asset Fund represents cash and securities received for delayed delivery securities. In certain circumstances the Fund’s use of cash held at brokers is restricted by regulation or broker mandated limits.

35 |

Notes to Financial Statements – continued

March 31, 2018 (Unaudited)

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, 2018, neither Fund had loaned securities under this agreement.

•

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. Fair valued securities may be categorized in Level 3.

The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2018, 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	$	—	$	179,875	$	244,209	(b)	$	424,084
Home Construction		—		2,922,458		2	(c)		2,922,460
All Other Non-Convertible Bonds(a)		—		109,751,384		—			109,751,384

Total Non-Convertible Bonds		—		112,853,717		244,211			113,097,928

Convertible Bonds(a)		—		14,953,053		—			14,953,053

Total Bonds and Notes		—		127,806,770		244,211			128,050,981

| 36

Notes to Financial Statements – continued

March 31, 2018 (Unaudited)

High Income Opportunities Fund

Asset Valuation Inputs – continued


Description	Level 1		Level 2		Level 3		Total
Senior Loans(a)	$	—	$	1,453,525	$	—	$	1,453,525
Preferred Stocks(a)		—		1,453,700		—		1,453,700
Common Stocks(a)		1,161,445		—		—		1,161,445
Warrants		1,115		—		—		1,115
Short-Term Investments		—		6,276,803		—		6,276,803

Total	$	1,162,560	$	136,990,798	$	244,211	$	138,397,569

(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.

For the six months ended March 31, 2018, there were no transfers among Levels 1, 2 and 3.

Securitized Asset Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
ABS Home Equity	$	—	$	41,812,865	$	230,403	(b)	$	42,043,268
ABS Student Loan		—		22,543,569		18,054,545	(c)		40,598,114
Agency Commercial Mortgage-Backed Securities		—		127,605,012		291,070	(b)		127,896,082
Collateralized Mortgage Obligations		—		328,375,531		12,843,215	(d)		341,218,746
All Other Bonds and Notes(a)		—		787,152,800		—			787,152,800

Total Bonds and Notes		—		1,307,489,777		31,419,233			1,338,909,010

Loan Participations(a)		—		—		5,383,527	(e)		5,383,527
Short-Term Investments		—		49,810,042		—			49,810,042

Total Investments		—		1,357,299,819		36,802,760			1,394,102,579

Futures Contracts (unrealized appreciation)		1,494,405		—		—			1,494,405

Total	$	1,494,405	$	1,357,299,819	$	36,802,760		$	1,395,596,984

Liability Valuation Inputs


Description	Level 1			Level 2		Level 3		Total
Futures Contracts (unrealized depreciation)	$	(189,770	)	$	—	$	—	$	(189,770	)

(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.

(c)

Valued using broker-dealer bid prices ($14,654,545) or fair valued by the Fund’s adviser using broker-dealer bid prices for which the inputs are unobservable to the Fund ($3,400,000).

(d)

Valued using broker-dealer bid prices ($5,676,908), fair valued by the Fund’s adviser ($842,437) or fair valued by the Fund’s adviser using broker-dealer bid prices for which the inputs are unobservable to the Fund ($6,323,870).

(e)

Fair valued by the Fund’s adviser using broker-dealer bid prices for which the inputs are unobservable to the Fund.

37 |

Notes to Financial Statements – continued

March 31, 2018 (Unaudited)

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of September 30, 2017 and/or March 31, 2018:

High Income Opportunities Fund

Asset Valuation Inputs


Investments in Securities	Balance as of September 30, 2017			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, 2018		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2018
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—		$	—	$	—	$	612		$	249,997	$	(6,400	)	$	—	$	—	$	244,209	$	612
Home Construction		2			—		—		—			—		—			—		—		2		—
Non-Agency Commercial Mortgage-Backed Securities		592,950			—		—		(2,950	)		—		(590,000	)		—		—		—		—
Warrants		—	(a)		—		—		—			—		—			—		—		—		—

Total	$	592,952		$	—	$	—	$	(2,338	)	$	249,997	$	(596,400	)	$	—	$	—	$	244,211	$	612

(a) Includes a security fair valued at zero using Level 3 inputs that expired as worthless during the period.

Securitized Asset Fund

Asset Valuation Inputs


Investments in Securities	Balance as of September 30, 2017		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, 2018		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2018
Bonds and Notes
ABS Home Equity	$	4,080,929	$	—	$	53,243		$	(54,091	)	$	—	$	(165,553	)	$	311,439	$	(3,995,564	)	$	230,403	$	(55,200	)
ABS Student Loan		9,471,210		—		364			(9,029	)		9,075,000		(483,000	)		—		—			18,054,545		(8,858	)
Agency Commercial Mortgage-Backed Securities		391,235		—		(87,248	)		(12,917	)		—		—			—		—			291,070		(12,917	)
Collateralized Mortgage Obligations		14,842,724		—		(845,082	)		(519,847	)		4,196,969		(55,289	)		220,615		(4,996,875	)		12,843,215		(519,847	)
Loan Participations
ABS Other		—		309		708			(3,615	)		5,497,525		(111,400	)		—		—			5,383,527		(3,615	)

Total	$	28,786,098	$	309	$	(878,015	)	$	(599,499	)	$	18,769,494	$	(815,242	)	$	532,054	$	(8,992,439	)	$	36,802,760	$	(600,437	)

Debt securities valued at $532,054 were transferred from Level 2 to Level 3 during the period ended March 31, 2018. At September 30, 2017, these securities were valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies. At March 31, 2018, these securities were valued at fair value as determined in good faith by the Fund’s adviser as an independent pricing service did not provide a reliable price for the securities.

Debt securities valued at $8,992,439 were transferred from Level 3 to Level 2 during the period ended March 31, 2018. At September 30, 2017, 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, 2018, these securities were valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

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

4. Derivatives. Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of an underlying asset, reference rate or index. Derivative instruments that Securitized Asset Fund used during the period include futures contracts.

The Fund is subject to the risk that changes in interest rates will affect the value of the Fund’s investments in fixed-income securities. The Fund will be subject to increased interest rate risk to the extent that it invests in fixed-income securities with longer maturities or durations, as compared to investing in fixed-income securities with shorter maturities or durations. The Fund may use futures contracts to hedge against changes in interest rates and to manage duration without having to buy or sell portfolio securities. During the six months ended March 31, 2018, Securitized Asset Fund used futures contracts to manage duration and to hedge against changes in interest rates.

| 38

Notes to Financial Statements – continued

March 31, 2018 (Unaudited)

The following is a summary of derivative instruments for Securitized Asset Fund as of March 31, 2018, as reflected within the Statements of Assets and Liabilities:


Assets		Unrealized appreciation on futures contracts¹
Exchange-traded/cleared asset derivatives

Interest rate contracts		$1,494,405


Liabilities		Unrealized depreciation on futures contracts¹
Exchange-traded/cleared liability derivatives

Interest rate contracts		$(189,770)

Transactions in derivative instruments for Securitized Asset Fund during the six months ended March 31, 2018 as reflected in the Statements of Operations were as follows:


Net Realized Gain (Loss) on:		Futures contracts
Interest rate contracts		$(759,006)


Net Change in Unrealized Appreciation (Depreciation) on:		Futures contracts
Interest rate contracts		$1,784,761

The volume of futures contract 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, 2018:


Securitized Asset Fund	Futures
Average Notional Amount Outstanding		15.98%
Highest Notional Amount Outstanding		16.85%
Lowest Notional Amount Outstanding		13.21%
Notional Amount Outstanding as of March 31, 2018		16.75%

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 contracts is recorded in the Statements of Assets and Liabilities. The aggregate notional values of futures contracts are not recorded in the Statements of Assets and Liabilities, and therefore are not included in the Funds’ net assets.

Counterparty risk is managed based on policies and procedures established by 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. 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 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		Maximum Amount of Loss - Net
Securitized Asset Fund	$	1,157,597	$	1,157,597

39 |

Notes to Financial Statements – continued

March 31, 2018 (Unaudited)

5. Purchases and Sales of Securities. For the six months ended March 31, 2018, 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	$	—	$	—	$	35,413,908	$	33,646,198
Securitized Asset Fund		1,596,851,146		1,583,980,039		144,550,207		73,943,892

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; and other operating expenses of the Funds, as applicable.

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

c. Administrative Fees. Natixis Advisors provides certain administrative services for the Funds and contracts with State Street Bank to serve as sub-administrator. Natixis Advisors is a wholly-owned subsidiary of Natixis. Loomis Sayles has agreed to pay, without reimbursement from the Trust or Funds, fees to Natixis 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 Natixis Advisors, Natixis Distribution, Natixis or their affiliates. The Chairperson of the Board of Trustees receives a retainer fee at the annual rate of $340,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that he attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $170,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, the chairperson of the Contract Review Committee and the chairperson of the Audit Committee each receive an additional retainer fee at the annual rate of $20,000. The chairperson of the Governance Committee receives an additional retainer fee at the annual rate of $12,000. Each Contract Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings. Loomis Sayles has agreed to pay, without reimbursement from the Trust or Funds, Trustees fees and expenses allocable to the Funds.

| 40

Notes to Financial Statements – continued

March 31, 2018 (Unaudited)

Committee and Audit Committee each received an additional retainer fee at the annual rate of $17,500 and the chairperson of the Governance Committee received an additional retainer fee at the annual rate of $10,000. All other Trustee fees remained unchanged.

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

e. Payment by Affiliates. For the six months ended March 31, 2018, Loomis Sayles reimbursed High Income Opportunities Fund $3,874 in connection with a trading error.

7. Line of Credit. Each Fund, together with certain other funds of Natixis Funds Trusts and Loomis Sayles Funds Trusts, entered into a 364-day, $400,000,000 syndicated, committed, unsecured line of credit with Citibank, N.A. to be used for temporary or emergency purposes only. Any one Fund may borrow up to the full $400,000,000 under the line of credit (as long as all borrowings by all Funds in the aggregate do not exceed the $400,000,000 limit at any time), subject to each Fund’s investment restrictions and its contractual obligations under the line of credit. Interest is charged to the Funds at a rate equal to the greater of the eurodollar or the federal funds rate plus 1.00%. In addition, a commitment fee of 0.15% per annum, payable on the last business day of each month, is accrued and apportioned among the participating funds (applicable allocations to the Funds are paid by Loomis Sayles) based on their average daily unused portion of the line of credit. Loomis Sayles, on behalf of the Funds, paid an arrangement fee, an upfront fee, and other fees in connection with the new line of credit agreement.

For the six months ended March 31, 2018, none of the Funds had borrowings under this agreement.

8. Payable to Custodian Bank. The Funds’ custodian bank, State Street Bank, provides overdraft protection to the Funds in the event of a cash shortfall. Cash overdrafts bear interest at a rate per annum equal to the Federal Funds rate plus 2.00%. At March 31, 2018, the Fund had payables to the custodian bank for overdrafts as follows:


	Payable to Custodian Bank
Securitized Asset Fund	$	109,955

9. 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.


Fund	Number of 5% Non-Affiliated Account Holders		Percentage of Non-Affiliated Ownership
High Income Opportunities Fund		5		95.13%
Securitized Asset Fund		3		96.65%

41 |

Notes to Financial Statements – continued

March 31, 2018 (Unaudited)

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


	High Income Opportunities Fund

	Six Months Ended March 31, 2018						Year Ended September 30, 2017

Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		1,151,091		$	12,448,003			2,798,284		$	30,037,359
Issued in connection with the reinvestment of distributions		207,006			2,242,356			423,355			4,531,661
Redeemed		(1,312,377	)		(14,172,612	)		(2,942,318	)		(31,538,167	)

Increase (decrease) from capital share transactions		45,720		$	517,747			279,321		$	3,030,853


	Securitized Asset Fund

	Six Months Ended March 31, 2018						Year Ended September 30, 2017

Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		17,716,360		$	176,539,949			36,251,463		$	370,701,025
Issued in connection with the reinvestment of distributions		693,677			6,923,251			1,064,715			10,877,118
Redeemed		(13,664,645	)		(136,303,176	)		(21,878,143	)		(223,446,971	)

Increase (decrease) from capital share transactions		4,745,392		$	47,160,024			15,438,035		$	158,131,172

| 42

Additional Information

Special Meeting of Shareholders. (Unaudited)

Loomis Sayles Funds I


Nominee	Voted “FOR”*		Withheld*
Kevin Charleston		1,046,693,133.40		15,163,366.07
Kenneth A. Drucker		1,045,641,428.27		16,215,071.15
Edmond J. English		1,046,277,137.68		15,579,361.74
David L. Giunta		1,046,496,391.62		15,360,107.79
Richard A. Goglia		1,046,269,146.27		15,587,353.15
Wendell J. Knox		1,045,976,095.92		15,880,403.49
Martin T. Meehan		1,046,154,669.52		15,701,829.89
Maureen B. Mitchell		1,047,019,476.25		14,837,023.17
Sandra O. Moose**		1,045,973,479.27		15,883,020.14
James P. Palermo		1,046,549,375.30		15,307,124.11
Erik R. Sirri		1,046,440,355.81		15,416,143.60
Peter J. Smail		1,046,053,910.90		15,802,588.52
Cynthia L. Walker		1,047,362,231.11		14,494,268.31

*	Trust-wide voting results.

**	Ms. Moose retired as a Trustee effective January 1, 2018.

43 |

LOGO

Loomis Sayles Small Cap Growth Fund

Loomis Sayles Small Cap Value Fund

Loomis Sayles Small/Mid Cap Growth Fund

Semiannual Report

March 31, 2018



TABLE OF CONTENTS
Portfolio Review			1
Portfolio of Investments			8
Financial Statements			27
Notes to Financial Statements			39

LOOMIS SAYLES SMALL CAP GROWTH FUND


Managers	Symbols
Mark F. Burns, CFA^®	Institutional Class	LSSIX
John J. Slavik, CFA^®	Retail Class	LCGRX
	Class N	LSSNX

Investment Objective

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

Average Annual Total Returns — March 31, 2018²


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

Institutional Class (Inception 12/31/96)		9.45	%		22.92	%		13.24	%		11.58	%		—	%		0.95	%		0.95	%

Retail Class (Inception 12/31/96)		9.34			22.65			12.95			11.29			—			1.20			1.20

Class N (Inception 2/1/13)		9.52			23.08			13.35			—			14.25			0.82			0.82

Comparative Performance
Russell 2000^® Growth Index¹		6.99			18.63			12.90			10.95			13.60

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

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

Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense caps set to expire on 01/31/19. When a Fund’s expenses are below the cap, gross and net expense ratios will be the same. See Note 5 of the Notes to Financial Statements for more information about the Fund’s expense caps.

1 |

LOOMIS SAYLES SMALL CAP VALUE FUND


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

Investment Objective

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

| 2

LOOMIS SAYLES SMALL CAP VALUE FUND

Average Annual Total Returns — March 31, 2018³


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

Institutional Class (Inception 5/13/91)		0.67	%		7.06	%		10.94	%		10.07	%		—	%		0.98	%		0.95	%

Retail Class (Inception 12/31/96)		0.53			6.80			10.66			9.79			—			1.23			1.20

Admin Class (Inception 1/2/98)		0.41			6.55			10.39			9.52			—			1.48			1.45

Class N (Inception 2/1/13)		0.69			7.13			11.01			—			11.69			0.88			0.88

Comparative Performance
Russell 2000^® Value Index¹		-0.65			5.13			9.96			8.61			10.54
Russell 2000^® Index²		3.25			11.79			11.47			9.84			12.11

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.

⁴

Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense caps set to expire on 01/31/19. When a Fund’s expenses are below the cap, gross and net expense ratios will be the same. See Note 5 of the Notes to Financial Statements for more information about the Fund’s expense caps.

3 |

LOOMIS SAYLES SMALL/MID CAP GROWTH FUND


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

Investment Objective

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

Average Annual Total Returns — March 31, 2018²


										Expense Ratios³
	6 months			1 year			Life of Fund			Gross			Net

Institutional Class (Inception 6/30/15)		10.24	%		26.23	%		11.80	%		1.57	%		0.85	%

Comparative Performance
Russell 2500^TM Growth Index¹		8.88			19.92			9.73

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

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

Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense caps set to expire on 01/31/19. When a Fund’s expenses are below the cap, gross and net expense ratios will be the same. See Note 5 of the Notes to Financial Statements for more information about the Fund’s expense caps.

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ADDITIONAL INFORMATION

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

Additional Index Information

Proxy Voting Information

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

Quarterly Portfolio Schedules

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, 2017 through March 31, 2018. 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

5 |

multiply the result by the number in the Expenses Paid During Period column as shown below for your class.

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

Loomis Sayles Small Cap Growth Fund


Institutional Class	Beginning Account Value 10/1/2017		Ending Account Value 3/31/2018		Expenses Paid During Period* 10/1/2017 – 3/31/2018
Actual		$1,000.00		$1,094.50		$4.96
Hypothetical (5% return before expenses)		$1,000.00		$1,020.20		$4.78

Retail Class
Actual		$1,000.00		$1,093.40		$6.26
Hypothetical (5% return before expenses)		$1,000.00		$1,018.95		$6.04

Class N
Actual		$1,000.00		$1,095.20		$4.34
Hypothetical (5% return before expenses)		$1,000.00		$1,020.79		$4.18
* Expenses are equal to the Fund’s annualized expense ratio: 0.95%, 1.20% and 0.83% for Institutional Class, Retail Class and Class N, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

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Loomis Sayles Small Cap Value Fund


Institutional Class	Beginning Account Value 10/1/2017		Ending Account Value 3/31/2018		Expenses Paid During Period^* 10/1/2017 – 3/31/2018
Actual		$1,000.00		$1,006.70		$4.50
Hypothetical (5% return before expenses)		$1,000.00		$1,020.44		$4.53

Retail Class
Actual		$1,000.00		$1,005.30		$5.75
Hypothetical (5% return before expenses)		$1,000.00		$1,019.20		$5.79

Admin Class
Actual		$1,000.00		$1,004.10		$7.00
Hypothetical (5% return before expenses)		$1,000.00		$1,017.95		$7.04

Class N
Actual		$1,000.00		$1,006.90		$4.20
Hypothetical (5% return before expenses)		$1,000.00		$1,020.74		$4.23
* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 0.90%, 1.15%, 1.40% and 0.84% for Institutional Class, Retail Class, Admin Class and Class N, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

Loomis Sayles Small/Mid Cap Growth Fund


Institutional Class	Beginning Account Value 10/1/2017		Ending Account Value 3/31/2018		Expenses Paid During Period* 10/1/2017 – 3/31/2018
Actual		$1,000.00		$1,102.40		$4.46
Hypothetical (5% return before expenses)		$1,000.00		$1,020.69		$4.28
* Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement) of 0.85%, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

7 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Small Cap Growth Fund


Shares		Description	Value (†)

	Common Stocks – 96.9% of Net Assets

		Aerospace & Defense – 3.8%
	202,690	Astronics Corp.(a)	$	7,560,337
	218,624	Hexcel Corp.		14,120,924
	206,278	KLX, Inc.(a)		14,658,115
	249,950	Mercury Systems, Inc.(a)		12,077,584

				48,416,960

		Auto Components – 0.9%
	114,376	LCI Industries		11,912,260

		Banks – 4.3%
	215,209	Chemical Financial Corp.		11,767,628
	238,392	Pacific Premier Bancorp, Inc.(a)		9,583,358
	195,113	Pinnacle Financial Partners, Inc.		12,526,255
	290,601	Renasant Corp.		12,367,979
	127,536	UMB Financial Corp.		9,232,331

				55,477,551

		Beverages – 1.0%
	140,616	MGP Ingredients, Inc.		12,597,787

		Biotechnology – 4.1%
	136,270	Agios Pharmaceuticals, Inc.(a)		11,144,161
	251,152	Aimmune Therapeutics, Inc.(a)		7,994,168
	92,459	Argenx SE, ADR(a)		7,437,402
	269,520	Genomic Health, Inc.(a)		8,433,281
	164,595	Global Blood Therapeutics, Inc.(a)		7,949,938
	593,156	Ironwood Pharmaceuticals, Inc.(a)		9,152,397

				52,111,347

		Building Products – 2.0%
	182,241	Patrick Industries, Inc.(a)		11,271,606
	133,775	Trex Co., Inc.(a)		14,550,707

				25,822,313

		Capital Markets – 2.0%
	283,246	Artisan Partners Asset Management, Inc., Class A		9,432,092
	74,013	MarketAxess Holdings, Inc.		16,093,387

				25,525,479

		Chemicals – 0.9%
	162,605	Ingevity Corp.(a)		11,982,362

		Commercial Services & Supplies – 0.9%
	273,145	Healthcare Services Group, Inc.		11,876,345

See accompanying notes to financial statements.

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Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Construction & Engineering – 1.8%
	227,490	Granite Construction, Inc.	$	12,707,591
	439,679	Primoris Services Corp.		10,983,182

				23,690,773

		Consumer Finance – 1.0%
	208,839	Green Dot Corp., Class A(a)		13,399,110


		Distributors – 1.2%
	101,661	Pool Corp.		14,864,871

		Diversified Consumer Services – 3.0%
	180,712	Bright Horizons Family Solutions, Inc.(a)		18,020,600
	193,865	Grand Canyon Education, Inc.(a)		20,340,316

				38,360,916

		Diversified Telecommunication Services – 1.7%
	285,151	Cogent Communications Holdings, Inc.		12,375,554
	994,022	ORBCOMM, Inc.(a)		9,313,986

				21,689,540

		Electrical Equipment – 0.9%
	251,986	Generac Holdings, Inc.(a)		11,568,677

		Energy Equipment & Services – 1.4%
	378,515	Cactus, Inc., Class A(a)		10,193,409
	172,456	Dril-Quip, Inc.(a)		7,726,029

				17,919,438

		Health Care Equipment & Supplies – 8.6%
	445,326	AtriCure, Inc.(a)		9,138,090
	98,771	Inogen, Inc.(a)		12,133,030
	234,314	Insulet Corp.(a)		20,310,337
	197,359	iRhythm Technologies, Inc.(a)		12,423,749
	266,105	Merit Medical Systems, Inc.(a)		12,067,862
	178,432	Neogen Corp.(a)		11,953,160
	427,171	Novocure Ltd.(a)		9,312,328
	113,810	Penumbra, Inc.(a)		13,162,126
	525,973	Wright Medical Group NV(a)		10,435,304

				110,935,986

		Health Care Providers & Services – 4.5%
	145,865	Amedisys, Inc.(a)		8,801,494
	303,145	AMN Healthcare Services, Inc.(a)		17,203,479
	331,647	HealthEquity, Inc.(a)		20,077,909
	287,554	Tivity Health, Inc.(a)		11,401,516

				57,484,398

See accompanying notes to financial statements.

9 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Health Care Technology – 3.0%
	231,890	Medidata Solutions, Inc.(a)	$	14,565,011
	418,860	Teladoc, Inc.(a)		16,880,058
	318,177	Vocera Communications, Inc.(a)		7,451,705

				38,896,774

		Hotels, Restaurants & Leisure – 2.6%
	523,083	Planet Fitness, Inc., Class A(a)		19,756,845
	300,865	Wingstop, Inc.		14,209,854

				33,966,699

		Household Durables – 1.1%
	233,466	Installed Building Products, Inc.(a)		14,019,633

		Insurance – 1.7%
	237,801	Kinsale Capital Group, Inc.		12,206,325
	339,509	Trupanion, Inc.(a)		10,147,924

				22,354,249

		Internet Software & Services – 8.2%
	259,377	2U, Inc.(a)		21,795,449
	277,139	Envestnet, Inc.(a)		15,880,065
	627,954	Five9, Inc.(a)		18,706,750
	122,676	LogMeIn, Inc.		14,175,212
	431,338	Mimecast Ltd.(a)		15,282,305
	410,951	Q2 Holdings, Inc.(a)		18,718,818

				104,558,599

		IT Services – 4.3%
	165,298	Euronet Worldwide, Inc.(a)		13,045,318
	268,601	InterXion Holding NV(a)		16,682,808
	200,956	Virtusa Corp.(a)		9,738,328
	344,978	WNS Holdings Ltd., ADR(a)		15,637,853

				55,104,307

		Life Sciences Tools & Services – 1.8%
	250,816	Accelerate Diagnostics, Inc.(a)		5,731,146
	204,636	PRA Health Sciences, Inc.(a)		16,976,602

				22,707,748

		Machinery – 3.6%
	221,514	Albany International Corp., Class A		13,888,928
	141,327	Proto Labs, Inc.(a)		16,612,989
	121,822	RBC Bearings, Inc.(a)		15,130,292

				45,632,209

		Multiline Retail – 1.4%
	294,739	Ollie’s Bargain Outlet Holdings, Inc.(a)		17,772,762

See accompanying notes to financial statements.

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Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Oil, Gas & Consumable Fuels – 0.7%
	190,598	PDC Energy, Inc.(a)	$	9,345,020

		Pharmaceuticals – 2.5%
	293,163	Aclaris Therapeutics, Inc.(a)		5,136,216
	148,617	Aerie Pharmaceuticals, Inc.(a)		8,062,472
	107,903	Intersect ENT, Inc.(a)		4,240,588
	319,169	Supernus Pharmaceuticals, Inc.(a)		14,617,940

				32,057,216

		Professional Services – 0.7%
	186,083	WageWorks, Inc.(a)		8,410,952

		Semiconductors & Semiconductor Equipment – 3.4%
	125,005	MKS Instruments, Inc.		14,456,828
	127,076	Monolithic Power Systems, Inc.		14,711,589
	160,701	Silicon Laboratories, Inc.(a)		14,447,020

				43,615,437

		Software – 9.6%
	144,677	Blackbaud, Inc.		14,729,565
	326,365	Callidus Software, Inc.(a)		11,732,822
	208,379	Guidewire Software, Inc.(a)		16,843,275
	149,809	HubSpot, Inc.(a)		16,224,315
	423,479	Rapid7, Inc.(a)		10,828,358
	269,455	RealPage, Inc.(a)		13,876,932
	253,632	RingCentral, Inc., Class A(a)		16,105,632
	158,370	Talend S.A., ADR(a)		7,620,764
	64,030	Ultimate Software Group, Inc. (The)(a)		15,604,111

				123,565,774

		Specialty Retail – 1.9%
	404,223	At Home Group, Inc.(a)		12,951,305
	333,500	National Vision Holdings, Inc.(a)		10,775,385

				23,726,690

		Textiles, Apparel & Luxury Goods – 2.6%
	191,436	Columbia Sportswear Co.		14,631,453
	480,674	Crocs, Inc.(a)		7,810,953
	247,192	Steven Madden Ltd.		10,851,729

				33,294,135

		Thrifts & Mortgage Finance – 1.0%
	294,607	Essent Group Ltd.(a)		12,538,474

		Trading Companies & Distributors – 2.8%
	138,109	Beacon Roofing Supply, Inc.(a)		7,329,445
	493,333	BMC Stock Holdings, Inc.(a)		9,644,660

See accompanying notes to financial statements.

11 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Trading Companies & Distributors – continued
	240,033	SiteOne Landscape Supply, Inc.(a)	$	18,492,142

				35,466,247


		Total Common Stocks (Identified Cost $854,244,777)		1,242,669,038


	Principal Amount

	Short-Term Investments – 3.8%
$	49,586,552	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/29/2018 at 0.900% to be repurchased at $49,591,511 on 4/02/2018 collateralized by $53,660,000 U.S. Treasury Note, 1.375% due 9/30/2023 valued at $50,578,896 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $49,586,552)		49,586,552


		Total Investments – 100.7% (Identified Cost $903,831,329)		1,292,255,590
		Other assets less liabilities – (0.7)%		(9,501,020	)

		Net Assets – 100.0%	$	1,282,754,570


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.

	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.

See accompanying notes to financial statements.

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Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Small Cap Growth Fund – continued

Industry Summary at March 31, 2018 (Unaudited)


Software	9.6	%
Health Care Equipment & Supplies	8.6
Internet Software & Services	8.2
Health Care Providers & Services	4.5
Banks	4.3
IT Services	4.3
Biotechnology	4.1
Aerospace & Defense	3.8
Machinery	3.6
Semiconductors & Semiconductor Equipment	3.4
Health Care Technology	3.0
Diversified Consumer Services	3.0
Trading Companies & Distributors	2.8
Hotels, Restaurants & Leisure	2.6
Textiles, Apparel & Luxury Goods	2.6
Pharmaceuticals	2.5
Building Products	2.0
Capital Markets	2.0
Other Investments, less than 2% each	22.0
Short-Term Investments	3.8

Total Investments	100.7
Other assets less liabilities	(0.7	)

Net Assets	100.0	%

See accompanying notes to financial statements.

13 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Small Cap Value Fund


Shares		Description	Value (†)

	Common Stocks – 96.9% of Net Assets

		Aerospace & Defense – 1.5%
	241,975	Aerojet Rocketdyne Holdings, Inc.(a)	$	6,768,041
	123,267	BWX Technologies, Inc.		7,831,152

				14,599,193

		Auto Components – 1.3%
	130,637	Cooper Tire & Rubber Co.		3,827,664
	83,894	Fox Factory Holding Corp.(a)		2,927,901
	62,079	LCI Industries		6,465,528

				13,221,093

		Banks – 17.8%
	266,641	BancorpSouth Bank		8,479,184
	108,444	Bank of the Ozarks, Inc.		5,234,592
	207,013	Bryn Mawr Bank Corp.		9,098,221
	93,559	Carolina Financial Corp.		3,674,997
	230,414	Cathay General Bancorp		9,211,952
	295,898	CenterState Bank Corp.		7,850,174
	176,008	Chemical Financial Corp.		9,624,117
	400,581	CVB Financial Corp.		9,069,154
	309,152	First Financial Bancorp		9,073,611
	129,510	First Financial Bankshares, Inc.		5,996,313
	364,502	Home BancShares, Inc.		8,314,291
	111,663	IBERIABANK Corp.		8,709,714
	123,177	LegacyTexas Financial Group, Inc.		5,274,439
	181,590	PacWest Bancorp		8,994,153
	100,926	Pinnacle Financial Partners, Inc.		6,479,449
	230,444	Popular, Inc.		9,591,079
	140,579	Prosperity Bancshares, Inc.		10,210,253
	53,627	Signature Bank(a)		7,612,353
	100,726	Texas Capital Bancshares, Inc.(a)		9,055,267
	266,023	Triumph Bancorp, Inc.(a)		10,960,148
	150,055	Wintrust Financial Corp.		12,912,233

				175,425,694

		Beverages – 0.7%
	453,855	Cott Corp.		6,680,746

		Building Products – 1.6%
	87,946	Apogee Enterprises, Inc.		3,812,459
	120,321	Armstrong World Industries, Inc.(a)		6,774,072
	77,074	Masonite International Corp.(a)		4,728,490

				15,315,021

		Capital Markets – 1.3%
	217,580	Donnelley Financial Solutions, Inc.(a)		3,735,848
	147,790	Stifel Financial Corp.		8,753,602

				12,489,450

See accompanying notes to financial statements.

| 14

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Chemicals – 3.3%
	269,946	AdvanSix, Inc.(a)	$	9,388,722
	70,384	Ashland Global Holdings, Inc.		4,912,099
	93,480	Cabot Corp.		5,208,706
	87,316	Ingevity Corp.(a)		6,434,316
	95,297	Minerals Technologies, Inc.		6,380,134

				32,323,977

		Commercial Services & Supplies – 3.6%
	75,986	Clean Harbors, Inc.(a)		3,708,877
	225,457	KAR Auction Services, Inc.		12,219,769
	232,661	Kimball International, Inc.		3,964,543
	119,323	Knoll, Inc.		2,409,131
	190,190	LSC Communications, Inc.		3,318,816
	183,580	Viad Corp.		9,628,771

				35,249,907

		Communications Equipment – 0.8%
	279,340	Digi International, Inc.(a)		2,877,202
	518,099	Viavi Solutions, Inc.(a)		5,035,922

				7,913,124

		Construction & Engineering – 0.3%
	99,805	MYR Group, Inc.(a)		3,075,990

		Construction Materials – 0.4%
	73,598	U.S. Concrete, Inc.(a)		4,445,319

		Consumer Finance – 0.8%
	195,823	PRA Group, Inc.(a)		7,441,274

		Distributors – 0.4%
	196,034	Core-Mark Holding Co., Inc.		4,167,683

		Diversified Consumer Services – 1.0%
	154,140	Adtalem Global Education, Inc.(a)		7,329,357
	335,361	Houghton Mifflin Harcourt Co.(a)		2,330,759

				9,660,116

		Diversified Financial Services – 0.5%
	249,312	Cannae Holdings, Inc.(a)		4,702,024

		Electric Utilities – 1.2%
	164,450	ALLETE, Inc.		11,881,512

		Electrical Equipment – 0.5%
	228,520	TPI Composites, Inc.(a)		5,130,274

		Electronic Equipment, Instruments & Components – 4.8%
	97,683	Belden, Inc.		6,734,266
	190,865	II-VI, Inc.(a)		7,806,378

See accompanying notes to financial statements.

15 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Electronic Equipment, Instruments & Components – continued
	83,204	Kimball Electronics, Inc.(a)	$	1,343,745
	82,508	Littelfuse, Inc.		17,176,515
	131,419	Methode Electronics, Inc.		5,138,483
	46,883	Rogers Corp.(a)		5,604,394
	181,363	Vishay Intertechnology, Inc.		3,373,352

				47,177,133

		Energy Equipment & Services – 2.3%
	280,567	C&J Energy Services, Inc.(a)		7,244,240
	189,817	Natural Gas Services Group, Inc.(a)		4,527,135
	326,184	RPC, Inc.		5,881,098
	195,592	U.S. Silica Holdings, Inc.		4,991,508

				22,643,981

		Food & Staples Retailing – 0.1%
	58,340	SpartanNash Co.		1,004,031

		Food Products – 2.6%
	161,073	Darling Ingredients, Inc.(a)		2,786,563
	46,824	J&J Snack Foods Corp.		6,394,285
	334,193	Nomad Foods Ltd.(a)		5,260,198
	95,822	Post Holdings, Inc.(a)		7,259,475
	523,103	SunOpta, Inc.(a)		3,714,031

				25,414,552

		Health Care Equipment & Supplies – 2.4%
	162,663	Halyard Health, Inc.(a)		7,495,511
	139,565	Quidel Corp.(a)		7,230,863
	247,116	Varex Imaging Corp.(a)		8,841,810

				23,568,184

		Health Care Providers & Services – 0.7%
	122,581	AMN Healthcare Services, Inc.(a)		6,956,472

		Hotels, Restaurants & Leisure – 3.8%
	411,549	BBX Capital Corp.		3,790,366
	661,715	Caesars Entertainment Corp.(a)		7,444,294
	52,285	Churchill Downs, Inc.		12,760,154
	17,148	Cracker Barrel Old Country Store, Inc.		2,729,962
	79,269	Marriott Vacations Worldwide Corp.		10,558,631

				37,283,407

		Household Durables – 0.5%
	61,399	Helen of Troy Ltd.(a)		5,341,713

		Household Products – 0.7%
	415,099	HRG Group, Inc.(a)		6,844,982

See accompanying notes to financial statements.

| 16

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Industrial Conglomerates – 0.7%
	188,386	Raven Industries, Inc.	$	6,602,929

		Insurance – 3.6%
	238,505	Employers Holdings, Inc.		9,647,528
	120,809	First American Financial Corp.		7,089,072
	127,922	ProAssurance Corp.		6,210,613
	64,717	Reinsurance Group of America, Inc.		9,966,418
	64,948	Stewart Information Services Corp.		2,853,815

				35,767,446

		Internet & Direct Marketing Retail – 0.3%
	107,509	Liberty Interactive Corp./QVC Group, Class A(a)		2,706,002

		Internet Software & Services – 1.3%
	154,223	CommerceHub, Inc., Series C(a)		3,468,475
	58,747	IAC/InterActiveCorp(a)		9,186,856

				12,655,331

		IT Services – 3.8%
	479,063	Conduent, Inc.(a)		8,929,734
	93,053	CSG Systems International, Inc.		4,214,371
	72,819	DST Systems, Inc.		6,091,309
	117,102	Euronet Worldwide, Inc.(a)		9,241,690
	54,566	WEX, Inc.(a)		8,546,127

				37,023,231

		Life Sciences Tools & Services – 0.4%
	83,215	Cambrex Corp.(a)		4,352,144

		Machinery – 5.9%
	51,326	Alamo Group, Inc.		5,640,727
	67,151	Albany International Corp., Class A		4,210,368
	96,052	Altra Industrial Motion Corp.		4,413,589
	199,235	Columbus McKinnon Corp.		7,140,583
	96,109	EnPro Industries, Inc.		7,436,915
	245,084	Evoqua Water Technologies Co.(a)		5,217,838
	93,199	John Bean Technologies Corp.		10,568,767
	43,516	RBC Bearings, Inc.(a)		5,404,687
	81,278	Standex International Corp.		7,749,857

				57,783,331

		Marine – 0.5%
	59,799	Kirby Corp.(a)		4,601,533

		Media – 3.1%
	128,493	Emerald Expositions Events, Inc.		2,503,044
	493,618	Entercom Communications Corp., Class A		4,763,414
	188,976	GCI Liberty, Inc., Class A(a)		9,989,271

See accompanying notes to financial statements.

17 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Media – continued
	528,510	Gray Television, Inc.(a)	$	6,712,077
	97,470	John Wiley & Sons, Inc., Class A		6,208,839

				30,176,645

		Metals & Mining – 0.4%
	507,316	Ferroglobe R&W Trust(a)(b)(c)(d)		—
	111,780	Haynes International, Inc.		4,148,156

				4,148,156

		Multi-Utilities – 0.7%
	134,804	NorthWestern Corp.		7,252,455

		Multiline Retail – 0.3%
	57,370	Big Lots, Inc.		2,497,316

		Oil, Gas & Consumable Fuels – 2.5%
	78,174	Arch Coal, Inc., Class A		7,182,627
	332,301	Gulfport Energy Corp.(a)		3,206,705
	540,026	QEP Resources, Inc.(a)		5,286,855
	908,666	SRC Energy, Inc.(a)		8,568,720

				24,244,907

		Pharmaceuticals – 1.3%
	171,718	Catalent, Inc.(a)		7,050,741
	182,636	Prestige Brands Holdings, Inc.(a)		6,158,486

				13,209,227

		Professional Services – 2.1%
	143,330	Insperity, Inc.		9,968,602
	201,536	Korn/Ferry International		10,397,242

				20,365,844

		REITs – Apartments – 0.5%
	123,273	American Campus Communities, Inc.		4,760,803

		REITs – Health Care – 0.3%
	168,558	Sabra Health Care REIT, Inc.		2,975,049

		REITs – Hotels – 0.4%
	197,797	Hersha Hospitality Trust		3,540,566

		REITs – Mortgage – 0.6%
	571,570	iStar, Inc.(a)		5,812,867

		REITs – Office Property – 0.6%
	190,298	JBG SMITH Properties		6,414,946

		REITs – Shopping Centers – 1.0%
	556,780	Retail Opportunity Investments Corp.		9,838,303

See accompanying notes to financial statements.

| 18

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		REITs – Single Tenant – 0.4%
	107,615	National Retail Properties, Inc.	$	4,224,965

		REITs – Storage – 0.9%
	312,934	CubeSmart		8,824,739

		REITs – Warehouse/Industrials – 1.1%
	115,794	CyrusOne, Inc.		5,929,811
	175,985	Rexford Industrial Realty, Inc.		5,066,608

				10,996,419

		Road & Rail – 1.6%
	90,297	Genesee & Wyoming, Inc., Class A(a)		6,392,125
	66,061	Old Dominion Freight Line, Inc.		9,708,985

				16,101,110

		Semiconductors & Semiconductor Equipment – 3.2%
	77,075	Advanced Energy Industries, Inc.(a)		4,925,092
	150,147	Mellanox Technologies Ltd.(a)		10,938,209
	132,532	Semtech Corp.(a)		5,175,375
	233,645	Teradyne, Inc.		10,679,913

				31,718,589

		Software – 1.6%
	98,604	CommVault Systems, Inc.(a)		5,640,149
	364,975	TiVo Corp.		4,945,411
	116,593	Verint Systems, Inc.(a)		4,966,862

				15,552,422

		Specialty Retail – 1.1%
	115,825	Camping World Holdings, Inc., Class A		3,735,356
	53,284	Genesco, Inc.(a)		2,163,330
	318,221	Sally Beauty Holdings, Inc.(a)		5,234,736

				11,133,422

		Technology Hardware, Storage & Peripherals – 0.3%
	143,486	Cray, Inc.(a)		2,970,160

		Thrifts & Mortgage Finance – 1.5%
	72,343	Federal Agricultural Mortgage Corp., Class C		6,295,288
	35,053	Meta Financial Group, Inc.		3,827,787
	172,521	OceanFirst Financial Corp.		4,614,937

				14,738,012


		Total Common Stocks (Identified Cost $643,093,231)		952,945,721

See accompanying notes to financial statements.

19 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued


Shares		Description	Value (†)

	Closed-End Investment Companies – 0.2%
	212,488	Hercules Capital, Inc. (Identified Cost $2,911,138)	$	2,571,105


	Principal Amount

	Short-Term Investments – 3.1%
$	30,149,321	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/29/2018 at 0.900% to be repurchased at $30,152,336 on 4/02/2018 collateralized by $30,270,000 U.S. Treasury Note, 2.750% due 11/15/2023 valued at $30,752,564 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $30,149,321)		30,149,321


		Total Investments – 100.2% (Identified Cost $676,153,690)		985,666,147

		Other assets less liabilities—(0.2)%		(2,393,810	)

		Net Assets – 100.0%	$	983,272,337


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.
	(b)	Illiquid security.
	(c)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At March 31, 2018, the value of these securities amounted to $0. See Note 2 of Notes to Financial Statements.
	(d)	Security subject to restrictions on resale. This security was acquired on November 29, 2016 at cost of $0. At March 31, 2018, the value of this security amounted to $0.

	REITs	Real Estate Investment Trusts

See accompanying notes to financial statements.

| 20

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Small Cap Value Fund – continued

Industry Summary at March 31, 2018 (Unaudited)


Banks	17.8	%
Machinery	5.9
Electronic Equipment, Instruments & Components	4.8
Hotels, Restaurants & Leisure	3.8
IT Services	3.8
Insurance	3.6
Commercial Services & Supplies	3.6
Chemicals	3.3
Semiconductors & Semiconductor Equipment	3.2
Media	3.1
Food Products	2.6
Oil, Gas & Consumable Fuels	2.5
Health Care Equipment & Supplies	2.4
Energy Equipment & Services	2.3
Professional Services	2.1
Other Investments, less than 2% each	32.3
Short-Term Investments	3.1

Total Investments	100.2
Other assets less liabilities	(0.2	)

Net Assets	100.0	%

See accompanying notes to financial statements.

21 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Small/Mid Cap Growth Fund


Shares		Description	Value (†)

	Common Stocks – 97.2% of Net Assets

		Aerospace & Defense – 4.9%
	2,389	BWX Technologies, Inc.	$	151,773
	3,902	HEICO Corp.		338,733
	3,968	Hexcel Corp.		256,293
	4,811	Mercury Systems, Inc.(a)		232,467

				979,266

		Air Freight & Logistics – 1.8%
	3,420	XPO Logistics, Inc.(a)		348,190

		Auto Components – 1.1%
	2,100	LCI Industries		218,715

		Banks – 4.3%
	4,934	Columbia Banking System, Inc.		206,981
	8,241	Home BancShares, Inc.		187,977
	2,740	UMB Financial Corp.		198,349
	4,456	Western Alliance Bancorp(a)		258,938

				852,245

		Biotechnology – 3.0%
	10,025	Amicus Therapeutics, Inc.(a)		150,776
	12,573	Ironwood Pharmaceuticals, Inc.(a)		194,001
	3,032	Neurocrine Biosciences, Inc.(a)		251,444

				596,221

		Capital Markets – 4.7%
	1,274	MarketAxess Holdings, Inc.		277,019
	1,675	MSCI, Inc.		250,362
	3,176	SEI Investments Co.		237,914
	2,785	Stifel Financial Corp.		164,955

				930,250

		Chemicals – 1.1%
	2,955	Ingevity Corp.(a)		217,754

		Commercial Services & Supplies – 3.6%
	5,613	Healthcare Services Group, Inc.		244,053
	4,829	KAR Auction Services, Inc.		261,732
	6,686	Ritchie Bros. Auctioneers, Inc.		210,408

				716,193

		Consumer Finance – 0.6%
	10,200	SLM Corp.(a)		114,342

		Diversified Consumer Services – 3.6%
	3,462	Bright Horizons Family Solutions, Inc.(a)		345,231
	3,433	Grand Canyon Education, Inc.(a)		360,190

				705,421

See accompanying notes to financial statements.

| 22

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Small/Mid Cap Growth Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Diversified Telecommunication Services – 1.2%
	5,529	Cogent Communications Holdings, Inc.	$	239,959

		Electrical Equipment – 1.1%
	4,937	Generac Holdings, Inc.(a)		226,658

		Electronic Equipment, Instruments & Components – 3.7%
	2,991	FLIR Systems, Inc.		149,580
	6,049	National Instruments Corp.		305,898
	508	Rogers Corp.(a)		60,726
	6,362	Trimble, Inc.(a)		228,269

				744,473

		Energy Equipment & Services – 1.5%
	3,417	Dril-Quip, Inc.(a)		153,082
	5,445	Oil States International, Inc.(a)		142,659

				295,741

		Food & Staples Retailing – 1.0%
	8,395	Sprouts Farmers Market, Inc.(a)		197,031

		Food Products – 1.0%
	5,037	Blue Buffalo Pet Products, Inc.(a)		200,523

		Health Care Equipment & Supplies – 6.6%
	590	ABIOMED, Inc.(a)		171,684
	1,192	Cantel Medical Corp.		132,801
	4,853	Merit Medical Systems, Inc.(a)		220,083
	2,426	Penumbra, Inc.(a)		280,567
	1,699	STERIS PLC		158,619
	1,707	West Pharmaceutical Services, Inc.		150,711
	9,650	Wright Medical Group NV(a)		191,456

				1,305,921

		Health Care Providers & Services – 3.1%
	5,338	HealthEquity, Inc.(a)		323,163
	1,488	WellCare Health Plans, Inc.(a)		288,121

				611,284

		Health Care Technology – 2.4%
	5,097	Cotiviti Holdings, Inc.(a)		175,541
	4,053	Veeva Systems, Inc., Class A(a)		295,950

				471,491

		Hotels, Restaurants & Leisure – 4.5%
	16,178	Arcos Dorados Holdings, Inc., Class A		148,029
	8,729	Planet Fitness, Inc., Class A(a)		329,694
	2,603	Texas Roadhouse, Inc.		150,402
	1,229	Vail Resorts, Inc.		272,469

				900,594

See accompanying notes to financial statements.

23 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Small/Mid Cap Growth Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Internet Software & Services – 2.7%
	5,196	GTT Communications, Inc.(a)	$	294,613
	3,065	j2 Global, Inc.		241,890

				536,503

		IT Services – 4.9%
	5,050	Black Knight, Inc.(a)		237,855
	2,350	Broadridge Financial Solutions, Inc.		257,772
	2,139	EPAM Systems, Inc.(a)		244,958
	1,916	Gartner, Inc.(a)		225,360

				965,945

		Life Sciences Tools & Services – 1.5%
	2,594	ICON PLC(a)		306,455

		Machinery – 7.2%
	5,010	Altra Industrial Motion Corp.		230,209
	8,325	Gardner Denver Holdings, Inc.(a)		255,411
	2,292	John Bean Technologies Corp.		259,913
	1,588	Middleby Corp. (The)(a)		196,579
	4,868	Sun Hydraulics Corp.		260,730
	1,761	WABCO Holdings, Inc.(a)		235,745

				1,438,587

		Media – 1.3%
	6,296	Live Nation Entertainment, Inc.(a)		265,313

		Oil, Gas & Consumable Fuels – 1.2%
	1,817	Diamondback Energy, Inc.(a)		229,887

		Professional Services – 3.4%
	1,061	CoStar Group, Inc.(a)		384,804
	5,207	TransUnion(a)		295,653

				680,457

		Real Estate Management & Development – 1.1%
	3,111	First Service Corp.		227,663

		Semiconductors & Semiconductor Equipment – 2.1%
	2,732	Advanced Energy Industries, Inc.(a)		174,575
	2,653	Silicon Laboratories, Inc.(a)		238,504

				413,079

		Software – 12.9%
	2,648	Blackbaud, Inc.		269,593
	7,645	Callidus Software, Inc.(a)		274,838
	3,708	Guidewire Software, Inc.(a)		299,718
	3,076	HubSpot, Inc.(a)		333,131
	3,648	Paylocity Holding Corp.(a)		186,887

See accompanying notes to financial statements.

| 24

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Small/Mid Cap Growth Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Software – continued
	4,341	PTC, Inc.(a)	$	338,641
	4,498	Talend S.A., ADR(a)		216,444
	950	Tyler Technologies, Inc.(a)		200,412
	1,103	Ultimate Software Group, Inc. (The)(a)		268,801
	3,481	Zendesk, Inc.(a)		166,635

				2,555,100

		Specialty Retail – 1.3%
	4,973	Floor & Decor Holdings, Inc., Class A(a)		259,193

		Textiles, Apparel & Luxury Goods – 1.8%
	1,554	Carter’s, Inc.		161,771
	2,512	Columbia Sportswear Co.		191,992

				353,763

		Trading Companies & Distributors – 1.0%
	10,604	BMC Stock Holdings, Inc.(a)		207,308


		Total Common Stocks (Identified Cost $15,298,223)		19,311,525


	Principal Amount

	Short-Term Investments – 3.0%
$	593,211	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/29/2018 at 0.900%, to be repurchased at $593,270 on 4/02/2018 collateralized by $600,000 U.S. Treasury Note, 2.750% due 11/15/2023 valued at $609,565 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $593,211)		593,211


		Total Investments – 100.2% (Identified Cost $15,891,434)		19,904,736
		Other assets less liabilities—(0.2)%		(47,319	)

		Net Assets – 100.0%	$	19,857,417


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Non-income producing security.

	ADR	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States.
	SLM	Sallie Mae

See accompanying notes to financial statements.

25 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Small/Mid Cap Growth Fund – continued

Industry Summary at March 31, 2018 (Unaudited)


Software	12.9	%
Machinery	7.2
Health Care Equipment & Supplies	6.6
Aerospace & Defense	4.9
IT Services	4.9
Capital Markets	4.7
Hotels, Restaurants & Leisure	4.5
Banks	4.3
Electronic Equipment, Instruments & Components	3.7
Commercial Services & Supplies	3.6
Diversified Consumer Services	3.6
Professional Services	3.4
Health Care Providers & Services	3.1
Biotechnology	3.0
Internet Software & Services	2.7
Health Care Technology	2.4
Semiconductors & Semiconductor Equipment	2.1
Other Investments, less than 2% each	19.6
Short-Term Investments	3.0

Total Investments	100.2
Other assets less liabilities	(0.2	)

Net Assets	100.0	%

See accompanying notes to financial statements.

| 26

Statements of Assets and Liabilities

March 31, 2018 (Unaudited)


	Small Cap Growth Fund			Small Cap Value Fund			Small/Mid Cap Growth Fund
ASSETS
Investments at cost	$	903,831,329		$	676,153,690		$	15,891,434
Net unrealized appreciation		388,424,261			309,512,457			4,013,302

Investments at value		1,292,255,590			985,666,147			19,904,736
Cash		55,317			126,678			759
Receivable for Fund shares sold		1,187,841			1,139,792			17,578
Receivable for securities sold		5,327,889			2,381,156			330,477
Dividends and interest receivable		172,439			692,412			7,385
Prepaid expenses (Note 7)		131			130			1

TOTAL ASSETS		1,298,999,207			990,006,315			20,260,936

LIABILITIES
Payable for securities purchased		14,683,305			4,843,866			350,140
Payable for Fund shares redeemed		460,506			951,956			—
Management fees payable (Note 5)		828,633			618,167			6,229
Deferred Trustees’ fees (Note 5)		149,291			212,874			17,170
Administrative fees payable (Note 5)		49,399			37,957			773
Payable to distributor (Note 5d)		12,203			10,220			4
Other accounts payable and accrued expenses		61,300			58,938			29,203

TOTAL LIABILITIES		16,244,637			6,733,978			403,519

NET ASSETS	$	1,282,754,570		$	983,272,337		$	19,857,417

NET ASSETS CONSIST OF:
Paid-in capital	$	861,545,858		$	616,851,524		$	15,303,815
Accumulated net investment loss/Distributions in excess of net investment income		(8,406,958	)		(18,439	)		(91,981	)
Accumulated net realized gain on investments		41,191,409			56,926,795			632,281
Net unrealized appreciation on investments		388,424,261			309,512,457			4,013,302

NET ASSETS	$	1,282,754,570		$	983,272,337		$	19,857,417


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Institutional Class:
Net assets	$	780,760,502		$	584,940,734		$	19,857,417

Shares of beneficial interest		29,336,696			17,496,912			1,463,128

Net asset value, offering and redemption price per share	$	26.61		$	33.43		$	13.57

Retail Class:
Net assets	$	110,372,430		$	225,247,368		$	—

Shares of beneficial interest		4,491,936			6,847,492			—

Net asset value, offering and redemption price per share	$	24.57		$	32.89		$	—

Admin Class shares:
Net assets	$	—		$	26,263,184		$	—

Shares of beneficial interest		—			831,339			—

Net asset value, offering and redemption price per share	$	—		$	31.59		$	—

Class N shares:
Net assets	$	391,621,638		$	146,821,051		$	—

Shares of beneficial interest		14,627,039			4,389,115			—

Net asset value, offering and redemption price per share	$	26.77		$	33.45		$	—

See accompanying notes to financial statements.

27 |

Statements of Operations

For the Six Months Ended March 31, 2018 (Unaudited)


	Small Cap Growth Fund			Small Cap Value Fund			Small/Mid Cap Growth Fund
INVESTMENT INCOME
Dividends	$	2,647,714		$	6,403,521		$	45,094
Interest		116,467			40,499			2,048
Less net foreign taxes withheld		—			(21,023	)		(390	)

		2,764,181			6,422,997			46,752

Expenses
Management fees (Note 5)		4,720,320			3,940,366			67,946
Service and distribution fees (Note 5)		136,486			374,949			—
Administrative fees (Note 5)		278,802			232,727			4,013
Trustees’ fees and expenses (Note 5)		32,216			32,981			8,681
Transfer agent fees and expenses (Notes 5 and 6)		564,383			419,585			598
Audit and tax services fees		18,158			18,670			18,303
Custodian fees and expenses		19,858			15,832			2,538
Legal fees		10,900			9,310			149
Registration fees		56,327			64,113			10,168
Shareholder reporting expenses		48,551			63,477			1,736
Miscellaneous expenses (Note 7)		22,119			21,739			4,773

Total expenses		5,908,120			5,193,749			118,905
Less waiver and/or expense reimbursement (Note 5)		—			(133,863	)		(41,899	)

Net expenses		5,908,120			5,059,886			77,006

Net investment income (loss)		(3,143,939	)		1,363,111			(30,254	)


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on:
Investments		52,690,019			70,231,724			1,044,486
Net change in unrealized appreciation (depreciation) on:
Investments		63,835,303			(62,941,819	)		597,281

Net realized and unrealized gain on investments		116,525,322			7,289,905			1,641,767


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	113,381,383		$	8,653,016		$	1,611,513

See accompanying notes to financial statements.

| 28

Statements of Changes in Net Assets


	Small Cap Growth Fund						Small Cap Value Fund
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
FROM OPERATIONS:
Net investment income (loss)	$	(3,143,939	)	$	(5,572,322	)	$	1,363,111		$	3,245,976
Net realized gain on investments		52,690,019			135,932,255			70,231,724			115,058,075
Net change in unrealized appreciation (depreciation) on investments		63,835,303			112,076,460			(62,941,819	)		73,375,443

Net increase in net assets resulting from operations		113,381,383			242,436,393			8,653,016			191,679,494

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Institutional Class		—			—			(871,983	)		(2,669,796	)
Retail Class		—			—			—			(383,151	)
Class N		—			—			(299,261	)		(394,109	)
Net realized capital gains
Institutional Class		(93,157,470	)		—			(72,854,281	)		(52,752,875	)
Retail Class		(13,096,336	)		—			(27,201,028	)		(20,871,880	)
Admin Class		—			—			(3,453,473	)		(3,598,566	)
Class N		(35,428,773	)		—			(16,171,099	)		(6,619,873	)

Total distributions		(141,682,579	)		—			(120,851,125	)		(87,290,250	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 10)		100,056,963			(159,223,554	)		12,140,932			(55,801,811	)

Net increase (decrease) in net assets		71,755,767			83,212,839			(100,057,177	)		48,587,433
NET ASSETS
Beginning of the period		1,210,998,803			1,127,785,964			1,083,329,514			1,034,742,081

End of the period	$	1,282,754,570		$	1,210,998,803		$	983,272,337		$	1,083,329,514

ACCUMULATED NET INVESTMENT LOSS/DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME	$	(8,406,958	)	$	(5,263,019	)	$	(18,439	)	$	(210,306	)

See accompanying notes to financial statements.

29 |

Statements of Changes in Net Assets – continued


	Small/Mid Cap Growth Fund
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
FROM OPERATIONS:
Net investment income (loss)	$	(30,254	)	$	1,597
Net realized gain on investments		1,044,486			678,497
Net change in unrealized appreciation (depreciation) on investments		597,281			2,355,415

Net increase in net assets resulting from operations		1,611,513			3,035,509

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Institutional Class		—			(22,881	)

Total distributions		—			(22,881	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 10)		3,653,715			(394,862	)

Net increase in net assets		5,265,228			2,617,766
NET ASSETS
Beginning of the period		14,592,189			11,974,423

End of the period	$	19,857,417		$	14,592,189

ACCUMULATED NET INVESTMENT LOSS/DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME	$	(91,981	)	$	(61,727	)

See accompanying notes to financial statements.

| 30

Financial Highlights

For a share outstanding throughout each period.


	Small Cap Growth Fund—Institutional Class
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	27.37		$	22.03		$	22.22		$	24.27		$	26.35		$	19.17

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.07	)		(0.12	)		(0.09	)		(0.14	)		(0.16	)(b)		(0.15	)(c)
Net realized and unrealized gain (loss)		2.51			5.46			1.59			1.63			(0.09	)		7.33

Total from Investment Operations		2.44			5.34			1.50			1.49			(0.25	)		7.18

LESS DISTRIBUTIONS FROM:
Net investment income		—			—			—			—			—			—
Net realized capital gains		(3.20	)		—			(1.69	)		(3.54	)		(1.83	)		—

Total Distributions		(3.20	)		—			(1.69	)		(3.54	)		(1.83	)		—

Net asset value, end of the period	$	26.61		$	27.37		$	22.03		$	22.22		$	24.27		$	26.35

Total return		9.45	%(d)		24.24	%		6.92	%		5.78	%		(1.31	)%(b)		37.45	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	780,761		$	824,103		$	812,383		$	800,883		$	852,131		$	914,000
Net expenses		0.95	%(e)		0.95	%		0.95	%		0.94	%		0.94	%		0.94	%
Gross expenses		0.95	%(e)		0.95	%		0.95	%		0.94	%		0.94	%		0.94	%
Net investment loss		(0.52	)%(e)		(0.49	)%		(0.41	)%		(0.57	)%		(0.63	)%(b)		(0.70	)%(c)
Portfolio turnover rate		18	%		45	%		56	%		78	%		63	%		56	%

(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)	Periods less than one year are not annualized.

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

See accompanying notes to financial statements.

31 |

Financial Highlights – continued

For a share outstanding throughout each period.


	Small Cap Growth Fund—Retail Class
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	25.53		$	20.61		$	20.93		$	23.10		$	25.23		$	18.41

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.10	)		(0.16	)		(0.13	)		(0.19	)		(0.22	)(b)		(0.20	)(c)
Net realized and unrealized gain (loss)		2.34			5.08			1.50			1.56			(0.08	)		7.02

Total from Investment Operations		2.24			4.92			1.37			1.37			(0.30	)		6.82

LESS DISTRIBUTIONS FROM:
Net investment income		—			—			—			—			—			—
Net realized capital gains		(3.20	)		—			(1.69	)		(3.54	)		(1.83	)		—

Total Distributions		(3.20	)		—			(1.69	)		(3.54	)		(1.83	)		—

Net asset value, end of the period	$	24.57		$	25.53		$	20.61		$	20.93		$	23.10		$	25.23

Total return		9.34	%(d)		23.93	%		6.61	%		5.58	%		(1.58	)%(b)		37.05	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	110,372		$	107,387		$	118,670		$	162,906		$	175,393		$	211,724
Net expenses		1.20	%(e)		1.20	%		1.20	%		1.19	%		1.21	%		1.25	%(f)
Gross expenses		1.20	%(e)		1.20	%		1.20	%		1.19	%		1.21	%		1.25	%(f)
Net investment loss		(0.76	)%(e)		(0.73	)%		(0.66	)%		(0.82	)%		(0.90	)%(b)		(0.99	)%(c)
Portfolio turnover rate		18	%		45	%		56	%		78	%		63	%		56	%

(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)	Periods less than one year are not annualized.

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

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

See accompanying notes to financial statements.

| 32

Financial Highlights – continued

For a share outstanding throughout each period.


	Small Cap Growth Fund—Class N
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Period Ended September 30, 2013*
Net asset value, beginning of the period	$	27.50		$	22.11		$	22.27		$	24.29		$	26.36		$	20.22

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(a)		(0.05	)		(0.09	)		(0.06	)		(0.12	)		(0.14	)(b)		(0.11	)
Net realized and unrealized gain (loss)		2.52			5.48			1.59			1.64			(0.10	)		6.25

Total from Investment Operations		2.47			5.39			1.53			1.52			(0.24	)		6.14

LESS DISTRIBUTIONS FROM:
Net investment income		—			—			—			—			—			—
Net realized capital gains		(3.20	)		—			(1.69	)		(3.54	)		(1.83	)		—

Total Distributions		(3.20	)		—			(1.69	)		(3.54	)		(1.83	)		—

Net asset value, end of the period	$	26.77		$	27.50		$	22.11		$	22.27		$	24.29		$	26.36

Total return		9.52	%(c)		24.38	%		7.05	%		5.92	%		(1.27	)%(b)		30.37	%(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	391,622		$	279,508		$	196,733		$	162,591		$	15,080		$	7,580
Net expenses		0.83	%(d)		0.82	%		0.83	%		0.83	%		0.83	%		0.83	%(d)
Gross expenses		0.83	%(d)		0.82	%		0.83	%		0.83	%		0.83	%		0.83	%(d)
Net investment loss		(0.36	)%(d)		(0.39	)%		(0.29	)%		(0.51	)%		(0.53	)%(b)		(0.63	)%(d)
Portfolio turnover rate		18	%		45	%		56	%		78	%		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.

33 |

Financial Highlights – continued

For a share outstanding throughout each period.


	Small Cap Value Fund—Institutional Class
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	37.37		$	33.78		$	32.19		$	36.40		$	37.42		$	29.14

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.06			0.13			0.17			0.27			0.20			0.20
Net realized and unrealized gain (loss)		0.30			6.36			4.82			0.49			2.18			8.41

Total from Investment Operations		0.36			6.49			4.99			0.76			2.38			8.61

LESS DISTRIBUTIONS FROM:
Net investment income		(0.05	)		(0.14	)		(0.22	)		(0.22	)		(0.10	)		(0.30	)
Net realized capital gains		(4.25	)		(2.76	)		(3.18	)		(4.75	)		(3.30	)		(0.03	)

Total Distributions		(4.30	)		(2.90	)		(3.40	)		(4.97	)		(3.40	)		(0.33	)

Net asset value, end of the period	$	33.43		$	37.37		$	33.78		$	32.19		$	36.40		$	37.42

Total return(b)		0.67	%(c)		19.68	%		16.75	%		1.20	%		6.17	%		29.82	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	584,941		$	665,229		$	654,501		$	666,107		$	730,901		$	733,512
Net expenses(d)		0.90	%(e)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Gross expenses		0.93	%(e)		0.93	%		0.93	%		0.92	%		0.91	%		0.91	%
Net investment income		0.32	%(e)		0.37	%		0.52	%		0.75	%		0.53	%		0.61	%
Portfolio turnover rate		8	%		25	%		22	%		22	%		23	%		22	%

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

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

(c)	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.

| 34

Financial Highlights – continued

For a share outstanding throughout each period.


	Small Cap Value Fund—Retail Class
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	36.83		$	33.33		$	31.78		$	35.98		$	37.03		$	28.84

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.01			0.04			0.08			0.18			0.10			0.12
Net realized and unrealized gain (loss)		0.30			6.27			4.77			0.48			2.16			8.32

Total from Investment Operations		0.31			6.31			4.85			0.66			2.26			8.44

LESS DISTRIBUTIONS FROM:
Net investment income		—			(0.05	)		(0.12	)		(0.11	)		(0.01	)		(0.22	)
Net realized capital gains		(4.25	)		(2.76	)		(3.18	)		(4.75	)		(3.30	)		(0.03	)

Total Distributions		(4.25	)		(2.81	)		(3.30	)		(4.86	)		(3.31	)		(0.25	)

Net asset value, end of the period	$	32.89		$	36.83		$	33.33		$	31.78		$	35.98		$	37.03

Total return(b)		0.53	%(c)		19.38	%		16.47	%		0.94	%		5.90	%		29.48	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	225,247		$	251,405		$	267,936		$	306,360		$	358,698		$	403,475
Net expenses(d)		1.15	%(e)		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Gross expenses		1.18	%(e)		1.18	%		1.18	%		1.17	%		1.20	%		1.22	%
Net investment income		0.07	%(e)		0.12	%		0.27	%		0.50	%		0.28	%		0.37	%
Portfolio turnover rate		8	%		25	%		22	%		22	%		23	%		22	%

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

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

(c)	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.

35 |

Financial Highlights – continued

For a share outstanding throughout each period.


	Small Cap Value Fund—Admin Class
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	35.58		$	32.31		$	30.88		$	35.06		$	36.24		$	28.22

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		(0.03	)		(0.04	)		0.01			0.09			0.01			0.04
Net realized and unrealized gain (loss)		0.29			6.07			4.62			0.48			2.11			8.15

Total from Investment Operations		0.26			6.03			4.63			0.57			2.12			8.19

LESS DISTRIBUTIONS FROM:
Net investment income		—			—			(0.02	)		(0.00	)(b)		—			(0.14	)
Net realized capital gains		(4.25	)		(2.76	)		(3.18	)		(4.75	)		(3.30	)		(0.03	)

Total Distributions		(4.25	)		(2.76	)		(3.20	)		(4.75	)		(3.30	)		(0.17	)

Net asset value, end of the period	$	31.59		$	35.58		$	32.31		$	30.88		$	35.06		$	36.24

Total return(c)		0.41	%(d)		19.10	%		16.19	%		0.71	%		5.63	%		29.17	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	26,263		$	30,533		$	43,973		$	45,762		$	61,791		$	74,892
Net expenses(e)		1.40	%(f)		1.40	%		1.39	%(g)		1.38	%(h)		1.40	%		1.40	%
Gross expenses		1.43	%(f)		1.43	%		1.42	%(g)		1.40	%(h)		1.51	%		1.52	%
Net investment income (loss)		(0.18	)%(f)		(0.11	)%		0.03	%		0.28	%		0.02	%		0.11	%
Portfolio turnover rate		8	%		25	%		22	%		22	%		23	%		22	%

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

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

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

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

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

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

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

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

See accompanying notes to financial statements.

| 36

Financial Highlights – continued

For a share outstanding throughout each period.


	Small Cap Value Fund—Class N
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Period Ended September 30, 2013*
Net asset value, beginning of the period	$	37.41		$	33.81		$	32.22		$	36.44		$	37.44		$	32.08

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.07			0.15			0.19			0.27			0.23			0.06
Net realized and unrealized gain (loss)		0.30			6.37			4.83			0.50			2.18			5.30

Total from Investment Operations		0.37			6.52			5.02			0.77			2.41			5.36

LESS DISTRIBUTIONS FROM:
Net investment income		(0.08	)		(0.16	)		(0.25	)		(0.24	)		(0.11	)		—
Net realized capital gains		(4.25	)		(2.76	)		(3.18	)		(4.75	)		(3.30	)		—

Total Distributions		(4.33	)		(2.92	)		(3.43	)		(4.99	)		(3.41	)		—

Net asset value, end of the period	$	33.45		$	37.41		$	33.81		$	32.22		$	36.44		$	37.44

Total return		0.69	%(b)		19.78	%		16.84	%		1.25	%		6.25	%(c)		16.71	%(b)(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	146,821		$	136,162		$	68,332		$	38,555		$	2,568		$	1
Net expenses		0.84	%(d)		0.83	%		0.83	%		0.83	%(e)		0.85	%(f)		0.85	%(d)(f)
Gross expenses		0.84	%(d)		0.83	%		0.83	%		0.83	%(e)		0.89	%		14.45	%(d)
Net investment income		0.39	%(d)		0.44	%		0.61	%		0.76	%		0.60	%		0.27	%(d)
Portfolio turnover rate		8	%		25	%		22	%		22	%		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)	Periods less than one year are not annualized.

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

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

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

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

See accompanying notes to financial statements.

37 |

Financial Highlights – continued

For a share outstanding throughout each period.


	Small/Mid Cap Growth Fund—Institutional Class
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Period Ended September 30, 2015*
Net asset value, beginning of the period	$	12.31		$	9.73		$	9.05		$	10.00

Income (loss) from Investment Operations:
Net investment income (loss)(a)		(0.02	)		0.00	(b)		(0.02	)		(0.01	)
Net realized and unrealized gain (loss)		1.28			2.60			0.70			(0.94	)

Total from Investment Operations		1.26			2.60			0.68			(0.95	)

Less Distributions From:
Net investment income		—			(0.02	)		—			—

Total Distributions		—			(0.02	)		—			—

Net asset value, end of the period	$	13.57		$	12.31		$	9.73		$	9.05

Total return(c)		10.24	%(d)		26.74	%		7.51	%		(9.50	)%(d)
Ratios to Average Net Assets:
Net assets, end of the period (000’s)	$	19,857		$	14,592		$	11,974		$	9,242
Net expenses(e)		0.85	%(f)		0.85	%		0.85	%		0.85	%(f)
Gross expenses		1.31	%(f)		1.57	%		1.75	%		2.65	%(f)
Net investment income (loss)		(0.33	)%(f)		0.01	%		(0.22	)%		(0.53	)%(f)
Portfolio turnover rate		20	%		49	%		53	%		14	%

*	From commencement of operations on June 30, 2015 through September 30, 2015.

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

(b)	Amount rounds to less than $0.01.

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

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

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

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

See accompanying notes to financial statements.

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Notes to Financial Statements

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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”)

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

Each Fund is a diversified investment company.

Small Cap Growth Fund and Small Cap Value Fund were closed to new investors effective September 14, 2012 and September 15, 2008, respectively. Small Cap Growth Fund continues to offer Institutional Class, Retail Class and Class N shares to existing investors. Effective November 27, 2017, Small Cap Value Fund re-opened to new investors. Small Cap Value Fund offers Institutional Class, Retail Class, Admin Class and Class N shares. Small/Mid Cap Growth Fund offers Institutional Class shares.

Each share class is sold without a sales charge. Retail Class and Admin Class shares pay a Rule 12b-1 fee. Class N shares are offered with an initial minimum investment of $1,000,000. Institutional Class shares are intended for institutional investors with a minimum initial investment of $100,000 for Small Cap Growth Fund and Small Cap Value Fund and $1,000,000 for Small/Mid Cap Growth Fund. Certain categories of investors are exempted from the minimum investment amount for Class N and Institutional Class as outlined in the relevant Fund’s prospectus. Admin Class shares are offered exclusively through intermediaries.

Most expenses can be directly attributed to a Fund. Expenses which cannot be directly attributed to a Fund are generally apportioned based on the relative net assets of each of the funds in Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV and Gateway Trust (“Natixis Funds Trusts”), Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”), and Natixis ETF Trust. Expenses of a Fund are borne pro rata by the holders of each class of shares, except that each class bears expenses unique to that class (such as the Rule 12b-1 fees applicable to Retail Class and Admin Class), and transfer agent fees are borne collectively for Institutional Class, Retail Class and Admin Class, and individually for Class N. In addition, each class votes as a class only with respect to its own 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.

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Listed equity securities (including shares of 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 as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (“NOCP”), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. Unlisted equity securities (except unlisted preferred equity securities) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available. In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used. Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the 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.

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Notes to Financial Statements – continued

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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.

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, if applicable. Distributions received from investments in securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments or as a realized gain, respectively. The 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

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difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains 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.

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, 2018 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior three fiscal years, where applicable, remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

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Notes to Financial Statements – continued

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Fund. Such amounts, if applicable, are reflected as foreign tax rebates receivable on the Statements of Assets and Liabilities and are recorded as a realized gain when received.

e. Dividends and Distributions to Shareholders. Dividends and distributions are recorded on ex-dividend date. The timing and characterization of certain income and capital gain distributions are determined in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. Permanent differences are primarily due to differing treatments for book and tax purposes of items such as return of capital distributions received, distributions in excess of income and/or capital gain, distribution re-designations, and net operating losses. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital accounts reported on the Statements of Assets and Liabilities. Temporary differences between book and tax distributable earnings are primarily due to return of capital distributions received, deferred Trustees’ fees and wash sales. Amounts of income and capital gain available to be distributed on a tax basis are determined annually, and at other times during the Funds’ fiscal year as may be necessary to avoid knowingly declaring and paying a return of capital distribution. Distributions from net investment income and 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, 2017 was as follows:


	2017 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
Small Cap Growth Fund	$	—	$	—	$	—
Small Cap Value Fund		3,961,114		83,329,136		87,290,250
Small/Mid Cap Growth Fund		22,881		—		22,881

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, 2017, capital loss carryforwards and late-year ordinary and post-October capital loss deferrals were as follows:


	Small Cap Growth Fund			Small Cap Value Fund			Small/Mid Cap Growth Fund
Capital loss carryforward:
Short-term:
No expiration date	$	—		$	—		$	(407,754	)

Late-year ordinary and post-October capital loss deferrals*	$	(5,115,753	)	$	(1,516,032	)	$	(45,842	)

*	Under current tax law, net operating losses, capital losses, foreign currency losses, and losses on passive foreign investment companies and contingent payment debt instruments after October 31 or December 31, as

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applicable, may be deferred and treated as occurring on the first day of the following taxable year. Small Cap Growth Fund and Small/Mid Cap Growth Fund are deferring net operating losses. Small Cap Value Fund is deferring capital losses.

As of March 31, 2018, the cost of investments and unrealized appreciation (depreciation) on a federal tax basis were as follows:


	Small Cap Growth Fund			Small Cap Value Fund			Small/Mid Cap Growth Fund
Federal tax cost	$	903,831,329		$	676,153,690		$	15,891,434

Gross tax appreciation	$	402,253,657		$	342,033,026		$	4,254,012
Gross tax depreciation		(13,829,396	)		(32,520,569	)		(240,710	)

Net tax appreciation	$	388,424,261		$	309,512,457		$	4,013,302

Amounts exclude certain adjustments that will be made at the end of the Fund’s fiscal year for tax purposes. Such adjustments are primarily due to wash sales.

f. Repurchase Agreements. Each Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which each Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is each Fund’s policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements 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, 2018, each Fund, as applicable, had investments in repurchase agreements for which the value of the related collateral exceeded the value of the repurchase agreement. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes.

g. Securities Lending. The Funds have entered into an agreement with State Street Bank and Trust Company (“State Street Bank”), as agent of the Funds, to lend securities to certain designated borrowers. The loans are collateralized with cash or securities in an amount equal to at least 105% or 102% of the market value (including accrued interest) of the loaned international or domestic securities, respectively, when the loan is initiated. Thereafter, the value of the collateral must remain at least 102% of the market value (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

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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, 2018, none of the Funds had loaned securities under this agreement.

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

•

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.

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Notes to Financial Statements – continued

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The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2018, at value:

Small Cap Growth Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	1,242,669,038	$	—	$	—	$	1,242,669,038
Short-Term Investments		—		49,586,552		—		49,586,552

Total	$	1,242,669,038	$	49,586,552	$	—	$	1,292,255,590

(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, 2018, 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)	$	952,945,721	$	—	$	—	$	952,945,721
Closed-End Investment Companies		2,571,105		—		—		2,571,105
Short-Term Investments		—		30,149,321		—		30,149,321

Total	$	955,516,826	$	30,149,321	$	—	$	985,666,147

(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, 2018, there were no transfers among Levels 1, 2 and 3.

Small/Mid Cap Growth Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	19,311,525	$	—	$	—	$	19,311,525
Short-Term Investments		—		593,211		—		593,211

Total	$	19,311,525	$	593,211	$	—	$	19,904,736

(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, 2018, there were no transfers among Levels 1, 2 and 3.

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4. Purchases and Sales of Securities. For the six months ended March 31, 2018, purchases and sales of securities (excluding short-term investments) were as follows:


Fund	Purchases		Sales
Small Cap Growth Fund	$	219,083,317	$	259,114,744
Small Cap Value Fund		82,376,399		204,625,771
Small/Mid Cap Growth Fund		6,973,665		3,469,074

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%
Small/Mid Cap Growth Fund		0.75%

Loomis Sayles has given binding undertakings to the Funds to waive management fees and/or reimburse certain expenses to limit the Funds’ operating expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes, organizational and extraordinary expenses such as litigation and indemnification expenses. These undertakings are in effect until January 31, 2019, may be terminated before then only with the consent of the Funds’ Board of Trustees and are reevaluated on an annual basis. Management fees payable, as reflected on the Statements of Assets and Liabilities, is net of waivers and/or expense reimbursements, if any, pursuant to these undertakings. Waivers/ reimbursements that exceed management fees payable are reflected on the Statements of Assets and Liabilities as receivable from investment adviser.

For the six months ended March 31, 2018, the expense limits as a percentage of average daily net assets under the expense limitation agreements were as follows:


	Expense Limit as a Percentage of Average Daily Net Assets
Fund	Institutional Class	Retail Class	Admin Class	Class N
Small Cap Growth Fund	1.00%	1.25%	—	0.95%
Small Cap Value Fund	0.90%	1.15%	1.40%	0.85%
Small/Mid Cap Growth Fund	0.85%	—	—	—

Loomis Sayles shall be permitted to recover expenses it has borne under the expense limitation agreements (whether through waiver of its management fees or otherwise) on a class by class basis in later periods to the extent the annual operating expenses of a class fall below a class’ expense limits, provided, however, that a class is not obligated to pay such

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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, 2018, the management fees for each Fund were as follows:


	Gross Management Fees		Contractual Waivers of Management Fees¹		Net Management Fees		Percentage of Average Daily Net Assets
Fund	Gross Management Fees		Contractual Waivers of Management Fees¹		Net Management Fees		Gross		Net
Small Cap Growth Fund	$	4,720,320	$	—	$	4,720,320		0.75%		0.75%
Small Cap Value Fund		3,940,366		—		3,940,366		0.75%		0.75%
Small/Mid Cap Growth Fund		67,946		41,899		26,047		0.75%		0.29%

For the six months ended March 31, 2018, class-specific expenses have been reimbursed as follows:


	Reimbursement¹
Fund	Institutional Class		Retail Class		Admin Class		Class N		Total
Small Cap Value Fund	$	93,797	$	35,672	$	4,394	$	—	$	133,863

¹ Waivers/expense reimbursements are subject to possible recovery until September 30, 2019.

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

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”).

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

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

For the six months ended March 31, 2018, 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	$	—	$	136,486	$	—
Small Cap Value Fund		37,034		300,881		37,034

For the six months ended March 31, 2018, the administrative fees for each Fund were as follows:


Fund	Administrative Fees
Small Cap Growth Fund	$	278,802
Small Cap Value Fund		232,727
Small/Mid Cap Growth Fund		4,013

d. Sub-Transfer Agent Fees. Natixis Distribution has entered into agreements, which include servicing agreements, with financial intermediaries that provide recordkeeping,

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

For the six months ended March 31, 2018, 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	$	554,906
Small Cap Value Fund		404,897
Small/Mid Cap Growth Fund		144


Fund	Reimbursements of Sub-Transfer Agent Fees
Small Cap Growth Fund	$	12,203
Small Cap Value Fund		10,220
Small/Mid Cap Growth Fund		4

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 Natixis Advisors, Natixis Distribution, Natixis or their affiliates. The Chairperson of the Board of Trustees receives a retainer fee at the annual rate of $340,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that he attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $170,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or

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she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, the chairperson of the Contract Review Committee and the chairperson of the Audit Committee each receive an additional retainer fee at the annual rate of $20,000. The chairperson of the Governance Committee receives an additional retainer fee at the annual rate of $12,000. Each Contract Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Funds until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts, on the normal payment dates, in certain funds of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust as designated by the participating Trustees. Changes in the value of participants’ deferral accounts are allocated pro rata among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust, 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, 2018, Natixis and affiliates, Loomis Sayles Funded Pension Plan and Trust (“Pension Plan”) and Loomis Sayles Employees’ Profit Sharing Retirement Plan (“Retirement Plan”) held shares of the Funds representing the following percentages of the Funds’ net assets:


Fund	Pension Plan		Retirement Plan		Natixis		Total Affiliated Ownership
Small Cap Growth Fund		0.25%		1.55%		—		1.80%
Small Cap Value Fund		0.31%		3.04%		—		3.35%
Small/Mid Cap Growth Fund		—		14.97%		55.25%		70.22%

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

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6. Class-Specific Transfer Agent Fees and Expenses. Transfer agent fees and expenses attributable to Institutional Class, Retail Class and Admin Class are allocated on 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.

For the six months ended March 31, 2018, 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	$	497,099	$	66,764	$	—	$	520
Small Cap Value Fund		293,930		111,623		13,742		290
Small/Mid Cap Growth Fund		598		—		—		—

7. Line of Credit. Each Fund, together with certain other funds of Natixis Funds Trusts and Loomis Sayles Funds Trusts, entered into a 364-day, $400,000,000 syndicated, committed, unsecured line of credit with Citibank, N.A. to be used for temporary or emergency purposes only. Any one Fund may borrow up to the full $400,000,000 under the line of credit (as long as all borrowings by all Funds in the aggregate do not exceed the $400,000,000 limit at any time), subject to each Fund’s investment restrictions and its contractual obligations under the line of credit. Interest is charged to the Funds at a rate equal to the greater of the eurodollar or the federal funds rate plus 1.00%. In addition, a commitment fee of 0.15% per annum, payable on the last business day of each month, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit. The Funds paid an arrangement fee, an upfront fee, and other fees in connection with the new line of credit agreement, which are being amortized over a period of 364 days and are reflected as miscellaneous expenses on the Statements of Operations. The unamortized balance is reflected as prepaid expenses on the Statements of Assets and Liabilities.

For the six months ended March 31, 2018, none of the Funds had borrowings under this agreement.

| 52

Notes to Financial Statements – continued

March 31, 2018 (Unaudited)

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, 2018, amounts rebated under these agreements were as follows:


Fund	Rebates
Small Cap Growth Fund	$	16,641
Small Cap Value Fund		17,330
Small/Mid Cap Growth Fund		216

Effective March 9, 2018, the brokerage commission recapture program was terminated.

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, 2018, based on management’s evaluation of the shareholder account base, the Funds had accounts representing controlling ownership of more than 5% of the Fund’s total outstanding shares. The number of such accounts, based on accounts that represent more than 5% of an individual class of shares, and the aggregate percentage of net assets represented by such holdings were as follows:


Fund	Number of 5% Non- Affiliated Account Holders		Percentage of Non- Affiliated Ownership		Percentage of Affiliated Ownership (Note 5f)		Total Percentage of Ownership
Small Cap Growth Fund		2		34.87%		—		34.87%
Small Cap Value Fund		2		18.67%		—		18.67%
Small/Mid Cap Growth Fund		—		—		70.22%		70.22%

53 |

Notes to Financial Statements – continued

March 31, 2018 (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, 2018						Year Ended September 30, 2017
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		2,250,951		$	60,860,326			4,034,738		$	97,151,691
Issued in connection with the reinvestment of distributions		3,526,960			89,866,953			—			—
Redeemed		(6,554,124	)		(175,016,242	)		(10,793,297	)		(256,866,078	)

Net change		(776,213	)	$	(24,288,963	)		(6,758,559	)	$	(159,714,387	)

Retail Class
Issued from the sale of shares		524,794		$	13,262,209			692,134		$	15,704,343
Issued in connection with the reinvestment of distributions		555,428			13,074,766			—			—
Redeemed		(794,448	)		(19,979,869	)		(2,244,929	)		(49,573,803	)

Net change		285,774		$	6,357,106			(1,552,795	)	$	(33,869,460	)

Class N
Issued from the sale of shares		3,769,019		$	101,262,479			3,855,688		$	94,799,081
Issued in connection with the reinvestment of distributions		1,378,059			35,305,861			—			—
Redeemed		(684,452	)		(18,579,520	)		(2,588,567	)		(60,438,788	)

Net change		4,462,626		$	117,988,820			1,267,121		$	34,360,293

Increase (decrease) from capital share transactions		3,972,187		$	100,056,963			(7,044,233	)	$	(159,223,554	)


	Small Cap Value Fund
	Six Months Ended March 31, 2018						Year Ended September 30, 2017
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		1,552,717		$	54,666,987			3,564,958		$	126,242,963
Issued in connection with the reinvestment of distributions		2,049,039			70,363,994			1,505,162			53,252,622
Redeemed		(3,905,591	)		(137,618,447	)		(6,645,676	)		(233,677,752	)

Net change		(303,835	)	$	(12,587,466	)		(1,575,556	)	$	(54,182,167	)

| 54

Notes to Financial Statements – continued

March 31, 2018 (Unaudited)

10. Capital Shares – continued.


	Small Cap Value Fund – continued
	Six Months Ended March 31, 2018						Year Ended September 30, 2017
Retail Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		149,376		$	5,257,671			616,632		$	21,554,720
Issued in connection with the reinvestment of distributions		802,859			27,144,677			607,283			21,218,469
Redeemed		(930,407	)		(33,257,889	)		(2,437,522	)		(85,099,728	)

Net change		21,828		$	(855,541	)		(1,213,607	)	$	(42,326,539	)

Admin Class
Issued from the sale of shares		123,397		$	4,123,032			220,759		$	7,434,300
Issued in connection with the reinvestment of distributions		78,301			2,544,008			80,992			2,738,330
Redeemed		(228,564	)		(7,645,854	)		(804,540	)		(27,089,959	)

Net change		(26,866	)	$	(978,814	)		(502,789	)	$	(16,917,329	)

Class N
Issued from the sale of shares		566,380		$	20,733,254			1,948,540		$	69,188,229
Issued in connection with the reinvestment of distributions		479,347			16,470,360			198,135			7,013,982
Redeemed		(296,708	)		(10,640,861	)		(527,853	)		(18,577,987	)

Net change		749,019		$	26,562,753			1,618,822		$	57,624,224

Increase (decrease) from capital share transactions		440,146		$	12,140,932			(1,673,130	)	$	(55,801,811	)


	Small/Mid Cap Growth Fund
	Six Months Ended March 31, 2018						Year Ended September 30, 2017
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		395,934		$	5,242,738			183,187		$	1,981,855
Issued in connection with the reinvestment of distributions		—			—			2,259			22,881
Redeemed		(118,288	)		(1,589,023	)		(230,300	)		(2,399,598	)

Increase (decrease) from capital share transactions		277,646		$	3,653,715			(44,854	)	$	(394,862	)

55 |

Additional Information

Special Meeting of Shareholders. (Unaudited)

Loomis Sayles Funds I


Nominee	Voted “FOR”*		Withheld*
Kevin Charleston		1,046,693,133.34		15,163,366.07
Kenneth A. Drucker		1,045,641,428.27		16,215,071.15
Edmond J. English		1,046,277,137.68		15,579,361.74
David L. Giunta		1,046,496,391.62		15,360,107.79
Richard A. Goglia		1,046,269,146.27		15,587,353.15
Wendell J. Knox		1,045,976,095.92		15,880,403.49
Martin T. Meehan		1,046,154,669.52		15,701,829.89
Maureen B. Mitchell		1,047,019,476.25		14,837,023.17
Sandra O. Moose**		1,045,973,479.27		15,883,020.14
James P. Palermo		1,046,549,375.30		15,307,124.11
Erik R. Sirri		1,046,440,355.81		15,416,143.60
Peter J. Smail		1,046,053,910.90		15,802,588.52
Cynthia L. Walker		1,047,362,231.11		14,494,268.31

*	Trust-wide voting results.

**	Ms. Moose retired as a Trustee effective January 1, 2018.

Loomis Sayles Funds II


Nominee	Voted “FOR”*		Withheld*
Kevin Charleston		1,650,323,196.06		13,951,932.67
Kenneth A. Drucker		1,649,298,883.81		14,976,244.92
Edmond J. English		1,650,162,849.38		14,112,279.34
David L. Giunta		1,649,705,816.93		14,569,311.79
Richard A. Goglia		1,650,200,499.41		14,074,629.32
Wendell J. Knox		1,649,845,960.13		14,429,168.60
Martin T. Meehan		1,649,803,233.76		14,471,894.97
Maureen B. Mitchell		1,650,894,337.38		13,380,791.35
Sandra O. Moose**		1,649,617,852.02		14,657,276.71
James P. Palermo		1,650,208,171.55		14,066,957.18
Erik R. Sirri		1,649,620,219.44		14,654,909.29
Peter J. Smail		1,650,200,577.97		14,074,550.76
Cynthia L. Walker		1,651,179,641.66		13,095,487.07

*	Trust-wide voting results.

**	Ms. Moose retired as a Trustee effective January 1, 2018.

| 56

LOGO

Loomis Sayles Bond Fund

Semiannual Report

March 31, 2018



TABLE OF CONTENTS
Portfolio Review			1
Portfolio of Investments			5
Financial Statements			23
Notes to Financial Statements			30

LOOMIS SAYLES BOND FUND


Managers	Symbols
Matthew J. Eagan, CFA^®	Institutional Class	LSBDX
Daniel J. Fuss, CFA^®, CIC	Retail Class	LSBRX
Brian P. Kennedy	Admin Class	LBFAX
Elaine M. Stokes	Class N	LSBNX

Investment Objective

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

1 |

Average Annual Total Returns — March 31, 2018²


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

Institutional Class (Inception 5/16/91)		0.25	%		4.10	%		3.39	%		6.00	%		—	%		0.66	%		0.66	%

Retail Class (Inception 12/31/96)		0.12			3.86			3.12			5.70			—			0.91			0.91

Admin Class (Inception 1/2/98)		-0.09			3.61			2.85			5.42			—			1.16			1.16
Class N (Inception 2/1/13)		0.21			4.18			3.43			—			3.43			0.59			0.59

Comparative Performance
Bloomberg Barclays U.S. Government/ Credit Bond Index¹		-1.10			1.38			1.84			3.65			1.93

Bloomberg Barclays U.S. Government/Credit Bond Index is the non-securitized component of the U.S. Aggregate Index and was the first macro index launched by Barclays Capital. The U.S. Government/Credit Bond Index includes Treasuries (i.e., public obligations of the U.S. Treasury that have remaining maturities of more than one year), government-related issues (i.e., agency, sovereign, supranational, and local authority debt), and corporates. The U.S. Government/Credit Bond Index was launched on January 1, 1979, with index history backfilled to 1973, and is a subset of the U.S. Aggregate Index.

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

Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense caps set to expire on 1/31/19. When a Fund’s expenses are below the cap, gross and net expense ratios will be the same. See Note 5 of the Notes to Financial Statements for more information about the Fund’s expense caps.

| 2

ADDITIONAL INFORMATION

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

Additional Index Information

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 Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 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, 2017 through March 31, 2018. 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.

3 |

Loomis Sayles Bond Fund


Institutional Class	Beginning Account Value 10/1/2017		Ending Account Value 3/31/2018		Expenses Paid During Period* 10/1/2017 – 3/31/2018
Actual		$1,000.00		$1,002.50		$3.30
Hypothetical (5% return before expenses)		$1,000.00		$1,021.64		$3.33

Retail Class
Actual		$1,000.00		$1,001.20		$4.54
Hypothetical (5% return before expenses)		$1,000.00		$1,020.39		$4.58

Admin Class
Actual		$1,000.00		$999.10		$5.78
Hypothetical (5% return before expenses)		$1,000.00		$1,019.15		$5.84

Class N
Actual		$1,000.00		$1,002.10		$2.99
Hypothetical (5% return before expenses)		$1,000.00		$1,021.94		$3.02
* Expenses are equal to the Fund’s annualized expense ratio: 0.66%, 0.91%, 1.16% and 0.60% 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).

| 4

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Bond Fund


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – 71.6% of Net Assets

	Non-Convertible Bonds – 66.3%

		ABS Other – 0.5%
$	28,437,250	FAN Engine Securitization Ltd., Series 2013-1A, Class 1A, 4.625%, 10/15/2043, 144A(a)(b)(c)	$	28,110,222
	19,389,261	GCA2014 Holdings Ltd., Series 2014-1, Class C, 6.000%, 1/05/2030, 144A(b)(c)(d)(e)		14,348,053
	7,725,224	GCA2014 Holdings Ltd., Series 2014-1, Class D, 7.500%, 1/05/2030, 144A(b)(c)(d)(e)		3,070,777
	32,585,000	GCA2014 Holdings Ltd., Series 2014-1, Class E, Zero Coupon, 1/05/2030, 144A(b)(c)(d)(e)(f)		—
	13,655,329	Global Container Assets Ltd., Series 2015-1A, Class B, 4.500%, 2/05/2030, 144A(a)(b)		12,996,985

				58,526,037

		Aerospace & Defense – 1.1%
	26,680,000	Bombardier, Inc., 6.000%, 10/15/2022, 144A		26,446,550
	1,510,000	Bombardier, Inc., 7.350%, 12/22/2026, 144A, (CAD)		1,161,786
	11,844,000	Bombardier, Inc., 7.450%, 5/01/2034, 144A		11,911,037
	4,055,000	Embraer Netherlands Finance BV, 5.400%, 2/01/2027		4,284,513
	10,576,000	Leonardo U.S. Holdings, Inc., 6.250%, 1/15/2040, 144A		11,762,416
	10,821,000	Leonardo U.S. Holdings, Inc., 7.375%, 7/15/2039, 144A		13,201,620
	328,000	Leonardo U.S. Holdings, Inc., 7.375%, 7/15/2039		400,160
	6,995,000	Textron Financial Corp., 3-month LIBOR + 1.735%, 3.574%, 2/15/2067, 144A(g)		6,382,937
	23,658,000	Textron, Inc., EMTN, 6.625%, 4/07/2020, (GBP)		35,912,126
	25,941,000	TransDigm, Inc., 6.500%, 7/15/2024		26,589,525

				138,052,670

		Airlines – 0.8%
	3,217,244	Continental Airlines Pass Through Certificates, Series 2012-1, Class B, 6.250%, 10/11/2021		3,329,847
	3,141,802	Continental Airlines Pass Through Certificates, Series 2012-2, Class B, 5.500%, 4/29/2022		3,225,374
	32,465,000	Continental Airlines Pass Through Certificates, Series 2012-3, Class C, 6.125%, 4/29/2018		32,465,000
	1,207	Continental Airlines Pass Through Trust, Series 1999-2, Class B, 7.566%, 9/15/2021(c)		1,199
	358,437	Continental Airlines Pass Through Trust, Series 2001-1, Class A-1, 6.703%, 12/15/2022		383,893
	5,948,986	United Airlines Pass Through Trust, Series 2014-1, Class A, 4.000%, 10/11/2027		6,007,643
	272,560	US Airways Pass Through Trust, Series 2011-1B, Class B, 9.750%, 4/22/2020		281,156
	56,320,000	Virgin Australia Holdings Ltd., 8.500%, 11/15/2019, 144A		57,795,584
	2,824,722	Virgin Australia Pass Through Certificates, Series 2013-1B, 6.000%, 4/23/2022, 144A		2,881,838

See accompanying notes to financial statements.

5 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Airlines – continued
$	3,004,925	Virgin Australia Pass Through Certificates, Series 2013-1C, 7.125%, 10/23/2018, 144A	$	3,045,131

				109,416,665

		Automotive – 0.5%
	3,172,000	Cummins, Inc., 6.750%, 2/15/2027		3,821,686
	2,611,000	Ford Motor Co., 6.500%, 8/01/2018		2,642,462
	1,560,000	Ford Motor Co., 6.625%, 2/15/2028		1,790,053
	1,580,000	Ford Motor Co., 7.500%, 8/01/2026		1,888,515
	37,875,000	General Motors Financial Co., Inc., 4.375%, 9/25/2021		38,931,319
	6,201,000	Goodyear Tire & Rubber Co. (The), 7.000%, 3/15/2028		6,666,075
	9,660,000	Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc., 7.875%, 10/01/2022, 144A		9,684,150

				65,424,260

		Banking – 5.7%
	4,423,000	Bank of America Corp., (fixed rate to 12/20/2027, variable rate thereafter), 3.419%, 12/20/2028, 144A		4,236,779
	1,600,000	Bank of America Corp., EMTN, 3-month LIBOR + 0.550%, 0.223%, 9/14/2018, (EUR)(g)		1,969,042
	59,285,000	Bank of America Corp., Series L, MTN, 4.183%, 11/25/2027		58,771,871
	54,910,000	Bank of Nova Scotia (The), 2.130%, 6/15/2020, (CAD)		42,357,864
	16,525,000	Bank of Nova Scotia (The), 2.462%, 3/14/2019, (CAD)		12,878,174
	22,200,000	BNP Paribas S.A., (fixed rate to 6/25/2037, variable rate thereafter), 7.195%, 144A(h)		24,642,000
	7,340,000	Citigroup, Inc., 4.500%, 1/14/2022		7,627,294
	52,380,000	Citigroup, Inc., 5.130%, 11/12/2019, (NZD)		39,389,934
	4,045,000	Cooperatieve Rabobank UA, 3.950%, 11/09/2022		4,087,477
	27,405,000	Goldman Sachs Group, Inc. (The), 3.550%, 2/12/2021, (CAD)		21,722,985
	4,065,000	Goldman Sachs Group, Inc. (The), GMTN, 5.375%, 3/15/2020		4,238,575
	26,445,000	Intesa Sanpaolo SpA, 5.017%, 6/26/2024, 144A		26,083,974
	69,375,000	JPMorgan Chase & Co., 4.250%, 11/02/2018, (NZD)		50,597,824
	42,630,000	Morgan Stanley, 2.500%, 1/24/2019		42,554,038
	6,600,000	Morgan Stanley, 3.950%, 4/23/2027		6,426,260
	47,205,000	Morgan Stanley, 4.350%, 9/08/2026		47,541,540
	53,595,000	Morgan Stanley, 4.750%, 11/16/2018, (AUD)		41,726,745
	75,000,000	Morgan Stanley, GMTN, 5.000%, 9/30/2021, (AUD)		61,282,017
	139,740,000	Morgan Stanley, MTN, 4.100%, 5/22/2023		141,619,947
	15,000,000	Morgan Stanley, MTN, 6.250%, 8/09/2026		17,324,323
	68,800,000	Morgan Stanley, Series MPLE, 3.125%, 8/05/2021, (CAD)		53,929,246
	2,250,000	National Australia Bank Ltd., 5.000%, 3/11/2024, (AUD)		1,893,375
	6,000,000	Societe Generale S.A., EMTN, (fixed rate to 6/16/2018, variable rate thereafter), 8.875%, (GBP)(h)		8,502,185

				721,403,469

See accompanying notes to financial statements.

| 6

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Brokerage – 1.3%
$	3,986,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 6.875%, 4/15/2022, 144A	$	3,946,140
	2,010,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.250%, 8/15/2024, 144A		1,983,669
	29,995,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.500%, 4/15/2021, 144A		30,332,444
	19,787,000	Jefferies Group LLC, 5.125%, 4/13/2018		19,798,081
	51,270,000	Jefferies Group LLC, 5.125%, 1/20/2023		54,252,539
	29,470,000	Jefferies Group LLC, 6.250%, 1/15/2036		32,043,735
	22,428,000	Jefferies Group LLC, 6.450%, 6/08/2027		25,336,444

				167,693,052

		Building Materials – 0.2%
	8,050,000	Atrium Windows & Doors, Inc., 7.750%, 5/01/2019, 144A		8,072,137
	4,057,000	Masco Corp., 6.500%, 8/15/2032		4,700,563
	841,000	Masco Corp., 7.125%, 3/15/2020		901,729
	4,534,000	Masco Corp., 7.750%, 8/01/2029		5,740,269
	6,344,000	Owens Corning, 7.000%, 12/01/2036		8,120,577

				27,535,275

		Cable Satellite – 0.7%
	24,185,000	CSC Holdings LLC, 5.375%, 2/01/2028, 144A		22,844,909
	9,330,000	DISH DBS Corp., 5.000%, 3/15/2023		8,385,338
	37,585,000	Shaw Communications, Inc., 5.650%, 10/01/2019, (CAD)		30,576,485
	6,190,000	Time Warner Cable LLC, 4.500%, 9/15/2042		5,361,162
	535,000	Time Warner Cable LLC, 5.875%, 11/15/2040		558,772
	15,800,000	Videotron Ltd., 5.625%, 6/15/2025, 144A, (CAD)		12,892,265
	10,745,000	Ziggo Secured Finance BV, 5.500%, 1/15/2027, 144A		10,097,184

				90,716,115

		Chemicals – 1.5%
	7,240,000	Chemours Co. (The), 6.625%, 5/15/2023		7,602,000
	22,161,000	Consolidated Energy Finance S.A., 6.750%, 10/15/2019, 144A		22,410,311
	33,969,000	Hexion, Inc., 7.875%, 2/15/2023(a)(b)		24,712,447
	11,305,000	Hexion, Inc., 9.200%, 3/15/2021(a)(b)		8,269,042
	3,390,000	Hexion, Inc./Hexion Nova Scotia Finance ULC, 9.000%, 11/15/2020		2,596,130
	119,535,000	INVISTA Finance LLC, 4.250%, 10/15/2019, 144A		119,367,651
	6,795,000	Methanex Corp., 5.250%, 3/01/2022		7,031,017
	2,305,000	TPC Group, Inc., 8.750%, 12/15/2020, 144A		2,315,834

				194,304,432

		Construction Machinery – 0.3%
	27,030,000	Toro Co. (The), 6.625%, 5/01/2037(a)(b)		31,831,332
	3,280,000	United Rentals North America, Inc., 4.875%, 1/15/2028		3,165,200

				34,996,532

		Consumer Cyclical Services – 0.1%
	8,919,000	ServiceMaster Co. LLC (The), 7.450%, 8/15/2027		9,610,222

See accompanying notes to financial statements.

7 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Consumer Products – 0.1%
$	15,473,000	Avon Products, Inc., 8.950%, 3/15/2043	$	13,268,097

		Diversified Manufacturing – 0.1%
	11,695,000	General Electric Co., Series A, MTN, 3-month LIBOR + 0.300%, 2.022%, 5/13/2024(g)		11,142,177

		Electric – 1.4%
	3,075,000	AES Corp. (The), 4.875%, 5/15/2023		3,128,813
	49,372,092	Alta Wind Holdings LLC, 7.000%, 6/30/2035, 144A		55,731,113
	64,514,424	Bruce Mansfield Unit Pass Through Trust, 6.850%, 6/01/2034(a)(b)		19,940,763
	12,250,000	Dynegy, Inc., 5.875%, 6/01/2023		12,558,700
	21,789,000	Dynegy, Inc., 7.625%, 11/01/2024		23,504,884
	14,980,000	Dynegy, Inc., 8.125%, 1/30/2026, 144A		16,534,175
	38,973,000	EDP Finance BV, 4.125%, 1/15/2020, 144A		39,580,979
	8,663,000	Empresa Nacional de Electricidad S.A., 7.875%, 2/01/2027		10,787,215

				181,766,642

		Finance Companies – 3.1%
	3,100,000	AGFC Capital Trust I, 3-month LIBOR + 1.750%, 3.472%, 1/15/2067, 144A(g)		1,581,000
	20,395,000	iStar, Inc., 5.000%, 7/01/2019		20,459,652
	1,890,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.875%, 8/01/2021, 144A		1,922,999
	2,830,000	Navient Corp., 5.875%, 10/25/2024		2,773,400
	150,996(††)	Navient Corp., 6.000%, 12/15/2043		3,502,101
	73,050,000	Navient Corp., MTN, 6.125%, 3/25/2024		72,776,062
	27,420,000	Navient LLC, 5.500%, 1/25/2023		26,940,150
	2,950,000	Navient LLC, MTN, 7.250%, 1/25/2022		3,115,938
	51,024,000	Navient LLC, Series A, MTN, 5.625%, 8/01/2033(a)(b)		44,646,000
	64,652,000	Springleaf Finance Corp., 5.250%, 12/15/2019		65,945,040
	31,410,000	Springleaf Finance Corp., 6.875%, 3/15/2025		31,527,788
	36,085,000	Springleaf Finance Corp., 7.750%, 10/01/2021		39,062,012
	77,845,000	Springleaf Finance Corp., 8.250%, 10/01/2023		84,072,600

				398,324,742

		Food & Beverage – 0.0%
	1,500,000	Fonterra Co-operative Group Ltd., MTN, 4.500%, 6/30/2021, (AUD)		1,206,647

		Government Owned – No Guarantee – 0.7%
	28,720,000	Pertamina Persero PT, 6.450%, 5/30/2044, 144A		32,476,059
	31,880,000	Petrobras Global Finance BV, 4.375%, 5/20/2023		31,283,844
	24,335,000	Petrobras Global Finance BV, 5.625%, 5/20/2043		21,232,288

				84,992,191

		Healthcare – 2.1%
	345,000	CHS/Community Health Systems, Inc., 5.125%, 8/01/2021		320,850

See accompanying notes to financial statements.

| 8

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Healthcare – continued
$	4,215,000	CHS/Community Health Systems, Inc., 6.875%, 2/01/2022	$	2,439,431
	27,204,000	HCA, Inc., 7.050%, 12/01/2027		28,768,230
	27,545,000	HCA, Inc., 7.500%, 11/06/2033		30,092,913
	45,324,000	HCA, Inc., 8.360%, 4/15/2024		51,782,670
	6,944,000	HCA, Inc., MTN, 7.580%, 9/15/2025		7,612,360
	12,446,000	HCA, Inc., MTN, 7.750%, 7/15/2036		13,690,600
	335,000	Kindred Healthcare, Inc., 8.000%, 1/15/2020		354,681
	13,820,000	Kindred Healthcare, Inc., 8.750%, 1/15/2023		14,614,650
	1,430,000	Tenet Healthcare Corp., 4.375%, 10/01/2021		1,404,975
	38,140,000	Tenet Healthcare Corp., 5.125%, 5/01/2025, 144A		36,662,075
	48,840,000	Tenet Healthcare Corp., 6.750%, 6/15/2023		47,802,150
	35,499,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		32,304,090
	1,300,000	Tenet Healthcare Corp., 7.500%, 1/01/2022, 144A		1,369,875
	990,000	Tenet Healthcare Corp., 8.125%, 4/01/2022		1,032,075
	690,000	Universal Health Services, Inc., 4.750%, 8/01/2022, 144A		700,795

				270,952,420

		Home Construction – 0.6%
	363,000	Beazer Homes USA, Inc., 7.250%, 2/01/2023		375,251
	16,729,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021(a)(b)		15,125,358
	52,605,000	PulteGroup, Inc., 6.000%, 2/15/2035		53,262,563
	13,360,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 4.375%, 6/15/2019		13,393,400

				82,156,572

		Independent Energy – 3.6%
	1,190,000	Anadarko Petroleum Corp., 3.450%, 7/15/2024		1,155,301
	2,770,000	Anadarko Petroleum Corp., 4.500%, 7/15/2044		2,658,463
	37,495,000	Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.000%, 4/01/2022, 144A		40,494,600
	7,440,000	Baytex Energy Corp., 5.125%, 6/01/2021, 144A		6,956,400
	6,507,000	Baytex Energy Corp., 5.625%, 6/01/2024, 144A		5,726,160
	18,495,000	Bellatrix Exploration Ltd., 8.500%, 5/15/2020, 144A		15,088,221
	11,379,000	California Resources Corp., 5.500%, 9/15/2021		8,771,047
	1,709,000	California Resources Corp., 6.000%, 11/15/2024		1,044,165
	62,530,000	California Resources Corp., 8.000%, 12/15/2022, 144A		49,086,050
	1,835,000	Chesapeake Energy Corp., 4.875%, 4/15/2022		1,697,375
	15,000	Chesapeake Energy Corp., 6.625%, 8/15/2020		15,450
	1,940,000	Chesapeake Energy Corp., 6.875%, 11/15/2020		2,003,050
	24,610,000	Chesapeake Energy Corp., 8.000%, 1/15/2025, 144A		23,810,175
	36,790,000	Chesapeake Energy Corp., 8.000%, 6/15/2027, 144A		35,134,450
	19,891,000	Continental Resources, Inc., 3.800%, 6/01/2024		19,145,087
	8,832,000	Continental Resources, Inc., 4.500%, 4/15/2023		8,931,360
	760,000	Continental Resources, Inc., 5.000%, 9/15/2022		770,450
	1,775,000	EQT Corp., 8.125%, 6/01/2019		1,879,711
	2,037,000	Halcon Resources Corp., 6.750%, 2/15/2025		2,001,352

See accompanying notes to financial statements.

9 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Independent Energy – continued
$	20,735,000	Lonestar Resources America, Inc., 11.250%, 1/01/2023, 144A	$	20,683,162
	145,000	MEG Energy Corp., 6.375%, 1/30/2023, 144A		121,075
	16,830,000	MEG Energy Corp., 7.000%, 3/31/2024, 144A		13,884,750
	370,000	Noble Energy, Inc., 5.625%, 5/01/2021		376,072
	2,660,000	Oasis Petroleum, Inc., 6.875%, 1/15/2023		2,693,250
	280,000	Pan American Energy LLC/Argentine Branch, 7.875%, 5/07/2021, 144A		296,332
	4,270,000	QEP Resources, Inc., 5.250%, 5/01/2023		4,110,046
	16,535,000	Rex Energy Corp., 8.000%, 10/01/2020(a)(b)		4,712,475
	27,050,000	Sanchez Energy Corp., 6.125%, 1/15/2023		19,729,594
	12,420,000	Sanchez Energy Corp., 7.750%, 6/15/2021		11,426,400
	4,915,000	SM Energy Co., 5.000%, 1/15/2024		4,558,662
	9,235,000	SM Energy Co., 5.625%, 6/01/2025		8,750,162
	23,842,000	SM Energy Co., 6.125%, 11/15/2022		23,842,000
	395,000	SM Energy Co., 6.500%, 11/15/2021		397,469
	8,080,000	SM Energy Co., 6.500%, 1/01/2023		8,019,400
	9,895,000	SM Energy Co., 6.750%, 9/15/2026		9,796,050
	25,060,000	Vine Oil & Gas LP/Vine Oil & Gas Finance Corp., 8.750%, 4/15/2023, 144A		23,368,450
	38,670,000	Whiting Petroleum Corp., 5.750%, 3/15/2021		39,055,927
	7,005,000	Whiting Petroleum Corp., 6.250%, 4/01/2023		7,075,891
	29,360,000	Whiting Petroleum Corp., 6.625%, 1/15/2026, 144A		29,580,200

				458,846,234

		Life Insurance – 2.1%
	6,212,000	American International Group, Inc., 4.875%, 6/01/2022		6,551,401
	67,930,000	AXA S.A., (fixed rate to 12/14/2036, variable rate thereafter), 6.379%, 144A(h)		76,081,600
	1,185,000	AXA S.A., EMTN, (fixed rate to 10/16/2019, variable rate thereafter), 6.772%, (GBP)(h)		1,760,065
	15,000,000	Global Atlantic Fin Co., 8.625%, 4/15/2021, 144A		16,990,449
	10,175,000	MetLife, Inc., 10.750%, 8/01/2069		15,974,750
	2,030,000	MetLife, Inc., (fixed rate to 4/08/2038, variable rate thereafter), 9.250%, 4/08/2068, 144A		2,760,800
	57,985,000	Mutual of Omaha Insurance Co., 6.800%, 6/15/2036, 144A		74,208,240
	38,476,000	National Life Insurance Co., 10.500%, 9/15/2039, 144A(a)(b)		62,359,242
	12,950,000	NLV Financial Corp., 7.500%, 8/15/2033, 144A(a)(b)		15,322,937

				272,009,484

		Local Authorities – 0.9%
	38,490,000	New South Wales Treasury Corp., 3.500%, 3/20/2019, (AUD)		29,993,252
	99,500,000	New South Wales Treasury Corp., 4.000%, 4/08/2021, (AUD)		80,231,604
	1,507,000	Ontario Hydro, 6.042%, 11/27/2020, (CAD)(i)		1,100,712
	1,490,000	Province of Ontario Canada, 2.100%, 9/08/2018, (CAD)		1,159,525

				112,485,093

See accompanying notes to financial statements.

| 10

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Media Entertainment – 0.7%
	164,410,000	Grupo Televisa SAB, EMTN, 7.250%, 5/14/2043, (MXN)	$	6,846,220
	1,595,000	iHeartCommunications, Inc., 9.000%, 3/01/2021(j)		1,254,069
	66,650,000	iHeartCommunications, Inc., 9.000%, 9/15/2022(j)		52,320,250
	20,694,000	R.R. Donnelley & Sons Co., 6.000%, 4/01/2024		19,762,770
	2,164,000	R.R. Donnelley & Sons Co., 6.500%, 11/15/2023		2,131,540
	1,976,000	R.R. Donnelley & Sons Co., 7.000%, 2/15/2022		2,047,630

				84,362,479

		Metals & Mining – 1.1%
	8,456,540	1839688 Alberta ULC, PIK, 14.000%, 2/13/2020(b)(c)(d)(j)(k)		3,383
	35,180,000	ArcelorMittal, 7.000%, 3/01/2041		40,896,750
	3,635,000	ArcelorMittal, 7.250%, 10/15/2039		4,298,387
	3,950,000	Barrick Gold Corp., 5.800%, 11/15/2034		4,374,959
	23,735,000	Barrick North America Finance LLC, 5.750%, 5/01/2043		27,638,643
	100,000	First Quantum Minerals Ltd., 7.000%, 2/15/2021, 144A		100,313
	16,650,000	First Quantum Minerals Ltd., 7.250%, 5/15/2022, 144A		16,650,000
	1,445,000	First Quantum Minerals Ltd., 7.500%, 4/01/2025, 144A		1,423,325
	4,060,000	Freeport-McMoRan, Inc., 3.550%, 3/01/2022		3,928,050
	11,965,000	Russel Metals, Inc., 6.000%, 4/19/2022, 144A, (CAD)		9,437,988
	15,555,000	United States Steel Corp., 6.650%, 6/01/2037		15,243,900
	10,540,000	Worthington Industries, Inc., 6.500%, 4/15/2020		11,245,754

				135,241,452

		Midstream – 1.0%
	755,000	Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.125%, 11/15/2022, 144A		768,213
	9,050,000	DCP Midstream Operating LP, 6.450%, 11/03/2036, 144A		9,728,750
	7,325,000	Energy Transfer Partners LP/Regency Energy Finance Corp., 4.500%, 11/01/2023		7,419,170
	1,455,000	Energy Transfer Partners LP/Regency Energy Finance Corp., 5.000%, 10/01/2022		1,512,605
	7,500,000	Florida Gas Transmission Co. LLC, 7.900%, 5/15/2019, 144A		7,910,788
	310,000	Gibson Energy, Inc., 5.375%, 7/15/2022, 144A, (CAD)		242,723
	31,400,000	IFM U.S. Colonial Pipeline 2 LLC, 6.450%, 5/01/2021, 144A		33,595,410
	17,922,000	NGL Energy Partners LP/NGL Energy Finance Corp., 6.125%, 3/01/2025		17,070,705
	1,158,000	NGL Energy Partners LP/NGL Energy Finance Corp., 6.875%, 10/15/2021		1,155,105
	11,555,000	NGL Energy Partners LP/NGL Energy Finance Corp., 7.500%, 11/01/2023		11,598,331
	205,000	NGPL PipeCo LLC, 7.768%, 12/15/2037, 144A		248,050
	15,845,000	Summit Midstream Partners LP, Series A, (fixed rate to 12/15/2022, variable rate thereafter), 9.500%(h)		16,141,460
	4,258,532	Transportadora de Gas del Sur S.A., 9.625%, 5/14/2020, 144A		4,446,035
	18,753,000	Williams Partners LP, 3.350%, 8/15/2022		18,409,610

				130,246,955

See accompanying notes to financial statements.

11 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Mortgage Related – 0.0%
$	33,485	FHLMC, 5.000%, 12/01/2031	$	35,876

		Natural Gas – 0.0%
	190,000	NiSource, Inc., 6.800%, 1/15/2019		195,760

		Non-Agency Commercial Mortgage-Backed Securities – 0.1%
	1,745,947	GS Mortgage Securities Trust, Series 2007-GG10, Class AM, 5.826%, 8/10/2045(l)		1,760,712
	10,330,692	Institutional Mortgage Securities Canada, Inc., Series 2014-5A, Class A1, 2.003%, 7/12/2047, 144A, (CAD)		8,006,677

				9,767,389

		Oil Field Services – 1.3%
	15,500,000	Ensco PLC, 7.750%, 2/01/2026		14,221,250
	8,997,000	Global Marine, Inc., 7.000%, 6/01/2028		8,817,060
	15,000,000	Nabors Industries, Inc., 5.100%, 9/15/2023		14,251,650
	13,165,000	Noble Holding International Ltd., 7.875%, 2/01/2026, 144A		12,967,525
	10,000	Precision Drilling Corp., 5.250%, 11/15/2024		9,375
	10,000	Precision Drilling Corp., 6.500%, 12/15/2021		10,075
	2,710,000	Shelf Drilling Holdings Ltd., 8.250%, 2/15/2025, 144A		2,716,775
	33,174,000	Transocean Proteus Ltd., 6.250%, 12/01/2024, 144A		33,754,545
	51,710,000	Transocean, Inc., 5.800%, 10/15/2022		49,641,600
	43,212,000	Transocean, Inc., 6.800%, 3/15/2038		33,705,360

				170,095,215

		Packaging – 0.0%
	1,705,000	Signode Industrial Group Lux S.A./Signode Industrial Group U.S., Inc., 6.375%, 5/01/2022, 144A		1,754,019

		Paper – 1.1%
	38,882,000	Georgia-Pacific LLC, 7.750%, 11/15/2029		53,059,920
	9,625,000	International Paper Co., 8.700%, 6/15/2038		13,940,150
	8,214,000	WestRock MWV LLC, 7.950%, 2/15/2031		10,916,555
	25,138,000	WestRock MWV LLC, 8.200%, 1/15/2030		33,862,533
	4,127,000	Weyerhaeuser Co., 6.950%, 10/01/2027		5,028,405
	14,035,000	Weyerhaeuser Co., 7.375%, 3/15/2032		18,537,661

				135,345,224

		Property & Casualty Insurance – 0.1%
	2,000,000	Liberty Mutual Group, Inc., 3-month LIBOR + 2.905%, 5.030%, 3/07/2067, 144A(g)		1,967,500
	80,000	MBIA Insurance Corp., 3-month LIBOR + 11.260%, 12.982%, 1/15/2033(f)(g)		34,400
	13,985,000	MBIA Insurance Corp., 3-month LIBOR + 11.260%, 12.982%, 1/15/2033, 144A(f)(g)		6,013,550

				8,015,450

See accompanying notes to financial statements.

| 12

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Railroads – 0.0%
$	63,300	Missouri Pacific Railroad Co., Series A, 4.750%, 1/01/2020(a)(b)	$	63,300

		Retailers – 1.0%
	4,680,000	Dillard’s, Inc., 7.000%, 12/01/2028		5,040,500
	7,182,000	Dillard’s, Inc., 7.750%, 7/15/2026		8,061,867
	2,250,000	Dillard’s, Inc., 7.750%, 5/15/2027		2,562,677
	4,711,000	Foot Locker, Inc., 8.500%, 1/15/2022		5,429,427
	7,675,000	GameStop Corp., 5.500%, 10/01/2019, 144A		7,722,969
	36,970,000	J.C. Penney Corp., Inc., 6.375%, 10/15/2036		22,921,400
	3,515,000	J.C. Penney Corp., Inc., 7.625%, 3/01/2097		2,214,450
	14,133,000	Macy’s Retail Holdings, Inc., 6.790%, 7/15/2027		15,160,030
	9,245,000	Marks & Spencer PLC, 7.125%, 12/01/2037, 144A		10,522,830
	815,000	Nine West Holdings, Inc., 6.125%, 11/15/2034(a)(b)		81,500
	24,599,000	TRU Taj LLC/TRU Taj Finance, Inc., 11.000%, 1/22/2019, 144A(a)(b)		25,489,976
	24,302,000	TRU Taj LLC/TRU Taj Finance, Inc., 12.000%, 8/15/2021, 144A(a)(b)		18,773,295

				123,980,921

		Supermarkets – 1.6%
	14,985,000	Albertson’s Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC, 5.750%, 3/15/2025		12,779,208
	6,795,000	Albertson’s Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC, 6.625%, 6/15/2024		6,090,019
	112,693,000	New Albertsons LP, 7.450%, 8/01/2029		90,154,400
	33,814,000	New Albertsons LP, 7.750%, 6/15/2026		29,080,040
	35,988,000	New Albertsons LP, 8.000%, 5/01/2031		29,510,160
	13,559,000	New Albertsons LP, 8.700%, 5/01/2030		11,965,817
	23,098,000	New Albertsons LP, Series C, MTN, 6.625%, 6/01/2028		17,785,460
	2,705,000	Safeway, Inc., 7.250%, 2/01/2031		2,191,050
	3,585,000	SUPERVALU, Inc., 6.750%, 6/01/2021		3,531,225

				203,087,379

		Supranational – 0.4%
	18,525,000	European Investment Bank, MTN, 6.000%, 8/06/2020, (AUD)		15,410,393
	40,000,000	Inter-American Development Bank, MTN, 6.500%, 8/20/2019, (AUD)		32,518,059

				47,928,452

		Technology – 0.8%
	238,000	Advanced Micro Devices, Inc., 7.000%, 7/01/2024		249,900
	9,335,000	Amkor Technology, Inc., 6.375%, 10/01/2022		9,591,712
	73,905,000	KLA-Tencor Corp., 4.650%, 11/01/2024		77,188,278
	12,970,000	KLA-Tencor Corp., 5.650%, 11/01/2034		14,428,048
	2,530,000	Samsung Electronics Co. Ltd., 7.700%, 10/01/2027, 144A		2,899,051

				104,356,989

		Transportation Services – 0.2%
	20,994,000	APL Ltd., 8.000%, 1/15/2024(a)(b)		20,364,180

See accompanying notes to financial statements.

13 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Treasuries – 23.6%
	545,500,000	Canadian Government International Bond, 0.750%, 9/01/2020, (CAD)	$	412,650,945
	254,495,000	Canadian Government International Bond, 1.250%, 9/01/2018, (CAD)		197,407,210
	980,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2024, (EUR)(m)		1,184,649
	2,040,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2035, (EUR)(m)		2,167,742
	1,290,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2036, (EUR)(m)		1,395,889
	310,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2037, (EUR)(m)		334,065
	3,710,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2038, (EUR)(m)		3,906,362
	4,825,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2039, (EUR)(m)		5,086,266
	465,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2040, (EUR)(m)		488,338
	6,200,000	Hellenic Republic Government Bond, Series PSI, (Step to 3.650% on 2/24/2020), 3.000%, 2/24/2041, (EUR)(m)		6,524,887
	2,331,740,000	Iceland Government International Bond, 7.250%, 10/26/2022, (ISK)		19,676,994
	5,523,835,000	Iceland Government International Bond, 8.750%, 2/26/2019, (ISK)		44,379,090
	8,600,000(†††)	Mexican Fixed Rate Bonds, Series M, 5.750%, 3/05/2026, (MXN)		42,952,695
	8,554,600(†††)	Mexican Fixed Rate Bonds, Series M, 6.500%, 6/10/2021, (MXN)		46,084,731
	4,579,595(†††)	Mexican Fixed Rate Bonds, Series M, 7.750%, 5/29/2031, (MXN)		25,775,966
	10,160,320(†††)	Mexican Fixed Rate Bonds, Series M-20, 7.500%, 6/03/2027, (MXN)		56,574,651
	39,547,655(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.000%, 12/07/2023, (MXN)		225,375,951
	3,288,446(†††)	Mexican Fixed Rate Bonds, Series M-20, 8.500%, 5/31/2029, (MXN)		19,618,529
	34,470,000(†††)	Mexican Fixed Rate Bonds, Series M-20, 10.000%, 12/05/2024, (MXN)		217,509,871
	113,749(†††)	Mexican Fixed Rate Bonds, Series M-20, 10.000%, 12/05/2024, (MXN)		717,770
	137,580,000	New Zealand Government Bond, 5.000%, 3/15/2019, (NZD)		102,435,206
	128,565,000	New Zealand Government Bond, 6.000%, 5/15/2021, (NZD)		103,946,247
	83,000,000	New Zealand Government Bond, Series 420, 3.000%, 4/15/2020, (NZD)		61,314,248
	764,599,000	Norway Government Bond, 3.750%, 5/25/2021, 144A, (NOK)		105,174,988
	1,096,778,000	Norway Government Bond, 4.500%, 5/22/2019, 144A, (NOK)		145,723,107
	253,010,000	Republic of Brazil, 8.500%, 1/05/2024, (BRL)		77,118,831
	97,345,000	Republic of Brazil, 10.250%, 1/10/2028, (BRL)		32,443,812
	300,000,000	U.S. Treasury Note, 0.625%, 6/30/2018		299,127,741
	150,000,000	U.S. Treasury Note, 0.750%, 8/31/2018		149,296,875
	600,000,000	U.S. Treasury Note, 0.750%, 9/30/2018		596,507,814

				3,002,901,470


		Wireless – 0.9%
	281,500,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		14,303,545
	143,600,000	America Movil SAB de CV, 8.460%, 12/18/2036, (MXN)		7,168,728

See accompanying notes to financial statements.

| 14

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Wireless – continued
$	53,182,000	Sprint Capital Corp., 6.875%, 11/15/2028	$	49,592,215
	8,400,000	Sprint Capital Corp., 8.750%, 3/15/2032		8,778,000
	27,683,000	Sprint Communications, Inc., 6.000%, 11/15/2022		27,163,944
	10,853,000	Sprint Corp., 7.125%, 6/15/2024		10,581,675
	2,268,000	Sprint Corp., 7.250%, 9/15/2021		2,344,545

				119,932,652

		Wirelines – 5.0%
	137,303,000	AT&T, Inc., 4.300%, 2/15/2030, 144A		136,518,717
	5,790,000	Bell Canada, Inc., MTN, 6.550%, 5/01/2029, 144A, (CAD)		5,591,540
	3,695,000	Bell Canada, Inc., MTN, 7.300%, 2/23/2032, (CAD)		3,839,777
	10,946,000	Bell Canada, Inc., Series M-17, 6.100%, 3/16/2035, (CAD)		10,541,754
	31,630,000	CB Escrow Corp., 8.000%, 10/15/2025, 144A		29,455,437
	1,875,000	CenturyLink, Inc., 5.625%, 4/01/2025		1,692,188
	11,005,000	CenturyLink, Inc., Series G, 6.875%, 1/15/2028		9,959,525
	7,255,000	CenturyLink, Inc., Series P, 7.600%, 9/15/2039		6,250,835
	1,700,000	CenturyLink, Inc., Series S, 6.450%, 6/15/2021		1,734,000
	11,795,000	CenturyLink, Inc., Series W, 6.750%, 12/01/2023		11,470,637
	1,440,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		1,396,800
	9,614,000	Consolidated Communications, Inc., 6.500%, 10/01/2022		8,508,390
	8,735,000	Embarq Corp., 7.995%, 6/01/2036		8,232,737
	24,305,000	Frontier Communications Corp., 6.875%, 1/15/2025		14,370,331
	60,000	Frontier Communications Corp., 7.000%, 11/01/2025		31,566
	830,000	Frontier Communications Corp., 7.125%, 1/15/2023		559,993
	4,035,000	Frontier Communications Corp., 7.875%, 1/15/2027		2,098,200
	410,000	Frontier Communications Corp., 9.000%, 8/15/2031		249,075
	64,382,000	Qwest Capital Funding, Inc., 6.875%, 7/15/2028		57,943,800
	16,040,000	Qwest Capital Funding, Inc., 7.625%, 8/03/2021		16,032,622
	43,590,000	Qwest Capital Funding, Inc., 7.750%, 2/15/2031		39,231,000
	32,321,000	Qwest Corp., 6.875%, 9/15/2033		30,758,269
	10,785,000	Qwest Corp., 7.250%, 9/15/2025		11,636,180
	785,000	Qwest Corp., 7.250%, 10/15/2035		776,792
	49,543,000	Telecom Italia Capital S.A., 6.000%, 9/30/2034		51,386,000
	23,485,000	Telecom Italia Capital S.A., 6.375%, 11/15/2033		25,481,225
	4,300,000	Telecom Italia SpA, EMTN, 5.875%, 5/19/2023, (GBP)		6,864,696
	4,700,000	Telefonica Emisiones SAU, EMTN, 5.289%, 12/09/2022, (GBP)		7,571,033
	18,145,000	Telefonica Emisiones SAU, EMTN, 5.375%, 2/02/2026, (GBP)		30,167,738
	27,020,000	Telus Corp., Series CG, 5.050%, 12/04/2019, (CAD)		21,894,096
	73,892,000	Verizon Communications, Inc., 2.450%, 11/01/2022		70,970,984
	1,009,000	Windstream Services LLC/Windstream Finance Corp., 7.500%, 4/01/2023		713,686
	12,552,000	Windstream Services LLC/Windstream Finance Corp., 7.750%, 10/15/2020		10,480,920

See accompanying notes to financial statements.

15 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Wirelines – continued
$	3,156,000	Windstream Services LLC/Windstream Finance Corp., 8.750%, 12/15/2024, 144A	$	1,871,792

				636,282,335


		Total Non-Convertible Bonds (Identified Cost $8,833,953,873)		8,438,786,525


	Convertible Bonds – 3.6%

		Building Materials – 0.1%
	12,454,000	KB Home, 1.375%, 2/01/2019		14,096,371

		Cable Satellite – 1.7%
	45,600,000	DISH Network Corp., 2.375%, 3/15/2024		40,323,670
	175,725,000	DISH Network Corp., 3.375%, 8/15/2026		169,258,320

				209,581,990

		Chemicals – 0.1%
	5,934,000	RPM International, Inc., 2.250%, 12/15/2020		6,663,799

		Diversified Manufacturing – 0.1%
	13,575,000	Trinity Industries, Inc., 3.875%, 6/01/2036		18,501,177

		Healthcare – 0.1%
	6,420,000	Evolent Health, Inc., 2.000%, 12/01/2021		6,445,308

		Leisure – 0.3%
	35,626,000	Rovi Corp., 0.500%, 3/01/2020		34,330,282

		Midstream – 0.5%
	55,585,000	Chesapeake Energy Corp., 5.500%, 9/15/2026		47,864,244
	14,058,000	SM Energy Co., 1.500%, 7/01/2021		13,270,752
	2,950,000	Whiting Petroleum Corp., 1.250%, 4/01/2020		2,776,649

				63,911,645

		Pharmaceuticals – 0.0%
	2,107,000	BioMarin Pharmaceutical, Inc., 0.599%, 8/01/2024		1,977,946
	2,929,000	BioMarin Pharmaceutical, Inc., 1.500%, 10/15/2020		3,225,562

				5,203,508

		REITs – Mortgage – 0.1%
	15,545,000	iStar, Inc., 3.125%, 9/15/2022, 144A		14,791,316

		Technology – 0.6%
	13,345,000	Booking Holdings, Inc., 0.900%, 9/15/2021		16,655,895
	6,672,918	Liberty Interactive LLC, 3.500%, 1/15/2031		7,342,578
	25,442,000	Nuance Communications, Inc., 1.000%, 12/15/2035		24,200,939
	15,123,000	Nuance Communications, Inc., 1.250%, 4/01/2025, 144A		14,958,462

See accompanying notes to financial statements.

| 16

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Bonds and Notes – continued

		Technology – continued
$	1,566,000	Nuance Communications, Inc., 1.500%, 11/01/2035	$	1,595,815
	15,405,000	Viavi Solutions, Inc., 0.625%, 8/15/2033		15,738,333

				80,492,022


		Total Convertible Bonds (Identified Cost $451,581,112)		454,017,418


	Municipals – 1.7%

		District of Columbia – 0.1%
	5,610,000	Metropolitan Washington Airports Authority, Series D, 8.000%, 10/01/2047		7,795,207

		Illinois – 0.2%
	25,725,000	State of Illinois, 5.100%, 6/01/2033		24,112,814

		Michigan – 0.1%
	17,700,000	Michigan Tobacco Settlement Finance Authority Taxable Turbo, Series A, 7.309%, 6/01/2034		17,606,367

		Virginia – 1.0%
	135,045,000	Virginia Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/01/2046		127,502,737

		Puerto Rico – 0.3%
	85,210,000	Commonwealth of Puerto Rico, GO, Refunding, Series A, 8.000%, 7/01/2035(j)		36,214,250


		Total Municipals (Identified Cost $249,753,791)		213,231,375


		Total Bonds and Notes (Identified Cost $9,535,288,776)		9,106,035,318


	Senior Loans – 0.8%

		Automotive – 0.1%
	7,744,876	IBC Capital Ltd., 2nd Lien Term Loan, 3-month LIBOR + 7.000%, 9.071%, 9/09/2022(g)		7,715,833

		Chemicals – 0.4%
	48,235,000	Houghton International, Inc., New 2nd Lien Term Loan, 1-month LIBOR + 8.500%, 10.377%, 12/20/2020(g)		48,235,000

		Consumer Cyclical Services – 0.1%
	11,505,836	Ex-Sigma 2 LLC, 2nd Lien PIK Term Loan, 1-week LIBOR, 2.302%, 7/12/2019(b)(c)(d)(g)(n)		10,355,253

See accompanying notes to financial statements.

17 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Bond Fund – continued


Principal Amount (‡)		Description	Value (†)

	Senior Loans – continued

		Financial Other – 0.1%
$	16,475,340	DBRS Ltd., Term Loan, 3-month LIBOR + 5.250%, 7.234%, 3/04/2022(g)	$	16,578,311

		Natural Gas – 0.0%
	1,988,148	Southcross Holdings Borrower LP, Exit Term Loan B, PIK, 3.500%, 4/13/2023(o)		1,958,326

		Oil Field Services – 0.0%
	3,743,385	Petroleum Geo-Services ASA, New Term Loan B, 3-month LIBOR + 2.500%, 4.802%, 3/19/2021(g)		3,549,215

		Retailers – 0.0%
	4,357,913	Toys “R” Us Property Co. I LLC, New Term Loan B, 1-month LIBOR + 5.000%, 6.877%, 8/21/2019(a)(b)(g)(j)		3,575,057

		Technology – 0.1%
	7,048,927	IQOR U.S., Inc., 2nd Lien Term Loan, 3-month LIBOR + 8.750%, 10.445%, 4/01/2022(g)		6,759,921

		Transportation Services – 0.0%
	3,794,454	OSG Bulk Ships, Inc., OBS Term Loan, 3-month LIBOR + 4.250%, 6.040%, 8/05/2019(g)		3,642,676


		Total Senior Loans (Identified Cost $112,200,238)		102,369,592


	Shares

	Common Stocks – 4.1%

		Aerospace & Defense – 0.3%
	1,856,174	Arconic, Inc.		42,766,249

		Automobiles – 1.9%
	21,480,222	Ford Motor Co.		238,000,860

		Diversified Telecommunication Services – 0.1%
	307,212	Hawaiian Telcom Holdco, Inc.(f)		8,196,416

		Media – 0.0%
	559,124	Dex Media, Inc.(e)(f)		4,780,510

		Oil, Gas & Consumable Fuels – 0.1%
	1,033,462	Chesapeake Energy Corp.(f)		3,121,055
	1,177	Frontera Energy Corp.(f)		32,898
	209,391	Paragon Offshore Ltd., Litigation Units, Class A(e)(f)		223,420
	299,302	Paragon Offshore Ltd., Litigation Units, Class B(e)(f)		8,829,409
	2,021	Southcross Holdings Group LLC(e)(f)		—
	2,021	Southcross Holdings LP, Class A(e)(f)		606,300

				12,813,082

See accompanying notes to financial statements.

| 18

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Bond Fund – continued


Shares		Description	Value (†)

	Common Stocks – continued

		Pharmaceuticals – 1.7%
	3,414,069	Bristol-Myers Squibb Co.	$	215,939,865


		Total Common Stocks (Identified Cost $402,675,951)		522,496,982


	Preferred Stocks – 1.5%

	Convertible Preferred Stocks – 1.4%

		Banking – 0.4%
	25,823	Bank of America Corp., Series L, 7.250%		33,297,467
	12,483	Wells Fargo & Co., Series L, Class A, 7.500%		16,103,070

				49,400,537

		Communications – 0.0%
	14,923	Cincinnati Bell, Inc., Series B, 6.750%		730,033

		Energy – 0.1%
	325,710	El Paso Energy Capital Trust I, 4.750%		15,393,055

		Midstream – 0.6%
	257,387	Chesapeake Energy Corp., 4.500%		12,678,884
	476,844	Chesapeake Energy Corp., 5.000%		25,898,590
	3,044	Chesapeake Energy Corp., 5.750%		1,722,752
	8,652	Chesapeake Energy Corp., 5.750%		4,942,455
	39,322	Chesapeake Energy Corp., 5.750%, 144A		22,254,286
	16,454	Chesapeake Energy Corp., Series A, 5.750%, 144A		9,399,347

				76,896,314

		REITs – Health Care – 0.1%
	172,150	Welltower, Inc., Series I, 6.500%		9,578,426

		REITs – Mortgage – 0.2%
	403,751	iStar, Inc., Series J, 4.500%		18,387,870


		Total Convertible Preferred Stocks (Identified Cost $196,153,487)		170,386,235


	Non-Convertible Preferred Stocks – 0.1%

		Electric – 0.0%
	2,925	Connecticut Light & Power Co. (The), 1.900%		136,744
	100	Entergy Arkansas, Inc., 4.320%		9,918
	5,000	Entergy Mississippi, Inc., 4.360%		506,622
	50,100	Southern California Edison Co., 4.780%		1,227,445

				1,880,729

		Finance Companies – 0.0%
	16,004	iStar, Inc., Series G, 7.650%		395,299

		Home Construction – 0.0%
	52,867	Hovnanian Enterprises, Inc., 7.625%(f)		375,884

See accompanying notes to financial statements.

19 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Bond Fund – continued


Shares		Description	Value (†)

	Preferred Stocks – continued

		REITs – Office Property – 0.0%
	2,318	Highwoods Realty LP, Series A, 8.625%	$	2,826,102

		REITs – Warehouse/Industrials – 0.1%
	169,007	ProLogis, Inc., Series Q, 8.540%		10,962,690


		Total Non-Convertible Preferred Stocks (Identified Cost $12,167,460)		16,440,704


		Total Preferred Stocks (Identified Cost $208,320,947)		186,826,939


	Closed-End Investment Companies – 0.0%
	170,002	NexPoint Strategic Opportunities Fund (Identified Cost $9,807,937)		3,906,646


	Principal Amount (‡)

	Short-Term Investments – 20.4%
$	300,000,000	Federal Home Loan Bank Discount Notes, 1.445%, 5/10/2018(p)		299,461,800
	26,820,000	Federal Home Loan Bank Discount Notes, 1.560%, 5/21/2018(p)		26,757,939
	148,760,000	Federal Home Loan Bank Discount Notes, 1.652%, 6/01/2018(p)		148,333,505
	274,430,000	Federal National Mortgage Association Discount Notes, 1.400%-1.510%, 5/21/2018(p)(q)		273,794,969
	151,000,000	Federal National Mortgage Association Discount Notes, 1.420%, 5/07/2018(p)		150,750,397
	150,711,879	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/29/2018 at 0.900% to be repurchased at $150,726,951 on 4/02/2018 collateralized by $44,520,000 U.S. Treasury Note, 1.375% due 9/30/2023 valued at $41,963,706; $110,010,000 U.S. Treasury Note, 2.750% due 11/15/2023 valued at $111,763,779 including accrued interest (Note 2 of Notes to Financial Statements)		150,711,879
	105,930,000	U.S. Treasury Bills, 1.285%, 4/05/2018(p)		105,915,648
	150,000,000	U.S. Treasury Bills, 1.416%, 4/19/2018(p)		149,884,276
	200,000,000	U.S. Treasury Bills, 1.455%-1.456%, 5/03/2018(p)(q)		199,720,016
	349,500,000	U.S. Treasury Bills, 1.565%, 5/17/2018(p)		348,782,798
	351,240,000	U.S. Treasury Bills, 1.590%-1.605%, 5/31/2018(p)(q)		350,279,643
	300,000,000	U.S. Treasury Bills, 1.633%, 6/07/2018(p)		299,086,029
	26,000,000	U.S. Treasury Bills, 1.675%, 6/28/2018(p)		25,894,283
	70,000,000	U.S. Treasury Bills, 1.683%, 6/21/2018(p)		69,736,917

		Total Short-Term Investments (Identified Cost $2,599,387,134)		2,599,110,099


		Total Investments – 98.4% (Identified Cost $12,867,680,983)		12,520,745,576
		Other assets less liabilities—1.6%		208,610,078

		Net Assets – 100.0%	$	12,729,355,654

See accompanying notes to financial statements.

| 20

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Bond Fund – continued


	(‡)			Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)			See Note 2 of Notes to Financial Statements.
	(††)			Amount shown represents units. One unit represents a principal amount of 25.
	(†††)			Amount shown represents units. One unit represents a principal amount of 100.
	(a)			Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At March 31, 2018, the value of these securities amounted to $336,374,111 or 2.6% of net assets. See Note 2 of Notes to Financial Statements.
	(b)			Illiquid security.
	(c)			Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
	(d)			Fair valued by the Fund’s adviser. At March 31, 2018, the value of these securities amounted to $27,777,466 or 0.2% of net assets. See Note 2 of Notes to Financial Statements.
	(e)			Securities subject to restriction on resale. At March 31, 2018, the restricted securities held by the Fund are as follows:


	Acquisition Date	Cost		Value		% of Net Assets
Dex Media, Inc.	August 12, 2016	$	2,639,400	$	4,780,510		Less than 0.1%
GCA2014 Holdings Ltd., Series 2014-1, Class C	December 18, 2014		19,101,306		14,348,053		0.1%
GCA2014 Holdings Ltd., Series 2014-1, Class D	December 18, 2014		7,582,168		3,070,777		Less than 0.1%
GCA2014 Holdings Ltd., Series 2014-1, Class E	December 18, 2014		25,395,339		—		—
Paragon Offshore Ltd., Litigation Units Class A	July 18, 2017		1,451,033		223,420		Less than 0.1%
Paragon Offshore Ltd., Litigation Units Class B	July 18, 2017		28,157,326		8,829,409		0.1%
Southcross Holdings Group LLC	April 29, 2016		—		—		—
Southcross Holdings LP, Class A	April 29, 2016		2,950,992		606,300		Less than 0.1%


	(f)			Non-income producing security.
	(g)			Variable rate security. Rate as of March 31, 2018 is disclosed.
	(h)			Perpetual bond with no specified maturity date.
	(i)			Interest rate represents annualized yield at time of purchase; not a coupon rate.
	(j)			The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
	(k)			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.
	(l)			Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of March 31, 2018 is disclosed.
	(m)			Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.
	(n)			Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional principal. For the period ended March 31, 2018, interest payments were made in cash.
	(o)			Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional principal. For the period ended March 31, 2018 interest payments were made in principal.
	(p)			Interest rate represents discount rate at time of purchase; not a coupon rate.
	(q)			The Fund’s investment in U.S. Government/Agency securities is comprised of various lots with differing discount rates. These separate investments, which have the same maturity date, have been aggregated for the purpose of presentation in the Portfolio of Investments.

	144A			All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2018, the value of Rule 144A holdings amounted to $1,893,416,045 or 14.9% of net assets.
	ABS			Asset-Backed Securities
	EMTN			Euro Medium Term Note

See accompanying notes to financial statements.

21 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Bond Fund – continued


	FHLMC			Federal Home Loan Mortgage Corp.
	GMTN			Global Medium Term Note
	GO			General Obligation
	LIBOR			London Interbank Offered Rate
	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
	ISK			Icelandic Krona
	MXN			Mexican Peso
	NOK			Norwegian Krone
	NZD			New Zealand Dollar

Industry Summary at March 31, 2018 (Unaudited)


Treasuries	23.6	%
Banking	6.1
Wirelines	5.0
Independent Energy	3.6
Finance Companies	3.1
Cable Satellite	2.4
Healthcare	2.2
Life Insurance	2.1
Midstream	2.1
Chemicals	2.0
Other Investments, less than 2% each	25.8
Short-Term Investments	20.4

Total Investments	98.4
Other assets less liabilities	1.6

Net Assets	100.0	%

Currency Exposure Summary at March 31, 2018 (Unaudited)


United States Dollar	77.4	%
Canadian Dollar	6.6
Mexican Peso	5.3
New Zealand Dollar	2.8
Australian Dollar	2.1
Other, less than 2% each	4.2

Total Investments	98.4
Other assets less liabilities	1.6

Net Assets	100.0	%

See accompanying notes to financial statements.

| 22

Statement of Assets and Liabilities

March 31, 2018 (Unaudited)


ASSETS
Investments at cost	$	12,867,680,983
Net unrealized depreciation		(346,935,407	)

Investments at value		12,520,745,576
Cash		10,462,928
Foreign currency at value (identified cost $10,349,823)		10,308,251
Receivable for Fund shares sold		14,149,955
Receivable for securities sold		71,456,931
Dividends and interest receivable		149,675,529
Tax reclaims receivable		88,897
Prepaid expenses (Note 7)		1,601

TOTAL ASSETS		12,776,889,668

LIABILITIES
Payable for securities purchased		29,348,964
Payable for Fund shares redeemed		9,939,267
Management fees payable (Note 5)		5,675,479
Deferred Trustees’ fees (Note 5)		1,615,395
Administrative fees payable (Note 5)		486,849
Payable to distributor (Note 5d)		103,346
Other accounts payable and accrued expenses		364,714

TOTAL LIABILITIES		47,534,014

NET ASSETS	$	12,729,355,654

NET ASSETS CONSIST OF:
Paid-in capital	$	13,208,582,162
Distributions in excess of net investment income		(10,085,021	)
Accumulated net realized loss on investments and foreign currency transactions		(141,225,581	)
Net unrealized depreciation on investments and foreign currency translations		(327,915,906	)

NET ASSETS	$	12,729,355,654


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Institutional Class:
Net assets	$	9,145,324,449

Shares of beneficial interest		668,590,324

Net asset value, offering and redemption price per share	$	13.68

Retail Class:
Net assets	$	3,048,719,013

Shares of beneficial interest		224,052,392

Net asset value, offering and redemption price per share	$	13.61

Admin Class shares:
Net assets	$	130,765,426

Shares of beneficial interest		9,647,593

Net asset value, offering and redemption price per share	$	13.55

Class N shares:
Net assets	$	404,546,766

Shares of beneficial interest		29,611,355

Net asset value, offering and redemption price per share	$	13.66

See accompanying notes to financial statements.

23 |

Statement of Operations

For the Six Months Ended March 31, 2018 (Unaudited)


INVESTMENT INCOME
Interest	$	252,092,581
Dividends		18,867,704

		270,960,285

Expenses
Management fees (Note 5)		34,270,340
Service and distribution fees (Note 5)		4,404,245
Administrative fees (Note 5)		2,903,707
Trustees’ fees and expenses (Note 5)		266,826
Transfer agent fees and expenses (Notes 5 and 6)		4,662,151
Audit and tax services fees		28,756
Custodian fees and expenses		327,560
Legal fees		112,886
Registration fees		167,428
Shareholder reporting expenses		480,734
Miscellaneous expenses (Note 7)		180,415

Total expenses		47,805,048

Net investment income		223,155,237


NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized loss on:
Investments		(50,320,702	)
Foreign currency transactions		(1,288,289	)
Net change in unrealized appreciation (depreciation) on:
Investments		(151,311,111	)
Foreign currency translations		780,166

Net realized and unrealized loss on investments and foreign currency transactions		(202,139,936	)


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	21,015,301

See accompanying notes to financial statements.

| 24

Statement of Changes in Net Assets


	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
FROM OPERATIONS:
Net investment income	$	223,155,237		$	518,287,030
Net realized gain (loss) on investments and foreign currency transactions		(51,608,991	)		400,770,167
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(150,530,945	)		(134,831,498	)

Net increase in net assets resulting from operations		21,015,301			784,225,699

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Institutional Class		(226,821,855	)		(300,703,961	)
Retail Class		(74,091,151	)		(110,036,070	)
Admin Class		(3,103,010	)		(4,604,350	)
Class N		(8,439,400	)		(5,721,561	)
Net realized capital gains
Institutional Class		(196,488,968	)		(96,594,898	)
Retail Class		(68,434,923	)		(40,215,735	)
Admin Class		(2,923,200	)		(1,790,948	)
Class N		(7,268,356	)		(1,642,680	)

Total distributions		(587,570,863	)		(561,310,203	)

NET DECREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 9)		(380,578,446	)		(1,387,086,339	)

Net decrease in net assets		(947,134,008	)		(1,164,170,843	)
NET ASSETS
Beginning of the period		13,676,489,662			14,840,660,505

End of the period	$	12,729,355,654		$	13,676,489,662

UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME	$	(10,085,021	)	$	79,215,158

See accompanying notes to financial statements.

25 |

Financial Highlights

For a share outstanding throughout each period.


	Institutional Class
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	14.28		$	14.04		$	13.65		$	15.49		$	15.09		$	14.99

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.24			0.53			0.56			0.61			0.60			0.69
Net realized and unrealized gain (loss)		(0.21	)		0.28			0.62			(1.55	)		0.54			0.27

Total from Investment Operations		0.03			0.81			1.18			(0.94	)		1.14			0.96

LESS DISTRIBUTIONS FROM:
Net investment income		(0.34	)		(0.43	)		(0.29	)		(0.50	)		(0.67	)		(0.86	)
Net realized capital gains		(0.29	)		(0.14	)		(0.50	)		(0.40	)		(0.07	)		—

Total Distributions		(0.63	)		(0.57	)		(0.79	)		(0.90	)		(0.74	)		(0.86	)

Net asset value, end of the period	$	13.68		$	14.28		$	14.04		$	13.65		$	15.49		$	15.09

Total return		0.25	%(b)		5.99	%		9.17	%		(6.37	)%		7.66	%		6.51	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	9,145,324		$	9,785,854		$	10,045,427		$	12,966,991		$	15,488,726		$	12,997,813
Net expenses		0.66	%(c)		0.66	%		0.66	%		0.64	%		0.63	%		0.63	%
Gross expenses		0.66	%(c)		0.66	%		0.66	%		0.64	%		0.63	%		0.63	%
Net investment income		3.47	%(c)		3.80	%		4.21	%		4.17	%		3.85	%		4.57	%
Portfolio turnover rate		4	%		9	%		13	%		22	%		26	%		28	%

(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.

| 26

Financial Highlights – continued

For a share outstanding throughout each period.


	Retail Class
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	14.21		$	13.97		$	13.59		$	15.43		$	15.02		$	14.93

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.22			0.50			0.53			0.57			0.55			0.65
Net realized and unrealized gain (loss)		(0.21	)		0.28			0.61			(1.55	)		0.56			0.25

Total from Investment Operations		0.01			0.78			1.14			(0.98	)		1.11			0.90

LESS DISTRIBUTIONS FROM:
Net investment income		(0.32	)		(0.40	)		(0.26	)		(0.46	)		(0.63	)		(0.81	)
Net realized capital gains		(0.29	)		(0.14	)		(0.50	)		(0.40	)		(0.07	)		—

Total Distributions		(0.61	)		(0.54	)		(0.76	)		(0.86	)		(0.70	)		(0.81	)

Net asset value, end of the period	$	13.61		$	14.21		$	13.97		$	13.59		$	15.43		$	15.02

Total return		0.12	%(b)		5.75	%		8.86	%		(6.58	)%		7.40	%		6.15	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	3,048,719		$	3,496,126		$	4,495,997		$	6,268,878		$	8,627,288		$	8,282,010
Net expenses		0.91	%(c)		0.91	%		0.91	%		0.89	%		0.91	%		0.92	%
Gross expenses		0.91	%(c)		0.91	%		0.91	%		0.89	%		0.91	%		0.92	%
Net investment income		3.22	%(c)		3.56	%		3.97	%		3.91	%		3.58	%		4.28	%
Portfolio turnover rate		4	%		9	%		13	%		22	%		26	%		28	%

(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.

27 |

Financial Highlights – continued

For a share outstanding throughout each period.


	Admin Class
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	14.16		$	13.92		$	13.54		$	15.38		$	14.98		$	14.89

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.20			0.46			0.49			0.53			0.51			0.61
Net realized and unrealized gain (loss)		(0.22	)		0.28			0.62			(1.55	)		0.55			0.25

Total from Investment Operations		(0.02	)		0.74			1.11			(1.02	)		1.06			0.86

LESS DISTRIBUTIONS FROM:
Net investment income		(0.30	)		(0.36	)		(0.23	)		(0.42	)		(0.59	)		(0.77	)
Net realized capital gains		(0.29	)		(0.14	)		(0.50	)		(0.40	)		(0.07	)		—

Total Distributions		(0.59	)		(0.50	)		(0.73	)		(0.82	)		(0.66	)		(0.77	)

Net asset value, end of the period	$	13.55		$	14.16		$	13.92		$	13.54		$	15.38		$	14.98

Total return		(0.09	)%(b)		5.51	%		8.64	%		(6.89	)%		7.15	%		5.88	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	130,765		$	170,436		$	185,902		$	239,088		$	292,668		$	272,181
Net expenses		1.16	%(c)		1.16	%		1.16	%		1.14	%		1.17	%		1.18	%
Gross expenses		1.16	%(c)		1.16	%		1.16	%		1.14	%		1.17	%		1.18	%
Net investment income		2.96	%(c)		3.31	%		3.72	%		3.67	%		3.32	%		4.02	%
Portfolio turnover rate		4	%		9	%		13	%		22	%		26	%		28	%

(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.

| 28

Financial Highlights – continued

For a share outstanding throughout each period.


	Class N
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Period Ended September 30, 2013*
Net asset value, beginning of the period	$	14.27		$	14.02		$	13.64		$	15.48		$	15.07		$	15.33

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.25			0.54			0.57			0.63			0.59			0.47
Net realized and unrealized gain (loss)		(0.23	)		0.29			0.61			(1.56	)		0.57			(0.25	)

Total from Investment Operations		0.02			0.83			1.18			(0.93	)		1.16			0.22

LESS DISTRIBUTIONS FROM:
Net investment income		(0.34	)		(0.44	)		(0.30	)		(0.51	)		(0.68	)		(0.48	)
Net realized capital gains		(0.29	)		(0.14	)		(0.50	)		(0.40	)		(0.07	)		—

Total Distributions		(0.63	)		(0.58	)		(0.80	)		(0.91	)		(0.75	)		(0.48	)

Net asset value, end of the period	$	13.66		$	14.27		$	14.02		$	13.64		$	15.48		$	15.07

Total return		0.21	%(b)		6.14	%		9.18	%		(6.31	)%		7.79	%		1.45	%(b)(c)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	404,547		$	224,074		$	113,335		$	85,042		$	31,387		$	241
Net expenses		0.60	%(d)		0.59	%		0.58	%		0.57	%		0.58	%(e)		0.65	%(d)(f)
Gross expenses		0.60	%(d)		0.59	%		0.58	%		0.57	%		0.58	%(e)		2.14	%(d)
Net investment income		3.56	%(d)		3.83	%		4.28	%		4.33	%		3.80	%		4.73	%(d)
Portfolio turnover rate		4	%		9	%		13	%		22	%		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)	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.

29 |

NOTES TO FINANCIAL STATEMENTS

March 31, 2018 (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.

Each share class is sold without a sales charge. Retail Class and Admin Class shares pay a Rule 12b-1 fee. Admin Class shares are primarily intended for employer-sponsored retirement plans and are offered exclusively through intermediaries. Class N shares do not pay a front-end sales charge, a CDSC or Rule 12b-1 fees. Class N shares are offered with an initial minimum investment of $1,000,000. Institutional Class shares are intended for institutional investors with a minimum initial investment of $100,000. Certain categories of investors are exempted from the minimum investment amounts for Class N and Institutional Class as outlined in the Fund’s prospectus.

Most expenses can be directly attributed to a Fund. Expenses which cannot be directly attributed to a Fund are generally apportioned based on the relative net assets of each of the funds in Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust IV, and Gateway Trust (“Natixis Funds Trusts”), and Loomis Sayles Funds I and Loomis Sayles Funds II (“Loomis Sayles Funds Trusts”), and the Natixis ETF Trust. Expenses of the Fund are borne pro rata by the holders of each class of shares, except that each class bears expenses unique to that class (such as the Rule 12b-1 fees applicable to Retail Class and Admin Class) and transfer agent fees are borne collectively for Institutional Class, Retail Class, and Admin Class, and individually for Class N. In addition, each class votes as a class only with respect to its own 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.

| 30

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2018 (Unaudited)

31 |

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2018 (Unaudited)

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.

As of March 31, 2018, securities held by the Fund were fair valued as follows:


Securities classified as fair valued	Percentage of Net Assets	Securities fair valued by the Fund’s adviser	Percentage of Net Assets
$336,374,111	2.6%	$27,777,466	0.2%

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.

| 32

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2018 (Unaudited)

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.

During the six months ended March 31, 2018, the amount of income available to be distributed by the Fund has been reduced by $55,697,314 as a result of losses arising from changes in exchange rates.

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

d. When-Issued and Delayed Delivery Transactions. The Fund may enter into when-issued or delayed delivery transactions. When-issued refers to transactions made conditionally because a security, although authorized, has not been issued. Delayed delivery refers to transactions for which delivery or payment will occur at a later date, beyond the normal settlement period. The price of when-issued and delayed delivery securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The security and the obligation to pay for it are recorded by the Fund at the time the commitment is entered into. The value of the security may vary with market fluctuations during the time before the Fund takes delivery of the security. No interest accrues to the Fund until the transaction settles.

Delayed delivery transactions include those designated as To Be Announced (“TBAs”) in the Portfolios of Investments. For TBAs, the actual security that will be delivered to fulfill the transaction is not designated at the time of the trade. The security is “to be announced” 48 hours prior to the established trade settlement date. Certain transactions require the Fund or counterparty to post cash and/or securities as collateral for the net mark-to-market exposure to the other party. The Fund covers its net obligations under outstanding delayed delivery commitments by segregating or earmarking cash or securities at the custodian.

Purchases of when-issued or delayed delivery securities may have a similar effect on the Fund’s NAV as if the Fund 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.

33 |

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2018 (Unaudited)

There were no when-issued or delayed delivery securities held by the Fund as of March 31, 2018.

e. 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, 2018 and has concluded that no provisions for income tax are required. The Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Fund. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

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

f. 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, defaulted and/or non-income producing securities, distribution re-designations, corporate actions, contingent payment debt instruments, premium amortization, convertible bonds, paydown gains and losses, return of capital and capital gain distributions received and trust preferred securities. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to

| 34

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2018 (Unaudited)

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, convertible bonds, defaulted and/or non-income producing securities, return of capital distributions received, trust preferred securities, corporate actions 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.

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, 2017 was as follows:


2017 Distributions Paid From:
Ordinary Income	Long-Term Capital Gains	Total
$420,372,111	$140,938,092	$561,310,203

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

As of March 31, 2018, unrealized appreciation (depreciation) on a tax basis was approximately as follows:


Unrealized appreciation (depreciation)
Investments	$	101,905,795
Foreign currency translations		(496,872,232	)

Total unrealized appreciation (depreciation)	$	(394,966,437	)

As of March 31, 2018, the cost of investments (including derivatives, if applicable) and unrealized appreciation (depreciation) on a federal tax basis were as follows:


Federal tax cost	$	12,934,731,514

Gross tax appreciation	$	672,886,667
Gross tax depreciation		(1,086,872,605	)

Net tax depreciation	$	(413,985,938	)

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.

Differences between these amounts and those reported in the preceding table are primarily attributable to foreign currency mark-to-market.

35 |

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2018 (Unaudited)

g. 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, 2018, 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.

h. 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, 2018, the Fund did not loan securities under this agreement.

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

| 36

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2018 (Unaudited)

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 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.

37 |

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2018 (Unaudited)

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2018, at value:


Asset Valuation Inputs
Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—	$	12,996,985	$	45,529,052	(b)(d)	$	58,526,037
Airlines		—		109,415,466		1,199	(e)		109,416,665
Finance Companies		3,502,101		394,822,641		—			398,324,742
Metals & Mining		—		135,238,069		3,383	(c)		135,241,452
All Other Non-Convertible Bonds(a)		—		7,737,277,629		—			7,737,277,629

Total Non-Convertible Bonds		3,502,101		8,389,750,790		45,533,634			8,438,786,525

Convertible Bonds(a)		—		454,017,418		—			454,017,418
Municipals(a)		—		213,231,375		—			213,231,375

Total Bonds and Notes		3,502,101		9,056,999,583		45,533,634			9,106,035,318

Senior Loans
Consumer Cyclical Services		—		—		10,355,253	(c)		10,355,253
All Other Senior Loans(a)		—		92,014,339		—			92,014,339

Total Senior Loans		—		92,014,339		10,355,253			102,369,592

Common Stocks
Media		—		4,780,510		—			4,780,510
Oil, Gas & Consumable Fuels		3,153,953		9,659,129		—			12,813,082
All Other Common Stocks(a)		504,903,390		—		—			504,903,390

Total Common Stocks		508,057,343		14,439,639		—			522,496,982

Preferred Stocks
Convertible Preferred Stocks
Midstream		12,678,884		64,217,430		—			76,896,314
REITs—Mortgage		—		18,387,870		—			18,387,870
All Other Convertible Preferred Stocks(a)		75,102,051		—		—			75,102,051

Total Convertible Preferred Stocks		87,780,935		82,605,300		—			170,386,235

Non-Convertible Preferred Stocks
Electric		1,227,445		653,284		—			1,880,729
REITs—Office Property		—		2,826,102		—			2,826,102
REITs—Warehouse/Industrials		—		10,962,690		—			10,962,690
All Other Non-Convertible Preferred Stocks(a)		771,183		—		—			771,183

Total Non-Convertible Preferred Stocks		1,998,628		14,442,076		—			16,440,704

Total Preferred Stocks		89,779,563		97,047,376		—			186,826,939

| 38

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2018 (Unaudited)

Asset Valuation Inputs – continued


Description	Level 1		Level 2		Level 3		Total
Closed-End Investment Companies	$	3,906,646	$	—	$	—	$	3,906,646
Short-Term Investments		—		2,599,110,099		—		2,599,110,099

Total	$	605,245,653	$	11,859,611,036	$	55,888,887	$	12,520,745,576

(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 ($28,110,222) and fair valued by the Fund’s adviser using broker-dealer bid prices for which the inputs are unobservable to the Fund ($17,418,830).

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

(e) 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, 2017 and/or March 31, 2018:

Asset Valuation Inputs


Investments in Securities	Balance as of September 30, 2017			Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	43,669,109	(a)	$	—	$	6,362		$	1,433,496		$	855,095
Airlines		1,197			—		—			2			—
Chemicals		23,428,890			—		—			—			—
Metals & Mining		3,383			77,510		—			(77,510	)		—
Retailers		25,551,200			—		—			—			—
Senior Loans
Consumer Cyclical Services		9,747,713			—		—			(67,504	)		675,044
Common Stocks
Media		3,242,919			—		—			—			—
Oil, Gas & Consumable Fuels		10,541,427	(a)		—		(27,086,937	)		32,873,257			—

Total	$	116,185,838		$	77,510	$	(27,080,575	)	$	34,161,741		$	1,530,139

39 |

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2018 (Unaudited)

Asset Valuation Inputs – continued


Investments in Securities – continued	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2018			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2018
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	(435,010	)	$	—	$	—		$	45,529,052	(a)	$	1,434,855
Airlines		—			—		—			1,199			2
Chemicals		—			—		(23,428,890	)		—			—
Metals & Mining		—			—		—			3,383			(77,510	)
Retailers		—			—		(25,551,200	)		—			—
Senior Loans
Consumer Cyclical Services		—			—		—			10,355,253			(67,504	)
Common Stocks
Media		—			—		(3,242,919	)		—			—
Oil, Gas & Consumable Fuels		(9,188,890	)		—		(7,138,857	)		—			—

Total	$	(9,623,900	)	$	—	$	(59,361,866	)	$	55,888,887		$	1,289,843

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

Debt securities valued at $23,428,890 were transferred from Level 3 to Level 2 during the period ended March 31, 2018. At September 30, 2017, these securities were valued at fair value as determined in good faith by the Fund’s investment adviser as an independent pricing service did not provide a reliable price for the securities. At March 31, 2018, these securities were valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

A debt security valued at $25,551,200 was transferred from Level 3 to Level 2 during the period ended March 31, 2018. At September 30, 2017, 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, 2018, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

Common stocks valued at $10,381,776 were transferred from Level 3 to Level 2 during the period ended March 31, 2018. At September 30, 2017, these securities were valued at fair value as determined in good faith by the Fund’s advisor using broker-dealer bid prices for which the inputs are unobservable to the Fund. At March 31, 2018, these securities were valued on the basis of closing bid quotations furnished to the Fund by an independent pricing service in accordance with the Fund’s valuation policies.

| 40

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2018 (Unaudited)

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, 2018, purchases and sales of securities (excluding short-term investments and U.S. Government/Agency securities and including paydowns) were $422,477,356 and $843,269,206, respectively. Purchases and sales of U.S. Government/Agency securities (excluding short-term investments and including paydowns) were $0 and $150,001,101, 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, organizational and extraordinary expenses such as litigation and indemnification expenses. This undertaking is in effect until January 31, 2019, may be terminated before then only with the consent of the Fund’s Board of Trustees 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. Waivers/reimbursements that exceed management fees payable are reflected on the Statement of Assets and Liabilities as receivable from investment adviser.

For the six months ended March 31, 2018, 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.

41 |

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2018 (Unaudited)

For the six months ended March 31, 2018, the management fees for the Fund were $34,270,340 (effective rate of 0.52% of average daily net assets).

No expenses were recovered during the six months ended March 31, 2018 under the terms of the expense limitation agreement.

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

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

Under the Admin Class Plan, the Fund pays Natixis Distribution a monthly distribution fee at an annual rate not to exceed 0.25% of the average daily net assets attributable to the Fund’s Admin Class shares, as compensation for services provided by Natixis Distribution in connection with the marketing or sale of Admin Class shares or for payments made by Natixis Distribution to securities dealers or other financial intermediaries as commissions, asset-based sales charges or other compensation with respect to the 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 Natixis Distribution an administrative service fee, at an annual rate not to exceed 0.25% of the average daily net assets attributable to Admin Class shares. These fees are subsequently paid to securities dealers or financial intermediaries for providing personal services and/or account maintenance for their customers who hold such shares.

| 42

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2018 (Unaudited)

For the six months ended March 31, 2018, the service and distribution fees for the Fund were as follows:


Service Fees	Distribution Fees
Admin Class	Retail Class	Admin Class
$182,921	$4,038,403	$182,921

c. Administrative Fees. Natixis Advisors, L.P. (“Natixis Advisors”) provides certain administrative services for the Fund and contracts with State Street Bank to serve as sub-administrator. Natixis Advisors is a wholly-owned subsidiary of Natixis. Pursuant to an agreement among Natixis Funds Trusts, Loomis Sayles Funds Trusts, Natixis ETF Trust and Natixis Advisors, the Fund pays Natixis Advisors monthly its pro rata portion of fees equal to an annual rate of 0.0575% of the first $15 billion of the average daily net assets of the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust, 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, Loomis Sayles Funds Trusts and Natixis ETF Trust of $10 million, which is reevaluated on an annual basis.

For the six months ended March 31, 2018, the administrative fees for the Fund were $2,903,707.

d. Sub-Transfer Agent Fees. Natixis Distribution has entered into agreements, which include servicing agreements, with financial intermediaries that provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries that hold positions in the 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 Natixis Distribution for all or a portion of the servicing fees paid to these intermediaries. The reimbursement amounts (sub-transfer agent fees) paid to Natixis Distribution are subject to a current per-account equivalent fee limit approved by the Fund’s Board of Trustees, 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, 2018, the sub-transfer agent fees (which are reflected in transfer agent fees and expenses in the Statement of Operations) for the Fund were $4,483,160.

As of March 31, 2018, the Fund owes Natixis Distribution $103,346 in reimbursements for sub-transfer agent fees (which are reflected in the Statement of Assets and Liabilities as payable to distributor).

43 |

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2018 (Unaudited)

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

| 44

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2018 (Unaudited)

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, 2018, Loomis Sayles Employees’ Profit Sharing Retirement Plan held shares of the Fund representing 0.26% of the Fund’s net assets.

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

6. Class-Specific Transfer Agent Fees and Expenses. Transfer agent fees and expenses attributable to 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, 2018, 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
$3,428,000	$1,177,925	$53,306	$2,920

7. Line of Credit. The Fund, together with certain other funds of Natixis Funds Trusts and Loomis Sayles Funds Trusts, entered into a 364-day, $400,000,000 syndicated, committed, unsecured line of credit with Citibank, N.A. to be used for temporary or emergency purposes only. Any one Fund may borrow up to the full $400,000,000 under the line of credit (as long as all borrowings by all Funds in the aggregate do not exceed the $400,000,000 limit at any time) subject to each Fund’s investment restrictions and its contractual obligations under the line of credit. Interest is charged to the Funds at a rate equal to the greater of the eurodollar or the federal funds rate plus 1.00%. In addition, a commitment fee of 0.15% per annum, payable on the last business day of each month, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit. The Funds paid an arrangement fee, an upfront fee, and other fees in connection with the new line of credit agreement, which are being amortized over a period of 364 days and are reflected as miscellaneous expenses on the Statement of Operations. The unamortized balance is reflected as prepaid expenses on the Statement of Assets and Liabilities.

For the six months ended March 31, 2018, the Fund had no borrowings under this agreement.

45 |

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2018 (Unaudited)

restrictions and its contractual obligations under the line of credit. Interest is charged to the Funds based upon the terms set forth in the agreement. In addition, a commitment fee of 0.15% per annum, payable at the end of each calendar quarter, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit.

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

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


	Six Months Ended March 31, 2018						Year Ended September 30, 2017
Institutional Class	Shares			Amount			Shares			Amount
Issued from the sale of shares		70,384,708		$	982,134,991			140,116,763		$	1,958,708,238
Issued in connection with the reinvestment of distributions		28,150,699			387,977,405			26,172,060			361,992,329
Redeemed		(115,029,191	)		(1,605,005,211	)		(196,734,546	)		(2,741,442,227	)

Net change		(16,493,784	)	$	(234,892,815	)		(30,445,723	)	$	(420,741,660	)

Retail Class
Issued from the sale of shares		15,361,550		$	213,249,639			30,406,376		$	422,446,842
Issued in connection with the reinvestment of distributions		10,217,385			140,068,654			10,735,989			147,565,410
Redeemed		(47,520,009	)		(659,827,258	)		(116,977,494	)		(1,624,262,086	)

Net change		(21,941,074	)	$	(306,508,965	)		(75,835,129	)	$	(1,054,249,834	)

Admin Class
Issued from the sale of shares		1,000,717		$	13,837,890			2,361,177		$	32,664,519
Issued in connection with the reinvestment of distributions		421,264			5,755,503			450,900			6,173,600
Redeemed		(3,812,098	)		(53,124,163	)		(4,129,911	)		(57,113,542	)

Net change		(2,390,117	)	$	(33,530,770	)		(1,317,834	)	$	(18,275,423	)

| 46

NOTES TO FINANCIAL STATEMENTS – continued

March 31, 2018 (Unaudited)

9. Capital Shares – continued.


	Six Months Ended March 31, 2018						Year Ended September 30, 2017
Class N	Shares			Amount			Shares			Amount
Issued from the sale of shares		15,641,097		$	218,631,960			10,822,314		$	150,938,798
Issued in connection with the reinvestment of distributions		1,141,988			15,706,866			530,086			7,343,290
Redeemed		(2,874,995	)		(39,984,722	)		(3,730,740	)		(52,101,510	)

Net change		13,908,090		$	194,354,104			7,621,660		$	106,180,578

Increase (decrease) from capital share transactions		(26,916,885	)	$	(380,578,446	)		(99,977,026	)	$	(1,387,086,339	)

47 |

Additional Information

Special Meeting of Shareholders. (Unaudited)

Loomis Sayles Funds I


Nominee	Voted “FOR”*		Withheld*
Kevin Charleston		1,046,693,133.34		15,163,366.07
Kenneth A. Drucker		1,045,641,428.27		16,215,071.15
Edmond J. English		1,046,277,137.68		15,579,361.74
David L. Giunta		1,046,496,391.62		15,360,107.79
Richard A. Goglia		1,046,269,146.27		15,587,353.15
Wendell J. Knox		1,045,976,095.92		15,880,403.49
Martin T. Meehan		1,046,154,669.52		15,701,829.89
Maureen B. Mitchell		1,047,019,476.25		14,837,023.17
Sandra O. Moose**		1,045,973,479.27		15,883,020.14
James P. Palermo		1,046,549,375.30		15,307,124.11
Erik R. Sirri		1,046,440,355.81		15,416,143.60
Peter J. Smail		1,046,053,910.90		15,802,588.52
Cynthia L. Walker		1,047,362,231.11		14,494,268.31

*	Trust-wide voting results.

**	Ms. Moose retired as a Trustee effective January 1, 2018.

| 48

LOGO

Semiannual Report

March 31, 2018

Loomis Sayles High Income Fund

Loomis Sayles Intermediate Duration Bond Fund

Loomis Sayles Limited Term Government and Agency Fund

Table of Contents



Portfolio Review			1

Portfolio of Investments			11

Financial Statements			53

Notes to Financial Statements			69

LOGO

LOOMIS SAYLES HIGH INCOME FUND


Managers		Symbols
Matthew J. Eagan, CFA^®		Class A NEFHX
Elaine M. Stokes		Class C NEHCX
Loomis, Sayles & Company, L.P.		Class N LSHNX
		Class Y NEHYX

Investment Goal

The Fund seeks high current income plus the opportunity for capital appreciation to produce a high total return.

1 |

Average Annual Total Returns — March 31, 2018³


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

Class Y (Inception 2/29/08)
NAV		-0.15	%		3.70	%		4.15	%		6.88	%		—	%		0.90	%		0.80	%

Class A (Inception 2/22/84)
NAV		-0.28			3.43			3.91			6.62			—			1.15			1.05
With 4.25% Maximum Sales Charge		-4.44			-0.95			3.03			6.17			—

Class C (Inception 3/2/98)
NAV		-0.66			2.64			3.12			5.84			—			1.90			1.80
With CDSC¹		-1.64			1.65			3.12			5.84			—

Class N (Inception 11/30/16)
NAV		0.10			3.99			—			—			6.76			31.73			0.75

Comparative Performance
Bloomberg Barclays U.S. Corporate High-Yield Bond Index²		-0.39			3.78			4.99			8.27			4.26

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

1	Class C shares performance assumes a 1% CDSC applied when you sell shares within one year of purchase.

The Bloomberg Barclays U.S. Corporate High-Yield Bond Index measures the market of USD-denominated, non-investment grade, fixed-rate, taxable corporate bonds. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB /BB or below, excluding emerging market debt. The Bloomberg Barclays U.S. Corporate High-Yield Bond Index was created in 1986, with history backfilled to July 1, 1983, and rolls up into the Bloomberg Barclays U.S. Universal and Global High-Yield Indices.

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

Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense caps set to expire on 1/31/19. When a Fund’s expenses are below the cap, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense caps.

| 2

LOOMIS SAYLES INTERMEDIATE DURATION BOND FUND


Managers		Symbols
Christopher T. Harms		Class A LSDRX
Clifton V. Rowe, CFA^®		Class C LSCDX
Kurt L. Wagner, CFA^®, CIC		Class Y LSDIX

Investment Goal

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

3 |

Average Annual Total Returns — March 31, 2018^4,5



													Expense Ratios⁶
	6 Months			1 Year			5 Years			10 Years			Gross			Net

Class Y (Inception 1/28/98)¹
NAV		-1.06	%		0.72	%		1.67	%		4.12	%		0.47	%		0.40	%

Class A (Inception 5/28/10)¹
NAV		-1.09			0.46			1.41			3.86			0.72			0.65
With 4.25% Maximum Sales Charge		-5.32			-3.77			0.53			3.41

Class C (Inception 8/31/16)¹
NAV		-1.55			-0.29			0.63			2.95			1.48			1.40
With CDSC²		-2.53			-1.27			0.63			2.95

Comparative Performance
Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index³		-1.18			0.35			1.25			2.92

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

Effective August 31, 2016, the Fund’s Retail Class shares and Institutional Class shares were redesignated as Class A shares and Class Y shares, respectively. Accordingly, the returns shown in the table for Class A shares prior to August 31, 2016 are those of Retail Class shares, restated to reflect the sales loads of Class A shares, and the returns in the table for Class Y shares prior to August 31, 2016 are those of Institutional Class shares. Prior to the inception of Retail Class shares (May 28, 2010), performance is that of Institutional Class shares, restated to reflect the higher net expenses and sales loads of Class A shares. Prior to the inception of Class C shares (August 31, 2016), performance is that of Retail Class shares, restated to reflect the higher net expenses and sales loads of Class C shares.

2	Class C shares performance assumes a 1% CDSC applied when you sell shares within one year of purchase.

The Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index includes securities in the intermediate maturity range with in the Government and Credit Indices. The Government Index includes treasuries (i.e., public obligations of the U.S. Treasury that have remaining maturities of more than one year) and agencies (i.e., publicly issued debt of U.S. Government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. Government). The Credit Index includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements.

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

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

Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense caps set to expire on 1/31/19. When a Fund’s expenses are below the cap, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense caps.

| 4

LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND


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

Investment Goal

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

5 |

Average Annual Total Returns — March 31, 2018³


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

Class Y (Inception 3/31/94)
NAV		-0.26	%		0.51	%		0.69	%		2.59	%		—	%		0.55	%		0.55	%

Class A (Inception 1/3/89)
NAV		-0.39			0.17			0.42			2.32			—			0.80			0.80
With 2.25% Maximum Sales Charge		-2.62			-2.07			-0.03			2.09			—

Class C (Inception 12/30/94)
NAV		-0.76			-0.58			-0.33			1.57			—			1.55			1.55
With CDSC¹		-1.75			-1.56			-0.33			1.57			—

Class N (Inception 2/1/17)
NAV		-0.22			0.60			—			—			0.78			0.50			0.47

Comparative Performance
Bloomberg Barclays U.S. 1-5 Year Government Bond Index²		-0.79			-0.09			0.63			1.66			0.12

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

1	Class C shares performance assumes a 1% CDSC applied when you sell shares within one year of purchase.

The Bloomberg Barclays U.S. 1-5 Year Government Bond Index is a subindex of the Bloomberg Barclays U.S. Government Index, which is composed of the Bloomberg Barclays U.S. Treasury and U.S. Agency Indices. The Bloomberg Barclays U.S. Government Index includes Treasuries (public obligations of the U.S. Treasury that have remaining maturities of more than one year) and U.S. agency debentures (publicly issued debt of U.S. government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. government). The Bloomberg Barclays U.S. Government Index is a component of the Bloomberg Barclays U.S. Government/Credit Index and the Bloomberg Barclays U.S. Aggregate Index.

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

Expense ratios are as shown in the Fund’s prospectus in effect as of the date of this report. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report under Ratios to Average Net Assets. Net expenses reflect contractual expense caps set to expire on 1/31/19. When a Fund’s expenses are below the cap, gross and net expense ratios will be the same. See Note 6 of the Notes to Financial Statements for more information about the Fund’s expense caps.

| 6

ADDITIONAL INFORMATION

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

ADDITIONAL INDEX INFORMATION

PROXY VOTING INFORMATION

A description of the Natixis Funds’ proxy voting policies and procedures is available without charge, upon request, by calling Natixis Funds at 800-225-5478; on the Natixis Funds’ website at im.natixis.com; and on the Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information regarding how the funds voted proxies relating to portfolio securities the most recent 12-month period ended June 30 is available from the Natixis Funds’ website and the SEC’s website.

QUARTERLY PORTFOLIO SCHEDULES

The Natixis Funds file complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year 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 FUND EXPENSES

As a mutual fund shareholder, you incur different costs: transaction costs, including sales charges (loads) on purchases and contingent deferred sales charges on redemptions, and ongoing costs, including management fees, distribution and/or service fees (12b-1 fees), and other fund expenses. Certain exemptions may apply. These costs are described in more detail in the Funds’ prospectuses. The following examples are intended to help you understand the ongoing costs of investing in the Funds and help you compare these with the ongoing costs of investing in other mutual funds.

The first line in the table of each class of Fund shares shows the actual account values and actual Fund expenses you would have paid on a $1,000 investment in the Fund from October 1, 2017 through March 31, 2018. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example $8,600 account value divided by $1,000 = 8.6) and multiply the result by the number in the Expenses Paid During Period column as shown below for your class.

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

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

| 8


LOOMIS SAYLES HIGH INCOME FUND	BEGINNING ACCOUNT VALUE 10/1/2017		ENDING ACCOUNT VALUE 3/31/2018		EXPENSES PAID DURING PERIOD* 10/1/2017 – 3/31/2018
Class A
Actual		$1,000.00		$997.20		$5.23
Hypothetical (5% return before expenses)		$1,000.00		$1,019.70		$5.29
Class C
Actual		$1,000.00		$993.40		$8.95
Hypothetical (5% return before expenses)		$1,000.00		$1,015.96		$9.05
Class N
Actual		$1,000.00		$1,001.00		$3.74
Hypothetical (5% return before expenses)		$1,000.00		$1,021.19		$3.78
Class Y
Actual		$1,000.00		$998.50		$3.99
Hypothetical (5% return before expenses)		$1,000.00		$1,020.94		$4.03

Expenses are equal to the Fund’s annualized expense ratio (after waiver/reimbursement): 1.05%, 1.80%, 0.75% and 0.80% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).


LOOMIS SAYLES INTERMEDIATE DURATION BOND FUND	BEGINNING ACCOUNT VALUE 10/1/2017		ENDING ACCOUNT VALUE 3/31/2018		EXPENSES PAID DURING PERIOD* 10/1/2017 – 3/31/2018
Class A
Actual		$1,000.00		$989.10		$3.22
Hypothetical (5% return before expenses)		$1,000.00		$1,021.69		$3.28
Class C
Actual		$1,000.00		$984.50		$6.93
Hypothetical (5% return before expenses)		$1,000.00		$1,017.95		$7.04
Class Y
Actual		$1,000.00		$989.40		$1.98
Hypothetical (5% return before expenses)		$1,000.00		$1,022.94		$2.02

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

9 |


LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND	BEGINNING ACCOUNT VALUE 10/1/2017		ENDING ACCOUNT VALUE 3/31/2018		EXPENSES PAID DURING PERIOD* 10/1/2017 – 3/31/2018
Class A
Actual		$1,000.00		$996.10		$3.98
Hypothetical (5% return before expenses)		$1,000.00		$1,020.94		$4.03
Class C
Actual		$1,000.00		$992.40		$7.70
Hypothetical (5% return before expenses)		$1,000.00		$1,017.20		$7.80
Class N
Actual		$1,000.00		$997.80		$2.34
Hypothetical (5% return before expenses)		$1,000.00		$1,022.59		$2.37
Class Y
Actual		$1,000.00		$997.40		$2.74
Hypothetical (5% return before expenses)		$1,000.00		$1,022.19		$2.77

Hypothetical expenses are equal to the Fund’s annualized expense ratio: 0.80%, 1.55%, 0.47% and 0.55% for Class A, C, N and Y, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182), divided by 365 (to reflect the half-year period).

| 10

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles High Income Fund


Principal Amount (‡)		Description	Value (†)
	Bonds and Notes — 92.0% of Net Assets
	Non-Convertible Bonds — 81.6%
		ABS Home Equity — 1.3%
$	93,222	Banc of America Alternative Loan Trust, Series 2003-8, Class 1CB1, 5.500%, 10/25/2033	$	95,036
	102,977	Banc of America Funding Trust, Series 2005-7, Class 3A1, 5.750%, 11/25/2035		108,192
	83,002	Banc of America Funding Trust, Series 2007-4, Class 5A1, 5.500%, 11/25/2034		84,701
	28,569	Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-HYB7, Class 2A, 3.806%, 11/20/2035(a)		26,383
	203,372	DSLA Mortgage Loan Trust, Series 2005-AR5, Class 2A1A, 1-month LIBOR + 0.330%, 2.138%, 9/19/2045(b)		165,710
	305,000	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M3, 1-month LIBOR + 3.300%, 5.172%, 10/25/2027(b)(c)		339,520
	125,082	GMAC Mortgage Corp. Loan Trust, Series 2005-AR4, Class 3A1, 3.968%, 7/19/2035(a)		119,914
	246,266	MASTR Adjustable Rate Mortgages Trust, Series 2005-2, Class 3A1, 3.495%, 3/25/2035(a)		242,966
	259,992	MASTR Adjustable Rate Mortgages Trust, Series 2005-2, Class 4A1, 3.160%, 3/25/2035(a)		243,367
	100,000	RCO Mortgage LLC, Series 2017-1, Class A2, 5.125%, 8/25/2022, 144A(a)		100,074
	470,000	VOLT LVI LLC, Series 2017-NPL3, Class A2, 5.875%, 3/25/2047, 144A(a)		470,096
	220,000	VOLT XL LLC, Series 2015-NP14, Class A2, 4.875%, 11/27/2045, 144A(a)		220,003

				2,215,962

		ABS Other — 0.3%
	224,562	AIM Aviation Finance Ltd., Series 2015-1A, Class B1, 5.072%, 2/15/2040, 144A(a)		223,045
	248,472	Wave LLC, Series 2017-1A, Class B, 5.682%, 11/15/2042, 144A(d)		249,093

				472,138

		Aerospace & Defense — 1.2%
	95,000	Engility Corp., 8.875%, 9/01/2024		98,771
	638,000	Leonardo U.S. Holdings, Inc., 6.250%, 1/15/2040, 144A		709,571
	383,000	Leonardo U.S. Holdings, Inc., 7.375%, 7/15/2039, 144A		467,260
	845,000	TransDigm, Inc., 6.500%, 7/15/2024		866,125

				2,141,727

		Airlines — 0.4%
	535,000	Latam Finance Ltd., 6.875%, 4/11/2024, 144A		559,744
	43,850	Virgin Australia Pass Through Certificates, Series 2013-1B, 6.000%, 4/23/2022, 144A		44,737
	44,323	Virgin Australia Pass Through Certificates, Series 2013-1C, 7.125%, 10/23/2018, 144A		44,916

				649,397

		Automotive — 1.1%
	680,000	Allison Transmission, Inc., 4.750%, 10/01/2027, 144A		640,900
	195,000	Allison Transmission, Inc., 5.000%, 10/01/2024, 144A		193,294

See accompanying notes to financial statements.

11 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles High Income Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Automotive — continued
$	285,000	Dana Financing Luxembourg S.a.r.l., 5.750%, 4/15/2025, 144A	$	290,344
	115,000	Goodyear Tire & Rubber Co. (The), 5.000%, 5/31/2026		111,837
	240,000	Goodyear Tire & Rubber Co. (The), 5.125%, 11/15/2023		241,500
	420,000	Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc., 7.875%, 10/01/2022, 144A		421,050

				1,898,925

		Banking — 4.8%
	1,985,000	Ally Financial, Inc., 4.625%, 3/30/2025		1,960,187
	485,000	Ally Financial, Inc., 5.750%, 11/20/2025		499,695
	6,605,000	Banco Hipotecario S.A., Argentina Deposit Rates Badlar Private Banks + 2.500%, 23.708%, 1/12/2020, 144A, (ARS)(b)		321,857
	6,270,000	Banco Hipotecario S.A., Argentina Deposit Rates Badlar Private Banks + 4.000%, 26.771%, 11/07/2022, 144A, (ARS)(b)		313,715
	8,775,000	Banco Macro S.A., 17.500%, 5/08/2022, 144A, (ARS)		412,708
	7,075,000	Banco Supervielle S.A., Argentina Deposit Rates Badlar Private Banks + 4.500%, 27.271%, 8/09/2020, 144A, (ARS)(b)		343,711
	1,280,000	Barclays PLC, 5.200%, 5/12/2026(c)		1,290,295
	1,195,000	Commerzbank AG, 8.125%, 9/19/2023, 144A		1,391,972
	400,000	Deutsche Bank AG, (fixed rate to 12/01/2027, variable rate thereafter), 4.875%, 12/01/2032		369,844
	470,000	Intesa Sanpaolo SpA, 5.017%, 6/26/2024, 144A		463,584
	895,000	Intesa Sanpaolo SpA, 5.710%, 1/15/2026, 144A		898,191

				8,265,759

		Brokerage — 0.3%
	535,000	Jefferies Finance LLC/JFIN Co-Issuer Corp., 6.875%, 4/15/2022, 144A		529,650

		Building Materials — 1.5%
	610,000	Beacon Escrow Corp., 4.875%, 11/01/2025, 144A		581,025
	230,000	Cemex SAB de CV, 5.700%, 1/11/2025, 144A		235,865
	350,000	Cemex SAB de CV, 7.750%, 4/16/2026, 144A		385,595
	420,000	James Hardie International Finance Ltd., 4.750%, 1/15/2025, 144A		411,600
	445,000	James Hardie International Finance Ltd., 5.000%, 1/15/2028, 144A		431,650
	130,000	Jeld-Wen, Inc., 4.625%, 12/15/2025, 144A		123,825
	160,000	Jeld-Wen, Inc., 4.875%, 12/15/2027, 144A		151,200
	50,000	Masco Corp., 6.500%, 8/15/2032		57,932
	180,000	U.S. Concrete, Inc., 6.375%, 6/01/2024		186,750

				2,565,442

		Cable Satellite — 5.0%
	795,000	Altice Financing S.A., 6.625%, 2/15/2023, 144A		787,050
	475,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 2/15/2023		478,087
	625,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2023, 144A		625,781
	15,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 1/15/2024		15,225
	865,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.750%, 2/15/2026, 144A		860,684
	1,360,000	CSC Holdings LLC, 5.500%, 4/15/2027, 144A		1,302,200
	75,000	CSC Holdings LLC, 6.750%, 11/15/2021		78,094
	355,000	Sirius XM Radio, Inc., 5.000%, 8/01/2027, 144A		333,700

See accompanying notes to financial statements.

| 12

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles High Income Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Cable Satellite — continued
$	800,000	Telenet Finance Luxembourg Notes S.a.r.l., 5.500%, 3/01/2028, 144A	$	762,104
	1,485,000	Unitymedia GmbH, 6.125%, 1/15/2025, 144A		1,557,394
	265,000	Virgin Media Finance PLC, 6.000%, 10/15/2024, 144A		262,350
	485,000	Virgin Media Finance PLC, 6.375%, 4/15/2023, 144A		492,275
	375,000	Virgin Media Secured Finance PLC, 5.500%, 1/15/2025, 144A		365,625
	840,000	Ziggo Secured Finance BV, 5.500%, 1/15/2027, 144A		789,356

				8,709,925

		Chemicals — 0.9%
	1,510,000	Hercules LLC, 6.500%, 6/30/2029(e)(f)		1,530,763

		Construction Machinery — 1.1%
	225,000	Ashtead Capital, Inc., 4.125%, 8/15/2025, 144A		216,000
	235,000	Ashtead Capital, Inc., 4.375%, 8/15/2027, 144A		223,250
	615,000	United Rentals North America, Inc., 4.625%, 10/15/2025		598,087
	15,000	United Rentals North America, Inc., 5.500%, 5/15/2027		15,113
	800,000	United Rentals North America, Inc., 5.750%, 11/15/2024		832,840

				1,885,290

		Consumer Cyclical Services — 0.3%
	235,000	IHS Markit Ltd., 4.000%, 3/01/2026, 144A		225,600
	350,000	ServiceMaster Co. LLC (The), 7.450%, 8/15/2027		377,125

				602,725

		Consumer Products — 0.5%
	790,000	Coty, Inc., 6.500%, 4/15/2026, 144A		793,950

		Electric — 1.6%
	125,000	AES Corp., 5.125%, 9/01/2027		127,187
	479,000	AES Corp. (The), 5.500%, 4/15/2025		496,196
	150,000	AES Corp. (The), 6.000%, 5/15/2026		157,875
	808,000,000	Empresas Publicas de Medellin ESP, 8.375%, 11/08/2027, 144A, (COP)		296,944
	1,502,000	Enel SpA, (fixed rate to 9/24/2023, variable rate thereafter), 8.750%, 9/24/2073, 144A		1,779,870

				2,858,072

		Environmental — 0.1%
	100,000	GFL Environmental, Inc., 5.625%, 5/01/2022, 144A		100,000
	95,000	GFL Environmental, Inc., 9.875%, 2/01/2021, 144A		100,225

				200,225

		Finance Companies — 3.3%
	1,055,000	Aircastle Ltd., 4.125%, 5/01/2024		1,033,900
	515,000	Aircastle Ltd., 5.500%, 2/15/2022		536,887
	120,000	CIT Group, Inc., 4.125%, 3/09/2021		120,600
	120,000	iStar, Inc., 4.625%, 9/15/2020		120,150
	505,000	iStar, Inc., 5.000%, 7/01/2019		506,601
	395,000	iStar, Inc., 5.250%, 9/15/2022		382,163
	720,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.250%, 10/01/2025, 144A		682,200

See accompanying notes to financial statements.

13 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles High Income Fund – (continued)


Principal Amount (‡)		Description		Value (†)
		Finance Companies — continued
$	255,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.875%, 8/01/2021, 144A		$	259,452
	315,000	Provident Funding Associates LP/PFG Finance Corp., 6.375%, 6/15/2025, 144A			316,181
	620,000	Quicken Loans, Inc., 5.250%, 1/15/2028, 144A			579,700
	710,000	Quicken Loans, Inc., 5.750%, 5/01/2025, 144A			708,225
	405,000	Unifin Financiera SAB de CV SOFOM ENR, 7.250%, 9/27/2023, 144A			412,691

					5,658,750

		Financial Other — 0.4%
	565,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp, 6.000%, 8/01/2020			576,300
	180,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.875%, 2/01/2022			180,450

					756,750

		Food & Beverage — 2.1%
	200,000	BRF GmbH, 4.350%, 9/29/2026, 144A			173,160
	840,000	Cosan Luxembourg S.A., 7.000%, 1/20/2027, 144A			893,416
	330,000	JBS USA LUX S.A./JBS USA Finance, Inc., 5.750%, 6/15/2025, 144A			307,725
	255,000	JBS USA LUX S.A./JBS USA Finance, Inc., 7.250%, 6/01/2021, 144A			256,912
	385,000	Marfrig Holdings Europe BV, Class B, 8.000%, 6/08/2023, 144A			386,686
	280,000	Pilgrim’s Pride Corp., 5.750%, 3/15/2025, 144A			271,911
	540,000	Pilgrim’s Pride Corp., 5.875%, 9/30/2027, 144A			508,842
	830,000	Post Holdings, Inc., 5.750%, 3/01/2027, 144A			825,850

					3,624,502

		Gaming — 0.9%
	175,000	Boyd Gaming Corp., 6.375%, 4/01/2026			182,457
	375,000	GLP Capital LP/GLP Financing II, Inc., 5.375%, 4/15/2026			380,625
	210,000	MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc., 4.500%, 1/15/2028			196,938
	725,000	MGM Resorts International, 6.000%, 3/15/2023			761,250

					1,521,270

		Government Owned – No Guarantee — 2.7%
	740,000	Petrobras Global Finance BV, 5.625%, 5/20/2043			645,650
	175,000	Petrobras Global Finance BV, 5.750%, 2/01/2029			169,335
	755,000	Petrobras Global Finance BV, 5.999%, 1/27/2028, 144A			747,450
	50,000	Petrobras Global Finance BV, 6.750%, 1/27/2041			48,750
	160,000	Petrobras Global Finance BV, 6.875%, 1/20/2040			157,360
	405,000	Petrobras Global Finance BV, 7.250%, 3/17/2044			413,100
	160,521(††)	Petroleos Mexicanos, 7.190%, 9/12/2024, 144A, (MXN)(c)			796,071
	129,850(††)	Petroleos Mexicanos, 7.470%, 11/12/2026, (MXN)(c)			632,123
	710,000	YPF S.A., 6.950%, 7/21/2027, 144A			712,911
	510,000	YPF S.A., Argentina Deposit Rates Badlar Private Banks + 4.000%, 27.125%, 7/07/2020, 144A(b)			391,024

			��		4,713,774

		Health Insurance — 0.2%
	365,000	Centene Corp., 6.125%, 2/15/2024			379,856

See accompanying notes to financial statements.

| 14

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles High Income Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Healthcare — 4.5%
$	155,000	HCA, Inc., 4.500%, 2/15/2027	$	149,575
	25,000	HCA, Inc., 5.250%, 4/15/2025		25,555
	90,000	HCA, Inc., 5.250%, 6/15/2026		91,170
	260,000	HCA, Inc., 5.375%, 2/01/2025		260,650
	170,000	HCA, Inc., 7.050%, 12/01/2027		179,775
	655,000	HCA, Inc., 7.500%, 12/15/2023		718,862
	145,000	HCA, Inc., 7.500%, 11/06/2033		158,413
	590,000	HCA, Inc., 7.690%, 6/15/2025		650,475
	480,000	HCA, Inc., 8.360%, 4/15/2024		548,400
	820,000	HCA, Inc., MTN, 7.580%, 9/15/2025		898,925
	515,000	HCA, Inc., MTN, 7.750%, 7/15/2036		566,500
	275,000	Hologic, Inc., 4.375%, 10/15/2025, 144A		265,375
	315,000	Hologic, Inc., 4.625%, 2/01/2028, 144A		302,400
	390,000	Polaris Intermediate Corp., PIK, 8.500%, 12/01/2022, 144A(g)		397,804
	200,000	Quintiles IMS, Inc., 5.000%, 10/15/2026, 144A		199,272
	960,000	Surgery Center Holdings, Inc., 6.750%, 7/01/2025, 144A		931,200
	390,000	Tenet Healthcare Corp., 5.125%, 5/01/2025, 144A		374,888
	180,000	Tenet Healthcare Corp., 6.875%, 11/15/2031		163,800
	830,000	Tenet Healthcare Corp., 7.500%, 1/01/2022, 144A		874,612

				7,757,651

		Home Construction — 2.0%
	1,200,000	Corporacion GEO SAB de CV, 8.875%, 3/27/2022, 144A(d)(f)(h)(i)		12
	750,000	K. Hovnanian Enterprises, Inc., 5.000%, 11/01/2021(e)(f)		678,105
	800,000	Lennar Corp., 4.750%, 5/30/2025		788,000
	1,130,000	PulteGroup, Inc., 5.500%, 3/01/2026		1,164,465
	915,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 4.375%, 6/15/2019		917,287

				3,547,869

		Independent Energy — 8.2%
	460,000	Aker BP ASA, 5.875%, 3/31/2025, 144A		465,750
	335,000	Aker BP ASA, 6.000%, 7/01/2022, 144A		345,888
	310,000	Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.000%, 4/01/2022, 144A		334,800
	685,000	Baytex Energy Corp., 5.625%, 6/01/2024, 144A		602,800
	90,000	California Resources Corp., 5.500%, 9/15/2021		69,373
	41,000	California Resources Corp., 6.000%, 11/15/2024		25,050
	460,000	California Resources Corp., 8.000%, 12/15/2022, 144A		361,100
	140,000	Callon Petroleum Co., 6.125%, 10/01/2024		143,192
	153,000	Chesapeake Energy Corp., 4.875%, 4/15/2022		141,525
	8,000	Chesapeake Energy Corp., 5.750%, 3/15/2023		7,210
	13,000	Chesapeake Energy Corp., 6.125%, 2/15/2021		13,065
	34,000	Chesapeake Energy Corp., 6.625%, 8/15/2020		35,020
	795,000	CNX Resources Corp., 5.875%, 4/15/2022		799,969
	645,000	Continental Resources, Inc., 3.800%, 6/01/2024		620,812
	235,000	Continental Resources, Inc., 4.500%, 4/15/2023		237,644
	470,000	Continental Resources, Inc., 5.000%, 9/15/2022		476,462
	690,000	Eclipse Resources Corp., 8.875%, 7/15/2023		651,187

See accompanying notes to financial statements.

15 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles High Income Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Independent Energy — continued
$	595,000	Gulfport Energy Corp., 6.375%, 5/15/2025	$	569,712
	265,000	Gulfport Energy Corp., 6.375%, 1/15/2026		251,750
	202,000	Halcon Resources Corp., 6.750%, 2/15/2025		198,465
	145,000	Matador Resources Co., 6.875%, 4/15/2023		150,800
	410,000	MEG Energy Corp., 6.375%, 1/30/2023, 144A		342,350
	600,000	MEG Energy Corp., 6.500%, 1/15/2025, 144A		582,000
	585,000	MEG Energy Corp., 7.000%, 3/31/2024, 144A		482,625
	185,000	Newfield Exploration Co., 5.625%, 7/01/2024		195,175
	625,000	Oasis Petroleum, Inc., 6.875%, 3/15/2022		633,900
	100,000	PDC Energy, Inc., 6.125%, 9/15/2024		102,000
	445,000	QEP Resources, Inc., 5.375%, 10/01/2022		444,444
	1,150,000	Rex Energy Corp., 8.000%, 10/01/2020(e)(f)		327,750
	565,000	RSP Permian, Inc., 6.625%, 10/01/2022		590,419
	330,000	Sanchez Energy Corp., 6.125%, 1/15/2023		240,694
	755,000	Sanchez Energy Corp., 7.250%, 2/15/2023, 144A		758,775
	325,000	Seven Generations Energy Ltd., 5.375%, 9/30/2025, 144A		310,375
	920,000	SM Energy Co., 5.000%, 1/15/2024		853,300
	35,000	SM Energy Co., 6.125%, 11/15/2022		35,000
	60,000	SM Energy Co., 6.500%, 1/01/2023		59,550
	190,000	SM Energy Co., 6.750%, 9/15/2026		188,100
	395,000	Southwestern Energy Co., 6.700%, 1/23/2025		383,348
	285,000	Southwestern Energy Co., 7.500%, 4/01/2026		287,850
	405,000	Whiting Petroleum Corp., 5.750%, 3/15/2021		409,042
	50,000	Whiting Petroleum Corp., 6.250%, 4/01/2023		50,506
	355,000	Whiting Petroleum Corp., 6.625%, 1/15/2026, 144A		357,663

				14,136,440

		Integrated Energy — 0.1%
	200,000	Geopark Ltd., 6.500%, 9/21/2024, 144A		200,108

		Leisure — 0.2%
	85,000	Boyne USA, Inc., 7.250%, 5/01/2025, 144A		87,231
	230,000	Constellation Merger Sub, Inc., 8.500%, 9/15/2025, 144A		222,525

				309,756

		Life Insurance — 0.2%
	340,000	CNO Financial Group, Inc., 5.250%, 5/30/2025		338,300

		Local Authorities — 0.4%
	325,000	Provincia de Buenos Aires, 6.500%, 2/15/2023, 144A		332,862
	270,000	Provincia de Buenos Aires, 7.875%, 6/15/2027, 144A		280,125
	2,390,000	Provincia de Buenos Aires, Argentina Deposit Rates Badlar Private Banks + 3.830%, 26.832%, 5/31/2022, (ARS)(b)		122,865

				735,852

		Lodging — 0.9%
	150,000	Hilton Domestic Operating Co., Inc., 4.250%, 9/01/2024		145,500
	755,000	Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.625%, 4/01/2025		754,056

See accompanying notes to financial statements.

| 16

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles High Income Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Lodging — continued
$	705,000	Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.875%, 4/01/2027	$	697,069

				1,596,625

		Media Entertainment — 2.7%
	890,000	AMC Networks, Inc., 4.750%, 8/01/2025		857,631
	1,155,000	Clear Channel Worldwide Holdings, Inc., Series B, 6.500%, 11/15/2022		1,178,908
	1,305,000	Clear Channel Worldwide Holdings, Inc., Series B, 7.625%, 3/15/2020		1,303,369
	160,000	Match Group, Inc., 5.000%, 12/15/2027, 144A		157,600
	395,000	Meredith Corp., 6.875%, 2/01/2026, 144A		405,369
	890,000	Netflix, Inc., 4.875%, 4/15/2028, 144A		855,824

				4,758,701

		Metals & Mining — 2.2%
	610,000	ArcelorMittal, 7.000%, 3/01/2041		709,125
	400,000	First Quantum Minerals Ltd., 6.500%, 3/01/2024, 144A		379,500
	145,000	First Quantum Minerals Ltd., 7.000%, 2/15/2021, 144A		145,453
	270,000	First Quantum Minerals Ltd., 7.250%, 5/15/2022, 144A		270,000
	1,375,000	Freeport-McMoRan, Inc., 4.550%, 11/14/2024		1,350,938
	400,000	Gerdau Trade, Inc., 4.875%, 10/24/2027, 144A		394,932
	245,000	Glencore Finance Canada Ltd., 5.550%, 10/25/2042, 144A		258,237
	80,000	Vale Overseas Ltd., 6.875%, 11/10/2039		94,800
	190,000	Vale S.A., 5.625%, 9/11/2042		200,545

				3,803,530

		Midstream — 3.4%
	435,000	Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/2027		431,737
	1,265,000	Hess Infrastructure Partners LP/Hess Infrastructure Partners Finance Corp., 5.625%, 2/15/2026, 144A		1,242,862
	570,000	NGL Energy Partners LP/NGL Energy Finance Corp., 5.125%, 7/15/2019		570,331
	200,000	NGL Energy Partners LP/NGL Energy Finance Corp., 6.125%, 3/01/2025		190,500
	135,000	NGL Energy Partners LP/NGL Energy Finance Corp., 6.875%, 10/15/2021		134,663
	405,000	NGL Energy Partners LP/NGL Energy Finance Corp., 7.500%, 11/01/2023		406,519
	165,000	NGPL PipeCo LLC, 4.375%, 8/15/2022, 144A		163,969
	700,000	NGPL PipeCo LLC, 4.875%, 8/15/2027, 144A		689,500
	385,000	SemGroup Corp./Rose Rock Finance Corp., 5.625%, 7/15/2022		373,450
	935,000	Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 5.500%, 8/15/2022		911,625
	95,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.250%, 11/15/2023		91,200
	640,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.250%, 5/01/2023		644,800

				5,851,156

		Non-Agency Commercial Mortgage-Backed Securities — 0.8%
	1,020,000	Credit Suisse Mortgage Trust, Series 2014-USA, Class E, 4.373%, 9/15/2037, 144A		910,604
	264,395	GS Mortgage Securities Trust, Series 2007-GG10, Class AM, 5.826%, 8/10/2045(a)		266,631

See accompanying notes to financial statements.

17 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles High Income Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Non-Agency Commercial Mortgage-Backed Securities — continued
$	25,103	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-LDPX, Class AM, 5.464%, 1/15/2049(a)	$	25,172
	125,000	WFRBS Commercial Mortgage Trust, Series 2012-C7, Class E, 4.826%, 6/15/2045, 144A(a)		101,184

				1,303,591

		Oil Field Services — 1.1%
	430,000	Ensco PLC, 5.750%, 10/01/2044		291,325
	160,000	Noble Holding International Ltd., 5.250%, 3/15/2042		99,200
	160,000	Noble Holding International Ltd., 6.050%, 3/01/2041		104,800
	420,000	Noble Holding International Ltd., 7.750%, 1/15/2024		389,550
	530,000	Noble Holding International Ltd., 7.875%, 2/01/2026, 144A		522,050
	35,000	Parker Drilling Co., 6.750%, 7/15/2022		27,334
	105,000	Shelf Drilling Holdings Ltd., 8.250%, 2/15/2025, 144A		105,262
	252,000	Transocean Proteus Ltd., 6.250%, 12/01/2024, 144A		256,410
	175,000	Transocean, Inc., 7.500%, 1/15/2026, 144A		172,375

				1,968,306

		Packaging — 1.7%
	200,000	ARD Finance S.A., PIK, 7.125%, 9/15/2023(g)		207,250
	395,000	Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc., 4.625%, 5/15/2023, 144A		396,481
	200,000	Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc., 7.250%, 5/15/2024, 144A		212,750
	665,000	Ball Corp., 4.875%, 3/15/2026		666,729
	610,000	Berry Global, Inc., 4.500%, 2/15/2026, 144A		577,213
	350,000	Crown Americas LLC/Crown Americas Capital Corp., 4.750%, 2/01/2026, 144A		338,625
	600,000	Signode Industrial Group Lux S.A./Signode Industrial Group U.S., Inc., 6.375%, 5/01/2022, 144A		617,250

				3,016,298

		Paper — 0.4%
	440,000	Klabin Finance S.A., 4.875%, 9/19/2027, 144A		422,950
	210,000	Suzano Austria GmbH, 5.750%, 7/14/2026, 144A		220,521

				643,471

		Pharmaceuticals — 1.1%
	280,000	Catalent Pharma Solutions, Inc., 4.875%, 1/15/2026, 144A		273,000
	200,000	Endo Dac/Endo Finance LLC/Endo Finance, Inc., 5.875%, 10/15/2024, 144A		197,000
	380,000	Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/2046		279,458
	265,000	Valeant Pharmaceuticals International, Inc., 5.500%, 3/01/2023, 144A		231,875
	85,000	Valeant Pharmaceuticals International, Inc., 5.625%, 12/01/2021, 144A		81,175
	990,000	Valeant Pharmaceuticals International, Inc., 5.875%, 5/15/2023, 144A		873,665

				1,936,173

		Property & Casualty Insurance — 1.3%
	435,000	Ardonagh Midco 3 PLC, 8.375%, 7/15/2023, 144A, (GBP)		625,319
	820,000	Ardonagh Midco 3 PLC, 8.625%, 7/15/2023, 144A		846,322

See accompanying notes to financial statements.

| 18

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles High Income Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Property & Casualty Insurance — continued
$	786,000	HUB International Ltd., 7.875%, 10/01/2021, 144A	$	813,510

				2,285,151

		Refining — 0.4%
	635,000	Parkland Fuel Corp., 6.000%, 4/01/2026, 144A		638,175

		Restaurants — 0.5%
	890,000	1011778 B.C. ULC/New Red Finance, Inc., 5.000%, 10/15/2025, 144A		847,458

		Retailers — 0.7%
	40,000	Dillard’s, Inc., 7.000%, 12/01/2028		43,081
	435,000	Dillard’s, Inc., 7.750%, 7/15/2026		488,292
	205,000	Dillard’s, Inc., 7.750%, 5/15/2027		233,488
	250,000	L Brands, Inc., 6.750%, 7/01/2036		240,000
	180,000	L Brands, Inc., 6.875%, 11/01/2035		174,600
	520,000	Nine West Holdings, Inc., 6.125%, 11/15/2034(e)(f)		52,000

				1,231,461

		Sovereigns — 0.3%
	10,810,000	Argentina Politica Monetaria, Argentina Central Bank 7-day Repo Reference Rate, 27.935%, 6/21/2020, (ARS)(b)		571,042

		Supermarkets — 0.6%
	335,000	Albertson’s Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC, 5.750%, 3/15/2025		285,688
	935,000	New Albertsons LP, Series C, MTN, 6.625%, 6/01/2028		719,950

				1,005,638

		Supranational — 1.1%
	5,190,000,000	International Bank for Reconstruction and Development, 4.250%, 6/20/2019, (COP)(c)		1,852,757

		Technology — 4.5%
	416,000	Blackboard, Inc., 9.750%, 10/15/2021, 144A		353,600
	170,000	Camelot Finance S.A., 7.875%, 10/15/2024, 144A		177,438
	60,000	CommScope Technologies LLC, 6.000%, 6/15/2025, 144A		62,430
	1,440,000	Dell International LLC/EMC Corp., 6.020%, 6/15/2026, 144A		1,550,767
	1,345,000	Dell International LLC/EMC Corp., 8.350%, 7/15/2046, 144A		1,708,392
	430,000	First Data Corp., 5.000%, 1/15/2024, 144A		430,000
	800,000	First Data Corp., 7.000%, 12/01/2023, 144A		839,760
	55,000	Micron Technology, Inc., 5.250%, 1/15/2024, 144A		56,856
	95,000	Micron Technology, Inc., 5.500%, 2/01/2025		98,563
	515,000	Open Text Corp., 5.625%, 1/15/2023, 144A		533,669
	190,000	Open Text Corp., 5.875%, 6/01/2026, 144A		195,405
	275,000	Sabre GLBL, Inc., 5.250%, 11/15/2023, 144A		277,832
	405,000	Sabre GLBL, Inc., 5.375%, 4/15/2023, 144A		408,544
	200,000	Veritas U.S., Inc./Veritas Bermuda Ltd., 10.500%, 2/01/2024, 144A		187,000
	900,000	Western Digital Corp., 4.750%, 2/15/2026		898,020

				7,778,276

		Transportation Services — 0.2%
	275,000	APL Ltd., 8.000%, 1/15/2024(e)(f)		266,750

See accompanying notes to financial statements.

19 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles High Income Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Treasuries — 6.4%
	263,668(††)	Mexican Fixed Rate Bonds, Series M, 5.750%, 3/05/2026, (MXN)(c)	$	1,316,890
	210,870(††)	Mexican Fixed Rate Bonds, Series M, 7.750%, 11/13/2042, (MXN)		1,177,288
	131,759(††)	Mexican Fixed Rate Bonds, Series M-20, 10.000%, 12/05/2024, (MXN)(c)		831,415
	29,260,000	South Africa Government International Bond, 8.750%, 1/31/2044, (ZAR)		2,429,224
	2,685,000	U.S. Treasury Note, 1.250%, 6/30/2019		2,653,955
	2,705,000	U.S. Treasury Note, 1.375%, 2/15/2020		2,659,881

				11,068,653

		Wireless — 3.3%
	6,000,000	America Movil SAB de CV, 6.450%, 12/05/2022, (MXN)		304,871
	6,100,000	America Movil SAB de CV, 8.460%, 12/18/2036, (MXN)		304,521
	200,000	Millicom International Cellular S.A., 5.125%, 1/15/2028, 144A		190,750
	105,000	Nokia Oyj, 3.375%, 6/12/2022		101,138
	865,000	Nokia Oyj, 4.375%, 6/12/2027		812,019
	786,000	Sprint Capital Corp., 6.875%, 11/15/2028		732,945
	1,420,000	Sprint Corp., 7.250%, 9/15/2021		1,467,925
	315,000	T-Mobile USA, Inc., 4.500%, 2/01/2026		302,400
	895,000	T-Mobile USA, Inc., 4.750%, 2/01/2028		860,319
	530,000	T-Mobile USA, Inc., 6.000%, 4/15/2024		552,048

				5,628,936

		Wirelines — 2.4%
	705,000	CenturyLink, Inc., Series U, 7.650%, 3/15/2042		597,488
	130,000	Cincinnati Bell Telephone Co. LLC, 6.300%, 12/01/2028		126,100
	60,000,000	Empresa de Telecomunicaniones de Bogota, 7.000%, 1/17/2023, 144A, (COP)		17,510
	495,000	Frontier Communications Corp., 8.500%, 4/01/2026, 144A		478,913
	405,000	Frontier Communications Corp., 9.000%, 8/15/2031		246,038
	1,545,000	Level 3 Financing, Inc., 5.250%, 3/15/2026		1,456,162
	705,000	Level 3 Parent LLC, 5.750%, 12/01/2022		703,237
	120,000	Telecom Italia Capital S.A., 7.200%, 7/18/2036		140,700
	505,000	Windstream Services LLC/Windstream Finance Corp., 7.750%, 10/15/2020		421,675

				4,187,823

		Total Non-Convertible Bonds (Identified Cost $142,134,061)		141,240,799


	Convertible Bonds — 10.4%
		Aerospace & Defense — 0.2%
	375,000	Kaman Corp., 3.250%, 5/01/2024, 144A		425,415

		Building Materials — 0.2%
	320,000	Tutor Perini Corp., 2.875%, 6/15/2021		337,146

		Cable Satellite — 1.1%
	1,330,000	DISH Network Corp., 2.375%, 3/15/2024		1,176,107
	735,000	DISH Network Corp., 3.375%, 8/15/2026		707,952

				1,884,059

		Consumer Cyclical Services — 0.5%
	910,000	Macquarie Infrastructure Corp., 2.000%, 10/01/2023		807,625

See accompanying notes to financial statements.

| 20

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles High Income Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Diversified Operations — 0.1%
$	160,000	RWT Holdings, Inc., 5.625%, 11/15/2019	$	160,800

		Healthcare — 0.8%
	510,000	Evolent Health, Inc., 2.000%, 12/01/2021		512,010
	125,000	Insulet Corp., 1.375%, 11/15/2024, 144A		143,065
	610,000	Teladoc, Inc., 3.000%, 12/15/2022, 144A		720,793

				1,375,868

		Leisure — 0.1%
	185,000	Rovi Corp., 0.500%, 3/01/2020		178,272

		Midstream — 0.7%
	940,000	Chesapeake Energy Corp., 5.500%, 9/15/2026		809,434
	195,000	PDC Energy, Inc., 1.125%, 9/15/2021		189,335
	60,000	SM Energy Co., 1.500%, 7/01/2021		56,640
	170,000	Whiting Petroleum Corp., 1.250%, 4/01/2020		160,010

				1,215,419

		Oil Field Services — 0.4%
	95,000	Hercules Capital, Inc., 4.375%, 2/01/2022		96,122
	860,000	Nabors Industries, Inc., 0.750%, 1/15/2024, 144A		643,640

				739,762

		Pharmaceuticals — 3.8%
	355,000	Acorda Therapeutics, Inc., 1.750%, 6/15/2021		322,657
	1,625,000	BioMarin Pharmaceutical, Inc., 0.599%, 8/01/2024		1,525,469
	435,000	BioMarin Pharmaceutical, Inc., 1.500%, 10/15/2020		479,044
	115,000	Dermira, Inc., 3.000%, 5/15/2022, 144A		91,002
	410,000	Flexion Therapeutics, Inc., 3.375%, 5/01/2024, 144A		466,573
	465,000	Horizon Pharma Investment Ltd., 2.500%, 3/15/2022		426,433
	1,710,000	Intercept Pharmaceuticals, Inc., 3.250%, 7/01/2023		1,370,137
	310,000	Ionis Pharmaceuticals, Inc., 1.000%, 11/15/2021		306,260
	565,000	Neurocrine Biosciences, Inc., 2.250%, 5/15/2024, 144A		740,085
	460,000	Pacira Pharmaceuticals, Inc., 2.375%, 4/01/2022		419,175
	85,000	SareptaTherapeutics, Inc., 1.500%, 11/15/2024, 144A		105,928
	270,000	Supernus Pharmaceuticals, Inc., 0.625%, 4/01/2023, 144A		286,563

				6,539,326

		Railroads — 0.3%
	35,000	Echo Global Logistics, Inc., 2.500%, 5/01/2020		35,515
	410,000	Greenbrier Cos., Inc. (The), 2.875%, 2/01/2024		468,426

				503,941

		REITs – Mortgage — 0.2%
	435,000	iStar, Inc., 3.125%, 9/15/2022, 144A		413,910

		Technology — 2.0%
	1,370,000	Finisar Corp., 0.500%, 12/15/2036		1,230,820
	295,000	MagnaChip Semiconductor S.A., 5.000%, 3/01/2021		396,259
	1,105,000	Nuance Communications, Inc., 1.000%, 12/15/2035		1,051,098
	315,000	Nuance Communications, Inc., 1.250%, 4/01/2025, 144A		311,573

See accompanying notes to financial statements.

21 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles High Income Fund – (continued)


Principal Amount (‡)		Description	Value (†)
		Technology — continued
$	450,000	Verint Systems, Inc., 1.500%, 6/01/2021	$	438,080

				3,427,830

		Total Convertible Bonds (Identified Cost $18,516,135)		18,009,373


		Total Bonds and Notes (Identified Cost $160,650,196)		159,250,172


	Loan Participations — 0.3%
		ABS Other — 0.3%
	476,191	Harbour Aircraft Investments Ltd., Series 2017-1, Class C, 8.000%, 11/15/203(d)(h) (Identified Cost $475,073)		474,775


	Senior Loans — 1.2%
		Independent Energy — 0.3%
	531,086	Chesapeake Energy Corp., Term Loan, 3-month LIBOR + 7.500%, 9.444%, 8/23/2021(b)		563,424

		Supermarkets — 0.3%
	431,053	Albertsons LLC, USD 2017 Term Loan B4, 1-month LIBOR + 2.750%, 4.627%, 8/25/2021(b)		425,518

		Transportation Services — 0.6%
	1,042,134	Uber Technologies, 2018 Term Loan, 4/04/2025(j)		1,046,042

		Total Senior Loans (Identified Cost $1,999,501)		2,034,984


Shares
	Preferred Stocks — 1.3%
	Convertible Preferred Stocks — 1.3%
		Food & Beverage — 0.9%
	14,765	Bunge Ltd., 4.875%		1,600,146

		Midstream — 0.4%
	137	Chesapeake Energy Corp., 5.750%		78,261
	988	Chesapeake Energy Corp., 5.750%		559,159
	20	Chesapeake Energy Corp., 5.750%, 144A		11,319

				648,739

		Total Convertible Preferred Stocks (Identified Cost $2,234,677)		2,248,885

See accompanying notes to financial statements.

| 22

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles High Income Fund – (continued)


Shares		Description	Value (†)
	Non-Convertible Preferred Stock — 0.0%
		Finance Companies — 0.0%
	550	iStar, Inc., Series G, 7.650% (Identified Cost $10,956)	$	13,585

		Total Preferred Stocks (Identified Cost $2,245,633)		2,262,470


	Other Investments — 0.6%
		Aircraft ABS — 0.6%
	8,415	Aergen LLC(d)(f)(h)(k)		44,852
	100	ECAF I Blocker Ltd.(d)(f)(h)(k)		990,301

		Total Aircraft ABS (Identified Cost $1,009,913)		1,035,153


	Common Stocks — 1.8%
		Media — 0.0%
	4,113	Dex Media, Inc.(k)(l)		35,166

		Oil, Gas & Consumable Fuels — 1.5%
	24,185	Bonanza Creek Energy, Inc.(l)		670,166
	8,265	Frontera Energy Corp.(l)		231,011
	12,992	Halcon Resources Corp.(l)		63,271
	14,882	Kinder Morgan, Inc.		224,123
	5,106	Paragon Offshore Ltd., Litigation Units, Class B(k)(l)		150,627
	3,403	Paragon Offshore Ltd., Litigation Units, Class A(k)(l)		3,631
	1,725	Rex Energy Corp.(e)(f)(l)		1,573
	36,249	Whiting Petroleum Corp.(l)		1,226,666

				2,571,068

		Pharmaceuticals — 0.3%
	1,189	Allergan PLC		200,097
	5,539	Bristol-Myers Squibb Co.		350,342

				550,439

		Total Common Stocks (Identified Cost $6,991,656)		3,156,673


	Warrants — 0.0%
	3,528	Halcon Resources Corp., Expiration on 9/9/2020 at $14.04(l) (Identified Cost $—)		1,799

See accompanying notes to financial statements.

23 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles High Income Fund – (continued)


Principal Amount (‡)		Description	Value (†)
	Short-Term Investments — 3.4%
$	5,837,065	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/29/2018 at 0.900% to be repurchased at $5,837,649 on 4/02/2018 collateralized by $5,910,000 U.S. Treasury Note, 2.750% due 2/15/2024 valued at $5,957,540 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $5,837,065)	$	5,837,065


		Total Investments — 100.6% (Identified Cost $179,209,037)		174,053,091
		Other assets less liabilities — (0.6)%		(989,382	)

		Net Assets — 100.0%	$	173,063,709


	(‡)	Principal Amount stated in U.S. dollars unless otherwise noted.
	(†)	See Note 2 of Notes to Financial Statements.
	(††)	Amount shown represents units. One unit represents a principal amount of 100.
	(a)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of March 31, 2018 is disclosed.
	(b)	Variable rate security. Rate as of March 31, 2018 is disclosed.
	(c)	Security (or a portion thereof) has been designated to cover the Fund’s obligations under open derivative contracts.
	(d)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.
	(e)	Securities classified as fair valued pursuant to the Fund’s pricing policies and procedures. At March 31, 2018, the value of these securities amounted to $2,856,941 or 1.7% of net assets. See Note 2 of Notes to Financial Statements.
	(f)	Illiquid security.
	(g)	Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional principal. For the period ended March 31, 2018, interest payments were made in cash.
	(h)	Fair valued by the Fund’s adviser. At March 31, 2018, the value of these securities amounted to $1,509,940 or 0.9% of net assets. See Note 2 of Notes to Financial Statements.
	(i)	The issuer is in default with respect to interest and/or principal payments. Income is not being accrued.
	(j)	Position is unsettled. Contract rate was not determined at March 31, 2018 and does not take effect until settlement date. Maturity date is not finalized until settlement date.
	(k)	Securities subject to restriction on resale. At March 31, 2018, the restricted securities held by the Fund are as follows:



	Acquisition Date	Cost		Value		% of Net Assets
Aergen LLC	March 6, 2017	$	841,500	$	44,852		Less than 0.1%
Dex Media, Inc.	August 12, 2016		20,040		35,166		Less than 0.1%
ECAF I Blocker Ltd.	Decemeber 20, 2016		1,000,000		990,301		0.6%
Paragon Offshore Ltd., Litigation Units Class A	July 18, 2017		25,887		3,631		Less than 0.1%
Paragon Offshore Ltd., Litigation Units Class B	July 18, 2017		517,958		150,627		0.1%

See accompanying notes to financial statements.

| 24

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles High Income Fund – (continued)



	(l)			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, 2018, the value of Rule 144A holdings amounted to $69,220,732 or 40.0% of net assets.
	ABS			Asset-Backed Securities
	LIBOR			London Interbank Offered Rate
	MTN			Medium Term Note
	PIK			Payment-in-Kind
	REITs			Real Estate Investment Trusts

	ARS			Argentine Peso
	COP			Colombian Peso
	GBP			British Pound
	MXN			Mexican Peso
	ZAR			South African Rand

At March 31, 2018, the Fund had the following open forward foreign currency contracts:


Counterparty	Delivery Date		Currency Bought/ Sold (B/S)		Units of Currency		In Exchange for		Notional Value		Unrealized Appreciation (Depreciation)
HSBC Bank USA		5/02/2018	GBP	S		165,000	$	234,028	$	231,771	$	2,257
HSBC Bank USA		5/02/2018	GBP	S		175,000		244,486		245,817		(1,331	)
Bank of America, N.A.		5/02/2018	ZAR	S		25,220,000		1,748,414		2,121,816		(373,402	)

Total											$	(372,476	)

See accompanying notes to financial statements.

25 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles High Income Fund – (continued)

Industry Summary at March 31, 2018 (Unaudited)


Independent Energy	8.5	%
Technology	6.5
Treasuries	6.4
Cable Satellite	6.1
Healthcare	5.3
Pharmaceuticals	5.2
Banking	4.8
Midstream	4.5
Finance Companies	3.3
Wireless	3.3
Food & Beverage	3.0
Media Entertainment	2.7
Government Owned - No Guarantee	2.7
Wirelines	2.4
Metals & Mining	2.2
Home Construction	2.0
Other Investments, less than 2% each	28.3
Short-Term Investments	3.4

Total Investments	100.6
Other assets less liabilities (including forward foreign currency contracts)	(0.6	)

Net Assets	100.0	%

See accompanying notes to financial statements.

| 26

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund


Principal Amount		Description	Value (†)
	Bonds and Notes — 99.2% of Net Assets
		ABS Car Loan — 11.5%
$	152,000	AmeriCredit Automobile Receivables Trust, Series 2016-1, Class C, 2.890%, 1/10/2022	$	152,147
	72,000	AmeriCredit Automobile Receivables Trust, Series 2016-2, Class C, 2.870%, 11/08/2021		72,136
	160,000	AmeriCredit Automobile Receivables Trust, Series 2016-3, Class C, 2.240%, 4/08/2022		157,046
	555,000	Americredit Automobile Receivables Trust, Series 2016-4, Class B, 1.830%, 12/08/2021		544,232
	110,000	AmeriCredit Automobile Receivables Trust, Series 2017-1, Class B, 2.300%, 2/18/2022		108,447
	300,000	AmeriCredit Automobile Receivables Trust, Series 2017-2, Class B, 2.400%, 5/18/2022		296,838
	170,000	AmeriCredit Automobile Receivables Trust, Series 2017-3, Class B, 2.240%, 6/19/2023		167,457
	210,000	Avis Budget Rental Car Funding AESOP LLC, Series 2014-1A, Class A, 2.460%, 7/20/2020, 144A		209,188
	360,000	Avis Budget Rental Car Funding AESOP LLC, Series 2016-1A, Class A, 2.990%, 6/20/2022, 144A		358,020
	365,000	Avis Budget Rental Car Funding AESOP LLC, Series 2017-1A, Class A, 3.070%, 9/20/2023, 144A		361,388
	285,000	Bank of the West Auto Trust, Series 2017-1, Class A3, 2.110%, 1/15/2023, 144A		280,280
	520,000	California Republic Auto Recievables Trust, Series 2017-1, Class A4, 2.280%, 6/15/2022		514,613
	175,000	Capital Auto Receivables Asset Trust, Series 2017-1, Class A3, 2.020%, 8/20/2021, 144A		173,062
	3,979	CarFinance Capital Auto Trust, Series 2014-2A, Class A, 1.440%, 11/16/2020, 144A		3,978
	1,000,000	CarMax Auto Owner Trust, Series 2017-2, Class A3, 1.930%, 3/15/2022(a)		987,937
	170,000	CarMax Auto Owner Trust, Series 2017-4, Class A3, 2.110%, 10/17/2022		167,677
	325,000	Chrysler Capital Auto Receivables Trust, Series 2016-BA, Class A3, 1.640%, 7/15/2021, 144A		322,643
	100,956	CIG Auto Receivables Trust, Series 2017-1A, Class A, 2.710%, 5/15/2023, 144A		100,382
	423,295	CPS Auto Receivables Trust, Series 2015-A, Class B, 2.790%, 2/16/2021, 144A		423,540
	125,000	CPS Auto Receivables Trust, Series 2017-C, Class B, 2.300%, 7/15/2021, 144A		123,928
	7,132	Credit Acceptance Auto Loan Trust, Series 2015-1A, Class B, 2.610%, 1/17/2023, 144A		7,135
	800,000	Credit Acceptance Auto Loan Trust, Series 2016-2A, Class B, 3.180%, 5/15/2024, 144A		797,871
	275,000	Credit Acceptance Auto Loan Trust, Series 2016-3A, Class A, 2.150%, 4/15/2024, 144A		272,684
	72,243	Drive Auto Receivables Trust, Series 2015-BA, Class C, 2.760%, 7/15/2021, 144A		72,377
	362,000	Drive Auto Receivables Trust, Series 2016-BA, Class C, 3.190%, 7/15/2022, 144A		362,919
	369,080	Drive Auto Receivables Trust, Series 2016-CA, Class B, 2.370%, 11/16/2020, 144A		369,241
	185,000	Drive Auto Receivables Trust, Series 2017-3, Class C, 2.800%, 7/15/2022		184,424
	230,000	Drive Auto Receivables Trust, Series 2017-AA, Class C, 2.980%, 1/18/2022, 144A		230,075

See accompanying notes to financial statements.

27 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		ABS Car Loan — continued
$	275,000	Drive Auto Receivables Trust, Series 2017-BA, Class C, 2.610%, 8/16/2021, 144A	$	274,781
	107,000	DT Auto Owner Trust, Series 2015-2A, Class D, 4.250%, 2/15/2022, 144A		107,906
	335,000	DT Auto Owner Trust, Series 2015-3A, Class D, 4.530%, 10/17/2022, 144A		339,911
	255,000	DT Auto Owner Trust, Series 2016-2A, Class D, 5.430%, 11/15/2022, 144A		260,762
	440,000	DT Auto Owner Trust, Series 2016-4A, Class C, 2.740%, 10/17/2022, 144A		439,357
	90,000	DT Auto Owner Trust, Series 2017-1A, Class C, 2.700%, 11/15/2022, 144A		89,666
	350,000	DT Auto Owner Trust, Series 2017-3A, Class B, 2.400%, 5/17/2021, 144A		348,290
	300,000	Exeter Automobile Receivables Trust, Series 2017-2A, Class B, 2.820%, 5/16/2022, 144A		297,941
	190,000	Exeter Automobile Receivables Trust, Series 2018-1A, Class B, 2.750%, 4/15/2022, 144A		188,613
	260,000	First Investors Auto Owner Trust, Series 2017-1A, Class A2, 2.200%, 3/15/2022, 144A		257,832
	315,000	First Investors Auto Owner Trust, Series 2017-2A, Class A2, 2.270%, 7/15/2022, 144A		311,373
	290,000	Flagship Credit Auto Trust, Series 2015-2, Class B, 3.080%, 12/15/2021, 144A		290,033
	195,000	Flagship Credit Auto Trust, Series 2016-2, Class B, 3.840%, 9/15/2022, 144A		197,198
	135,000	Flagship Credit Auto Trust, Series 2016-3, Class B, 2.430%, 6/15/2021, 144A		134,372
	160,000	Flagship Credit Auto Trust, Series 2016-4, Class B, 2.410%, 10/15/2021, 144A		158,839
	230,000	Ford Credit Auto Owner Trust, Series 2014-2, Class A, 2.310%, 4/15/2026, 144A		228,633
	705,000	Ford Credit Auto Owner Trust, Series 2016-2, Class A, 2.030%, 12/15/2027, 144A		685,336
	595,000	Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.190%, 7/15/2031, 144A		592,890
	115,000	Ford Credit Auto Owner Trust/Ford Credit, Series 2014-1, Class A, 2.260%, 11/15/2025, 144A		114,585
	477,258	GM Financial Automobile Leasing Trust, Series 2016-2, Class A3, 1.620%, 9/20/2019		475,490
	275,000	GM Financial Consumer Automobile, Series 2017-1A, Class A3, 1.780%, 10/18/2021, 144A		271,250
	500,000	GM Financial Consumer Automobile Receivables Trust, Series 2017-3A, Class A3, 1.970%, 5/16/2022, 144A		492,445
	900,000	Hyundai Auto Lease Securitization Trust, Series 2017-B, Class A3, 1.970%, 7/15/2020, 144A(a)		892,050
	120,000	NextGear Floorplan Master Owner Trust, Series 2016-2A, Class A2, 2.190%, 9/15/2021, 144A		118,703
	510,000	NextGear Floorplan Master Owner Trust, Series 2017-1A, Class A2, 2.540%, 4/18/2022, 144A		505,752
	150,000	NextGear Floorplan Master Owner Trust, Series 2017-2A, Class A2, 2.560%, 10/17/2022, 144A		148,068
	125,000	NextGear Floorplan Master Owner Trust, Series 2018-1A, Class A2, 3.220%, 2/15/2023, 144A		125,166
	505,000	Prestige Auto Receivables Trust, Series 2016-2A, Class A3, 1.760%, 1/15/2021, 144A		501,667
	188,000	Santander Drive Auto Receivables Trust, Series 2016-2, Class C, 2.660%, 11/15/2021		187,564
	165,000	Santander Drive Auto Receivables Trust, Series 2017-1, Class B, 2.100%, 6/15/2021		164,240
	265,000	Santander Drive Auto Receivables Trust, Series 2017-2, Class B, 2.210%, 10/15/2021		263,478

See accompanying notes to financial statements.

| 28

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		ABS Car Loan — continued
$	370,000	Santander Drive Auto Receivables Trust, Series 2018-1, Class B, 2.630%, 7/15/2022	$	368,120
	800,000	Westlake Automobile Receivables Trust, Series 2016-3A, Class B, 2.070%, 12/15/2021, 144A		796,691
	295,000	Westlake Automobile Receivables Trust, Series 2017-1A, Class B, 2.300%, 10/17/2022, 144A		294,042
	135,000	Westlake Automobile Receivables Trust, Series 2018-1A, Class B, 2.670%, 5/17/2021, 144A		134,494
	40,560	World Omni Auto Receivables Trust, Series 2014-B, Class A3, 1.140%, 1/15/2020		40,472
	1,330,000	World Omni Auto Receivables Trust, Series 2017-A, Class A3, 1.930%, 9/15/2022(a)		1,314,756
	110,000	World Omni Auto Receivables Trust, Series 2017-B, Class A3, 1.950%, 2/15/2023		107,778

				20,342,209

		ABS Credit Card — 3.5%
	605,000	American Express Credit Account Master Trust, Series 2017-1, Class A, 1.930%, 9/15/2022		596,768
	630,000	Bank of America Credit Card Trust, Series 2017-A1, Class A1, 1.950%, 8/15/2022		621,182
	415,000	Barclays Dryrock Issuance Trust, Series 2014-3, Class A, 2.410%, 7/15/2022		413,455
	745,000	Capital One Multi-Asset Execution Trust, Series 2017-A1, Class A1, 2.000%, 1/17/2023(a)		735,005
	805,000	Capital One Multi-Asset Execution Trust, Series 2017-A4, Class A4, 1.990%, 7/17/2023(a)		790,741
	1,085,000	Chase Issuance Trust, Series 2016-A4, Class A4, 1.490%, 7/15/2022(a)		1,055,762
	260,000	Citibank Credit Card Issuance Trust, Series 2014-A1, Class A1, 2.880%, 1/23/2023		260,500
	470,000	Synchrony Credit Card Master Note Trust, Series 2016-3, Class A, 1.580%, 9/15/2022		462,666
	555,000	World Financial Network Credit Card Master Trust, Series 2016-C, Class A, 1.720%, 8/15/2023		545,767
	730,000	World Financial Network Credit Card Master Trust, Series 2017-A, Class A, 2.120%, 3/15/2024(a)		719,187

				6,201,033

		ABS Home Equity — 1.0%
	376,511	Bayview Opportunity Master Fund IVa Trust, Series 2016-SPL1, Class A, 4.000%, 4/28/2055, 144A		382,961
	250,721	Colony American Finance Ltd., Series 2015-1, Class A, 2.896%, 10/15/2047, 144A		249,350
	197,782	CoreVest American Finance Trust, Series 2017-1, Class A, 2.968%, 10/15/2049, 144A		194,089
	17,401	Countrywide Alternative Loan Trust, Series 2006-J5, Class 4A1, 4.974%, 7/25/2021(b)		16,960
	10,793	Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3, 5.115%, 2/25/2035(b)		10,877
	500,000	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M2, 1-month LIBOR + 1.850%, 3.722%, 10/25/2027(c)		510,370
	154,123	Mill City Mortgage Trust, Series 2016-1, Class A1, 2.500%, 4/25/2057, 144A(b)		151,933

See accompanying notes to financial statements.

29 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		ABS Home Equity — continued
$	139,352	Towd Point Mortgage Trust, Series 2015-2, Class 1A12, 2.750%, 11/25/2060, 144A(b)	$	137,720
	60,323	Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR10, Class 2A4, 3.645%, 5/01/2035(b)		61,878

				1,716,138

		ABS Other — 2.6%
	270,000	John Deere Owner Trust, Series 2017-B, Class A3, 1.820%, 10/15/2021		265,911
	520,000	Mariner Finance Issuance Trust, Series 2017-BA, Class A, 2.920%, 12/20/2029, 144A		513,768
	397,692	Merlin Aviation Holdings DAC, Series 2016-1, Class A, 4.500%, 12/15/2032, 144A(b)		403,699
	308,986	OneMain Financial Issuance Trust, Series 2015-1A, Class A, 3.190%, 3/18/2026, 144A		309,655
	350,000	OneMain Financial Issuance Trust, Series 2016-1A, Class A, 3.660%, 2/20/2029, 144A		353,248
	555,000	OneMain Financial Issuance Trust, Series 2018-1A, Class A, 3.300%, 3/14/2029, 144A		555,965
	331,583	S-Jets Ltd., Series 2017-1, Class A, 3.967%, 8/15/2042, 144A		331,823
	199,636	Shenton Aircraft Investment I Ltd., Series 2015-1A, Class A, 4.750%, 10/15/2042, 144A		205,404
	131,413	Sierra Receivables Funding Co. LLC, Series 2017-1A, Class A, 2.910%, 3/20/2034, 144A		129,996
	255,000	Sofi Consumer Loan Program Trust, Series 2018-1A, Class A2, 3.140%, 2/25/2027, 144A		253,608
	162,708	TAL Advantage V LLC, Series 2014-1A, Class A, 3.510%, 2/22/2039, 144A		162,201
	75,382	TAL Advantage V LLC, Series 2014-2A, Class A2, 3.330%, 5/20/2039, 144A		74,989
	166,667	TAL Advantage V LLC, Series 2014-3A, Class A, 3.270%, 11/21/2039, 144A		164,527
	795,000	Verizon Owner Trust, Series 2017-1A, Class A, 2.060%, 9/20/2021, 144A(a)		787,121

				4,511,915

		ABS Student Loan — 0.8%
	164,274	Earnest Student Loan Program LLC, Series 2017-A, Class A2, 2.650%, 1/25/2041, 144A		161,096
	264,722	North Carolina State Education Assistance Authority, Series 2011-2, Class A2, 3-month LIBOR + 0.800%, 2.545%, 7/25/2025(c)		265,514
	75,855	SoFi Professional Loan Program LLC, Series 2015-A, Class A2, 2.420%, 3/25/2030, 144A		75,270
	306,324	SoFi Professional Loan Program LLC, Series 2015-C, Class A2, 2.510%, 8/25/2033, 144A		301,660
	295,000	SoFi Professional Loan Program LLC, Series 2016-B, Class A2B, 2.740%, 10/25/2032, 144A		291,892
	180,000	SoFi Professional Loan Program LLC, Series 2017-E, Class A2B, 2.720%, 11/26/2040, 144A		176,869
	229,896	South Carolina Student Loan Corp., Series 2010-1, Class A2, 3-month LIBOR + 1.000%, 2.745%, 7/25/2025(c)		230,820

				1,503,121

See accompanying notes to financial statements.

| 30

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		Aerospace & Defense — 0.2%
$	450,000	Rolls-Royce PLC, 2.375%, 10/14/2020, 144A	$	442,579

		Agency Commercial Mortgage-Backed Securities — 1.7%
	648,018	FHLMC Multifamily Structured Pass Through Certificates, Series K013, Class A2, 3.974%, 1/25/2021(b)		666,636
	509,476	FHLMC Multifamily Structured Pass Through Certificates, Series K029, Class A2, 3.320%, 2/25/2023(b)		518,975
	701,647	FHLMC Multifamily Structured Pass Through Certificates, Series K042, Class A2, 2.670%, 12/25/2024		686,145
	1,014,484	FHLMC Multifamily Structured Pass Through Certificates, Series K711, Class A2, 1.730%, 7/25/2019(a)		1,005,112
	153,882	FHLMC Multifamily Structured Pass Through Certificates, Series KP03, Class A2, 1.780%, 7/25/2019		152,544

				3,029,412

		Airlines — 0.4%
	105,000	Air Canada Pass Through Trust, Series 2017-1, Class A, 3.550%, 7/15/2031, 144A		103,535
	52,671	Delta Air Lines Pass Through Trust, Series 2009-1, Class A, 7.750%, 6/17/2021		55,711
	515,000	Southwest Airlines Co., 3.450%, 11/16/2027		497,995

				657,241

		Automotive — 5.1%
	425,000	American Honda Finance Corp., MTN, 2.000%, 2/14/2020		418,682
	45,000	Aptiv PLC, 3.150%, 11/19/2020		44,918
	290,000	BMW U.S. Capital LLC, 1.850%, 9/15/2021, 144A		278,066
	740,000	Daimler Finance North America LLC, 2.200%, 5/05/2020, 144A		726,225
	220,000	Daimler Finance North America LLC, 2.450%, 5/18/2020, 144A		216,879
	890,000	Daimler Finance North America LLC, 3.350%, 2/22/2023, 144A		886,876
	1,560,000	Ford Motor Credit Co. LLC, 2.979%, 8/03/2022		1,513,691
	625,000	General Motors Financial Co., Inc., 3.500%, 11/07/2024		603,395
	670,000	Harley-Davidson Financial Services, Inc., 3.350%, 2/15/2023, 144A		660,118
	730,000	Hyundai Capital America, 2.750%, 9/18/2020, 144A		718,976
	175,000	Hyundai Capital America, 3.450%, 3/12/2021, 144A		175,037
	930,000	Nissan Motor Acceptance Corp., 2.150%, 7/13/2020, 144A		911,625
	885,000	Nissan Motor Acceptance Corp., 3.450%, 3/15/2023, 144A		886,120
	150,000	PACCAR Financial Corp., MTN, 1.200%, 8/12/2019		147,224
	165,000	Toyota Motor Credit Corp., GMTN, 2.700%, 1/11/2023		161,889
	660,000	Toyota Motor Credit Corp., MTN, 2.150%, 9/08/2022		635,204

				8,984,925

		Banking — 22.0%
	530,000	ABN AMRO Bank NV, 1.800%, 9/20/2019, 144A		521,080
	315,000	American Express Co., 2.200%, 10/30/2020		307,193
	910,000	American Express Co., 3.400%, 2/27/2023		906,930
	915,000	ANZ New Zealand (Int’l) Ltd., 2.200%, 7/17/2020, 144A		897,019
	910,000	Bank of America Corp., (fixed rate to 3/5/2023, variable rate thereafter), 3.550%, 3/05/2024		913,761
	116,000	Bank of America Corp., MTN, 6.875%, 4/25/2018		116,301
	1,080,000	Bank of New York Mellon Corp. (The), (fixed rate to 5/16/2022, variable rate thereafter), MTN, 2.661%, 5/16/2023		1,051,052

See accompanying notes to financial statements.

31 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		Banking — continued
$	740,000	Bank of Nova Scotia, 2.150%, 7/14/2020	$	725,882
	450,000	Banque Federative du Credit Mutuel S.A., 2.200%, 7/20/2020, 144A		440,492
	460,000	Banque Federative du Credit Mutuel S.A., 2.700%, 7/20/2022, 144A		448,048
	625,000	BB&T Corp., MTN, 2.150%, 2/01/2021		609,198
	1,280,000	BNP Paribas S.A., 3.375%, 1/09/2025, 144A		1,238,128
	885,000	BNP Paribas S.A., 3.500%, 3/01/2023, 144A		877,981
	490,000	BNZ International Funding Ltd., 2.400%, 2/21/2020, 144A		484,240
	655,000	Capital One Financial Corp., 3.300%, 10/30/2024		631,377
	215,000	Citigroup, Inc., 2.900%, 12/08/2021		211,725
	750,000	Citigroup, Inc., (fixed rate to 1/24/2022, variable rate thereafter), 3.142%, 1/24/2023		740,947
	625,000	Citizens Bank NA, 2.250%, 3/02/2020		614,291
	365,000	Citizens Bank NA, 3.700%, 3/29/2023		366,480
	430,000	Citizens Bank NA, MTN, 2.500%, 3/14/2019		428,620
	250,000	Comerica Bank, 2.500%, 6/02/2020		246,906
	970,000	Commonwealth Bank of Australia, 1.750%, 11/07/2019, 144A		952,592
	615,000	Commonwealth Bank of Australia, 3.150%, 9/19/2027, 144A		586,519
	625,000	Commonwealth Bank of Australia, 3.900%, 3/16/2028, 144A		629,868
	910,000	Cooperatieve Rabobank U.A. (NY), 2.750%, 1/10/2023		885,509
	735,000	Danske Bank AS, 2.200%, 3/02/2020, 144A		724,154
	385,000	Deutsche Bank AG, 3.950%, 2/27/2023		383,907
	495,000	Deutsche Bank AG, 4.100%, 1/13/2026		479,092
	480,000	Deutsche Bank AG (NY), 3.150%, 1/22/2021		472,844
	780,000	Fifth Third Bank, 1.625%, 9/27/2019		766,602
	1,105,000	Goldman Sachs Group, Inc. (The), (fixed rate to 10/31/2021, variable rate thereafter), 2.876%, 10/31/2022		1,081,720
	185,000	HSBC USA, Inc., 2.375%, 11/13/2019		183,318
	1,035,000	JPMorgan Chase & Co., 3-month LIBOR + 0.550%, 2.607%, 3/09/2021(c)		1,037,991
	585,000	JPMorgan Chase Bank NA, 1.650%, 9/23/2019		576,966
	555,000	Key Bank NA, 1.600%, 8/22/2019		546,320
	910,000	KeyBank N.A., 2.400%, 6/09/2022		879,078
	340,000	Lloyds Banking Group PLC, 4.375%, 3/22/2028		343,399
	890,000	Macquarie Group Ltd., (fixed rate to 3/27/2023, variable rate thereafter), 4.150%, 3/27/2024, 144A		893,512
	575,000	Mitsubishi UFJ Financial Group, Inc., 3.777%, 3/02/2025		575,510
	640,000	Mizuho Financial Group, Inc., 4.018%, 3/05/2028		643,335
	855,000	Morgan Stanley, Series 3NC2, 3-month LIBOR + 0.800%, 2.633%, 2/14/2020(c)		857,594
	295,000	National Bank of Canada, 2.100%, 12/14/2018		293,895
	885,000	National Bank of Canada, 2.200%, 11/02/2020		864,778
	620,000	Nationwide Building Society, (fixed rate to 3/08/2023, variable rate thereafter), 3.766%, 3/08/2024, 144A		618,286
	540,000	Nordea Bank AB, 1.625%, 9/30/2019, 144A		530,291
	845,000	Nordea Bank AB, 2.125%, 5/29/2020, 144A		828,472
	315,000	Northern Trust Corp., (fixed rate to 5/08/2027, variable rate thereafter), 3.375%, 5/08/2032		302,576
	305,000	PNC Bank NA, 3.100%, 10/25/2027		290,843
	890,000	Royal Bank of Canada, 2.150%, 10/26/2020		870,628

See accompanying notes to financial statements.

| 32

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		Banking — continued
$	425,000	Santander Holdings USA, Inc., 3.700%, 3/28/2022	$	425,896
	890,000	Santander UK PLC, 2.125%, 11/03/2020		869,320
	505,000	Santander UK PLC, 2.500%, 1/05/2021		496,782
	380,000	State Street Corp., (fixed rate to 5/15/2022, variable rate thereafter), 2.653%, 5/15/2023		371,091
	235,000	Sumitomo Mitsui Financial Group, Inc., 2.784%, 7/12/2022		229,199
	525,000	Svenska Handelsbanken AB, MTN, 1.500%, 9/06/2019		515,295
	575,000	Synchrony Financial, 3.950%, 12/01/2027		543,763
	910,000	Toronto-Dominion Bank, GMTN, 2.550%, 1/25/2021		898,900
	840,000	U.S. Bank NA, 2.000%, 1/24/2020		828,518
	920,000	UBS AG, 2.200%, 6/08/2020, 144A		901,885
	455,000	UniCredit SpA, 3.750%, 4/12/2022, 144A		451,686
	855,000	Wells Fargo & Co., MTN, 2.625%, 7/22/2022		827,036
	280,000	Westpac Banking Corp., 2.750%, 1/11/2023		272,762
	400,000	Westpac Banking Corp., 3.400%, 1/25/2028		389,264

				38,898,647

		Brokerage — 0.2%
	335,000	Cboe Global Markets, Inc., 1.950%, 6/28/2019		331,077

		Building Materials — 0.9%
	885,000	CRH America Finance, Inc., 3.950%, 4/04/2028, 144A		882,218
	107,000	Fortune Brands Home & Security, Inc., 3.000%, 6/15/2020		106,493
	600,000	Martin Marietta Materials, Inc., 3-month LIBOR + 0.650%, 2.554%, 5/22/2020(c)		602,346
	40,000	Masco Corp., 3.500%, 4/01/2021		40,169
	4,000	Masco Corp., 7.125%, 3/15/2020		4,289

				1,635,515

		Cable Satellite — 0.5%
	300,000	Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.908%, 7/23/2025		306,572
	645,000	Cox Communications, Inc., 3.150%, 8/15/2024, 144A		618,565

				925,137

		Chemicals — 0.6%
	9,000	Eastman Chemical Co., 4.500%, 1/15/2021		9,299
	385,000	EI du Pont de Nemours & Co., 2.200%, 5/01/2020		379,679
	45,000	Methanex Corp., 3.250%, 12/15/2019		44,785
	635,000	PPG Industries, Inc., 3.750%, 3/15/2028		638,006

				1,071,769

		Collateralized Mortgage Obligations — 1.6%
	200,693	Government National Mortgage Association, Series 2014-H14, Class FA, 1-month LIBOR + 0.500%, 2.062%, 7/20/2064(c)		201,347
	137,475	Government National Mortgage Association, Series 2014-H15, Class FA, 1-month LIBOR + 0.500%, 2.075%, 7/20/2064(c)		138,001
	254,199	Government National Mortgage Association, Series 2015-H09, Class HA, 1.750%, 3/20/2065		252,116
	510,225	Government National Mortgage Association, Series 2015-H10, Class JA, 2.250%, 4/20/2065		490,445

See accompanying notes to financial statements.

33 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		Collateralized Mortgage Obligations — continued
$	552,571	Government National Mortgage Association, Series 2016-H06, Class FC, 1-month LIBOR + 0.920%, 2.495%, 2/20/2066(c)	$	561,466
	1,117,580	Government National Mortgage Association, Series 2016-H10, Class FJ, 1-month LIBOR + 0.600%, 2.175%, 4/20/2066(a)(c)		1,119,268

				2,762,643

		Construction Machinery — 0.5%
	320,000	Caterpillar Financial Services Corp., MTN, 2.550%, 11/29/2022		310,886
	350,000	John Deere Capital Corp., MTN, 1.950%, 6/22/2020		343,325
	174,000	John Deere Capital Corp., Series 0014, MTN, 2.450%, 9/11/2020		172,496

				826,707

		Consumer Cyclical Services — 0.6%
	225,000	Alibaba Group Holding Ltd., 2.500%, 11/28/2019		223,448
	375,000	Amazon.com, Inc., 5.200%, 12/03/2025		417,922
	470,000	Expedia Group, Inc., 3.800%, 2/15/2028		436,507

				1,077,877

		Consumer Products — 0.4%
	755,000	Unilever Capital Corp., 3.375%, 3/22/2025		754,220

		Diversified Manufacturing — 0.7%
	380,000	ABB Finance USA, Inc., 3.375%, 4/03/2023		380,997
	880,000	Nvent Finance S.a.r.l, 3.950%, 4/15/2023, 144A		882,587

				1,263,584

		Electric — 5.0%
	350,000	American Electric Power Co., Inc., 3.200%, 11/13/2027		333,539
	120,000	Consolidated Edison Co. of New York, Inc., Series B, 2.900%, 12/01/2026		114,623
	1,035,000	Consolidated Edison, Inc., Series A, 2.000%, 3/15/2020		1,017,477
	905,000	Duke Energy Carolinas LLC, 3.050%, 3/15/2023		903,386
	355,000	Entergy Louisiana LLC, 4.000%, 3/15/2033		362,011
	455,000	Entergy Texas, Inc., 3.450%, 12/01/2027		444,907
	451,000	Exelon Corp., 2.450%, 4/15/2021		440,783
	179,000	Exelon Generation Co. LLC, 2.950%, 1/15/2020		178,501
	116,000	Exelon Generation Co. LLC, 4.250%, 6/15/2022		119,797
	395,000	Fortis, Inc., 2.100%, 10/04/2021		377,601
	188,000	National Rural Utilities Cooperative Finance Corp., (fixed rate to 4/30/2023, variable rate thereafter), 4.750%, 4/30/2043		192,126
	690,000	National Rural Utilities Cooperative Finance Corp., MTN, 1.500%, 11/01/2019		676,311
	280,000	NextEra Energy Capital Holdings, Inc., 1.649%, 9/01/2018		278,694
	290,000	Pacific Gas & Electric Co., 3.500%, 6/15/2025		282,989
	905,000	PNM Resources, Inc., 3.250%, 3/09/2021		904,067
	635,000	Southern California Edison Co., Series B, 3.650%, 3/01/2028		636,397
	273,000	Southern Co. (The), 2.750%, 6/15/2020		270,687
	720,000	Southern Power Co., Series E, 2.500%, 12/15/2021		700,752
	670,000	Virginia Electric & Power Co., Series A, 3.800%, 4/01/2028		678,361

				8,913,009

See accompanying notes to financial statements.

| 34

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		Finance Companies — 1.4%
$	635,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.500%, 1/15/2025	$	612,257
	675,000	Air Lease Corp., 2.500%, 3/01/2021		661,637
	630,000	Air Lease Corp., 3.625%, 12/01/2027		597,383
	665,000	Ares Capital Corp., 3.625%, 1/19/2022		655,310

				2,526,587

		Financial Other — 0.4%
	410,000	Mitsubishi UFJ Lease & Finance Co. Ltd., 2.652%, 9/19/2022, 144A		395,955
	370,000	ORIX Corp., 3.250%, 12/04/2024		359,493

				755,448

		Food & Beverage — 3.1%
	9,000	Anheuser-Busch Cos. LLC, 5.000%, 3/01/2019		9,199
	875,000	Anheuser-Busch InBev Worldwide, Inc., 4.000%, 4/13/2028		885,682
	245,000	Brown-Forman Corp., 3.500%, 4/15/2025		246,118
	910,000	Campbell Soup Co., 3.650%, 3/15/2023		910,666
	885,000	General Mills, Inc., 2.600%, 10/12/2022		852,497
	230,000	Kellogg Co., 3.400%, 11/15/2027		220,024
	735,000	Kraft Heinz Food Co., 3-month LIBOR + 0.570%, 2.381%, 2/10/2021(c)		732,993
	845,000	Molson Coors Brewing Co., 2.250%, 3/15/2020		832,817
	140,000	Smithfield Foods, Inc., 3.350%, 2/01/2022, 144A		137,086
	480,000	Sysco Corp., 3.550%, 3/15/2025		477,376
	240,000	The JM Smucker Co. (The), 3.375%, 12/15/2027		228,728

				5,533,186

		Government Owned – No Guarantee — 0.8%
	445,000	Petroleos Mexicanos, 6.375%, 2/04/2021		474,147
	155,000	Petroleos Mexicanos, 6.875%, 8/04/2026		170,345
	780,000	Sinopec Group Overseas Development 2016 Ltd., 1.750%, 9/29/2019, 144A		765,586

				1,410,078

		Health Insurance — 0.7%
	905,000	Anthem, Inc., 4.101%, 3/01/2028		904,345
	310,000	Humana, Inc., 2.500%, 12/15/2020		304,059

				1,208,404

		Healthcare — 2.1%
	750,000	Becton, Dickinson and Co., 2.133%, 6/06/2019		741,509
	640,000	Cardinal Health, Inc., 1.948%, 6/14/2019		633,058
	1,195,000	CVS Health Corp., 4.300%, 3/25/2028		1,200,092
	45,000	Express Scripts Holding Co., 3.000%, 7/15/2023		43,127
	65,000	Express Scripts Holding Co., 4.750%, 11/15/2021		67,759
	183,000	Life Technologies Corp., 6.000%, 3/01/2020		192,329
	175,000	McKesson Corp., 3.950%, 2/16/2028		172,831
	94,000	Quest Diagnostics, Inc., 4.750%, 1/30/2020		97,131
	630,000	Stryker Corp., 3.650%, 3/07/2028		632,610

				3,780,446

		Hybrid ARMs — 0.1%
	54,597	FHLMC, 1-year CMT + 2.248%, 3.406%, 1/01/2035(c)		57,565

See accompanying notes to financial statements.

35 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		Hybrid ARMs — continued
$	138,877	FHLMC, 1-year CMT + 2.494%, 3.613%, 5/01/2036(c)	$	147,327

				204,892

		Independent Energy — 0.4%
	240,000	Concho Resources, Inc., 3.750%, 10/01/2027		234,670
	179,000	Encana Corp., 6.500%, 5/15/2019		185,579
	220,000	EQT Corp., 3.900%, 10/01/2027		210,463

				630,712

		Industrial Other — 0.1%
	265,000	American Homes 4 Rent LP, 4.250%, 2/15/2028		259,682

		Integrated Energy — 0.4%
	660,000	Cenovus Energy, Inc., 4.250%, 4/15/2027		643,331

		Life Insurance — 2.3%
	85,000	AIG Global Funding, 2.150%, 7/02/2020, 144A		83,378
	875,000	American International Group, Inc., 4.200%, 4/01/2028		886,764
	380,000	Athene Global Funding, 2.750%, 4/20/2020, 144A		376,822
	375,000	Athene Global Funding, 3.000%, 7/01/2022, 144A		365,254
	540,000	Athene Holding Ltd., 4.125%, 1/12/2028		518,189
	330,000	Brighthouse Financial, Inc., 3.700%, 6/22/2027, 144A		306,171
	830,000	Jackson National Life Global Funding, 2.200%, 1/30/2020, 144A		820,509
	344,000	Reliance Standard Life Global Funding II, 2.150%, 10/15/2018, 144A		342,973
	63,000	Unum Group, 5.625%, 9/15/2020		66,569
	260,000	Voya Financial, Inc., 3.125%, 7/15/2024		250,254

				4,016,883

		Media Entertainment — 0.9%
	95,000	Activision Blizzard, Inc., 2.300%, 9/15/2021		91,806
	425,000	CBS Corp., 2.900%, 6/01/2023, 144A		409,952
	230,000	Discovery Communications LLC, 3.950%, 3/20/2028		220,626
	715,000	Moody’s Corp., 3-month LIBOR + 0.350%, 2.375%, 9/04/2018(c)		715,096
	112,000	S&P Global, Inc, 3.300%, 8/14/2020		112,628

				1,550,108

		Metals & Mining — 0.0%
	31,000	Reliance Steel & Aluminum Co., 4.500%, 4/15/2023		31,952

		Midstream — 1.3%
	185,000	Buckeye Partners LP, 3.950%, 12/01/2026		174,658
	155,000	Enbridge, Inc., 3.500%, 6/10/2024		150,466
	255,000	Energy Transfer Partners LP, 2.500%, 6/15/2018		255,046
	60,000	Energy Transfer Partners LP, 4.900%, 2/01/2024		61,594
	255,000	Kinder Morgan Energy Partners LP, 4.150%, 2/01/2024		255,804
	635,000	Kinder Morgan, Inc., 4.300%, 3/01/2028		632,231
	160,000	Plains All American Pipeline LP/PAA Finance Corp., 3.850%, 10/15/2023		156,037
	345,000	Transcontinental Gas Pipe Line Co. LLC, 4.000%, 3/15/2028, 144A		337,441
	240,000	Valero Energy Partners LP, 4.500%, 3/15/2028		241,408

				2,264,685

See accompanying notes to financial statements.

| 36

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		Mortgage Related — 4.0%
$	3,940	FHLMC, 3.000%, 10/01/2026	$	3,962
	396	FHLMC, 6.500%, 1/01/2024		447
	74	FHLMC, 8.000%, 7/01/2025		80
	142	FNMA, 6.000%, 9/01/2021		143
	422,142	GNMA, 4.284%, 2/20/2063(b)		431,515
	229,157	GNMA, 4.285%, 2/20/2063(b)		235,274
	58,979	GNMA, 4.412%, 6/20/2066(b)		62,600
	240,733	GNMA, 4.413%, 10/20/2066(b)		256,810
	105,661	GNMA, 4.427%, 9/20/2066(b)		112,416
	172,260	GNMA, 4.444%, 10/20/2062(b)		176,153
	159,801	GNMA, 4.454%, 5/20/2062(b)		162,647
	60,984	GNMA, 4.457%, 11/20/2066(b)		64,944
	69,120	GNMA, 4.479%, 8/20/2066(b)		73,687
	216,243	GNMA, 4.497%, 5/20/2062(b)		219,837
	112,824	GNMA, 4.515%, 11/20/2066(b)		120,591
	209,766	GNMA, 4.516%, 4/20/2063(b)		215,132
	116,151	GNMA, 4.522%, 10/20/2066(b)		124,134
	1,504,413	GNMA, 4.527%, with various maturities from 2063 to 2067(a)(b)(d)		1,598,001
	186,212	GNMA, 4.534%, 9/20/2066(b)		199,685
	461,021	GNMA, 4.559%, 7/20/2067(a)(b)		498,064
	102,978	GNMA, 4.563%, 10/20/2066(b)		110,835
	194,663	GNMA, 4.566%, 3/20/2063(b)		199,930
	298,109	GNMA, 4.583%, 11/20/2064(b)		304,340
	217,392	GNMA, 4.584%, 2/20/2063(b)		222,749
	861,693	GNMA, 4.595%, 1/20/2067(a)(b)		929,421
	116,868	GNMA, 4.610%, 7/20/2062(b)		119,191
	556,316	GNMA, 4.684%, with various maturities from 2061 to 2064(b)(d)		590,024
	1,290	GNMA, 6.500%, 12/15/2023		1,442
	153	GNMA, 8.500%, 9/15/2022		153
	261	GNMA, 9.500%, 1/15/2019		263

				7,034,470

		Natural Gas — 0.7%
	375,000	CenterPoint Energy Resources Corp., 4.000%, 4/01/2028		377,332
	965,000	Sempra Energy, 1.625%, 10/07/2019		946,316

				1,323,648

		Non-Agency Commercial Mortgage-Backed Securities — 7.8%
	565,000	Barclays Commercial Mortgage Securities Trust, Series 2017-C1, Class A2, 3.189%, 2/15/2050(a)		567,506
	491,600	CFCRE Commercial Mortgage Trust, Series 2016-C3, Class A3, 3.865%, 1/10/2048		499,360
	361,996	CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A4, 3.283%, 5/10/2058		353,476
	992,138	Citigroup Commercial Mortgage Trust, Series 2016-GC37, Class A4, 3.314%, 4/10/2049(a)		976,907
	263,676	Commercial Mortgage Pass Through Certificates, Series 2013-CR8, Class A5, 3.612%, 6/10/2046(b)		268,477
	535,000	Commercial Mortgage Pass Through Certificates, Series 2012-LTRT, Class A2, 3.400%, 10/05/2030, 144A		520,615

See accompanying notes to financial statements.

37 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		Non-Agency Commercial Mortgage-Backed Securities — continued
$	84,913	Commercial Mortgage Pass Through Certificates, Series 2014-CR14, Class A2, 3.147%, 2/10/2047	$	85,153
	212,682	Commercial Mortgage Pass Through Certificates, Series 2014-CR15, Class A2, 2.928%, 2/10/2047		213,228
	205,578	Commercial Mortgage Pass Through Certificates, Series 2014-CR16, Class ASB, 3.653%, 4/10/2047		209,491
	478,193	Commercial Mortgage Pass Through Certificates, Series 2014-LC17, Class A3, 3.723%, 10/10/2047		487,594
	730,000	Commercial Mortgage Pass Through Certificates, Series 2014-TWC, Class A, 1-month LIBOR + 0.850%, 2.568%, 2/13/2032, 144A(c)		730,464
	280,000	Commercial Mortgage Pass Through Certificates, Series 2014-UBS3, Class A4, 3.819%, 6/10/2047		288,081
	520,299	Commercial Mortgage Pass Through Certificates, Series 2016-DC2, Class A5, 3.765%, 2/10/2049		532,026
	280,000	Commercial Mortgage Trust, Series 2015-DC1, Class A5, 3.350%, 2/10/2048		277,505
	640,000	Credit Suisse Mortgage Capital Certificates, Series 2014-USA, Class A2, 3.953%, 9/15/2037, 144A		652,854
	84,913	CSAIL Commercial Mortgage Trust, Series 2015-C4, Class ASB, 3.617%, 11/15/2048		85,891
	107,224	GP Portfolio Trust, Series 2014-GPP, Class A, 1-month LIBOR + 1.200%, 2.977%, 2/15/2027, 144A(c)		107,244
	340,000	GS Mortgage Securities Corp. Trust, Series 2013-PEMB, Class A, 3.550%, 3/05/2033, 144A(b)		325,608
	330,000	GS Mortgage Securities Trust, Series 2014-GC18, Class A4, 4.074%, 1/10/2047		342,363
	197,078	GS Mortgage Securities Trust, Series 2014-GC20, Class A3, 3.680%, 4/10/2047		199,358
	180,000	Hudsons Bay Simon JV Trust, Series 2015-HB10, Class A10, 4.155%, 8/05/2034, 144A		178,058
	355,000	Hudsons Bay Simon JV Trust, Series 2015-HB7, Class A7, 3.914%, 8/05/2034, 144A		353,487
	120,665	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-C19, Class ASB, 3.584%, 4/15/2047		122,405
	447,921	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2015-SGP, Class A, 1-month LIBOR + 1.700%, 3.477%, 7/15/2036, 144A(c)		448,755
	238,579	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2017-JP5, Class A1, 2.086%, 3/15/2050		234,864
	240,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C10, Class A4, 4.082%, 7/15/2046(b)		249,320
	263,676	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C14, Class A3, 3.669%, 2/15/2047		268,198
	129,604	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A4, 3.306%, 4/15/2048		128,460
	215,000	SCG Trust, Series 2013-SRP1, Class A, 1-month LIBOR + 1.650%, 3.427%, 11/15/2026, 144A(c)		214,999
	185,000	SCG Trust, Series 2013-SRP1, Class B, 1-month LIBOR + 2.500%, 4.527%, 11/15/2026, 144A(c)		183,491
	203,753	Starwood Retail Property Trust, Inc., Series 2014-STAR, Class A, 1-month LIBOR + 1.220%, 2.997%, 11/15/2027, 144A(c)		203,956

See accompanying notes to financial statements.

| 38

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		Non-Agency Commercial Mortgage-Backed Securities — continued
$	505,000	UBS-Barclays Commercial Mortgage Trust, Series 2012-TFT, Class A, 2.892%, 6/05/2030, 144A	$	493,203
	565,000	UBS-Barclays Commercial Mortgage Trust, Series 2013-C6, Class A4, 3.244%, 4/10/2046(a)		567,886
	201,109	Wells Fargo Commercial Mortgage Trust, Series 2016-C33, Class A4, 3.426%, 3/15/2059		199,692
	1,295,000	Wells Fargo Commercial Mortgage Trust, Series 2017-RC1, Class A2, 3.118%, 1/15/2060(a)		1,295,676
	111,281	WFCG Commercial Mortgage Trust, Series 2015-BXRP, Class A, 1-month LIBOR + 1.122%, 2.899%, 11/15/2029, 144A(c)		111,280
	178,764	WFRBS Commercial Mortgage Trust, Series 2014-C19, Class A3, 3.660%, 3/15/2047		181,021
	325,000	WFRBS Commercial Mortgage Trust, Series 2014-C19, Class A5, 4.101%, 3/15/2047		338,118
	348,589	WFRBS Commercial Mortgage Trust, Series 2014-C20, Class ASB, 3.638%, 5/15/2047		354,649

				13,850,719

		Oil Field Services — 0.6%
	770,000	Baker Hughes a GE Co. LLC / Baker Hughes Co-Obligor, Inc., 2.773%, 12/15/2022		753,979
	310,000	Schlumberger Finance Canada Ltd., 2.650%, 11/20/2022, 144A		302,889

				1,056,868

		Paper — 0.4%
	625,000	WestRock Co., 3.750%, 3/15/2025, 144A		623,553

		Pharmaceuticals — 1.1%
	22,000	Amgen, Inc., 2.200%, 5/22/2019		21,862
	535,000	Amgen, Inc., 3.200%, 11/02/2027		506,915
	620,000	Mylan, Inc., 4.550%, 4/15/2028, 144A		621,008
	775,000	Shire Acquisitions Investments Ireland DAC, 1.900%, 9/23/2019		762,209

				1,911,994

		Property & Casualty Insurance — 0.4%
	435,000	American Financial Group, Inc., 3.500%, 8/15/2026		416,854
	285,000	Assurant, Inc., 4.200%, 9/27/2023		286,548

				703,402

		Railroads — 0.3%
	206,000	CSX Corp., 3.700%, 10/30/2020		209,547
	27,000	CSX Corp., 6.150%, 5/01/2037		33,521
	215,000	Union Pacific Corp., 3.646%, 2/15/2024		219,475

				462,543

		REITs – Apartments — 0.1%
	195,000	ERP Operating LP, 3.500%, 3/01/2028		191,000

		REITs – Health Care — 0.5%
	31,000	Healthcare Realty Trust, Inc., 3.750%, 4/15/2023		31,057
	85,000	Omega Healthcare Investors, Inc., 4.500%, 1/15/2025		83,107
	225,000	Omega Healthcare Investors, Inc., 4.500%, 4/01/2027		216,561

See accompanying notes to financial statements.

39 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		REITs – Health Care — continued
$	155,000	Omega Healthcare Investors, Inc., 4.750%, 1/15/2028	$	150,415
	390,000	Ventas Realty LP, 4.000%, 3/01/2028		383,967

				865,107

		REITs – Shopping Centers — 0.2%
	355,000	Brixmor Operating Partnership LP, 3.650%, 6/15/2024		345,987

		REITs – Single Tenant — 0.3%
	305,000	Realty Income Corp., 3.875%, 4/15/2025		304,035
	290,000	Select Income REIT, 4.250%, 5/15/2024		283,145

				587,180

		Restaurants — 1.0%
	1,030,000	McDonald’s Corp., MTN, 2.625%, 1/15/2022		1,013,961
	325,000	McDonald’s Corp., MTN, 3.350%, 4/01/2023		326,800
	455,000	Starbucks Corp., 3.100%, 3/01/2023		455,241

				1,796,002

		Retailers — 0.3%
	465,000	AutoNation, Inc., 3.500%, 11/15/2024		448,154

		Sovereigns — 0.4%
	675,000	Republic of Chile, 3.240%, 2/06/2028		661,837

		Technology — 2.4%
	45,000	Apple, Inc., 2.250%, 2/23/2021		44,323
	225,000	Baidu, Inc., 4.375%, 3/29/2028		226,080
	450,000	Genpact Luxembourg S.a.r.l., 3.700%, 4/01/2022, 144A		441,605
	610,000	Hewlett Packard Enterprise Co., 2.100%, 10/04/2019, 144A		601,961
	120,000	Hewlett Packard Enterprise Co., 4.900%, 10/15/2025		124,590
	89,000	Jabil, Inc., 5.625%, 12/15/2020		93,851
	885,000	NetApp, Inc., 2.000%, 9/27/2019		871,292
	215,000	Pitney Bowes, Inc., 4.125%, 5/15/2022		203,175
	425,000	Pitney Bowes, Inc., 4.700%, 4/01/2023		398,438
	655,000	Seagate HDD Cayman, 4.875%, 3/01/2024, 144A		654,655
	630,000	Xerox Corp., 3.625%, 3/15/2023		615,185

				4,275,155

		Tobacco — 0.0%
	5,000	Philip Morris International, Inc., 5.650%, 5/16/2018		5,019

		Transportation Services — 0.7%
	375,000	Penske Truck Leasing Co. LP/PTL Finance Corp., 3.950%, 3/10/2025, 144A		375,804
	360,000	Ryder System, Inc., MTN, 3.400%, 3/01/2023		358,908
	430,000	TTX Co., 2.600%, 6/15/2020, 144A		425,223

				1,159,935

		Treasuries — 3.0%
	4,625,000	U.S. Treasury Bond, 2.250%, 8/15/2027		4,434,580
	885,000	U.S. Treasury Bond, 2.750%, 2/15/2028		885,449

				5,320,029

See accompanying notes to financial statements.

| 40

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)


Principal Amount		Description	Value (†)
		Wirelines — 1.2%
$	400,000	Deutsche Telekom International Finance BV, 1.500%, 9/19/2019, 144A	$	392,420
	790,000	Orange S.A., 1.625%, 11/03/2019		773,645
	870,000	Verizon Communications, Inc., 4.125%, 3/16/2027		881,235

				2,047,300

		Total Bonds and Notes (Identified Cost $177,762,442)		175,335,054


	Short-Term Investments — 1.8%
	3,168,419	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/29/2018 at 0.900% to be repurchased at $3,168,736 on 4/02/2018 collateralized by $3,185,000 U.S. Treasury Note, 2.750% due 11/15/2023 valued at $3,235,775 including accrued interest (Note 2 of Notes to Financial Statements) (Identified Cost $3,168,419)		3,168,419


		Total Investments — 101.0% (Identified Cost $180,930,861)		178,503,473
		Other assets less liabilities — (1.0)%		(1,780,584	)

		Net Assets — 100.0%	$	176,722,889


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Security (or a portion thereof) has been designated to cover the Fund’s obligations under open derivative contracts.
	(b)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of March 31, 2018 is disclosed.
	(c)	Variable rate security. Rate as of March 31, 2018 is disclosed.
	(d)	The Fund’s investment in mortgage related securities of Government National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.

	144A	All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2018, the value of Rule 144A holdings amounted to $54,154,119 or 30.6% of net assets.
	ABS	Asset-Backed Securities
	ARMs	Adjustable Rate Mortgages
	CMT	Constant Maturity Treasury
	FHLMC	Federal Home Loan Mortgage Corp.
	FNMA	Federal National Mortgage Association
	GMTN	Global Medium Term Note
	GNMA	Government National Mortgage Association
	LIBOR	London Interbank Offered Rate
	MTN	Medium Term Note
	REITs	Real Estate Investment Trusts

See accompanying notes to financial statements.

41 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Intermediate Duration Bond Fund – (continued)

At March 31, 2018, open long futures contracts were as follows:


Financial Futures	Expiration Date		Contracts	Notional Amount		Value		Unrealized Appreciation (Depreciation)
5 Year U.S. Treasury Note		6/29/2018	80	$	9,130,813	$	9,156,875	$	26,062

Industry Summary at March 31, 2018 (Unaudited)


Banking	22.0	%
ABS Car Loan	11.5
Non-Agency Commercial Mortgage-Backed Securities	7.8
Automotive	5.1
Electric	5.0
Mortgage Related	4.0
ABS Credit Card	3.5
Food & Beverage	3.1
Treasuries	3.0
ABS Other	2.6
Technology	2.4
Life Insurance	2.3
Healthcare	2.1
Other Investments, less than 2% each	24.8
Short-Term Investments	1.8

Total Investments	101.0
Other assets less liabilities (including futures contracts)	(1.0	)

Net Assets	100.0	%

See accompanying notes to financial statements.

| 42

Portfolio of Investments – as of March 31, 2018 (Unaudited)

Loomis Sayles Limited Term Government and Agency Fund


Principal Amount		Description	Value (†)
	Bonds and Notes — 94.0% of Net Assets
		ABS Car Loan — 1.6%
$	1,550,000	Avis Budget Rental Car Funding AESOP LLC, Series 2016-1A, Class A, 2.990%, 6/20/2022, 144A	$	1,541,476
	1,825,000	Credit Acceptance Auto Loan Trust, Series 2016-2A, Class A, 2.420%, 11/15/2023, 144A		1,820,624
	2,875,000	Credit Acceptance Auto Loan Trust, Series 2016-3A, Class A, 2.150%, 4/15/2024, 144A		2,850,785
	2,310,000	Flagship Credit Auto Trust, Series 2016-4, Class A2, 1.960%, 2/16/2021, 144A		2,299,734
	725,000	NextGear Floorplan Master Owner Trust, Series 2016-1A, Class A2, 2.740%, 4/15/2021, 144A		725,301
	1,495,000	NextGear Floorplan Master Owner Trust, Series 2017-1A, Class A2, 2.540%, 4/18/2022, 144A		1,482,549
	685,000	NextGear Floorplan Master Owner Trust, Series 2017-2A, Class A2, 2.560%, 10/17/2022, 144A		676,175

				11,396,644

		ABS Home Equity — 0.3%
	1,147,133	CoreVest American Finance Trust, Series 2017-1, Class A, 2.968%, 10/15/2049, 144A		1,125,719
	1,273,675	Towd Point Mortgage Trust, Series 2015-2, Class 1A12, 2.750%, 11/25/2060, 144A(a)		1,258,758

				2,384,477

		ABS Student Loan — 0.0%
	219,040	SoFi Professional Loan Program LLC, Series 2016-D, Class A1, 1-month LIBOR + 0.950%, 2.822%, 1/25/2039, 144A(b)		221,230

		Agency Commercial Mortgage-Backed Securities — 14.2%
	3,271,732	Federal National Mortgage Association, Series 2015-M17, Class FA, 1-month LIBOR + 0.930%, 2.518%, 11/25/2022(b)		3,294,622
	1,000,000	Federal National Mortgage Association, Series 2016-M3, Class ASQ2, 2.263%, 2/25/2023		974,259
	6,000,000	FHLMC Multifamily Structured Pass Through Certificates, Series K006, Class A2, 4.251%, 1/25/2020		6,146,082
	4,305,000	FHLMC Multifamily Structured Pass Through Certificates, Series K014, Class A2, 3.871%, 4/25/2021		4,422,676
	4,000,000	FHLMC Multifamily Structured Pass Through Certificates, Series K015, Class A2, 3.230%, 7/25/2021		4,042,004
	6,625,000	FHLMC Multifamily Structured Pass Through Certificates, Series K017, Class A2, 2.873%, 12/25/2021		6,621,305
	2,580,000	FHLMC Multifamily Structured Pass Through Certificates, Series K064, Class A2, 3.224%, 3/25/2027		2,581,247
	2,132,227	FHLMC Multifamily Structured Pass Through Certificates, Series K703, Class A2, 2.699%, 5/25/2018		2,129,442
	503,158	FHLMC Multifamily Structured Pass Through Certificates, Series K704, Class A2, 2.412%, 8/25/2018		502,416
	2,511,116	FHLMC Multifamily Structured Pass Through Certificates, Series K706, Class A2, 2.323%, 10/25/2018		2,507,091

See accompanying notes to financial statements.

43 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

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


Principal Amount		Description	Value (†)
		Agency Commercial Mortgage-Backed Securities — continued
$	7,412,655	FHLMC Multifamily Structured Pass Through Certificates, Series K708, Class A2, 2.130%, 1/25/2019	$	7,387,124
	34,370,000	FHLMC Multifamily Structured Pass Through Certificates, Series K711, Class A2, 1.730%, 7/25/2019		34,052,497
	2,649,854	FHLMC Multifamily Structured Pass Through Certificates, Series K725, Class A1, 2.666%, 5/25/2023		2,633,382
	4,100,025	FHLMC Multifamily Structured Pass Through Certificates, Series KABM, Class A, 1-month LIBOR + 0.700%, 2.370%, 9/25/2022(b)		4,115,271
	558,406	FHLMC Multifamily Structured Pass Through Certificates, Series KF06, Class A, 1-month LIBOR + 0.330%, 2.000%, 11/25/2021(b)		558,406
	5,222,898	FHLMC Multifamily Structured Pass Through Certificates, Series KF14, Class A, 1-month LIBOR + 0.650%, 2.320%, 1/25/2023(b)		5,239,228
	3,015,000	FHLMC Multifamily Structured Pass Through Certificates, Series KI01, Class A, 1-month LIBOR + 0.160%, 1.830%, 9/25/2022(b)		3,014,999
	2,548,171	FHLMC Multifamily Structured Pass Through Certificates, Series KJ04, Class A1, 1.376%, 10/25/2020		2,526,919
	6,665,901	FHLMC Multifamily Structured Pass Through Certificates, Series KP03, Class A2, 1.780%, 7/25/2019		6,607,939
	178,225	Government National Mortgage Association, Series 2003-72, Class Z, 5.267%, 11/16/2045(a)		186,429
	156,370	Government National Mortgage Association, Series 2003-88, Class Z, 4.769%, 3/16/2046(a)		160,918

				99,704,256

		Collateralized Mortgage Obligations — 17.7%
	66,359	Federal Home Loan Mortgage Corp., REMIC, Series 1500, Class FD, 7-year Treasury - 0.200%, 2.630%, 5/15/2023(b)(c)(d)		64,285
	44,042	Federal Home Loan Mortgage Corp., REMIC, Series 1552, Class I, 10-year Treasury - 0.650%, 2.260%, 8/15/2023(b)(c)(d)		43,480
	172,099	Federal Home Loan Mortgage Corp., REMIC, Series 2131, Class ZB, 6.000%, 3/15/2029		181,141
	265,117	Federal Home Loan Mortgage Corp., REMIC, Series 2874, Class BC, 5.000%, 10/15/2019		267,683
	561,094	Federal Home Loan Mortgage Corp., REMIC, Series 2931, Class DE, 4.000%, 2/15/2020		566,855
	1,321,441	Federal Home Loan Mortgage Corp., REMIC, Series 2978, Class JG, 5.500%, 5/15/2035		1,436,475
	2,019,234	Federal Home Loan Mortgage Corp., REMIC, Series 3036, Class NE, 5.000%, 9/15/2035		2,151,788
	1,432,765	Federal Home Loan Mortgage Corp., REMIC, Series 3412, Class AY, 5.500%, 2/15/2038		1,555,446
	1,553,157	Federal Home Loan Mortgage Corp., REMIC, Series 3561, Class W, 2.862%, 6/15/2048(a)(e)		1,440,944
	1,686,151	Federal Home Loan Mortgage Corp., REMIC, Series 3620, Class AT, 4.274%, 12/15/2036(a)(e)		1,776,138
	764,513	Federal Home Loan Mortgage Corp., REMIC, Series 4212, Class FW, 1-month LIBOR + 2.100%, 3.877%, 6/15/2043(b)		738,035

See accompanying notes to financial statements.

| 44

Portfolio of Investments – as of March 31, 2018 (Unaudited)

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


Principal Amount		Description	Value (†)
		Collateralized Mortgage Obligations — continued
$	1,412,837	Federal National Mortgage Association, REMIC, Series 2003-48, Class GH, 5.500%, 6/25/2033	$	1,539,123
	37,944	Federal National Mortgage Association, REMIC, Series 1992-162, Class FB, 7-year Treasury - 0.050%, 2.720%, 9/25/2022(b)(c)(d)		37,554
	42,864	Federal National Mortgage Association, REMIC, Series 1994-42, Class FD, 10-year Treasury - 0.500%, 2.410%, 4/25/2024(b)(c)(d)		42,402
	9,958	Federal National Mortgage Association, REMIC, Series 2002-W10, Class A7, 4.094%, 8/25/2042(a)(c)(d)		10,135
	678,961	Federal National Mortgage Association, REMIC, Series 2005-100, Class BQ, 5.500%, 11/25/2025		717,300
	709,700	Federal National Mortgage Association, REMIC, Series 2007-73, Class A1, 1-month LIBOR + 0.060%, 1.932%, 7/25/2037(b)		697,856
	1,574,110	Federal National Mortgage Association, REMIC, Series 2008-86, Class LA, 3.386%, 8/25/2038(a)		1,604,458
	5,412,360	Federal National Mortgage Association, REMIC, Series 2013-67, Class NF, 1-month LIBOR + 1.000%, 2.872%, 7/25/2043(b)		5,269,110
	24,741	Federal National Mortgage Association, REMIC, Series G93-19, Class FD, 10-year Treasury - 0.650%, 2.190%, 4/25/2023(b)(c)(d)		24,488
	9,609	FHLMC Structured Pass Through Securities, Series T-60, Class 2A1, 3.819%, 3/25/2044(a)(c)(d)		10,040
	685,152	FHLMC Structured Pass Through Securities, Series T-62, Class 1A1, 12-month MTA + 1.200%, 2.401%, 10/25/2044(b)		693,608
	1,208,766	Government National Mortgage Association, Series 2010-H20, Class AF, 1-month LIBOR + 0.330%, 1.905%, 10/20/2060(b)		1,205,687
	1,117,739	Government National Mortgage Association, Series 2010-H24, Class FA, 1-month LIBOR + 0.350%, 1.925%, 10/20/2060(b)		1,115,425
	936,059	Government National Mortgage Association, Series 2011-H06, Class FA, 1-month LIBOR + 0.450%, 2.025%, 2/20/2061(b)		936,906
	4,628,989	Government National Mortgage Association, Series 2011-H23, Class HA, 3.000%, 12/20/2061		4,631,342
	1,437,257	Government National Mortgage Association, Series 2012-124, Class HT, 7.265%, 7/20/2032(a)		1,546,666
	857,874	Government National Mortgage Association, Series 2012-H15, Class FA, 1-month LIBOR + 0.450%, 2.025%, 5/20/2062(b)		858,850
	1,076,213	Government National Mortgage Association, Series 2012-H18, Class NA, 1-month LIBOR + 0.520%, 2.095%, 8/20/2062(b)		1,079,800
	3,281,302	Government National Mortgage Association, Series 2012-H29, Class HF, 1-month LIBOR + 0.500%, 2.075%, 10/20/2062(b)		3,284,839
	2,522,900	Government National Mortgage Association, Series 2013-H02, Class GF, 1-month LIBOR + 0.500%, 2.075%, 12/20/2062(b)		2,526,901
	4,221,467	Government National Mortgage Association, Series 2013-H08, Class FA, 1-month LIBOR + 0.350%, 1.925%, 3/20/2063(b)		4,213,560
	2,977,131	Government National Mortgage Association, Series 2013-H10, Class FA, 1-month LIBOR + 0.400%, 1.975%, 3/20/2063(b)		2,975,492
	10,586,711	Government National Mortgage Association, Series 2013-H22, Class FT, 1-year CMT + 0.650%, 2.440%, 4/20/2063(b)		10,661,718
	6,041,700	Government National Mortgage Association, Series 2014-H14, Class FA, 1-month LIBOR + 0.500%, 2.062%, 7/20/2064(b)		6,061,406

See accompanying notes to financial statements.

45 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

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


Principal Amount		Description	Value (†)
		Collateralized Mortgage Obligations — continued
$	4,085,481	Government National Mortgage Association, Series 2014-H15, Class FA, 1-month LIBOR + 0.500%, 2.075%, 7/20/2064(b)	$	4,101,118
	3,677,468	Government National Mortgage Association, Series 2015-H04, Class FL, 1-month LIBOR + 0.470%, 2.045%, 2/20/2065(b)		3,685,038
	1,463,290	Government National Mortgage Association, Series 2015-H05, Class FA, 1-month LIBOR + 0.300%, 1.875%, 4/20/2061(b)		1,463,365
	6,791,037	Government National Mortgage Association, Series 2015-H09, Class HA, 1.750%, 3/20/2065		6,735,365
	8,623,454	Government National Mortgage Association, Series 2015-H10, Class JA, 2.250%, 4/20/2065		8,289,141
	1,061,131	Government National Mortgage Association, Series 2015-H11, Class FA, 1-month LIBOR + 0.250%, 1.825%, 4/20/2065(b)		1,061,032
	5,572,461	Government National Mortgage Association, Series 2015-H12, Class FL, 1-month LIBOR + 0.230%, 1.805%, 5/20/2065(b)		5,544,716
	3,813,530	Government National Mortgage Association, Series 2015-H19, Class FH, 1-month LIBOR + 0.300%, 1.875%, 7/20/2065(b)		3,815,473
	987,674	Government National Mortgage Association, Series 2015-H29, Class FA, 1-month LIBOR + 0.700%, 2.275%, 10/20/2065(b)		990,580
	627,563	Government National Mortgage Association, Series 2015-H30, Class FA, 1-month LIBOR + 0.680%, 2.255%, 8/20/2061(b)		629,190
	6,053,906	Government National Mortgage Association, Series 2016-H06, Class FC, 1-month LIBOR + 0.920%, 2.495%, 2/20/2066(b)		6,151,355
	4,166,966	Government National Mortgage Association, Series 2016-H10, Class FJ, 1-month LIBOR + 0.600%, 2.175%, 4/20/2066(b)		4,173,260
	6,842,973	Government National Mortgage Association, Series 2016-H19, Class FJ, 1-month LIBOR + 0.400%, 1.975%, 9/20/2063(b)		6,855,204
	7,170,147	Government National Mortgage Association, Series 2017-H24, Class FJ, 1-month LIBOR + 0.250%, 1.825%, 10/20/2067(b)		7,153,009
	245,212	NCUA Guaranteed Notes, Series 2010-A1, Class A, 1-month LIBOR + 0.350%, 1.929%, 12/07/2020(b)		245,500
	552,783	NCUA Guaranteed Notes, Series 2010-R1, Class 1A, 1-month LIBOR + 0.450%, 2.161%, 10/07/2020(b)		554,801
	1,047,471	NCUA Guaranteed Notes, Series 2010-R3, Class 1A, 1-month LIBOR + 0.560%, 2.181%, 12/08/2020(b)		1,052,572
	70,097	NCUA Guaranteed Notes, Series 2010-R3, Class 2A, 1-month LIBOR + 0.560%, 2.181%, 12/08/2020(b)		70,515

				124,538,170

		Hybrid ARMs — 11.0%
	668,203	FHLMC, 1-year CMT + 2.105%, 3.157%, 9/01/2038(b)		702,604
	533,307	FHLMC, 6-month LIBOR + 1.687%, 3.187%, 6/01/2037(b)		545,831
	682,898	FHLMC, 1-year CMT + 2.165%, 3.240%, 4/01/2036(b)		703,941
	1,651,491	FHLMC, 1-year CMT + 2.220%, 3.319%, 7/01/2033(b)		1,741,749
	229,094	FHLMC, 1-year CMT + 2.218%, 3.385%, 9/01/2038(b)		240,713
	3,917,727	FHLMC, 1-year CMT + 2.252%, 3.398%, 3/01/2037(b)		4,129,922
	961,433	FHLMC, 1-year CMT + 2.249%, 3.398%, 9/01/2038(b)		1,012,398
	478,515	FHLMC, 12-month LIBOR + 1.642%, 3.424%, 11/01/2038(b)		498,678
	96,891	FHLMC, 12-month LIBOR + 1.722%, 3.472%, 12/01/2037(b)		99,907

See accompanying notes to financial statements.

| 46

Portfolio of Investments – as of March 31, 2018 (Unaudited)

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


Principal Amount		Description	Value (†)
		Hybrid ARMs — continued
$	1,635,094	FHLMC, 12-month LIBOR + 1.767%, 3.517%, 9/01/2035(b)	$	1,715,712
	1,264,453	FHLMC, 1-year CMT + 2.286%, 3.529%, 2/01/2036(b)		1,331,110
	2,450,380	FHLMC, 1-year CMT + 2.267%, 3.550%, 2/01/2036(b)		2,580,090
	410,783	FHLMC, 12-month LIBOR + 1.810%, 3.564%, 4/01/2037(b)		429,821
	438,939	FHLMC, 12-month LIBOR + 1.867%, 3.630%, 11/01/2038(b)		459,575
	2,403,454	FHLMC, 12-month LIBOR + 1.896%, 3.646%, 9/01/2041(b)		2,517,744
	384,384	FHLMC, 12-month LIBOR + 1.907%, 3.656%, 12/01/2034(b)		405,273
	970,853	FHLMC, 1-year CMT + 2.245%, 3.672%, 3/01/2036(b)		1,021,518
	602,018	FHLMC, 12-month LIBOR + 1.883%, 3.681%, 3/01/2038(b)		631,318
	1,603,300	FHLMC, 12-month LIBOR + 1.822%, 3.801%, 4/01/2037(b)		1,679,466
	398,309	FHLMC, 1-year CMT + 2.250%, 3.963%, 2/01/2035(b)		419,735
	377,547	FHLMC, 12-month LIBOR + 2.180%, 4.124%, 3/01/2037(b)		399,710
	314,826	FNMA, 1-year CMT + 2.214%, 3.010%, 4/01/2033(b)		328,816
	1,211,626	FNMA, 6-month LIBOR + 1.543%, 3.126%, 7/01/2035(b)		1,253,996
	957,158	FNMA, 1-year CMT + 2.194%, 3.215%, 6/01/2036(b)		1,006,321
	499,898	FNMA, 1-year CMT + 2.145%, 3.240%, 9/01/2036(b)		524,528
	127,089	FNMA, 6-month LIBOR + 1.512%, 3.265%, 2/01/2037(b)		131,331
	2,269,643	FNMA, 1-year CMT + 2.274%, 3.274%, 6/01/2037(b)		2,391,041
	1,068,865	FNMA, 1-year CMT + 2.287%, 3.287%, 6/01/2033(b)		1,133,603
	3,068,700	FNMA, 1-year CMT + 2.175%, 3.290%, 12/01/2040(b)		3,236,205
	2,697,639	FNMA, 12-month LIBOR + 1.568%, 3.322%, 9/01/2037(b)		2,798,961
	2,146,331	FNMA, 1-year CMT + 2.174%, 3.326%, 11/01/2033(b)		2,263,753
	4,362,642	FNMA, 1-year CMT + 2.191%, 3.341%, 10/01/2034(b)		4,593,333
	1,175,705	FNMA, 1-year CMT + 2.223%, 3.348%, 8/01/2035(b)		1,240,536
	2,158,392	FNMA, 12-month LIBOR + 1.612%, 3.366%, 7/01/2038(b)		2,245,729
	283,406	FNMA, 12-month LIBOR + 1.619%, 3.369%, 8/01/2035(b)		296,623
	2,414,837	FNMA, 12-month LIBOR + 1.570%, 3.376%, 4/01/2037(b)		2,522,966
	465,017	FNMA, 1-year CMT + 2.185%, 3.378%, 12/01/2034(b)		484,122
	775,849	FNMA, 12-month LIBOR + 1.632%, 3.382%, 8/01/2034(b)		811,948
	739,016	FNMA, 12-month LIBOR + 1.629%, 3.391%, 4/01/2037(b)		764,695
	2,182,884	FNMA, 12-month LIBOR + 1.612%, 3.407%, 7/01/2035(b)		2,285,623
	385,852	FNMA, 12-month LIBOR + 1.657%, 3.407%, 8/01/2038(b)		400,155
	498,567	FNMA, 12-month LIBOR + 1.663%, 3.413%, 10/01/2033(b)		522,303
	542,500	FNMA, 1-year CMT + 2.126%, 3.464%, 9/01/2034(b)		569,521
	855,011	FNMA, 1-year CMT + 2.287%, 3.467%, 10/01/2033(b)		899,248
	3,188,141	FNMA, 1-year CMT + 2.218%, 3.474%, 4/01/2034(b)		3,351,020
	506,217	FNMA, 12-month LIBOR + 1.677%, 3.489%, 11/01/2036(b)		531,139
	398,672	FNMA, 12-month LIBOR + 1.747%, 3.500%, 11/01/2035(b)		418,785
	1,102,380	FNMA, 1-year CMT + 2.231%, 3.508%, 4/01/2034(b)		1,160,693
	150,444	FNMA, 1-year CMT + 2.441%, 3.526%, 8/01/2033(b)		158,415
	3,039,599	FNMA, 12-month LIBOR + 1.800%, 3.550%, 10/01/2041(b)		3,169,419
	874,543	FNMA, 12-month LIBOR + 1.800%, 3.550%, 12/01/2041(b)		905,991
	1,881,496	FNMA, 12-month LIBOR + 1.743%, 3.554%, 9/01/2037(b)		1,968,398
	263,840	FNMA, 12-month LIBOR + 1.800%, 3.563%, 3/01/2034(b)		277,187
	2,265,295	FNMA, 12-month LIBOR + 1.784%, 3.579%, 3/01/2037(b)		2,369,634
	356,359	FNMA, 12-month LIBOR + 1.802%, 3.595%, 7/01/2041(b)		370,664
	925,811	FNMA, 1-year CMT + 2.185%, 3.610%, 1/01/2036(b)		971,501

See accompanying notes to financial statements.

47 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

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


Principal Amount		Description	Value (†)
		Hybrid ARMs — continued
$	105,235	FNMA, 12-month LIBOR + 1.829%, 3.634%, 1/01/2037(b)	$	110,026
	368,627	FNMA, 1-year CMT + 2.500%, 3.688%, 8/01/2036(b)		391,146
	513,996	FNMA, 12-month LIBOR + 1.765%, 3.692%, 2/01/2037(b)		537,587
	1,997,013	FNMA, 6-month LIBOR + 2.161%, 3.717%, 7/01/2037(b)		2,110,473
	753,209	FNMA, 1-year CMT + 2.516%, 3.836%, 5/01/2035(b)		801,068
	1,168,032	FNMA, 12-month LIBOR + 1.820%, 3.917%, 2/01/2047(b)		1,234,668
	700,042	FNMA, 12-month LIBOR + 2.473%, 4.348%, 6/01/2035(b)		752,450

				77,562,436

		Mortgage Related — 13.5%
	80,455	FHLMC, 3.000%, 10/01/2026		80,906
	583,485	FHLMC, 4.000%, with various maturities from 2024 to 2042(f)		603,243
	345,542	FHLMC, 4.500%, with various maturities from 2025 to 2034(f)		359,352
	150,741	FHLMC, 5.500%, 10/01/2023		156,814
	141,178	FHLMC, COFI + 1.250%, 5.767%, 6/01/2020(b)		143,635
	247,575	FHLMC, COFI + 1.250%, 5.897%, 8/01/2020(b)		254,210
	127,372	FHLMC, COFI + 1.250%, 5.923%, 10/01/2020(b)		130,216
	190,368	FHLMC, COFI + 1.250%, 5.953%, 11/01/2020(b)		194,257
	7,191	FHLMC, 6.000%, 11/01/2019		7,285
	281,716	FHLMC, 6.500%, 12/01/2034		317,262
	317	FHLMC, 7.500%, 6/01/2026		347
	2,534	FHLMC, 11.500%, 4/01/2020		2,538
	157,945	FNMA, 3.000%, 3/01/2042		155,303
	1,623,276	FNMA, 5.000%, with various maturities from 2037 to 2038(f)		1,752,533
	861,629	FNMA, 5.500%, with various maturities from 2018 to 2033(f)		916,740
	941,033	FNMA, 6.000%, with various maturities from 2021 to 2022(f)		981,813
	200,266	FNMA, 6.500%, with various maturities from 2032 to 2037(f)		223,610
	3,741	FNMA, 7.000%, 12/01/2022		3,744
	76,089	FNMA, 7.500%, with various maturities from 2030 to 2032(f)		82,517
	3,639,151	GNMA, 1-month LIBOR + 1.719%, 3.330%, 2/20/2061(b)		3,804,815
	2,785,991	GNMA, 1-month LIBOR + 1.890%, 3.454%, 2/20/2063(b)		2,923,172
	3,732,933	GNMA, 1-month LIBOR + 2.160%, 3.724%, 3/20/2063(b)		3,920,615
	905,214	GNMA, 1-month LIBOR + 2.263%, 3.827%, 5/20/2065(b)		964,123
	1,011,978	GNMA, 1-month LIBOR + 2.275%, 3.836%, 6/20/2065(b)		1,082,220
	2,031,165	GNMA, 1-month LIBOR + 2.369%, 3.932%, 2/20/2063(b)		2,144,447
	1,550,793	GNMA, 4.439%, 2/20/2063(a)		1,589,740
	3,248,588	GNMA, 4.440%, 6/20/2063(a)		3,346,337
	1,694,006	GNMA, 4.443%, 3/20/2063(a)		1,739,380
	3,258,490	GNMA, 4.450%, 2/20/2062(a)		3,304,871
	3,687,082	GNMA, 4.500%, 10/20/2065(a)		3,931,145
	2,685,400	GNMA, 4.509%, 12/20/2061(a)		2,723,635
	10,537,921	GNMA, 4.510%, 12/20/2061(a)		10,655,188
	6,033,492	GNMA, 4.541%, 12/20/2062(a)		6,178,974
	1,461,788	GNMA, 4.555%, 3/20/2062(a)		1,485,980
	565,080	GNMA, 4.556%, 8/20/2061(a)		572,289
	2,837,144	GNMA, 4.558%, 6/20/2062(a)		2,890,408
	10,694,961	GNMA, 4.577%, with various maturities from 2062 to 2063(a)(f)		10,932,335
	622,179	GNMA, 4.589%, 7/20/2063(a)		659,169

See accompanying notes to financial statements.

| 48

Portfolio of Investments – as of March 31, 2018 (Unaudited)

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


Principal Amount		Description	Value (†)
		Mortgage Related — continued
$	1,971,028	GNMA, 4.603%, 2/20/2066(a)	$	2,098,409
	1,808,914	GNMA, 4.624%, 3/20/2064(a)		1,926,815
	1,131,527	GNMA, 4.641%, 3/20/2062(a)		1,148,203
	399,887	GNMA, 4.652%, 1/20/2064(a)		426,862
	4,430,697	GNMA, 4.673%, 2/20/2062(a)		4,492,854
	2,086,076	GNMA, 4.683%, 11/20/2063(a)		2,210,809
	4,267,458	GNMA, 4.684%, with various maturities from 2061 to 2064(a)(f)		4,397,304
	2,039,769	GNMA, 4.687%, 2/20/2062(a)		2,066,846
	3,664,848	GNMA, 4.700%, with various maturities in 2061(a)(f)		3,691,637
	400,837	GNMA, 4.717%, 3/20/2061(a)		403,542
	752,799	GNMA, 4.732%, 8/20/2062(a)		765,491
	278,765	GNMA, 5.024%, 4/20/2061(a)		284,936
	13,986	GNMA, 6.000%, 12/15/2031		15,645
	59,821	GNMA, 6.500%, 5/15/2031		67,326
	66,478	GNMA, 7.000%, 10/15/2028		73,153

				95,285,000

		Non-Agency Commercial Mortgage-Backed Securities — 3.9%
	1,310,000	Commercial Mortgage Pass Through Certificates, Series 2012-LTRT, Class A2, 3.400%, 10/05/2030, 144A		1,274,777
	1,672,583	Commercial Mortgage Pass Through Certificates, Series 2014-FL5, Class A, 1-month LIBOR + 1.370%, 3.110%, 10/15/2031, 144A(b)		1,676,170
	1,488,000	Commercial Mortgage Pass Through Certificates, Series 2014-UBS2, Class A5, 3.961%, 3/10/2047		1,536,483
	4,282,000	Commercial Mortgage Pass Through Certificates, Series 2016-DC2, Class ASB, 3.550%, 2/10/2049		4,361,936
	1,398,894	DBUBS Mortgage Trust, Series 2011-LC2A, Class A4, 4.537%, 7/10/2044, 144A		1,454,129
	1,177,707	GP Portfolio Trust, Series 2014-GPP, Class A, 1-month LIBOR + 1.200%, 2.977%, 2/15/2027, 144A(b)		1,177,921
	2,600,000	Hudsons Bay Simon JV Trust, Series 2015-HB7, Class A7, 3.914%, 8/05/2034, 144A		2,588,922
	5,535,000	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2014-CBM, Class A, 1-month LIBOR + 0.900%, 2.677%, 10/15/2029, 144A(b)		5,534,993
	3,544,608	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2015-SGP, Class A, 1-month LIBOR + 1.700%, 3.477%, 7/15/2036, 144A(b)		3,551,206
	1,040,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C8, Class A4, 3.134%, 12/15/2048		1,035,757
	3,426,748	Starwood Retail Property Trust, Inc., Series 2014-STAR, Class A, 1-month LIBOR + 1.220%, 2.997%, 11/15/2027, 144A(b)		3,430,163

				27,622,457

		Sovereigns — 0.3%
	1,955,000	U.S. Department of Housing and Urban Development, 1.880%, 8/01/2019		1,943,641

		Treasuries — 31.5%
	4,190,000	U.S. Treasury Note, 0.625%, 4/30/2018		4,186,863
	7,100,000	U.S. Treasury Note, 0.875%, 7/31/2019		6,977,969
	7,000,000	U.S. Treasury Note, 1.125%, 2/28/2021		6,750,625
	20,395,000	U.S. Treasury Note, 1.125%, 6/30/2021		19,564,860

See accompanying notes to financial statements.

49 |

Portfolio of Investments – as of March 31, 2018 (Unaudited)

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


Principal Amount		Description	Value (†)
		Treasuries — continued
$	25,890,000	U.S. Treasury Note, 1.125%, 8/31/2021	$	24,762,369
	4,500,000	U.S. Treasury Note, 1.375%, 12/15/2019		4,432,851
	4,145,000	U.S. Treasury Note, 1.375%, 1/31/2021		4,029,879
	5,000,000	U.S. Treasury Note, 1.500%, 10/31/2019		4,941,602
	7,550,000	U.S. Treasury Note, 1.750%, 11/15/2020		7,432,326
	15,000,000	U.S. Treasury Note, 1.750%, 12/31/2020		14,750,977
	8,460,000	U.S. Treasury Note, 1.750%, 6/30/2022		8,199,260
	12,605,000	U.S. Treasury Note, 1.750%, 9/30/2022		12,184,013
	7,895,000	U.S. Treasury Note, 1.875%, 4/30/2022		7,699,784
	3,505,000	U.S. Treasury Note, 1.875%, 7/31/2022		3,410,940
	17,015,000	U.S. Treasury Note, 2.000%, 12/31/2021		16,713,914
	16,245,000	U.S. Treasury Note, 2.000%, 11/15/2026		15,321,066
	13,945,000	U.S. Treasury Note, 2.125%, 9/30/2021		13,785,395
	26,120,000	U.S. Treasury Note, 2.250%, 1/31/2024		25,581,275
	1,780,000	U.S. Treasury Note, 2.250%, 11/15/2027		1,705,045
	19,350,000	U.S. Treasury Note, 2.625%, 3/31/2025		19,272,902

				221,703,915

		Total Bonds and Notes (Identified Cost $676,835,699)		662,362,226


	Short-Term Investments — 6.7%
	22,900,000	Federal Home Loan Bank Discount Notes, 1.465%-1.690%, 4/02/2018(g)(h)		22,900,000
	24,383,280	Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/29/2018 at 0.900% to be repurchased at $24,385,719 on 4/02/2018 collateralized by $24,675,000 U.S. Treasury Note, 2.750% due 2/15/2024 valued at $24,873,486 including accrued interest (Note 2 of Notes to Financial Statements)		24,383,280

		Total Short-Term Investments (Identified Cost $47,282,318)		47,283,280


		Total Investments — 100.7% (Identified Cost $724,118,017)		709,645,506
		Other assets less liabilities — (0.7)%		(4,589,535	)

		Net Assets — 100.0%	$	705,055,971


	(†)	See Note 2 of Notes to Financial Statements.
	(a)	Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of March 31, 2018 is disclosed.
	(b)	Variable rate security. Rate as of March 31, 2018 is disclosed.
	(c)	Level 3 security. Value has been determined using significant unobservable inputs. See Note 3 of Notes to Financial Statements.

See accompanying notes to financial statements.

| 50

Portfolio of Investments – as of March 31, 2018 (Unaudited)

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



	(d)			Fair valued by the Fund’s adviser. At March 31, 2018, the value of these securities amounted to $232,384 or less than 0.1% of net assets. See Note 2 of Notes to Financial Statements.
	(e)			Security represents right to receive monthly interest payments on an underlying pool of mortgages. Principal shown is the outstanding par amount of the pool held as of the end of the period.
	(f)			The Fund’s investment in mortgage related securities of Federal Home Loan Mortgage Corporation, Federal National Mortgage Association and Government National Mortgage Association are interests in separate pools of mortgages. All separate investments in securities of each issuer which have the same coupon rate have been aggregated for the purpose of presentation in the Portfolio of Investments.
	(g)			Interest rate represents discount rate at time of purchase; not a coupon rate.
	(h)			The Fund’s investment in U.S. Government/Agency securities is comprised of various lots with differing discount rates. These separate investments, which have the same maturity date, have been aggregated for the purpose of presentation in the Portfolio of Investments.

	144A			All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2018, the value of Rule 144A holdings amounted to $34,690,632 or 4.9% of net assets.
	ABS			Asset-Backed Securities
	ARMs			Adjustable Rate Mortgages
	CMT			Constant Maturity Treasury
	COFI			Cost Of Funds Index
	FHLMC			Federal Home Loan Mortgage Corp.
	FNMA			Federal National Mortgage Association
	GNMA			Government National Mortgage Association
	LIBOR			London Interbank Offered Rate
	MTA			Monthly Treasury Average Interest
	REMIC			Real Estate Mortgage Investment Conduit

Industry Summary at March 31, 2018 (Unaudited)


Treasuries	31.5	%
Collateralized Mortgage Obligations	17.7
Agency Commercial Mortgage-Backed Securities	14.2
Mortgage Related	13.5
Hybrid ARMs	11.0
Non-Agency Commercial Mortgage-Backed Securities	3.9
Other Investments, less than 2% each	2.2
Short-Term Investments	6.7

Total Investments	100.7
Other assets less liabilities	(0.7	)

Net Assets	100.0	%

See accompanying notes to financial statements.

51 |

This Page Intentionally Left Blank

| 52

Statements of Assets and Liabilities

March 31, 2018 (Unaudited)


	High Income Fund			Intermediate Duration Bond Fund			Limited Term Government and Agency Fund
ASSETS
Investments at cost	$	179,209,037		$	180,930,861		$	724,118,017
Net unrealized depreciation		(5,155,946	)		(2,427,388	)		(14,472,511	)

Investments at value		174,053,091			178,503,473			709,645,506
Cash		346,854			4,396			33
Due from brokers (Note 2)		270,000			60,000			—
Foreign currency at value (identified cost $44,584, $0 and $0, respectively)		44,783			—			—
Receivable for Fund shares sold		93,118			283,126			689,621
Receivable for securities sold		46,988			486,796			43,818,279
Dividends and interest receivable		2,430,602			754,668			2,556,808
Unrealized appreciation on forward foreign currency contracts (Note 2)		2,257			—			—
Tax reclaims receivable		2,304			—			—
Receivable for variation margin on futures contracts (Note 2)		—			8,750			—
Receivable from distributor (Note 6d)		3,479			—			—
Prepaid expenses (Note 8)		20			21			92

TOTAL ASSETS		177,293,496			180,101,230			756,710,339

LIABILITIES
Payable for securities purchased		2,511,299			3,049,252			47,832,456
Payable for Fund shares redeemed		1,054,833			143,771			2,862,024
Unrealized depreciation on forward foreign currency contracts (Note 2)		374,733			—			—
Distributions payable		—			—			268,155
Management fees payable (Note 6)		81,297			32,350			234,870
Deferred Trustees’ fees (Note 6)		147,541			103,513			293,339
Administrative fees payable (Note 6)		6,693			6,718			27,118
Payable to distributor (Note 6d)		—			1,272			11,353
Other accounts payable and accrued expenses		53,391			41,465			125,053

TOTAL LIABILITIES		4,229,787			3,378,341			51,654,368

NET ASSETS	$	173,063,709		$	176,722,889		$	705,055,971

NET ASSETS CONSIST OF:
Paid-in capital	$	178,142,605		$	182,188,007		$	744,923,733
Distributions in excess of net investment income		(163,423	)		(149,062	)		(2,976,225	)
Accumulated net realized gain (loss) on investments, futures contracts, forward foreign currency contracts and foreign currency transactions		606,737			(2,914,730	)		(22,419,026	)
Net unrealized depreciation on investments, futures contracts, forward foreign currency contracts and foreign currency translations		(5,522,210	)		(2,401,326	)		(14,472,511	)

NET ASSETS	$	173,063,709		$	176,722,889		$	705,055,971

See accompanying notes to financial statements.

53 |

Statements of Assets and Liabilities (continued)

March 31, 2018 (Unaudited)


	High Income Fund		Intermediate Duration Bond Fund		Limited Term Government and Agency Fund
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A shares:
Net assets	$	28,252,661	$	17,858,783	$	318,741,309

Shares of beneficial interest		6,629,992		1,773,879		28,525,509

Net asset value and redemption price per share	$	4.26	$	10.07	$	11.17

Offering price per share (100/[100-maximum sales charge] of net asset value) (Note 1)	$	4.45	$	10.52	$	11.43

Class C shares: (redemption price per share is equal to net asset value less any applicable contingent deferred sales charge) (Note 1)
Net assets	$	9,343,561	$	3,163,568	$	33,954,298

Shares of beneficial interest		2,186,246		314,104		3,036,089

Net asset value and offering price per share	$	4.27	$	10.07	$	11.18

Class N shares:
Net assets	$	10,302,423	$	—	$	2,383,367

Shares of beneficial interest		2,421,049		—		212,688

Net asset value, offering and redemption price per share	$	4.26	$	—	$	11.21

Class Y shares:
Net assets	$	125,165,064	$	155,700,538	$	349,976,997

Shares of beneficial interest		29,450,718		15,470,980		31,220,607

Net asset value, offering and redemption price per share	$	4.25	$	10.06	$	11.21

See accompanying notes to financial statements.

| 54

Statements of Operations

For the Six Months Ended March 31, 2018 (Unaudited)


	High Income Fund			Intermediate Duration Bond Fund			Limited Term Government and Agency Fund
INVESTMENT INCOME
Interest	$	4,996,798		$	2,416,246		$	6,483,826
Dividends		100,070			—			—
Less net foreign taxes withheld		(1,240	)		—			—

		5,095,628			2,416,246			6,483,826

Expenses
Management fees (Note 6)		526,816			227,216			1,337,479
Service and distribution fees (Note 6)		90,118			43,172			604,287
Administrative fees (Note 6)		38,895			40,261			161,392
Trustees’ fees and expenses (Note 6)		18,711			15,871			34,631
Transfer agent fees and expenses (Notes 6 and 7)		99,773			47,526			319,147
Audit and tax services fees		23,474			23,474			25,258
Custodian fees and expenses		13,329			9,735			20,500
Legal fees		1,578			1,698			5,890
Registration fees		52,216			18,917			45,233
Shareholder reporting expenses		14,491			11,537			48,364
Miscellaneous expenses (Note 8)		9,237			8,283			16,308

Total expenses		888,638			447,690			2,618,489
Less waiver and/or expense reimbursement (Note 6)		(96,541	)		(40,973	)		(11,272	)

Net expenses		792,097			406,717			2,607,217

Net investment income		4,303,531			2,009,529			3,876,609

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FORWARD FOREIGN CURRENCY CONTRACTS, FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments		1,745,800			(1,435,148	)		(372,142	)
Futures contracts		—			(334,910	)		—
Foreign currency transactions (Note 2c)		527			—			—
Net change in unrealized appreciation (depreciation) on:
Investments		(6,097,451	)		(2,342,868	)		(6,045,197	)
Futures contracts		—			129,337			—
Forward foreign currency contracts (Note 2d)		(372,476	)		—			—
Foreign currency translations (Note 2c)		6,822			—			—

Net realized and unrealized loss on investments, forward foreign currency contracts, futures contracts and foreign currency transactions		(4,716,778	)		(3,983,589	)		(6,417,339	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(413,247	)	$	(1,974,060	)	$	(2,540,730	)

See accompanying notes to financial statements.

55 |

Statements of Changes in Net Assets


	High Income Fund						Intermediate Duration Bond Fund
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
FROM OPERATIONS:
Net investment income	$	4,303,531		$	8,976,856		$	2,009,529		$	3,346,060
Net realized gain (loss) on investments, forward foreign currency contracts, futures contracts and foreign currency transactions		1,746,327			838,850			(1,770,058	)		(364,816	)
Net change in unrealized appreciation (depreciation) on investments, futures contracts, forward foreign currency contracts, and foreign currency translations		(6,463,105	)		3,999,707			(2,213,531	)		(1,513,370	)

Net increase (decrease) in net assets resulting from operations		(413,247	)		13,815,413			(1,974,060	)		1,467,874

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(699,389	)		(1,577,362	)		(226,235	)		(390,277	)
Class C		(191,537	)		(453,429	)		(22,124	)		(36,839	)
Class N		(45,245	)		(41	)		—			—
Class Y		(3,173,424	)		(6,175,066	)		(1,885,725	)		(3,322,106	)
Net realized capital gains
Class A		—			—			—			(146,821	)
Class C		—			—			—			(22,477	)
Class Y		—			—			—			(1,093,586	)

Total distributions		(4,109,595	)		(8,205,898	)		(2,134,084	)		(5,012,106	)

NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(1,621,362	)		(2,678,063	)		1,110,766			21,450,975

Net increase (decrease) in net assets		(6,144,204	)		2,931,452			(2,997,378	)		17,906,743
NET ASSETS
Beginning of the period		179,207,913			176,276,461			179,720,267			161,813,524

End of the period	$	173,063,709		$	179,207,913		$	176,722,889		$	179,720,267

DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME	$	(163,423	)	$	(357,359	)	$	(149,062	)	$	(24,507	)

See accompanying notes to financial statements.

| 56

Statements of Changes in Net Assets (continued)


	Limited Term Government and Agency Fund
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
FROM OPERATIONS:
Net investment income	$	3,876,609		$	5,954,599
Net realized loss on investments		(372,142	)		(1,193,894	)
Net change in unrealized appreciation (depreciation) on investments		(6,045,197	)		(5,444,007	)

Net decrease in net assets resulting from operations		(2,540,730	)		(683,302	)

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income
Class A		(3,111,709	)		(6,178,474	)
Class C		(222,689	)		(492,969	)
Class N		(23,046	)		(19,353	)
Class Y		(3,863,127	)		(6,976,388	)

Total distributions		(7,220,571	)		(13,667,184	)

NET DECREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS (NOTE 11)		(26,950,326	)		(171,478,152	)

Net decrease in net assets		(36,711,627	)		(185,828,638	)
NET ASSETS
Beginning of the period		741,767,598			927,596,236

End of the period	$	705,055,971		$	741,767,598

UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME	$	(2,976,225	)	$	367,737

See accompanying notes to financial statements.

57 |

Financial Highlights

For a share outstanding throughout each period.


	High Income Fund—Class A
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	4.37		$	4.23		$	3.99		$	4.49		$	4.59		$	4.60

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.10			0.22			0.20			0.19			0.21			0.24
Net realized and unrealized gain (loss)		(0.11	)		0.12			0.21			(0.39	)		0.17			0.03

Total from Investment Operations		(0.01	)		0.34			0.41			(0.20	)		0.38			0.27

LESS DISTRIBUTIONS FROM:
Net investment income		(0.10	)		(0.20	)		(0.16	)		(0.19	)		(0.22	)		(0.27	)
Net realized capital gains		—			—			(0.01	)		(0.11	)		(0.26	)		(0.01	)

Total Distributions		(0.10	)		(0.20	)		(0.17	)		(0.30	)		(0.48	)		(0.28	)

Net asset value, end of the period	$	4.26		$	4.37		$	4.23		$	3.99		$	4.49		$	4.59

Total return(b)		(0.28	)%(c)(d)		8.17	%(d)		10.66	%(d)		(4.78	)%(d)		8.42	%		6.27	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	28,253		$	34,039		$	34,820		$	37,870		$	42,630		$	45,791
Net expenses		1.05	%(e)(f)		1.09	%(f)(g)		1.10	%(f)		1.11	%(f)(h)		1.14	%		1.15	%(i)
Gross expenses		1.16	%(e)		1.15	%		1.14	%		1.13	%		1.14	%		1.15	%(i)
Net investment income		4.74	%(e)		5.03	%		5.16	%		4.41	%		4.57	%		5.11	%
Portfolio turnover rate		27	%		46	%		38	%		69	%		59	%		47	%

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

(b)	A sales charge for Class A shares is not reflected in total return calculations.

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

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

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

(f)	The 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)	Effective July 1, 2017, the expense limit decreased to 1.05%.

(h)	Effective July 1, 2015, the expense limit decreased to 1.10%.

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

See accompanying notes to financial statements.

| 58

Financial Highlights (continued)

For a share outstanding throughout each period.


	High Income Fund—Class C
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	4.38		$	4.24		$	4.00		$	4.50		$	4.61		$	4.61

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.09			0.18			0.18			0.16			0.18			0.21
Net realized and unrealized gain (loss)		(0.12	)		0.12			0.20			(0.39	)		0.16			0.04

Total from Investment Operations		(0.03	)		0.30			0.38			(0.23	)		0.34			0.25

LESS DISTRIBUTIONS FROM:
Net investment income		(0.08	)		(0.16	)		(0.13	)		(0.16	)		(0.19	)		(0.24	)
Net realized capital gains		—			—			(0.01	)		(0.11	)		(0.26	)		(0.01	)

Total Distributions		(0.08	)		(0.16	)		(0.14	)		(0.27	)		(0.45	)		(0.25	)

Net asset value, end of the period	$	4.27		$	4.38		$	4.24		$	4.00		$	4.50		$	4.61

Total return(b)		(0.66	)%(c)(d)		7.33	%(d)		9.81	%(d)		(5.48	)%(d)		7.60	%		5.46	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	9,344		$	11,227		$	12,288		$	12,609		$	14,555		$	15,233
Net expenses		1.80	%(e)(f)		1.84	%(f)(g)		1.85	%(f)		1.86	%(f)(h)		1.89	%		1.90	%(i)
Gross expenses		1.91	%(e)		1.90	%		1.89	%		1.88	%		1.89	%		1.90	%(i)
Net investment income		3.97	%(e)		4.29	%		4.43	%		3.68	%		3.84	%		4.36	%
Portfolio turnover rate		27	%		46	%		38	%		69	%		59	%		47	%

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

(b)	A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

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

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

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

(f)	The 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)	Effective July 1, 2017, the expense limit decreased to 1.80%.

(h)	Effective July 1, 2015, the expense limit decreased to 1.85%.

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

See accompanying notes to financial statements.

59 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	High Income Fund—Class N
	Six Months Ended March 31, 2018 (Unaudited)			Period Ended September 30, 2017*
Net asset value, beginning of the period	$	4.36		$	4.16

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.08			0.19
Net realized and unrealized gain (loss)		(0.08	)		0.18

Total from Investment Operations		—			0.37

LESS DISTRIBUTIONS FROM:
Net investment income		(0.10	)		(0.17	)

Net asset value, end of the period	$	4.26		$	4.36

Total return(b)(c)		0.10	%		8.99	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	10,302		$	1
Net expenses(d)(e)		0.75	%		0.75	%(f)
Gross expenses(d)		0.81	%		31.73	%
Net investment income(d)		4.06	%		5.19	%
Portfolio turnover rate		27	%		46	%(g)

*	From commencement of Class operations on November 30, 2016 through September 30, 2017.

(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)	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)	Effective July 1, 2017, the expense limit decreased to 0.75%.

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

See accompanying notes to financial statements.

| 60

Financial Highlights (continued)

For a share outstanding throughout each period.


	High Income Fund—Class Y
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	4.36		$	4.22		$	3.98		$	4.48		$	4.59		$	4.59

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.11			0.23			0.21			0.20			0.22			0.25
Net realized and unrealized gain (loss)		(0.12	)		0.12			0.21			(0.39	)		0.16			0.04

Total from Investment Operations		(0.01	)		0.35			0.42			(0.19	)		0.38			0.29

LESS DISTRIBUTIONS FROM:
Net investment income		(0.10	)		(0.21	)		(0.17	)		(0.20	)		(0.23	)		(0.28	)
Net realized capital gains		—			—			(0.01	)		(0.11	)		(0.26	)		(0.01	)

Total Distributions		(0.10	)		(0.21	)		(0.18	)		(0.31	)		(0.49	)		(0.29	)

Net asset value, end of the period	$	4.25		$	4.36		$	4.22		$	3.98		$	4.48		$	4.59

Total return		(0.15	)%(b)(c)		8.47	%(c)		10.98	%(c)		(4.54	)%(c)		8.72	%		6.56	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	125,165		$	133,940		$	129,169		$	116,837		$	125,185		$	108,170
Net expenses		0.80	%(d)(e)		0.84	%(e)(f)		0.85	%(e)		0.86	%(e)(g)		0.89	%		0.90	%(h)
Gross expenses		0.91	%(d)		0.90	%		0.89	%		0.88	%		0.89	%		0.90	%(h)
Net investment income		5.02	%(d)		5.28	%		5.43	%		4.67	%		4.83	%		5.37	%
Portfolio turnover rate		27	%		46	%		38	%		69	%		59	%		47	%

(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)	Effective July 1, 2017, the expense limit decreased to 0.80%.

(g)	Effective July 1, 2015, the expense limit decreased to 0.85%.

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

See accompanying notes to financial statements.

61 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Intermediate Duration Bond Fund—Class A*
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	10.29		$	10.52		$	10.39		$	10.39		$	10.34		$	10.80

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.10			0.17			0.20			0.20			0.22			0.18
Net realized and unrealized gain (loss)		(0.21	)		(0.12	)		0.17			0.03			0.11			(0.23	)

Total from Investment Operations		(0.11	)		0.05			0.37			0.23			0.33			(0.05	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.11	)		(0.20	)		(0.21	)		(0.22	)		(0.25	)		(0.24	)
Net realized capital gains		—			(0.08	)		(0.03	)		(0.01	)		(0.03	)		(0.17	)

Total Distributions		(0.11	)		(0.28	)		(0.24	)		(0.23	)		(0.28	)		(0.41	)

Net asset value, end of the period	$	10.07		$	10.29		$	10.52		$	10.39		$	10.39		$	10.34

Total return(b)(c)		(1.09	)%(d)		0.44	%		3.64	%		2.17	%		3.24	%		(0.46	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	17,859		$	21,828		$	19,327		$	18,425		$	5,931		$	5,601
Net expenses(e)		0.65	%(f)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Gross expenses		0.69	%(f)		0.72	%		0.72	%		0.71	%		0.85	%		0.79	%
Net investment income		2.00	%(f)		1.69	%		1.89	%		1.93	%		2.07	%		1.71	%
Portfolio turnover rate		81	%		216	%		151	%		151	%		134	%		124	%

*	Effective August 31, 2016, Retail Class shares were redesignated as Class A shares.

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

(b)	A sales charge for Class A shares is not reflected in total return calculations.

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

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

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

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

See accompanying notes to financial statements.

| 62

Financial Highlights (continued)

For a share outstanding throughout each period.


	Intermediate Duration Bond Fund—Class C
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Period Ended September 30, 2016*
Net asset value, beginning of the period	$	10.30		$	10.53		$	10.53

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.06			0.10			0.01
Net realized and unrealized gain (loss)		(0.22	)		(0.13	)		0.00	(b)

Total from Investment Operations		(0.16	)		(0.03	)		0.01

LESS DISTRIBUTIONS FROM:
Net investment income		(0.07	)		(0.12	)		(0.01	)
Net realized capital gains		—			(0.08	)		—

Total Distributions		(0.07	)		(0.20	)		(0.01	)

Net asset value, end of the period	$	10.07		$	10.30		$	10.53

Total return(c)(d)		(1.55	)%(e)		(0.29	)%		0.08	%(e)
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	3,164		$	3,225		$	3,088
Net expenses(f)		1.40	%(g)		1.40	%		1.40	%(g)
Gross expenses		1.45	%(g)		1.48	%		1.56	%(g)
Net investment income		1.26	%(g)		0.95	%		0.86	%(g)
Portfolio turnover rate		81	%		216	%		151	%

*	From commencement of Class operations on August 31, 2016 through September 30, 2016.

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

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

(c)	A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

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

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

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

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

See accompanying notes to financial statements.

63 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Intermediate Duration Bond Fund—Class Y*
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	10.29		$	10.52		$	10.39		$	10.39		$	10.33		$	10.80

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.11			0.20			0.22			0.22			0.24			0.21
Net realized and unrealized gain (loss)		(0.22	)		(0.13	)		0.18			0.04			0.12			(0.24	)

Total from Investment Operations		(0.11	)		0.07			0.40			0.26			0.36			(0.03	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.12	)		(0.22	)		(0.24	)		(0.25	)		(0.27	)		(0.27	)
Net realized capital gains		—			(0.08	)		(0.03	)		(0.01	)		(0.03	)		(0.17	)

Total Distributions		(0.12	)		(0.30	)		(0.27	)		(0.26	)		(0.30	)		(0.44	)

Net asset value, end of the period	$	10.06		$	10.29		$	10.52		$	10.39		$	10.39		$	10.33

Total return(b)		(1.06	)%(c)		0.69	%		3.90	%		2.42	%		3.60	%		(0.30	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	155,701		$	154,668		$	139,398		$	88,592		$	66,759		$	66,424
Net expenses(d)		0.40	%(e)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Gross expenses		0.45	%(e)		0.47	%		0.47	%		0.47	%		0.57	%		0.48	%
Net investment income		2.26	%(e)		1.93	%		2.11	%		2.15	%		2.31	%		1.97	%
Portfolio turnover rate		81	%		216	%		151	%		151	%		134	%		124	%

*	Effective August 31, 2016, Institutional Class shares were redesignated as Class Y shares.

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

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

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

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

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

See accompanying notes to financial statements.

| 64

Financial Highlights (continued)

For a share outstanding throughout each period.


	Limited Term Government and Agency Fund—Class A
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	11.32		$	11.51		$	11.57		$	11.61		$	11.68		$	12.04

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.05			0.08			0.11			0.14			0.16			0.13
Net realized and unrealized gain (loss)		(0.09	)		(0.09	)		0.00	(b)		0.01	(c)		0.01			(0.23	)

Total from Investment Operations		(0.04	)		(0.01	)		0.11			0.15			0.17			(0.10	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.11	)		(0.18	)		(0.17	)		(0.19	)		(0.24	)		(0.26	)
Net realized capital gains		—			—			—			—			—			(0.00	)(b)
Paid-in capital		—			—			—			—			—			(0.00	)(b)

Total Distributions		(0.11	)		(0.18	)		(0.17	)		(0.19	)		(0.24	)		(0.26	)

Net asset value, end of the period	$	11.17		$	11.32		$	11.51		$	11.57		$	11.61		$	11.68

Total return(d)		(0.39	)%(e)		(0.04	)%		0.93	%		1.26	%		1.44	%		(0.81	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	318,741		$	336,227		$	442,671		$	346,317		$	314,360		$	355,212
Net expenses		0.80	%(f)		0.80	%		0.77	%		0.77	%		0.80	%(g)		0.87	%(h)
Gross expenses		0.80	%(f)		0.80	%		0.77	%		0.77	%		0.80	%(g)		0.87	%(h)
Net investment income		0.98	%(f)		0.67	%		0.96	%		1.21	%		1.35	%		1.11	%
Portfolio turnover rate		69	%		126	%		109	%(i)		48	%		24	%		39	%

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

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

(c)	The amount shown for a share outstanding does not correspond with the aggregate realized and unrealized gain (loss) on investments for the period due to the timing of sales and redemptions of fund shares in relation to fluctuating market values of investments of the Fund.

(d)	A sales charge for Class A shares is not reflected in total return calculations.

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

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

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

(h)	Includes corporate tax expenses of 0.03%. Without this expense the ratio of net expenses would have been 0.84%.

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

See accompanying notes to financial statements.

65 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Limited Term Government and Agency Fund—Class C
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	11.33		$	11.52		$	11.58		$	11.62		$	11.69		$	12.05

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)(a)		0.01			(0.01	)		0.02			0.05			0.07			0.04
Net realized and unrealized gain (loss)		(0.10	)		(0.08	)		0.00	(b)		0.01	(c)		0.01			(0.23	)

Total from Investment Operations		(0.09	)		(0.09	)		0.02			0.06			0.08			(0.19	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.06	)		(0.10	)		(0.08	)		(0.10	)		(0.15	)		(0.17	)
Net realized capital gains		—			—			—			—			—			(0.00	)(b)
Paid-in capital		—			—			—			—			—			(0.00	)(b)

Total Distributions		(0.06	)		(0.10	)		(0.08	)		(0.10	)		(0.15	)		(0.17	)

Net asset value, end of the period	$	11.18		$	11.33		$	11.52		$	11.58		$	11.62		$	11.69

Total return(d)		(0.76	)%(e)		(0.79	)%		0.18	%		0.51	%		0.69	%		(1.55	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	33,954		$	43,319		$	73,027		$	63,167		$	56,936		$	71,963
Net expenses		1.55	%(f)		1.55	%		1.52	%		1.53	%		1.55	%(g)		1.62	%(h)
Gross expenses		1.55	%(f)		1.55	%		1.52	%		1.53	%		1.55	%(g)		1.62	%(h)
Net investment income (loss)		0.22	%(f)		(0.09	)%		0.21	%		0.47	%		0.61	%		0.36	%
Portfolio turnover rate		69	%		126	%		109	%(i)		48	%		24	%		39	%

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

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

(c)	The amount shown for a share outstanding does not correspond with the aggregate realized and unrealized gain (loss) on investments for the period due to the timing of sales and redemptions of fund shares in relation to fluctuating market values of investments of the Fund.

(d)	A contingent deferred sales charge for Class C shares is not reflected in total return calculations.

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

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

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

(h)	Includes corporate tax expenses of 0.03%. Without this expense the ratio of net expenses would have been 1.59%.

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

See accompanying notes to financial statements.

| 66

Financial Highlights (continued)

For a share outstanding throughout each period.


	Limited Term Government and Agency Fund—Class N
	Six Months Ended March 31, 2018 (Unaudited)			Period Ended September 30, 2017*
Net asset value, beginning of the period	$	11.36		$	11.39

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.07			0.05
Net realized and unrealized gain (loss)		(0.09	)		0.08	(b)

Total from Investment Operations		(0.02	)		0.13

LESS DISTRIBUTIONS FROM:
Net investment income		(0.13	)		(0.16	)

Net asset value, end of the period	$	11.21		$	11.36

Total return(c)(d)		(0.22	)%		1.12	%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	2,383		$	1,900
Net expenses(e)(f)		0.47	%		0.47	%
Gross expenses(f)		0.48	%		0.50	%
Net investment income(f)		1.32	%		0.64	%
Portfolio turnover rate		69	%		126	%(g)

*	From commencement of Class operations on February 1, 2017 through September 30, 2017.

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

(b)	The amount shown for a share outstanding does not correspond with the aggregate realized and unrealized gain (loss) on investments for the period due to the timing of sales and redemptions of fund shares in relation to fluctuating market values of investments of the Fund.

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

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

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

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

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

See accompanying notes to financial statements.

67 |

Financial Highlights (continued)

For a share outstanding throughout each period.


	Limited Term Government and Agency Fund—Class Y
	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014			Year Ended September 30, 2013
Net asset value, beginning of the period	$	11.36		$	11.55		$	11.61		$	11.65		$	11.72		$	12.08

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income(a)		0.07			0.11			0.14			0.17			0.18			0.16
Net realized and unrealized gain (loss)		(0.10	)		(0.09	)		0.00	(b)		0.01	(c)		0.02			(0.23	)

Total from Investment Operations		(0.03	)		0.02			0.14			0.18			0.20			(0.07	)

LESS DISTRIBUTIONS FROM:
Net investment income		(0.12	)		(0.21	)		(0.20	)		(0.22	)		(0.27	)		(0.29	)
Net realized capital gains		—			—			—			—			—			(0.00	)(b)
Paid-in capital		—			—			—			—			—			(0.00	)(b)

Total Distributions		(0.12	)		(0.21	)		(0.20	)		(0.22	)		(0.27	)		(0.29	)

Net asset value, end of the period	$	11.21		$	11.36		$	11.55		$	11.61		$	11.65		$	11.72

Total return		(0.26	)%(d)		0.22	%		1.19	%		1.51	%		1.70	%		(0.56	)%
RATIOS TO AVERAGE NET ASSETS:
Net assets, end of the period (000’s)	$	349,977		$	360,322		$	411,898		$	431,727		$	330,224		$	252,127
Net expenses		0.55	%(e)		0.55	%		0.52	%		0.52	%		0.55	%(f)		0.62	%(g)
Gross expenses		0.55	%(e)		0.55	%		0.52	%		0.52	%		0.55	%(f)		0.62	%(g)
Net investment income		1.23	%(e)		0.92	%		1.20	%		1.45	%		1.58	%		1.35	%
Portfolio turnover rate		69	%		126	%		109	%(h)		48	%		24	%		39	%

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

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

(c)	The amount shown for a share outstanding does not correspond with the aggregate realized and unrealized gain (loss) on investments for the period due to the timing of sales and redemptions of fund shares in relation to fluctuating market values of investments of the Fund.

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

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

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

(g)	Includes corporate tax expenses of 0.03%. Without this expense the ratio of net expenses would have been 0.59%.

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

See accompanying notes to financial statements.

| 68

Notes to Financial Statements

March 31, 2018 (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 Intermediate Duration Bond Fund (the “Intermediate Duration Bond Fund”)

Loomis Sayles Funds II:

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

Loomis Sayles Limited Term Government and Agency Fund (the “Limited Term Government and Agency Fund”)

Each Fund is a diversified investment company.

The Funds each offer Class A, Class C and Class Y shares. In addition, High Income Fund and Limited Term Government and Agency Fund began offering Class N shares effective November 30, 2016 and February 1, 2017, respectively. Class T shares of the Funds are not currently available for purchase.

Class A shares of Intermediate Duration Bond Fund and High Income Fund are sold with a maximum front-end sales charge of 4.25%. Class A shares of Limited Term Government and Agency Fund are sold with a maximum front-end sales charge of 2.25%. Class C shares do not pay a front-end sales charge, do not convert to any other class of shares, pay higher Rule 12b-1 fees than Class A shares and may be subject to a CDSC of 1.00% if those shares are redeemed within one year of acquisition, except for reinvested distributions. Class N and Class Y shares do not pay a front-end sales charge, a CDSC or Rule 12b-1 fees. Class N shares are offered with an initial minimum investment of $1,000,000. Class Y shares are offered with an initial minimum investment of $100,000. Certain categories of investors are exempted from the minimum investment amounts for Class N and Class Y as outlined in the relevant Funds’ prospectus.

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Notes to Financial Statements (continued)

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and Agency Fund are borne collectively for Class A, Class C and Class Y, and individually for Class N. In addition, each class votes as a class only with respect to its own 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.

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Notes to Financial Statements (continued)

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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 most recent 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. 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.

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Notes to Financial Statements (continued)

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As of March 31, 2018, securities held by the Funds were fair valued as follows:


Fund	Securities classified as fair valued		Percentage of Net Assets			Securities fair valued by the Fund’s adviser		Percentage of Net Assets
High Income Fund	$	2,856,941		1.7	%	$	1,509,940		0.9	%
Limited Term Government and Agency Fund		—		—			232,384		Less than 0.1	%

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Notes to Financial Statements (continued)

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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.

During the six months ended March 31, 2018, the amount of income available to be distributed by High Income Fund has been reduced by $214,847, as a result of losses arising from changes in exchange rates.

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.

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

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.

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Notes to Financial Statements (continued)

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the agreement and are recorded in the Statement of Assets and Liabilities as fees receivable or payable. When received or paid, fees are recorded in the Statement 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 (“OTC”) 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.

No swap agreements were held by the Funds during the six months ended March 31, 2018.

g. When-Issued and Delayed Delivery Transactions. The Funds may enter into when-issued or delayed delivery transactions. When-issued refers to transactions made conditionally because a security, although authorized, has not been issued. Delayed delivery refers to transactions for which delivery or payment will occur at a later date, beyond the normal settlement period. The price of when-issued and delayed delivery securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The security and the obligation to pay for it are recorded by the Funds at the time the commitment is entered into. The value of the security may vary with market fluctuations during the time before the Funds take delivery of the security. No interest accrues to the Funds until the transaction settles.

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

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.

There were no when-issued or delayed delivery securities held by the Funds as of March 31, 2018.

h. 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, 2018 and has concluded that no provisions for income tax are required. The Funds’ federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. Management is not aware of any events that are reasonably possible to occur in the next six months that would result in the amounts of any unrecognized tax benefits significantly increasing or decreasing for the Funds. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws and accounting regulations and interpretations thereof.

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Notes to Financial Statements (continued)

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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 foreign currency gains and losses, corporate actions, premium amortization, defaulted and/or non-income producing securities, paydown gains and losses, return of capital distributions received, convertible bonds and distribution re-designations. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital accounts. Temporary differences between book and tax distributable earnings are primarily due to deferred Trustees’ fees, wash sales, premium amortization, futures contracts mark-to-market, corporate actions, contingent payment debt instruments, convertible bonds, defaulted and/or non-income producing securities and return of capital distributions received. 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, 2017 was as follows:


	2017 Distributions Paid From:
Fund	Ordinary Income		Long-Term Capital Gains		Total
High Income Fund	$	8,205,898	$	—	$	8,205,898
Intermediate Duration Bond Fund		4,972,573		39,533		5,012,106
Limited Term Government and Agency Fund		13,667,184		—		13,667,184

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

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

As of September 30, 2017, capital loss carryforwards and late-year ordinary and post-October capital loss deferrals were as follows:


	High Income Fund			Intermediate Duration Bond Fund			Limited Term Government and Agency Fund
Capital loss carryforward:
Short-term:
No expiration date	$	—		$	—		$	(1,659,130	)
Long-term:
No expiration date		(1,006,154	)		—			(20,182,527	)

Total capital loss carryforward	$	(1,006,154	)	$	—		$	(21,841,657	)

Late-year ordinary and post-October capital loss deferrals*	$	(2,258	)	$	(1,131,587	)	$	—

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. High Income Fund and Intermediate Duration Bond Fund are deferring foreign currency losses and capital losses, respectively.

As of March 31, 2018, unrealized depreciation on a tax basis was as follows:


	High Income Fund			Intermediate Duration Bond Fund			Limited Term Government and Agency Fund
Unrealized depreciation
Investments	$	(4,554,146	)	$	(2,504,295	)	$	(14,693,184	)
Foreign currency translations		(1,101,217	)		—			—

Total unrealized depreciation	$	(5,655,363	)	$	(2,504,295	)	$	(14,693,184	)

As of March 31, 2018, the tax cost of investments (including derivatives, if applicable) and unrealized appreciation (depreciation) on a federal tax basis were as follows:


	High Income Fund			Intermediate Duration Bond Fund			Limited Term Government and Agency Fund
Federal tax cost	$	179,342,190		$	181,033,830		$	724,338,690

Gross tax appreciation	$	5,742,388		$	478,202		$	2,173,456
Gross tax depreciation		(11,403,963	)		(2,982,497	)		(16,866,640	)

Net tax depreciation	$	(5,661,575	)	$	(2,504,295	)	$	(14,693,184	)

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Notes to Financial Statements (continued)

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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.

Differences between these amounts and those reported in the preceding table are primarily attributable to foreign currency mark-to-market.

j. Loan Participations. High Income Fund may invest in loans to corporate, governmental or other borrowers. The Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans. A loan is often administered by a bank or other financial institution that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. When investing in a loan participation, (i) a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the party from whom the Fund has purchased the participation and only upon receipt by that party of payments from the borrower and (ii) a Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement or to vote on matters arising under the loan agreement. Thus, a Fund may be subject to credit risk both of the party from whom it purchased the loan participation and the borrower and the Fund may have minimal control over the terms of any loan modification. When a Fund purchases assignments from lenders, it acquires direct rights against the borrower on the loan. Loan agreements and participations outstanding at the end of the period, if any, are listed in each applicable Fund’s Schedule of Investments.

k. 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, 2018, 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.

l. Due from Brokers. Transactions and positions in certain futures and forward foreign currency contracts are maintained and cleared by registered U.S. broker/dealers pursuant to customer agreements between the Funds and the various broker/dealers. The due from brokers balance in the Statements of Assets and Liabilities for High Income Fund represents cash pledged as collateral for forward foreign currency contracts. The due from broker balance in the Statements of Assets and Liabilities for

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

Intermediate Duration Bond Fund represents cash pledged as initial margin for futures contracts. In certain circumstances the Fund’s use of cash held at brokers is restricted by regulation or broker mandated limits.

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

For the six months ended March 31, 2018, none of the Funds had loaned securities under this agreement.

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

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

•

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

•

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

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

•

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

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

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2018, at value:

High Income Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—	$	223,045	$	249,093	(b)	$	472,138
Home Construction		—		3,547,857		12	(c)		3,547,869
All Other Non-Convertible Bonds(a)		—		137,220,792		—			137,220,792

Total Non-Convertible Bonds		—		140,991,694		249,105			141,240,799

Convertible Bonds(a)		—		18,009,373		—			18,009,373

Total Bonds and Notes		—		159,001,067		249,105			159,250,172

Loan Participations(a)		—		—		474,775	(d)		474,775
Senior Loans(a)		—		2,034,984		—			2,034,984
Preferred Stocks
Convertible Preferred Stocks(a)		—		2,248,885		—			2,248,885
Non-Convertible Preferred Stocks(a)		13,585		—		—			13,585

Total Preferred Stocks		13,585		2,248,885		—			2,262,470

Other Investments(a)		—		—		1,035,153	(e)		1,035,153
Common Stocks
Media		—		35,166		—			35,166
Oil, Gas & Consumable Fuels		2,416,810		154,258		—			2,571,068
All Other Common Stocks(a)		550,439		—		—			550,439

Total Common Stocks		2,967,249		189,424		—			3,156,673
								��
Warrants		1,799		—		—			1,799
Short-Term Investments		—		5,837,065		—			5,837,065
Forward Foreign Currency Contracts (unrealized appreciation)		—		2,257		—			2,257

Total	$	2,982,633	$	169,313,682	$	1,759,033		$	174,055,348

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

High Income Fund (continued)

Liability Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Forward Foreign Currency Contracts (unrealized depreciation)	$	—		$(374,733)	$	—		$(374,733)

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

(b)	Valued using broker-dealer bid prices.

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

(d)	Fair valued by the Fund’s adviser using broker-dealer bid prices for which the inputs are unobservable to the Fund.

(e)	Fair valued by the Fund’s adviser ($44,852) or fair valued by the Fund’s adviser using broker-dealer bid prices for which the inputs are unobservable to the Fund ($990,301).

Intermediate Duration Bond Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3		Total
Bonds and Notes(a)	$	—	$	175,335,054	$	—	$	175,335,054
Short-Term Investments		—		3,168,419		—		3,168,419
Futures Contracts (unrealized appreciation)		26,062		—		—		26,062

Total	$	26,062	$	178,503,473	$	—	$	178,529,535

(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, 2018, there were no transfers among Levels 1, 2 and 3.

Limited Term Government and Agency Fund

Asset Valuation Inputs


Description	Level 1		Level 2		Level 3			Total
Bonds and Notes
Collateralized Mortgage Obligations	$	—	$	124,305,786	$	232,384	(b)	$	124,538,170
All Other Bonds and Notes(a)		—		537,824,056		—			537,824,056

Total Bonds and Notes		—		662,129,842		232,384			662,362,226

Short-Term Investments		—		47,283,280		—			47,283,280

Total	$	—	$	709,413,122	$	232,384		$	709,645,506

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

(b)	Fair valued by the Fund’s adviser.

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

For the six months ended March 31, 2018, there were no transfers among Levels 1, 2 and 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, 2017 and/or March 31, 2018:

High Income Fund

Asset Valuation Inputs


Investments in Securities	Balance as of September 30, 2017			Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	—		$	—	$	—		$	624		$	254,997
Home Construction		12			12,283		—			(12,283	)		—
Non-Agency Commercial Mortgage-Backed Securities		939,675			—		—			(4,675	)		—
Loan Participations
ABS Other		—			9		54			(298	)		497,937
Other Investments
Aircraft ABS		1,853,562			—		—			(818,409	)		—
Common Stocks
Media		23,855			—		—			—			—
Oil, Gas & Consumable Fuels		154,523			—		(498,179	)		592,218			—
Warrants		—	(a)		—		—			—			—

Total	$	2,971,627		$	12,292	$	(498,125	)	$	(242,823	)	$	752,934

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

High Income Fund (continued)

Asset Valuation Inputs (continued)


Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2018		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2018
Bonds and Notes
Non-Convertible Bonds
ABS Other	$	(6,528	)	$	—	$	—		$	249,093	$	624
Home Construction		—			—		—			12		(12,283	)
Non-Agency Commercial Mortgage-Backed Securities		(935,000	)		—		—			—		—
Loan Participations
ABS Other		(22,927	)		—		—			474,775		(298	)
Other Investments
Aircraft ABS		—			—		—			1,035,153		(818,409	)
Common Stocks
Media		—			—		(23,855	)		—		—
Oil, Gas & Consumable Fuels		(149,338	)		—		(99,224	)		—		—
Warrants		—			—		—			—		—

Total	$	(1,113,793	)	$	—	$	(123,079	)	$	1,759,033	$	(830,366	)

(a)	Includes a security fair valued at zero using Level 3 inputs that expired as worthless during the period.

Common stocks valued at $123,079 were transferred from Level 3 to Level 2 during the period ended March 31, 2018. At September 30, 2017, these securities were valued at fair value as determined in good faith by the Fund’s advisor using broker-dealer bid prices for which the inputs are unobservable to the Fund. At March 31, 2018, these securities were valued on the basis of closing bid quotations 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.

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Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

Limited Term Government and Agency Fund

Asset Valuation Inputs


Investments in Securities	Balance as of September 30, 2017			Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Purchases
Bonds and Notes
Collateralized Mortgage Obligations	$	274,554		$	—	$	(77	)	$	277	$	—


Investments in Securities	Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2018		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2018
Bonds and Notes
Collateralized Mortgage Obligations	$	(42,370	)	$	—	$	—		$	232,384	$	(368	)

4. Derivatives. Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of an underlying asset, reference rate or index. Derivative instruments that High Income Fund and Intermediate Duration Bond Fund used during the period include forward foreign currency contracts and futures contracts, respectively.

High Income 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 contracts for hedging purposes to protect the value of the Fund’s 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, 2018, High Income Fund engaged in forward foreign currency transactions for hedging purposes.

Intermediate Duration Bond Fund is subject to the risk that changes in interest rates will affect the value of the Fund’s investments in fixed-income securities. A Fund will be subject to increased interest rate risk to the extent that it invests in fixed-income securities with longer maturities or durations, as compared to investing in fixed-income securities with shorter maturities or durations. The Fund may use futures contracts to

| 86

Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

hedge against changes in interest rates and to manage its duration in order to control interest rate risk without having to buy or sell portfolio securities. During the six months ended March 31, 2018, Intermediate Duration Bond Fund used futures contracts for hedging purposes and to manage duration.

The following is a summary of derivative instruments for High Income Fund as of March 31, 2018, as reflected within the Statements of Assets and Liabilities:


Assets	Unrealized appreciation on forward foreign currency contracts
Over-the-counter asset derivatives
Foreign exchange contracts	$	2,257

Liabilities	Unrealized depreciation on forward foreign currency contracts
Over-the-counter liability derivatives
Foreign exchange contracts	$	(374,733	)

Transactions in derivative instruments for High Income Fund during the six months ended March 31, 2018, as reflected within the Statements of Operations, were as follows:


Net Change in Unrealized Appreciation (Depreciation) on:	Forward foreign currency contracts
Foreign exchange contracts	$	(372,476	)

The following is a summary of derivative instruments for Intermediate Duration Bond Fund as of March 31, 2018, as reflected within the Statements of Assets and Liabilities:


Assets	Unrealized appreciation on futures contracts
Exchange-traded/cleared asset derivatives
Interest rate contracts	$	26,062

87 |

Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

Transactions in derivative instruments for Intermediate Duration Bond Fund during the six months ended March 31, 2018, as reflected within the Statements of Operations, were as follows:


Net Realized Gain (Loss) on:	Futures contracts
Interest rate contracts	$	(334,910	)

Net Change in Unrealized Appreciation (Depreciation) on:	Futures contracts
Interest rate contracts	$	129,337

The volume of forward foreign currency contract and futures contract 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, 2018:


High Income Fund	Forwards
Average Notional Amount Outstanding		1.13	%
Highest Notional Amount Outstanding		1.61	%
Lowest Notional Amount Outstanding		0.95	%
Notional Amount Outstanding as of March 31, 2018		1.50	%

Intermediate Duration Bond Fund	Futures
Average Notional Amount Outstanding		5.10	%
Highest Notional Amount Outstanding		5.18	%
Lowest Notional Amount Outstanding		4.93	%
Notional Amount Outstanding as of March 31, 2018		5.18	%

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

| 88

Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

agreements typically contain, among other things, terms for the posting of collateral and master netting provisions in the event of a default or other termination event. Collateral is posted by a Fund or the counterparty to the extent of the 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 NAV of a Fund declines beyond a certain threshold. For financial reporting purposes, the Funds do not offset derivative assets and liabilities, and any related collateral received or pledged, on the Statements of Assets and Liabilities.

High Income Fund


Counterparty	Gross Amounts of Assets			Offset Amount			Net Asset Balance			Collateral (Received)/ Pledged		Net Amount
HSBC Bank USA	$	2,257		$	(1,331	)	$	926		$	—	$	926

Counterparty	Gross Amounts of Liabilities			Offset Amount			Net Liability Balance			Collateral (Received)/ Pledged		Net Amount
Bank of America, N.A.	$	(373,402	)	$	—		$	(373,402	)	$	270,000	$	(103,402	)
HSBC Bank USA		(1,331	)		1,331			—			—		—

	$	(374,733	)	$	1,331		$	(373,402	)	$	270,000	$	(103,402	)

89 |

Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

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 held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro rata basis across all of the broker’s customers, potentially resulting in losses to the Fund. Based on balances reflected on each Fund’s Statement of Assets and Liabilities, the following table shows (i) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the Fund would incur if parties (including OTC derivative counterparties and brokers holding margin for exchange-traded derivatives) to the relevant financial instruments failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the Fund, and (ii) the amount of loss that the Fund would incur after taking into account master netting provisions pursuant to ISDA agreements, as of March 31, 2018:


Fund	Maximum Amount of Loss - Gross		Maximum Amount of Loss - Net
High Income Fund	$	272,257	$	926
Intermediate Duration Bond Fund		68,750		68,750

5. Purchases and Sales of Securities. For the six months ended March 31, 2018, 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 Fund	$	5,314,678	$	—	$	42,553,395	$	45,046,434
Intermediate Duration Bond Fund		52,696,882		74,232,261		94,209,278		71,098,354
Limited Term Government and Agency Fund		445,342,676		425,339,384		17,794,955		56,707,923

| 90

Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

6. Management Fees and Other Transactions with Affiliates.


	Percentage of Average Daily Net Assets
Fund	First $500 million			Next $1.5 billion			Over $2 billion
High Income Fund		0.6000	%		0.6000	%		0.6000	%
Intermediate Duration Bond Fund		0.2500	%		0.2500	%		0.2500	%
Limited Term Government and Agency Fund		0.3750	%		0.3500	%		0.3000	%

For the six months ended March 31, 2018 the expense limits as a percentage of average daily net assets under the expense limitation agreements were as follows:


	Expense Limit as a Percentage of Average Daily Net Assets
Fund	Class A			Class C			Class N			Class Y
High Income Fund		1.05	%		1.80	%		0.75	%		0.80	%
Intermediate Duration Bond Fund		0.65	%		1.40	%		—			0.40	%
Limited Term Government and Agency Fund		0.80	%		1.55	%		0.50	%		0.55	%

Loomis Sayles shall be permitted to recover expenses borne under the expense limitation agreements (whether through waiver of 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.

91 |

Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

For the six months ended March 31, 2018, the management fees and waivers of management fees for each Fund were as follows:


Fund	Gross Management Fees		Contractual Waivers of Management Fees¹		Net Management Fees		Percentage of Average Daily Net Assets
Fund	Gross Management Fees		Contractual Waivers of Management Fees¹		Net Management Fees		Gross			Net
High Income Fund	$	526,816	$	96,455	$	430,361		0.60	%		0.49	%
Intermediate Duration Bond Fund		227,216		40,973		186,243		0.25	%		0.20	%
Limited Term Government and Agency Fund		1,337,479		—		1,337,479		0.37	%		0.37	%

For the six months ended March 31, 2018, class-specific expenses have been reimbursed as follows:


	Reimbursement¹
Fund	Class A		Class C		Class N		Class Y		Total
Limited Term Government and Agency Fund	$	5,339	$	586	$	—	$	5,209	$	11,134

¹	Waiver/expense reimbursements are subject to possible recovery until September 30, 2019.

No expenses were recovered for any of the Funds during the six months ended March 31, 2018 under the terms of the expense limitation agreements.

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

Pursuant to Rule 12b-1 under the 1940 Act, the Trusts have adopted a Service Plan relating to each Fund’s Class A shares (the “Class A Plans”) (effective August 31, 2016 for Intermediate Duration Bond Fund), and a Distribution and Service Plan relating to each Fund’s Class B and Class C shares (the “Class C Plans”).

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

| 92

Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

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

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

For the six months ended March 31, 2018, the service and distribution fees for each Fund were as follows:


	Service Fees				Distribution Fees
Fund	Class A		Class C		Class C
High Income Fund	$	38,690	$	12,857	$	38,571
Intermediate Duration Bond Fund		27,206		3,992		11,974
Limited Term Government and Agency Fund		409,388		48,725		146,174

For the six months ended March 31, 2018, the administrative fees for each Fund were as follows:


Fund	Administrative Fees
High Income Fund	$	38,895
Intermediate Duration Bond Fund		40,261
Limited Term Government and Agency Fund		161,392

93 |

Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

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

For the six months ended March 31, 2018, 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
High Income Fund	$	89,257
Intermediate Duration Bond Fund		45,427
Limited Term Government and Agency Fund		183,083


Fund	Reimbursements of Sub-Transfer Agent Fees
Intermediate Duration Bond Fund	$	1,272
Limited Term Government and Agency Fund		11,353

As of March 31, 2018, Natixis Distribution owes the High Income Fund $3,479 for overpayments of sub-transfer agent fees (which are reflected in the Statement of Assets and Liabilities as receivable from distributor).

Sub-transfer agent fees attributable to Class A, Class C and Class Y 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. Commissions. Commissions (including CDSCs) on Fund shares retained by Natixis Distribution during the six months ended March 31, 2018 were as follows:


Fund	Commissions
High Income Fund	$	1,786
Intermediate Duration Bond Fund		88
Limited Term Government and Agency Fund		11,455

| 94

Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

f. Trustees Fees and Expenses. The Trusts do not pay any compensation directly to their officers or Trustees who are directors, officers or employees of Natixis Advisors, Natixis Distribution, Natixis or their affiliates. The Chairperson of the Board of Trustees receives a retainer fee at the annual rate of $340,000. The Chairperson does not receive any meeting attendance fees for Board of Trustees meetings or committee meetings that he attends. Each Independent Trustee (other than the Chairperson) receives, in the aggregate, a retainer fee at the annual rate of $170,000. Each Independent Trustee also receives a meeting attendance fee of $10,000 for each meeting of the Board of Trustees that he or she attends in person and $5,000 for each meeting of the Board of Trustees that he or she attends telephonically. In addition, the chairperson of the Contract Review Committee and the chairperson of the Audit Committee each receive an additional retainer fee at the annual rate of $20,000. The chairperson of the Governance Committee receives an additional retainer fee at the annual rate of $12,000. Each Contract Review Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. Each Audit Committee member is compensated $6,000 for each Committee meeting that he or she attends in person and $3,000 for each meeting that he or she attends telephonically. These fees are allocated among the funds in the Natixis Funds Trusts, Loomis Sayles Funds Trusts and Natixis ETF Trust based on a formula that takes into account, among other factors, the relative net assets of each fund. Trustees are reimbursed for travel expenses in connection with attendance at meetings.

95 |

Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

g. Affiliated Ownership. As of March 31, 2018, the percentage of each Fund’s net assets owned by affiliates is as follows:


Limited Term Government and Agency Fund		Percentage of Net Assets
Loomis Sayles Employees’ Profit Sharing Retirement Plan		0.52%
Natixis Sustainable Future 2015 Fund		0.08%
Natixis Sustainable Future 2020 Fund		0.07%
Natixis Sustainable Future 2025 Fund		0.05%
Natixis Sustainable Future 2030 Fund		0.03%
Natixis Sustainable Future 2035 Fund		0.02%
Natixis Sustainable Future 2040 Fund		0.01%
Natixis Sustainable Future 2045 Fund		0.01%
Natixis Sustainable Future 2050 Fund		less than 0.01%
Natixis Sustainable Future 2055 Fund		less than 0.01%
Natixis Sustainable Future 2060 Fund		less than 0.01%

Intermediate Duration Bond Fund		Percentage of Net Assets
Loomis Sayles Employees’ Profit Sharing Retirement Plan		0.87%

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

h. Reimbursement of Transfer Agent Fees and Expenses. Natixis Advisors has given a binding contractual undertaking to the High Income Fund and Limited Term Government and Agency Fund to reimburse any and all transfer agency expenses for the Funds’ Class N shares. This undertaking is in effect through January 31, 2019 and is not subject to recovery under the expense limitation agreement described above.

For the six months ended March 31, 2018, Natixis Advisors reimbursed the Funds for transfer agency expenses as follows:


	Reimbursement of Transfer Agency Expenses
Fund	Class N
High Income Fund	$	86
Limited Term Government and Agency Fund		138

i. Payment by Affiliates. For the six months ended March 31, 2018, Loomis Sayles reimbursed High Income Fund $4,468 in connection with a trading error.

7. Class-Specific Transfer Agent Fees and Expenses. Transfer agent fees and expenses attributable to Class A, Class C, and Class Y are allocated on a pro rata basis

| 96

Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

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.

Intermediate Duration Bond Fund allocates 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.

For the six months ended March 31, 2018, 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	Class A		Class C		Class N		Class Y
High Income Fund	$	17,747	$	5,890	$	86	$	76,050
Limited Term Government and Agency Fund		143,843		17,102		138		158,064

8. Line of Credit. Each Fund, together with certain other funds of Natixis Funds Trusts and Loomis Sayles Funds Trusts, entered into a 364-day, $400,000,000 syndicated, committed, unsecured line of credit with Citibank, N.A. to be used for temporary or emergency purposes only. Any one Fund may borrow up to the full $400,000,000 under the line of credit (as long as all borrowings by all Funds in the aggregate do not exceed the $400,000,000 limit at any time), subject to each Fund’s investment restrictions and its contractual obligations under the line of credit. Interest is charged to the Funds at a rate equal to the greater of the eurodollar or the federal funds rate plus 1.00%. In addition, a commitment fee of 0.15% per annum, payable on the last business day of each month, is accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit. The Funds paid an arrangement fee, an upfront fee, and other fees in connection with the new line of credit agreement, which are being amortized over a period of 364 days and are reflected as miscellaneous expenses on the Statements of Operations. The unamortized balance is reflected as prepaid expenses on the Statements of Assets and Liabilities.

For the six months ended March 31, 2018, none of the Funds had borrowings under this agreement.

97 |

Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

accrued and apportioned among the participating funds based on their average daily unused portion of the line of credit.

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

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

10. Concentration of Ownership. From time to time, a Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of March 31, 2018, 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% Account Holders		Percentage of Ownership
High Income Fund		3		34.75	%
Intermediate Duration Bond Fund		3		22.11	%

| 98

Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

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


	Six Months Ended March 31, 2018					Year Ended September 30, 2017(a)
High Income Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	1,245,556		$	5,403,073		2,869,491		$	12,272,049
Issued in connection with the reinvestment of distributions	137,622			594,097		306,554			1,311,455
Redeemed	(2,537,165	)		(10,972,556	)	(3,623,241	)		(15,504,179	)

Net change	(1,153,987	)	$	(4,975,386	)	(447,196	)	$	(1,920,675	)

Class C
Issued from the sale of shares	66,022		$	288,070		471,847		$	2,010,717
Issued in connection with the reinvestment of distributions	37,473			162,322		88,277			378,228
Redeemed	(477,710	)		(2,080,619	)	(897,288	)		(3,849,291	)

Net change	(374,215	)	$	(1,630,227	)	(337,164	)	$	(1,460,346	)

Class N
Issued from the sale of shares	2,625,318		$	11,210,114		240		$	1,001
Issued in connection with the reinvestment of distributions	10,646			45,245		10			41
Redeemed	(215,165	)		(916,741	)	—			—

Net change	2,420,799		$	10,338,618		250		$	1,042

Class Y
Issued from the sale of shares	4,637,484		$	20,040,866		9,715,068		$	41,499,158
Issued in connection with the reinvestment of distributions	610,218			2,627,592		1,184,729			5,054,088
Redeemed	(6,505,829	)		(28,022,825	)	(10,799,917	)		(45,851,330	)

Net change	(1,258,127	)	$	(5,354,367	)	99,880		$	701,916

Increase (decrease) from capital share transactions	(365,530	)	$	(1,621,362	)	(684,230	)	$	(2,678,063	)

(a)	From commencement of operations on November 30, 2016 through September 30, 2017 for Class N shares.

99 |

Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

11. Capital Shares (continued).


	Six Months Ended March 31, 2018					Year Ended September 30, 2017
Intermediate Duration Bond Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	168,654		$	1,719,071		495,534		$	5,098,171
Issued in connection with the reinvestment of distributions	21,930			223,050		51,612			528,641
Redeemed	(537,191	)		(5,418,274	)	(263,005	)		(2,708,601	)

Net change	(346,607	)	$	(3,476,153	)	284,141		$	2,918,211

Class C
Issued from the sale of shares	244		$	2,500		14,097		$	144,076
Issued in connection with the reinvestment of distributions	2,175			22,124		5,796			59,316
Redeemed	(1,491	)		(15,012	)	—			—

Net change	928		$	9,612		19,893		$	203,392

Class Y
Issued from the sale of shares	2,438,271		$	24,820,058		6,045,802		$	62,224,245
Issued in connection with the reinvestment of distributions	151,818			1,543,166		342,222			3,505,355
Redeemed	(2,149,607	)		(21,785,917	)	(4,606,062	)		(47,400,228	)

Net change	440,482		$	4,577,307		1,781,962		$	18,329,372

Increase (decrease) from capital share transactions	94,803		$	1,110,766		2,085,996		$	21,450,975

| 100

Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

11. Capital Shares (continued).


	Six Months Ended March 31, 2018					Year Ended September 30, 2017(a)
Limited Term Government and Agency Fund	Shares			Amount		Shares			Amount
Class A
Issued from the sale of shares	3,736,497		$	42,032,602		3,991,528		$	45,399,327
Issued in connection with the reinvestment of distributions	215,930			2,425,444		454,875			5,170,894
Redeemed	(5,121,277	)		(57,573,591	)	(13,213,781	)		(150,164,121	)

Net change	(1,168,850	)	$	(13,115,545	)	(8,767,378	)	$	(99,593,900	)

Class C
Issued from the sale of shares	228,040		$	2,571,579		757,506		$	8,626,416
Issued in connection with the reinvestment of distributions	15,021			168,888		29,711			337,959
Redeemed	(1,029,484	)		(11,578,366	)	(3,304,176	)		(37,593,668	)

Net change	(786,423	)	$	(8,837,899	)	(2,516,959	)	$	(28,629,293	)

Class N
Issued from the sale of shares	46,622		$	524,127		166,111		$	1,892,253
Issued in connection with the reinvestment of distributions	2,047			23,046		1,700			19,353
Redeemed	(3,265	)		(36,577	)	(527	)		(5,984	)

Net change	45,404		$	510,596		167,284		$	1,905,622

Class Y
Issued from the sale of shares	7,132,077		$	80,453,039		13,725,909		$	156,563,024
Issued in connection with the reinvestment of distributions	259,319			2,921,174		431,654			4,921,367
Redeemed	(7,891,044	)		(88,881,691	)	(18,111,061	)		(206,644,972	)

Net change	(499,648	)	$	(5,507,478	)	(3,953,498	)	$	(45,160,581	)

Increase (decrease) from capital share transactions	(2,409,517	)	$	(26,950,326	)	(15,070,551	)	$	(171,478,152	)

(a)	From commencement of operations on February 1, 2017 through September 30, 2017 for Class N shares.

101 |

Additional Information

Special Meeting of Shareholders. (Unaudited)

Loomis Sayles Funds II


Nominee	Voted “FOR”*		Withheld*
Kevin Charleston		1,650,323,196.06		13,951,932.67
Kenneth A. Drucker		1,649,298,883.81		14,976,244.92
Edmond J. English		1,650,162,849.38		14,112,279.34
David L. Giunta		1,649,705,816.93		14,569,311.79
Richard A. Goglia		1,650,200,499.41		14,074,629.32
Wendell J. Knox		1,649,845,960.13		14,429,168.60
Martin T. Meehan		1,649,803,233.76		14,471,894.97
Maureen B. Mitchell		1,650,894,337.38		13,380,791.35
Sandra O. Moose**		1,649,617,852.02		14,657,276.71
James P. Palermo		1,650,208,171.55		14,066,957.18
Erik R. Sirri		1,649,620,219.44		14,654,909.29
Peter J. Smail		1,650,200,577.97		14,074,550.76
Cynthia L. Walker		1,651,179,641.66		13,095,487.07

*	Trust-wide voting results.

**	Ms. Moose retired as a Trustee effective January 1, 2018.

Loomis Sayles Funds I


Nominee	Voted “FOR”*		Withheld*
Kevin Charleston		1,046,693,133.34		15,163,366.07
Kenneth A. Drucker		1,045,641,428.27		16,215,071.15
Edmond J. English		1,046,277,137.68		15,579,361.74
David L. Giunta		1,046,496,391.62		15,360,107.79
Richard A. Goglia		1,046,269,146.27		15,587,353.15
Wendell J. Knox		1,045,976,095.92		15,880,403.49
Martin T. Meehan		1,046,154,669.52		15,701,829.89
Maureen B. Mitchell		1,047,019,476.25		14,837,023.17
Sandra O. Moose**		1,045,973,479.27		15,883,020.14
James P. Palermo		1,046,549,375.30		15,307,124.11
Erik R. Sirri		1,046,440,355.81		15,416,143.60
Peter J. Smail		1,046,053,910.90		15,802,588.52
Cynthia L. Walker		1,047,362,231.11		14,494,268.31

*	Trust-wide voting results.

**	Ms. Moose retired as a Trustee effective January 1, 2018.

| 102

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.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13.

Exhibits.



(a)	(1)	Not applicable.

(a)	(2)	Certifications of Principal Executive Officer and Principal Financial Officer pursuant to 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/ Kevin Charleston
Name:		Kevin Charleston
Title:		President and Chief Executive Officer
Date:		May 21, 2018

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/ Kevin Charleston
Name:		Kevin Charleston
Title:		President and Chief Executive Officer
Date:		May 21, 2018

By:		/s/ Michael C. Kardok
Name:		Michael C. Kardok
Title:		Treasurer
Date:		May 21, 2018

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.

Variable rate security. The interest rate adjusts periodically based on; (i) changes in current interest rates and/or prepayments on underlying pools of assets, if applicable, (ii) reference to a base lending rate plus or minus a margin, and/or (iii) reference to a base lending rate adjusted by a multiplier and/or subject to certain floors or caps. Rate as of March 31, 2018 is disclosed.

Non-income producing security.

Coupon rate is a fixed rate for an initial period then resets at a specified date and rate.

Securities subject to restriction on resale. At March 31, 2018, the restricted securities held by the Fund are as follows: